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BUS. ADM
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VOL. 147. lMuedwr,nn3i^Ytr,Cop,_
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1
'opinion of counsel,
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and with the
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a
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on all bonds outstanding.
It is further provided
to
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<
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Volume
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No. 3820.
SEPTEMBER 10, 1938
Vol. 147
CONTENTS
Editorials
The Financial Situation..
Losing His Grip?
Is Mr. Roosevelt
Will Relief Costs Ever
A
page
1535
1548
1549
_—
Decline?
_____
—
1551
Europe with Nerves on Edge__
Comment and Review
New
New
___1553
1558
Capital Flotations During August
Capital Issues in Great Britain
The Business Man's
1558
Bookshelf
__.1539
Foreign Political and Economic Situation. ____—
1540
Foreign Exchange Rates and Comment
1545 & 1584
Week
on
the European
Stock Exchanges
-1552
Course of the Bond Market
Indications of Business Activity
- -
—
Week
on
the New York Stock Exchange..
Week
on
the New York Curb Exchange.
-1558
.1538
1583
News
Current Events and
Bank and Trust
General
1567
Discussions
.1583
1630
1659
1660
Company Items.
Corporation and Investment News
Dry Goods Trade
State and Municipal
Department-.
-
Stocks and Bonds
.1584 & 1597
Foreign Stock Exchange Quotations
Bonds Called and
1590
Sinking Fund Notices
Dividends Declared
.
Auction Sales
1590
_._.1590
—
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations.. 1598 & 1608
New York Curb
Exchange—Stock Quotations
New York Curb
.1598
.1614
Exchange—Bond Quotations
Other
.
1618
Exchanges—Stock and Bond Quotations.
1620
1624
Canadian Markets—Stock and Bond Quotations.
Over-the-Counter Securities—Stock & Bond Quotations. 1627
Reports
Foreign Bank Statements
_.
1595
Federal Reserve Bank Statements
General
1543
1584
Course of Bank Clearings
.1630
Corporation and Investment News.
Commodities
The Commercial Markets
Cotton
1650
and the Crops
—
-
1652
1657
Breads tuffs
*
\
.Published Every Saturday Morning by the William
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per agate
of exchange, remittances
The Financial Situation
IF THE President would confine his to which it is
lexicographical
field,
disputed until
understood he has given a
good deal of attention,
historians call the great school of economic
liberalism.
To the historian Adam Smith
was
the4No. 1 economic
excursions
the
to
1776, when the appearance'of the
"Wealth of Nations" laid the basis of what
economic
nautical
he
probably could speak with substantial authority
and the public would be saved considerable confusion
of
thought.
to
were
liberal of the
If in the domain of national policy he
himself with
content
careful
might
tion
command
objectives
be
to
methods
in
as
he
virtues of individual initi¬
to
as
be
em¬
define the "liberal"
Day
and
he
programs,
charge
other
might
passed by
of
as
safely
be
instance
an
delity of
no
great
popular
It
the
may
that
strength of their false
claims of "liberalism."
The
fact
of
the
a
and
for
an
the
local
without the
ment,
or
not
Those
in
stretch
have
we
so
shall
it
no
on
years,
unto
"Mr.
load
and
R"
who
not
ourselves
American
ernment,
tion of
our
of
without
government
contrary,
put
action.
his
were
shoulder
more
like
under
the
problems and the
History, however,
less
attention
its
of little
or
a
it
forth
from
were
not
the
mists
very
of
the
effectively
of
this
of
be
most
part
vocabulary.
c
Deal
the
ourse,
definition
counsel of
of
seems
labeled
in
along better
troubled
description
proposed.
a
this
degree
to be the fact that
should get
we
a
perfection, but
closely and persistently
importance whether
policies
accept
the sub¬
Perhaps, it is in
offi¬
labels
more
we
on
we
the
content of programs
ourselves
and
upon
It really is
fixecl
the real
a matter
given set of doctrines
way
or
that.
The
really important thing is the plan of action itself.
We Americans have
matism to
our
of late
we
politics in much larger degree than
apparently been inclined
do not have
parades passing
is
a
world-wide reputation of
being
We might well apply our
prag¬
a
intensely practical.
that
and
about
"Mercantilists" is the word used to describe them.
and they
is,
New
a
we
have
Ages,
if
"liberalism."
when
with
of
Charley McCarthy of the
President, if we accept the
World,
merely a
occur
Labor
his
favor
The "liberal"
Smith's
He
and
Old
disagreement
does not call the "Mr. B's" of that time "liberals."
Middle
other.
in
"crackpot" of Gover¬
nor
readers.
active
came
to discard
label
today,
the
if
for the solving of the
doctrines
the
in
trends
common-
ject, is for the
cials, but we heartily commend this thought¬
ful analysis of Mr. Woll to the
careful atten¬
filling of the needs of that day.
Their
of
thinking
ordinary
popular ideas
freedom,
Then, too, by
the
infrequently
in
Federation
study and active support
working out methods, in cooperation with gov¬
gave
avoid
his
sense, were
some
and
bring himself
divorce
former
re¬
and dictatorship the fortune of
improvement at all if they
the
cannot
from
individual
noticeable
charge of public affairs during that long
of
to
American
our
who
to
cooperation,
per¬
of doing things,
or
govern¬
who wanted
could
mutual
word
so
way
and democracy are
dream, where repression is the lot of
many
find
coulcl
initiative
help of
and
piivileges essential
Occasions
from individual initi¬
or
make
to
few."
wishfully believed
improvement
final.J
trade union."
where freedom
were
" 'Mr. AV of this life"
ative
to
there
or a
can
adhere
irre-
usurping of rights
fancied
Ages
employer
It
is
the
citizen of the United
States who insists that we
to
as
that
the
extra-judicial
to facts
as
itself.
unto
relations
tendencies
several centuries after the
Middle
an
determination and judgment.
matter
that
course,
is
authority
power
that formula
of
It
is
or
verted in recent
years that
it would be
just as well if
of the functions of
many
«
is
"liberal" has been
quiring a minimum of interference on the
part of government.
"In that
way and by that method we shall
free both
industry and labor from the dangers
that beset both in the
rapidly growing power
of the State and in the
the
on
matter
should find it
trial
succeed in
merely
and its field of
employers and organized work¬
possible, aye, extremely de¬
sirable, today voluntarily to agree on a basis
of mutual
recognition and through this for¬
mula set up a
program for voluntary indus¬
obtaining and holding fol¬
lowers
or
Presi¬
ignorant of history
"Associated
ers
danger
being
"conservative"
contemptuous of its teach¬
ings.
The truth of the
At another point he added:
a
emo¬
leaders with strangely illib¬
eral ideas
is
Its
break either
tionalism which
exposes us
to
over
themselves.
viewable.
"liberal" is in this country
of
power
body in that its judgment or findings
fact are beyond reach of
question and
conse¬
present affected with
personnel,
Day by day it
ponderous machine.
"It has taken
unions
but the word
species
a
nation-wide
"It has the power to
shape the boundaries
unions.
It can and will make a labor
movement to fit its own ideas.
It can deter¬
mine if and when a strike
exists.
It can and
does decide when a labor
agreement is valid or
invalid.
the
quence,
come
now
at
"reactionary" by the
of
philological infi¬
mere
who
discomfort
labeled
no
shame
dent, who evidently either
its
seeking to extend its
authority.
In
circumstances
and
no
or
a
regional offices, its
and
is
the
to
matter
that
merely
field
is
presents
opens
ingenuous leadership.
no
not
fair
a
examiners
ex-
political subtlety and dis¬
is,
and
reliance
governmental machine.
The National Labor
Relations Board, with its
New Deal policies
himself
all
"substantial
a
to the National Labor
Relations Act, said in part:
"Under this law we have created
one
whole-heartedly
pouses
at
for
self
favors, need feel
Labor
on
a. great
who
of
calling
clarifying amendment"
to
as
pose
Matthew Woll, Vice-President of the
Ameri¬
Federation of Labor, in
can
and
under conditions which im¬
Needed
Labor
on
ative
Fundamental^Change, Not
Clarification,
however,
undertakes
they
always " 'held in the
have
sought
to
When,
Maryland
Day,
advocacy of
policies embodying economic freedom and
rejecting
economic favoritism, and in the
faith that
admira¬
disagree with him
and
Unimportant
Those who have taken
pride in the
from those who
even
ployed.
Labels
dealing with public
straightforward, forthright way that
a
conservative^ reactionary.
exposition of
what he is trying to do and what he believes
ought
further to be done without
attaching popular labels
to his
programs, he would be
questions in
world; to the President evidently he
is to be dubbed the No. 1
as
enough and to
political realism.
to
spare
What
do.
we
Not
of circus
we
need
divorce of politics from catch-words,
hypocrisy,
Financial Chronicle
1536
The
buncombe.
and
essence
President's
the
of
that there are many men and
of whom are wont to
think of themselves as "liberals," or at least wish
to have themselves thought of as "liberals," who have
complaint seems to be
in the country, some
women
and still refuse, to help him
schemes like those embodied in existing
steadfastly refused,
contrive
recently enacted wages
the
legislation,
agrarian
a
Sept. 10, 1938
recital of these more or less obvious truths
mere
appears necessary
In
to be constantly repeating, even
risk of tiresomeness, the
at the
vious
to be sure, the
sense,
of these devices, or any others like them, he
complains-—and this despite admission that things
are not what they ought to be, and have not been
any
for
long time.
a
It
to be inconceivable to the President
existing ills, or programs for im¬
appears
that remedies for
could possibly be com¬
provement of conditions,
pounded that did not embody a structure
of elabo¬
the
controls, subsidies and restrictions with
rate
the helm.
Federal Government at
that if
He
seems
to feel
individual is unable conscientiously to
an
is that there is no want
wide experience
of
who would,
of
able
at
heavy personal sacrifice, quickly answer any in¬
men
formulating workable programs
vitation to assist in
to combat the
even
evils and fill the needs, as far as they
real, of which the President so often complains
are
and of which
What they are
they are well aware.
unwilling to do is to play a part in the drafting of
plans which confound confusion, and which one after
pile Pelion upon the Ossa of the political
the other
and economic
deficiency of the situation as it exists
today. The trouble is that this type of adviser is not
wanted.
He is labeled
President's
a
"conservative," which in the
vocabulary appears to be a synonym for
"Bourbon," and he is invited to join the opposition,
unfortunately, he is not always more
by whom,
warmly welcomed than at the White House.
The "Mr.
The "Mr. B's"
als"
are
as
and being "liber¬
Some of them
really liberals—and often find that the Wash¬
are
Many,
ington atmosphere is not congenial to them.
of course, are no more
that
liberal (or conservative, for
matter) than is the ordinary, garden variety
of
lobbyist. They
to
help formulate
remedies
seem
provide
group
remedies for
expense
there.
more
many
In
them
other
some
over
with
reality.
of "liberals"
could
addition,
are many
further,
of whom doubtless
fanatics while many are
Deal
for their
type in Washington—probably there never
"crackpots,"
touch
problems if
to be in prospect, or if the remedies
advantage for
an
new
of taxpayers)
with antagonistic interests. There
of this
were
delighted with the opportunity
new
(at the
problems
are
are
are
the
sincere
dreamers little, if at all, in
With this strange aggregation
responsible for it, the President's New
hardly be other than the
has
witnessed such
ever
a
of all these follies as that exem¬
plified in the schemes that have been given
effect in
The immedi¬
ate problems of today are those created by the New
Deal, and in degree, if not in kind, they are really
something new under the sun. The indicated rem¬
Washington since the middle of 1933.
by the liberals
this
generation of politicians and public officials. In
edies, although long ago expounded
history, are unfortunately all too "new" to
of
this sense—but in no other—we are
beset with "new
problems" which demand "new solutions."
Problems
Real
The
Turning now to some of these problems and their
natural
solution, one of the first among them is one
is
always distasteful to the "liberal" of the
that
It is the problem of avoiding
President's definition.
policies" which the Presi¬
those "rocks of loose fiscal
has said are strewn with the wrecks
dent himself
The Social Security Board
of "liberal movements."
Washington only yesterday announced that the
at
cost of relief in this
country during the month of
July amounted to the sum of $258,748,000.
five
years
necessary
of
more
After
of "new remedies" it is found to
be
to take from those who have at the rate
than
$3,000,000,000 annually to provide for
This figure, moreover, does not
those who have not!
include administrative
costs, which are more than
substantial. At the close of business
Federal deficit for the fiscal year
exclusive of
welcomed with open arms.
are
world
if the
September 6 the
stood above $747,-
000,000, and the public debt above $37,630,000,000
BV
numerous,
Physiocrats, and the popular ideas embodied in
New Era of the 1920's, but it is greatly to be
doubted
support programs of this general nature, he stands
self-convicted of indifference to the welfare of the
country. Yet the plain fact
AVe have
that the rudiments of the New Deal
strange admixture
the
problems"
found in Mercantilism, the doctrines of
be
could
the
examiners.
President is right in
saying that we are today faced by "new
which must be solved in "new ways."
defunct National Indus¬
National Labor Relations
Act, the holding company law, and a dozen others
of a like sort-, for the purpose of solving new problems
in new ways.
Such citizens will not even support
Recovery Act, the
trial
likewise rather ob¬
reply to such critics and the cross
one
often remarked
and hours measure, the now
On the contrary, it
to be sufficient.
does not seem
queer
hodge¬
and
contingent liabilities which are huge
No
mounting steadily.
faces the United States
finances in
its household
more
urgent problem
today than that of getting
It is
order.
old, old
an
problem, but one that is relatively new to us.
"new
this
Does
tion"?
problem" require
a
"new solu¬
Apparently the President thinks
advocated further
he has
"national income"
that
so
so,
we can
stand taxes heavy
enough to provide the funds for the spending.
an
idea
and the
new
cape
is, however, patent nonsense.
Such
The solution,
only solution, lies in curtailment of expendi¬
It is
tures.
since
spending to increase the
it may
an
old
and
prosaic solution, however
be to the New Deal, but there is
from it.
Nor is the solution impossible
no es¬
or
in¬
humane, as most of the professional social workers
in
Washington so often allege.
Eliminate the sub¬
sidies, the waste in relief, the boondoggling, and the
excess
and
load of functionaries
an
excellent
on
the Federal payroll,
beginning will have been made not
podge of loosely legislated sentiment, special privi¬
only toward re-establishing the solvency of the na¬
lege, and old fashioned skullduggery that it is.
tional
But since the President has
taught
so many peo¬
tunate
government, but toward placing the unfor¬
upon
a
footing from which they
ple to ask those not in sympathy with the New Deal
establish
their
the
economic
community.
typical stage question: "What would
you
do?",
own
can
independent position in
Naturally
any
re¬
the
such "new"
•
Volume
147
Financial
;
1
■
,
•>
.
Chronicle
1537
fiscal remedy is out of the
question in the absence of
consisting of
other "new" remedies.
balances
Planned economy
would have to be abolished and
no
in general
forgotten. We could
longer tell the farmer how much
corn,
cotton,
wheat, rice, tobacco and other products he might
raise, and buy his obedience. We should be obliged
to leave labor and
services
chief
have
in
the
do
can
again.
so
"social security"
as
by the board.
So
other "new" and
but
far
so
(but which is
other) would have to
or
also with
thousand
a
they have
as
any
wish to find the solution of
we
must
again
adopt, not
value
wishes
become
our
we can
help in the formulation of
purpose
In
"new
one
to
he need call for it in
a
fine, if
nation—
If the President
programs
for the
straightforward
way.
of member bank
by
of
an
de¬
a
The
of foreign
increase
$10,797,000
other
803,000.
reserve
$8,269,124,000;
Treasury general account by $158,884,-
$561,364,000;
decline
bank
and
$136,737,000,
to
deposits by $7,519,000 to
fell
ratio
reserve
to
82.3%
from
Discounts by the regional banks receded
$76,000
to
$7,068,000.
Industrial
advances
fell
$75,000 to $15,824,000, while commitments to make
such
advances
dropped
$4,000
$13,539,000.
to
Open market holdings of bankers bills
unchanged
$537,000, and holdings of United States Treasury
at
securities
were
were
similarly motionless at $2,564,015,000.
Government's Cotton Report
A bales,
SLIGHTLY smaller cotton
held in prospect
was
crop, 11,825,000
September 1 by
on
the
Department of Agriculture.
A month earlier
the
forecast
11,988,000 bales.
for
was
a
Private forecasters' average
eral
of
crop
estimate, available
days before the Government's figure,
sev¬
only
was
2,000 bales different from the official report and
the
Federal Reserve Bank Statement
Department's figure
the trade.
SOME banking changes areowing to such major in¬
sizable statistics, recorded this week in
the
fluences
as
the
estraordinary gold inflow from Europe,
large Treasury disbursements and the usual increase
of currency in
circulation
over
the Labor Day frolic.
The
gold movement has attained perturbing propor¬
tions, with the addition to the monetary gold stock
reported at $102,000,000 for the week ended Sept. 7,
the
raising
aggregate
$13,237,000,000.
to
The
Treasury continued to add the metal to its inactive
gold fund, and payment for the gold, together with
the increasing
disbursements of the spending-lending
decreased the Treasury general account
program,
balance with the Federal Reserve
884,000.
Although
currency
$76,000,000 in the
cess
over
$90,000,000, and
awakes
echo
no
member banks.
York
the
The
loans
same
the
$90,273,000.
in
the
commercial
on
cash for
will
mean
a
balance and
lending of
weekly reporting banks in New
decrease of $13,000,000 in
a
Brok¬
\
soon
will
borrowing
be affected sharply
of
$700,000,000
an¬
Thursday, for it is clear that banks will
a
good part of their purchases and this
gain in the Treasury general account
a
drop of member bank
condition statement of the
Banks,
combined,
made
be
Federal
Re¬
contains
naturally
securities
will
certificate
holdings of the regional banks
down $1,494,000 in
only
on
The
reserves.
no
12
reflection of this matter, since payment
919,000.
resources
period.
pay
current
Ex¬
increased
security collateral fell $17,000,000 in
on
Treasury
nounced
serve
up
requirements
during the week ended Sept. 7.
Banking statistics
by
into member bank
in
Sept.
for the
15.
are
new
Gold
reported
the week to Sept. 7, to $10,630,-
Other cash fell sharply
on
the
on
its release
larly the
from
to
000
Federal Reserve notes in actual
deposits with the regional banks fell $65,333,-
to
$9,147,028,000, with the account variations
a
condition dropping to 65% of normal
month earlier; last year the drop
69% to 59%. Nevertheless,
was
decline
year average
the figures
as
above
the
Abandonment of
average.
has been less than
year
in cultivation
on
36,
acres were
an average
The
yield
214.1
at
July 1.
on
a
of about 36,500,000
per acre
pounds
record
achieved.
179.8
of
the
34,001,-
acres were
picked.
acre
compared
with
217.9
It is still neverthe¬
substantial yield and has only been
very
when
acres com¬
year
in the latest report is placed
per
ceeded in five years
was
Last
harvested and in the ten years 1927-
pounds in the August 1 report.
less
this
acreage
and there remained
September 1, 26,449,000
pared with 26,904,000
000
average
since 1866, including last
output of 266.9 pounds
The ten year average
ex¬
year
per
acre
was
yield
only
pounds per acre and the total yield therefore
the
harvested
which
area,
was
almost
40%
greater than this year, averaged 13,201,000 bales,
only 1,376,000 bales more than expected to be pro¬
duced
this year.
Last year's harvest, which
was a
record, aggregated 18,946,000 bales.
Boll weevil infestation
leaf
worm
activities
are
and, to
the Government's estimate since
is said to have suffered
than in any
cance
ages
previous
a
smaller extent,
blamed for the reduction in
more
year
August 1. Virginia
heavily from weevils
but this fact loses signifi¬
when it is noted that the
Virginia
crop aver¬
only about 40,000 bales.
currency
circulation moved up $43,086,000 to $4,212,348,000.
Total
ordinarily much
show, the September 1 condition of 65% is well
Government Grain
increase, and total reserves were off $29,799,000 to
$10,995,710,000.
is
August 1 and this year this was particu¬
case,
from
re¬
few points rise.
a
75% from 81% and the ten
was
The
the markets, but following
on
prices did show
78%
private estimate
August 1.
on
September 1 condition
lower than
small increase
figure, their expectations being
port had little effect
The
a
the fact that the average
larger than it had been
was
so
surprise to most of
was no
Some however looked for
the Government
based
estimated officially at $3,030,-
City experienced
business loans
ers
are
legal
much of the
This super-abundance of credit
000,000.
still
week,
way
balances, which moved
reserves
by $158,-
in circulation advanced
statement
Treasury outlay found its
reserve
Banks
a
$179,-
82.4%.
supply
problems"
really liberal
a
but old solutions.
new
and
go
000
balances
costly playthings of this "modern"
ourselves with them at much lower cost.
we
we
Much of what is known
security either social
age,
Board, but
pafet got along well enough without
Washington
not
capital to get along without the
such elaborate mechanism of mis¬
any
the National Labor Relations
as
it and
in
of
of the
crease
increase
an
by $90,273,000 to
TATE
Li
Report
yesterday afternoon the Sept. 1
the Department
Washington.
of Agriculture
crop
was
report of
released in
As commonly expected there
was
a
slight decline in prospects in general, during August,
Financial
1538
lack of rainfall,
hot weather,
by
about
brought
But, it is still believecTcrop yields on the
insects, etc.
whole will be better this year
The
except 1937.
than in all recent years
forecast was reduced to
corn crop
2,454,526,000 bushels from 2,566,221,000J)ushels, a
This should occasion
month earlier.
no
surprise for
private estimates issued earlier this month reached
approximately the
size
in
now
prospect is not as large as
000 bushels
the
crop
produced in 1937 but exceeds by about
150,000,000 bushels the
in
of the
the 2,644,995,-
conclusion. *A
same
annual production
average
period
ten-year
1927
Although
1936.
to
suffer
prospects for the national corn crop did not
greatly in August, in
recorded.
of
Missouri
Nebraska and
in
crops
reduced nearly
were
and
Kansas
few States heavy losses were
indicated
The
South Dakota
a
50% and in parts
heavy declines
also
were
noted.
The
Spring wheat
estimate of 251,514,000
crop
month
earlier, is also in line with general expectations. The
bushels, compared with 267,531,000 bushels
of
average
available
the
more
than
week ago
a
this
crop,
placed the lowest at
Aug. 1 is unrevised in the Sept. 1 report
and remains
crops
of
As is usual, the Winter crop
247,787,000 bushels.
forecast of
calculations
private
a
therefore expected to
are
The two wheat
688,458,000 bushels.
yield 939,972,000
bushels which if achieved will be the third largest in
history.
and
The larger
1919.
promised to exceed
were
produced in 1915
season
this year's crops
crops
Early in the
the 1,008,637,000 bushels
even
harvested in 1915 but each month has shown
of the size
crop
200,000,000
bushels
forecast is nearly
now
above
domestic
average
con-
Sept. 10, 1938
if war now should break out in Europe, but the
possibilities suggest great caution,
The degree to which care and circumspection were
exercised this week is best indicated by the modest
trading. When the market reopened on Tuesday,
after the Labor Day suspension, turnover on the
415,360 shares,
downward. Slightly
more favorable news on Wednesday restored a little
optimism, and prices advanced on a turnover of
892,660 shares.
Trading Thursday and yesterday
again turned extremely dull, and the downward
drift of prices left the figures for leading stocks a
little lower for the week as a whole. To the modest
New York Stock Exchange was only
and movements were mostly
the matter,
Although this is the
season for business improvement, few signs of real
gains are visible.
Preparations for better things,
extent that domestic affairs entered into
the influence was adverse.
nevertheless, are being made cheerfully, especially
in the motor industry, and stocks of these companies
reflected occasional buying.
Some of the utility
shares were better maintained than others,
while
railroad stocks continued to suffer from the ills that
afflict the transportation business,
also was
States
Treasury of $400,000,000 2%% bonds due 1952 and
callable 1950, and $300,000,000 1%% notes due
June 15, 1943, was well received, and Mr. Morgenthau was able to announce closing of the subscription books late Thursday, only a few hours after the
In the listed bond market the main trend
books
were
as
by the United
offering
The
downward.
ever,
some
falling off in prospects.
A wheat
Chronicle
opened.
The terms were generous, how-
contrasted with available yields on out-
standing obligations, and both for this reason and
because of the European situation, prices of exist-
sumption and reasonable export expectations so that
ing
the carryover
bonds gave up fractions under the same general in-
from last year's
bushels should be
000
crop
of about 175,000^
doubled by next
than
more
June 1.
High-grade corporate
drifted lower.
Among the more speculative domestic
quite like that in stocks. For-
fluences.
bonds the trend was
The forecast of the oat crop was
347,000
mated
issues
bushels
as
harvest of
of
from
reduced to 1,034,-
1,041,009,000
Aug. 1 and
bushels
esti-
with last year's
compares
reports
from Europe.
Commodity
markets
steadied, after some wide upward and downward
swings early in the week, and closings yesterday
1,146,258,000 bushels in 1937.
m
eign dollar issues held up well, in view of the parlous
g
The New York Stock Market
r v*
represented only small changes for the week.
But
commodity prices remain exceedingly low, and do
THE universal uncertainty with respect to Cen- not contribute to optimism. In the foreign exchange
the markets the effects of vast capital movement from
stemming from
international difficulties
tral
a
Europe kept the New York stock market
tenterhooks this
week, and net results consisted of
modest decline of
prices.
There
was
the domestic situation to affect the
attention
war
or
was
peace
on
concentrated
in
on
Europe.
position seemed to suggest
the
little
a
in
trend, and all
dread
When the
a
new
issue of
diplomatic
peaceful solution of the
Europe to the United States were apparent, but the
funds clearly are going into bank balances and not
into investment fields.
For the week ended Wednes-
day night, our monetary gold stocks advanced no
less
than
$102,000,000, almost all of which repre-
sented imports or perhaps earmarkings in Europe
for the account of our stabilization fund.
Sterling
German-Czech problem, prices were moved timidly
exchange fell sharply last Monday, and after a slight
higher.
mid-week rally dropped yesterday to
The
more
reports
unsavory
equally cautious liquidation.
The
occasioned
news was
unfor-
tunate at all
times, with only occasional rays of
light filtering through the lowering war clouds, and
it is hardly a matter for
surprise that the net effect
on
securities prices was to lower
estly.
If it
were not
solution of the
achieved
for
a
quotations mod-
general conviction that
a
European troubles somehow will be
peacefully, stock prices doubtless would
liave tumbled far
more.
Wall
Street recalled
un-
easily the flood of liquidation that developed in
1914 and forced the
closing of the New York Stock
Exchange for the latter part of that
seems
to be
no
year.
There
likelihood of equally drastic results
a
fresh low for
Other European currencies fell with
recent years.
sterling.
On
York
the New
touched
new
Stock
Exchange
high levels for the
stocks touched
new
low levels.
on
new
the New York Stock
53
stocks
while four
On the New York
Curb Exchange 24 stocks touched
and nine stocks touched
year
new
high levels
low levels.
Call loans
Exchange remained
un-
changed at 1%.
On the New York Stock Exchange the sales at
the lialf-day session on Saturday last were 357,390
shares; Monday
was
Tuesday the sales
Labor Day and
were
a
415,360 shares;
holiday;
on
on
Wednes-
Volume
Financial
147 /
day, 892,660 shares;
and
Curb
Thursday, 569,920 shares,
on
Friday, 702,990 shares.
on
On the New York
Exchange the sales last Saturday
shares;
Tuesday, 71,160 shares;
on
111,695 shares;
on
on
were
44,685
Wednesday,
Thursday, 91,025 shares, and on
Friday, 102,980 shares.
The
none
1539
28 against 28%
,
Friday of last week; United
on
States Rubber at 45% against 45%, and B. F. Good-
rich at 23% against 24.
The railroad shares also
ended the week with losses.
Pennsylvania RR.
closed yesterday at 19% against 19%
on
Friday of
last week; Atchison Topeka & Santa Fe at 34%
impetus given the stock market
last lost
Chronicle
of its force
on
Friday
on
Saturday and prices
against 35%; New York Central at 17% against 18;
Union Pacific at 88 against 87%; Southern Pacific
opened higher in reasonably active trading to end
at 17% against 18%
the short session with
against 13%, and Northern Pacific at 11% against
to two
day
Monday
points.
was
Labor Day and
the country's exchanges.
on
veloped
tions
gains ranging from fractions
about
to
holi-
Tuesday and equities eased from frac-
on
traders
a
A lower trend de-
1% points.
The holiday provided
ample time to study the political situation
11%.
Southern Railway at 12%
;
Among the oil stocks, Standard Oil of N. J.
closed yesterday at 53 against 53%
on
Friday of
last week; Shell Union Oil at 14% against 15%, and
Atlantic Refining at 22% against 22%.
copper group,
In the
Anaconda Copper closed yesterday at
abroad, and judging from the market's action, they
32% against 34%
elected to remain in the
Smelting & Refining at 46 against 48%, and Phelps
Dodge at 35% against 36.
The
market
fusion
as a
background for the present.
Wednesday evidenced much
on
result of the
conflicting reports
Stocks opened dull and
Czech crisis.
con-
Early in the afternoon,
on
Friday of last week; American
the
Trade and industrial reports again suggested this
irregular, with
week that the gains established in June and July
on
only fractional gains recorded at the morning
sion.
on
ses-
the strength of
a
being maintained, but not greatly extended,
are
Steel operations for the week ending today
were
good report on the Czech-German problem, trading
estimated by the American Iron and Steel Institute
increased
at 39.9% of capacity against 44.0% last week and
and
equities spurted forward,
approxi-
mating gains of three points, only to fall back again
when
the
unfavorable report was
an
Nevertheless, the
day.
circulated later in
pressure
not in itself sufficient to erase
of selling
entirely the previous
advances, and prices closed the day from
Traders
points higher.
on
was
71.6% at this time last
Part of the decline
year.
is to be attributed to Labor Day shut-downs.
duction
electric
of
energy
for
the week
Pro-
ended
Sept. 3 was reported by Edison Electric Institute
to two
at 2,148,954,000 kilowatt hours against 2,134,057,000
Thursday retired to the
kilowatt hours in the preceding week and 2,230,-
one
side lines to await further clarification of the for-
982,000 kilowatt hours at this time last
eign political situation and stocks, after a lower
loadings of revenue freight totaled 648,039
opening, firmed up a bit, only to later subside and
the week to Sept. 3, which is the highest level so
close
the
at
noted in
day's low levels.
tinued to
move
in their
narrow
at
Machine
for the same week of 1937.
As indicating the course of the commodity mar-
on
closed yesterday at 52%c. as against 59%c. the close
86% against 88;
International Har-
against 61%; Sears, Roebuck & Co. at
yesterday at 27% against 29
week;
Allied
131%;
corn
at Chicago
September oats at Chicago
closed yesterday at 24%c. as against 23%c. the close
on
Friday of last week.
Friday
yesterday at 8.08c. as against 8.23c. the close on
at
176%
Cash Register
at
25%
against 27; National Dairy Products at 12% against
13%; National Biscuit at 24% against 25; Texas
Sulphur at 35% against 36; Continental Can
39% against 41; Eastman Kodak at 173% against
175; Standard Brands at 7% against 7% ; Westinghouse Elec. &
Friday of last week.
September
The spot price for cotton here in New York closed
on
Chemical & Dye
National
on
Friday of last week.
Western
143% against 143.
against 178; E. I. du Pont de Nemours at 131%
at
cars
at
Union closed
at
gain of
closed yesterday at 61%c. as against 62%e. the close
against 47%; Woolworth at 45% against 45%, and
Gulf
a
27,528 cars over the preceding week, and 153,500
kets, the September option for wheat in Chicago
American Tel. & Tel. at
against
The Association of American
Railroads reports that this represents
25% against 26%; Columbia
against 72%; Montgomery Ward & Co. at 46%
last
in
28% against 28%; J. I. Case Threshing
vester at 60
of
Car-
cars
6% against 6%; Public Service of
Gas & Elec. at
J.
far reached this year.
Friday of last week; Consolidated
on
Edison Co. of N. Y. at
71
extremely dull and
con-
General Electric closed yesterday at 41%
way.
against 42%
N.
Little change #as
yesterday's transactions, and equities
year.
Friday of last week.
Friday of last week.
Domestic
copper
closed yester-
day at 10%c., the close on Friday of last week.
^
In London the price of bar silver yesterday was
19% pence per ounce, unchanged from Friday of
last week, and spot silver in New
York closed yester-
day at 42%c., the close on Friday of last week,
Mfg. at 100% against 103%; Lorillard
19% against 20%; Canada Dry at 16% against
The spot price for rubber
yesterday was 15.85c. as against 16.27c. the close on
In
the matter
transfers
18%; Schenley Distillers at 17% against 17%, and
as
National Distillers at
of the foreign exchanges, cable
London closed yesterday at $4.82 1/16
on
and
23% against 24%.
The steel stocks closed lower this week.
States Steel closed
United
yesterday at ,,58 against 59%
on
against $4.85% the close on Friday of last week,
cable transfers on Paris closed yesterday at
2.70
7/16e.
as
against 2.72%c. the close
on
Friday
of last week.
Friday of last week; Inland Steel at 78 against 73;
Bethlehem Steel at
57% against 58%, and Youngs-
European Stock Markets
In the motor
IRREGULAR downward movements of securities
stocks, Auburn Auto closed yesterday at 3% against
1 on stock exchanges in the leading European financial centers reflected, this week, the political crisis that continued with regard to the Sudeten German area of Czechoslovakia, and the various decisions of the Powers as to the stand they expect to
town Sheet & Tube at
3%
on
37 against 37%.
Friday of last week; General Motors at 46%
against 48%; Chrysler at 72% against 74%, and
Hupp Motors at 1% against 1%.
group,
In the rubber
Goodyear Tire & Rubber closed yesterday at
Financial
.1540
take
question of war or peace. Light dealings
the rule at
small
for
the
on
were
London, Paris and Berlin, but even
offerings sufficed
unsettle the markets,
to
buyers were cautious and inclined toward aloof¬
There
ness.
of the
moreover,
was,
heavy accentuation
a
capital flight toward the United States and
corresponding pressure upon the European cur¬
a
the
rencies in
foreign exchange markets.
Sterling
exchange was especially weak last Monday, and the
softness
the
to
Other
dollar, and currency fears were
apprehensions about war.
industrial
and
trade
the
of
terms
added
later sessions.
in
Nor
were
developments in Europe
en¬
couraging. Business in Britain is holding up fairly
Sept. 10, 1938
French bank and other
The gloomy inter¬
equities.
national situation occasioned modest liquidation of
Another despondent session on
related securities.
Thursday was relieved toward the end by an official
denial that mobilization was
contemplated. Despite
rally, however, prices were off in all groups
the late
Rentes dipped fractionally and larger
of securities.
appeared in French equities and international
securities. In a dull session yesterday, levels slowly
losses
Small offerings drove all prices lower.
receded.
Small losses were the rule on the Berlin Boerse
units joined the downward movement
European
in
unrelieved
was
Chronicle
of the week, with the interna¬
in the initial session
of less importance than on other
situation
tional
German
the
controlled
Shipping
print the actual news.
not
does
press
because
merely
markets,
stocks showed small
gains, but other issues drifted
Commodity prices were weak in all markets early
1 to 2
Another downward movement
this
on
of
the French situation remains parlous.
but
well,
week, notwithstanding the war fears. The lack
commodities is, indeed,
essential
in
interest
offset
favorable
the interminable
to
Europe is about to be locked
rumors
again in
a
that
mortal
a
Hardly
business was done on theLondon Stock
any
Exchange last Monday, for the tendency of British
in a crisis was in evidence.
closing of the New York market for observance
Labor
of
sit tight
to
investors
The
the
Day contributed to the dulness, as did
precipitate drop in sterling exchange.
funds
British
slowly receded owing to lack of interest, and
also
stocks
industrial
sagged..
downward
the
Commodity shares
of
movement
cereals
weakened
on
and other
agricultural products. The international
lem
Sentiment improved to
neglected.
group was
Tuesday,
gree on
a
a
Gilt-
good tone developed also in copper,
rubber and other
securities
commodity issues.
progressed
on
Uncertain conditions
weak
don.
After
and
industrial
course,
a
International
the better outlook for peace.
prevailed Wednesday at Lon¬
opening, gilt-edged issues rallied,
followed
stocks
much
the
same
with small net losses the rule at the finish.
Mining stocks receded, while international securi¬
ties
however, and in a few specialties the losses ranged
The
uncertain.
were
downward
points. Fixed-interest securities were quiet and
steady. Irregular movements on Wednesday left the
market
London
with
Thursday,
small
losses
turned
the
small
with
were
drift
to
rule
yesterday,
Little business
was
expressed in Anglo-Ameri¬
Prices drifted slowly lower
trading favorites.
London
with
done,
as
all
groups
affected.
political reports
were
gloomier.
the Paris Bourse
on
small scale,
was on a
Monday, with the European crisis inclining all in¬
terests to
a
cautious
attitude, while the weakness
of francs in terms of the dollar also occasioned
easiness.
Rentes
and
bank
stocks
un¬
drifted slightly
lower, while larger recessions developed in French
equities
and
business
again
dency
was
international
was
securities.
restricted
on
Although
Tuesday, the ten¬
toward better levels, owing to the im¬
proved political reports and
rumors.
modest in a
were
Central Europe
NOT for a moment was there any this week
real relaxa¬
European
tion of the
curious
the
and
war scare
Modest buying
as
many-sided international contest
regarding the Sudeten German minority of Czecho¬
The
slovakia continued.
unfortunate
incident
which everyone
waxed at
the uncertainties
ally
Nor
were
quite
But
plentiful
as
the effect being
editorial in
a
of the issue of
secrecy.
were
The
and
rumor
weird that
was
even a mere
seemed indicative
In place of the enlight¬
peace.
peoples are entitled
lives, almost all
in
conducted
game
conjecture
real information
as
so
illuminating
very
London newspaper
war or
enment to which the
significance
and far between.
statements
they appeared.
policies in virtu¬
Official statements
few
were
brief
the
little at times, and
to Government
as
developments
were
scarce,
a
some
conflict
a
fanned at all moments by
European country.
every
the
on
apprehensions that
might precipitate
dreads waned
others, but
ticians hazard many
Trading
Changes
other markets.
better than in
were
at
lower levels.
quiet session at Berlin yesterday, but the tone was
Copper, rubber and oil issues drifted lower,
was
Fixed-interest issues joined the
exceptional.
stocks.
can
showed gains, but such movements
dustrial stocks
when
little interest
The Boerse was dull
Thursday, with minor losses the rule. A few in¬
on
both gilt-edged and speculative industrial
a
advances, and fixed-income securities
participated in the tendency.
among
but
Most issues closed
price structure little changed.
de¬
edged issues and industrial stocks showed modest
strength, and
the Nuremberg festival of the Nazi
at
the hope that the Czech prob¬
on
be solved without resort to warfare.
can
speeches
party. Small losses again were the rule at the end,
to 5
struggle.
points lower.
Tuesday was halted late in the day by patriotic
as
the poli¬
of real
moves
the
profoundest
of artificial strains, induced
crises, influences and counter-influences
was
played
furiously by all European governments, and there
is
some
reason
Government
to
believe
The elements of the
same, and
that
the
United
European crisis remained the
it is still uncertain whether
answer now
States
joined in.
will
develop to
prominent for five months.
a
a
genuine
problem that has been
With
a
mixture of
cun¬
brought fractional advances in rentes, while bank
ning and patriotism that unquestionably appeals to
stocks led the
the German
ures.
tone
equities
group to
slightly higher fig¬
International issues remained in
was
eclipse. The
heavy in most departments of the French
market, Wednesday. Rentes closed with small gains
and
losses,
but
recessions
were
the
rule
among
people, Chancellor Hitler is making the
most of the discontent of the
Czechoslovakia.
It is
Sudeten Germans in
hardly to be doubted that the
ultimate aim of the German leader is to clear the
way
for economic and perhaps political penetration
Financial
147
\k
•
''
of Southeastern
Sudeten
for
this
deten
,
Czechoslovakia
The
at
would
is
demands
Prague
purpose.
Germans
Chronicle
1
Europe, and the detachment of the
from
area
■
■
1
Volume
necessary
of
the
Su-
far
have
less
'
1
1541
■
"...
"
virtually everything demanded by Herr Hitler and
the Sudetens, while preserving the appearance of
restraint
on a
few points.
Sudeten spokesmen
Early
declared
than their immediate
posals would be accepted
Herr
tions, but
significance, if it were not for
backing and the threat of German
Hitler's
military might.
France remains quietly insistent
aiding Czechoslovakia in the event of
upon
Ger-
a
man
attack, and Russia is bound to follow suit,
The
British
attitude
remains
Prime Minister Neville Chamberlain
termined to
tainty
keep it
so
have
in
may
obviously de-
for whatever value his
the
with
mysterious,
of
game
uncer-
international
Lord Runciman, the "unofficial" British
pressure.
mediator between
Prague and the Sudeten Germans,
remained in the Czech
the
fears,
war
the usual Nuremberg party
was
ference of the German
at this time of year.
con-
Nazis, which always is held
It is obvious that Herr Hitler
would like to be able to
proclaim still another "vie-
tory" before this gathering ends next Monday, with
the
customary speech
foreign policy.
on
ing did this danger appear to
that
reserves
steadily
were
So
press-
governments
some
called to service in
ever
greater numbers, and every move of this kind by
country stimulated
one
counter
elsewhere,
moves
Thus, Germany sent 50,000 extra troops to her
new
as
a
Czech
the
pro-
basis for negotia-
unfortunate incident intervened and
an
brought negotiations to
German deputies
halt.
a
Several
Sudeten
assaulted by Czech police in
were
the town of Maehrisch-Ostrau, and the
Sudetens
hastily broke off all conversations and indulged in
an excited campaign of propaganda against the
Czech authorities.
A whip allegedly was used on
of the Sudeten representatives, and the Prague
one
Government promised
immediate investigation,
an
with punishment for the guilty,
capital, with his entourage.
Complicating the situation, and adding greatly to
Wednesday the
on
that
Of the numberless
ments, few
berg
rumors
and incidental develop-
worthy of mention.
are
From Nurem-
came reports that Herr Hitler counseled the
Sudeten spokesmen now this way and now that,
with the aim of gaining the greatest possible benefit
for himself in the conflict.
German
it
was
press
Much
made in the
was
of the "horsewhipping incident," and
freely rumored that the Nazis hoped this
would impress
upon
Great Britain the inability of
the Czechs to control their attacks
the minori-
on
On Wednesday Herr Hitler talked for
ties.
with the French Ambassador to
marked that he hoped
no
a
while
Berlin, and
re-
mother would have to
Siegfried line along the French border, and France
weep
promptly ordered
heavy increase of the forces dis-
of Wednesday an editorial appeared to the effect
along her Maginot line, a few kilometers
that Prague might do well to consider handing its
England ordered her fleet into the North
troublesome Sudeten minority over to Herr Hitler
tributed
away.
Sea
for
naval
war
a
games,
in
maneuvers
Sea.
The
Nazi
Congress
seemed
and Germany countered with
a
different part of the North
customary martial note prevailed at the
even
in
Nuremberg,
of the international crisis.
continued
were
but
the
displays
ominous than usual in the
more
between
Sudeten leaders in
an
light
Meanwhile, negotiations
the Czech
regime and the
atmosphere of high tension,
Konrad Henlein and his Sudeten associates scurried
because of his decision. In the London "Times"
and thus ending the dispute and the threat to European
Because
peace.
London
the
"Times"
fre-
quently expressed the views of the British Foreign
Office, this suggestion created
international
an
sen-
sation, which the British authorities did their best
to counteract in the next day or two.
It
was
made
plain that the editorial did not reflect the publicly-
admitted views of the Chamberlain regime.
fever
was
whipped
up so
War
high that labor groups in
frantically from Prague to Nuremberg and back
England and France began to assure their respective
again,
governments of support in the crisis.
sible
as
Herr Hitler sought to extract
concession
those
from
who
are
every pos-
making the
actual decisions.
And to all appearances it was in
London that the
question of the Sudeten minority
was
being decided.
If diplomatic precedent is any
guide, it is certain that
the
Sudeten
question
are
being discussed in
private conversations, and in
the
matters than
many more
more senses
problems of Europe's future
may
than
now
After
a
an-
nounced in Prague that President Edouard Benes
would speak over the radio today, to explain the
Matters
proposals laid before the Henlein group.
stage on Thursday that Herr Hitler
the
reached such
actually was portrayed in some reports as endeavor-
be at
long stalemate in the actual negotiations'
leaders, conversations
This
statement
A
was
were
disclosed
in
a
a
ing to restrain the Sudetens.
In
a
semi-official
the Italian Government made clear that it
sided with the Reich, at least for the time being,
53-word
degree of optimism prevailed
save
lin
was
thought of warfare
Paris the situation
League of Nations
resumed late last
official
by Lord Runciman, which revealed nothing
basis, however, in all capitals
the
It was
Prague authorities and the Sudeten Ger-
week.
else.
Thursday for union with the Reich.
manner
between
man
on
one
issue.
.
Mass demon-
strati011s took place in the Sudeten German area
on
London.
this slim
In Ber-
scouted, and in
viewed calmly.
HPIIAT
1
attested by
yesterday,
as a
still
is
there
a
a
League
of
Nations
is
Council session that started
preliminary to the Assembly gather-
ing which always takes place in September.
The
current Central European spectacle and the wars in
Last Mon-
Spain and China have so far eclipsed the Geneva
day the news from Prague was that most of the
organization that its political activities can hardly
eight demands laid down by Herr Henlein
be
weeks ago
ment.
was
Definite
proposals would be placed before
the Sudeten German
British
as
important,
although
economic
fall within its scope.
Council meetings usually
are
routine in advance of the larger Assembly gather-
In fairly authori-
ing, and few important Ministers are expected at
near
future,
Prague reports it was stated that "strong
pressure" had induced the Czechs to concede
regarded
studies, refugee work and similar tasks appear to
a
deputies in the
brief official statement indicated.
tative
many
would be conceded by the Czech Govern-
Geneva
before next week.
The
presence
of the
British and French Foreign Ministers then
will
Financial
1542
depend
the
upon
of the crisis in Central
course
Europe, although both Lord Halifax and Georges
Bonnet
the
desirous of
are
proceeding to Geneva.
In
Assembly session next week it is hoped that
some
made
be
can
progress
Covenant
toward
changes that will conform to realities.
A new inter¬
pretation is especially necessary for the sanctions
provisions to which even small nations are object¬
affair will
Whether the Central European
ing.
before the
come
but the crisis
Assembly officially is not yet clear,
assuredly will dominate the proceed¬
There may be more protests from the duly
ings.
constituted
Spanish
intervention in the civil war,
China
will
Little
foreign
and in all likelihood
present a serious case against Japan.
be
can
more
Franco
General
resign his leadership of the
will
regime
insurgent
permit
and
such intentions
more
a
Loyalists and
far is available.
so
moderate
No confirmation of
spokesman to take the helm.
insurgents continued their fraticidal strife through¬
inclined
week, with the insurgents apparently more
to take the offensive.
The effort of the
Franco
factiqn to drive the loyalists out of the
out the
salient
of the Ebro River was
the south bank
on
continued, but only modest successes attended the
southwestern
In
move.
Spain the lines were un¬
changed.
A development of potentially great sig¬
nificance
was
the
by
resumption
a
insurgents,
of their drive toward Valencia, which
Thursday,
interrupted by the July offensive of the loyal¬
was
It is not yet clear
the Ebro front.
whether
than
ists
on
futility of the League,
this
represents a major change in insurgent tactics,
and
perhaps an augmentation of military strength,
expected
another demonstration of the
as now
against
Government
Sept. 10, 1938
Chronicle
from
this
all
constituted and dominated.
or
French Reforms
merely a foray to obscure other incidents.
Sino-Japanese War
KEEN internationalPremier Edouard Daladier's
respect to interest prevailed this week
with
attempt to modify the French social reform pro¬
gram
by decreeing longer working hours in defense
industries than the 40
allied
and
hours
limit under Left Front enactments.
well may
have
various
the
Nazi
a
bearing
on
held
This
the
question
the European crisis, for
"surprise" movements by the German
regime invariably developed when France
was
occupied with internal political developments of
precarious nature.
the law for
sentment
The proposed modification of
40-hour week occasioned intense
a
last
month,
M.
when
brought up the question.
seilles
week
longer
hours
strike against the
a
Premier
Daladier
for the salvation of France.
necessary
first
head at the start
a
by engaging in
that
Daladier
re¬
Dock workers at Mar¬
brought the matter to
of this
a
considered
But the Pre¬
STUBBORN fighting by thegains this week in the
Japanese invaders of
China resulted in small
drive
toward
Hankow, but the Chinese defenders
with
resisted
originators of this still undeclared
Reports from the Far East suggest that the
war.
invaders
the
desirous of taking
are
Chinese resistance
There
armies
measured in inches than
be
understood
are
converging
movements
by 1,000,000
River.
Wednesday that the long¬
sense
be
attrition.
Marseilles
placed
under
military
discipline, and the strike movement col¬
lapsed in these circumstances.
That M. Daladier
correct in his estimation of affairs was demon¬
was
strated late
federation
the
day when the General Con¬
same
Labor
of
members
would
national
defense.
announced
in
cooperate
The
that
its
5,000,000
strengthening
statement
the
provided assur¬
against any assumption in Berlin that French
ance
internal schisms
Czechoslovakia the
more
Spanish Civil War
Spanish civil
week
than
for
war
many
little apparent
than
a
on
general
a
This is
is believed to
be
an
insurgent air raid
Alicante,
Tuesday.
rumor
about
evidence
this
war may
develop
likely to be nothing
was
one
on
the loyalist port
ship
was
bombed
decidedly heartening
Spanish affairs which circulated in
London, Wednesday.
This
real
particularly unfortunate aspect of
a
fact that
authorities.
continued,
recent
The
is
attested
usual, and
as
senseless
by neutral
medical
Japanese bombings from the air
an
incident similar to the
destruction
of
a
Sino-American
transport airplane was reported last Monday.
A
transport airplane, owned jointly by Chinese and
Germans,
was
which
three
on
was
forced down by a vicious attack in
Japanese
the
fighting airplanes sprayed
craft, but
undamaged.
on
this occasion the human
Japanese promises of the
again late last week when the American business
community in Shanghai appealed to the State De¬
partment for relief from the deliberate efforts of
the
tion
unscrupulous invaders to throttle all competi¬
by
means
of "monopolies, trade and travel re¬
strictions, control of commodities, exchange control
and currency
manipulation."
extending its aid to
moreover, a British
There
a very
of economic
struggle is the resort by the Japanese to poison
Mexican
insurgent regime of General Francisco Franco.
During
of
in
passing phase, however, for the Italian
Government
the
less
months past, and there was
fear that
from the Iberian strife.
more
were
gas,
One
a war
Open Door, notoriously worthless, were illuminated
WITH all of Europe absorbed in the Central
European incident, international aspects of
the
the
is great, and in
the entire conflict remains
freight
readily realizable.
troops
slowly blasting their way toward the area.
are
bullets
might make German aims against
Chinese
Immensely superior in artillery, the Japa¬
Africa.
of
major invading
great industrial centers 500 miles up the Yangtze
The cost of this process
control and
in miles.
spread fan-wise to the north, east and south of the
communications from the French colonies in North
shoremen
four
the Wuhan area, with their
on
opposed
be
to
nese
on
Hankow by Oct. 1.
continues, this aim can
hardly be realized, for the Japanese advance of late
could better
mier acted without hesitation to insure the line of
He directed
and
to be little likelihood of early fall of
Hankow to the
If
determination,
equal
virtually
there appears
was
to the effect that
Rejoinder
WITH the publicationtolast Monday of became
City
Washington, it a note
from Mexico
evident
that
an
impasse has been reached in the
diplomatic controversy
propriations
in
over
Mexico.
agricultural land ex¬
The
communication,
Volume
dated
Financial
147
Sept. 2,
constituted
document
reply to the
in
the
United .States
second
exchange
that
began
in
July,
Statements made last week by President Lazaro Car¬
denas
followed
were
Monday, and
on
closely in the note published
of the comments by the Mexi¬
some
Executive to Congress were quoted in the com¬
can
munication.
Demands of the United States Govern¬
ment for effective
the
payment again
refused, and
were
suggestion by Secretary of State Cordell Hull
that Mexico
aside
set
quirements also
Eduardo
sums
monthly for such
rejected.
was
Hay insisted,
as
re¬
Foreign Secretary
well, that the
of
program
redistributing agricultural lands will be continued,
even
though
effective
The sole concession
payment
was
an
commission
agreement
be
means
reached.
Washington
a
York "Times"
"Stripped
dispatch
said, "the note
a
to
no
aliens, other than
effort to
put
policy of "bald confiscation"
a
was
perienced
uted
fascist
to
elements
failed
probably is
in
its
and
invited
the
fascist
apparently decided that
coup,
of
time
ripe for
was
a
strength brought out
been
did
anticipated.
harm than
more
Carlos
date in the
October.
good to the
as a
of
com¬
a
infantry regiment
an
anything but
the
con¬
procedure adopted.
The
at the
or
international law, and the blow struck
tempted from this vantage point to overcome the
the
made, however, in
than 100
for
court martial.
a
leaders
lives, and General Ibanez
no
grant of extraordinary powers for
a
were
a
con¬
capital of Santiago, for there
reports of unfortunate developments else¬
Discount Rates of Foreign Central
Banks]
was
THERE have been noofchanges during the week in
the discount
of the foreign central
banks.
reference to
a
rates
Present
any
at
rates
the
leading centers
are
shown in the table which follows:
Effect
Country
States
was
be
cannot
from
debt due the
war
controversy
is, of
economic
question
or
policy of
for the United
of
utilizing expedients
3X
Mar.
Batavla
4
3
course, no
other
question of using force, but
might involve
a
In turn,
fall of the Cardenas
hand, would be nothing less than
signal to other Latin American regimes that
fiscations
The State
for this
of
Meanwhile,
toward
American
property
are
a
a
Mexican
no
practices in recent
progress
confiscations.
years.
whatever is being made
solution of the larger, but
oil property
4X
Nov. 29 1935
3X
3
June 30 1932
3X
4X
Italy
■
2X
Mar. 11 1935
Chile
4
Jan.
24 1935
4X
Java...
5
Jugoslavia
■
Japan
«•*
May 18 1930
3.29
Canada
Apr.
0 1930
Jan.
3
14 1937
5
3.65
4
4
July
18 1933
5
Feb.
1 1935
Lithuania..
5X
July
1 1930
3
Jan.
1 1930
3X
Morocco
ex
May 28 1935
4
Colombia..
Jan.
2 1937
5
Norway
3X
Jan.
51938
4
4X
Dec.
17 1937
5
4
4X
Aug. 11 1937
Dec.
7 1934
Czechoslo¬
vakia
Danzig
_
6X
6
4X
4
Oct.
19 1930
3X
Poland
England
2
June 30 1932
2X
Portugal
Estonia
5
Sept. 25 1934
5X
Rumania
4
Dec.
4 1934
4X
South Africa
3X
May 15 1933
France
2X
May 12 1938
3
5
July
4
Sept. 30 1932
5
Spain
Sweden....
2X
Dec.
1 1933
3
Greece
6
Jan.
4 1937
7
Switzerland
IX
Nov. 25 1930
2
2
Dec.
2 1930
2X
Denmark
Germany
.
.
..
._
10 1935
4X
0
4
5X
Foreign Money Rates
IN bills Friday market discount rates 9-16% on
LONDON open 9-16%, against for short
on
as
were
Friday of last week, and 9-16% for three-months
bills,
as
Money
against
on
9-16%
call at London
Paris the open
on
Friday
of last week.
Friday
was
on
lA%-
At
market rate remains at 2%% and in
Swatzerland at 1%.
Bank of England Statement
permissible.
Department must carry most of the blame
of
Aug. 24 1935
3
Ireland
7
Aug. 15 1935
6
Bulgaria
4
India.
1 1930
con¬
situation, owing to its easy and prolonged
toleration
Hungary
4X
4
July
1 1935
May 30 1938
.
de¬
Simple acceptance of the Mexican position,
the
Rate
ways.
regime, with further developments quite unpredict¬
able.
vious
withdrawing
reprisals could be applied easily.
such pressure
Dale
Established
Holland
the
poses
a
signed to show Mexico the futility of her
There
Country
Finland
The note makes it clear that
persuaded to adopt
Government
the
the
on
honesty and justice, and it
States
quite similar to the
Government, but it does not affect
question at issue.
Mexico
Effect
Sept. 9
Rate
Belgium
cur¬
Anglo-Mexican exchange that Great
Britain remains in default
United
vious
exchange by private individuals
This tart comment
rency.
Date
Established.
Pre¬
Rate in
Pre¬
Rate in
manipulation procedure, which
gold and gold * certificates for depreciated
reminder in the
of
These incidents
where.
Argentina.
on
held
followed, and the Government petitioned the
Sept. 9
involved the forced
the
was
Numerous arrests of Nacista
repudiation of property rights entailed in the
American currency
of
Loyal
troops quickly put down the revolt, at a cost of
One
carefully excluded from the communication.
was
his followers occupied
as
Government of President Arturo Alessandri.
the basis of
on
policy of the Good Neighbor naturally
telling point
of the rebel¬
problem of external prop¬
erty rights was debated at length
municipal
whatever, but
approve
building opposite the presidential palace and at¬
more
on
complicated legal questions of
The
of General
cause
Ibanez, who heads the National-
party, plainly did not
fined to the Chilean
of
supporters than had
more
presidential election scheduled for next
Senor
were
made
parade
a
Ibanez, former President-dictator, and candi¬
simple appeal by Secretary Hull to international
was
because
It is clear, however, that they
justice and decency met
international law.
The revolu¬
however, by
charge,
the
period of six months.
much
"fascist"
lion, for he applied for refuge at the headquarters
good face
no response
as
Hot-heads in this faction
mental
the
country, but the
adopting the designation of "National-Socialists."
Senate for
of
ex¬
to dispute and certainly to inter¬
open
vincing, for it revealed by its omissions the funda¬
weakness
that
description
pretation from the Chilean viewpoint.
tionaries
Chile
surprise.
revolt last Monday, which was attrib¬
a
movement
little
another
that
numerous
causes
New
policy of confiscation."
a
Mexican
so
the
aliens, and the substitu¬
enemy
are
dent of this nature
Socialist
country from
any
REBELLIONS and palace revolutions in Latin
America
inci¬
non¬
limitation, of the doctrine of just
tion therefor of
Chilean Revolt
of
interpreted
was
pensation for property seized by
The
of payment to
by Mexico that she stands for abolition,
at least
or
made.
arbitrator to be appointed if
an
can
declaration
be
which both countries would be repre¬
on
essentials,"
cannot
agreement to submit the
questions of land values and
sented, with
1543
the second Mexican note, and it
was
a
Chronicle
similar, problem
THEfurther small gain of £74,053 in Sept. holdings
statement for the week ended gold 7 shows
a
which brings
the total
up
to £327,834,631 compared
with £328,026,397 a year ago.
culation contracted
As, in addition, cir¬
£318,000, there
of^£392,000 in reserves.
wras an
Publi^deposits
rose
increase
£4,393,-
*
Financial
1544
000
while other
the
latter
deposits decreased £5,007,809.
accounts and
was.from
£3,484,125
amount,
Of
bankers
£1,523,684 from other accounts.
The
proportion of reserves to liabilities rose slightly to
30.1% from 29.7%
25.2% last
decreased
week
a
Loans,
year.
ago,
and
compares
securities
on government
£725,000 and loans
with
Chronicle
ments of
12,000 marks, in other assets of 11,688,000
marks .and
The
1.53%
ratio is
we
and
1.67% the previous
the
different
and
discounts
from
advances
Changes
Gold and bullion......
show the various items with
Res've in for'n currency
we
Sept. 7, 1937
Sept. 7,
Reichsmarks
1936
Reichsmarks
70,773,000
10,587,000
5,398,000
69,970,000
67,443,000
20,055,000
22,529,000
5,822,000
5,678,000
—270,256,000 6,378,099,000 5,105,055,000 4,570,206,000
140,683,000
133,337,000
119,090,000
4-3,408,000
28,542,000
40,614,000
—6,695,000
49,336,000
847,890,000
528,126,000
4-12,000
403,662,000
563,242,000
4-11,688,000 1,149,361,000
737,947,000
•
No change
—101,000
Bills of exch. & checks..
Advances
STATEMENT
1938
Reichsmarks
No change
Of which depos. abr'd..
Silver and other coin...
BANK OF ENGLAND'S COMPARATIVE
7,
Sept.
Reichsmarks
Assets—
£253,699 from securities. No change was made in the
2% bank rate. Below
com¬
REICHSBANK'S COMPARATIVE STATEMENT
and
comparisons for previous years:
year.
with
items
parisons for previous years:
for Week
was
1,880,000 marks.
1.1%, compared with
year
£269,660. Of the £269,660 decline in other securities,
£15,961
at
now
furnish
last
Below
other liabilities of
in
reserve
other securities,
on
Sept. 10, ms
Investments..........
Other assets
Liabilities—
Sept. 7,
Sept. 8,
Sept. 9,
Sept. 11,
Sept. 12,
1938
1937
1936
1935
1934
—179,000,000 6,689,200,000 4,936,489,000 4,386,636,000
948,002,000
662,600,000
665,092,000
—84,943,000
Notes in circulation
Oth, daily matur. oblig.
480,115,000 489,148,069 445,591,159 400,256,282 379,045,961
11,969,223 20,360,390
32.151,000
16,035,710
16,523,524
Other deposits...... 126,111,843 141,957.611 137,696,300 128,878,880 139,980,577
Bankers' accounts.
91,259,444 105,701,989 99,827,990
91,036,114 103,170,079
34,852,399
36,255,622 37,768,310
Other accounts...
37,842,766 36,810,498
Govt, securities
83,503.337
101.336,000 107,142,301
84,549,999 84,884,164
Other securities
27,426,571
26,151,515 30,674,754 24,650,948
16,487,234
Dtect. & advances.
5,353,719
5,121,241
10,549,206
12,418,834
6,263,099
Securities
22,072,852 21.030,274 20.125,548
12.232,114 10,224,135
Reserve notes & coin.
47,718,000 38,878,328 62,027,794 53,970,814
73,392,434
Coin and bullion..!. 327,834,631 328,026,397 247,618,953 194,227,096 192,438,395
Proportion of reserve
to liabilities
30.1%
25.2%
39.20%
37.24%
46.89%
Circulation.
..
311,258,000
230,324,000
259,195,000
1.1%
+ 1,880,000
Other liabilities
1.53%
Propor'n of gold & for'n
eurr. to note circul'n.
1 67%
Public deposits
....
New York
Money Market
MONEY market operations in New York were
mostly routine this week, although consider¬
able attention
naturally
wras
paid the $700,000,000
......
Bank rate.
2%
...
2%
2%
2%,
2%
of deficit
financing by the Treasury, in the form of
bonds due 1952, callable 1950,
$400,000,000 2%%
Bank of France Statement
and
THE expansion in note circulation ofSept. 1 showed
statement for the week ended 2,695,000,000
$300,000,000 additional 1%% notes due June 15,
1943.
The bonds and notes
were
in eager
demand
an
which
francs
brought the total outstanding
up
to
101,759,823,010 francs, compared with 90,001,893,460
francs
French
a
year
Credit balances abroad,
ago.
commercial
bills
discounted,
current accounts declined
000
and
francs
The Bank's
the total
creditor
7,000,000 francs, 494,000,-
2,151,000,000
francs,
respectively.
gold holdings again showed
no
change,
remaining at 55,808,328,520 francs.
against
vances
and
recorded
securities
148,000,000 francs, while
an
Ad¬
increase
46.44%,
before
with
last
gold to sight liabilities is
it
year
58.39%.
52.01%,
was
Below
OF
we
FRANCE'S
4
now
and the
at
year
furnish the various items
COMPARATIVE
Sept. 1, 1938
Francs
Francs
Gold holdings......
No change
Credit bate, abroad,
—7,000,000
held
1937
Sept.. A, 1936
Francs
Francs
55.808,328,520 55,717,532,724 54,184,984,686
17,608,721
8,278,256
15,557,684
bills discounted.,
—494.000.000
8,001,000,000
No change
743.000,000
7,743,217,637
897,480,296
3,945,433,905
6,678.413,861
1.239,408,359
Adv. against secure.
4-148,000,000 3,602,415,606
3,567,997,989
Note circulation
4-2,695,000,000 101759 823,010 90,001,893,460 84,610,828,885
Credit current accts. —2,151,000,000 18,423,341,558 17,119,552,989
8,189,791,721
c Temp. advs. with¬
No change
loans
46.44%
52.01%
offered
at
l1/4% for maturities to 90
New York
Money Rates
DEALING in detailfrom day*toloans rates on the
with call day, 1%
the
Stock Exchange
was
ruling quotation all through the week for both
loans
and
The
renewals.
quiet,
no
market
for
time
new
money
transactions having been reported
Rates continued nominal at
1)4%
up
to
days and \lA% for four to six months maturities.
The market for prime
commercial
moderate improvement
coming out somewhat
has been
steady.
paper
this week.
freely and the demand
more
Rates
are
has shown
Paper has been
quoted at %%@1% for
all maturities.
Bankers'
20,000,000,000 francs to 30,000,000,000 francs, of which 18.050.000.000
Acceptances
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
THE market doldrums. bankers' acceptancesand
for prime
is
still in the
no
Germany Statement
contraction
in
note
circulation
of
179,000,000 marks, which brought the total down
6,689,200,000 marks.
Notes outstanding a year
totaled 4,936,489,000 marks and the
4,386,636,000 marks.
and
year
before
Reserves in foreign currency,
reported.
Dealers' rates
including 90 days
asked; for
THE statement for the first quarter of September
showed
a
change in rates.
are scarce
There has been
as
reported'by
the Federal Reserve Bank of New York for bills
up
to
Bank of
Prime bills
few transactions have been
gold, 0.9 fine,
bills of
were
58.39%
francs have been taken.
ago
Exchange
days, and 1%% for four to six months' datings.
40,133,974,773 26,018,126,645 11,828,423,000
—0.21%
a Includes bills
purchased In France, b Includes bills discounted abroad, c Au¬
thorized by convention of June 18, 1936, laws of June 23, 1936, convention of
June 30, 1937, and decree of June 29, 1938.
The last Increased the June 30, 1937,
to
week, with little business
the New York Stock
on
hand to sleht ilab.
allowance of
on
rates
again at 1% for all transactions, while time
continues
Sept. 2,
b Bills bought abr'd
out Int. to State..
Call loans
done.
earnings
commercial paper
and
continued from last
were
this week.
STATEMENT
French commercial
Propor'n of gold
bill
"
for Week
a
Bankers'
assets.
90
Changes
effective de¬
no
mand for commercial loans and banks need
of
comparisons for previous years:
BANK
there is
as
bills bought abroad and
temporary advances to State remained unchanged.
The proportion of
despite the low yields,
bills
running
are
for
XA% bid and 7-16%
four
months,
9-16%
bid and
Yi% asked; for five and six months, %%
bid and
9-16% asked.
New
York
from
1
to
Reserve
90
days.
The bill-buying rate of the
Bank is
J^% for bills running
The Federal Reserve Bank's
holdings of acceptances remain unchanged at $537,000.
exchange and checks, advances and other daily
maturing
obligations
recorded
decreases,
namely
101,000 marks, 270,256,000 marks, 6,695,000 marks
and 84,943,000 marks respectively.
No change was
shown in the Bank's gold holdings, the total remain¬
ing at 70,773,000 marks.
silver and other coin of
An increase appeared in
3,408,000 marks, in invest-
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week in the
rediscount
Federal
rates
The
for
the
Reserve banks.
following is the schedule of rates
the
various
Reserve banks:
classes
of
paper
at
now
in effect
the
different
Volume
Financial
147
DISCOUNT RATES OF FEDERAL RESERVE
1545
Chronicle
taken for private
BANKS
and arbitrage account for shipment
to New York.
■■
Rate in
Federal Reserve Bank
Date
Established
Sept. 9
Since the latest rush into
Previous
than
more
Boston
IX
New York
1
2. 1937
Aug. 27, 1937
Philadelphia
for
IX
Sept.
IX
IX
May 11. 1935
Aug. 27, 1937
Atlanta
IX
Aug. 21. 1937
2
-Chicago
IX
Aug. 21. 1937
2
4. 1937
2
:
2, 1937
2
2
IX
Aug. 31, 1937
2
IX
Sept.
3,1937
2
IX
IX
San Francisco
for
2
3, 1937
IX
Minneapolis
Dallas
shipments
2
Aug. 24. 1937
St. Louis
Sept.
Sept.
V:
to Sept.
up
The
;
since
July 26 reached
of
cable transfers fell to
funds into
the
pressure
been
has
for bankers'
week
of
The flight of foreign
on
The
sterling.
between
sight bills, compared with
between
$4.84%
$4.84 13-16
and
$4.81%
and
this
range
a range
$4.87 7-16.
last
The
for cable transfers has been between $4.8115-16
range
and
$4.82%.
gold and dollars is chiefly responsible for
current
week
Tuesday's trading
In
$4.8665.
London
compared with
$4.84%,
a
of between
range
flight of foreign funds from sterling and into
gold and dollars
As far
as
can
American and
both
trace the
British,
market.
the
in
active
to* have exceeded all bounds.
seems
observers
exchange controls,
are
They
seem
less concerned
pegging the dollar-sterling rate at any given
level
than
There
with
eliminating
fluctuations
excessive
be
can
doubt
no
situation is adverse to the
that
pound.
the
foreign trade
Declining exports
sterling countries have been accompanied
from the
fall in American imports, and this cannot fail
primary trends of the respective cur¬
by
a
to
affect the
However, it should be recalled that London
rencies.
interests
went
meet the
to
into
market early this summer
the
accumulating balances due for imports
from the United States and the western
traffic
Tourist
has
now
other
mercial
precipitated
exchange requirements play only a minor
It
seems
authorities
in these
circum¬
decided not to defend too energetically
of
intensity
The
and
Switzerland
Netherlands
illogical to
prices of
current
compare
its
was
parity when sterling jvas on gold and the United
States
dollar
was
the undevalued pre-Roosevelt
In terms of the
present devalued dollar
comparable sterling equivalent would be
There
appears
nearer
to be practically no indication that
such
Probably the Washington authorities
degree.
a
would
consent
not
such
to
depreciation and the
a
agreement would be destroyed.
tripartite
currency
Nor is it
likely that the large number of countries
adhering to sterling would consent to
;now
the
cents
a
cor¬
in their units.
depreciation
of
number of
same
in the shilling and the same number of shillings
pence
in
degree
pound, just
and
the
the dollar still contains 100
as
three-cent
has
franc
100
holdings at around 84s.
an ounce as
it did prior to
suspension of gold seven years ago.
suspended
would
When gold
1931 official London
Sept. 21,
on
thought the measure
and that
centimes.
England continues to value its gold
be
only
temporary,
gold payments would be resumed within
six months or a year.
Redemption, stabilization,
present little more than historical value. It is believed
steadiness in
seems
in
quarters that this speculation will be inten¬
as ever.
that the pound has fallen so readily below
Open
the
old dollar-pound parity,
some
sified
now
which in fact has at
Undoubtedly
the
foreign
exchanges
are
com¬
pletely under the influence of political developments
in
Europe.
The weakness of sterling has adversely
affected all other foreign exchange quotations with
the exception
of the belga and
a
few South American
%%.
is
accepted
as
strict
exchange control.
there
Sept.
The
price of gold in London reached successive
6,
made another
new
high of
on
Tuesday,
144s.
2%d.
British exchange control steadily supplies the
incessant demand for
gold, but at dollar equivalents,
which make it practically certain
that gold will be
are
All the
offer in the London market continues to be
destination," but currently, this
on
United States
highs during the past few weeks and
and four-months' bills
taken for "unknown
arbitrarily held in relation to the dollar by
The
three-,
9-16% and six-months' bills are 19-32%.
gold
777-
continues abundant in
against bills is in supply at
money
Call money
Two-,
or
at this time as remote
-% ■';
units
new
exchange
market
London.
former parity.
a
$3.00.
sterling will be officially devalued and pegged to
was
that the British
degrees
varying
with the parity of $4.8665 which
/sterling
sterling, which finds its basis in exaggeration of the
It Would
concern
finally went off gold.
influence of the
change in trade balances.
the
later, when the French franc and the
The Bank of
important factor is the bear speculation against
stances have
of
currencies
in
It is true that there would be the
In other words com¬
to
May, 1935 when the pound
responding
and
calmness
contrast
strong
crisis in the gold bloc currencies
a
continued
until 18 months
the
seem
in
plunged from close to $5.00 to below its dollar
and
part in the current market.
An
is
depreciation to
a
present
ceased
practically
foreign currencies.
The
hemisphere.
represents a demand for dollars rather than sterling
or
predict
"parity." Then the event caused widespread
dollar.
day.
exchange
situation which existed in
last
The general opinion in
sterling is still overvalued
$4.60.
to
even
respecting
not conspicuously
with
in any one
or
month have
taking the present decline in
market observers
some
$4.80
which
$4.84 9-16 and $4.87% a week ago.
The
and
any one
£10,000,000.
to be that
seems
While
in London since
progress
sterling with equanimity.
London
takings
total of £47,750,000.
a
to be
seems
gold
market
1931, the total acquisitions in
pressure,
largely responsible
hoarders and speculators
gold hoarding has been in
STERLING ruling at all times well under old
exchange continues under severe
parity
were
official
absorbed by Continental
seldom amounted to
dollar
26
increasing the United States gold stock to $13,-
210,862,077.
Course of Sterling Exchange
j
shipment from London to New York and such
2
IX
Cleveland
Richmond
July 26
on
$140,000,000 of gold has been engaged
2
Sept.
Kansas City
gold began
Rate
Effect on
was
Monday
meaning chiefly for transfer to the
on
private account.
£1,861,000, on
£1,446,000,
Wednesday
and
on
On Saturday last
available at the fixing hour, £757,000, on
Tuesday £1,367,000, on
Thursday £1,888,000,
on
Friday £951,000.
At the Port of New York the
the week ended
Sept. 7,
Reserve Bank of "New
as
York,
gold movement for
reported by the Federal
as
follows:
1546
Financial
Chronicle
gold movement at new york, sept. l-sept. 7, inclusive
from'England
$40,313,000
with
'None
I
de
factcTparity of 2.79jcents
The Irench business situation Cannot be Said to
$4,376,000
show any improvement.
Note—We have been notified by the San Francisco Reserve Bank of the
release of $1,986,000 of
theoretical
the
established last May.
Net Change in Gold Earmarked for Foreign Account
Decrease'
Sept. to, ms
.
e
.
number
a
gold from earmark for foreign account.
pwe have been notified also that approximately $1,718,000 of gold
was
•
j„_+
Strikes have been spreading
*_i
+
industrial districts
Ol
chiefly to
OWing
received at San Francisco, of which $1,662,000 came from Australia and
opposition to Premier Daladier's plans for modifying
J11
$56,000 from China.
the 40-hour week
.
The
above
figures
for the week ended
are
On Thursday there
Wednesday.
were
no
marked foFforeign account.
imports
no
On Friday there
exports of the metal
on
gold held earmarked for foreign account.
reported
Friday that
on
$1,480,000
It
China,
from
but steadily.
41.2
came
New Zealand.
Montreal
discount of }/%%,
a
The following
rate
tables show the
Paris, the
on
mean London check rate on
Saturday, Sept. 3
178.31
Monday,
Sept. 5._.>
Sept. 6_
in
000,000 francs.
Friday,a7,
Sept.
143s. 5d.
Tuesday,
178.32
France
period last
144s. 2>£d.
In the first eight months imports
amounted
while the value of exports amounted
year,
price paid
reserve
Saturday, Sept. 3
$35.00
Monday,
Sept. 5
Holiday
Tuesday,
Sept. 6
35.00
9—144s."
i<Ld*
_.$35.oo
35.00
35.00
sight
off from Friday's
was
$4.8434@$4.84^.
moved
On
ease.
Tuesday
range
bankers'
sight
firmer
and
On
transfers.
official
on
$4.83 7-16.
On
range
cable
slightly
sight
$4.82)4®
was
was
relatively
$4.82%@$4.83 3-16.
an easy
On Friday the
undertone.
The
$4.81%@$4.84 13-16 for bankers' sight
was
and $4.81
for
was
$4.82 5-16@$4.83 1-16;
was
pound continued to display
ex-
transfers
Thursday sterling
steady. Bankers' sight
cable transfers
showed
$4.82^@$4.83 for
Bankers'
cable
15-16@$4.84% for cable transfers.
ing quotations
$4.82 1-16
on
for
Friday
cable
Clos-
$4.82 for demand and
were
transfers.
Commercial
sight
bills closed at $4.81 11-16,
60-day bills at $4.80 15-16,
90-day bills at $4.80)4, documents for payment (60
days) at $4.80 11-16, and seven-day grain bills at
$4,817-16.
,
to gold and
.,
.
r
.
therefore
is
Belgian exchange
like the dollar linked
j
m some
j
j
$
demand abroad.
Each weekly statement of the Bank of Belgium
statement for Sept. 1 showed gold stock of 3,084,-
sterling
support.
$4.82 3-16@$4.83 5-16;
,
transfers
$4.82%@$4.83 1-16
Wednesday
,
,
cable
sterling
was
The
is
shows
York, but in London, sterling
The
lower.
ceptional
16.95.
Bankers'
On Monday, Labor Day, there
market in New
was no
Par is
cents.
benefits from the fact that it
range.
$4.84 3-16@$4.84 13-16;
was
on
con-
tinues to move contrary to the leading exchanges.
^pot belgas ranged this week between 16.84 and
16.91
bank)
Wednesday, Sept. 7
Thursday,
Sept. 8
Friday,
Sept. 9
Referring to day-to-day rates sterling exchange
Saturday last
The Belgian currency as during past weeks
by the united states (federal
for gold
19,839,-
000,000 francs in the first eight months of 1937.
Wednesday, Sept. 7....i44s. id.
Friday,'Sept.*
1,215,-
In each of the three months
17,862,000,000 francs,' compared with
9IIIIIIII17&31
144s. Id.
Sept. 6
compared with
to 32,172,000,000 francs,
compared with 38,409,000,000 francs in the same
paris
London open market gold price
Saturday, Sept. 3
Monday, Sept. 5
balance amounted to 1,223,-
August,
preceding July the import balance exceeded 1,500,into
Wednesday, Sept. 7
178.31
French import
178.31
Tuesday,
pre-
000,000 francs in July and with 1,320,000,000 francs
market gold price, and the
open
was
port of
The commodities gold index stood at
in August a year ago.
price paid for gold by the United States:
Government
militarize the
Aug. 25, against 40.9 during the two
000,000 francs
London check
mean
the
to
ceding weeks.
funds ranged during the week between a discount of
19-64% and
on
The
moderately firm.
ago
French commodity prices continue to rise slowly,
was
$667,000 from Australia and $16,000
Canadian exchange is
colonies
few days
a
Sunday strikes of the longshoremen,
was
gold
of
production.
Marseilles because of the continued Saturday and
were
received at San Francisco of which $797,000
from
obliged
ear-
French
the
from
change in
or
.
the interest of greater
In order to protect the movement of goods to and
on
imports
exports of the metal, or change in gold held
or
/
.
m
Cotton and grain for
payment
closed at
$4.81 11-16.
some
increase in gold holdings.
The Bank's
500,000 belgas, with a ratio of gold to notes at 71.79%
a ratio of gold to sight liabilities of 66.82%.
M. Georges Janssen, Governor of the National
Bank of Belgium, replied categorically last week to
anc^
questions
at the
Bank's annual meeting that the
Belgian authorities were not negotiating with anyone
regarding the sterling bloc, so that the "monetary
status of Belgium remains exactly the same as it
was last May, when there was some pressure against
the belga and this suggestion was then raised."
The suggestion that the Government should abandon
the gold standard and link the belga with sterling
is n°t conspicuously popular at the present stage of
trade recession.
Despite the relative firmness of spot belgas in
terms of the dollar, future belgas
at the most
are
discount of any European currency. These
discounts reflect in large measure the fears of speculators that the Brussels authorities may yet be
compelled to revise their monetary policies.
On
severe
Sept. 7, 30-day belgas
were
at
seven
points from the
'
basic
Continental and Other
Foreign Exchange
French
control has
kept the franc since the middle of August
extremely steady with reference to the pound, and
ruling
pound.
seems
currently
around
178.31
The relation of the franc
to
sequently
give the control little
as
or
francs
the
to
to other currencies
no
the pound declined in
concern.
terms
Con-
of
the
dollar, the franc likewise moved downward, going
Tuesday as low as 2.70 5-16 cents, as compared
on
rate,
while
90-day
belgas
were
at
a
discount of 29 points.
THE French fiscal andweeks. The
shows no
change from recent economic situation exchange
is
cable
The German so-called free or gold mark has been
as
ranging this week between 40.01)4 and 40.12,
compared with
currency,
par
of 40.33.
However, the interior
the blocked mark, which also has
a par
40.33, continues at
a
registered marks
of
currently quoted at 16.47.
All
official
situation
are
are
severe
comments
expressed
on
in
discount.
the
the
Commercial
German
economic
most
optimistic
terms, but financial and industrial leaders in Germany
are
convinced that the strain
on
the
coun-
Volume
try's
Financial
147
economic
nite
major crisis
a
but
that
policies
be postponed for
the
prevent
made
Capital
confiscatory capital tax.
private
more
than
more
1935, but of the total
double that loaned in
was
and
public
to
3,991,000,000 marks,
was
than
80%
two,
a year or
alternatives of
eventual
a
or
available
1937
in
defi-
a
general feeling that
a
radical reversal of governmental
a
devaluation
borrowers
nearing
now
There is
may
only
can
currency
is
structure
danger point.
absorbed by Reich borrowings,
Savings bank deposits have increased from 10,000,000,000 marks in 1933 to 17,000,000,000 marks in
and
1938, but the portfolios of both banks
July,
insurance
companies
are
loaded with
government
paper.
During the first six months of this year the
accumulated
marks,
an
import trade balance of 114,000,000
against
marks in the
Reich
an
the Government's meager
of
surplus
export
period of 1937,
same
192,000,000
serious drain on
a
supply of gold and foreign
exchange.
has reached
Circulation of all classes of currency
1547
Chronicle
securities. During the past few weeks Amsterdam
reported heavy sales of gold in the form of both
bullion and coin.
The Holland control has been
active in the foreign exchange market abroad. Indieating the determination of the Holland control to
maintain a strict link with sterling for the present,
the control gave the pound active support throughout
the week.
However, the activity in all Dutch
markets was notably diminished because of the
celebrations attendant upon the Queen's jubilee.
Bankers' sight on Amsterdam finished on Friday
at 54.03, against 54.40 on Friday of last week; cable
transfers at 54.03, against 54.40; and commercial
sight bills at 53.98, against 54.35. Swiss francs
closed at! 22.62) forfchecks and at 22.62 for cable
transfers, against 22.80 and 22.80. Copenhagen
checks finished at 21.52 and cable transfers at 21.52,
against 21.66 and 21.66. Checks on Sweden closed
at 24.85 and cable transfers at 24.85, against 25.01%
and 25.01%; while checks on Norway finished at
24.22 and cable transfers at 24.22, against 24.38
and 24.38.
1
8,935,000,000 marks, although only a year ago Dr.
leading European currencies to the United States
r^XCHANGE on the South American countries is
J-Li relatively inactive and presents no new features
of importance. Where these currencies are not held
in rigid control by the exchange authorities they are
dollar:
inclined
journal stated that 7,000,000,000 marks
Schacht's
was
dangerously high.
The
following
of the
shows the relation
table
3.92
France (franc)—.
c
2.70 5-16 to
6.63
xsjO
16.95
19.30
32.67
Holland (guilder)
40.20
68.06
22.61^
54.01^
2.7H5-16
inclined to
16.84^
Switzerland (franc)
a
On May 5, 1938
to the
gold and allowed to "float" on June 30, 1937.
xooio
r
x
rAr or
or
market
free
or\
25.50@25.60.
t>
closed
on
Friday
Friday of last week. In
New York sight bills on the French center finished
at 2.70 7-16, against 2.72; cable transfers at 2.70 7-16,
178.31, against 178.32 on
Antwerp belgas closed at 16.84 for
and at 16.84 for cable transfers,
x
oo
mh
oa
„
-i-
5.19
at
close
»i
_
.
was
„
25.30
lhe
,
against
i
,
r
nrv
Brazilian HlllreiS are quoted at 5.90
(official), against 5.90.
pound, or 2.79 cents a franc.
•
Week; Cable translers at 61.16, against 62.6b.
or
the franc was devalued on a de facto basis of 179 francs
against 2.72%.
throughout the past few weeks.
sight bills, against 32.36 on Friday of last
n
unofficial
The London check rate on Paris
at
ease
for bankers'
to 54.34^
and Oct. 3,1936.
b Franc cut from
c
dollar-
Argentine paper pesos closed on Friday at 32.13
to 22.78^
parity as before devaluation of the European currencies
New dollar
between Sept. 30
relationship to
close
in
move
keewThTrT,aZpNsterling quotations and have consequently been
0ldpari^r
b
to
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 20%, against 21%.
—«—
H'XCHANGE
JlLi
on
the Far Eastern countries dis-
plays an easier undertone.
For the past few
bankers' sight bills
weeks Japanese yen have been ruling at new lows,
against 16.88% and 16.88%.
Final quotations for
bankers' sight bills and
rupee
Berlin marks were 40.07 for
40.07 for cable transfers, in comparison
with 40.05
Italian lire closed at 5.26% for bankers'
and 40.05.
sight bills and at 5.26% for cable transfers, against
and
5.26
Exchange
5.26%.
finished at 3.45%, against
on
3.45%;
Czechoslovakia
on
Bucharest at
0.74%, against 0.74%; on Poland at 18.87, against
18.87;
and
Greek
exchange
on
Finland at 2.13%, against 2.15.
closed at 0.88%, against 0,89%.
The
condition prevails with respect to the Indian
The greater ease in
Eastern currencies must be attributed to the
same
and the Hongkong dollar.
the Far
pressure on
sterling, to which these units are attached
either legally or through official control operations.
On Sept. 6 it was learned that shipments of
London to New York have
order to obtain dollar exchange for
China.
It was unofficially estimated that current
shipments aggregate approximately 15,000,000 ounces
Chinese silver coin from
been resumed in
valued at current prices at
—•—
about $6,450,000.
Pre-
EXCHANGE on easiercountries neutral dollar, due viously shipments have been made in 10,000,000ruling the
in terms of the during the
lots,
is
war
ounce
chiefly to the link between these units and sterling.
The Holland
guilder is especially soft, having moved
Wednesday to 54.01%, as compared with
down
on
dollar
parity of 68.06.
The greater weakness in the
guilder is due largely to seasonal payments on commercial account.
At the
conspicuous movement
For the
same
time there has been a
of Dutch funds into gold and
major part the movement of Amsterdam
withdrawals of the funds
nationals from the banks of Holland.
The
funds into dollars represents
of other
movement into dollars is
also due to the
ward flow of foreign deposits
more
same
out-
from Amsterdam, but is
largely influenced by Dutch interest in American
Closing quotations for yen
checks yesterday
were
Friday of last week. Hongkong closed at 30.20@30 5-16, against 30.40@30%;
Shanghai at 17%@17%, against 17%; Manila at
49.85, against 49.85; Singapore at 56%, against 56%;
Bombay at 35.93, against 36.14; and Calcutta at
28.11, against 28.31 on
35.93, against 36.14.
Gold Bullion in European Banks
T^HE following table indicates the amounts of gold
1 bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
1548
Financial
-
Chronicle
Sept.
10,
1938
1
shown for the
are
corresponding dates in the previous
four years:
the
instrument, completely negatives the
contention.
1938
1937
1936
1935
£
£
£
£
The
1934
£
construction
327,834,631
France
of
rest
Bants of—
England
preamble of the Constitution, not to mention the
328,026,397
247,618,953
293,250,172
433,479,877
2,493,000
87,323,000
2,145,950
3,258,950
656,791,423
2,899,250
88,002,000
90,777.000
90,582,000,
Germany b.
293,728,202
3,008,60C
Spain
c63,667,000
Italy
194,227,096
576,455,461
192,438,395
Netherlands
a25,282,0C0
123,378,000
Nat.Belg..
87,066,000
25,232,000
105,490,000
102,341,000
106,484,000
Switzerland
113.472,000
83,206,000
50,546,000
Sweden....
29,303,000
25,937.000
24,110,000
46,607,000
19,884,000
6,549,000
6,533,000
7,394,000
7,397,000
6,602,1X10
6,604.000
6,602,000
controversy
over
of the Constitution
strict
a
loose
or
which led
to
the
first
alignment of parties,
until
long after the Civil War to be prominent in
which continued
and
6,577,000
Denmark
Norway
6,539,000 /
7,442,000
..
...
42,575,000
54,694,000
55,959,000
49,272,000
98,974,000
68,549,000
71,951,000
party debates and declarations, had nothing what¬
75,633,(XX)
64,201,000
ever
to do with the
Total week. 1,080,670,440 1,066.449,569 1,064,147,780
1,148,145,516 1,252,480,068
Pre v. week. 1,081,429,387 1,066.631,352 1,035.794.262 1,146,126.871
1,251,496,423
a Amount held Dec. 31, 1936. latest
rigrures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of
which Is now
reported at £630,050.
c As of April 30, 1938, latest figure available.
Also first
~
The gold of the Bank of France was revalued on July 23, 1937, at 43
milligrams
of gold 0.9 fine, equal to one franc; this was the second
change In the gold's value
within less than a year, the previous revaluation took place on
Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc as
compared with
86.6 mgs. previously.
On the basis of 65.6 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs
equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
should
ernment
social
report since Aug. 1, 1936.
question of whether
needs.
contribute
The
only question
There
United
States, there
left to the States.
speech at
President Roosevelt
what he meant
eral.
offered
a
he had to sketch
so
a
1933 the Federal
Government had
ward at
all," that "life
his¬
He began by de¬
claring that "for
dozen
some
years
or
not
moved
out of balance
were
were
Within their
expected to act.
for¬
the
that
only competent to act
Time and circumstances
Federal
stricted that of the
sphere and materially re¬
States, but there is no evidence
anybody whose opinion
either before
or
at all"
"could not
if it
after
worth considering,
was
1933, "wanted
no
improvement
without government
come
action."
The
prior to
more
assigned to the
respective spheres,
however, the Federal Government and the govern¬
enlarged
Day,
explanation of
new
political background.
or
Labor
on
by the terms conservative and lib¬
In order to do
torical
Losing His Grip?
Denton, Md.,
manner
fields of govern¬
were
other fields which
were
of
under what
was
ment action which the Constitution
but
his
satisfaction
circumstances, to what extent and in what
government should act.
ments of the States were not
In
the
to
^
.
Is Mr. Roosevelt
or not gov¬
15,461,000
"liberalism" which
Mr.
Roosevelt expressed
his intention to
keep alive in the Democratic Party
something very different from the feeling
and
connotes
government had failed completely to recognize that
"that the
past ought to be brought up to the present
important
by using
every
social
was
needs
called
for
nation-wide effort to catch
up
.
.
.
action.
In
a
with lost time," he
continued, "a whole series of
new
to be launched in
.
1933.
During this process
of course, many people both in private
public life who did not like to do the
there were,
life and in
.
.
things that had to be done.
existence of certain
they
wishfully
come
from
without
could
abuses—yes. But in their hearts
believed
improvement
local
or
could
initiative
If improvement
without government
action, then
improvement at all. People who feel
no
what I call 'conservatives'
are
'reactionaries.'
the past ought to be
using
that
help of government.
and think like that
even
the
come
they wanted
and
They admitted
individual initiative
the
not
undertakings had
every
And people who feel that
brought
up
to the present by
legitimate instrument
do
to
the
job,
government included, those people I call 'liberals' or
'progressives.'" A little later in his speech, having
rung some
changes
reference to the
on
these definitions with special
Democrats, he -went
that "the Democratic
on
to declare
Party will live and continue
to receive the
just
support of the majority of Americans
long as it remains a liberal party. As the
as
leader
of
that
party, I
propose
to try to keep it
liberal."
Mr. Roosevelt has
never
been
happy when he at¬
tempted definitions, but he has never been
happy than in this his latest effort. Passing
the
gross
perversion of history which
progress whatever
a
dozen
office,
knows
the
years
it
or
should
see
more
be
before
apparent
of
the
distinction
drew between conservatives
or
or
never
been
Roosevelt calls
hesitated to crack the
body
basis
at
all.
nor
taken such
has any influen¬
a
position.
The
they
sure,
of the three coordinate
one
Government, and
the
over
no
whip
Congress
over
if that
as
under obligation to do his bidding, and
he has openly assailed the
Supreme Court for its
were
alleged
reactionary
without
success,
attitude
and
for legislation
called,
under
Court could be packed with members
happily
which
the
likely to
sup¬
port his policies.
Within the past few months he
farther and attempted, in speeches in vari¬
parts of the country and in informal remarks
has gone
ous
elsewhere, to insure the defeat by the voters of the
States of candidates for the Senate
had balked at
or
of whose
and to
or
House who
taking orders from the White House
willingness to conform he
was
bring about the election of others
in doubt,
upon
whose
unquestioning support he could rely. The main pur¬
pose of the speech at Denton was to support the
candidacy of Representative David J. Lewis, a New
choice, for the Senate in place of Senator Ty-
Deal
dings, and to that end the definitions of liberal
conservative
were
and
doubtless intended to contribute.
Mr. Roosevelt's announcement that he intended to
keep the Democratic Party "liberal," taken with
recent intimations that
a
Constitution, to be
authority whatever, but he has not
publican "liberals"
an
ever
constitutional
who
Roosevelt
con¬
States, in the sphere reserved to them, he has
everybody
reactionaries and lib¬
"improvement,"
body of opinion
only the head of
branches of the Federal
took
American party that re¬
jected all participation of government in what Mr.
tial
he is
Under the
Roosevelt
progressives is not in fact
There has
shall be used.
to
Mr.
liberalism that
a
right to determine what
instruments it is "legitimate" to use and how
Mr.
which
It is
cedes to him the exclusive
no
by the Federal Government for
anything about American party history that
basis
erals
can
less
over
legitimate instrument to do the job,
government included."
Democratic
or
he would
prefer to
Re¬
see
"progressives" rather than
"conservatives"
"reactionaries"
or
in
Congress, suggests that the liberalized party, while
perhaps retaining its historic
considerably transformed.
intends to cut loose and form
perhaps, doubtful, but he
to
name,
a
seems
new
party is
to be in
disrupt the Democratic Party
stituted
will be in fact
Whether Mr. Roosevelt
as
a
as
yet,
fair way
at present
con¬
by magnifying personal government and
Volume
147
*
Financial
emphasizing class distinctions
and
antagonisms
Chronicle
the lines laid down in his
speech at Denton.
Mr.
Early in his Denton speech Mr. Roosevelt made
an
undisguised appeal to farmers .and industrial
It
wage earners.
was
"a
narrow
to
,
Day
as
at
The
day ^belongs just
who work with head and hand
Nation.
There is
farms
run
on
partly by his arbitrary
and supporters who have
farms and those who work in
is
a
long
industry." Having affirmed this community of in¬
make it
influence voters
class
to drive the
wedge. "America has always had—and Amer¬
has," he said, "a small minority who assume
the
ica still
that there
to
not
are
enough good things to
standard
ern
of
living.
shortsightedly
mill
and
the
and
farm," but
live
as
.
.
Congress. If the Republican leaders have
tive
the farm
on
There
among
whether
.
as
well
in
as
is, he declared,
in
"all
common
factory
or
interests, becomes
7
in
their
their
to
otic
all
more
;-
and
the
distribution
workers, and the difference has been
combination
has
never
there
port
are
no
now
than it
ever
had.
over
be
undertakes
Party into an organiza¬
unquestioned obedience to his orders
the test of
loyality,
may
draw substantial
support from the farmers for the simple
their votes will have been
of the present
will follow him
Administration
wheat growers
en
reason
that
bought and paid for with
government subsidies, there is
basis
to
the Democratic
tion in which
will
no
likelihood,
on
the
outlook, that organized labor
masse.
The dissatisfaction with
policies that is to be found among
and cotton planters is mild in com¬
parison with the outspoken criticism by the Ameri¬
Federation
can
of Labor
of the
Wagner Act and
its administration
with the
can
by the Labor Relations Board, or
opposition of the Federation to the Ameri¬
Labor
mittee
five
Industrial
lieved to control.
Organization
are
widely be¬
Neither the Democratic
nor
the
Mr.
is
more
speeches of the
making will be
needed
years,
of
spending
a
solid
money
like water for the farmers and
relations, will have to be vastly
ful than he has been
ment
and
with
more success¬
industry, trade, employ¬
general prosperity before he
can
make
them
there is
that, in
any
place for
no
public assistance
expendi¬
over
tie past
realistic evaluation of
a
go
down
if unemployment returns to
even
"normal"
a
level.
"
It is necessary to state that total
public outlays for
during the first half of 1938 exceeded the sums
relief
expended for such
in all of 1933 before
purposes
one
comprehend clearly the serious problem implied
can
by the raising of the
that
It will be recalled
question.
unemployment in 1933 averaged between 14,-
706,000 and 11,000,000 according to estimates of the
National Industrial Conference Board, and in 1938
has
ranged between 10,907,000 and 11,367,000. Yet,
according to the Social Security Board, the Federal
and
local
governments spent $1,048,896,000 for
relief in all of
1933 and
first six.months of
relief
outlays will
1938.
$1,400,000,000 during the
Since it is doubtful that
down in the remainder of the
go
year,
regardless of the trend of business, the total of
such
public outlays for the calendar
expected to reach
a sum
unemployment
the
To
account
on
for
seeming
may
be
20% greater.
paradox-mounting
unemployment it is
to consider the nature of the
expenditures,
year
treble the 1933 level, when
average was
this
relief costs and smaller
necessary
outlays making
up
the
Consideration of each type of
moreover,
will
enable
one
to
perceive clearly just what the probable trends for
the future
doing his utmost to make labor "top dog" in indus¬
trial
convince
together with
such
upon
vote, and Mr. Roosevelt, in spite
a
of the trend of governmental
ciency and power, could ever count
labor
to
for relief and
total relief burden.
or
few
Roosevelt has been
Republican party, in the days of their greatest effi¬
farmer
can
good many patri¬
developments pointing to additional increases, justi¬
fies raising the question whether relief costs will ever
Party which John L. Lewis and his Com¬
for
that
tures
ap¬
Moreover, while it is
a
Will Relief Costs Ever Decline?
re¬
important political party, and
signs that the idea has any more sup¬
possible that Mr. Roosevelt, if he
make
that
A survey
of
an
a
them.
pealed to either group in this country with force
enough to produce
It will not be easy for
party which he dominates,
The position of farmers
work
farmer-labor
a
effec¬
political
time in coming forward with
no
Republican ticket, but
peatedly recognized in New Deal legislation. Politi¬
cally,
any
the present
Democrats to forsake their party and vote a
kind
product is radically different from that of
industrial
of
intelligent and convinced Republicans
as
support.
with "a growing community of inter¬
singularly inept.
relation
well
as
on
Whether as a political or an economic
move, Mr.
Roosevelt's effort to invest farmers and industrial
was
realities
constructive program which conservative Democrats'
city, the strategy of the cold¬
active."
wage earners
the
they will lose
a
blooded few to divide and
conquer, to make common
men blind to their common
est"
of
sense
situation and the irritation which Mr. Roosevelt's
this "becomes apparent to those who
farm and in
on
same
humane and mod¬
interference in elections in the States has stirred
up,
mine."
women
Washington is reported to be
over
Even today that minority
growing community of interest
men
at
that its interests must lie in
sure
exploiting all who labor
the
a
circle
disquieted
such
no
ability to
evidently thought he had, and
he
as
his loss of prestige and the
prospect of sharply increased opposition in the next
around
give the minority all it wants and at the
time to give the rest of America
is
go
parted company with him
pretty clear that he has
inner
much
ways
The results thus far of the
"purge"
one.
terest, Mr. Roosevelt proceeded at
once
and social poli¬
and greed for
and the list of one-time advisers
personal power,
distinction between those who
no
work
or
cies and
the farms of the
on
as
Democrats, partly by his economic
much to those
as
Republicans.
stranger things might happen than that his
course
trade in mills and factories and railroads and
a
with Re¬
hardly be planning
course
Democratic Party leader should result in
exactly that. He has already alienated conservative
set aside "in special honor of those who work
mines."
of
can
deliver the election of 1940 to the
Yet
interpretation" by
labor vote.
or
Roosevelt, in spite of his flirtation
publican liberals,
"unthinking people," he said, that regarded Labor
t
1549
himself master and lord of the
farmer
on
The
are.
major factor accounting for the staggering
relief outlays
and also the chief
reason
for their
ex¬
pansion since 1933 is work relief, as currently carried
on
by the Works Progress Administration.
The low
Sept 10, 1938
Financial Chronicle
1550
expenditures in 1933 is explained by
level of relief
for
laws
consisted
cash or kind. With
the advent of the Civil Works Administration, and
then the Federal Emergency Relief Administration,
work relief began to expand, but the totals did not
reach really alarming proportions until the creation
of the Works Progress Administration in 1935.
Just what work relief as carried out by the Works
several
years
number of
payments per
report a larger
of assistance and larger
recipients
recipient.
fact
the
public relief at that time
that
exclusively of payments in
almost
Progress Administration implies is strikingly revealed
one
finds that expenditures of the Works
when
alone, without considera¬
amounted in
1936 to $1,449,000,000, or 40% more than the total
of all outlays in 1933, a year when unemployment was
40% smaller. The huge expenditures of the Works
Progress Administration pushed total relief expendi¬
tures of all governments combined to a record total
in that year (prior to 1938), despite the fact that
unemployment was smaller than for any year since
Progress Administration
other types of relief outlays,
tion of the
1930.
But Works Progress
account for
Administration outlays do not
all of the total, nor are they
the only
total relief outlays.
planation of the increase in
ex¬
In
total public outlays for relief
$2,618,000,000, of which the $1,449,-
for example,
amounted to
Works Progress Administration was
Obligations assumed by State and
local governments for general relief extended to cases
in that year amounted to $436,793,000.
Yet when
the Works Progress Administration was started,
000,000 for the
less than
many
60%.
State and municipal officials
would
Federal agency
Expenditures of the
thought that the
all of the relief burden!
carry
Civilian Conservation Corps
More significant
amounted in 1936 to $292,000,000.
for the future,
however, was the fact that expenditures
payments to the aged, the
for
blind and dependent
children came to $216,223,000 in
this latter item that some
because its
that
It is to
year.
attention must be devoted,
had enacted laws providing for
public assistance to these three groups before the
adoption of the Social Security Act in 1935.
In
fact, total expenditures under these State programs
in 1933 amounted to only $72,701,000.
After the
enactment
of the Federal law, with its
subsidy of
50% of all outlays under approved State programs,
however, development was rapid.
From the small
total cited in 1933,
the figure
rose
to the $216,000,000
already mentioned for 1936 and to $396,970,000 in
1937.
As additional States qualified their assistance
has
this year, the total for the first six months
exceeded
$247,000,000,
assumed that expenditures
and it
may
safely be
under the joint Federal-
this year will amount to $500,000,000,
considerably more than five times the 1933 expendi¬
State programs
or
ture for this
category of relief and assistance.
What of the future of outlays
under this type of
program? It should be noted, first, that the program
is only now reaching "maturity."
The Social Se¬
curity Board announced in the past month that the
last of the 48 States had completed a satisfactory
program
pensions
suggest that the programs which now give average
payments per person ranging from $4.74 in Missis¬
sippi to $32.30 in California, with a national average
of $19.26 monthly, will indeed be liberalized.
In
view of the startling increase in such disbursements
since 1933, there seems in fact to be every reason to
expect that outlays under these programs will
soon
exceed the Works Progress Administration
disbursements.
for assistance to the aged.
A number of
for the blind and
States have yet to enact programs
dependent childred.
Thus,
even
ward "liberalizing" these programs
if
no
tendency to¬
develops, total out¬
lays under such programs will expand for some years
to come.
Each month also, according to the Social
Security Board, even
those States which have had
does seem
trend of business.
such expenditures fell from $436,by States and localities
Relief extended
fairly closely with the
to fluctuate
of
total
The
$408,000,000 in 1937. (The 1936
the fact that
Progress Administration was not able to
000,000 in 1936 to
total
was
swelled somewhat owing to
of employing the
fulfill its promise
employables until
They have risen sharply in
1938 with the increase in unemployment; for the
first half of the year they amounted to some $258,the year.)
well along in
likely to exceed the
000,000, and seem
business improves very
unless
level
1936-1937
rapidly in the
months ahead.
Mr.
Hopkins
Harry
Works Progress
announced that the
has
provide jobs
Administration would
part-time workers in the South to augment their
incomes.
This additional function for that Federal
for
indicates that Works Progress
agency
Administra¬
to come
We have seen
that expenditures under the public assistance pro¬
grams of the Social Security Act will increase sharply
tion
expenditures may mount for some time
regardless of the course of business.
coming years, even
in
though business improves.
Corps is doubtless a
Conservation
Civilian
The
permament
significance is realized by few.
Only a few States
programs
experience in
California and other States for generous
the Works
;
1936,
The
Colorado and the current agitation in
these plans be liberalized?
Moreover, will not
rather than a temporary institution.
Expenditures for these programs can be counted upon
to offset easily any decline in State and local govern¬
ment relief costs attributable to improved business
and employment.
Actually, of course, the types
of outlays so far
summarized by the Social Security
Board, by no means include all of the public outlays
for relief. One should add to these totals the billions
considered,
as
spent for public works during the period.
tion should be given also to the hundreds
Considera¬
of millions
given the farmers for compliance with crop curtail¬
ment and soil conservation programs and in the form
of
Prospects that outlays of this
contracted in the near future are none
parity payments.
type may be
too
bright.
But
even
if it be
denied that such expenditures
of relief and assistance,
belong under a classification
there remains
sidered.
at least one
Unemployment insurance as
the Social Security
some
total
States.
28
not been
so
such outlay to be con¬
established by
started in
Act has by now been
Although
half the States have
most of this year, the
reach $400,000,000 this
paying benefits during
distributed
may
according to the Social Security Board. What
may be in 1939 and 1940, when all State
laws are in operation, few would care to estimate, but
the total in the next recession will certainly be double
the amounts paid out this year.
The relationship of total relief expenditures to the
trend of business can be seen by the following figures
year,
the
figure
Volume
of
the
147
Financial
Social
Security Board which
are
Chronicle
Chamberlain Government refused to give
any assur¬
compared
with the Federal Reserve Board Index of Production.
1933
—$1,048,896,000
76
1936
1,745,177,000
79
1937-
2,130,037,000
90
1934..
1935
*
-
1,400,000,000
war
Europe with Nerves
Edge
on
and
the
that
Sudeten
and
bring the Prague Govern¬
Germans
to
an
Europe should be plunged into
troops
on
the
border, and the meeting of the National
Socialist
Party
at
congress
Nuremburg at which
important
declaration of German
policy, have all combined to
intensify national feeling, increase international ap¬
prehension, and create
trivial incident
of many
an
atmosphere in which
a
rightly timed might, in the opinion
observers,
cause an
explosion.
The contin¬
anxiety at London notwithstanding early
ports of progress in
an
re¬
adjustment of the contro¬
in Czechoslovakia has added materially to the
general nervousness, for the British
are
not
given
to
at
-
vate
of the incidents and
the situation invite
some
general aspects of
comment.
mission
the fate
of
Czechoslovakia appears at the
moment to be in the hands of
Britain.
There
is
no
there has been any
longer
Germany and Great
doubt, if indeed
any
real doubt at any time, that Hen¬
its efforts
the
barren
breakdown
on
Wednesday, accordingly,
a
due
measure
of credit.
The situation
point tends to confirm the view that, while
Hitler doubtless covets the German
part of Czecho¬
slovakia
and
expects to have it, he will avoid, if
possible, taking it by force. For his attitude there
several
are
his
explanations.
Provocative politically as
policies have been, and energetic
as
he has shown
himself in
lias
developing Germany's armament, Hitler
evinced no interest in a
foreign war, but, on the
contrary, has repeatedly proclaimed his desire
for
He knows, moreover, that Germany is not
ready for a war of large extent or long duration,
peace.
that it has
no
allies upon whose aid it could
surely
by
were
no
When Viscount
his
good offices in
attitude, the Runciman
cordially welcomed, but
means
at least
tolerated.
the British Government's
tone has been
are
stiffer,
change in
emphatic representations
some
held in readiness for
or
material
no
position. The semi-official
reported to have been made to Chancellor Hitler
tions have been
Great Britain
communication, and intima¬
dropped that if Germany used force
might
force also.
use
The
maneuvers
of the British fleet in the North Sea
may
planned
the
as
as
is
is
have been
hint that the British navy is ready.
a
known, however, the Chamberlain Gov¬
still
unwilling to
use
force to prevent
absorption by Germany of the part of Czecho¬
occupied by the Sudeten Germans,
or per¬
haps of the whole country, provided the absorption
is not carried
employed
or
through by armed force.
If force is
plainly threatened, the Government is
apparently prepared to reconsider its policy, but
whether
than
it will
even
then be
disposed to do
more
protest remains to be disclosed.
This is the situation
from
the
outside.
it appears at the moment
as
What
is
the
situation
within
Czechoslovakia itself?
though they have been of results, Hitler is
entitled to
at this
For the continuance of negotiations
public.
use
Meantime there has been
lein, the Sudeten leader, has been guided in his pol¬
icy by Hitler.
to
but that thin disguise deceived nobody.
was
slovakia
Notwithstanding the restraining influence which
the French
military display may have upon Ger¬
not made
chosen
flection of the Government
ernment
issue, but
was
was
one,
As far
until
bitter and
a
reports, meantime, of
were
If the tone of the German
press was an accurate re¬
of events is summarized elsewhere in this
many,
was
Czechoslovakia, it was announced, with transparent
disregard for the facts, that his mission was a pri-
expressing apprehension unless the grounds of
apprehension are apparent and weighty. The course
some
as
Prague in behalf of concessions, but their
Runciman
the massing of French troops
groups,
There
war.
exact nature
agreement,
Chancellor Hitler is expected to make an
versy
that, painful
British pressure at Berlin in behalf of moderation
The apparent failure
the German border and of German
French
ued
was
European Power through
a
small State should cease to exist than
a
devastating
interruption of negotiations between the Czech
and Henlein
on
peace
The inference drawn from
commitment
absorption by another might be, it
or
better that
hanging in balance, lias the political
Europe been so great as it has come to
of Viscount Runciman to
the
maintained.
disappearance of
conquest
days at the end of July and
during the past few days.
ment
was
at¬
were
was
tension in
be
position
78
Czechoslovakia
case
spite of strong political pressure, that
the refusal of
any
beginning of August, 1914, when the issue of
or
In
2,333,276,000,4110
—
'
Not since the fateful
physical aid in
tacked.
the
A
of
ance
$2,618,584,000^ 105
1938
Six months only.
1551
While
attack
the
excitement
by Czech police
occasioned
by
a
reported
German deputy appears,
investigation, to have had slight foundation in
on
the facts
of the case,
on a
it has been used by Henlein
partisans to intensify the hostility of the Sudeten
Germans
the
to
the
Czechs.
negotiations, which
Under
were
the
circumstances
abruptly broken off
when the incident became known and which Hitler
is
reported to have ordered Henlein to resume,
likely to proceed under
than before.
ciman is
more
To add to the
seem
strained conditions
difficulty, Viscount Run¬
reported to be greatly irritated by negotia¬
tions carried
on
behind his back
by the British Gov¬
ernment, through the British Minister at Prague,
count, and that world opinion would be mobilized
directly with the Prague Government.
against it if it assumed the role of
interest, however, centers in the concessions which
The
can
an
experience of Austria shows that
be
accomplished by political
means
aggressor.
annexation
which, how¬
reprehensible from the point of view of political
morality, involve no action which, in international
ever
law,
can
The
be regarded
as war.
on the other hand,
appraise. When the controversy with
the Sudeten Germans first took
a
serious turn and
the continued existence of Czechoslovakia
dependent
State
seemed
Prague is prepared to make to the Sudeten Ger¬
As
mans.
gravely
as
an
in¬
threatened, the
outlined
at
considerable
Wednesday, for the first time, in
a
length
give the German minority
narily wide autonomy;
so
on
dispatch from
Prague to the New York "Times," the proposed
cessions
position of Great Britain,
is difficult to
The main
an
con¬
extraordi¬
wide, indeed, that Czech
opinion is seriously disturbed at the prospect of
State
a
fourth of whose population would be
ing practical independence.
sions are,
however, they
Broad
appear
as
the
a
enjoy¬
conces¬
not to be acceptable
Financial
1552
the Henlein party,
to
and
that point the issue
on
joined about as it has been since the con-
remains
troversy first broke out.
Prague Government the alternatives that
For the
It could, conceivably,
into operation not-
presented are hard ones.
are
Sept. 10, 1938
Chronicle
minority would be accorded. The root of the difficulty, as has more than once been pointed out in
these columns, is in the arbitrary assignment of
racial and linguistic minorities by the Peace Conference to the jurisdiction of arbitrarily constituted
States with the object of preventing for
put its program of concessions
new
withstanding the refusal of the Henlein party to
all time
the recovery of Germany. On the
accept it, and use such force as was necessary to
operation and suppress disorder. An open
insure its
systematic use of force, however, would give
and
opportunity of intervention which he is
Hitler the
to desire, and while the physical
believed by mafiy
configuration of the Sudeten region would aid the
Czech defense and the Czechs would doubtless fight,
the
conquest of the Sudeten area by Germany could
It is a climax of this kind, sus-
hardly be doubtful.
ceptible of explanation by Germany in terms that
would make Czechoslovakia the aggressor, that the
anxious to prevent.
British Government seems
Sudeten
other alternative is to cede the
The British Foreign Office has been at pains
many.
of the problem, clearly
deny that such a solution
to
pointed to in a widely read editorial in the London
"Times," is favored by the British Government, but
impression nevertheless appears to be general
the
that unless the
Prague Government can be induced
grant all that Henlein asks, territorial changes
to
will not meet with British
We
opposition.
the pretty clear prospect that,
Czechs concede more or Henlein, with
have, then,
the
unless
Hitler's
approval, consents to accept less, CzechoFor that tragic out-
Slovakia will be dismembered.
if it occurs, a heavy responsibility will rest
come,
The burden of
the Chamberlain Government.
upon
responsibility is somewhat eased, however, by the
likelihood that
of British military and
an assurance
naval
support for Czechoslovakia, if it had been
given
when
would
merely have strengthened the arrogant tern-
the
first
controversy
became acute,
which the Prague Government has often shown
per
when
able
Germany
was an
substantial
that
issue, and made it less probconcessions
to
the
German
others, into
bringing all German groups, and no
the Nazi fold, but the subject condition in which
the rest of Czechoslovakia would be left would put
out of the question the hope of any long continued
peace.
The advocates of American mixture in European
The
to Ger-
area
other hand, the
British Government cannot reasonably expect that
a transfer of territory, even if it were made by negotiation and not by force, would do more than
postpone an ultimate war. The absorption of the
Sudeten area of Czechoslovakia by Germany would
doubtless accord very well with Hitler's plan of
or
world quarrels appear to be active in efforts to
bring the United States into the Czechoslovak imbroglio, not as a direct participant but as a great
Power which, standing for the moment in the background, can be counted upon to place its resources
at the service of Great Britain and France in the
event of a war with Germany. The extraordinary
speech which Ambassador Bullitt was reported to
have made at Bordeaux on Sept. 3, and which the
American Embassy at Paris has since "corrected"
notwithstanding the insistance of the Associated
Press correspondent who reported the speech that
the report was correct as published, is an example
of the kind of talk that keeps alive the mischievous
notion that, if European troubles beckon, the United
States will respond. Dramatic and serious as the
Czechoslovak situation is, it is not one that calls
for American interference or diplomatic advice,
while any attempt to arouse support for AngloAmerican cooperation on the ground that Great
Britain should be supported in its efforts to prevent
a general European war implies a very imperfect
understanding of the actual situation.
The Course of the Bond Market
On
Thursday
000,000
Treasury
the
2%%
of
bonds,
due
.$400,-
offered
Department
1950-52, and
$300,000,000 of
held up well until Thursday and Friday, when some issues
lost ground.
American & Foreign Power 5s, 2030, have
due 1943, which were largely oversubscribed.
lost 3% points this week, closing at 48%; International
exchange offer of these issues
Tel. & Tel. 5s, 1955, have declined 2% to 67%; International
During the
Hydro-Electric 6s, 1944, have fallen 2% to 75; American
day outstanding Government bonds lost some ground, clos-
Power & Light 6s, 2016, have lost 7 at 78; Electric Power &
1 %%
In
notes,
there was
addition,
for
an
1%% notes which mature Dec.
some
ing from 1/32 to 8/32 of
a
have
been
seen
in any
The corporate bond
point lower.
market has been rather soft this
one
15.
week, but no large losses
1957, at 109%
gained
%
bonds
mixed
to
trend
toward
building bonds
Heat packing issues have been almost unchanged, the Wil-
Medium-grade
the
and
weakness
close.
but
Louisiana
speculative
rail-
resolved into
&
Arkansas
a
5s,
son 4s» 19»5, closing at
101%, the same as a week ago.
Among miscellaneous bonds, Remington Rand 4%s, 1956,
have declined 1% to 101.
1 to 80; Delaware & Hudson 4s, 1943,
Among foreign bonds Czechoslovakian issues revealed
dropped 2% points to 50%; Illinois Central 4%s, 1966,
early strength, although in later dealings part of their
have lost 1 at 38.
a
Oil issues have been
On the other hand,
bave improved, the Walworth 4s, 1955, rising 1 to 66%.
displayed
19*69, have advanced
have
fractionally lower.
Kansas City Terminal 4s, 1960, have
107.
have
Cincinnati Union Terminal C 5s,
In the steel group, the Youngstown Sheet & Tube 4s,
1961, have failed 2% points to 100%.
%; Union Pacific 1st 4s, 1947, have
up
% at 110%;
advanced
road
were
Industrial bonds have exhibited a slightly easier tone this
week.
section.
Fractionally higher prices have been the rule in the highgrade railroad bond group.
Light 5s, 2030, at 67% were off 2%.
Defaulted railroad bonds have displayed
mixed trend.
Price movements in the utility bond
group have not been
well
defined
even
among
generally
utilities
and
fluctuations
speculative
firm, although
displayed
a
have
been
rather
narrow
Issues.
High
certain
obligations of California
softening
gains was relinquished.
Except for Breda 7s, which rose
6 points, Italian bonds have continued weak, while Japa-
"
grades
tendency.
have
Second
nese Government issues have firmed up
Improve-
which on the whole MIK=rienCed only fractional
been
grades
slightly.
ment in Uruguayans marked trading in South American
Moody's computed bond prices and
are
given in the following tables:
bond yield averages
MOODY'S BOND
(Based
U.
120
All
S.
PRICES
MOODY'S BOND YIELD AVERAGES
(REVISED)
Average Yields)
on
Govt.
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Bonds
All
tic
A
Baa
U.
Indus.
97.45
77.36
83.33
103.74
109.84
107.69
97.78
77.72
83.60
103.93
110.04
107.88
97.78
77.84
83.60
103.93
110.04
97.61
77.84
83.46
103.74
110.04
Aaa
Aa
9— 111.85
97.95
115.78
8— 111.93
98.11
115.78
7— 112.08
98.28
115.57
112.01
98.11
115.57
107.69
6
107.69
t
P.
RR.'
.
120 Domestic
by Ratings
Corporate by Groups
Domes¬
tic
Averages
Aaa
Corp.
9
-
4.12
S
Sept.
120 Domestic Corporate
120
1938
Dally
Corp.*
Averages
Sept.
(REVISED)
(Based on Individual Closing Prices)
120 Domestic Corporate *
1938
Dally
1553
Chronicle
Financial
Volume 147
-
Baa
RR.
4.15
Aa
3.18
5.56
5.09
A
3.58
P.
U.
Indus.
3.47
3.79
4.11
3.18
3.58
4.13
5.53
5.07
3.78
3.46
K
4.10
3.19
3.57
4.13
5.52
5.07
3.78
3.46
6>.
'
4.11
3.19
3.58
4.14
5.52
5.08
3.79
3.46
3.45
5
Stock
3— 112.08
98.11
115.57
107.69
97.61
77.83
83.33
103.93
110.24
3
4.11
3.19
3.58
4.14
5.52
5.09
3.78
2„ 112.07
98.11
115.57
107.69
97.61
77.72
83.19
103.93
110.24
2
4.11
3.19
3.58
4.14
5.53
5.10
3.78
1
112.07
98.11
115.57
107.69
97.78
77.48
83.06
103.93
110.24 "
1
4.11
3.19
3.58
4.13
5.55
5.11
3.78
Aug, 26— 112.38
98.80
116.00
107.88
98.28
78.70
84.01
104.30
110.83
Aug. 26
4.07
3.17
3.57
4.10
5.45
5.04
3.76
19— 112.39
98.28
115.57
107.69
97.95
77.84
83.06
104.30
110.43
19
4.10
3.19
3.58
4.12
5.52
5.11
3.76
3.44
12— 112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
110.63
12
4.10
3.18
3.58
4.14
5.51
5.12
3.76
3.43
5— 112.16
98.45
115.78
108.08
*97.61
78.58
83.46
104.30
110.83
5
4.09
3.18
3.56
4.14
5.46
5.08
3.76
3.42
29
4.09
3.19
3.57
4.15
5.44
5.08
3.76
5—
Stock
—
Exchan ge
Clos ed
,
Exchan ge
Clos ed
3.45
3.45
,
3.42
Weekly—
Weekly—
3.42
115.57
107.88
97.45
78.82
83.46
104.30
110.83
97.95
115.35
106.92
97.11
78.08
82.70
104.11
109.84
22
4.12
3.20
3.62
4.17
5.50
5.13
3.77
3.47
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
8— 112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
8
4.22
3.24
3.63
4.25
5.75
6.37
3.81
3.49
1— 111.96
July 29— 112.17
98.45
22— 112.04
15— 112.12
-
July
1
4.28
3.26
3.67
4.30
5.87
5.49
3.83
4.51
24
4.37
3.26
3.71
4.41
6.09
6.69
3.88
3.54
107.69
17
4.53
3.31
3.75
4.53
6.52
6.09
3.91
3.58
108.46
10
4.38
3.23
3.64
4.40
6.23
5.69
3.89
3.54
108.66
3
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
108.46
May 27
4.37
3.23
3.60
4.37
6.28
5.63
3.93
102.12
109.44
20
4.27
3.20
3.56
4.26
6.06
5.45
3.88
3.49
81.22
102.12
109.24
13
4.21
3.21
3.54
4.21
5.87
5.25
3.88
3.50
72.11
79.07
101.76
108.85
6
4.28
3.24
3.58
4,29
6.02
5.42
3.90
3.52
3.65
95.29
114.09
105.98
94.97
73.76
78.20
103.02
109.05
June 24-.
111.80
93.85
114.09
105.22
93.21
71.36
75.82
102.12
108.46
17—
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
10—
112.05
93.69
114.72
106.54
93.37
69.89
75.82
101.94
3—
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
May 27—
111.77
93.85
114.72
107.30
93.85
69.37
76.53
101.23
20-
111.94
95.46
115.35
108.08
95.62
71.68
78.70
13—
111.82
96.44
115.14
108.46
96.44
73.76
6—
111.54
95.29
114.51
107.69
95.13
June
3.54
Apr. 29-.
111.42
93.69
114.09
106.92
93.85
69.37
76.76
100.35
108.27
April 29
4.38
3.26
3.62
4.37
6.28
5.61
3.98
22-
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22
4.43
3.27
3.68
4.43
6.32
5.69
4.03
3.66
14—
110.08
91.20
112.66
104.30
91.05
66.99
74.21
97.78
106.17
14
4.54
3.33
3.76
4.55
6.52
5.83
4.13
3.66
8-
109.69
91.05
112.66
103.74
91.05
66.89
75.12
96.94
105.04
8
4.55
3.33
3.79
4.55
6.53
5.75
4.18
3.72
1
3.76
109.58
88.80
112.45
102.66
89.10
63.28
71.15
96.11
104.30
1
4.70
3.34
3.85
4.68
6.92
6.11
4.23
Mar. 25..
110.34
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
Mar. 25
4.49
3.27
3.62
4.46
6.62
5.76
4.09
18..
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
18
11-
110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
11
4—
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
—
Feb. 25-
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
18..
110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
3.63
3.61
4.40
6.40
5.61
4.05
3.57
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4.18
3.18
3.49
4.17
5.88
5.01
4.00
3.54
25
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
18
Feb.
3.23
4
108.08
4.41
4.31
4.21
3.19
3.50
4.22
5.92
5.00
4.07
3.56
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4.31
3.24
3.55
4.33
6.11
5.22
4.09
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.58
—
11
11-
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
4—
110.16
94.81
114.51
108.27
94.49
71.15
81.61
98.45
106.92
28..
110.07
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
21.. 110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
109.05
21
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.51
14..
Jan.
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.24
14
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.50
109.97
4.14
3.54
107.69
4.
Jan.
3.16
3.46
4.16
5.77
4.86
4.02
3.34
3.85
4.68
6.98
6.11
4.23
3.76
104.30
4.07
3.14
3.45
4.10
5.44
4.81
3.75
3.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.76
96.28
104.30
Low
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
3.96
3.29
3.45
4.00
5.08
4.38
3.94
3.54
3.80
3.18
3.42
3.95
4.63
4.11
3.83
3.46
110.04
97.28
74.89
86.50
M9.66
110.24
98.28
78.82
87.21
104.48
111.03
Low
1938 109.58
88.80
112.45
102.66
89.10
62.76
71.15
96.11
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
94.81
109.84
107.30
94.49
71.46
83.60
7
108.46
116.64
1
1937
107.01
1
Yr. Ago
1937
Year Ago—
113.48
110.24
100.00
83.46
93.69
101.06
108.46
Sept, 9,1937...
103.56
115.78
110.83
100.88
89.84
98.11
103.02
110.04
Sept. 9,1936-.-
2 Yrs.Ago
2
Sept. 9*36 111.10
*
—
100.70
Sept. 9'37 107.76
3.62
4.70
116.21
98.80
Low
...
High 1938
Low 1938
97.61
High 1938 112.42
7
28
Years Ago—
show either the average
the relative movement of
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to
level or the average movement of actual price quotations.
They merely
serve to
Illustrate in a more comprehensive way the relative levels and
yield averages, the latter being the truer picture of the bond market
t The latest complete list of bonds used in computing these Indexes was publlsned In
the issue of July 23,1938, page 488.
The New Capital Flotations in the United States
the First Eight Months of
and for
The record of
month of
financing in this country during the
new
August shows
a
grand total of $115,474,381,
com¬
prising $65,687,881 of State and municipal issues, $335,836,500
of
corporate
securities,
$450,000
United
During the Month of August
the Calendar Year 1938
United
States Government issues
order during
the month of August.
comprised five Treasury bill issues sold on a discount basis.
States
Features
Possessions, and $13,500,000 Farm Loan and publicly-of¬
fered
governmental
agency
The month's grand
emissions.
total
compares
with
$511,497,398 floated in June. In May the grand total
was
$219,719,172; in April it
January
reader,
are
was
it
was
$121,544,413.
was
mention here that
we
our
July
For
$200,518,612,
note issues
and
as
always,
bond
and
by corporations, by holding, investment and trad¬
ing companies, and by States
and
and
Loan
domestic,
governmental
and also Farm
municipalities, foreign
and
publicly-offered
issues.
agency
The private sale of
to
and
the benefit of the
comjhlations,
comprehensive and include the stock,
very
direct
out in
put
$352,592,019; in March it
$245,747,393; in February it
was
in
with $465,520,168
bond issues by borrowing corporations
large institutional investors continued to be
an
important phase of the market for capital in the month of
During this month 14 corporate emissions for
August.
total of $117,513,000 were
In the month of
July
closed privately
our
or
a
semi-privately.
records show that
a
total of 12
corporate issues, aggregating $44,492,000, were so placed.
During the month of June 16 different issues, amounting
to
$85,385,000,
In the month of
were
also
issues
were
placed privately.
so
placed.
or
semi-privately.
During the month of April nine
aggregating $17,117,780
the month of March
were
placed privately
May four issues amounting to $18,700,000,
seven
In
were
placed privately.
the month of February two issues
also
placed
privately,
totaling
$35,000,000
January
last two small issues totaling $401,000
ported
as
In
issues amounting to $61,035,000
were
having been
placed privately.
and
were
This makes
in
re¬
a
grand total of $376,543,780 in corporate securities, covering
64
separate issues,
placed privately
or
semi-privately, in
the first
eight months of 1938, and compares with $367,-
915,000
of
issues,
so
corporate
securities,
comprising
77
different
placed in the corresponding period of 1937.
appeared in the usual
The month's financing
of
August Corporate Financing
Making further reference to the new corporate
announced
issues
accounted
for
offerings
observe that public utility
$219,347,000, which compares with
during August,
we
Industrial and miscel¬
as against
$124,956,831 in July.
Railroad financing during August
amounted to $3,148,000.
There were no railroad offerings
$55,649,000 for that group in July.
laneous
issues
totaled $113,341,500 in August,
in the month of July.
The total corporate securities of all kinds put out during
August was, as already stated, $335,836,500, of which
$332,445,000 comprised long-term issues and $3,391,500
represented stock flotations.
The portion of the month's
corporate offerings devoted to refunding operations was
$211,140,930, or more than 62% of the total.
In July the
refunding portion was $51,545,325, or more than 28% of the
total.
In June the refunding portion was $95,034,000, or
more than 32% of the total.
In May the refunding portion
was $25,691,650, or more than 41% of the total.
In April
the refunding portion was $66,500,000, or more than 84%
of the total.
In March the refunding portion was $57,643,000, or about 70% of the total.
In February the
refunding portion was $62,325,590, or about 61% of the
total, and in January the refunding portion was $3,773,300,
or
about 7>£% of the total.
In August a year ago the
amount for refunding was $57,194,072, representing .more
than 52% of that month's total.
The largest refunding issue sold during August, 1938, was
as
follows:
$33,000,060 Commonwealth Edison Co. 1st
mtge. 3Hs, series I, June 1, 1968, the proceeds of which
are
to be used entirely for refunding.
Other important
issues were:
Two offerings by the Indianapolis Power &
Light Co.
The first being $32,000,000 1st mtge. 3^s,
Aug. 1, 1968, and the other $5,500,000 serial 3%, 2tlA%,
and 4% notes, Aug. 1, 1939-48, the proceeds of both issues
to be used entirely for refunding; two issues by the Toledo
Edison Co., the first for $30,000,000 1st mtge. 3^s, July 1,
1968, and the other $6,500,000 debenture 4s, July 1, 1948,
both issues providing $28,396,600 for refunding; $27,982,000
New York Steam Corp. 1st mtge. 3L£s, July 1, 1963, of
which $26,943,500 went for refunding purposes; and $20,-
Financial
1554
(XX),000 Lone Star Gas Corp. 15-year debenture 3^8, Aug. 1,
1953, the proceeds of which provided $8,175,460 for the
retirement of the company's preferred stock and $7,364,440
for refunding purposes.
The largest corporate offering of the month was $33,000,000 Commonwealth Edison Co. 1st mtge. 3Ms, series I,
June 1, 1968, priced at 103 M> to yield about 3.32%.
Other
sizable corporate offerings worthy of mention were:
$32,000,000 Indianapolis Power & Light Co. 1st mtge. 3Ms,
Aug. 1, 1968, offered at par; $30,000,000 the Toledo Edison
Co. 1st mtge. 3Ms, J«'ly 1, 1968, priced at 101M, to yield
about 3.42%; $27,982,000 New York Steam Corp.
1st
mtge. 3Ms, July 1, 1963, offered at par; $25,000,000 Phillips
Petroleum Co. conv. debenture 3Ms, Sept. 1, 1948, priced
at par; and $20,000,000
Lone Star Gas Corp. 15-year
debenture 3Ms, Aug. 1, 1953, floated at 102, to yield about
3.33%.
Included in the month's flotations was an offering of
$13,400,000 Federal Intermediate Credit Banks 1% con¬
solidated debentures dated Aug. 15, 1938 and due in one
offered at a slight premium over par value.
During the month there were but two offerings carrying
right to acquire stock on a basis of one kind or another,
namely:
year,
a
13,000,000 Affiliated Fund, Inc., 10-year convertible debenture 6a,
Jan. 1, 1948, convertible into common stock at any time up to the tenth
day prior to maturity or redemption, if called for payment, at a price
equal to twice the average net asset value of the shares during the calendar
year in which the converted debenture was Issued.
$25,000,000 Phillips Petroleum Co. convertible debenture 3>£s, Sept. 1.
1948, convertible into common stock at $47per share prior to Sept. 1,
1943, and at $55 per share from that date to Sept. 1, 1948.
'
The following are changes
occurred in June, 1938:
LONG-TERM
in
our
published figures which
v
BONDS AND
bills were dated Aug. 24 and will mature Nov. 23, 1938.
Applications to the issue totaled $245,680,000, of which
$100,057,000 was accepted.
The average price for the bills
was 99.988, the average rate on a bank discount basis being
0.048%.
This financing provided for the refunding^of
$50,409,000 of maturing bills, leaving $49,638,000 as new
debt.
Aug. 25 Mr. Magill announced a further new offering
$100,(XX),000 or thereabouts of 91-day Treasury bills.
The bills were dated Aug. 31 and will mature Nov. 30, 1938.
Tenders to the issue totaled $251,175,000, of which $100,On
of
506,000 was accepted.
The average price for the bills was
99.988, the average rate on a bank discount basis being
0.047%.
This financing provided for the refunding of
$50,020,000 of maturing bills, leaving $50,486,000 as ad¬
ditional public debt.
Baby bond sales during the month aggregated $37,203,346.
Total sales of this type of securities during the first eight
months of 1938 have amounted to $391,790,614.
In the following we show in tabular form the Treasury
financing done during the first eight months of the year of
1938.
The results show that the Government publicly
disposed of $4,936,804,714 in that period, of which $4,043,615,100 went to take up existing issues and $893,189,614
represented an addition to the public debt.
For August
by itself the disposals aggregated $538,599,346, of which
$250,828,000 represented refunding and $287,771,346 con¬
stituted new public debt.
STATES TREASURY
UNITED
FINANCING DURING THE FIRST EIGHT
MONTHS
OF
1938
(Detailed figures for first six months appeared In issue of the "Chronicle" dated
July 9, 1938, page 183)
mi
""
NOTES
Sept. 10, 1938
Chronicle
■4
FINANCING
PUBLIC
Allocation
Issue
Classification
Add
Co.
Gas
Add
Add
Iron, steel, coal, &c.
Other, Indus. & mfg.
Add
Land, buildings, Ac.
of Proceeds
1st A
ref.
New
First six
months
3,953,914,491
total.
6
June 28 July
91
days
published figures which
100,001,000 Average
100,214,000 Average
100,124,000 Average
210,024,000
7 July
13
92
July
14 July
20
27
91
days
days
91
days
187,824,000
264,955,000
10
yrs.
43,727.877
3
91
days
289,356,000
21 July
J'lyl-30 J'lyl-30
99.985 *0.059%
75
*2.9%
-
99.990 *0.038%
99.986 *0.054%
444,290,877
total.
July
99.994 *0.023%
100,224,000 Average
43,727,877 Average
189,753,000
July
New cap.
July
our
Yield
Price
Refunding
Hotel Corp. 1st. M. 5%
9 year loan
following is a change in
occurred in July, 1938:
Accepted
cap.
Refunding
3,750,000 Glidden Co. bonds
360,000 Atlantic City Ambassador
The
Due
Doled
M.
3>£s, June 1, 1966
$7,000 Illinois Zinc Co. bonds
„
Amount
Applied for
Dale
Offered
Public Service Electric &
$1,000,000
Public utility
Amount
SHORT-TERM BONDS AND NOTES
Issue
Classification
Add
Oil
Allocation
of Proceeds
The
following are changes in
occurred in August, 1937:
LONG-TERM
our
notes due 1943
New cap.
91
days
91
days
303,121,000
285,722,000
91
days
245,680,000
Aug. 25 Aug. 31
91
days
251,175,000
Aug .1-31 Aug.1-31
10 yrs.
Aug.
published figures which
Align st
AND
total
100,315,000 Average
100,025,000 Aver age
99.984 *0.062%
100,493,000 Average
99.989 *0.044%
99.988 *0.047%
100,057,000 Average
100,506,000 Average
4 Aug. 10
Aug. 11 Aug. 17
*
BONDS
28 Aug.
Aug. 18 Aug. 24
$600,000 Panhandle Producing A
Rerg. Co. 6-yr. 5% conv.
sec.
July
99.988 *0.047%
99.988 *0-048%
37,203,346
37,203,346
75
*2.9%
538,599,346
-
Average rate on a bank discount basis.
NOTES
Use of
Funds
Allocation
Issue
Classification
of Proceeds
Add
Public utility
New
cap.
Add
Public utility
200,000 Southeastern
Public utility
1st M. 4>^s, ser. A, 1957 New
300,000 Springfield Gas Light Co.
cap.
Add
Public utility
10-year 3% notes
Refunding
225,000 West Virginia Water Serv.
$650,000 N. Y. Water Serv. Corp.
bonds
Add
Telep.
Type of
$200,000
New
Hedgeside Distilling Corp.:
Preferred stock
New
Common stock
New
(Sold la units of 1 sh. each)
757,926 Pittsburgh Screw A Bolt
200,000
Add
Other Indus. A mfg.
New
Refunding
Indebtedness
July
3,392,224.100
100,001,000
100,214,000
cap.
91-day Treas. bills
100,001,000
July
13--.....
92-day Treas.
20
91-day Treas.
bills
bills
100,214,000
100,124,000
July
cap.
27.
91-day Treas. bills
100,224,000
6.
July
U. S. Savings bonds
1-30
$;
%
3.953,914.491
total
July
Co. bonds
Other Indus. A mfg.
Accepted
S
First six months
STOCKS
Add
Total Amount
Security
Dated
Co.
■
561,690,391
-----
100,124,000
100,224,000
43,727",877
43,727,877
cap.
Total
Aug.
444.290,877
3
43,727,877
Refunding
Treasury issues, we furnish below a summary of the new
seeurites sold during the first eight months of the current
year
and give particulars of the different issues.
New
Treasury
Financing
August,
During
the
Month
1938~
^
of
Nov.
totaled
additional debt.
Mr. Magill on Aug. 11 announced
a new offering of $100,thereabouts of 91-day Treasury bills.
The bills
were dated Aug.
17 and will mature on Nov. 16, 1938.
Subscriptions to the offering totaled $285,722,000, of which
$100,493,000 was accepted.
The average price for the bills
was 99.988, the average rate on a bank discount
basis being
0.047%.
This financing provided for the refunding of
$50,269,000 of maturing bills, leaving $50,224,000 as
000,000
or
additional debt.
Mr.
Magill on Aug. 17 announced a new offering of
$100,000,000 or thereabouts of 91-day Treasury bills.
The
100,025,000
50,109,000
91-day Treas. bills
100,493,000
50,269.000
50,294,000
49,916,000
50,224,000
91-day Treas. bills
91-day Treas. bills
100,057,000
50,409,000
49,648,000
100,506,000
50,020,000
50,486,000
U. S. Savings bonds
37,203,346
538,599,346
250,828,000
287,771,346
4,936,804,714
4,043,615,100
893.189,614
Aug. 24
Aug. 31---..
Aug.
1-31
Grand
total.
"*
2, 1938.
Tenders for the bills
$289,356,000, of which $100,315,000 was accepted.
The average price for the bills was
99.984, the average rate
on a bank discount basis
being 0.062%.
This financing
provided for the refunding of $50,021,000 of similar bills,
leaving $50,294,000 as additional debt.
On Aug. 4, Mr. Magill announced a new
offering of
$100,000,000 or thereabouts of 91-day Treasury bills.
The
bills were dated Aug. 10 and will mature on Nov.
9, 1938.
Applications to the issue totaled $303,121,000, of which
$100,025,000 was accepted. The average price for the
bills was 99.989, the
average rate on a bank discount basis
being 0.044%. This financing provided for the refunding
of $50,109,000 of
maturing bills, leaving $49,916,000 as
on
50,021,000
91-day Treas. bills
Aug. 17
Total
Acting Secretary of the Treasury5Roswell Magill on
July 28 announced a new offering of $100,000,000 or there¬
abouts of 91-day Treasury bills.
The bills were dated Aug. 3
and will mature
100,315,000
Aug. 10
Corp. cap. stk. (no par)
Because of the importance and magnitude of United States
91-day Treas. bills
400.563,000
*
INTERGOVERNMENT
1938
37,203,346
FINANCING
Issued
First six months total
Retired
%
$
Net Issued
$
1,467,706,000
1,018,785,000
448,921,000
135,708*666
1,000.000
47,000
135,601,000
135,708.000
1,047,000
134,661,000
82,000,000
500,000
52,900,000
2,048,000
81,500,000
50,852,000
July—
Certificates
Notes
__
Total
xl,000,000
August—
Certificates-. I.........
Note?
*.T..........
Total
.
_
......
134,900,000
*
Comprises sales of special series
2,548,000
132,352,000
1,738,314,000
_
Total eight months
1,022,380.000
715,934,000
certificates
and
notes;
certificates
Adjusted Service Certificate Fund and Unemployment Trust Fund,
Old Age Reserve Account, Railroad Retirement Account,
sold
to
and notes to
Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Act, Alaska
Railroad Retirement Fund, Postal Savings System and Federal Deposit Insurance
Gnrtx)ration,
x Retired.
In
the elaborate
and
comprehensive tables on the suc¬
the foregoing figures for 1938
with the corresponding figures for the four years preceding,
thus affording a five-year comparison.
We also furnish a
detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
ceeding
of
pages
we
compare
corporations.
Following the full-page tables we give complete details
of the new cpiatal flotations during August, including every
issue of any kind brought^out in thatjmonth.
.
01
O
5*
vj
h*
48
J3
5
—
18,09 0 50, 0 164,"il 10 27,0831 259,83 41
3,50 . 0 6, 0 , 0
10, 0 50, 0 if,6 *6 8,4 0,783 79.480,73
Refundig
8,019,0
8,019,0 153, 1 0 19,2 7548
Total
180,49 50 5,0 ,0 24,3620
209,86150 76,0 0 85,62* 6 5,703 16 437,1268
Refundi g 15,047 5,0 ,0 23,9620
30 ,0 0
180,670 76,0 0 32.50,98 28,91728
Capit l 29,3480 '46 *6 6
29,7480 85,26 0 3,152718 148,209518
—
1934
Capit l
New
1935
New
Total
$
201,730 20,674",63510,59 32
23,47958
106,0
Refundi g 5 ,349 85 61,16823",
$
f1c,5r9*0
6,50 , 0
6,50 , 0
3,50 , 0
6,50 , 0
50 ,0 0
8,019,0
10,56"od Cnt 18,09 0
6,50 , 0
1,204, 0 6,315,0 a:: : o,40 ,0
1934
——
1,204, 0 6,315,0
""
10, 0
10, 0
50 ,0 0
8,019,0
Refundig
1,204, 0 6,315,0
Total
73,412.0 35,4120 25,0 0 38,015 0 5",60:6 3,0 ,0 180,49 50 5,0 ,0
5,0 ,0 13,7620 10,6 :6
24,3620 73,4120 35,4120 43,7620 48,615 0 5,60, 0 3",0 ",60 209,861.50
Refundi g 58,130. 32,150 25,0 0 27,1970 5",60:6 3,0 ,0 15,047 5,0 ,0
5,0 ,0 13,7620 16,20:6
23,9620 58,130 32,150 43,7620 37, 970 5,60", 0 3,0 ,0 180,6 70
Capital
1,204, 0 6,315,0
New
1935
C1apital 15,28 0 3,27,0 10.835,0
New
297,0 639
1936
J_
d
1: : :
Refundi g 1,6145 41,92 50
672,60 973:6 6
40 ,0 0
40 ,0 0
29,3480
15,28 0 3,27,0 1,23580
d
51,0 0 43,0 0 1,05 ,0 "973:606
Total
61,39147 7,~86:od 10,94 5 80,43.092
$
1936
fb
3,50 , 0
Total
180,357648
7.806: 0 56,7 9681
o
S3
^3
-
S.1,590 6C,50,0 tr>
Total
»-*»
fta
472,635 907,156
106,0 0
"l~13~,476
5,349 85
"356: 6 7,460,214
50,0 0
907,156
61,16823",
472,635 801, 56
104,65 0 201.73,0
*356: 6 13,64 376
15,84179 31,264958 51,0 0 43,72635 "356: 60 14.693,76
50,0 0 973,0 0
6,289,162 1,6145 41,92 50 106,0 6,85,762 "973:6 6
29,7480
120.491,7 I23,47958
1 3,470
61,39147
\'
•
Y1FEIAVRS
YFOAEUIGVRST
Capital 145,823015 14,9147310.48,32
170,98 1 45,74 36 216,5734
69,10 16,0 0 6,482,50 16,394 08
108,6 908 27,40 0 52,7054 18. 7,452
Refundi g 34,897615 6,0 0 3, 80,5 8 2,915,89
57,194072 27,40 0 25,03610 109,63 172
Capit l 34,29 385 3,~l"o ,94213.478,509
50,872 36 27,684 78,57280
249,0 0
450, 0
35,8650 13.50, 065,87 1 415,74381
$
1937
New
32.45,0 3,142*50
Total
CORPATE,
SOUM FARY
1938
Refundi g
$
21,40.93 13.50 01,605 8 235,46.18
21,4093
Capit l 12,304 7 3,"i42~50
New
■;
UCITSFTMOAFSONURHPHGNEARRSDE
GFLAMFFOTIUOMNVRAEORHCENDIPMGRENGLT,
bSfFGrottomaevaouhndgircnyiepnmdlsaesy.l
Total
Capital
j
New
249,0 0
450, 0
124,695 70 5,082193 180,2763
New
GONREUPFWI
CAHARNTDE
39,8 58 1,07,50
Refundi g 2,936,0 29,761 5
Capital
3,148,0 219,3470 10, 0 24",56 0 71,0 0 1.450, 0 3,0 ,0
$
47619,381 6 .5 ,0 4, 24,925 32,689305 10 .0 0
Capit l 3,148,0 49,6530 5,45,0 20,750 38,10695 1,350, 0
15,84179 24,975 96 39,8 58 1,54315 801, 56 *356: 6 7,837,614
6,296,457 2,936,0 47,26 173 1,876,0 2,915,89 2, 6 : 6
3,0 ,0
120,37821 170,981
57,194072
7,35 ,639 16,580451 3,103, 0 4,359,827 592,750 2,46 56 574,164 425,0 0 19,35 639 50,872 36
3, 91,50 3,148,0 219.347,0 10, 0 27,89150 71,0 0 1,450, 0 3,0 ,0
35,8650
10 ,0 0
169,3870 4,5 ,0 4,24.92532,689305
32,450
7.46 ,456 574,164
3, 91,50
595,4 2 592,750
21,4093
3, 91,50 3,148,0 49,6530 5,4 5,0 23,46 57 38,10695 1,350, 0 3,0 ,0
124,69570
21,4093
Neio
50,0 0
7,35 ,639 2 ,876908 6,039,0 51,62 0 2,468,750 25,380 5 574,164 2,6 5,0 19,35 639 108,6 908
16,0 0 1,564",58 1,876,0 2,915,89
34,897615 16", :60
*
Total
Refundi g
2, 0 , 0
50,0 0
574,164
16,0 0 2,10,0 2,468,750 10,38 5
3,103, 0 3,764,385 15,0 0 425:6 0 12,0 0 34,29 385
New
1838
104,536 0 145.823,015
6,039,0 3 ,526.0 15,0 0 2",6 5:0 12,0 0 69,10 16, :60
Total
1937
37 ,40
3, 91,50
12,304.7
AUGST boannondtedss. stock boannodtess. naonteds. Governmt. govern Gacites,.M&unicpa_tl—Ses,Posein finucnldoset AUGST BNootaensd-s &coper,manuft acesori maannufdctrig &c ht&roalddciinngg,, .BNootaens—ds &coper,manuft acesori amannufdctrig &c ht&roalddciinng.g,, utiles&ccsootpeall,,,Eqmuainpufmcterenst oi.indamuasnnutfrdictlrig b&uildcngs, h&ttroraulddsciinntgg,,,Miscelanous utiles&scctooepall,,,Equmaipnumfcetnrets oiindamuasnnutrfdctlrig b&uildcngs, tth&rraoudlsdicnitngg,,,Miscelanous coserpcuraitte
OFMONTH Domestic— Long-term Short-emPrefred Comstocokn.Candi— Long-term Short-em Prefstrocekd Comstocokn.foreign— bLoongn-tedrmsShort-em Prefstorcekd Comstocokn corpate toal f*diTgtuieroesse OFMONTH Long-Term
Railroads util es sctoeall,,Equipment Maotnords industrial buildngs,Rub er Ship ing trust ,Miscelanous Short-Tem Railroads util es cstoeall,,Equipment Moatnords industrial buildngs,Rub er Ship ing trust , Miscelanous
Can dian foreign Loaannd USntaiteeds
Corpate—
Grand
Total
Other
Other Farm
*
Total
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
lnv.
Total
Stocks—• Railroads Public Iron, Moatnords Other Land,Rub er Ship ng.
Oil
Total
lnv.
Total—
Railroads Public Iron,
and
Motors Other Oil. Land, Rub er Ship ing Inv.
Total
O
*
O
Or
&
Cn
S3
O
o
&
a
o
©0
*
ft)
IT*
*3
Co
vo
■o
197,19 0 135,7 0 2,908,0 27.65,39
Total
1,20 , 0
»
1
1
13,9602 104,750
1
1
1
•
1
1
1
1,26 ",06
-
Capit l 65,1890 31,05 0 2,908,0 27,65,39
«..
237,865.20 50, 0 285,36* 610,2185
$
,f
48
1,32 1,3076,0 ,0 946,5~70 53.182,43 4,98,0
3,10257,43
Total
Refundi g 1,04S9 ,6 38,6150 48,3 80
781,35 67,49 6.0 0 851,93.70 284,06 15 4.30, 0
2,35 .361
Capital 135, 18048.4S5.0 3,470 8,367,0
94,7620 469,1826 568,0 0 749,02 7
185,43804
$
1,8405.
47,10 0SI,803. 08,367,0
$
$
New
1935
2.407,385 48,0 0 5,0 0 321,9860 256.4097 1,750, 0
Refundi g 2.05S3.40 35,76250 124.9S0 10,83 743 30, 0
$
1,30 6,50
82.10, 0384,76927 6,013 46 "750,6 6
3,089.75,062
1936
Capit l 57,28149 45,27608 159,62079 179,58.35
1,0745 .12
"750:6 6
962.0S3561 132",0 :6053,80925
New
Total
$
1,453296
6,0 ,0 3,40925 7,308,426
85.0 ,0 134,0 0176. 4,0 162,395.26
62,5 6
1,920846
712,35:6 23,75126 5,236,0 12,53 2,108
;
Refundi g 574.03,95 2,758.0 1,02 ,80
57,81 95 294,785:6 83,54916 956,13781
$
1938
COORPFATE,
Capit l
New
SUM ARY
5
571,2960 3,24,0 32,86425 7,308,426
62,50
614,29 51
417,"56 540,21634 5,236,0
1,57 9427
CIOSTURPNHIAEED
GAONRNEUPFDWI
CHAR TE
Refundi g
250. 0
16,389605S9.670 137,4806 2~.4 1~.6 154,2 10 35,281 505,60, 0
7. 4 .65
46,87.3151,38.4 53 198, 4752 0,723450
_
31,05 0
58 ,750
20,16 249
525,0 0 310.20 9,0 .0
237.865,20
30,58419 5,31,0 39,745.80 58 ,750 20,46 249 1,0 .0 40 .0 0525,0 0 "310:25 9,250. 0 127,5930
-
20, .0 5.0 ,0 6.56: 6 4,10,0 6,0 .0
6,0 ,0 47,10. 0 6.785:2 6 18.762,0 15~.21 756 5,0 .0
4,37i:806 90.17,80 159,430 638,49250 18,7620 13",941:6 21,867250 50, 0 6,53,0 58,~1 5,86
1,048.9,6
20, 0 5,0 ,0 1.65,0 6.0 ,0
6,0 .0 38,6150 5~,6 :56 13,762.0 10,2 .0
19,3~71,86 48,3 80 16,38960 14,670 156,24 6 2,41,0 16,071041,28 505,6 0, 0 3",15:86
6,5 ~,6 2,485.0
- 8,4 5,0 f.785:2505.0 ,0
25~.6 ~.6 41,83/0 42,753 20 3,76925025,1934 1.50, 046,80 150 —9,218.750 93.0 25.0 0
7", 56: 6 54,70 274,56953~,8,136. 567,462.40 4. 85,0 149,6 41720.79 , 13 50 ,0 0 1 ,925:6 9,7 45 1 296,85 690
245,0 0
5125136.~2 76 40, 963 ,21 ,0 f,426:576 15,0 . 0 60 ,0 0 2,0 ,0 8.125,6 2, 87,50
3
5,6 1,750 5,0 ,0
at
60 ,0 0
$
16,47.0 56,12.0 5,26,5 10, 0
105,9 0
.
7. 56: 6 35,76250 211,82287",4,184,0 "523~.96 58,052,3 6 1 , 437 9
2,3580,4
2, 12,50 245,0 0
Capit l 201.94258 70,139.6 6,285 48 2,496,50 "529,1374 23,9580373.567,0 ~ 60",o6 12,59430 523,4 .560 15,0 0 1.250, 0
355,3680",
60 ,0 0
69,81 901,235074,263275,36 530,68240 4,85,0 325,4 917289, 09139,524,0 1,925.0 231,49 51 3,1057,90
29205. 8,752 0,73.450 523,90 20,3 092 58,47321 5,21,0 74~,259 i6
135,89643 479.86,315
1,6095.2
600"
18,70 50 2,768,35 ,952,65 7,462,40 3,961,0 91, 7081 4,67.164 50 ,0 0 1,9250 34.706,1 16,04 7 216,94258 74,158601 70.237,904 9,58,950 3,961,0 123,04 825 30,817 01 4,312,0 606,1,9250 157,23 41
~
New
703,192485
650, 0
5.327 630 69,32 0 4.8,1350 1,0.0 10, .0 92,6790 149,850 28,07 0 250,6(1.39,58 0 1,30 6,50 5,80,0 37,50 1,350, 0
2,40 , 0
35,90 82,50 91.2S8394 ,87 24 467.50 12,57 05320,16 450123, 0.52 3,176,90 95.07,960 650,78253 3 ,1640 697. ,394 180,36274 1.567,50 2,572053325,40 5 273,06 2 28,07 0 3,826,90 "250",0 0170.542,960 2,036 9,073
107,2680 479,813 4,076 50 4,934,60 38,768 27,3480 20,7430
80 ,0 0
36,82390 86,31025 4,27 0 162.850 596,4075V,8,10675 "6582"0 , 26,391,859 312,03 41 108,7 0 60. 5,48 98,35 120 162,850 4,934,60 95,248 3 15,4 765 20,7430 682,50 29,52359 1.074,5 12
8920, 50 9,54768 40,5890 1.0,0 5,065,40 54,3021 12,49750 7,327,0 650, 0 "2056"6 .36,8450 57,28149 4,350. 0 2,76,08 1,350, 0 1,60,0
Capit l
2.036, 907385,0 0 134,0 308,7140 693,246190
Refundi g 725. 8,351 36,8239025,148 30 86, 5481
$
"58 ",75 20,1~60",249 "625.6 6 "310:2609,0 ,0 30,58419 2 1,7601 95,8 .0 58 ,750 25,7 6249 1 ,0 0 40 ,0 0525,0 0 "310:25 9.250, 0 365,4829
1,8405,
6 ,81 90 1,2086 ,50 265,0 023, 0 51680,OSV,264,0 0 8.79,0 153,96" 2,7594,0 30, 0 1,850, 02,0 ,0 8.125.6 4,50
Total
703,192.07 21,90 0457,10283 1.075,0 1.83,26 90
$
1937
30 ,0 0 50 .0 0
136.95,0
135, 1804
7, 4 ",6 5
New
FbSfFrtamtGaeouongvidcyepirdnlsmesyl.STEMAF3NOIGHAUIDV1RRES
GFFLOAFOMVTEIMNUREAAREOHGNNCIGUMDDPNRTS,.
Total
$
159,430 61,54.0 158,0 0 7~.941~.6 193,5 0 39,50 06,53.0
42,753 20 1,9840 20,51934 5.6:6 39,26340 4,218,750 893,0 0
Capital
YEARS
F3YEOIVA1RS
Capit l 51,4 560 18,70 50 512.49S62 108,57901 8,0 ,0
New
Refundi g
%
$
453,10 7.90 8,0 0 5,0 0 34,09860713.52,6 2,85.0 4,273.0 452
2,71.4,90 54,70 17,963.04 18,964 3S,0 .0
Total
1936
50 ,0 0 40 ,0 0
Capit l 13,10 16.745,80
127.593,0 3127I1:6 541,80.18 KOTUOA
Neiv
Total
2,958,0 6,50 , 0
65,98.0 7.0 ,0 23,0 0
250. 0
3,258.0 7,0 ,0
13,9602 63,9470 32,50 0
Refundi g 102,5 0 23,652 0 2,308, 0 3,50 , 0
1934
0«1
New
1935
197, 10 70,947,0 5,0,0
t
1
Refundi g
2.308. 0 4,0 ,0 40 ,0 0
150,8310 40,398.0
$
1
1
1934
Total
1
1
$
365,4829 50, .0 597,41 ' 642,09 65 1,65491,64
35,90 46,02 80 4,978,142 40,6 54 304.650 12.57,053 174,0895 35,1237 2,49,490 68,16 01 38,7932 24, 50 97,3019 82,09604 1,40,650 17,63 453 29, 167 157,621 37 7,327,0 3,14,90 *250",6 5140,95 601 962,083561
Total
~
undi g
1937
Ref
3,20 ,50 725, 8351 1,450, 0 34.573,920
New
2,0 ,0 750, 0 150, 0 1, 0 , 0
,2530 674,2195 23,507 76,9450 186,0 0 8,750, 0 45.0 ,0 4,6 ",6 1,250, 0 1,45329,65
Total
~I25
1938
Refundi g 10, 0 457,906 5 4,5 2,0 17, 1825 32,689305 5,2 7,0 45,0 0
890, 0
2.0 ,0 6,0 ,0 3,471,425 1,048,92 34,0627 862,50
750. 0 120, 0 21 ,0 0
574,03 95
360, 0
Capit l 15,230 216,7 230 18,95 0 59,173 5 153, 0695 3,523,50 4,0 ,0 571,2960 2,0 ,0
%
1,67 ,0 2,758,0
30.0 0 8 9,0 0
323,0 0 3,24 ,0
10 ,0 0 1,234,520
40,78 15 25, 30 680,95620 15,30 92 1 ,57 187,96250 8,750, 0 45,0 0 4,T6O",5 64,84.520 1,92 0,846
20,30
1.02 ,80 10, 0 457,906 5 5,302, 0 18, 94325 32,90 3 5 5,2 7,0 45,0 0 2.587,306 57,81 95
10 .0 0 1,2 4,2 0
39,75 31 15,230 2 ,18 65 120, 392 92.63,452 15.062,1953,523,50 4,10,0 1.897,20 614,29 51
1,0 2,50
3,471,425 1,048,92 3 ,06 27 862,50
New
notes- notes- notes- governmt acie_s.&t,Posein fuonbtadinesd 3AU1G. Notes &c manufctrig &hoCld—ing, Notes— manufctrig — &hocld—ing, - manufctrig &hocld—ing., manufctrig h&oldcing,
A3U1G.
boanndds stock stock boandsShort-em.' stock stock foreign— boands stock sto,ck corpate Governmt Goavntd, Municpal—Stes,Staes toal idnfcingluuoodreets EMNODNTHS BLoonagn-Tdersm Railroads utiles- ccsootpeaelrl,,,Eqmuaniupfmtent aacesnoridindaunstrdl —&buildcngs, ttrraudsintg,,Miscelanous •»TBoeanrdms Railroads utiles&ccsoopteaerll,,,Eqmuaniupfmtent aacesnorid inadunstrdl &buildcngs, ttrraudsintg,,Miscelanous - Railroads utiles&cscotpoeaerl,l,,Eqmuaniupfmtent aacensordi indaunstrdl &buildcngs, ttrraudsintg,,Miscelanous ; Railroads utiles&cscotopeaelrl,,,Eqmuinpufmtent aacensordi indausntrdl b&u;ildcngs, ttrraudsintg,,Miscelanous csoercpuritate
END
Total
DtCorpae— omestic— Long-termShort-emPref red Com on.Candi — Long-term Pref red Com on Other Long-term Short-em Prefred Com on Candian Ofortehigern Loan
MONTHS
Grand These
8
Farm
*
United
Totftl
8
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Short
Total
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Stocks—
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
Volume
Financial
147
Chronicle
DETAILS OF NEW CAPITAL FLOTATIONS DURING
BONDS
AND
NOTES
THAN
FIVE
(ISSUES
MATURING
LATER
and Smith,
YEARS)
RAILROADS
1,508,000 Seaboard Airline Ry. Co. class A equip, trust 4s, series GG.
New equipment.
Placed privately with Prudential Insurance
Co. of America.
.
..
$3,148,000
PUBLIC
UTILITIES
$400,000 California Water & Telephone Co. 1st M. 5s, series N,
Sept. 1, 1965.
Additions to plant and provide for other
corporate purposes.
Price, 100; to yield 5.00%.
Offered by
Blyth & Co., Inc.; H. M. Byllesby & Co., Inc.; E. H. Rollins
& Sons, Inc.; William Cavalier & Co., and Central Republic
Co., Chicago.
-
33,000,000 Commonwealth Edison Co. 1st M. 3%s, series I, June 1,
1968.
Refunding and for other corporate purposes.
Price,
103%; to yield about 3.32%.
Offered by Halsey, Stuart
& Co., Inc.; Brown Harriman & Co., Inc.; Glore, Forgan
&
Co.; Harris, Hall & Co. (Inc.); Lee Higginson Corp.;
Lehman Brothers; A. G. Becker & Co., Inc.; Bonbright &
Co., Inc.: Central Republic Co., Chicago; The First Boston
Corp.; Kidder, Peabody & Co., and F. S. Moseley & Co.
Other underwriters were;
Bacon, Whipple & Co.; Bancamerica-Blair Corp.; Blair, Bonner & Co.; Clark, Dodge &
Co.; Coffin & Burr, Inc.; Goldman, Sachs & Co.; Hayden,
Stone & Co.; Hemphill, Noyes <fe Co.; Hornblower & Weeks;
The Illinois Co. of Chicago; Ladenburg, Thalmann & Co.;
W. C. Langley & Co.; Lazard Freres & Co.; Paine, Webber
& Co.; E. II. Rollins & Sons; Schroder Rockefeller & Co.;
J. &. W. Seligman & Co.- Stern, Wampler & Co.; Stone &
Webster and Blodget; G. H. Walker & Co.; White, Weld &
Co.; Dean Witter & Co.; Mitchell, Hutchins & Co.; A. C.
Allyn & Co.; Ames, Emerich <fc Co.; Alex. Brown & Sons;
H. M. Byllesby & Co.; Paul H. Davis & Co.; Dominick &
Dominick; Estabrook & Co.; Graham, Parsons & Co.; Hallgarten & Co.; Newton, Abbe & Co.; Schoellkopf, Hutton &
Pomeroy; Schwabacher & Co.; Speyer & Co.; Spencer Trask
& Co.; Wertheim & Co.; Babcock, Rushton & Co.; Alfred L.
Baker & Co.; J. E. Baker & Co.; Baker, Weeks & Harden;
Bartlett, Knight & Co.; Cassatt & Co.; R. L. Day & Co.;
Dempsey-Detmer & Co.; Dick & Merle-Smith; Eastman,
Dillon & Co.; Edgar, Ricker & Co.; Equitable Securities
Corp.; Farwell, Chapman & Co.; The First Cleveland Corp.;
Fuller, Cruttenden & Co.; Carter H. Harrison & Co.; Hickey
& Co.; Hoyne, Mellinger & Co.; Jackson & Curtis; Kean,
Taylor & Co.; Laurence M. Marks & Co.; Mitchum, Tully
& Co.; Charles K. Morris & Co.; G. M.-P. Murphy & Co.;
Nichols, Terry & Dickinson; Otis & Co.; Arthur Perry & Co.;
R. W. Pressprich <fe Co.; Putnam & Co.; Riter & Co.; The
Securities Co. of Milwaukee; Sills, Troxell & Minton; Smith,
Bros. & Co.; Straus Securities Co.; Stroud & Co.; Thrall
West Co.; Washburn & Co.. and Whiting, Weeks & Knowles.
...3,000,000 Diamond State Telephone Co. 3% debentures, Aug. 1,
1968.
Placed privately at 98 % with a small group of insur¬
ance and savings institutions.
10,000,000 Gulf States Utilities Co. 1st M. & ref. 4s, series O, Oct. 1,
1966.
Refunding, retire current debt, and other corporate
purposes.
Price, 104; to yield about 311%.
Offered by
Stone & Webster and Blodget, Inc.; The First Boston Corp.;
Brown Harriman & Co., Inc.; Blyth & Co., Inc.; Bonbright
& Co., Inc.; Kidder, Peabody & Co.; Schroder Rockefeller
& Co., Inc.; Coffin & Burr, Inc.; Glore, Forgan & Co.;
Hayden, Stone & Co.; W. C. Langley & Co.; Bosworth,
Chanute, Loughbridge & Co.; H. M. Byllesby & Co., Inc.,
and White, Weld & Co.
'
.14,350,000 Hackensack
Water
Co.
refunding bonds.
Refunding.
Placed privately with a group of insurance companies.
32,000,000 Indianapolis
Power & Light Co. 1st M. 3%s, Aug. 1,
Refunding.
Price, 100; to yield 3.75%.
Offered by
Brothers; The First Boston Corp.; Glore, Forgan
& Co.; Halsey, Stuart & Co., Inc.; Stone & Webster and
Blodget, Inc.; Blyth & Co., Inc.; Brown Harriman & Co.,
Inc.; Goldman, Sachs & Co., and Lazard Freres & Co.
Other underwriters were:
Smith, Barney & Co.; A. C. Allyn
& Co., Inc.; Bancamerica-Blair Corp.; Bonbright & Co., Inc.;
H. M. Byllesby & Co., Inc.; Hallgarten & Co.; Hemphill,
Noyes & Co.; Kidder, Peabody <fc Co.; Lee Higginson Corp.;
Central Republic Co.; Harris, Hall & Co., Inc.; Stifel, Nicolaus
& Co., Inc.; Hayden, Stone & Co.; J. &. W. Seligman & Co.;
White, Weld & Co.; A. G. Becker & Co., Inc.; Graham,
Parsons & Co.; F. S. Moseley & Co.; Shields & Co.; Stern
Wampler & Co., Inc.; G. H. Walker & Co.; Wertheim & Co.;
Bacon, Whipple & Co.; Blair, Bonner & Co.; W. E. Hutton
& Co.; Laurence M. Marks & Co.; G. M.-P. Murphy & CoArthur Perry & Co., Inc.; L. F.
Rothschild & Co.; Field
Richards & Shepard. Inc.; The Illinois Co. of Chicago; Jackson
& Curtis; Otis & Co.; Paine, Webber & Co.; Riter & Co.;
E. H. Rollins & Sons, Inc.; Schoellkopf, Hutton & Pomeroy,
Inc.; Stern Brothers & Co.; Tucker, Anthony & Co.; Bartlett,
Knight & Co.; Baer, Stearns & Co.; Bosworth, Chanute,
Loughridge & Co.; T. P. Burke & Co., Inc.; William Cavalier
& Co.; Farwell, Chapman & Co.; Francis Bros. & Co.; In¬
dianapolis Bond & Share Corp.; W. L. Lyons & Co.; Piper,
Jaffray & Hopwood; Schwabacher & Co.; I. M. Simon & Co.;
Stein Bros. & Boyce; Wells-Dickey Co., and Gavin L. Payne
1968.
& Co.
houses and other underwriters
r
as
above.
20,000,000 Lone Star Gas Corp. 15-year debenture 3%s, Aug. 1, 1953.
Retire preferred stock, refunding, retire current debt, and
provide working capital.
Price, 102; to yield about 3.33%.
Offered
by Mellon
Securities Corp.
Other underwriters
were:
Smith,
Barney & Co.;
The First Boston
Corp.;
Kidder, Peabody & Co.; Blyth & Co., Inc.: Bonbright &
Co., Inc.; Brown Harriman & Co., Inc.; Halsev, Stuart &
Co., Inc.; Glore, Forgan & Co.; Ladenburg, Thalmann &
Co.; W. C. Langley & Co.; Lazard Freres & Co.; Shields
& Co.; Dean Witter & Co.; J. E. Baker & Co., and Kuhn,
Loeb & Co.
7,982,000 New York Steam Corp. 1st M. 3%s, Hily 1, 1963.
Re¬
funding and provide for other corporate purposes.
Price,
100; to yield 3.50%.
Offered by Morgan Stanley & Co.,
Inc.; Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman
& Co., Inc.; Lazard Freres & Co.; The First Boston Corp.;
Smith, Barney & Co.; Bonbright & Co., Inc.; Lehman
Brothers,
and
Clark, Dodge & Co.
Other underwriters
were:
Bancamerica-Blair
Corp.;
Cassatt
&
Co.,
Inc.;
Dominick & Dominick; Goldman, Sachs & Co.; Harris, Hall
& Co. (Inc.); Hayden, Stone & Co.; Hemphill, Noyes & Co.;
W. E. Hutton & Co.; Kean, Taylor & Co.; Kidder, Peabody
& Co.; Ladenburg, Thalmann & Co.; Lee Higginson Corp.;
Mellon Securities Corp.; F. S. Moseley & Co.; Schoellkopf,
Hutton & Pomeroy, Inc.; J. & W. Seligman & Co.; Stone &
Webster and Blodget, Inc.; Spencer Trask & Co., and White,
Weld & Co.
00,000 Pinellas Water Co. 1st M. 5%s, B, Sept. 1, 1959.
Addi¬
tions to oroperty.
Price, 100; to yield 5.50%.
Offered by
Burr & Co.. Inc.
&
Gas Co.
1st
&
ref.
M.
3%s,
Barney & Co.
8c
Co., Inc.; A. G. Becker & Co., Inc.; Alex. Brown & Sons
& Co.; Graham, Parsons
Co.; Hornblower & Weeks; Bodell & Co.; Granbery,
Marache & Lord; Starkweather & Co.: Whiting, Weeks &
Knowles, Inc.; Dean Witter & Co.; J. E. Baker & Co.;
R. L. Day & Co.; Estabrook & Co.; Jackson & Curtis;
Minsch, Monell & Co., Inc.; Pacific Co. of California, and
Paine, Webber & Co.
E. W. Clark & Co.; Clark, Dodge
&
6,500,000 The Toledo
Edison Co. debenture 4s, July 1, 1948.
Re¬
funding, retire notes, and provide additional working capital.
Price, 100%; to yield about3.90%.
Entire issue underwritten
and offered by The First Boston Corp.
17,000,000 West Penn Power Co. 1st M. 3%s, series J, Aug. 1, 1968.
Refunding, repay short-term bank loans originally incurred
to finance construction program, and provide for additions
and betterments.
Placed privately on yield basis of 3.00%
with a group of six insurance companies.
9,515,000 Yonkers Electric Light & Power Co. 12-year debenture
3 %s, 1950.
Discharge open indebtedness to parent company.
Placed privately at 101% with Metropolitan Life Insurance
Co., and Prudential Insurance Co. of America,
i
$219,347,000
IR0N
gTEEL> COAL, COPPER, &c.
$10,000,000 Crucible Steel Co. of America 10-year debenture 4%s.
series A, Aug. 1, 1948.
Refunding, retire note indebtedness
and provide additional working capital.
Offered by Hallgatren & Co.; Brown Harriman 8c Co., Inc., and Blyth & Co.,
Inc.
Other underwriters were:
A. G. Becker & Co., Inc.;
Hayden, Stone & Co.; Paine, Webber & Co.; Merrill, Lynch
Co., Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; H. M.
Byllesby & Co., Inc.; Granbery, Marache & Lord; Hemphill.
Noyes & Co.; G. M.-P. Murphy & Co.; Otis & Co., and
Tucker, Anthony & Co.
&
INDUSTRIAL ANDTMANUFACTURING
OTHER
$10,000,000 Celanese Corp. of America 10-year debenture 4%s,r 1948.
Development of changes designed to obtain economiesiin
operations.
Placed privately.
6,000,000 National Cash Register Co. debenture 3%s, Aug. 1, 1953.
Retire
domestic
bank loans.
Placed privately with an
insurance company.
u
6,000,000 Pillsbury Flour Mills Co. (Del.) 1st M. 3%s, Oct. 1, 1953.
Refunding and provide working capital.
Placed privately
Equitable Life Assurance Society 6f the
with
United States.
Financing
Assurance
500,000 Publication Corp. 5% mortgage loan, 1938-48.
of new plant.
Placed privately with Equitable Life
Society of the United States.
Preserving
2,000,000 Wood
Corp. 10-year 4% loan,J1948.
Retire
subsidiaries and acquire stock
indebtedness of company and
of subsidiaries.
Placed privately with an insurance company.
$24,500,000
OIL
$25,000,000 Consolidated Oil Corp. 12-year bonds,
stock
and
provide additional
working
14,000,000
gSfgfl
6%
Lehman
5,500,000 Indianapolis Power & Light Co. serial 3 %, 3 % % and 4%
notes, Aug. 1, 1939-48.
Refunding.
Priced from 101% to
98; to yield from 1.50% to 4.25%.
Underwritten by offering
Electric
30,000,000 The Toledo Edison Co. 1st M. 3%s, July 1, 1968.
Re¬
funding, retire notes and provide additional working capital.
Price, 101%; to yield about 3.42%.
Offered by The First
Boston Corp.
Other underwriters were:
Halsey, Stuart &
Co., Inc.; Smith, Barney 8c Co.; Harris, Hall & Co., Inc.;
E. H. Rollins & Sons, Inc.; Blyth & Co., Inc.; Bonbright &
Co., Inc.; Brown Harriman & Co., Inc.; Goldman, Sachs
& Co.; Stone & Webster and Blodget, Inc.; Mellon Securities
Corp.; Lehman Brothers; White, Weld & Co.; H. M. Byllesby
& Co., Inc.; Glore, Forgan & Co.; Kidder, Peabody & Co.;
Bancamerica-Blair Corp.; Central Republic Co.; Coffin &
Burr, Inc.; Hayden, Miller & Co.; Hayden, Stone & Co.;
W. E. Hutton & Co.; W, C. Langley & Co.; Lazard Freres
& Co.; Lee Higginson Corp.; F. S. Moseley & Co.; Otis &
Co.; Arthur Perry & Co., Inc.; Schroder Rockefeller & Co.,
Inc.; The Securities Co. of Milwaukee, Inc.; A. C. Allyn
$1,640,000 New York New Haven & Hartford RR. Co. equip, trust
4s, Aug. 1, 1939-48.
New equipment.
Awarded to Evans,
Stillman & Co. on a bid of 100.14.
Placed privately with
Metropolitan Life Insurance Co.
F;
Service
July 1, 1968.
Property additions and improvements.
Price,
104%; to yield about 3.00%.
Offered by Morgan Stanley
& Co., Inc., and Bonbright & Co., Inc.
Other underwriters
were;
Brown Harriman & Co., Inc.; The First Boston Corp.,
AUGUST, 1938
LONG-TERM
1557
10,000,000 Public
Retire
preferred
capital.
Placed
1953.
Retire
Placed privately with an insurance
Co. 15-year debeture 3%s, Aug. 1,
preferred stock.
ffiS
Co. serial notes, 1939-45.
Retire 6%rpreferred
7,000,000
stock.
Placed privately with a bank.
' '
,
25,000,000 Phillips Petroleum Co. conv. debenture 3 Kb, Sept. 1,
1948.
Refunding and provide additional working capital.
Price, 100; to yield 3.50%.
Convertible into common stock
at $47K per share prior to Sept. 1,1943, and at $55 per share
from that date to Sept. 1. 1948.
Offered by company to
holders of its common
stock.
Underwritten by First Boston
Corp.; Mellon Securities Corp.; Blyth &
Harriman & Co., Inc.; Goldman, Sachs
Co,, Inc.; Brown
& Co.; Hallgarten
Co., Inc.; Hayden, Stone & Co.;
Lazard Freres & Co.; Smith, Barney
& Co.; Bond & Goodwin, Inc.; H. M. Byllesby & Co., Inc.;
Dominick & Dominick: Glore, Forgan & Co.; Green, Ellis
& Anderson; W.E. Hutton & Co.; Kidder, Peabody & Co.;
Laird, Bissell & Meeds; W. C. Langley & Co.; Speyer & Co.;
G
H
Walker & Co.: Dick & Merle-Smith; Francis Bros.
& Co.; Laird & Co.; Laurence M. Marks & Co.; G. M.-P.
Murphy & Co.; Otis & Co.; Riter & Co., and Kuhn, Loeb
Co.; Harris, Hall &
Hemphill, Noyes & Co.;
&
& C°'
LAND, BUILDINGS,
$125,000 Norbertine Fathers
4Kb, series A, July
Price
on
application.
Roman^Catholic
&C.
(Green Bay,
15, 1940-48.
Wis.) serial debentuer
Real estate mortgage.
Offered by Preiss, -Wibbing & Co.,
of Savannah-Atlanta (Ga.)
and 4% serial notes, 1939-53.
Price, 100; to yield from 3%
to 4%.
Offered by Bitting, Jones & Co., Inc., St. Louis, Mo.
800,000 Stephens College (Columbia, Mo.) 1st & ref. M. 4s, 4%s,
and 4Ks, 1939-48.
Refunding and provide for construction
of new building.
Price, 100; to yield from 4% to 4.50%.
375,000
Bishop
3%, 3%%. 3K%, 3%'%,
General corporate purposes.
Offered by Dempsey-Tegeler & Co., St. Louis, Mo.
.
150,000 Wisconsin Club (Milwaukee, Wis.) 1st M. 5s, Aug. 1,
1948.
Real estate mortgage.
Price, 101; to yield about
4.88%.
Offered by Morris F. Fox & Co., Milwaukee.
$1,450,000
INVESTMENT TRUSTS, TRADING,
HOLDING, &c.
$3,000,000 Affiliated Fund, Inc. 10-year conv. debenture 5s, Jan. 1,
1948.
Provide funds for investment purposes.
Price, 100;
to yield 5.00%.
Convertible into common stock at any time
up to the tenth day prior to maturity or redemption, if called
for payment, at a price equal to twice the average net asset
value of the shares during the calendar year in which the
converted debenture was issued.
Offered by Lord, Abbett
& Co., Inc.
STOCKS
Preferred stocks of a
stocks of
no
their offering
stated par value are taken at par, while preferred
of common stock are computed at
valtie and all classes
prices.
par
OTHER
INDUSTRIAL AND MANUFACTURING
$3 142 500 Scott Paper
Co. 30,000 shares $4.50 cum. preferred stock,
par
value.
New construction, acquire additional
capital stock of Brunswick Pulp & Paper Co., and provide
working
capital.
Price,
$104% per share.
Offered by
Smith, Barney & Co. and Cassatt & Co., Inc.
Other under¬
writers were:
Janney & Co.; W. H. Newbold's Son & Co.;
Yarnall & Co.; Boenning & Co., and Harper & Turner, Inc.
without
ISSUES
CAPITAL
NEW
24,900 shares capital stock, par $1.
equipment of an additional mill.
Price,
Offered by Hession, Maher & Griscom, N. Y.
Corp.
249,000 Tim-Bo-Lok
per
share.
IN THE UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank Limited)
Construction and
$10
1938
Sept. 10,
Chronicle
Financial
1558
1938
1937
1935
1936
£16,592,347
12.620,080
£33,963,149
19,687,120
£27,614,265
10,671,858
12,386,235
4,108,238
19,727,811
20,610,166
53,909.166
11,257,125
11,947,382
11,410.592
24,514,648
20.305.459
6,682,428
6,961,500
10,456,037
19,505,122
18,410,698
24,402,925
6,194,413
7,141,184
2,184,057
£146,636,471
£139,580,964
£124,862,513
£91,423,097
7,719,440
4,706,804
12,543,554
11.217,941
9,546,101
26,943,859
20,939,125
20,211,176
13,855,183
12,400,174
£182,824.210
£217,221.225
£170 1*06.191
$3,391,600
AND"GOVERNMENTAL AGENCY ISSUES
LOAN
FARM
January
$100,000 Denver Joint Stock Land Bank 3% bonds, dated Sept. 1,
1938, and due Sept. 1, 1943.
Refunding.
Price, 100: to
yield 3.00%.
Offwed by R. K. Webster & Co., Inc.. N Y
13,400,000 Federal Intermediate Credit Banks 1% consolidated
debentures, dated Aug. 15, 1938, and due in one year.
Refunding.
Priced at a slight premium over par.
Of%"d
by Chas. R. Dunn, New York, Fiscal Agent.
February
_
March
April
May-.
----
June
July.....
August
$13,500,000
8 months
ISSUES
NOT
REPRESENTING NEW FINANCING
September
$660,000 Continental Can Co., Inc., 15,000 shares common stock.
Priced at market, about $44 per share.
Offered by Blyth
& Co., Inc.
670,000 International Shoe Co. 20,000 shares common stock.
Priced at market, about $3314 per share.
Offered by Blyth
& Co., Inc., and Stifel, Nicolaus & Co.
242,000 Marine Midland Corp. 44,000 shares capital stock.
Priced
at market, about $5H per share.
Placed by Allen & Co.
October.
—
November
December
...
UNITED KINGDOM BY
1,963,697
17,824,624
Limited]
have
statistics
Ceylon
Countries
£
£
March
124,792,000
September
October
451,000
18,271,000
16,997,000
30,000
155,000
2,069,000
1,572,000
December
...
31.000
2,405,000
2,581,000
9,756,000
34,000
Year to
Aug. 31
Aug. 31
8,313,000
22.611,000
14,558,000
6,503,000
July
August
£123,384,000
294,510,000
19,505,000
18,411,000
24,403,000
6,194,000
128,000
153,000
78,000
1,004,000 139,581,000
9,546,000
26,944,000
20,939,000
20,211,000
568,000
1,487,000
3,060.000 217,221,000
27,614,000
407,000
17,000
10,672,000
11.257,000
11,947,000
11,411,000
20"000
4,792.000
7,135,000
June........
6,961,000
10,456,000
1,467,000
;.
May
8 Months to
1,770,000
24,802,000
8,043,000
February....
March
August
3,537,000
1,090,000 22,264,000
190,808,000
Year
19,687,000
221,000
84,000
73,000
268,000
1,528,000
3,763,000
November..
April
£14,807,000
453,000 13,332,000
8.018,000
22,730,000
......
8 months
1937- -January
Month of
1,356,000
2,014,000
2.939.000
July
{Compiled by the Midland Bank Limited]
232,000
27,000
15,344.000
20,712,000
4,346,000
June
August.
£
33,963,000
751,000
964,000
8,795,000
17,196,000
May
Total
Countries
6.877,000
...
April
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
194,000
18.602,000
February
Foreign
£
33,019,000
1936—January..
of issue.
1919
Brit.
India and
compiled
been
Other
United
Kingdom
Capital issues in Great Britain
following
IN THE
MONTHS
[Compiled by the Midland Bank
by the
Midland Bank Limited.
These compilations of issues of
new
capital, which are subject to revision, exclude all
borrowings by the British Government for purely financial
purposes; shares issued to vendor; allotments arising from
the capitalization of reserve funds and undivided profits;
sales of already issued securities which add nothing to the
capital resources of the company whose securities have
been offered; issues for conversion or redemption of securities
previously held in the United Kingdom; short-dated bills
sold in anticipation of long-term borrowings; and loans of
municipal and county authorities which are not specifically
limited.
In all cases the figures are based upon the prices
The
8,509,247
15,188,116
DISTRIBUTION OF NEW CAPITAL ISSUES
GEOGRAPHICAL
$1,572,000
New
£7,464,872
19,248,438
6,391,772
5,038,715
27,397,880
1,000,000
396,000
2,097,000
830.000
678*000
24.515.000
141,000
4,481,000
1,125,000
586,000
53,000
20,305,000
7,141,000
£166,106.000
408.667.000
1920
9,855,000
8 months
101,721,000
1,602,000 19,239,000
1921
3,059,000
134,632,000
1,097.000
187,871,000
269,035,000
September.
1,867,000
96,000
1923
1,308,000
3,649,000
145,691,000
193,489,000
October
13,141,000
131,217,000
189,285,000
November.
11,372,000
1,564,000
December..
2,300,000 124,863.000
224,333,000
1922.
1924
1925
142,455,000
234.784,000
1,480,000
159.844,000
196,818,000
290,240.000
6,512,000
3,592,000
250,948,000
221,347,000
332,917,000
6,560,000
164,852,000
197,254,000
February
1,666,000
77,766.000
149,075,000
March...
73,000
78,157,000
89.057,000
131,420.000
April
21,208,000
-
130,229,000
June
16,591,000
8,149.000
11,202,000
-
1927
1928
1929
1930
....
-
1931
1932..
1933
10,667,000
2,273,000
1,634,000 23,304.000
6,520,000
3,000,000
6,305,000
87,000
311,000
1935
6,682,000
146,636,000
202,928,000
July
1936
6,194,000
139,581,000
August
7,141,000
*>,184,000
124,803,000
175,769,000
202,503,000
91,423,000
"
*
27,000
594,000
27 398,000
28,000
15 ,188,000
2 184,000
6 392,000
5 039,000
8
3.931,000
27,000 18,847,000
69,104,000
1
19 248,000
360,000
1,763,000
8 months
137,467,000
■"
10,213,000
2,402,000
421,000
4,728,000
May......
7 465,000
945.000
13,847,000
1938-—January
9,878,600
-
17,825,000
7,200,000 170,906.000
368,845,000
1934..
1938
13,855,000
12,400,000
138,768,000
Year
90,538,000
93,898,000
1937
2,000
13,000
4,885,000
237,286,000
2,230.000
-
1926
1,964,000
680,000
1,015,000
32,000
509.000
3,445.000 91,423,000
iii'
The Business Maris Bookshelf
Yields for Bonds and Stocks
Vice-President, and Dr. Edward A. Kircher, both of Brown
Co., New York.
Harriman &
By David C. Johnson, Caleb Stone, Milton
Say the authors:
C.
Since
Cross, and Dr. Edward A. Kircher.
New
York:
Prentice-Hall, Inc.
Available in
Two Editions:
Regular Large Type, $8,
and Vest Pocket, $5
divided
of
the
contained
in
the
book, "Yields of Bonds and Stocks,"
just published by Prentice-Hall, Inc.
In the new and
enlarged edition of this popular manual, tables are given
for 3%, 3*4%, and 3%%, which means that the book now
covers virtually all issues other than United States Govern¬
ment
new
bonds, which are ordinarily bought and sold at dollar
(as distinguished from yield bases).
we
tbe
to
editions
of
range
has
in
created
3%%
coupon
In 1923
the level of interest rates
situation
which
the
For this
a
reason
we
of
Second Vice-President, Prudential In¬
and Milton C. Cross, Assistant
America;
of the former
have added the 3%,
edition is
3%%, and
published the first series of tables
by bonds at various prices,
maturities, and coupon rates.
The scope of the original
book, it is stated^ was such that it covered practically every
afforded
bond then in existence.
Co.
in the past three years or
authors
showing the yields
added
surance
scope
rates to those previously included in the tables.
the
"Yields of Bonds and Stocks" is tbe work of four men:
David C. Johnson, Vice-President of the Consolidated Edi¬
son Co. of New York and President of the New York Steam
Caleb Stone,
Because
fractional prices may be
felt that (he addition of additional prices would add but little
tables.
On the other hand, the radical change
prices
Corp.;
additional coupon rates.
cover
efficiency of the
inadequate to meet.
the
extended to
interpolations by which yields at
which has occurred
more
published the desire has been frequently
price intervals be further sub¬
were
of the tables that the
users
and the
ease
found,
Data designed to enable investors to determine the yields
of bonds and stocks with coupon rates as low as 3% and,
it is said, determine them correctly within .0005 of 1% is
first
the
expressed by
As
covering
revised,
coupon
from
a
U*4%
Some two years later a table was
coupon
"Yields of
rates from 3%
Bonds
to 4%%
rate.
and
Stocks"
now
carries
at intervals of Ya%, and
414% to 8% at intervals of Y<>%.
Prices are given
130; maturities from Ya year to 36 years.
from 45 to
Indications of Business Activity
THE
„
STATE
Business
OF
;
.
TRADE—COMMERCIAL
EPITOME
Friday Night, Sept. 9, 1938.
t
activity continues its upward trend, with the
months increasingly favorable.
A
outlook for the coming
surprising
business
rapidly
in
number
of
industrial
statisticians
the months .ahead may
move
that
forward just as
expect
it did in July and August.
Those holding such
belief naturally expect the*
upturn in automobile output
during the next two months to'"exert a major stimulating
as
a
influence.
Business activity
showed
an
eighth consecutive
advance, according to the "Journal of Commerce" weekly
index of business activity, which rose to 82.0
ended Sept. 3.
This figure compares with a
number
of
80.5
for
the
week preceding,
and
for the week
revised index
represents
a
drop of less than 20% under the corresponding 1937 period
of 102.1.
Car loadings, electric output, steel operations and
automotive
reached record highs for the current
production was the heaviest since
Petroleum runs-to-stills declined moderately.
Holiday influences may have accounted for a slowing up
activity
year, and bituminous coal
early spring.
Volume 147
in
the
more,
Financial
placing of
steel
new
companies
some
smaller basis
business
in
last
the
week
or
reporting
than for most
of
receipt of orders on a
August, "Iron Age" reports
in its current summary.
While August business as a whole
gained sharply over that of July, the review points out,
the improvement has not been
progressive for the last two
weeks,
may
"indicating perhaps that gains from this point on
more slowly.
However, the steel industry gen¬
come
erally retains its hopeful belief that business will be mod¬
erately better over the next month or two." The magazine
emphasizes that extremely cautious hand-to-mouth buying
now
prevalent and the low state of consumers' inventories
lead
the industry to
sales
of
finished
believe that any fall improvement in
be reflected in steel buying.
goods will
Moreover, it is pointed out, the automobile industry will
require
steel for the
more
new models within a month, and
publicly-financed construction projects
the requirements for
have
to
yet
orders still
be
rolled
in
many
Miscellaneous
instances.
account for
a large part of the industry's cur¬
The magazine estimates ingot output for
the current week at 40% of
capacity, and predicts that next
rent
operations.
week output
may be slightly above the pre-holiday rate of
The electric light and power industry continued its
upward trend in the week ended Sept. 3, when it reached
44%.
a
total
and
in
of
2,148,954,000 kilowatt
the best since the total
the
week
ended
of
hours,
a
new
Chronicle
1559
City, 74 to 96; Salt Lake City, 56 to 80; Seattle, 54 to 70;
Montreal, 42 to 58, and Winnipeg, 44 to 62.
Revenue Freight Car Loadings in Week Ended Sept. 3
Total 648,039 Cars
Loadings of revenue freight for the week ended Sept. 3,
1938, totaled 648,039 cars, an increase of 27,528 cars or 4.4%
from the
preceding week,
cars or 19.2%
and a drop of
117,092 cars or 15.3% from the total loadings for the cor¬
responding week two years ago.
For the week ended Aug.
27, 1938, loadings were 20.8% below those for the like week
of 1937, and 17.7% below those for the corresponding
week of 1936.
Loadings for the week ended Aug. 20, 1938,
showed a loss of 23.1% when compared with 1937 and a
drop of 18.7% when comparison is made with the same
week of 1936.
week
of
:
:
major railroads to report for the week ended
Sept. 3, 1938 loaded a total of 284,316 cars of revenue freight
on their own
lines, compared with 271,578 cars in the pre¬
ceding week and 343,673 cars in the seven days ended
Sept. 4, 1937. A comparative table follows:
REVENUE FREIGHT LOADED
January, with 2,139,582,000 kilowatt hours.
Chain store systems during
August reported the best
dollar sales comparisons with 1937 for
any month this year
with the exception of
April, when the Easter sales volume
are
recorded, figures of the first 12 chains
to
report indi¬
Motor company officials lately returned from abroad
considerably
optimistic on export prospects.
Some
even are
forecasting that foreign volumes may equal levels
maintained in 1937, if war threats
disappear. Exports have
held up far better than domestic
sales, the total so far in
"'■■'■/'v
.
more
running only about 25% below last year's level, it is
stated.
With low temperatures
stimulating demand for
cold weather staples, the official fall
season in retail trade
got off this week to a good start, said Dun &
Bradstreet,
Inc., in its weekly review issued today. "While gains were
not general throughout the
country, sharp advances in the
tier
of all retail
of
States—which
sales—pushed
credit agency said.
it
year,
for
account
close
to
half
-V
':
Loaded
*
averages ahead
Ward's
estimated
Against the corresponding week of last
this
22,165
week's
last
week
output at 17,485 units
and
com¬
approximately 38,000
a
Four major companies were reported having 1939
cars on final
assembly lines, and Ford was reported still
producing 1938 models.
The heaviest influx of foreign
year ago.
gold into the United States from war-jittery
Europe since
Oct. 9, 1936, was received in the week ended
Sept. 2, the
Commerce Department reported
today. Gold imports in the
Sept. 2 totaled $87,769,152, adding to the already
week ended
record-breaking, monetary gold holdings of the United
States, which stood at more than $13,200,000,000. This Gov¬
ernment's gold reserves now are in excess of
55% of the
total
world
monetary gold
holdings, authorities state.
While the
Eastern
latter part
of the week
was
abnormally cool in
sections, in general, the period
by abnormal warmth
over
was
country.
Rainfall
had substantial to heavy falls.
Government
weather
was
was
characterized
much the greater portion
ern
areas
of the
spotty, except that large mid-West¬
According to the
the outstanding feature of the week's
the generous to heavy rainfall over a
large
report,
Western area, much of which had become
These rains were very
beneficial,
unfavorably dry.
especially for late pas¬
conditioning the soil for plowing and fall seed¬
East of the Mississippi River there is still need for
tures and in
ing.
moisture
-eastern
in
There
the
Southeast
as
far
north
as
Virginia
and
Tennessee,
Northeast.
was
and also in Ohio and locally in the
Otherwise conditions are generally favorable.
some light unimportant frost in the
interior of
the Northeast.
In
general, crops continued to make rapid
progress toward maturity, with corn developing fast and
cotton opening rapidly.
Farm work made good progress,
especially in the Eastern half of the country.
In the New
York City area the week's weather was
ideal, with generally
clear skies and decidedly cool.
Today it was fair and cool
here, with temperatures ranging from 53 to 63 degrees.
The
on
Own Lines
Received from Connections
Weeks Ended—
Weeks Ended—
Aug, 27
Sept. 4
Sept. 3
Aug. 27
Sept. 4
1938
1938
1937
1938
1938
1937
Atchison Topeka & Santa Fe Ry.
19,385
19,814
Baltimore & Ohio RR
26,962
22,271
15,018
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago M11 w. St. Paul & Pac. Ry
5,134
14,553
5,004
13,686
17,598
21,166
24,824
9,537
8,761
10,917
14,401
16,994
7,544
7,020
19,682
X
Chicago & North Western Ry...
X
9,426
7,187
X
X
11,780
1,540
15,542
15,099
16,957
9,770
9,594
2,250
2,230
2.726
1,186
1,503
2,574
1,164
1,801
2,085
2,426
7,319
6,767
2,984
9,262
34,501
31,550
42,816
8,864
4,300
8,115
43,756
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas
2,370
RR
4,773
Missouri Pacific RR
N. Y. Chicago & St.
Louis Ry..
2,481
2,379
4,395
5,698
12,982
16,684
43,415
.
13,808
34,484
New York Central Lines
30.935
5,104
4,899
5,375
Norfolk & Western Ry
21,224
20,886
23,848
Pennsylvania RR
56,258
52,816
72,255
5,449
34,772
9,772
4,239
4,275
4,409
34,151
3,811
4,403
4,394
7,690
4,476
4,209
30,397
30,482
35,016
7,873
8,232
7,390
8,567
5,406
5,012
5,741
6,996
6,944
8,395
Pere Marquette Ry
Pittsburgh & Lake Erie RR
4,661
Southern Pacific Lines
Wabash Ry
4,173
5,189
284,316 291,260 343,673 165,311 164,677 201,880
Total
x
6,074
25,515
23,863
34,657
Not available.
TOTAL LOADINGS AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Week Ended—
Sept. 3,
Aug. 27, 1938
1938
Sept. 4, 1937
'
Chicago Rock Island & Pacific Ry-
24,371
23,610
27,113
Illinois Central System...
29,642
12,421
27,769
34,226
11,715
14,839
66,434
63.094
76,178
Total
estimated
was
with
CONNECTIONS
3% to 8%," the
7%.
pared
FROM
-
St. Louis-San Francisco Ry......
that distribution was off only
1%
Automobile production slumped slightly during the
current week, due to
Monday's holiday, but weekly reports
issued today indicated increased
activity in the industry.
to
RECEIVED
Sept. 3
1938
Northern
AND
(Number of Cars)
Dec.
1937.
cate.
year ago,
1938 peak
2,202,200,000 kilowatt hours
Output for the latest week, according to the Edison Electric
Institute, was 14,807,000 kilowatt hours above the previous
week's total of 2,134,057,000 kilowatt
hours, but was still
172,028,000 kilowatt hours, or 7.4%, below the total of
2,320,982,000 kilowatt hours in the corresponding week of
was
a
The first 17
18, 1937.
The current advance,
with but one interruption,
began in the third week of July.
Previous high production for the year was made in the
first
decrease of 153,500
a
from the total for the like week
forecast
was
for
clear, not quite so cool tonight;
partly cloudy, with slowly rising temperatures Saturday.
Showers Sunday.
Overnight at Boston it was 44 to 66
degrees; Baltimore, 58 to 74; Pittsburgh, 54 to 74; Port¬
land, Me., 44 to 64; Chicago, 60 to 72; Cincinnati, 62 to 78;
Cleveland, 56 to 64; Detroit, 54 to 66; Charleston, 74 to 90;
Milwaukee, 58 to 62; Savannah, 74 to 92; Dallas, 78 to 94;
Kansas City, 78 to 98; Springfield, Mo., 70 to
92; Oklahoma
week ended Aug. 27
Loading of
This
cars.
revenue
was a
reported
as
follows:
freight for the week ended Aug. 27 totaled 620,511
decrease of 162,965 cars, or 20.8%
below the correspond¬
ing week in 1937 and a decrease of 320,047 cars, or 34%
below the same
week in 1930.
Loading of
22,593 cars,
revenue
freight for the week of Aug. 27 was an increase of
3.8% above the preceding week.
or
Miscellaneous freight loading totaled 244,796 cars, an increase
cars
of 9,060
week, but a decrease of 65,522 cars below the
above the preceding
corresponding week in 1937.
lot freight totaled
Loading of merchandise less than carload
cars, an
18,524
cars
1937.
below the corresponding week in
Coal loading amounted to
104,366
the preceding week, but a decrease
cars, an
•
Grain and grain products
1937.
week in
corresponding
loading totaled 45,389 cars, a decrease of 388
week, but an increase of 4,751 cars above the
below the preceding
In the Western districts alone, grain and
grain products loading for the week of Aug,
crease
increase of 9,073 cars above
of 23,740 cars below the corresponding
week in 1937.
cars
151,000
of
increase of 1,693 cars above the preceding week, but a decrease
of 232 cars below the preceding week,
27, totaled 32,906 cars, a de¬
but an increase of 3,377 cars
above the corresponding week in 1937.
Live stock loading amounted to
ing week in 1937.
the week of Aug.
13.787
cars, an
increase of 1,728 cars
but a decrease of 192 cars below the correspond¬
above the preceding week,
loading of live stock for
the
below the corresponding week
In the Western districts alone,
27. totaled 10,396 cars, an increase of 1,593 cars above
preceding week, but a decrease of 424 cars
in 1937.
Forest products loading
the preceding
week in
totaled 30,889 cars, an increase of 864 cars above
week, but a decrease of 7,354 cars below the
corresponding
1937.
Ore loading
555 cars above the
below the corresponding week
amounted to 25,517 cars, an increase of
preceding week, but a decrease of 47,389 cars
in 1937.
Coke loading amounted to
the preceding
4,767 cars, an increase of eight cars above
week, but a decrease of 4,995 cars below the
All districts reported decreases
corresponding
compared with the corresponding weeks
1938
Four weeks in January........—-
- -
Four weeks in February......
- *
Four weeks in March_...
-
-
—
Four weeks in May
Four weeks in June..
Five weeks in July.
Week of Aug.
Week of Aug. 20
Week of Aug. 27
1930
2,714,449
3,347,717
2,763,457
3,506,236
3,529,907
4,504,284
3,733,385
3,642,357
4,492,300
919,781
2,986,166
3,712,906
:>
—
2,185,822
2,170,984
2,861,762
3,098,632
2,962,219
584.050
.....t..
.....
6—......i...
Week of Aug. 13
Total
-
--—-—-
-
Five weeks in April...-
1937
2,256,423
2,155,451
2,222,864
2.649,894
620,511
766,182
773,782
777,150
783,476
18,895,240
25,132,668
589,561
'
— ----
—-
597,918
3,794,249
904,157
922,823
940,558
30,443,505
1560
Financial
Id the following we undertake to show also the loadings
for separate roads and systems for the week ended Aug. 27.
REVENUE FREIGHT LOADED AND RECEIVED
FROM
Total Revenue
from Connections
1937
1936
1938
1938
1937
579
550
537
572
1,183
8,429
1,750
800
206
303
6,747
1,585
8,300
1,618
7,793
1,679
9,068
2,133
24
23
36
64
82
1,229
4,518
8,080
1,348
5,222
1,448
5,801
10,183
1,671
5,946
4,993
2,095
6,884
5,995
479
513
371
125
129
1,656
...
Chicago Indianapolis A Louis..
2,551
2,686
795
1,245
2,594
14,765
6,834
1,722
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West.
Detroit Ac Mackinac
Detroit Toledo A Ironton
9,376
924
158
360
296
1,884
11,290
2r746
13,391
12,994
10,417
4,180
2,878
5,209
1,518
Detroit & Toledo Shore Line...
Erie
Grand Trunk Western
181
Maine Central
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
188
161
1,647
7,472
2,317
2,831
1,786
30,935
8,460
1,310
4,899
4,475
Lehigh & Hudson River
Lehigh A New England—
Lehigh Valley
1,585
8,104
3,090
1,735
10,297
3,113
3,806
2,407
4,051
897
7,822
1,914
282
206
.
9k
30
39,760
10,495
1,753
4,978
7,240
4,824
31,550
8,951
1,567
8,115
4,128
3,811
39,420
10,544
1,534
9,405
6,684
4,833
20
28
341
198
972
6,218
1,437
229
2,612
41,631
10,258
1,216
5,560
7,064
5,636
4,173
...
1,131
Pittsburgh Shawmut A North*.
Pittsburgh A West Virginia
280
295
394
146
279
893
1,149
1,284
1,291
1,896
Rutland
571
650
664
771
928
5,012
3,413
5,663
5,770
4,587
6,944
2,403
Total Loads Received
Total Revenue
Southern
»—
1938
FNDED AUGUST 27
Freight Loaded
Railroads
Eastern District—
Anil Arbor
10,
1938.
During this period only 16 roads showed increases
when compared with the same week last year.
Total Loads Received
1938
Bangor A Aroostook
Boston A MDlne
Sept.
CONNECTIONS (NUMBER OF CARS)—WEEK
Freight Loaded
Railroads
Chronicle
from Connections
1937
1938
1936
1937
District—(Cond.)
1,809
2,530
1,191
1,952
2,578
1,037
1,719
3,000
2,089
2,078
1,113
1,820
2,066
Piedmont Northern
324
362
429
818
Richmond Fred. A Potomac...
304
359
371
8,748
1,002
2,584
3,767
14,203
Mobile A Ohio
.......
Nashville Chattanooga A St. L.
Norfolk Southern
.....
954
1,097
7,993
18,830
21,138
7,873
21,207
2,493
3,165
12,393
Tennessee Central
493
457
458
538
658
Winston-Salem
164
200
188
714
845
91,650
102,393
102,978
54,052
61,525
16,570
2,612
19,439
3,5.54
7,678
21,456
2,940
21,568
9,594
2,297
7,187
3,675
10,822
340
491
4,660
4,626
20,942
1,242
9,048
19,847
2,691
21,668
4,077
16,389
1,342
6,956
3,512
7,692
468
448
410
141
195
19,882
29,746
20,968
2,736
3,491
569
643
5.50
513
599
702
3,821
2,236
8,492
12,769
Seaboard Air Line
Southern System
Southbound—
Total.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha.
Duluth Mlssabe A I. R
736
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
Lake Superior A Ishpeming
Minneapolis A St. Louis
1,959
6,363
10,573
Minn. St. Paul A S. S. M
2,696
1,920(
7,437
11,416
2,883
8,548
4,478
143
420
65
88
1,583
2,095
3,124
1,709
2,687
4,402
7,958
Wabash..
Wheeling A Lake Erie
Total.
4,585„
Northern Pacific
152,554
151,445
121,782
533
589
655
779
25,515
3,279
33,179
6,789
32,765
13,686
6,249
1,457
17,592
3,219
Alton.....
Bessemer A Lake Erie
371
308
436
1,510
1,493
1,652
142,025
120,170
38,806
50,593
19,814
3,161
23,201
3,405
21,462
3,185
5,004
1,906
6,027
2,244
383
538
381
69
124
14,401
1,593
12,191
2,201
16,709
16,825
1,378
12,836
7,020
8,355
1,017
807
890
3,303
515
1,079
1,834
Central Western District—
Atch. Top. A Santa Fe System
Alleghany District—
Akron Canton A Youngstown.
Baltimore A Ohio
357
1,691
97,993
Total.
152,913
446
357
1,871
Spokane Portland A Seattle...
3,579
120,516
-
Spokane International...
....
Bingham A Garfield
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
353
390
389
7
991
1,368
7,129
15
5,019
1,328
6,518
15
Central RR. of New Jersey...
Cornwall
9,423
10,592
625
577
708
41
44
Denver A Rio Grande Western
Cumberland A Pennsylvania..
233
249
324
30
39
Denver A Salt Lake
Ligonler Valley
Long Island
81
82
104
29
27
752
618
861
2,111
1,399
34,151
13,283
2,601
1,894
1,480
45,508
7,157
North Western Pacific
Peoria A Pekin Union
Toledo Peoria A Western
Buffalo Creek A Gauley
Cambria A Indiana
1,186
52,816
11,197
5,604
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading
Co
Union (Pittsburgh)
West Virginia Northern
Western
1,330*
1,564
67,823
68,6477
14,278
17,497
15,290
13,598
7
15,633
28
27
39
2,859
3,569
3,241
4~ 524
6~021
110,986
155,611
152,041
83,412
110,007
Maryland
Total.
Chicago A Eastern Illinois
Colorado A
Southern
Fort Worth A Denver
City
Illinois Terminal
2,222
687
4,454
2,729
1,138
4,409
7,197
2,083
1,430
2,545
684
961
27
29
1,083
2,116
839
1,006
1,107
1,045
337
371
13,100
2,870
1,875
8,546
2,391
1,801
3,504
1,660
316
751
1,238
1,834
1~579
102
104
882
1,039
1,164
412
496
18
168
191
24,883
25,730
24,310
4*712
247
233
282
1,120
5,632
1,344
14,397
15,633
15,560
Missouri-Illinois
Nevada Northern
Southern Pacific
a.,
(Pacific)....
Union Pacific System
Utah.........
17
'
7,590
9,327
248
459
314
14
14
1,874
1,975
1,802
2,309
2,497
105,385
119,094
113,220
46,677
56,545
Western Pacific
Pocahontas District-
Chesapeake A Ohio
Norfolk A Western
21,166
20,886
4,149
25,322
23,406
4,688
25,039
23,651
8,761
4,275
10,680
4,554
4,224
923
1,081
46,201
Virginian
53,416
52,960
13,959
16,315
Total.
Southwestern District—
195
Burlington-Rock Island
Total.
Gulf Coast Lines
•n
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
195
International-Great Northern.
233
270
161
165
643
736
805
1,245
1,219
599
730
887
601
635
8,101
3,817
9,066
4,537
8,450
4,290
3,927
2,063
4,398
2,426
414
396
382
907
995
1,276
1,427
1,231
1,483
1,830
Columbus A Greenville
326
344
425
347
330
Missouri-Kansas-Texas Lines.
Durham A Southern
173
152
201
544
456
Missouri Pacific
391
486
429
Atlanta Birmingham A Coast—
Atlantic Coast Line
Central of Georgia..
Charleston A Western Carolina
Cllnchfield
Florida East Coast
175
190
213
2,334
1,164
1,801
1,693
192
Louisiana A Arkansas
191
199
854
2,197
1,690
2,328
1,529
1,504
1,114
1,296
2,166
1,127
Louisiana Arkansas A Texas..
142
192
211
467
547
Litchfield A Madison
276
159
262
775
971
Midland Valley
677
903
838
268
Missouri A Arkansas*
154
217
217
298
311
4,395
5,315
16,051
5,021
16,843
2,426
6,767
2,781
13,010
516
Quanah Acme A Pacific
32
35
47
91
110
901
934
1,360
1,406
St. Louis-San Francisco......
St. Louis Southwestern
Georgia A Florida
542
354
548
620
365
412
1,676
19,465
19,252
1,908
1,955
23,197
22,194
934
22,012
21,578
8,876
4,572
1,210
11,706
4,969
Macon Dublin A Savannah
108
255
186
313
139
218
276
320
360
294
9,222
93
132
91
79
114
6,591
9,287
3,813
1,838
4,285
2,301
7,205
3,881
8,487
2,834
8,694
4,966
7,529
4,677
2,885
3,178
3,085
4,026
198
276
263
54
49
37
40
27
38
24
47,780
58,383
56,500
29,788
36,878
2,382
2,414
340
Mississippi Central
2,447
2,092
1,825
1,794
City Southern
1,051
Gainsvllle Midland
Georgia
281
275
190
180
3,012
2,644
Kansas Oklahoma A Gulf
Kansas
203
124
2,230
2,379
Fort Smith A Western
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised.
Moody's Commodity Index Declines
Sept.
Sept.
Mom
Sept.
Tues.
Sept.
Wed.
Sept.
Thurs. Sept.
Fri.jj
Sept.
Sat.
2_*
3
--143.4
No Index
5—......— No Index
6...
142.6
--
—
7
8--;
143.1
9-
Two weeks ago,
—
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total
ground last week
Aug. 26
Cotton dropped
clined to
—195.0
1937 High—April 5--------228.1
Low—Nov. 24.
-144.6
1938 High—Jan. 10----152.9
—-
—
Low—June 1
130.1
'Annalist"
Weekly Index of Wholesale Commodity
Prices Advanced for Third Consecutive Time Dur¬
ing Week Ended Sept. 3
Because of relatively large gains in hogs and
affiliated
products, however, the "Annalist" weekly index of
commodity prices advanced for the third consecu¬
week.
For Sept. 3 the index was
80.3, as compared
wholesale
tive
with 80.1 in the previous week and 93.7 a
year ago.
Prices
are now one
point over the four-year lows established on
Aug. 13.
THE
Hogs enjoyed
items rising to
previous week.
a
cows were
per
Bacon
$2 to reach $24.75.
and
on
to say:
good market last week, with
$8.65
hundredweight,
was
as
an
average of
compared
were
more
also higher.
Steers
The grains lost
more
speculative
"ANNALIST"
WEEKLY
INDEX
rubber
lost
firm.
were
OF
subsididyfprogram.
Textile prices were in¬
commodities,
WHOLESALE
COMMODITY
(1926=100)
Sept. 3, 1938
Aug. 27,1938
Aug. 31, 1937
(Saturday)
(Saturday)
( Wednesday)
Farm products
76.2
76.8
Food products
98.3
86.5
72.9
72.4
*58.4
X58.6
85.4
85.8
90.7
96.4
96.5
109.2
65.5
65.5
70.4
87.1
87.1
89.5
71.5
71.8
79.5
80.3
Textile products
80-1
"3.7
Fuels
Metals
_
—
-
Miscellaneous
Ail commodities
Preliminary.
..
—
72,7
xRe vised.
Wholesale Commodity Prices Further Advanced During
the Week Ended Sept. 3, According to National
Fertilizer Association
,
Continuing the upward trend of the previous week, the
wholesale commodity price index compiled by the National
Fertilizer Association advanced in the week ended Sept. 3
to 73.6% from
73.1% in the preceding week.
A month ago
on the 1926-28 average of 100%)
stood
at 74.0%, and a year ago at 85.9%.
The Association's an¬
nouncement, under date of Sept. 6, went on to say:
index
(based
Higher prices for foods and farm products
$8.47 in the
unchanged, but smoked hams jumped almost
Fresh pork loins and hams
steady, while lambs improved
slightly.
good and choice
with
the
PRICES
the
The announcement went
In
ground, as did cottonseed oil, but hides
*
Holiday influences were at work in the commodity markets
during the week ended Sept. 3 and trading in most lines was
slow, according to an announcement issued by the "Annalist"
Sept- b.
the Government began its export
weakness.
Building materials
Chemicals
°I1
as
rather sharply in light dealings.
143.6
143.2
Month ago, Aug. 9
Year ago, Sept. 9.
142.8
143.4
Texas A Pacific
* Previous figures.
Moody's Commodity Index declined from 143.4 a week
ago to 142.8 this Friday.
Prices of rubber, wheat, cotton,
wool and sugar were lower.
Silk, cocoa, corn, hogs and
coffee advanced.
There were no net changes for hides,
silver, steel scrap, copper and lead.
The movement of the Index
during the week was as follows:
Fri.
Texas A New Orleans
in
the
in
the
upturns
responsible for the rise
and price declines
were evenly balanced in number, the effect of marked
important commodities was a rise in the group index.
all-commodity
food
group
in
several
index.
Although
price
were
advances
Volume
Farm
product
the
to
The
prices
building
the
of
quotations.
Advances
23
to
in
the
being
and
point
reached
lambs.
The
the
in
index
is
textiles,
fuels,
price
currently higher than
included
series
second
preceding week there
outnumbered declines
27 declines;
19 advances and 36 declines.
were
Aug.
Aug.
Aug.
27,
20,
1938
1938
1938
All commodities
77.8
77.8
77.4
67.1
67.3
65.9
Aug.
13,
1938
Farm products.
index
the
in
Commodity Groups
any
in the preceding week there were 16 advances and
20;
Sept.
four
miscellaneous commodities.
and
(p
index
last
at
1561
(1926=100)
exceptions
of farm
weeks.
week,
the
during
wool,
time since
June, last week's upturn reflecting higher lumber
declines were registered in the indexes representing
last
in
higher
rye,
highest
the
at
Slight
prices of
generally
were
trend
is
material
middle
the
prices
upward
product
Financial Chronicle
147
Foods
3,
Sept.
Sept.
Sept.
Sept.
5,
4,
6,
8.
7,
1938
1937
1936
1935
1934
77.9
78.4
86.4
80.9
80.4
77.8
67.0
68.7
84.6
82.1
79.9
74.3
73.0
73.0
72.0
72.2
73.5
85.7
82.2
85.9
77.2
Hides and leather products..
Textile products
92.5
92.4
92.5
92.5
92.2 108.6
94.5
90.5
84.6
65.4
65.3
65.3
65.5
65.5
75.8
70.1
71.0
Fuel and
77.2
170.6
175.4
*85.9
...
lighting materials..
77 77.; 7...; 7-
Per Cent
7 77.7
Latest
Month
Precede
Year
Week
Week
Ago
Ago
Sept. 3,
1938
Each Group
Aug. 27.
1938
Aug. 6,
Sept. 4,
1938
1937
Group
Bears lo the
Total Index
72.0
73.4
85.1
58.4
6L.9
69.5
73.2
75.1
81.2
73.2
65.3
63.8
65.8
81.8
72.7
Foods
25.3
*
Fate and oils....
—
57.8
.
Cottonseed oil
Farm products..^.
23.0
Cotton.................
46.6
46.3
47.9
52.2
Grains.................
51.6
51.1
54.4
73.1
86.2
77.6
58.7
59.2
89.0
79.0
78.9
87.5
85.5
Metals.
61
Build'ng materials
13
Chemi<%als and drugs
94.2
94.2
94.2
95.6
Fert 11 i zer materials
69.5
69.5
70.0
72.8
i
....
78.0
.3
...
All groups combined.
78.0
77.1
79.9
97.6
97.9
96.4
73.6
Farm machinery
97.6
Fertilizers
.3
73.1
74.0
85.9
i
Index of Wholesale Commodity Prices of United States
Department of Labor During Week Ended Sept. 3
Unchanged from Previous Week
The index of wholesale
prices for the week ended Sept. 3,
computed by the Bureau of Labor Statistics, United States
Department of Labor, remained at 77.8 (1926-100), the
same level as in the
preceding week, according to an an¬
nouncement made Sept. 8 by the Labor Department, which
said:
■,_ 7
as
The price levels of the different groups of commodities were
quite steady,
change from the previous week.
five of the ten major groups showing no
groups
building materials and hides and leather
of textile products,
while the farm products and fuel and
products showed minor increases,
The indexes for the groups of finished products and
farm
The
products"
group
creases
were
"all commodities other
unchanged during the week.
of semi-manufactured articles
because in¬
0.4%
increased
of raw sugar, print cloth, tire fabric, antimony, pig
in the prices
tin and crude
palm kernel oil more than offset declines in prices of corn
oil, hosiery tram, china wood oil and turpentine.
materials, the index dropped 0.3% during the week.
In the group of raw
Higher prices were registered by Rio coffee,
modities other than farm products and
foods," declined 0.1%
below the level of
.
were
month ago and 13.7%
a
Building materials increased 0.1%
The increase
below a year ago.
during the week to 89.4% of the 1926
due to slightly higher prices of Southern yellow
was
above four weeks ago and 7.2%
Average
below the corresponding week of 1937.
wholesale prices of hides and skins increased slightly causing
the index of the hides and leather products group to
0.3% above a month ago and 14.8%
rise 0.1%
.
The
group
below the week of Sept. 4, 1937.
declined 0.3% during the week
The level of the farm products group
and is now
below the corresponding week of last month and 20.7%
2.3%
Quotations
were
The index for the group is now
week of 1937.
below the corresponding
lower
wheat,
for rye,
steers,
lambs, apples at
beans, onions, white and sweet potatoes and
higher for barley, corn, oat, calves, fair to good cows,
Chicago and Seattle, dried
Prices
were
h»gs, live poultry at Chicago, cotton, eggs,
apples at New York, lemons,
hops and flaxseed.
The fuel and lighting materials group
In the foods group,
declined 0.5%
Texas field.
lower prices which were registered for certain items
offset by higher prices for. other items so
not
fruits
change from the previous week.
1926 level.
and
during the week to
Petroleum products averaged lower because of
of the 1926 level.
price declines of gasoline in the
of the
that the level of the group
The index remained at 73.0%
Average prices for dairy products, cereal products and
vegetables
were
Average prices for meats and other
down.
foods were up.
Food items averaging
fresh
dressed poultry,
Lower prices
for plumbing and heating materials offset increased prices
tin to keep the index of the metals and metal products
the same as in the previous week.
implements, iron and steel items and motor
The group of
week despite
were
76.3
87.8
87.8
87.8
87 .8
87.S
92.7
82.6
81.8
82.9
66.8
70.6
Miscellaneous........
higher
72.3
All
commodities
All
commodities
farm
72.3
76.6
71.4
71.1
72.0
83.3
80.2
*
*
74.1
74.3
74.4
86.0
75.7
*
*
81.9
81.7
82.0
82.4
88.4
82.3
*
80.2
80.2
80.0
80.3
80.6
86.8
80.7
80.4
78.5
81.5
81.6
81.6
81,8
81.7
85 o
79.6
77.9
78.5
*
than
other
farm products...
72.3
70.3
74.1
81.9
Finished products—w_—
72.1
71.2
74.4
.
72.3
71.0
......
Raw materials
Semi manufactured articles.
.....
*
other
than
products and foods..
Not
computed.
Electric
Output for Week Ended Sept. 3, 1938, 7.4%
Below
The
Average prices for agricultural
vehicles were steady.
chemicals and drugs was unchanged from the preceding
Mixed fertilizer prices
Fertilizer materials and drugs and
price changes in a number of items.
and
chemicals lower.
pharmaceuticals were firm.
The group of housefurnishing goods and the miscellaneous group also re¬
mained unchanged from
last week. In the former group prices of both furniture
In the latter group bran, middlings and
and furnishings were
stationary.
neutral Pennsylvania
oil increased in price while crude rubber decreased.
The following table shows index
modities for the past five
numbers for the main groups of com¬
weeks and for Sept. 4,1937, Sept. 5, 1936, Sept. 7,
1935, and Sept. 8. 1934.
Year Ago
a
Electric Institute, in its current
Edison
weekly
re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 3, 1938, was 2,148,954,000 kwh.
This is a
decrease of 7.4% from the output for the corresponding
week of 1937, when production totaled 2,320,982,000 kwh.
The output for the week ended Aug. 27, 1938, was estimated
to be 2,134,037,000 kwh., a decrease of 7.0% from the like
week
a
year ago.
34719—CPBMDohsilvctadnge.p-
4.9
1,7
4.0
4.6
19.2
19.8
17.2
1.7
3.9
5.2
4.9
7.4
7.0
7.2
7.3
Change
1929
1937
1,381.452
1,435,471
1,615,085
1,441,532
1,699,227
1,440,541
1,456,961
1,702,051
1,341,730
1,415,704
1,433,993
1,592,075
1,711.625
1.727,225
1,440,386
1,723,031
1,878,851
1,991,787
1,991,115
2,019,036
2,014,702
1,881,298
2,084,457
Aug. 20
1,922,108
—10.0
—10.1
1,945,018
1.989,798
—9.8
2,005,243
—10.0
2,029,639
2,096,266
2,298,005
—10.3
1,956,230
—9.3
2,258,776
—7.7
2,029,704
2,099,712
2.256,335
—7.2
2,088,284
2,261,725
—6.4
2,079,137
1.426,981
2,133.641
2,138,517
2,134.057
2,148,954
6
—11.8
2,214,166
2,213,783
2,238,332
2,238,268
2,093,907
2,115,847
30
Aug. 13
2,131,092
2,084,763
2
9
3
Bank
1932
1936
1938
1937
from
4
Debits
KILOWATT-HOURS)
Percent
16
23
Sept.
OF
(THOUSANDS
WEEKS
1938
June 11
Aug.
4.3
0.1
Week Ended,
July
1.6
13.6
6.0
x
20.7
Total United States.
July
1.0
13.6
3.1
12.9
Pacific Coast
RECENT
1938
7.6
9.1
Rocky Mountain
July
5.3
5.2
Southern States
June
1938 Aug. 13,
13.8
Middle Atlantic
FOR
1938 Aug. 20,
4.8
West Central
Week Ended
Aug. 27,
7.8
Sept. 3, 1938
Central Industrial
Week Ended
Week Ended
Week Ended
New England.
PREVIOUS YEAR
FROM
PERCENTAGE DECREASE
Major Geographic
Regions
2,300,547
2,304,032
—7.3
2,079,149
—7.2
2,093,928
1,415,122
1,431,910
2,294.713
—7.0
2,320,982
2,154,276
—7.4
2,125,502
2,135,598
20%
Debits
to
Than
Lower
as
1,689,925
1,723,428
1,436,440
1,464,700
1,423,977
2,098,924
individual accounts,
Last
1,724,728
1,729.667
1,733,110
1,750,056
1,761,594
1,674,588
Year
reported by banks in
leading cities for the week ended Aug. 31, aggregated $6,793,000,000, or 3% above the total reported for the preceding
week and 20% below the total for the corresponding week
of last year.
Aggregate debits for the 141 cities for which a separate
maintained since January, 1919, amounted to
total has been
$6,266,000,000, compared with $6,048,000,000 the pre¬
ceding week and $7,831,000,000 the week ended Sept. 1
of last year.
These figures are as
Governors of the
reported
on
Sept. 6 by the Board of
Federal Reserve System.
SUMMARY BY FEDERAL RESERVE
No.
DISTRICTS
Week Ended—
of
Centers
Federal Reserve District
Aug. 31, 1938
Aug. 24, 1938
17
$339,325,000
$336,934,000
15
2,899,745,000
Incl.
25
2,973,782,000
331,792,000
481,441,000
5—Richmond—
24
236,387,000
6—Atlanta--——
26
186,097,000
232,388,000
187,586,000
41
983,719,000
870,074,000
2—New York.—,.
—
18
Total
$419,429,000
3,817,418,000
381,874,000
615,291,000
282,240,000
216,804,000
1,202,141,000
17
Report
156,098,000
158,138,000
217,330,000
189,106,000
212,617,000
243,349,000
271,436,000
668,044,000
$8,480,082,000
16
173,754,000
182,246,000
157,912,000
560,288,000
174,900,000
577,171,000
274
of
18
29
—
—
Weekly
323,699,000
383,969,000
Sept. 1, 1937
28
8—St. Louis————
10—Kansas City
12—San Francisco
beans, lard and pink salmon.
of antimony and pig
group
higher in price were rye flour, lemons, oranges,
Rio coffee, eggs and raw sugar.
reported for butter, cheese, wheat flour, mutton, bacon,
veal,
pork and
Lower prices were
cocoa
79.2
Houselurnishing goods......
Aug. 27
The increases in
the prices of these items more than offset decreases in the prices of Southern
yellow pine flooring and lath, chinawood oil, turpentine, plumbing and heat¬
ing materials and gravel.
The level of building material prices is 0.1%
did
80.5
Sept. 10
above the level of the preceding week.
pine timbers, No. 2 common ponderosa pine and sand.
were
81.0
The present
It is 0.2%
Japan yellow silk, hosiery tram, burlap and raw jute.
77.2%
77.4
women's linen handkerchiefs,
reported for
while lower prices
81%
index of 65.4 is 0.2%
oranges,
77.2
July
for "all com¬
during the week.
silk,
wool.
77.1
July
i
Prices were higher
overalls, muslin, 38H-inch print cloth, tire fabric and 81% Japan white
Textile products advanced 0.2%
67.1.
86.3
77.1
June 25
a
The index of industrial goods, as measured by the index
is
85.4
77.1
beans, packers' calfskins, Japan yellow silk, raw jute, gravel,
included
packers' cow hides, Japan white silk and sand.
level.
86.0
87.0
June 18
tankage and crude rubber.
for
86.4
96.3
large number of farm products
Articles showing decreases in prices
and cocoa
74.6
96.4
89.3
DATA
lighting materials groups declined slightly.
than
76.9
95.5
89.3
106.1
Textiles
7.1
The
79.2
95.5
89.3
72.4
89.0
8.2
100.0
77.7
95.6
89.3
86.9
78.9
80.3
,
78.9
89.0
Miscellaneous commodities.
77.1
58.6
Fuels
10.8
71.3
78.7
77.0
Livestock..-
17.3
3
78.0
95.4
89.4
88.6
73.7
77.6
95.4
Building materials
INDEX
'1026 1028=100)
77.6
Metals and metal products..
Chemicals and drugs
PRICE
COMMODITY
WHOLESALE
WEEKLY
Compiled by the National Fertilizer Association.
$6,793,212,000
$6,570,199,000
Lumber
The lumber industry
Movement,
198,969,000
Week Ended
Aug. 27, 1938
during the week ended Aug. 27,1938,
the 1929 weekly average of production and
68% of average 1929 shipments. Production was about 64%
of the corresponding week of 1929; shipments, about 68%
of that week's shipments; new orders, about 60% of that
week's orders, according to reports to the National Lumber
Manufacturers Association from regional associations cov¬
stood at 70% of
ering
the operations of important
softwood and hardwood
1562
mills.
Financial
Reported
production and shipments in the week
ended Aug. 27, 1938, were about the same as the preceding
week, which for production was the highest of the year to
date.
New orders continued their slight downward trend
and
lower
were
wood
orders
than
in
week since mid-June.
any
12%
were
below
same
the
of the preceding week;
that week's
as
shipments
orders
shipments;
orders of the previous
about
were
the
5% below
The Association further
new
week.
Sept.
10,
1938
Grain Crop in Italy to Total About 292,500,000 Bushels
The grain crop
000 bushels,
in Italy this year will total about 292,500,according to Sept. 3 Associated Press advices
from Rome which stated:
Soft¬
the
corresponding week of
last year.
New business was 17% below output in the week
ended Aug. 27; shipments were 6% below production.
Pro¬
duction and shipments (softwoods) were, respectively, 9%
and 3% lower than during corresponding week of 1937.
National production reported for the week ended
Aug. 27
by 7% fewer mills was 0.4% below the output (revised
figure)
Chronicle
Mussolini
Premier
informed
was
today that
Italy had
won
this year's
"battle of the grain."
Franco
Mussolini
Savorgnan,
late
President
estimates showed
of the
Central
the nation's
Statistics
grain crop
Institute, told
would be about
292,500,000 bushels.
This
was
the amount which government officials had calculated
would'fill
the country's needs and represented a sharp increase over the
256.000,000
bushels previously forecast for 1938.
The exact amount of the crop will not
commission meeting next
were
Because
be known until after the grain
Saturday.
of the earlier
reports
of
a
short crop,
Italy has been
buying
foreign wheat to meet her anticipated needs.
reported:
During the week ended Aug.
feet
softwoods
of
booked
week
orders
and
of
Mills,
were:
553 ;
638,000 feet; orders,
All
orders
new
but
regions
shipments
Pine,
below output.
but
Southern
the
1937
below
Pine
Revised
production,
figures
234,031,000
for
feet;
the
in
reported
the
and
regions but
of
Northern
week
Redwood
All
those
and
shipments,
ended
Aug.
Northern
Redwood
corresponding
shipments,
and
Hardwood
1938.
Hardwood
All
reported
and Southern
Cypress
of
week
all
27,
reported
regions
1937;
reported
all
below
production
week.
reported for the week ended Aug. 27, 1938, by 444 soft¬
wood mills totaled 187,204,000 feet, or 17% below the
production of the
same
mills.
Shipments as reported for the same week were 212,672,000
feet, or 6% below production.
Production was 226,252,000 feet.
Reports from 90 hardwood mills give new business as 5,869,000 feet, or
15% below production.
Shipments as reported for the same week were
7,116,000 feet, or 3% above production.
Production was 6,894,000 feet.
Identical
week's
feet, and
year ago it was
a
210,126,000
feet
and
production of
feet
and
428
and
Its
Products—Crude
clines—Independents
down
219,-
Lumber orders
Last
Petroleum
preceding
in
Texas—Talk
Mill
Reports
identical
softwood mills was 223,367,000
246,683,000 feet; shipments were, respectively,
feet, and orders received, 184,633,000
215,647,000
210,380,000 feet.
Oil Output De¬
Week-End
Shut¬
Protest
of
New
Persists—Mexican Oil Moves to
Redwood
production
Southern
reported orders
517mills produced 233,146,000
shipped 219,788,000 feet;
1938,
combined;
feet.
203,732,000 feet.
California
below
but
regions
27,
hardwoods
193,073,000
Texas
Oil
Body
Germany
Despite the fact that the week-end shutdown in Texas did
September, daily average produc¬
tion for the Nation during the week ended Sept. 3 showed a
substantial reduction from the previous week's total and was
far below the daily average market demand estimated in the
monthly forecast of the United States Bureau of Mines for
September.
The American Petroleum Institute's figures for the
Sept.
3 period disclosed a dip in crude oil production to
3,349,100
barrels daily, off 39,400 barrels from the previous week and
approximately 95,000 barrels less than the indicated demand
as shown by the Federal
agency.
When the full effects of
the five-day production week in Texas are felt, it is
thought
likely that daily average production there would fall off
around 175,000 barrels daily.
California led the way in the steep decline in crude oil
production recorded for the period under review.
A drop
not start until the first of
of 22,200 barrels there carried the total off to 651,800 barrels
Decrease of
39% Noted in Motor Vehicle Factory
A
39% decrease in motor vehicle shipments
was
indicated
for the month of August as compared with
July in the pre¬
liminary estimate of the industry's operations, according to
the figures released on Sept. 9
by the Automobile Manu¬
facturers Association.
The Association estimated the
industry's August volume
91,300 units.
On the basis of this estimate the industry's
operations in August were 77% under the corresponding
at
month of last year.
For the first eight months shipments were
placed at 1,547,776 units—a decrease of 59% under the same
period of 1937.
The Association's report is summarized below:
August, 1938
July, 1938
91,300.First eight months 1938..
150,444 First eight months 1937
August, 1937.
Bank
of
—
,
—
1,547,776
3,778,850
456,9091
.
Montreal
Reports
Good
Progress Made with
Harvesting of Crops in Prairie Provinces of Canada
"In
the
Prairie
Provinces of Canada, with favorable
prevailing, good progress has been made
of the crops," the Bank of Montreal
states in its current crop
report, issued Sept. 8.
"Threshing
is nearing completion m Manitoba and is
general in Sas¬
weather conditions
with the Jiar vesting
katchewan.
In Southern Alberta and the Peace
River
district threshing is well under
way but elsewhere in the
province threshing operations have only commenced."
The
Bank added:
Wheat inspections to date show
No.
2
Northern
obtained.
In
better.
or
a
a
fairly good
a
large percentage of the grain grading
Manitoba
Saskatchewan, where
damage, yields show
of
In
rust
wide variation.
good average yields have been
and
grasshoppers caused serious
Alberta has maintained the promise
In Quebec there have been heavy rains over a large
portion of the Province during the past
week, the precipitation in some
crop.
districts assuming torrential
proportions with heavy damage to crops.
the whole,
however, while harvesting operations have been delayed,
pects indicate
weather
has
advanced.
average.
an
average yield of the
prevailed
and
Yields of all
In
the
Maritime
crops to some extent and
main
to
be
crops are
Record
than
crops are
excessive
a
In Ontario favorable
moisture
are
expected.
Tree
well
to
be above
has
damaged
expected
better than average crop of apples.
now
On
pros¬
delayed the harvesting of grains, but there
Columbia, grain threshing,
better
staple
Provinces
prospects of average yields with
British
principal crops.
harvesting and threshing operations
the
are
In
practically completed, shows yields
fruits
continue to
do
well and
other
satisfactory.
World
Wheat
Crop Forecast by International
Institute of Agriculture
According to Associated Press advices from Rome, Italy,
Sept. 2, the International Institute of
Agriculture forecast
day a record world wheat crop for 1938 on the basis of
that
latest estimates.
The advices continued:
The aggregate production of the
northern hemisphere was estimated at
extremely high figure" of 105.000,000 metric tons
"the
bushels against 91,700,000 metric tons
(3,366,307,000
the previous peak of 94,300,000
metric tons
The estimates did not include
crops of Soviet
was
described
as
Russia, China, Iran and
particularly large in Rumania, Hungary,
Yugoslavia, Bulgaria, Poland and Lithuania.
barrels.
Opposition to the five-day production week for Texas
gained momentum among the independent operators
in the Lone Star State and dispatches from Austin indi¬
cated that legal action to prevent the Railroad Commission
from enforcing its recent order placing all wells on a
five-day
production basis is only a matter of time.
Suit was filed in Federal Court in Austin
by the Rowan &
Nichols Oil Co. of Fort Worth attacking the
validity of the
wells
oil proration order of the Texas Railroad Commission as
applied to the East Texas field, and asking an injunction
restraining the Commission from enforcing such orders.
The Sunday shutdown of wells was not mentioned in
the
suit. With two of the three judges abroad at this
time, the
suit cannot be tried until
they have returned.
The company's petition for an
injunction attacks prac¬
tically the entire system used by the Texas Railroad Com¬
mission in allocating oil production
among wells in the East
Texas field.
Under the current setup, wells there are
per¬
mitted to produce
daily 2.32 per cent of their hourly poten¬
tial. The petition denounces the potential basis of allocation
as
"inequitable, arbitrary and unreasonable."
Stocks of domestic and foreign crude oil held in the United
States dropped 108,000 barrels
during the week ended Oct.
20 to 285,029,000 barrels,
according to the United States
Bureau of Mines. An increase of 108,000 barrels in stocks
of domestic crude was eliminated
by a decline of 216,000
barrels in holdings of foreign crude oil.
Under the five-day production rule, daily average output
would be cut 416,245 barrels from the August level,
leaving a
basic allowable of 1,233,248 barrels
daily.
The United
States Bureau of Mines, in its monthly market estimates,
had placed indicated
daily average market demand for
Texas oil at 1,398,600 barrels daily during September.
The new production control regulations have the full
support
of the major companies who are aware of the
importance of
this means of maintaining the stability of the crude oil price
structure but the independent companies
definitely oppose
the five-day week.
Officials of the Texas Co. announced early this week that
under the September production regulations for Texas oil
wells, it would take 80% of the Railroad Commission's
allowable of 32 barrels per day top output for wrells in the
K. M. A. pool of Southern Wichita Country, against 75%
of the top output taken under the 6-day week.
Under its
new order, it will take 25.60 barrels
daily from each well,
compared with 24 barrels had the 75% level been followed.
Other purchasing companies in this pool are likely to follow
the lead of the Texas Co.
Gulf Oil, which connects only to a
tew wells in this area, took the full allowable during August.
(3,854,550,000
bushels) in 1937 and
(3,461,753,000 bushels) in 1929.
Irak.
Production
daily with Texas showing a decline of 7,850 barrels to dip to
daily average of 1,387,300 barrels.
Oklahoma was off
4,650 barrels to a daily average of 432,400 barrels with
Kansas's 4,150-barrel drop paring its total to 161,200 barrels.
Louisiana was off 850 barrels to a daily
average of 266,450
a
Shipments
Faced with the reluctance of Governor James V.
to
calling
Allred
special session of the Texas Legislature to create
a new oil and
gas commission which would take over control
of the oil control powers currently vested in the Texas
Railroad Commission, proponents of the new committee are
biding their time until the inauguration of the new State
a
Volume
Financial
147
administration after the turn of the year.
It is reported that
Governor-elect W. Lee O'Daniel is not opposed to the creation
of such
man
body and
a
rumor
is that he already has picked a
to be the first chairman of the group.
The
move
for the creation of
a new
control board to guard
the destinies of the Lone Star State's gas
and oil industry
about through the defeat of C. V. Terrell,
Chairman of the Railroad Commission, by G. A. Sadler.
Mr. Sadler, it is felt, will align himself with Lon Smith,
present minority member of the Commission, when he
assumes office next Jan. 1 and an upset of the present method
of control of crude oil production in Texas is feared possible.
In the past, Air. Terrell and fellow-Commissioner Thompson
have worked together to hold down production and Mr. Smith
consistently has fought measures initiated and supported
by them.
'
While Mr. Smith and Air. Sadler both are pledged to the
originally
came
continuation of the present policies of the Railroad
mission and have promised to keep Texas production
with market demand, Mr.
Com¬
in line
Smith's bitter fight against the
5-day production week has alarmed many in the industry
who feel that perhaps he might revert to his former policy
of more liberal production in Texas when he is in actual
working control of the Commission next year.
Again, the
probable changes in the Railroad Commission's personnel
when the change in control is made is not desired by many in
the industry.
All of these factors contribute to the support
for creation of a new oil and gas committee which would
concern itself solely with the oil and gas industry in the Lone
Star
1563
Chronicle
The American Petroleum Institute report placed
holiday.
the total at 70,514,000 barrels, slightly less than 4,000,000
barrels under the total held at this time last year.
Earlier
this year, stocks were as much as 12,000,000
Refinery holdings were off 374,000 barrels; bulk terminal
off 876,000 barrels, and unfinished gasoline stocks
unchanged.
Refinery operations held firm at 80.7% of
capacity with daily average runs of crude to stills dropping
60,000 barrels to 3,195,000 barrels.
Stocks of gas and fuel
oil hit a new high at 147,646,000 barrels.
Representative price changes follow:
stocks
,
Sept. 3—Philadelphia refiners pared tank
cents
a
gallon to 6& cents from 7% cents
Sept. 5—High-grade gasoline
cents
gallon in
a
gallon, respectively.
Sept. 8—Standard of Jersey cut tank
Baltimore and Philadelphia
gasoline prices at Bayonne,
car
K cent to 6 K cents, and consumer tank car
prices in certain New York-New England marketing areas
cent a gallon,
all changes effective the following day.
Sept. 8—Socony-Vacuum cut
New
York,
Boston and
consumer
Providence
lA
tank
cent
price in metropolitan
car
to 7
cents a gallon, and at
Portland, Me. to 7K cents, effective the following day.
Sept. 9—Hartoi
Products
advanced
34
kerosene
harbor.
cent
in
New
York
•
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
New
Stand. Oil N.
J..$.07^
Other Cities—
York—
Texas
Socony-Vacuum..
.07*3
Tide Water Oil Co
Richfield OIKCal.)
.08)4
.07 A
Warner-Qulnlan..
Chicago
$.05
-.05A
New Orleans. .06^-.07
Gulf ports
.05)4
Tulsa
04%-.0<tH
$.07 A
.07A
Gull
Shell Eastern_
.08)4
,07A
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
"Speculation that Mexico has concluded a barter arrange¬
with Germany rose today as a result of the dispatch
of three shiploads of oil to Hamburg.
The shipment, on
which official sources did not comment, was consigned to
Ernest Jung, of Hamburg.
The three shiploads departed
between Aug. 21 and Sept. 1.
Since Mexico's expropriation
of foreign oil lands, valued abroad at more than $400,000,000,
the question of the disposal of oil has resulted in wide specula¬
tion on a deal with Japan or Germany."
On the previous day, a United
Press dispatch from
Washington, reported that:
"Diplomatic relations between Mexico and the United
States today wer& believed to be in the most precarious
condition of any time in recent years as State Department
officials considered the full import of the most recent note
from Mexico on the expropriation of American property. The
note, in answer to a lengthy note from Secretary of State
Cordell Hull insisting that Mexico make no further expro¬
priations until some measures have been taken to insure
payment for properties already seized, not only rejected all
of Mr. Hull's demands, but called for a cessation of the
New York—
exchange of diplomatic representations on the
There were no crude oil price changes.
subject."
Typical Crudes per Barrel at Wells
(AJ1 gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima
(Ohio Oil Co.)
Corning, Pa
-—$1.80 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and
-
$.04H
Fuel Oil, F.O.B. Refinery or
N. Y. (Bayonne)—
Western Kentucky
Mod-Cont't, Okla., 40 and above.
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
_
$0.95
1.751
I
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
i
Chicago—
$.04*4 1
27 plus
28-30 D
z
New York
z
Brooklyn
$.195
i
.1551
zNot Including
PRICES
.15
.185 • Philadelphia
Boston
•'LL-v
Preliminary Estimates of Production'of Coal for Month
of August, 1938
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
August, 1938, amounted to 28,280,000 net tons, compared
with 33,988,000 net tons in the corresponding month last
year and 23,357,000 tons in July, 1938.
Anthracite produc¬
tion during August, 1938, totaled 2,774,000 net tons, as
against 2,903,000 tons a year ago and 2,571,000 tons in
July, 1938.
The consolidated statement of the two afore¬
mentioned organizations follows:
CUT
STRENGTH—GASOLINE STOCKS AGAIN DECLINE—REFIN¬
Average
Work¬
for
of
Working
ing Day
(Net Tons)
Days
(Net Tons)
per
Calendar
Yr. to End
of August
(Net Tons)
Aug., 1938 (.preliminary)—
28,280,000
1,047,000
27
102,700
29,398,000
50,300
27
1,863
597,800
23,357,000
25
934,000
2,571,000
25
102,800
43,600
25
1,744
33,988,000
26
1,307,000
2,903,000
26
111,700
34,128,000
258,800
___
27
2,774,000
Bituminous coal-a
Anthracite _b
NEW
IN
SEASONAL
Number
Total
Month
26
9,954
2,368,200
X
July, 1938 (revised)—
Bituminous coal_a._
Anthracite _b
_....
Beehive coke
August, 1937 (revtsea)-—
HOLD
Bituminous coaLa.
Reflecting increased supplies and seasonal changes in the
competitive picture, "wholesale and consumer tank car prices
for gasoline were reduced from l/\ to
cent a gallon through
the New York and New England marketing area on Sept. 8,
effective the following day, with all leading companies taking
part in the general price cut.
Standard Oil Co. of New Jersey lowrered the tank car price
of gasoline at Bayonne, Baltimore and Philadelphia by yA
cent a gallon to 6L2 cents, and consumer tank car prices in
certain New England and New York marketing points by
Yi cent a gallon.
Socony-Vacuum Oil cut consumer tank
ear
prices in metropolitan New York, Boston and Provi¬
dence to 7 cents a gallon, from 7Li cents, and at Portland,
Me., to 734 cents, from 7% cents.
Seasonal strengthening in the kerosene price structure
brought an advance of 34 cent a gallon in the New York
harbor price, posted on Sept. 9 by the Hartoi Products Co.
Stocks of gas and fuel oil are currently at an all-time record
high and any move to bolster the price structure in this
branch of the refined products division encounters resistance
due to the present top-heavy supply condition.
On Sept. 3, one refiner cut the Philadelphia price for tank
wagon gasoline 134 cents a gallon to 634♦ against 724 cents
which was quickly followed by all other refiners.
Under
the new price structure, tank wagon prices to undivided
dealers are 6)4 cents a gallon and 7 cents a gallon to divided.
High-test gasoline over the week-end also slumped in price
to 1534 cents a gallon and standard to 13)4 cents, against
19 cents and 17 cents, respectively, previously.
Stocks of finished and unfinished gasoline dropped 1,240,000 barrels during the Sept. 3 week, although these figures
did not show the full effects of the Labor Day week-end
_._$.17
$.1591 Bufalo..
Newark
1.20-1.20
over
YORK AND NEW ENGLAND—KEROSENE FEELS
OPERATIONS
$.02Ji-.03
Tulsa
I
2% city sales tax,
Darst Creek
FUEL
i
$.053
Gasoline, Service Station, Tax Included
Beehive coke.
PRODUCTS—MOTOR
|New Orleans.$.05)4-.05H
| Tulsa
03J4-.04
Terminal
| California 24 plus D
i New Orleans C
$0.90
$1.00-1.25 Phila., Bunker C.._. 0.95
Bunker C
Diesel.......
Central Field, Mich
Illinois
$.04
I Los Angeles.. .03^-.05
.$1.27
1.09
1.42
1.35
1.22
1.30 Sunburst, Mont
1.30 Huntington, Calif., 30 and over— 1.22
1.42
1.25 Kettleman Hills, 39 and over
2.15
90 Petrolia, Canada
1.17
I North Texas
(Bayonne)
ment
ERY
^
against previous
area,
Sept. 6—Tank-car prices of gasoline eased H cent a gallon in the mid-
6, reported that:
REFINED
gallon.
Philadelphia and the adjoining
a
prices of gasoline IK-
wagon
a
off to 15cents and standard to 13H
continent.
dispatch from Mexico City, dated Sept.
Prices of
was
prices of 19 cents and 17 cents
State.
A United Press
barrels above
the total held at the corresponding period in 1937.
/
Anthracite.b
Beehive coke
a
Includes for purposes
of historical comparison and statistical convenience the
production of lignite and of anthracite and
b Total
production,
X
semi-anthracite outside of Pennsylvania,
washery and dredge coal, and coal
Including colliery fuel,
shipped by truck from authorized operations, x Not reported.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at
the end of the calendar years.
Daily Average Crude Oil Production During Week
Ended Sept. 3, 1938, Placed at 3,349,100 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
Sept. 3, 1938, was 3,349,100 barrels.
This was a loss of
39,400 barrels from the output of the previous week, and
the current week's figure was below the 3,444,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during September.
Daily average produc¬
tion for the four weeks ended Sept. 3, 1938, is estimated at
3,372,550 barrels.
The daily average output for the week
ended Sept. 4, 1937, totaled 3,692,550 barrels.
Further
details as reported by the Institute follow: >
Imports of petroleum for domestic use and receipts in
United States ports for the
a
daily average of 143,571
barrels, compared with a daily average of 114,143
barrels for the week ended
weeks ended
bond at principal
week ended Sept. 3 totaled 1,005,000 barrels,
Aug. 27 and 142,536 barrels daily for the four
Sept. 3.
Gulf Coast ports for the week
120,000 barrels, a daily average of 17,143 barrels
Receipts of California oil at Atlantic and
ended
Sept. 3 totaled
compared with a daily average
and
of 12,143 barrels for the week ended Aug. 27
12,107 barrels daily in the four weeks ended Sept. 3.
Reports received from
refining companies owning 85.5% of the 4,174,000
barrel estimated daily potential refining capacity of the
dicate that the industry as a
whole
ran to
United States, in¬
stills, on a Bureau of Mines'
Chronicle
Financial
1564
the week, and that all
bulk terminals, in transit and in
pipe lines as of the end of the week, 70,514,000 barrels of finished and
unfinished gasoline and 147,646,000 barrels of gas and fuel oil,
basis, 3,195,000 barrels of crude oil daily during
Sept. 10, 1938
d Revised,
to revision,
e
Sum of 34 full weeks
PRODUCTION
ESTIMATED
OF
PENNSYLVANIA
corre¬
ANTHRACITE
AND
COKE
BEEHIVE
(In Net Tons)
production by companies owning 88.1% of the total daily
9,624,000 barrels.
for the week ended Sept. 3, 1938 follows in detail.
y Total gasoline
endingjAug. 27, 1938, and
sponding 34 weeks of 1937 and 1929.
companies had in storage at refineries,
refinery capacity of the country amounted to
Week Enaed
Calendar Year to Date
The complete report
DAILY AVERAGE CRUDE OIL PRODUCTION
Aug. 27 Aug. 20 Aug. 28
1938
(Figures in Parrels)
B, of
M.,
Dept. of
Slate
Week
Change
Weeks
Allowable
Ended
from,
Ended
Ended
Sept. 1
Sept. 3
Previous
Sept. 3
Sept. 4
1938
Week
1938
1937
Calcu
—4,65C
438,100
639,500
—4,150
164,950
—4,050
72,500
80,150
70,3..»0
—5,250
74,0.50
74,8.50
27,950
220,600
—2,000
29,200
+ 1,650
219,6-50
96,961
+ 200
97,250
+450
441,050
238,800
—750
222,000
+2,1500
238,050
219,250
474,450
264,700
East Central Texas...
East Texas
.
Coastal Texas
1,398,600
Total Texas
b 1649493
57,900
592,200
2,338,300
1,850
9,650
2,903
11,462
127,4.50
441,65(.
11,100
1,867
Daily average
33.8C0
Panhandle Texas.
West Texas.... ..v. ...
11,200
United States total
192,550
69,000
165,01X1
North Texas.........
West Central Texas.. .•
Southwest Texas
688,000 417,000 761,000 28,703,000 32,813,000 44,938,000
114,700 69,500 126,800
143,000
163,700
224,100
fuel, a—
Dally average
432,400
161,200
428,000
168.00C
....
three
c
Adjusted to make comparable the number
years.
WEEKLY AND
ESTIMATED
232,850
221,750
b Includes colliery fuel,
operations,
of working days In the
MONTHLY PRODUCTION
BY
—800
79,600
(The current weekly estimates
ments and are
are
based
railroad carloadings and river ship¬
on
subject to revision on receipt ol monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
—50
183,100
176,150
266.450
—850
262,700
265,100
Aug. 20 Aug. 13 Aug
I938p
260.260
Arkansas............
53.700
56,900
—250
56.4C0
36,300
Eastern.............
149,300
169,300
+7,900
1.58,400
140.800
--
57,000
49,700
—250
49,450
.....
65.600
50,850
—6,950
68,400
12,650
—100
48,550
54,200
17,85C>
3,600
106,950
—50
Wyoming...
Montana.
—
14,000
-
12,950
June,
1937r
1938 p
May,
June,
1938
21
1938r
1937
3
1C
10
13
193
249
635
730
1,050
42
64
81
53
66
-
Alabama
Arkansas and Oklahoma
2
54
—
2
193
Alaska
Michigan
Monthly Production
State
88,950
188,100
255,300
OF COAL,
STATES
(In Thousands of Net Tons)
Week Ended
78.350
Coastal Louisiana
4,530,100
22,206
—7,850 1,391.0001,510,000
1,387.300
North Louisiana
Total Louisiana
c
Beehive Coke—
528,300
Kansas.
1929
c
Commercial productionb 654,000 396,000 723,000 27,310,000 31.172,000 41,702,000
.•
(Sept.)
Oklahoma...
1937
Total, including colliery
Week
Interior
lalions
1938
1937
1938
Penna. Anthracite—
Four
—
84
269
Illinois
667
614
695
2,256
Indiana
228
225
264
Colorado
65
*
Georgia and North Carolina
67
361
260
*
*
#
■
*
1
2,002
2,655
106,000
111,600
New Mexico
Total east of Calif.. 2,806,000
3,700
4,800
106,900
114,200
1,079
2.697,300 —17.200 2,702,9503.023,850
838
786
51
45
53
190
202
Kansas and Missouri
4,600
Colorado
114
103
115
349
280
338
Kentucky—Eastern
642
633
685
2,245
2,215
3,106
120
Iowa
91
C015.OOO
651,800 —22,200
108
119
393
412
503
23
24
28
92
8G
108
Michigan
4
4
7
15
15
13
Montana
638,300
California
47
46
46
166
158
172
21
24
27
110
87
127
Western..
668,700
669,600
Maryland..
Total United States.
These
a
are
3,444,300
Bureau ol Mines' calculations of the demand for domestic crude oil
based upon certain premises
ber.
As
3.349.100 —39.400 3,372,5503,692,550
demand may
outlined in Its detailed forecast for the month of Septem¬
be supplied either from stocks,
from
or
production,
new
contemplated withdrawals from crude oil stocks must be deducted from tne Bureau's
estimate of demand to determine the amount of new crude oil to be produced.
bBase allowable effective Sept. 1.
Saturday and Sunday shut-downs effective
month.
Calculated net 7 day allowable for
morning, Sept. 3, approximately 1,225,000 barrels dally,
throughout
c
week
ended
Saturday
New Mexico
—-—
North and South Dakota
22
Ohio
Recommendation of Central Committee of California Oil Producers.
GAS AND FUEL OIL,
1,130
1,0.50
1,870
5,096
4,945
8,583
81
302
335
444
85
93
Texas
18
17
20
73
68
Utah
43
34
55
103
129
151
242
246
253
858
806
1,005
WEEK ENDED SEPT. 3, 1938
75
26
26
30
94
92
1,423
1,378
1,728
5,100
4.638
7,102
384
West Virginia—Southern a
Northern b
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
55
72
425
1,985
413
538
1,682
1,509
2,300
87
295
310
362
2
1
1
22,444
21 246
31,776
Washington
oil which
60
16
289
1,277
Tennessee
Virginia
Note—The figures Indicated above do not Include any estimate of any
17
294
1,408
Pennsylvania bituminous
might have been surreptitiously produced.
GASOLINE AND
...
92
Wyoming
Other Western States
82
*
c
*
*
146
(Figures In Thousands of Barrels of 42 Gallons Each)
Total
Crude Runs
Daily Refining
Capacuty
6,270
Pennsylvania anthracite d
Stocks of
Finished and
Unfinished Gasoline
to Stills
bituminous coal.
Stocks
5,994
7,669
417
428
483
4,291
4,255
4,554
6.687
Grand total
6,422
8,152
26,735
25,501
36,330
of
Finished
District
Poten¬
Rate
Total
P.
P.
Aver¬
tial
Oper¬
age
ated
C.
Unfin'd
C.
Daily
Reporting
At Re-
fineries
Terms., Nap'tha
Distil.
&c.
a
Gas
and
in
Fuel
Oil
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B, C. & G.;
and on the B. & O. in Kanawha, Mason and
Clay Counties,
California,
Arizona,
Idaho,
Nevada and
Oregon,
d Data for
thracite from published records of the Bureau of Mines.
East Coast..
615 100.0
615
506
12,756
1,123
Appalachian.
149
128
85.9
102
79.7
1,007
1,819
255
991
Ind., 111., Ky
Okla., Kan.,
546
486
89.0
398
81.9
5,921
4,007
710
81.6
270
3,244
2,601
s
p
c
Includes
Pennsylvania an¬
Preliminary,
Alaska, Georgia, North Carolina and South Dakota included with
r
"other
Revised,
Western
9,375
342
419
Mo
82.3
78.9
5,748
487
14,660
b Rest of State, Includ¬
ing the Panhandle District and Grant, Mineral and Tucker Counties,
Inland Texas
316
159
.50.3
112
70.4
1,351
89
276
4,381
1,929
Texas Gulf.
943
838
88.9
772
92.1
7,753
331
2,014
13,549
87.5
1,308
434
384
3,261
309
112
67
866
.
La. Gulf...
140
136
97.1
119
No. La.-Ark.
100
55
55.0
38
Rocky Mtn.
California..
118
64
54.2
51
79.7
1,139
828
745
90.0
510
68.5
8,273
2.182
3,568
85.5
2,878
80.7
36,053
24,331
2,670
610
_
Reported
69.1
102
* Less than 1,000 tons.
August Production and Shipments of Slab Zinc
The
American Zinc Institute on Sept.
following tabulation of slab zinc statistics:
SLAB
838
1,172
States."
ZINC
94,796
6
released
the
STATISTICS (ALL GRADES)—1929-1938
(Tons of 2.000 Pounds)
Retorts
(a)
6,590 144,646
Average
Unfilled
Shipped
During
Period
Period
Period
Year 1929.
631.601
602,601
57,999
68,491
18.585
504,463
436,275
75,430
143,618
6,352
Year 1930.
196
31,240
47,769
26,651
Year 1931.
260
Produced
During
317
606
Est. unreptd.
300.738
314,514
129,842
41
19,875
23,099
18,273
218,517
124,856
105,560
119,830
21.023
239
27,190
18,560
23,653
148
59
32,944
38,329
32,341
15,978
30,786
51,186
0
42,965
37,915
78,626
3,000
xEst.tot.U.S.
4,174
4,174
3,195
38,723
24,941
4,174
3,255
39,087
25.817
6,850 146.926
End
of
U.S. B. of M.
z3,450
xSept. 3 '37
35,714
23,561
7,343 112,737
Year 1932.
213,531
Year 1933.
z
September, 1937 daily
average.
324,705
344,001
366,933
352,663
431,499
465,746
Year 1936.
Estimated Bureau of Mines' basis,
Year 1934.
Year 1935.
x
Shipped Operating
for
Export
End
of
Period
Retorts
Orders
During
End
Period
of
Period
6.850 147,646
4,174
Sept. 3 '38
Aug. 27 '38
Stock at
523,166
561,969
83,758
44,955
170
28,887
8,478
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its current
weekly coal report stated that production of soft coal showed
little change in the week ended Aug. 27.
The total for the
country is estimated at 6,350,000 net tons, an increase of
80,000 tons, or 1.3% over the preceding week.
Production
in the week of 1937 corresponding with that of
Aug. 27
amounted to 8,018,000 tons.
The cumulative production of soft coal for the year 1938
to date stands 30.2% below that for 1937; the cumulation of
both hard and soft coal in 1938, 28.7% below that for 1937.
The U. S. Bureau of
Mines, in its weekly report stated
that a substantial increase marked the production of anthra¬
cite during the week of Aug. 27.
The total estimated output
of 688,000 tons showed a gain of 271,000 tons, or
65% over
output in the week of Aug. 20, but a decrease of nearly 10%
in comparison with week of Aug. 28, 1937.
1937
January
40.047
51,227
33.775
40,285
40.613
February
37,794
46.953
39,948
77,969
53,202
59.635
24,616
18,183
42,786
March....
43,635
40,588
89,846
April
52.009
56.229
13,963
43,660
81,448
May
55,012
55,201
13,774
43,724
41,177
43,429
June...
50,526
50,219
14,081
44,186
43,205
59,209
July
49,181
49,701
13,561
46,199
46,171
,82.596
*45,175
*45,147
August
48,309
50,643
11,227
50,163
*48,387
48,520
*47,190
September..
50,027
47,737
13,517
51,809
*49,860
51,715
*49,766
,92,319
October
52,645
40,345
25,817
50,324
50,578
,75,086
49,393
32,676
42,534
*47,552
49,511
*48,110
November
49,350
,61.161
*46,311
December
51.474
28,675
65,333
*46,158
49,300
*46,192
48,339
48,812
*45,704
Total for yr.
Monthly
avge.
ESTIMATED
UNITED STATES PRODUCTION OF SOFT
COAL WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
589,619
47,437
Cal.
Aug. 27 Aug. 20 Aug. 28
1938 c
1938d
1937
Bituminous Coal
Years to Date
45,383
48,687
24,931
88,532
201
42,423
44.623
*41,659
February..
41,146
21,540
108,138
01
39,267
*34,583
41,644
*38,180
.43,399
33,528
118,009
01
36,466
38,923
38,035
20,806
135,238
01
e
March
1938
1937
,1929
*33,130
April...
6,270
1,058
1,045
8,018 198,366 284,262 334,761
985
1,336
1,411
1,662
5,428
5,435
6.000 181,060 188,272 148,504
,29,023
*34,977
24,628
148,120
01
June..
30,799
29,248
149,671
01
July
30,362
33,825
146,208
0'
August
33,676
36,507
143,377
01
,27.069
*31,769
33,818
*30,317
,23.444
26,437
28,071
,41,785
*23,728
25,596
29,767
25,805
*22,490
29.8C5
*26.433
37,510
35,321
*27,549
May
34,691
*26,471
31,525
*22,073
Includes for
purposes of historical comparison and statistical convenience the
production of lignite and semi-anthracite and anthracite outside of Pennsylvania,
b Total barrels produced during the week converted to
equivalenfcoal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject
a
38,891
*23,541
6,350
Crude Petroleum b—
Coal equivalent of weekly output
,45,400
*29,710
a—
Total, including mine fuel
Daily average
106187
1938
*38,030
Week Ended
67,143
569,241
49,135
January
(In Thousands of Net Tons)
76,544
•
Equivalent retorts computed
in total shipments.
on
24-hour basis,
,39.350
30,554
Export shipments are included
Volume
Financial
147
Non-Ferrous Metals—Lead Inquiry Improves
Producers
Meet
to
Foreign
as
Organize Cartel
"Metal & Mineral Markets" in its issue of Sept. 8 reported
that sentiment in the market for non-ferrous metals
late last week,
chiefly
ments abroad.
The outlook here
accepted
was
the status of the conversations
held here that progress
pointing toward a
clusion has
the
been made.
for
way
Copper, Std.
lead
was
con¬
open
may
Copper
Lead
Tin, Std.
Zinc
Electro.
Spot
3M
{Bid)
Spot
1
40«is
40*
192 *
2
40&i»
40*»
45*
45*
5
40 *
4 lJu
40*
46
192
6
41*.
46*
192*
7
41
41*
46*
190*
favorable.
as
satisfactory
An agreement in
accord
an
above f.o.b. refinery quotation.
improved
lacking, but it
was
1565
Export quotations for copper are reduced to net at refineries on the Atlantic sear
board.
On foreign business in
copper sellers usually name a c.i.f. price—Hamburg,
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.325o. per pound
more^encour aging political develop¬
on
Foreign lead producers opened negotiations in London during
tEe week aimed at establishing a new cartel.
Official word
on
Chronicle
Sept.
Sept.
Sept.
Sept.
Sept.
3M
Spot
191*
Spot
3M
14»W
193*
192*
192*
193*
191*
3M
14*
14*
14*#
13*i,
13*i
13
13*
13*,
13*,
14*,
14"i,
13*
13*
13*
14
14
14*#
14«h
13*i
Prices for lead and zinc are the official
buyers' prices for the first session of the
London Metal Exchange; prices for
copper and tin are the official closing buyer*'
prices.
Ail are in pounds sterling per long ton (2.240 lb.).
zinc, observers here contend.
on
The publication further stated:
Copper
copper
light, sales
was
totaling 4,260 tons, against 4,865 tons in the previous week.
Consumption
is estimated to be steadily
increasing as specifications received by fabrica¬
tors from consumers point to a
and statistics
It
to
higher rate of activity.
Deliveries to custom¬
here and abroad during August are
thought to have been in good volume
ers
was
are
expected to show another decrease in stocks.
reported that General Cable Corp. has been awarded the contract
supply
a
power
line from Boulder Dam to Los Angeles, Calif.
About
3,000 tons of copper will be required for the work.
Domestic sales for August dropped to 23,195 tons, but in view of the
large purchases in July, involving 124,054 tons, the reduced volume was
expected.
The quotation continued unchanged at 10*c., Valley.
Lead
Producers and
of lead
consumers
from London, received here
were
"Iron
The number of furnaces in blast
On that date there
tons
were
Sept. 1 also showed
on
of 41,400 tons daily.
month and four
on
Sixteen furnaces
blown out
were
a
sharp increase.
89 furnaces in blast, operating at the rate of 50.235
daily, compared with 77 furnaces
or
Aug.
were
1, producing at the rate
put in operation during the
banked.
The Steel Corporation blew
in six furnaces, independent producers blew in nine furnaces and took two
off blast, and merchant producers blew one in and blew out or banked two
deeply interested in
reports
news
Sept. 7 to the effect that the foreign
on
has agreed on general terms for
August Pig Iron Output Up Sharply
Age," in its issue of Sept. 8 reported that
production of coke pig iron in August on a daily basis went
up 23.8% over that in July, or from 38,767 tons to 48,193
tons a day.
Output for the month totaled 1,493,995 gross
tons, compared with 1,201,785 tons in July.
The "Iron
Age" further states:
The
During the holiday week domestic business in
group
units.
One
furnace
was
changed
from ferromanganese to pig Iron
over
production.
seriously.
Among the furnaces blown in were the following: One Carrie, one Ohio,
Carnegie-Illinois Steel Corp.; one Lorain, National Tube Co.; three Ensley,
Tennessee Coal, Iron & RR. Co.; one Dormer, one Gulfsteel Division and
one
Pioneer, Republic Steel Corp.; one Cambria, Bethlehem Steel Co.,
put
and
of the
metal.
advance in
Official
the
forming
conformation
London
a new
of
price indicated
Cartel to regulate production
the
report was
that
lacking,
speculators
took
but the
the
news
The formation of a Cartel would, in the opinion of traders, soon
definite bottom to the London price, and, as output restriction makes
a
another
Cambria
changed
over
from
ferro-manganese to
pig
iron;
itself felt, the foreign market should rise
sufficiently to remove all doubt
Riverside and
about the stability of the domestic market.
newly-completed Zug Island, National Steel Corp.; one Madeline, Inland
Steel Co., and the furnace of the Jackson Iron & Steel Co.
[
The
news stimulated domestic inquiry Sept. 7.
Sales for the last week
larger than in the preceding week, totaling 6,025 tons.
The quotations
held at 4.90c., New York, which was the contract
settling basis of the
_
were
Furnaces
National
Portsmouth,
blown
Steel
out
Corp.;
banked
or
Steel Corp.;
Wheeling
included:
Standish,
one
One
Chatteaugay
one
Weirton and the
Susquehanna
Ore
&
Iron
furnace,
Co.;
one
American Smelting & Refining Co., and 4.75c., St. Louis. St.
Joseph Lead
Cambria changed over from ferromanganese to pig iron, Bethlehem Steel
booked business in the East at
Co.;
a
premium.
Shipments of refined lead during August amounted to at least 40,000
tons, according
decreased.
of
to
preliminary estimates.
September needs of
consumers
Stocks
hand
on
undoubtedly
have^been covered to the extent
Anna, Struthers Iron & Steel Co., and
one
60%.
Zinc
Colorado Fuel & Iron Co.
The number of available
furnaces
DAILY AVERAGE PRODUCTION OF COKE PIG IRON
STATES
was on a
BY
MONTHS
a
drop in total stocks of 2,831 tons. The
consumers.
all grades, in short tons, follow:
July
30,362
August
Shipments
33,825
July
146,208
30,554
Unfilled orders
August
36,507
Stock
Ship-
Pro¬
merits
24,865
13,500
40,699
May
21,755
22,404
20,868
14,223
21,634
48,231
49,001
June
at End
11,790
Ship¬
Stock
duction
July
58,079
ments
20,537
14,657
13,949
64,667
12,649
67.098
57,561
May
42,166
64,338
65.449
55,713
51,570
F^rst six months.
65,900
63,855
58,909
13,869
15,342
August
20,288
be somewhat
Consumption of tin in the automobile industry should increase
under
way.
as
64,138
74,331
108,876
43,497
49.041
56,816
83,686
112,866
87,475
91,010
96,512
116,317
38,767
48,193
98,246
100.485
66.891
63,658
100,305
59,142
September
50,742
29,935
59,216
43,754
30,679
63,820
36,174
31,898
68,864
December
38,131
33,149
67,950
43,592
67.556
12
mos.
26,199
average..
PRODUCTION
OF
COKE
Eastern
increased
carry-overs,
tons
month previous and 26,016 tons a year ago.
a
ment
was
offset
by another
Supplies that reached
smaller, but this develop¬
drop in apparent consumption
(deliveries).
United States deliveries/or the month were 3,775 tons, or the same
July.
to
as
in
World deliveries for August amounted to 6,262 tons,against 7,019
tons in the month
previous. In August
a year ago
93,311
48,075
PIG
IRON
AND
OF
FERROMANGANESE
Ferromanganese
1937
1938
y
1937
1938
23.060
3,211,500
22,388
2,999,218
3,459,473
3,391,665
3,537,231
3,107,506
20,205
21,194
18,607
13,341
14,546
34,415
7,873,026
19,706,593
110,281
170,857
1,201,785
1,493,995
3,498,858
3.605,818
20,818
6,088
23,913
1,429,085
1,298,268
January
February
March
1,452,487
1,376.141
1,255,024
1,062,021
April
May
-
Hall year.
24,228
27,757
26,765
34,632
1,154 long tons.
The visible supply at the end of August was 32,251
tons, against 31,097
the market during the month were appreciably
113,679
(GROSS TONS)
June
>
The August statistics showed that the world's visible supply of tin, in¬
cluding the Arnhem and
103,584
54,134
Pig Iron x
according to trade authorities, and will probably
gets
45,871
40,485
35,400
114,104
86,208
39,510
34,012
was
production
46,367
46.854
113,055
at End
industry holding aloof pending clarification of the price situation in its
product.
New prices on tin plate should be announced within a week
p
107,115
111,596
24,536
moderately lower for the week, due chiefly to
further weakening in exchange rates.
Buying was slow, with the tin-plate
new-model
1938
46,100
57,821
July
Tin
The market for tin
1937
103,597
66,675
16,689
1936
65,351
62,886
65,816
80,125
85,432
57.448
62,243
October
duct Ion
March
45,131
17,484
20,787
28,621
November
Pro-
April...;.
19,798
March
August!......-...
Statistics of the Prime Western division, common grades only, for the
first eight months of 1938:
January
February
1935
47,656
39,201
February
143,377
39,350
Stock at end
33,676
1,086
979
18,348
April
The figures for July and August of the American Zinc
Institute, covering
Production
1934
1933
January
IN THE UNITED
1933—GROSS TONS
1.
June
Prime Western division reported a reduction in stocks of
4,946 tons, re¬
sulting from another healthy gain in shipments to
Production, daily rate.
SINCE JAN.
moderate scale in the last week, with the price
The statistics for August showed
lower.
making pig iron has been increased
from 238 to 239 by the completion and blowing in of the new Zug Island
situation unchanged, quotations holding on the basis of
4.75c., St. Louis,
for Prime Western.
two,
Colorado unit of the
unit of the National Steel Corp.
Buying of zinc
or
one
July
August
-
September..
October
November
29,596
26,100
3,410,371
2,892,629
2,006.724
-
...
"
26,348
25,473
1,490,324
Year
22,674
36,611,317
December
world deliveries amounted
324,961
12,488 tons.
Chinese
tin, 99%
was nominally as follows: Sept. 1st, 41.875c.; 2d,
41.750c.; 3d. 41.750c.; 5th, Holiday; 6th. 41.652c.; 7th, 41.375c.
,
DAILY
PRICES OF METALS
("E.
&
M.
J."
Steel Output in
QUOTATIONS)
August Nearly 30% Above July
Tonnage of open hearth and Bessemer
Electrolytic Copper
Straits
Tin
Lead
Zinc
duced during August was the greatest
New York
New York
St. Louis
St. Louis
Sept.
1
9.900
9.750
43.250
4.90
4.75
4.75
Sept.
2
9.900
9.750
43.125
4.90
4.75
4.75
Dom.,Refy
Sept.
5
Sept.
6
Sept.
9.900
3
Sept.
7
ing the
July
released
A
total
by
nearly 30%, according to a
total
of
2,546,988
gross
tons
of ingots
was
9.775
43.125
4.90
4.75
4.75
9.775
Holiday
Holiday
Holiday
Holiday
9.850
43.000
4.90
4.75
4.75
9.900
9.850
42.750
4.90
4.75
4.75
1937, when 3,392,924 gross tons were produced.
9.900
9.792
43.050
4.90
4.75
4.75
duction in July of this year
prices for calendar week ended Sept.
3
are:
Domestic copper,
f.o.b*
refinery, 9.900c.; export copper, 9.767c.; Straits tin, 43.133c.; New York lead,
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc, 4.750c.; and silver, 42.750c.
The above quotations are "M. & M. M.'s" appraisal of the
major United States
markets, based
on sales
reported by producers and agencies.
They
are reduced
to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis; that is,
Copper, lead and
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
report
Sept. 8 by the American Iron and Steel Institute.
9.900
Holiday
Average..
Average
Exp., Refy.
steel ingots pro¬
in 10 months, exceed¬
produced
during the month, the largest monthly output since October,
the
total
for August
a
Ingot pro¬
totaled 1,982,058 gross tons, and
year
ago
was
4,877,826
gross
tons.
Output in August was equivalent to 42.85% of capacity,
which compares
with 33.42% in July and
83.83% in August
of last year.
An
per
average
448,429
per
of 574,941 gross tons,of ingots was produced
week during August as against a calculated output of
gross
tons per week in July and 1,101,089 gross tons
week in August, 1937.
Financial
1566
MONTHLY PRODUCTION OF OPEN-HEARTH AND BESSEMER
INGOTS—JANUARY, 1937, TO AUGUST, 1938
80,000 tons or more and Japan a smaller
to have taken
of the
domestic buying is also renewed.
market provided
to the
STEEL
(Calculations based on reports of companies wbich In 1937 made 08.26%
open-hearth and 100% of the Bessemer Ingot production)
Sept.
Chronicle
COMPOSITE PRICES
"IRON AGE"
THE
Steel
Finished
Calculated
Production
(Based on steel bare, beams, tank plates.
2.300c. a Lb.
Sept 7, 1938,
Number o
Weekly
Weeks in
One week ago.
Production
Per C ent
Gross
Month
One month ago
2.300c.
Tons
of Capacity
(.Gross Tons)
85% of the United States output.
-2.512c.
One year ago
sheets and hot
These products represent
wire, rails, black pipe,
rolled strips.
2.300c.
Period—
Italy is reported
quantity, but the
expected to be a steady buyer again.
latter is
Calculated Monthly
1938
10,
Low
High
1938—
4.43
4.00
33.85
391,143
425,932
454,268
31.58
423,709
12.86
448,757
4 29
407.857
4.43
381.883
4.29
29.15
1,732,764
1,703,726
2,012,408
5,448,896
1.925,166
1,806,805
1.638.277
February
March
30.39
28.46
5,370,248
January
30.76
412,778
June,.
31.74
33.44
1937-.--1936
4.43
1935
-
1934
—
1933
1932
1.915c.
2.192c.
2.402c.
-
1930..
-
-
1927
-
-
2.300c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
1.962c.
2.212c.
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.
4
2.512c.
2.512c.
2,249c.
2.062c.
2.118c.
-1.953c.
-
13.01
First quarter
April,
May..
1938
July
6
Mar. 2
Mar. 10
Jan.
8
Jan.
2
May 2
Mar. 15
Oct. 29
Nov. I
Pig Iron
Second quarter
July
25.87
418,212
31.17
10.819.144
First six months
1,982,058
33.42
448.429
574,941
One year ago
4.42
42.85
81.32
March...
1,065,110
4.43
1936
84.27
1,103,675
4.00
1935
89.94
4,718,436
4,414,699
5,218,326
February.
1,177,952
4.43
-
-
1934
1933
14,351,461
85.20
1,115,977
12.86
5,070 ,867
5,151 ,909
4,184 ,723
90.25
4.29
88.79
14.407,499
84.55
1,107,417
13.01
1932.1930
April
...
June
-
19-71
1927
Steel
4.29
(Based
$14.50/
14.831
One week ago.
One month ago
28,758,900
84.88
1,111,672
25.87
July......
4,556, 304
78.48
4.42
4,877, 826
4,289, 507
83.83
4.43
1937
76.30
4.28
1936
Third quarter-
13.723,637
79.58
1,045.212
13.13
Nine months.,
42,482.597
83.09
1,089,297
39.00
-a
1938
August
1,030,838
1,101,089
1,002,221
First six months.
No.
on
heavy
1
melting
and Chicago.
19.75 (
One year ago
September.
-
-
1935
-
1934
-
1933
1932
—
1930
4.43
October
3,392, 924
58.31
November...
2.154, 365
38.23
765,897
502,183
1.473, 021
25.37
333,263
4.42
7.020.310
40.68
534,270
13.14
72.38
949,423
52.14
December...
Fourth quarter.
40
-
zno "07
1927
.
Low
Slows
Buying
Age" in its issue of Sept. 8 reported that
ingot production
2,546,988
gross
stee^
the largest since Oct., 1937, totaling
tons for August against 1,982,058 tons in
9
Aug.
in
will
any
steel for
6
13
6
27.5% Mar. 14
-32.1%
Dec. 13
27.4% Mar. 21
23.5% Mar. 28
4
.19.2% Apr.
Apr. 11
25.6% Apr. 18
27.8% Apr. 25
Dec.
a
a
projects have yet to be rolled
Wis.,
1,500
tons
for a Chamber
30.7%
25
37.0%
Aug.
1
8
39.8%
39.4%
40.4%
Aug. 15
Jan.
17--—29.8% May
2
Jan.
24
9
30.4%
Aug. 22
48.6%
8
41.0%
30.7%
29.0%
28.1%
Aug. 29
1
30.5% May 16
Feb.
7——30.7% May 23
Feb. 14.—31.0% May 31
on
32.7% May
31
42.8%
44.0%
6--.-.39.9%
Cleveland, in its summary of the iron and steel
Sept. 5 stated:
attitude
waiting
a
Sept.
pending
pervades the steel market, which is
following the Labor Day
developments
new
that the rise is likely to reach well into the fall.
A
numerous
in many instances.
was
decided
than
at
movement in structural steel
lettings,
largely
of
Y.; 1,525 tons for
for
About
producers are participating in the
a
hangar at Scott Field, Belleville, 111.; 1,400 tons
is progressing to the point
tonnages.
Reinforcing steel awards of 9,500
are
assured.
a
automobile companies this
steady rise in
motor car as¬
15.
fall,
The New York Central has received approval
$5,000,000 loan, with RFC guarantee, for the purchase of 28,600 tons
and 1,000 freight cars.
of 185 locomotives, 300 passenger cars
The Illinois Central may close a contract within a
building of 1,000 freight
cars to
be acquired by lease from a
builder.
Steel companies seem to be in no hurry to make accouncements
,
no announcement
Contracts Board has made its decision
There
will be made until the Government
on
steel wage rates.
price announcements apparently has had
case
of prices
the usual time for such statements having passed.
possibility that
no
The withholding
detrimental effect except
of tin plate, users of which are buying only the most necessary
requirements in the expectation of a price reduction.
period of waiting for fresh developments has resulted in a slight
weakening in scrap prices, amounting to 25c. on steel scrap at Pittsburgh
50c. at Cleveland.
$14.42.
of sheet piling for a
Branch, N. J.; 1,166 tons for a bridge for the
additional equipment and shipbuilding
Agricultural implement manufacturers
during the
summer.
The "Iron Age" composite price has declined 8c.
Renewed purchasing by Italy and Japan
may
give some strength
-
specified in larger
and machine tool builders
where requirements are being
increasing production, a seasonal movement,
than
largely stimulated by Government
Meanwhile
of rails and material for the repair
for fourth quarter
Brooklyn,
building for Sheffield Farms, New York; 1,500 tons
a
Some oil companies are figuring on
Y., 7,000 tons for an elevated highway
semblies is probable despite a temporary shutdown by Ford on Sept.
While the steel industry is not expecting much railroad buying this
week for the
being more
Recent structural awards include 6,275 tons for a subway in
Meeker Street bridge, Brooklyn, and 1,000 tons for a
early next month.
are
nature,
Pending projects are numerous, assuring continuance of present
N.
of Commerce building in
inquiries for about 7,000 tons are further evidences of the
purchases
projects is providing
public
activity.
and are buying more steel
Housing projects in New York furnish heavy
pipe tonnages in addition to considerable
or
a
time this year and tonnage reaching a high level.
any
Current lettings are well spread and all
industry's present
Practi¬
and much of
in the last two weeks.
upward
tonnage,
bids total about 23,000 tons, including 9,000 tons for
softening plant at Minneapolis.
and
are
Big Four at Blooinfield, 111.
New models will be shown to the public by the
to
July
Aug.
Jan.
considerable
money.
and
18
55.8%
63.6%
shore improvement at Long
elevated highway in Queens, N.
This
July
52.1%
the increase
week totaled about 26,500 tons, of which
continued activity in building projects
of
11
32.6%
32.7%
32.4%
32.0%
22.4%
32.3%
36.4%
5
July
18
11
Chicago.
and approaches to the
in the
July
cally all producers found August well above July in tonnage
subway in Brooklyn, 1,500 tons for a State office building
New projects out for
a
June 27
33.7%
35.7%
25
and indications
month and the requirements for publicly-
Houston, Tex., and 1,300 tons for a hanger at Lowry, Field, Colo.
is
1938—
26.2%
27.1%
28.0%
28.7%
interruption.
month
of finished goods will be quickly
3,000 tons of steel piling has been awarded for piers and jetties in
car
10
business.
Madison
a
3
Jan.
Definite improvement in sentiment
Moreover, the automobile industry will require
Structural steel lettings in the
of
Jan.
in
steel inventories lead the industry to believe
models within
new
6,725 tons is for
some
74.4%
66.1%
4
markets,
been progressive over
Miscellaneous orders still account for a large part of the
month
an¬
1938—
June 20
Dec. 27
"Steel" of
activity.
tons
Sept. 6
Nov.
in the placing of
However, the steel industry generally retains its
autum improvement in sales
financed construction
water
on
29.9%
29.6% Mar.
80.4%
76.1%
Some companies booked less business than
conservative hand-to-mouth buying now prevalent and
reflected in steel buying.
an
Nov. 22
7
31.0%
Nov. 29
Dec. 20-
weeks, indicating, perhaps, that gains from this point
the low state of consumers'
in
9
13.08
Steady increase In production, which started early in July, is continued
The extremely
more
5
Dec.
Oct.
two.
that
8
July
Nov.
hopeful belief that business will be moderately better over the next
or
Jan.
6.43
June
71.6%
Oct.
Whi.e August business as a whole gained quite
slowly.
come more
6.75
11.25
Oct.
44%.
sharply over that of Jmy, the improvement has not
on
23
Sept. 25
June
Oct.
holiday indicates that next week's rate may be slightly
the past two or three
Apr.
9.50
30.4%
7
Sept. 20
preceding week.
the
9
10.33
29.3%
Sept. 27
the past week.
Nov. 16
June
28
Sept. 13
for the current
but the number of steel making furnaces in opera¬
Holiday influences may have accounted for a dowing up
7
12.92
1938—
Feb.
Nov. 22
Aug. 23
83.8%
Aug. 30——84.1%
Sept.
Taking into account the Labor Day holiday, the ingot rate
business during
June
12.67
Institute
36.4% Feb. 21
Nov. 15
85.5%
84.6%
83.2%
2
Aug. 16
stated:
above that of last week, which was
Steel
1937—
1937—
Aug.
was
week is estimated at 40%,
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Feb.
Jan.
$11.00
9
30
21
10
13
8
12
18
17
indi¬
98%
of the steel capacity of the industry will be 39.9% of capacity
for the week beginning Sept. 5, compared with 44.0% one
week ago, 39.4% one month ago, and 71.6% one year ago.
This represents a decrease of 4.1 points, or 9.3%, from the
estimate for the week ended Aug. 29, 1938.
Weekly indi¬
cated rates of steel operations since Aug. 2, 1937, follow:
July.
The average operating rate last month was 42.85%
compared with 33.42% in July.
The "Iron Age" further
tion following the
and
Iron
American
The
Holiday Period
Over
bit
a
up
Aug.
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
calculated on weekly capacities
of 1,341,856 gross tons based on annual capacities as of Dec. 31, 1937, as follows:
Open-hearth and Bessemer Ingots. 69,964.356 gross tons.
The "Iron
$14.83
21.92
17.75
13.42
13.00
12.25
8.50
15.00
15.25
4.29
Note—The percentages of capacity operated are
Steel
steel
quotations at Pittsburgh, Philadelphia
High
Total
6
16
11
14
27
3
6
16
1
Scrap
Sept 7, 1938, $14.42 a Gross Ton
Second quarter..
July
Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.
Nov.
4.43
74.48
1,182,020
1,162,959
975,460
Low
$19.61
20.25
18.73
17.83
16.90
13.56
13.56
15.90
17.54
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec. 5
Jan.
5
Jan.
7
Jan.
4
-.$23.25
23.25
19.73
18.84
17.90
16.90
14.81
18.21
-
1937
January..
Chicago,
Valley,
and
Buffalo,
Southern iron at Cincinnati.
High
1938
May
Philadelphia,
4.43
1937—
First quarter.
furnace and foundry Irons at
-—-$19.61
19.61
23.25
One month ago-
2,546,988
—
August.
/Based on average of basic Iron at Valley
Sept 7, 1938, $19.61 a Gross Ton
One week ago..-.-
demand for large diameter pipe
for public works in that area.
An advance of 1 point was
rate,
lower
which reached
rate,
down
1
44.5%.
point
registered last week in the national operating
Pittsburgh was the only district showing a
to 32%.
Chicago gained 2.5 points to 40%,
points to 49, Birmingham
67, and Youngspoints to 45.
There was no change at Cleveland at 41, Cincinnati
at 65, New England at 50 and Wheeling at 54.
Pig iron output in August was 1,495,245 tons, 23.3% over July in both
daily average and total tonnage.
Average daily production was 48,234
tons, compared with 39,131 tons in July and 116,676 tons in August, 1937.
The net gain in active blast furnace stacks was 11.
No announcement has been made on prices for fourth quarter although
such action usually is taken by this time.
Indications would lead to the
belief present prices are likely to continue to the end of the year in most
products.
For the most part current prices are steady except in reinforcing
bars and fabricated steel, where some concessions are being made.
eastern
Pennsylvania 3 points to 33, Buffalo 2.5
3 points to 56, St. Louis
12 points to 45, Detroit 7 points to
town 2
Automobile
General Motors made 1,500 cars,
4,600, compared with
duced
a
22,165 units from 18,700 the
against 500; Chrysler
1950 and Ford 13,250, against 14,000.
Others pro¬
production last week rose to
preceding week.
total of 2,815 units, compared
with 2,250.
Volume
147
Financial
Some tonnage of steel for initial
runs
of
model automobiles have been
new
placed and specifications against these
commitments
are
a
in
factor
the
steady increase of mill operation.
However, much more remains to be
bought as assembly gets under way.
Automobile builders are planning for
an active fall
trade, which will call for much steel if realized.
Railroad buying scarcely can be counted on to
give much tonnage for
early fall.
Failure of wage arbitration and call for a strike vote of railroad
employees makes the situation of the carriers
and present light
buying
immediate needs.
more
uncertain than
before
likely to be continued, covering only most
seems
Repairs
being undertaken by several roads to provide
are
available cars for currently
increasing business.
Approval of a $5,000,000 loan to New York Central assures
purchase of 28,600 tons of rails
and steel for a large car and locomotive
repair program by that road.
An¬
nouncement by Inland Steel Co. that the
minimum base on steel rails has
more
been reduced from 500 to 200 tons affords
a measure
Chronicle
week
42%
The
ago.
"Journal"
further
./
,
37)4% in the week before and
independents are credited with 46%,
compared with 49)4% in the
preceding week and 48)4% two weeks ago.
The drop in output is
attributed to minor shut-downs for the Labor
Day
holiday last Monday.
On the basis of a daily
average the rate actually
would have been somewhat above
the 44% figure of the
previous week.
An increase is certain for
the current week to end
Sept. 12.
.The following table gives a comparison of the percentage of
production
with the nearest
corresponding week of previous years, together with the
Industry
1938
of relief to roads seeking
1935
at $57.20.
35
—
—11
70
66.\i
—
3
+
4
—
+5
+
42
———
1932
1
—
56
—
1929
86
—
1928
1927
78
46
—3)4
75
—9
71
4.
14
57)4
+ 7)4
1
22)4
43)4
+ 2)4
—1
>
+2
15)4
31
—
3
26
63
—
2
—
2
82
—
2
+2
51
91
1)4
—
2)4
—1
18
40
■'
2)4
1)4
+
65
......
....
:
+2
28H
1930
ingot production for the week ended Sept. 5, is
placed at 41% of capacity according to the "Wall Street
Journal" of Sept. 9.
This compares with 44% in the previous
41
.....
15
1931
Steel
3)4
50
—
Independents
—14
—
20
—
1934
1933
3
73
—
—
69
-
1936
steelworks scrap composite, to $14.29. the
change being without significance.
The iron and steel composite remained at
$36.50 and the finished steel
U.S. Steel
41
1937
The Week with the Federal Reserve Banks
weeks'*
two
U. S. Steel is estimated at
35%, against
34)4% two weeks ago.
Leading
increase of four cents in the
an
1567
reported:
small lots of rails for
pressing maintenance needs.
A slight adjustment at
Chicago brought
and
X
77
2)4
67
78)4
63
—3
—1
+1
1
—2
selves and
covering the same week, instead of being held
following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
During the week ended Sept. 7 member bank reserve
balances increased $90,000,000.
Additions to member bank
until the
arose from a decrease of
$159,000,000 in Treasury
deposits with Fedeial Reserve banks and increases of $102,000,000 in gold stock and $7,000,000 in Reserve bank credit,
offset in part by increases of $76,000,000 in
money in cir¬
culation, $99,000,000 in Treasury cash and $3,000,000
in non-member deposits and other Federal Reserve
accounts.
cities cannot be
compiled.
In tho following will be found the
comments of the Board
of Governors of the Federal
Reserve
reserves
Excess
to
be
reserves of member banks on
Sept. 7 were estimated
approximately $3,030,000,000, an increase of $90,-
000,000 for the week.
The statement in fud for the week ended
found
on
Sept. 7 will be
1596 and 1597.
pages
Changes in the amount of Reserve bank credit outstanding
and related items
follows:
were as
Increase
Sept. 7, 1938
:
'
;
'
s
■
Bills discounted
—2,000,000
+ 38,000,0C0
—5,000,000
+7,000,000
+ 6,000,000
+ 7,000,000
+ 20,000,000
2,592,000,000
—13,237,000,000
+ 102,000,000
+ 633,000,000
2,729,000,000
Gold stock
Treasury currency—
—1,000,000
+ 142,000,000
+ 90,000,000
+76,000,000
+1,559,000,000
Member bank reserve balances
8,269,000,000
Money in circulation
6,579,000,000
Treasury cash
2,579,000,000
Treasury deposits with F. R. bank-561,000,000
Non-member deposits and other Fed-
eral Reserve accounts
The condition statement of
weekly reporting member banks in 101 leading
following principal changes for the week ended Aug. 31:
Increases of $54,000,000 in loans to
brokers and dealers in
cities shows tbe
$65,000,000
Member
-159,000,000
Banks
in
+431,000,000
+ 3,000,000
New
York
City
and
Below is the statement of the Board of Governors of the
Reserve System for the New York
City member
banks and also for the Chicago member banks for the
current
Federal
week, issued in advance of full statements of the member
banks, which will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
:
Aug. 31
1938
1938
ings of "other securities" increased
$35,000,000 in New York City and
member banks, and declined $13,000,000 in
r
deposits-adjusted increased $104,000,000 in New York City,
$47,000,000 in the Chicago district, $28,000,000 in the Cleveland district
and $174,000,000 at all
reporting member banks.
Time deposits declined
$7,000,000 and Government deposits $10,000,000.
Deposits credited to domestic banks increased $76,000,000 in New York
at all reporting member banks.
Deposits credited
foreign banks increased $10,000,000 in New York City.
Weekly reporting member banks reported no borrowings on Aug. 31.
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended
Aug. 31, 1938, follows:
Increase
v:.""'"-/
,
yr
Aug. 31, 1938
•
ssct>5"
1,853
1,846
524
1,466
1,479
1.852
344
343
483
135
136
164
19
19
31
544
561
1,146
27
30
52
and
339,000,000
+ 54,000,000
—702,000,000
577,000,000
—126,000,000
1,159,000,000
—3,000,000
+ 1,000,000
—752,000,000
—127,000,000
or
/
Loans to banks.
Obligations fully guaranteed
United States Government
Other securities.—-.--
—404,000,000
+ 2,000,000
+ 525,000,000
3,147,000,000
+ 28,000,000
+ 178,000,000
+ 46,000,000
+ 1,499,000,000
Cash in vault.--.-....-—386,000,000
Balances with domestic banks
2,457,000,000
—10,000,000
+ 105,000,000
+ 38,000,000
+ 819,000,000
197
259
67
118
134
12
84
84
105
430
432
423
52
U. S. Gov't direct obligations.-Obligations fully guaranteed by
53
61
2,862
2,869
2,932
884
876
925
Demand deposits—adjusted
United States Government-.Other securities
792
795
397
127
127
100
1,083
1,080
958
321
319
Reserve with Fed. Res. banks,.
270
Time deposits
United States Government deposits
Inter-bank deposits:
3,463
3,425
2,360
883
895
570
14
+ 65,000,000
6,685,000,000
..........
196
80
—22,000,000
1,655,000,000
118
12
—23,000,000
+ 3,000,000
7,789,000,000
Real estate loans
67
—2,000,000
by
Reserve with Fed. Res, banks
—
—5,000,000
112,000,000
1,507,000,000
Other loans
U. S. Govt, direct obligations
2
*
Liabilities—
52
53
35
33
70
68
214
224
122
488
463
53
53
6,446
5,999
1,572
1,598
1,514
659
657
730
468
463
453
100
100
346
37
42
57
2,535
2,500
1,822
686
672
320
292
536
7
8
—7,000,000
—58,000,000
—10,000,000
—180,000,000
+ 83,000,000
+ 1,075,000,000
+ 10,000,000
—250,000,000
+464,000,000
63
6,381
—
+174,000,000
411,000,000
335,000,000
Domestic banks....
24
69
483
15,388,000,000
5,210,000,000
5,958,000,000
-
55
—4,000,000
+ 4,000,000
690,000,000
...
Other loans for purchasing or
carrying securities
Cash In vault..
+53,000,000 —1,757,000,000
paper
loans for purchasing
carrying securities-..
723
Balances with domestic banks..
(—)
Sept. 1, 1937
+148,000,000 —1,458,000,000
3,886,000,000
Other
2,018
521
Other assets—net
or Decrease
Since
1938
8,270,000,000
Real estate loans
8,370
4,083
Other loans *
(+)
20,861,000,000
cultural loans
$$$$$$
7,751
—„
Aug. 24,
Commercial, Industrial and agri¬
securities-
3,007
Loans to banks-—
'
'
Loans and investments—total
Loans—total
1937
7,710
Loans to brokers and dealers-
at all reporting
Demand
Sept. 8
2,973
Industrial
gg
the San Francisco district.
Chicago
Sept. 7
Loans and investments—total—
paper
City.
of United States Government direct
obligations increased
$49,000,000 in New York City, $12,000,000 in the
Cleveland district and
$65,000,000 at all reporting member banks.
Holdings of obligations fully
guaranteed by the United States Government
increased $2,000,000. Hold¬
Loans to brokers and dealers in
Loans—total
agricultural loans *
demand
Holdings
Open market
New York City—
Sept. 7
Aug. 31
Sept. 8
1938
1938
1937
Commercial
securities,
States Government direct
obligations,
$174,000,000 in
Loans to brokers and dealers in securities
increased $54,000,000
in New York
(In Millions of Dollars)
Open market
securities,"
deposits-ad¬
justed, and $83,000,000 in deposits credited to domestic
banks.
Commercial, industrial and agricultural loans increased
$6,000,000 in the
San Francisco
district, and declined $6,000,000 in the Cleveland
district,
$3,000,000 in the Philadelphia district and $4,000,000 at all
reporting mem¬
to
Chicago—Brokers' Loans
Assets—
"other
City and $83,000,000
571,000,000
-
—18,000,000
+ 99,000,000 —1,177,000,000
In holdings of United
$28,000,000 in
ber banks.
—17,000,000
16,000,000
5,000,000
body of reporting member banks of the
Federal Reserve System for the week
ended with the close
of business Aug. 31:
$28,000,000
Total Reserve bank credit
of
(—)
Sept. 8, 1937
$
1,000,000
2,564,000,000
Industrial advances
(not Including
$14,000,000 commitm'ts—Sept. 7)
Other Reserve bank credit
Returns
or Decrease
Since
7,000,000
_
Bills bought
U. S. Government securities.
fc,
(+)
Aug. 31, 1938
$
System respecting the
returns of the entire
Foreign banks--;
Borrowings
—15,000,000
Liabilities—
Demand deposits—adjusted
Time deposits
-
United States Gov't, deposits.—
Inter-bank deposits:
Domestic banks..
Foreign banks.—
—
Borrowings.-
20
—.
Other liabilities-
505
7
The
—-
....
302
305
381
16
16
17
1.483
Capital account-..-
Japan Notifies Western Powers of Rules to Be Followed
If
Her
Troops Occupy Hankow—Chinese Lose
Ground in Defending Provisional Capital—Typhoon
and Fires Take Toll in Japan
1,486
1.480
252
252
244
seek
Returns
of
Member
Reserve System for the
Banks
of
the
Federal
Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
on
on
Sept.
5 notified Western
which the Japanese army would
to
keep hostilities out of a specified area of Hankow,
Japanese drive up the Yangtze River reaches the
Chinese provisional capital.
Japanese troops this week con¬
tinued to advance on both banks of the Yangtze, despite
if
Complete
Government
Japanese
Powers of six conditions
the
stubborn
Chinese
resistance, and Japanese military com¬
they would be able to occupy Han¬
October.
Meanwhile a typhoon and
manders estimated that
kow
before the
end of
vices from
be high.
to
southeast of Hankow.
Chinese military
defeated on Yangtze Valley fronts
fighting of recent months.
We
Associated Press accounts from Shanghai, which,
Juichang, about 100 miles
Counter-attacking westward from
southeast of
said, their fighters inflicted 4,000 casualties on the
invaders attempting to advance toward the Yangsin River.
A
second counter-attack southward from Juichang was said to have
resulted in the recapture of Anshan, key point for a Japanese attack on
Hankow, the Chinese
Teian,
the Nanchang-Kiukiang railway.
bank of the Yangtze River, the
on
standstill in a fierce hand-to-hand encounter at Hwangmei, 20 miles north of Koukiang, base of the Japanese Yangtze Valley
operations 135 miles below Hankow, China's provisional capital which the
invaders hope to reach before winter sets in.
the Japanese
to a
and
Spanish insurgents and
battle
Italy were
Most
foreign
Foreign officials
Insurgent commanders
far without success, to get the Chinese to agree to keep
demilitarized.
.
Tokio Government's conditions, as published by Domei, the Japa¬
1.
Chinese troops
and terrorists shall be treated
Chinese plain-clothes men
5.
Field bulletins said
to
the same as
they took by storm
reported by the insurgents to have said that the
all available troops up to the line.
Even the
famed Lister Division, which had just been sent to the rear for reorganiza¬
tion, was said to have been returned.
Government advices said that the insurgents also had started a flanking
movement on the Castellon front along the Teruel-Valencia highway, where
they succeeded in advancing their lines slightly.
The Government also reported that three insurgent planes had dropped
40 bombs in a morning attack on Torrevieja, salt port on the Mediter¬
ranean.
A 500-ton sailing ship was struck but did not sink.
Most of the
Captured soldiers were
Government was rushing
of the
suffered by Japan as a result
typhoon, Associated Press accounts from Tokio, Sept. 1, said,
in part:
v
Japan, clearing away wreckage left by a 75-mile-an-hour typhoon early
today, counted tonight at least 34 dead, scores of persons injured or
estimated
damage
property
and
missing,
[$28,000,000 at current exchange].
Authorities estimated
the damage
high
as
as
shipping at
to
100,000,000 yen
Yokohama alone at
5,000,000 yen.
eastern section of the country
The populous
bombs
that bore the brunt of the
2 a. m. and 6 a. m. resumed near normal activity.
Trains, trolleys and buses were running and communications had been
restored.
Markets opened briefly during the afternoon, but schools re¬
mained closed.
School authorities said buildings might be kept shut
between
typhoon
several
for
destroyed by
disastrous
near
today as
fire
this
with
this
Government
protested
week
to
the
in
the
of
face
superior
of
shore
northwestern
Japanese
Poyang Lake
Chinese
digging
were
along
in
a
Bmall
month
Teian.
Their
places
The Chinese
ago,
were
defeated
resistance,
were
said
from
to
Kwangtsi,
attempting to drive
advancing
reported
control
a
up
about
ees,
on
the Pama
of
The
at
Chinese
Hukow
attacks
Wusueh-Matowchen
the
and
had
were
been
reports
A
that
north
strengthen their attack.
of Corbera,
Such
all
.
stated:
Franco might
favorable to mediation.
a
report is false
source
6
and without any foundation.
said:
It is declared by an
that
tions bear this out, of interrupting the
alists to the total liberation of Spain.
these
In indicating that reorganized Chinese units reported on
Sept. 9 that they had halted Japanese advances on both
.
General Franco, who has the enthusiastic support
and confidence of the whole country, never has thought, and his declara¬
Japanese river positions
said
.
which is northeast of
loss of life.
communique issued by the Spanish insurgent news agency
authorized
Japanese
asserted
resign in favor of a Spanish politician
It is
repulsed.
and from the Mediterranean coast to
Spanish insurgent representatives here denied today that
boom.
repeatedly counter-attacking
below Kiukiang.
The
Pengtseh,
Sierra de los Cahallos, which are more
Regarding reports that Generalissimo Franco might resign
Kiukiang,
River.
hardest north of
In the first
Along the highway they tried to dislodge the
Associated Press advices from Paris April 7
of
northwest
expected this force will try to outflank Chinese defenses at the northern
end
pushed
Gandesa-Mora de Ebro highway.
along the
2,600 feet high.
Field
of Teian.
away
conflict on the Ebro front today as
the insurgents
Gandesa, the insurgents captured a hill, but with heavy
Tungkuling Hill, recaptured five days
miles
and
said
field
► The insurgents massed troops brought from the Sort front, in the Pyren¬
north of Teian, after
back through
the north bank of the Yangtze toward Hankow,
Tsaochiaho, eighteen
on
than
streaming
miles
from the
12 miles north of Gandesa.
drive along the edge of the lake from
thirty
Sept. 8 the Associated Press said:
on
Government militiamen from the
Teian is about thirty
Mahuiling,
at
were
than twenty miles northeast
less
Japanese
of Teian
taken by Central Government troops.
blocking the Japanese from
Singtze,
were
troops,
stubborn
of
into battle.
they attempted to capture the foothills of the Fatarella mountains,
section
Kiukiang and sixty miles north of Nanchang.
provincial
Kiangsi
a
of
river north
on
said
thrown
were
Hendaye
Reports
delaying action through the hills along the Kiukiang-
Nanchang Railway and the shore of Poyang Lake.
miles south
August
Gandesa
regulars
and large
five miles
after driving an eight-
insurgents sought to smash Spanish government defense lines.
planes
the Yangtze valley.
while others fought a
lines
announcement
loyalist
in
From
and tanks—turned the
into the most active battle zone in
artillery,
government
in
Hand-to-hand fighting marked the
to Nanchang—carried on
the railway approach
had been halted
said.
7 from Shanghai:
of
recently arrived,
bend, outside of Corbera,
15,000 Italian troops who arrived in
The Italian steamer Tirreno
brought Italian technicians and troops to Cadiz on Aug. 10; the Citta
de Firenze brought 200 aviators and considerable war material the follow¬
ing day; the Franca Fascio arrived with troops and munitions on the
12th, and the Tevere brought several thousand men to Malaga on the 13th,
the loyalist news agency reported.
The German steamer Portoe put into Cadiz with planes and artillery,
and on August 12 the Deutschland brought material to Malaga, the agency
Spain
Geneva against the alleged use of
poison gas by Japanese troops. Meanwhile Chinese Central
Government troops were sent to a breach in the KiukiangNanchang Railway front in an effort to halt a Japanese
drive south from the Yangtze River to Nanchang, as de¬
scribed in the following Associated Press dispatch of Sept.
defense
arms
bombing attacks.
The
League of Nations at
The Chinese
wedge
mass
outlying regions.
Chinese
The
German
Ebro River
government forces, it was announced at
ripped across Southern Japan, striking
Osaka.
More than 65 -were dead.
mile a minute as they raced through ■
smashed houses, piled floodwaters in streets and destroyed com¬
munications
United Press advices of Sept. 7
the west hank of the river. The
Barcelona, held all their positions
along the Ebro despite intense enemy artillery and aerial bombardments.
It was reported that Franco sent 164 planes over the loyalist lines in
mile
police station, bank,
heavy winds, traveling at a
area,
of
of the
south
the typhoon
part of
bitter combat.
loyalists said the insurgents, using new Italian brigades
quantities
which started in a cinema, razed the
primary school, temples and
Mean¬
Hendaye reported:
The
big industrial centers of Kobe and
The
a
from
was
2,000 homes.
The main
Valencia had been resumed.
Government communiques on Sept. 7 said
crushing defeat to 15,000 fresh Italian troops had
General Franco's offensive on the Ebro front after
five days of
virtually
the edge of Japan's worst typhoon since the
the flames,
fanned
post office,
hall,
Tokio
»
Takaoka in Toyama prefecture,
and it was officially announced that
Spanish
halted
struck that area.
1934
of
storm
winds
High
town
to say:
Himi,
of
The town
that
their advantage
insurgents pushed
week,
the
the nationalist drive on
while
6 United Press accounts from
Under date of Sept.
had the following
in
renewed vigor,
with
caused most of the deaths.
Collapsing houses and landslides
into the sea.
fell
Later
until inspected for damage.
days
trench after trench of the Government's deep system
of fortifications.
penetrating the area.
to the damage
As
protective line of tanks.
running behind a
throwers
led by grenade
The insurgents said
finally attacked Corbera itself they were
the troops
When
involving foreigners caused
responsibility for untoward incidents
by stray bullets
Gandesa,
of Gandesa.
three miles northeast
is
Corbera
forces may attack any Chinese troops or military estab¬
lishments within 1,000 meters of the area, and the Japanese forces will
Japanese
not assume
the zone ran almost
6ornewhat
west of Venta
de Composines but east of Corbera, which the insurgents
captured yesterday and which today, they reported, was occupied fully.
Chinese soldiers.
6.
that the main insurgent line in
Fayon, on the Ebro River 17 miles northwest of
Benifallet, 12 miles southeast of the same city.
i)
The line curved through the center of the Caballoe Mountains
from
directly
of disorders.
pass near the
the area.
of
front
river
permitted to remain or
be
shall
vessels
Chinese
No
4.
frontier, said:
communications or for the fomenting
center for espionage,
Sept.
of
advices
the area for any prepa¬
be permitted to use the area
military authorities shall
Chinese
No
3.
through the specified area.
shall be prevented from using
against the Japanese army.
action
for
ration
summarizing bulletins from
In
shall be allowed to pass
No Chinese troops
2.
moving out of the fighting area.
the front, Associated Press
5 from Hendaye, on the Franco-Spanish
loyalist forces from
ing
were:
agency,
news
a
reported this week that outskirts of
heavy artillery bombardment, prevent¬
Gandesa were under
areas
The
nese
as
concession.
British
the former
eastward and to
tried, thus
have
these
loyalists this week fought a tense
reporting
River front, with insurgents
the Ebro
on
gains that
of the United States, Great
and
concession
French
Back
enabled General Juan Yague's troops to advance
dominate strategic Government communisations near Gandesa.
The battle of the Ebro River was
last referred to in the "Chronicle" of Sept. 3, pages 1412-13.
(Tokio) advices, Sept. 3, said:
Britain, France, Germany
handed a list of rules, observance of which would "enable
to refrain from attacking a specified section of Hankow."
consulates and business houses in Hankow are in the
Japanese troops
River
Toward Gandesa
Associated Press
The Ambassadors
were
Spanish Insurgents Gain in Fighting on Ebro
Front—Loyalist Troops Reportedly Pushed
Chinese said, they fought
the north
On
that the
authorities at Hankow had admitted.previously
within 80 miles of Hankow, the provisional capital, and
Japanese objective, and that a Japanese overland column had approached
within 80 miles of the Peiping-Hankow railroad.
The Chinese said they
had recaptured Kwangsi, 15 miles north of Wusueh, after heavy counter¬
attacks in which they said the invaders suffered 1,000 casualties.
Dispatches from Peiping quoted a Japanese Army announcement that
the Japanese had cleared all Chinese Central Government troops from the
area north of the Yellow River by capturing Wenhsien, an important river
ford opposite Loyang, Honan province.
part, added :
in
Wusueh, north-bank
Japanese
Japanese forces had been
in
the most sanguinary
quote from
followed assertions that Japanese had started new bombard¬
terminus of a river barrier about 80 miles
The reports
ments of
The Sino-Japanese conflict was de¬
scribed in the "Chronicle" of Sept. 3, page 1413.
Chinese military commanders reported on Sept. 2 that
believed
Associated Press ad¬
in mid-China.
Shanghai, added in part:
banks of the Yangtze
subsequent fires took the worst death toll from weather
Japan since 1034.
The industrial centers of
Kobe and Osaka were hit by the storm, and fatalities were
calamities in
1938
10
Sept.
Chronicle
Financial
1568
-
fight which must lead the Nation¬
It was added that in Spain there
other policy than that of total victory, nor any other
statesmen than those who serve the fatherland under orders of the chief of
state.
Nationalist circles who know the source of these rumors denounce
them to the world as an inspired maneuver stripped of all truth.
could
not
he
any
Volume
Financial
147
Mexico
Rejects United States Demands for Payment
Expropriated Farm Lands—Reply to Hull Note
Also Indicates Further Seizures May Be Made
for
The
Mexican
United
States
Government
demands
ican farm lands which it has expropriated.
Eduardo
Hay,
Minister of
Mexican
rejected
Sept. 4 formally
on
for immediate payment
for Amer¬
The note, from
Foreign
Relations^ to
Josephus Daniels, the United States Ambassador to Mexico,
followed the lines expected after the address
opening
session
Cardenas
of
Mexican
the
Sept. 1, to which reference
on
columns Sept. 3, page 1414.
The Mexican note said that
halt
seizures
lands
of
continue the
made to the
President
by
Congress
made in these
was
would
Government
its
belonging to
not
would
doing
but
foreigners,
plan of redistribution, "although in so
she might likewise affect
foreigners."
simultaneously at Washington
and Mexico City.
In commenting on the contents of the
note, and its possible effects, a Washington dispatch of
Sept. .5 by the United Press to the New York "Journal of
The note
made public
was
Hull
note, in response to
insisting
that
lengthy note from Secretary of State Cordell
a
Mexico
make
no
further
until
expropriations
some
20.06% of total trading of 6,018,560 shares.
On the Curb
Exchange, member trading for their own account during the
week ended Aug. 20 was
173,525 shares, or 18.67% of total
trading of 464,605 shares; this compares with a percentage
during the previous week of 19.88%, member trading during
that week having amounted to 290,935 shares and total
volume to 731,555 shares.
1
'
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
embodied in its report to Congress in June, 1936 on
the "Feasibility and
Advisability of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended Aug. 13 were given in these columns of
Sept. 3, page 1415.
The Commission, in making available
the data for the week ended Aug. 20, said:
gram
The data published
had been taken to insure payment for properties already seized,
only rejected ail of Mr. Hull's demands, but called for a cessation of
the
exchange of diplomatic representations on the subject.
The note
possible serious
complications for the good
Business
-V".Perils
members.
•../•.V
Department
cated
they
the
whole
the
relations
Mexican
officials
subject
of
for
traetural
it,
it
Kttle
neighbor policy.
;"'V;
.
said,
more
with
than
of
the
'.;.v
;
1
New
'
Mexico
to
state.
seize
commercial
toward
rights
property
chaotic
a
license
by
dealings
the
and
1,080
Other than
as
Initiated
on
105
;
floor
216
Initiated off floor—....................
discussion
of
the
an
fine
26
248
...
57
576
....
transactions
no
656
Note—On the New York Curb Exchange the round-lot transactions of specialists
"In stocks In which registered" are not strictly
comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
as
The
well
as
than
those of the specialist.
number
the
of reports
number
in the
of reports
various classifications may
tetal
more
received^because, at times, a single report
may carry entries in more than one classification.
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
ACCOUNT OF
MEMBERS*
Week Ended Aug. 20,
con-
It
'
specialists:
Reports showing
*
830
207
.
(SHARES)
1938
Total for
Week
degree of safety.
any
York
Curb
Exchange
./
Reports showing transactions:
As specialists *
without
property
whether this Government would reply.
officials here consider the dispute has
academic
leaves
Under
,
New
York
Stock
Exchange
view¬
official
say
that
an
in
ordinary
even
taken
private
versus
headway being made toward
no
concerning
stand
countries
government
robbed
are
however,
determined
two
of
Officials declined to
indicated,
the
the
was
relations
'
;
..
but their cautious attitude in' itself indi¬
expropriation
between
interpretation
paying
law,
Deals
reticent
were
Mexican note,
consider that
the
,
CurbtExchange by their respective
These reports are classified as follows:
-■
dealer
State
point toward
based upon weekly reports filed with the New
are
York Stock Exchange and the New York
measures
not
presented
1569
Number of reports received
Commerce" said:
The
Chronicle
Per
Cent
a
was
become
points of international
Total round lot volume
3,533,500
.......
Round-lot transactions for account of members (except trans¬
adjustment.
actions for the odd-lot accounts of specialists
and odd-lot
dealers):
;
The
Mexican
proposal
for
Agrees
.
note
made
appointment
only
of
Commission
on
It
concession.
one
commission
a
1.
of
accepted
Mr.
representative
one
Transactions of specialists In stocks In which they are
Sold
of
Mexico and the United States to determine the value of
lands expropriated
and
made the
to
tion
fix payment
that
The
were
it
therefor.
would
Mexican
calculated
when,
pay
note
to
The Mexican
and if,
contained
Government
Total.
Other transactions Initiated
can.
references
on
the floor—Bought
265,010
208,110
Sold
which
observers
sting American Administration officials.
here
>12.14
857,840
reserva¬
2.
it
435,270
422,570
registered—Bought
Hull's
each
believed
Total.
Among these
reference to the American Government's seizure of all
gold, under the
"gold clause," and the dispute between this Government and Panama over
6.69
473,120
was
payment of rental annuities for the Panama Canal in
devalued
3.
Other transactions initiated off the floors—Bought.
128,070
Sold
147,035
dollars.
Total.
Metal Coins
The
4,
to
828,350
Replace Nicaragua's Paper Money
following from Managua,
from the New York "Times"
Nicaragua,
Aug.
31,
Sold
is
777,715
Total
of health all paper money of 10,
25 and 50 cent denominations.
Transactions for the odd-lot accounts of specialists and oddlot dealers:
1.
In round lots—Bought
Metal coins will be substituted..
Sold.............................
Total..
Short Interest
New York Stock
on
Exchange Decreased
2.
During August
the
existing as of the close of business
Aug. 31 settlement date, as compiled from information
was
it
729,480 shares, compared with 833,663 shares on July 29,
announced on Sept. 9.
Of the 1,247 individual stock
on the
Exchange on August 31, there were 38
1,037,678
ON THE NEW YORK
ACCOUNT OF
CURB EXCHANGE
issues in
which
total short interest of more than
5,000
shares existed, or in which a change in the short
position of
more
than 2,000 shares occurred during the
Week Ended Aug. 20,
1938
Total for
Week
Total round-lot volume
Exchange's announcement said.
short interest
a
1936—
Oct.
1.
Transactions
of specialists In stocks in which they are
registered—Bought
*
974.338
.1,011,670
Dec.
31
—1,040,964
June 30
944,957
1,230,579
Nov. 30
Apr. 30
May 28
1,066,184
July
1,012,186
1937—
30
1,007,736
Aug. 31
..1.136,814
966,935
Sept. 30
Jan.
29
....1,314.840
Feb.
26
1,426,522
Nov. 30..
Mar. 31
1,199.064
Dec. 31
Oct.
Jan.
31
Feb.
28
Mar. 31
Apr.
29
May 31.
June 30
967,593
1,214,082
.
July
1.184,215
29_.
Other transactions initiated on the floor—Bought....
Sold
1,097,858
1,384,113
1,343,573
.1,050,164
Aug. 31
29
-
15,750
Other transactions Initiated off the floor—Bought
Total.
4.
26,150
Total—Bought.
Sold
833,663
729,480
173,525
Total.
Curb
on
New
York Stock
and
New
York
Exchanges During Week Ended Aug. 20
An increase
during the week ended Aug. 20 in trading in
Exchange for the account of
all members, except odd-lot dealers, in relation to total*
trading, was made known by the Securities and Exchange
Commission yesterday (Sept. 9).
During the same week,
however, the percentage of trading by members of the
New York Curb Exchange for their own account to total
stocks
on
the New York Stock
transactions
was
below the previous week ended
Aug. 13.
During the week ended Aug. 20, according to the SEC,
total round-lot volume of trading for the account of
members of the Stock Exchange was 1,606,065
shares, which
was 22.72% of total transactions on the
Exchange of 3,533,500 shares.
In the preceding week ended Aug. 13 the Stock
Exchange members' transactions of 2,415,331 shares was
the
18.67
...1,051,870
Total..—.
*
48,777
—
Sold
Trading
2.81
80,130
93,395
Odd-lot transactions for account of specialists—Bought
Member
1.69
14,170
11,980
Sold
1,228.005
1,142,482
14.17
8,400
7,350
Total.
3.
1938—
131,625
Total.
2.
57,560
74,065
Sold
was
1937—
30
a
Round-lot transactions for account of members:
The total number of issues
reported as of Aug. 31, 1938
was 490,
compared with 519 on July 29.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since Aug. 31,1936:
Aug. 31
8ept. 30
Per¬
cent
464,604
a
month, the
in which
FOR
MEMBERS* (SHARES)
was
issues listed
3.17
548,375
489,303
Total
STOCK TRANSACTIONS
obtained by the New York Stock Exchange from its
members,
82,710
141,470
224,180
In odd lots—Bought.
Sold
The total short interest
on
22.72
1,606,065
:
The National Bank of Nicaragua plans to withdraw from circulation
for
reasons
Total—Bought.
3.89
275,105
-
-
29,005
—
77,782
"members" includes all Exchange members, their firms and their
The term
partners, including special partners.
4
a Shares In members' transactions as per cent of twice total round-lot volume.
In calculating these percentages
the total of members' transactions is compared with
twice the total round-lot volume on the Exchange
members'
transactions
volume includes only
Includes
both
purchases
fortthe reason that the total of
and sales while the Exchange
sales.
Drawing of Portion of Benigno Crespi, Societa Anonima
7% First Mortgage Bonds of 1926 for Redemption
Nov.
1
Italiana Trust Co., New York, as
notifying holders of Benigno Crespi,
Societa Anonima 7% first mortgage 30-year sinking fund
bonds of 1926, due May 1, 1956, that bonds of 5,000 lire
principal amount each, totaling 320,000 lire, have been
Banca
fiscal
Commerciale
agents,
are
Financial
1570
through the sinking fund on
drawn bonds at their principal
amount will be made by lire cheque on Italy, or, at the
holder's option, in dollars at the buying rate for lire cheque
prevailing on the day of presentation at the office of the
fiscal agents, 62-64 William St., New York.
drawn by lot for redemption
Nov. 1,1938. Payment of the
change and President pro tem, was an ex-officio member of
the committee.
The appointment of the committee was
reported in these columns of June 11, page 3750.
Value
Value
New^York
on
Stock
following announcement showing the total market
bonds on the New York Stock Exchange as
value of listed
of Aug. 31 was
issued by the Exchange on Sept. 7:
31, 1938, there were 1,371 bond issues
As of the close of business on Aug.
$49,423,890,528 par
aggregating
value listed on the New
with a total market value of
Exchange,
York Stock
The New York Curb Exchange
all stocks
Aver.
Market
Aver.
Value
Price
Value
Price
price of each share was $14.74 compared with $15.25
of the preceding month.
The total market value
of all bonds was $4,095,969,122, equal to $83.38 per $100
average
Exchange further said:
The
247.479,418 103.14
Exchange also released the usual
38,143,744 109.09
231,426,161 101.57
98,621,944 100.96
manufacturing..
—
-
—--
--
Amusements
72.331,161
——
85.26
10,438,140
51.44
Machinery and metals.......
Mining (excluding iron)
52,219,309
127,652,307
93.70
Petroleum
430,952,139 104.63
Land and realty
—
Railway operating and
OF
59.09
NO. of
Issues
85.83
52.40
94.21
104.76
6,224,502,130
634,797,415
58.29
87.00
1,758,563
91.25
3,075,233,096 103.89
160,959,243 ,85.23
1,038,53*2,904 101.75
202.578,622
...........
44.39
Business and office equipment
20,136.500 103.00
Shipping services.... —...
Shipbuilding and operating;.
14,482,819 ; ,50.93
10,677,885 46.50
4,409,400 106.14
42,881,532 125.17
Leather and boots...
Tobacco
164,871,303
1,021,095,804
U. S. companies operating abroad
Canada).
56.16
65.21
35,457,725 102.12
Miscellaneous businesses
44,182,833,403
95.27
e
$5.73
$214,687,949
$1,230,720,679
406
-
424,589,004
6.753,789,718
15.91
$639,276,953
$7,984,510,397
$12.49
Totals
Preferred, Stocks b—
116
;
—
$12,207,937
43,643,612
$377,236,800
1,886,126,091
$30.90
205
321
Unlisted
Totals
$55,851,549
$2,263,362,891
$40.52
43.22
3,093,324,757 104.09
>
170,600,184
87.09
1,011,476,947 102.10
249,009,299 51.63
19,867,688 101.63
15,053,298
52.94
51.25
11,769,195
4,475,011 106.19
(42,938,189 125.34
Bonds—
78
-
Totals
$4,912,688,973
$4,095,969,122
f$83.38
$745,981,856 $10,035,115,672
10,447.518,333
747,140,258
744,101,064
8,399,747,953
9,335,307,623
708,388.141
r$13.45
13.17
31, 1938
1938.—
Mar. 31,
1938—
Apr. 30,
1938
——
1,128
1,125
1,123
1,120
1,119
Market
Average
Value
Price
Value
Price
$
S
11.28
13 17
1,115
701,450,163
30, 1938
1,112
695,119,500
10,606,403,553
15.25
Aug. 31, 1938
1,112
695,128,502
10,247,873,288
14.74
$4,153,134,843
4.149,560,132
3,856,561,998
4,090,638,360
f$79.97
4,128.834,825
4,159,816,491
81.48
4,215,542,942
4,095.969,122
84.97
June 30,
1938-——-,
—
701,819,915
14.44
All Bonds—
31, 1938
397
Feb. 28, 1938
395
393
Apr. 30, 1938
393
May 31, 1938
394
June 30, 1938
Average
rl3.98
9,244,421.764
10,130,631,753
Mar. 31, 1938
Market
f81.61
All Slocks—
Jan.
1,023,493,398 65.85
35,923.750 102.64
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:
$612,098,867
3,483,870,255
f$95.08
4,268,041.688
——
Unlisted
Feb. 28,
90.19
$643,747,285
330
408
Listed---—
69.09
173.492.986
80.40 44,561,109,790
1937—
Price
97.76
The following
8
Average
791
Unlisted
July
1936—
Value d
c
385
Listed-
May 31, 1938
All listed bonds
Total Market
Amount
Outstanding
Common Slocks a—
Listed----.
Communication (cable, tel. & radio)..
OF SECURITIES AS
1938
96.52
97.18
Gas and electric (holding)—
31,
59.32
56.19
94.47
Gas and electric toperatlng...
AUG.
100.58
6,016,712,879
631,033,482
Steel, iron & coke
Foreign cos. (incl. Cuba and
EXCHANGE (MARKET'VALUE
101.09
94.46
Textile
utilities
NEW YORK CURB
108.60
holding com¬
panies & equipment manufacturers.
Miscellaneous
Sept. 2 follows:
76.03
85,840,034
33,389,709
—
all
value thereof begin¬
by the New York Curb Exchange
The tabulation released
on
94.45
1,674,750
Paper and publishing
Retail merchandising
of the securi¬
31, 1938.
the table indicates the monthly totals of
purposes,
stocks and bonds and the aggregate monthly market
37,974,923
230,452,265
98,259,445
73,312,778
10,632,295
52,513.122
128,039,890
432,279,963
87,704,962
33,670,322
74.45
Rubber and tires—.—
monthly tabulation showing by
the total market value thereof as of Aug.
91,004,373
22,977,974
91.69
Food
Curb
ning with January, 1938.
247,693,668 103.23
22.334,079
1938.
.
classification number of issues on the Exchange, the amount
$
%
cities, <fcc.)— 28,357,849,638 106.67 28,422,203.349 106.91
1,822,700,136 57.27 1,863,501,057 58.29
Foreign government..
..
16,022,780 86.00
16.266,677 87.37
Autos andjvccessories-—
—
88,356,613
value
value as against $4,215,542,942 total market
and $84.97 per $100 par value of bonds at July 30,
With the issuance of the monthly tabulation the
par
U. to. Govt, (inch States,
Chemical
Sept. 2 that
had an aggre¬
on
gate market value of $10,247,873,288 as against $10,606,403,553 aggregate market value at July 30, 1938.
The
For comparative
Market
Building
announced
the Exchange at Aug. 31, 1938,
on
ties outstanding, and
July 30, 1938
Aug. 31, 1938
Electrical equipment
on
at the end
$44,183,833,403.
On July 30, 1938, there were 1,374 bond issues aggregating
$49,408,996,523 par value listed onjdie Exchange with a
total market value of $44,561,109,796.
In the following table, listed bonds are classified by govern¬
mental and industrial groups with the aggregate market
value and average price for each:
Financial—
Market
Stocks
31 Totaled $10,247,873,288, Compared with
$10,606,403,553 July 30—Total Value of Bonds
Declined $119,573,820 from Month Ago
Exchange Aug. 31 Below July 30
The
of
Securities—Value
Listed
of
Aug.
Listed
Bonds
of
York Curb Exchange Monthly Report on
New
+
Market
10. 1938
Sept.
Chronicle
391
1938
413
$5,205,858,132
5,124,613,832
5,087,310,157
5,084,609,357
5,067,340,577
4,975,483,445
4,960,855,345
1938..—..
408
4,912,688.973
Jan.
July
30,
43,,305,464,747
95.79
Oct.
1
43,270,678,790
92.76
Nov. 1
43,,179,898,504
95.92
Nov. 1
43,,779,640,206
97.01
Dec.
45,,053,593,776
97.35
Jan.
1
42,782,348,673
89.26
rank
1
45,,113,047,758
96.83
Feb.
1
42,486,316,399
89.70
45,,007,329,915
Mar. 1
42,854,724,055
41,450,248,311
88.68
42,398,688,128
42,346,644.435
87.82
83.61
actually outstanding as at dates of above tables.
Mar. 1
75.80
80.45
91.51
1
42,591,139,774
42,109,154,661
80.97
i
Oct.
Dec.
:.
1
Feb.
90.11
89.48
85.71
Apr.
1
44,,115,628,647
96.64
Apr.
May
1
43,,920,989,575
93.88
May 1
June
1
44,,170,837,675
93.33
June
1
Aug. 1
44,,001,162,031
93.89
June 30
43,756,515,009
88.98
44,,206,135,580
92.98
July
30
90.19
Sept. 1
43,,808.755,638
93.93
Aug. 31
44,561,109,796
44.182,833,403
July
1
1
r
Revised,
Includes warrants and debenture rights,
a
87.78
89.40
Report of Special Committee of Chicago Stock Exchange
—Recommends No Additional Expenses Thereby
Abandoning Plans for Paid President
The Board of Governors of the
Chicago Stock Exchange
Sept. 7 received the report of the special committee for
the selection of President, which was appointed on June 7
and later granted the request to include the subject of
organization of the Exchange.
The final conclusions and
recommendations of the committee, concurred in unani¬
mously by its members, are as follows:
on
The requisite qualifications for the office of President of the Chicago
Stock Exchange are:
(a)
Executive and administrative ability;
(b)
A high order of technical knowledge of the business and experience
with relation thereto, and
A broad, sympathetic understanding of the problems of the mem¬
bership.
(c)
|p 2. The present income and
warrant any increase in
3.
It
is
not
because, in
our
expense
condition of the Exchange does not
overhead expense.
necessary
for
the
to
junior
for
rial
4.
as
expense
judgment, the members of the present staff, with promo¬
below, furnish adequate mate¬
efficient functioning of the organization.
an
We recommend that the organization of the Exchange be constituted
c
Represents,
as
of par value.
Two New Courses to be Offered at Fall Session of New
York Stock Exchange
Charles
Institute
Harding, Chairman of the Committee on
Member Firms, points out in a letter, addressed to all part¬
ners, senior customers' men and other registered employees,
in which he draws attention to the expansion of the cus¬
tomers' man courses in the Stock Exchange Institute, that
member
B.
firms
the
of
New
York
Stock Exchange
are
in¬
creasingly discrminating in selecting personnel for the ser¬
vicing of accounts, and the most desirable opportunities are
open to persons of professional competence.
Mr. Harding
particularly stresses the importance of a new course being
offered in 4'The Work of the Specialist and the Odd-Lot
Dealer." This is a course primarily devoted to the technique
of the execution of trders on the floor of the Exchange.
The
emphasis will be placed on the interest of the customer.
The letter from Mr. Harding was sent on Sept. 7 in con¬
nection with the opening next week of the Stock Exchange
being offered in the more compre¬
instruction for registered employees is
"Investment Account Management" as applied to individual
investors' portfolios.
A second
new
hensive. series
course
of
follows:
Arthur M. Betts, President pro tern, without salary; Kenneth L.
Smith,
Vice-President; Sidney L. Parry, Assistant Vice-President; C. R. Bergherm,
Assistant
Vice-President; Walter R. Hawes, Secretary; Martin E. Nelson,
Treasurer;
Assistant
Charles F.
John
Skinner.
Duvail, Assistant
Secretary, and Carl E.
Ogren,
Secretary.
The committee
of
securities,
Institute's fall term.
Exchange to incur additional
tions and rearrangements as recommended
both,
to listed securities, amounts
As to unlisted securities, the
amounts outstanding are as per the latest report issued prior to the date of each
period indicated in the above tables,
d Based on last sale price on last trading day
of each period, or in absence of a sale on such day, the mean of the closing bid and
asked price on such day.
In some instances, in the absence of both sale and asked
price on the last trading day in each period, the closing bid price was used in com¬
puting market values,
e Average price found by dividing the total market value
by the total shares of stock or principal amount of bonds outstanding, f Expressed
prior
in dollars per $100
1.
83.38
b Includes securities not
necessarily designated as "preferred," but which as to dividends, or assets, or
1938—
1937—
Jan.
1-
Auu. 31.
submitting the recommendations consisted
Bryant Jr., Michael J. O'Brien and Paul B.
Arthur M. Betts, present Chairman of the Ex¬
J.
Industrial
Situation
"Strengthened
Substantially"
Compared with Two or Three Months Back Says
National City Bank of New York
"Compared with two or three months back, the industrial
has been strengthened
substantially," says the
situation
National City Bank of
New York in its September "Monthly
Letter," which also says:
Volume
The
particular,
Financial
147
spurt
in
the
markets
orders
more
to
enabled
them
to
the
most
conspicuous
are
forward
move
one
the
gave
work
metal
textile
and
reduced
on,
gains,
but
other
industries
have
also
and
stocks,
begun
Total accepted, $100,148,000
Range of accepted bids:
High,
99.999; equivalent rate
99.986; equivalent rate
Average price, 99.988; equivalent rate
(26% of the amount bid for at the low
These
months.
many
in
industries,
unsold
their
operations to the best rate in
1571
Totarapplied'for, $228,970,000
Dow,
to
moderately, and the tendency of improvement to spread from
brightens the outlook for all.
another
to
area
raise
Chronicle
approximately 0.032%.
approximately 0.055%.
approximately 0.049%.
price was accepted.)
Preceding the above comments the bank had the following
to
say:
New
Offering of $100,000,000 of 91-Day Treasury Bills—
The
commodity and security markets have quieted down during August,
compared with late June and July.
However, sentiment was well pre¬
pared for the slackening, since the rise had been greater than expected;
To Be Dated Sept. 14, 1938
as
the
and
better
feeling which spread
business while the markets
over
were
advancing has net been seriously disturbed.
Buyers of industrial materials
stepped back to the sidelines not because they have suddenly turned
but because their purchases in June and July covered require¬
have
pessimists,
ments
for
lative
markets
sibly
time ahead.
some
The slowing down
moving faster
were
business
than
could
improvement
and if pushed too far there would be
go;
for the specu¬
is welcome,
pos¬
danger of a demoralizing
reaction.
In
the
merchandise
facturers
markets
like.
would
activity has not been
brisk
as
manu¬
as
Retail
buyers are inclined to see how fall business
before committing themselves heavily.
But merchants are reasonably
starts
optimistic,
improve
and in most manufacturing lines the feeling is that sales will
the season progresses.
It is the usual thing, when there is
as
Tenders
invited on Sept. 8 by Secretary of the Treas¬
Henry Morgenthau Jr. to a new offering of $100,000,000,
or thereabouts, of
91-day Treasury bills, to be sold on a dis¬
count basis to the highest bidders.
The bids will be received
ury
at the Federal Reserve banks
or the branches thereof,
up to
Eastern Standard Time, Sept. 12, but not at the
Treasury Department, Washington.
:<
The new bills will be dated
Sept. 14, 1938, and will mature
on Dec. 14, 1938.
On the maturity date the face amount of
the.bills will be payable without interest.
An issue of similar
securities in amount of $100,701,000 will mature on
Sept.
14.
The following regarding the new
offering of bills is from
2 p. m.,
the
special inducement to buy ahead, for business in finished goods to expand
no
slowly
more
than
demand
for
which
materials,
raw
subject to
is
wider
fluctuations.
From
In
the
that
has
stocks
of
fallen
tion
natural
a
goods
to
were
itself.
impetus
to
$1,000,
or
denomina¬
$100,000, $500,000, and $1,000,000
$10,000,
(maturity
that
It
consumption,
is
unlikely,
and
of
supporting
and
the
need
judging by
course
the
because
for greater
past
all
deficit
excess
produc¬
experience,
expenditures
would
had
production
income, will enable
consumer
that
an
many
much
a
help to trade.
amount
than
$1,000 will be considered.
The price offered must be expressed
Factors in Home Financing and
Residential
Building
Fields
Revealed
in
Consolidated
Balance
Sheet
of
Member
tions of Federal Home Loan Bank
;
New
1937
Institu¬
System
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
10%
are
Tenders from others must be accompanied by a deposit of
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
Immediately after the closing hour for receipt of tenders
on
consolidated balance sheet of the 3,927 member institutions
of the Federal Home Loan Bank System as of the end
of
1937, compiled at the offices of the Federal Home Loan
Bank Board in Washington.
both
with
State-chartered
associations
Federal
The Board's report has to do
and
Federal
whose investment accounts
Savings
and
Loan
savings
Insurance
and
loan
insured by
are
Corporation.
the
The
chief features of the report, as announced by the Board, are
summarized as follows:
Real
1.
estate
depression
owned, representing properties repossessed during the
declined in volume about 20% in proportion to the total
years,
assets of the associations.
this
in
regard,
attributed
to
up
to the closing hour will be opened and public announcement of the ac¬
as soon
as
possible thereafter, probably on the
more
favorable position of Federal associations
other
to
savings
and
loan
The Secretary of the Treasury expressly
right to reject any
all tenders
amount
charter by
associations,
newly-organized
Federal
Much
estate.
associations
the
of
real
The
estate
had
sold
little
was
time
land
a
on
to
The
2.
The
Second
of second mortgages held to total assets dropped
gradual elimination of this costly type of financing.
loans now constitute much less than 1% of the assets
mortgage
member
of
The
3.
institutions.
ratio
tion increased
of
The
tions
7.
in
in
by
the volume of
for
a
This
decline reflects
from
Home Loan
new
in
relation to total
The
the
facilities
increased
Banks
was
of
volume
accompanied
and old investors into
by
member institu¬
gratifying rise.
of
of
home
member
financing by members of the Bank System
Reference to the
during
institutions
1937,
page
partly
during the
due
to
was
the increase
year.
lending activity of the savings and loan
associations in the last half of 1937
2,
held
decreased.
by members of the Bank System of the credit
the Federal
substantial growth
a
the number
of April
cash
liquidity has
reporting associations.
use
of savings
volume
by
r
,
type of associa¬
borrowings from other financial institutions.
flow
showed
The
marked
in
supplied by
each
Banks, providing of advances to member institu¬
in the
increase
decrease
6.
Loan
made
loans
An
facilities
a
shown
was
Home
for
-•
largely responsible.
are
home
5.
;
loans held to assets
mortgage
indicating the need
Federal
tions,
of
during 1937.
A decline
4.
assets,
the
a
was
made in
our
issue
2132.
except
estate
No loss from the sale
A
total
of
was
tendered
to
the
offering of
thereabouts, of 91-day Treasury bills dated
Dec. 7, 1938, it was announced on
$100,000,000,
or
Sept.
maturing
7
and
Sept. 2 by Secretary of the Treasury Henry Morgenthau Jr.
Of this amount, Secretary Morgenthau
said, $100,148,000
was accepted at an average rate of 0.049%.
The tenders to the offering of Treasury bills were received
at
the Federal Reserve
banks and the branches
thereof
up
to principal and interest, and any
(Attention is invited to
or
other disposition of the Treasury bills
any tax now or
hereafter imposed by the United States
sions.
deduction,
;/(/AV1'
Treasury Department
or
otherwise recognized, for the purposes of
V-:.;/
or any
prescribe the terms of the Treasury bills and
of its poses-
;
■■
Circular No. 418,
as
amended,
govern
and this notice
the conditions of their
issue.
Offers
Treasury
12 to 14-Year 234%
1 34% Notes in Sept. 15
Embodies Conversion of $433,-
$400,000,000
of
Bonds and $300,000,000 of
Financing—Offer
460,900
"New
of 134% Notes Maturing Dec. 15—First
Money"
Since
June,
1937—Subscription
Books Closed
In accordance with his announcement of
to
on
page
1418 of
our
Sept. 1 referred
Sept. 3 issue Secretary of the Treasury
Henry Morgenthau Jr. made known on Sept. 8 the details
financing of the Treasury—a combined
offering of $400,000,000, or thereabouts, of 12-14 year 234%
Treasury bonds of 1950-52 and $300,000,000, or thereabouts,
of 134% Treasury notes of Series A-1943, with the right
reserved to the Secretary of the Treasury to increase the
offering by an amount sufficient to accept all subscriptions
of maturing securities tendered in exchange.
Holders of
$433,460,900 of 134% Treasury notes, Series E-1938,
maturing on Dec. 15 are offered the privilage of exchanging
their holdings either for the new Treasury bonds or notes,
the exchange to be made par-for-par with an adjustment
of accrued interest as of Sept. 15, 1938.
The cash subscription books to the offering of Sept. 8
were closed at the close of business the same day while the
of the mid-September
subscription books for the receipt of exchange subscriptions
were closed
at the close of business yesterday (Sept. 9).
In making this announcement on Sept. 8, Secretary Morgen¬
thau added:
Any cash subscription for
$228,970,000
as
as a
Reserve bank or branch
$228,970,000 Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated Sept. 7—
$100,148,000 Accepted at Average Rate of 0.049%
other immediately available funds on
and inheritance taxes.
subscription
the bonds or the notes addressed to a Federal
and placed in the mail before midnight, Thursday.
Sept. 8, 1938, as evidenced
Tenders of
or
Treasury bills will be exempt,
gift tax.)
basis.
proportion
Those
rejection thereof.
>;•
shall be allowed
accumulate
contract
or
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
is
a more favorable real estate market
nationally
shrinkage in the over-hang of residential properties
held by lending institutions furnishes a stimulus to new home construction.
the
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
the accompanying
heavily, indicating
applied for, and his action in any such respect shall be final.
Sept. 14, 1938.
increased sales indicate
and
have
reserves
parts of tenders, and to allot less than the
or
Payment at the price offered for Treasury bills allotted must be made at
of these associations and to the fact that the
many
or
submitting tenders will be advised of the acceptance
principally to write-downs at the time of conversion from State
Federal
real
*A
compared
as
Sept. 12,
1938. all tenders received at the Federal Reserve banks Or branches thereof
the Federal Reserve banks in cash
Encouraging factors in the field of home financing and
new
residential building were revealed on Aug. 20 in the
99.125.
V
used."4''
following morning.
Encouraging
Each
Tenders will be accepted without cash deposit from
incorporated banks
ceptable prices will follow
♦
less
multiples of $1,000.
Fractions must not be
the
of
good
giving
be
not
for
the basis of 100, with not more than three decimal
places, e. g.,
on
improvement
not far enough
came
absorbed,
extent
their needs who otherwise
satisfy
The
the turn is real, but
Evidently the turn
the
shown by the
as
.
tender
tender must be in
affect fall business,
important.
most
considerable
a
exhausted,
is
Federal Government,
people
of
No
quote:
we
likely to
are
the
setback.
substantially below
asserted
the
evidently
to indicate
far enough
into
run
is
summary,
gone
to
bank's further comments
general productive activity has turned upward,
foregoing
Treasury Department's announcement of Sept. 8:
They will be issued in bearer form only, and in amounts
tions
value).
considering the influences that
fact
were
by postoffice cancellation, and any exchange
for the bonds or tbe notes addressed to a Federal Reserve
placed in the mail before midnight, Friday, Sept. 9.
bank or branch and
1938,
as
evidenced by postoffice cancellation, will be considered a timely
subscription.
Secretary Morgenthau indicated that the
additional
change offer for Dec. 15 maturing notes will take care
ex¬
of
practically all Maturing Treasury Securities,—this excluding
Treasury bill maturities and about $17,000,000 of 234%
Series D notes maturing Sept. 15 which were not exchanged
in the June 15 financing and which will be paid in cash.
The Treasury on Sept. 15 will also pay out $155,000,000
interest due that day on the public debt. It is
the present will be the only conversion offer
holders of Dec. 15 maturing notes, as those not
Eastern Standard Time. Sept. 2.
Reference to
the offering appeared in our Sept. 3 issue, page 1417.
The
following regarding the accepted bids to the offering is
representing
from
availing of the offer will be paid in cash on the
to
2 p. m.,
Secretary Morgenthau's announcement of Sept. 2:
stated
that
made to
maturity^date.
Financial
1572
This is the first "new
money" borrowed by the Treasury
since June, 1937, when it borrowed
In the Dec. 15, 1937 financing the
Treasury borrowed $450,000,000 in cash to repay maturing
in the capital market
about $500,000,000.
discount bills of
similar amount.
a
part of the Series of 1K % Treasury notes of
Series A-1943.
They will not be subject to call for redemp¬
a
Interest on both the bonds and notes
payable semi-annually.
Secretary Morgenthau, in making public on Sept. 8 the
Treasury's Sept. 15 financing program, had the following
tion prior to maturity.
Secretary of the Treasury Morgenthau is today offering for subscription,
through the Federal Reserve banks; $400,000,000, or thereabouts, of.12-14
Treasury bonds of 1950-52, at par and accrued interest, and an
2M%
Treasury notes of Series
1H%
additional $300,000,000, or thereabouts, of
A-1943, due June 15, 1943, at par and accrued interest from June 15,
1938.
Treasury notes of Series K-1938,
time, the holders of 1K%
same
such ma¬
maturing Dec. 15, 1938, are offered the privilege of exchanging
exchange to be made par for par with an adjustment of accrued interest as
1938, and to the extent the exchange privilege is availed of,
of Sept. 15,
the offering of bonds or
The 2H%
II. Description of
They will mature Sept.
payable semi-annually.
per annum
1952, but may be
The
15,
the United States on and Sept. 15, 1950.
redeemed at the option of
but may be redeemed at the option of the
1950, in whole or in part, at par and
They will mature Sept. 15, 1952,
United States on and after Sept. 15,
accrued interest, on any interest day
determined by such method as may
From the date of redemption designated in any such notice,
Treasury.
interest on the bonds
called for redemption shall cease.
The bonds shall be exempt, both as to principal and interest,
2.
taxation now or hereafter imposed by the
gift taxes, and (b) graduated addi¬
excess-profits and
tional income taxes, commonly known as surtaxes, and
war-profits taxes, now or hereafter imposed by the United States, upon
income or
Act, approved Sept. 24,
Bond
does not exceed in the aggregate
1917, as amended, the principal of which
$5,000, owned by any individual, partner¬
ship, association, or corporation, shall be exempt from the taxes
for in clause
will not bear the circulation
of conversion.
as
Bearer
bonds with interest coupons attached, and bonds registered
principal and interest, will be issued in denominations of $50,
to
interchange of bonds of different denominations and of coupon and
the
Treasury notes of Series A-1943, issued pursuant to
They are identical in all
regulations prescribed by the Secretary of the Treasury.
\he general regulations of the Treasury
The bonds will be subject to
5.
Department, now or hereafter prescribed, governing United States bonds.
1.
Subscriptions
will
Subscription and Allotment
be received
Federal Reserve banks and
Banking insti¬
the
at
Department, Washington.
branches and at the Treasury
generally may submit subscriptions for account of customers, but
tutions
only the Federal Reserve banks and the Treasury Department are authorized
Others than banking institutions will not be
official agencies.
permitted to enter subscriptions except for their own account.
will be freely interchangeable.
15, 1938, and bear interest from that date at the
payable
per annum
They will mature June
semi-annually.
1943, and will not be subject to call for redemption before maturity.
15,
They
issued in bearer form only, with interest coupons attached, in the
are
denominations of $100, $500, $1,000,
exemptions from taxation as are accorded other issues of Treasury bonds
These provisions are
Treasury notes, respectively, now outstanding.
received without deposit but will
and
the
at
Treasury
Department,
accompanied by payment
Cash subscriptions from all others must be
institutions
of the amount of bonds applied for.
of 10%
The Secretary of the Treasury reserves the right to close the books as to any
or
all subscriptions or classes of
subscriptions at any time without notice.
The Secretary of the Treasury reserves
2.
Banking
Washington.
be restricted in each case to an amount
one-half of the combined capital and surplus of the subscrib¬
not exceeding
specifically set forth in the official circulars issued today.
Subscriptions will be received at the Federal Reserve banks and branches,
the right to reject any sub¬
scription, in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts and
reject, applications for larger
generally may submit subscriptions for account of customers, but only the
to
Federal
amounts, or to adopt any or all of said methods or such other
Reserve
the
banks and
act as official agencies.
Treasury Department are authorized to
Cash subscriptions from banks and trust companies
for either issue for their
account will be received without deposit
own
but
make
reduced
allotments
upon,
in the
Subject to these reservations, subscriptions in payment of which
ceeding one-half of the combined capital and surplus of the subscribing
Treasury notes of series E-1938
bank
ment notices will be sent out
Cash subscriptions from all others must be ac¬
company.
companied by 10% of the amount of bonds or notes applied for.
subscriptions for either bonds
face amount of 1 K%
to
or
Exchange
dated Dec.
1938 should be attached.
15,
classes of
bonds
or
subscriptions at
the
any
time without notice, either for the Treasury
Treasury notes and with respect to the cash offering or with
respect to the exchange offering of either.
Subject to the reservations set
forth in the official circulars,all cash subscriptions will be received subject to
allotment and
exchange subscriptions
Payment for any bonds
made
or
completed
on
or notes
before
or
will be allotted in full.
allotted on cash subscriptions must be
1938,
15,
Sept.
or
on
later allotment.
Treasury notes of Series E-1938, maturing Dec. 15, 1938, with final
due
Dec.
bonds
or
15, 1938, attached, will be accepted at
notes
tendered for
subscribed
for and allotted.
1.
cash
their
acceptance.
notes, interest
on
If
(about $3.14
such
maturing
per
on
the surrendered notes from
$1,000) will be paid following
notes
are
tendered
for
Payment at
par
.
and accrued interest, if any, for bonds allotted on
later allotment.
In every case where payment is not so
the payment with application up to
be permitted to make payment by credit
existing deposits, when so notified by the Federal Reserve Bank of its
district.
Treasury notes of series E-1938, maturing Dec.
for any bonds subscribed for and allotted,
maturing notes ($3.142076 per $1,000) will be paid following acceptance
of
the notes.
V.
General Provisions
15 to
1.
As fiscal
United
of the
agents
are now out¬
made will be
to the Federal Reserve banks of the
Federal
States,
acceptance of the notes.
now
and should accompany the sub¬
Accrued interest from June 15, 1938, to Sept. 15, 1938, on the
scription.
the basis and up to the amounts indicated
The offering
15, 1938, with
Dec. 15, 1938, attached, will be accepted at par in payment
coupon dated
authorized and requested to receive
Treasury notes of Series E-1938, maturing Dec. 15, 1938,
for bonds allotted to it for itself
for which it shall be qualified in excess
and its customers up to any amount
of
his dis¬
Any qualified depositary will
States.
cretion, be forfeited to the United
Sept. 15, 1938, interest will be charged for the same period on the notes
issued, and the difference (about 31 cents per $1,000) will be paid following
standing in the amount of $433,460,900.
completed,
10% of the amount of bonds applied for
shall, upon declaration made by the Secretary of the Treasury in
Treausry
the surrendered notes will be credited from June
Allot¬
allotment, and the basis of the
subscriptions must be made or completed on or before Sept. 15, 1938,
coupon
in payment for any
If such maturing notes are
Treasury bonds, accrued interest
June 15 to Sept. 15, 1938,
par
upon
IV. Payment
or on
or
tendered will be allotted in full.
allotment will be publicly announced.
Treasury notes of Series E-1938 tendered in payment,
which final coupon
are
promptly
notes should be accompanied by a like
The right is reserved to close the books as to any or all subscriptions
methods of
public interest; and his action in any or all of these respects shall be
final.
trust
to
or
allotment and classification of allotments as shall be deemed by him to be
will be restricted in each case and for each offering to an amount not ex¬
or
Cash sub¬
scriptions from banks and trust companies for their own account will be
ing bank or trust company.
$5,000, $10,000 and $100,000.
The Treasury bonds and the Treasury notes will be accorded the same
and
rules and
registered bonds, and for the transfer of registered bonds, under
to act as
IH%
$100,
Provision will be made for
$500, $1,000, $5,000, $10,000 and $100,000.
The notes
rate of
but
privilege and will not be entitled to any privilege
respects with such notes, with which they
dated June
provided
(b) above.
The bonds will be acceptable t© secure deposits of public moneys,
3.
III.
maturing Dec. 15, 1938, will be an addition to and will form a part
are
the
profits of individuals, partnerships, associations, or corporations.
an amount of bonds authorized by the Second Liberty
The interest on
cash and in exchange for Treasury
Department Circular No. 585, dated June 6,1938.
from all
United States, any State, or any
of the United States, or by any local taxing authority,
of the possessions
$100,000.
of the series of 1
the Treasury shall
In case of partial redemption the bonds to be redeemed will be
be prescribed by the Secretary of the
prescribe.
$5,000, $10,000
will be issued in denominations of $50, $100, $500, $1,000,
The Treasury notes, also offered for
days, on four months' notice of
or
redemption given in such manner as the Secretary of
bonds will be issued in two forms: bearer bonds, with interest coupons at¬
tached, and bonds registered both as to principal and interest; both forms
payable semiannually on March
per annum,
15 in each year until the principal amount becomes payable.
15 and Sept.
4.
1938, and will bear interest from that date at the rate of
Bonds
15, 1938, and will bear interest from
The bonds will be dated Sept.
1.
of notes may be increased.
Treasury bonds of 1950-52 now offered for cash, and in ex¬
change for Treasury notes maturing Dec. 15, 1938, will be dated Sept. 15,
notes
which
E-1938, maturing Dec. 15, 1938, are tendered in
payment and accepted.
Treasury bonds or the Treasury notes, the
for the
turing notes either
and
sufficient to accept aU subscriptions for
except (a) estate or inheritance taxes, or
to say:
At the
amount
an
Treasury notes of series
is
year
by
offering
that date at the rate of 2K%
23^% Treasury bonds of 1950-52 will be dated and
15, 1938 and will mature on Sept. 15,
redeemed at the option of the United
States at par and accrued interest on and after Sept. 15,
1950.
The new notes now offered are an addition to and
The
bear interest Sept.
1952 but may be
will form
Sept. 10, 1938
Chronicle
Reserve banks are
subscriptions, to make allotments on
by the Secretary of the Treasury
respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of
bonds on
the only opportunity afforded the holders of these maturing notes to ex¬
full-paid subscriptions allotted, and they may issue interim receipts pending
change them for other interest-bearing obligations of the United States.
delivery of the definite bonds.
2.
.
The
following
are
official
the
circulars, dated Sept. 8, bearing
on
Treasury Department
the new offering of bonds
and notes:
The Secretary of the Treasury may at any time, or
prescribe supplemental
offering,
which
will be communicated promptly
banks.
UNITED
STATES
TREASURY
OF
AMERICA
BONDS
OF
MORGENTHAU
UNITED
1950-52
1 H%
Dated and bearing interest from Sept. 15, 1938
TREASURY
Interest
and after Sept. 15, 1950
TREASURY
NOTES
AMERICA
SERIES
OF
A-1943
June 15, 1938
payable June 15 and Dec. 15
ISSUE
1938—Department Circular No. 594—Public Debt Service
TREASURY
DEPARTMENT
Office of the Secretary
DEPARTMENT
Office of the Secretary
Washington, Sept. 8, 1938.
I.
JR., Secretary of the Treasury.
OF
ADDITIONAL
Interest payable March 15 and Sept. 15
1938—Department Circular No. 593—Public Debt Service
Federal Reserve
Due June 15, 1943
Redeemable at the option of the United States at par and accrued interest
on
STATES
Dated and bearing interest from
Due Sept. 15, 1952
to the
'*
HENRY
2^%
from time to time,
amendatory rules and regulations governing the
or
Washington, Sept. 8, 1938.
I. Offering of Notes
Offering of Bonds
of the
1. The Secretary of the Treasury, pursuant to the authority of the Second
amended, invites
Liberty Bond Act, approved Sept. 24, 1917, as amended, invited subscrip-
subscriptions, at par and accrued interest, from the people of the United
tions, at par and accrued interest, from the people of the United States for
1.
The
Secretary
of the
Second Liberty Bond
States for 2H%
1950-52.
The
Treasury,
pursuant
Act, approved Sept. 24,
to
the authority
1917,
as
bonds of the United States, designated Treasury bonds of
amount
with the right reserved to
1 H% notes of the United States, designated Treasury notes of series A-1943.
thereabouts,
The amount of the offering is $300,000,000, or thereabouts, with the right
the Secretary of the Treasury to increase the
reserved to the Secretary of the Treasury to increase the offering by an
of the offering
is
$400,000,000,
or
Financial
Volume 147
Amount sufficient to accept
series
■
E-1938,
maturing
all subscriptions for which Treasury notes of
Dec.
15,
1938,
tendered
are
and
payment
in
accepted.
II.
1. The notes
the series of LH%
Description of Notes
Treasury notes of series A-1943 issued pursuant to De¬
partment Circular No. 585, dated June 6, 1938, will be freely interchange¬
able therewith, are identical in all respects
15, 1938, and thereafter
on
not be
payable semiannually on Dec.
per annum,
June 15 and Dec. 15 in each year until the prin¬
They will mature June 15, 1943, and will
an
interest, from all
gift taxes) now or hereafter
(except estate or inheritance taxes, or
imposed by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority.
"3. The notes will be accepted at par during such time and
rules and regulations as shall be prescribed or
under such
approved by the Secretary
of the Treasury in payment of income and profits taxes
payable at the
maturity of the notes.
"4. The notes will be acceptable to secure deposits of
public moneys, but
"5. Bearer notes with interest coupons attached
will be issued in de¬
The
$100, $500, $1,000, $5,000, $10,000 and $100,000.
notes will not be issued in
registered form."
III.
Subscriptions will
be received
Federal
the
at
a
It Is
responsibility for in these
grave
vital need for a strong, fearless and free press.
a
...
Once the public realizes that its newspaper serves no interest save that
of truth it will give that paper an allegiance that neither
depression nor
ill-fortune nor any form of bard times can weaken.
I have faith in the
American press just as
I have faith in the American people and in Our
democratic institutions.
I
venture the opinion that the straight-forward
pursuit of truth and justice points one way to prosperity and larger in¬
fluence of American newspapers both great and small.
To you falls the privilege of assuming direction of a paper with a great
past,
living tradition.
a
which present
the
serves
Times change but the essentials of life remain.
seeking
approach to the solution of old problems
a new
phases to changing generations.
new
of truth will best
cause
In all this he who
the national interest.
serve
The purchase of control of the Brooklyn "Daily Eagle"
by Mr. Schroth was noted on page 979 of our Aug. 13 issue.
Subscription and Allotment
branches and at the Treasury Department,
no master
By a free press I mean a press which is untrammeled by prejudice and
unfettered by selfish bias, which will serve no cause but that of truth and
Ours is the task of
will not bear the circulation privilege.
nominations of
opportunity which carries with it
fateful times there is
which will recognize no master but justice.
subject to call for redemption prior to maturity.
taxation
recognize
I congratulate you upon the
great opportunity for constructive service
The notes shall be exempt, both as to principal and
"2.
1.
but that of truth and which will
but justice."
The letter said, in part:
which becomes yours as publisher of "The Brooklyn Dally Eagle."
"1. The notes will be dated June 15, 1938, and will bear interest from
cipal amount becomes payable.
"strong, fearless and free press."
The letter, published
Sept. 6, defined a free press as "a press which is untrammeled
by prejudice and unfettered by social bias, which will serve
therewith, and are described in
the following quotation from Department Circular No. 585:
that date at the rate of 1H%
1573
no cause
of
offered will be an addition to and will form a part
now
Chronicle
Reserve
banks
and
Banking insti¬
Washington.
tutions generally may submit subscriptions for account of customers,
but
New
$3,000,000
Bridge
Over
Potomac
Advocated
Roosevelt—Addresses Crowd Near
only the Federal Reserve banks and the Treasury Department are author¬
by
ized to act
Morgantown, Md., in Campaign Tour for Repre¬
official agencies.
as
Others than banking institutions will not
be permitted to enter subscriptions except for their own account.
Cash
sentative Lewis
subscriptions from banks and trust companies for their own account will be
received without deposit
not
scribing bank
or trust company.
Cash subscriptions from all others must
be accompanied by payment of 10%
of the amount of notes applied for.
The Secretary of the Treasury reserves the right to close the books as to
or all
any
notice.
or
classes of subscriptions at any time without
Secretary of the Treasury
reserves
the right to reject any sub¬
scription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and
to
make
allotments
reduced
upon,
or
reject,
to
applications for larger
amounts, or to adopt any or all of said methods or such other
allotment and classification of allotments
as
shall be deemed
methods of
by him to be
in the public interest; and his action in any or all of these respects
final.
shall be
Subject to these reservations, subscriptions in payment of which
on
$3,000,000 bridge
new
Sept. 4 promised the erection of a
The Presi¬
the Potomac River.
across
dent, accompanied by Representative David J. Lewis, who
is
campaigning for the Democratic nomination for United
States
Senator,
that
:
The
2.
subscriptions
President Roosevelt
but will be restricted in each case to an amount
exceeding one-half of the combined capital and surplus of the sub¬
President
"this
done
as
Mr.
told
a
bridge is
fast
we
as
Roosevelt's,
nomination
one
A later address of
in which he urged the
Md.,
Denton,
at
Mr.
of
gathering near Morgantown, Md.,
of the things that has got to be
possibly do it."
can
Lewis
advocated
and
closer
a
union
between farm and industrial labor, is mentioned elsewhere
in this issue.
In
reporting the speech near Morgantown, a
dispatch from Felix Belair Jr. to the New York "Times"
from Salisbury, Md., on Sept. 4, said:
.
Treasury notes of series E-1938
ment notices will be sent out
are tendered
Allot¬
will be allotted in full.
promptly upon allotment, and the basis of the
allotment will be publicly announced.
,:r,:'■Yv'V'
1.
allotted
on
cash subscriptions must
Sept. 15, 1938,
so
or on
be made
later allotment.
or
applied
of the amount of
Secretary of the
Treasury in his discretion, be forfeited to the United States.
Any qualified
depositary will be permitted to make payment by credit for notes allotted
to it for itself and its customers up
qualified in
Dec.
15,
1938,
to any amount for which it shall be
of existing deposits, when so notified by the Federal
excess
Reserve bank of its district.
Treasury notes of series E-1938, maturing
with coupon dated Dec.
15,
1938, attached, will be ac¬
cepted at par in payment for any notes subscribed for and allotted, aDd
should accompany the subscription.
to
Sept. 15,1938,
interest for the
on
same
the maturing notes will be credited to subscribers, and
period on the
difference
new notes,
which will be delivered with
fiscal
agents
of the
United
States,
Federal
Reserve banks
he
notices, to receive payment for notes allotted, to make delivery of notes
on
delivery of the definitive notes.
will
be communicated promptly to the
MORGENTHAU
JR., Secretary of the Treasury.
"
Goes
Rochester, Minn,
Present During Operation on
His Son at
to
to
be
President Roosevelt
was
scheduled to leave the Summer
Hyde Park, N.
Rochester, Minn., to be present
his son James is to undergo next
Mayo Clinic.
Associated Press
yesterday (Sept. 9) said:
Y. last night (Sept. 9) for
during an operation which
Monday (Sept. 12) at the
advices from Hyde Park
F.
his
on
behalf, he had to be content
Duffy and Representative GoldsPotomac on its overnight cruise
Ryan
yacht
Senator
or
Tydings, but
.
apparently
up
was more
reminded
It
his
the
in
was
of the
He
■:
sailed
the river when he
down
also
interest
the
of
his
much interested
"I
adequate defense as well
Nation and its
-
..
take
"to
:-"-V-
leading
link"
up
there
suppose
to
description
his
the national
in
•■
"the people of Southern Maryland free
use of ferries, he said, but it was
care of things
that represent national
in giving
Virginia without
responsibility
Then,
"vital
,
people of Maryland that he had come to inspect-the site
Tidewater
to
Assistant
was
-
proposed bridge, Mr. Roosevelt- said.
was
access
.
Morgantown audience that he was no stranger to the
having frequently
in that of the
<
by the Tydings camp against his coming than in the
Defense of the Chesapeake
as
:'.V
intent upon overcoming some of the
candidacy of Mr. Lewis.
He
in whose welfare he expressed
";;VX
prejudice built
section,
content to hold himself out
was
neighbor of Mary landers,
nation
is no
of
,'v"'"-OYv!'-''
the Chesapeake Bay area,
defenses, the President said:
in
the
a
'<
world whose people are more
peace-loving than the people of the United States.
I suppose there is no
in the world that is more sincerely desirous of keeping-out of war.
nation
the
same
time,
you
and
I
know what world
conditions are, and
do have to think sometimes of national defense against some emergency
that
may
come
it
"And
is
through no fault of our own in the days to come.
important in thinking of national defense to see to it
the United States, the portions of the United States
very
in persons of an energetic temperament and that previous treat¬
ments bad failed to
remedy it.
An operation was decided upon earlier this
week and James now is undergoing preoperative treatment.
Roosevelt
will travel through
that lie fairly close to the
of
war,
seaboard, shall have proper access in the event
for the conduct of defense operations.
access
the whole Chesapeake Bay area
"Therefore,
national defense, and the more
in
this
event
area
of
in
some
peace
Chicago to
is
a
no
stop
The President was introduced at
Up"
the
Section
Morgantown by Representative Gambrffl
who, with R. Walton Moore, counsellor of the State Department, had first
called his attention to the bridge possibilities.
said he had given much
thought to the project.
Not
♦
vital link in our
possible future invasion."
Since that time, many years ago, the President
Rochester, but
scheduled.
very
that we can do to improve communications
time, the more insurance we are taking out in the
"Opening
News reports from Rochester have said that James's gastric trouble was
Mr.
State
that the borders of
White House at
was
and
President
The
Mayo
Clinic
common
Senator
interest.-
"At
Roosevelt
Lewis
Mr.
friend
a
we
President
Virginia with
only remarks of the day the President refrained from mentioning
In his
either
as
Federal Reserve
:•
HENRY
the
to
needs."'
'
prescribe supplemental or amendatory rules and regulations governing the
which
visit
with
guest
a
borough aboard the presidential
down Chesapeake Bay.
The Secretary of the Treasury may at any time, or from time to time,
banks.
Maryland and
being photographed with the President and with having it said that
was
respective districts, to issue allotment
full-paid subscriptions allotted, and they may issue interim receipts pending
offering,
Roosevelt's
Mr.
with
are
the basis and up to the amounts indicated by the Secretary of the Treasury
2.
address,
plans with State highway engineers.
Representative Lewis had hoped to gain politically from the first day
'
authorized and requested to receive subscriptions, to make allotments on
to the Federal Reserve banks of the
over
at Laidlaw's ferry, not
Mr. Roosevelt inspected the
river
between
long-contemplated link
Nice and went
the
Secretary of the Navy.
VV;'vV. General Provisions
As
of
The
($0.314208 per $1,000) will be paid following acceptance of the
notes.
1.
If
Accrued interest from June 15, 1938,
coupon dated Dec. 15, 1938, attached, will be charged to subscribers.
informal
his
Campaign Not Mentioned
completed on or before
for shall, upon declaration made by the
of
scene
1938, for nutes
In every case where payment is not
completed, the payment with application up to 10%
notes
the
of
overlooking
promontory
the
Governor
and accrued interest from June 15,
par
high
a
from
site
IV. Payment
Payment at
On
far
only would the bridge shorten the distance between Baltimore and
to the South, he pointed out, but it would also "open up this
Richmond
President
Roosevelt
Sees
Need
for
"Strong,
Fearless
and Free Press"—Sends Letter to New Publisher of
Brooklyn "Daily Eagle"
President
Roosevelt, in a letter addressed to Frank D.
Schroth, who recently became publisher of the Brooklyn
"Daily Eagle," asserted his faith in the American press and
said there is great need for truth in the news and for a
wonderful section of our country, a country that is good to look at,
and that is lived in by people who are good citizens."
Mr. Roosevelt went on to say that he had selected Sunday morning on
which to make his visit to the section because it seemed an appropriate
very
time to do a
Close
Lewis
It was as neighbors of the Nation's
addressed the Morgantown gathering.
good turn for neighbors.
capital that the President
behind
President
rode James A.
Roosevelt,
Governor
Nice
and
Representative
Farley, who, the President said, was accompanying
Financial
1574
the
both
party
Postmaster General and Chairman of the Democratic
as
formally invited to Maryland by Rep¬
The President was
Lewis, according to Associated Press accounts
Baltimore on Aug. 27, which said:
in
from
The
New Dealer telegraphed last night to suggest to Mr.
are coming to Maryland that you take the occasion to
69-year-old
"if you
Koosevelt,
bridges" proposed for the Potomac River
inspect the site of one or more
and
the
Qis
Chesapeake Bay.
the
that Mr. Roosevelt make the
had suggested frequently
12 primary.
supporters
before
visit
what legislation might be adopted
of the report.
consequence
On© of the members of the Commission, Henry
he
prepared to recommend the same system of
Associated Press
not
was
collective
bargaining for this country.
advices from Boston Sept. 2 reported:
Mr.
for
Refusal to Arbitrate
for
Toward
Attitude
Labor
Wage Dispute—Discusses
Pay
Proposed
Cuts
Press
in
Conference
President
Roosevelt
his
at
conference
press
on
Discussing the general wage and labor situation with White House news¬
Chief Executive gave the impression that the forthcoming revision of the
Act will seek
National Labor Relations
a
plan for bringing about more
"I don't
English system would work in America," he said.
refusal of representatives of railroad employees to
on
Mr.
of his
Philip Murray of the steel workers' union, and in that
connection had referred to the question of projected wage cuts.
Details
It
was
of the
Roosevelt-Murray conversations
assumed that the
President
management and labor.
were
It could
not be learned what
was
the
bility of the workers.
(according
"hope
bargaining
not
is difficult
further stated:
Asserting that this country was in "the horse and buggy stage as
bigotry of many reactionary employers."
labor and told Washington correspondents today
us
in that respect.
He said he hoped that we
will gradually work toward that state of mind which he
considers
important factor in the working out of
any system
He declared that it is desirable that both sides to any controversy should
problems in the spirit of the law
of railroad workers,
working for
the National Mediation
Employers prefer strong unions to weak ones, and union leaders
or
strike vote
was
There is little strike violence because firms usually close in the
of
Employees who remain at work are not molested by strikers because em¬
ployers usually do not ask the remaining workers to do the
governmental fixing of minimum wages and maximum hours until
possibility of voluntary determination of wages and working con¬
every
ditions in the trade have been thoroughly explored.
6.
15%
wage
between employers' associations and unions or associa¬
Agreements
good faith rather than legal enforcability.
tions of unions re6t upon
T here
enforcable.
no
sentiment for making them
7.
is
The statutory immunity of trade unions from suits
for acts done in
contemplation or furtherance of a trade dispute is denied only in the case
of illegal strikes or
lockouts.
In the
system.
Roosevelt
President
Election
President Roosevelt, speaking of labor relations generally, averred that
Democrats—Cuts
Press
at
Decision Not to Dedicate
reduction to become effective
Oct. 1, and amounting annually to about $250,000,000.
Says He Would Not Object to
Republicans in Lieu of Con¬
Party Lines in Com¬
Conference—Also Refers to His
Liberal
of
servative
ments
over a proposed
strikers' work.
employers' associations
Neither the government, organized labor nor
5.
Nineteen rail unions, with an estimated 929,000 workers, are involved,
being
face
to replace striking employees.
effective strike and seldom attempt
an
end of the month.
the dispute
banned.
Peaceful picketing is permitted, but mass picketing is
the results of which being expected the
ordered,
prefer
policing industries and maintaining
Both groups oppose compulsory
for
standards.
4.
Management appeared willing to accept arbitration, but labor refused and
a
hour
and
wage
3.
ment" under the Railway Labor Act by suggesting arbitration.
taking
organizations
employers
desirable
Board, which has been
settlement since Aug. 11, yesterday completed its "assign¬
a
Collective bargaining is almost universally
strong
in
accepted in Britain.
1.
2.
of labor
relations.
want to work out their
it*
^
report, as summarized
United Press accounts from Washington, Sept. 2:
that he considered that
in this country
case
far as
"the short-sighted
labor relations are concerned," Mr. Watt gave as a cause
favor
The President has been much impressed with the recital in the report of
the cordial relations maintained in Great Britain between management and
the British are far ahead of
American Federation of
Watt,
arbitration.
House, nor the degree to which the President emphasized civic responsi¬
very
of large ability who
Labor repre¬
Sept. 2
to the Associated Press) that this country could
to translate the practices relating to collective
in Britain into our country overnight, because it
to hitch a pair of horses to pull a truck."
It is
J.
Robert
not made public.
reaction of Murray and other leaders who have recently visited the White
a
the heads of both the employers and
sentative of the Commission, said in a statement on
urged upon Murray to utilize to the
fullest extent avenues for peaceful solution of any dispute that might arise
between
"large responsibility on
trained in industrial bargaining."
are
that the matter can be worked out harmoniously.
He revealed that he discussed the British labor laws and the report
with
The trouble in America is that we try to do things too quickly."
Harriman said that the English system of industrial bargaining
imposed
accept arbitration as a means of settling the wage dispute, the President
said he could but hope
commission
have to come through gradual de¬
If it comes, it would
know.
Outstanding features of the
management-labor relations.
Asked to comment
individual firms.
velopment.
correspondents in connection with the publication here of the report
of the President's commission that had studied the British labor laws, the
harmonious
England bargaining was conducted
in
employees and naturally brings into each group men
Sept. 2
mildly rebuked railroad labor leaders who had refused to
arbitrate their present wage dispute with the railroads.
He
also discussed the indicated forcible resistance of employees
in other industries to proposed wage reductions.
His re¬
marks were summarized in the following Washington dispatch
of Sept. 2 to the New York "Journal of Commerce":
paper
that
explained
Harriman
entire industry, instead of for
an
"I won't say if the
Railroad
I. Harriman
indicated as saying on Sept. 2 that although a large
measure of industrial peace had been obtained in Britain,
was
Sept.
President Roosevelt Chides Leaders of
method
jurisdictional disputes.
The President was not prepared to say
resentative
10. 1938
in this country could work out some satisfactory
that labor groups
for settling
Committee.
National
Sept.
Chronicle
President
Roosevelt,
said that "if there is
I
ticket
would
Michigan Bridge
his press conference
at
Sept. 2,
on
good liberal running on the Republi¬
a
objection to his
the slightest
have
not
where in any dispute both sides seek a settlement in the spirit of the law and
can
the system they generally get somewhere with their efforts, but if one calls
election."
the other fellow names, or takes recourse to
thus reported the President's comments:
Departing from ordinary White House custom, he [the President] author¬
violence the contrary is the
case.
He pointed out management and labor
had gone
a
long way in
Great
Britain toward improving their relations and he expressed hope that in this
country,
over a
period of
will be able to reach such goal.
years, we
in
The
He said
with him in relation to the general
today, the
problems in
a
subject.
He asked Mr. Murray to aid
Mr.
Mind
Similar
to
British
Sought by President
Reports as Indicating Desirable Goal
universal fact.
His statement followed the publication
of the report of the President's Commission on Industrial
Relations in Great Britain.
Mention of which was made in
the "Chronicle" of Sept 3, pages 1418-19.
The President
a
credited the success of
employer-employee relations in Great
Britain to the fact that all parties to controversies wished to
In reporting his remarks, a Washington
patch of Sept. 3 to the New York "Times" said:
cooperate.
Commenting
mitted
to
him
on
by
the unanimous report on British labor relations
a
special committee of employers, labor
government representatives, the President conceded that
a
dis¬
Asked
more
sub¬
leaders and
"state of mind"
was largely responsible for the
satisfactory status of British labor realtions.
whether
he
foresaw
a
development
of
employer-employee re¬
lations in this country along the lines of the British
attitude, the President
said he certainly
hoped so.
The state of mind was certainly an important
factor in working out any law or system and it did not
help the settlement
of
a
dispute to emphasize publicly the violence of the disagreement, the
In the National quest for the proper frame of
mind, both on the part of
labor and management, the President
said, the public, the press and all
parties to industrial disputes could be helpful.
The press could be helpful
in not overstating the severity of the dispute and the
disputants could
help by refraining from calling names and making overstatements, he added.
before industrial labor
vote
He
decision
believed
he
of
interests
replied that he thought
further
a
direct
political
drawn
liberal
a
the country
so,
than
Republican
a
conserva¬
but that it would depend
to
on
his
views
in
connection
Criticizing Michigan newspapers
between Michigan politics and the Presi¬
Port
to
go
quotation
situation.
connection
a
not
bridge,
"It is
on the Republican ticket I would not have
The good of the country rises above party."
whether
the
in
conference.
press
quotation was:
in the Senator's heart.
was
have
national
more
Michigan
which
asked
was
authorized
the
Mich.,
Huron,
to
dedicate
an
inter¬
Roosevelt said:
Mr.
unjustified, absolutely unjustified, assumption which is being made
by Detroit papers that a failure to go to dedicate the international bridge at Port
Huron Is in any way connected with the Michigan campaign.
"It Is a deliberate distortion of the fact and the Detroit papers might as well
an
get that."
Asked whether his decision not to visit Port Huron meant that he would
not
assist
Governor
President
said
he
do
would
Mr.
he
for
Roosevelt
Frank
Murphy, Democrat running
probably
would
liberal
any
said
that
do
the
same
in the United
there
wa6
no
for
in his
Downey, who defeated William
nomination
Senatorial
Regarded
an
bearing
as
in
for reelection, the
Governor Murphy as
States.
question
liberalism of Sheridan
G.
mind
as
to the
McAdoo for the
California.
the President's statement was
Sept. 3 by the Democratic National
on
announcement issued
Congressional Committee making known that it intended to
adhere strictly to its policy of working for the election of
Democratic nominees for Congress.
We quote from a dis¬
patch from Washington, Sept. 3, to the New York "Times,"
which, in part, added:
Victor
primary
Harding, Executive Secretary of the committee, said :
or
nomination
In
some
mittee
Republican
went
on.
He
expressed
the same
"hope"
Representative
election
quarters
would
cooperation,
Roosevelt
for
In
candidate receives the party
Congressional Committee will
as soon as any
Congress,
mittee will render every possible aid in the
reach the point of development
they have already attained in England there would have to be a lot of
relations
nominating convention,
the
consider him to be the choice of the voters of the district Involved and the
with his
Mr.
authorized
"The Democratic National Congressional Committee has taken no part In any
President said.
But
politics at his
Democratic
and the desire of all parties to
cooperate
relatively
what
with
dent's
President Roosevelt said on Sept. 2 that he hoped the
American people would achieve the same frame of mind as
the British, who have come to
accept collective bargaining
as
would
Democrat.
He
Labor
Disputes
Roosevelt-—Points to Labor
on
of
his
of
context
Roosevelt
Senator
upon
of
discussion
Washington
from
Mr. Roosevelt made the declaration
quotation of his view.
"If there Is a good liberal running
tive
Frame
full
accounts,
Press
the slightest objection to his election.
friendly spirit and, the President added
thing applies to the railroads.
same
direct
20-rninute
a
he had discussed the matter with Mr. Murray and had talked wage cuts
in working out the
the
ized
United
The
not
Com¬
campaign to secure his election.
giving notice that the com¬
he, in conformity
yesterday that he would have no objection "to the
liberal running on the Republican ticket," support
this
was
support
interpreted
President
as
Roosevelt should
declaration of
of
a
good
candidates
against Democratic nominees whose political views
Volume
did
not
for
itself
Financial
147
coincide
and
with
his
declined
Mr.
own.
to
amplify
Harding said
it.
Roosevelt in Maryland Labor Day Address
Urges Union of Farm-Labor Voters to Form "Lib¬
nate
Party—Urges Democrats
stitutional government
things
Lewis for Senator Against
Tydings—Latter Charges Improper Use
of Federal Influence
President
Roosevelt entered
the
State
of
Maryland on
Labor Day, Sept. 5, to speak in behalf of Representative
David J. Lewis who on Sept. 13 will oppose conservative
Senator Millard E. Tydings in the State's Democratic pri¬
mary for Senator.
Speaking at Denton, Md., the President
in a passage interpolated into his prepared address without
mentioning Mr. Lewis by name, inferentially referred to him
as "the composite of a liberal" and
urged his nomination.
At the same time, Mr. Roosevelt appealed for a union of
agricultural and industrial labor in a move to keep the Demo¬
cratic party liberal.
In his address, which was broadcast,
he said, that the Nation must choose between
liberal Gov¬
a
ernment
seeking the country's economic and social salvation
or
the reactionary elements that will permit the United
States "to slip behind once more in the march of civilization."
The President's intention to enter the
Maryland primaries
day, said in part:
nation-wide Labor Day address delivered before farmers, fishermen
a
and small townspeople of Maryland's anti-New Deal Eastern
Shore, Mr.
a wedge between
hand and their relatives and their logical partners
on
the
on
the other hand.
of "labor"
known
in
one
the mind
It is trying to narrow the broad definition
of the farmer,
what it meant to
who above all people has always
have to
labor from sun-up to sun-down.
It is
trying to make the farmer forget that the people in the cities who, like him,
labor for their daily
bread, are his own people, flesh of his flesh, blood of
his blood, Americans just like him.
This is my fourth visit to the Eastern
visits
than
being given
an
United States.
And you have never lost the sense of the
lasting spiritual values of life.
That is why
I have wanted to
if you will,
sermon,
here
come
that ancient text,
on
In order to make that
to
keep all of
relationship
benefit rather than
a
democratic form of government must
the
same
For
few weeks
ago
him along with Senators Walter
of South Carolina
he branded him
a
"betrayer" and listed
George of Georgia and Ellison D. Smith
"conservative who must be banished to the sidelines."
as
In opening his address Mr. Roosevelt ridiculed Senator
that his "invasion" of Maryland was akin to
the reconstruction
States."
of
State's
"star
the present,
up to
.....
Roosevelt
emphasized that he meant only to deal with
principles" rather than politics.
Later,
in
his address
he
the
"community of interest" between farmers and city dwellers and told his
that
audience
he
had
"ancient text: 'We
are
come
here to
preach
Labor
a
Day
they
a
Despite deliberate efforts of
a
included
whole series of
American
new
wishfully
or
the
wedge" between
a
fronts at
on many
undertakings had to be launched
in
every
were,
of
r.
■>'.
course,
complete
occupation and in
every
.
believed
could not
ment
existence
of
that
certain
people both in private
many
abuses.
improvement
But
could
in
their
from
come
local initiative without the help of government.
without
come
government action,
hearts
individual
If improve¬
then they
wanted no
improvement at all.
"Conservatives"
vs.
People who feel and think like that
"reactionaries."
And
to the present
people who
by using
I call "conservatives," and
even
legitimate instrument to do the job,
or
Any man—any political party—has
other.
''Liberals"
feel that the past should be brought
every
government included, I call "liberals"
a
"progressives."
right to be honestly
one
or
the
But the nation cannot stand for the confusion of having him pretend
to be one and act like the other.
A few days ago a brilliant newspaper writer asked me to illustrate the
difference between
selfish minority to "drive
citizens
;
there
process
admitted
initiative
the
on
sermon
all members of one another'."
forward
But remember well that those undertakings were on a
that
They
"American
stressed
move
1933, the Federal Government had
and in public life who did not like to do the things that had to be done.
up
During his 150-mile swing along the Eastern Shore prior to his speech,
Mr.
1933.
During this
his presence
that
or
being purged from the constellation
in order
not
"carpetbagging" tactics during
following the Civil War,
period
would lead to the free
Tydings' charges
a curse,
moved forward at all.
Life was out of balance and government had
failed completely to recognize that important social needs called for action.
In a nation-wide effort to catch up with lost
time, to bring a distant past
The speech marked the President's first direct appeal to Maryland voters
a
a
time.
dozen years or more prior to
a
part of the country.
by name, although
Day and preach
people abreast of each other and in line with the present,
our
party."
He did not mention Senator Tydings
Labor
on
"We Are All Members One of
Another."
front
Senator Tydings and replace him with Representative David
more
Your products of farm and fishery go to the greatest
city
markets of the
the support of the majority of Americans just so long as it remains a liberal
J. Lewis, 69-year-old New Dealer.
1933—perhaps
You have sent your sons and
daughters by the thousands into the in¬
dustrial world.
in
to repudiate
Shore since
other President has made; and I have been honored by
honorary degree by your own historic Washington University.
any
Roosevelt said that the "Democratic party will live and continue to receive
If it reverts, he added "it will fail."
politics.
Today, above all else, that minority is trying to drive
the fanners
our
referred to in the "Chronicle" of Sept. 3, page 1429-30.
United Press advices of Sept. 5 from Denton, Md., where
In
effective democracy anywhere to laugh off such
Minority Trying to Drive Wedge Between Farmer and People in Cities
was
he delivered his main address of the
or
general theory that anything is fair in love and
in the cities
Voters
on
on the
to Nomi¬
Repesentative
Millard E.
weeks
been treated to a number of
examples of this deliberate
attempt to create prejudice and class feeling which can be charitably ex¬
plained only as political hysteria.
But it does not help the cause of con¬
President
eral" Democratic
1575
You in the State of Maryland—and the
people of other States—have in
recent
V,
'
Chronicle
spoke
statement
the
Liberal and Conservative.
a
I
will condense for you
what I told. her.
.
the farm and city,
he said, there is
"all
over
this country
interest
of all
women,
willing to live and let live, whether in factory
The
common
men
and
women—warm-hearted simple men and
President's address at
For two reasons,
invitation of your
the unity of
farm."
or on
come to
we
reason
though
is to give you and me a
was
chance to re-establish
a
fact
long ago thoroughly established by the Constitution
of your candidates for public office.
some
in
of the UDited
Chief Executive and to the Congress of the United States;
That in the Free State of Maryland—happily a
part
in all
as
mills and factories and railroads and mines.
That is
a narrow
a
trade in
these problems in cooperation
with and opposed,
between those who
distinction
people in cities have
industry.
come
For
you
farms
or
work
on
farms
there comparatively recently from farms all
over
Old World, from
which, originally we all came.
assume
that there
are
not
America still has—a small minority
who
enough good things to go around to give that
minority all it wants and at the
same
speculation
and
made
he even ad¬
kept pace
with his government, but even found fault
openly or secretly, almost
every
suggestion that was put
belonged to the liberal school of thought.
He not only admitted
in
cooperation with government, for the solving of the problems and the
filling of the needs.
time to give the rest of America—
but he knew that
had to start with something less than perfect in this imperfect world.
we
that
we
have
a
the nation
government run by the "Mr. A's" of this life, it is obvious
will slip
behind
once
more
bump along from one 1929 crisis to another.
Lord Bryce, in the last edition
in the march of civilization-
Yours is the choice.
of his great work
on
the American Com¬
monwealth, said:
An eminent
run
and I well know that most of the
the country, including Maryland and from farms of the
America has always had—and
and
hazardous occupations;
the problems like "Mr. A," but he put his shoulder under
the needs and
•
no
problem; he admitted that
conditions
"Mr. B," I said, was the composite of a Liberal.
interpretation,
belongs just as much to those who work with head and hand
the farms.
There is
economic
with the buying power of many other kinds of workers.
If
Unthinking people may believe that the first Monday in September—
and those who work in
international
and
farming and fishing extremely
unity of this nation.
Labor Day—is set aside in special honor of those who work at
on
factory were too long; he admitted that old people, who became
"Mr. B" did not claim that the remedies were perfect
The second, and the original, reason for my coming here is also related
for this day
altogether too high; he admitted that
the load, he gave active study and active support to working out methods,
of the Union—
welcome
as
were
mitted that the buying power of farmers and fishermen had not
of the other 47 States of the Union.
to the
his
forward by those who
That what happens in and to the Free State of Maryland matters
mightily
in and to the United States of America and, under the Constitution, to the
still
farm
But conservative "Mr. A" not only declined to take any lead In solving
That the Free State of Maryland, proud of itself and conscious of
itself,
are
a
sharp practices and abuses in issuing securities and
destitute through no fault of their own were a
That fact is—
is also proud and conscious of being a most important
part
States of America;
the flag, the Constitution and the President
excesses,
buying and selling stocks and bonds; he admitted that the hours of work
the Eastern Shore of Maryland
of the United States, even if it is denied by some of your
newspapers and
by
were
national
The first
He admitted
1933 interest rates charged by private banking to ordinary citizens
who wanted to finance
today.
which
that in
there
Denton follows:
which I think you will approve, I have accepted the
Congressman to
For example, I said, "Mr. A" is a composite Conservative.
were
like two
journalist remarked to me in 1908 that the two great parties
bottles.
Each bore a label denoting the kind of liquor it
contained, but each was empty. This at any rate may be said, that parties
may seem to have erred ... by neglecting to discover and work out any
principles capable of solving the problems which now perplex the country.
In a country so full of change and movement as America, new questions
are always coming up and must be answered.
New trouoles surround a
government and a way must be found to escape from them; new diseases
attack the nation and have to be cured.
The duty of a great party is to
face these, to find answers and remedies,
applying to the facts of the hour
the overwhelming majority of America—a humane and modern standard
the doctrines it has lived by, so far as they are still applicable, and when
they have ceased to be applicable, thinking out nev doctrines conformable
of living.
to
Even today that minority is shortsightedly
must lie in
the
mine.
exploiting all who labor
on
the farm
as
sure
well
that its interests
as
in the mill and
the main
principles and tendencies which it represents.
Road to
two
But at the same time all
over
this country the unity
for the Democratic party has always been a
rather than money,
Unity Only Road to Peace and Better Ciiilizalion
live and
evident.
Clearer every day is the one great lesson of history—the lesson
reve.ts
of
farm and
conquer, to
more
in city,
of interest becomes apparent to those who live
the strategy of the cold-blooded few to divide and
make common men blind to their
of Americans just so long as it remains a liberal paity.
to the
situation which Lord Bryce described
conscious
more
If it
than a quarter
century ago, it will fail.
dent of the United
I propose to try to keep it liberal.
As Presi¬
States, I conceive that course to be the best course in the
best interests not of Democrats alone but also of those millions of
American
itself,
just because it
does
interests, becomes
conceive its
interest
to
be
men
and women who are affiliated
all.
common
active.
Class
a
As the leader of that party,
But as this community
on
Democratic party will live and continue to receive the Support of
the majority
road to civilization is the road to unity—the road called the
fellowship."
of ideas
Would Have Democratic Pariy "Liberal"
The
taught by the Master of Galilee—that the only road to peace and the only
"highway of
party
and it has always failed when it has only been one of
empty bottles.
of interest of all
and women—warm-hearted, simple men and women, willing
let live, whether in factory or on farm—giows steadily more
common men
to
„
That has been my conception of the obligations and ideals of the Demo
cratic party,
■
And I have the right, in sincerity and honesty, to make that statement
in any State,
with other parties or with no party at
in any county and in any community of the United States,
opposed to the interest of all other people, that 6mall minority is deliberately
between this and that group of the common
of America.
people of America—to create a new class feeling among people
unity means has grown throughout the land.
trying to create prejudice
stinctively are not class conscious.
who in¬
Increasingly during these past six years a common understanding of
ask their
what
People have continued to
representatives to be liberal, to take the initiative, to be positive
Financial
1574
the
both
party
General and Chairman of the Democratic
Postmaster
as
Committee.
National
Sept. 10, 1938
Chronicle
jurisdictional disputes.
for settling
what legislation might be adopted
The President was not prepared to say
formally invited to Maryland by Rep¬
Associated Press accounts
Aug. 27, which said:
The President was
Baltimore on
from
The
"if you are
inspect the site of one
the
and
His
Dealer
Chesapeake Bay.
supporters
the
before
visit
telegraphed last night to suggest to Mr.
coming to Maryland that you take the occasion to
or more bridges" proposed for the Potomac River
New
69-year-old
Roosevelt,
in
Mr. Roosevelt make the
had suggested frequently that
Sept. 12 primary.
One of the members of the Commission, Henry
indicated
was
Dispute—Discusses
Pay Cuts in Press
Refusal to Arbitrate Wage
for
Toward
Attitude
Proposed
Conference
had been obtained in Britain,
prepared to recommend the same system of
bargaining for this country.
Associated Press
collective
reported:
advices from Boston Sept. 2
Harrirnan
that
explained
won't say if the
have to come through gradual de¬
The trouble in America is that we try to do things too quickly."
Harrirnan said that the English system of industrial bargaining
velopment.
Mr.
and
responsibility on the heads of both the employers
"large
imposed
of large ability who
employees and naturally brings into each group men
his
said.
English system would work in America," he
If it comes, it would
"I don't know.
bargaining was conducted
England
in
instead of for individual firms.
entire industry,
an
"I
I. Harrirnan
Sept. 2 that although a large
on
not
was
Mr.
Roosevelt Chides Leaders of Railroad Labor
saying
as
of industrial peace
measure
he
for
President
of the report.
consequence
Lewis, according to
resentative
satisfactory method
in this country could work out some
that labor groups
trained in industrial bargaining."
press conference on Sept. 2
mildly rebuked railroad labor leaders who had refused to
are
arbitrate their present wage dispute with the railroads.
He
also discussed the indicated forcible resistance of employees
sentative of the Commission, said in a statement on
Roosevelt
President
other industries
in
marks
at
proposed
to
reductions.
wage
His
re¬
summarized in the following Washington dispatch
were
the New York "Journal of Commerce":
of Sept. 2 to
Discussing the general wage and labor situation with White House news¬
of the President's commission that had studied
the British labor laws, the
Chief Executive gave the impression that the forthcoming revision of the
will seek
Relations Act
National Labor
for bringing about
plan
a
Philip Murray of the steel workers' union, and in that
connection had referred to the
Details of the
was
avenues
the
President
urged upon
between management
was
the
other leaders who have recently visited the White
in
considers
a
very
will gradually
He said he hoped that
we
work toward that state of mind which he
He declared that it is desirable that both sides to any controversy should
want to work out their
of railroad
case
working for
problems in the spirit of the law
workers, the National Mediation
ment" under the Railway Labor Act by suggesting
Neither the government, organized labor nor
5.
6.
a
strike vote
was
the results of
ordered,
illegal strikes or lockouts.
Roosevelt
President
arbitration.
Democrats—Cuts
servative
Press
at
Decision Not to Dedicate Michigan
reduction to become effective
settlement in the spirit of the law and
He Would Not Object to
Republicans in Lieu of Con¬
Party Lines in Com¬
Conference—Also Refers to His
Says
Liberal
of
Election
which being expected the
President Roosevelt, speaking of labor relations generally, averred that
a
for acts done in
contemplation or furtherance of a trade dispute is denied only in the case
of
In the
or system.
Oct. 1, and amounting annually to about $250,000,000.
both sides seek
enforcable.
sentiment for making them
The statutory immunity of trade unions from suits
ments
where in any dispute
There
good faith rather than legal enforcability.
no
7.
Nineteen rail unions, with an estimated 929,000 workers, are involved,
wage
explored.
between employers' associations and unions or associa¬
Agreements
end of the month.
the dispute being over a proposed 15%
until
determination of wages and working con¬
possibility of voluntary
tions of unions rest upon
is
strikers' work.
employers' associations
governmental fixing of minimum wages and maximum hours
every
ditions in the trade have been thoroughly
Management appeared willing to accept arbitration, but labor refused and
taking
replace striking employees.
effective strike and seldom attempt to
Employees who remain at work are not molested by strikers because em¬
Board, which has been
settlement since Aug. 11, yesterday completed its "assign¬
a
There is little strike violence because firms usually clcse in
an
ployers usually do not ask the remaining workers to do the
important factor in the working out of any system of labor
relations.
is banned.
the face
4.
of
Washington correspondents today that he considered that
this country
groups
Peaceful picketing is permitted, but mass picketing
favor
The President has been much impressed with the recital in the report of
the cordial relations maintained in Great Britain between management and
the British are far ahead of us in that respect.
Both
standards.
hour
and
wage
prefer
and maintaining
oppose compulsory
policing industries
for
3.
Murray to utilize to the
bility of the workers.
labor and told
organizations
employers
desirable
the degree to which the President emphasized civic responsi¬
nor
Employers prefer strong unions to weak ones, and union leaders
arbitration.
It could not be learned what
and labor.
Collective bargaining is almost universally
strong
in
accepted in Britain.
1.
2.
made public.
Dot
were
for peaceful solution of any dispute that might arise
reaction of Murray and
House,
question of projected wage cuts.
Roosevelt-Murray conversations
assumed that
fullest extent
^
report, as summarized
United Press accounts from Washington, Sept. 2:
but hope that the matter can be worked out harmoniously.
He revealed that he discussed the British labor laws and the report of his
with
employers."
bigotry of many reactionary
the wage dispute, the President
accept arbitration as a means of settling
commission
buggy stage as far as
"the short-sighted
Asserting that this country was in "the horse and
labor relations are concerned," Mr. "Watt gave as a cause
Outstanding features of the
Asked to comment on refusal of representatives of railroad employees to
said he could
American Federation of
Watt,
more
management-labor relations.
harmonious
J.
further stated:
correspondents in connection with the publication here of the report
paper
It
Labor repre¬
Sept. 2
(according to the Associated Press) that this country could
not "hope to translate the practices relating to collective
bargaining in Britain into our country overnight, because it
is difficult to hitch a pair of horses to pull a truck."
It is
Robert
President
Roosevelt,
I
ticket
would
have
not
accounts,
Washington
from
election."
the other fellow names, or takes recourse to violence the contrary is the
thus reported the President's comments:
Departing from ordinary White House custom, he [the President] author¬
He pointed
out management and labor
had
gone
a
long way in
Great
Britain toward improving their relations and he expressed hope that in this
country, over a period of years, we will be able to reach such goal.
he had discussed the matter
with him in relation to the general
same
in
subject.
He asked Mr. Murray to aid
Mr.
Mind
Similar
to
British
on
Labor
Disputes
to Labor
Sought by President Roosevelt—Points
Reports as Indicating Desirable Goal
would
what
of
vote
authorized
have
in the Senator's
decision
national
"It
further
a
believed
he
of
interests
I would not have
to
than
Republican
conserva¬
a
byt that it would depend
so,
on
his
views
in
connection
Michigan newspapers
between Michigan politics and the Presi¬
Port
to
go
the country
quotation
Criticizing
situation.
connection
a
not
liberal
a
heart.
direct
political
drawn
bridge,
is
conference.
was:
The good of the country rises above party."
replied that he thought
Michigan
which
press
quotation
whether
the
in
more
He
was
the
his
politics at
asked
was
authorized
He
with
dent's
President Roosevelt said on Sept. 2 that he hoped the
American people would achieve the same frame of mind as
the British, who have come to accept collective bargaining
as a universal fact.
His statement followed the publication
of
good liberal running on the Republican ticket
Democrat.
upon
of
a
his
of
context
Roosevelt
Senator
tive
Frame
discussion
the slightest objection to bis election.
friendly spirit and, the President added
thing applies to the railroads.
full
"If there is
Mr. Roosevelt made the declaration
quotation of his view.
20-minute
The
He said
direct
the
a
with Mr. Murray and had talked wage cuts
in working out the problems in a
today, the
ized
The
Press
to bis
slightest objection
the
the system they generally get somewhere with their efforts, but if one calls
case.
United
Sept. 2,
liberal running on the Republi¬
said that "if there is a good
can
Bridge
his press conference on
at
Mich.,
Huron,
to
dedicate
inter¬
an
Roosevelt said:
Mr.
unjustified, absolutely unjustified, assumption which is being made
that a failure to go to dedicate the international bridge at Port
with the Michigan campaign.
deliberate distortion of the fact and the Detroit papers might as well
an
by Detroit
papers
Huron is in any way connected
"It
is
a
the report of the President's Commission on Industrial
Relations in Great Britain.
Mention of which was made in
get that."
the
not
"Chronicle" of Sept 3, pages 1418-19.
The President
credited the success of employer-employee relations in Great
Britain to the fact that all parties to controversies wished to
In reporting his remarks, a Washington
patch of Sept. 3 to the New York "Times" said:
cooperate.
Commenting
mitted
to
him
on
the unanimous report
by
a
special
committee
dis¬
labor
leaders and
government representatives, the President conceded that a "state of mind"
and
the desire of all
relatively
more
parties to cooperate
was
largely responsible for the
certainly hoped
so.
The state of mind
was
certainly
an
important
factor in working out any law or system and it did not help the settlement
of
a
dispute to emphasize publicly the violence of the disagreement, the
and management, the
President said, the public, the press and all
parties to industrial disputes could be helpful.
not
The press could be helpful
overstating the severity of the dispute and the disputants could
help by refraining from calling
But
before
industrial
names and
labor
relations
making overstatements, he added.
reach
the
point
of development
they have already attained in England there would have to be
cooperation,
Mr.
any
Roosevelt
Mr.
Murphy,
probably
said
would
liberal
that
Democrat
do
was
Downey, who
nomination
Regarded
an
bearing
as
for reelection,
running
same
for
the
Governor Murphy
as
in the United States.
there
liberalism of Sheridan
Senatorial
the
on
announcement issued
in
his
question in
no
mind
defeated William G.
to
as
the
McAdoo for the
California.
the
President's
statement
was
Sept. 3 by the Democratic National
Congressional Committee making known that it intended to
strictly to its policy of working for the election of
Democratic
nominees for
Congress.
We quote from
dis¬
a
patch from Washington, Sept. 3, to the New York "Times,"
which, in part, added :
Victor
Executive Secretary of the committee, said:
Harding,
no
part In any
.
Id the National quest for the proper frame of mind, both on the part of
in
he
for
"The Democratic National Congressional Committee has taken
President said.
labor
Frank
Governor
said
do
would
adhere
satisfactory status of British labor realtions.
Asked whether he foresaw a development of employer-employee re¬
lations in this country along the lines of the British attitude, the President
said he
assist
President
he
Democratic
British labor relations sub¬
on
of employers,
Asked whether his decision not to visit Port Huron meant that he would
Roosevelt
went
on.
He
expressed
the
same
a
lot of
"hope"
primary
or
nomination
nominating convention,
for
Representative
in
as soon as any candidate receives the
Congress,
the
Congressional
party
Committee
consider him to be the choice of the voters of the district involved and the
will
Com¬
mittee will render every possible aid in the campaign to secure his election.
In
some
mittee
with
election
quarters
would
his
not
of
Republican
a
this
was
support
declaration
good
of
as
giving notice that the
Roosevelt
should
yesterday that he would have
liberal
candidates
interpreted
President
running
againBt
on
the
he,
no
Republican
Democratic nominees
in
com¬
conformity
objection
"to the
ticket,"
support
whose
political
views
Volume
did
not
lor
itself
Financial
147
coincide
and
with
his
declined
Mr.
own.
to
amplify
Harding said
the
Roosevelt
in
1575
You in the State of Maryland—and the
people of other States—have in
recent weeks been treated to a
number of examples of this deliberate
attempt to create prejudice and class feeling which can be charitably ex¬
plained only as political hysteria.
But it does not help the cause of con¬
it.
...
President
Chronicle
spoke
statement
Maryland
Labor Day Address
Urges Union of Farm-Labor Voters to Form "Lib¬
stitutional government
things
eral" Democratic
effective democracy anywhere to laugh off such
or
the general theory that anything is fair in love and politics.
on
Party—Urges Democrats to Nomi¬
Repesentative Lewis for Senator Against
Millard E. Tydings—Latter Charges Improper Use
the farmers
on
of Federal Influence
the one hand and their relatives and their logical partners
in the cities
on
the other hand.
Minority Trying to Drive Wedge Between Farmer and People in Cities
nate
President
Roosevelt
Voters
on
entered
the
State
of
Maryland on
Labor Day, Sept. 5, to speak in behalf of Representative
David J. Lewis who on Sept. 13 will oppose conservative
Senator Millard E. Tydings in the State's Democratic pri¬
mary for Senator.
Speaking at Denton, Md., the President
in a passage interpolated into his prepared address without
mentioning Mr. Lewis by name, inferentially referred to him
as "the
composite of a liberal" and urged his nomination.
At the same time, Mr. Roosevelt appealed for a union of
agricultural and industrial labor in a move to keep the Demo¬
cratic party liberal.
In his address, which was broadcast,
he said, that the Nation must choose between
liberal Gov¬
a
ernment
seeking the country's economic and social salvation
or
the reactionary elements that will permit the United
States "to slip behind once more in the march of civilization."
The President's intention to enter the Maryland primaries
was referred to in the "Chronicle" of
Sept. 3, page 1429-30.
United Press advices of Sept. 5 from Denton, Md., where
he delivered his main address of the day, said in part:
In
Today, above all else, that minority is trying to drive
of "labor"
known
townspeople of Maryland's anti-New Deal Eastern Shore, Mr.
the mind
it
meant
It is trying to narrow the broad definition
of the farmer,
labor for their daily bread, are his own
people, flesh of his flesh, blood of
his blood, Americans just like him.
This is my fourth visit to the Eastern Shore since 1933:—perhaps more
visits
than
being given
You
other President has made; and I have been honored by
any
an
honorary degree by
have sent
dustrial world.
your
sons
and
markets of the
United States.
That is why
And you have never lost the sense of the
I have wanted to
if you will,
sermon,
on
In order to make that
relationship a benefit rather than
by
although
him along with
few weeks ago he branded him
a
"betrayer" and listed
a
Senators Walter George of Georgia and Ellison D. Smith
of South Carolina
"conservative who must be banished to the sidelines."
as
In opening his address Mr. Roosevelt ridiculed Senator
that his "invasion" of Maryland was akin to
the reconstruction
would
period following the
the free
lead to
States."
of
State's
"star
Tydings' charges
democratic form of government must move forward on many fronts at
For
time.
dozen years or more prior to
a
not moved forward at all.
Life
Civil War,
that
or
his
In
a
nation wide effort to catch up
up to the present, a
Roosevelt
whole series of
emphasized that he meant only
than
that
he
had
"ancient text: 'We
politics.
are
Later,
here to
come
to
deal with
his address
in
the farm and city,
preach
all members of
Despite deliberate efforts of
he
the
Labor
a
Day
he said, there is
"all
over
this
they
and
men
women—warm-hearted simple
which I think
on
men
and
farm."
The first
is to give
reason
though
long
was
and
you
of
me
chance to re-establish
a
by
That the Free State of
a
fact
of your newspapers and
some
candidates for public office.
your
important part of the United
Constitution, to the
Chief Executive and to the Congress of the United States;
Free
the
State
of
Maryland—happily
the flag, the Constitution and the President
of the other 47 States of the
a
still
are
welcome
as
Any
to be
for this day
may
belpngs just
That is
Union—
as
in all
in
September—
a narrow
a
trade in
•
people in cities have
come
For
you
run
farms
or
which, originally
America has
we
all
work
on
farms
and I well know that most of the
there comparatively recently from farms all
the country, including Maryland and from farms of the
over
Old World, from
came.
that there
are
not
enough good things to
same
go
around to give that
time to give the rest of America—
the overwhelming majority of America—a humane and modern standard
Even today that minority is shortsightedly
must lie in
exploiting all who labor
on
the farm
as
sure
well
that its interests
as
Road to
in
the
men
live and
hearts
individual
If improve¬
then they wanted
action,
no
And
"Liberals"
vs.
I call "conservatives," and
even
feel that the past should be brought
people who
wanted
were
Liberal and
a
same
were
destitute through
no
the
I
me to
illustrate the
will condense for you
He admitted
altogether too high; he admitted that
fault of their own were
economic
farming and fishing extremely
mitted that the
a
who became
problem; he admitted that
conditions
and
speculation
hazardous occupations; and
made
he even ad¬
buying power of farmers and fishermen had not kept pace
with the buying power of many other kinds of workers.
lead in solving
these problems in
cooperation with his government, but even found fault
with and opposed,
openly or secretly, almost every suggestion that
"Mr. B," I said, was the composite of a
the needs and the
in
time all
this country
over
live, whether
every
Liberal.
was
put
He not only admitted
problems like "Mr. A," but he put his shoulder under
active support to working out methods,
cooperation with government, for the solving of the problems and the
filling of the needs.
we
had to start
that
we
have
a
but he knew that
with something less than perfect in this imperfect world.
government run by the "Mr. A's" of this life, it is obvious
the nation
will slip behind once more in the march
bump along from
one
1929 crisis to another.
Lord Bryce, in the last edition
of civilization—
Yours is the choice.
of his great work on the American Com¬
monwealth, said:
An eminent journalist remarked to me in 1908 that the two great parties
like two bottles.
Each bore a label denoting the kind of liquor it
contained, but each was empty.
This at any rate may be said, that parties
may seem to have erred ... by neglecting to discover and work out any
principles capable of solving the problems which now perplex the country.
were
In a country so full of change and movement as America, new questions
always coming up and must be answered.
New trouoles surround a
government and a way must be found to escape from them; new diseases
attack the nation and have to be cured.
The duty of a great party is to
face these, to find answers and remedies, applying to the facts of the hour
the doctrines it has lived by, so far as they are still applicable, and when
they have ceased to be applicable, thinking out nev doctrines conformable
to the main principles and tendencies which it represents.
That has been my conception of
empty
in
factory
day is the
one
or on
farm—glows steadily
of ideas
party
has always failed when it has only been one of
bottles.
Would Have Democratic Pariy "Liberal"
The
more
great lesson of history—the lesson
called the "highway of
fellowship."
Democratic party will live and continue to receive the Support of
the majority of Americans
a
just
so
long as it remains
a
liberal paity.
the situation which Lord Bryce described more than a
If it
quarter
century ago, it will fail.
As the leader of that party,
this community of interest
the obligations and ideals of the Demo
for the Democratic party has always been a
the unity of interest of all
of
I propose to try to keep it liberal.
As Presi¬
becomes apparent to those who live
dent of the United States, I conceive that course to be the best course in the
city, the strategy of the cold-blooded few to divide and
best interests not of Democrats alone but also of those millions of American
make
blind to their
interests, becomes
conscious
men
common
who
affiliated with other parties or with no party at
itself,
just
because it
does
conceive its interest
to
be
opposed to the interest of all other people, that small minority is deliberately
prejudice
between
people of America—to create
a
stinctively are not class conscious.
this
new
and
class
that
feeling
group
among
of the
common
people who in¬
men
and women
all.
common
active.
trying to create
Conservative.
too long; he admitted that old people,
international
and
road to civilization is the road to unity—the road
in
or
one
having him pretend
sharp practices and abuses in issuing securities and
excesses,
factory
reve.ts to
farm and
legitimate instrument to do the job,
political party—has a right to be honestly
rather than money, and it
Unity Only Road to Peace and Better Cii ilization
Clearer
every
to finance a farm were
and women—warm-hearted, simple men and women, willing
let
by using
and act like the other.
taught by the Master of Galilee—that the only road to peace and the only
Class
their
I told her.
his
two
more
government
But the nation cannot stand for the confusion of
cratic party,
conquer, to
in
from
For example, I said, "Mr. A" is a composite Conservative.
in the mill and
mine.
as
come
are
always had—and America still has—a small minority who
minority all it wants and at the
But
But
could
that in 1933 interest rates charged by private banking to ordinary citizens
interpretation,
much to those who work with head and hand
as
distinction between those who
no
and those who work in industry.
on
improvement
A few days ago a brilliant newspaper writer asked
If
believe that the first Monday
the farms.
evident.
people both in private
many
abuses.
"Mr. B" did not claim that the remedies were perfect
mills and factories and railroads and mines.
to
that
without
come
man—any
one
what
Union.
Day—is set aside in special honor of those who work at
at
course,
certain
government included, I call "liberals" or "progressives."
of this nation.
Unthinking people
But
of
the load, he gave active study and
of the
part
The second, and the original, reason for my coming here is also related
to the unity
common
every
forward by those who belonged to the liberal school of thought.
in and to the United States of America and, under the
the
not
the present
to
other.
That what happens in and to the Free State of Maryland matters
mightily
of living.
occupation and in
But conservative "Mr. A" not only declined to take any
States of America;
assume
of
were,
People who feel and think like that
That fact is—
Maryland, proud of itself and conscious of itself,
is also proud and conscious of being a most
There is
every
buying and selling stocks and bonds; he admitted that the hours of work
thoroughly established by the Constitution
ago
of the United States, even if it is denied
on
there
existence
believed
"reactionaries."
national
Labor
the
"Conservatives''
there
I have accepted the
to the Eastern Shore of Maryland
today.
in
in
'
local initiative without the help of government.
or
could
who
will approve,
you
invitation of your Congressman to come
That
citizens
improvement at all.
the
on
President's address at Denton follows:
For two reasons,
some
American
process
wishfully
ment
distant past
a
undertakings had to be launched
public life who did not like to do the things that had to be done.
admitted
initiative
country the unity of
willing to live and let live, whether in factory or
we
included
difference between
women,
common
sermon
another'."
one
of all
by
They
"American
stressed
selfish minority to "drive a wedge" between
a
interest
which
that
and in
with lost time, to bring
new
But remember well that those undertakings were on a complete
During this
presence
"community of interest" between farmers and city dwellers and told his
The
1933.
up
principles" rather
audience
government had
...
During his 150-mile swing along the Eastern Shore prior to his speech,
Mr.
1933, the Federal Government had
out of balance and
was
failed completely to recognize that important social needs called for action.
"carpetbagging" tactics during
being purged from the constellation
One of
in order
same
speech marked the President's first direct appeal to Maryland voters
name,
a curse,
the
part of the country.
He did not mention Senator Tydings
Day and preach a
our
front
Senator Tydings and replace him with Representative David
Labor
on
"We Are All Members
to keep all of our people abreast of each other and in line with the
present,
party."
The
here
come
that ancient text,
Another."
the support of the majority of Americans just so long as it remains a liberal
J. Lewis, 69-year-old New Dealer.
historic Washington University.
lasting spiritual values of life.
in
to repudiate
your own
daughters by the thousands into the in¬
Your products of farm and fishery go to the greatest city
Roosevelt said that the "Democratic party will live and continue to receive
If it reverts, he added "it will fail."
who above all people has always
have to
to
labor from sun-up to sun-down.
It is
trying to make the farmer forget that the people in the cities who, like him,
nation-wide Labor Day address delivered before farmers, fishermen
a
and small
in
what
wedge between
a
And 1 have the right, in sincerity and honesty, to make
in any
are
that statement
State, in any county and in any community of the United States,
of America.
Increasingly during these past six years a common understanding of what
unity means has grown throughout the land.
ask their
People have continued to
representatives to be liberal, to take the initiative, to be positive
Financial
1576
in
forces
social
improving
live
who
You
the farm know
on
well how farmers were exploited by
those who controlled government from the end
materials for clothing which are produced
Industrial labor has come to understand that unless the
from the soil.
farmers of this country are prosperous
and women
America cannot prosper
farms, inen and women in cities, are partners.
on
That is the keystone in the arch of the economic
unless both groups prosper.
The postmistress
publicity
Lewis's headquarters: namely, Eugene Casey,
in Mr.
man
where she resides."
Tydings:
Other charges by Mr.
director for the Lewis campaign,
issued a statement in the public press as
either vote for Lewis or out they go.' referring definitely in
follows: 'They
holders.
to the Federal office
that statement
office at Havre De Gras was invaded by a man who does not
for the Government, Mr. Hobard, one of Mr. Lewis's contact men,
"The post
work
First
continued, rode
and was "in
of Salisbury, Mr. Tyding's statement
neighboring counties with Mr. Lewis during office hours
to
policy of your administration in Washington.
and social
Lewis."
fact, the leader of the Lewis cmapaign in the county
"A
men
and by
have been told by the postmistress of Salisbury,
the postal workers
they cannot buy the product of the
that
of
8hore that
in many places on the Eastern
"it is notorious
added,
He
factories.
Economic lesson number one of the past 20 years is
Lewis, my opponent,
Indicated by that statement that their tenture
influenced by who was nominated."
office in the future would be
industrial labor Is prosperous
Farmers have come to realize that unless
It cannot buy the food and the
called in the non-civil service employees,
during office hours, and told them that he was for
and reading a statement.
others, to get out and work for
too.
1938
Sept. 10.
of internal revenue of Maryland
But 1
realize also that for many long years industrial labor was ex¬
think you
ploited
of the World War to 1933—•
fostered which still give us trouble.
by the monopolies they
and
That applies to
conditions.
economic
and
industrial workers.
farmers just as much as to
Chronicle
Compensation Act Passed in Maryland
talked with the employees and then went
who
around the town hunting
stating frankly
postmaster to take the place of the postmaster,
May I illustrate again by taking some
for
Nearly 30 years ago people who were
that he wanted to embarass me."
high-spots?
injured through no fault of their
A very proper demand arose for workmen's
pensation for their injuries.
Thanks
laws.
compensation
of a
the pioneering
to
young
Tydings said he was prepared to testify under oath to having
Mr.
impossible, to get adequate com¬
in factories found it difficult, if not
own
new
a
seen
such instances.
Maryland
the
legislator, the first Workmen's Compensation Act ever to be passed in
States
United
Ten years later, I, following
adopted by Maryland.
was
Committee Inquiring Into T. V. A.
Litigation Reported $13,545,903
Congressional
the
helping to pass a Workmen's Compensation Law through
his lead, was
Recesses—Cost of
Legislature of the State of New York.
workmen's compensation laws are
But what I want to emphasize is that
confer a
able
farmers because the injured industrial worker is
definite benefit on
buy food for himself and his
get his compensation and continue to
to
They
injured In industry.
the sole benefit of workmen
for
not
famTy.
Later on in the halls of Washington
Congressman pushed and
a young
pleaded until he got a parcel-post law on the statute books
But it was not for their benefit
R. F. D. routes.
State, lived on
every
of the United
parcel-post law was of principal benefit to those who, in
That
States.
alone, for it helped their brothers and sisters who worked in the cities
of
the country.
that
And
Congressman
young
the
was
Maryland legislator
same
of
Congressional Committee which has been conducting
hearing at Knoxville, Tenn. into the workings
of the Tennessee Valley Authority recessed on Sept. 2,
subject to call by Senator Donohey (Democrat) Chairman of
the Committee. The Committee, which devoted most of its
time hearing testimony on the dispute between Dr. A. E.
Morgan, former T. V. A. Chairman, and the other two
T. V. A. Directors, David E. Lilienthal and Harcourt A.
Morgan, adjourned without designating a time or place for
reconvening said United Press accounts from Knoxville on
Sept. 2, which also stated in part:
The
a
earlier days.
Electric
Unemployment Insurance Act Brought About By
Old-Age Pension and
however,
was
later it became clear that the problem of dependent old age
years
trying one, that the States and the Federal Government, that em¬
a
ployers and employees, should come together to pass a nation-wide old-age
Once again the Representative
pension and unemployment insurance act.
thanks to his pioneering,
from thu Free State of Maryland took the lead and,
It is the privilege of some
of
us to
having
who not only has seen visions but has lived to make his
man
a
dream dreams, and of some of us to
But in Maryland you are fortunate in
out the dieams of'others.
carry
dreams come true.
He symbolizes for the farm and the city alike the
the
who
man
rises from
inherent humanity of
humble circumstances, and the inherent
American tradition
write at the knee of
School.
And that is
why, perhaps, he has lived the life of the Good Samaritan—and he has
not
Latter stages of
Maryland,
him
vote in a
The choice in all
primary.
during the
Committee sessions here
were
devoted to discussions of
hearing today to explain a letter purportedly written by
*4
prior to his connection with the Land Department,
The letter introduced
(Rep., Ohio)
Representative Thomas Jenkins
by
sought to get Snyder's father-in-law to purchase a farm in the Tennessee
..
.
Mr.
Snyder asserted he
when the letter
years ago
connected with land acquisition four
not
was
was
written and he merely had sought to help an
"old gentleman" who was "about to lose his farm" in the
Under
will shortly
tonight except Representative
exhibits presented
300
of the
some
John I. Snyder, T. V. A. Land Acquisition Chief, waB on the
department.
stand in the final
passed by on the other side.
You in
studying
T. V. A. labor and personnel policies and activities of the land acquisition
forgotten that he learned to read and
Christian minister in Sunday
a
•
(Rep., N. J.) who said he expected to remain here
Wolverton
weeks
several
Washington, probably in
T. V. A. department heads who have
All the Committee members left Knoxville
Charles A.
Federal agency,
expansive
in
tentative plans for a subcommittee to return
testified before the full committee.
not
Valley.
of equality.
It is suggestive that he has nevei
of the
phases
be considered,
to
were
to Knoxville in October to hear some
ability
in vision and effectiveness in the fertile soil of American opportunity
to grow
and the
scheduled
There also
hearings.
millions of our people.
decent security of life assured to
budget
and
power
were
November.
Pioneering of Representative Lewis
Many
seven-weeks
date
of
Aug.
Associated
31
T. V. A. area.
advices from
Press
Knoxville said:
parties is solely yours—that goes without saying.
By may I
the hope that the choice will be the choice of all who
express
entitled to vote in the primaries—not the choice of a group, an
are
zation"
group
or
"anti-organization"
an
"organi¬
not the choice of ODly a
group,
but the choice of all who
part of the voters either in city or in country,
Legal efforts by private utilities and other private interests to obstruct
the T.
He said constitutionally of T.
have the right to make the choice.
|| At
time like this of grave international troubles in many parts of the
world, the best contribution that we at home can make to our own security
is
eliminate
to
our
a
quickly all fellings of injustice and insecurity throughout
For
country.
own
our
in public life who quote the
As President I have
safety
own
cannot afford to follow those
we
Golden Rule and take no steps to bring it closer.
willingly defended the interests of each of the nation's
I have been just
great groups to the others, even if the others were critical.
been
business and agriculture, as I have been to defend agriculture to
business.
with
labor and
That is part of my public duty.
When I became President I found
each of these groups
a
country demoralized and disorganized,
public agencies of
challenged
in
41
V. A. and its public power program had
This,
cases.
caused losses
he calculated,
the
to
public of $7,702,100 through blocking the delivery of cheaper power.
The loss to T. V. A. in wholesale power revenues was given as
and T. V. A.'s direct expense in legal and other departments
$5,325,644,
resulting from
the litigation amounted to $518,159.
Among chief losers due to litigation, he said,
were
Chattanooga. Knox¬
ville and Memphis.
glad to defend business to labor and agriculture, and to defend labor to
as
V. A. have caused total losses to the public and
$13,545,903, James Lawrence Fly, T. V. A. General Counsel, told a Con¬
gressional investigating committee today.
Items
,
relative
,
the
to
columns July 23, page
inquiry have appeared in these
508; July 30, page 656; and Aug. 27,
1281.
page
seeking to survive by taking advantage of the
others.
As
in
the
time
of
George Washington in
danger that the States would
Abraham
Lincoln, when
A big part
of
my
people
our
become
1787
a
That has been
The great test for
us
in
time is whether all the groups
willing to work together for continuing
are
representatives
to
operate,
get
of
their
things
done
free
in
what
the
union,
on
I
I
or
any
one
people do.
am
man
the
may
do
In this effort
confident that all
progress.
citizens, and through
choice—representatives
true
representatives who seek every plausible
What
our
who
excuse
willing
to
co¬
for blocking action.
is
of small
moment
to
preserve
our
labor in
involving commission rates for sales of livestock at Kansas
City Stock Yards. The hearings, which will open on Monday
next, Sept. 12, will be held in the Administration Building
of the Department in Washington.
From Washington Aug.
31 advices to the New York "Journal of Commerce" said:
factory
Secretary
additional
compared
democracy
field and
Additional
of
On Aug. 31 Secretary of Agriculture Wallace granted an
for the taking of additional evidence in the case
of "give and take"—not
spirit
Taking
order
unchanging purpose since
may
our
Orders
Evidence in Kansas City Stock Yards Case
the time of
tragic division threatened to become lasting—
Such progress comes from the rank and file of
the
in
Wallace
Secretary
when there was grave
nation—as
duty as President has been to do what I could to bring
people together again.
March 4, 1933.
of
never
has brought a test of our American union.
our" own time
our
a
with
and our
Wallace
evidence
named
that
C.
John
commission
Brooke
firms and
the
will
take
Department of Agri¬
culture desire to offer in respect to changes in conditions
order of June
He
examiner.
subsequent to the
14, 1933.
will carry
Other
Hearings Possible
the good work.
This is
Brooke
Mr.
high purpose on this Labor Day of 1938.
our
may
Senator
Tydings told the Senate Campaign Expenditures
Committee on Sept. 6 that the Collector of Internal Revenue
for Maryland and the Postmistress of Salisbury Md
had
made "notorious" efforts to influence Federal employees in
was
the examiner in
the original hearing.
Other hearings
be held at such other times and places as the examiner directs.
June 2
Secretary
Wallace issued an order reopening the proceeding in
the Kansas City rate case, following a
which set
aside
a
decision
Supreme Court decision on April 25,
of the Secretary under the
Packers and Stock
,
behalf of Representative Lewis.
Associated Press Washing¬
ton advices of Sept. 6 detailed these charges as follows:
Chairman
held
was
on
Thursday.
campaign receipts and expenditures.
a
report
He reported
contributions of $37,024.25 and expenditures of $35,957.64 by his campaign
committee in addition to $11,869.98 in unpaid bills and $520 in
personal
Mr. Tydings, whose renomination has been directly opposed by
1933.
President
"it is notorious that the collector
The Secretary
procedural defect.
on
the
has
had prescribed
a
lower
Kansas City stock yards, as a result of a hearing
Difference
between
prescribed rates and prevailing rates
impounded by the Federal court pending a decision.
the
order
of June
2
commission firms were
been
asked
which the
Sept.
material
a
that
the
given
until Aug.
15 to
On the deadline date the commission firms filed several
motions to vacate the order, among
on
expenditures.
Roosevelt, reported to the committee,
on
file exceptions.
Tydings made five specific charges in connection with
to the committee on his
Act
in
In
Shepard said he would submit Senator Tyding's complaint to
the committee
Senator
Yards
commission rate
change
in
them
an
affidavit showing that there
conditions since
June
14,
1933.
They
Secretary reopen the case for taking additional evidence
Secretary granted in setting the date for taking new evidence
12.
The only other motion that Secretary Wallace acted
upon
was an
affi¬
davit of bias and prejudice in which the Secretary was asked to disqualify
Volume
147
Financial
Chronicle
1577
''
.
himself.
The motion
to argue
further.
► Items regarding the case
April 30, page 2780; May 21,
and Aug. 13, page 974.
AAA
50
that
of
subsidies,
market
At the
same
constitutional adding that
told him it would stand
decision that
for the United States its share of the world wheat export
in the courts.
Mr.
officials said that the 30 cents rate
day of the
line
in
more
new
"more
or
AAA
rate,
less feeler" for the first
differentials
between
United States and foreign
new
mum
flour
the AAA was
Sept. 3, page 1422.
From its
7 the New York "Journal of
bureau
Sept.
Commerce" reported in part:
Under the
flour
export
program
announced each succeeding
be made for continuing
approved
through Saturday the rate announced
on
Friday.
is part of the AAA general wheat export subsidy program designed to secure
for
the
United
States its share of the world wheat export trade of about
100,000,000 bushels annually.
is
Federal Surplus Commodities Corporation
already buying wheat and reselling it to exporters who
agree to
place it
in foreign markets.
It
was
because
of fluctuations
in
domestic
and
foreign
flour
markets.
It
was
ally, it is possible under the program to have different rates based
of wheat
from
which
the
flour
is
milled.
In
general,
on
the
the
Farm
Administration added:
"The rates will
a
reasonable share of American
flour to be placed in foreign trade."
with
repre¬
none
of the
a
statement
today that textile workers would request a mini¬
Mr. Andrews said
expeditiously and
he knew how and added:
as
tween
Secretary of Labor Perkins in
a
Labor
Day statement
said in part:
Wage-earners of the United States can celebratej Labor Day with as¬
that their welfare will be promoted, their
working conditions im¬
proved and their opportunities for profitable employment advanced as a
surance
result
of passage of the
Fair Laborfc Standards Act,
the Social Security Act and the
[wage and hour lawj
NationaljJLabor^Relations Act, three
out¬
,1933.
Marked economic gains have been made which have benefited not
only
workers but employers and investors as well in the last five
and a half
years.
Weekly factory payrolls
rose from[$77,083,000 in March, 1933, to $137,162,000 in July, 1938, a gain of $60,079,000; and in the same period there
was
advance in
an
769,000,
be sufficient to enable
of the law
but he said
to cooperate^with provisions of the
wage of 40 cents.
standing laws enacted since March
explained that the flour indemnity rates will be announced daily
further pointed out that, although the rate announced today applies
gener¬
types
tobacco industries,
opposing points of view/and some details may need revision.
As
required by the Act itself, I shall expect to report candidly on the need for
any such changes as may arise.
indemnity rates will be
The program for encouraging exports of up to 5,000,000 barrels of flour
discussing application
volunteered yet
We all know, that in some
respects the law represents compromises be¬
>
as
marketing day, except that the provision may
hourly
fairly
export program of
referred to in these columns
Washington
had
>
In a Labor Day (Sept. 5) broadcast
that he would administer the Act as
pointed out.
and
been
program.
announced in
The new subsidy rates are subject to change, however, depending upon
what happens to relative price levels of domestic and foreign wheat, it was
wheat
Federal court
Francis J. Gorman, President of the United Textile Workers of
America,
wheat
prices.
The
has
of the textile and
basic industries
and that the higher rates announced today are
program
with
was
payment
a
a
Andrews
sentatives
explanation of the increase in the indemnity
He said that
particular industry was not in interstate commerce, to which
applies, would not invalidate the entire statute.
the law
considerably above the original general rate of 30 cents per
are
Mr. Siften has
time, however, he expressed the opinion the Act undoubtedly
"even the most conservative lawyers" had
is
barrel announced yesterday.
In
law.
Associated Press accounts from Washington
Sept. 2, from
we quote also said:
of the Farm Administration's broad general
part
new
York
which
was
up
The flour
of the
the New
that he believed the first court test of
validity of the
law would arise over the question of "where
interstate commerce begins."
> i;
"Journal of Commerce" which added:
program to procure
made known
men
the Pacific Coast, where a rate of 35
announced on Sept. 8 by the AAA,
according to Washington advices that day to the New York
established,
was
wage-hour
of the country except
was
On Sept. 7 it
Unemployment In¬
surance Law; he
relinquished that post Sept. 1—A reference
to a conference held
by Administrator Andrews on Aug. 19
with those identified with the textile
industry, was made
in our Aug. 27 issue,
page 1276 and the appointment of a
textile industry Committee was noted in the same item.
On Sept. 2, Mr. Andrews is said to have told
newspaper
the Government had fixed an
initial subsidy rate of 30 Cents a barrel on wheat flour sold
for export between 2 a. m. that day and 2 p. m. Sept. 8.
An increase in the rate to 50 cents per barrel in all sections
cents
Sept. 15.
been Administrator
Sept. 7 by the Agricultural Adjust¬
on
Administration
ment
on
charge of the administration
'
Cents
announced
was
duties
new
that Mr. Andrews had named Paul Sifton as Assistant Ad¬
ministrator of the Wages and Hours Division which is in
appeared in these columns
page 3275; June 3, page 3601,
Following Fixing of Indemnity Rate of 30 Cents
Barrel on Wheat Flour Exports Raises Indemnity
a
to
P It
his
overruled with leave for the commission firms
was
non-agricultural employment from 25,946,000 to 31,-
rise of 5,823,000.
a
100,000 in
March,
Building construction went up from $24,-
1933, to
$182,900,000^in July, 1938, and increase
of
$158,800,000.
Announced
indemnity rates will apply to flour sold for export during
the market day or days following announcement of the rates, it was stated.
Passage of the Fair Labor Standards Act, since the observance of Labor
Day, 1937, should be a source of satisfaction to wage-earners and employers
In order to
all over the country.
qualify for payments exporters will submit notices of
c< nsum-
Putting
a
floor under wages,
mation of sales to agents named to represent the Secretary of Agriculture.
Forms giving this information have been approved and will be distributed
it will be the
to
in the years to come.
a
ceiling
over
hours of
work and ending child labor in industries
Claims for payment will be in the form of vouchers.
exporters.
Plans for
indemnity payments on exports of flour, up to
5,000,000 barrels, were approved by Acting Secretary of the
Treasury, M. L. Wilson, on Sept. 3, at which time he said:
"The flour export program does not
extends practical
mark any new policy.
It merely
application of the wheat export program to wheat sold as
He explained that the wheat program, under which the Federal
exporters, was not adapted to encouraging flour exports.
The flour export program calls for indemnities to exporters,
Surplus
the difference between the domestic price and prices in
the time of sale.
of each
ment
and
Exporters
based
lot of flour and later make formal application for payment
will be made
on
on
foreign markets at
are required to file reports on the time of sale
of price-cutting competitors in the past.
mercey
W.
Willkie Proposes SEC
L.
First
of
Tennessee
The wheat
the
bushels
was
was
paid
so "unfair" as to view
pessimistically
negotiations between himself and David E.
Lilienthal, TVA Director. His letter was in reply to the
Board's demand for an answer to an offer to buy the distri¬
bution system of the Tennessee
Electric Power Co. in
Chattanooga.
Operation of Agricultural
Wheat Export Program
for
it.
The
bulk
of the
bought in the Gulf of Mexico region.
Northwest totaled 878,064 bushels and
on
Willkie, President of the Commonwealth! &
Southern Corporation, proposed on Sept. 6 that the Securi¬
ties and Exchange Commission act as arbitrator in
settling
a
dispute over the price which the Tennessee Valley Au¬
thority should pay for the corporation's electric properties
in the Tennessee area.
In a letter to L. J. Wilhoite,
acting
Chairman of the Electric Power Board of Chattanooga,
Government would be
the
sold to exporters at prices from 4 to 7 cents
Government
a
wheat,
bushel less
4,082,806
Purchase in the Pacific
the Atlantic seaboard 8,000.
Exports from the Gulf ports totaled 1,178,000 bushels; from the Pacific
663,597; and Atlantic ports 8,000 bushels.
The prices the
Northwest
Government paid ranged from 50 to 78.5 cents
a
bushel.
current
Mr.
Willkie's
on page
1422 of
not
the
Names
A.
L.
Administrator
Fletcher
and
of
Wage-Hour
Paul
Sefton
as
Law
As¬
sistant
Administrators—Secretary of Labor Perkins
Says Act Should be Source of Satisfaction to Em¬
ployers and Employees—Also Commends NLB Act
and Social Security
Announcement
made
Sept. 2 by Elmer F. Andrews,
Administrator of the Federal Wage and Hour law, of the
appointment of A. L. Fletcher as Assistant Administrator in
charge of Compliance.
Mr. Fletcher, who is at present
Labor Commissioner of North Carolina, is exptcted to assume
was
on
follows
as
in
the
have the facts with reference to the negotiations between himself
and
TVA.
The Board in a recent letter to Mr. Willkie said it
believed
there
was
"no hope that State-wide acquisition could be
consummated in
time to prevent competition
in Chattanooga," and added that, unless the
Tennessee Electric Power Co. was willing to sell its
properties in Chatta¬
nooga, they would become less valuable until "within about 18 months
no
value to the city other than their nuisance value."
Slate-Wide Acquisition
In the letter the
Andrews
summarized
Calling for "some fair solution" to the controversy now raging in the
Valley between the private power companies and the TVA,
Mr. Willkie asserted that the Chattanooga Power Board
apparently did
TVA
F.
was
Sept. 7:
Tennessee
our
Sept. 3 issue.
Elmer
letter
New York "Times" of
they will have
The wheat export program was noted
Properties
L.
Mr. Willkie said that he could not believe that the Federal
The Department of Agriculture reported on
Sept. 6 that
during the first week's operation of its wheat export subsidy
program it bought 5,968,780 bushels and sold 1,849,597
bushels to shippers for sale in foreign markets.
Associated
Press advices from Washington, reporting this, added:
than
Wendell
Pay¬
Week's
Department's
Arbitrate} in Negotiations
with TVA for Purchase of Commonwealth & South¬
1939.
.
flour sold for export not later than June 30,
actually exported before Aug. 15, 1939.
Results
This, in turn, will benefit employers, investors and
Act will also serve as a protection to that great
majority
employers who want to maintain decent standards but have been at the
of
ern
Commodities Corporation is purchasing wheat and offering it tor resale to
engagedpn interstate commerce,
of increasing the purchasing power of millions of workers
The
farmers.
flour."
With regard to Mr. Wilson's statement advices from
Washington to the New York "Times" Sept. 3 said:
means
Power
the problem
for
Power Board also stated that Mr. Lilienthal,
Director
advises
municipalities in the
Tennessee
of public ownership, also believed that there
immediate
State-wide
was
who
Valley
"no
as
on
hope"
acquisition.
Accompanying Mr. Willkie's letter to the Board
was
a
map
drawn by
TVA
engineers and submitted to Commonwealth & Southern last March,
outlining the territories that TVA wished to buy for itself and the munici¬
palities in the Tennessee^Valley. A line of territorial demarcation extending
from Memphis, Tenn., and
Georgia and then
appears
on
Included
nooga,
north
projecting down
to
the
through).Mississippi, Alabama,
southwestern
corner
of
North
Carolina
the map.
in
the territory
outlined? by the TVA
is
the city
of Chatta¬
and Mr. Willkie asserted in his letter yesterday that there was no
"divergence of view between
in its entirety and
us
that the
simultaneously."
property
was
tojse purchased
Chronicle
Financial
1578
Francisco Department
Stores Are
Retail Clerks Affiliated with
A. F. of L.—Union Claims 7,000 Strikers, Employers
Estimate 4,000—Stores Remain Open
Picketed in Strike by
TVA requested an independent audit of the proper¬
ties which it had outlined on the map and to which Commonwealth &
Southern "readily consented." Such an audit was completed some months
ago, Mr. Willkie continued, and immediately after its completion "Mr.
Lilienthal and myself took up negotiations with reference to the purchase
and sale of the entire property which he desired to acquire and which, of
course, includes Chattanooga."
pointed out that the
/
"
Question of Price
■■
an American Federation of
picketed the 35 largest department
stores in San Francisco, after a strike which started Sept. 7
after peace conferences failed to bring agreement on demands
of the Retail Department Store Clerks Union for a registered
list from which employees would be selected, and a storewide seniority plan.
Employers demanded the right to
choose their owTn workers and advocated a departmental
instead of a store-wide seniority plan.
Union leaders said
that 7,000 employees had joined the strike, but employers
said that the total number approximated only 4,000.
The
stores remained open, despite the picketing.
It was stated
in United
Press advices from San Francisco yesterday
(Sept. 9) that Mayor Angelo Rossi conferred with employer
and union leaders today in an effort to settle the strike.
Other San Francisco labor troubles, involving unions
affiliated with the Committee for Industrial Organization,
•were described
in the "Chronicle" of Sept. 3, page 1426.
Associated Press accounts of Sept. 7 from San Francisco
Retail
Willkie disclosed, is the
question of price.
"I
have asked merely that
the price for the Tennessee Electric Power
paid for the Knoxville property
Co. be determined on the same basis as was
"Mr. Lilienthal has other views."
by Mr. Willkie, the Tennessee Public
Service Co., a subsidiary of the National Power & Light Co., received 105%
of the base rate for the outright sale of its electric distribution system to
negotiated by the TVA," he said.
In the Knoxville deal referred to
the TVA.
both the city of Knoxville and
\
could not be
disagreement
made that the property
"Likewise, no such suggestion was made
until about three weeks ago."
.
L»Mr. Willkie outlined in the letter the various proposals that he had
made
effort to determine a "fair price" for the properties
date in an
to
made up
he had suggested a board of arbitration
He pointed out that
involved.
Supreme Court, the TVA and the
of the country's leading colleges. These
of either leading members of the
utilities, or of the heads of three
said, in part:
been rejected, he said.
The Securities and Exchange
Commission, as a board of arbitration composed of some of the "most noted
liberals in the country," also had been suggested, Mr. Wiikie revealed in
Most of the stores
suggestions have
his letter, but he remarked
belonging to
^
(Tennessee Electric Power)
purchased as an entirety or simultaneously until there was a
as to the price that should be paid," Mr. Willkie continued.
"No suggestion was
clerks
Labor union this week
:
^
has arisen to date, Mr.
The only dispute that
San
Thirty-five
Valley, Mr. Willkie
developments In the Tennessee
Reviewing recent
Sept. 10, 1938
apparently had adequate staffs, and after a quiet early-
morning opening, the number of customers increased rapidly.
Police vacation schedules and all days off were
that this proposal had not yet been accepted.
reports of violence
.
as
canceled after the early
precipitated by the stores opening on time for "business
usual."
'U'';' .'•V.'
U:.' >
Three disturbances resulted when women pickets sought to prevent non¬
Study of Life Insurance Companies—Sends
SEC Begins
formally launched an inquiry into the
industry by sending
insurance
Sept.
7
$24,000,000,000 life
loDg questionnaire to 406
a
placed
As
questionnaires seek data concerning the organization
The
companies, the type, of business in which each is
the
of
policy and stockholders.
A Washington
dispatch of Sept. 7 to the New York "Herald Tribune"
added:
,•'>
■
'i
to
will submit a second questionnaire to
The Commission, It was learned,
life insurance management aspects.
insurance concerns inquiring into
A
Private Issues
a
Subject
Two similar
placement
The Commission
by issuers with large insurance companies.
is interested in studying the
enable
a
We recognize that much of the information
publicly available, and that commercial reporting agencies supply
unofficially,
data
Street car and automobile
blocked for 30 minutes.
was
Later,
pickets pulled girl
women
Several pocketbooks fell to
after rescuing the
employees from the store entrance.
the sidewalk during the scuffling, and police,
girls, assisted them in picking up lipsticks, powder puffs
and other accessorias.
Pledges of support came to strike headquarters from many unions
We
for the submission
asking
are
of this
information, however, in order that we may have authoritative material
available in such form as will permit its expeditious
A rambling freight
loaded by executives at the struck Wool worth
car,
the shutdown as it
caused
was
hauled from one warehouse
As each force of warehousemen refased to unload what
siding to another.
they termed the "hot cargo," the employers accused the men of
civil
or
Oct. 1, at the latest.
criminal liability in
misstatement or omission
of work, and negotiations were
at a standstill.
In
the
background lurked the refusal of employers to renew a contract
with C. I. O. longshoremen
contracts
were
stymied on the ship owners' proposal to place a repre¬
and employers are
use."
phases
respect
of
any
finks
or
questionnaire,"
ac¬
company
New York
City Averted by Signing of New Agree¬
ment—Strike in Brooklyn Borough Ended
(1)
organization:
Organization;
The signing of an agreement on
declarant; (4) by-laws; (5) predecessors of declarant; (6) plan of declarant's
strike in the
business; (7) present business; (8) history and development of declarant's
tan
rehabilitation,
(9)
receivership,
voluntary readjustment
of de¬
clarant; (10) annual and special meetings; (11) annual and interim reports
declarant; (13) annual
of declarant; (12) audits and financial statements of
statements
to
Government
agencies;
(14)
of preparation
supervision
of
questionnaire.
The SEC
by-laws.
seeks extensive data
Attention
is
given
to
on
life insurance company charters and
the
predecessors
of life
companies, ap¬
parently with the view of ascertaining the methods of mergers or con¬
Date of acquisition,
solidation.
of acquisition
nature of business acquired and method
of assets must be disclosed by declarants.
number
of questions
regarding the present
District
Section
10
are
deals
which
or
annual meetings,
annual
or
on
and
meetings.' The Commission
special
the methods used by companies to announce special
and asks for specimen copies
of each notification of
special meetings for the period from Jan.
1, 1923, to Dec. 31,
1937, inclusive.
Section
11 asks declarants to submit information
reports to policy holders and stockholders.
asked in
this section alone.
on
annual and interim
Altogether
The companies
must list the names of the
accountants auditing their books and whether they are
American
Institute of Accounts,
American
14 questions are
affiliated with the
Institute of Actuaries or Ac-
tuarual Society of America.
The Commission requests an annual statement from each company pre¬
pared in accordance with the national convention form submitted for the
year
ended Dec. 31, 1937, to the governmental agency of the State where
it is incorporated or organized.
of
of
Brotherhood
the
Painters,
Deco¬
a
immediately.
The new agreement
rate of .$10.50 a day, a seven-hour day,
wage
a
week, and double pay, for overtime.
A clause
use of spray guns is outlawed was also in¬
In the New York "Herald Tribune" of Sept. 3 it
five-day
whereby the
stated:
was
Although
reigned
peace
Brooklyn
were
still
on
Manhattan
in
and
the Bronx, union
painters
strike, demanding continuance of a $11.20-day,
the Manhattan scale.
At the
unofficial discussion of kickbacks
allegedly render the $11.20 scale
almost meaningless.
"There is far less chiseling today in Manhattan and
the Bronx than in any other borough," Mr. Moeller remarked.
while
employers
luncheon
and
in
other
The
strike
of
in
standing
there
firm
was
Brooklyn
Brooklyn
for
some
which
painters
was
ended
on
Sept. 8
signing of a contract which will run to Aug.
with the
1939.
were
Manhattan,
practices
The
31,
provides $11.20 a day for
painters
$12.00 for decorators and paperhangers.
The contract,
according to the union, also calls for 50% hiring by em¬
ployers from the unemployed list of the union and for a
agreement
and
35-hour,
five-day week.
The Brooklyn
painters went on strike on Sept. 2.
Their
of $11.50 a day expired Aug. 31.
contract calling for a wage
Plans for the investigation were noted in the
July 16, page 364 and Aug. 27,
9
effective
became
provides for
in
with annual
requests information
Council
Paperkangers, affiliated with the American Fed¬
eration of Labor, and of the Association of Master Painters
and Decorators of New York agreed to a one-year contract
business of life companies.
sought out.
Sept. 2 averted a general
painting industry in the Boroughs of Manhat¬
Bronx, New York City.
Representatives of
the
rators and
Ways and methods by which financially embarrassed life concerns were
rehabilitated
and
cluded.
The Commission seeks to trace the development of the industry through
a
Manhattan and Bronx Boroughs in
Painters' Strike in
14 sections, dealing with the
States in which declarant is authorized to do business; (3) charter of
business;
A'---
scabs—you strike-breakers."
inadvertent or unintentional
in any of its answer to the
insurance
on
around the order by chanting, "The police won't let us call you
in getting
submit their data to the Com¬
call
Some strikers succeeded
The companies are not subject "to any
The six-page questionnaire is divided into
(2)
Other maritime union
Longshoremen
which expires Sept. 30.
automatically extended for another year.
sentative in the hiring halls and other questions.
cording to the general instructions and definitions.
following
breaking
them off and closed the warehoase.
their contract, laid
non-strikers "finks" or "scabs" or other epithets.
The life insurance companies are asked to
goods,
liquor and public warehouses, pledged their support.
Captain Albert Munn said he had instructed the strike pickets not to
Report Due October 1
mission by
and
C. I. O. warehousemen, also engaged in a
and waterfront workers.
strike, which has closed 120 wholesale grocery, drug, hardware, dry
intelligently the position of the companies as
they operate in the industry.
additional
traffic
the street, disregarding traffic signals, and sought
More than 2,000 warehousemen were out
of this questionnaire is to obtain information which will
to interpret more
us
noticed that two guards were escorting workers from
of the convoyed employees.
to prevent progress
Mr. Blaisdell's letter, in part, stated:
ferred to in the resolution.
is already
police at the Emporium,
What police termed "wild confusion"
the street to the store entrance.
Pickets surged across
warehouse,
is stated.
letter from Thomas C.
Blaisdell Jr., director of the Commission's monopoly study, and copies of a
resolution ordering the monopoly study and the President's message re¬
questionnaire was accompanied by
"The purpose
women
and that
consisted of pulling, pushing and general roughing.
demonstrations were handled by
city's biggest department store.
across
preferred position which life companies assume
wholesale buyers of stocks and bonds over other investors, it
Today's
the store entrance,
to
that few actual blows were struck
Police said
broke out when pickets
men
The SEC has already indicated that it will study the private
as
A patrol wagon
from the Maritime Federation of the Pacific, including 20,000 longshore¬
will be sent out later.
of securities
pairs
walked in
employees
door.
the
most of the violence
the
dealing with financial aspects of insurance operation,
third questionnaire,
mounted officer who warned pickets
a
wishing to go to work.
pickets grabbed them, pulled at their hair and attempted to drag them
engaged and the extent to which they have made available
information
and
persons
the store entrance, and there was no further turmoil.
near
women
from
legal-reserve companies, designed to obtain information for
the so-called monopoly investigation ordered by Congress.
"manhandling"
to cease
was
The first, at Hale Brothers
employees from entering two stores.
calmed by three policemen
was
Questionnaire to 408 Organizations
Securities and Exchange Commission on
The
union
page
1279.
"Chronicle" of
Brooklyn
employers
sought
to
establish
day.
applies in Manhattan, viz., $10.50 a
the
rate
which
Volume
Financial
147
Radio Plant Voted
Resumption of Work at "Philco"
After Four-Months' Labor Dispute
Employees
2
Sept.
of
voted
Philadelphia
the
in
second
on
the
Secretary of Labor Perkins Pleads for Union Between
C. I. O. and A. Fi of L.—Says Wage EarnersjWill
Suffer Unless Split is Healed
to
Battery
for
Co.
time
Storage
ballot
secret
a
1579
Chronicle
Secretary
address
Labor
of
broadcast
Perkins,
Frances
in
Labor
a
Day
months' labor
dispute and reopen the company's plants.
Approximately
8,000 Philc-o radio workers, members of the United Elec¬
trical, Radio and Machine Workers of America, an affiliate
of the Committee for Industrial Organization, have been
affected by the strike.
The vote on the acceptance of the
contract to resume work was not made public.
Formal
signing of the new contract took place on Sept. 7 at a
meeting of company and union officials.
The workers
agreed to a wage cut, a preferential shop, reclassification
of jobs, and permission for the company to buy parts made
by other manufacturers, according to United Press Phila¬
from Boston, said that wage
the long run unless a method for
healing the dispute between the Committee for Industrial
Organization and the American Federation of Labor is
delphia advices of
bargaining method has been and will continue to be
for better understanding between workers and
management, but there is need for cooperation within the divided organized
labor movement to the end that labor be not prevented from achieving its
accept
An item
in
which
contract
a
four
a
27,
of the first contract was noted
1278.
page
found.
York, and Affiliated Union of C. I. O,—220
Strikers to Be Reinstated with $40,000 Back Pay
The Todd
companies,
Shipyards Corp., New York, and its subsidiary
the
Drydock
Robins
Brooklyn,
Co.,
Repair
&
"Dissension
of
Tietjen & Lang, Hoboken, N. J., settled
Aug. 31
on
long-standing labor dispute with the Industrial Union of
a
Marine
and
of
the
to
Mrs.
tional
Elinore M.
Labor
agreed
Relations
they went
totaling $40,000.
dispute
"Herald
all
under
the
the
of
the
in
the
than
that
had
machine
for
be
will
the
on
provides
the
New
the
hold
value
of
by
York
Board
part
the
of
work
for
daily
assembled
at
years.
have
now
employees
that
yards
available
a
work
preferred
up
to
a
employees whose length of service is less
subject
the
to
stipulation
become
available
work.
for
The
in
Board views the agreement
the
regularizing
Mrs.
Herrick,
settling the
policies
employment
also
who
the
of
as
case
the
in
officials
praised
making
place of responsibility in the country."
within
"There
the
ranks
labor
of
"has recently
which
itself
has
been blurred by this
about a series
brought
be
can
doubt that the able and honest men
no
both sides feel
on
deeply and sincerely that their position is the right one," she went on.
"The Department of Labor has at all times furnished information and its
to
workers
all
affiliation,
and
regard
without
workers
of
groups
it has maintained its relationships
and
of unions of both camps but with the wide
their
to
not only with
officials
membership of both throughout
the country.
"It
is
be
to
hoped
that forces
within
equitable resolving of the differences and
"The
American
enough
take
to
Nation,
people
with
to
want
effective part
an
because of
and
healed
honor
that
and
with
the
too,
justice
the
organized
for
and
an
strong
economic life
and
that
anxious
with
and
make
toward reconciliation.
well
civic
are
will
unions
move
a
labor
see
in
they,
practical and workable method of
long step forward
repair field, said
a
ship
union
NLRB
due
regard
of
the
breach
this
to
be
really
a
accommodation."
their
for
part
in
Issues
Another
Report Against
Ford
Plant—
Trial Examiner Recommends Reinstatement of 129
to
industry where the
apply
the
for
"inevitably
said,
she
jurisdictional disputes."
at
Richmond, Calif., Factory
The National Labor Relations Board
list
this
out
an
less regularly
or
in
She asserted that the labor situation
strife
divided among
established
evenly
many
consideration
other
employees
for
Labor
the crowd
of
out
recognition
for
first
the
preference
carrying
be selected
strong
a
to
with
in
enabling
future
the
he will
Thereafter
of
in
plan
a
consideration
The
them
week.
unemployed
division,"
The settlement of
follows
as
past worked more
entitling
40-hour
work
to
that
settlement
status
1937,
June,
an
has
gates,
the company
been
entirely new principle in
"shape-up," whereby a man must
assurance
who have
York,
had
Sept. 1:
formulated
agreement.
with
The
of
has
establishes
the plant
in
described
entitled
practice
no
who
back pay
This is said to be the largest cash settle¬
was
that
certain
employees
agreement
New
in
men,
strike
on
Tribune"
corporation
make
Board
220
back pay made by the NLRB.
ment for
The
an
Herrick, Regional Director of the Na¬
reinstate
to
since
the
affiliate
According
Shipbuilding Workers of America,
for Industrial Organization.
Committee
and
collective
high
services
N. Y., and
5
in
of all those involved,
particularly in matters where the public interest may be
concerned."
She cited the proportionate decrease in strikes
during recent years, and said that there lias been much
gain in mutual understanding between management and
labor.
In part, Miss Perkins said, according to a Boston
dispatch to the. New York "Times" :
Dispute Between Todd Shipyards Corp.,
New
Sept.
suffer
lead to loss of influence and prestige
proper
NLRB Settles
will
earners
"The
Sept. 7.
the rejection
on
issue of Aug.
our
would end
on
Sept. 6 issued
a
trial examiner's report that the Ford Motor Co. had violated
the Wagner Labor Relations Act at its Richmond, Calif.,
The report recommended the reinstatement
allegedly discharged for union activity,
bringing to 800 the number of Ford employees urged for
reinstatement by NLRB orders or trial examine!'s reports.
Publication of the latest report included formal notice that
if compliance with the examiner's recommendations is not
posted within 10 days the case will be immediately con¬
sidered by the NLRB in Washington.
assembly plant.
of
129
workers
An earlier report was
referred to in
Aug. 27 issue,
our
page
1277.
effecting the settlement.
Reference to
issue of Aug.
the
ending of the strike was noted in our
28, 1937,
Leaders of C. I. O. and A. F. of L.
on Labor Day Declare
Movements—John L.
Lewis and
William
Green
Summarize
Respective Achieve¬
ments^—At Providence Mr. Green Says Changes in
Wagner Act Will Be Sought
Rival
Against
1354.
page
Truck Owners Agree to American Federation of Labor
Wage Pact Covering 1,000,000 Men in Midwestern
Statements
States
Labor Day
on
(Sept. 5)
by William Green,
President of the American Federation of Labor, and John L.
An
with the American Federation of
sign
agreement to
Labor by representatives of 3,500 truck operators, contracts
affecting
the
drivers and
Federation
Stablemen
sion
it
and
reported,
was
truckmen
North
in
meeting in Chicago with
a
Brotherhood
in
of
Indianapolis,
will
Teamsters,
provide
States.
was
Sept.
Chauffeurs,
expected at
7.
The
covering all
a
ses¬
agreement,
750,000
for
increases
wage
the mid-West area,
Central
1,000,000
Aug. 31 by American
on
Helpers of America
be held
to
at
of
conditions
working
approved
Ratification by individual locals of
operators.
International
the
was
Labor leaders
of
and
owners
and
wages
helpers
or
part of 11
Regarding the agreement, the New
York "Times" of Sept. 1, in a Chicago dispatch of Aug. 31,
had the following to say:
The
those
terms
classifications
of
the
be
shall
unorganized,
On
through
75c.
hours'
for
these
contract will
runs"
who
were
in
Committee
receive
2%c.
a
were
mile
the
On
pay
guarantee shall be for eight
for
60
and
75
miles
local
of
runs"
a
except
city
and
where
the
vehicle
the round trip
service, the truckmen
are
to get
an
trailer,
the
4%c.
a
agreement
mile
for
are
tractor
to
receive
only,
and
6%c.
50%
a
of
The
provide
hours
Ohio,
territory
a
that
week.
employee
no
No
shall
be
permitted
to
work
employee shall be compelled to take out
City,
Kan.,
Missouri, North Dakota, South Dakota, Nebraska,
and the south bank
Portsmouth, Ohio, to Paducah, Ky.
Indiana, Wisconsin, Michigan,
of
the Ohio River from opposite
long assumed direction
so
of the labor
Green's statement follows, in
Mr.
labor
tains
organization,
both
the
makes
us
in
record
Our
abreast
opportunity for
ladder
round
its
in
are
all
own
ranks while
line with
As
The A.
we
than
keeps
In
in
ideals,
for
we
wage-
seek
equal
We realize that we must build a
possible for all to mount to the
build and mount, we fit ourselves for
believes that American labor can
of L.
F.
own
than
half
l<>et
will be in
States, and
our
The
beginning of next year.
to
progress
unemployment compensation laws have gone into effect
the past year
more
main¬
for
progress
welfare within American institutions—and that
labor is inseparable from progress for all.
...
for
before.
ever
society.
democratic
and women.
round, making it
upon
it
field
organization jthat
constructive
men
opportunities.
exercises greater prestige and
L.
for the whole of
plane of equal opportunity.
wider
of
the economic
and
dependable,
a
of progress
objectives
F.
the A.
political
within
discipline
earners
is
that I transmit this Labor Day message.
sincere gratification
the sharp and serious period of economic demoralization through
are passing, and despite the efforts of a rebel group to build up
we
dual
a
purpose
effect in all but two with
of unemployment compensation
provide economic security for those unemployable workers who have
their
jobs.
Even
though
satisfactory,
the
the
laws
big
are
thing
is
not
the
yet
perfect,
establishment
or
of
their
the
principle that workers losing jobs still have a right to income.
Another big forward step of the past year is social legislation fixing a
wage
involved comprises Illinois,
Minnesota, Iowa,
Kansas
Which
administration
equipment that is not safe to operate.
had
in America."
is With
It
the
by
born of the complacency and inertia
was
part:
does
60c.
deadheading.
articles
than
who
those
Our
guarantee.
covered
are
"through
as
of
In
five-hour
a
tractor
rates
Other
radius
a
miles.
150
with
Operators
more
"turn-around
considered
are
within
exceed
mile
On
of
I. O.
political and economic
said
Mr. Lewis, in his statement,
before."
ever
movement
promote its
trips
remains
hour
Others
pay.
All
not
hour.
of
members of the Brotherhood of
hour for time spent in making deliveries and pick-ups.
the employees shall have a guarantee of six hours'
an
runB
an
drivers under the
runs
than
that "the C.
influence
Organization locals, and between 525,000 and 600,000
drawing wages as low as 20c. an hour.
through
plus 75c.
at
representative
by this agreement in collective
employees covered
Chauffeurs, Stablemen and Helpers.
Industrial
for
"the sole
employer."
About 350,000 of the workers have been
Teamsters,
field
both the
influence in
prestige and
Despite
provide that the union
bargaining with
Lewis, Chairman of the Committee for Industrial Organiza¬
tion, confirmed the split between the two labor organiza¬
tions which has widened during the past year.
Mr. Green
said that "despite the sharp and serious period of economic
demoralization through which we are passing, and despite
the efforts of a rebel group to build up a dual labor organ¬
ization, the American Federation of Labor exercises greater
in
minimum below which competition
industries
beyond
which
However,
Act,
under
Federal
jurisdiction
overtime is enforced.
these
new
public contracts,
laws, together
as
well
as
the
.
may
.
with
more
not
force workers to work
maximum hours
establishing
and
.
the National
Labor Relations
familiar laws, bring us to the
Financial
1580
serious
problem
Labor
getting
of
is necessary
experience
understanding and practical administrators.
for the administration of labor law.
problems of the coming year challenge labor's ability in organiza¬
and
securing representation
for its views and experience in the
The
tion
unifying
Our rational
loss
without
forces
its
rededication to the cause of unionism, and for
a
movement.
labor
our
divide
cannot
for
calls
the
human
of
cause
all.
,>
.
v
'■
...
/
•
•'
I., where he spoke before a mass meeting in Roger Wil¬
liams Park, said that those who support the C. I. O. are
division in the ranks of labor.
According to Providence advices to the New York "Times,"
pictured the C. I. O. as an organization with "its
being divided by a dualism more pronounced
Mr. Green
ranks
own
John
new
and destructive than that which it
sought to create in the
L," and said that "some of its leaders were "disillu¬
sioned and disappointed" and some of its organizations were
called
He
labor
take a
realistic attitude toward governmental efforts to cope with
support.
upon
declaring that the
unemployment,
Industrial Organization Chairman, who
about the status of the C. I. O. in the
and replied merely that he was present in a "private capacity."
Continued Business Recovery Since Mid-June Reported
to
unemployment problem
could be solved only by creating work
opportunities in pri¬
"Gradual
Roper—Finds
Secretary
by
Improve¬
ment" in Retail Trade
Secretary of Commerce Roper, at his weekly press
con¬
reported steady continuance of^the
"processes of recovery" since mid-June, with latest reports
indicating "gradual improvement" in retail trade.
Mr.
Roper said that the Commerce Department and the Business
Advisory Council are still working on the problems of the
small business man, with particular stress on enlargement of
Sept.
on
7,
credit channels.
■
In the business
analysis read by Secretary Roper, he said
in part:
A. F. of
withholding
Lewis, Committee for
L.
group,
ference
R.
giving aid and assistance to
Workers' Confederation
of the two positions.
one
aside all
sweep
Green, in a Labor Day address at Providence,
President
Mexican
of the new confederation, was expected to be elected to
and chief sponsor
of the opportunities which we can turn
unionism and higher standards of living
disruption, and take advantage
into strength for the cause of
for
unity during the year,
determine to forge a new
us
of the
life is a unity, and labor
itself and
to
welfare.
Let
Sept. 10, 1938
Chairman
Toledano,
Lombardo
is attending the congress, was asked
administrative work of the Government.
The situation
Chronicle
We are not
yet quite far enough moved from the summer and not far
enough advanced into the fall season to
diately ahead,
definitely what lies imme¬
assess
but desultory reports since the Labor Day holiday show
gradual improvement of activities in retail trade probably influenced by
favorable weather, the end of the vacation season and the opening of
Retail trade reports indicate that sales of general merchandise did
school.
experience the usual contractions in July; in August they improved,
not
At the same time, President Green stated
that the A. F. of L. would go before Congress seeking such
but the gain was less than that usually recorded.
changes in the Wagner Labor Relations Act "as may seem
highest rate since the week of Nov. 1, 1937, when production
industry.
vate
order to prevent further maladministration
The "Times" reports him as saying:
in
necessary
of the Act."
The
make
is
law
The
and
L.
of
of the
affiliated
its
We
Act.
organizations
that
convinced
are
contrary to both its spirit and letter.
has set aside
contracts
honestly entered into between employers and employees affiliated
with
A.
the
Our
refrain
and
will
not
serious
a
and
C.
mobilize
forces and strength
our
may
O.
in
.
.
seeks
.
play of
the
to
economic institutions and that
our
be respected in the functioning of
those who
done to
political institutions.
our
I.
The C.
0.
be
labor
that
denounced
unions
be
must
heretical
as
justice
patterned
craft
on
which
will have
a
following the 8% increase in July.
final assembly of the
The 1939 version of
1939
cars
or
Other plants
are
are
either
well into the
new
popular-priced make is being publicly
one
offered for preview, and according to the trade reports has been enthusiasti-
ally received.
Car
manufacturers
and
beginning to release forward commitments for
are
employment
in
the
automobile-manufacturing centers is
As evidence of this tendency a leading automobile producer
placing orders for 35,000 tons of steel to take care of its
moving up.
has announced
requirements—this
company
in
Death
of
is
the
largest
quantity
ordered
by
this
a year.
distribution,
and
who
Patrick
World
Cardinal
Mourn
Hayes—Leaders of Nation
Roman
Catholic
Archbishop
of New York, Suddenly Stricken
complacency and inertia of thoee who had
effort toward industrial organization.
any
the possibility of a war in Europe,
lines of one leading and several minor producers.
about to start
and
born of the
over
will prevail is gaining ground,
It seeks
more
long assumed direction of the labor movement in America, who insisted
so
that peace
During August the seasonally corrected index of industrial output con¬
toil.
was
.
counsels
its
change in either, but believes that under both there can be
no
may
48.6%
was at
prevail throughout the steel
Leadership in the automobile industry is optimsitic at the beginning of a
new-model year.
The last of the 1938 models are coming off the assembly
short-term
organize labor that its rights
of capacity, representing the
stabilizing effect on American business.
materials
Day message of Mr. Lewis of the C. I. 0.
is said to
Although nervousness still prevails
the feeling
in opposition to
conducted.
now
as
•
I.
respected
the
the
optimism
47%
industry.
production.
quote:
The
even
under
except
conditions.
policies of the Board,
From the Labor
we
because
matter,
contracts
over
shall
We
administrative
is
invalidating
the administration of the Act is keen.
We
acquiesce in the procedure followed by the members
disappointment
cannot
This
from
circumstances
of the Board.
the
units.
L.
land
extreme
most
of
F.
the
of
courts
feeling of moderate
tinued to advance,
of the Act,
the administration
charged with
Board,
A
in the National Labor Relations Board have applied
dominating influences
the
F.
A.
administration
the
against
the
which
complaint
Steel production this week stands at
Universal sorrow, among all creeds and classes has been
manifested in the sudden death of Patrick Cardinal
Hayes,
Roman Catholic Archbishop of New York.
Cardinal
Hayes
found dead in bed at his summer home in St.
Josephs,
N. Y., near Monticello, on the morning of
Sept. 4, shortly
after 8 a.m., following his failure to
appear in the Chapel
was
John
L.
Lauds
Lewis
Roosevelt
and
Cardenas
as
"Friends of Labor"—Addresses
Opening of LatinCongress in Mexico City
American
The
President
and
President
of
names
Cardenas
great statesmen" who
of the
Roosevelt
Mexico
of
United
joined
were
friends of labor, in
are
a
States
"two
as
Labor Day
speech on Sept. 5 by John L. Lewis, Chairman of the Com¬
mittee for Industrial Organization, who addressed the open¬
ing session of the Latin American Labor Congress at Mexico
Mr. Lewis was a fraternal delegate to the congress,
City.
which
is expected
forming
dual
have the support of the C.
to
in
unions
Labor.
In reporting his speech,
Sept. 5 from Mexico City said:
"Mexico today is
it
has
going forward, the
great
leader
who
common
people,"
Mr.
Lewis
America
to
a
which
to
organize
Mexican
unions,
other
several
in
made
credit
Vicente
with
but
arm
Lombardo
called
the
stomach
a
insisted
by
The aims of
First,
to
head
of
at
the
11
he entered the
as
the
form
regional
of
a.
of
praised
the
He had
Spain,
progress
of
the
as
Mexican
of
been stricken
appendicitis,
He
Latin
or
well
as
Confederation
as
the
of
available."
more
m.
because
all
fascism
of
last night,
supported
was
on
each
a. m.
Death, it is stated
thrombosis—the forming of a blood
artery leading to the heart.
Cardinal Hayes was
the head of the largest Roman Catholic archdiocese in the
world, with 1,000,000 Catholics.
He would have been 71
years old on Nov. 20 next.
The
to
unite
was brought to New York City
St. Patrick's Cathedral, where the
first of a succession of impressive funeral services was held.
The dead prelate lay in State at the Cathedral from
Sept. 6
until yesterday (Sept. 9), when the funeral ceremonies ended
with a solemn pontifical requiem mass and the Cardinal was
buried in a crypt below the altar, where the bodies of his
predecessors are interred.
all
uniting
them
with
United
Latin
American
States
workers.
The death of Cardinal
Hayes, who was particularly noted
charitable works, was mourned throughout the
Nation, and brought expressions of regret and sorrow from
leaders in all walks of life in every quarter of the world.
Flags on public and private buildings in New York City
were flown at half staff until the burial
yesterday, in ac¬
cordance with the following proclamation by
Mayor Lafor his great
Guardia:
one
who
as
to
great American
a
great loss in the death of
of its outstanding and distinguished citizens,
well
as a
great churchman, and
to
attend,
charging
that the
congress
Lombardo
seek
to
employees the
The
force
same
Congress
American
the
congress
companies in
dollars
as
was
Latin
United
not
Now, therefore, do I, Fiorello H. LaGuardia, Mayor of the city of New
was
called
to
push
York proclaim and direct that all flags upon buildings of the city of New
anti-American,
to
pay
their
workers.
on
was
declared
Mexico
was
President
and
constituted
after
delegates
of the
assured leadership when the constitution provided that
Secretary-General must both reside in this city.
Some
the
Vicente
of
the
statements
President
Roosevelt—I
am
Eminence Cardinal Hayes.
long years.
whatever ways
memory.
of
nouncement of the Cardinal's
sorrow
issued
after
the
us
an¬
death follow:
deeply sorry to hear of the passing of His
I had the privilege of his friendship for many
His great spiritual leadership has had a deep influence
generation and all of
on our
who knew him and had sincere affection for him will
feel his loss.
Governor Lehman of New York—I am shocked and grieved
12
formally adopted the proposed by-laws.
until the burial of Patrick, Cardinal Hayes, and
I urge that the citizens of the city of New York cooperate in
possible to pay tribute to his
nor
Sept. 7 voted unanimously to form the
City
as
headquarters according to United Press accounts from
Mexico City on that date, from which we also
quote:
confederation
prince of the Holy Roman
declined
Workers' Confederation of Latin America, with Mexico
nations represented at the congress
a
Labor,
America
States
as
leader in the city;
York[be[kept at[half-mast
declared
scale in
a
of
communism."
Toledano
New York and constantly strove to add to their
happiness by the exercise of his influence
Catholic Church and
Cuba, with 13 representatives, sent the largest delegation.
Leon Jouhaux,
French labor leader, and Ramon Gonzales Pena of
Spain also were present.
The
was a
of the people of the city of
workers of the rest of the world
Green, President of the American Federation
"cause of
it
to
Whereas the city of New York has suffered
the conditions of the proletariat and to combat fascism.
invitation
did
^Cardinal's body
Patrick, Cardinal Hayes,
as:
organizations
to work in conjunction with
William
the
coronary
Whereas Patrick, Cardinal Hayes manifested deep interest in the welfare
Second,
Third,
an
to
an
Sept. 5, and taken
workers.
improve
his customary Mass at 8.30
due
clot in
hall.
outlined
were
congress
advices
welfare
workers
organizations,
resources
disorder, tentatively diagnosed
attending the opening session.
on
aide
an
Toledano,
He
labor
meeting to order
and
the
mention
referred.
and
"attempt of the Government to make
Workers,
rights
urged
no
in
of
Press
I.
the United States,
as
the
He
said.
delegates
communications,
same
believes
but
United
O.
Federation
Pan-American
the
to say
was
pression by the sad
a
news.
Cardinal Hayes
was a great
soul of deep tenderness and an intellect of unusual power.
be grateful for his
beyond
ex¬
spiritual leader with
I always shall
friendship and for his wise and helpful counsel.
He
was
Volume
147
justly known
as
Financial
"the
Prince
limitations of creed, coloi
only by those of his
Mayor
of
Charity,"'and his sympathies knew
His passing will
or race.
no
bekdeeply mourned not
church but by all Americans.
owd
LaGuardia—In
the
death
of
His
Eminence
Patrick
Cardina
Hayes the city has lost one of its outstanding and distinguished citizensl
Cardinal Hayes was not only a great
churchman, he was a great American.
Chronicle
1581
Ms years with
Kuhn, Loeb & Co., Mr. Hanauer was active
especially in the financing and reorganizing of many large
industrial firms and railroads.
As a partner of the banking
house, he helped float the first American loan to Japan and
in recognition was decorated with the
Order of the Sacred
His interest in the welfare of the
people of the City of New York was un¬
Treasure.
limited
Several hundred persons,
among them many former asso¬
ciates and business leaders of Mr.
Hanauer, attended funeral
and
and
a
and he sought to improve conditions
,
to bring about a better
so as
a
happier life. He was a keen student of municipal affairs and he never
hesitated to condemn bad government and to give
support to efforts for the
good of the people and the good of the city.
He leaves a splendid record
noble tradition.
The city mourns his loss.
The Rt. Rev. William T.
Manning, Bishop of the Protestant Episcopal
Diocese of New York—I
Cardinal Hayes.
the time when I
of the
a
shocked and grieved to hear of the death of
am
I have known and greatly esteemed Cardinal Hayes since
was a
chaplain in Camp Upton and he
chaplains of the Roman Catholic Church.
was
Bishop in charge
The Cardinal's death is
loss to the whole
cause of religion and will be felt
by the whole community.
Mgr. Michael J. Lavelle, vicar general of the archdiocese and rector of
St.
Patrick's
Cathedral—The
Cardinal Hayes
word
of the
shock.
comes as a terrific
passing away
He retired to his
of
our
room
beloved
early last
evening at St. Joseph's, N. Y., where he ususally spent the Summer days.
Death came upon him peacefully in his
sleep. Cardinal Hayes administered
the archdiocese of New York for 19
years, bringing happiness and content¬
ment to those under his care.
He was blessed with the combination of
prudence, strength and ability, united with
that
brought
success to all his
of his priests and people.
a
spiritual mildness and modesty
undertakings and endeared him to the hearts
May his noble soul rest in
peace
with the Lord.
Cardinal Hayes was born in New York
City on Nov. 20,
1867.
In commenting on Ms career, the New York "Herald
Tribune" of Sept. 5
said, in part:
The Cardinal would have celebrated the 46th
anniversary of his ordina¬
services
on Sept. 6 in
Temple Emanu-El in New York City.
Among Mr. Hanauer's former associates representing
Kuhn, Loeb & Co. at the services were George W. Bovenizer,
Sir
William
Wiseman, John M. Schiff, Gilbert Kahn,
Warburg, Benjamin J. Buttenwieser and
Among the others present were Walter F.
Brown, A. W. Robertson, G. H. Bucher, Harold Smith, Paul
D. Cravath, Robert T.
Swaine, Burnett Walker, Harry
Vronner, Otto Marx, Supreme Court Justice Samuel L.
Rosenman, Mrs. Felix M. Warburg, Alfred A. Cooke,
Sidney J. Weinberg, Sol M. Stroock, Eli H. Bernheim,
Arthur Hays Sulzberger and Colonel Julius Oehs Adler.
Mr. Hanauer was a director of
Westinghouse Electric &
Manufacturing Co., Westinghouse Electric International
Co., Westinghouse Acceptance Corp., the Hudson & Man¬
hattan RR. Co., Illinois Central RR.
Co., Yazoo & Miss¬
issippi Valley RR. Co., National Rys. of Mexico, Mexican
Frederick
He had been
Bishop of the Catholics of New York for 24
Auxiliary Bishop, and since March
10,
1919,
as
years,
National
Archbishop.
He
suc¬
presided comprises 4,717 square
miles, including the Boroughs of Manhattan, the Bronx and Richmond in
Rockland, Sullivan, Ulster and Westchester.
and
Queens
which
are not
Orange, Putnam,
The Boroughs of Brooklyn
part of the archdiocese, nor are the Bahama Islands,
in the Archdiocese of New York until 1932, when
they
were
Construction Co., the Indiana and
became
prefecture-apostolic, governed by its own bishop.
Brooklyn and Queens are under the jurisdiction of the Most Rev. Thomas
E. Molloy, Bishop of the Roman Catholic Diocese of
Brooklyn, which in¬
Coal
Death of James R. Sheffield, Former Ambassador
Mexico
to
James R. Sheffield, former Ambassador to
Mexico, died
on
Sept. 2 at his summer home in Upper Saranac Lake,
N. Y.
He was 74 years old.
A native of
Dubuque, Iowa
graduated from Yale UMversity in 1887
,
Mr.
Sheffield
after
which
served
was
he
attended the Harvard Law School.
He
United States Ambassador to Mexico from 1924
as
1927
to
during the Coolidge administration.
Mr. Sheffield
member of the law firm of Sheffield & Betts, New York
a
cludes Long Island.
Illinois
Corp., Midcontinent Petroleum Corp., American Sealcone
Corp., and the Sealed Containers Corp.
the first five
ceeded Cardinal Farley, who died on September 10, 1918.
The diocese over which Cardinal Hayes
New York City, and seven counties
outside—Dutchess,
M.
Elisha Walker.
tion to the priesthood on Thursday, and on March 24 of next
year would
have observed the 15th anniversary of his elevation to the rank of Cardinal.
as
r;,-; ■
■
was a
City, and
director of the Radio Corporation of America,
a
and several
subsidiary companies.
Cardinal Hayes as Metropolitan of the New York Archdiocese also
pre¬
sided
over all the other Roman Catholic
Bishops in the province of New
York, which is coextensive with New York State.
Until early this year
Cardinal Hayes's provincial sphere also included the dioceses in the State
Estate of Late Andrew W. Mellon Valued at
$37,000,000
—Personal Property Put at $35,000,000 and Real
of New Jersey, but these went under the Most Rev. Thomas J.
Walsh, as
Estate
Metropolitan,
Left to Charitable Trust
when
the
Archdiocese
of
Newark
was
established
several
months ago.
"Times" of
Sept. 5
He never forgot his
in his heart for the
"I
lowly and
poor
an
especially warm spot
people among whom he spent the early
his first parishioners.
were
born among the very poor people in the lower part of New
the Cardinal
once
thing to give them
us to
York,"
said, "and my thought and love have always been with
these unfortunates.
all of
quote:
we
beginnings and always kept
of his life and who
was
of
$2,000,000—All
The estate of the late Andrew W. Mellon
Cardinal Hayes was born in New York City on Nov. 5,
1867 at City Hall Place.
Orphaned at 5 years of age, lie
was brought
up in the neighborhood.
From the New York
years
Holdings
I made up my mind years ago that if I could do
any¬
I would be merely doing what God intended
a new start
but
$180,000
was
valued at
approximately $37,000,000 according to an appraisement filed
on
Aug. 31 with the Register of Wills in Pittsburgh, Pa.
Inventory of the estate listed personal property of $35,000,000, and real estate holdings of $2,000,000.
The entire
estate, with the exception of $180,000 left to his personal
employees, goes to the A. W. Mellon Educational and
Charitable Trust, created in 1930, under the terms of the
will filed
in
Pittsburgh last Sept. 20 (as was noted in our
2166).
From the New York "Times"
of Sept. 1, we quote the following Aug. 31
special dispatch
from Pittsburgh, in part:
issue of Oct. 2, page
,
do."
Mr.
The following is also from the "Times" of Sept. 5:
Mellon's cash assets,
Mellon
ington.
sional welfare workers
accounts
profes¬
of the most
efficiently administered organiza¬
$500,000 in the
were
National^Bank and another $14,000 in banks in London
One of the major interests of Cardinal Hayes was the upbuilding of the
Catholic Charities, founded by him in 1920 and now regarded by
as one
the inventory showed,
Of his securities
Government
bonds.
receivable.
$24,489,398
There
was
were
in
$1,233,748
Among the latter
stocks
in
and Wash¬
$8,264,004 in
miscellaneous
19
were
and
notes
tions of its kind in the world.
1932, from Mr. Mellon's
The Catholic Charities is the general coordinating agency that
represents
the 214 welfare agencies in the Archdiocese of New York and is
probably
the largest unified charity organization of its kind in the United States.
addition
dated
notes
and
March
23,
A statement issued in behalf of the executors said:
Since Its organization 18 years ago Catholic Charities has received and
expended
more
than $21,000,000 in the service of its institutions and agen¬
This supplements the total expenditures of the agencies themselves,
cies.
The agencies coordinated under Catholic Charities
specialized
hospitals,
homes
for
dependent
children,
includef general
and
convalescents,
ment
houses and special residences,
family
care
and rehabilitation
Owing to the fact that
church
more
give their services
and
visiting
nurse
services, specialists in
vocational and recreational guidance.
than 2,000 unpaid persons associated with the
without cost,
the expenditure for
overhead
is
much smaller than any tax-supported institution, it is said.
as
.
.
.
to
the
his large philanthropies to public institutions in
Pittsburgh,
University of Pittsburgh and the Mellon Institute of Industrial
Research and other public, charitable and educational projects, Mr. Mellon
gave to
a
his charitable trust securities and cash to
a
value of
over
$35,000,000
collection of works of art estimated by experts to be
approximately
$50,000,000.
the
aged, the incurable, the blind, deaf and delinquents, day nurseries, settle¬
Paul, totaling $1,450,000.
"Executors of Mr. Mellon's estate disclose that, during his lifetime, in
such
and
which aggregate more than $110,000,000 annually.
son,
"Mr. Mellon's charitable trust is
of
$15,000,000,
the
National
now
Gallery
engaged in constructing, at
of Art
in
Washington,
a cost
which
the
President of the United States announced last >ear has been given to the
Nation.
"This gallery is to house the art collection deeded last year to the trustees
of the National
is to
Gallery of Art.fr In addition Mr. Mellon's charitable
trust
provide an endowment of $5,000,000 to be used for future acquisitions
of works of art."
Death of Jerome J. Hanauer, Retired Partner in
Kuhn,
Loeb & Co.
Jean C. Witter Nominated for President of Investment
Bankers'
Jerome J.
Hanauer, retired partner in the banking house of
Kuhn, Loeb & Co. of New York, died suddenly on Sept. 3
at the Manior Richelieu, Murray Bay,
Que.
He was 63
years old.
Mr. Hanauer was a native of New York City
and began his business career with Kuhn, Loeb & Co.
He
rose to be a
partner, the first non-member of the original
families in the firm to be taken in as a member.
He was
born July 30, 1875, the son of Moses and Henrietta
Hanauer,
attended the city's public schools, winning a scholarship and
for
attended the College of the City of New York.
old when it became necessary for him to go
through nearly all the departments of
the banking house during the next 20 years and was in
charge
of its bond business for the two years before he became a
partner.
The other partners at the time he became a member
of the firm on Dec. 31,1911, were Jacob H. Schiff, Mortimer
L. Schiff, Otto H. Kahn, Felix M. Warburg and Paul M.
Warburg.
Mr. Hanauer retired on Dec. 31, 1932.
During
He
to
one
was
year
16 years
work.
He went
Association
President
from
of
America—Will
Pacific
Coast—Other
be
First
Officers
Nominated
Jean C. Witter, a partner
in the San Francisco investment
banking house of Dean Witter & Co., has been nominated for
presidency of the Investment Bankers Association of
American for 1938-39.
This was announced on Sept. 6
when the regular ticket of officers and governors, as selected
by the Board of Governors of the Association, was made
public by Francis E. Frothingham, Coffin & Burr, Inc.,
President of the Association, through the Chicago office of
the Association.
The ticket is to be voted upon at theJAssociation's convention in|October.
Mr. Witter, who will
be the first President of & the Association from the Pacific
Coast, has been in the investment business in San Francisco
since 1916, and a member of his present firm since its for¬
the
mation in
1924.
He has
been active in the affairs of the
Association since 1930, is at present a Vice-President, and
has been a member of the board of Governors since 1934.
Financial Chronicle
1582
He
the Association's committee which
member of
a
was
worked with the Securities
and Exchange Commission and
enacted MaloneyAct, designed to
provide self-regulatory organizations in the over-the-counter
Congress on the recently
His participation in the work of standing
securities field.
committees has included the
Chairmanship of the Real Estate
1935-36 and of the
Committee in 1934-35 and
Securities
Chairmen's Committee in 1936-37. He
has also participated actively in the California Group of the
association, serving in some capacity with the group in each
of the last seven years, including a term as its Chairman in
important Group
An outline of his career
1934-35.
Cali¬
practiced
the Oakland public schools and the University
B. S. degree in 1916,
States entered the War.
He served overseas as a Captain of the Field Artillery during the war,
rejoining the firm in 1919, and becoming a junior partner in 1922.
He
resigned in 1924 along with Dean Witter, his cousin, whom he joined in the
Graduated from the university with a
of California.
Blyth, Witter & Co., until the United
he went with
formation of Dean Witter
& Co.
made by the Board of Governors are
Vice-Presidents:
Other nominations
follows: For
as
Devereux C.
Josephs, Graham, Parsons &
John 8. Linen,
Chase National Bank of the
Co., Philadelphia, Pa.
City of New York, New York
Francis F.
Frothingham, Coffin <Sc Burr, Inc., Boston, as
Francis E.
retiring Presi¬
For Governors: two year terms
expiring in 1940:
Robert
on Sept.
7 that he had
study and draft legislation designed to
overcome a shortage of the supply of electric power, disclosed
by studies of subject.
The President appointed Assistant
Secretary of War Louis Johnson as Chairman of the Commit¬
committee to
a
Frederic A. Delano, of the National
Basil Manly, of the Federal Power
Commission; Harold L. Ickes, Secretary of the Interior;
Charles Edison,
Assistant Secretary of the Navy, and
William O. Douglas, Chairman of the Securities and Ex¬
change Commission.
Other members
tee.
The President's remarks
of the
made in identical letters to
His comments
him regarding the supply
of electric power in the event of a national
have given him much concern.
emergency
The reports were made by the War Department and
the Federal Power
Commission in response to a request by the Chief Executive last
studies,"
Mr.
Roosevelt
wrote,
"have disclosed
a
March.
shortage of
to meet the needs of the Nation's industry in the event of war such as
a
serious threat to the national security.
solution of this pressing
problem I am appointing a committee of (Government) representatives.
"It is my desire that this committee find and
ways
Harriman & Co..Inc., New York City.
and
abling
three year terms expiring in 1941:
means
of meeting this problem.
legislation,
measures
recommending
recommend to me definite
This will include drafting en¬
necessary
appropriations
and
other
which appear appropriate."
+
R. J. S. Brown Appointed Assistant
Secretary of Stock
Clearing Corporation of New York Stock Exchange
Galveston, Tex.
Louis, Mo.
Co., Inc., Atlanta, Ga.
George F. Spaulding, Northern Trust Co., Chicago, 111.
John K. Starkweather, Starkweather & Co., New York City
Jay N. Whipple, Bacon, Whipple & Co., Chicago, 111.
Alexander C. Yarnall & Co., Philadelphia, Pa.
Mosle, Mosle and Moreland,
Julius W. Reinholdt,
The New York Stock
Exchange announced on Sept. b that
employed by the Stock Clearing
Corporation in 1920 as a First Teller, has been appointed an
Assistant Secretary of the Corporation.
He has been an
Assistant Manager of the Day Branch since April, 1929.
Jr., Reinholdt & Gardner, St.
R. J. S. Brown,
Settle, J. H. Hilsman &
J. Fleming
were
committee.
"In order to take immediate steps toward the
Hornblower & Weeks, New York City.
Gordon, Kidder, Peabody & Co., New York City.
J. Ludwig
are
Resources Committee;
power
F. Dewey Everett,
Albert H.
Draft
Committee to
Remedy Power Shortage
Appoints
E. M. Adams & Co., Portland, Ore.
Stein Bros. & Boyce, Baltimore, Md.
Edgar M. Adams,
C. Prevost Boyce,
for Cooperatives,
teaching, where he
Bank
Berkeley
President Roosevelt announced
named
constitute
Bartlett, Knight & Co., Chicago, 111.
H. Parsons, Pacific Co. of California, LOs Angeles, Cal.
For Governors:
the
of
college and university
He is the author of numerous bulletins and books
He has served for the last three years as a
Roosevelt
President
-
Augustus Knight,
Joseph P. Ripley, Brown
in
California's Prorate Commission.
member of
"These
Co., New Haven, Conn.
White-Phillips Corporation, Davenport, Iowa.
Phillips,
Blair A.
head
years
subjects.
cooperative
on
McKeon, Chas. W. Scranton &
John J.
13
In letters to members of the committee, the President said that reports
officio member of the Board.
dent an ex
becoming
keting organizations.
to
Equitable Securities Corporation, Nashville, Tenn*
Brownlee O. Currey,
At
were reported
following Associated Press dispatch of Sept.-7 from
Hyde Park, N. Y.:
in 1939:
For^Governors: one year terms expiring
Utah,
the
California,
of
$44,000,000.
around
of
in the
Curtis, Boston, Mass.
Patton, A. G. Becker & Co., Chicago, 111.
Van Court, William R. Staats Co., Los Angeles, Cal.
Minot, Jr., Jackson &
Albert E.
his
to
Stokdyk spent
members
City.
James J.
amount
specialized in studies of farm marketing and particularly cooperative mar¬
Legislation to
and grew up in Oakland where his father
He was educated in
the
for
Prior
Dr.
to
States
the
includes
time the Bank, which is one of the largest of the 12 regional
cooperatives, has about $11,000,000 of loans outstanding.
present
banks
Sept. 10, ms
which
District,
Arizona,
and
Nevada
follows:
Wis., on Jan. 3, 1892, Mr. Witter was taken to
Born in Humbird,
fornia in the same year
law.
Credit
Farm
who
was
—♦
Appointment of 312 Members of 32 Standing Committees
of Merchants' Association of New York Announced
Taxation and Governmental
of
Mortgage Bankers
Chicago, Oct. 12-14
by L.K. Comstock
President of the Merchants' Associa¬
tion of New York, announced on Sept. 3 the appointment of
312 members of committees who will aid the Association in
its work during the forthcoming year.
The Association
maintains 32 standing committees who make investigations
and recommendations for action by the board of directors.
Louis K. Comstock,
appointed by Mr. Comstock are spe¬
respective fields in which their services will be
Virtually all of those
cialists in the
given.
■
'
Appointed
Club
Committees
Coming Year
Bond
York
New
■
John K. Starkweather,
President of the Bond Club of New
York, announced on Sept. 6 the appointment
committees to serve for the coming year:
Arrangements—Henry 8. Morgan, Chairman;
J .^Weinberg,
C. F.
for
Batchelder,
of the following
B. A. Tompkins, Sidney
Victor Schoepperle, Wm. J. Minsch,
Lindsay Bradford, John W. Cutler and
F. M. Warburg.
Reception—Lee M. Limbert, Chairman; Walter F. Blaine, William Harman Brown, Jr., T. Jerrold Bryce, H. Warren Wilson, Samuel S. Rodman,
Linsley,
R.
Duncan
Lloyd
8.
Gilmour,
Hall, Randolph P.
8. Webster, Jr.
Chairman; Ferris S. Moulton,
Herbert 8.
Compton, David Van Alstyne, Jr. and Edwin
Field
Day—Richard
de
Frank M. Stanton and John
LaCbapelle,
M. Young.
Publicity—William H. Long, Jr., Chairman; Eugene
DuBosque, Kenneth C. Hogate and R.
E.
A.
Appointed
Stokdyk
Bashore, Clayton
Emerson Swart.
Deputy
Governor
of FCA
3) by Governor
W. I. Myers of the appointment of Dr. E. A. Stokdyk as
Deputy Governor of the Farm Credit Administration.
Dr.
Stokdyk will go to Washington on leave from his position
as
President of .the Berkeley
(Calif.) Bank for Coopera¬
tives, a unit of the Farm Credit Administration.
In Wash¬
ington his work will be primarily with the division having
Announcement
was
made
today
marketing and
purchasing.
of cooperative
created 12
This division* was
in the Bureau of Agricultural Eco¬
nomics; was transferred later to the Federal Farm Board,
and then again transferred to the Farm Credit Adminis¬
tration when all of the activities of the Government dealing
years
with
ago
as
a
unit
farmers' cooperatives and making loans to
them was
brought within the province of the Farm Credit Administra¬
tion,
according to an
further
The
during
announcement
in the
matter,
which
stated, in part:
Berkeley
Back
for
the
five
years
past
Cooperatives,
made
loans
of
to
which
he
cooperatives
is
in
President, has
the Eleventh
Association
of
America
in
The
increasing costs of local, State and Federal govern¬
will not seriously deter
the present home building rise because new construction is so
badly needed that it can surmount this hurdle, in the opinion
of A. D. Fraser, President of the Mortgage Bankers Associa¬
tion of America:
Any decrease in governmental expendi¬
tures, however, will be a major factor in promoting further
new construction, he said, in announcing that a discussion of
taxation and governmental expenses will be an important
feature of the organization's 25th annual convention in
Chicago, Oct. 12 to 14.
Principal speaker on the subject
will be Fred H. Clausen, President of Van Brunt Manu¬
facturing Co. of Horicon, Wis., and head of the Committee
ment, and consequent rise in taxes,
of
Federal
Finance
of
the
Chamber
of
Commerce of
the
United States, who will address the convention Oct. 14 on
''How Much Government Can We Pay For?"
Mr. Clausen
is
one
of the
best informed authorities in
the country on
Federal finance and
governmental expenditures.
To show how greatly the cost of all governmental bodies
has risen, Mr. Fraser surveyed this increase during the period
since the Mortgage Bankers Association of America was
organized a quarter of a century ago, and found that during
that period the gross per capital public debt—including
Federal, State and local—has increased more than 705%.
Office Management Conference to
City
(Sept.
to do with research and extension in the field
Expenses to Be Important
Subject of Discussion at 25th Annual Convention
on
Be Held in New York
Oct. 5-6
Methods of increasing the versatility of office workers will
one of the principal themes of the American Management
be
Association's
Office Management Conference, which will
bring office managers from throughout the country to New
York City on Oct. 5-6.
The conference, which takes place
annually, will be held this year at the Hotel Pennsylvania,
with a probable attendance of more than 600 executives with
office
responsibilities.
The registrants will
the "human element" in the office,
and general office practice.
Ver¬
satility in office workers is a subject in which there is great
interest at the present time, the American Management
management
discuss such subjects as
office expense control,
Association
states
in its
"Increased
announcement
of the conference.
versatility of employees not only places the
organization in a more flexible condition to meet extreme
requirements, but also increases the value of the individual
to himself or herself in his place in the business world," it
declared.
•
Volume
Program
Financial
147
Announced for
Conference
of
A.
Ninth
Mid-Continent
A.
B.
Be
to
Held
in
Trust
Chicago,
A
series
All
over
America^banks arelbeing challenged to adapt their policies to
the changing times,
Herein lies the
Sept. 29-30
1583
Chronicle
especially in the matter of capital loans to business.
challenge to all the brains of American banking from the
top executive to the most ambitious junior employee.
of four
open
forums
on
subjects of interest to
very
trust executives will feature the Ninth Mid-Continent Trust
Irwin
urged the
of the educational facilities in
toVthe program for the conference
of
Baltimore.
Three of these forum sessions will be held on
the first
day, Sept. 29, and the subjects will be "Taxes,"
"Federal Reserve Regulation F," and "Real Estate as a
Trust Asset."
The fourth forum, on "Legal Problems Con¬
fronting the Trust Business," will be held at the concluding
session Sept. 30, and will be led by Professor George Bogert
of the University of Chicago.
/:
;
X
The program has been developed to provide discussions of
practical interest to the executives of the smaller and average
sized trust institutions throughout the territory, Mr. Gris¬
wold stated.
A banquet will be held on the evening of
Sept. 29, and will be addressed by Professor F. Cyril James
of the Wharton School of Finance, Philadelphia, on "Invest¬
ment Problems in a Changing World."
The conference territory includes Arkansas, Illinois, In¬
diana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ne¬
braska, North Dakota, Ohio, Oklahoma, South Dakota,
and Wisconsin.
Texas
♦
Annual Meeting of International Claim
Be Held in White Sulphur Springs,
Association to
West Virginia,
Sept. 12-14
The International Claim Association will hold its
annual
meeting at the Greenbrier Hotel in White Sulphur Springs,
W. Va., from Sept. 12 to 14.
Among the principal speakers
to address the meeting will be William Marshall Bullitt of
Louisville, Ky., former Solicitor General of the United
States, senior partner in the law firm of Bruce & Bullitt,
generally regarded as well versed in matters affecting
casualty and life insurance companies.
He will speak at
the morning session of Sept. 13.
Edward D. Millea, Assistant Chief ^Accident &f Health
and Disability Claims Division, Equitable Life Assurance
Society of the United States, is President of the Association;
Herbert Adam, Assistant Vice-President, Penn Mutual Life
Insurance Co., is Vice-President; Louis L. Graham, Director
of Field Service, Business Men's Assurance Co., Secretary,
and F. L. Templeman, Manager Accident & Health Depart¬
ment, Maryland Casualty Co., Treasurer.
who is
Actuarial
Society of America to
Hold Joint Meeting
with American Institute of Actuaries in New York,
Oct. 5—7
Oct. 5, 6 and 7.
extended to
a
A special invitation to attend the meeting
number of British actuaries at the annual
meeting of the Society last May.
"The opportunity to meet
and welcome our British colleagues, the range of subjects
to be covered, and the discussion of them from both the
British and our own viewpoint should make the meeting
unusually interesting and valuable," according to the an¬
by J. B. Maclean, Secretary.
nouncement issued in the matter
ITEMS
ABOUT
BANKS,
TRUST^COMPANIES,
&c.
Exchange'was closed yesterday,
Sept. 9, in observanee^of Admission Day, a legal holiday.
The San .Francisco Stock
♦
#
outing of the Muncipal Bond Club of
Chicago will be held Sept. 22, at the Kildeer Country Club,
according to Walter E. Lang of Brown Harriman & Co., Inc.,
President of the club.
Representatives of various municipal
firms throughout the country have been invited to the event,
and have been asked to be on hand Wednesday evening,
The second annual
Sept. 21, to attend a dinner and entertainment to
be given
for members and guests.
—♦
The
East River Savings
Bank, New York, has installed
"Automatic Day and Night Depository" in its
at 26 Cortlandt St. and at its branch office in
an
main office
Rockefeller
Center for the convenience of its depositors.
In describing
the new "mechanical teller", an announcement by the bank
says:
tw We
ance
thought
we
would humanize the depository into a robot-like appear¬
by a somewhat fantastic face and arms.
New York
Chapter.
♦—J';;-1i-v...;;/'
meeting of the Board of Directors of the Chemical
Bank & Trust Co. of New York, held Sept. 8, the resigna¬
tion of Wallace C. Von Arx as Corporate Trust Officer was
accepted.
Ar the same meeting, J. A. W. Richardson Jr.,
formerly Manager of the bank's Legal Department, was
appointed Corporate Trust Officer to succeed Mr. Von Arx.
Mr. Richardson entered the Credit Department of the bank
in November, 1929, and, except, for a period of seven months
spent in the Personal Trust Department, served in the Credit
Department on special assignments and legal work until
January, 1934.
At that time, the bank established its
Legal Department with Mr. Richardson as Manager.
Mr.
Richardson graduated from Shenandoah Valley Academy in
Winchester, Va., attended Johns Hopkins University and
received his degree in law from St. John's University,
School of Law in Brooklyn.
At
a
4-"
v!;:'/
1
William
A.
Irwin,
Assistant
National
Educational
Banking, on Sept. 8
Director of the American Institute of
speaking before 300 representatives of the financial institu¬
tions of New York at the annual Consuls Dinner of New
York Chapter, American Institute of Banking, at the Hotel
McAlpin in New York City stated that "in this age of
dynamic change, political institutions, social institutions,
and particularly economic institutions are all undergoing
scrutiny of the most critical kind. This includes the institu¬
tion of banking and it is evident that capable and welltrained bank executives were never in greater need than
are
today."
Mr. Irwin continued:
♦
According to an announcement by its President, Fred C.
Allen, the newly organized Jacksonville Beach Bank, Jack¬
sonville Beach, Fla., was scheduled to open for business
today, Sept. 10. In noting this, the Jacksonville "Florida
Times-Union" of Aug. 27, said:
The
new
banking house will be temporarily located in the offices now
occupied by the Western Union, next door to the Post Office at Jacksonville
Beach.
President
Allen said
for
the convenience of beach
here the bank will be open from 6 p. m.
residents
who
work
until 7 p. m., while the usual bank¬
ing hours, from 9 a. m. until 2 p. m., also will be observed.
On
the opening day,
until 9 p.
the bank will remain open all day, from 9 a.m.
m.
The bank will be
a
member of the Federal Deposit Insurance Corporation.
Exchange National Bank of Colorado Springs, Col.,
an attractive illustrated booklet commemorating
the fiftieth anniversary of its founding.
Chartered on Aug.
25, 1888 with a capital of $100,000, it has developed into an
institution with a capital structure of $626,543; deposits of
$7,222,221, and total resources of $7,848,764.
Present
officers are: C. G. Graham, President; C. C. Morris, VicePresident and Trust Officer; J. D. Ackerman,
Cashier;
B. B. Griffith, Assistant Trust Officer, and R. S. Fuller and
The
has issued
By bee, Assistant Cashiers.
♦
The National Bank of India, Ltd.,
(head office Bombay)
ad interim dividend for the half year ended
June 30 at the rate of 16% per annum, less income tax,
has declared
payable
on
an
and after Sept. 22.
THE
CURB
EXCHANGE
price movements and considerable irregularity
were
apparent as the New York Curb Exchange resumed
its daily sessions on Tuesday following the long week-end
holiday. As the week progressed the market stiffened, and
as the irregularity slowly diminished', a number of the more
active issues gradually climbed to higher levels. There were
no special group movements but a number of trading favorites
among the oil shares and mining and metal issues registered
Narrow
substantial advances.
Dull trading and narrow price changes were the outstand¬
ing characteristics of the short session on Saturday. Prices
were firm but many of the market leaders did not appear
on the tape during the entire morning dealings.
The trans¬
fers were light due largely to the absence of many prominent
traders for the week-end holiday, the total sales volume
dropping to 45,000 shares with 176 issues traded in. The
latter included 82 advances, 35 declines and 59 unchanged.
Prominent among the stocks closing on the side of the ad¬
vance were Aluminium Ltd., 2 points to 123; Consolidated
Mining & Smelting, 1 point to 57; New Jersey Zinc, 1 point
to 63)4; Pittsburgh Plate Glass, 2)4 points to 102)4, and
Gulf Oil Corp., 2points to 42)4.
The New York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on Mon¬
day in observance of Labor Day.
opened moderately higher on Tuesday
Some irregularity was
apparent from time to time but the trend continued to point
upward and in several instances new tops for the year were
registered. This was due, to some extent, to improved con¬
ditions in the markets abroad and the easing of the tension
in the Czech situation.
There were a number of soft spots
scattered through the list, particularly Aluminum Co. of
America which dipped 3 points to 110; Cities Service BB
The curb market
following the long week-end holiday.
♦
they
Clarence V. Joerndt, Chief Consul of New
York Chapter, presided at the meeting.
Other speakers
were John A. Albe, President of New York Chapter, and
Gwynne A. Prosser, Assistant to Educational Supervisor of
W. C.
meeting Tof the ^Actuarial Society of
America will be held jointly hvith the American ^Institute of
Actuaries at the Waldorf-Astoria Hotel, New York, on
specialized study groups, such
Chapter, American Institute
offered by the New York
Banking.
semi-annual
The
was
as are
bankers to avail themselves
young
Conference of the American Bankers Association, to be held
at the Stevens Hotel in Chicago, Sept. 29 and 30, according
announced Aug. 25 by
Robertson Griswold, President of the Trust Division of the
A. B. A. and Vice-President of the Maryland Trust Co.,
Specialized study is
much needed and only the best trained men will reach the top.
Mr.
pref. which fell off 5 points to 30, and Jones & Laughlin
Steel which declined 1,34 points to 30)4.
Price movements held at the same levels as the previous
close as the market opened on Wednesday, but as the day
progressed the upward swung gradually became more pro-
Financial
1584
nounced and
a
number of the speculative favorites registered
substantial gains as the session ended. The volume of sales
a moderate increase as the transfers moved up
also showed
112,195 shares, against 70,885 on Tuesday.
to
The gains
active stocks as Aluminum Co.
Singer Manufacturing Co., 4%
points to 249%; Humble Oil, 1% points to 67; Ford Motor
of Canada A, XV* points to 21 %; Newmont Mining, 1%
points to 73, and National Steel Car, 1 % points to 61 %.
Irregularity was the dominating feature of the trading on
Thursday, and while the advances and declines were about
evenly divided, there were a number of the speculative favor¬
ites that moved to new tops for the year.
These included
among others Florida Power & Light $7. pref. which climbed
upward 4 % points to 54% and Standard Steel Spring which
worked up to a new top at 17% at its peak for the day.
Todd Shipyards also moved forward 1% points to 53%.
The soft spots included among others Carrier Corp. which
declined 1 % points to 22% and Gulf Oil Corp. 1 % points to
41.
The transfers for the day were 90,975 shares against
112,195 on Wednesday.
Following an irregular price trend during the opening
hour on Friday, the movement turned downward, ana while
there were a number of small gains scattered through the
list, the market, as a whole, was lower at the close. Aluminum
Co. of America was one of the weak shares and dipped 5
points to 110; Childs pref. fell back 2% points to 45, and
Chronicle
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
points to 50%. The trans¬
fers were approximately 103,000 shares.
As compared with
Friday of last week prices were generally lower, Aluminum
Co. of America closing last night at 110 against 112 on Friday
a week ago;
Aluminium Ltd. at 120 against 121; Carrier
Corp. at 22 against 22%; Electric Bond & Share at 6%
against 7%; Lake Shore Mines at 50% against 51%; New
Jersey Zinc at 62 against 62%, and Niagara Hudson Power
at 7 against 7%.
TRANSACTIONS
DAILY
THE
AT
NEW
YORK
CURB
EXCHANGE
Bonds (Par Value)
Stocks
Saturday
$8,000
Thursday.
Total—A
....
088,000
10,000
10,000
708,000
1,076,000
805,000
13,000
18,000
1,009,000
27,000
25,000
Belgium, belga
Bulgaria, lev.......
Czechoslov'la, koruna
Denmark, krone
Engl'd. pound sterl'g
Finland, markka
France, franc—
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
Switzerland, franc...
Yugoslavia, dinar...
$85,000
$72,000
11,000
910,000
1937
1938
1,862,435
29,245,503
77,730,612
$4,060,000
$5,931,000
$227,714,000
$305,997,000
85,00C
72,000
129,000
4,861,000
9,024,000
205,000
4,368,000
7,494,000
$4,223,000
$6,265,000
$236,943,000
$322,515,000
Foreign corporate
LONDON STOCK
Mon.,
Tues.,
Sept. 6
Sept. 6
Sat.,
Sept. 3
Boots Pure Drugs
Cable & W ordinary...
Canadian Marconi
Central Mln & Invest.
Cons Goldfields of S A.
Courtaulds S & Co
Distillers
........
Co
Electric & Musical Ind.
Ltd
Gaumont Pictures ord.
HOLI¬
A
DAY
Hudsons Bay Co
Imp Tob of G B & I...
London Midland Ry..
Metal Box
Rand Mines.
...
Rio Tlnto
Roan Antelope Cop M.
Rolls Royce
...
Royal Dutch Co
Shell Transport..
Unilever Ltd
mm m
mm
m
40
/6
103 /6
£43 )4
4/
£23)4
76/3
31/3
£8)4
96/6
12/17/4/3
2/-
mm
mm
m
20 /6
140/-
mmmmm
Fri.
Thurs.,
Sept. 8
40/434
103/6
£4334
.168403
.012325*
.012325*
.034512
.034514
.034514
.215293
.215278
.215425
.215181
4.823125
4.823055
4.825972
4.819930
.021275
.021231
.021285
.021270
.027047
.027041
.027060
.027027
.400137
;400475
.400712
.008841*
.008847*
.008841*
.008830*
.196625*
.196025*
.196500*
.190500*
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.400512
.540511
.540122
.540533
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.242212
.188375
.188300
.188266
.188266
.043750
.043650
.043716
.043650
.007321*
.007292*
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.052083*
.052500*
.051250*
.051250*
.248684
.248637
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.248537
.226352
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.226472
.226266
.023100*
.023100*
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DAY
.170000*
.170000*
.170000*
.170000*
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.170000*
.170000*
.170562*
.169687*
.169087*
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.169062*
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.301593
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.359060
.282098
.281205
.281162
.281342
.281135
.563875
.561937
.561375
.560250
.559437
'3.861500
3.842687
3.842650
3.845781
3.841093
3.888802
3.873489
3.873359
3.875351
3.871640
South Africa, pound. 4.796339
4.775714
4.775625
4.782500
4.771230
.997714
.997031
.997109
.997382
.997410
Japan, yen
1.,
Straits Settlem'ta, dol
.301281
Australasia—
Australia, pound
New Zealand, pound.
Africa—
North America—
Canada, dollar.
Cuba,
.999333
.999333
.999333
.999333
.999333
.194750*
.194708*
.196562*
.194291*
.194150*
.995390
.994570
.994687
.994921
.994921
.322920*
.321850*
.321680*
.321790*
.321585*
.058000*
.058500*
.058560*
.058500*
.058500*
.051766*
.051760*
.051766*
.051766*
.051700*
export.
.040000*
.040000*
.040000*
.040000*
.040000*
peso-
.509050*
.569000*
.569000*
.569000*
.668200*
.037200*
.034965*
.634917*
.635075*
.634828*
peso
Argentina, peso
Brazil, milreis
Chile, peso—official.
Uruguay. peso
*
Nominal rate.
Course of Bank
4/6
4/6
based upon
country, indicate that for the week ended today (Saturday,
Sept. 10) bank clearings from all cities of the United States
from which it is
$4,754,541,406 for the
there is
a
loss
comparative
corresponding week last
the
stands
total
same
at
$4,320,079,566,
week in 1937.
At this center
the week ended Friday of 7.0%.
for
summary
year.
against
Our
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Sept. 10
1938
1937
Cent
$2,075,227,934
—7.0
213,539,802
—20.8
Philadelphia
207,000,000
Boston
111,655,175
124,332,000
—10.2
£834
Kansas
64,351,988
—12.5
96/3
11/6
96/3
11/3
St. Louis
56,326,722
54,700,000
San Francisco..
66.021,000
58,200,000
84,200,000
—21.6
17
17/
Pittsburgh
63,614,893
88,171,943
—27.9
£86i#
h
4/3
1/9
20/3
139/6
£13 H
75/-
4/6
1/9
20
£934
£13
17/9
98/9
£375*
£4)4
£13
75/
£9 H
£13
17/
98/9
17/6
98/9
£38
New York
City
4fi 767
—0.8
—6.0
186
55,859,939
—16.3
Cleveland
54.909,194
37.501,263
57,795,893
38,559,575
—5.0
Baltimore
—9.2
672.465,330
$3,067,239,074
644,942,055
$3,456,063,653
$3,712,181,129
—6.9
864,015,913
1,042,360,277
—17.1
$4,320,079,566
S4,754,541,406
—9.1
—2.7
138/6
74/6
£9H
6
£37)4
£454
£65*
£0»i«
£654
£7*u
£7
-
preliminary
193.000,000
20/3
20/—
mm
possible to obtain weekly returns will be
below those for
169,135,279
35/6
20/6
19/9
mm
us,
telegraphic advices from the chief cities of the
$1,929,967,612
35/6
20/9
20/-
m m
com¬
Chicago
£23
£4ht
m
decrease
73/9
31/
£23)4
75/7)4
31/1)4
£75
£13
a
Preliminary figures compiled by
a year ago.
£41)4
36/3
21/20/1)4
m
m
Clearings
week will again show
Sept.
Witwatersrand
Areas
.168466
.012375*
.034515
.169625*
40/
£47ie
m
m
Vlckers
.168436
.012325*
.302781
103/6
36/3
20/6
20/1H
m
United Molasses.
West
40/3
101/3
£43)4
4/
£23 )*
£23)4
74/4)*
75/30/9
30/9
£8*
£8H
90/3
90/3
11/10J4
11/9
17/17/1)*
4/3
1/9
20/6
20/9
138/3
138/1)*
£13
£1224
75/6
74/9
£9)*
£9H
£13)4
£13)4
17/98/1)4
98/9
£37 H
£38)4
Wed.,
Sept. 7
40/1M
101/3
£43)*
British Amer Tobacco-
Ford
by cable
day of the past week:
Beers
9
I
.360496
Our
EXCHANGE
ions of representative stocks as received
De
Sept.
.170730*
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar
British India, rupee.,
9.1%
each
.168991
8
f
1937
421,545
Foreign government...
THE
Sept.
S
Jan. 1 to Sept. 9
Bonds
Total...
7
Sept.
.170750*
Cbefoo (yuan) dol'r
Hankow (yuan) dol
pared with
*
6
S
China—
$4,223,000
1938
Stocks—No. of shares.
Sept.
5
HOLI¬
Bank clearings this
Exchange
Sept.
f
.168077
.012375*
.034505
.216162
4.842222
.021383
.027158
.400312
.008904*
.196625*
.052605
.542900
243312
188333
.043950
.007378*
.056066*
.249662
.227500
.023160*
Asia—
Curb
Domestic
3
Sept.
Europe—
1,061,000
$4,066,000
34,000
Week Ended Sept. 9
Sales at
York.
1,107,000
421,545
Friday
RESERVE
1930
OF
Unit
Colombia,
111,695
91,025
102,980
.....
FEDERAL
Noon Buying Rale for Cable Transfers in New
Value in
United States Money
Country and Monetary
$437,000
HOLIDAY
7.
York
Total
71,160
Wednesday
BY
UNDER TARIFF ACT
1938, TO SEPT. 9, 1938, INCLUSIVE
SEPT. 3,
"
$1,000
$428,000
....
Tuesday.....
New
Foreign
Corporate
Government
Domestic
44,685
...
Monday.
CERTIFIED
RATES
BANKS TO TREASURY
South America—
Foreign
of
Shares)
Sept. 9, 1938
We
record for the week just passed:
Mexico, peso...
Newfoundl'd, dollar.
(Number
Week Ended
a
EXCHANGE
FOREIGN
included among others such
of America, 4 points to 114;
Lake Shore Mines declined 1%
Sept. 10, 1938
Eleven cities, five days
Other cities, five days.
$2,783,598,323
Total all cities, five days.
All
cities,
-
one day...-...--...-.-
Total all cities for week
+4.3
Complete and exact details for the week covered by the
foregoing will
furnish
in
appear
them
our
issue of next week. We cannot
as the week ends today
inasmuch
today,
(Saturday) and the Saturday figures will not be available
until
We
purchase from
Brokers and Investment
Firms
on
drafts, with securities attached, drawn
their foreign correspondents and clients.
MANUFACTURERS
TRUST
COMPANY
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT
55
BROAD
STREET, NEW YORK
European Representative Office: 1, Cornhill, London, E.C. 3
Member Federal Reserve
Member New York
Member Federal
System
Clearing House Association
Deposit Insurance Corporation
FOREIGN EXCHANGE
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
noon
today.
the week in all
Accordingly in the above the last day of
cases
In the elaborate
has to be estimated.
detailed statement, however, which we
present further below, we are able to give
results
for
the
week
For that week there
final and complete
previous—the week ended
was a
Sept. 3.
decrease of 12.8%, the aggregate
of clearings for the whole country having amounted to
$5,182,242,498, against $5,945,356,804 in the same week in
1937.
Outside of this city there was a decrease of 13.8%,
the bank clearings at this center having recorded a loss of
]L2.1%.
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 are smaller by 12.3%, in the Boston
Reserve District by 8.6%, and in the Philadelphia Reserve
District by 7.1%.
In the Cleveland Reserve District the
Volume
Financial
147
totals show
falling off of 20.2%, in'the Richmond Reserve
Reserve District of
9.2%.
The Chicago Reserve District suffers a loss of
17.3%, the St. Louis Reserve District of 15.1%, and the
Minneapolis Reserve District of 15.2%.
In the Kansas
City Reserve District the decrease is 17.7%, in the Dallas
Reserve District 3.3%, and in the San Francisco Reserve
District 17.0%.
' '
;-J'/'-.JJL'Ns
In the following we furnish a summary by Federal Reserve
Chronicle
a
districts:
*
SUMMARY OF
Stock, number of shares.
Bonds
Railroad & mlscell. bonds
Total
1937
of
transactions in share properties on the
Exchange for the first eight months of the
1935 to 1938 is indicated in the following:
years
1st
Boston.
$
%
Dists.
■
212,928,326
12 cities
232,912,722
1937
—8.6
227,731,670
181.872,209
—12 3
2nd
New
"
3,078,712,483
3,510,323,660
3,798,613,000
2,795,518,406
3rd
PhiladelphialO
"
340,605,940
366,674,707
—7,1
334,218,550
263,829,511
4th
Cleveland..
5
"
249,366,090
312,470,835
—20.2
272,852,200
194,505,780
5th
Richmond .6
"
128,244,647
137,722,121
—6.9
124,670,285
98,561,311
—9.2
York. 13
6th
Atlanta.... 10
"
131,538,551
144,801,389
132,799,830
7th
Chicago ...18
"
417,796,138
605,322,055
—17.3
457,133,971
St. Louis... 4
"
113,716,888
133,969,957
—15.1
123,249,654
99,294,959
Minneapolis 7
"
106,909,016
126,137,151
—15.2
101,335,590
"
112,040,341
136,165,663
—17.7
133,986,630
"
63,811,106
66,004,136
58,473,720
"
226,572,973
272,852,408
—17.0
255,038,504
190,620,838
5,182,242,498
5,945.356,804
—12.8
6,021,103.604
4,539,343,428
2,198,212,983
2,549,367,841
—13.8
2.337,970,068
307,866,799
379,995.570
—19.0
376,674,814
331,934,493
Total
..112 cities
Outside N
Y. City
Canada
32 cities
We also furnish today a summary of the clearings for
61,673,795
loss of 10.5%, in the Boston Reserve
Dis¬
Philadelphia Reserve District of
3.5%.
The Cleveland Reserve District registers a decline
of 23.7%, the Richmond Reserve District of 4.3% and the
Atlanta Reserve District of 3.1%.
In the Chicago Reserve
District there is a decline of 18.0%, in the St. Louis Reserve
District of 10.8% and in the Minneapolis Reserve District
of 7.2%.
In the Kansas City Reserve District there is a
falling off of 13.9%, in the Dallas Reserve District of 7.0%
a
August
Inc.or
August
August
1938
1937
Dec.
1936
Federal
Reserve
1st
Boston
New
22,336,422
quarter...
55,491,388
69,605,221
81,651,855
75,184,668
117,165,183
228,870,927
260,754,540
124,848,382
38,773,575
20,728,160
20.722,285
34,793,159
26,563,970
29,427,720
42,925,480
July......
August..
The
following compilation
and 1937:
4th
6th
20,613,670
17,212,553
covers
the clearings by months
since Jan. 1, 1938
MONTHLY CLEARINGS
Clearings, Total All
Outside New
Clearings
York
Month
1938
1937
$
$
1938
1937
$
I
%
%
Jan... 24,299,036.964 29,925,437,829 —18.8 10,886,874,717 12,402,120,613 —12.2
Feb... 19,680.017,707 26,070,830,610 —24.5
9.117,237,020 10,750.876,028 —16.2
Mar
..
25,258,493.756 32,237,936.055 —21.6 10,816,819,072 13,248,908,581 —18.4
1st qu. 69,237,548.427 88,234,204,494 —21.5 30,820,930,809 36.401,905,222 —15.3
April.. 24,013,408,874 28,820,739,444 —16.7 10,313,185,935 12.747,155,854 —19.1
May.. 22,409,847,304 26,606,493,289 —15.8 10,026,696,237 12,039,069,993 —16.7
—8.2 10,596,652,619 12,420,319,897 —14.7
June.. 26,348,054,460 28,696,536,223
qu.
72,771,310.638 84,123,767,956
—13.5 30,936,534,791 37,206,545,744 —16.9
6 inos.
142008,859,065 172357 972,450
—17.6 61,757,465,600 73,608,450,966 —16.1
1935
I
$
Dists.
,
24.009,735,045 28,791,683,184 —16.6 10,540,997,891 12,691,430,429 —16.9
Aug... 22,005,158,331 24,765,703,322 —11.1 10,250,104,385 11,645,112,595 —12.0
S ■.■■■» v.,;
%
;•;/.
$
931,898,547
1,018,655,914
—8.5
1,016,644,835
13,604,045,433
—10.5
13,247,222,104
15,190,986,741
"
1,532.618,432
1,588,562,592
—3.5
1,515,331,139
1,429,434,616
'*
1,106,922,866
1,451,115,467
—23.7
1,252,646,039
984,878,694
531,720,111
'V' 587,035,557
__
948.214,445
12,178,627,035
14 cities
York. 15
"
Philadelphia 17
3d
22,408,575
30,439.671
21,428,647
....
Six months
July
2d
49,663,714
39,609,538
16,449,193
Second
2d
August
179,102,685
14,004,244
trict of 8.5% and in the
and in the San Francisco Reserve District of 12.7%.
159,265,706
17,119,104
24,368,040
gate of clearings being $22,005,158,331 and the 1937 aggre¬
gate $24,765,703,322.
In the New York Reserve District
the totals record
15,850,057
...
May.....
the
month of August.
For that month there was a decrease for
the entire body of clearing houses of 11.1 %, the 1938 aggre¬
14,404,525
61,016,548
34,606,839
18,549,189
;
1,826,690,715
Fran.. 11
60,884,392
50.346,280
June
40,706,362
12th San
April
114,284,444
—3.3
19,409,132
58,671,416
50,248,010
67,201,745
14,526,094
24,151,931
...
First quarter............
88,760,883
10th Kansas City 10
11th Dallas
6
9th
1935
No. Shares
22,995,770
February
March
369,301,979
8th
Month of January
102,086,746
1936
No. Shares
No. Shares
$
$
%
'
1938
No. Shares
"
Federal-Reserve
297,915,000
1935
1936
Dec.
91,576,000
$120,363,000 $147,601,000 $1,167,255,000 $2,012,458,000
....
volume
$918,146,000 $1,475,078,000
157,533,000
239,465,000
$96,692,000 $105,633,000
17,510,000
22,794,000
19.174,000
6,161,000
State, foreign, &c., bonds
U. S. Government bonds.
The
1938
1938
266,805,765
176,666,918
17,212,553
20,728.100
1937
1938
1937
1938
New York Stock
CLEARINGS
BANK
Inc.or
Sept. 3,
Description
'
1
Eight Months
Month of August
District of 6.9%, and in the Atlanta
Week End.
1585
Cleveland.. 19
—4.3
490,400,787
Richmond .10
M
6th
Atlanta..-.16
"
624,110,810
644,095,672
—3.1
586,221,312
494,041,593
7th
Chicago
31
"
1,787,045,793
2,178,349,531
—18.0
2,014,769,373
1,704,399,646
8th
St.
7
"
528,986,481
592,893,462
—10.8
551,581,600
504,897,640
Minneapolisl6
10 th KansasClty 18
"
"
474,658,243
511,281,894
—7.2
494,869,140
423,545,991
742,329,195
862,648,681
—13.9
805,689,004
751,475,204
11th Dallas
"
460,768,415
495,243,952
—7.0
414,048,922
341,107,199
Louis..
9th
12th San
11
Fran..20
"
1,075,472,403
1,232,375,167
557,970,865
The course of bank clearings at leading cities of the country
for the month of August and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
—12.7
994,280,607
1,110,969,426
Month
194 cities
22,005,158,331
24,765,703,322
—11.1
23,567,963,759
24,258,203,163
10,250,104,385
11,645,112,595
—12.0
10,789,275,911
9,507,726,940
Total..
1,352,862,437
1,421,206,632
—4.8
1,375,984,173
1,456,361,477
New York
We
append another table showing the clearings by Federal
.
Inc.or
1938
1937
8 Months
-
Louis
1935
Dec.
Pittsburgh
Federal
Reserve
1st
Boston
New
3d
Dists.
?/
$
$
"
—17.6
—13.1
Cleveland_.19
9,132,354,246
11,819,014.067
—22.9
Richmond .10
M
4,411.380,406
4,983,419,786
—11.5
6tli
Atlanta
16
"
5,056.898,735
5,575,038,530
—9.3
31
"
4th
5th
7,764,233,220
-
-
3,721,411,400
4,616,045,760
3.996,675,437
7th
Chicago
14,767,272,759
18,367,906,179
—19.6
16,117,842,345
13,497,680,210
8th
St.
7
"
4,373,785,969
5,090,942,375
—14.1
4,504.475,178
3,938,147,426
9th
Minneapolis 16
"
3,313,033,377
3.692,804,101
—10.3
3,354,609,496
3,031,704,093
10 th KansasClty 18
11th Dallas
11
"
5,670,631,424
6,760,907,997
—16.1
5,996,342,530
5,314,192,397
"
3,677,752,416
3,917,638,398
-6.1
3,230,428.114
2,645,045,216
12thSan
"
8,273,915,255
9,538,979,662
—13.3
8,345,541,792
8,150
13,424
7,667
12,082
2,900
11,057
3,228
5,028
4,265
5,201
4,647
868
875
811
1,434
1,366
381
361
330
439
610
537
426
11,652
2,720
3,613
590
668
608
554
4.556
259
246
6,880
2,561
3,347
4,139
PatU..
282
2,673/
274
2,368
2,122
134
111
1,248
1,040
866
460
431
364
2,958
124
121
4,027
1,186
3,483
138
2,745
2,082
1,192
2,782
1,046
3,379
327
1,032
896
137
138
133
943
1,066
1,095
957
40
39
36
339
378
338
295
85
88
69
649
733
669
539
150
142
121
1,005
1,279
'
949
1,079
762
1,085
923
..■788
572
645
549
475
109
96
816
868
141
126
105
941
70
71
69
57
175
.
"
816
114
136
.
Indianapolis
354
146
Ill
.
Denver
433
335
1,600
2,890
2,177
1,898
124
.
1,829
3,124
79
.
3,632
126
-
2,912
346
-
422
149
-
1,905
2,173
429
305
.
2,138
194
2,120
1,805
2,422
228
460
343
.
279
260
375
.
288
210
.
Buffalo
St.
8,482
1,498
.
Milwaukee
11,526,682.328
10,040
791
-
Omaha....
4,329,642,313
14,184,411,461
11,432
335
Providence
9.824,834,912
12,322,907,070
9,446
6,686
1,081
1,450
-
.......
City
Detroit
12,788,645,087
"
*'
Philadelphia 17
$
105,475 127,970 126,050 122,752
37
.......
Cincinnati
7,990,766,271
8,929,421,384
14,750
124
Baltimore
129,964,009,093 126.348,855,084
—17.2
7,906,481,037
*
.
New Orleans:
$
S
%
9,544,923.102
109,117,339,747 132,409,373,298
14 cities
York. 15
$
1936
1936
$
-
Louisville
2d
1937
$
.
Minneapolis
8 Months
1936
8 Months
1938
$
.
Philadelphia
Cleveland..
8 Months
1935
$
.
Boston
Kansas
„
Jan. 1 to Aug. 31
—
1936
.11,755 13,121 12,779
1,126
1,379
1,241
San Francisco
Reserve Districts for the eight months for four years:
August
1937
$
omitted)
St.
Canada-i...-..32 cities
of
1938
Chicago.
Outside N. Y. City.....
LEADING CITIES IN AUGUST
BANK CLEARINGS AT
(000,000
163
157
•
7,299,629,532
Louts..
Fran..20
Richmond-....--M em phis
Hartford
....
.
52
621
525
464
154
129
1,108
1,325
1,101
920
70
62
54
444
555
472
410
42
Salt Lake City—
1,036
61
1,205
558
1,121
66
181
57
.
1,318
61
151
.
.
Seattle._
45
41
45
366
425
397
363
Total...... ....19,766
Total
194 cities 188,023,752,441 225,915,358.956
Outside N. Y. City
82,548,557,876
97,944,993,990
—16.8 212,001,838,004 197,075,042,664
—15.7
Other cities...
32 cities
10,829,732,728
12.410,078,741
—12.7
12,157,395,877
10,300,198,498
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for August and the eight months of 1938 and 1937 follow:
CLEARINGS FOR
169,778 205,166 194,177 182,366
22,308 21,327 22,376
2,239
2,458
2,241
20,749
18,246
1,882
14,709
17,825
74,322,559,193
85,952,209,499
...22,005 24,766 23,568 24,258 188,024 225,915 212,002 197.075
all
Total
Canada
....
147
Outside New Vork.10,250
We
now
add
11,645 10,789
our
9,508
97,945
82,549
85,952
74,323
detailed statement showing the figures
separately for August and since Jan. 1 for two
and for the week ended Sent. 3 for four years:
for each city
years
AUGUST, SINCE JANUARY 1,AND FOR WEEK ENDING SEPT. 3
Week
8 Months Ended Aug. 31
Month of Augus
Ended
Sept.
3
Clearings at—
Inc. or
1938
Federal
Maine—Bangor
Rese
......
Portland
M assBoston
Fall
.
/
.
..
River
rve
1937
Dec.
%
°7o
%
■
Dec.
1938
1937
Dec.
1936
%
%
$
$
%
$
$
569,658
708,473
—19.6
832,759
568,084
District— Boston—
2,369,081
7,848,914
790,996,136
2,507,146
2,312,723
2.453,922
—3.5
23,782,248
—24.4
8,950,464
867,700.997
—13.5
63,716,981
61,567,361
—11.0
1,888,332
2,140,240
—11.8
2,207,118
1,968,365
—8.8
8.149,937,251
—18.0
23,891,462
—13.0
199,238,641
577,883
195,218,468
615.425
156,527,726
—5.2
181,471,808
523,437
—8.9
2,644,469
6,686,195,099
20,796,820
17,990,431
1,404,789
+64.6
12,644,735
13,299,819
—4.9
Lowell
1,369,757
1,568,975
—12.7
12,826,788
13,806,827
—7.1
New Bedford..
3,077,625
2,948,927
11,988,847
+4.4
21,743,934
24,579,047
—11.5
—5.5
101,416,512
114,106,502
—11.1
Holyoke
1935
1937
1938
%
First
Inc. or
Inc. or
—9.4
459,371
"
"
"
"302",687
276*091
257*093
304,457
/ —0.6
974,506
682,049
+ 42.9
662,225
496,986
2,831.595
—5.4
2,959,218
—8.3
60,551.906
73,998,332
—18.2
1,693,472
—21.4
1,772,536
2,369,685
1,132,795
Conn.—Hartford
41,524,739
8,356,538
44,698,362
2,994,693
2,154,943
—7.1
365,670,842
425,126,157
—14.0
10,750,821
10,506,554
+ 2.3
9,045,941
7,746,302
New Haven
15,698,730
16,832,603
—6.7
134,649,324
152,470,120
—11.7
3,410.815
3.694,118
—7.7
3.903,639
2,770,395
5,958,300
6,567,300
—9.3
51,290,100
61,068,600
—16.0
36,836,200
40,330,400
—8.7
339,076,300
378,011,400
—10.3
7,907,900
9,270,300
—14.7
9.642,700
7,204,600
2,406,662
2,209,321
+ 8.9
17,911.265
19,277,976
—7.1
603.295
640,371
—5.8
595,550
370,807
232,912,722
—8.6
227,731,670
181,872,209
11,329,437
Springfield
Worcester
:
Waterb ury.........
R.
I.—Providence
N. H.—Manchester...
1
Total (14 cities)
7,663,097
931,898,547
1,018,655.914
—8.5
7.906,481,037
9,544,923,102
—17.2
212,928,326
Financial
1586
Chronicle
CLEARINGS
Sept. 10, 1938
(Continued)
'
Week
% Months Ended Aug. 31
Month of August
Ended
Sept.
3
Cleanings atInc. or
Inc. or
1938
1937
Second Federal Res
+ 12.5
124,267,547
1.899,456
2,410,002
—21.2
18,057,048
2,735,296
Buffalo-
Elmira
32,032,564
5,124,153
150,061,012
3,275,615
—16.5
23,277,365
36.051,021
4,890,147
Blnghamton—;
——-
Jamestown
11,755,053,946 13,120,590,727
York
40,546,223
1,004,936,234
—10.4 105,476,184.565
—14.1
253.054.624
32,896,918
Syracuse
15,188,509
3,005.119
13,610,263
18,403,104
3.181,612
—17.5
Utlca
13,830,779
—1.6
Westchester County
1938
1937
Dec.
1936
1935
%
$
%
*
'
$
—5.5
326,276,436
44.572,309
141,140,656
25,947.250
121,674,031
136.967.625
7,507,587
1,167,843
26,000,000
478,429
608.426
—23.9
35,300,000
617,108
—26.3
6,416.176
1,130,C04
31,100,000
5,712,539
1,279.047,112
340,973.681
—4.6
—17.2
28.249,429
Rochester--.
Dec.
%
1937
1938
District —New York
erve
N. Y.—Albany
New
Dec.
%
$
Inc. or
►
~
1,072,560
23,949,607
26.302,881
127,970,364,966
—17.6
284.228.824
—11.0
164.811,995
30.206.2K
125,367.571
149.070,627
—14.4
—8.2
5,828,657
1,083.175
—22.5
694,88V
21,600,000
578,934
827,641
—26.5
589,808
518,690
2,984,029,515 3,395,988,963
—12.1
3,683,133,536 2.712,652.713
—7.2
9,441,861
6,351,621
7,602,321
3,570,252
8,194,840
5.246,769
—32.0
3,682,586
2,945.557
2,725,735
2,483", 644
+b".7
2",308" 495
2,024*845
—14.1
—2.9
—8.1
3,837.234
—19.2
1,577,709
1,564.775
+ 0.8
13,469,979
14,903,151
—9.6
435,935
448,957
—2.9
444,689
313.932
69.683,076
78,305,878
—11.0
604,680.894
702,473,853
—13 9
18,873,777
—9.7
18,705,054
12,022,865
101,608,084
122,209,395
—16.9
888,168,615
—28.1
29,829,297
—11.7
37,526,09?
27,430.296
3.443.829
3,362,351
+2.4
29,361,057
1,236,069,594
31,728.162
17,045,926
26,329.778
10.5 109,117.339,747 132,409,373,298
-17.6
17,363,604
Conn.—Stamford
N. J.—Montciair——
Northern New Jersey
Oranges
—
A6.796.548
Total (15 cities)
12,178,627,035 13,604,045,433
Third Federal Rese
rve
District
+3.4
3,101,066
3.439,80 V
2,167,121
—7.5
3,078,712,482 3,510,323,660
—12.3 3,798,613,000 2,795.518,406
Philadelphia
Ik.
1,776,286
2,350.256
—24,4
13,768.051
18,076,215
-23.8
421,884
596.655
—29.3
453,679
280,136
*2,210,000
*2,150,000
+ 2.8
14,839,600
18.791,620
-21.0
486,028
741,583
—34.5
*300,000
258,596
1,433,238
9,010,651
5,103,799
1,829,161
1,457,856
—1.7
10,922,816
-10.9
324,273
322,624
+0.5
438,715
225,210
9,660,038
—6.7
76,002,064
5,841,345
2,244,927
—12.6
39,883,346
12,263,029
78,623,290
49,506,738
1,293", 206 —22~.0
1,258,407
881,454
—18.5
14,448,318
-11.1
1,752,855
2,252,638
—22.2
13,513,260
1,450,000,000
5,712,250
1,498,000,000
—3.2
11,652,000,000
16,260,627
17,697,907
13,424,000,000
329,000.000
353",b"o"o"666
—6.8
322",b"o"o",000
255",b"o"o"bbb
6,408,127
—10.9
48.562,357
51,390,195
—5.5
1,289,841
1,037,352
958.062
9,584,282
4,482,305
—9.2
73,924,268
86,108,190
-14.1
—18.0
2,604.830
1,815,258
—10.2
31,713,415
-16.0
—18.9
1,104,009
954,018
—24.3
48,904,836
-20.2
1,625,772
1,811,324
—10.2
1,484,558
1,058,777
—23.8
9,754.313
38,043,719
61,305,552
11,803,918
4,784,208
1,845,087
933,471
1,293,785
2,251,420
1,151,610
—0.3
8.703.946
Pa.—Altoona
Bethlehem
Chester
Ilariisburg
—
Lancaster
—
Lebanon—
Norristown
—
Philadelphia
—
Reading
Scranton
—-
—3.3
-19.4
1,009", 184
-23.6
-13.2
Wllkes-Barre
4,026,483
York
6,151,960
Pottsvllie
1,043,595
601,562
2,414,782
3,228,741
+ 4.1
—25.2
18,729,593
12,664,087
+ 28.6
118,698,195
23,017,458
121,885,395
-18.6
16,267,864
14,580,000
18.164,000
—19.7
132,988,600
150,853,400
-11.8
3,67b"400
4,212,500
—12~9
3,537*000
2",398",000
1,532,618,432
1,588,562,592
-3.5
12,322,907,070
14,184,411,461
-13.1
340,605,940
366,674.707
—7.1
334,218,550
263,829,511
61,600,194
83,368,510
2,172,532,230
3,378,820,399
—26.1
51,394.807
59,704,758
97,335,818
—43.9
54,897,648
40,212,559
—19.3
81,732,256
58,187,613
11,857,600
—11.8
14,983,800
9,686,100
l,637",§ib —24*2
1.595", 459
"888",644
Du
Bois
—
Hazleton.
Del.—Wilmington
——
N. J.—Trenton
Total (17 cities)—
Fourth
Federal
Re
serve
8,127,291
1,369,053
577,646
4,254.038
-17.4
-11.1
—2.6
District —Cleveland
6,915,839
209,718.348
10,206,070
-32.2
Cincinnati—------
259,686,989
-19.2
1,805,014,994
Cleveland--.-—
343,047,123
432,781,516
-20.7
39.060.il00
46.926,600
-16.8
2,745,065,893
338,408,200
2,292,200
2,609,419
-12.2
17,065,835
942,622
1,521,252
7,887,552
12,157,590
5,801,882
24,510,202
-38.0
8,639,013
-23.5
48,603,375
-27.1
68,874,866
-16.6
52,074,065
—22.5
-32.1
40,354,462
139,602,867
194,672.726
—28.3
—20.5
Ohio—Canton—-
Columbus
Hamilton
-
Lorain
Mansfield
6,032,154
8,861,818
——
Youngstown
4,839,253
16,643,858
Newark.,
Toledo
18,445,477
13,030,293
70,930,370
104,178,356
740,809
918,936
-19.4
344,305
734,966
495,790
-30.6
6,127,598
2,944,906
7,706,295
3,976,893
772,276
—4.8
5,492,816
5,964,655
439.186,903
610,262,489
-28.0
3,612,812,503
6,139,032
9,644,195
7,837,217
12,784,929
-21.7
48,788,544
-24.6
75,665,047
5,028,353,057
61,652,997
91,980,130
6,184.866
Pa.—Beaver County..
Franklin
Greensburg.
-
— .
Pittsburgh
Erie.——
Oil
426,606,500
—
City
-
—16.9
—18.8
—20.7
X
78,511,120
10,454,800
X
X
—7.5
—33.7
—31.5
—33.9
1,241*531
,
X
x
>;
X
X
X
-7
—
—25.9
—7.9
—28.2
107.763",832
141,934",849
—24. i
119,643,037
85.530,864
—20.9
—17.7
—rl4.2
651,540
4,747.133
760,304
5,023,582
-14.3
Ky.—Lexington
—5.5
5,309,385
50,888,669
52,439,428
—3.0
W. Va.—Wheeling
6,379,868
8,170,873
-21.9
51,077,085
76,096,820
—32.9
1,106,922,866
1,451,115,467
-23.7
9,132,354,246
11,849,014,067
-22.9
Warren
—...-
Total (19cities)-.—.
Fifth
Rese
Federal
rve
—20.2
272,852,200
194,505,780
District— Richmond—
-18.5
13,036,359
-17.6
358.565
—19.6
-13.6
81,031,000
97,827,000
-17.2
2,300,000
2,457,000
—6.4
2,454.000
1,857.000
+ 7.5
1,204,643,785
44,870,868
+ 4.0
34,222.696
31,385,759
4,436,340
—2.6
37,972,460
-19.0
1.127,286
43,128,224
1,429.286
—21.1
1,490,021
832,597
7,338,192
3,995,720
7,320,970
+ 0.2
61,793,516
4,364,884
—8.5
32,384,352
-14.2
1,318,375,910
46,854,665
65,166,445
40,718,916
112,341,594
2,421,883,081
-8.6
4.320,684
C.—Charleston
Greenville
1,765,447
11,009,000
163,201,050
58,834,611
66",725",088
61,5*12*. 973
47,281,614
13,614,934
-10.0
853,600,882
-12.3
20,823,419
23,623,958
—l"l".9
24,653.924
17.059,968
4.983,419.786
—11.5
128,244,647
137,722,121
—6.9
124,670.285
98,561.311
1,439,433
Columbia
—
10,740,683
N. C.—Durham..-
*11,600,000
13,514,466
Md.—Baltimore
258,520.005
287,836,945
-10.2
1,557.198
88,017,064
1,835,766
-15.2
91,750,689
—4.1
102,321,594
2.119,805,776
12,247,891
748,439,349
561,720,111
587,035,557
—4.3
4.411,380,406
Frederick
D. C.—Washington—
Total (10 cities)
Sixth
312,470.835
9,513,000
—
Richmond
Federal
Rese
Tenn.—K no x ville
Nashville.
249,366,090
175,418,814
W. Va.—Huntington..
Va.—Norfolk
S.
....
--------
rve
288,463
336,671
144,373
-5.2
-20.5
—8.9
-12.5
District— Atlanta—
14,855,023
_
Ga.—Atlanta..
16,174,318
—8.2
130,692,730
134 ,092,454
—2.5
3,619,848
Augusta
3,820,901
—5.3
69,079,773
71,481,845
—3.4
577,325,770
621 ,072,098
—7.0
15.947,219
18.079,66C
—11.8
13,725,339
14.853.908
219,400,000
— .
-
223,200,000
—1.7
1,683,000,000
34,184,414
1,890 ,000,000
—11.0
45,100,000
49,900,000
—9.6
48,300,000
34,600,000
1.075,301
3,675,294
Columbus
4,862,712
—24.4
43 ,690,912
—21.8
3,334,524
Tampa
—10.4
25,599,977
31 ,411.682
27,831,545
33 ,914,785
—17.9
66,069,801
—5.1
—8.0
—4.2
579,598,619
39,091.955
630 ,270,978
4,842,629
44 ,905,579
.2,544,720
978,600
1,279,782
—23.5
1,094,088
851,736
13,474,000
*1,225",000
—30.5
1,112*687
926. Ill
14,063,000
—4.2
13,141,000
9.795.000
—18.5
—18.2
—12.9
72,830,962
Fla.—Jacksonville
3,723,306
3,822,553
62,713,892
—.
3,127,151
4,368,815
Macon..-
3.422,961
79,094,403
—7.9
590,377,756
698 ,349,969
—15.5
15,832,383
17,646,037
—lb".3
15*.978+75
12.342", 589
Mobile
6,232,756
7,500,390
—16.9
49,911,800
60 ,181,900
—17.1
1,550.092
1,815,932
—14.6
1,775,735
1,239,334
Montgomery
3,161,904
3.376,066
—6.3
25,201,672
28 ,516,415
—11.6
4,002,000
—20.9
32.678.COO
39 ,747,000
—17.8
6,554,721
5,061,000
6,882,057
—4.8
53,907,140
53 ,803,677
1,399,053
1,337,395
+ 4.6
11,114,105
11 ,334,113
—1.9
511,633
652,308
—21.6
4,808,459
5 ,830,201
—17.5
148,593,309
146,014,889
+ 1.8
624,110,810
644,095,672
Ala.—Birmingham
Miss.—Hattlesburg
Jackson
-
Meridian
Vicksburg
La.—New
Orleans
Total (16 cities)
Seventh Federal Re
Mich.—Ann Arbor
x
X
X
X
"
~"l 42,923
X
"
*1 39",483
+
2". 5
163", 563
*135,583
1,191,574,793
1,247 ,916.767
—4.5
34,041,750
36,831,594
—7.6
34,085,782
24.574.200
5,056,898,735
5,575,038,530
—9.3
131,538,551
144,801,389
—9.2
132.799,830
102,086.746
District —Chicago—
1,733,280
Rapids
+ 150.2
12,964,641
13,520,474
—4.1
184,394
361,985
—49.1
265,765
437,994
460,046,136
—24.7
2,781,507,378
4,027,073,234
—30.9
73.477,015
96,196,260
—23.6
90,792.717
67.416.353
3,991,157
11,837,039
Flint
692,684
346,488,673
Detroit
Grand
serve
-3.1
+ 0.2
5.514,522
—27.6
32,693,813
41,434,000
—21.1
82,854,908
3,479,124
4,562,043
—23.7
3,684,280
2.405,925
1,408,891
1,978,229
—28.8
1.690,365
974,439
797,122
1,025.400
—22.3
1.062,512
770.291
16,429,000
16,2*49",000
+"f.i
15,964,000
13,*286*.000
14,171,257
—16.5
111,237,956
—25.5
Jackson
1,699,032
1,917,424
—11.4
13.627,886
16,828,393
—19.0
Lansing——.—.
5,420,318
6,843,502
—20.8
45,508,181
54,896,965
—17.1
Muskegon
2,049,323
2,843,921
—27.9
16,932,227
23.,350,373
—27.5
2,531,379
3,102.306
—18.4
19,937,302
23,022,817
—13.4
Bay. City
Ind.—Ft. Wayne
4,927,643
Indianapolis
South
4,678,289
+ 5.3
39,347,914
—16.8
9,409,568
15,068,822
—37.6
86,936,454
123,803,296
—29.8
70,325,313
Gary
71,274,169
—1.3
572,330,396
644,956,799
—11.3
32,734,715
Bend
4,736,464
6,460,181
—26.7
42,187,785
52,512,969
—19.7
1.072,317
1,430,440
—25.0
Terre Haute
17.582.316
5,071,267
19,387,883
—9.3
145.897,540
173,209,140
—15.8
3,739,648
4.685.511
—20 A
4.498,95?
4,842,239
+ 4.7
41,433,796
38,494,511
+ 7.6
78,695,202
1,368,872
85,135,724
—7.6
648,871,483
732,569,338
—11.4
17,738,375
20.621,903
—14.C
19,791,663
1,998,602
—31.5
11,025,606
16,622,191
—33.7
2,877,763
3,407.928
—15.6
21,962,360
25,786,255
—14.8
Wis.—Madison
Milwaukee
Oshkosh
-
Sheboygan
Watertown
Des
City..
Ames
470,508
—14.2
4,166,757
—11.8
1,199,580
—4.3
9,617,815
11,066,480
—13.1
4,700,026
5,008,743
—6.2
37,493.388
38,342,843
—2.2
995,036
1,116,206
—10+
l",1*3*97156
779,527
34,064,891
13,719,546
+ 12.8
283,94S,391
108,645,640
292,046,006
—2.8
8,787.334
8,843,560
—0.6
7.867,556
7,564,771
107,301,247
+ 1.3
2,975.264
2.925.293
+ 1.7
3.341.923
2.872,090
3*64", 595
248,563,901
+ 1.9
3,673,647
"
"
698,031
6,047,169
6,236,268
—3.0
—44.4
13,237,109
19,072.075
—30.6
1,682.532
+ 11.4
14,4SO,998
15,658,436
—7.5
659,514
"597,171
+ 10.4
666.541
1,125,703,887
3,458,299
-
+ 16.5
2,885,424
1,874,292
Bloomington.
599,114
1,605,327
111.—Aurora.
Chicago
14,586.613
38,421,532
13.983.317
Rapids..
Moines.^...
Sioux
724,353
3.380,853
403,479
1,147,618
Manitowoc...
Iowa—Cedar
930.150
1,379,215.299
—18.4
9,445,807,882
11,431,992,827
—17.4
336,881,232
—17.1
297.939,943
"
"
—3.6
31,174,487
32,424,569
—3.9
279,269.699
762,924
800.678
—4.7
723.875
610,702
14,495,760
15,842,209
—8.5
118,135,097
147,702,871
—20.0
3,578,295
3,980,460
—10.1
4,215,125
6,301,883
—33.1
38,261.454
49,833,880
—23 2
1,036.920
1,709,878
—39.4
4,195,530
1.322.460
2,551.862
Rockford
Springfield
5,080,845
5,782,499
—12.1
43,094,360
48,220,678
—10 6
1,405,266
1,356,806
+ 3.6
1,257,176
1,066,673
513,746
604,062
—15.0
4,248,851
5,174,617
—17.9
1,787,045,793
2,178,349,531
-18.0
14.767,272,759
18,367,906,179
-19.6
417,796,138
505.322.055
—17.3
457.133,971
369.301.979
Decatur
Peoria
Sterling
Total (31 cities)..
—
.
3,587,652
945,037
Volume
147
Financial
Chronicle
CLEARINGS
Month of
1587
(Concluded)
8 Months Ended August 31
August
Week
Ended
Sept. 3
Clearings at—
Inc. or
1938
Eighth
Federal Re
1937
Dec.
S
S
%
334.842.477
Cape Girardeau
381,210,226
—12.2
3,159,393
Independence
1938
Dec.
1938
$
%
$
2,720,486,306
3.228,030.315
28,349,973
—15.7
4,294,629
—15.4
24,592,074
—1.1
—8.4
66,312,239
—7.4
360,669
—13.7
3,670,068
1,045,832,104
557,667,448
2,446,969
2,733,000
—14.4
19,091,000
592,893,462
rve District— Minneapolis 15,446,778
18,004,014
304.582,267
335,022,592
—10.8
4,373,785,969
—14.2
102,258,484
2,081,615,978
Quincy
Total (7 cities)
Ninth Federal Rese
528,986,481
Minn.—Duluth
Minneapolis
St.
1,381,291
111,414,298
1,448.830
Paul
Winona
Fergus Falls
N. D.—Fargo
87.100,000
29,543,334
31.259*362
—10.2
13,206.554
14,817,655
487,000
5.090,942,375
—14.1
113,716,888
133,969,957
—15.1
123,249,654
99,294,959
—18.7
3,419,242
4,260,395
—19.7
—12,1
73,502,889
88,907,449
—17.3
2,947,920
67,578,906
2,025,156
61,832.009
10,186,409
+ 1.5
114,495,080
—2.7
867,763,368
—6.0
24,320,689
26,'308,436
—7*6
2+817*978
19.8*78*132
1,447,525
489,984
+ 0.1
816,110,733
11,969,030
12,051.623
—0.7
+ 7.3
3,941,156
—3.3
+3.3
—1.1
70,677,984
7,472,000
4,074,165
73.334,737
—6.8
6,146,825
+ 5.7
22,823,481
5,923,558
—0.9
50,144,814
51,275,655
+6.0
—2.2
23,101,630
26,259,818
—9.9
+ 8.5
1,584,741
86,898,170
1,932,390
511,281,894
—7.2
3,313,033,377
3.692,804,101
—22.3
—13.2
4,845,216
53,498,745
—4.7
11,717,841
136.583,482
3,152,338
4,618,381
82,044,557
3,785,580
616,410
10,174,043
123,929,148
16,762,166
496,831
636,912
—12.3
—9.3
943,391,826
—11.5
17,486,648
—4.1
541,499
—10.8
127,190,398
4,736,213
855,873
798.594
**705*877
*4*66*939
*
*694*478
792*,666 —1*2*3
"74+850
"648*262
1,984*490
2,610*616
—2+0
2,*365*534
2,41*0*385
—10.3
106,909,016
126.137,151
—15.2
101,335,590
88,760,883
—16.7
103,329
—14.6
132,741
121,064
131,889
2,221,208
2,756,490
—19.4
25.795,152
20,783,412
—13.4
123,456
123,664
2,996,890
31,059,409
1,453,789
2,682,032
1,S49',367
—6.2
1,4*8*2*398
1.736,227
3,442,637
—22.1
2,618,991
2,840.264
91,046,274
2,882,253
73*.9*26*,715
—2.2
—18.0
—16.6
14,411,912
2,058,738
11,066,117,322
A
135.094,711
A
k 4,661.602
7,199,218
,
6,279,539
78,922,629 2
81,341,970
105,640,183 a 123,529,930
+ 7.2
10,960,100
—17.6
1,819,253
374,625,008
—11.6
—3.0
16.607,527
—7.2
—18.6
3,631,985,295
—19.8
76*412",501
94,308,847
—19*0
14,868,804
—22.0
94,440,352
110,175,945
—14.3
2,368,154
2,925,992
—19.1
462,866
—5.2
3,658,338
42,096,023
3,180,838
141,342,233
2,661,309
—12.3
297,084,939
+0.1
21,482,634
—4.0
941,390,603
—9.3
18.465,914
1,330,143
+ 7.7
10,272,064
4,481,364
337,045,042
23,724,837
1,084,999,398
22,726,881
10,007,093
—18.4
1,432,452
742.329,195
Okla.—Tulsa
Colo.—Colo. Springs..
Pueblo
862,048,681
—13.9
5,670,631,424
6,760,507,997
—16.1
112,040,341
136,165.663
—12.2
50,918,216
+4.5
1,620,177
2,141,510
49,62*2*,053
50,468,466
—15.1
6*682*862
—4.7
3,085,000
Wyo.—Casper.
Total (18 cities)
Fleventh Federal R
eserve
Texas—Austin
3,808,899
...
'
199,986,300
18,038,348
—
Worth.:
29,137,966
Galveston
10,484,000
Houston
6,637,704
5,284,189
216,017,446
17,523,151
32,749,885
10,969,000
183,847,253
2,172,822
3,747,405
+ 2.9
1,607,455,126
150,736,532
—11.0
233,331,171
—4.4
85,733,000
—5.3
—27.9
33,250,331
—7.4
1,013,213
13,087,607
1,411,374
—28.2
14,883,723
—12.1
460.768,415
Wichita Falls.
495,243,952
—7.0
3,601,992
—
Texarkana
La.—Shreveport
-
Total (11 cities)
Twelfth Federal Re
serve
Francl
District —San
—23.0
—3.9
Portland
7,745,251
19.758,977
17,018,637
3,481,000
Berkeley
Long Beach...----Modesto—
Pasadena
14,485,918
2,947,853
Riverside
30,402,615
6*935*681
—12*3
+20.3
5,301,957
2,255,000
4,556.494
2,564,000
143,542,717
3,938,068
*
7*48*367
+ 1+0
**716*655
759,642
2.547*632
3,146,712
—1*9*6
3,060,391
1,962* 328
63,811,106
66.004,136
—3.3
58.473.720
40.706.362
39* 552*691
—20*3
37*.28+698
26,920,563
9,585,000
1,172,525
—26.2
9,953,000
1,149,275
8.099,000
—13.2
25*618*912
31,910,712
—1*9*7
31,7*2+565
22,160,817
12*129*839
15,346,340
—2*1*6
14,252^321
11.2*49*847
3,745*681
4,215*832 —11*2
3,651,098
3,456,262
2,992*768
3,623*113 —1*7*4
3,083,980
2,542,092
1,325,473,418
309.178,000
34,267,033
42,733,655
8,423,000
'
—9.8
7,851,967
959,694,454
—13 4
—16.4
31,535*269
—16.8
7,078,000
1,018,118
—16.9
—11.6
99,381,314
65,114,553
—1.6
—23.2
+4.2
,
850,236
—6.8
—20.0
20,133,848
443,974,628
—18.0
'
—6.9
1,085,246,431
25,092,326
555,177,517
129,323,350
60,564,627
—22.7
7.433,205
17,533,551
4,087,000
15,610,195
3,245,341
2.050.000
853.442
28,491,304
39,793,248
69,713,109
13,853,487
20,081.424
"
+7.5
257,110,184
—19.8
—23.2
+7.5
149 037 153
169 347.914
—12.0
—2.9
139,588,748
—14.8
25,899,000
147,228,575
29,053,000
—10.9
—7.2
126,445,135
—9.2
—11.7
—16.2
26,572,080
4,556,430,123
86,721,743
6,501,074
10,127,885
—8.9
49,066,801
—10.2
71,708,742
1,075,472,403
Stockton
45,922,958
-
—20.1
1,108,165,239
668,055,286
14,573,868
1,232,375,167
—12.7
590,002,736
12,211,830
5,924,441
Santa Barbara
975,283
—1*7
-
—9.0
.
—13.3
9,096,243
Francisco
Sari Jose.
114,284,444
1,217,359
—13.2
—16.3
—9.1
10,642,437
_
133,986.630
-
—3.5
—11.2
6,073,553
1,186,000
57,174,319
Calif.—Bakersfield
—17.7
—24.3
"
—6.1
4,383,910
1,070,000
124,361,232
3,045,777
Utah—Ogden..
Salt Lake City
58+904
""577",017
—29.2
3,893,711
Ore.—Eugene
""926*732
—3.6
17,998,864
39,698,000
Idaho—Boise
*726*563
—30.6
:
—7.2
3,917,638,398
180,577,755
—
—15.9
629,884
—11.4
12,734,991
5,518,182
Yakima..
516*141
+2.6
3.677.752,416
34,412,043
Spokane
433,981
*437*454
—9.5
—13.2
—18.7
—30.5
2,159,739
151,179,916
Seattle
"
SCO
1,502,000
Wash.—Belllngham
--------
—11.9
48,712,379
37,523,429
1,731,289,942
156,360,709
274,935,722
89,963,000
1,396,051,729
16,786,731
32,132,246
10,688,598
123,193,913
1,346,508,399
14,577,893
34,545,759
8,540,755
112,155,234
174,107,980
1,672,475
Port Arthur---.
2,731,182
■
Distric t—Dallas—
5,829,635
Beaumont
28,976.484
+ 14.6
—14.5
460,413,908
.
1C8.969
110,981
2,691,101
+ 1.6
^
i
+ 0.6
15,408.465
2,911,532.372
11,596,712
438,561
36,937,489
3,183,953
135,657,907
2,413,076
Joseph-..Carthage
San
—4.8
—5.9
483,129
—3.2
9,139,486
Ariz.—Phoenix
*818*992
District— Kansas City-
11,878,451
Dallas
1.500*666
—12.0
78,304,469
386,078
St.
Fort
—1.0
—7.2
Parsons---—
El Paso
2
—5.6
rve
Mo.—Joplin
Kansas City-.-—
2*17+525
+3.1
—14.1
3,925,878
Neb.—Fremont
Topeka
Wichita-
—9*5
*. 780*067
—3.6
7,247,000
7,153,287
23,049.576
i
474,658,243
City.-.
Manhattan---.
2.4*3*9*258
—6.6
3,333,888
4,809,810
22,560.486
2,20*7*761
—2.2
535,476
t
_
11,529,685
248,024
Lewistown
Omaha
.
"
3,840,016
Kan.—Kansas
11,029,553
598,000
125,800,265
2,368,417,342
3,147,186
Lincoln
22,778*406
17,081,810
—28.5
10,696,971
269.029
Great Falls
Helena
Hastings..
29,069*844
x
793,000
4,494,721
22,044,090
Mont—Billings
Tenth Federal Rese
—5.5
—10.9
567,000
3,477,298
--
64,400,000
10.1
9,502,778
1,326.000
925,000
3,288,720
Huron
Total (16 cities)
$
76,500,000
::::
+ 1.6
—
5,871,751
D.—Aberdeen
—19.2
10,343,241
861,956
Sioux Falls
1935
%
+ 7J3
9,816,453
1,311,000
Minot
S.
1936
1,283,692
525,719
Forks
,
—13.3
667,400
Grand
Dec.
% '
70,400,000
*
Rochester
$
—11.8
2,409,558
21,235,000
61.429,222
311,286
2.340,000
111.—Jacksonville
1937
'
—14.5
1,185,950.097
620.672,803
3,732,577
497,661
Tenn .—-Memphis
;
Inc. or
1937
v.
v■.
138,047,090
492,182
126,411,921
--
Ky.—Louisville
or
District —St. Louis—
serve
Mo.—St. Louis
Inc.
—5.2
—11.8
143,334,826
31,549,817
5,200,964,490
97,578,806
51,438,852
75,005,161
»-
—15.8
...
—12.4
136,1*1+000
160,164,000
—1*5*0
145.598.615
110.409,709
—11.1
2,993,795
—14.4
3,510,920
2,460,346
—4.6
1,192,488
2,154,163
3,496,684
1,473,443
—10.1
3,590,066
2,312,068
—6.8
2,233,976
987,759
1,484,147
272,852,408
—17.0
256,038,504
190,620,838
—4.4
8,273,915,255
9,538,979,662
—13.3
Grand total (194 cities) 22,005,158,331 24,765,703.322
—11.1 188.023,752,441
225,915,358,956
—16.8
5.182,242,498 5.946,356,804
—12.8 6,021,103,604 4.539,343,428
Outside New York
—12.0
97,944,993,990
—15.7
2,198,212,983 2.549,367,841
—13.8 2,337,970.068
Total (2© cities)
10,250,104,385 11,645.112,595
82,548,567,876
226,572,973
CLEARANCES FOR AUGUST SINCE JANUARY 1, AND FOR THE
CANADIAN
Month of
WEEK ENDING SEPT. 1
Week
8 Months Ended August 31
August
1,826,690,716
Ended
Sept.
1
Clearings at—
Inc. or
Inc. or
inc. or
1938
1937
Dec.
1938
1937
Dec.
1938
1937
$
$
%
S
$
%
8
$
Canada—
Toronto
455,774,768
440,875,530
•123,004,918
72,469,024
76,478,858
20,985,498
Montreal
Winnipeg
Vancouver
-
—
Ottawa
Quebec
Halifax..
10,779,600
Hamilton
20,480,989
Calgary.
18,897,864
8,036,994
St. John.
Victoria
7,367,129
London
10,120,801
16,106,657
14,240,894
Edmonton
458,927,983
471,367,866
143,562,565
77,531,576
76,872,465
21,344,896
10,612,569
—0.7
3,770,968,360
—6.5
3.431.111,380
928,865.030
—14,3
—6.5
—0.5
551,111,236
663,373,930
—1.7
163,687,126
4,272,611,987
3,884,183,312
—11.7
1,272,048,953
662,756,215
—27.0
719,329,262
—7.8
168.214,055
—2.7
—11.7
—16.8
+ 1.6
83,727,139
86,806,711
—3.5
23,736,064
20,197,628
—13.7
168,475,820
—8.5
—6.4
155,556,078
—19.3
8.895.468
7,397,823
10,962.830
—9.7
62,114,790
184,073,612
192,789,073
66,830,432
—0.4
60,098,140
—6.5
—7.7
56,196,201
89,256,237
95,649,510
—6.7
16,001,986
14,001,136
+ 0.7
127,557,736
132,193,546
120 841,986
—3.5
—7.1
—18.2
695,125
—0.5
763,215
743,669
—27.1
670,350
583.946
263,197
691,648
—25.4
298,137
558,598
582,539
701,350
—16.9
286,579
647,290
626,635
970,808
1,044,852
—7.1
2,559,600
374,464
687,122
546,098
—9.7
1,157,562
2,545,367
—28.7
337,357
—0.2
2,311,251
267,079
590,465
490,577
837,437
2,112,030
290,703
628,188
494,691
—1.0
344,480
467.553
—26.3
+ 13.9
370.656
+2.5
1,100,065
386,480
1,362,786
—19^3
914,722
388,047
089,013
—12.7
307,866,799
379,995,570
—19.0
376.674,814
331.934.493
—15.1
6,490,167
7,364,649
—11.9
2,540,323
2,916,421
2,548,757
—0.3
20,173,903
21,607,338
—6.6
Sherbrooke
3.120.469
—6.5
23,430.886
22,701,622
+3.2
Kitchener
4,312,112
4,155.691
+ 3.8
36,745,773
—0.1
12,235,201
1,570,642
—20.0
—9.5
—17.3
96,403,700
9,929,012
36,758,642
106,477,535
11,334,174
26,575,438
18,755,031
18,873,644
16,396,873
32,542,139
9,791,607
1,298,976
3,120,998
Sarnla
—
Sudbury
Total (32cities).
*
Estimated.
—
-
x
•—8.0
2,353,222
2.202,600
+2.9
1,939,166
4,653,354
Chatham
3,390,791
2,421,592
2,054.210
Kingston
1,896,120
4,243,157
+2.3
+ 9.7
24,453,473
18,721,933
18,685,559
18,681,489
33,366,704
1.352,862,437
1,421.206.632
—4.8
10.829.732.728
Figures not available.
—6.7
9,993,238
+ 7.3
14,248,598
—~0.1
45,897,014
20,293,928
12,410.078.741
6,372,919
1,535.765
2,407,781
3,663,925
3,584,350
291,241
838,159
974,358
—
1,726,639
2,794.557
3,902,231
—24.5
542,302
196,369
533,710
827,653
Moncton—■
—12.8
691,460
22,665,453
Prince Albert
5,318,919
1,756,495
—5.1
—5.4
33,037,249
26,129,382
21,209,633
Windsor
—13.5
—10.9
3.760,519
2,179,680
3,488,296
5,158,850
1,492,214
—8.6
24,726,986
__
2,731,866
4,327.922
2,538,092
4,403.375
—26.5
—6.4
30,206,865
+ 5.3
—5.7
Peterborough.
—14.1
563,992
685,440
—3.8
Hat
2,690,750
5,913,440
4,981,953
2,081,817
1.669,811
21,810,612
18,750,584
4.224,589
—14.5
3,676,554
Medicine
—10.0
—11.6
3,181,887
3,105,645
-
5.2C6.430
1,291,434
589,984
3,351,318
2,929,862
Brantford—
New Westminster-
—23.6
—14.9
1,141,371
+0.9
Fort William.
—2.3
18,955,228
16,123,203
$
104,464,826
95,259,728
61,215,508
16,782,625
15,162,293
—11.9
2,395,271
Moose Jaw
+ 3.5
102,905,008
66.384,732
—9.4
5,584,716
2,417,091
3,537.213
Saskatoon
'
39,159,148
119,331,335
—16.9
10,725,139
14,241,597
40,425,836
17,342,646
1,514,910
2,031,391
—15.7
364,328
572,194
+2.4
*
-Is,
1935
4 035 837
111,766,364
+ 11.1
Brandon...
133,831.070
124,107,052
$
341,847
475,259
—7.5
+ 1.7
1,363,010
1,983.846
5,396.556
Regina
Leth bridge.
96,174,780
104,623,228
38,250.747
14,497,211
13,716,504
4,688,242
2,310,812
4,349,074
4,309,836
1,666,845
1,584,557
2,062,322
3,774,625
3,658 346
1936
Dec.
—12.4
—8.0
—6.2
448,247
610,438
1,711,671
708,142
815,298
—4.4
—22.8
,
—14.1
675,247
—10.2
544,079
449,991
410,537
533,806
1,369,349
571,632
659,080
543,465
577.720
344,984
1588
THE
Financial
ENGLISH " GOLD
AND
SILVER
Chronicle
MARKETS
PRELIMINARY
GOLD
The
Bank
411,760
of England gold
Aug. 17th showing
on
against notes amounted to £326,change as compared with the previous
reserve
no
Wednesday.
The
preliminary
AUG.
the
of
statement
31,
made
daily Treasury statement, is
1938
THE
1938
debt
public
United States Aug. 31, 1938, as
10,
OF
STATEMENT
DEBT
STATES
UNITED
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 24, 1938:
Sept.
of
the
follows:
as
up on
the basis of the
Bonds—
3% Panama Canal loan of 1961
3% Conversion bonds of 1948-47
$49,800,000.00
more
At the daily fixing about
2%% Postal Savings bonds (16th to 49th ser.)
117.867,240.00
Business in the open market has been fairly active, but enquiry has been
general, the demand from the Continent having eased considerably.
£5,900,000 was disposed of during the week and
part of the offerings were taken for shipment to New York.
28,894,500.00
$196,561,740.00
Treasury bonds:
Per Fine
Quotations—
Aug. 18
Aug. 19
Aug. 20
Aug. 22
Per Fine
Ounce
Ounce
142s. 5%d.
142s. 6%d.
142s. 5%d.
142s. 5d.
Aug. 23
Aug. 24
Average
Aug.
.
6%d.
142s. fid.
142s. 5.83d.
The following were the United Kingdom imports and exports of gold,
registered from mid-day on Aug. 15 inst. to mid-day on Aug. 22 inst.:
Exports
United States of America£5,349,026
Imports
British South Africa.....
British West Africa
British East Africa
British India
Australia
Peru
£940,959
400,300
30,748
539,306
4 07,100
Bombay
Germany
Netherlands
Belgium
France
Switzerland
Other countries
19,367
23,948
32,362
581,958
310,743
561,428
1,509,174
Morocco
Syria..
Netherlands
41,450
1,160,621
414,967
70,276
246,052
3,983
Soviet Union
7,500
Palestine
France
Switzerland
Sweden..
Yugoslavia
22.970
Other countries
15,140
64,092
15,017
.......
£8,433,616
The SS. Rawalpindi which sailed from Bombay on Aug. 20th carries gold
£152,000.
The following are the
details of United Kingdom imports and exports
of gold for the month of July, 1938:
Imports
£5,785,723
409,377
198,872
100,187
1,307,001
65,522
505,265
57,913
18,105
1,098,463
Union of South Africa
Southern Rhodesia..
British West Africa
British East Africa
British
India
Hong Kong
Australia...........
,....
.......
.......
New Zealand..
British West India Islands & British Guiana
Canada
United States of America.
....
Mexico
;
Exports
Venezuela
Germany
£5,000
2,830
2,136,176
57,731
65,326
7,468
1,309,286
84,794
1,156,529
3.522,154
142,841
4.793,979
954,338
170,486
Belgium
France.
Switzerland
Finland
92.353
Sweden
2,318,703
299,504
17,031
Norway
Other countries.
29,661
CU
HW
£15,968.009 £11,074,885
SILVER
_
_
_
market
developed a heavy tendency with sellers
particularly in the last day or two when Indian reselling
evidence.
Speculative and Continental sales, together with
have been mainly offset by bear-covering, by some Indian
less
reluctant,
orders were in
Indian resales,
purchases and,
levels, by American trade demand.
A decline of 3-16d. today has brought prices to 19%d. for cash and 19d.
for forward which compare with 19 7-16d. and 19%d. for the respective
deliveries on Wednesday last.
The market is steady at the fall but it may be remarked that today at the
prices fixed Indian reselling orders mainly remain unexecuted.
The following were the United Kingdom imports and exports of Silver,
registered from mid-day on the 15th inst. to mid-day on the 22nd inst.:
^
t^Impo. Is
^ ^ ^Exports
"
British South Africa..
British West Africa
Australia
K
*
British India.
£6,063
2,350
Ceylon
Germany.
1,405
4.614
...
...
Sweden..
9,500
Hong Kong..
Belgium
Denmark
Other countries
818 627,000.00
755, 433,500.00
834, 453,200.00
—
-
1,400, 528.250.00
1,518,
1,035
491,
2,611
bonds of 1949-52
bonds of 1955-60-.
bonds of 1945-47
737,650.00
874.400.00
375,100.00
095,150.00
1.214 ,428,950.00
bonds of 1948-51
1,223 ,495,850.00
bonds of 1951-54
1,626 ,687,150.00
981 ,827,050.00
1,786 ,146,650.00
540 ,843,550.00
bonds of 19.56-59
bonds of 1949-53
bonds of 1945
2%% bonds of 1948
2%% bonds of 1958-63
450 ,978,400.00
—
1,568
U. S. Savings bonds
Series A-1935
918 780,600.00
(current redemp. value):
Series C-1937
$180,323,885.75
332,769,897.00
438,740.789.75
Series C-1938
294,158,850.00
Series B-1936
Unclassified sales
59,300,812.49
1,305,294,234.99
Adjusted Service bonds of 1945
$309,969,450.00
500,157,956.40
Total bonds
$24,158,013,331.39
Treasury Notes—
17.004
Netherlands.
at the lower
454 ,135,200.00
544, 870,050.00
810.127,400.40
Syria
Morocco
The
3%%
2%%
2% %
2%%
2% %
2% %
2% %
2%%
489 080,100.00
352 993,450.00
-
(Government Life Insurance Fund series)-.
273,000
40,272
_
1,036 692,900.00
4% bonds of 1944-54
3%% bonds of 1946-56
3%% bonds of 1943-47
3%% bonds of 1940-43
3%% bonds of 1941-43...
3% % bonds of 1946-49
3% bonds of 1951-55
3%% bonds of 1941
3% % bonds of 1943-45
3% % bonds of 1944-46
3% bonds of 1946-48
21,846,029,950.00
£4,234,871
to the value of about
$758 ,945,800.00
4%% bonds of 1947-52
;
Portugal
Palestine
£18.680
1,200
10.780
2,560
1,370
1,475
xl ,470
Other countries
4,279
£25,500
x Coin not of
legal tender in the United Kingdom.
Quotations during the week:
£41 814
2%% series D-1938, maturing Sept.
1%% series E-1938, maturing Dec.
2%% series A-1939. maturing June
1%% series B-l939, maturing Dec.
1%% series C-1939, maturing Mar.
1%% seriesD-1939. maturing Sept.
1%% series A-1940, maturing Mar.
1%% series B-1940, maturing June
l%%series C-1940, maturing Dec.
1%% series A-1941, maturing Mar.
1%% series B-1941, maturing June
1%% series C-1941, maturing Dec.
1%% series A-1942, maturing Mar.
$17 738,700.00
15,1938.
15.1938.
433 460,900.00
15.1939.
1,293 714,200.00
526 232,500.00
15.1939.
941 613,750.00
15, 1939.
15, 1939.
426 554,600.00
15, 1940.
1,378 364,200.00
738 428,400.00
15.1940.
15.1940.
737 101,600.00
15, 1941.
676 707.600.00
15.1941.
503 877,500.00
15.1941.
204 425,400.00
15. 1942.
426 349,500.00
series B-1942, maturing Sept. 15, 1942.
1 % % series C-1942, maturing Dec. 15.1942.
1%% series A-l 943. maturing June 15.1943.
342 143,300.00
2%
232 375,200.00
267 ,775,600.00
$9,146,922,950.00
3% Old-Age Reserve account series, maturing
June 30, 1941 and
3%
Railroad
1943
retirement
733,300,000.00
account
series,
turing June 30, 1942 and 1943
ma¬
69,700,000.00
-
4% Civil Service retirement fund, series 1939
to 1943
468,000,000.00
4%
Foreign Service retirement
1939 to 1943........
fund,
series
3,626,000.00
4% Canal Zone retirement fund, series
1940
to 1943.
4%
Alaska
4,102,000.00
Railroad
retirement
fund
maturing June 30, 1941 and 1943
Postal Savings System series,
June 30, 1940, 1942 and 1943
2%
series,
502,000.00
maturing
55,000,000.00
2%
Federal Deposit Insurance Corporation
series, maturing Dec. 1. 1939 and 1942
2%
Government life insurance
fund
105,000,000.00
series,
maturing June 30, 1942 and 1943
25.000,000.00
$10,611,152,950.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
2%% Unemployment Trust Fund series,
$24,300,000.00
ma¬
turing June 30, 1939....
954,000,000.00
978,300,000.00
Total
-Bar Silver Per Oz. Std.Cash
2 Mos.
19%d.
19%d.
19 5-16d.
.19 5-16d.
19%d.
19%d.
19 3-1 fid.
19 3-16d
19 .5-16d.
—
Aug.
Aug.
Aug.
Aug
Aug.
Aug.
19 3-16d.
19%d.
19.302d.
19d.
IN NEW YORK1
IPer Ounce .999 Fine)
17
43 cents
18...
43 cents
19
43 cents
20-.
22
23
"..43 cents
4.j cents
43 cents
19.177d.
The highest rate of exchange on New York recorded
during the period
from Aug. 18 to 24 was $4.88 % and the lowest
$4.87%.
on
1,304,095,000.00
...
Interest-bearing debt outstanding
Matured Debt
|?IN LONDON
Aug. 18..
Aug. 19.
Aug. 20
Aug. 22
Aug. 23
Aug. 24
Average.
Treasury bills (maturity value)
$37,051,561,281.39
Which Interest Has Ceased-
Old debt matured—issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2%% Postal Savings bonds
3% %. 4% and 4% % First Liberty Loan bonds
$3,911,340.26
41,820.00
of 1932-47—.
4% and 4%% Second Liberty Loan bonds of
14,112,550.00
1927-42
1,314,700.00
4%% Third Liberty Loan bonds of 1928
4% % Fourth Liberty Loan bonds of 1933-38..
3% % and 4% % Victory notes of 1922-23
Treasury notes, at various Interest rates
2.107,650.00
22,438,400.00
659,650.00
19,587.350.00
Ctfs. of indebtedness, at various interest rates.
Treasury bills
4,858,200.00
32,303.000.00
Treasury savings certificates
240,900.00
101,575,560.26
TREASURY CASH
AND.CURRENT* LIABILITIES
Debt Bearing No InterestUnited States notes.
Less gold reserve
TREASURY1MONEY1HOLDINGS
For" these tables, usually given here, see*page 1623.
$346,681,016.00
156,039,430.93
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve banlt notes
ENGLISH
FINANCIAL
MARKETS—PER
CABLED
243,972,176.50
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
2,031,728.28
fied sales, &c
3,249,376.64
439,894,866.49
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Sept. 3
Silver, per oz._
19 15-16d.
Gold, p. fine oz.143s. 5d.
Consols, 2%%. Holiday
British 3%%
War Loan...
Mon.,
Sept. 5
19%d.
144s. Id.
£73%
Wed.,
Tues.,
Sept. 6
f Sept. 7
Thurs.,
Sept. 8
19 l-16d.
19%d.
19 5-16d.
Total gross debt
-$37,593,031,708.14
Fri., ■%
Sept. O""
19%d.
144s.2%d. 144s. Id.
£73%
£73%
144s.l%d.
£73%
£73%
NATIONAL
The
following information regarding National
Holiday
£101% ]
£101% |
£101%
£101%
£101%
from the office of the
Holiday
£113
£113
£112%]
£112%
£112%
P
1960-90-
1
price of silver per ounce (in cents)
States on the same days has been:
U.
N.Y.(for.). Closed
42%
42%
42%
in the United
64.64
64.64
64.64
64.64
Sept. 1—The
National
Location of branch,
42%
42%
S. Treasury
(newly mined)
Comptroller of the Currency, Treasury
BRANCHES
The
Bar
banks is
Department:
British 4%
^
BANKS
144s. Id.
64.64
61.64
Bank
of
AUTHORIZED
Commerce
Town of La Conner,
orized by Certificate No. 1416 A.
of
Seattle,
Skagit
Seattle,
County, Wash.
Wash.
Auth¬
Sept. 1—Bank of American Nat. Trust & Savings Association, San Fran¬
cisco, Calif.
State Fair Gounds, Sacramento, Calif, 1417A.
Volume
Month of
GOVERNMENT RECEIPTS AND EXPENDITURES
Trust
Accounts,
^ SpA nnfo
Trust
«
General & Special Accounts
S
Internal Revenue:
1938-39
1937
$
S
>
31,988,355
35,397,266
79,020,376
281,627,468
301,069,704
466,943,561
tax
Mlscell. Internal revenue
»,
1,003,073
204,783
1,308,887
566,132
105,750,361
60,453,607
137,087,147
Taxes under Social Secur. Act
Seigniorage...
25,536,460
>
Miscellaneous receipts:
Proceeds of Govt.-owned
20,268
25,982,905
38,789,854
51,773,773
All
3,014,940
13,830,195
2,055,437
1,753,235
—
3,734,068
3,593,917
3,344,785
6,325,107
Seigniorage
Other miscellaneous
Total
1,639,610
1,814,839
10,093,385
15,693,489
18,225,252
4,221,174
7,220,276
24,679,455
453,457,982
798,579,035
862,618,619
61,361,779
3,904,532
42,465,140
3,953,539
ie.646,128
General:—Departmental
a__
14,380,580
131,337,170
8,047,598
34,278,861
102,633,927
7,585,533
32,538,861
Public buildings a
Public highways a
River
and
flood
work
harbor
control
and
18,158,610
15,125,713
2,869,118
a
2,644,952
Reclamation projects a
Panama Canal
713,847
739,062
33,227,215
28,868,611
7,278,155
6,115,417
1,546,904
I5,ooo,ooo
10,000,000
15,005,885
241,402
490,238
871,812
Social Security Act
U. 8. Housing Authority a...
32,425,026
391,435
17,097,541
72,326,205
46,583,075
504,738
730,680
5,000,000
67,796,869
90,312,548
95,736,873
457,696
a
—
54,580,413
34,838,784
44,082,492
a._
47,650,686
48,085,603
Navy..
Administration
Agricultural Adjust. Program
Farm Tenant Act
32,817,395
12,811,187
90,466,781
31,348,231
a
100,484
2,019,319
3,376,120
3,323,161
7,306,656
17,205,237
20,683,823
30,248.178
1,462,531
1,071,712
4,030,947
Internal revenue
3,154,743
3,876,059
6,253.804
2,377,093
5,590,582
Processing tax on farm prod.
1,523,758
299,505
2,604,211
889,760
386,400,843
309,592,543
792,140,772
b7,625,628
43,596,792
b200,l22
458,534
b249,804,552
b29,199,052
2.780,508
b68,600,175
46,149,434
923
30,141
on
•
—
...
For
retirement
of
national
2,110,885
3,949,965
5,497,305
10,022,260
Investments
82,000,000
68,618,000
82,000,000
97,684,000
52,715,000
bank notes
Unemployment trust fund:
Old-age
debt
Customs
—
Sub-total
—
.
9,132,158
11,806,003
9,917,191
171,902
184,954
465,b24
839,567
1,606,008
154,438
3,500,000
8,387,279
Total
4,265,735
16,448,955
10,000,000
7,395,671
120,663,777
144,314,411
245,379,620
34,447,882
—
256,379,655
90,728,029
Expess of receipts or credits.—
Excess of expenditures
64,989,203
3,717,328
6,425,597
10,867,406
7,966,665
19,509,503
2,944,692
5,329,970
6,603,904
183,634
549,738
267,896
Public Debt Accounts
Cash:
.
107,684,581
365,248,905
U.
S.
savings
(lncl.
bonds
1,587,015
2,558,968
Public highways
4,386,746
1,973,331
70,649,301
42
32,524,886
42
538,600,346
432,824,928
982,891,223
821,215,343
684,350
1,319,100
1,442,850
2,903,150
82,000,000
Sub-tOtal.
68,618,000
41,000,000
82.000,000
71,000,000
10,000,000
3,500,000
81,100,000
374,000
459,000
175,000
10,000,000
2,000,000
97,684,000
82,000,000
10,000,000
71,300,000
Adjusted service bonds
Treasury
—...—
'
notes-
Treasury bonds
8ub-total
=
certlf.
(certificates)..
33,000,000
1,500,000
Civil
serv.
8,400,000
retlre't fund (notes)
..........
For. Serv. retlrem't f'dfnotes)
—
—
,
12,000
Alaska RR retlre't fund (notesj
Postal Savs. Sys.
(notes)——
10,000,000
Govt, life lnsur. fund (notes)
River and harbor work and
control
Rural Electrification Adm.
Federal
Deposit
367,000
469,000
201,000
-----
—
119,630,000
275,608,000
262,021,000
674,184,696
553,774,028
1,254,942.073
1,086,139,439
253.525,000
201,951,000
787,475,000
414,765,000
954,205
954,204
15,319,540
20,000,000
—
134,900,000
Sub-total
1938)....
...—...
Insurance
Corporation (notes)
grants
other
80,931,223
—
37,203,346
unclassified sales)
Treasury savings securities
Exchanges:
750,566.000
-
235,034,721
Reclamation projects
Works Progress Admin
901,960,000
400,300,000
501,397,000
Treasury bills
Treasury bonds
1,464,466
193,043,561
a
Receipts—Market operations:
Canal Zo. retlre't fund (notes)
Public works (incl. work relief)
Adm.
108,081
10,000,000
262,980,293
Benefit payments
Railroad retlrem't acc't(notes)
—
8,735,399
Federal Land banks
Relief
(Act June 21.
826,495
Unempioy. trust fund (ctfs.).
Old-age reserve acc't (notes).
Federal Farm Mtge. Corp.
—reduction in mi. rate
—
82,000,000
retirement account:
Investments......
fund
—
200,000
71,000,000
41,000,000
1,500,000
Benefit payments
Railread'
Agricultural aid:
Wks.
33,000,000
Special series:
Adjusted service
Recovery and relief:
mortgages----...—
88.685.ooo
reserve account:
Investments.
646,972,675
the public
28,077,294
Refunds:
All
9,986,292
25,437,899
b61,129,304
b95,120
;
(sec. 13b, Fed. Res. Act. as
63,231,635
1,116,783
7,025,954
32,970,158
Tennessee Valley Authority--
Farm Credit Administration,
Pub.
1,405,456
Payments to Fed. Res. banks
36,717,627
54,821,410
3,245,100
flood
b59,926,439
b46.488
b933,388
gold:
4,785,030
2,408,985
--
Civilian Conservation Corps a
on
41,668,066
1,163,703
118,787,767
—
.
39,867,166
Army
2.
336,105,649
—
112,653,346
15,318,203
31,122,571
.
Reconstruction Finance Corp.
other
97,070,653
National defense:
on
■■ ■■
=====
■
acc'ts
Bural Electrification Admin-
5,000,000
78,989,532
104,383,439
...
Dlflt. Of Col. (U. 8. share)
Interest
In checking
Commodity Credit Corp.....
Export-Import Bank of Wash.
9,365,734
241,860
Veterans'
400,694,066
== ■
of Govt, agencies (net), Ac.:
2,309,843
Retirement Board--
Postal deficiency
Railroad
155,111,659
==
Withdrawals by States
487,486,615
receipts
Expenditures—
1.
76,000,000
31,500,000
15,663,557
Melting losses, Ac..—
Other
20,000,000
197,991,090
Transactions
C
Panama Canal tolls, Ac
83,000,000
30,000,000
77,319,435
41,000,000
9,500,000
accounts
Chargeable against increment
curities:
Principal—for'n obllga'ns..
Interest—for'n obligations
67,294
19,610,610
106,844,645
38,000,000
Total
79,438,655
se¬
47,553
9,050,711
166,820,250
4,419,700
Expenditures—(See note 1)
Trust
52,407
28,672,777
employees.
96,583,100
35,769
6,062,087
131,333,962
—
Railroad retirement account...
Taxes upon carriers and their
Customs
117,275,652
25,501
tion in weight of gold dollar..
113,535,346
Unjust enrichment tay
10,694,368
Increment resulting from reduc¬
1937-38
S
92,538,244
522,141,678
$
$
14,711,927
accounts.
Old-age reserve account
July 1 to Aug. 31
Month of August
1938
Receipts—-
July 1 to Aug. 31—
1938-39
1937-38
$
$
August
1937
I V
Unemployment trust fund
and 1937-38;
1938
Increment
Cold, &c.
on
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for August, 1938
and 1937, and the two months of the fiscal years 1938-39
Income
1589
Chronicle
Financial
147
21,246,418
*44,084,719
Total public debt receipts—
1,516,641
32,279,374
Expenditures— Marketoperattons
Aid to home-owners:
Home Loan system
169
Cash:
Treasury bills
Certificates of Indebtedness
18,199
699,138
1,442,020
"2,647,806
Treasury notes
13,060,314
20,940,273
32,231,280
Treasury
b23
90
b68
b5,428
14,861
U. S. Housing Authority
1,855,733
653,654
802,809
Farm
11,362,746
5,069,646
8,213,854
Emergency housing
Federal
Housing Admin
Security Admlnlstra'n
bonds
Admin, for Indus. Recovery
Sub-tOtal
236,040,487
173,989,272
452,292,027
'
370,632,715
Public
bank
b676,093
b4,659,334
bl,145,393
249,300
639,400
2,900
13,309,842
10,174,650
662,350
877,150
200,180
19,125
34,285
41,573
62,898
4,374,315
7,555,285
11,586,860
269,996,638
220,995,132
823,055,680
460,760,627
1,500,000
1,500,000
3.000,000
2,000,000
76,000
19,000
1,900.000
37,000
and
notes
Fed. Res. bank notes
Farm Credit Admlnlstra'n.
4,004,782
9,092,750
.w..——.
3,347,560
Other debt Items
National
Agricultural aid:
491,300
1,328,300
10,000
8,492,959
20,993,350
800,250
1,524,350
715,360
6,437,683
First Liberty bonds
Fourth Liberty bonds
Revolving funds (net):
106,650
2,653,000
4,747,450
238,850
391,850
1,820
Adjusted service bonds
Postal 8avlngs bonds
3.
294,350
352,150
i..——
U. S. savings bonds
Miscellaneous:
86,000
1,201,300
b5,874,583
works:
Sub-tOtal
——
Loans and grants to States,
13,418,836
19,195,833
37,167,593
13,323,444
18,050,440
31,216,430
38,000,000
41,000,000
76,000,000
83,000,000
9,500,000
20,000,000
31,500,000
30,000,000
75,106,600
Ac
17,982,778
12,742,743
municipalities,
73,255,000
182,606,600
186,255,000
Exchanges:
b76,580
Loans to railroads
Treasury notes
-
Treasury bonds
Sub-total
-
-
Sub-total
4.
Transfers to trust accts., Ac.:
Old-age reserve account
Railroad retirement account-
Govt,
.
=
certificate
fund (certificates)
500,000
Unempioy. trust fund (ctfs.).
retirement
employees'
Special series:
Adjusted
service
funds (U. 8. share)
-
Railroad retlrem't acc't (notes)
..........
Civil
6.
Debt
47,500,000
retirements
fund,
61,000,000
retlre't fund (notes)
'.
Total expenditures
.'
137,400
..........
30,550
682,684,073
557,914,259
1,445,227,239
19,000
195,197,458
104,456,276
646,648,204
Sub-total
1,235,107,370
15,000
*
-
—
..........
Fed. Dep. Ins. Corp, (notes)
<-*-
2,548,000
3,434.000
3,595,000
4,952,000
372,488,751
—
224,429,132
826.650,680
465,712,627
329,344,896
428,291,393
620,426,868
+247,872,000
Excess Of receipts
272,544,638
401,640,057
Total public debt expend'S-
Excess of receipts
Excess of expenditures
1,900,000
19,000
15,000
2,000,000
29,000
serv.
Postal Savings System (notes)
(sinking
Ac.)
For. Serv. retlrem't f'd (notes)
Canal Zo. retlre't fund <netes)
Sub-total
+198,349,000
+114,485,000
+335,801,000
Excess of expenditures
Summary
of
Excess
expenditures
Increase
(+)
in Gross Public Debt—
or
+104,456,276
Lees public debt retirements..
of
Excess
expenditures
(+)
+646,648,204
+372,488,751
137,400
+ 195,197;45S
receipts (—)
30,550
or
Market
operations:
Treasury bills
Certificates of indebtedness.
Bonds.
+646,510,804
+ 372,458,201
+64,989,202
—34,447,881
—256,379,656
—34,243
-41,573
—52,856
—4,374,215
—7,555,285
—11,586.860
—90,726,029
70,008,395
390,131,148
281,732,172
2,110,885
3,949,965
5,497,305
10,022,260
Sub-tOtal
Less nat. bank note retlrem'ts
( + ) or receipts
+ >'
(—)
general fund balance
Increase (+) or decrease
the gross
Gross
5,775
+68,058,430
+384,633,843
+271,709,912
—
+348,716,954
+263,286,466
+43,657,550
+401,640,058
+ 329,344,896
+ 428,291,393
+ 620,426,866
37,191,391,651
36,715,695,702 37,164,740,315
36,424,613,732
+143,564,283
(—) In
public debt-
public debt at beginning
of month or year
Gross public
debt this date
37,593,031,708
37,045,040,598
37,593,031,708 37,045,040,598
+213,148,896
+161,278,393
+363,357,866
+116,196,000
+ 267,013,000
+257,069,000
+401,640,057
+329,344,896
+ 428,291,393
+620,426,866
Included under "Recovery and
relief" and "Revolving funds (net)," the classification of which will be shown in
the statement of classified receipts and expenditures appearing on page 7 of the
dally Treasury statement for the 15th of each month,
a
(—) In
—
+269,288,057
+132,352,000
—
Special series
Total
expenditures
Increase (+) or decrease
—1,328,300
+41,016,182
National bank notes and Fed¬
260,186,660
of
—491,300
+19,854,854
—2,653,000
+ 57,149,901
—19,125
Other debt Items
Ac., excess of receipts (—) or
excess
—106,650
—352,150
eral Reserve bank notes..—3,347,560
+104,456,276
Trust accts., increment on gold,
Total
—294,350
+26,070,042
—
—86,000
—1,201,300
_
Treasury notes
receipts (—) (excluding public
debt retirements)
+195,197,458
expenditures ( + )
(+) or Decrease (—)=
Additional expenditures on these accounts are
b Excess of credits (deduct).
1937, transfers from the Genderal Fund have been
of offsets agalast expenditures.
The figures for the
revised accordingly in and that respect
Note 1—Beginning Dec. 31,
treated
as
receipts instead
month and the fiscal year 1938 have been
disagree with the figures published prior to Dec.
31, 1937'
1590
Financial
PUBLIC
COMPARATIVE
DEBT STATEMENT
(On the basis of dally Treasury statements)
Aug. 31, 1919,
Mar. 31, 1917,
Pre-War Debt
Gross debt..
debt
less
bal. in gen,
Debt
net
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
fund...
Gross debt per capita...
Computed
31, 1930,
Lowest Post-War
Was at its Peak
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216.460.05
1,118,109,534.76
306,803,319.55
Net bal. In gen. fund...
Gross
Dec.
When War Debt
$12.36
$2.50.18
$129.66
2.395
of Int.
Interestbearing debt outstand¬
ing (percent)......—
4.190
♦
Aug. 31, 1937,
a Year Ago
Last Month
$34,142,840,747.34 $35,075,380,470.75 $35,333,456,245.33
a$286.29
b$285 75
b$288.68
2.569
of
rate
per annum on
2,597
2,581
Int.
interest-
bearing debt outstand¬
ing (percent)
a
Revised,
week
x
Page in Vol.
146.
first
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
we
Then
follow with
we
a
second table in which
dividends
the
show
jireviouslv announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
The dividends announced this week
b Subject to revision.
are:
Per
AUCTION
The
following securities
were
Name
SALES
sold at auction
on
Wednesday
of the current week:
Stocks
•
$ per Share
.
3 Springfield Safe Deposit & Trust Co., par $25
5 New Orleans Public Service $7 preferred
59
84 M
15 Brockton Gas Light Co., par ?25...
4M
...
10 Springfield Gas Light Co., par ?25__._...........
31 Empire Power Co. $0 preferred....
58
11 Florida Telephone Corp. common, par $100
2M Southwest Natural Gas 6% preferred, par $10..
14
4%
.
District Trust inc.
5s,
Jan.
Interest for 3 350-1000 class A preferred and 1 share
15,
1948,
Cent
Per
,
Chicago Produce
9%
...
Bonds—
$700
ctf.
105M flat
common
common v. t. c
4M flat
By Crockett & Co., Boston:
5 Draper
$ per Share
Corp..
58M
lOOJBrockton Gas Light Co., par $25
4%
39 Eastern Utilities Associates convertible......
syChemlcal Paper Mfg. Co. 1st preferred,
preferred,
common
12Mc
(quar.)
Common (quar. due in Dec. 1938)-
—
par $100
2M
'.. 50
i
par 5100
60
12Mc
UH
SIM
preferred (quar.)_
Aluminum Co. of Araer. 6% pref. (quar.)
Aluminum Industries, Inc. (no action)
American Agricultural Chemical
cum.
— -
51
—
pref. (quar.)
By Barnes & Lofland, Philadelphia:
Shares
Stocks
% per Share
par 5100
126
5 Courier-Post Co
7% cum. preferred, par 5100
5 Pnlladelphia Record Co. 6% cum. preferred, par 5100
5 Philadelphia Record Co. common, no par
17 Union Passenger Ity. Co., par $504 Roosevelt Bank, Philadelphia, par $50
70
....
1,000 Union Building Co.,
34
9M
16
....
30M
M
3M
no par...
50 Hotel Traymore
Co. preferred, series one, par 5100......
50 Delaware-Montgomery Counties Co. lor Guaranteeing Mortgages preferred,
1M %
SIM
_
15c
(quar.)
American Mfg. Co. preferred (quar.)
American Investment Co. of 111. $2 pref. (quar.).
8% preferred (quar.)...
7% preferred (quar.)__
American Snuff Co. (quar.)
Preferred (quar.)
American Thermos Bottle Co. 7% pref. (quar.)_
Art Metal Works (quar.)
—
Atlas Press Co. (quar.)
Autocar Co. $3 partic. preferred (quar.)..
Avery (B. F.) & Sous preferred (quar.)
BancOhio Corp. (quar.)
...—
par $100
2H
10 Cincinnati & Lake Erie RR. Co. class B preferred; 4 class A preferred
$1 lot
2 Huntingdon & Broad Top Mountain RR. & Coal Co. preferred certificates
of
deposit;
purchase 5 shares Peoples Light & Power Corp.
class B common; 5100 Trusteed Diversified Royalties series F
S3 lot
1 Real Estate Trust Co., par 550
33M
warrants
to
Bonds—
REDEMPTION
CALLS
AND
Cent
3
56 lot
SINKING
FUND
NOTICES
Below will be found
list of
bonds, notes and preferred
stocks of corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
a
location in which the details
were
given in the "Chronicle":
Company and Issue—
Date
Associated Gas & Electric Corp. 5M% conv. investment
certificates due Nov. 15,1938
Autocar Co. 1st mtge. 7s
Baton Rouge Electric Co. $6 preferred
Bear Mountain Hudson River Bridge Co.. 1st mtge. 7s
Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds
♦Cincinnati & Muskingum Valley RR. 1st mtge. 4s
♦Cleveland Akron & Columbus Ry. 1st consol. 4s
Commonwealth Edison Co 1st mtge
Consolidated Oil Co. preferred stock
♦Council Bluffs Gas Co. 1st 5s, 1928
Sept. 15
Sept. 15
Sept. 12
1479
1111
1479
1
1
1332
Sept. 29
Sept. 29
bonds
County Gas Co. 1st mtge. 5s_
Pace
Oct.
Nov.
1636
1636
727
Oct.
10
1484
Oct.
1
1484
Nov.
1
1485
Oct.
_
1
1485
Crucible Steel Co. of America 10-year 5s
Sept. 29
♦Cumberland Valley Telep. Co. of Pa. gen. mtge. bonds-.Oct.
1
Dallas Gas Co. 1st mtge. 6s, 1941
Oct.
1
Dayton Power & Light Co. 1st mtge. 3Ms, 1960
Oct.
1
Detroit Edison Co., 5% bonds series E, 1952
Oct.
1
Diamond State Telephone Co. 6M% pref. stock
Oct. 15
Dominion Gas Co., 5% coll. trust bonds,
Jan.
1, '39
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A & B
Jan. 1, '39
1485
1637
1485
1485
736
111
1034
268
Empire Oil & Refining Co. (Cities Service Oil Co.) 5Ms.
1927
♦Federal Light & Traction Co. 1st lien gold bonds
Goulds Pumps, Inc., 1st mtge. 6s, 1942
Gulf States Utilities Co. 10-year
Oct.
4Ms, 1946
4% notes.
Indianapolis Power & Light Co.. 1st mtge. 5s, 1957
♦Lone Star Gas Corp.
6)4% preferred stock..
Mc Coll Frontenac Oil Co., Ltd.,
6% 20-year bonds
Morristown & Erie RR. Co. 1st mtge. 6s, 1943
National Gypsum Co. 15-year 6s, 1943
New York Steam Corp.—
1st mtge. 6s, 1947
1st mtge. 5s, 1951
1st mtge. 5s, 1956
Nord
5
1030
Oct.
14
1638
.Oct.
1
1488
Oct.
1
1340
Sept. 19
741
Sept. 14
Oct. 11
Hamilton Cotton Co.. Ltd.. 1st mtge..
5Ms. 1948
(Walter E.) Heller & Co. 7% cum. pref. stock and 10-year
573
Nov.
Oct.
Nov.
1641
1040
1
1495
1496
1
1349
..Nov.
1
1349
Nov.
1
1349
Railway Co., 6 Ms, 1950—
Oct.
1
Norfolk&Portsmouth Belt Line RR. gen. mtge.
5s, 1965_.Oct.
1
Northwestern Electric Co. 1st mtge. bonds, 1945
Nov.
1
Ohio Oil Co. 6% preferred stock
Sept. 15
Ottawa Lt.. Heat & Pow. Co., Ltd., 5% ref.
mtge. bonds .Oct.
1
Pillsbury Flour Mills Co. 1st mtge. 6s, 1943
...Oct.
1
1038
1
1
Sept. 30
Oct.
Oct.
50c
Oct.
50c
Oct.
43 Mc
75c
Oct.
Oct.
Sept. 15
Sept. 20
Sept. 20
Sept. 20
Sept.13
Sept. 13
Sept. 20
2<)c
Sept.
Sept. 15
10c
Sept.
75c
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIM
87 Mc
—....—
_
—
—
Bankers Trust Co. (quar.)
— .
Bank of the Manhattan Co. (quar.)
Beatrice Creamery Co. (quar.)
—
37 Mc
20c
50c
...
20c
_~—
25c
—
$5 preferred (quar.)
Belgian National Rys. (American shares)
SIM
S3-30
Bird Machine (quar.)
Boyd-Richardson Co. 8% 1st pref. (quar.)
8% partic. preferred (quar.).
Bralorne Mines Ltd. (quar.)
10c
—
Extra
Bri ggs Mfg
Brillo Mfg. Co., common (quar.)__.
Class A (quar.)
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
52
Oct.
$2
x
Oct.
il5c
iioc
—'—
5
Oct.
25c
Oct.
Oct.
5
20
20
22
22
14
15*
13
13
12
15
Sept.10
Sept. 10
Sept. 30
Sept. 30
Sept.
Sept. 20
20c
Oct.
50c
;
_
Oct.
Sept. 15
Sept. 15
SIM
Oct.
Oct.
British American Gil (quar.)
25c
Oct.
Sept.. 16
British-American Tobacco Co., Ltd. (interim)__
5% preference (semi-annual)
Broad Street Investing Co., Inc. (quar.)
lOd
Sept. 30
Sept. 30
Bridgeport Machine, preferred (quar.).
______
2M%
1
1"44
1497
1498
J349
751
1500
Brunswick-Balke-Collender (special)
Preferred (quar.)
50c
Oct.
Oct.
Sept. 20
Sept. 20
SIM
Oct.
Bucyrus-ErieCo. preferred (quar.)
SI M
Oct.
Budd Wheel Co. 1st preferred (quar.)
1st preferred (participating dividend)
Per
$1,000 City Centre Building 1st 6s, 1934, certificate of deposit
$5,000 Shamokln Coal Co. 1st 6 Ms, 1944, certificate of deposit
Sept. 10
SIM
SIM
_____
—
_
Sept.
Oct.
Oct.
2c
15 Philadelphia Terminals Auction Co.,
Oct.
Oct.
Oct.
Oct.
15c
B (qu.)_
—
American Express Co. (quar.)
American Fork & Hoe.--
Oct.
25c
—
American Crystal Sugar, preferred (quar.)
cum. conv.
Sept. 20
Sept.17
Sept.17
Sept. 15
Sept.17
Sept. 15
Sept. 15
Sept. 16
Sept.
Oct.
SIM
American Capital Corp., $3 preferred
American Cyanamid Co. com. class A &
Holders
Sept. 26 Sept. 19
Sept.26 Sept. 19
Sept. 26 Sept. 19
Oct.
1 Sept. 15
10c
_
Preferred (quar.)
5%
When
Payable of Record
75c
American Bank Note
...—
Stocks
3 Millers Falls Co. prior
Associates, Inc.,
Shares
of Company
Preferred
of ben.
$1,600 Lincoln Mortgage Co. Inc. deb. 5s, 1948, with 40 shares of stock..40^ flat
$1,000 40 Exchange Place Corp. gen. mtge. Inc., July 1, 1956, with 10 shares
Shares
Air
$7
By R. L. Day & Co., Boston:
Shares
1938
DIVIDENDS
/
Dividends
current week.
Gross debt per capita—
Computed
Announcements this
Aug. 31, 1938
Gross debt less net bal.
In general fund
10,
July 31, 1938,
$37,045,040,598.38 $37,191,391,650.74 $37,593,031,708.14
fund...
2,902,190,851.04
2,116,011,179.99
2,259,575,402.81
Net bal. In gen.
Sept.
Page
Company and Issue—
Date
Pittsburgh Cincinnati Chicago & St. Louis Ry. consol.
1500
mtge. bonds
Sept. 29
♦Porto Rico Telephone Co. 6% 1st mtge. bonds
1645
Sept. 20 •
1349
Provincial Paper, Ltd., 20-year 1st mtge. 5Ms
Nov.
1
901
Public Service Co. of Nor. 111., 1st & ref. mtge. bonds
Oct.
1
San Antonio Public Service Co., 1st mtge. 6s
Jan. 1 '39 x3679
1502
Sauda Falls Co., Ltd., 1st mtge. 5s, 1955
Oct
1
905
SpangCbalfont&Co.,Inc., lstintge. 5s. 1948
Oct,
3
1505
(James) Talcott. Inc., 5M% partit. pref. stock
Nov. 10
1646
♦Tennessee Public Service Co. 5% bonds
Geo.
4
1505
Texas Cities Gas Co. 1st mtge. 5s
Oct.
1
1209
Toledo Edison Co., 1st mtge. bonds, 1962__
Oct. 13
1506
Union Water Service Co. 1st lien 5 Ms
Sept. 21
1509
Watauga Power Co. 1st mtge. 6s, 1952.
-Sept. 15
1510
Wheeling Terminal Ry. 1st mtge. 4s
Sept. 29
1510
(Alan) Wood Steel Co. 1st mtge. 6s, 1944
*
Oct.
1
3.750
rate
per annum on
Gross debt..
Chronicle
SIM
Sept.
Sept.
Sept. 20
Sept. 20
Sept. 16*
Sept. 16*
Sept. 17
Sept. 30
Sept. 30
Sept. 15
Sept.15
Sept. 16
...
14c
25c
75c
Burry Biscuit preferred (quar.)
___________
Canada Northern Power Corp. common (quar.)_
t30c
7% cum. preferred (quar.)^
+1M %
Canadian Canners Ltd., 1st pref. (quar.)
25c
2nd preferred
Cannon Mills Co.
15c
Oct.
Oct.
Oct.
Oct.
Oct.
25c
Capital Administration, pref. A (quar.)
—
Carnation Co. (quar.)
Carriers & General Corp..
Celanese Corp. of Am. 7 % cum. prior pref
7% cum. 1st participating preferred
Celotex Corp. stk.div. of 1 sh. com.for ea.sh.held
Preferred (quar.)
Central Aguirre Assoc....
•——.___
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co. 4M % pref. (quar.)
_
Chesapeake Corp.
Chicago Pneumatic Tool $3 preferred (quar.)
$2M preferred (quar.)____
Chicago & Southern Airlines preferred (quar.)__
Chicago Towel Co
$7 preferred (quar.)
Cincinnati & Suburban Bell Telephone (quar.)__
Colonial Ice Co. $7 cum. pref. (quar.)
Cum. preferred series II (quar.)
Commonwealth Telep. Co. (Madison, Wis.)—
6% preferred (quar.)
Continental Bank & Trust Co. (quar.)
Continental Baking Corp., preferred (quar.)
Cream of Wheat Corp..
Crum & Forster (quar.).
—
Preferred (quar.)
Deisel-Wemmer-Gilbert Corp
Deposited Bank Shares, series A
—
__ —
—
— _
__— -
— -
—
-
Series NY
Oct.
Oct.
si
Oct.
Oct.
Sept. 20
Sept.17
Sept. 20
Sept. 16
Sept. 16
SIM
$2
Oct.
Nov.
Oct.
24
SIM
Nov.
Oct.
22
37 Mc
SI
Oct.
Sept. 16
Oct.
Sept.17
Sept. 20
35c
Oct.
Sept. 20
75c
Oct.
62 Mc
17 Mc
Oct.
Sept. 20
Sept. 20
Sept. 15
Oct.
S2
SIM
SI-13
SIM
Oct.
Sept.
Sept.
Oct.
Oct.
Oct.
SIM
Oct.
20c
Oct.
$2
Oct.
5uc
Oct.
Sept.12
12
16
20
20
Sept.
Sept.
Sept.
Sept.
Sept. 15
Sept. 16
Sept. 20*
Sept.20
25c
Oct.
Oct.
5
S2
35c
Dec.
Dec.
14
Sept.
Sept.17
Sept.
1
Sept.
1
Sept. 15
Sept. 15
Aug. 20
Sept. 10
Sept. 16
4c
Oct-
2Mc
Oct.
51
+37c
'
Derby Oil & Refining, $4 preferred
Dominion Coal Co., Ltd.. pref. (quar.)
Duncan Mills (quar.)
Ecuadorian Corp., Ltd
Sept.
75c
Oct.
Sept.
Sept.
Oct.
SIM
SIM
"SIM
Oct.
Oct.
Oct.
Sept. 20
2,5c
Oct.
Oct.
14
SI. IBM Oct.
El Paso Natural Gas Co
40c
3c
50c
— .__
Oct.
14
Oct.
Engineers Public Service Co.—
$6 preferred (quar.)
$5M preferred (quar.)
$5 preferred (quar.)
Filene's (Wm.) Sons
Preferred (quar.)
—.—
Florence Stove Co
15c
'
1'
_
Preferred
(quar.)
General Railway Signal, pref. (quar.)
:
Oct.
SIM
Oct.
Oct.
15c
Oct.
10c
52
General American Investors Co.,Inc.,pref.(quar)
General Baking Co
Sept.
Sept.
50c
Fohs Oil Co
Fox (Peter) Brewing (quar.)____—
Galland Mercantile Laundry Co. (quar.)__
Extra
50c
25c
—
Oct.
Oct.
SIM
Oct.
Sept. 20
Sept. 20
Sept. 23
Sept. 9
Sept. 15
Sept. 15
Sept. 20
Sept.17
Sept.17
Sept.17
Sept.19
Volume
Financial
147
|
Per
Share
Name of Company
10c
Goodyear Tire & Rubber (Canada) (quar.)
__
Preferred (quar.)
—:__
Grant (W. T.) Co. (quar.)
Preferred (quar.)
—_____
62c
6214c
35c
1 Sept. 19
United Carbon Co
Upressit Metal Cap 8% preferred (quar.)
Van Camp Milk Co., preferred (quar.).:
Van de Kamp- Holland Dutch Bakers
Oct.
Oct.
l'Sept. 17*
3%
Oct.
t75c
(Bait.) 6% pref
25c
1 Sept.
9
Sept. 30 Sept . 20
1 Sept. 15
Oct.
SIM
SIM
Preferred (quar.)___
Sept. 30|Sept. 15
Sept. 30|Sept. 20
Sept. 30jSept. 20
Sept. 30 Sept. 20
Sept. 15 Sept. 8
1 Sept. 22
Oct.
Oct.
1 Sept. 22
Sept. 26 Sept.16
Sept. 26 Sept. 20
1 Sept.
Oct.
9
1 Sept. 6
Oct.
Oct.
SIM
10c
15c
;
.
4394c
__________
25c
Hickok Oil Corp
5% preferred (quar.)
7% preferred (quar.)
Hires (Chas. E.) Co., class A, B & Mgnt. (extra)
Homestake Mining Co. (monthly)
Hygrade Sylvania Corp., preferred (quar.)—__
Indiana General Service Co. 6% prer. (qu.)
3134c
SIM
$l
37J4c
§194
7% preferred (quar.)
6% preferred (quar.)
SIM
25c
Irving Air Chute Co. (quar.)
25c
---
$6 preferred . (quarterly)
Kaynee Co., preferred (quar.)
Kellogg Co
Kleinert (I. B.) Rubber (quar.)
Oct.
Oct.
SIM
SIM
SIM
SIM
—
Joliet & Chicago Railway (quar.)
_;
Kansas Power Co., $7 preferred (quar.)-
Oct.
Oct.
Oct.
[
Oct.
1
15 Oct.
5c
Oct.
71 Sept.
Oct.
Locke Steel Chain Co. (quar.)
Extra
_
50c
-
-
Oct.
Sept
25c
1 Sept.
.
Oct.
75c
Oct.
_ _______
Oct.
Oct.
1 Sept. 15
1 Sept. 15
75c
Oct.
1 Sept. 15
(quar.)___
— _
(quar.)
(quar.)---
_:— _
uk?
$2
Sept .30 Sept. 20
1 Sept. 15
Oct.
Oct.
1 Sept. 20
SIM
8714c
Oct.
1 Sept. 16
Oct.
1
4uc
Oct.
75c
Oct.
1 Sept. 24
15 Sept. 16*
Sept. 30 Sept. 20
Sept. 30 Sept. 20
40c
10c
1 Sept. 13
Sept.30 Sept. 20
Oct.
31 Mc Oct.
_ _ _
$i
«
_—$
1.3134
Oct.
Oct.
_
Petroleum Oil & Gas Ltd. (s.-a.)__
Perfect Circle Co. (quar.)
Oct.
Sept.20
3
1
Oct.
Oct.
Oct.
412-3c
Oct.
90c
Oct.
10c
Nov.
Oct.
Oct.
Sept. 21
Sept.15
Sept. 20
Aug. 31
Sept.19
Reliable Fire Insurance Co. (quar.)___________
Reliance Mfg. (1J1.)___
— ----
15c
$134
—
50c
(quar.)
30c
—
Royalty Income Shares, series A
Safeway Stores, Inc
7% preferred (quar.)
6% preferred (quar.
5% preferred (quar.)_
St. Louis Rocky Mtn. & Pacific Co. pref. (quar.
San Carlos Milling Co
Selected Industries, Inc., $514 div. prior stock-Sheep Creek Gold Mines, Ltd. (quar.)__Shell Union Oil Corp. 514% preferred (quar.)__
Signal Royalties Co. (Los Angeles), A (quar.) —
Skelly Oil, preferred (quar.)—
;
Sloss-Sheffield Steel & Iron Co. $6 cum. pf. (qu.)
~ - — - -
Oct.
Oct.
44c
Sept.
25c
Oct.
$134
Oct.
$134
Oct.
$134
$134
Oct.
20c
SIM
Sept.
Sept.
Oct.
Oct.
_ —
(quar.)
__—
8% preferred (quar.)
______
Sparks-Withington preferred (quar.)
Springfield Gas & Electric $7 pref. A (qu.)
Square D Co
—
—
Starrett (L. S.) Co
5—
Sept.19
Sept. 19
Sept. 19
Sept. 15*
Sept. 2
Sept. 16
Sept. 30
25c
$134
Oct.
Sept. 20
Sept.
Sept.
—
(quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Oct.
1 Sept. 15
1 Sept. 10
1 Oct. 20
25c
Nov.
25c
Oct.
Monthly
Monthly
25c
Dec.
25c
Jan.
we
_____
1 Sept.20
1 Nov. 19
3 Dec. 20
give the dividends announced in previous
and not yet paid.
The list does not
nounced this week, these being given in
Abbott Laboratories
(quar.)_
—
40c
$134
Preferred (quar.)
Acme Steel Co. (quarterly)
25c
Addressograph-Multigraph (quar.).
(quar.)
—
Agnew-Surpass Shoe Stores, preferred (quar.) —
Agricultural Insurance Co. (Watertown, N. Y.)_
Alabama Power Co. $7 pref. (quar.)
$6 preferred (quar.)
—
$5 preferred (quar.)
Alabama & Vicksburg Ry. Co. (semi-ann.)_____
Alexander & Baldwin, Ltd. (reduced)______
Allied Chemical & Dye Corp. (quar.)
Aero Supply Mfg. class A
_
Allied Laboratories, Inc. (quar.)_
Allied Products Corp. class A com.
(quar.)-
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers
Manufacturing
—
35c
5% conv. preferred (quar.)
75c
15c
43:34c
$134
__
$134
(quar.)
34 94c
pref
Optional div. at rate of I-32d sh. for
each sh.
1 Sept.15
1 Oct. 20
1 Sept.
8
5
Sept. 20 Sept. 9
Oct.
1 Sept.15
Oct.
1 Sept.14
Oct.
1 Sept.16
Sept. 30 Sept.12
Oct.
$134
$134
dividend) __
Payable l-40th sh. of Amer. Tobacco Co.
com. for each sh. of Am.Cigarette & Cigar held
American Cities Power & Light class A
1 Sept. 15
Oct.
Nov.
$134
;___
1 Sept. 20
Oct.
$134
$154
$194
$194
—
2
1 Sept. 16
1 Sept. 15
15c
American Chicle Co. (quar.)_,
American Cigarette & Cigar (stock
Sept. 22 Sept.
Oct.
Oct.
50c
American Chain & Cable
Sept. 30 Sept.14
1
Oct. 15 Oct.
Sept. 12 Aug. 22
Oct.
50c
—
Payable of Record
3734c
37 34c
25c
Alpha Portland CementAluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
American Can Co.. pref .(quar.)__
Holders '
When
Share
Company
common
weeks,
include dividends an¬
the preceding table.
Per
Name of
Preferred
Sept.15
1
Oct.
Extra-
Sept. 15 Sept.
Sept. 24 Sept. 1
Sept. 30 Sept.15
Dec. 31 Dec.
15
Sept. 30 Sept.15
Dec. 31
Oct.
Sept.
Sept.
Sept.
Sept.
Dec.
15
1 Sept.16
15 Sept. 6
15 Sept. 6
15 Sept. 1
15 Sept. 2
Sept. 30 Sept. 15
1 Sept. 10
Oct.
held.
Nov.
Oct.
4
Sept.
Oct.
Oct.
5c
Oct.
9*
Sept. 20
Sept. 20
Oct.
3
Oct.
Sept. 15
$134
Oct.
Oct.
$1
$2
15c
25c
$134
—_
SIM
$334
60c
+$334
40c
—__—-_
20c
50c
Dec.
Nov. 25
American Factors Ltd.
10c
Sept.
Aug. 31
35c
Oct.
Sept.
American Envelope
Co., 7% pref. A <qu.)_
(monthly)
(quar.)
Preferred (quar.)___^____________ + -i_'4_
American Hawaiian Steam Ship Co. (quar.)____
American Home Products Corp. (monthly)
American Ice Co. preferred
American Indemnity (increased)
—
1
Sept.
Sept.
Sept.
Sept. 10
Oct.
Sept. 15
Sept.
Sept. 20
Sept. 30 Sept. 23
Sept. 30 Sept. 23
Oct.
Sept. 15
Oct.
Sept. 15
Sept.15
Sept.
Oct.
1 Sept.15
Sept. 24 Sept.10
Sept. 15 Sept.
1
1 Sept.
Oct.
9*
$1 M
Nov.
Oct.
25c
Oct.
20c
Oct.
25c
Sept.
$134
Sept.
50c
Nov.
Oct.
Oct.
25c
Sept.
Sept. 15
Sept.
1
Sept. 6
Sept. 15
25c
American News Co.
(bi-monthly)
Optical Co. 7% preferred (quar.)
American Power & Light Co., $6 preferred
$194
American
Oct.
Oct.
(quar.)
Co.—
—
;__
__ _ _
Aug. 31
Oct.
Sept.16
6
6
Oct.
Sept.
Sept.
Oct.
Oct.
Sept. 10
1234c
Sept. 1
Sept.10
5Uc
Sept.
50c
Sept.
Sept.
Sept.
20C
Sept.
Sept.15
Sept.15
Sept.19
Sept.14
Sept. 15
Sept. 15
Sept. 15
Sept. 15 =
Sept. 15 >
Aug. 31
Sept.15
Oct.
Sept.
$134
$134
Sept.
50c
$134
Sept.
Sept.
Oct.
Sept.
Aug. 31
Oct.
25c
4
$134
Oct.
25c
Oct.
$194
(quar.)
Oct.
Sept. 20
Aug. 31
Sept. 30
Aug. 31
Aug. 31
Sept. 10
Sept. 10
Sex>t. 15
Sept. 15
Sept.
Sept. 12
- _
-
_ —
6% preferred (quar.)
Bangor & Aroostook RR. Co
5% conv. preferred
Bangor Hydro-Electric Co. 7% pref.
6% preferred (quar.)
Bastian-Blessing Co
Preferred (quar.)
Baton Rouge Elec. $6 pref. (final)
Bayuk Cigars, Inc
_____
$134
$134
Sept.
Oct.
63c
Oct.
$134
(quar.) —
Oct.
Oct.
20c
1834c
$194
—
Aug. 31
Oct.
Sept. 30
Sept. 15
$1
Oct.
25c
Oct.
Sept. 10
Sept. 10
2oc
(quar.)
Co. (quar.)_.
Sept.
Oct.
50c
preferred (quar.)
Sept.
_____ —
Class A (quar.)
Bell Telephone of Canada
Bell Telep. Co. of Penna.
(quar.)
—
634% pref. (qu.)
Beneficial Industrial Loan Corp.
(quar.)
Preferred series A (quar.)
Berghoff Brewing (quar.)__
Bethlehem Steel Corp. 7% preferred (quar.)____
5% preferred (quar.)
preferred
Birmingham Water Works, 6%
pref. (quar.)
Bishop Oil Corp
______
(quar.)
Boston Elevated Railway (quar.)
Brach (E. .T.) & Sons (quar.)
Brazilian Traction, Lt. & Pow., pref. (quar.)
Bridgeport Gas Light Co. (quar.)
Sept.
l
25c
Bellows & Co. class A (quar.)
:
Aug. 22
Oct.
5i»c
75c
-
Sept.
Nov.
—
434% pref. A (quar.)
Atlas Powder Co
Boston & Albany RR.
Sept. 10
Sept.
50c
Atlantic Refining Co.
Black & Decker Mfg
Oct.
Oct.
Sept.
Sept.
$1
$194
—
5% preferred w. w. (quar.)
5% preferred ex-w
- —...
Atlantic Building Trust (Boston) (s.-a.) ________
Atlanta Gas Light Co. preferred (quar.) _____ —
B-G Foods, Inc., 7%
$134
$194
$134
$194
—
Associates Investment (quar.)
Extra—
40c
Oct.
$134
(quar.)
7% preferred (quar.)
Beech-Nut Packing
$194
$2 34
134%
15
10c
+
Preferred (quar.)
Associated Breweries of Canada com.
Beecn Creek RR. Co.
Oct.
Oct.
40c
ExtraAshland Oil & Refining Co. (quar.)—__
.
Oct.
Sept,
t75c
American Telephone & Telegraph (quar.)
American Tobacco Co. preferred (quar.) _
1st
Oct.
t6234c
preferred
American Safety Razor (quar.)__
American Shipbuilding Co
Auto Car preferred
97 34c
25c
5c
-
Baldwin Co. series A pref. (quar.)
'
30c
(s.-a.)
Extra
$5
8
7
Sept.15
Sept.14*
Sept. 7
Sept. 15
Sept. 6 '
Sept. 6
Sept. 5 :*
Sept.17 '
Sept. 8
Sept. 8 v
Sept.10
—
American Insurance (Newark)
6
Sept.
SIM
$134
$134
Preferred
(quar.)
Stein (A.) & Co, preferred (quar.)
Sun Life Assurance (Canada) (quar.)
Sunshine Mining Co. (quar.)—
Sun Life Assurance (Canada) (quar.)
22
$2
(Mobile & Ohio stock)-Pittsburgh Water Co. 6 % pref. (qu.) _
—_
Sept.
25c
_
Southwestern Portland Cement Co.
Oct.
Oct.
$134
Smith (L. C.) & Corona Typewriter
Preferred (quar.)
--
Sept.
Oct.
50c
Talon, Inc
_____
Tappan Stove Co. (resumed)
Texas Corp..
15 Sept. 20
15 Sept.20
Oct.
25c
$6 preferred (quar.)
Wiser Oil Co.
1st preferred (quar.)
Appalachian Electric Power pref. (quar.)_______
$6 preferred (quar.)
-——-Armour & Co. of Del. 7% pref. gtd. (q uar. )_.___
Armstrong Cork Co. 4% preferred (initial)
Arnold Constable Corp——
Asbestos Corp., Ltd. (quar.)
Oct.
5c
6% preferred (monthly)
5% preferred (monthly)
South
Oct.
t50c
$134
________
American Trust Co. (San Francisco)
American Water Works & Electric
25c
.—
-
Sept. 12 Sept. 3
Oct.
" Sept. 15
Oct.
Sept.15
Oct.
Sept. 15
Oct.
Sept.15
Oct.
Sept. 16
1
Sept.15 Sept.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.26
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 20
Oct.
1 Sept. 15
Oct.
____________
Sept.15
Sept.20
2c
25c
_ -
;--4-
Preferred (quar,)_-____
West Texas Utilities, $6 preferred
American States Insurance (Ind.) (quar.)
American Sumatra Tobacco Corp. (quar.) —
American Sugar Refining preferred (quar.)
pref. (mo.)__ 58 l-3c
(quar.)
_ _ -
25c
75c
_______
Sept.17
Sept.15
Sept.15
Sept.15
Sept. 15
Sept.15
Sept.15
Sept.10
Sept.15
Sept.15
Sept.15
Sept.15
Sept. 15
Sept. 15
Sept.27
Plough, Inc___
Pictorial Paper Package Corp
Pratt & Lambert, Inc
-
Sept.20
Sept.15
Sept. 20
Sept.16
Sept.15
35c
Sept.
Oct.
$234
$1.3134 Oct.
10c
Sept.
Pittsburgh Plate Glass
Sonotone Corp
Southern Railway
Aug. 31
Sept.15
Sept. 15
Sept.15
Sept.15
Aug.
1
Sept. 20
Sept. 3D
Sept. 30
Sept.16
Sept.19
Sept.19
50c
/:
—
Petroleum Exploration, Inc. (quarO —
Philadelphia & Trenton RR. (quar.)
Phillips Packing 514% pref. (quar.)__
Riverside Silk Mills, class A
Ross Gear & Tool (quar.)
20c
Victor Chemical Wo
forks.
Sept.30jSept. 20
Oct.
SIM
Newport Electric Corp., 6% pref. (quar.)
Oct.
SIM
Niagara Alkali 7% preferred (quar.)
$1
Sept.
Northern Liberties Gas Co. (s.-a.)______
Oct.
75c
North American Rayon, preferred (quar.)____ —
75c
Oct.
Northern Ontario Power Co. (quar.)__
__
Oct.
SI 34
6% preferred (quar.)
Norwalk Tire & Rubber, preferred
Sept.
t$5M
Oct.
30c
North American Co., common (quar.)
Oct.
75c
Preferred (quar.)
—
Oct.
50c
Novadel-Agene Corp., common (quar.)
Oct.
SIM
Nova Scotia Light & Power (quar.)
Oct.
41 2-3c
Ohio Public Service 5% preferred (mo.)
Oct.
50c
6% preferred (monthly)
58 l-3c Oct.
7% preferred (monthly)
Ottawa Light Heat & Power (quar.)
$134 I Oct.
_____
Preferred (quar.)__
$134 'Oct.
25c
Sept.
Pacific Tin Corp
Oct.
$1
Page-Hersey Tubes, Ltd. (quar.)___
Oct.
25c
Paul Peter, Inc.:
75c
Sept.
Penney (J. C.) Co. (quar.)
(quar.)
634c
6?4c
of Record
Payable
American Gas & Electric Co.
-
_
Public Service Co. of Colorado, 7 %
75c
Waukesha Motors Co. (quar.)
Western Grocers, Ltd. (quar.)
Oct.
50c
20c
Si 34 cum. preferred (quar.)
Preferred
Sept.15
1 Sept. 14
l.Sept.14
Oct.
_
— ___
_____
Nehi Corp.
Preferred (quarterly)
Pickle Crow Gold Mines
1 Sept. 20
1 Sept. 20
75c
594 % preferred (quar.)
82, 10-year preferred (quar.)._Natomas Co. (quar.).
Navarro Oil Co. (quar.)
New York State Electric & Gas-
_
1
15
10 Sept. 20
16 Sept. 14
75c
Michigan Assoc. Telep. Co., 6% pref. (quar.)___
Midland Steel Products 8% pref. (quar.)____—
Mitchell (J. & S.) & Co., Ltd., 7% pref. (quar.)
Monroe Chemical, preferred (quar.)
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.)__
Morrison Cafeterias Consolidated, Inc.—
_
Oct.
3714c
Sept.15
15 Oct.
Oct.
50c
.
Metal & Thermit Corp., 7% preferred
7 % preferred (quar.)
1
Oct.
25c
Meadville, Conneaut Lake & Linesville--
National Biscuit Co., common
National Supply Co., 6% pref.
Oct.
50c
_
Extra
Sept.16
23
1 Sept.15
1 Sept.15
Sept .301 Sept. 20
Loews (Marcus) Theatre, Ltd., 7% preferred-_
Manufacturers Trust Co. (N. Y.) (quar.)
Preferred (quar.)
Mapes Consol. Mfg. (quar.) __________ - - +■*
Margay Oil Corp., new stock
Marine Midland Trust Co. (N. Y.) (quar.)__
McKee (A. G.) & Co., class B (quar.)
—
Class B (extra)____--_
Mead Johnson & Co. (quar.)_
____________
1
1
Oct.
30c
10c
___
Oct.
3714c
20c
Co
Lehman Corp.
$134'
—
$134
Below
Sept .10
Sept. 10
Sept,.30 Sept. 15
10c
$134
_
$634 preferred (quar.)_.
6
6
Sept. 22*
Sept. 16
Sept. 17
Sept. 20
Sept.20
Sept. 20
Sept. 20
Sept. 6
Sept. 15
5c
50c
Special
Lag una Gold Mines (initial)
Lambert
Sept.
Sept.
Oct.
Oct.
-
Extra
Indiana & Michigan Electric Co.—
International Business Machine Corp
Investment Co. of America
*$134
—
40c
Hamilton United Theatres, Ltd., 7% pref
Heller (Walter E.) & Co. Co. (quar.)
Extra
Oct.
6% preferred (monthly)
5% preferred (monthly)
Toronto Mortgage Co. (Ont.) (quar.)
Tri-Continental Corp. preferred (quar.) ______
United Artists Theatre Circuit 5% pref. (quar.)
1 Sept.19
Oct.
Sept. 30 Sept. 20
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.19
25c
Greif Bros. Cooperage Corp., class A (quar.)
Guaranty Trust Co. of N. Y. (quar.)
Guilford Realty Co.
Gulf Oil Corp
Oct.
50c
58l-3c
50c
412-3c
Title Guaranty Co., $734 preferred (initial)
Toledo Edison Co., 7% preferred (monthly)
1 Sept. 20
1 Sept. 20
Oct.
$134
SIM
SIM
General Printing Ink Corp
$6 cum. preferred (quar.)
General Time Instrument, preferred (quar.)
General Tire & Kubber, preferred (quar.)
Share
Name of Company
Payable of Record
Holders
When
Per
| Holders
When
1591
Chronicle
Dec.
Dec.
1
$2
$194
Oct.
Sept.
Sept.23
Sept. 20
Sept. 16
87 34c
25c
Oct.
Oct.
Sept.
$154
Oct.
Oct.
Sept- 2
Sept. 2
Sept. 2
Sept. 20
Sept.
1
40c
25c
t$334
$134
5c
25c
$2
$134
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
30c
Oct.
$134
Oct.
50c
Sept.
15
Sept.
1
Sept. 10
Aug. 31
Sept. 10
Sept. 10
Sept. 15
Sept. 15
»
1592
Financial
Per
Name of
When
Share
Company
25c
lOd.
50c
Bright (T. G.) & Co., Ltd. (quar.)
7Hc
6 % preferred .(quarterly)
91A
25c
Buckeye Pipe Line Co
Bucyrus-Monighan class A (quar.)
Budd Wheel $7 partic. pref. (quar.)
45c
91X
"
Extra-~~~~~~-
25c
Buffalo Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
Bulova Watch Co. (quar.)
40c
Sept. 15 Sept.
Sept. 15 Aug.
Sept. 30 Sept.
Oct. 15 Sept.
Sept. 15 Aug.
Sept.15 Aug.
Sept. 15 Aug.
Oct.
2
31
3
30
31
31
26
Sept. 20
Sept. 30 Sept.16
Sept. 30 Sept. 16
50c
Oct.
Sept. 15
Nov.
91A
Sept.
Name of
Oct.
Oct.
Sept. 15
15
Bunte Bros., 5% pref (quar.)
Dec.
Nov. 25
$1>*
15c
Burlington Steel Co. (quar.)..
Oct.
Sept. 15
Burma Corp., Ltd., Amer. dep. rec. (final)
annas Oct.
Aug. 12
Butler Water Co., 7% pref. (quar.)
$1**
Sept. 15 Sept. 1
Calamba Sugar Estates (quar.)—
40c
Oct.
Sept. 15
Common (extra)
40c
Sent. 15
Oct.
Preferred (quar.)
35c
Oct.
Sept. 15
California Ink Co. (quar.)
50c
Sept. 20 Sept. 8
Cambria Iron Co. (semi-ami.)
Sept. 15
J1 Oct.
Canada Cement Co.. 6 A% preferred
Ui
Sept. 20 Aug. 31
Ale Inc
Canada Dry Ginger Ale Ii
25c
Sept.19 Sept. 8
Canada Foreign Investment Corp.
$2
Oct.
8% preferred (quar.)
Sept. 15
Canada Malting Co. (registered (quar.)
*37>*c Sept.15 Aug. 31
Bearer (quar.)
WHc Sept.15
Canada Permanent Mortgage (Toronto) (quar.).
S2
Oct.
Sept. 15
Canadian Car & Foundry preferred
143c Oct. 10 Sept. 26
Canadian Celanese partic. pref. (quar.).
Sept.30 Sept. 16
Canadian Cottons, Ltd., common (quar.)
Oct.
Sept. 16
6% preferred (quar.)
t$lA Oct.
Sept.16
Canadian Fairbanks Morse (resumed)...
Sept.30 Aug. 15
Canadian General Electric (quar.)
Oct.
sept. 15
Canadian Industries, Ltd. A & B
Oct. 31 Sept. 30
t$i*
Preferred (quar.)
Oct. 15 Sept. 30
Canadian Oil Ltd., 8% preferred (quar.).
Oct.
Sept. 20
Canadian Wire & Cable, preferred (quar.)
Sept. 15 Aug. 31
Canadian Wirebound Boxes, $1A cl. A
Oct.
1 t'87Ac
Sept. 15
Canfield Oil Co. 7% preferred (quar.)
$1X
Sept.30 Sept. 20
Carpenter Steel Co. (interim)
10c
3ept.20 Sept. 10
Case (J. I.) Co., preferred (quar.)...
Oct.
91A
Sept. 12
Central Cold Storage Co. (quar.)
25c
Sept.15 Sept. 5
Central Illinois Public Service $6 pref
m
Sept. 15 Aug. 20
t*l
6% preferred
....
Sept. 15 Aug. 20
Central Steel & Wire Co., 6% pref. (auar.)
75c
Sept. 20 sept. 10
Centrifugal Pipe Corp rquar.)
IOC
5
Nov. 15 Nov.
Chamberlin Metal Weather Strip
10c
Sept.15 Sept. 10
Oct.
Champion Paper & Fiber Co. 6% pref. (quar.)_.
$1>*
Sept. 16
25c
Chesapeake & Ohio Ry. Co
^
Oct.
Sept. 8
Preferred A (quar.)
$1
Oct.
Sept. 8
Chesebrough Mfg Co. (quar.)
U
Sept.26 Sept. 2
Extra.
50c
Sept. 26 Sept.. 2
Chicago Flexible Shaft (quar.)
$1
Sept. 30 Sept. 20
10c
Chicago Rivet & Machine
Sept.15 Aug. 29
Christiana Securities Co
$13 H Sept.15 Aug. 22
25c
Chrysler Corp.
Sept.14 Aug. 16
25c
Churngold Corp
Sept. 30 Sept. 15
Cincinnati Union Terminal 5% pref. (qu.).
$1A
Oct.
1 Sept. 19
6% preferred (quar.)
91A
Jan.
1 Dec. 19
Cleveland Builders Realty Co.
10c
Sept. 26 Sept. 15
Cleveland & Pittsb. RR. Co.. reg. guar, (quar.)
87 Ac
Dec.
1 Nov. 10
Special (guaranteed) (quarterly)
50c
Dec.
1 Nov. 10
Clark Eauipment Co., preferred (quar.)
$13*
Sept. 15 Aug. 31
Clorox Chemical (quar.)
75c
Sept. 25 Sept. 15
15c
Cluett, Pea body & Co., Inc. (interim)
Sept. 26 Sept. 15
Preferred (quar.)
$13*
Oct.
1 Sept. 20
Coast Counties Gas & Electric, 6% pref. (quar.)
$13*
Sept. 15 Aug. 15
Coca-Cola Co
75c
Oct.
1 Sept. 12
Coca-Cola International Corp
1 Sept. 12
$5.80 Oct.
Colgate-Palmolive-Peet Co., 6% pref
%IA
Oct.
1 Sept. 6
Columbia Pictures Corp. v.t.c (payable in stock)
Sept.16 Sept. 2
Columbian Carbon Co. (quar.)
Sept.10 Aug. 19
Columbus & Xenia RR
$1.10
Sept.10 Aug. 25
Commercial Alcohols Ltd. 8% cum. pref
10c
1
Oct. 15 Oct.
Commercial Credit Co. (quar.)
$1
Sept. 30 Sept. 9
Preferred (quar.)..
;
$1,003* Sept. 30 Sept. 9
Commercial Investment Trust Corp. (quar.)..
Oct.
$1
1 Sept. 10*
Oct.
1 Sept. 10*
Commonwealth & Southern $6 preferred
Oct.
1 Sept. 9
Commonwealth Utilities $7 preferred A (quar.).
Oct.
1 Sept. 15
$6 preferred B (quar.)
Oct.
1 Sept. 16
id A preferred C (quar.)
Dec.
1 Nov. 15
Compo Shoe Machinery (quar.)
Sept. 15 Sept. 3
Confederation Life Assoc. (Toronto) (quar.)
Sept. 30 Sept.25
Quarterly
Dec. 31 Dec. 25
Coniaurum Mines, Ltd
Sept.16 Sept. 6
■
Share
Company
75c
Draper Corp. (quar.)
75c
Duke Power Co. (quar.)
Du
Pont de Nemours
Preferred
75c
(E. I.) (interim)
(quar.)
Preferred (quar.)
Eastern Steel Products pref.
(quar.)
Telephone
Eastman Kodak Co. common
Preferred
—
—- —
.....
—
Connecticut Light & Power common
Consolidated Aircraft Corp. pref. (quar.)
Consolidated Biscuit (increased)
Consolidated Edison Co. of N. Y., Inc
Preferred (quar.)
Oct.
1 Sept. 15
Sept.30 Sept. 17
1
Sept.23 Sept.
Sept.15 Aug. 12
Nov.
1 Sept. 30
Oct.
1 Sept. 15
......
Consolidated Gas of Bait. (quar.)......
Preferred A (quar.)
Oct.
Consolidated Investment Trust (quar.).....
Consolidated Laundries Corp. $73* pref. (qu.)__
1
Sept.15
Sept.15 Sept.
1
15
Nov.
1 Oct.
Oct.
Oct.
Consumers Power $5 pref. (quar.)
1 Sept. 10
$4.50 preferred (quar.)
Continental Can Co., Inc., $4A Pref. (quar.)..
Continental Oil Co
Continental Steel pref (quar.)
Continental Telep. 7% partic. pref. (quar.)
1 Sept. 10
Oct.
1 Sept. 10
Sept. 30 Sept. 6
63* % preferred (quar.)
Copperweid Steei Co
Oct.
Oct.
Oct.
1 Sept. 15
1
Sept. 10 Sept.
Oct.-15 Sept. 30
Cosmos Imperial Mills, Ltd., 5% pref. (quar.)..
Crane Co., 5% cum. conv. preferred (quar.)
Sept.15 Sept. 1
Sept. 30 Sept.10
Sept.24 Sept. 14
Creameries of America, Inc. (quar.)
Crowell Publishing Co. (reduced)
Crown Cork International Corp.—
Class A (quar.)
Crown Cork & Seal Co., Ltd., $23* % pref.
(qu.)
Crown Zellerbach Corp., interim
Crum & Forster pref. (quar.)
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co. $7 preferred
t25c
_
David & Frere, Ltd., class A (quar.)
Extra, payable in cash or class B stock
Dayton & Michigan RR. Co. (s.-a.)
8% preferred (quar.)
15c
10c
(quar.)
7% preferred (quar.).
7% preferred (quar.
r.).
Partic.
1 Sept.15
Oct.
II
$2
75c
Sept.15 Sept. 1
1 Sept. 20
Sept. 20 Sept.10
Jan.
Dec.
Oct.
5 Dec.
20
1 Nov. 19
...
1 Oct.
1
Dec. 23 Dec. 23
Sept. 15 Aug. 31
Sept. 15 Sept. 8
Sept.15 Sept. 8
Dec.
1 Nov. 10
1-39
2-10-39
25c
75c
50c
(quar.)
(quarterly)
Rockaway RR. Co. (s.-a.)
Oct.
$13*
$13*
Corp.-Seagrams
Preferred
Sept. 30 Sept.15
Sept.30 Sept.15
25c
Doernbecher Mfg. Co. (quar.)
Dominion Tar & Chemical preferred
(quar.)
Dominion Textile Co. (quar.)
Dover &
Aug.31
$13*
preferred
Dixie-Vortex Co., class A
Dr. Pepper Co. (quar.)
1
1 Sept.15
$13*
Co
Dewey & Almy Chemical Co.—
$7 prior preferred (quar.)
$7 preferred B (quar.)
Diamond Match Company (quar.)
Distillers
Oct.
Oct.
15c
(quar.)
Oil
1 Sept. 10
Sept.15 Aug. 31
Oct.
1 Sept. 13
Sept. 30 Sept.20
Sept.15 Sept. 1
$13*
__
Detroit Gray Iron Foundry
(semi-annual)
Dentist's Supply Co. of N. Y.
Devonian
*d
Oct.
87 Ac
$1
15c
Delaware Fund, Inc. (initial)
De Long Hook & Eye Co.
Delta Electric Co. (quar.)
1 Sept.15
1 Sept.15
62&
7Ac
Sept.15 Sept. 6
1 Sept. 10
Oct.
Dec.
Nov.
*$13*
t,l!S
1 Nov. 18
Sept. 20 Sept.
1 Oct.
6
12
Oct.
1 Sept. 15
Oct.
15 Sept. 30
1 Sept. 30
Oct.
25 Oct.
10
Oct.
25 Oct.
10
Oct.
15 Sept. 15
Dec. 31 Dec. 20
3-31-39 3-20-39
6-30-39 6—20—39
(quar.)
25c
75c
—-— — -
40c
...—
25c
Elgin National Watch Co
$1
Elizabeth & Trenton RR. Co. (semi-ann.)--..
$13*
$12*
...
-
(quar.)
Empire Casualty (Dallas) (quar.)
Empire Power Corp., $6 cum. preferred (quar.)
Sept. 15
15
Sept. 3
Sept. 3
Sept. 10 Aug. 27
Sept. 24 Aug. 31
Sept. 15 Aug. 31
Oct.
Sept. 20
Sept. 15 Aug. 15
Sept. 15 Aug. 31
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
62 Ac
5% cumulative preferred (quar.)
5% preferred (semi-ann.)
Oct.
Oct.
Oct.
25c
Emerson Electric Mfg. Co. 7% pref.
Sept. 30 Sept. 20
36c
Economy Grocery Stores
Edison Bros. Stores, Inc. (quar.)
Electric Controller & Mfg
Electrolux Corp. (quar.)
Oct.
$1A
91A
(quar.)
Nov.
25c
1
I
50c
A (quar.)
4 A% preferred A (quar.)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (quar.)
Erie & Pittsburgh RR. (quar.)
Esquire-Coronet, Inc. (quar.)
Ex-Cell-O Corp
Falconbridge Nickel Mines (quar.)
Falstaff Brewing Corp. preferred (s.-a.) 4J*% pref.
Oct.
1 Sept. 15
56Ac
56%c
Participating stock
Emporium Capweli Corp
Sept. 15 Sept.
Sept. 10 Sept.
25c
'
.
Oct.
Aug. 27
Oct.
Sept. 15
Sept. 14 Aug. 22
$1%
$12*
$12*
$12*
Early & Daniel Co., pref. (quar.)
Preferred (quar.)
Eastern Township
Holders
Payable of Record
$1A
$1A
(quar.)
Duquesne Light Co. (quar.)
Preferred
193S
91A
91%
(quar.)
Debenture stock
10,
When
Per
Holders
Payable of Record
75c
Briggs & Stratton Corp. (quar.)
Bristol Brass Corp. (quar.)
British-American Tobacco Co., Ltd--.
British Columbia Power class A (quar.)
Chronicle
Oct.
1 Sept. 17
91A
1
3-3-39 Dec. 24
Sept. 15 Aug.
Sept. 10 Aug.
Sept. 30 Sept.
Oct.
1 Sept.
*62 Ac
87 Ac
30c
10c
X7Ac
31
31
20
12
Sept. 29 Sept.14
3c
Oct.
Sept. io
Oct.
25c
25c
Oct.
Sept.15
Sept. 15
92 A
Oct.
Sept
Faultless Rubber Co
25c
Oct.
Sept. 15
Federal Insurance Co. (J. C.t N. J.) (quar.)-.
Federal Mining & Smelting, pref. <auar.)
35c
Oct.
Fanny Farmer Candy Shops (quar.)
Extra
Farm
rs
-
& Traders Life Insurance (Syracuse)
—
91X
preferred (quar.)
87 Ac
(Bait.), class A & B (quar.)
preferred (quar.)
First National Stores, Inc. (quar.)
Fiscal Fund, Inc., stock dividend-—.
Stock div.,
payable in beneficial shares
8%c
62 Ac
2A%
Feltman & Currae Shoe Shop,
Fifth Avenue Coach
50c
Finance Co. of Amer.
Class A
on
Sept. 30 Sept. 15
15c
Sept.3o Sept. 20
Sept.30 Sept. 20
Oct.
1 Sept. 10
Sept. 15 Aug. 15
bank and insurance stock series.
25c
Food Machinery Corp
Preferred (quar.)
Foreign Light & Power 6% 1st pref. (quar.)
$6.50 cum. 2d preferred
Foster & Kleiser, preferred (quar.)
Fox (Peter) Brewing Co. (quar.)
6% conv. preferred (quar.)
Frankenmutn Brewing Co. (quar.)
Gamewell Co., $6 conv. pref.
— -
1 Sept. 15
Oct.
1
15c
(quar.)
Oct.
25c
pref. (quar.).-
Oct.
1 Sept. 15
23*c
2 Ac
62AC
$12*
91A
Gannett Co. $6 conv. pref. (quar.)
Gatineau Power Co. (Initial quar.)
91A
Preferred (quar.)
Gay lord Container Corp
5 3* % convertible preferred
General Box Co. (quar.)
General Candy Corp., class A (quar.)
General Cigar Co
General Fire Extinguisher Co--
$134
20c
25c
—
lc
25c
10c
-
—
4c
%1A
25c
$5 preferred
General Reinsurance Corp. (quar.)
91A
-
25c
Extra
25c
General Telephone Corp. (quar.)
conv.
682*c
50c
General Investors TrustGeneral Mills, Inc., 6% cum. pref.(quar.)
General Motors Corp
25c
75c
preferred (quar.)
General Water Gas & Electric
Preferred (quar.)
10c
75c
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor (quar.)
Preferred (quar.)
;
Girdler Corp. (quar.)
!!S
15c
-
Extra
Glen Falls Insurance Co. (quar.)
Glidden Co. 4 A % conv. pref. (quar.)
Globe-Wernicke Co., 7% preferred (quar.)
Godchaux Sugar class A
Preferred (quar.)--"
Goebel Brewing Co
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros, preferred (quar.)
Sept. 30 Sept. 15
Sept. 30 Sept.15
Oct.
1 Sept. 20
91H
91A
t$2
37Ac
—
Extra
Franklin Rayon Corp., $2 A prior
Fuller (Geo. A.) 7% pref. (quar.)
$3
10
Sept. 20
Sept. 15 Aug. 25
Oct.
1 Sept.
1
$12*
123*c
12Ac
40C
56 3* c
$12*
$1
$1£
$12*
-
-
Golden Cycle Corp
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Gorham Mfg. Co
Great Southern Life Insurance Co. (quar.)
Great Western Electro-Chemical Co.—
62 Ac
91
Oct.
1 Sept. 20
Sept. 15
Sept. 14 Sept.
Sept. 14 Sept.
Nov.
1 Oct.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1
6
6
25
22
8
Sept. 15
8ept. 15 Aug. 20
Oct.
1 Sept.
1
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Sept. 20 Sept.10
Sept. 15 Aug. 26
Sept. 10 Aug. 24
Sept. 15 Aug. 31
Oct.
1 Sept. 10*
Sept. 12 Aug. 11
Nov.
1 Oct.
10
8
8
Sept. 15 Sept. 3
Oct.
Sept. 15
Oct.
Sept.15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept.15
Sept. 30 Sept. 6
Sept. 15 Sept.
Sept. 15 Sept.
Nov.
1 Oct.
1
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct
Sept. 15
Oct.
Sept.16
Oct.
Sept. 20
Oct.
Sept. 17
Oct.
Sept. 17
Sept. 30 Sept. 10
Oct.
1 Sept. 30
Oct.
1 Sept.10
Sept. 10 Aug. 31
Sept. 15 Aug. 15
Sept. 15 Sept. 1
10 Oct.
1
35c
6% preferred (quar.)
Great Western Sugar Co
7% preferred (quar.)
Greening (B.) Wire Co. Ltd., (quar.)
Greyhound Corp. (quar.)
Preferred (quar.)
Griggs Cooper & Co. 7% pref. (quar.)
Group No. 1 Oil Corp
Gulf States Utilities $6 pref. (quar.)
$5 A preferred (quar.)
Hackensack Water Co. 7% preferred (quar.)—
Haloid Co. (resumed)
:
Hamilton Cotton Co., Ltd.,$2 conv. pref
Hamilton Watch Co. (quar.)
Hanes (P. H.> Knitting, 7% preferred (quar.)..
Harbison-Walker Refractories Co. 6% pf. (qu.)_
Harrisburg Gas Co., 7% pref. (quar.)
Harshaw Chemical Co. 7% pref. (quar.)
Hartman Tobacco Co.. pref. (quar.)
Hawaiia Consolidated Ry. 7% pref. A_
Hazel-Atlas Glass Co. (quar.)
Hazel tine Corp. (quar.)
Hecla Mining Co
Hedley Mascot Gold Mines, Ltd. (quar.)
-
Oct.
30c
Oct.
Sept. 20
60c
Oct.
$12*
Oct.
15c
Oct.
20c
Oct.
132*c
Oct.
Sept. 15
Sept. 15
Sept. 15
Sept. 20
Sept. 20
$1*4
Oct.
Oct.
$100
$12*
$1**
432*c
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
4oc
Sept.
Sept.
1
Sept. 15
t50c
25c
lii
$12*
$12*
Oct.
Sept.
Sept.
Oct.
Sept. 20
Oct.
6
Oct.
Oct.
t20c
Sept.
Sept.
Sept.
$12*
Oct.
$1
1
19
31
31
16
2
Sept. 30
Sept. 23
Sept.
7
Sept. 5
Sept. 16
Sept.
Sept.
3c
Oct.
lc
Extra
Hein-Werner Motor Parts Corp
Helme (Geo. W.) Co. (quar.)
Preferred (quar.)
5c
Oct.
Aug. 15
Sept. 1
Sept. 1
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.10
Sept. 10
Sept.13
Aug. 27
Sept.
Sept. 20
75c
15c
$12*
$12*
Hercules Powder Co
Hewitt Rubber Corp
25c
Hibbard, Spencer, Bartlett & Co. (monthly)
Hires (Chas. E.) Co., class A com. (quar.)
15c
10c
5
50c
Dec.
Nov. 15
Oct.
$12*
Oct.
Sept. 16
Sept.16
$12*
Oct.
Sept.17
Sept.
Sept.
Sept.
Sept. 6
Sept. 2
Sept.11
Sept. 1
50c
25c
-
Hoskins Mfg. Co
1
50c
Holland Furnace Co
Preferred (quar.)
Holmes (D. H.) Co., Ltd. (quar.)
Home Fire & Marine Insurance (quar.)
Honolulu Oil Corp
Humble Oil & Refining
Huron & Erie Mtge. Corp. (quar.)
Idaho-Maryland Mines Corp
Oct.
Sept.
-
10c
622*c
*8
Oct.
Oct.
jSept.
Sept. 15
Sept. 10
Financial
Volume 147
Illinois Bell
Share
Telephone
Imperial Tobacco of Canada, ord
Ord. preferred (semi-annual)
$2
1$3 H
Sept. 30 Sept. 19
Oct.
1 Sept. 30
Jan.
tlOc
__—
t3%
-
3 Dec.
31
1 Sept. 20
Sept. 30 Sept. 9
Sept. 30 Sept. 9
Oct.
Indiana Hydro-Electric Power Co.—
.
37 He
37 He
-
Oct.
-—
International Harvester
40c
International Mining
—
International Nickel Co. (Canada)
Internationa] Ocean Teleg. Co. (quar.)
International Salt Co. (quar.)
International Shoe Co
tlOc
I50c
$1H
—
—
International Vitamin Corp
Investors Royalty Co. (quar.)
7 He
1 He
(quar.)_
50c
—
Iowa Public Service Co. 1st $7 pref. (quar.)
,
$6H preferred (quar.)-
—
1st $6 preferred (quar.)
.
Iron Fireman Mfg. v. t. c. conv. (quar.)
Irving (John) Shoe Corp., 6% prpf. (quar.)
Irving Trust Co. (quar.)
Jamestown Telep. Corp. 6% 1st pref. (quar.)--.
Jersey Central Power & Light, 7% pref. (quar.).
6 % preferred (quar.)
5H% preferred (quar.)..
—.—
Jewel Tea Co., Inc. (quar.)
Johns-Manville, preferred (quar.)
Joslyn Mfg. & Supply
Preferred (quarterly)
Kalamazoo Vegetable Parchment (quar.)
Kansas City Power & Light Co.—
i $6
1st preferred series B (quar.)
Kansas Electric Power, 7% pref. (quar.)6% preferred (quar.)
Katz Drug Co., pref. (quar.)__
Kaufmann Dept. Stores, pref. (quar.)
Keith-Albee-Orpheum 7% conv. preferred
Kemper-Thomas, 7% special pref. (quar.)
Kennecott Copper Corp
—
Kerlyn Oil Co. class A (quar.)
Keystone Custodian Funds B-4 (s.-a.)
Keystone Public Service Co. $2.80 pref. (quar.)
Kimberly-Clark common (quar.)
6% preferred (quar.)
—-.
Kings County Ltg. 7% preferred B (quar.)_
6% preferred, series C (quar.)
5% preferred, series D (quar.)
—
Kresge (S. S.) Co
Kroehler Mfg. Co. 6% class A pref. (quar.)——
6% class A preferred (quar.)
—
Kroger Grocery & Baking Co., 6% pref. quar—
7% preferred (quar.)-—
Kysor Heater Co. (quar.)
Lackawanna RR. of New Jersey (quar.)—-—
Lake Shore Mines, Ltd. (quar.)
—
Landis Machine (quar.).
—
7% preferred (quar.)
Lang (J. A.J & Sons, Ltd. (quar.)
Langley's, Ltd., 7% conv. pref
Lava Cap Gold Mining
Leatb & Co., pref. (quar.)
Lehigh Portland Cement Co., 4% pref.
Leslie Salt Co. (quar.)
Lessing's, Inc. (quar.)
Lexington Utilities Co $6H pref. (quar.) ——
Libby-Owens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)_.
Liggett & Myers Tobacco preferred (auar.)—Lily-Tulip Cup
Lincoln National Life Insurance (Ft. Wayne)—
-
—
■
$1 %
$1H
$1H
30c
37He
15c
$1H
$1 %
-
pref
Sept. 30 Sept.
Oct
Oct.
Sept. 15
Oct.
Sept. 12
Oct.
Sept. 12
Oct.
Sept.15
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 12 Sept.
1
Sept. 30
Preferred A (quar.)
Preferred B (quar.)
-
—_
—.
Newmont Mining Corp——
New Amsterdam Casualty (semi-annual)
New England Telep. & Teleg. (quar.)
New Jersey Pow. & Lt. Co. $6 preferred (quar.)-
$5 preferred (quar.)
—
New Jersey Zinc Co---New York Lackawanna & Western By
New York & Queens Electric Light & Power
New York Transit Co---
Oct.
15 Dec.
Oct.
20
_
1 Sept. 15
Sept. 22 Aug. 24
Sept. 30 Sept,10
Oct.
1 Sept. 15
Oct,
1 Sept. 14
Sept. 15 Aug. 31
Sept.10 Sept. 3
Sept. 15 Sept. 8
Sept. 15 Aug. 31
Oct.
1 Sept.15
Oct.
1 Sept. 13
—
Oahu
Ry. & Land Co. (monthly)
—
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
-
50c
$1.10
$1.10
$3H
67c
67c
67c
66c
$2
$2
75c
$1.62
Nov.
'
*
Nov. 21
Dec.
Nov. 21
Oct.
Oct.
Oct.
Sept. 15
Sept. 15
Sept. 17
Oct.
Oct.
Sept. 15
Sept.15
37 He
Sept.
Aug. 31
10c
Sept.
Sept.
Oct.
Jan.
Nov.
Oct.
Sept.
Sept. 21
30c
$1H
(P.) Co. (quar.)
Preferred (quar.)
Louisville Gas & Electric A & B vquar.)
Louisiana Land & Exploration Co. (quar.)
Lunkenneimer Co. 6H % pref. (quar.)
6H% preferred (quarterly)
$1 %
SIH
43 He
$1H
10c
3c
McOlatchy Newspapers 7% pref. (quar.)
McColl Frontenac Oil pref. (quar.)
(Quarterly)
McKenzie Red Lake Gold Mines (quar.)
McKesson & Bobbins preferred (quar.)
Dec. 21
Nov. 29
Sept.
75c
—
MacKinnon Steel Corp., 7% cum. pref-.Macassa Mines. Ltd. (quar.)
-—
Magma Copper Co.
Magnin (I.) & Co. 6% pref. (quar.)
—_
Sept. 15
75c
Sept.
15
t$lH
5c
Sept.
15
25c
Quarterly
(quar.)
Maryland Fund, Inc
—
—
—
quar.
$1H
25c
40c
2c
25c
37He
$1H
$1H
$1
50c
Mergenthaler Linotype Co
50c
Mesta Machine Co
Metropolitan Edison Co. $7 prior pref. (quar.)—
$6 prior preferred (quar.).—
$5 prior preferred (quar.)
$7 cum. preferred (quar.)
$6 cum. preferred (quar.).;
——
$5 cum. preferred (quar.)
Meyer-Blanke Co
7% preferred (quar.)
1*
Sept. 15
Sept. 30
Aug. 15
Sept. 1
Sept. 1
Sept. 1
Aug. 31
Aug. 31
Aug. 31
Sept. 15
Nov. 15 Nov. 5
Sept. 15 Aug. 31
1 Sept. 17
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
15!Aug. 31
6
7
7
Sept. 20
Sept. 24
Aug. 31
Sept. 16
31
31
31
31
31
31
5
24
50c
50c
25c
$17%
15c
Pacific Telephone &/Telegraph.
Preferred (quar.)
— —
—
Companies, Inc—
30c
40c
10c
$1H
$1H
50c
—
$1
—
2d preferred
(quar.)
—
75c
preferred (quarterly)
.—--
Mfg. Co. 7% preferred (quar.)
—
Paymaster Consol. Mines, Ltd. (initial)
Peerless Corp
—-—-------Penick & Ford Ltd--—
Peninsular Telephone Co. common (quar.)Quarterly
—
7% A preferred-—
— -—
Pennsylvania Edison $5 pref. (quar.)
—
$2.80 preferred (quar.)
------------Pennsylvania Electric Service, class A (quar.) —
Pennsylvania Glass Sand, pref. (quar.).
Pennsylvania Power Co. $6 preferred (quar.)—
$6.60 preferred (monthly)-,
—
$6.60 preferred (monthly)
$6.60 preferred (monthly).
Pennsylvania Power & Light, $7 pref. (quar.)—
(quar.)-- — ...—-—
Pennsylvania Salt Mfg--- —
----—
Pennsylvania Telephone. 6% Pref. (quar.).——
Pennsylvania Water & Power (quar.)_
Preferred (quar.)
——
Peoples Drug Stores (quar.)--——-—
—6 H % Preferred (quarterly)
Perfection Stove Co. (quar.)-—
(quar.) — — -
—
Nov.
14
1
1
_
31
15
15
16
1 Oct.
—
2
Sept. 30 Sept. 20
Sept. 23 Sept. 8
Oct.
1 Sept. 8
Sept. 15 Aug. 31
Oct.
" Sept. 9
Oct.
Sept. 16
Sept. 15 Aug, 31
Oct.
1 Sept. 15
Sept. 30 Sept. 9
Oct.
Aug. 31
Oct.
Aug. 31
Sept. 10 Aug. 19
Oct.
1 Sept. 9
Sept. 14 Sept. 2
Oct. 15 Sept. 30
Sept. 21 Sept. 9
Sept. 15 Sept. 3
_
_
Nov. 15 Nov.
1
Sept. 30 Sept.
Sept. 19 Aug.
Sept. 10 Aug.
Sept. 15 Aug.
Sept. 15
15
31
25
31
Dec.
15
Sept.15 Sept.
1 Sept.
Oct.
1 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Oct,
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept.15 Aug.
Sept.30 Sept.
Oct.
6
15
31
12
5
1
15
15
15
15
15
10
id
15
15
1 Sept. 15
Sept. 15 Aug. 31
Sept.15 Aug. 31
Oct.
1 Sept. 15
Sept.20 Aug. 31
Sept. 20 AUK. 31
Sept. 23 Sept, 7
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Aug. 30
Sept.30 Sept.20
Oct. 15 Sept. 30
Sept.27 Sept. 10
Oct.
Oct.
1
15 Oct.
1 Sept.16
1 Sept. 16
Sept. 20 Sept.
1
Sept.30 Sept. 19
Oct.
1 Sept. 23
Sept. 15 Aug. 31
$1H
$iH
75c
75c
40c
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Oct.
1 Sept. 15
40c
Jan.
lc
UH
70c
30c
$1%
HP
55c
55c
55c
$1H
$1H
$1
1 Dec. 15
5
Nov. 15 Nov.
1 Sept. 10
1 Sept. 10
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Oct.
Oct.
Dec.
1 Nov. 21
(quar.)—
—
— -
Philadelphia Electric Power 8% pref. (quar.)..
Pinchin Johnson & Co., Am. dep. rec. (interim)Pioneer Gold Mines of British Columbia
Pittsburgh Bessemer & Lake Erie (s.-a.)
—
Pittsburgh Youngstown & Ashtabula Ry.7% preferred (quarterly)--
20
Oct.
1 Sept.
Nov.
1 Oct. 20
1 Nov. 21
1 Sept. 15
Dec.
Oct.
Oct.
1 Sept. 15
Sept.15 Aug. 31
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 8
Sept. 15 Sept. 1
Sept.30 Sept.20
Oct.
1 Sept. 10
Oct.
1 Sept. 24
Sept. 26 Aug. 22
Oct.
$1 H
25c
$1H
37Hc
$IH
25c
Philadelphia Co., $5 preferred
_
40c
25c
—
Pfeiffer Brewing Co—
$6 preferred (quar.)
6
16
15
10
10
15
15
30
Oct.
Paten
$6 preferred
Sept. 15 Sept.
Sept. 27 Sept.
Oct.
1 Sept.
Sept. 21 Sept.
Sept. 21 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct. 15 Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 20 Aug.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 15 Sept.
Oct.
Paramount Pictures, Inc., 1st pref. (quar.)
Park & Tilford, Inc.,
15
15 Sept.30
15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
—
-
4% convertible preferred--
$2
$2
15c
Mfg
Pacific Finance Corp
Pacific Indemnity (quar.)---Extra.
—————————
Paraffine
50c
$1H
Ontario Loan & Debenture (quar.)
Otis Elevator Co—
6% Preferred (quar.:
Outboard Marine &
25c
12 He
43 He
Peterborough RR Co. (s.-a.)—.
—
Petroleum Corp. of Amer. (stock dividend)
Payable at the rate of one share of Consol.
Oil Corp. com. for each five share of Petro¬
leum Corn, of America held.
_
10c
$1H
52
Pet Milk Co.
Aug.
Aug.
LAug.
1 Aug.
$1 % Oct.
1 Aug.
$1H Oct.
1 Aug.
$1M Oct.
30c t Sept. 12 Sept.
1 Sept.
%l% Oct.
Oct.
Oct.
$1H
$1H
50c
——
-
20 Sept.
Oct.
$1H
$1 H
$1H
70c
30 Sept.
30 Sept.
Oct.
f1 %
50c
50c
32Hc
$1H
$1H
—,
Parke Davis & Co
Pathe FUm Corp., $7 pref. (quar.)
1
Dec.
$1H
30c
Ohio Finance Co. (quar.)
Preferred (quar,)—-
Oklahoma Gas & Electric Co.—
7% preferred (quarterly)
6% preferred (quarterly)
a
Omnibus Corp. 8% pref. A (quar.)
Oneida, Ltd. (quar.)
7% preferred (guar.)
31
31
31
31
3
Oct.
1 Sept. 15
Sept. 26 Sept. 19
Sept. 10 Aug. 31
Sept. 10,Aug. 25
Dec. 10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
Sept.30 Sept.30
Sept.30 Sept. 20
Oct. 31 Oct. 21
Nov. 30 Nov.19
Dec. 31 Dec. 21
Oct.
1 Sept. 21
Jan.
3 Dec. 24
Sept.29 Sept. 15
25c
$1H
$1H
$1.65
$1H
$1,80
Ohio Oil Co. preferred (quar.)
Ohio Water Service Co. A.-
Aug.
Aug.
Aug.
Aug.
Sept.
$1H
10c
40c
Oahu Sugar Co., Ltd. (monthly)
Ohio Confection Co., class A
;
Ohio Edison Co. $5 preferred (quar.)
1 Oct.
1
2
2 Jan.
1 Nov. 26
3 Sept. 15
_
37 He
50c
Norwich & Worcester RR. 8 % pref.
NY PA NJ Utilities Co. $3 non-cum. pref——
Sept. 15 Sept.
1
Nov.
1 Oct. 26
12
12
12
12
20
Oct.
—
—
1
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
25c
—
Newberry (J. J ) Co. (quar.)
1
15
Dec. 28 Dec.
12 He
25c
-----
1
15
Sept.15 Sept. 1
Sept. 28 Sept. 15
20c
National Standard Co
1
17
20
20
20
15
1 Nov. 10
15 Sept. 9
1 Sept. 16
Oct.
12 He
Norwich Pharmacal Co
Dec.
—
Lorillard
Mathieson Alkali Works (quar.)
Preferred (quar.)-.-.
-
National Lead Co
Dec.
Oct.
Oct.
Oct.
—
-
Sept. 15 Sept.
I Sept.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.12 Sept.
Oct.
1 Sept.
Sept: 15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Jan.
Dec.
-
Nov. 15 Nov.
Sept. 20
_
50c
-
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
Nov.
$1H
-
Niagara Share Corp., 6% pref. A (quar.)
Niles-Bement-Pond Co—
Nineteen Hundred Corp. class A (quar.)
Noblitt-Sparks Industries
i
Norfolk & Western Ry. (quar.)—
North River Insurance (N. Y.)
——
Northern N. Y. Trust (Watertown) quar.——
Northwestern Yeast (liquidating)
Liquidating
Dec. 31
$1H
Extra
25c
Long Island Ltg. 7% preferred A (quar.)—
t87Hc
6% preferred, series B (quar.)
t75c
Loose-Wiles Biscuit Co.. 5% pref. (quar.)--—_
$1H
.
2
Sept.10
Sept. 15 Aug. 31
25c
—
National Sugar Refining Co
Neisner Bros., Inc
Newark & Bloomfield RR. (s.-a.)
1 Nov. 21
_
15c
$1H
$1H
43 He
5uc
S2W
—
1 Sept.
15
Si!
—
1 Sept. 15
Dec.
(quar.)
Master Electric Co., common.-
—
National Oil Products (interim)
_
-—
-
Montgomery Ward & Co., Inc
Class A (quar.)
Montreal Cottons, Ltd. (quar.).Preferred (quar.)
Moore (W. R.) Dry Goods (quar.)-Quarterly.
Morris Plan Insurance Society (quar.)
Morristown Securities Corp
Muncle Water Works Co., 8% pref. (quar.)_
Mutual Chemical Co. of Am. 6% prer. (quar.)
6% preferred (quar.)
Mutual System, preferred (quar.)
Common (quar.)
Mutual Telephone (Hawaii) (quar.)----—Myers (F. E.) & Bros. Co.-National Battery Co. preferred (quar.)
.-■—
National Bond & Investment, common
5% preferred A (quar.)National Breweries, Ltd. (quar.)
Preferred (quar.)
National Cash Register
National Dairy Products
Preferred A and B (quar.)
National Funding Corp. 6% A preferred (quar.)
National Gypsum Co., 1st pref. (quar.)
2d preferred (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
———
$3 preferred
-
1 Sept. 14
1 Sept. 15
Sept. 30 Sept. 10
1 Sept. 15
—
Memphis Natural Gas, preferred (quar.)-
Sept. 15 Sept. 3
1
Sept. 15 Sept.
Sept. 30 Sept. 19
Oct.
-
Mercantile Trust & Savings Bank (Chic.)
Sept. 20 Sept.
6
Oct.
1 Sept. 16
Monarch Life Insurance (Mass.) s. -a_
Monongahela West Penn Pub. Serv. 7% pf.(qu.)
Monsanto Chemical.Co. (quar.)
;
$4H class A oref. (quor.)
Payable of Record
Oct.
Oct.
Oct.
-
-
Oct.
—
.—
—
—
Oct.
„——-
Marsh (M.) & Sons. Inc.
Midvale Oo__
Oct,
—
Longhorn Portland Cement Co.—
5% refunding participating pref,
1 Sept. 10
1 Sept. 10
1 Sept. 10
Oct.
—
Lone Star Cement Corp.
Lone Star Gas Corp. 6 H % conv.
Oct.
Oct.
-
-
1 Nov. 10
Dec.
Oct.
—
-
1 Sept. 15
Sept. 15 Aug. 31
Oct.
1 Sept.
9
Oct.
1 Sept. 15
$1H
$1
$1 %
50c
$1H
15c
—
7% preferred (quar.)
6% preferred (quar.)—;
Lindsay Light & chemical Co. pref. (quar.)
Link Belt Co., preferred (quar.)——
Liquid Carbonic Co
Little Long Lac Gold Mines, Ltd
Little Miami RR. special guaranteed (quar.)
Special guaranteed (quar.)
Original capital
Original capital
Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe (monthly)
Monthly
Monthly
Monthly---.8% preferred (quarterly)—
8% preferred (quarterly)--
1 Sept.
Sept. 30 Sept. 12
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 26
Oct.
1 Sept. 20
$1H
— — —
Lincoln Service Corp. (quar.)
Extra
15 Aug. 31
6
1 Sept.
6
1 Sept. 12
30 Sept. 15
30 Sept. 15
15 Sept. 30
15 Sept. 30
10 Sept. 22
Oct. 15 Sept. 20
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Oct.
1 Sept. 30
Oct.
1 Sept. 15*
.
-
Michigan Cities Natural Gas (quar.)
-
7% cumulative preferred (quar.)
%l% Sept.
Indianapolis Power & Light 6 >4% pref. (quar.)- $1.62)4 Oct.
Oct.
6 % preferred (quar.)
$ 1H
Indianapolis Water Co.. 5% pref. A (quar.)
$1 H Oct.
Industrial Acceptance Corp. 5% pref. (quar.)
$1H Sept.
$2 class A (quar.)
50c Sept.
International Bronze Powders (quar.)
37 He Oct.
6 % cum. partic. pref. (quar.)
37 He Oct.
International Business Machines Corp. (quar.).
Oct.
$1H
Preferred
Share
Minneapolis Gas Light Co. $5 partic. tinits (qu.)
Mississippi Power Co., $7 pref. (quar.)___
$6 preferred (quar.)
Mississippi River Power, pref. (quar.)
Mock Judson Voehringer common
Preferred (quar.)
'^folder/
When
Per
Name of Company
Payable of Record
t$3H
75c
—
Imperial Life Assurance Co. (Canada) (quar.)
Quarterly
Imperial Paper & Color Corp. (s.-a.)
1593
Holders
When
Per
Name of Company
Chronicle
Oct.
$1H
$1H
Oct.
Sept.
Oct.
50c
Oct.
7H%
tlOc
Oct.
Sept.
Sept.
Sept.
75c
Oct.
$1H
Sept. 23
1
9
2
Oct.
Dec.
Sept.15
1 Nov. 21
Financial
1594
Per
Share
Name of Company
Pitts. Ft. W. &
1 Sept. 10
Oct.
4
7-1-39
10-1-39
$14
35c
1-2-40
Sept. 30 Sept. 16
*1*4
$14
Sept. 15 Sept. 15
Dec. 15 Dec. 15
$14
Oct.
Oct.
Oct.
j?5c
Oct.
$134
Sept.
Sept.
Sept.
Sept.
6% cum. pf.(qu.) XI
6% non-cumulative preferred (quar.)
Procter & Gamble 5% preferred (quar.)__—
Publication Corp., voting common. — -- -- —
Non-voting common
—.— - -- -- —
7% preferred (quar.)
—
Original preferred (quarterly)
Public National Bank & Trust (N. Y.) (quar.)—
Public Service Electric & Gas., 7% pref. (quar.)
$5 preferred (quar.).
Public Service Co. (N. H.), .$6 pref. (quar.)
$5 preferred (quar.)
Public Service of New Jersey
— -
50c
50c
$14
$14
37 He
$1"
$1H
$14
50c
8% preferred (quar.)
$2
7% preferred (quar.)
$134
|5preferred (quar.)
6% preferred (monthly)
H#
50c
6%
Sept. 10
12-10-38
1-3-30
4-1-39
50c
30c
— __—-
—
Oct.
|1 4
preferred (quar.)
preferred (quar.)
preferred (quar.)
—
¥o preferred (quar.)
7% preferred (quar.)
Plymouth Oil Co. (quar.)
—
Pollock Paper & Box Co. 7% preferrea (quar.) —
7% preferred (quar.)
Potash Co. of America (increased)
3-10-39
6-10-39
9-10-39
12-10-39
1
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 15
1
Sent, 15
15 Sept. 30
15 Sept. 30
15 Aug. 25
28 Sept. 14
28 Sept. 28
15 Sept. 6
1 Sept. 20
10 Sept. 20
30 Sept. 1
30 Sept. 1
15 Aug. 31
15 Aug. 31
30 Sept. 1
15 Aug. 15
15 Aug. 15
15 Aug. 15
15 Aug. 15
15 Sept. 15
50c
preferred (monthly)
Oct.
$134
$1H
37 He
$14
%\H
$14
$14
$14
$14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Public Service Co. of Oklahoma—
7% prior lien (quarterly).
6% prior lien (quarterly)
Pullman, Inc.———
Pure Oil Co., 5% pref. (quar.)
6 % preferred (quar.)
;—
534% preferred (quar.)
Quaker Oats Co., common (quar.)
Preferred (quarterly)
Radio Corp. of America, B pref. (quar.)$3.50 conv. 1st pref. (quar.)
Raybestos-Manhattan, Inc
Reading Co.. 2nd preferred (quar.)
-----Reeves (Daniel) Inc. (quar.)
Opt. div. cash or I sh. pref. for each $100 div.
Remington Rand, Inc. common (interim) 1
$4.50 preferred (quarterly)
Reno Gold Mines (reduced)
Reynolds Metals Co. 534% conv. pref. (quar.)
Rheem Mfg. Co. (quar.).
Rich'8, Inc., 634% preferred (quar.)
Richardson Co. (resumed)
Robertson (H. H.) Co. (reduced).
Rochester Telephone, 1st preferred (quar.)
Roeser & Pendleton, Inc
Extra)
—
87 He
15c
50c
12Hc
20c
-
—
—
—
Russell & Co,
Payment is made to common stockholders of
South Porto Rico Sugar Co.
St. Joseph Lead Co
St. Joseph South Bend & Southern
lHc
$1H
20c
$14
50c
1234c
$1H
9
9
1
Nov. 30 Nov.
1
Oct.
1 Sept. 14
-
-
—
534% Preferred (quarterly)
us
534% preferred (quarterly)
Scott Paper Co. (quar.)
Scranton Electric Co. preferred (quar.)
Lace Co
40c
$1H
25c
-
7% preferred (quarterly)
Seaboard Oil Co. (Del.) (quar.)
Sears, Roebuck & Co (quar.)
Security Engineering Co., Inc. (increased)
Extra
—
$14
25c
75c
10c
10c
—;
7% preferred (quar.)
SeemanBros., Inc. (quar.)
Servel, Inc., pref. (quar.)
Preferred (quarterly)
Shattuck (Frank G.) (quar.)
Sherwood Swan & Co., Ltd.—
6% participating preferred A (quar.)
Signal Oil & Gas class A & B (quar.)
Simon (H.) & Sons, Ltd.. common (interim)
7% cumul. preferred (quar.).—
43 4c
62 He
-
$14
$14
-
1
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept. 9
Sept. 9
1 Sept. 10
1 Sept. 20*
15 Sept. 1
30 Sept. 15
12 Sept. 3
15 Aug. 31
Sept.20
1
15 Nov. 30
Sept. 15
Sept. 15
Sept. 15
Sept.15
Aug.
Aug.
Aug.
Aug.
1 Sept.
Oct.
Oct.
..
Sept. 15
Sept. 15
Sept, 15
8eptl5.
Oct.
31
31
31
31
15
Sept. 15
Sept.15
Sept. 5
Sept. 22
Aug. 31
Aug. 31
Aug.
3
Sept. 1
1 Sept.
6
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 15 Sept. 1
Seot. 10 Aug. 26
Sept.
Sept.
Sept.
Sept.
Oct.
Jan.
Aug.
Aug.
Aug.
Aug.
31
31
31
31
1 Sept. 15
15
15
15
15
3 Dec. 17
I_
—
Sept.
Sept.
Sept.
Sept.
Sept.
__
II
10c
25c
25c
25c
$134
75c
10c
25c
6834c
6
14
14
27
31
9
Nov.
Nov.
1
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
30
Sept.
Oct.
Oct.
®ept.
Sept.
Sept.
Oct.
18
12
15
15
2
2
15
Sept. 15 Aug. 20
Oct.
Oct.
Oct.
15 Sept. 20
15 Sept. 20
15 Sept. 20
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 S«pt,
Sept. 20 Sept.
Oct.
1 Sept.
Dec.
15 Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
15
15
15
15
15
31
15*
15
20
3
1
Sept.
1
Aug.
Aug.
Aug.
Aug.
Aug.
Oct. 15 Sept.
Sept. 30 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
15
15
15
31
31
30
20
Oct.
1
Sept.
1
25
5
Sunset-McKee Salesbook Co., Ltd.—
Class A (quar.)
37Hc
__
Class B
(quar.)
Superheater Co.
25c
12Hc
Sutherland Paper (quar.)
Swift & Co. (quar.)
40c
30c
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
-
75c
75c
$14
1 Sept. 15
1 Sept. 15
50c
Oct.
1 Sept.15
1 Sept.
9
Sept 15 Sept.1
Sept. 30 Sept. 9
60c
50c
Oct.
50c
15c
25c
Oct.
25c
Dec.
•Sept. 15 Aug. 20
Oct.
1 Sept. 24
Oct.
1 Sept.
3
95c
Oct.
1 Sept.
3
1 Sept.
8
Sept. 28 Sept. 20
Sept. 28 Sept. 20
Oct.
25c
25c
$154
Nov.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
10c
15 Oct.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Nov.
1 Sept. 17
Jan.
loc
$134
25c
32c
4354c
$i5
60c
Liquidating dividend.
Upressit Metal Cap Corp. 8% pref. (quar.)
Upper Michigan Power & Light Co.
6% preferred (quar.)
$2
$134
$134
9
1
1 Oct.
15
1 Nov. 15
Jan.
2 Dec.
Nov.
15
1 Oct.
15
Dec.
1 Nov. 15
Jan.
2 Dec.
15
Nov.
1 Oct.
Dec.
1 Nov. 15
Jan.
2
Dec.
15
15
Oct.
1 Sept. 15
Oct.
1
Oct.
Oct.
1
Oct.
Sept.15
Sept. 15
10 Sept. 20
31 Sept.30
Oct.
Sept.
Sept.
Sept.
Sept. 30 Sept.
Sept. 20 Aug
Oct.
Oct.
15*
15
15
18
31*
Dec. 20 Nov. 30*
Oct.
Sept. 15
Sept. 15
Sept.15 Aug. 29
Sept. 15 Aug. 26
Oct.
Oct.
Sept. 20
Sept. 15 Aug. 20*
Oct.
1
Sept.15
Nov.
Feb.
$1.16 2-3 Oct.
t$l
40c
-
Van Norman Machine Tool Co
Vapor Car Heating Co., Inc., 7% pref. (quar.)25c
25c
Vicksburg, Shreveport & Pacific Ry
-----
(s "ji,)
—
-
—
$234
$2 34
$154
25c
60c
$134
$154
$154
10c
10 Dec.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept. 20
1
Sept. 15 Sept.
Sept 15 Sept. 1
Sept. 2o Aug. 31
Oct.
1 Sept. 10
Oct. 20 Oct. 10
Oct.
1 Sept. 20
$154
Sept. 15 Aug. 26
Sept. 15 Aug. 26
Sept. 15 Aug. 26
Oct.
3 Sept. 24
Oct.
3 Sept. 24
Oct.
1 Sept. 13
Sept. 26 Sept. 17
Oct. 15 Sept. 30
$134
$234
$134
Sept. 15 Aug. 25
$134
ill
25c
$134
$154
t5 >c
25c
10c
$154
$154
$134
$154
$134
234c
25c
25c
20c
$154
$2
loc
—
Sept.
Sept.
Sept. 20 Sept.
Sept. 10 Sept.
Oct.
Dec.
7% preferred (quar.)
Veeder-Root Inc. (quar.)
Extra
Dec.
Nov. 15
Dec.
Nov. 15
Sept. 10 Sept. 1
Oct.
1 Sept. 15
Sept. 30 Sept. 17
Nov.
1 Oct.
5
Nov.
1 Oct.
5
Oct.
1
Sept.15
Sept. 20 Sept.15
Oct. 31 Sept. 30
Oct.
Oct.
1 Sept.15
1 Sept. 15
Oct.
1 Sept. 17
Oct.
1 Sept. 15
Sept.10 Aug. 31
$134
Extra
Wisconsin Power & Light 7 % pref
6% preferred
—
Wisconsin Public Service, 7% preferred-
1 Oct.
15
Nov.
1 Oct.
15
1 $1.3134 Sept.15 Aug. 31
Sept.15 Aug. 31
t$134
$14
Sept. 20 Aug. 31
634% preferred--;—
6% preferred
Worthington Pump & Mach. 434% Pr. pref. (qu)
4 34 % conv prior pref. (quar.)
-
$1%
$134
$134
$134
10c
Wright-HargreavesMines, Ltd. (quar.)--,
5c
Extra
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
25c
Wrigley (Wm.) Jr. Co. (monthly)
Wurlitzer Co., 7% preferred (quar.)—
Yale & Towne Manufacturing Co
Yellow Truck & Coach Mfg. 7% pref
—
Youngs town Sheet & Tube, pref. A (quar.)
Transfer books not closed for this
Nov.
50c
Winsted Hosier Co (quarterly)
*
9
9
Sept. 30 Aug. 31
Sept. 30 Aug. 31
58 l-3c Nov.
Dec.
United Verde Extension Mining
PrcfGrrcd
3 Dec.
Sept. 24 Sept.
58 l-3c
7% prior preferred (monthly)-58 l-3c
7 % prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly).
53c
6.36% prior preferred (monthly)
5uc
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)_.
,
58 l-3c
United Light & Railways, 7% prior pref. (mo.)
53c
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly)
$234
United New Jersey Railroad & Canal (quar.)_.
50c
United Profit-Sharing, preferred (semi-ann.)
$154
United States Foil Co., preferred (quar.)
5oc
United States Gypsum Co. (quar.)
$154
Preferred (quar.)
30c
United States Guarantee (quar.)
50c
United States Pipe <fe Foundry Co., com. (quar.)
50c
Common (quarterly)
25c
United States Playing Card (quar.)
Extra
United States Tobacco common
PrBforrcd
United States Trust (N. Y.) (quar.)
14
Sept.
Sept. 15 Sept.
25c
6% preferred (quar.)
Utah Power & Light, 7% preferred-6% preferred.--
l
uct.
$154
__
1 Oct.
Sept. 15 Sept. 10
$154
United Light & Railways 7% prior pref. (mo.)
1
1 Sept. 17
Sept. 30 Sept. 12*
Oct.
1 Sept.
2
Oct.
1 Sept. 15
20c
United Gas Improvement (quar.)
Preferred (quar.)
15 Dec
Oct.
$134
$2
7% preferred (quar.)
Aug. 25
Sept. 1
Aug. 31
Sept. 20
Sept. 1
Sept. 1
Sept.3o Sept. 20
Sept. 3u Sept. 20
$154
—
1
1 Sept. 12
Sept.15
Sept. 15
Sept. 7
Sept. 30
Sept.15
Sept. 15
50c
Preferred (s.-a.)
Union Premier Food Stores (quar.).
Sept.15
Sept. 15 Sept.
$14
4UC
Union Twist Drill Co. (quar.)
1
Oct.
$14
5uc
37 He
50c
Wilison Products Inc.
Sept.
t5c
1 Sept. 15
Oct.
Oct.
$1.80
$134
$154
$154
—
534% preferred (quar.).
Troy & Greenbush BR. Assoc.Js.-a.).
Twentieth Century Fox Film Corp
Preferred (quar.)
208 So. La Salle St. Corp. (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp—_—
Union Electric Co. (Mo.), preferred (quar.)
Union Gas Co. of Canada (quar.)
Union Investment Co., preferred (quar.)
Union Pacific RR
1 Sept. 15
1 Sept. 15
Oct.
$1
12
Sept.
5
$1H
Oct.
Oct.
50c
1
10
2
10c
$14
(quar.)-__ J6534C
Viqtor-MonaghanCo.7% pref. (quar.)
Viking Pump Co
Preferred (quarterly)
Virginia Electric & Power, $6 pref. (quar.)
Virginia Public Service, 7% preferred (quar.)-_
Vulcan Detinning Co. pref. (quar)
Waldorf System, Inc
Walgreen Co., 434% pref. with warrants
Walker (H.)-Gooderbam & Worts, LtdPreferred (quar.)
Waltham Watch Co. 6% pref. (quar.)
Prior preferred (quar.)
Ward Baking Corp. 7% preferred
Warren (S. D.) Co. (reduced)
Warren Railroad Co. (s.-a.)
Washington Railway & Electric Co.—
5% preferred (quar.).——
5% preferred (s.-a.)
Washington Water Power pref. (quar.)
Went worth Mfg. Co. (resumed)
—
West Kootenay Power & Light, pref. (quar.)
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)
7% preferred (quar.)
West Virginia Water Service Co. $6 pref. (qu.) —
Western Exploration Co. (quar.)
Westinghouse Air Brake Co., quarterly
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd. (quar.)
Whitaker Paper Co. 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)..
J15c
t$14
Standard Oil Co. (Ohio) common (quar.)
5% cum. preferred (quar.)
Sterchi Bros. Stores 1st preferred (quar.)-_
Sterling Brewers, Inc
Sun Oil Co.
(quar.)
IIII2
pref. (quar.).
Dec.
50c
Extra
conv.
Sept. 15
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Smith (S. Morgan) Co. (quar.)
$1
(H.) Paper Mills, preferred (quar.)
Socony-Vacuum Oil Co., Inc
Sonotone Corp .pref. (quar.)
15c
South Carolina Power Co. $6 pref. (quar.)
$1H
South Penn Oil Co. (quar.)
37 He
South Porto Rico Sugar Co. (quar.)
25c
8% Preferred (quar.)__
$2
Southern & Atlantic Teleg. Co. (s.-a.),
6234c
Southern California Edison Co., Ltd.—
6% preferred series B (quar.)
3734c
Original preferred (quar.)
37Hc
5H % preferred series C (quar.)
34Hc
Southern Canada Power Co., 6% cum. pref
XI H%
Southland Royalty Co__
10c
South West Pennsylvania Pipe Lines
50c
;
Southwestern Gas & Electric, 7% pref. (quar.)—
$14
Southwestern Light & Power $6 pref. (quar.)
$134
Spencer Trask Fund
5c
Spiegel, Inc., $4H conv. pref. (quar.)
SI H
Staley (A. E.) Mfg Co. cum. pref. (quar.)
$14
Standard Brands, Inc
12Hc
Preferred (quar.)
$14
$4.50pref. (quar.)
Standard Oil Co. of Calif, (quar.)
25c
-
1
Sept. 22 Sept.
Smith
Standard Oil Go. (of Indiana) (quar.)-Standard Oil Co. (Ky.) (quar.)
Sept. 10
15c
-
Torrington Water Co. (quar.)
Truax-Traer Coal 6% pref. (quar.)
20
20
15
15
9
9
1
1
$134
$134
Oct.
18
10c
Simonds Saw & SteelSiscoe Gold Mines, Ltd. (quar.)
Sloss-Sheffield Steel & Iron, preferred (quar.)-—
Todd Shipyards Corp
Toronto Elevators Ltd., 54% pref.
12c
United Gas & Electric Corp. pref. (quar.)—
United Elastic Corp
8 Aug.
Oct.
(quarterly)
7 % preferred (quar.)
5c
28c
Sept.
Oct.
—
10c
i
Telephone Bond & Share Co., 7% 1st pref——
$3 1st preferred
Tennessee Electric Power Co. 5% pref. (quar.)
6% preferred (quar.)
7% preferred (quar.)
—
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
—
Texas Corp. (quar.)
Texas Uulf Sulphur (quar.)-Texon Oil & Land (quar.)
Thatcher Manufacturing Co
Tbew Shovel Co., preferred (quar,)
Tidewater Assoc. Oil Co. $4.50 conv. pref. (qu.)
Tilo Roofing Co. (quar.)-.
Sept.15 Aug. 31
Oct.
$134
$1%
68 4c
$154
Sept. 20 Sept. 10
Sept. 30 Sept. 14
$14
Oct.
$154
25c
l\'i
—
Teck-Hughes Gold Mines (quar.)
United Biscuit Co. of Amer., pref. (quar.)
Sept. 20 Sept. 9
Sept. 20 Sept. 10
75c
5c
15c
United-Carr Fastener Corp
United Dyewood Corp. pref. (quar.)
Preferred (quarterly)
1 Sept.
7
Sept. 15 Aug. 31
Oct.
-------
Quarterly
San Joaquin Light & Power 7% prior pref. A(qu)
7% prior preferred (quar.)
6% prior preferred A (quar.)
6% preferred B (quar.)
Savannah Electric & Power 8% deb. A (quar .)>
7 34% debenture B (quar.)
7% debenture O (quar,)__.
7o debenture D \quar.).
Schenley Distillers
Sept. 30 Aug.
Sept. 30 Aug.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
5c
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines (registered)
Talcott (James), Inc
First preferred (quar.)
Extra.
Payable\of Record
Snare
Company
Oct.
Sept. 20 Sept.10
RR
5% preferred (s.-a.)
Sunray Oil 5H%
Sept.
Oct.
1 Sept.
Sept. 24 Sept.
25c
50c
San Francisco Remedial Loan Assn. (quar.)
Scranton
1
25c
-
Schiff Co.
Sept. 15 Aug. 24
1 Sept. 9
Oct.
Oct.
Oct.
—
Name of
| Holders
When
Per
Holders
$14
*1H
$14
$14
Chicago liy.
7% preferred (quar.)
Preferred (semi-annual)._
Power Corp. of Canada, Ltd.,
When
Payable of Record
19 31
Sept. 10,
Chronicle
pet.
$154
Oct.
15c
Oct.
$14
$154
Oct.
Oct.
20
20
15
15
Aug. 31
Aug. 31
Sept.
Sept.
6
6
1 Aug. 26
Aug. 26
20 Sept.
Sept, 20
Sept. 9
Sept. 15
Sept. 10
dividend,
t On account of accumulated dividends.
X Payable in Canadian
funds, and in the case of non-residents of Canada
amount of such dividend will be made.
deduction of a tax of 5% of the
Volume
Chronicle
Financial
147
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
weekly statement issued by the
Clearing House is given in full below:
8TATEMENT
OF
ASSOCIATION
MEMBERS
THE
FOR
OF
THE
NEW
WEEK ENDED
*
CLEARING
YORK
date last year:
1938
Net Demand
Time
Undivided
Capital
following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 7, 1938,
in comparison with the previous week and the corresponding
HOUSE
SATURDAY, SEPT. 3,
Deposits
Deposits,
Profits
Clearing House
York
New
The
City
York
New
1595
Average
Surplus and
Members
1938 Aug. 31, 1938 Sept. 8, 1937
Sept. 7,
Average
.
S
*
S
Assets—
$
Bank of New York
6,000,000
Bank of Manhattan Co.
13,479,700
77,500,000
20,000,000
90,000,000
Guaranty Trust Co
—
Manufacturers Trust Co
Irving Trust Co
.
....
Continental Bk & Tr Co j
Chase National Bank
Fifth Avenue Bank
495,566,000
182,010,400 51,379,029,000
45,129,400
481,271,000
15,000,000
10,000.000
50,000,000
4,000,000
100,270.000
Flrat National Bank
39,946,000
171,378,000
7.520,000
57,5>4,000
54,904,400
21,000,000
Corn Exch Bank Tr Co.
9,278,000
414,005,000
/58,700,000 al,498.456,000
42,355,000
Cent Hanover Bk&Tr Co
147,339,000
25,920,500
20,000,000
National City Bank
Chem Bank & Trust Co.
4,489,652,000 4,547,738,000 3,245,780,000
Treasury_x
Redemption fund—F. R. notes...
Other cash
Total
49,412,000
24,559,000
C770,910.000
478.804.000
2,855,000
5,570,000
4,238,900
43,290,000
927,000
108,066,000
t
71,374,000
2,264,000
39,411,000
2,298,000
7,921,000
27,949,000
246,043,000
494,963,000
Bankers Trust Co
25,000,000
10,000,000
1,086,700
12,962.000
Marine Midland Tr Co..
5,000,000
9,058,600
94,885,000
12,500,000
7,000,000
27,846,700
Comm'I Nat Bk <fe Tr Co
8,176,500
299.170.001
77,262,000
Public Nat Bk & Tr Co.
7,000,000
9,084,100
83,436.000
4,598,645,000 4,658,428,000 3,321,228,000
reserves.
Bills discounted:
Secured
by U.
S.
Govt,
obligations,
direct or fully guaranteed...
Other bills discounted
Total
1,359,000
Bills bought In open market
Industrial advances
523,125,000
Treasury
210,000
210,000
3,685,000
1,093,000
5,402,000
226,408,000
363,960,000
189,779,000
226,408,000
363,960,000
189,779,000
211,831,000
332,269,000
180,929,000
780,147,000
780,147,000
725,029,000
786,341,000
786,234,000
747,285,000
70,000
notes
70,000
4,773,000
135,626,000
9,841,000
669.057,000
Total U. S. Government securities..
National, June 30, 1938; State, June 30, 1938; trust
companies, June 30, 1938. / As of July 5, 1938.
Includes deposits in foreign branches as follows (c) $268,909,000; (5) $86,411,000;
Total bills and securities
(c) $7,271,000; id) $124,732,000; (e) $38,932,000.
Due from foreign banks.
York "Times"
publishes regularly each week
returns of a number of banks and trust companies vdiich
are not members of the New York Clearing House.
The
following are the figures for the week ended Sept. 2:
INSTITUTIONS
BU3INESS
NOT
FOR
IN
CLEARING
THE
NATIONAL
WEEK
AND
STATE
HOUSE
ENDED
THE
WITH
FRIDAY,
BANKS—AVERAGE
15,761,000
3,680,000
Bonds
♦As per official reports:
The New
8,671,000
2,192,000
7,090,000
United States Government securities:
2,302,000
50,107,000
9,%6,804,000
912,881,700
446,000
2,304,000
bills discounted
1,746,000
945,000
Treasury bills
Totals
1,276,000
74,172,000
927,000
109,763,000
5,589.000
132,268,700 d2,097,662,000
3,705,900
44,720,000
<2807,031,000
77,650,900
500,000
United States
hand and due from
on
91,730,000
71,027,500
18,409,400
108,772,300
61,411,100
Title Guar & Trust Co..
New York Trust Co
Gold certificates
CLOSING
SEPT. 2,
FIGURES
Federal Reserve notes of other banks—
6,997,000
119,490,000
9,841,000
15,981,000
Uncollected items
Bank premises
All other assets
Total assets
OF
84,000
5,505,000
119,985,000
10,021,000
13,203,000
15,669,000
5,357,365,000 5,610,641,000 4,217,311,000
1938
Liabilities—
F. R. notes in actual circulation.
Other Cash,
Loans,
Including
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
S
S
$
U. S. Treasurer—General account....
Other deposits
$22,006,800
7,260,000
2,202,200
21,876,000
395,000
6.099,000
686,000
27,593,600
52,314,000
5,245,140
244,324
1,494,362
99,114
5,751,992
6,847,000
250,000
1,471,000
318,000
8,040,500
4,967,000
90,000
598,000
704,000
5,709.000
Total deposits
TRUST COMPANIES—AVERAGE
Cash
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
N.
Elsewhere
113,613,000
50,944,000
51,943,000
7,744,000
8,210,000
2,734,000
.........
Reserve for contingencies.
All other liabilities
FIGURES
Res. Dep.,
Loans,
Disc, and
Investments
Total liabilities
of
Ratio
total
$
$
$
$
$
51,080,900
*6,701,500
12,269,300
3,328,100
9,260,253
1,354,851
Federation
954,383,000
deposit
72,443,000
49,646,000
125,306,000
133,137,000
50,944,000
51,067,000
51,474,000
51,943,000
7,744,000
8,210,000
2,599,000
7,744,000
9,117,000
1,319,000
and
86.7%
87.0%
83.6%
238,000
Contingent liability on bills purchased
for foreign correspondents
64,279,800
48,757,000
320,440,000
49,300,000
131,676,000
5,537,365,000 5,610,641,000 4,217,311,000
to
reserve
F. R. note liabilities combined..
Manhattan—
Empire
918,386,000
4,372,997,000 4,437,678,000 3,016,901,000
Deferred availability Items
—
Lafayette National-.
People's National
205,122,000
49,825,000
122,081,000
Foreign bank
120,100
Sterling National
Trade Bank of N. Y.
929,180,000
Deposits—Member bank reserve acc't.. 3,995,969,000 3,936,262,000 2,846,055,000
Bank Notes
S
Grace National
Brooklyn
Dep. Other
and
Disc,
Investments
Manhattan—
Res. Dep.,
169,000
877,000
3,846,000
5,270,000
10,568,653
12,456,239
185,286
*1,329,367
1,476,090
Fiduciary
630.381
23,241
11,530,903
Fulton.
19,417,600
*5,601,300
566,900
328,100
21,301,400
Lawyers
27,873,300
*9,952,600
527,400
35,990,000
United States
65,436,090
*43,723,738
79,643,999
Commitments
ad¬
3,771,000
or a
bank's own Federa
Reserve bank notes.
77,217,000
...
2,897,000
38,718,000
64,000 111.302,000
33,013,890
2,350,256
10,352,215
40,212,802
Includes amount with Federal Reserve
ciary,
Industrial
t "Other cash" does not Include Federal Reserve notes
Brooklyn—
Brooklyn
Kings County
*
make
to
vances
3689,311;
Fuiton,
$5,288,300;
as
follows:
Lawyers,
z
$9,336,100;
United
States,
These
over
are certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to
59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Empire, $4,710,300; Fidu¬
$26,-
540,790.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
resources
and liabilities of the
These figures are always a
the Federal Reserve
System
reporting member banks in 101 leading cities from which weekly returns
week behind those for the Reserve banks themselves.
the figures for the latest week
upon
immediately preceding which
appears
in
our
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans
described in an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
obtained.
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for
we
are
The comment of the Board of Governors of
as
a
week later.
reported in this statement, which were
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and C2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper
bought in open market" under the revised caption "open market paper," instead of in nall other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans*
securities" and "otherwise secured and unsecured."
would each be segregated as "on
A more 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 LEADING CITIES BY DISTRICTS ON AUG. 31. 1938 (In Millions of Dollars)
Federal
Total
Boston
New York
Phila.
$
Reserve Districts—
$
$
$
Cleveland Richmond
Atlanta
Chicago
$
%
St. Louis
Dallas
San Fran.
$
Minneap. Kan. City
$
"
ASSETS
$
$■
'
$
$
$
20,861
8,270
1,097
8,572
1,127
1,781
610
549
2,871
650
361
627
494
2,122
575
3,396
416
654
228
279
831
282
157
244
227
981
Commercial, Indus, and agrtcul. loans
3.886
267
1,590
189
247
99
151
468
174
73
149
143
336
Open market paper
Loans to brokers and dealers in secure.
Other loans for purchasing or carrying
339
61
147
20
11
11
3
34
5
5
17
2
23
690
21
566
16
21
3
6
35
4
1
4
2
11
577
31
264
34
36
16
14
79
13
8
12
14
56
82
221
58
171
31
28
21
378
Loans and investments—total
Loans—total.
—
.
.
securities
93
■■
6
22
112
3
87
2
2
1
4
3
6
1
1
Other loans..
1,507
110
521
97
166
67
73
119
32
64
39
44
175
United States Government obligations
7,789
358
3,093
334
761
284
144
1,352
212
151
209
172
719
1,159
Real estate loans
Loans to banks
......
30
845
94
35
42
58
13
134
1,238
283
276
63
84
459
98
40
125
53
294
6,685
353
3,548
229
381
153
96
1,097
161
76
162
101
328
1,855
securities—
Reserve with Federal Reserve Banks.
90
229
49
2
3,147
Obligations fully guar, by U. S. Govt.
Other
48
42
128
386
123
66
16
35
17
11
61
10
5
12
10
20
Balances with domestic banks..
2,457
138
164
158
278
145
141
439
134
124
288
210
238
Other assets—net..—
1,282
74
565
86
107
34
39
86
23
17
22
26
203
15,388
1,018
6,962
755
1,095
416
337
2,314
417.
265
493
406
910
5,210
258
1,052
293
745
199
186
873
188
119
144
132
1,023
411
8
108
20
18
13
23
69
15
2
18
25
92
5,958
230
2,568
299
344
216
192
889
265
132
358
191
r
L274
Cash
In vault
LIABILITIES
Demand deposits—adjusted
-
...
Time deposits—
United States Government deposits..
#
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities.
Capital account..
335
9
13
10
2S4
705
20
316
16
18
22
7
20
6
7
3
5
265
3,664
241
1.615
227
361
93
90
380
89
57
95
82
334
------
6
------
1
1
------
m
m'mmm
-
......
......
------
...
1
......
......
------
......
......
......
Financial
1596
Sept.
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve
10,
1938
System
Thursday afternoon, Sept. 8,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
The following was
returns
issued by the Board of Governors of the Federal Reserve System on
for the latest week appear in our department of "Current Events and Discussions
Sept. 7,
Omitted
Three Ciphers (000)
"
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 7, 1938
COMBINED RESOURCES AND
Aug.
1938
31,
24,
Aug.
1938
Aug.
17,
1938
1938
Aug. 10,
1938
Aug. 3,
July 27,
July 20,
July 13,
Sept. 8,
1938
1938
1938
1938
1937
ASSETS
Gold ctfs
on
10,032,907
8,680
t394,085
10,632,90*
10,633,400
9,098
421,229
10,633.423
10,634,922
8,830,890
9,437
397,013
9.996
406,959
9,884
401,129
271,248
11,032.117 t U.035,672
11,039,354
11,063,727
11,050,378 ,11,045.935
9,111,102
3,724
2,908
3,775
3,099
3,339
3,127
t4,102
t3,160
4,467
3,118
0,005
3,261
12,187
11,372
6,741
6,632
6,874
6,466
7,322
7,585
9,266
23,559
537
540
540
539
539
540
540
3,076
15,899
15,852
15,816
15,965
15.647
16.308
16,214
10,274
20,709
744,105
1,196,188
623,722
744,105
1,196,188
623,722
744,105
1,196,188
623,722
744,105
1,196,188
623,722
744,105
1,190,188
623,722
744,105
744,105
1,190,870
629,040
744,105
744,105
1,196,188
623,722
1,174,105
645,805
1,174,105
645,805
738,073
1,157,713
2,564,015
2,564,015
2,564,016
2,564,015
2,564,016
2,564,015
2,564,015
2,564,015
2,564,015
2,526,190
2,587,444
2,587.595
2,587,145
2,587,003
2,587,394
2,586,667
2,588,184
2,588.354
2,590,096
2,573,534
10,632,411
9,112
385,675
396,893
11,026,509
11,038,416
3,640
3,428
4,041
3,103
3,699
3,042
7,144
537
537
15,824
Total reserves.
10,632,413
7,421
7,068
notes)
Other cash *—
10,630,919
8,921
355,870
10,995,710
hand and due from U. S. Treas. x
Redemption fund (Federal Reserve
10,632,407
9,112
390,598
8,964
Bills discounted:
Secured by
U. S. Government obligations
guaranteed
direct or fully
Other bills discounted
Total bills discounted.
Bills bought in open
Industrial advances
market-
United States Government
securities-—Bonds.
Treasury notes
......
Treasury bills......
Total U. S. Government
securities
630,404
securities...
Other
Foreign loans on gold
Total bills and securities..
Gold held abroad
184
Uncollected items
Bank
—
premises
All other assets
Total assets...—.—..
...
—
184
184
180
180
181
181
180
180
221
25,701
534,057
44,404
53,291
Due from foreign banks
Federal Reserve notes of other banks.
25,617
525,303
44,410
52,539
24,955
501,237
44,462
61,950
23,032
589,565
23,587
507,028
23,616
534,141
26,602
593,833
44,486
51,280
44.486
22,948
547,727
44,486
♦60,674
49,585
49,113
44,581
47,486
25,552
644,090
44,578
46,027
23,057
569,257
45,425
46,931
14,240,791
14,261,157
14,248,349
14,327,663
14,249,621
14,290,948
14,303,421
14,351.414
14,396,457
12,369,527
4,212,348
4,169,262
4,144,760
4,150,214
4,135,656
4,138,706
4.109,643
4,124,138
4,134,161
4,295,483
8,074,340
8,201.896
8,273.069
6,709,993
723.989
627.928
123,956
267,742
8,187,723
732,462
125,243
257,455
126,908
226.518
128,957
242,816
130,390
200,427
113,616
44,559
LIABILITIES
Federal Reserve notes In actual circulation...
I Deposits—Member banks*
reserve account...
8,269,124
United States Treasurer—General account.
661,364
Foreign banks.
Other deposits.
136,737
179,803
8,178,851
720,248
125,940
187,322
8,156,037
770,784
119,166
195,662
8,085,198
802,104
115,867
233,198
8.045,525
838,820
117,267
247,425
9,147,028
9,212,361
9,241,649
9,236,367
9,249,037
9.240,795
9,302,883
9,279,311
9,272,770
7,154,426
529,345
133,998
147,739
27,683
32,776
9,874
527,766
133,994
509.855
589.541
539.276
133.786
147,739
9,392
9,110
32,810
9.602
133,706
147.739
27,683
32.845
9,553
132.588
27,683
32,776
9,576
597,151
133,760
147,739
27,683
32,810
8,822
570,618
133,953
560.292
133,814
147,739
27,682
32,810
638,000
133,991
147,739
27,683
32,775
9,897
513,223
133,829
147.739
27,683
32.809
9,645
14,240,791
14,261,157
14,248,349
14,327,663
14,249.621
14.290,948
14,303,421
14,351,414
14,396,457
12,369,527
79.6%
Total deposits..—.—.
Deferred availability items
.........
Capital paid in..
......
Surplus (Section 7)
Surplus (Section 13-B) — ....
Reserve for contingencies
......
...
All other liabilities.......................
Total liabilities—
....—......
147.739
147,739
27,683
32,774
774,757
27,683
145,854
27,490
35,838
7,230
Ratio of total reserves to deposits and Federal
Reserve note liabilities
combined
Contingent liability on bills
foreign correspondents—
82.4%
82.5%
82.4%
82.4%
82.5%
82.5%
82.4%
82.4%
385
470
604
697
704
727
879
975
1,097
1,727
13,539
13,543
13,684
13,740
13,767
13,809
13,731
13,432
13,500
15,236
5,337
6,546
4,980
5,031
5,340
4,916
5,478
5,662
7,369
21.422
605
262
418
325
302
255
529
612
418
706
665
837
824
743
694
426
418
417
536
1,024
374
339
373
411
383
628
613
570
528
333
87
160
146
122
155
241
284
324
415
74
9,206
23,559
82.3%
purchased
.
for
Commitments to make Industrial advances.
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted....
15-80 days bills discounted
31-60 days bills discounted
61-90 days bills discounted..—.—
Over 90 days bills discounted—
Total bills discounted...
7,144
6,741
6,632
6,874
6,466
7,322
7,585
117
........
137
125
201
105
307
239
69
69
117
137
125
105
168
275
1,555
212
"212
118
23
70
90
23
80
168
325
208
282
275
239
37
110
110
1,284
3,076
7,068
1-15 days bills bought In open market
16-30 days bills bought In open market.......
81-60 days bills bought In open market.
61-90 days bills bought in open market
Over 90 days bills bought In open market.....
Total bills bought in open market...
1-15 days industrial advances—
"262
537
....
537
537
540
540
539
539
540
540
1,262
1,311
1,241
1,201
1,046
1,123
1,728
1,885
1,233
908
16-30 days Industrial advances
395
162
132
184
249
193
47
58
277
445
31-60 days Industrial advances..
565
591
584
563
614
469
380
367
283
462
1,150
13,331
18,227
61-90 days Industrial advances....
Over 90 days Industrial advances—
Total industrial advances.
505
624
762
767
569
730
026
611
13,097
13,211
13,133
13,101
13,487
13,132
13,527
13,293
667
15,824
15,899
15,852
15,816
15,965
15,647
16,308
16,214
16,274
20,709
131,150
105,370
157,187
192,785
1,977,623
103,830
110,650
186,757
176,385
1,986,393
83,330
131,150
88,950
92,335
92.271
103,830
213,650
172,432
1,985,153
92.335
192,780
229,401
1,968,138
86,493
171,040
236,036
1,978,175
103,105
26,006
55,472
193,257
1,973,993
86,493
87,710
215,480
223,779
1,950,553
81,361
159,113
1,983,143
87,710
83,330
237,520
160,187
1,995,268
2,280,813
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,5^4,015
2,564,015
2*526,190
4,491,457
279,109
4,449,156
279,894
4,443,342
298,582
4.448,170
4.445,959
310,303
4.431,040
4.433.662
292,334
324,019
4,455,659
331,521
4,472,648
338,487
4,624,774
297,956
4,212,348
4,169,262
4,144,760
4,150,214
4,135.656
4,138,706
4,109,643
4,124.138
4,134,161
4,295,483
hand and due from U. 8. Treas..
4,558,632
4,544,632
4.539,632
4,528,632
4,528,632
6,166
5,629
5,694
5,449
6,292
4,528,632
6,615
4,542,632
8,267
4,619,132
6,174
4,544,632
5,727
4,539,632
By eligible paper
United States Government securities.........
1-15 days U. 8. Government securities......
16-30 days U. S. Government securities
31-60 days U. 8. Government securities
61-00 days U. 8. Government securities
Over 90 days U. S. Government securities
Total U. 8. Government securities
207,279
88,950
215,480
60,794
1-15 days other securities...
16-30 days other securities...
31-60 days other securities
61-90 days other securities
Over 90 days other securities.
Total other securities.
Federal Reserte Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation....
329,291
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
Total
on
collateral..
4,564,806
4,550,798
4,550.359
4,545,261
4,545.326
"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
1934. these certificates being worthless
4.535.247
4,550,899
4,674,298
t Revised figure.
the dollar was devalued from 100 cents to 59.06
to the extent of the difference, the difference Itself having been
provisions of the Gold Reserve Act of 1934.
4.534,^)24
4,534,081
•
cents on Jan. 31,
23,166
32,000
/
appropriated as profit tby the Treasury under
Chronicle
Financial
147
Volume
1597
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
)
CLOSE OF BUSINESS SEPT. 7, 1938
AT
Three Ciphers (000) OmUted
Federal Reserve Agent at—
Total
Boston
New York
$
%
S
S
Gold
r
Cleveland Richmond
Phlla.
ASSETS
certificates
and
hand
on
720,783
460,384
638,751 4,489,652
10,630,919
St. Louis
%
$
Kan
Minneap
%
San Fran.
Dallas
City
$
$
«
331,244
236,492 2,026,684
235,272
307,713
688.128
188,127
307,689
8,921
762
Q07
890
1,015
1,437
458
403
833
708
173
299
1.016
355,870
39,891
108,066
30,839
23,044
19,077
i0,295
45,266
12,531
7,990
14,962
10,646
33,263
679,404 4,598,645
492,113
744,842
351,758
247,245 2,072,353
321,077
243,970
322,824
199,072
722.407
225
93
52
204
273
80
19
141
419
247
520
Redemption fund—Fed. Res. notes.-
Total
Chicago
$
due
from United States Treasury
Other cash
Atlanta
$
$
*
reserves
10,995,710
...
Bills discounted:
Secured by U. S.
Govt, obligations
'
13111s bought in open market
Industrial advances
300
535
2,304
936
701
512
628
170
305
112
193
623
210
55
49
23
19
67
2
2
16
16
945
64
40
•>V'
537
T!
93
/
170
38
15,824
2,405
3,680
3,253
664
1,496
118
437
134
1,119
422
837
1,259
744,105
56,940
91,535
226,408
66,972
69,727
36,921
32,270
80,920
33,204
21,310
34,428
24,657
60,348
363,960
189.779
107,662
112,089
59,355
51,876
130,083
53,375
34,257
55,345
39,638
97,013
47,728
56,137
58,446
30,948
27.050
67,828
27,832
17,863
28,858
20,668
50,585
2.564,015
196,203
780,147
230,771
240,262
127,224
111,196
278,831
114,411
73,430
118.631
84,963
207,946
2,587,444
Treasury notes
Treasury bills
198,712
786,341
235,015
241,676
129,255
111,961
279,505
114,852
74,663
119,262
86,439
209,763
1,196,188
623,722
...
Total U. S. Govt, securities
Total bills and securities
13
184
14
70
IS
17
8
7
22
3
2
5
5
25,701
1,294
6,997
1,229
876
1,558
1,428
3,440
2,131
954
1,151
506
4,138
534,057
Due from foreign banks
Fed
Res. notes or other banks
Bank
212
159
1,359
34
....
Government securities—Bonds
Uncollected
542
549
30
7.068
Total bills discounted
U. S
387
3,640
3,428
direct and (or) fully guaranteed..
Other bills discounted
•
47,841
119,490
37,165
61,279
47,729
21,477
71,303
29,869
17,040
29,809
23,419
27,636
4,741
6,092
2,647
2,090
4,516
2,308
1,276
3,277
5,568
3,203
2,469
5,152
2,127
1,543
1,663
3,109
5,220
2,237
1,724
4,414
775,501 1,060,350
536,158
386,676 2,436,291
472,367
339,835
478,397
312,451
971,648
.
items
premises
44,404
2,964
9,841
All other assets
53,291
3,523
15,981
Total assets.
14,240,791
933.752 5,537,365
LIABILITIES
4,212,348
360,682
929,180
305,224
411.357
202,563
141,370
964,405
172,837
134,951
167,141
78,012
344,626
8,269,124
F. R. notes in actual circulation
459,802 3,995,969
355,033
492,927
239,060
161,741 1,285,048
223,824
126.056
164,480
525,523
27,968
22,387
16,054
Deposits:
U. S. Treasurer—General account.
561,364
26,965
205,122
27,363
39,471
24,023
39,741
52,115
25,014
46,530
239,661
24,665
Foreign
136,737
9,762
49,824
13,288
12,474
5,830
4,746
16,135
4,068
3,119
3,932
179,803
5,043
122,082
2,895
11,127
2,629
5,674
1,819
6,077
2,823
1,249
3,932
2,331
501,572 4,372,997
398,579
555,999
271,542
211,902 1,355,117
258,983
178,528
269,507
198,711
573,591
38.748
60,269
46,873
20,310
71,322
29,823
31,483
24,556
28,410
12,215
13,387
4,993
4,471
13,276
3,918
16,842
2,908
4,190
13,466
4,964
5,626
22,387
4.667
3,153
3,613
3,944
3,892
10,344
9,805
3,409
730
1,429
545
1,001
1,142
1,270
2,121
2,000
Member bank
Other
reserve account
bank..
...
deposits
Total deposits
9,147,02S
9,627
■
1
Deferred availability items
529,345
47,096
113,613
Capital paid in
133,998
9,408
50,944
147,739
9,900
51.943
Surplus (Section 13-B)_.
27,683
2,874
7,744
4,411
14,323
1,007
Reserve for contingencies
32,776
1,448
8,210
2,000
3,176
1,401
1,603
7,118
1,215
1,894
935
1,776
9.874
772
2,734
858
832
413
664
1,237
379
558
386
290
751
775,501 1,060,350
536,158
386,676 2,436,291
472,367
339,835
478,397
312,451
971,648
Surplus (Section 7)..
_
All other liabilities
Total liabilities
14.240.79i
Contingent liability
for foreign
933,752 5,537,365
bills purchased
on
17
238
22
21
10
8
27
7
5
7
13,539
3,771
338
1,509
1,788
178
19
580
236
36C
i
7
1,352
51
■■'v
385
correspondents..
Commitments to make Indus, advs!
*
,
16
3,357
"Other cash" does not Include Federal Reserve notes.
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Total
Boston
New York
Phlla.
$
%
%
$
Federal Reserve notes:
In actual
Agent
325,729
429,557
212,317
159,352
187,411
139,857
176,439
86,924
389,033
21,141
84,476
20,505
18,200
9,754
17,982
24,954
14,574
4,906
9,298
8,912
44.407
360,682
929,180
305,224
411,357
202,563
141,370
964,405
172,837
134,951
167,141
78,012
344,626
4,558,632
390,000 1,020,000
30
2,284
327,000
434,000
215,000
161,000 1,010,000
188,632
141,500
180,000
87,500
404,000
6,174
496
•580
445
170
245
112
184
4,564,806
by
381,823 1,013,656
.1
989,359
4,212,348
circulation
held
S
$
%
$
%
San Fran,
Dallas
Minneap. Kan. City
St. Louis
Chicago
Atlanta
4,491,457
279,109
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
Collateral
Cleveland Richmond
390,030 1,022,284
327,496
434,580
215,445
161,486 1,010,170
188,877
141,612
180,184
$
*
%
security
as
for notes issued to banks:
Gold
certificates on
hand
and
due
from United States Treasury
Eligible paper
,*-•
Total collateral
486
United
United States
Pates quoted
Treasury Bills—Friday, Sept. 9
Bid
Asked
Asked
Sept. 14 1938
Nov.
2 1938
0.08%
Sept. 21
Nov.
9 1938--
0.08%
1938
Nov. 16
Sept. 28 1938
Oct.
13
o bo boooc
1938—
Oct.
19 1938
Oct.
26 1938
404,519
on
the
New
Exchange—See following page.
York Stock
Transactions
5 1938
519
88,123
for discount at purchase.
are
Bid
Oct.
Securities
Government
States
623
M
1938
Nov. 30 1938
7 1938
Dec.
»o
o
Stock and Bond
0.08%
0.08%
0.08%
0.08%
Nov. 23 1938
at
the
Stock
York
New
Exchange,
Daily, Weekly and Yearly—See page 1613.
Averages—See
Quotations of representative stocks as
each
1613.
BOURSE
PARIS
THE
page
received by cable
day of the past week:
Sept. 3.
Sept. 5.
Sept. 6.
sept. 7.
Sept. 8.
Sept. 9.
Francs
Francs
Francs
Francs
Francs
Francs
Quotations for United States Treasury Notes—Friday,
Sept. 9
Figures after decimal point represent one or more 32ds of
230
227
225
221
19,900
19,800
19,700
19,500
602
599
685
1,268
1,270
1,270
Cle Dlstr d'Electrlclte
Cle Generale d'Electrlclte
Int.
Inh
Rate
Bid
Asked
Bid
Rale
Maturity
Asked
15 1943...
1 H%
101.7
101.9
June
15 1940...
H%
102.10
Dec.
15 1938...
1 y<%
101.13
101.15
Dec.
15 1940...
IX%
102.15
102.17
Dec.
15 1941
1
H%
102.14
102.16
Mar. 15 1940...
102.11
102.13
Sept. 15 1939...
1W%
101.25
101.27
Mar
15 1942...
l%%
1H%
Dec.
15 1939...
101.27
Dec.
15 1942...
15 1941...
\v»%
1H%
1M%
101.25
June
102.14
102.16
Sept. 15 1942...
101.22
101.24
June
1H%
102.19
102.21
Sept. 15 1938
—
Mar. 15 1941...
1
102.12
103.14
103.16
103.26
103.28
104.27
104.29
m%
2%
2H%
—
102.7
102.9
2H%
15 1939...
100.1
743
Gomptoir Natlonale d'Escompte
Coty S A
195
—
Energie F.lectrique
195
435
1,610
1,500
1,490
1,480
1,270
1,270
1,230
1,230
257
260
264
488
du Nord
501
492
489
Littoral.-
616
619
617
606
1,170
1,170
1,150
1,150
740
760
763
753
741
HOLIDAY
Liqulde
740
745
735
-
■:
..
3
•
Sept.
5
Sept.
6
Sept.
7
Sept.
8
Sept.
9
Allgemelne
1917.
4%, 1918.------- —
Rentes
4J^ %. 1932, A
4^%. 1932, B
Rentes. 5%. i920—
Deutsche Bank (6%)
Deutsche Relchsbabn
Dresdner
Bank (5%)
Farbenlndustrie I.
Mannesmann
107
148
..107
181
147
147
147
147
Societe l yonnaise
104
105
104
104
180
179
180
Tublze Artificial
187
184
186
187
189
Union d'Electrlclte
101
100
100
99
(8%)-..----Stahlwerke (5%)....
Siemens & Halske
109
108
150
150
150
113
113
123
124
124
106
106
106
100
72.00
71.40
71.00
79.50
79.40
79.30
79.20
79.45
----
'
79.20
79.10
78.90
78.60
98.00
97.90
97.80
97.50
6,800
6,760
6.740
6,650
1,907
1,895
1,885
995
995
998
995
68
58
""70
J-;-
68
68
68
1,270
1,267
1,271
1,235
98.00
_
—
■
l'oio
———-
C & C
Cle
Ford
Socletc Generale Fonclere
Wagon-Llts
76.30
72.30
71.50
?,
Societe Francalse
106
75.80
72.70
71.75
-
—-
Schneider &
123
75.40
72.60
.
Saint Gohaln
113
75.90
——
Royal Dutch
151
114
28
1,480
—
Societe Marseilles
179
G. (7%)
Roehren (5%)
Relchsbanks (8%)
Vereinlgte
109
(4%)110
149
114
(German Rys.pf.7%).123
106
El ktrlzitaets-Gesellschaft
Licht (8%)-,i
Berliner Kraft u.
28
1,500
75.70
Rentes
Rentes
■Per Cent of Par
29
1,515
'
3%
Rentes Perpetual
375
375
""29
------—
Rentes 4%,
Sept.
•
376
368
1,140
1,495
Capital.-----
Pechlney
190
190
198
443
"257
—
Orleans Ry 6%
of the past week:
200
—
—
LyonnaLse
Eaux des Lyonnaise cap
Kuhlmann
Closing prices of representative stocks as received by cable
each day
190
221
440
France—
Credit
Pat lie
743
1,510
Credit Commercial de
Energle Electrique du
STOCK EXCHANGE
742
443
Nord Ry
BERLIN
27
749
218
Lyon(PLM)
THE
1,220
27
466
28
481
*
Courrlere.
L'Alr
1,240
28
475
29
465
Generale Transatlantlque.-
Cltroen B——
June
Mar. 15 1939
Cle
418
19~835
Pacific..-----
Canal de Suez cap...—------
Maturity
423
425
---
Pays Bas
Banque de I'Union Parlsleune..
Canadian
point.
423
6,200
6,300
1,127
6,400
697
Bank of France
Bauijue de Paris et Des
a
1,151
6,400
1,150
6,320
1,144
—
Silk preferred--
558
'm
^
57
556
118
121
121
119
388
385
381
380
78
78
77
75
57
Sept. 10, 1938
■M 1598
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless
NOTICE—Cash and deferred delivery sales are disregarded
account
No
of the day.
they are the only transaction
is taken of such sales in computing the range for the year.
United States Government Securities
the New York Stock Exchange
on
Loan and Federal Farm Mortgage
K^Below wo furnish a daily record of the transaction^ in Treasury, Home Owners'
Corporation bonds on the New York Stock Exchange during the current week.
|$ Quotations after\decimal point represent one or more 32ds of a point.
Priceslsept.
Daily Record of U. S. Bond
6 Sept.
7 Sept.
8 Sept.
9
7 Sept.
118.26
118.26
Low.
104.26
118.26
118.26
.Close
104.26
5
Total sales in $1,000 units...
2
High
103.16
Total gales in $1,000 units...
2Ks. 1948-51
(High
i How.
114.
114.14
114.11
114.6
114
114.14
114.11
114.6
(Close
114,
114.14
114.11
114.6
1
3
Total sales in $1,000 units..
Low.
103.11
Close
9
104.17
mm
104.19
104.17
mmmm
104.19
104.17
'.mm
15
5
103.7
103.11
Total sales in $1,000 units...
4
2HB. 1951-54.
8 Sept.
104.20
104.29
High
118.27
4
(Close
48,1944-54
6 Sept.
5 Sept.
3 Sept.
Daily Record of U. S. Bond Prices Sept.
Treasury
118.26
118
jLow.
4Mb. 1947-52
5 Sept.
118
(High
Treasury
3 Sept.
118
103.8
'mmmm
10b.7
103.8
mmmm
103.7
103.8
'
28
1
102.23
102.28
102.23
102.23
102.23
102.23
102.23
102.24
102.21
102.19
Close
(High
| Low.
(Close
102.23
102.23
102.28
102.23
102.19
Total sales in $1,000 units...
Total sales in $1,000 units...
13
11
6
26
59
High
101.31
101.31
101.27
(High
2^8. 1956-59
Low.
3Hb. 1946-58
105.23
(High
105.22
105.17
Low.
101.31
101.28
102.1
101.28
101.24
105.23
105.17
I Close
101.31
101.28
102 3
101.28
101.26
1
Total sales in $1,000 units...
5
6
57
9
Total sales in $1.000 units...
I
22
(High
107.6
| Low
107.6
107.7
107.5
107.7
107.5
107.7
107.5
107 2
1
2
High
Low.
■mmmm
-
•
mmmm
HOLI¬
Total sales in $1,000 units...
~
Low.
105 23
Close
105.25
Total sales in $1,000 units...
2
2Hs. 1945
1
......
(High
104.17
109.29
109.25
-j Low.
104.13
104.16
104.9
109.30
109.25
(Close
104.13
104.16
104.9
3
6
Total sales in $1,000 units...
2
1
2
2
101.28
101.30
101.23
101.18
101.28
101.22
101 14
101.30
101.22
101.14
3
2Hs. 1948
(High
Low.
107.22
Total sales in $1,000 units...
'mmmm
107.22
Close
107.22
1
101.28
Low.
101.28
101.26
Close
101.28
101.26
Total sales in $1.000 units...
107.21
107.22
m
mmmm
4
107.21
107.22
107.21
12
:
2^8, 1949-53
4
DAY
109.20
109.20
109.16
109.19
109.18
109.20
109.16
(Close
109.20
109.18
109.20
109.16
Total sales in $1,000 units...
3
3
4
3
(High
109.20
109.19
109.20
109.19
109.16
]
Low.
109.19
109.19
109.20
109.17
109.15
(Close
109.20
109.19
109.20
109.19
Total sales in $1,000 units...
3
7
10
16
2
High
108.21
108.21
108.16
108.12
Low.
108.21
«.
108.21
108.16
108.12
Close
108.21
-mmm
108.21
108.16
108.12
Total sales in $1,000 units...
I
1
13
1
Mortgage
106.29
1
3^8,1948-49.
-
mm
mmmm
106.7
106.7
3^8,1949-52.
Low.
•
2
105.31
105.29
Low.
105.31
105.29
Close
105.31
105.29
Total sales in $1,000 units...
Federal Farm Mortgage
(High
104.31
3s, 1942-47
j
■
^
m
1
Low.
104.31
(Close
2
1
;
mmm
m
m mmm
7'
10~6~.6~
106.6
106
106.5
106 5
106.7
106.5
High
107.31
-(Low.
(Close
107.29
107.24
107.28
....
107.29
107.22
107.29
107.22
3
1
2
Total sales in $1,000 units..
(High
106.13
106.12
3
4
102.24
102.21
102.21
Low.
102.21
102.22
102.22
102.21
102 18
102.21
102.22
102.22
102 21
Low.
106.13
106.7
106.13
106.7
...
32
(High
\ Low.
5
•
mm
104
102.21
Low.
104
103.31
104
mmmm
104
103.31
104
11
mmmm
(High
10
103.29
103.29
103.29
mmmm
1
1
only
sales
mmmm
10
103.31
I
1
103.23
bonds.
103.26
103.21
5 Treas. 4s,
103.20
103.21
1 Treas.
104
103.26
103.28
....
103.26
104
15
53
5
11
(High
108.12
106.15
j Low.
106.12
106.15
m m —
m
(Close
106.12
106.15
mm
m
Total sales in $1,000 units...
1
1
106.11
m
t Deferred delivery sale.
Note—The
23
103.30
....
(Close
Odd lot sales,
103.29
...
.
Total sales in $1,000 units...
2^8.1945-47
13
■
106.4
.
ales in $1,000 units...
2KB, 1955-60
2
5
104
2>*8. 1942-44
106.4
106.11
Total sales in $1,000 units...
Home Owners' Loan
106.4
106.11
(Close
Tola
106.14
\
3s, 1951-55
106.4
3
102.22
Close
Total sales in $1,000 units...
107.28
....
106.7
18
102.21
Close
......
2%s, series B, 1939-49-.
3s, 1946-48
106.5
106.4
(High
Home Owners' Loan
....
mmmmmm
......
106.5
Low.
Close
Total sales in $1,000 units...
IIII
108.13
2
4
104.31
Total sales in $1,000 units...
Home Owners'Loan
2^8, 1942-47
3s, series A, 1944-52
108.13
....
Close
Total sales in $1,000 units...
106.6
m'm
(High
Federal Farm Mortgage
109.15
108.13
1
106.5
mm
mrnmm
Total sales in $1,000 units..
106 30
mmmm
106.6
mm
Low.
106 30
mmmm
mmmm
106.7
(High
High
7
106.30
mmmm
■mmmm
1
(Close
3^8. 1944-46
104.8
8
mm mm
(High
3s, 1944-49
104.8
mmmm
106.29
Total sales in $1,000 units...
Federal Farm
104.10
■
106 29
Close
109.20
Low.
104.9
4
37
High
Low
Federal Farm Mortgage
3 Yi , 1944-64
High
3>*8.1943-45,
HOLI¬
(High
DAY
3^8,1941
104.16
109.27
110
110
"mmmm
107.22
mmmm
109.30
•»
mmmm
105.25
■......
1
110
....
(Close
32
High
107.2
Total sales in $1,000 units...
3«a, 1943-47.
2%s, 1958-63
107.2
107.6
I Close
•
102.3
102
105.23
(Close
3^8, 1941-43
105.17
105.23
j Low
Z%B, 1940-43
105.24
includes
1944-54
114.8
to 114.8
3%s, 1940-1943.105.16 to 105.16
1 Treas. 3^s, 1943-47..109.30 to 109.30
1 Treas. 3#s, 1943-45..109.18 to 109.18
106.6
of
coupon
3 Treas. 3^8, 1946-1949.108.9 to 108.9
1 Treas
2%s, 1955-60..103.27to 103.27
1
Treas. 2Hs, 1949-53..101.25to 101.25
1
HOLC254S, 1939-49.. 102.17 to 102.17
106.6
106.10
table
106.9
106.10
above
Transactions in registered bonds were:
6
....
United States
12
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Sept.
3
$ per share
52
HIGH
SALE PRICES—PER
Monday
Sept.
$ per share
NOT PER
$ per share
Sept.
Thursday
7
Sept.
8
$ per share
$ per share
52
*5118
52i4
52
52
52i4
52i4
12334 "118
12334 *118
12334 *118
12334
44
*2658
44
*265a
4234
*265g
4234
411?
♦41U
4312
*413s
43i4
*4138 44l2
1134
11^4
1112
IDs
1118
11*4
1034 1078
2OI4
*19
2014
20
20
"
20
*20
2014
11*8
29
61*2
29*4
62*4
29
29
29
2914
6212
6284
615s
6212
lis
1*4
*1*8
1
IDs
21
Us
1*8
1*8
*Hs
105s
1012
*2834
60
2,600
H* O
1*
10*2
*1
1*8
T614 To%
11*2
111*
*9*s
10*2
914
9*4
1
♦11
103s
19*4
13*2
178
Closed
*12*8
10*2
Labor
11
103.J
*8i2
912
6534
200
13
1138
4,200
107g
10
*8
978
185s
19
13
1314
179
xl76i2 17612
95s
*9i2
10i8
1D8
ll's
91
*710
87g
11
11
♦183s
18i2
12
2,200
1,500
900
10i8
1134
100
800
1014
105g
15,400
*60i2
635S
100
64
64
*62
65
50
5034
16*2
16*?
ar50*4
505s
17
48l2
50
6.900
17
49 Ig
17
17*2
*17
17
17
900
,23f
*2i4
*17i2
*66l2
*76i2
25*
193p
19
597s
56l2
57
18
2l2
*17l2
18
18
18
*67
6734
67
67
*75l2
79
*76
79
78
78
1834
19
19
19
*57
5"78
»
*57
2l2
18*2
597,
Bid and asked prices; no sales
*2i4
on
*57
this day.
$
2l4
*17i2
214
100
6*4 June 17
7
4*2 Mar 26
Def. delivery,
n
New stock,
r
Mar
85
Aug
4334
Dec
7?g Nov
17*2 Oct
16*2 Oct
44*2 Nov
158 July 11
67
Aug 3
*2
Oct
Jan
Oct
1
Oct
53g
11
Oct
5934
11
Oct
59
Feb
10
Oct
Feb
10*2
Oct
58*2
52 J8
11*4 July 20
147g July 25
12
July 19
6*2
145
Oct
Oct
Nov
7*4 Dec
10
6*8
Oct
Oct
Oct
3*« Jan 11
10
Mar 30
24
Jan 12
55
May 27
78
July 13
49
Mar 26
8434 Aug
10
10
Mar 30
46*4 Apr27
23is July 19
60*2 July 5
y
Jan
8
11*4 Apr 1
lU Mar 26
Ex-dlv.
Jan
80*4
5*4
146
No par
*
Feb
36
2
34
Cash sale.
285s
Aug 27
54*2 July 25
1934 July 26
1
223g Mar
15s Jan 7
177g Jan 12
17*4 Jan 12
173s Jan 12
17l2 Jan 12
195g Aug 26
14*4 Aug 26
184
July 19
13*8 Feb
115
50
6% preferred
Mar
69
34*4 Mar 31
Amalgam Leather Co Inc
American Bank Note
55
Nov
No par
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem
(Del)..ATo par
100
Nov
37
Dec
100
4,200
Jan 14
1234 July 19
22
Aug 9
30
Aug 30
6534 July 25
36
49
100
1878
52
1
68*8 July 28
200
5978
42i2 Aug
Mar 31
400
18
Mar 31
8&s Mar 28
38
100
Allls-Chalmers Mfg
Alpha Portland Cem
Mar 30
5i2June 17
7'4June 18
173s Aug 29
4i2 Mar 30
124
Mar 31
No par
5% preferred
78
a
5
Allen Industries Inc
1
Allied Chemical & Dye.lVo par
Allied Kid Co
5
Allied Mills Co Inc..
No par
Corp
3
7g Mar 31
Alghny Lud Stl Corp..No par
Allied Stores
Aug
8*4 Mar 31
Apr 16
No par
20
*5612
3
95
100
6712
67ig
*76i2
In receivership,
67
Albany & Susq RR
Allegheny Corp
5)4% pf A without war. 100
$2.50 prior conv pref.No par
65
697,
Alabama & Vicksb'g Ry Co 100
Alaska Juneau Gold Mln
10
100
100
June
H Mar 30
par
war. 100
491.4
*2*4
*17*2
Way El Appliance.No
war.
50*2
17l4
2l2
205g
6734
79
195s
28
10
5)4% pf A with $40
1284
1134
36*4 Feb
No par
5H% pf A with $30
176i2 176lo
*914
Air
Corp
100
493.1
*68
l4i2Mar31
165, Mar 31
40
May
2
10l2
12*«
1034
No par
IOI4
ID4
IDs
1034
Adams-M tills
105s
*8
12i8
lli2
6*4 Mar 30
200
*11
1138
No par
1*4
91o
95g
Adams Express
1*4
11
193«
131.4
5234 Aug 26
11934 July 21
Air Reduction Inc
12i8
178
4
7,200
2,700
2,600
Highest
$ per share $ per share
share
30*4 Mar 23
5934
*9i8
per
1195s July 19
583s
*1*8
*85g
13
17958 17934
*884
1018
12ls
12i8
10&S
914
$
share
100
613s
lis
Ills
per
No par
25
Address-Multigr
1
$
No par
1,700
1
Year 1937
Lowest
Highest
Abbott Laboratories
4
conv pref
28l2
*1110
1
*64
1
111*
911
181*
I8I2
1*8
I07g
13
13
Day
10*s
12*4
10*4
*63
11
*11
13*2
180
♦834
1
*9
Exchange
13
19
1
Par
28l2
Stock
Range for Previous
10O-<Sftar« Lots
Lowest
293s
*60
1
On Basis of
EXCHANGE
Abraham <fe Straus
Acme Steel Co..
400
*40
♦20
Range Since Jan. 1
STOCK
Shares
*2658
43
STOCKS
NEW YORK
the
Week
*116
44
♦40
Sales
Friday
Sept. 9
*5118
12534
*2658
.
CENT
for
Wednesday
$ per share
5
52
♦118
SHARE,
Tuesday
Sept. 6
Ex-rights.
5
8*2
1*4
19
Oct
Oct
Oct
51*2 Nov
53*2 Oct
1534
166
Feb
Aug
Feb
Feb
Feb
237g Apr
258*2 Mar
17*8 Aug
33*8 Jan
2Da Mar
85
Mar
83*2 Jan
3934 Jan
87a Mar
52*4 Mar
1147g Mar
IOH2
Jan
10
Oct
413g
Jan
50
Dec
75*8
Feb
1 Called for redemption.
IK
Volume
LOW
New York Stock
147
AND
HIGH
SALE PRICES—PER
Record—Continued—Page 2
for
Saturday
Monday
3
sept.
Sept.
% per share
39
5 per share
43
20%
*10634 115%
*110% 118%
»
*7%
*11*4
-
-
$ per share
*7%
11%
73
5%
8
11%
11
5%
*5
500
*170
500
*18
9%
per
3%
3%
18
19%
9%
9%
8
11%
74%
5%
5%
5%
*170
3%
*18
9%
8%
12
11
*73%
5%
*534
5%
500
3%
18
$ per share
share
Shares
39%'
134
98%
5M%
100
173
200
25
2,200
26
24%
Preferred.
42%
20%
1934
20%
115% *108
115%
Preferred
*170
3%
*3%
19
9%
*18
9%
9%
*734
8%
11
74%
5%
11%
10%
*73%
1,000
10
*5
60
3,600
500
*170
100
10
500
«
»•
'
200
1,000
8%
8%
-
1,200
18
18
9%
•
3%
3%
19
100
9% Mar 29
89t2 Feb 13
88% Mar 31
American Crystal Sugar
0 % 1st preferred
1,600
10%
75
Mar 31
—No par
17
J(AlIegCo)25
American Colortype Co.—10
Am Comm'l Alcohol Corp..20
300
8%
11%
5%
5%
4
27
100
Am Coal Co of N
*15
12
12% Mar 30
...
5% preferred
American Chicle
»■
•»
,..100
.No par
...
4% Mar 29
9
Mar 29
8% Mar 30
June 20
10
100
American Encaustic Tiling—1
Amer European Sees
No par
Amer Express Co
100
Amer & For'n Power
5
Aug
69
_.
2% Mar 25
4
Mar 29
177
No par
Jan 22
2% Mar 30
13is Mar 29
37 preferred
..No par
37 2d preferred A ....No par
$
per share
42i2 Jan 3
Aug 24
IO4I4 Aug 8
172
Sept 7
32»4 July 25
53
July 25
22*4 July 25
110
Aug 29
11858 Aug 29
135
Apr 21
70»4 Jan 3
160% Mar 30
Am Chain & Cable In—No par
5,100
118% *116% 118%
$
per share
114
25
—
Year 1937
Lowest
Highest
23 U Mar 31
-.100
American Car & Fdy
100
42%' *40%
conv pref.
American Can
3,200
98
$
Am Brake Shoe & Fdy.No par
10
*171
172
Par
500
38%
38%
,*133% 140
*15
-
11
6
*170
-
12
*73%
5%
10
M
8
73
5
*
12
11
*72
*5
3%
$
Lowest
'
*15
11%
8%
12
11
$ per share
Range for Previous
Range Since Jan. 1
100-Share Lots
On Basis of
Week
8
Sept
EXCHANGE
Friday
Sept. 9
Thursday
7
Sept
*15
-
73
6
STOCKS
NEW YORK STOCK
the
Sales
SHARE, NOT PER CENT
Wednesday
....
99%
*171% 172
26
26%
*15
,
*38
3934 39%
39% *38
*133%
*133% 140
134
98
98% 99%
98%
98
172
172
*171% 172
172
25
2434 25%
26%
26
*40% 42%
*41% 43
42%
2084
19% 20
20
19%
*108
115% *108
115% *108
*116% 118
•110% 118% *117%
....
99
*42%
19%
Sept
5
39%
*133%
Tuesday
.
1599
5i8 Mar 30
20
July 19
per share $
160
69
Dec
121
15178
15%
Oct
Oct
174
Jan
71
Feb
36
Oct
104%
11%
Oct
Feb
Feb
Jan
Feb
3334 Aug
Oct
150
90
Oct
112
Apr
Aug
20% Dec
29
Jan
5%
Oct
8%
Oct
Oct
12%
Jan 18
80
Nov
2
Oct
5
Oct
175
Oct
12*4 July 20
8034
86
038 July 25
084July 7
177
Jan 22
25%
share
Oct
Deo
83
2
Feb 25
per
28
109
934 July 19
14*4 July 20
1084 Jan 12
5% July
Highest
23% Mar
3084 Mar
33% Jan
99% Mar
13*2 Jan
17
225
Jan
Mar
534
Oct
1384
68%
38%
14%
734
2%
Dec
687*
Jan
21
Feb
20%
32%
1%
Oct
Oct
Oct
Oct
Oct
14
Oct
27% Feb
2% Oct
17% Dec
Jan
Jan
Jan
'
*14
17
*13
14
14
14
*13
17
13%
*1034
12
*10%
12
*1004
12
*1034
12
10%
3%
4
4
4
4%
2484
43%
1%
15%
7%
23%
*42%
20%
19%
*58%
13%
*23
24%
*23
*4278
1*4
43%
*42%
*134
1%
15%
*15
7%
20%
7%
20%
*19
60
60
60
00
1378
14
13%
4
14
*15
*4
7%
*4
4%
3534
*116
36
35%
125
*27%
*116
28%
1%
*15%
7
'
*4
4%
35
36%
120
4%
*116
5%
27%
4%
33%
34%
z32%
32%
31
29
30
x2 8
28
27
5
16
16%
*153% 160
18%
18%
67%
67%
*135
*55
84
58
13%
13%
13
13%
*4
4%
35%
4
13%
4%
48%
136
'
'•
.
A
.
*13
14
*13
*1704
19
144% 144%
86
*82%
80% 86%
♦147% 150
6%
6%
10%
9%
*82
5%
36%
7%
*30%
85
*82
5%
5%
36%
7%
34%
37%
15%
3%
26%
34%
*14%
*2%
*27%
17
*
*
103
538
*46%
10
60s
*68%
72%
*69
74
*34%
36%
*68%
*65%
*34%
*88
90
*88
*87
90
5%
47%
5%
*46%
*50
45%
9%
ZlO
6
6%
16
10%
73%
73%
34%
*
78
10%
72%
*64
73%
*70
36%
4434
34%
90
*88
90
*87
36
*56
57
55
55%
21
21
21
21%
20%
7
7
7%
*6%
*11%
12%
2234 22%
*106% 107
734
8%
*43% 44%
*10%
3
4%
9%
8
9%
23
107
12%
23%
107
7%
7%
*43%
54%
*116%
44%
*6%
3%
*2%
*18
54%
3
20
4%
8%
7%
7%
9
9%
9%
*3334
*92%
35
*33%
35
98%
*92%
20
20
98%
20%
20
*11
11%
*11
*27%
30%
*27%
17%
*14%
18
16
*112% 11484
1534
*98% 100%
*28%
30
120
*115
7%
*73%
23%
18%
7%
76%
23%
18%
17%
*15
*50
51
5834
10%
59%
16%
58
*97% 102
23»4 23%
19%
*19%
*97
1634
*16%
*45%
24%
2634
•
16%
22%
52%
24%
2684
11%
30%
18
16
*112% 11484
16
*15%
*98% 120
*28% 30
*112% 120
7%
7%
*73% 76%
2234 23%
*18% 18%
50
16%
*23%
*19
16%
*16%
*45%
23%
27%
*55
51
59%
16%
99%
12,900
136
300
134% 135
23%
19%
16%
22%
52%
24%
27%
200
Ship Building Co .No par
Amer Smelting & Refg.No par
Preferred.
..100
American Snuff..
25
6% preferred
100
Amer Steel Foundries. .No par
American Stores
No par
100
American Stove Co
No par
12
22
22%
1,500
1,400
American Sugar Refining.. 100
Preferred..........
100
400
Am Sumatra Tobacco. .No par
4,500
Amer Telep & Teleg Co...100
American Tobacco
25
19%
19%
143% 144
85
82
300
2,000
200
1,900
Am Water Wks ft Elec.No par
36 1st preferred
No par
American Woolen..
5%
700
38%
1,000
7%
7%
7%
2,100
34%
*30%
34%
3284
33%
38
34%
44
*4034
17
17%
"lY"
2%
*2%
46,900
••
24%
"366
~\T
5%
5%
47%
90%
45%
*50
10%
Mar 30
Apr 16
3% Mar 31
236s Mar 31
4»8 Mar 30
Amer Zinc Lead & Smelt....1
25
25
Mar 26
Anaconda Copper Mining..50
Anaconda W ft Cable..No par
21
May 26
29
Mar 29
AnchorHockGlass Corp No par
36.50
10«4Mar 31
'97
Apr 0
preferred-No par
Andes Copper Mining
20
A P W Paper Co
No par
conv
10
Mar 31
2
Mar 31
1,500
Armour & Co of Illinois
5
conv pref
.No par
7% preferred..
100
Armstrong Cork Co...No par
Arnold Constable Corp.....5
Artloom Corp...
No par
Preferred
"2",600
309
34%
89%
.100
.100
*52
56
May 12
July 6
Assoc Investments Co..No par
27
Mar 30
72
Mar 29
72
Jan 22
57
56
56
5484
40
May 27
21
5434
21%
...100
21%
1,600
Atlantic Coast Line RR...100
14
Mar 31
100
Atl G & W I 8S Lines..No par
4% Mar 25
0i2 Mar 26
1734 Mar 31
21%
*6%
*10%
7
*6%
18%
15%
17%
-
18
600
7
5% preferred ......
"3",500
200
1,400
""400
"""160
200
113
114
7%
*7%
76%
23%
*70%
7%
73%
22%
18%
23%
18%
18%
51%
60%
27%
*50
5884
16
*98
52
60%
16%
99%
*110
23»4
Z20
20
16%
*16%
*49
16%
22%
52%
23»4
*27%
28
24
50
..No par
30
5% conv preferred......100
No par
105
Atlas Powder.
Baltimore ft Ohio..
1,600
700
8,800
1,000
10
300
1st
"""366
500
34,000
19%
1634
22%
52%
2384
2634
*4534
23%
2634
I In receivership,
a Def.
500
3,100
......
"
8*300
700
delivery,
Oct
Oct
96
Oct
7
Oct
7
31% Aug 8
121% Mar 2
Sept 7
7
July 19
.6
...
—...20
.100
Bigelow-Sanf Carp Inc. No par
5% preferred
7% preferred
11
July 19
73s July 13
Tl % July
75
Aug
19
9
73% Sept 8
30% Aug 10
88
Sept 8
85
Sept 2
93
Dec
4%
Oct
Oct
4%
2%
Oct
Oct
Nov
6
Dec
69% Mar
97
46
Feb
121% Feb
111
1384
Mar
Feb
99% Mar
120
Jan
70% Mar
10% Feb
17%
100
Jan
July
2484 Mar
58
Dec
101
Jan
83
Nov
125
Mar
33
Dec
71*4 Deo
70
Dec
57% Feb
100
Feb
88
June
9484 May
71
Jan 14
06%
Dec
18
Oct
55% Mar
5
Oct
29
9
Oct
18
Oct
27% Jan 12
8% July 7
14% Jan 10
27% July 20
109% Aug 11
97* Jan 10
48% Aug 8
58
July 25
119
Mar
July
3
19
12
13
25
101% Sept
7% Dec
3014 Oct
104
44
Jan
37
Mar
116% Feb
18% Mar
52% Mar
38
Nov
94
101
Dec
133
Oct
18%
3% Dec
2
Sept
3084
4%
16
Dpc
Feb
Mar
9%
Mar
Jan
Jan
Feb
Feb
52% Mar
9%
Jan
6
25
2%
Oct
5
Oct
23*4 Aug
7
8%
Oct
40% Mar
4784 Mar
10
Oct
Oct
45
89
Dec
110%
July 19
Mar 23
Mar 30
9
Apr
Mar 31
17% July 19
115
Jan 31
18% July 25
96% Jan 17
30% Mar 12
115% July 18
9
July 19
83
Jan 11
24% Aug 24
10%
Oct
92
Oct
Oct
Oct
Nov
29% Dec
90*4 Oct
7% Oct
82% Deo
8% Oct
Oct
51%Sept 7
657* Jan 11
16% Jan 12
29
Dec
41
Oct
14
Oct
100%8ept
7
Bohn Aluminum ft Brass
151* Mar 31
y
13%
15
Mar
19% July 25
Aug 31
55
July 25
35% Jan 17
30% July 27
Ex-div.
9%
108
Oct
2
19
101* Mar 31
13i* Apr 4
37 May 10
20i*May 27
z
Feb
37% Jan
10% Feb
327* Nov
Bloomingdale Brothers-No par
Blumenthal ft Co pref. ....100
Boeing Airplane Co...
5
5
Feb
2484 Aug
111
30
75
Black ft Decker Mfg Co No par
Blaw-Knox Co
...No par
Cash sale,
79% Feb
Jan 12
29
r
22
11034 May
Jan
Feb
42
171* June 3
9*4 Mar 80
New stock,
2% Deo
Jan
20
133* Jan 11
July 21
9
-No par
Bethlehem Steel (Del).No par
n
24% Nov
Feb
1438
79
98
111* Mar 30
901* Apr 29
25
Apr 9
941* Apr 2
5*4 Mar 31
75%June 27
88* Mar 29
151* Mar 31
207, Mar 31
3934May27
12*4 June 14
20
57.
58%
*10*°f 16%
19%
107
36
109
No par
Belgian Nat Rys part pref
Bendix Aviation
Best & Co
16
Oct
Jan 21
5
......50
600
*16%
Oct
10
Jan 11
Jan
8
3% Oct
25% Dec
3% Oct
*27% Oct
39
4% July
99
82
5
6
19
Jan
99% Feb
150% Jan
20% Feb
29% Jan
10
50%
1,200
Doc
Jan
187
Mar 31
121* Mar 30
Beneficial Indus Loan—No par
2284
67
58*4 Dec
128% May
4% Oct
7*4 Dec
20
Nov
800
2234
Oct
21% July 19
28*300
200
140
101* Mar 30
18%
700
Jan
23% July 25
13% July 20
30% Aug 2
22%
98
267*
213* Mar 29
Beech-Nut Packing Co
Belding-Heminway
Oct
Jan 11
II
61* Mar 29
No par
100
25
No par
preferred
Beatrice Creamery..
35 preferred w w
Beech Creek RR
567*
143*4
Jan
Oct
....5
Bayuk Cigars Inc
Jan
Jan
Dec
50
Barnsdall Oil Co..
Jan
Feb
73%
26%
86
....No par
preferred....
Jan
68%
148
29
4% preferred
Bangor ft Aroostook
Barker Brothers
154
14
July 25
Mar 31
Mar 25
105*4 Mar
24
60
217* Aug
11004 Sept
Mar 30
1
2
Feb
1047*
38
4
100
Conv 6%
"3",200
3
Jan
12U Mar 30
2% Mar 29
100
...50
preferred.....100
Barber Asphalt Corp..
10
100
7%
98
9% July 25
43
July 25
7% July
6% Jan
3% July
20% Jan
47* Aug
ll 04 July
2
.....No par
6,000
73
21%
18%
50%
June 29
5
{Auburn Auto mobile.. No par
8,600
Mar 29
41* Apr
2Vune
Atlas Tack Corp
$5 prior A
....No par
Aviation Corp of Del (The) —3
Baldwin Loco Works v t c..13
'
23%
101% Apr 12
6>4 Mar 30
38*4 Mar 26
4% conv pref series A...100
.1
Atlas Corp-
Austin Nichols
"2,800
17%
120
*7%
*70
22% Mar 31
100
.25
Atlantic Refining
6% preferred.
m
17%
5% preferred...
22% Oct
7% Dec
80
5% pref with warrants. .100
7
Dec
Oct
$5 pref without warrants 100
22
122
Nov
30
Atcb Topeka ft Santa Fe..l00
"
41
47% July 25
10
90
Mar
Feb
6*366
*87
Feb
58
Dec
36
*88
90
29
96
Mar 29
7% 2d preferred
36
Oct
57
4
0% 1st preferred
"""166
Dec
Jan 12
_.l
Jan
7%
94% Jan 31
34%
88
43
.100
Associated Dry Goods
72% Jan
29% Feb
24% Dec
Mar 19
50
16% Jan
87% Feb
45% Mar
101% Aug
24% Mar 26
5% Mar 25
2% Mar 30
$8
36%
88
7% July 19
72
72%
*87
8% July 27
13% Jan 12
Aug 1
91
378 Mar 26
28% Mar 28
5,100
200
6%
75
0
103
78
34
3% Mar 28
68
91% A tig 20
Aug 29
150
Mar 30
600
*65
1
Apr 1
July 14
1,800
*67
Apr
20
10%
72%
73%
36%
Mar 30
82
5%
9%
58
583«Mar31
117% Mar 14
20% July 2 i
14984 Jan 10
88% Aug 6
110
10
6%
Mar 30
68*4 Mar
129% Feb
31% Deo
July 30
Jan 11
Feb
29% Mar
13% Jan
Oct
Deo
Oct
31
1734 Mar
587* Feb
125
15%
63%
15%
Nov
11*4 Jan 18
Mar
Mar
Mar
Mar
170
40
14
11%
5534
52%
484
Oct
125
7% preferred...
100
ArmourftCo(Dei)pf7% gtd 100
47%
"9%
111
Oct
Aug 19
Archer Daniels Mldl'd.No par
90%
4334
*
100
99% Sept
12&8 Mar 30
9%
140
148% Aug 30
34*4 Jan 10
50
100
43%
6%
Preferred
June 10
21% Mar 30
130
17% Aug 31
35% Jan 11
5fc34 Jan 12
136% Aug 31
"""800
119% 121
49
mm
30
2%
2534
No par
35 prior conv pref
17
*110%
*14%
29
44
—25
6% preferred
......100
Am Type Founders Inc
10
100
3,800
82
5%
37%
5%
Common class B
17
July 20
165% Jan 12
22% Jan 15
80*i July 20
2078 Jan 12
56
Jan 17
600
13
100% 100%
19%
Mar 29
4534 Apr
130
153a Mar 31
0*8 Mar 31
6,300
13
13%
103
3534
16%
16%
100% 100%
23% 24
20
19%
16% 17%
*17
22%
*48%
52%
23% 24%
27%
Amer
3734
Bid and asked prices; no sales on this day.
46%
*110
58%
Mar 29
30%
114% 115
51
58
45%
16
15%
15%
15%
*112% II4I4 *112% 114%
*16
17% *1534
17%
*98% 100% *98% 100%
*28% 30
*28% 30
7%
*73%
22%
18%
131ft Mar 30
25
...100
30%
17%
*1534
*98% 100%
*28% 30
113
Mar 30
153s Mar 31
*11%
12%
12% *10
11%
23
23
23%
23%
22%
22%
*10634 108
*106% 108
10604 10634
8
8
7%
7%
7%
7%
*43
*43
*44
44%
44%
44%
57
*54%
57
54
*54%
54%
*116%
'
*116%
*11634
*6
*6
6%
0%
6%
0%
*3%
3%
*3%
3%
3%
3%
3
3
*2%
3
*2%
*2%
20
*18
20
20
*17%
*17%
4
4%
4%
4%
4%
4%
8%
9%
8%
9%
884
8%
7%
7%
7%
7%
7%
7%
9
9
9
9%
834
8%
35
*33%
3384
33% *33% 35
*92% 98% *9212 98% *92% 98%
20
20%
20% 21
19%
20%
11%
11%
12
*11%
12%
11%
*28
30% *28
31
30% *28
17%
15%
9
H884 July
7% Mar 26
2234 Apr 1
28% Mar 31
+
6%
3%
4
9
36%
Am Rad ft Stand San'y.No par
Preferred
....100
American Seating Co..No par
*03%
90
37
Oct
American Safety Razor.. 18.50
10%
73%
Oct
26
80
78
*34%
Oct
31
700
"10%
89%
*87
37
6%
*
3
41% July 20
37% July 20
3,100
31%
48%
2484 Nov
Mar 31
3i4Mar29
19
1634
*10084 104% *10034 104%
90%
9%
6%
78
"16*
*26
Light—No par
36preferred..
..No par
35 preferred—
..No par
4J4% conv pref
Oct
16% Mar 31
Amer Power ft
American Rolling Mill
Oct
3
Dec
17
*121
103
5%
47%
43%
*9%
51*
*50%
44%
49
90%
43%
*82
29
*121
*50
10%
3
*20
*101% 104%
5%
17
*2%
29
*121
*101% 104%
5%
5%
49
*46%
*50
90%
44%
44%
934
9%
6%
6%
19%
33%
*4084
17%
*110%
*14%
*2%
44
*14%
3%
*121
20
700
10%
Nov
16
143% 145
35%
110
4%
6,700
Oct
26
17
22%
*30%
110
34
110% 110%
6%
1,300
40,200
53
100
Mar 29
17
101%
34%
18
56%
9,800
1,100
4%
Mar 30
684 Dec
14% Oct
29i2 Jan 18
7% Jan 12
20
18%
101
*30%
18
1584
16%
7%
33%
*41%
9%
734
15%
7%
18
*2%
27%
r38
44
*16%
4%
32
26»4
5%
38%
7%
*41%
*116'%
*6%
*3%
32
29%
16%
*22
85
*17
*55
34
3534
*84
86
*84
86
84
84%
88
86%
87%
86
87
88%
150
150
*147% 151
*147% 151
7
6%
6%
6%
6%
6%
9%
10%
9%
10%
9%
9%
19
*7
99% Mar 30
*13
143% 145%
44
3034
23
*135
19
35
78
5% Jan 12
3o*4 Jan 12
119
Sept 2
6% conv preferred
.100
American News Co new No par
47%
14
*18
~io%
1738 July 25
Preferred
Amer Metal Co Ltd...No par
17
136
34%
*41%
*110%
*14%
*2%
2678
Mar 31
23g Mar 31
13*4 Mar 28
4ift Mar 30
1238 Mar 29
100
*30
July 19
43l*Sept
10
6% non-cum pref
100
Amer Internat Corp.—No par
American Locomotive..No par
170
4%
27
Amer Mach & Fdy Co ..No par
Amer Mach & Metals
No par
1% Mar 30
1,700
3534
125
5% July 19
100
No par
27
*17
21%
22%
102% 102%
19
Mar 29
Jan 18
June 17
0,200
55%
*54%
*54%
55%
55
55
*142% 148
*142% 147% *142% 147%
28%
28%
29%
28%
28%
27%
28%
8
7%
8
8
7%
8
*7%
22% 23%
102% 103
'•
6%
*135
12
30>4Mar26
2
44
American Ice....
119
15%
31
47%
Mar 29
27
4%
17%
48%
2
*31
18%
16%
31
12
119
*26%
32%
28%
16%
18%
May 26
27%
4%
*35%
*116
27%
4%
16%
207* July
9
,
6% preferred.....
50
American Home Products...1
Mar 26
*27%
36%
125
31
10
100
300
4
17%
28
5%
38%
7%
34%
*30%
58
55
85
7%
60
60
17%
7%
10
5%
*37%
2,700
16
148
Day
87%
10
1.900
19%
68
55
Labor
150
*6*4
7%
19%
18%
*142
734
*82
6%
20%
1%
66%
*135
84
87%
7%
1934
*58%
*15%
300
*153% 160
*153% 160
18
18%
18%
18%
18%
69% *67% 68%
67% 67%
47%
Closed
14
150
*15%
*7%
20%
36 preferred....... .No par
Amer Hawaiian SS Co.
10
American Hide & Leather
1
2
2%June23
2014 July 20
8*4 July 19
24*4 July 21
741* Jan 17
43%
17%
29
24
23%
*100% 103
19
*18%
144
144%
15%
600
24
*42%
*1%
*30
Exchange
1,500
43-%
1*4
15%
7%
*163$
Stock
56
*13
1%
23%
*42%
*1%
24%
43%
200
4
18
148
28%
*7%
24
4
13%
1034
66
16%
30%
49%
13634
*142
*26%
4%
24
15% 16%
15%
*153% 160
*153% 100
18
18
1634
30%
48%
27%
5%
4
300
July 25
20% Aug 26
20
Ex-rights.
Feb
Feb
43% Mar
32
Jan
42
*Jan
35% Feb
20% Jan
115
Aug
28«4
105*4
43%
IM84
15*4
30%
2334
6284
105%
Feb
Mar
Feb
July
Feb
July
Feb
Jan
Jan
Mar
20
Jan
88%
851* Nov
22% Dec
13% Nov
129% Feb
69*4 Feb
Oct
297* Mar
32% Jan
9
15% Dec
38
94%
Jan
Jan
50
Dec
16
Oct
49*4 Mar
21
Oct
48%
Feb
1 Called for redemption.
aau
N<BW York Stock Record—Continued—Page 3
1600
WW
AND
HIGH
SALE PRICES—PER
Sept.
Monday
$ per share
Tuesday
Sept.
3
Sept.
5
$ per share
91
46*4
*8912
*46'4
$ per share
93
93
$ per share
10%
16%
34
25
11%
36%
25%
35
25%
11%
35%
24%
*37
39
37
*37%
38
38
38
*1%
2
10%
39
38
1%
8
10%
11%
37%
37%
9%
8%
10
*28%
*16%
*33%
*9%
11%
30%
16%
36
10%
11%
*27%
30%
16
16%
36
10%
*37%
1%
*7%
35%
*7
*33%
10%
5%
41%
5%
33%
20%
14%
18%
*2%
5%
5%
42
5%
33%
21
14%
18%
2%
*41
5%
*32%
20%
14
18%
*2%
*7%
*13%
8%
*7
15%
8%
*21
*3%
12%
*37%
*18%
15%
8%
21%
3%
12%
38
8%
19
*48
19%
*49
7%
1%
7%
7%
19%
19%
18%
18
6%
*35
*7%
*40
*75
*17
*3%
6%
£17%
*37%
37%
8%
44%
83%
18%
3%
90
118
43
33%
21%
13%
18%
2%
*7%
8%
8%
16
*33%
10%
11%
30
11%
*93% 100
5%
22%
14%
19
2%
10
15%
8%
51
*75
83%
18%
3%
88%
116
116
48%
49%
107
*106
22%
23%
*35
37%
9%
44%
83%
17%
3%
7%
*65
17%
♦37%
....
6%
23%
23
23%
65%
65%
*05%
66%
20
20
*20
21
*107
108
*10
13
7%
*5%
5%
*4%
10%
43%
45
9%
10%
40
4C
39
*97
100
*97
43%
44
9%
10%
39%
39%
*97
28%
%
13%
%
*%
1%
1%
*9%
*16
*9%
*28
1
*%
*3%
4%
16
15%
3i2
1%
%
1
%
*%
1%
1%
*9%
15%
9%
12
16
9%
35
43
*41%
45
*9%
75%
9%
*67%
69%
*49
62
16%
9%
9%
45
*35
♦66%
69
*67
70
*67
*49
62
*49
62
*49
62
*4%
*23%
25
25
113
*111
113
*111
27
27
*26
*69
93
♦62
9%
4%
*25%
26%
*62
*4%
93
40
40
22%
22%
113
4%
25%
74%
*4%
24%
157g
111
12%
97
131%
60%
12%
12%
96
*10
*15%
*6%
*7%
*7%
36
105
26%
17
7%
8
7%
60%
20%
15%
*6
7
*7%
8
12%
12
97
97%
37%
36
101% 101% *101
*
26%
89
14%
7
*7%
18%
7%
18%
19%
6%
*7%
6%
778
7%
7%
18%
18
*18
90
86
137g
31%
69%
*64%
69%
*66
70
*66
*53
60
*52
60
*52
60
*52
59
53%
50%
49%
*104
52%
5334
10%
1%
10%
36%
37
36
26%
%
.
53%
*107
*107
26%
26%
10%
1%
50
105
9as
1%
10%
1%
36%
26%
%
63s
6%
"moo
700
3,400
Feb
Aug 23
44
8% Jan 10
42
July 25
8% Aug 3
40% Aug 27
Jan 17
89
18% July 20
4% Jan 12
107% July 25
120
Aug 4
58
July 25
106% Sept 8
25% Aug 24
96
Sept 1
25% Jan 7
72% July 21
9%
Oct
Dec
6%
28
4%
90
38% Mar
61
Jan
17% Mar
Nov
61% Jan
18% Mar
52% Jan
Dec
Oct
13% Nov
2% Oct
80
Feb
Oct
37% Dec
Nov
97
Dec
40
Nov
97
Dec
102
Feb
35% June
9% Apr
19134 Aug
12934
Jan
100
Feb
13
Dec
105% Aug
41% May
90
Dec
115
19%
Dec
48% Mar
52
Oct
82%
"""360
Jan
*66
*52
59
8,800
51% x49%
48%
50%
497g "moo
*103
105
*103% 105
*104% 105
53
51
53% £52%
53%
52% "4",600
*107
*107%
*107% 118
"5" 300
10%
10%
10%
934
10
10%
1%
1%
1%
1%
1%
1% 21,500
36
37
*35% 36%
35% 36%
1,700
26
28%
25%
26%
25% 25%
8,100
»64
"•«
%
M»4
7jt
1si4 122.900
June
42
Sept
8
Mar
4
June 14
12% July 20
48% Mar 2
38% Jan 17
5
Oct
£40
Nov
31
Oct
5
89
% Aug 17
2% Mar 26
87g Mar 31
% Mar 28
% Mar 26
% Mar 29
2
Mar 31
6% Mar 31.
22
Mar 30
9
% Mar 31
l%Mar 28
37%June
preferred
Commercial Credit
59
Jan
1
5
54
Mar 22
2
Mar 24
10% Mar 26
106
15%
67%
32%
10%
111
Apr 7
Mar 26
3
124
Jan
May
5
7% Mar 30
78
May 31
13% Mar 31
87% June 29
Aug
1
142% Aug
3
60%8ept
9
5
1334 July 25
9734 Sept 8
38% Aug 24
lOl%Sept 2
976
Feb
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
20
Jan 15
13
Mar 29
53% Apr
9
1
Mar 30
27% Apr 1
5% Mar 30
57 May 3
50 May 16
23
Mar 30
100
84
Mar 38
Commercial Solvents—No par
Commonw'lth <fe Sou..No par
5% Mar 30
90
Jan 31
8
884 Jan 12
11% Jan 10
10
2% Dec
19%
634
Oct
33
Feb
28% Dec
45
Aug
Dec
Oct
Oct
834 Mar
6%
Oct
27% Jan
22% Jan
15% Mar
12
3
40%
Oct
Oct
Oct
80
Dec
135%
21%
Feb
Feb
92
Feb
74
July
11
Oct
57
Dec
58
Dec
2
Oct
17% Dec
10234 June
19% Dec
82
Oct
24% Nov
13% Dec
110% Dec
9384 Oct
56% Jan
June 30
22% July
22% July
98% July
16% July
35% July
9% Jan
19
19
25
19
19
13
79
Jan 15
65
Jan 18
5l%Sept
7
105% Aug 11
56
Aug 6
111
Aug 20
12% July 29
8%
Oct
95
Dec
18
Dec
9884 Nov
26
Jan
11% Oct
5% Dec
Mar
10% Mar
Aug
48
113
Jan
48% Aug
90
Jan
41
Dec
29% July
132% June
170% Apr
59
June
2434 Mar
104% Jan
6234 Feb
112% Mar
45
Apr
51%
Feb
27% Mar
30
Jan
7% Dec
29
Jan
i684 Dec
16% Dpc
32
8
Dec
65
Nov
10
Oct
2534 Dec
x4%
x68%
Oct
Oct
04% Dec
303s Dec
80
Dec
34
Dec
86
Dec
5
Oct
1
x
3% Mar
10% Feb
34
1
Mar 29
3
1
Oct
Mar 31
45
May 11
34
Oct
22% Mar 30
«»4Sept 6
.
Feb
1%
25
sfi preferred series...No par
Commonwealth Edison Co..25
Jan
3% Mar
7% Mar
6% Mar
May
29
10
Cash sale,
45%May 11
25% July 22
June 24
20
31% Mar 31
r
Jan 27
76
105% Mar 30
57% July 8
976
28% Aug 24
2
Mar 29
Mar 31
July
Comm'l Invest Trust—No par
$4.25 conv pf ser *35.No par
New stock,
Dec
60
Mar
18% Mar
32
7g
5% July 19
27
July 21
115
Aug 31
4
Oct
Feb 28
8% Sept
100
434 % conv preferred
Oct
Dec
36
3% Mar 30
May 31
35% Mar 31
25
preferred-No par
5%
n
1
Oct
7
Mar
3
Dec
July
100
434 Mar
%
3
Feb
90% Mar
68% Mar
13% Mar
1%
16% July 20
37
July 22
44
July 27
1% Jan 20
Feb
48
Oct
5
Jan
Feb
63% June
Oct
1% Jan 10
1% Jan 10
5% July 22
1
82
111
10
10
.No. par
v t c
Dec
84
2
12% Jan 12
19% July 26
10% Aug 6
42
July 27
77% Aug 20
13% Jan 12
74% July 19
100
—100
Rights—........
Jan
1% Feb 23
July 7
1% Jan 10
5% Jan 10
15% July 19
4
Jan
23% Feb
30% Jan 12
89
Jan
86% Mar
106
Apr 26
115
3% Oct
18% Oct
103% Dec
25% Nov
1
June 18
Jan
14% Mar
3434 Dec
4
% Mar 18
1% Mar 23
Columbia Gas & Elec..No par
6% preferred series A...100
Def. delivery,
95
Oct
Sept
May
70
No par
2d preferred
conv
3%
June
22
No par
32.75
6% July 25
104
Apr 2
49% Aug 8
Mar 29
No par
Columbia Plct
8% Jan 10
27% Mar 30
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbian Carbon v t c No par
700
Mar 29
Mar 25
100
4% 1st preferred
400
Jan
Mar 26
6
100
4%
28
108% Aug 17
14
July 25
18
Colo Fuel & Iron Corp.No par
Colorado & Southern
100
"'"90
8
8
5% conv preferred
2,000
a
Mar 28
Jan
37%
12
Colonial Beacon Oil
14%
In receivership,
5
20%
17% Mar 31
5
Collins <fc Alkman
20
31%
6%
69%
6%
„
94
Colgate-Palmollve-Peet No par
0% preferred
100
49%
* Bid and asked prices; no sales on this day.
6%
90
Corp
Class A
400
14%
Mar 30
July
6%
Oct
Dec
1
2% Jan 12
Coca-Cola Inter Corp.-No par
18
90
14
13
Mar 25
Mar 31
Jan 3
Mar 31
Jan 4
Oct
4
10
Mar 28
Coca-Cola Co (The).—No par
300
18
*30
6%
105
""906
"""300
90
2
31
28
48% Feb
52% Sept
Aug 24
July 22
3% Mar 31
88
Aug 2"
20% Mar 29
...25
Preferred
18
15
35
6%
50
2,200
18
90
6%
*104
15%
14%
*28%
6%
*64%
31
26%
15%
7
7%
14%
35%
6%
69%
31
"lj66
7
18
*14
*
*6
19
*88
105
7
*17
15%
35%
16%
19%
89
97%
*101
*6
*17%
33
117g
97%
36
*15%
*7%
*1734
15
11%
36%
26%
00%
50
600
"
....
7
19
89
12%
97%
105
130
60%
*1000
17%
*18
32
130
60%
....
*6
18%
7%
*—
131
*10%
*18
*7%
60%
*1000
35%
36
1534
60%
97
96
101% 101%
*
130% *130
11%
12%
35
97
35%
?01
130
*1000
May
8
Jan
34% Mar
Jan 11
Jan 10
1
No par
6)4% preferred
.100
City Investing Co
100
City Stores
5
Clark Equipment
..No par
Clev El Ilium S4.50 pf.No par
Clev Graph Bronze Co (The). 1
Clev & Pitts RR Co 7% gtd.50
Climax Molybdenum..No par
Cluett Peabody & Co..No par
600
26
93
Mar 30
Aug
4
City Ice & Fuel
""406
111
20
*1000
*60
Chrysler
62
*62
27%
2%
10%
20%
21%
45%
7
No par
Childs Co
20
4%
23%
51
Mar 31
No par
Chile Copper Co
68%
4%
24% Jan 11
Mar 31
2
100
100
preferred
preferred
Chicka8ha Cotton Oil..
900
700
131
*60
♦1000
131
7%
6%
""306
9%
22%
91
12% Mar 26
....—100
Chicago Yellow Cab
9
*49
Oct
12% Oct
18% Dec
49% Dec
2%
02%
98%
29%
100%
Chicago Pneumat Tool.No par
$3 conv preferred
No par
Pr pf (32.50) cum dlv No par
{Chic Rock Isl & Pacific... 100
78" 100
68%
113
93
100
73%
40
40
40%
40%
40%
40%
39% 40
22
22
21%
22
*21%
22%
20%
21
*123% 129% *12334 129% *123% 129% *123% 129%
60%
200
72
*123% 129%
131
~8", 200
9
•
Oct
July 25
21
{Chic & East 111 Ry Co
100
6% preferred
100
{Chicago Great Western..100
4% preferred.
100
Chicago Mall Order Co
5
{Chic Mil St P & Pac—No par
5% preferred
..100
{Chicago & North West'n.100
42
4%
24%
•
157g
9
Oct
Feb
22
4% Mar
34% Mar
03% Apr
12%June
Co 0% pf-100
Common
.—No par
Checker Cab
6
Chesapeake Corp
No par
Chesapeake & Ohio Ry..—.25
Preferred series A
—100
Preferred....
12
*32
2%
39
Mar 30
5
100
6% prior preferred
900
9%
69%
93
600
1%
9
26
100
*1%
9
113
"V,666
1%
0
28
100
1%
9
♦62
8,000
1%
75%
*110
"moo
1%
73%
4%
~i",406
300
*15%
July 19
Oct
Oct
10% Aug 24
200
16%
9%
45
76%
24
5%
16%
4% Mar 30
%
I84
9%
*23%
73%
July 19
6
12% Mar 30
37% Apr29
Central RR of New Jersey.
1,010
35
*10
Oct
10
1
41%
12
Oct
10
Oct
1%
*10
134
6% Dec
17%June 30
45% Jan
18% July
35% Feb
11% Jan
4
40%
*%
12
Oct
Jan
Jan
43%
%
1%
*16
Dec
65% Mar
Oct
%
*1%
*10
534
15
Jan
8
%
1%
75%
24%
*33%
Feb
Jan
*%
*1%
1%
1%
12
16%
10
*33i2
%
*1%
35
74%
*4%
24%
1534
Jan
13
107%
4134
2434
4
15%
14%
98
June
600
*%
*3%
Oct
Oct
2% Oct
24% Dec
10% Oct
2%
35
96
1,700
1
117% Mar
99% Apr 11
%
4%
*3%
15%
Dec
Central 111 Lt 4H% pref-100
1%
1
16%
%
4%
16%
*%
76
Jan
12%
300
*1
Feb
100
13
1
Jan
25%
24
8%May 27
Cham Pap & Fib
%
3%
3%
24%
Oct
39%
%
27g
*12
13
%
%
%
%
*3%
15%
%
*%
*3
*12%
Oct
150
....
*%
*2%
*%
*41%
41
%
*28
3%
*76
%
3
*34
30
1%
45
%
13%
*1
....
*%
*2%
%
%
1%
1
4%
16
41
*76
%
3
13%
*3
3%
*34
36
43%
*212
6
6%
Jan
Jan
Oct
10%
41%
36
50
Oct
100
23%
117g
30%
29%
Dec
2
Certain-Teed Products
*9%
34
24
10,800
22%
102%
5234
3
"2,166
12
Dec
5% July 25
99
40
Dec
15%
Mar 20
44%
*97
Jan
21
19% Aug
9%
24
Jan 17
53
Central Agulrre Assoc..No par
Central Foundry Co
1
400
43%
100
11
Dec
June 30
40
10%
42
40%
U%8ept 7
12% July 25
97
Sept 2
Jan
Jan
7
41
100
45%
*97
Jan 24
41
8
38%
Mar 31
9
10
41%
Jan 13
Jan
Oct
Dec
4% July 25
13% Aug 26
82
45
100
37
47
1
5%
Mar 31
Amer.No par
preferred
Dec
1684 Mar
34
Aug
23% Feb
59% Feb
53% Feb
45% Feb
18% Mar
36% Mar
9% Feb
3384 Mar
prior preferred
100
—No par
10%
*87
37
%
5%
28
1
Celotex Co
45
99
30%
*3%
*13%
preferred
*87
.7%
5%
29%
4%
14%
No par
100
8
2% Jan 13
10% July 8
13% Jan 13
40% Aug
Jan
50% Aug
2,500
*20% 21
4%
4%
4%
107% 108
*106% 108
*10
13
10%
10%
*5%
6%
*5%
6%
*4%
5%
*4%
5%
37
%
7%
21
30%
%
100
Celanese Corp of
90
4%
37%
3
5%
30
29%
*76%
*%
—-
11,000
100
Co-
Preferred
Caterpillar Tractor
100
65
37%
*%
Case (J I)
110
65
29%
*2%
800
1,800
28
20
30
31
5% Mar 30
25
Carpenter Steel Co
.—--5
Carriers & General Corp
1
Dec
45
Capital Admin class A
1
33 preferred A
10
Carolina Clinch & Ohio Ry 100
"266
31
15% Mar 30
No par
Cannon Mill.-)
•
"l,200
37%
*3%
*13%
*%
*1%
*1%
37
24
*35
*75
Canadian Pacific Ry—
23%
*29%
76%
%
3
%
5,300
Oct
22
6% July 21
54% Jan 11
5% Jan 20
39
July 25
23% July 25
16% Aug 6
22% July 25
3% Jan 15
Mar 26
Dec
Oct
7
18
21% Jan 11
Mar 26
Oct
13
Campbell W & C Fdy._No par
Canada Dry Ginger Ale
5
Canada Sou Rv Co
100
6
3
3
Jan
20
-1
4,100
Feb
Aug 24
12% July 26
37% Aug 26
40% Aug 26
70%
6
Calumet & Heel a Cons Cop. .5
2,900
5,400
Mar 30
2% Mar 30
50
7%
*93
*9%
76%
*%
*2%
preferred...
Callahan Zinc Lead
15%
16% Mar 30
No par
18%
17%
5%
12
30%
"2,200
26
Mar 29
14% Mar
l%Mar
4% Mar
0% Mar
5%May
& Zinc..
Packing
5%
1%
18%
16%
*37%
23%
30
*41
51
1%
7
*9%
37
*%
*3%
15%
35%
California
22%
*9%
%
200
23%
12
22%
13
38
*1
19%
24
24
23%
*9%
*19%
28
15% Mar 26
13% Mar 31
6% Mar 29
Byers Co (A M)
99
*4%
*87
100
000
20
Dec
3% Mar 31
5% conv preferred
Butte Copper
16
2234 Dec
3
10
18%
40
*35%
1,400
19% Jan 12
36% Aug 26
4% Jan 10
Mar 23
25
100
18
500
200
3%
May 31
July 28
July 12
10% Mar 29
27%May 27
5% Mar 26
5% Mar 31
75
Apr 18
100
Central VJoleta Sugar Co—.19
Century Ribbon Mills—No par
Preferred....
100
Cerro de Pasco Copper. No par
13
*5%
7%
5%
{Bush Term Bldg gu pf ctfs
Butler Bros
46% Apr
25
Aug
1% Mar 25
3% Mar 26
5% Mar 30
£10% Mar 31
30
5
No par
Participating preferred—100
Byron Jackson Co
No par
24%
66%
21
4%
107% 108
4%
*10
99
*86
99
44%
4%
1,100
Dec
28
.—100
Debentures
Oct
11
18
*—No par
{Bush Terminal
93
39
14% July 19
14
No par
..No par
Co
Bullard
Oct
48
2
5%Mar 31
12% Mar 30
Burlington Mills Corp
1
Burroughs Add Mach_.No par
300
12
*35
96
*65
13
*86
37
24
*4%
900
*7%
96
20%
4%
*107% 108%
1,200
*40
*22
*20l2
4%
*6%
*4%
18
*93
96
*94
Bulova Watch
4,500
21
3%
6%
*93
66
*10
7%
19%
*35
1,100
"16
*7%
9%
9%
44% *40
44%
*75
*75
*75
83%
83%
*16%
*16%
18%
*16%
18%
*3%
*3%
3%
3%
3%
90
91
89%
89%
86% 87
119
119% *114
116% 116% *114
49
49
49%
50%
49%
50
107
106% 101% *106
*106% 1C7
23
23
23%
23%
22% 22%
*7%
*40
3,000
8%
12
1%
19
preferred..
*48
*48
6%
8
7%
Budd Wheel
96
5
2
No par
100
No par
Budd (E G) Mfg
150
15
21
51
96
23
*7
*48.
1%
2,500
5
34%
20%
13%
18%
2%
8%
*13
21
18%
30
5%
4%
8%
3,400
6
Jan
15
No par
Bruns-Balke-Collender.Nfl par
Bucyrus-Erie Co
5
7% preferred
—100
~4j66
Apr
June
16% Mar 31
Brown Shoe Co
42
13%
18%
2%
*19%
6
5%
19%
19%
....
2,200
2%
*3%
12%
*36%
17%
*37%
17%
36
10%
11
11%
*93% 100
*33%
10%
33
*19
17%
200
41
19%
7%
"i".306
15
21
400
9%
10
*8%
300
27%
19
*13
300
9%
14
18%
2%
*7%
25,400
Highest
$ per share $ per share
share
per
9
Bearing Co.. 17
Co...No par
Briggs Manufacturing..No par
Briggs & Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr_ No par
$6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No par
Brooklyn Union Gas—No par
$
share
40
Bridgeport Brass
5,700
27%
21%
21%
*13%
11%
35%
36%
38%
1%
8
*6%
5%
3%
12%
37%
18%
1%
7%
19%
18
Bower Roller
10%
34%
36%
38%
1%
35
21
1%
7%
18%
400
25
*24
per
82
Borg-Warner Corp
5
Boston & Maine RR--—-100
5%
35
*3%
11%
36%
18%
1%
3%
100
43
5
23%
*93
10%
43
5%
35
7,000
10,400
10%
3%
12%
38%
18%
19%
9%
44%
49%
9%
15%
Borden Co (The).
16%
34%
1%
8%
10
29%
*28
21
3%
*16%
3%
88%
Labor
5%
43
5
15%
37%
*7%
Closed
5%
*13%
*40
Day
49%
*106% 110%
23% 23%
5%
44%
*35
90
*116
11%
90
0%
Exchange
11%
11%
6
Stock
36
96
19
19
*37%
16%
*33%
10%
37%
18%
*18
1%
10
27%
$
No par
No par
—1
15
Class B
Bond Stores Inc
16
*3
39
*1%
16
12
*35
50
1%
*37%
100
32%
40
*7
9%
27%
5%
33%
20%
14%
19
2%
10
*35
1%
11%
-
3%
51
3%
12
19
'
8
1%
*7
21
21
19%
11%
98
11%
*96
100
*96
200
*12
A
Bon Ami class
130
12
35%
3%
*24%
11%
,
46%
12
16
11%
36%
36
93%
40%
33%
*3%
25
*36%
93%
46%
12%
16%
35%
3%
25%
11%
36%
12
lll2
Par
Shares
95
46%
12
25
$ per share
Year 1937
Lowest
Highest
Lowest
Week
9
46%
46%
12
16%
34%
3%
13
16%
34%
3%
Sept.
95
46J2
34%
*3%
16%
? per share
93
95
46%
*11%
16%
33%
*3%
*1112
Thursday
Sept. 8
EXCHANGE
the
Friday
Wednesday
Sept. 7
6
Range for Previous
On Basis of
STOCK
NEW YORK
for
Saturday
Range Since Jan. 1
100-Share Lots
STOCKS
Sales
SHARE, NOT PER CENT
Sept. 10, 1938
28
Aug
31% Aug
12534 Apr
39% Jan
46% Jan
20% Jan
108
101
69%
114
80%
120
21%
4%
75%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May 11
Ex-dlv.
y
2
Jan
Jan
Jan
•» Aug 25
Ex-rights.
t
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
147
HIGH
SALE
PRICES—PER
SHARE,
CENT
NOT PER
Sales
STOCKS
NEW YORK
for
Saturday
Sept. 3
Monday
$ per share
$ per share
*7
Sept.
Tuesday
Sept.
5
*7
26%
*8
14
734
*54%
*82
1%
8*8
26*2
100
8
26%
11
1378
734
*7%
63
S3
.
7
*i 34
2534
Sept.
8
Sept.
$ per share
8
26%
11
*8
12
11
11
11
*10
13%
14
13*8
13%
*8
8
*734
68
*64
68
82
82
*82
8
8
8
*64
83
100
27%
5,400
100
7%
Conde Nast Pub Ino...No par
Congoleum-Nairn Inc.-No
Congress Cigar
No
par
7%
Consolidated Cigar.—No par
68
10
7%
*82
83
30
6J4i% prior pref
Oct
Oct
87
Mar
63
Oct
95
Mar
1
1
1
Oct
534
Jan
4%
Oct
I884
Jan
21% Dec
49%
8%
8%
8%
*8
8%
*8
8%
600
26%
27%
26%
99
26
99%
12,800
2,000
$2 partic pref
..No par
Consol Edison of N Y..No par
$5 preferred
No par
6
6%
1,900
12,100
9
f
878
8%
100
6
100
6%
8%
9
9%
*105»32 105% 105*32 105*32 1059si 105»jZ 1059JI 10593J
*3
3
*3
334
334
3%
3%
3%
*I05Jic 105%
834
8%
400
Consol Laundries Corp
5
Consol Oil Corp
No par
No par
U$5 preferred
4% Mar 29
Mar 26
4% Mar 26
17
*3%
334
4
3%
3%
3%
3%
-234
3%
3%
3
*15
17
*15
17
*13
16
*12
16
*12
87^2
*86
87%
*86
87%
*85
87
*85
15
1534
221
15%
22%
2
2
15l2
15l2
22
22%
2%
2%
96
1534
21%
*33%
*1%
29%
4%
10
34*4
1%
2934
1634
29%
*16
16%
37
1%
34*4
1%
48
48
4%
170
4%
38
36%
40
112%
34
1%
29%
16*2
16%
48
69*4
4*2
1%
*15%
4%
4
*834
9*4
36
35%
*30%
25
35%
25
*34
37%
*34
3634
37%
*30%
34
*30%
34
12%
12%
78
78%
35
1178
Stock
78*8
35%
*80*4
36%
*77
90
%
6
Exchange
%
6
*434
69%
*15
Labor
16
80
79%
79%
35*2
36%
87*2
%
7
4%
36%
90
*
52
7%
52%
52%
*51
5%
5%
22%
5
Day
2134
*81
7
434
5%
22%
19%
*24%
19%
25
*1234
1934
*14%
Q
9%
20%
7
*1%
*100
*10834
1834
*2434
13
*1234
19*2
Q
*6
,
*2
6
7
19%
24%
1284
20%
6
500
7*4
rj.1%
2%
2*8
*6
10
*6
10
34
34
34
2734
2734
*27%
40
*39
13%
6%
*1%
1%
33*2
*27%
*39%
9%
700
25,000
*1%
288j
*27%
28%
40
40
16
16»s
*32%
*27%
*39%
*8%
15%
78%
12%
*77%
*11%
79%
*77
40
6%
1%
3
33%
28%
40
9%
1534
78%
*91i
9%
16%
*77%
16%
78%
11%
32%
9*2
16%
9%
1634
*77%
*11%
78*8
12%
78%
*11%
12%
31%
32
32
*31%
12%
31%
*11%
31%
*31
32%
23
23
*21%
24
21
22
22
22
*21%
22
33
33%
3384
33%
34*2
34
34%
*4%
5
*18
*434
47%
131
46*4
*125
5*4
47%
133
19
*18%
19
*9%
10%
*10
10%
3%
3%
*10
11
*110
115
*3*2
*9*2
*110
133
13378 134%
*134
137
*116% 118
*115% 11578
6
0
*173% 175%
*158% 168
22%
11
115
134%
140
*4%
22
4
334
5*4
46%
47%
133
18%
10*2
*3*2
132
*136
22
19
*16
10%
10%
*9%
115
4
10*8
30%
31
31
30
30
30
2934
2934
29%
2934
*1%
*2334
134
24%
*24*4
*4378
46%
*43
10%
35%
46*8
*43%
46%
5*8
109*4 109% *108
5
5
5%
68
♦63*2
*5
6%
♦234
*66
72
2
2
2%
3
2*2
5*8
4%
2%
3
*2%
*4%
3
3
*67
■
69
*64
70
72
15%
1534
15%
1534
234
*3%
13%
*15%
15%i
15
234
4
14%
15%
*10
"
*75
81
*75
*85
93
*85
81
*75
81
*85
92
'*85
93
*85
93
"5"
5%
"5%
5
5%
5
*3*2
3%
3%
3%
*314
334
1%
*1%
1%
*1%
1%
*1%
1%
4%
*3%
1%
5
3%
23%
23%
23%
23%
88%
*84%
22%
22%
88%
33
*15
*
33
20*8
*22*8
*8334
24
88*8
23%
*84
33
33
33%
33%
*16
25
*19%
22%
Bid and asked prices; no sales on this day.
34%
*19
20%
39%
Deo
109%
2
Oct
July 19
5
8%
8
54%
Jan 20
18%
Jan
24
Feb
96% Oct
19% Nov
20% Nov
109
Jan
27
Nov
3184 Mar
8
Oct
29
13
Oct
5838 Mar
5
Oct
'
2% Jan 10
184
88%
Oct
Dec
24% Mar
10% Feb
146% Jan
5
Oct
22
May
12% Oct
29% Dec
18% Oct
30
May
108
Jan 12
Jan
15
Oct
25
Feb
Oct
Oct
41%
4634
Feb
6,200
Dome Mines Ltd new..No par
27% July
5
500
Dominion Stores Ltd.-No par
4%June
2
34% Aug 16
8% Jan 20
54% July 25
140% July 7
24% July 19
5
Dec
20%
Oct
5,900
700
100
"MOO
Ltd.No par
Distil Corp-Seagr's
No par
Douglas Aircraft
Dow Chemical Co
..No par
Dres8er(SR)Mfgconv A No par
Class B
No par
Dunhill International..
1
No par
Duplan Silk
8%
5,400
50
500
900
70
4,000
800
600
5,800
600
1,000
""600
100
100
preferred
Du P de Nem (E I)
& Co..20
6% non-voting deb
900
300
1,700
""460
1,700
300
100
"700
a Def. delivery,
Mar 30
Mar 18
31
Mar 30
87% Jan 27
15
Mar 26
6% Mar 25
134May
6
8% Mar 28
102
Apr 23
90% Mar 31
13034 Mar 31
1
3
3% Mar 31
121% Mar 31
11134 Jan
6% cum preferred..
Eaton Manufacturing Co
100
4
Eitlngon Schild
No par
Electric Auto-Lite (The)
5
157
Jan
5
10% Mar 30
2
Mar 23
13% Mar 30
Mar 30
Electric Boat
6
Elec & Mus Ind Am
2%May 27
6% Mar 29
3
shares
Electric Power & Light.No par
$7 preferred
No par
$6 preferred
—No par
Elec Storage Battery..No par
Elk Horn Coal Corp newNo par
El Paso Natural Gas
3
Endicott-Johnson Corp
50
5% preferred
Engineers Public
100
Service..—1
No par
w_.No par
$5 conv preferred
preferred
No par
Bldg_.No par
3
Ex-Cell-O Corp
Exchange Buffet Corp.No par
Fairbanks Co 8% pref....100
Co.No par
Fairbanks Morse &
Fajardo Rug Co of Pr Rico..20
Federal Light & Traction... 15
100
preferred
Federal Mln &
23%
5
11
109% Apr
$6
1,400
Mar 30
preferred.....-No par
$4.50
$8
13,400
2% Sept 7
4% June 11
25
Duquesne Light 6% 1st pf.100
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
$5V$ preferred w
25
I In receivership,
Oct
Oct
10%
89
34
Oct
6
12%
27
500
34
Feb
27
Jan 12
600
*15
Jan
62
Jan 12
200
34%
20%
86
Nov
18% Nov
24
July 29
1%
*85
Jan
8-% Mar
2334 Mar
Oct
Dec
17
334
89
Feb
8
15% Jan 11
23% Aug
Mar3i
5
Preferred
1%
*8 3'4
Oct
24
1%
6%
37
*3%
5
4
34
*95
*95
*95
Mar
1
93
*75
43
2
81
81
Dec
8% Feb 25
Mar 30
31% Jan
300
12
*75
Jan
12
25
7% Mar 29
6% partlcp referred
25
Diamond T Motor Car Co.._2
434
*10
*10%
1334May 27
3
{Erie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
Eureka Vacuum Cleaner
5
Evans Products Co
.....5
111*
11%
127
15% Aug 17
11% July 29
108-% Aug 5
25% Feb 25
1934 Mar 29
2034 J an
Match
Equitable Office
15%!
Jan
Dec
884 July 20
3
Mar 31
Jan
Oct
70
Jan
48
Aug 20
2834 July 25
4
..No par
Diamond
500
29%
11%
*11
Mar 31
78 Aug 23
Jan
234
17%
14%
3
6
4% Mar 29
13% Mar 29
9
Mar
3
Oct
Mar 30
100
A..No par
preferred
Devoe & Raynolds
400
29%
11%
100
Delaware & Hudson
135
3
12
40
30%
*11
10
Dlesel-Wemmer-Gllbert
Oct
Dec
Nov
%
l.%Sept
2834June
5,900
*29
30*2
7
Feb
July 14
Jan
10884 Apr
8134 Mar
Doehler Die Casting Co No par
100
5
59%
68
*1%
*28%
80
Oct
70
100
110
6%
3634
30
20
Preferred
8%
21
2434 Aug
76% Sept
13% Mar 31
6%June
34
21% July 18
8% Aug 11
56
Aug 10
8
102% Jan
Feb
Jan 17
Jan 7
87
3% Mar 30
12% Mar 30
48% Jan 11
.18
July 19
100%
400
2,500
46%
1%
29
Dayton Pow & Lt 4^% pf.100
Deere & Co new.......No par
June
4
Jan
28% Nov
65%June17
""466
1%
2434
634l
30%
*95
4
30
37%
*29
Conv 5%
35
Jan
2884
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
300
1,400
2934
Jan
Dec
6%
4% Jan 24
734 July 6
39% Feb 28
29% Aug 3
40% Aug 5
10% July 29
17% Aug 3
78% Sept 7
34%
*1%
3734
5
preferred
25
Davison Chemical Co (The). 1
Davega Stores Corp
6%
64,500
2,300
634
37%
37
pref..100
$8 preferred
No par
Cutler-Hammer Inc newNo par
Mar 29
58%May 31
12
May 25
435 Mar 31
Det & Mackinac Ry Co...100
32%
8%
2%
10%
1%
37
....
234
21%
4
6*2
35%
Cushman's Sons 7%
234
13%
37
1
2
*4%
*
1
Class A
73
434;
234
No par
.....
Curtlss-Wright
2
*2%
*3%
(The) ..No par
*68
2%
3%
14
*95
2%
2%
3*8
13
*1*2
6%
*2
434
5
4
134
75
*68
2*8
2%
13%
6%
*108
4%
12%
*1%
6%
*1%
24%
*43%
59%
*64%
*3%
7%
*29
5
4%
*6%
30
60
12%
15%
1%
*1*9
934
34
*57
*334
3%
110
31%
8%
*2%
6C
*12%
15%
37
1%
*42*2
*63
.
31%
29%
45%
109%
69
3
10%
3534
10%
35%
25
*63
2%
234
8%
*1%
*24%
*57
72
33%
*2%
1%
24%
60
2%
31%
8%
*1%
24%
*57
*2%
*3%
1%
24%
60
*64
20%
4
29%
834
2%
*158% 162
22%
31%
30
32%
Preferred
50
7
94%
1 %
13%
6%
5% Mar 31
50
""270
200
21%
*378
100
Preferred
9
44-% Jan 11
19% Mar 31
Apr 8
38Juue 30
3
a8Sept
10% July
70
4
*9%
10%
1 *110
115
161% *158% 162
22%
No par
Cuba RR 6% pref erred.. .100
Cuban-American Sugar
10
(The)
76
118
35
5
100
Preferred
Cuba Co
tDenv & R G West 6% pf.100
Detroit Edison..
100
118% *117
10%
*52
4
115% 115% *115% 115%
6%
*534
5%
6%
534
176
*173
174%
173% 174
35
*108
Crucible Steel of America.. 100
58
Delaware Lack & Western. .50
10
115%
35
5%
No par
preferred
conv
5
1,800
100
If 34
36%
30%
109
No par
Corp
""200
136
8%
5%
4
500
6,800
133%
*2%
10%
109
300
136
234
*1%
7,100
131
87s
10%
100
137
3034
36
500
134
118% *117
30*2
8*2
2%
300
133
*S34
*2%
2%
10
*136
138
334
30%
19
*9%
4
34%
5%
45%
130
130
*9%
2978
29%
45
4634
133
*17
*110
13434
21 %
3
10%
115
33%
5%
5
5
4
4
*9%
110
9%
46*8
,133
18%
*10
118
118% *117
*115*2 115% *115*2
6
6
6*4
174
174
175*2
160% 160% 161%
22%
4
*136
4%
93i
16%
133
5,000
10
*6
10
33%
28%
14
20
*39*2
*9%
16%
47%
10
4%
22
100
100
5
*6
34
131
40
51%
19%
102
*1%
10
34
3284
$5
Zellerbach
5
'
634
634
*1%
*100
*6
11%
*31%
100
300
34
*39
7
4%
69%
14
Aug
57% Dec
300
20%
37
21
82
6
13%
20%
115
Nov
Oct
Mar 29
6
24%
Dec
3
Feb
Jan
7
*19%
88%
77
Apr
"moo
1834
2434
22% Nov
71% Jan
171% Jan
10% Mar
50% Feb
56%
3,500
*14%
15%
8%
8%
10S34 10S34
18%
18%
2434
2434
Oct
Apr
50%
153
47%
25%
24
10
35% Mar
Dec
23%
15%
9% Oct
4634 Nov
30% Dec
24%
*14%
49
Oct
Jan
Jan
Feb
July
34% July 25
1478 July 19
53
*8%
*10834
8
24
Oct
37
80
9*2
38% Sept
%
Dee
29
Apr 13
25% Apr 1
7% Mar 29
*42%
15%
Jan 12
Oct
$2.25conv pref ww_.No par
Pref ex-warrants
*76
*9
2584
4234
3%
23
Crown
53
*15
*10834
1834
19%
24%
*2434
13
1284
20
19%
...
69%
108%
Oct
5%
Jan
Jan
Feb
Jan
3,800
76%
*6
37% Dec
106% Dec
June 30
Oct
39% Jan 17
22%
24%
Oct
Oct
22% Mar 30
76%
24%
1
7%
No par
35%
21%
373s Ap
Crown Cork & Seal
22%
*42
92% Aug
Oct
4,000
80%
%
434
5
Oct
1034
5% Mar 31
410
51
53
Oct
Dec
No par
Curtis Pub Co
52%
5%
22%
16
No par
900
4%
Oct
3
Cream of Wheat ctfs
7
22
Oct
%
65
11484 Aug 26
2
Dec
2%
Jan
Crosley Radio Corp
80%
7%
21% Apr
100
Jan
Feb
17% Apr
105% Jan
10% Jan
1% Feb
13% Apr
5234 Apr
July 25
5% July 25
Jan 31
Oct
July 16
70% Aug 17
Sept 6
Mar 31
7
13%
Oct
3784
5%
109«4
July 27
170
234 Mar 26
19
85
108
Nov
3%
700
7
7
*6%
7
*1%
1%
*1%
101*2 101i2 *100%
7%
1%
102
*2
15%
1
25
preferred
7*9
434
Apr
Apr 12
92
300
35
6%
434
Apr
100
Co
conv
7%
52*4
53
15%
5%
56
162
July 19
3534 July 25
19% July 25
Mar 26
*53
Coty Inc
Crane
10
40
25
Cudahy Packing
6%
21% Mar 30
100
Preferred
900
78
9%
*10834
5
434
Jan
7984
112%June 28
11% July 26
36
July 25
134 Jan 15
%May 26
Continental Oil of Del
1534
*40*2
24%
"
%
900
1
Corn Products Refining
49
Jan
21% Mar 30
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
15%
*76
7
500
15%
53
*6
6,200
17%
26%
234
103%
June 17
6
Jan 12
89% July
36% Mar 30
107
$2.50
Motors
69%
80
7
Continental
15%
7%
*51%
4%
*40
*6
3,800
*62%
*76
15
Continental Insurance
1534
54
2319
3634
86
.20
1,000
2,100
*%
Continental Can Inc
1,000
100
80
100
$4.50 preferred
No par
Continental Diamond Fibre-
100
14,700
80%
...No par
preferred
63*2
80
23%
934
34%
1%
29%
17%
3,400
Class B
8%
1534
*40
24%
...
400
*6212
*6*8
4%
*76
24%
2
4%
79%
35*2
*80%
Apr 18
21%
36% 3734
111% 111%
26%
26%
8%
8%
*3434 36
*34
37%
*30%
34
12%
12%
12%
78
22
Mar 31
8% Mar 26
1% Mar 29
65% Mar 31
2,400
34
10
Continental Bak cl A..No par
70%
*30%
12%
2% Mar
80%
%
*5%
4%
*62%
**2
6919
1534
7%
7*4
22
12%
*6*8
434
*62%
15%
7%
4%
69%
12
%
Closed
34
12%
Consol Coal Co (Del) v t C..25
7,300
2,600
48%
4
% Aug
934May 27
70
4%
4
Q
113
9834 Mar
2% Mar
Container Corp of America_20
94%
3934
June 30
6% July 21
1034 July 13
24 1059iiSept
31
7% Jan
% Jan
18
5% Jan 12
19
2,100
*170
38%
36% 38
37%
112% 112% *111% 11234
25% 25%
25*2 25%
9%
834
884
*8%
36%
3534 37
35%
*34
*34
37%
37*2
113
113*4 H3%
*25
25%
100
Mar 30
7
15
69%
70%
30% July 25
88% Apr 16
2% Mar 30
Consol RR of Cuba 6% pf.100
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
48
49
6934
*170
...
4*s
17
17
*48%
70
*170
37%
20%
2%
97
94%
*95%
40
40%
40%
39%
120
*11134
112% *112
9%
9%
9%
9*2
35
34%
34%
34%
1%
1%
1%
1%
2934
28%
30
29*4
48
70%
170
1434
15%
2234
96
9%
48
70
69%
21%
96
*9
1*4
30
16*2
9
96
40*4
40*2
*110% 112%
34%
48
69%
*169%
22%
9
*94
96
41 *2
41%
*110% 112l2
*9%
10
'
700
87
1534
900
16
*86
.
8% Aug
Mar 31
t Consolidated Textile.-No par
*312
July
65
8%
6
9
26
Jan 15
8%
100
Jan
Oct
Dec
68
Consol Film Industries
534
22
8
86% Aug 17
1% Jan 11
200
100
5% Dec
Jan
1%
6%
Jan
7%
19% Jan 17
10% July 21
Mar 29
Apr
*1%
6
19%
8% July 13
14% July
434 Mar 30
71
1%
99% 100
share
55
*1%
6%
per
19% Feb
45% Mar
Oct
Dec
100
Ho
100
4%
20
w w
preferred
*1%
6%
Highest
per share $
18%
1%
25%
$
share
—.100
*60
2634
Mar 29
300
per
9% Aug
28
July 21
Mar 29
6
83
26%
3% Apr
11
Lowest
Highest
$
share
15
par
*1%
27
per
Conn Ry & Ltg 4M% pref.100
Consol Aircraft Corp
1
20
1%
27
$
3,000
64%
64%
*82
of 100-Share Lots
Lowest
Par
13%
11
13%
On Basis
Week
Shares
8
8
11
14%
Range for Previous
Year 1937
Range Since Jan. 1
STOCK
EXCHANGE
7%
*7
734
27%
784
27%
9
$ per share
$ per share
27%
the
Friday
Thursday
13%
*11
1312
14
Sept.
25%
12
*8
*11
6
$ per share
8
26's
Wednesday
1601
Smelting Co 100
100
Truck..No par
Works..No par
A.No par
Federated Dept Stores.No par
Fed Dept stores 4H % pf.-lOO
Fidel Phen Fire Ins N Y..2.50
Fllene's (Wm> Son" Co. No par
Federal Motor
Federal Screw
Federal Water Serv
n
New stock,
r
Cash sale.
30
76%
Oct
Feb
36%
40%
Feb
Feb
Dec
23
10
Oct
29
Mar
60%
Oct
96
Mar
534
A pr
Jan
12% Mar
77% Jan
14334 July
79% Nov
Dec
55
Jan
July 19
8%
Dec
39%
Jan
8
July 18
Jan 27
1%
Oct
8%
Jan
10
Oct
17%
Jan
100
Nov
122
Jan
13534 Aug 26
98
Nov
Marl6
130
Oct
180%
135%
Feb
10712
109%
Oct
Oct
Oct
14
4% Aug
11
115
137
118% Sept
6
1
Jan 12
181
July 25
171
Apr 20
233s Aug 25
5-% July 25
3338 Sept 8
10% Jan 17
116% Mar
7%
4
Jan 11
21
2%
112
Jah
Nov
115t2
Jan
17
Mar
144
Nov
198
Aug
150
Apr
164
Nov
15%
Dec
37%
234
14%
334
3%
6%
Dec
16
Dec
45%
Feb
16
Feb
Oct
Oct
Oct
Feb
Mar
7%
Feb
Jan
22% Mar 31
45% July
1334 July 20
2
27
Oct
20%
92%
18
Mar 31
41 a4 July
2
24
Oct
87
Jan
2134Mar 31
31% Mar
7
July 20
22
Oct
44%
Jan
14%
Oct
29
Jan
60
Feb
%Mar 26
2
17
Feb
3
26
July
7
33
Apr
6
4484 Aug
1
33
Nov
Nov
115%
1734
Jan
5
109% Sept
2% Mar 29
38% Mar 31
7
1
100
59% Sept
41
Oct
78%
Jan
45
Nov
81
Feb
51
Nov
86%
934
94% Apr
7
July
40
Mar 31
64
9
Aug 26
46
Mar 29
68
Aug 26
1% Mar 29
134June 21
234 Mar 30
2
June
4
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
3% Mar 30
19%May 27
22%May 31
6% Mar 30
67
April
52% Apr 5
96% Feb 2
2% Mar 30
l%Mar 30
1% Mar 31
12% Mar 30
67% Jan 4
22% Mar 30
15
June
* Ex-div.
1
2% Jan 11
6% Jan 3
884 Jan 6
6% Jan 6
5% Jan 13
15% Sept 8
16% July 27
2% July 19
11% Jan 12
Aug 8
34% Feb 19
14% July 20
82
July 1
92
July 6
99%May 17
5% Aug 10
4% July 25
2% July 1
26
July 21
90
July 27
3534 July 25
*21% July 14
39
y Ex-rlghts.
3
Oct
Feb
Jan
23% Mar
35% Mar
28% Mar
1% Dec
4% Oct
8% Oct
5
Oct
3
Oct
6%
Dec
Oct
Jan
Jan
14% Jan
34% Mar
034
Jan
1%
7l2
Oct
28
Jan
23%
Oct
71%
Jan
26
Oct
70
Jan
7%
Oct
29%
7234
Dec
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
^
*
Jan
2
Oct
11%
Feb
2%
Oct
11%
Feb
1%
1434
Oct
6
Jan
*05
22%
20
D«c
4384 Mar
Oct
108% Mar
Oct
45%
Jan
Dec
3934
Feb
f Called for redemption.
New York Stock Record—Continued—Page 5
1602
AND
LOW
Saturday
Sept.
S ver share
5
$ per share
•90 %
93%
3212
32%
23%
24l2
*1918
*1*8
31*4
2
*101
*101
40
*2912
*31
25
25
*24%
19
19
2
2%
*2%
4%
*4%
*1338
*13%
15
1334
*93%
94
15
14%
21
40
32
2%
2%
2%
4%
14%
4%
4%
31
31%
14%
*13%
*13»4
94
*13%
*1384
/93%
2%
4%
14%
14%
*93%
94
63.1
6%
15%
*49
*15%
15%
*15%
15%
*15%
54
*49
54
*49
100
*98
49%
50
49
10%
10%
934
*130
4%
*4%
*98
*130
4%
11%
12
24
68
*23%
26
42%
35%
*113% 114%
84
%
*35
36
*35
68»4
*123% 125
48%
38
*10%
*105%
*1%
Stock
8
*734
-
-
-
22%
*85
94%
*105%
1%
1
...
35
17%
18%
9%
18%
9%
*55%
...
' jV
60%
2%
2%
2%
90
24
9
*58
24
22%
48
90
23%
1%
1%
684
15»4
1%
6%
2534
*23%
25
25
*23%
*12%
20%
24
21
28
1%
11%
1584
2584
12%
20%
*27%
27%
13
-
«
*140
*37%
50
*23
24
49
12%
2034
27%
-
*40
"%
*16%
*4%
"1734
9%
*57%
9%
58%
13%
14%
58%
22%
58%
2334
284
-
-
16%
9
2,500
3,300
14%
14%
23
13%
*5834
21%
22%
48
*44
48
1%
1%
25,800
6%
6%
3,100
*1%
134
*1%
134
*1%
134
200
10%
10%
15%
*10%
10%
10%
300
16%
11%
16%
15%
15%
500
26
26
25%
23%
25%
23%
12%
20%
1,700
15%
25%
26
24
140
21
28
28
*140
12%
21%
49
*40
*93%
7»4
99
73
*97% 103%
*14984 160
171;
17%
63
*61%
13384 1338<
*55
60
*6%
-
*99
*18
*17%
19%
49%
*113% 118
12
12
16
16
*104% 105
-
*37%
23%
-
-
48
19%
48
*113% 118
'
------
200
23%
4%
*16%
19U
19%
*16
28%
*27%
28%
34
*33
34
5%
*60
4%
*99
*18
48%
17%
97%
*91
92
130
30
*29%
30
800
140
*5%
*99
5%
75
140
5%
48»4
*113% 118
12
*15%
15%
*104% 105
*104% 105
64% 65
6484 65U
*31% 32% *31% 33%
105
105
*99
19%
------
300
5%
75
*60
*16
19%
4784 49%
117% 117% *113% 118
*11
12
*11
12%
16
15%
15%
*15%
*104% 105
*104% 105
*17
19%
49%
16
50
■
------
1,200
,------
5,700
------
1,500
500
50
200
------
5,800
500
16
65%
*98%
7%
65%
99%
*65
66
*98%
734
99%
784
44%
1534
65%
*98%
7%
44%
1%
*184
1%
*134
1%
*134
1%
100
8
*6
8
*6
8
*6
8
100
1%
12%
*18
19
*35%
*584
40
6%
29%
29l«
29%
884
1%
11%
18%
*35%
*534
884
8%
1%
11%
1%
11%
.17
General Tire & Rubber Co..5
Gillette Safety Razor..No par
*31%
16%
?6 preferred
No par
30*18
9%
1%
2934
8%
12%
11%
1%
(W T)
10
.20
Great Northern pref
100
Green Bay & West RR
Co lnc
100
1
:
Greene Cananea
28%
8%
1%
12
19
19
19
19
36
36
*36
39
6
6
6%
11%
36%
*584
t In receivership.
a
Apr
1
1518 Mar 31
6934June 17
25g Mar 30
1
Mar 31
8
Mar 30
10%May 26
19
Apr 5
20
Jan
3
9% Mai 30
123s Mar 31
23t2 Apr 8
122
Apr 12
35
July 6
138s Mar 30
34% Mar 29
784 Mar 31
7% Feb 4
78 Mar 31
Oct
90'4 Mar
1918
Dec
51%
Oct
68is
Jan
Oct
678
8%
Feb
Jan 11
51% Jan 19
33s July 18
378 Jan 11
Jan 17
80
2534
6U8
30l4
9934
55s
9
July 18
Aug 24
Aug
Aug
6
65
July 19
June 29
2
Jan 12
6
2i4 July 19
135s Jan 11
I8I4 Jan 10
30
July 18
24
Aug 30
7% Aug
15t2 Jan 12
26I4 Jan 12
32
140
Jan 14
Sept
7
Jan 22
40
253s July 19
50
June 30
120
conv
conv
Jan 12
Mar
98
Jan 10
118
Household Fin
com
5% preferred
stk.No par
100
v t
C..25
5
Hudson & Manhattan
48*8 Apr
17% Mar 31
6
Mar 30
46% Jan
4
83% Jan 26
5
Mar 31
23t2Mar30
1
May
3
Mar 29
5,600
3,500
Hudson Motor Car
3,800
Hupp Motor Car Corp
h84
4,200
Illinois
No par
20% Mar 30
5
Mar 30
1
%Junc 15
6% Mar 30
100
12
Leased lines 4%
100
RR Sec ctfs series A...1000
23
New stock,
7
100
Central
6% preferred series A
n
1
100
5%
1%
Def. delivery,
July 29
Sept
Homestake Mining
12 50
Houdaille Hershey cl A.No par
Class B
No par
110
98
50
29%
884
6%
6
jc7»4 Jan 19
71% Aug 12
3% Aug 25
20
Mar 16
r
Cash sale.
*
Apr
6
Mar 30
3*8 Apr
Ex-dlv.
g
2
15
Jan
Us
Oct
5*8
2734
48%
Feb
10
Oct
13
Dec
Jan
Feb
22
Dec
47*8
1934
Dec
10
Oct
2218
28i2
56*4
42U
145t2
May
98
Mar
20% Dec
23% Oct
129
Dec
50% Sept
15%
Oct
Nov
60
Jan
Dec
Mar
Jan
Mar
64% Mar
39i2 Mar
Aug 10
2
8
Aug 31
13*4 July 19
25t4 Jan 12
108 May 27
66
Aug 15
32
Aug 23
173b Sept «
66*4 Aug 25
100 June 28
934 July 20
53*8 Jan 13
3% July 14
9*8 July 14
31% Aug 25
10
Jan 13
178 Jan 10
July 25
241s July 25
387b Aug 8
8
July 25
14
Ex-rights,
484
Feb
Jan
Oct
12
3%
12
59
Oct
17% Mar
59i2 Mar
34*4 Feb
Oct
2312 Dec
26i2 Apr
36
Jan
Jan
20*8
Feb
31
Fob
Nov
108
Feb
Oct
105
92
Jan 31
102
Jan
Oct
95
17
'...100
Jan
Feb
3
Jan 18
16i2Mar 25
No par
434
Mar
Oct
98
July 21
34*8 July 25
130
Aug 8
100
99
7% preferred
13i2
13s
Oct
Dec
Mar 19
534 Mar 26
1
96
424
1734
Mar 28
Holly Sugar Corp
40
Mar 11
June
10% July 20
2U4 Jan 15
80
II %June
141.
Oct
55
Oct
40
5
16i8 Oct
72% Dec
3% Dec
78
No par
No par
8734 Mar
478s Mar
134 Jan 10
preferred. _.No par
preferred
Dec
Ills Mar
152i2 Feb 17
19l2 Aug 6
65% July 20
134l2 Aug 25
58*4 Aug 11
4284 Mar 31
12634 Jan 19
Feb
46
1678
8
Jan
Mar 26
Feb
50i2 Mar
Oct
8*4 July 25
95
July 23
10
100
1
115
Dec
Dec
5t2Mar 25
81
May 5
140
Hollander & Sons (A)
300
Apr
7634June
100
Hinde & Dauche Paper Co. 10
Holland Furnace
No par
5%
Mar 29
7
4%June 3
50% Mar 31
l%June 14
No par
6% cum preferred
Hershey Chocolate
54
15
Oct
1234
7*8
35
Mar 31
2
*83f2 Dec
Jan
7%
28
88*4 June 30
June 23
6% preferred
100
Hat Corp of Araer class A..1
400
36%
__
1%
Feb
177b Aug 24
1178 Aug 10
1
Apr
Jan
43
2714
Aor 28
Mar 25
83
preferred
100
Hudson Bay Mln <fe Sm Ltd 100
20
*18
Mar 30
134 Mar 26
Hanna (M A) Co S5 pf.No par
Harbison-Walk Refrac. No par
Howe Sound Co....
1%
37t2June 18
12
Hercules Powder new..No par
Feb
Dec
No par
25
Jan
33>4
4378
6%
49i2
5
Motors
88
207b
30
Preferred
Jan
Jan
Feb
88% Feb
29*8 Mar
24
Hercules
Oct
Jan
Oct
10
..1
18
487S
70%
Oct
25
Heeker Prod Corp
Helme (G W)_...
Oct
Oct
26
6H% preferred w W....100
Hayes Body Corp
2
Hazel-Atlas Glass Co
25
Oct
Jan
Jan
Feb
8
Mar 29
100
Nov
1
14
5%
65>8
117i2
534
8
8
preferred
85
110
56
100
6%
Oct
Feb 26
6t2July 7
22
July 25
7% preferred class A
Printing
Dec
li2 Dec
17
Jan
Feb
Mar
195s Aug 24
lli8 Feb 26
28
Hall
*99
19
Aug
Mar 29
Mar 25
Hackensack Water..
1514
24
9
6%Junc 13
Mar 28
preferred
Oct
Oct
Nov
3
6%
3i2
8%
95
12
preferred
60i2
Nov
100
8%
1,600
18%
6%
No par
Oct
95
2i»Mar31
No par
No par
preferred..
44
9
3
23s July 7
26% Jan 15
95
July 21
2% July 25
245s July 26
375s July 20
28*4 Jan 10
163s July 20
Feb
Feb
2112
8
52% Mar 30
34Mar 29
Co_._.._l
Houston Oil of Texas
30
Feb
106
Feb
70t2
122*8
June
1
pref series
Granite City Steel..
3.200
45
9% July 23
12>8 July 22
124
Oct
100
June
5
Motors
conv
Green (H L)
May
285$ Dec
111
1
13
100
Grand Union (The)
5%
117
5018 Aug 26
12334 Aug 27
45
July 22
Jan
14«sMay 23
98
37
Granby-Consol MS&P
Grant
Jan
84
Oct
Oct
50
I
Preferred
53
64%
65%
15*4 July 19
67
July 20
Gotham Silk Hose.
Graham-Paige
Jan
Oct
Mar 29
preferred...No par
conv
334
Nov
48
Dec
June 18
$5
Oct
33
5
5% preferred
Goodyear Tire & Rubb.No par
Jan
16
32
99%
7%
43%
Mar
13l2
9i2
Mar 31
63%
45
65
6
10
300
7%
43%
Feb
9
3
61
No par
No par
21,600
*98%
Feb
14
32l2
Jan
Goodrich Co (B F)
200
99%
7%
153
Oct
Oct
Oct
20
Mar 31
8t2Mar 23
2i2May 27
6012 Apr 26
31%
16%
65
Oct
2%
6%
14U
2
Mar 29
1
31%
15%
*7%
Mar 25
Gold & Stock Telegraph ColOO
32%
98%
Oct
117
Oct
Nov
Aug
51
No par
3,800
65
I
No par
Glidden Co. (The)
64%
65%
99%
784
5
15i2 Mar
105t4 Jan
96% Feb
19i2 Jan
5i2
91
3112 Nov
69*4 Sept
125
Aug
37
No par
Glmbel Brothers
63
17%
101% Apr
36*4 July 20
114% Aug 26
1*8 Jan 11
No par
$5 conv preferred
65
*62
•Bid and asked prices; no sales on this day.
64%
40
6%
Eq Corp. No par
Gen Time Instru Corp .No par
6% preferred
100
------
I684
29%
*884
Gen Theatre
10
500
16%
*6
56 preferred
.......
31
44%
*1S4
6% preferred
-------
31
1%
6%
29%
9%
1%
12%
No par
Gen Realty & Utilities
20
91
*60
105
12
47
634 Mar 29
Railway Signal—No par
Hamilton Watch Co
65
1%
6%
Gen
10
*121
5%
16
100
500
8%
*29
75
Mar 31
1
No par
$6 preferred
Gen Public Service
------
91
*121
4
45% Jan 10
Gulf Mobile & Northern... 100
18
140
Jan
4
20
*4
30%
118
3
No par
Common
General Printing Ink
21%
*16%
96%
Mar 25
503s Jan
21t2 Mar 30
*16%
16%
4%
17%
96%
25
31
30
28
30
Gen Outdoor Adv A ...No par
21
24,100
*4
*95
27t4 Mar
227s Mar
108*4June
5s Mar
25t2Mar 31
Guantanamo Sugar.
*16%
6i2Mar 31
Apr 12
2t2Mar31
534 Mar 31
115
11178 Apr25
1,300
17%
Mar 29
10
preferred
1
93
Mar 29
29
No par
55
1
------
65
47
100
6% preferred
General Motors Corp
3,900
12%
784
No par
General Mills.
11%
1%
*11%
16%
No par
$6 conv pref series A.No par
Great Western Sugar..No par
Preferred
100
20
50
---
105
.No par
preferred
?4.50
Gen Gas & Elec A
11%
*%
96%
June 15
4% Mar 31
Jan
16%
93
48
82
1534 July 19
51
Aug 27
8t2 July 27
100
July 12
51l8 July 25
1U8 July 27
135
July 28
55s July 25
1314 July 19
263s July 20
Feb
11%
*95
13t2June 25
Jan
44>4
16%
*16%
Feb
647b
Gt Nor Iron Ore Prop..No par
16%
8%
*16%
Jan
19%
33
152
11%
884
106%
Oct
Oct
Oct
17%
*8%
Nov
4
Dec
11%
*4
10%
88
July 20
Aug 2
778 July 25
7% Mar
15% July
z39% June
34
16%
16%
18
94
4*8 Mar 29
1% Oct
3
Dec
11% Dec
28*8 Nov
11%
1
9% Mar 29
MarlO
85
7
*99
Copper... 100
Greyhound Corp (The) .No par
5V£% preferred
10
%
July
Aug 11
General Foods
300
48
*40
18
121
—No par
.No par
Electric
1,100
7,300
-
3
3
3
3
284
2%
2%
2%
96
96%
*93% 97
*93%
*93%
*95% 97
8%
7%
8%
734
784
7%
784
7%
*97
102%
*97% 103% *100
100%
103% *97
*150
160
*14934 160
*148% 160
*148% 160
17
17
17
18
1784
17% 17%
17%
60
*59
58%
61% 61% *59
62%
61%
*133%
133% 133% *133% 134% 133% 133%
53
*55
59
53
56%
54% 54% *53
*(9% 105
49
584
75
23%
*140
Jan
207s Mar 31
IO8I4 Apr 1
100
7% preferred...
General
100
28
Jan
Jan
32%
126*8 Mar
52% Jan
16
30
30% 3C%
*121
*120% 140
*60
-
48
*33
3
-
24
8%
75
-
12%
1934
*27%
47
28
3
-
*37%
23%
33%
*60
12%
*12%
20%
28
140
*12%
2C%
*27%
884
30% 301;
*120% 140
534
58,
24
*23%
Jan
83
Oct
------
1%
28
93
60
6%
33%
17%
96%
600
4%
4%
Feb
18%
Dec
300
1%
28
*91
32,000
6%
34
*95
28%
1%
*33
93
500
7
*27%
17%
961;
21,800
54%
135
22
Goebel Brewing Co
56%
*56
60
*56
34
*95
4%
4%
28
*91
93
94
*27%
*17
93
57
29%
♦33
*16
24
94
*16%
*27%
884
2284
*55%
2734
57
*4%
*16%
8%
25
Oct
66
4M% conv preferred
Gobel (Adolf)
......
Oct
Dec
2%
Jan 24
800
90
28%
19
8%
*78
11%
66
Feb 23
200
2%
284
*2%
*2%
90
24%
*16
*734
234
2,900
------
Sept
72
400
60
1%
*23%
4%
2%
*2%
x2h
*78
60
*49
19
60
60
22%
*44
13,700
Apr
98
28
200
14
50
16%
17%
57
8%
684
i
1
"17%
*51
Feb
58
Oct
Mar 30
10
13
------
9%
Oct
80
Oct
Gen Steel Cast $6 pref.No par
300
99%
Oct
27
18
15i8 Mar 31
57%
25
*37%
16%
11%
*
1%
Feb
58% Feb
39% Mar
3
2'4 July 2
578 July 19
General Refractories ...No par
1,300
D<c
Mar 30
-
58
9%
284
234
3384
nag
*15%
99%
18%
9%
"18%
90
49
16%
1
-
50
*37%
16%
11%
21%
4%
*
48
284
17
17
16%
99%
18%
♦
*23%
24
*2234
*40
1634
11%
15%
17%
Dec
15
Mar 30
1,000
21
15
22
Feb
52% Mar
Sept
133s Mar 29
-
46%
32
100
—
26% Dec
11% Oct
Dec
.1
No par
-.
2,000
34
20%
*56
60
*1%
*10%
1534
-
33
15%
93%
4%
7
-
34%
21%
57%
29%
*56
-
1%
2134
share
40
390
94%
1%
2134
15%
*78
4%
*85
94%
1%
22%
1,200
Jan 10
3
33i2 Jan 10
103% Aug 4
22
July 25
74
Aug 6
55s Jan 12
per
41% Mar
107%
July 15
3,300
20
19%
5
Oct
Nov
43
9
l%May 21
12*4 Mar 30
85i2Mar 19
700
Jan
16%
90
11
600
400
21
15
25
11
8
20
35
200
1,800
25% Jan
96% July
347b Feb
255s Sept
29*4 July
Highest
per share $
7% cum preferred...
100
General Cigar Inc....-No par
10
3,700
—No par
Cable
2% Mar 31
25
Apr 13
1978 Mar 30
1% Mar 29
2% Mar 31
$
share
per
Class A..... ...... .No par
------
21
93%
4%
134
11%
1534
*138
100
29,500
5
Bronze.....
General
700
------
1%
34%
28
*4%
10%
*105%
1%
16
95%
4%
1%
2,500
•
Baking
$8 1st preferred
General
10
21%
29
28
*92
*10
1%
*2184
57
95%
-
21
*85
57
28%
-
-
1%
20%
1%
22%
2334
57
1%
*634
General
10
200
7%
10%
10%
•
1%
94%
*55
60
3,300
35
7%
7%
*10%
*105%
--
I84
2484
28%
*56
*7%
No par
5
5
No par
Gen Am Transportation
10
35
36
50
1,900
3434
*44
2%
234
2%
234
*78
7%
10%
16%
14%
6C%
13%
57
*4%
*35
preferred
conv
S6 preferred
100
98%
16
17
99%
18%
9%
60%
"l8~
24%
*94
71
6 >4%
Gen Aracr Investors...No par
49
33%
21%
21%
1534
*44
48
*77
34
*-r
23%
*85%
1%
21%
1%
21«2
*15%
*15%
1334
23
*44%
*2%
II84
23%
23%
*71%
69
700
Co
FYeeport Sulphur
......
7%
131% 131%
4%
4%
11
ir%
2184
22%
71
*61%
*24
24%
--
5
11%
12
23%
21
20
22
*57hi
60
13%
*58%
10%
*105%
*1%
94%
33%
Day
16
99%
-
*4%
36
7%
20
1%
21%
2134
*
1%
*85
22
34%
21%
15%
*15%
10%
----
20
Closed
Labor
1
1*8
22
7%
10
Fxchange
1%
*20%
*35
36
*7%
10%
-
984
-
54
7%
98%
4884
9-%
800
68% 68%
6984
69%
69%
68*%
69%
10
£122
122
*122
125
*123% 125
*123% 125
48
47% 107,100
48%
46%
47% 48
47% 49%
300
*122% 123
12284 123% *122% 123% 122% 122%
41
42
41
100
*38
*36
40
*37%
*36%
*122% 123%
38
934
*130
»
5
15%
20
.......
6884
6834
48
12
68
-
-
Mar 29
Gaylord Container Corp....5
......
*24
26%
23%
23% *24
26%
*119% 121
*119% 120
119% 119% *119% 121
42%
41%
41%
42%
4034
41%
41% 42%
35%
35%
3584
35%
35% 35%
3584
35%
114% 114% *113% 114% *113% 114% 113% 113%
84
84
84
84
84
84
84
34
*119% 121
35%
10
-
*4%
11%
23%
*6184
24%
*61
42%
10
*130
5
Mar 31
200
15%
14%
*49
99.
11
50
1,100
500
94
6%
49]
49
4984
10
No par
Foster-Wheeler
Francisco Sugar Co—.No par
6%
400
2%
4%
1% Mar 26
Mar 29
Mar 25
18
of. 100
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
$3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv J6 pf_ .No par
Gar Wood Industries Inc...3
5.000
31
16% Mar 31
Apr 14
24% Mar 30
1078 Mar 26
1934June 13
15
Apr 7
76
85
F'k'n Slmon&Co lnc 7%
40
15
7%
7%
*98%
99
*98%
48%
49%
934
11%
24%
24
*59
100
---.
7%
738
3%
*13
54
7%
7%
500
$
share
per
100
4M% conv pref
$7 conv preferred
*13%
15%
*49
7%
*7%
8,000
197b
$
X Follansbee Brothers..No par
Machinery Corp
100
70
*93%
54
•*15
Food
130
4%
6%
6%
No par
Florence Stove Co
Florsbeim Shoe class A.No par
900
103
3%
*29%
29%
2%
40
*29%
6% preferred series A—100
First National Stores ..No par
Flintkote Co (The)
No par
200
32%
31%
102
Rubber—10
Firestone Tire &
300
2
*62
3%
1,200
24.600
24%
25%
19%
19
70
*4%
6%
6%
684
*6%
20
*67%
*3%
19%
70
300
*1%
32
103
31%
4%
94
2
*1%
32
103
*29%
40
31%
2%
*92
*17
32
*62%
3%
334
41«
*13%
1334
19
1C2
18
I884
93
30%
23%
*24%
32
ares
2,300
32
93
33
25%
25%
24%
Sh
22
21%
Par
Lowest
Highest
Lowest
Week
9
$ per share
22%
92%
22%
92%
2
*1%
Sept.
102
70
31
32
31*2
*214
*17%
31%
*3%
*29%
384
3*4
32%
25%
102
*62
75
31%
2384
19%
18
18%
1878
*62
93
25
*31
31%
103
22%
93
Friday
1
8
.
% per share
22%
24%
19%
*1%
22
Sept
33
*24%
24%
|
$ per share
2134
9334
23
24
Thursday
7
Sept.
S per share
2134
*90%
*32%
22%
22
Wednesday
Tuesday
6
Sept
Monday
3
Sept.
the
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
NEW
for
1938
10
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES-PER
man
Sept.
•
18
Oct
121
Dec
5
Oct
55U Dec
1%
81
Oct
Nov
55s Dec
140
Ffb
1734
106i2
Jan
Feb
8
Jan
117*8 Aug
157s Jan
86
Dec
126
129
Nov
166
11
Oct
50
125
Nov
64
Dec
May
135i2
Feb
6734
Jan
Dec
Nov
734
15i2
Jan
Feb
83
93
Feb
39*8
39%
16ts
15%
Jan
5812 Mar
Dec
Oct
Nov
Dec
Oct
109
Oct
*3984
Oct
111
Jan
37
June
52*4 Feb
120i2 Jan
30*4 Mar
43i2 Jan
114*4 Mar
5334 Dec
21
Dec
6
Oct
277b
44
Oct
73
Jan
78% Dec
94
Mar
434
37
Hs
3%
4
Ds
8
41
Jan
Feb
Oct
17*2
Oct
Oct
Oct
90i2 Mar
57b Jan
157b Jan
Oct
23*4
Dec
Jan
Feb
414 Aug
Oct
38
6712 Mar
Mar
16
Oct
34
Dec
72
5
Dec
25i2 Mar
f Called for redemption.
Jan
Volume
LOW
New York Stock Record—Continued—Page 6
147
Sept.
3
$ per share
*6%
28i4
*93
*143%
*74
1434
*5
HIGH
$
PRICES—PER
SALE
Monday
Sept. 5
per share
Tuesday
Sept. 6
$ per share
*634
2834
2784
94%
100
98
....
14
5%
5%
5%
*5
22%
20
90
*86
90
4%
12%
2%
4%
12%
*2%
*2414
4%
1278
2%
25
5%
24%
161
165
5%
5%
22%
24%
161
5%
5%
22%
162
534
4
*8%
9%
4918
9%
934
45s
*4%
478s
*44
*25
26
33
*25%
32%
*4%
4%
4734
26
32%
*45
*2584
3284
20
7434
8
8%
778
8
*8%
838
8
8%
8%
8%
1378
13%
75
75
14%
77%
133s
*72
24
75
72%
13%
13l2
*68
7712
*9%
1078
*19%
21
*166i4 122
*22
8
11%
*9%
11
21
21
2078
*166% 122
*166% 122
67
67
*66% 68
98
97
99
98%
*127%
*126%
68
97%
*126%
61
*00%
61
*2034
2178
*119i4 121
*121
*18
18i2
*18
18%
*12i«
14
*12
14
*79
84
*80
84
8i4
812
*95
41l8
12%
Labor
100
415g
*10
10i2
*26l4
Day
2814
278
*2l2
*14
14%
193s
IO81
*10
2834
*2%
98%
90
8%
96
4034
41%
10%
*95
10%
2%
*20
15
14%
187S
19%
*6
6
*2834
30
29%
*2834
*17i4
17l2
17%
29%
17%
13
13
13%
13%
13%
30
17%
13%
*20
24
24
22
22
*13l2
*514
137b
6i2
22l2
*6
22i2
7
*20
5i8
%
*3l2
*26i2
9
1334
13%
1378
6%
2234
*5%
6%
22%
22
119
63 I4
*634
*32i2
*96
53,
7g
4
27
3034
5384
7
3358
99
9912
22%
22
*110
99l2
4%
5%
1
400
5%
preferred
100
International Salt
International
No par
No par
Shoe
Foreign share ctfs...No par
13%
13%
77%
2,000
Interstate Dept Stores.No par
*120
*66%
International Silver.......100
7%
Preferred...
90
Intertype
10%
21%
1,200
100
Island Creek Coal
68%
'""200
Jewel
$6
122
preferred
Johns-Manville
500
20
Kan City P & L pf ser B No par
300
*10
10%
*1934
23
18
18
"
"""166
12
12
400
78
78
10
800
10
20.800
800
10
28
100
278
400
"15%
60
*2%
*14
14%
1834
19%
City Southern
100
preferred..—
100
Kaufmann Dept Stores.$12.50
Kay ser (J) & Co....
5
Keith-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
Class
2,900
100
10
2%
Kansas
4%
1384
8%
*26
10%
23%
2,200
19
B
1
Keystone Steel & W Co No par
Kimberly-Clark..
No par
Kinney (GR) Co
1
$8 preferred
...No par
¥5
prior preferred...No
Kresge (S S) Co
Kresge Dept Stores...-No
Kress (S H) & Co
No
Kroger Grocery & Bak.No
"28%
2884
48
*1312
2578
48%
1414
99
*47s
5%
*4%
3.
Lee Rubber & Tire
.5
26
5%
13% Mar 30
95
"1,700
4% conv preferred—...100
Lehigh Valley RR
50
Lehigh Valley Coal....No par
78
*8
*32%
97%
98%
*i72
25
*32%
96%
98%
*165
180
2934
300
1,100
1,800
4%
4%
*20
103
20
143
143
Lehn & Fink Prod Corp
400
5
25
Series B
180
100
Preferred..
20% Mar 26
Link Belt Co...—.—No par
29
Liquid Carbonic Corp ..No par
12% Mar 31
51%
107
12,300
107
2%
5134
4%
2%
5284
4%
20
100
20
1 *102
19%
Loew's
16,400
3,300
500
1,000
$6.50
Loft
20
2,500
102
Long Bell Lumber A...No par
-25
Loose-Wiles Biscuit
preierred
....100
Lorlllard (P) Co
aO
preferred
100
5%
1
200
Louisville Gas A El A ..No par
42%
*40
42
*40
41
39%
39%
200
Louisville A Nashville
160
7%
47
30%
*1%
1%
1%
*10%
7%
14
*13
*7
134
134
*1%
*5%
5*4
5%
100
—.1
2484
25%
2~800
47
47%
46%
*13%
3134
*1%
14%
317g
184
13%
*307s
47%
13%
8,600
13%
3134
1%
7
12%
7%
13%
*1%
5%
I84
5%
*634
*11
7%
13
lh
5%
MacAndrews A Forbes..—10
6%
26
7
*13
28
25%
*10%
7%
778
1284
7%
13%
134
5%
*27
*123
25%
477s
7%
121
7%
133s
1%
5%
100
No par
preferred
No par
Mack Trucks Inc
100
100
Mandel
7%
10%
734
13
1%
5%
7%
*1284
1%
5%
10
1,400
No par
Bros
t Manhattan Ry 7% guar. 100
Modified 5% Kuar
100
...25
200
Manhattan Shirt
400
Maracalbo Oil Exploration.. 1
1,700
5
100
Marine Midland Corp
Market Street Ry—
1384
12%
22%
*3%
1334
123s
22%
378
14
12%
54
5434
53
28
28l2
*27%
12%
27%
162
50
50
6%
24
*20
*91
—
12%
107s
*70
12%
1078
98
*
22
*3
z!61
13
22%
3%
5434
28%
3%
5334
*27%
*161%
49%
50%
49%
*6%
6%
24
*6%
*2278
*227g
*91
*91
13%
13%
11
11
11
*70
98
*70
*1234
Bid and asked prices; no
161
sales
13%
22
12%
22%
3%
53%
*161
12%
14
on
50
65
24
...
13%
11%
98
this day.
12%
1284
21%
334
5434
*27%
*161%
49%
*6%
*2278
*91
12%
1234
22%
334
56
28%
"49%
6%
24
....
12%
13
11
11
*70
97
12%
12%
1178
12%
21
21%
334
54
*27%
*161%
48
*6%
*2278
334
55
500
....
48%
6%
24
12%
1034
12%
1034
1,800
100
JO
600
1,500
...100
100
7%
100
preferred
May Department Stores...10
No
$3 preferred w w
No
$3 preferred ex-warr.No
$6 1st cum pref
No
McCall Corp
No
Maytag Co..
McCrory Stores Corp
Def. delivery,
0% conv preferred
n
New stock,
r
par
Dec
11
Mar 29
Jan 21
July 27
18%
34
4%
684
Mar
Mar
Mar
Mar
2% Mar
9
31
29
30
26
26
Mar 30
1% Mar 31
Mar 31
6
%May
3% Feb
7
2
7
Jan 28
78 Mar 30
Mar 29
1984 Mar 31
156
Aug 2
28% Mar 31
3% Mar 26
49% Aug
15% Feb
3334 July
2% July
26
25
25
19
Jan
15% Mar
29
15%
18%
33
Die
Aug
113% Feb
Oct
114
Jan
May
82
83%
175
Jan
Oct
Oct
Nov
Oct
14
43%
Dec
9984 Nov
1
Jum
32
Oct
2%
22% July 22
29
79
Oct
Oct
151
Feb 28
Jan 18
Oct
Jan
23
37% July 25
48
July 6
21% July 21
58% July 18
107% July 1
278 Sept 3
56
July 25
534 July 25
106
Oct
384
5
7
8
126
Mar 26
8
23
100% Aug
IO334 July 25
175
Aug 16
*18
Feb
Feb
18% Jau
43% June
21% Feb
68% Jan
Dec
33% Dec
Jan 10
3378 Sept
Jan
Mar
Dec
3g
July 20
51%
203
Feb
24% Mar
Oct
Dec
278
2234
54% Aug 26
Mar 29
16
4%
Jan 14
33
116% Mar 30
25
No par.
Corp........No par
Wks.No par
Oct
97
18i8 July 7
66% Jan 10
21% Jan 12
31% July 19
Masonlte
Mathieson Alkali
14
Aug 29
7% July 25
1% Jan 12
5% Jan 13
29
July 25
9
Oct
July
12% Mar 31
2978 Apr 20
12%May 27
22
984
2378 Aug 24
25
21% July 25
144
Sept 7
Martin Parry Corp
1
7% July 20
1334 Mar 31
125
Apr 1
1884Mar 30
5% Mar 30
14% Mar 30
2%May 24
Martin (Glenn T<.) Co..
97
a
preferred
prior preferred
6% 2d preferred
100
Mariin-Rock well Corp
1
Marshall Field A Co ...No par
30
92
$ In receivership,
500
2,800
28%
92
*70
6%
6%
230
3,400
7,100
June 22
10
500
*6
2% Mar 28
1434 Mar 31
92
247sMar30
184
10%
Mar 31
Macy (R H) Co Inc
31%
*1%
26
Madison Square
No par
GardenNo par
Magma Copper....
10
ManatI Sugar Co
1
500
Apr 18
34 M ar 26
No par
Lone Star Cement Corp No par
10
103%
33
No par
preferred
Inc
Mar 25
Mar 31
No par
Inc..
17
14%
Apr 6
14% Mar 31
400
144
48%
Mar 30
1,700
17
28
81
81% Mar 31
157
1,400
144
*26
Mar 30
18
17%
1734
*123
25
29
46
*17
28
26
29
30
29
30
31
29
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
17%
25
% Mar
17s Mar
19% Mar
678Mar
1934 Mar
23% Mar
6
Mar
497s
4%
20%
684
34
96%
98%
50
1
Mar 29
18
20%'
103
300
6% conv preferred
Lehman Corp (The)
3
1434 July 25
119
Jan
*16%
287g
*4084
17%
2934
467s
18«s
185s
52%
51%
52
107% *10678 107%
28i
2%
25s
5i
52%
5134
20
8% Mar 31
3%May 13
10% Mar 31
Lehigh Portland Cement...25
3%
26%
8%
*34
3
3%
26%
Mar 26
400
*17
13%
318.1
134
8
125g
7i2
*13
17% Mar
2778 Mar
No par
19
*13%
30%
*1%
7%
24
Dec
No par
Lane
*44
*123
31
*7*4
Dec
5
1,300
17
31
*11
10%
14
"3",700
20% Mar
46% Apr
9% Mar
Jan
Jan
14
21
Jan
109% Jan
69% Mar
Oct
14
22%
Jan
8
9
14
119
Jan
Feb
Jan
12% Jan
Jan 12
*16%
*26
Dec
Oct
30
46
25"
4%
1784
I84
July 19
Mar 26
22%
Oct
3% July 25
30
July 23
11% Aug
30
3
1% Mar 29
15
18%
28
Dec
28% Nov
July 25
100
46
103% *102
103%
20% 20%
20%
20%
144
143% 143% 144
2478
47%
80
44
6
Oct
preferred
Lambert Co (The)
17%
30
*102
*26%
10%
4
110
Oct
Liggett & Myers Tobacco—25
*123
2514
23%
20
Ludlum Steel..
*123
Oct
6
200
*40%
Nov
7
Jan
Mar
Jan
200
17
80
13% Aug 24
9
Aug 24
96
Sept
27%
1578
3378
97%
4%
Nov
24%
2778
41%
3378
20
13
July 19
May 27
47%
Libby McNeill & Llbby No par
l ife Savers Corp
20
16
Oct
800
*4%
35
Dec
6%
20
Oct
Dec
684
34
97%
98%
5I84
16
4
634
52
4%
Mar
4478
14
7
51%
Mar
29
Oct
22
*634
51%
*10584 107% *1067s
2%
234
2%
121
Oct
22
*20%
Jan
6
*20
*110
46
115% Apr
Sept
21
23%
Feb
14%
85
6% Mar 31
Feb
Jan
136
1778 Aug
684
33%
52%
.
Mar 26
19
Jan
126
31% July 23
684
33%
.503i
6
63
Apr 5
434 Mar 29
Jan
155
Mar
6434 Nov
15% Dec
12% Mar 31
Lerner Stores Corp....No par
5234
2
10%May
3
65% Nov
120
Jan 10
13% July 25
24% July 21
21% July 15
121
8
Mar 29
12% Apr
Deo
22
Libbey Owens Ford Gl.No par
52
Mar
Sept
49
24% July 20
5% Mar 29
12
xllO
78
49«4 Apr 1
12% Mar 25
118
Oct
9
Aug 8
99% July 25
130
July
July
72
par
10
800
18
120
36% Jan
107% Apr
28% Jan
30
Apr
127
Aug
87% Jan
par
7,900
19
113% Apr 30
44% Mar 30
Feb
8% Nov
par
53
18«4
Nov
1578
71
30
4578
18%
Dec
9
20%
18
Bryant
Oct
Dec
70
Mar 29
6%
Feb
6%
8%
Jan 15
8
*5%
Mar
110
Oct
77% Sept 7
1234July25
Laclede Gas Lt Co St Louis 100
6%
52
Oct
24
Mar 31
June
30
*5%
22%
Oct
4
35% July
29% Jan
8
180
16
65
8
63
13%
5%
Oct
Feb
Dec
5134
9
30
10
67% Feb
2884 Jan
49% Jan
Dec
30
29
Feb 10
Oct
Dec
87S
457s
6% Mar 30
Dec
19%
Jan
15%
54%
29
4
*12
*12
733s Mar
13584 Jan
19% Sept
68% Sept
34
8
Jan 12
"""266
Nov
11
30%
4678
Fob
37
20
30%
53%
30
Mar 28
Jan
Apr
Oct
19% July 13
8
July 13
54
4678
June 17
1678
15%
18%
Oct
1277s May
6% Dec
29% Dec
12% Oct
Jan 21
1,400
34
29
6
J 73«
3%
*16%
29%
Oct
178
6
19% Jan 22
31
1734
3
17
17%
7a
*16%
Jan
7
3%
26%
18
Aug
162
29
22
99
Jan
120
Nov
48% Jan 21
26
Sept 8
3584 Jan 24
27
Sept 8
85% Sept 8
1034 July 7
lOTgJuly 7
15% July 19
46% Mar 30
5% Feb 4
6
9% Apr
63% Apr
138
140
29
31
30
25
31
12
11% Mar
28i2 Mar
8
Jan 11
Sept
5234 Feb 23
July 23
11% July 20
47% July 25
Jan 19
28
Oct
189
158
367S Mar 31
4% Mar
18% Mar
2t4Mar
28% Mar
19% Mar
Oct
2
Jan 17
*6
119
5%
6
Jan
Jan
64% Apr
111% July
18% Oct
127% Nov
53% Nov
70
9
3% Mar 31
132
Dec
2% Dec
168% Aug 24
May 27
Mar
92
Feb
6
13%
784 Jan 12
Mar 31
29
3%
26%
*97
29
Mar 26
7
*21
*170
Mar 26
Oct
33%
Mar 30
52
99
Mar 29
20
131% Mar
15% Mar 31
2% Mar 26
par
30%
99%
June 10
2
678 Mar 30
80
5334
180
Mar 30
80
684 Jan 13
26% July 21
98
Apr 25
5% July 7
13% Aug 6
37a Jan 17
26%May 27
No par
30%
*99
15
Kennecott Copper
5134
*96
3% Apr 1
278 Mar 26
Kendal! Co $6 pt pf A..No par
30
*165
July
29%
17%
13%
*110
*8
143
Jan 24
21
40%
Oct
58% Nov
6% Oct
378 Oct
1% Oct
1678 July 25
5% July 21
Mar 29
Preferred
39%
Aug 12
June 30
32
82
58
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Fum__. 10
*95
143
Feb
122
160
11%
41%
8
56% June 17
7% Mar 30
135
100
2,700
778
Feb
No par
97%
60%
*1134
144
8
21
1234
8%
Nov
16
60%
97
99
60%
21%
Apr
72
par
1
..No par
Tea Inc
Jan
47%
Aug 22
..1
Corp.......No
"moo
26%
9
.
*16
20
*102
103%
20l4
20l4
*141
143%
*17
173s
*40
4378
19%
*29
7a
4
180
*19i4
80
300
100
*34
*3%
26%
*8%
*165
*106% 10712
2%
278
5112
52
*4l4
4%
5% conv pref
Internat Rys of Cent Am..100
1,900
22
434
20
8%
119
*21%
*110
85%
850
Inter Paper & Power Co..—15
8.400
share
22%
100
Mar 25
21
*5%
22
9
*30
17
7,700
*20
14%
*6
1334
119
21l2
*110
19%
9%
40%
4%
46
26%
32%
25%
Int Nickel of Canada—No par
Preferred
..100
per
Oct
Dec
5%
4?s Jan 11
100
Highest
15
1178 Jan 21
19,800
*9
10% July 13
30% Aug 24
Mar 25
48%
137
21%
% per share $
share
634 Mar 31
8%
77%
60
per
2
1
12,700
14%
77%
1034
21%
Mar29
4
14% Mar 31
Internat Agricultural..No par
2
Prior preferred
15
—100
Int Business Machines.No par zl30
Jnternat'l Harvester...No par
48
Preferred
141
100
8%
29
*2%
No par
No par
7%
*20
14
19
*19
10%
100
Rubber
Iron
8%
8%
82
100
40 %
*26
29
2%
...
*14
834
preferred
Intercont'l
Interlake
preferred
..—100
Inter Telep & Teleg...No par
25
90
12%
1
t Interboro Rap Transit...l00
Interchemical Corp
No par
$
Internat'l Mining Corp
12%
*80
*27
Insuranshares Ctfs Inc.
share
Int Hydro-F.lec Sys class A.25
Int Mercnatile Marine. No par
18%
1278
20
per
800
3,500
*121
1284
8%
2%
Inspiration Cons Copper
$
Year 1937
Lowest
Highest
600
5%
3V8
9
23
~~
12
*80
100
...
6% preferred
100
Inland Steel..........No par
*128
*978
18%
14
Ingersoll Rand
3234
*121
*12%
2834
*25
*128
*18
4158
10%
4%
45%
67
96
40%
8%
39%
122
*20
12%
9,000
10
No par
No par
323i
27
85%
67
108}
200
47%
4%
*120
23
>d
*18
*23l4
*75
21%
....
*18
Closed
8%
14%
2178
*20
12i2
8%
21
1078
600
300
137
4734
21
23
6,000
25
5
26
26
20
*20
Exchange
*4%
60%
20l2
"""566
159
*3%
61
*10
500
Indian Refining.
Industrial Rayon
6%
4%
12%
2%
*8%
60%
121
120
Stock
600
*23
9%
61
*20
4,100
1,200
*155
5%
378
*9
*9%
207g
"MOO
Par
Range for Previous
100-Share Lots
Lowest
87
2%
9
84
8%
78%
143s
5%
53s
21%
4
5%
*3%
24%
80
400
100
1134
162
*32
72
"2"66o
5934
61
61%
G178
158
158
*156% 15734
3284
20
12i2
24
*46
21
lli8
2%
4%
4784
26
*71
*10i2
20i2
*86
4%
12%
2%
2434
48%
4878 4984
49%
487s 49%
*137
139
*136% 140
*136% 140
9%
984
9%
984
9%
934
40%
4178
4034
42
40% 42%
150
*45
97%
5%
87
*4%
12%
*157
162
*9
9%
*5%
22%
*86
61
61%
62%
6278
*156
158
*156% 158
534
584
5%
5%
3%
3%
3%
3%
4178
*66
77
1434
53s
8%
2884
*146
...
"78
14%
6178
625S
*156% 158
*20%
*146
*94
78
12%
2%
*4i8
98
15
*4%
9l2
97
8%
78
*86
41
96
*6%
2734
29
14%
41*
4812
*6%
*28%
76
12%
234
24l2
*136
8%
29%
147g
5%
5%
23
90
9
*6%
75
*4%
55s
Shares
14
12%
*33s
$ per share
75
*86
*24
$ per share
Range Since Jan. 1
On Basis of
Week
147s
23
*160
Friday
Sept. 9
27%
*145
EXCHANGE
Thursday
Sept. 8
75
*22
*2l2
7
$ per share
8%
28
94%
*144
...
5%
*53s
*22%
5U
Sept.
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
,
Sales
for
AND
Saturday
1603
.
Oct
17%
101
Dec
Oct
15%
Dec
125
Oct
14%
Oct
48% Nov
13% Oct
26% Oct
123% Nov
17%
Dee
26
Dec
63
A ug
2678 July
877g Aug
110
Jan
378 Feb
75% Mar
1034
43%
110
28%
147*4
2884
99
Jan
Jan
May
Feb
Jan
Jan
Mar
41% Mar
36
Feb
132%
Feb
62% Mar
58% Mar
15%
Jan
18%
Oct
Oct
Jan 10
6
Dec
20% Jan 13
10
Oct
39
Jan
Oct
Oct
16%
Jan
29%
684
14%
Jan
Feb
Feb
9
8%
23% May
83% Feb
Jan 13
4%
July 23
2% Jan 11
9%
9
16
1%
5%
Oct
63
1678
Mar
Jan
a4
Oct
Dec
3
Oct
20
Jan
16
684
Dec
39
Jan
2%May 11
2078July 6
14% July 25
27% July 25
4% Jan 24
577g Aug 24
30% July 19
138
Oct
678 Mar
Dee
51% Mar
3078 Mar
29% Apr
137s Jan
7% Jan 11
l%May 12
7»4May 11
Aug 6
165
Feb 23
51
24
7%
10
184
Dec
Oct
Oct
3% Mar
20
Oct
22
Dec
142
May
165
Jan
Dec
Oct
Dec
66
Mar
July 19
778 Aug 8
3384
4%
74
4134
Feb
Jan
15%
Jan
44
Jan
45
Jan
28% July 26
21
Apr 22
20%
35
June
5
92
93
Nov
111
884 Mar 31
16
36
Jan
-t
6
Mar 23
1234July 26
Dec
Oct
24%
Feb
100
61
Mar 31
83
16%June
par
par
20
par
75
par
Cash sale,
1
Mar 29
Apr
z Ex-div.
v
Sept
9
Jan 18
Aug 11
Ex-rlghts.
11%
734
z66
Oct
Jan
106% Mar
T Called for redemption.
New York Stock Record—Continued—Page 7
1604
LOW
AND
HIGH
SALE PRICES—PER
Sept
3
Sept.
$ per share
1734
Monday
5
$ per share
177„
Wednesday
Tuesday
Sept.
Sept.
6
$ per share
1778
*17I4
10%
*10i4
47%
47%
47
20%
634
34
1934
34
34
*9
7
*858
9%
17
17
10
10
400
475g
47i«
19'4
475g
2014
678
*34
9i8
48l4
20'8
678
6%
634
3478
9
35
*34
9ig
90
*86
90
*86
90
*1234
13
13
13
13
13l2
*66%
77
*1212
*66l2
77
*66l2
77
♦65l2
*64%
80
*62!%
67
67
*63
45
45i2
45l2
*4478
46
46
46
5i8
5%
*2018
12i2
42l2
10i2
16l2
*2518
2134
5%
20i2
5%
*20%
*1
13
*12
42%
42%
10%
♦17%
1084
25%
1784
89%
8334
6%
1634
2,200
2,000
Mid-Continent Petroleum.. 10
12% Mar 30
15% June
84
84 V
111
6
6
66
*60
*1434
*2%
15
*1434
218
*l4
*%
*5jj
15i2
15
9
138
*1%
*2
2%
95
84i8
*15
*8212
25%
91
81
6
6
*60
6lft
65
400
*110%
5%
pf---100
Minn-Honeywell Regu.No pat
Milw El Ry & Lt 6%
534
1,800
"loo
21
14
14
*14
29
29%
28
*7
7%
44
*%
%
134
*12
1^4
*34
1
*%
*84
*145g
1%
1
15%
100
{Minn St Paul & S S M...100
7% preferred
100
4% leased line ctfs
100
Mission Corp
10
2is
834
*2%
2%
900
Mo-Kan-Texas RR
8%
1,100
1%
*1
2
2
16
*15
16
*8%
1%
15i2
1
2
15
*54
56
108
Exchange
Closed
10%
13%
8%
Labor
16
*13
41
42
*40
45
12-'%
1214
12i?
*1212
125g
56
56
*56
109
*107
9i8
Day
25%
♦1595s 1661s
9
9l4
5678
109
*41
10i«
978
10*8
9%
1334
14%
*1334
13
978
14i4
127ft
14I4
13
1312
*1234
1314
12%
*8
14l4
8
8U
1014
8
2412
165
734
24l2
2478
734
25%
1234
168ig *160
Oct
124
Mar
4%
Oct
Dec
50
2%
34
78
Jan 11
5% Mar
6% Jan
Dec
15
Dec
Jan 12
2
Oct
984 Mar
5%
Oct
34% Mar
3%
11%
2%
3%
July 21
Jan
8
Jan 11
1834 July 26
98% Aug 8
116
July 19
Oct
1% Dec
1% Oct
12% Dec
x7l
Nov
105
Oct
Mar
Feb
3,000
Motor Products Corp.-No par
1CV Mar 31
38%
Jan
1,300
Motor
Mar 31
26
Feb
2,300
Mueller Brass Co
11% Mar 29
30% Aug 25
12% Oct
8% Oct
15% Dec
51
Mar
1,000
Muliin8 Mfg
$7
30
5
Wheel
1
4
Co class B
preferred—No par
conv
No pat
No par
Inc
Murphy Co (G C)
Munsingwear
8
Mar 25
8% July 26
26
Mar 30
64% Jan 13
15% July 22
58
July 22
109
Sept 3
9% Apr
7
3434 Mar 26
5% preferred-—....-.100
Murray Corp of America... 10
95
11,100
Myers (F & E) Bros—No par
Nash-Kelvinator Corp
1
210
Nashv Chatt & St Louis.-.100
37% Mar 2t
634 Mar 30
7% Mar 22
8% Mar 30
3,300
.
100
1
National Acme
1,200
Nat Aviation Corp
400
7,200
pref
7% cum
6
L
10
Biscuit
National
168
4
100
Apr
6
Mar 29
Mar 25
15% Mar 31
150
Jan 17
4%
50
Oct
15% Aug
99% Mar
36% Feb
50
Nov
90
102
Api
3
Oct
108%
2034
July29
44
Dec
12% Jan 10
18
July 21
5
Oct
24%
10
Oct
47% Mar
8
Oct
24
10% July 27
54
1434 Aug
6
1034
6
Jan
6%
Aug 26
17
160% Aug 26
145
26
Oct
Dec
Maj
Aug
6
13
Dec
•3334
July 25
90
Aug
Aug 23
39
Oct
103% Feb
57% Aug
Nat Bond & Invest Co.No pat
23%
""300
Nat Bond & Share
2712
13i4
2734
13%
27
27
25%
26%
6,300
Nat Cash Register
No pat
12% Mar 31
13
1318
1278
13
8,700
Nat Dairy Products.-.No pat
11% Mar 31
106% Mar 30
12
Oct
113
Aug 16
106%
Dec
105% Mar 30
113
July 29
*110
*111
*110
9ls
*5i2
6
914
.9%
*5i2
9%
578
2434
1934
*r-4
25
434
*1834
20
*17l2
1434
15
21
634
7
5914
5914
17%
*25
175s
26l4
*69
70
57g
25
1912
1912
9l4
*8i2
*5U
245g
*18
72
74
72
24
*18
71
3i8
12
1U2
*2112
1134
*115s
24
2512
*22ig
75
*60
75
*60
3
12
24
*60
75
*6
1634
*30'4
1778
10
*6
17V
1634
32
31%
183s
18
13l2
21
2214
223S
21
21
3l2
gig
114
33
312
8
123
33
33l2
312
3l2
8
8i4
9
*14
*434
*
*%
9
Neisner Bros Inc.....
17%
13%
13
13
21%
22%
20%
21%
16%
*31
3334
3334
32%
3%
3%
3%
8%
4%%
3%
Newport Industries
6,200
38
*%
3s
*%
158
134
178
434
1%
1%
4%
4%
5
458
434
434
478
434
1'8
*34
714
1%
714
♦34
IV
*34
1%
71a
7%
7k
7%
7%
47%
*43
%
*43
50
%
*'2
49k
*%
%
*43
%
*%
*34
7%
*43
150
159
159
159
*150
161
*150
160
*150
160
*104
107
*104
107
*104
107
*104
107
104
104
20
20%
20
20l2
52
52
52
52
1912
52l2
Mar
171
Jan
June
1
144% Aug 29
25
July 26
127
July
150
Jan 12
5
13% Mar 29
Mar 29
5
July
7
17% Dec
20% Dec
Mar 31
82
July 25
63% Dec
80%
75
Feb 23
75
Dec
75
Jan 14
3
Dec
12%
13%
70
Feb
1
2%May 24
7% Mar 31
14% June 17
58
Apr t
Mar 31
40
Jan 14
32
106
Jan 18
99% Nov
4%June 2fe
9% Mar 31
Oct
14
Oct
72
30% Nov
100
15
900
Mar 30
3734 July 23
2
Mar 26
434 Jan 11
5% Mar 26
Apr 25
110
Oct
135
Jan
111
Apr 28
113
Nov
137
Mar
1
61
No par
IOC
IOC
Corp part stk.. 1
54
% Jan 5
434 Mar 29
38
7% preferred
{Norfolk Southern
100
Norfolk &
100
133
100
Mar 31
%June16
100
Western
J une
l%June 10
2% Mar 30
June
3
Apr
114
Jan
8%
9
6,100
11
3
Oct
17%
Jan
98
100
100
3i2
1018
2534
10V
26i2
10i8
2534
26V
16
17
16
17
10l2
*110U 111% *110l4 11112
8
*778
8%
834
23l2
23i2
23i2
24i4
140
1034
3%
3%
98
North Amer Aviation
37
Northern
10
Northwestern Telegraph...50
3%
9,600
Norwalk Tire & Rubber No par
40%
10%
3%
1,120
Preferred..
10
10%
10
5,300
Ohio Oil
26
26
25% 26
2,200
Oliver Farm
17
16
3,900
Omnibus Corp(The)vtc No par
10
*16%
16%
Co
No par
Equip....No
par
1,300
8% preferred A
100
Oppenheim Coll & Co..No par
2334
3,200
Otis Elevator
23%
*137
10%
24
23%
140
137
137
10%
10%
10%
*42
47
*43
47
*43%
46
*42
*20
21l2
*1934
2U2
*20
21
*1934
55
*46
55
*46
52
*46
6%
Otis
21
*46
80
4,400
46
21l2
52
70
7%
5
*4
5
*4
18
18
18
71
"
7%
4%
18
70%
4,300
7%
7%
600
4
30
17%
4
17
60
7
6i2
1312
*6
7
*6%
634
*6%
*125s
1234
*10%
13%
400
2534
13l2
26
12%
26i2
25%
2534
25%
25%
2,600
{ In receivership,
a
preferred
100
Steel
$5.50
'
69%
No par
conv
No pat
1st pref.-No par
Outboard Marine & Mfg._..5
Outlet Co
No par
*114
*114
18
this day.
50
111% 111% *111% 112%
*8
834
8%
8%
47
7l4
100
40
55
71
Pacific
41
40
*46
...
..1
No Amer Edison $6 pf. No par
Northern Central Ry Co
50
86
*21%
102
9%
39
on
Jan
Jan
9
34
Bid and asked prices; no sales
272
Feb
25
*
Oct
57%
30i2
6i2
180
3478
27
*12i2
26i2
Jan 13
Oct
*34%
7
Jan
434 Mar
14%
37
1312
Oct
48% June
*34%
2614
198
Oct
%
4
July 13
37
*634
30
55% Aug
*3412
26
Jan 10
1% Jan 11
24% July 20
34l2
*125g
62
Feb
Feb
10634 Jan 17
3412
7U
15%
76%
26%
Mar 29
35
7's
6%
Oct
1334 Mar 31
*34l2
7's
Oct
4584 Apr 1
5%Mar3C
93% July
*4
Oct
1
50
North'n States Pow Co $5 pf. 1
*17%
4%
3
100
preferred.
200
77S
Jan
Feb
934 Mar
No par
6%
9634
5
2
97
Oct
Adjust 4% pref.
*94%
1812
Oct
Dec
2
North American Co
9634
*7
%
54%
230
*95%
*4
Jan 10
Jan 18
1,000
95i2
*1718
%
234 Jan 10
7% July 7
1% Jan 15
10% Jan 24
8,400
95i2
6934
Jan
120
9
% Mar 26
Aug
19%
951ft
Yo
Oct
Jan
51%
95is
70
5
1278
25%
18%
96
~71~34
Jan
3178 Mar
Oct
51%
*9514
71
234
Mar 30
8',900
*114
1
Mar
Oct
110
11%
*114
1184 Mar
98% Feb
55% Mar
101
{N Y Ontario & Western.-lOO
N Y Shipbldg
18
Nov
50
Conv preferred
1,800
July 19
Jan
...50
{N Y N H & Hartford
T,306
12% Mar 31
11%
*114
29
Jan
Mar
4134
15%
12
*42
Oct
37
19%
1134
10
10%
6434 Mar
109
53%
12i4
*137
Nov
19%
115ft
103s
9
53%
1134
140
Dec
12% July 21
19% July 23
Oct
Jan
Feb
57% Feb
87
Sept
5314
9%
1158
1014
Dec
Oct
Dec
20
1178
140
22% Dec
30
22% Jan 10
38% Jan 12
*81%
*13512 140
1014
1012
Oct
99% Apr 26
28
86
83«
6%
62
98%
2434
2
Feb 11
*81%
83s
12% Aug
July 20
*97
*24
4%
70
9978
10l4
2712
163s
16%
*110i4 11H2
Feb 25
26
86
10
99% Aug
26% Nov
55
30
*81l2
*27i4
Oct
66%June30
*97
3'8
Jan
23
86
3
1484
4
Jan
9934
284
Jan
Oct
21% July 25
No par
Jan
6178
14% Mar 31
*81l2
2i2
8%
16% Dec
21
*97
24
July
4434 Mar 31
86
2l2
18% Apr
44
Oct
9958
23
Oct
Oct
*8H2
1134
4%
18
*97
9i4
Mar
153
938
93s
Mar
38
7
9
9i8
35
40
preferred
Jan
Oct
Dec
Mar 25
10% preferred
{N Y Investors Inc
100
15% Aug 25
May
1734
Mar 29
5%
%
*15C
17
Mar 26
N Y & Harlem
50
*%
3
2078 July 26
7
6% preferred series A...100
1%
7
26% Aug
10
N Y Lack & West Ry Co..100
*34
1078
20
NYC Omnibus Corp.-No par
New York Dock
No par
38
1*2
24% Mar
Oct
No par
3,700
30
158
Oct
4
..No par
New York Central
900
123
*H2
714
60
1
Oct
9
N Y Chic & St Louis Co... 100
N Y Air Brake
300
39,500
*55
*43
No par
5% pref series A
IOC
{New Orl Texas & Mexico. 100
390
112
*
...1
pref...100
1,200
33
•n8o
No par
conv serial
Newberry Co (J J)
""300
9
187S
123
No par
N a to in as Co
*6
110%
National Tea Co
112
104%
5%
634July
1034 July 19
Aug 31
63
100
387s Feb
26% Feb
112% Mar
31
40
prior preferred
6%
""900
Corp
21
(The) Pa..10
Oct
167
prior preferred... 100
514%
300
Steel
preferred
900
32
8%
$2
200
16%
32%
18%
110
National
National Supply
400
1134
17%
*
National Power & Light No par
13
3
127
3,900
Mar 30
16% July 27
June
100
Nat Mall & St'l Cast Co No pat
3,100
4
30% July 29
17% Mar 29
154
500
3,200
3% Mar 29
3% Mar 30
17% Mar 31
11% Apr 1
100
preferied A_.
6% preferred B
20
75
13%
123
7%
1
10
Lead
21%
*65
18%
*11014 114
Gypsum Co
National
21%
12
75
3
32
8
114
%
158
Nat
...
1634
3i2
No par
Nat Enam & Stamping.No par
*2%
1134
22%
*6
34
123
*110
*H2
3%
12
14
13l2
3414
72
72
*72
22%
*65
17k
3212
1958
13l2
*3
71
10
preferred
Nat Distillers Prod.
100
39
*36
40
*36
35
*3778
39%
37%
*10214 I06i2 *102t4 1C612 *102% 106% *10214 106%
1378
34
6%
2,600
20
23%
20
*72
*2U2
*8i4
200
4,600
*1134
*
1,200
32,500
*3
*110
8%
5%
145g
15l4
1434
1514
14%
14%
24
24l2
251ft
247ft
24%
24%
*16378 175
*16378 169
*164% 169
*14312 14412 *14312 144'2 *143l2 14412 *141% 144%
21».i
2Cl4
2014
*2014
*2012
2112
1834
1934
7
634
67ft
634
684
6%
634
60
5934
597S
6014
5912
6034
59%
60%
17
17
1714
1734
1658
1758
1634
16%
25
*24U
24i«
2534
*2414
2558
24%
24%
3
33
1812
100
7% pref class B._...... 100
Nat Dept Stores.
No par
....
8%
5%
15
3
1312
21i4
*112
9
578
2434
25
*72
18
7% pref class A...
*1637g 175
*68
*36
42l2
*102l4 106i2
*512
10
1678
17
5% pref series A w W....100
Corp No pat
*114%
2434
*72
*3U2
13i8
*112
9i8
*5%
2458
*72
*
27V
13
1458
24V8 25
*16378 175
144
14412
*20
26l2
Jan
18
47
"lod
83%
23%
*11418
Jan
85
15%
*81*4
24
2734
131ft
Jan
33% Mar
167
Mar 31
15%
85iS
*23
127ft
Jan
Mar
10%May 27
1534
*8134
26*8
18%
Jan
Feb
Mar
37% Apr 12
Zl534
87
25
*114
71
Mar
65
17
*83
*23
*114
Jan
Dec
978 Dec
85's
*112
Jan
107% Aug
Sept
109
69
50
24
*16
6% Mar
12% Mar
4078
66%
Mar 31
*83
16i2
Apr
46
Mar 31
n24
*16
34
Oct
25
851«
I6I2
Jan
1% July 25
1734 Jan 13
46l4
16i2
16% Mar
Aug
108
% Dec
46'4
*83
Jan
Dec
734
24%
*160
Mar
Dec
25%
734
2484
25
*1597s 168i8 *15978
978
15
5
120
30
150
934
1414
2
Jan
Nov
36%
100
9
May
Jan
53
48% Mar
21
57
55
67
111
106
6
600
884
10
preferred..... No par
Oct
3
12%
*48
Mar 30
122
91
Aug
107
9:
434 Mar
34 Mar 30
1% Mar 21
Oct
Nov
39% Jan 13
2234 July 25
15
Aug 26
107
56
10%May
1% Mar
15
34 Jan 10
1%
Feb
35% Mar
38% Aug
*56
9U
%Mar
July 21
Oct
Jan
72% Mar
26%
25
57
*48
%June
14
Oct
87
98%
July 19
8
Dec
4%
22%May 27
109
95s
Ftb
Montg Ward
Co Inc.No pat
Morrell (J) & Co
No par
Morris & Essex
50
32",400
*56
52
Aug 1
72
2
22
2fe
2/
26
29
20
$4.50
111
Mar 31
% Feb
10
94% Jan 26
87
July 13
Mar 26
4
Monsanto Chemical Co
300
*107
52
100
100
1
Apr
Mohawk Carpet Mills
1,700
45
12%
52
*50
54
*14
45
*107
109
9l4
*A 1
100
{Missouri Pacific
5% conv preferred
1,200
15
957s
9612
95
95l2
96%
96%
*114i4 118
*115i4 118
*115% 118
48
47U
48i2 x47k
46
4778
47%
3658
*3412
36% *34i2
365S
*34%
36%
*33
36
36i2
*32i8
36
*32%
36
20 78
21
21i2
2034
21V
19%
19%
14
1418
14V
14'4
143g
1334
14
28
2834
2934
28i2
29
27%
28%
7
7%
7%
7i4
714
678
7
No pat
A
Preferred series
100
1%
2
*1178
Stock
12%
35
%
*14i2
2i8
88% Aug 31
49% Jan 26
No pat
preferred
$6.60
65
*l4
2278 Jan 11
287s July 25
July 28
111
Apr
100
%
15l2
214
9'8
H4
23s
76
4% conv pref series B—100
Minn Moline Power Impl
1
90
*60
100
8% cum 1st pref
10
81
84%
No par
Midland Steel Prod
90
91
*88%
*11014
05
25%
108
107
95
21
8'4
*88l2
17
27i4
108
*11514 118
21
25
2
16
4634
10
2i8
9U
16
*33
*50
91
*110
1
12%
17
Jan
16%
41
12% July 25
26i4
86
14
47% July 25
*107
93% Aug
3334 Nov
June 13
534 Mar 31
17
Oct
11
2634 Mar 30
2634
Dec
Jan
Feb
4734 Mar
5
108
Dec
3
101
16% Dec
5
17
50
37%
Jan
3434 Apr
May 31
Mesta Machine Co..
Copper
Dec
Jan
19
14
6% July 26
Miami
*8812
*3412
July 21
10
47%
112%
57% July 27
900
99
37
68
3,200
26
36%
Jan
12
*106
48%
50
10%
130
Oct
Sept
32% Apr
3% Mar 30
42i4
134
*7%
5% conv 1st pref
Merch & Min Trans Co No par
Jan 25
12
*5g
*42
100
72
lov
16%
*12
*34
600
5%
20i8
Apr
42
1®4
96
1
50
Mengel Co (The)
6
66% Dec
55
14
1
*95
5%
1934
No par
Melville Shoe
1,200
18% Dec
5% Oct
28% Dec
78% Dec
1034
*h
*115%
4734
*34%
512
2112
"loo
11
1
1534 July 22
89% Sept
4234
26
*2l8
46%
634 Mar 26
26% Jan 12
8% Jan 10
35% July 26
10% July 18
10l2
6
16
77
80
45
Apr 12
Oct
4214
*k
*2
*65i2
*63
""400
Mar 26
30%
11
%
*1%
12l2
5
70
4834 Aug 26
28% Jan
42% Jan
42% Mar
16% Mar
14
*14
*15
90
12V
June
21
Dec
43
IOI4
lev
108
*8i2
*1%
200
400
35% Mar
13%May 27
5% Mar 29
27
share
per
Dec
*42
*60
2%
878
1%
2%
McKesson &
Highest
per share $
734
18% Aug 24
*12
*8
8%
*12
.10
Robbing..-—..I
$3 conv preferred
N.o par
McLellan Stores
1
6% conv preferred
100
Mead Corp
No pat
$6 preferred series A.No par
$5.50 pref ser Bww.JVo par
McKeesport Tin Plate
Mar
1212
1012
*110
6%
*5ls
*20l2
*86
13i2
77
7
Mclntyre Porcupine Mines..6
4,000
2,000
1,400
878
10
$
12% July 27
Jan 31
1
4212
*81
69
*60
5i8
20'2
90
$ per share
24% July 25
16% Jan 13
*89
89%
84%
111
111
70
108
26
107
107
2S
87s
80
45
*86
20
Highest
$ per share
McGraw-Hill Pub Co..No par
McGraw Elec Co new
1,800
lOU
*86
*5
Par
Shares
1714
Lowest
Lowest
Week
9
1014
*87«
9i4
Sept.
$ per share
17
2034
678
3412
678
*34
34
8
100-Share Lots
EXCHANGE
103s
48
20
1934
678
7
Sept.
$ per share
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
STOCK
YORK
NEW
4
the
Friday
I7i4
1718
IOI4
47i4
47bi
20
7
$ per share
10i2
*10
Thursday
STOCKS
Sales
SHARE, NOT PER CENT
for
Saturday
Sept. 10, 1938
20
Def. delivery.
Preferred
100
Owens-Illinois Glass C
12.50
Pacific Amer Fisheries Inc-_.5
Pacific
Coast
10
1st preferred
No par
2d
No par
preferred
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
nNewst^ck.
2£
r Cash sale,
Jan
Aug 17
93
Oct
104%
Jan
June 21
9334 Jan 13
91
Oct
105
Jan
6% Mar 31
14% July 25
87%May
75
3
8
May 12
1% Mar 30
1234 Mar 30
9
May 26
19%May 31
7% Mar 30
83% Apr 1
4
Mar 28
1334 Mar 25
122
95% Sept
35
Sept
7
2
3% Sept
Sept
8
15
1478 Jan 10
3278 Feb 23
19% July 25
41
7
111% Sept 8
9% July 19
28% July 19
Jan 14
140
6% Mar 31
30% Apr 1
12
Jan 12
56
Jan 11
10
Mar 30
39% Apr 28
115
Apr 19
40
Mar 30
6
Mar 30
2% Mar 26
10% Mar 25
334 Mar 29
9% Mar 26
z2234 Mar 30
x Ex-dlv.
978
Sept
6
22% Aug 25
30
1%
Oct
Dec
Oct
36% Mar
53%
Jan
678 Mar
Oct
40
9
Oct
24
Nov
2278 Apr
73
Apr
26% Feb
6%
90
Oct
Nov
114
Jan
Feb
5%
Oct
19% Mar
20%
Oct
45%
125
6%
Nov
Oct
140
Jan
Feb
24% Mar
48
Dec
97
1234
Dec
28
44
Dec
75
Jan
May
115
June
50
Jan 12
115
Apr 19
114
Mar
Jan
20
51% Nov
*9% Dec
2% Oct
7% Oct
9% July IP
15% July 23
2934 July 1
27%
3234
Feb
10% Dec
22
38
Jan
74% July 29
11% Jan 17
5% Jan 11
July 28
y Ex-rights.
4
Oct
Oct
10384 Aug
23
15%
40
Jan
Feb
Mar
Jan
1 Called for redemption.
Volume
LOW
AND
New York Stock
147
SALE
HIGH
PRICES—PER
Record—Continued—Page
Sales
for
Saturday
sept
3
.
$ per share
*35%
Sept.
Tuesday
Sept. 6
5
-
1
SHARE, NOT PER
Wednesday
t
Sept.
$ per share
$ per share
363g
15
Monday
7
Sept
$ per share
$
8
.
Sept
36%
36%
3634
37
37%
I5I4
15
15
15
15
15%
15%
*112
121%
*112
115
112
112
*144
*112% 121% *111% 121%
146
*144
146
*144
146
*144
146
*144
146
*21
25
*21
25
*21
25
*21
25
*21
25
12i2
*1U2
12%
*11%
47g
12%
*11%
434
12%
5'g
8i2
*67g
*67g
8%
1%
*67g
8%
Par
12l2
12%
5
5%
12i2
47s
*67s
8%
*6%
U2
1%
*47
1%
49
5
47g
lh
8i»
13g
1%
1%
*47%
48
99i8
1078
99%
1U2
11
11%
89
90
90
1U2
11%
1178
*25i2
2i2
28
2%
3978
*3912
40
40
117S
27
*17
18
*2
*25%
2%
2i2
*17
18
17%
18
2
*178
012
10
934
2%
10%
10-38
*107g
1112
1034
1078
7
7
7
*56
•
5814
*56
11
8314
8434
2i4
*178
2i4
*414
2%
40-%
11
4i2
57
57
84%
*17g
2%
*23
25
*23
*13%
14%
14%
1978
*25
*13%
19%
2778
*25
2734
*111
*3i2
434
13
•
32
—
-
32%
*3i2
*12I2
32I2
14
*25%
*111
32
32l2
14ia
2734
*25%
*111
-
32%
434
*4
14
300
83
1,800
2%
800
15,500
1934
2.50
Parmelee Transporta'n. No par
27
Patino Mines &
400
*12%
15
*12%
14%
30%
*32
36%
28
28%
50
*14%
16
*15
10i4
*15
16%
*14%
16
*1534
*9i2
7%
36%
10
9%
*9%
10
9%
9%
7%
*7%
36%
*35%
7%
35%
*35%
7%
800
36%
19,500
i
6534
*
6534
2
*278
35s
Stock
*5i2
714
65-%
*278
*14
%
"*!%
3
278
126
132
*130
Closed
38
133
2
278
3K
132
7
39%
Day
*2l2
*3612
*7ti
42
734
738
7%
*7%
7h
2334
*23
23i2
23%
23%
23%
23%
*33
43
*33
40
*31
40
*31
40
*31
115
*91
115
*91
115
*91
115
*91
734
*23
*5
658
3l2
*5
*5
40%
*2%
42
3%
*38
40
6-5s
*5
6%
*5
6%
*5
25i2
24U
2414
*23
24%
*23
24%
*23
7
*24t4
*6%
6i2
*6%
*57
69
*57
*153
69
*153
712
-
-
*57
69
*154
-
*6% 1
w
Mr
*57
m.
6%
*
-
4412
*20
3812
*12
No par
812 Mar 29
734 Mar 30
434 Jan 3
17% Mar 31
preferred...
conv
Phillips Jones Corp
7% preferred
Hosiery
Dec
87
30%
Dec
91
Jan
11
Oct
25
Jan
9-%
Oct
3
Oct
21% Mar
13U Feb
34i2 Nov
4i2 Jan 12
Mar
7
133
Aug
3
June 25
136
Aug
1
May
4
2
Mar 31
02
9
378 July 20
Jan
Doc
7%
Feb
2i4
Oct
14
i2
Oct
Oct
3ig Feb
95i2 Aug
Oct
20
05
53s
50
4
27
Oct
9i2
74i2
9
July
7
4
Oct
2034 Apr
7
20'4
Oct
3338
July 19
8
52
May 10
36
Doc
56
Feb
90
July 12
3% Mar 31
90
July 12
117
Aug
117
Aug
6%
85
100
preferred
20
100
Pitts Coke & Iron
Corp No
preferred
Jan
5
May
378 Mar 30
par
No par
41
Mar 30
145
June 21
conv
7% Jan 17
Oct
18*4
Jan 17
25
Oct
4
Dec
76i2 Jan
14'4 Aug
4834
Dec
10012 Aug
174
Mar 14
Pittsburgh Steel Co
No par
7% Mar 29
*43
45
43
45
250
4i2
97% Apr
1634 Jan 12
*22
7% pref class B
5% pref class A
27
36%
5H 1st
100
100
52
Aug
8
30
July 29
May 21
23
prior pref 100
ser conv
141
Jan
July
45
Jan
6
45s
Oct
20
8
Oct
43
Mar
32
7
20% Apr
1112 Apr
Jan
7i2 July 25
67
July 20
35
400
*34
Jan
40
13%
38
Jan
July
*12%
27
Jan
July
43
13%
*34
Dec
Jan
87>4
04
Jan 18
13%
*23
Oct
Mar 29
30*4
Pitts Ft W & Ch 7% gtd pf 100
27
Nov
30i8
178
Jan
25
69
38%
Jan
I84
8% July 23
50i2 Mar
443s July 19
54i2
100%
3
Pittsburgh Coal of Pa
*155
*23
5978 Mar
Dec
Pirelli Co of Italy "Am shares"
100
*35
Jan
20% Jan
100
3812
48% Mar
Pitts C C & St L RR Co...100
634
27
Jan
3
38
25
18»2 Nov
234 July 26
5
Pillsbury Flour Mills
Oct
30
Jan 15
1514 Aug 23
13i8 Jan 11
8% July 13
38
Aug 26
3818
Apr 12
27I4 Mar 31
100
300
1734 July 25
July 25
9
43
4i8 Mar 30
100
Preferred
Mar
37i2 Jan 12
67
July 12
No par
Phoenix
Feb
17
Mar 28
114
No par
Petroleum
Mar
Oct
2'4 Mar 26
i4 Mar 26
7514 Mar 29
10
63
3
1'4 Apr 25
No par
Feb
6% July 22
61)
pref series A...100
Feb
11034
6512
30
50
12i2
76i2
2934 Feb
5014 Mar
Oct
13%
44%
*l2
34
*3
%
1U2
%
*3
8
1112
*9
34
*%
8
78
*3
13
8
12%
34
11%
-
*5g
7s
23
23%
22%
2234
10
*9
10
*9
Dec
122
Mar
23
Dec
30
Dec
30
Dec
45
9i2
9i8
9'4
9
9%
9%
9%
9
*2i2
2-34
*2
214
8I4
814
8%
914
*8%
*24%
~
-
2Sg
8-r>s
*8%
914
25%
25i8
*8
*24*8
2514
2%
8%
9%
25%
,
*8
*24%
5478
116%
28%
*99%
*110ig 11U2 111% 111% *110%
*11934 12318 *120-% 123
*121%
*14014
*140%
*140%
*116
120
*116
*11512 120
5334
5514
*116t2 118
293s
293s
*98-% 9914
*110
11134
*1197s 124
*54
55
55-3s
116i2 1165g *116% 118
2914
2914
2834 29%
99%
99'g
99%
99%
55is
*14014
*115% 120
31%
3U2
31
3U2
30%
32
31
10-%
103s
10i8
lOIi
10%
10%
10%
Dec
—
Mar
9
117% 117%
2834
28%
100
*997g 100
114% *111
114%
123% *121% 125
♦140%
120"
115% 116
31
3l3g
30%
10
10%
•
81
1278
1212
734
12%
*10%
7%
13
*10l2
111
60i2
60
*59lg
212
59%
2%
5978
2%
207s
12
207«
12%
19%
147g
23g
2%
147g
59%
2%
22
22
1214
12
*19
1214
19l4
1634
23
*20%
23
*20%
21
*18
20
*18
*5%
*50%
6%
69%
*0
193s
193s
*15i2
*20i2
1634
23
1134
I9I4
*14%
*20%
*18
19
*18
*55s
534
55g
O34
677«
19%
*50
68
*.50 lg
*6
10
*0l4
9
*6%
9
*914
105s
*9%
10%
*914
lOSg
14
*83s
15
*56
2
2's
2
2%
18
183s
18
187g
2
60
*55
60
53
53
60
*55
51%
60
18%
*55%
52
*53
—
1034
—
+
m
500
13%
1434
2
—
—
m
-
2
3,900
17%
18
17,200
60
*55%
60
55
*53
5734
2
300
1534
15
15
2,300
*26i4
33
*29
34
*27
35
*27
32
100
70
70
*68%
72
*68%
78
*68%
78
10
78
59
15
1514
*_
*
59
15%
15
59
15%
59
14%
*
59
m
—
m
~13%
133s
"l3"
13i2
"13%
13%
"l3%
13%
"iz"
13
1,200
95
*94
95
*94
96%
*94
96%
94
94
100
1034
1034
10
10
1,500
42%
4234
4214
42
*55
57l2
—
—
—
—
_.
77S
7i2
*10l8
*1638
1U2
*10i8
*1034
28
28
134
4U2
10%
427g
42
42%
5712
56
56
*55
*4
6
*4
2
6-3s
*6%
—
—
—
-
734
1U2
7%
7%
1%
*3
*6'4
42%
57%
788
6
11
11
*10%
11
*10%
*16%
17
*16
*16
427g
41
134
*1%
1%
41%
42%
5fi
%
%
28%
*1%
*42
*%
78
178
*2
2%
2
2%
63s
*3
6%
*3
6%
*6%
*6%
7%
6,600
10
28
2734
*3
Silk
Hosiery
Co 1st pref. 100
10
1
Preferred with warrants..25
Rensselaer & Sar RR Co—100
81
Apr 19
98*4 Jan 18
74l2Junel8
7
Mar 29
1434 July 29
9
June 16
16'4 Jan 14
8
Aug 25
80
May 11
534 Oct
13's Drc
434 Oct
96t2 Dec
37% Mar 31
6234 Aug 25
44
178June 2
1434June20
8i8May26
24
434 Mar 31
6 % conv
Revere Copper
Class
& Brass
10
A
preferrei
100
preferred
100
Reynolds Metals Co—No par
7%
%
514% conv preferred
100
Reynolds Spring
-1
Reynolds (R J) Tob class B.10
Common
10
-
No par
Copper Mines.
Ruberoid Co (The)-.-Wo par
Roan Antelope
800
1,000
------
Def. (Jellvery.
Mar 30
103s June 17
18
5
5% Mar 30
9
{Rutland RR 7% pref
100
10
{St Louis-San Francisco.-.100
6% preferred
100
{St Louis Southwestern.—100
5% oreferred.
.100
St Joseph Lead
»
New stock,
r
Cash sale,
5% Jan 11
July 21
June 10
9% Mar 30
Dec
2U Oct
19i2 Dec
Nov
80
Jan
10i8 Apr
3718 Aug
Dec
26
Dec
1818 Dec
47
Mar
30% Jan 15
30
Dec
49
Jan
27i2 Jan 25
23
Dec
4334
Jan
Oct
133s
3>s
39
20
Jan
Mar
Jan 1C
7%
Dec
30
113s July 20
734
Dec
223g
934
Oct
35i2 Mar
8%
Oct
13i2 July 13
175s July 25
68
Aug 16
09
3
Dec
Jan 10
134
Oct
2078 July 25
75i2 Jan 15
I2t4
Oct
65
Dc
Jan 13
60
Dpc
9i2
73
183s July
7
9
Oct
37
Jan
8
20
Dec
98
65
85
Jan 21
7634
D°c
139
Nov
6412 Jan 21
1734 Jan 7
60
843s Apr 25
94
80
Nov
57s
40*4
Dec
Dpc
Sept
9
1214 July 26
40i2 Jan
8
58% Jan 11
Mar 25
8% Jan 7
87g July 30
7% Apr 11
14% Mar 30
13i2 July 21
2034 Jan 19
1234
55
Oct
Dec
3Ti2 Feb
19i2
Oct
x Ex-div.
y
5% Jan 25
714 July 12
Ex-rlghts.
Oct
834
1
Mar 2°.
6'2
18%
17%
May 23
Jan
Jan
26% Nov
Us Mar 2*
58
Jan
Jan
Feb
29i8 Aug 24
6
34U
Jan
Jan
14
2i2 Jan 10
40% July 25
2
303s
112
Apr
Apr
67
Mar 31
13s July 20
33s July 20
9534
Oct
1'sJune 18
13
Feb
IOI4 Nov
4i8 Oct
Dec
Oct
25%May 27
5s June 13
Feb
47% Mar
124
Apr
IIOI4 Mar
4938 Apr
May 26
6212 Feb 24
10%June 9
Feb
2oi8 Mar
94% Jan
110
778 Mar 30
17% Mar 30
5
Jan
83
40
3334 Mar 30
5114 Jan 31
5
Aug 23
Dec
29i2 Dec
Dec
01% Nov
4% Mar 30
Jan
115
20
Jan 13
July 22
Apr 27
Feb
1234 Mar
29i8 Jan 18
74
38
187g
2412 Jan 11
49i2May
2
Apr 28
2334
22
11
Apr
1% Mar 30
RItter Dental Mfg
100
18
Jan 31
lli4May 31
39i2 Mar 29
100
1,500
60%
5
100
prior pref ser A. 100
85
Jun<
88i2 July 19
Republic Steel Corp..-Wo par
Reo Motor Car
No par
2,300
6%
a
No par
Richfield Oil Corp
*0%
{ In receivership,
Feb
8,800
1%
*%
134
107
Elec & Pow.
41%
%
1%
1%
Feb
Oct
100
100
preferred
Rhine Westphalia
------
17
' 28%
17%
28-%
134
Bid and asked prices; no sales on this day.
41%
*55
*4
6
28
18
28
58
7%
57%
7%
10%
41l2
*u8
*40
58
%
10%
.
"75s
177«
1034
105g
113is
7218
243g
5
~
*94
105g
110
Jan
Oct
6% conv preferred
_
3U2
Jan
Jan
Feb
.
Oct
Co...—
Remington-Rand.
'
10
65%
Jan
102is
132
834
Reliance Mfg
-
m
14018
117
Jan 14
143
25%
Reis (Robt) &
~
4,400
—
Oct
Sept
123i2 Jan 13
8
Apr
Jan
13i2July20
Reliable Stores Corp..-Wo par
m.
103%* Oct
112
Oct
307s Jan 17
Preferred
------
m
Feb
91
116i2 Aug 25
Real
1034
73
—
Jan
10178 Apr 23
86% Mar 31
6 >8 July 19
58
July 26
—
Jan
5234
11214
12St2
35i2 Jan 13
99% Sept 7
1U34 Aug 25
Mar 22
9
18%
Mar 25
25
234 Mar 25
34% Mar 29
300
1
185s
8
Aug
65i2
11812
Jan 12
Raybestos
1,200
*6
65%
Feb
115
Jan
8*4May 26
Radio Corp of
2,500
8
68
68
Feb
86
20
4314 Oct
11412 Mar
3038 Oct
Feb
21%May 27
Quaker State Oil Ref Corp.. 10
m
13
15%
69%
*56
*57%
31
Oct
1058 July 25
31% Jan 17
57i2 Aug 5
122%May 18
13%June21
mm
20
*50%
*66
Oct
39i2Mar 31
-5
100
M
6%
147g
3178
Manhattan.Wo par
Rayonier Inc
—
—1
82 preferred
25
Reading
50
4% 1st preferred
50
4% 2d preferred
50
693g
13%
OCt
434 Mar 25
4% Mar 25
1334 Mar 30
{Radio-Keith-Orpheum No par
»
19
72
0>8
512
Jan
Feb
112
Purity Bakeries
3,900
23
*65
2
-
*6%
15%
200
*5
*1434
68
2%
*50%
Oct
"900
*16
19%
2l2
13,700
6%
13%
Jan
45s Jan 17
10% July 21
2%
23
17
378
59%
20%
12%
19%
*15%
117g
Oct
20%
59%
2%
20%
12%
19%
15%
*20%
2%
207s
15%
*67
*56
68
59%
*20
33 ig
Oct
34
Amer..-Wo par
85 preferred B
No par
83.50 conv 1st pref..No par
100
13
*11
14%
*80
72%
13
14-58
39,300
100
Oct
U2
U8 Jan 22
No par
5% conv preferred
100
7%
*9%
*11%
14%
151*
72i2
*10
73
10%
7%
*9%
*11%
*67
1514
*07
12%
10%
7
3'% Jan 13
No par
6%
""400
113.1
12i2 July 21
lis Mar.26
%June 6
l%Mar 30
Pullman Inc..
88
4
22% Aug
Pub Ser El & Gas pf 85. Wo par
;
Jan
297g Apr
Mar 29
preferred
preferred
3
Oct
Jan
Pure Oil (The)
200
7h
1
l2
Doc
132
7%
4,300
8,700
81%
4714 Mar
9
No par
100
100
100
8%
mm.
Oct
Oct
13
5
50
preferred
6% preferred
+ ~
—
-
Jan
8t2
5
No par
85
100
+ ~
10%
*86
23g
200
Jan
28
5% Mar 29
No par
5% pl (ser of Feb 1 '29).100
Pub Serv Corp of N J..No par
2,100
-
81%
60
No par
Procter & Gamble
210
88
*2012
100
11634
29
*86
*80
11
5% conv 1st pref
5% conv 2d pref
....
2,500
*81%
100
834
54%
53%
83
*80
2538 July 25
Mar 28
Class B
—
~
4
Dec
34 Jan 19
Mar 31
Poor & Co class B
200
—
25
*24
55
38
100
38 Mar 31
8
Porto Ric-Am Tob cl A.No par
1,600
~
34 Nov
8
8
15
Pressed Steel Car Co Inc
25%
Jail
5
2,800
83
*80
No par
Plymouth Oil Co
8%
8%
*87
100
Pittston Co (The)
-
~
{Postal Tel & Cable 7% pf-100
83
7%
165s Jan 10
l.OOO
88
11%
Mar 29
2%
*82l2
1234
*1012
1234
*10%
7%
6
2%
77«
*7%
*87
1212
7h
100
21*
84
1278
12
34
88
714
May 28
%June
*%
*82l2
1234
1234
6
34
*87
7%
100
Pittsburgh & West Va
1,300
234
34
*2%
*%
*2%
8%
234
*%
214
2%
*%
2%
2%
o34
+
9%
234
83s
9
preferred
6%
Pond Creek Pocahontas No par
*&s
%
Corp
Jan 13
1
■
•
10
9t2
*2i2
-
110
11%
78
23%
Pitts Term Coal
100
34
♦.lg
8
*3%
12%
*%
*2i2
*
Mar 23
IIOI4 Sept
Jan
22
13%
10
2
15
4
9
I31.4
43i2
2334
*3
5% Mar 26
173s Mar 26
100
31
Oct
Oct
Jan
6*8
36i2 July 20
914 July 25
*%
*u8
100
100
prior preferred
Feb
11212 Feb
478May 26
*9
41
22'8 Mar 26
134 Mar 26
100
Marquette
Mar 29
110
No par
2358
28
1914 Mar 28
100
2i4
15
64
10334 Mar
Oct
Dec
No par
preferred
Pitts Screw & Bolt
78
_
U4
27
cum
People's G L & C (Chic)... 100
1,700
43
Oct
Nov
57i2 Nov
Oct
7%
10
42
2i2
37
20
July 25
7%
2314
*55
Jan
Mar 26
"7%
*9
1012
Jan
7%
*j2
2314
*
758
7%
12%
*%
23%
*70
295s Aug
24% Jan 15
50
7%
*23
13
1512
31%
Oct
14i8 Mar 31
RR.
Pieice Oil 8% conv pref...100
*34
8
I8I4
*5434
*5312
Feb
10t2
73S
%
*3
*80
Fib
4434
1
*%
..
8%
Oct
2378 Ma
7-'% Feb
7l2
43
27
*33
Oct
1
Pennsylvania
Phillips
^
4,300
6%
24%
*57
fc69
*155
Jan
1
Oct
138June 13
A...No par
ser
200
*6%
34%
8
*1214
13
*42i2
«
6%
Oct
3% Jan 10
7-3s
7i2
12i2
6%
Jan
18'2
Jan
23
2<±
25
25
10
25
MaCr 30
23%
*23
2034
13i2 Dec
40
*7%
Oct
15i2 Jan 11
5%
3%
*2%
Jan
8
13i2 July
83s Aug
585s Aug
85i2 July
2i2 Jan
5s8 July
Mar 31
Philip Morris & Co Ltd
7
59
*38
2[)0i2
Oct
41
Phila & Read C & I
3,400
3934
*
59
"39%
3%
*38
*5
"39"
7
*__
2834
Oct
30
^
115
3i2
42
*7t4
7
59
40
39%
*2%
13% July 20
30
July 29
1097s Mar
Oct
Mar 30
7%
40
*91
*212
*38
*6
*
59
Sept
8i2
80i2
Oct
55
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
100
%
*5
195
10
80
132
"39 %
*
59
4034
13% July 19
July 19
100
1%
No par
pref
conv
Jan
Mar
90
4
4
preferred
No par
{Phlla Rapid Trans Co
50
27g
Labor
*
'"■io"
99% Aug 25
32t2 Nov
834 Mar 31
$6
12634
*128
July 22
2% July 19
Petroleum Corp of Amer
5
Pfeiffer Brewing Co
No par
600
2
3g
124
127% 128
*128
Mar 31
..No par
preferred
Pet Milk
3578
27g
Mar 29
Feb
3
Aug
2i2 Mar 30
10i2Mar 30
$7
5%
5%
16
*1%
*%
129%
*
65-%
2
126i2 129
*127
7%
37%
3578
*
"*i%
314
*%
Exchange
*129i2 132
37%
3578
*
2
*278
%
127l2
7%
36
*35%
6534
"*l"%
*1%
126
7ig
37i2
17%
10% Aug 26
par
Corp
10
Cement-..No par
Penn-Dixie
30
32
36
12-%
Oct
1% Mar 29
3
Penney (J C)
Pere
200
*32
7ig
Enterpr No
Peoria & Eastern
434
*29%
36's
*35i2
50
Oct
7
3% Mar 30
No par
Peerless Corp
Penlck & Ford
6%
"
34
73s
Corp
Peoples Drug Stores
32%
36
2
4
4
Penn G1 Sand Corp v t c No par
*29%
37i2
1
Mar 26
16
Parker Rust Proof Co
Pathe Film
100
14%
33
*35l2
29
6% Mar 31
Penn Coal & Coke
*28i2
93g
1134 Dec
9% Feb 25
12
33
9i2
157s Jan 10
578 July 7
29
2034 Feb 23
33
914
18
30
13
"29
33
Jan
28
*30i2
*12%
149
July 27
400
634
*4
Apr
41
2
32
133
June 27
U2Mar 30
4
3134
Aug 11
30
31% Mar 31
23
*25%
33%
434
147
18
No par
*111
*32
*4
434
20
Jan
30
Parke Davis & Co..
57
*13%
187S
152
534 Mar 31
10
Jan
Jan
Nov
Mar 31
65
share
per
5334
447s
110
88^4 June 21
1
Oct
1,100
4
25
1412
19og
Paramount Pictures Inc
Oct
10i8
116% Aug 17
Sept
29
100
j3434
1
23
25
4% conv preferred
1
July 7
1978 July 19
2,200
2%
*17g
4%
4%
*22
Panhandle Prod & Ref new.,1
Parafflne Co Inc
No par
4i i2
1
17-34
82%
9% Mar 30
87
Apr 1
Highest
$ per share $
Park & Tilford Inc
40
*55
32% Mar 31
No par
Lowest
share
per
Park Utah C M
28
1,000
1,000
83%
No par
Pacific Telep & Teleg
100
6% preferred..
100 rl.32% Mar
Pacific Tin Corp(sp stk) No par
18%June
Pac Western Oil Corp
10
10
Mar
Packard Motor Car
No par
3% Mar
Pan-Amer Petrol & Trausp.-S
7
Mar
2,700
10%
57%
$
100
10%
6%
84%
2%
Highest
share
per
6% 1st preferred
6% 2d preferred
11%
2%
678
Pacific Ltg Corp
Pacific Mills
900
11%
*13i2
19%
---
39,400
11,600
1412
33%
11
89%
9%
25
•
1%
9%
*20
*33
«
100
*17
*13l2
19%
*I113s
-
*178
67g
20%
2734
8,800
p -
2%
678
19
200
5
10%
11
4%
~
47%
40
18
9%
57%
83%
*178
4%
57l2
8412
*17g
4%
28
678
84%
4i2
2%
10
2,200
1,500
10%
88%
11%
*25%
ll'g
*25%
2%
40%
*17%
*178
40
*1%
2%
10 >8
634
28
,
49
11%
900
*99% 100%
*89%i 907«
11&8
90
1134
99%
15
13$
46%
*99% 100%
11%
11%
8884
1U2
Ili2
90
49
48i2
99%
900
*14%
5
47
*99% 100%
*25i2
23g
397s
*3684
37
$
Range for Previous
Year 1937
of 100-Share Lots
Lowest
Shares
36
,
Range Since Jan. 1
On Basis
Week
9
.
$ per share
1605
EXCHANGE
Friday
share
per
STOCKS
NEW YORK STOCK
the
CENT
Thursday
8
1
U2
312
10
Oct
38
934
65
Dec
June
Feb
Mar
434 Mar
Oct
1"s
Ot
2084 Mar
Nov
37i2 Mar
Feb
T Called for redemption.
New York Stock Record—Continued—Page 9
1606
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER
CENT
) per
share
1**4
Tuesday
Monday
Sept.
Sept.
6
Wednesday
18
7
Sept,
6
Sept.
9 per share
9 per share
$ per share
Thursday
18
18
*68
7934
*70
7984
*65
76
*65
*85%
94
*85%
881
*86
88%
*86
*18%
*101
102
*101
18
8
9 per share
103
*1734
18%
*1734
*7312
75%
*73%
13%
75
*12%
1312
*4
4712
47%
47%
*%
6
2%
21%
*3%
4
*65
601#
*50
60%
*50
*4%
*38%
5%
44
15%
5
5
*38%
44
*9%
10
>
*26
27
*26
155#
15%
15%
105
*10434 106%
*6t2
6%
7
31
31%
31
*2%
9%
2%
*1834
3%
73
900
100
%
%
1,800
5%
6
*5
%
*15%
73%
*l2
13%
17%
74
5%
4734
100
„
*1«4
2034
*16%
*15%
2C%
*3%
73%
74
47%
%
a
7434
1534
17
♦3%
1%
*12%
173s
47%
*%
*134
47%
%
2%
20%
21%
334
73%
*3%
74
72%
47%
*10
*95
*50
3934
4%
4%
*38%
4%
3934
4%
*38%
10%
10%
10%
10
27
27
*27
27
27%
27
153#
1538
15% 15%
14%
1434
105% 105% *105% 106% *105% 106%
634
634
6%
6%
6%
31%
33
31%
32%
30%
3134
*2%
3%
*2%
3%
*2%
3%
26
2634
24
25%
23%
*90
91%
*90
913s
*90
*90
*89
94%
*91
94%
*91
91%
94%
*95
99%
*95
99%
2034
1834
12%
13%
*93
13%
13%
14
*113
114
2
*113
2
20
2
*19%
20
*135
140
*21%
17%
13%
18%
*135
*3
1834
3%
*38%
3%
*784
40%
3%
8%
23
*22
24
16%
16%
1334
*113
114
2%
19%
2%
21
140
*136
114
18%
18%
19%
*16%
*11%
13%
12%
11%
*113
*20
140
136
Stock
21%
21%
21%
18%
18
19
18
13%
12%
13%
12%
17%
18%
18%
*33
Exchange
46
*33
3
3
*3
40
*35
*30%
Closed
3%
*8
Labor
Day
*2134
23%
1534
*40%
63
63
13%
*61%
29
28
13%
7%
7%
10334 10334
7%
*104
2
2
*3%
4
*134
3%
*8
8%
*734
3%
3%
19
18
36
*33
3%
*3
39
*35
*8
23
24%
1534
42
23
*40
2434
16%
42%
13%
63%
*63
13%
28%
28
21%
1834
13%
18%
46
734
12%
13
13%
63
63%
29
7%
7%
7%
104
29%
69
69
11%
11%
8%
8%
10%
10
8
*51%
8%
56
*126% 126
11%
11%
25
25
3%
18
3%
1034
8%
11%
9
10
10
734
8%
52% 52%
*125% 125%
1134
12
*25
3%
26
3%
18
18%
31
*28%
30%
15
*10
18%
*29%
*13
13
*18%
18%
18%
18%
*27%
27%
27%
7%
7%
6%
27%
7%
5%
6%
*41%
43%
*4034
43%
*4%
434
4%
4%
*6%
6%
45%
4%
3634
11
5%
5%
*684
45
4%
36%
10%
9%
*203s
9%
22
*18%
*58%
*3%
22
*45
55
*4%
*13%
*7
60
4%
434
*6%
44
1,200
1,300
4%
20%
13
*11%
1234
13
96
*95
96
3
12%
*6%
*40%
4%
7%
43%
4%
200
43%
4%
2
5%
4%
*11%
*1%
*4%
1834
9%
9%
4%
85%
63s
63#
*8
10
6%
*9%
4
4
3%
*82
85
82
10
4%
82
5
*29
5
5
10%
273#
351;
*838
26%
10%
*8
10%
27%
26%
27
35
35
4
*3%
31
10%
10%
1%
*26
10%
5%
4
29%
10%
34%
3%
*26%
10%
5%
34%
3%
31
10%
2%
60%
*9
4
*76%
*4%
10
4%
*9
97%
5
10%
26
26%
*34
*3%
*26%
10%
*1%
36
4
30
10%
7
7%
Telautograph Corp......
Texas Corp (The)..
pref
Preferred
Therinold Co
2% Mar 31
4,300
3,100
3,800
Tim ken Roller Bearing. No par
31% Mar 30
Transamerlca
Corp..
8
.8
Mar 30
10,100
Transcont A West'n Air Inc.5
4
Mar 301
—100
16
1
6
600
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
100
Twin City Rap Trans..No par
Preferred
"f.666
Twin Coach Co
Union Pacific
79%
*77
79
*77
79
77
77
500
21%
26%
*21
21%
20%
27
26%
21
26%
934
20%
25%
9%
20%
26%
9
•
Bid and asked prices: no sales
on
this day.
*11
t In receivership,
12
a
Def
100
Ulen A Co
300
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
41
57
600
8,200
17,500
300
delivery
4%
...No par
Union Tank Car
United Amer
n
r
10%
Oct
40»4
Jan
Oct
21%
Feb
72
Dec
98% Aug
28% Feb
S84
Oct
5
Oct
Dec
27% Jan
11% Mar
82
4%
7
18%
25
Dec
Oct
109%
Jan
12
Mar
20% Mar
Oct
40% Mar
Nov
50
Mar
Jan 13
Mar 30
44
Jan 11
39
Dec
94
Jan
Mar 25
12
July 25
7
Oct
25
Mar
1%
Oct
July 23
46%
Nov
6
July 25
8%
Dec
Mar 31
2% July 26
66
15% Aug
Mar 31
87
284
Oct
61% Nov
17%
93
80
Nov
6
78
Oct
23% Jan 12
30% July 25
22
Nov
Mar 30
Mar 30
6*4 Mar 31
r
Jan
Dec
22% July 21
6
Jan
July 19
19% Mar 30
..5
Feb
5%
3%
20
100
Cash sale,
28%
Oct
17% Mar 31
55% Mar 31
5934 A pr 20
Bosch...No par
New stock,
Oct
1%
6%
13%
6
7% Mar 30
No par
United Aircraft Corp
Un Atr Lines Transport
10
38
1% Mar 26
100
preferred.....
8% Jan
15% Mar
Feb
12%
19",600
Sept
Dec
Aug
Truax Traer Coal
253#
40
Oct
4
17
700
33%
*3%
*26%
10%
*1%
59%
Oct
Sept
1%
79
200
Mar 31
Mar 29
Mar 25
Mar 29
2%
36
Nov
22%
5
10%
26%
34%
3%
30
10%
2
59%
13
June 27
65
Oct
82
5%
16%
26%
2%
Jan
1334 Mar
93% Jan
13% Feb
Oct
*4%
3% Mar 28
64
Oct
82
77
Feb
Oct
Oct
3%
4
6
10
48
55
Jan
15% Jan
64% Mar
8% July 12
19
29
10
11
2
par
5% Oct
5% Oct
15% Nov
18% Dec
10
478July
87% July
6% Jan
10s8 Jan
27% Sept
No
10%
Mar
36
11% Aug
Truscon Steel
Apr
9% Mar
44
52'4 Aug 8
1234 Jan 12
1
Union Carbide A Carb.No par
Union OH California
25
13
Mar 24
4% A pr
1,700
9
Jan 13
2% Mar 30
2,800
*11
Oct
Trl-Contlnental Corp..No par
$6 preferred
No par
89
9%
2384
Transue A Williams St'l No par
20%
12
Mar 31
2
83%
9
65%
Oct
5% July 19
20
Aug 9
4
July 25
19
July 25
1584 July 25
98
July 13
16
Aug 24
77
10%
15% Mar
Oct
3% Mar 30
8% Mar 28
1% Mar 28
5»4 Mar 30
10% Mar 29
77
9
Oct
2
Jan 11
6
5% July 29
5% July 25
77% Apr 29
JaD
5%
3484
8
49% Aug
15
Tide Water Assoc Oil..
10
$4.60 conv pre!
No par
Tlmken Detroit Axle
10
17%
Jan
2% Jan 13
No par
33% Mar
2334 Jan
Oct
M ar 31
pref..
Oct
4
Mar 24
R)
25
Thompson Prods Inc..No par
Thorn peon-Starrett Co. No par
8%
Oct
5%June 29
1
Thompson (J
4%
20% Jan
28% Mar
Feb
Jan
15
82
12%
Apr 12
Oct
Oct
Oct
I6S4
56
Mar 30
7*4
15%
22%
434
57%
8%
200
*8%
Jan
Jhd
20% July
6D4 Feb
Dec
35
Mar 30
Mar 31
1%
125
Dec
4,400
3%
Jan
41
10
4
*9%
77%
Jan 10
734 July 25
47
37% Aug 6
12% Aug 6
11% Feb 10
26
July 22
24% July 25
59
July 26
5% July 13
15
1
88
8%
Mar 30
9
19% July 19
10
20
*11
4
Apr
15% Aug
29% July 25
10% Jan 11
8% Jan 11
-.100
90
884
Mar 31
July 20
Ry
84
12%
Mar 30
32
pref
Avenue
20%
8%
*10%
8% July 29
59
July 20
126
Aug 8
53%June 23
2% Apr 13
100
90
26%
8
684 M ar 31
No par
20%
26
Dec
Mar 29
13
No par
91
21%
44%
7
1
91
21%
Feb
26
10
20
26%
20
3% Mar 30
32% Mar 30
2% Mar 29
25
91
21%
Oct
6%June 13
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
8434
20%
26%
Oct
3
5
Tennessee Corp
90%
*77
6%
4% Mar 31
20
8334
July 25
5
91
8334
Jan
12
17%
33%
5
20%
13%
Dec
34
84
z5934
6%
9
91
*57%
12%
2%
5934
13%
Jan 13
60
20%
*2
11
4«4 Mar 30
4,500
7,100
12%
83%
2%
60%
13%
Jan
Feb
June 17
3%May 27
13%
84%
20%
13%
*2
*57
75
21
16
1
1%
61%
13%
8434
61%
48
Oct
22% Mar 30
1334
1234
.
19%
53%
5%
Dec
Dec
May 28
119% Feb-
Ltd
*12%
12%
7%
58% July 25
30% Aug 27
69% Aug 27
12% July 26
784 Mar
*4%
7%
6%
Mar
Feb
47% Mar
3978 Jan
5:
7
6%
Mar
Oct
20%
2
53#
18%
2%
10
Dec
76
Oct
4%
*11%
*1%
*4%
18%
2%
15%
49%
60
43
Dec
4%
9%
Oct
Aug 20
17%
20%
14%
48%
Jan
17% Mar 30
4%
10%
Jan
10
*11%
*1%
15%
49%
14% Mar
32% Mar
Oct
2
15%
Oct
8
20%
10
10
5
19% Aug 26
6934
49%
10%
Jan
Deo
8% Mar 31
*45
10%
15%
50%
10
12%
Oct
Oct
18
6934
15%
5014
14%
49%
16%
Oct 107%
30% July 25
4% Aug
1
*45
900
Oct
2%
2%
100
6984
4%
94
7%
101
Oct
The Fair
94
6
Aug
100
94
Jan 10
3% Jan 10
6% Jan 12
11 >8 Jan 12
9
60
£94
9%
107% Feb
118
*58%
96
Apr
48% Mar
14% Mar 10
*18%
"4" 500
Feb
95%
Nov
8%
9% Mar 31
17% Mar 31
1«4 Mar 26
22%
60
434
13
2884
Nov
16
July 25
Nov
Without warrants..-..
Talcott Ino (James)..
cum
Dec
49
31
Jan
42
Symington-Gould Corp ww._ 1
$3 50
Jan
30% May
45
10
*4
700
60
6% Mar 29
3% Mar 30
100
Texas Pacific Coal A OH
""666
Dec
37
5
50
conv
39
27%
26%
1
25
$3 dlv
42% Aug 25
15% July 19
70% July 18
Jan
34% July 26
35% Jan 7
6
No par
International
Third
Aug
%
Mar 29
Swift A Co
""766
35
Jan 13
49
Texas A Pacific Ry Co
100
Thatcher Mfg
.....No par
3%
15
13
15%
10
Sutherland Paper Co
Sweets Co of Amer (The)
""loo
Dec
32% Apr 8
39% Mar 31
17% Mar 29
.25
Texas Pacific Land Trust
4%
10
Feb
Jan
200
2
2384
25% Mar 31
24% Mar 30
_
conv
36
Oct
Feb
6% preferred
$3.60
Dec
10
2534 July 26
17% July 25
60
2,300
5
77% Mar
9% Jan
31
Jan
3,700
*4
Oct
Dec
4
9%
*18%
*58%
1%
6%
19%
72%
10%
4
35%
Dec
Dec
2134
23
9%
Jan 21
4% July 25
65
9
1034
Oct
Oct
Oct
*20
9%
Oct
Dec
1%
Oct
22
10%
22
18%
10%
35%
*3%
36%
*2%
*12%
12%
50
27%
36%
14,900
2,300
4,400
15
15
5
600
4%
36%
19
10%
*9
6%
44%
9%
3
15
49
*81
6%
43%
4%
3534
10%
538
18%
*95%
14%
49%
4
6%
44%
*12%
1234
18%
""666
15
27
10
8tone A Webster
Swift
Jan 10
Aug 23
14
64% preferred.....
144%
4%
60
15
*94
7%
*40%
*4%
23
*4%
*18%
3
500
*58%
5%
19
*12
1,300
*18%
4%
300
60% Mar
65% Jan
11% Mar
21 a4
Jan
7
30
*1*166
43% Mar
9
2
29
1734
Oct
July 25
July
Studebaker Corp (The)
1
Sun Oil
...No par
1,200
13%
66% Mar
July
Superior Steel
27
32%
Oct
1
Superheater Co (The)..No par
Superior Oil
1
1734
Oct
17
23
5,400
26%
Jan
1784
15
3% July 21
Feb
Jan
155
28
2,300
*11
Oct
Mar 29
3
800
Oct
Aug
June
6%
42%
%Juue 21
18%
5%
60
*1%
26
20%
130
23%
115
13
par
18
3
Mar 31
Oct
10% Mar 30
Sunshine Mining Co
7%
22
*14
26
40
7
*45
2
5
7,600
*5%
*18%
*58%
20%
1%
1%
*4%
*18%
12534 12534
12%
12%
July 7
22% Jan 12
Oct
Mar
1%
Feb
No par
7,200
300
25
13
110
Jan
Feb
No
prior pref
prior pref
11,800
7%
22
70
cum
Jan 10
Oct
4% Mar 30
7%
52%
5%
22
*45
cum
Mar 18
l%Juue 13
No par
9%
7%
4
$6
$7
28
140% Mar 26
9«4
54%
40%
2984
—-No par
7%
52%
5%
*6%
22
5%
$4 preferred
9%
7%
*20
*4
JStand Gas A El Co
Stokely Bros A Co Inc
5%
9
94
1
1,900
*5%
*6
No par
Com in Tobacco
Standard Oil of Kansas
*7
6%
4538
4%
36%
10%
No par
$4 50 preferred
8
1034
6%
Standard Brands
12% Mar 31
6% Mar 31
8
11%
Mar 30
6% Mar 31
1
Stewart Warner
11
44%
4%
36%
10%
7»4 Mar 31
48%May 26
JStand
Aug 9
3% Jan 13
46
2
4,900
11%
834
10%
8%
4
Conv $4.50 preferred.No par
11
10%
Jan
114
36
29
preferred A..No par
Starrett Co (The) L S..No par
Sterling Products Ino
lb
68%
6%
9%
100
13% Jan 16
16% Jan 10
Mar 14
-
Feb
Mar
24
No par
Spiegel Inc
Oct
Apr
Dec
19% Mat 26
16% Mar 30
1
Square D Co class B
67
Apr
10
July 19
700
29
68
43s
conv
Nov
60%
102%
Mar
19% Aug 26
11
1,000
27%
68%
9%
9%
10'4
734
7%
8%
52%
52% *52%
56
125% 125% *125% 12534
12
12%
12%
12%
26
27
26a4
26%
3
3%
3%
3%
18
18%
18%
1834
30
30
30%
30%
*10
*11
13%
13%
17%
18%
1734
18
*27
27%
27% *27
$3
4%
Mar 31
Aug
Mar 26
Standard Oil of New Jersey.25
29%
July
7
June 30
Mar 25
Standard Oil of Indiana
*68%
88
Mar 30
8,600
*2834
I
Feb
4
12",506
68
8%
100
42
29%
93
2
4,400
68
Dec
29
Stand Inventing Corp..No par
Standard Oil of Calif .No par
29%
26%
-*.-1
1,100
29%
45%
10%
29
3484 Jan 10
No par
3034
*32
68
26
8% Mar 30
17%June 17
2% Mar 29
100
20%
%
53%
7
3634
17
*%
5134
43%
36%
10%
*15
54%
8%
200
600
7%
5334
834
900
3%
54%
7
4%
30%
42
10.200
533s
*40%
4%
4%
9%
29%
7%
104
30
*32
240
7%
31
30%
13,600
3%
30%
42
13%
62%
28
1%
30%
17
10
134
30%
29%
*16
2,400
Feb
Feb
17% Mar
Mar
9% Mar 31
6% Mar 30
Spencer Kellogg A Sons No par
15%
3484
105%
120
16%May 24
Spalding (A G) A Bros. No par
1st preferred
100
42%
Oct
197
19% Mar 31
v t c
Nov
Oct
128
No par
Sperry Corp (The)
Splcer Mfg Co
Feb
Nov
100
200
Jan
Feb
44
June
-.25
10,400
Feb
17%
13
Apr 14
1% Mar 29
100
5% preferred
14
65
96
111
No par
"""266
Oct
Dec
8
10<4 Mar 31
Vacuum Oil Co Inc. 15
Solvay Am Corp 5 4% pref 100
Am Gold A Platinum. 1
South
Southern Railway
Mar
8% Mar 29
Mobile A Ohio Stk tr ctfs 100
40
30%
*2834
5,000
46
20
*32
8,300
Feb
42% Mar
Dec
Snider Packing Cor p.-.No par
—
34
1584
200
Edison.
5%
98% Aug
120
6% Oct
24% Dec
14% Nov
91
54% Apr
11% Mar
17% Oct
2% Nov
10
Pacific Co—
3«4
44
Oct
Jan 13
Smith A Cor Ty pewr__.No par
preferred
7
Jan 11
Oct
Oct
22
100
8%
Jan
84
1%
16
33% Aug 26
3% Jan 17
98
24%
2834
9%
24
22%
64%
la% July 20
102
Sparks Wlthlngton
Spear A Co
2834
2734 Jan 27
2
100
42%
Jan 14
105% Sept
8
"2", 100
*40
6% July 19
Apr
So Porto Rico Sugar
Jan
Dec
Mar 28
So cony
2%
8%
60
May
20,800
Jan
Jan 14
13
"
Feb
Feb
45%
Oct
11% July 25
Mar
3%
23%
Dec
48
98%
share
3% Oct
34% Nov
12»4
66
per
Oct
15
91
Calif
2O84
%
54%
2934
68%
11%
13%
1
Apr
Dec
%
18
July 19
20h Jan 11
45
Southern
20%
%
30%
18
z84
4
3% Oct
4984 Nov
100
$6 preferred
(A O) Corp
Southern
%
42
100
900
15%
53%
2934
68%
25
20,600
2134
30
10
1734
12%
*%
*32
4*4 Mar 31
12% Mar 30
—No par
21%
15%
54%
Simmons Co
17%
12%
20%
42
Mar 30
21
%
30%
Mar 20
per
48% Aug 23
% Jan 3
3
July 22
27% Feb 26
5% Jan 14
75% July 25
No par
10
10
18
«
10
93
Union Oil
8%
16
1
No par
54% conv preferred.
100
Silver King Coalition Mines.6
Shell
Smith
400
2134
54
20% Apr
Sheaffer (W A) Pen Co. No par
6% preferred
20
*21
30
Aug 11
18% Mar 31
140
*16
30
Mar 30
6*4 Mar 12
Skelly Oil Co
1,400
20
23%
15%
42%
1234
62%
*27%
Mar 26-
3
3%
22%
2434
Mar 30
9% Mar 30
G.)._No par
8%
*2134
16
8
47
36
Shattuck (Frank
3%
24%
June 16
45% M*r 31
Sloss Sheff Steel A Iron
*35
3
..No par
Sharpe A Dohme
""120
3
6
10
8%
*2184
13%
% Jan
1 % Mar 29
15% Mar 29
No pa*
"l'.ioo
17%
Jan 11
34% Mar 28
1
95
3
734
Mar 30
212 Apt 6
14% Mar 30
*135
17%
Jan
No par
20
*33
1
3
No par
Sears, Roebuck A Co.,No par
Inc
85
Slrnonds Saw A Steel--No par
5*300
18%
30%
6I84 Mar
27% Jan
June 14
% Feb 10
Slmrns Petroleum
2
22
*%
Dec
71
Jan
$
14%Juue 10
700
114
*21
%
30%
22
334
7%
7%
7%
£7%
7%
105% *104.
105% *104
105%
134
134
2
134
134
3%
3%
334
3%
3%
8
6
Feb 23
per
62
300
*113
3%
40
Feb
27% Mar
*8
23
2334
1534
20%
136
113
Oct
*3%
3%
8%
8%
13%
114
*16
*33%
13,000
2
2%
20
21%
29
*%
800
*93%
1234
44%
13%
*11%
13%
94%
99%
20
1734
24%
*40
200
91%
20
21%
2134
18%
13%
46
*26
30
2,600
24%
*11%
Dec
11
per
$3.50 conv pref ser A.No par
1,400
10%
2634
12
12
x9S
4
JScbulte Retail Stores
J
8% preferred....—
100
Scott Paper Co
No par
15 oonv pref
27
*18
Feb 11
19
""500
60%
49%
1834
12%
105
4%
*50
*26
*18
Mar 26
8% Mar 29
No par
Schenley Distillers Cor p..... 6
preferred...--.—100
Serve!
19
18%
Jan
79
—
Savage Arms Corp
Sharon Steel Corp
19
*17%
113
1,000
60%
1934
Deo
6,000
16%
4%
1934
86
Seagrave Corp
16%
60%
15%
19
1934
July 28
ib",700
16
16%
19
20%
94
72%
1534
*16
19
20%
Mar 24
71
16%
17%
99%
*90
Mar
68
J Sea board Air Llnp.— No par
4-2% preferred
100
19
26%
91%
Jan
103
Seaboard Oil Co of Del.No par
95
25%
46
Dec
100
10%
6%
3134
2%
Dec
70
1,000
*38%
15%
18
Jan 20
2,700
10
105
23% Jan 12
81
%
16%
Highest
Mar 29
$
share
I
12
2%
20%
334
share
58
%
15%
1534
7% preferred
Lowest
Highest
$
100
100
100
*134
20%
*3%
20
20
*19
550
Range for Previous
Year 1937
Lots
No par
Safeway Stores
110
100
1938
share
Mar 30
5% preferred
6% preferred..
102
18
47%
%
%
2
22
102
76
47%
1%
20%
4
74%
1534
17
*1%
*2112
1,100
88%
18
*4
6
*86
*74
%
19
Lowest
Par
76
*1234
1
*4
s3#
18%
the
*65
10,
EXCHANGE
Shares
13%
18%
13%
On Basis of IW-Share
STOCK
YORK
NEW
Week
$ per share
75%
18
*74
%
*'2
1834
76
88%
101% 102
101
101
12%
18%
*12%
1834
Friday
Sept. 9
Range Since Jan. 1
STOCKS
Sales
for
Saturday
sept. 3
Sept.
Ex-dlv
y
81
Aug 10
Jan
ll%.fu!y 19
14% July 29
Ex rights.
Oct
17%
6%
Jan
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
14884 Mar
9984
Jan
IO84
Oct
5%
Oct
31% Feb
35% Mar
24% Jan
7
Oct
31%
Feb
5 Called for redemption
Volume
LOW
AND
Saturday
Sept.
3
% per share
*16%
*117
New York Stock
147
HIGH
SALE PRICES—PER
Sept.
$ per share
$ per share
$ per share
16%
*117
60
17
2*4
31%
Wednesday
5
m.
*15
PER
16%
118
16%
16%
*117
118
60
60
2%
2%
31%
5%
*15%
2%
30%
2-g
31%
5%
5%
*834
31
5%
9
9
16%
*117
16%
6?t
93,
$ per share
16%
59%
*15%
18%
2%
15%
2%
6.500
30%
31
3,800
5%
5%
5%
*8%
*75
934
79%
7
7%
35k
35k
35%
58%
35%
36
36
36%
58%
59%
10
58%
9%
59
10
10
9'g
*108% 109
*108%
8%
7%
7%
*7%
109
59
10
10%
109
*8
*6i2
7%
6%
9
*8i2
*%
8
*75
7
6%
9
*8%
82%
%
7
*8%
82%
*%
78
*75
*7
778
*6%
77g
*%
6%
6%
*812
9834
91
*9%
10%
9%
9%
*168
99
8l2
*2958
30
2112
5i2
21%
*5
93s
*64
4278
99
99
*168
9834
170
*712
170
*168
*7%
*29%
8%
33
21%
*5
9%
80i2
4318
5%
461*'
*64
87
877g
63
63
61
*6318
65
4534
59 %
60
11212 11212
*34
3434
113
34%
*46'2
*46%
58%
8
7%
%
9%
99%
170
*7%
*29%
2134
5%
32%
22%
5%
*29%
33
21%
5%
22
22
9
Q
<11
*64
80%
80%
*64
43%
41%
5%
45%
8734
5%
62%
64%
58%
5%
47%
8934
62%
60%
113%
114
64%
61%
114
3,300
45%
87%
60%
46%
88%
62%
86,500
60%
113%
34%
34
34
*33%
34
48
434
47
47
47
47
*9i4
912
25s
*9%
2%
60
*10
1114
*70
75
*151
161
*40
43
3A
*19
*113
378
25l2
11312
*3i2
*10i2
*111
Day
*57
*2%
2%
*43
60
*43
*10
11%
*10
11%
75
*66%
75
*68
75
*151
161
'
%
*19
19%
30
*19
20
*3%
*10%
4
13%
*111
113
4
*3%
4
13%
10%
10%
113
61
60
60
*119
124
*1%
1%
1%
*112
55%
*119
*1%
84
84
100
*41
878
423d
42
42
9%
42%
1912
*19%
19%
*19
19-%
15
*14%
15%
2%
*3512
40
4078
*36
678
278
*10
26l2
21%
29i2
6%
*35
278
133s
2619
?%
*3312
*26%
21%
1
*7978
*10%
2112
29%
3
*%
*27g
35
80
30
*36
40
%
90
90
88
95%
90
90
*135
138
5%
1
*%
2%
*2%
28% 28%
22% 23%
102% 103%
4 H % pref with warrants 100
No par
30
No par
138
8
95
54
14
*11% ,15
13,900
3
.....100
Warner Bros Pictures
5
3*4 Mar 26
20
Mar 26
"l'.SOO
~
1~,B66
pref.—..No par
{Warren Bros
No par
S3 convertible pref.-No par
Warren Fdy 4 Pipe
1*4 Mar 31
5
No par
Webster Elsenlohr
10%Mur 31
No par
1
35
100
Wells
*33
34
32
32%
300
*79%
80
80
80
400
88
1% Mar 26
Wesson Oil 4 Snowdrift No par
80
pref erred... No par
West Penn El class A..No par
*%
1
34
34
1
Fargo 4 Co
$4
54
95%
95
88%
9534
130
7%
preferred
—..100
89%
90
91
120
6%
preferred
100
74
Mar 29
Power 7% pref. 100
110
Mar 31
15%
138
23%
*80%' 95
'130% 139
137
137
22%
15%
22%
1534
1534
21%
22
*80%
95
150
500
100
Oct
32
Oct
17
Oct
19%
7%
Oct
2
Oct
60% Feb
10% Feb
99% Mar
Jan
4,600
3,800
11,000
150
1,100
30
13%
12%
13
5,300
6%
*1%
6%
*6%
7
500
1%
*1%
1»4
*14%
15%
*14%
15%
2%
2%
3,300
5
2,600
4%
2,200
13%
6%
6%
6%
1%
*1%
*1412
15
?%
234
5%
14%
14%
234
13
15
*2%
2%
5%
7
1%
15
2%
2%
5%
2%
2%
2%
2%
2%
5%
4%
2%
5%
4%
16% Mar 31
15*4 Mar 31
01*4 Mar 31
103
9% Mar 30
300
1%
Oct
Deo
0% conv preferred
3%June 16
10
18%
9,500
Wool worth
21
3,400
Worth I ngtonP4 M (Del) No par
300
*67
$6
preferred
Prior
Oct
64%
Oct
pref 4H% series.-.10
27
Mar 28
40
34
Deo
3>%
*47%
50
*47
50
200
Prior pf 4 \4 % conv
*92
96
*92
100
40
Wright Aeronautical.
71
71
70
70
500
31%
31%
31% x3l
31% *30
3184
19%
20%
19%
20%
18%
19%
106% 107
♦105% 107
*105% 107
23%
24%
23
24%
24%
23%
38
36%
39%
37
38%
36%
*75%
83
*72%
80% *63%
80%
19
18%
18%
18%
18%
18%
21
21%
22%
21%
20%
21%
*3%
3%
3%
3%
3%
3%
a
Jan
3
series. 10
No par
28% Mar 30
65% Mar 30
102
61% Mar 31
20*4 Jan 31
72
600
Wrigley (Wm) Jr (Del).No par
Yale 4 Towne Mfg Co
25
42,200
Yellow Truck 4 Coach cl B..I
400
Def. delivery,
—
8% Jan
71
100
Preferred
24
No par
514% preferred
100
Youngst'wn Steel Door. No par
Radio Corp
Zonlte Products Corp
New stock,
r
Mar 30
Mar 30
02% Mar 31
11% Mar 29
9
No par
.1
Cash sale,
3
9*8 Mar 31
Young Spring 4 Wire.-No par
Youngstown 8 4 T
n
Dec
72% July 19
71
Zen'th
Oct
Mar 29
50
6,700
Dec
42
98
"l",B66
Dec
100
30
10
7%
*47
2,100
4*g
4%
49%
10%
Deo
*92
11,300
Oct
12
*69%
{ In receivership,
07g Jan 10
5% July 19
60% Jan 21
11
34
51
100
Jan
21*4 July 25
48*4 July 13
22*4 Aug 26
71
this day
21% Jan 24
Oct
11% Mar 29
92
3%
10% Mar 29
—10
92
no sales on
Mar 24
Mar 30
(F W) Co
*47
*3%
3
32
Woodward Iron Co
Preferred A
"""166
No par
-—100
Wilson 4 Co Ino
*69%
18%
18% Jan
0% Mar
2
45%
83
33%
8%
1%
Oct
Jan 22
7
18%
21%
Oct
Jan 21
3
6
20%
38%
6
11
3% Aug
45%
20%
106% 106%
24% 24%
90% Aug
23% May
3
19%
19%
Aug
Oct
l%June 16
22
43"
126%
Dec
14%
1% Mar 30
4534
*40
Nov
55
15% July 19
15% July 25
8*4 Mar 31
21%
40
Mar
1
45%
*39%
65
—6
19
100
2*4
x
Mar 31
Jin
Ex-div.
3
y
Jan
Oct
No par
preferred
Oil 4 Gas
Feb
19
1% Mar 31
conv
Jan
27*4 Jan 12
0% Mar 31
6%June 20
$4
27%
347g
Jan
May
Aug
White Rock Mln 8pr ctf No par
Willys-Overland Motors
39
26
4
4
21%
43
Dec
30%
Dec
Jan
Jan 14
45%
*40
21%
170
90
90
Jan
19
*68
Oct
59
21
40
10%
95
44%
40
Oct
Nov
Mar 26
21%
*66%
10%
Mar 29
45%
*65%
Oct
Oct
31%
May 27
21%
45
113
12
44%
4%
*42%
Deo
87% Nov
42
*18%
46
4% Mar
11% Mar
83% Jan
67% Mar
107% Jan
75
W ilcox
Mar
Oct
White Sewing Mach...No par
200
Jan
Mar
Oct
100
preferred
19
4%
18% July 23
July 13
20% July 25
30% Aug 22
35
Mar
1
$6 conv prior pref..-No par
White Dent'l Mfg (The 8 8).20
W'hite Motor Co
1
4%
*43%
*18%
Jan 27
Oct
Aug
1%
22%
17%
75
44%
19
4%
140
31% Mar 28
4%
46
10978 JaD 15
Mar 31
No par
44%
4%
July
5%
Weston Eleo Instrum't. No par
46
*42
123%
115%
29%
11%
23%
Jan 10
14% Mar 26
14%
Oct
1% Jan 11
Wheeling Steel Corp...No par
51
Aug
3*g July 22
34% July 20
28*4 July 21
1,900
*80%
Feb
103
Oct
Apr 12
*11%
108
109
2%
Mar 31
*49%
Oct
Oct
% Mar 23
50
60
Feb
Oct
1% Mar 18
Westingh'se Air Brake.No par
Jan
Mar
76
4% Jan 10
9
Feb
Feb
88
Dec
Mar 25
2%
66
84%
Nov
84
Apr
3
9%
Jan
3
14%
05
14%
2% Oct
July
.%
23% Oct
73% Nov
117%
110%
20
52
10
Nov
3
100
Class A
9
3
preferred..100
Western Union Telegraph. 100
1st preferred
Jan
Jan
Feb 23
2% Mar 31
6%
Westlnghouse El 4 Mfg
Jan
69%
12%
35%
July 19
June 27
5% conv preferred
30
Wheeling&LE5H convpf 100
*49%
Jan
18
Oct
19
40
*11%
13%
*1%
122
Mar 31
15
13%
97*4
Oct
2%
118
10
54
102% Jan
102% Jan
Dec
Deo
6
Westvaco Cblor Prod--No par
"""166
1% J an 28
July 30
26%
4%
33
12*4May 31
111% Jan
100
2d preferred..
4%
Apr
100
Western Maryland
Western Pacific
"""Boo
*50
12%
70
82%May 28
6% preferred
.100
Western Auto Supply Co...10
-2,100
*11%
178
5%
15%
190
WestPenn
95
678
2%
15%
22%
13%
18%
82% July 29
*95
130
4% July 15
16*4 July 15
29% July 21
39
8
1
Apr
*88
88%
Aug
*4 Sept
1
25% Mar 31
88%
88
45
71
conv
90
*1%
20%
Mar 31
96
*6%
92% Aug
18% Mar
51% July
700
13»g
*Bld and asked prices
Deo
3
*138
22%
*75
Mar 31
Feb
71%
3%
3%
*60
*21%
191l
2178
334
Mar 20
23
No par
Mar 20
2
Baking class A..No par
Feb
49
*3%
70
*80%
*49%
83
Mar 31
17*4 May 18
Mar
19%
Oct
3%
75
334
4% Mar 30
Walk (H)Good 4 W Ltd No par
86% Aug 27
10% July 22
45
July 21
19% Aug 26
19% July 27
4
July 16
51
July 20
8
July 19
16
Deo
18
40
*60
*1812
Mar 29
Jan 10
50% Aug
*2934
21%
74
8% July 25
20%
38%
75
*75
6%
5% Mar 31
Oct
Oct
30
37%
Oct
Oct
30%
38
2%
2%
Jan
10% Mar
18% Mar
Oct
*60
37%
4% July 23
3*8 Feb 4
122%
11%
*2934
*10312 IO6I9
24%
2434
Oct
20
70
1934
Mar
Feb
22% Aug 20
30
31
98
Deo
Jan
31% July 25
3% Aug 5
*17%
*2934
31%
Mar
Mar 30
75
31%
1912
135
Mar 30
30%
71
Deo
17
70
987g
Jan
113
Feb 26
Feb
11
*60
4912
37
1
*2934
49l2
12%
Oct
5
18%
30%
*68
Dec
8
Waukesha Motor Co
*17%
*92%
3
115
Wayne Pump Co
18%
41
4% Jan 2 )
15*4 Jan 11
2
13*4 June 10
12% Apr
Apr
74%
June
1,700
*17%
*38
Oct
105
3,500
19
*67%
Oct
July 16
22
19
45%
21%
2%
18%
Jan
29
*17%
2U8
May
21
19'8
3014
45%
Mar
47
44%
26
36
*18%
115
2834
*35%
5%
Oct
26%
22%
36
434
Oct
35*4 Nov
29%
*35%
434
Oct
21%
11%
26%
36
*43
9%
14%
97
50
1% Mar 23
Jan
29%
*10%
*35
5%
25
30% Aug 11
Oct
2% Jan
68% Jau
39% Mar
21%
13%
15
*2%
2%
2 l*g J uly
10
4%
2934
*9%
26%
36
234
*2%
Oct
Jan
13%
26%
3
2%
*35
*4978
%
117*4
1% Apr 22
S3.85 oonv
*14%
*11
Jan 10
65% July 22
118% Mar 21
2% Jan 11
Mar 21
1
No par
Class B
Jan
Oct
Mar 31
116% July 19
..No par
Preferred
Jan
108
%
120%
100
Walworth Co
164
7
Jan 17
114
Jan
37
100
Preferred
6%
41
14i2
2212
95
25
86
Feb
3
39
6%
*35
35
22l2
1%
May
Oct
29
21
Nov
135
Jan 12
Dec
Nov
9*4
Mar 29
100
100
Co
Oct
46
Aug 30
1% Jan
Feb
8%
84%
100
pref...100
Jan
2%
*36
14i2
*80 ig
1% Apr 13
5% Mar 20
100
9%
Oct
150
3
6%
35
*17'8
Mar 30
Oct
1
54
18% Aug 2
5% Jan 21
32% Jan 21
105
Jan
126% Mar
2%
153
14
par
Mar
75*8
40
121
120% 121% 121
*120% 121
116% 117
*116% 118
*116% 118
17%
18
18%
17%
1734
18%
4
*3%
4
*3%
3%
3%
*6
*5%
*6
6%
6%
6%
1
1
*34
1
*%
*%
2
*2%
2%
2%
2%
2%
273.
2934
28%
29%
27% 27%
22
23%
22% 23%
22%
22%
100
103
105%
102% 105% 103
3%
*135
pref...No
Feb
105
Oct
47
Jan 22
9
48% Nov
118
100%
6
Aug
42
88%
17%
3%
5%
1
July 21
13% Jau 14
30% Mar 30
96
117
17%
7
50
June 22
Apr
Dec
9
107
2% Mar 29
15*4 Mar 30
68
June 20
5*4 July 21
June 19
*87
*120% 121
238
29
23
23%
IO3I4 104
11% Mar 31
14% Mar 31
97
Oct
39
80
96%
90
*34
3d
6
{Wabash Railway
5% preferred A
Ward
114% Jan 10
20
43% Deo
52% Nov
*36
*34
*33%
88
95l4
2%
2834
500
200
8
Mar
26
80
SO
*578
2%
Mar
Feb
15% Mar
22*g Mar
21%
29%
35
117
2%
100
112
Oct
43%
6%
*35
634
3
95
*120l4 121l2
*116l2 117
*17
1734
312
3i2
*14%
2%
1,200
Mar 20
Mar
72% Mar
19*8 Jan
72% Mar
3%
Oct
*10%
3
%
20,300
15%
16
70
-
Oct
%June 22
134
Oct
Deo
May It
27% Mar 30
% Mar 30
48
100
5% preferred B
9%
41%
19%
15%
*19
3
Feb
Feb
23% Mar
24
July 25
48
Aug 24
92% Aug 10
10% July 29
3% July 25
Feb
137
172
65
7
9% Sept 7
1% Mar 26
7%June 13
Nov
154% Nov
5*4 Deo
29% Deo
44 % July 25
47%Sept
37
53
Jan
3
26%
21%
*797g
*2%
884
41%
19%
Feb
41
6%
3%
13%
*33
*14
9%
41%
100%
*35
6%
41
30
*27g
40
8%
19%
10% "Feb
24% Mar
Oct
Dec
Nov
Oct
Apr 25
3% Mar 30
100
86
4234
3
40
No par
IJetInning..
*84
*84
5%
16%
3*4
0%
6
preferred
86%
867g
C%
42%
"3%
70
Mar
6% July 13
12
July 19
70% Aug 24
1
Works
Walgreen
*84
Mar 31
99% Sept 8
July 2
10% July 19
35% Jan 12
24% July 20
172
Mar 31
100
Chem
100
865s
9i8
7
6
Aug 26
1% Jan 18
78
preferred
200
*84
8
July
9% Aug
81
Mar 31
1st pref...
Vlck Chemical Co
Preferred.
""266
Jan
38
100
7%
16%
2%
334
113%
No par
16%
17
*2%
Mar 29
9l%May 31
29% Mar 30
No par
Sales
16%
*16
2%
*2
Oct
70% Mar 5
03% J uly 25
Vanadium Corp of Am.No par
Van Raalte Co Inc..
6
Vulcan
101
Mar 31
8% preferred
100
Universal Pictures 1st pref. 100
*16%
17
*35
30
1%
Jan
109% July 7
10% Aug 20
*56
Universal Cyclops Steel Corp I
Universal Leaf Tob
No par
16
234
*16
2%
59
17
71
25
Waldorf System
7
234
3% Mar 30
5% Mar 20
45% Jan
new.....No par
Virginia Ry Co 6%
124
*1%
80*4 Mar
Oct
*44% Mar 31
...No par
new
*7
3%
*6%
27g
59
03
Oct
9
60
Stockyards Corp
1
C'onv pref (70c)
No par
United Stores class A..No par
6%
June 20
13% Mar 31
Virginia iron Coal 4 Coke. 100
112%
*119
24
21
10
100
United
Va Carolina
10
Mar 31
21% Mar 30
2% Mar 31
100
*2
*2
7
834
Corp
Victor Chem.
4
65
162% Mar 28
4% Mar 29
50
20
Preferred
0%
Oct
52
5
60
7
278
37g
*67g
16
59%
100
No par
Preferred
Va El 4 Pow $0
13%
112% *111
124
Corp...5
7%
700
Apr
Feb
9% Mar
Oct
Jan
....
900
20*4
100%
Dec
2%
Jan
1st preferred
200
Oct
6%
74
Jan
Jan
34%
Preferred
"266
Mar
Oct
Vadsco
300
10
5%
tUtilities Pow 4 Light A
3", 300
Oct
12% July 25
class A.No par
U 8 Rubber
7% pref
5
6% M ar 30
20
U 8 Tobacco
8%
46%
3%
U 8 Smelting Ref 4 Mln
U 8 Steel
0
35
Oct
Oct
8
67% Aug
11*8 Jan
1
May
Mar
Deo
2
24
Mar 26
4% Apr
02
Feb
20%
U 3 Pipe 4 Foundry
U 8 Realty 4 Imp
8%
3
7
91
25%
8
July 18
80% Jan 10
8% July 25
37
Sept 8
Jan
Feb
Deo
Oct
...100
Mach
conv
7% Sept
30*4
17%
share
per
Oct
5H% conv pref
50
U 8 Industrial Alcohol.No par
U 8 Leather
No par
Partlc 4
Mar 31
8% Mar 30
100
Mar 14
117%
%
preferred
7
*2%
*2
7l2
2%
20
30
*3%
50
30%
Oct
4%
900
*10%
21% Mar 31
Oct
9% July 23
U S Gypsum
7%
1
Apr
Mar 20
Jan
15
HO
%May 16
3% Mar 20
800
*19
Jan 10
July 20
Jan 12
share t
..No par
Freight......
1%
2%
3%
3
15
41
%
28
124
3
30
19%
384
34%
7%
10%
65% July 25
Highest
per
.100
S6 conv pref A
100
19%
18%
1834
28%
*27% 28%
27%
27%
106% *104
106% *104
106%
36
3534
3534 *34%
36
36
*3434
16
15%
15%
15%
15%
*15%
15%
3%
334
334
3%
3%
334
334
25%
*24% 2534 *24% 25
23
24%
113% *113
113% *113
113% ♦111
112%
*1%
15
200
106% *104
37«
*2%
600
19
*634
15
800
%
*2
.
41
*%
*234
*19
434
9%
2%
%
*57
9
43
%
*119
134
161
*41
I
%
*3%
*10%
*111
*151
43
%
19%
27%
*113
161
*41
%
30
*15%
3%
64l2
124
*151
43
*24%
330
50
11%
161
*3478
4
*1%
2%
52%
75
*104
13i2
113
*119
*2%
19%
*26%
I6I4
378
25l2
2%
*19
Labor
36
*15
9%
%
%
I9I4
*26% 28
*10334 IO6I4
36
9%
11%
*68%
*41
30
1834
9%
*43
%
,
9%
52%
*151
700
47%
434
9%
2%
4%
11%
Closed
100
1,800
*4%
*68
Exchange
700
68,100
4%
*43
&8
9,900
58%
47
1
.....No par
preferred
Prior preferred
"5.566
11234 113%
33%
33%
4%
9%
*10%
Stock
1,200
63
57%
8
100
19% Jan 11
118% Aug 19
Mar 20
2
ATo par
preferred
U 8 Hoffman
5%
*60%
U
100
8%
33
5%
4%
*2i4
2,300
168
40%
478
*43
800
42%
5%
*433
48
9%
98%
8%
80%
41
*60%
59%
834
97%
Conv
110
*64
first
U 8 Dtstrlb Corp
8%
65
113
$5
400
90%
par
I
12% Apr
3
U S 4 Foreign Seour
1,400
62
No
share
4
00
6
per
Lowest
Jan
6
800
%
*29%
14% Mar 31
110% Jan 20
100
400
5
48
Preferred....
United Electric Coal Cos
United Eng 4 Fdy
7
7
t
22% Mar 31
4% June 18
4% Mar 29
No par
700
share
$3 prefen-ed
No par
United Drug Ino
5
United Dyewood Corp
.10
No par
7
*7%
per
Year 1937
Highest
39
83
168
$
United Mer & Manu Inc. vtc.l
United Pa per board
10
*34
Range for Previous
100-Share Lots
.No par
United Carr Fast Corp.No par
United Corp
No par
United Fruit
21
46%
loo
United Gas Improvt
15 preferred
200
5
*60%
—No par
Preferred
United Carbon..
6,400
21
80%
United Biscuit
2,400
9%
*9
41%
900
5%
5%
5%
46%
88
65
8%
Par
8%
6%
8%
*75
8
8%
41%
300
10
*108% 109
*7%
8
9
83
9%
*168
1,200
9%
*34
61
*63%
58%
10
*7
99
170
3,400
60
On Basis of
Lowest
10
7%
36%
61
36%
*7%
9
41%
5%
4434
86%
5%
%
7434
7%
37
*8%
83
8%
*73%
7%
7
9
*75
100
5%
8%
9 %
74
7%
*108% 109
8%
*70
174
"i:066
31%
2%
31
300
17%
118
59
7%
59
Range Since Jan. 1
Shares
58%
15%
2%
79%
109
*117
59%
16%
7%
*75
*16%
118
7k
80
S per share
1607
EXCHANGE
Week
9
Sept.
10
I^HSTOCKS
NEW YORK STOCK
the
Friday
8
Sept.
*7%
*75
Sales
CENT
Thursday
7
00%
234
*9
Sept.
59%
*15%
31*4
%
NOT
for
Tuesday
Sept. 6
Monday
118
*59
SHARE.
Record—Concluded—Page
July 20
Feb
46% Jan
6% Jan
6% Sept
12
Sept
12% Feb
91% Mar
13% Deo
65%
47
Jan
Jan
112% Mar
40%
Dec
Dec
54
Nov
July 20
38
Oct
128
Mar
Aug
July
Oct
76
Jan
5
58%
21%
Dec
21% July 25
7%
Oct
62%
37%
Feb
51*4 Aug 2 I
39
107
1
Aug 24
257g Aug 26
43*4
Jan 12
80% July 20
22% Jan 15
25*4 July 7
5*4 Mar 7
Ex-rtghts.
68
Dec
142
46%
Jan
Jan
12% Dec
34% Nov
101% Mar
70
Oct
115
11%
2%
Dec
Oct
Feb
Jan
43% Aug
9%
Jan
1 Called tor redemption.
Sept. 10, 1938
1608
STOCK EXCHANGE
YORK
NEW
Bond Record, Friday, Yearly
Weekly and
for Income and defaulted bonds.
NOTICE—Prices are "and Interest"—except
"unless they are the only
transactions of the week, and when selling outside of the
such sales in computing the range for the year.
Range or
N. Y. STOCK EXCHANGE
Week Ended Sept. 9
Sale
Friday's
Bid
Price
"hC.
&
N. Y. STOCK
Since
Jan.
Asked
High
118.25
118.27
14
114.6
114.14
Low
NO.
6
Low
BONDS
Range
?S
...
A
O
J
D
Treasury 2Ms.
Treasury 2 Ms
107.2
-
~
^
107.7
&
Govt
Foreign
Akershus (King of
s
♦External
s
♦External
sec s
sec s
f 7s 3d
M
A
105.2
106.4
106.14
61
103.26106.26
external debt
1977
5Ms...Jan 15 1953 J
♦Public wks 5 Ms
June 30 1945 J
103.21
104
84
101.24 104.15
Czechoslovak (Rep of) 8s
Sinking fund 8s ser B
108.10
4 Ms
106.6
20
103.25106.23
104.29
22
103.16
33
100.26103.27
106.15
102 28
115
100.14103.10
101.26 '01.24
102.3
107
101.19102.19
J
D
05.23
M
S
104.8
J
D
101.14 101.14
104.8
2
102.14106.7
104.17
7
101
101.30
60
105.25
104.28
99.18102.11
106.30
2
103.28107.7
106.5
106.7
6
103.4
105.29
105.31
3
MN
•
*
^
•»
»
J
104.31
102.13105.10
104.31
S
106 17
84%
90
49
50
104
82%
82%
90
61
56
105
J
105%
105%
105%
F
A
101%
101
102
A
O
99%
J
M
1940
O
A
O
2d ser. 1961
M N
103.13
♦El Salvador 8s ctfs of dep
1948
J
J
104
13
101.5
104.15
1967
1945
♦Frankfort (City of) s f 6 Ms—1953
French Republic 7 Ms stamped. 1941
7Ms unstamped.-....--.1941
External 7s stamped
....1949
7s unstamped
1949
J
J
of) 7s
Estonia (Republic
*25%
"25 %
27
16%
~
17%
25%
25%
2
96%
2
9%
3
6
10
9%
9%
9%
9%
1
6
10
2
6
9M
9%
9%
8
6
25 %
S
J
25%
9%
M
96M
9%
9M
94%
7%
2
4%
8M
7%
7%
3
5
8%
12
5%
8%
95%
4
95
88M
89%
131
88
80
180
78%
♦7s
part paid..
80
80
103
105%
23
99
103%
105%
33
98% 106%
100%
101%
37
96% 102%
30%
11
28
30
30%
78%
88%
106%
105%
"l06%
3
20%
12
107
5
19%
23
100
108
100
107%
21M
21%
21
21%
19%
23%
21
21%
2
18%
14
14
14%
25
12%
24
23
11%
11%
12
25
10%
19%
11 %
11 M
12%
14
10%
19%
Ms
6s...1958
24
29
107% 115%
19%
10 %
10%
25
10%
M
S
loo %
100%
100%
11
F
A
100%
100M
100%
17
J
D
101
101%
102%
16
96% 102
95
101%
98
103
10
♦Budapest (City of) 6s
10
♦Buenos Aires (Prov)
♦6s stamped.....
12
7
10%
*80%
*65
..
-
67%
-
55 %
55%
55%
56
*
*.
"78"
u
-
-
-
-
-
10
23
78%
1952
65
78%
67%
2
64
79%
56%
11
51
70%
57%
'
52%
70%
53
74
57%
70%
♦Carlsbad (City) s f 8s
♦Cent Agric Pank (Ger) 7s
♦6s
July
33%
.
33%
1
31%
33
34%
13
32%
34%
35%
111%
112%
37
102%
111%
102%
6
105% 110%
109% 113%
98
103%
109%
31
110
103%
33
98% 104%
102%
13
93%
55
97% 102%
92%
99%
27%
98%
27%
*34%
46%
J
27 M
m
«.
1
-
•
-
-
♦7s secured
s
1945
1946
f g
♦Hungarian Land M Inst 7MS-1961
1961
♦Sinking fund 7 Ms ser B
♦Sink fund 6Ms of 1926
J
D
16%
A
O
16%
1961
♦Chilean Cons Munic 7s
1960 M S
♦6s extl s f
gold of 1927. Jan 1961
J
♦Colombia Mtge Bank 6Ms...1947 A
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
For footnotes
see
page
1946
1947
1613.
J
O
M N
F
34%
A
62%
38
32%
25%
2
24%
27%
6
24%
29%
29%
33
30%
29
27
28
28
L'*,
-it..*
23%
+
*
3
23%
22%
104%
104%
J
J
*10%
12%
J
J
*9%
*9%
*9%
*25%
22
4
19%
77
"20%
MN
77
2
70
85
20%
21
27
19
22%
1979
1960
MN
Irish Free State extl 8 f 5s
16%
19%
2
14
9%
11%
18
12%
......
*.-!..
11%
13%
37
59%
49%
32%
43
112% 117%
*105
"72" "99
68%
72
4
6i %
54%
"70%
56
9
54%
68%
70
79
61%
50%
50
50%
60
44
64%
40
40
40
F
A
22%
22
22%
J
D
*24%
Ms
1954 J D
♦Mexican Irrlg assenting 4 Ms. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
9%
*%
68% '
68%
J
J
F
A
69%
MN
~
♦Medellin (Colombia) 6
11
*1%
*1%
2
9%
1%
.
1%
1%
1%
1%
Milan (City, Italy) extl 6
Minas Geraes (State)—
♦Sec extl
s
s
1958
..1959
1952
f 6 Ms
♦Sec extl
f 6 Ms
♦Montevideo (City) 7s
1959
♦6s series A.;
New So Wales (State)
External
s
extl 5s__1957
Apr 1958
f 5s.-.
14%
19%
External
4 Ms.
s f
4s s f ext loan
18%
41
14%
19%
18%
28
15
19%
17%
18%
14
15
19%
♦Nuremburg (City) extl 6s
18%
18%
19
15
19%
18%
2
15
19%
Oriental Devel guar 6s
Extl deb 5 Ms-
18%
16%
31
14%
19%
Oslo
7
♦Panama (Rep) extl 5
16%
18%
18%
18
15%
"20%
2
16%
16%
15%
*21
18
18%
4%
4
3
s
s
f 5s
f 4 Ms.
Ms
...
"l4
J
*%
2%
J
1%
1%
A
O
1970
1952
1953
1958
...1955
1953
9
1
J
M S
M
J
....
3%
1
2%
1%
3%
1%
3
55
56
49%
67
51%
49%
*8%
9%
48%
48%
48%
5
38%
61
47
47
47
5
37
57%
*8%
'
S
D
M N
10
6%
7
.
13
13
97% 104%
F
A
101%
100%
101%
17
A
O
100%
101%
107%
98% 103%
A
100%
106%
28
F
22
103% 107%
F
A
17
104
M
S
A
107%
107%
107%
107%
106%
106%
106%
8
99% 107%
O
"l04%
103%
104%
23
99% 104%
F
A
102%
102%
103%
54
98% 103%
J
D
102%
102%
102%
15
102% 103%
F
A
20%
20%
1
M
20
21%
S
"49%
48
49%
48
43%
62%
M N
43%
43
43%
38
41
57%
A
O
l03-(ti
103
103%
4
J
D
93%
93%
4
...
♦Extl
s
93%
16%
♦Pernambuco (State of)
24%
30
♦Peru
19%
21%
20%
11%
20%
17%
17%
18
71
10
18%
95
10
*25%
28
*25%
*25%
30
17%
16%
20%
25
25%
17
25
*56
96% 103%
86
104%
7s
(Rep of) external 7s
MN
MN
"50%
1947
1959
M
P
S
7%
9%
D
8%
A
O
8%
A
O
47
49
1947 A
O
49%
50%
35
35
M
♦Nat Loan extl
s
f 6s 1st ser.. 1960 J
s
f 6s 2d ser..1961
♦Poland (Rep of) gold 6s
♦Stabilization loan
s
f 7s
♦External sink fund g 8s
1940
1950
J
J
40
62
1963
1963
f 5s ser A
♦Stamped
♦Nat Loan extl
......
2%
4
18%
5
Municipal Bank extl
(City)
1943
1944
1956
1965
1963
18
18
13
...
1%
1
Ms -.1952
External sink fund 4 Ms
12%
1
J
20-year external 6s
3
11
1
§*Small
Norway 20-year extl 6s
4
*1%
Assent! ng4sofl910small
27
11
27%
6
1%
1%
♦Assenting 4s of 1910 large
♦
34
16%
23
■
?6%
16%
45%
1%
27
16
35
20%
24%
2
*1%
♦Assenting 5s large
28
12%
12%
18
18
O
1
18
19
18%
A
7s...1952
Japanese Govt 30-yr s f 6 Ms
1954
Extl sinking fund 5 Ms
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7 Ms 1950
Italian Public Utility extl
2
8
18
105%
32
80%
65%
81
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s ser B '47 M P
32
18%
104
43%
MN
A
30%
16
MN
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6 Ms. 1950 M S
Colombia (Republic of)—
♦6s of 1928
Oct 1961 A O
25%
O
F
♦Extended at 4Ms to...
18%
18%
18%
18%
18%
18%
16%
1962
34%
25%
A
32
17%
D
....1961
♦Guar sink fund 6s.
30%
A
F
25%
32
1957 J
♦Chile Mtge Bank 6Ms
♦Guar sink fund 6s
MN
23
"22
*16
♦Hungary (Kingdom of) 7Ms..1944
80%
J
♦Extl sinking fund 6s__Sept 1961 M S
♦External sinking fund 6s...1962 A O
♦External sinking fund 6s...1963
20
29
J
24%
31 %
D
103%
J
28%
21
23
30%
D
101%
Jan 1961
23
9
J
J
O
f 6s
21
O
1954
98M
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s...I960 A O
♦Extl sinking fund 6s..Feb 1961 F A
99% 102
*21
A
1954 J
101M
O
104% 114
~
64
23%
J
♦4s of 1904
103M
1
w
♦Assenting 5s small
„
22
108%
22
53
J
A
19%
99
93% 102%
"2
O
72%
A
1960
-
A
36%
109 "4
15 1960 A
~
~
A
54%
J
1960
coupon on
<-
102
102
F
2
J
1954
4
23%
"7
O
1950 M
15 1960 J
f 6s.. July
_
D
42%
34 %
♦6s Oct coupon on.
s
J
M N
60%
MN
F
73
"30%
....
42%
N
♦Farm Loans f 6s..Oct
♦Ry ref extl
O
A
"60%
1967
s
^
-
60%
1961
1944
7-year 2 Ms
30-year 3s
♦Farm Loan
«»
♦Assenting 4s of 1904..
Aug 15 1945
"ii
21
21
§»Treas 6s of '13 assent (large) '33
10-year 2 Ms
25-year 3 Ms
20%
23
23
,
M
-
......
J
30
104% 108%
-
-
85
Bulgaria (Kingdom of)—
5s
*
100%
95
1
-
107%
*115%
D
J
Haiti (Republic) 8 f 6s ser
♦7 Ms secured s f g.
20%
106%
external 8s
1941
♦External s f 6 M8 of 1926.-.1957
♦External s f 6Ms of 1927...1957
♦78 (Central Ry)
1952
Brisbane (City) 8 f 5s
^.1957
Sinking fund gold 5s
1958
20-year s f 6s
1950
A
_
Hungarian Cons Municipal Loan
100%
♦External sinking fund
4s....I960
a
1968
♦6s part paid
103
103 %
♦Brazil (U 8 of)
Canada (Dom of) 30-yr
„» «
♦
-
„
21%
2
96%
-
"
A—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms '50
Helsingfors (City) ext 6M8----1960
1955
1950
1967 J
U
*
88%
40
104
1968 M
22
100% al00%
107
107%
......
7s..1964
1964
1968
81%
81%
110%
i,..1962 J D
extl 6s.-.1961 M S
..1961 M S
♦6 Ms stamped
1961 F A
External s f 4%-4%s
1977 M S
Refunding s f 4Ms-4Ms
1976 F A
External re-adj 4%s-4%s
1976 A O
External s f 4%s-4%s
1975 M N
J
3% external s f $ bonds
198*1 J
62
19
5
22%
96%
D
J
1958
♦(Cons Agrlc Loan) 6 Ms
96%
80
J
62
51
21
20%
D
«
1930 stamped
♦Greek Government s f ser
90% 100%
88 %
A
S
64
55%
V-'
German Prov & Communal Bks
♦5 Ms of
♦Sink fund secured 6s
M
55
6
:
German Govt International—
9%
9%
96%
7%
7%
95
F
64
3
58
*106%
MN
J
1965
♦5Ms unstamped
-.1965
♦5 Ms 8tamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949
♦7s uastamped.1949
7%
7%
M N
56
61
22
m
.
M S
Finland (Republic) ext 6s
J
63%
12
57
21
21
67
55
62
55
106.23
103.29 103.29
O
.
100
83
57
57
103.9
""7
60
61
101.9
94% 102
65
*57
S
O
11
63%
62%
-
104
98
41
122
61
'■* *
,W
O
42
J
A
«.
A
106.7
J
A
_
"
A
M
1969
1 —1969
(City) external 7s... 1945
5 Ms 1st series
5 Ms 2d series
101% 106%
39
100%
*60
61
102.24
102 21
F
"63%
A
1940
1926
2d series sink fund 5 Ms
♦Dresden
S
99%
*100
S
M
Ad 5 MS--1942
Customs Admins 5 Ms
78%
84%
102.18
A
110
f 7s
62%
O
106.4
MN
F
103
♦Stabilization loan 7 Ms
70
O
§*Stamped extd to Sept 1 1935..
103.22106.18
1
106.30 106.29
106
70%
A
Apr 15 1962
Deutsche Bk Am part ctf 6s... 1932
Dominican Rep Cust
62%
52%
100
11
A
External g 4 Ms
1st ser 5 Ms of
8
1955 J
68%
96% 102
1
99
58%
101
1942
.1955
External gold 5Ms.
103.7
102.19 102.19
M
D
100%
68%
1951
1952
Denmark 20-year extl 6s
106.6
S
J
4
100%
101% 105
102% 110%
3
102%
101.27105.7
103.8
101
80
80
-
-
105
56%
J
Sinking fund
104.17 104.17
D
M
•
"
104%
D
External loan 4Mb ser
105.19108.23
6
J
M
—
100%
F
105.27108.29
2
«
19%
92% 100%
10
96%
102%
105
P
A
J
C....1949
16
108.13
107.31
»
110
s
24
95
M N
108.21
M
103
♦Secured
16%
1951
108.13
D
J
1949
♦Berlin (Germany) s f 6
3
Cuba (Republic) 5s of 1904
1944
External 5s of 1914 ser A.—.1949 F
S
M
1945
f 6s.
20%
♦Costa Rica (Rep of) 7s
110.5
1972 F A
8 f extl conv loan 4s Apr
1972 A O
J
Australia 30-year 5s
-.1955 J
External 5s of 1927
.'...1957 M S
External g 4 M8 of 1928
1956 MN
J
♦Austrian (Govt's) s f 7s
1957 J
s
90
S
M
-1971
External 30-year s f 7s
80
110.3
S f extl conv loan 4s Feb
Belgium 25-yr extl 6 Ms
1
108.14
1957
1957
series.1957
Ms
81%
107
Antwerp (City) external 5s
1958
Argentine (National Government)
♦Bavaria (Free State) 6
81%
107.2
f 7s 1st series
S f external 4 Ms
J
107.4
f 7s 2d series.
♦External
62%
J
7S..1942
38
1945
f 7s series C—..1945
f 7s series D
1945
s
43
106.4
A—1945
♦External
3
109.26
S 103.21
M
Norway) 4s.1968
♦External
55%
98%
107.18110.25
*.
1947
1948
♦Antioquia (Dept) coll 7s
♦External s f 7s series B
55%
17
(Colombia)
♦Gtd sink fund 6s
A
13
Municipal—
♦Gtd sink fund 6s
F
107.22 107.22
1942-1944
Agricultural Mtge Bank
unstampedl957
...1957
12
110
92% 101%
32
99%
59%
108.12 108.12
1 1944-1952
1 1939-1949
May
2Ms series B..Aug
2MB series G
95
109.20
109.25 109.25
High
*56%
Cordoba (Prov) Argentina
Home Owners' Loan Corp—
3s series A
99
109.15 109.15
1 1942-1947
Mar
D
MN
107.22
A
1
Low
No.
High
A
106.29108.2
5
Since
F
§*Cordoba (City) 7s
§♦78 stamped.
113.14
Range
Jan.
Asked
J
105.17106.27
110.8
"~24
&
1952
1953
107.21
D
F
Jan
2Ms
111.22114.23
CO
(Cont.
Copenhagen (City) 5s
25 year gold 4Mb
09.16
J
Mar 15 1944-1964
May 15 1944-1949
15 1942-1947
3s
3s
S
105.24
119.5
Corp—
Federal Farm Mortgage
3MS
105.17 105.17
Bid
Price
0.
High
116 4
♦112.30113.10
D
M
..1956-1959
.1958-1963
—.....—1945
1948
1949-1953
Treasury 2Ms
S
M
J
-
Treasury 2Mb—
114.6
•-I
Low
Foreign Govt. & Mun.
1947-1952
Treasury 4s
.--1944-1954
Treasury 3%s
1946-1956
Treasury 3%s
1940-1943
Treasury 3%s—
1941-1943
Treasury 3%s——
1943-1947
Treasury 3%s
1941
Treasury 3 Kb
1943-1945
Treasury 3Ms
1944-1946
Treasury 3%s
1946-1949
Treasury 3 Ms
1949-1952
Treasury 3s
....1946-1948
Treasury 3s
1951-1955
Treasury 2%s—....---1955-1960
Treasury 2Ms
-.....-1945-1947
Treasury 2%s
1948-1951
Treasury 2 Ms
...1951-1954
Treasury 4 % s
I
Friday's
v •«-
EXCHANGE
Week Ended Sept. 9
1
U. S. Government
Treasury 2Mb
c
Range or
Sale
Week's
Last
Week's
Friduy
Last
05
Friday
BONDS
External
In the week's range,
the week in which they
Cash and deferred delivery sales are disregarded
regular weekly range are shown in a footnote in
No account is taken of
occur.
50%
10
6%
7%
109
9%
9%
14
8%
9%
42
9%
24
50
8%
8
21
4
55%
32
50%
5%
7%
7%
7%
37
9%
11%
11%
11%
67%
49%
82%
35
62
Volume
147
New York Bond Record—Continued—Page 2
Friday
N.
Y
STOCK
EXCHANGE
Week Ended Sept. 9
Range or
Sale
A
•RhlDe-Maln-Danube 7a A
♦Rio de Janeiro (City on 8a
♦Extl sec 6 Ha
Jan
N.
Low
Last
S!
Y
1
STOCK
EXCHANGE
Week' Ended Sept. 9
Week's
Range or
j
Sale
!£
1
Price
Bid
High
8
2
7H
11H
Belvldere Delaware
7
2
5X
62
10X
98 H
♦Berlin City Elec Co deb 0
Xa—1961
♦Deb sinking fund
19
22H
19
23
♦Debenture 6a
1965
♦Berlin Elec El A Undergr
0Xa 1950
Beth Steel cons M 4 Hs aer D..1960
79X
21X
10
20 X
21X
9
75
106
105X
106
106 X
106X
16
108
4
4
102 X 108X
103 X 109 H
1960 M
S
1946 A
O
7X
8X
"21
6X
A
7
7X
21
5X
10X
3Ha..1943
0Xa
Cona mtge
gS
Since
Jan. 1
High: No.
JjOW
High
*101
28X
27 X
27X
*26 X
103 X
98 X
1959
3X» series E
Range
.3
aq &a
27X
"io3X
98 X
92 X
1960
3
28X
28X
27 X
9
104X
"44
3
99
148
94 X
120
31X
31X
28X
39
27X
*8X
12
12
1963 F
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
1946 A
cons
1
Friday's
I
<fc
Asked
Low
7X
7
21
A
f 7a.. 1941
No.
BONDS
Since
33
High
Low
20 X
O
1947 F
a
Is
Ask
Bid
Foreign Govt. & Munlc. (Conel.)
•Porto Alegre (City ol)8a
D
1961 J
•Extl loan 7Ha
1966 '
J,
Prague (Greater City) 7 Hit
1962 M N
Queenalaod (8tate) extl
26-year external 6a
Friday
Range
Friday's
Price
•Prussia (Free State) extl 6XB.1951 M S
•External a f 6a
1962 A O
1609
H tet's
Last
BONDS
♦6a extl a f g
•7a extl loan of 1926
♦7a municipal loan
♦28
O
8%
1968 J D
1966 M N
....1967 J
Rome (City) extl 6Xs
...1962 A
•Roumanla (Kingdom of) 7a...1969 F
♦February 1937 coupon paid
♦Saarbruecken (City) 6a......1963
~~7%
D
26X
54
13
lat M 5s series II
1956 IVI N
10X
1st g
1961
5H
0X
10X
8
j"j
♦20
X
'"29
10H
"25"
8
54
73 X
20 X
38
19
6
27
20
7X
11M
*7X
8
5X
♦14X
17
J
*7s extl Water loan
♦6a extl Dollar loan
1956 M
S
1968 J
J
8X
3
Secured
1940 A
O
20 X
20 X
23 X
14
20X
1945 J
D
26 X
26 X
26 X
1
23
1946 J
D
26X
26 X
1
24
9
8X
8X
7X
1
7X
ex
24 X
24X
1962 IVI N
22
22
26 X
24 X
67
33
33 X
3
D
1968 J
♦8lleslan Landowners Asan 6a..1947 F
A
Sydney (City) s f 6 He
A
-—1955 F
Taiwan Elec Pow a f 5 He
*27 X
32M
102 X
102 X
27
102 X
45 X
45
46 X
Tokyo City 6a loan of 1912.... 1952 M S
38
38
External a f 5 Ha guar..
1961 A
•Uruguay (Republic) eitl 8a...1946 F
46
External
f 6s
s
J
O
..I960 IVI N
•External a f 6a
1964 IVI
3X -4-4H % extl read)
1979
A|
1962 M N
1958 F
1961 J
D
32
60
38
50
42
_3
41
54 X
38 X
64
37X
63
44 X
45
3
59
69 X
Collateral trust *Ha
3
18
8
31X
62
43 X
100
37 X
14
97X
99
97 X
97 X
104X
104X
63
*40
87 X
100
86
99.
II
94
104 X
4
105
102X
70
3
63
102
102
'102X
7|
12
50
63
78
100
105
95 X 103 X
54
35
25
277
79
95
Allls-Cbalmera Mfg conv 4a
1962
110X
110X
101
96
115
Alpine-Montan Steel 7a
1955 IVI
3Xs debentures
1966 J
♦Am Type Founders conv deb. 1950 J
35
113X
"19
48 X
103X
100 X
100 X
101
12
113X
113X
103X
113X
104X
103X
Di
8 f Income deb
1967
81
104
103
J1
103
1st M s f 4a ser C (Del)
100
♦Adjustment gold 4s
105X
33
33
30
*61
33 X
96
O
97 X
104X
98
97
J
1995 A
97X
97 X
104X
105X
D
Conv deb 4 Ha
1948 J
D
160"
Rocky Mtn Dlv 1st 4a
1965 J
J
Trans-Con Short L 1st 4a
1958 J
J
107 X
107 X
*
D
103 X
10
O
4
♦Chatt Dlv pur money g 4S..1961
J
D
*3X
3X
8X
♦Mac A Nor Dlv 1st g 6s
1940
♦Mid Ga A At Dlv pur m 58.194 7
J
J
M
S
1959
♦Mobile Dlv let g 5s
Central Foundry mtge 6s.
1941
100
1087
25X
Cent Pacific 1st ref gu gold 4a..1949
F
A
Through Short L 1st gu 4a...1954 A
A
(♦Cent RR A Bkg of Ga coll 5a 1937
IVI N
6s extended to May 1 1942..
Central Steel 1st g a f 8a
1941 M N
Certaln-teed Prod 5 Hs A..—.1948 M S
68X
22
1
4
68X
Ches A Onlo 1st
con g
1939 M N
6s
1992 IVI
General gold 4 Ha
70 X
18
60
66
1
49
I
49
.
...
51
19
115""
78 X
78
98
98
"i02X
102X
117X
S
54
59 X
*
'115
Champion Paper A Fibre—
g f deb 4Xs (1935 Issue).—.1950 M S
s f deb 4Xs (1938 issue)—..1950 M S
Ref A lrapt
1989 J
37X
RAA
41
2d consol gold 4s
1989 J
Warm8prlng V 1st g 5s.....1941 IVI
88
115X
79
8
6,
4!
98
98 X
12
102 X
16
118X
20
86 X
99 X
Dlv 1st
con g
4s
92
X
J
93X
22
92
94
43.
X
*104 X
J
109X
J
*
...
109 X
*104X
8
106
109 X
99 X
98 X 110X
75 X 103
75 X 103X
101
87X 100 X
95 X
100
98 X
2
67
84 X
Cblc Burl A Q—III Dlv 3 Ha—-1949 J
Illinois Division 4s
—1949 J
O
J
97
104 X
.21
69
94
3
53
10-year coll tr 5a
78
7
63
77 X
88
95 X
101 X
17X
18
95 X
23
102
18
31
8
~92X
92 X
95
1977 F
A
88 X
88X
7
1st A ref 5s series A
1971
F
A
91X
88X
91X
92 X
13
-—1958 M
{(♦Chicago A East III 1st 6s...1934 A O
{♦C A E 111 Ry (.new Co) gen 5s. 1961 IVI N
*75
'mi
♦
1947 J
♦1st A gen
♦
J
12
14X
85
4
18X
i8x
20
51
12
3
12
J
1947 J
Refunding g 5a series B
*58
13X
12X
1982 IVI N
♦Refunding 4s aeries C
80
85
♦Certificates of deposit—...
{♦Chicago Oreat West lat 4s...1959 M S
J
{♦Chic Ind A Lou 1st ref 6a
1947 J
112
16X
1st A ref 4 Ha aeries B.
General 4s
112X
108
16X
95X
J
Chicago A Erie lat gold 5s
66
45
1949 A
Chic A Alton RR ref g 3s
103 X
D
15
30 X
24
106 X
IVI N
100
104 X
63X
27 X
24
106 X
O
F
1960
98
83 X
Oct 1952 MN
Xj
I
J
84 X
S
101
"35""
I
Potts Creek Branch 1st 4a—1940 J
106X
102
15
*30
92
105
J
24
92
102 X
81
D
100
106 X
A
79 X
S
27
—1962
M N
82
"~5
7
11
100
*108X
M 3 Ha ser E
1996 F
Craig Valley la' 6s
May 1940 J
94
77
1
......
1987
Central N Y Power 3Xs
13
*70
100
{♦Cent New Eng 1st gu 4a..... 1961
Central of N J gen g 5s
General 4a
5
8X
*109
......
Ref A Imp mtge 3 Ha aer D—1990
1946 IVI N
LAN coll gold 4a
*6X
*6X
*8 X
1940
115
1964 J
Atl A Dan 1st g 4s
63
O
A
101
94 X
"93"
J
4a July 1952 M
99 H
X
21
84
General unified 4 Ha A
May 1
18
*27
97X
s
3
99X
cons
104X
92
1959 A
23
D
1944 J
101X
99X
2
3
1960 J
1944 J
80
53
32
1955 J
1962 IVI
..1946 J
63
100X
112X 113X
80
93
1955 J
5a
100
60
D
95 X
99X 106X
"16
89
Conv gold 4s of 1910
Cal-Arl« 1st A ref 4 Ha A
95
93
91
Conv 4s of 1906
Atl A Char) A L 1st 4 Ha A
lat 30-year 6s aeries B
3iX
2
89
Conv gold 4s of 1909
Atl Coast Line 1st
109
i
1995 Nov
.....1995 M N
♦Stamped 4a
106X
J
A
65
111
99
S
1967 J
Atchison Top A Santa Fe—
General 4s.
52 X
100
♦105X
Jan
{Ann Arbor 1st g 4a..
1995 Q
Ark A Mem Bridge A Term 5s.1964 IVI
Armour A Co (Del) 4s series B.1955 F
27
40
99
105X
g
101
79
3
103 X
Anaconda Cop Mln s f deb 4Ha 1960 A ,0
♦Anglo-Chilean Nitrate—
aer
35
"48 X
"l"o6"
K nox A Nor 1st
16X
59 X
"i03X
A.1976 M N
Amer Wat Wks A Elec 6»
48
106 X
*8X
Guaranteed g 5a
D
92 X
1966
1
8
106 X
1945 M N
Cent Illinois Light 3 Ha
21
J|
92 X
A
g 5e__Nov 1945 F
♦Consol gold 5s
♦Ref A gen 5 Ha aerlei B
♦Ref A gen 6s series C
67X
41 X
38
25
94
20-year sinking fund 6Hs...1943 M N
8Hs debentures
1961 A O
9
18
X
93 X
83
44
95
Amer Telep A Teleg—
3
97
*40
1951
94
1949 J
97 X
112
97
93X
Gen mortgage 6s
1941 M S
Cent Hud G AE 1st A ref 3X8-1965 IVI 8
93 X
5 Ha
6
55
Cent 111 Elec A Gas 1st 5s
"~94X
conv
26
*45
90
57
1951
1950
Corp
13
78 X
34
115
*81X
78
26 X
S
123X
X
A
70
35
104X
IVI
8
116
D
45
24 X
1953 J
5
5
112
N
3
*37 X
104 X
1949 IVI N
13
97
D
7
"l04X
1998
5 Ha
33
117X
77
J
A1962 J
"3
1
Am Internal
..1949 J
aer
X
3
conv
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio lat 6s
75
32
f deb 5a
120
119X
96 X
J
69X
59
a
i960 J
40
32
Foreign Pow deb 6a.....2030
87 X
114X
116X
122
77
D
37 X
74
58
American Ice
90
116X
114X
114X
J
1954 J
69
"75"
1950
8
45X
65
1949
Am A
1944 J
Deo 1
X
116X
119X
119X
123X
59
37
114
Oct 1969
Canadian Northern deb6Xb... 1946 J
J
Canadian Pac Ry 4% deb stk per pet J
J
Coll trust 4 Hs
1946 M S
6s equip trust ctfs
Coll trust gold 5s
34 X
22
1950
Amer I G Ohem
July 1969
—
42 X
49 X
97 X
1942
14
"5
57
X
87X
114 X
116 X
1957
116X
114X
38
Coll A conv 5s
Allied Stores Corp deb 4 Ha
4 H» debentures
6s A
42
9
69
45X
'ii9X
"*38 ~~ ~50~~
X
42
♦Coll A
AUegb A West 1st gu 4a
69
Guaranteed gold 6a..
1970
Guar gold 4Xa
June 15 1955 J
Guaranteed gold 4 Ha
1956 F
Guaranteed gold 4Hs—8ept 1951 M
63X
31X
1948
Allegb Val gen guar g 4s
1952
Canadian Nat gold 4 Ha
Guaranteed gold 5s
Guaranteed gold 5s
00 X
21X
1943
5a
cons gu
8X
8X
*6X
.....1955
{♦Central of Ga lat
Alb A Subq 1st guar 3 Ha
1946
Alleghany Corp coll trust 6a...1944
"28_"
25
deposit
Consol 6s
nox
*108
"27 X
1962
41
65
1943
110X
Canada Sou
48 X
Albany Perfor Wrap Pap 6a._. 1948
conv
N
Carriers A Gen Corp deb 6s w w 1950 M
Cart A Adtr 1st gu gold 4a
1981 F
Celote* Corp deb 4X'W w
1947 J
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1948 J
1947
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D
39
99 X 104 X
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1952
♦
J
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assented
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1948
warr
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92
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1960
46
44
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45
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74
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COMPANIES
6s with
38
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35
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93 X
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F
34 X
40X
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J
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24
60 X
33
5
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103 X
77
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47 X
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102 X
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89
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1950 J
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107
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411
45 X
48 X
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33
25
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1971 J
20 X
59
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.1957
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-I960
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1981
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Buff Rocb A Pittaconsol 4Ha—1957
13 X
13
50
105
1945 IVI N
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1962 IV! N
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♦
17
J
1941
.1950 F
26 X
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5
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105X
59 X
7
11
1st Hen A ref 6s serlee A....1947 IVI N
26 X
9X
(Kingdom
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1st 5s stamped
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Bklyn Un Gas 1st cons g 6a
Debenture gold 5a
J
O
Bklyn Manhat Transit 4X8-—1966 M N
Bklyn Qu Co A 8ub con gtd 5s. 1941 M N
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1936 J
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J
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22
21
8X
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92 X
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31X
29X
30 X
S
7H
1960 J
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f 7a
1944 J
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11
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31
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...1982 M N
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36 X
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12 X
1
30 X
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5
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5
1956 J
J
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72
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D
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76 X
1948 J
J
32
3
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35
1948 J
J
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14
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1959 J
J
51 X
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60
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1941 J
J
28 X
15
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85
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July 1948 A O
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1995 J
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43X
92
34 X
78 X
17X
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106
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39 X
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42
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80
37
82 X
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PLEA WVa Symf 4a
1941 M N
J
1950 J
D
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2000 IVI
S
Conv
I960
19
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1996
1943
20 X
73
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45
36 X
21
27X
70
32
97
19
69 X
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♦Gen 4Xa atpd Fed lnc tax—1987 M N
♦Gen 5s atpd Fed mo tax
1987 M N
35
35
11
17X
40
♦4 Ha
18
19X
17
18X
109X
135
13X
11X
38 X
15X
34
stamped
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1936
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May 1 2037
18X
109X
19X
109X
79
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39
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5
103
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13
104X
106X
3
95
106
5
99
108
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29
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128X
3
13
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40
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1960
99 X
117X
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100
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21
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C—May 1 1989
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97
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85 X
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97
100
New York Bond Record-Continued—Page 3
1610
Last
BONDS
Price
Week Ended Sept. 9
{♦Den A R
♦
G West gen 5s.Aug 1955
B.-.Apr 1978
Dlgby 4-5200
7i. Y. 1-761 -4'
Randolph 7711
'Bell System Teletype •>- Cgo. 541
Frioau
BONDS
Range or
Sale
••<£
Week Ended Sept. 9
Price
Range
<fc
East Ry
Since
Friday's
Bid
Asked
Minn Nor Dlv 1st 4s. .194>
in 5s— .195'
.1931
4a
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Jan. 1
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Low
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Feb I 1938 26% part paid.
{♦Chic R I A P Ry g<*u 4»
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deposit
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deposit
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1952
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1960
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6s
June 15
Memphis Dlv 1st g 4s
Cble T U A Bo'eastero 1st 5s..
I no go 6s
-Dec 1
Cb St 1. & New Orleans
Cold 3 44"
A
1961
1951
1961
1960
1960
J
A
High
1st
mtge
series D
mtge 4s
1961
West Indiana eon 48—1952
ref M 4)41 series D—. -1962
guaranteed
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-.1943
6s..---
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18
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J
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J
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1444
17
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7
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54*
15
5
18
74*
844
744
544
64*
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4
3
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844
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80
65
65
86
4044
40
45
6s..-1952
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1907
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Clearfield A Mab 1st gu 6s
1943
Cincinnati Gas A Flee
104?*
10744
46
36
J
104
10444
M
101
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88
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70
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1940
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I
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1
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1993
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1977
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1939
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98
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91
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J
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10644
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93
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6144
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100
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1977
71
101
1952
55
O
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J
1956
D_—1957
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1981
--.1965
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---.1958
debs
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J
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—-.1955 A
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105
68
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Crown Cork A Seal
s
1950 M N
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Crown Willamette Paper 6s
Cuba Nor Ry lBt 644s
1951 J
Cuba RR 1st 5s g
1952
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95
J
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103"
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1942
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1966 A
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D
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1962 J
10344 103 44
10444 109
1949 M N
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♦Adjustment Income 5a.Feb. 1957 A O
Hudson Co Gas 1st g 5s
Hudson A Manbat 1st 5s
ser
Illinois Bell Telep I'. Ms ser B—1970 A
Illinois Central lBt gold 4s
1951 J
O
108?*
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10744
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16
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106?4
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98 44
103 44
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1952
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1952 J
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104
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103 ?4
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98
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67
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81
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15
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9
16
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—
1951 J
11844 122
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10944
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110
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85
98
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93
88
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1951 IVI
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Loulsv Dlv A Term g 3448.-1953 J
Omaha Dlv 1st golo 3s
1951 F
*
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70
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4644
50
J
M N
40 year 4?*s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s.-.1951 J
1104*
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J
O
1953
106 44
J
A
1951
61?*
2444
40
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15
1955 M N
9444
105?4
55
l"66"
102
1955 M N
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103
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"i03""
95
10
7
94*
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J
108?*
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1937 M N
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1944
93
95
44
56
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72 44
7344
O
97
108
60
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A
1961
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54
10544
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s
105 44
106
lor footnotes see page
82
64
O
10344
107 44 108?*
J
19.50 A
Stamped
O
105
106?*
J
1950 A
10 year deb 4 44s
1946 A
Hackensack Water 1st 4a— 1952 J
1949 J
♦Harpen Mining 6s
10544
|*Consol gold 444s
60
60
Gulf States Utll 4s series C
10644
J
69
*52
1084*
*106?*
10544
J
68?*
68?*
104?*
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1936
1936
69
Gulf States Steel
1961 IVI N
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J
84
1940 M N
-
90 44
8244
1074*
J
1st mortgage 4 44s
1969 J
Den Gas A El 1st A ref s f 5s...1951 M N
Stamped as to Penua tax
89?*
103?4
99 ?*
92
Feb
Debentures ctfs B
104
74
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*47
J
Del Power A Light 1st 444s—-1971
♦
92 44
92
Feb
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1004*
11144
08
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25
714*
49
95 J4
80
76 44
93
J
103 44
106 44
64
J
10244
94 44
85
67
1952 J
*36
O
Dayton Pow A Lt 1st A ref 344s 1960
Del A Hudson 1st A ref
4s.—,.1943
"3244
93?4
8244
*
103 44
A
—.1951
7444
106 44
76 44
Gulf A S 1 1st ref A ter 5s Feb 1952 J
104?4
99
99 44
101**
7644
105?*
10544
10644
84
9744
84
1c8*4
108 44
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108?*
7844
9744
.105
"76"
101
*21
N
1943 J
15-year deb 6s
Crane Co
101?4
105
9144
I
105 h
107?*
10544
65
"eok "77"
100
103 4*
10244
1
5854
104 4*
100
10!)
3744
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107 h
328
10544
10544
101
89
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57 44
58 h.
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102 M
5
10144 106*4
10444
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105?4
51
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105
32
101 4*
102
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 544s B
1st mtge 5s series C
14
J
96
104
9244
1967
36
2944
M
344 s
1966
Container Corp 1st 6a--.——1946
51
*25
1946
10844
J
1st mtge
39
*104
1916
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1970 M N
4
9644
96
197
100
108?4
-
3 Mb
97
10454
1976
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Consumers Power 344 8. May 1 1965 IVI N
1st mtge 3)4s
May 1 1965 IVI N
1st mtge 3 448
1967 M N
5044
51
554*
554*
Great Northern 4 4*B series A_. 1961
1952
General 544s series B
105 ?4
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J
39
10444
1044*
1950
6
J
1960 J
1st A gen s f 644s
1054*
O
1956 J
5044
1
50
gu 5s... 1947
Gt Cons El Pow (Japan) 7s._.1944
1054*
110
107
J
1951
5044
51
1973
105
108
J
C'onsol Oil
85
39
10944
10844
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156
105
100
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21
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104 44
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50
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A
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100
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1942
Grand R A I ext 1st gu g 4 449--1941
26
109
42
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49
65
1124*
11244
109?4
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1946
-—-1948
-—-.1956
1958
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of Upper Wuertemberg 7s—.1956
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2
103 44 103 44
34
49?*
A Nor 1st ext 6s. .1934
99
109?*
8
M N
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144
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deb 3 44s
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49
5s Oct 1 '45
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1961
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1951
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45
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30
55
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J
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91 44
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40
109?4
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Sept 30 1938)--1058 J
1st 4s
.1943 A
guar
95
100
3?*
J
Goodrich (B F) conv deb 6s.-.1945
9544 103
10144
93 44
J
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98 44
100
105
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75
9044
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102 44
92 44
71
80
71?4
3 Ma 'Interest
to
8914
100
1951
15-year 34*e deb
{♦Ga A Ala Ry 1st
O
IVI
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1940
1948
Gen Motors Accept Corp deb 3s.'46
106?*
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1st mtge 3 Ma series I
8944
654
♦Sinking fund deb 6 44s
77
9344
D
Conv debs 3 44s
91 44
97?*
6?4
*144
♦20-year s f deb 6s
84 44
93 44
M N
J
1942
1st mtge 3*** series H
94
34*
N
1947
f 5 44s A
104 44
9344
109
Commercial Credit deb 3)4s—1961 A
s
73
*107
1st mtge g 4 M» series
1st mtge g 4s series F
89t*
7
*3
Gen Pub Serv deb 5 44«
.1939
Gen 8toel Cast 544s with warr. 1949
*104
1943
IVI N
6S—1956
8244
A
Conv
1064*
108
106H 108
A
O
^
104 4*
97
644
Gen Amer Investors deb 5s A.. 1952
104 44
C olumbus A Tol 1st ext 4s__-.1955 F
Commonwealth
80
59
80
104 4*
90 4*
644
8
Gas A El of Berg Co cons g 5s.. 1949
GeD Cable 1st
105 %
Columbia A1IV 1st ext g 4S-..1948 A
debentures
100
J
1?*
1941
107?* 1124*
N
J
24*8
99?*
99?*
♦Gen Elec (Germany) 7s Jan 15 1945
Jan 15 1961 J
Columbus Ry Row A
103?*
♦Certificates of deposit
103 44 10614
10644
11044
O
*
-.Apr 15 1962 A
6s
Debenture
60
*105?*
1980 M N
Colo A South 4 Mb series A
Debenture
10744
107j4
1970
♦5s Income mtge
80
80
10444
85
101?*
971*
S
1945
-—
105
6?4
Fort St U D Co 1st g 4 44*
1973 A
C
38
J
M N
61
1972 A
f 6s series B guar
42 44
s
I
{J*Proof of claim filed by owner.
(Amended) 1st cons 2 4s
1982
M
{{♦Proof of claim filed by owner
6844
Cleve Short Line 1st gu 4 44b—- 1961
1st s f 4 Mb series
43
9*<
1952
Fonda Johns A Glov 4 44s
*65
J
Cleve Flee Ilium 1st M 34*8--. 1965
A
Cleve A I'gb gen gu 4 4*8 ser B. 1942
1942 A
Series B 3 44 » guar
1942 J
Series A 4Hh guar
1948 M
Series C 3Hh guar
1950 F
Series D 3 44c guar
1977 F
Gen 4 Mb series A
Gen A ref mtge 4 44* series B 1981
1st
21?*
9?*
13?*
134*
4344
VI
1974 IVI
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4?*b. 1960
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16
VI N
1943
{♦Florida East Coast 1st 4 443--1959
99 4*
60
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1940 J
W W Val I)'v 1st g 4s
Cleve-t llffs Iron 1st mtge
36 44
11
{♦Fla Cent A Penln 5s.
1940 M
Cln W abash A M
51
1244
15
1144
1946 J
Flat deb 6 f 7s
i
1544
1644
19
1544
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1942
f 5n stamped
♦1st A ref 5s series A
95
63
13
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102
57?*
16
o
107 44 11044
102
10844
56
70 M
21
N
100
99
56
103 4*
19
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X
5s 1942
International series
1990 M N
Cairo Dlv 1st gold 4s.
103
100 44
33 M
195'
1st s f 6s
101
10244
43
VI
10944
10744
73?*
10244
197
1014*
88
10244 10554
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1
1954
90 ?4
92 ?4
13244
108
109 4*
106
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1544
30-year deb 6s series B
69
94 44
107?4
10654
1644
10944
73 44
131 M
144
10354
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L gen 4s—. 1993
Cleve Cln Chic A St
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9044
1O044 103 44
81
101
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107
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65
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23
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17
14
11044
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1942
1912
10744
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15
106
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s
106
11044
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Federal Light A Traction 1st
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102*4
100
O
I
x
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♦N Y A Erie RR ext 1st 4s.. 194193s
|»3d mtge 444s
80
10v54
102?*
15
195'
92 44
109
1094*
195-t
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33
88
101?*
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71
40
9744
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26
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20
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I
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32
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42
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24
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1
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20
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31
O
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17
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I
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4
10
J
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♦ 1st cousol
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gen Hen g 4s
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No
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\
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86
-
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71
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,
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1044
11
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•
.194
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Nat Gas 4 44s ser A... 196'
41
♦Genessee
4s....---------1944
1963
35«s series E
1963
1st
1st A
*43
18
O
Guaranteed
Cble A
Low
Union 8tatlon—
Chicago
3Hs
No.
57
47
1934
gold 4s
§• Refunding
High
Electric Auto Lite conv 4a
F
<k
10
.
Weeks
iMSt
t
a
EXCHANGE
STOCK
Y.
4s.—1996
♦Second gold 4s
--.1995
Detroit Term A Tunnel 444s.. 1961
Dow Chem'cni deb 3s
195'
DiUMUsabeAIron RangeRy 344S-62
tl^Dul.Sou Shore A Ai> g 5s.. 1937
Duquesne Light 1st M 344s—J 96.'
♦DPtrolt A Mae l«t Hen g
135 So. La Salle St.
One Wall Street
N.
fGen A ref 5s ser E
-.1952
Gen A ref M 4s ser F
1965
Gen A ref mtge 3 44" ser G —1966
Chicago, III.
Y.
A
AO
{♦Des M A Ft Dodge 4* etfs._.1935
IVI
{♦Dea Pla'ns Val 1st gu 4 44s
1947
F
Detroit Edison Co 4 44s ser D..196I
MUNICIPAL 'BONDS
^ew York, <5^.
F
to plan)
Assented (subj
♦Ref A impt 5s «er
Since
Friday's
Bid
Low
Hewlett Hros. & Johnson
Range
Range or
Sale
EXCHANGE
STOCK
Y.
N.
1938
Sept. 10,
Week's
Friday
♦
47
50 44
45
*52
"38"
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7
39?*
44
34 M
44
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7
54
47
49
31
48
39
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49
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60
23
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84
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74
78
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93
61
63
J
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47
72
D
A
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1951 J
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—1951 J
J
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1951 J
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—1951 F
J
J
A
*
58 44
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5954
55
52
52
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60
Volume
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147
Friday
BONDS
N.
Y.
PTOPK
Lad
EXCHANGE
a.
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Range
Bid
A
Asked
High
ATo.
Low
1963 J
itlooiii A
Ind
III A
1st g 4s...
Union
§♦ 10
year
1966 J
Interlake Iron
•4d)natment 6a
.
♦1st 5s aeries B
.
O
1952 J
J
32%
69
56%
42
40
60%
10
40
59
83
Ref
a
1941
f 6s series A
—
F
Int Telep A Teleg deb g 4H«— 1952 J
Conv deb 4 4a
1939 J
J
614s
Debenture 5s
a
Jones A
1959 J
..
Laughlln Steel 4 He A..
F
Kanawha A Mich lat gu g 4a.. 1990 A
0
♦( 'ertlfleates of
Kan City Son
deposit
65 %
stmp (par
w
•ctfa with
$925)..
J
I)
Plain
1961
%
A
J
1954 J
J
F
A
1960 F
A
1942 F
A
1942 F
lat A ref
8
f 5a
23%
26
71
5
General
cons 4
cons
cons g
ha
4s
2003
—.—2003
Liggett A Myers Tobacco 7s—1944
5a.
1951
98%
20%
30%
16%
60
N
O
27%
75%
74
1938
.1910 IVI
Unified 4s
1949 IVI
...1949 IVI
"72"" "72"
84%
91%
40-year 4s
series
150
78
100
3
100
100
96
2
71
95
90
100
99
100
101
103
103%
7
95%
100
3
85%
103%
100
14%
31%
99 %
14 %
14 %
♦83 h
"62%
51 h
51 X
51 4
14%
85%
53%
53%
1966 M
1945 IVI
J
J
.—1940
.....2003
o
70
90%
95%
88
78
27
30%
21
56%
8
57
1
2003
o
Dlv 4s....1946 F
St Louis Dlv 2d gold 3s
24%
48
♦1st A ref 5a
♦<
1980 IVI
Mob A Montg lat g 4 hs
1915 M
8
IVI
McKessoo A Robbing deb 5 hs. 1950 IVI
Maine Central RR 4s ser A
1945
N
s f
deb 5s. 1951
D
Gen mtge 4 hs ser A..
1960
Manati Sugar 4a a f
Feb 1 1957 M N
{♦Manhat Ry (N Y) cons 4s._1990 A O
♦Certificates of deposit
♦Second 4s
17%
1
1613
O
*15
F
1981
95%
1938 M
gold 4s
1938 M
—
Mohawk A Malone lat gu g 4s. 1991
S
M
D
«•*»«•
"46
15
14%
mm
6%
25%
23
25%
23
85
60%
60%
98
50
90
13%
8%
26
1
19%
19%
19%
21%
24%
21%
23%
34
24
26
38
*
9
28%
28%
64
50%
67%
102""
102
93%
107%
107
107
107%
99
107%
99
99
99
85
99
94%
95%
84
96
100%
100%
A '60 Ml N
aer
Montana Power 1st A ret 3%s.l966 J
Montreal Tram 1st A ref 6a
1941 J
Gen A ref
s
f 6a
a
f 4%a series C..195.'
a f
f
s
B
aer es
71
Gen A ref
Morris A Essex
Conatr M 5s aeries A
42%
Const
r
1st gu 3%a
84
73
75
72%
72%
69
69
2000
39%
19%
N
6
Nash Chatt A St L 4s
11%
50%
32
aer A
1978
Nassau Elec gu g 4a stpd
1951
Nat Acme 4 %* extended to
.1946
Nat Dairy Prod deb 3%a w w._ 1951
Nat Distillers Prod deb 4%a
1946
13
33%
40
45
54%
105%
123%
2
112
112
3
99
118
112%
94% 101%
55%
63%
58%
57
47
71 %
50
31%
62
50%
10 2%
102%
31 %
50%
102%
55 %
102% 102%
112
*114%
114%
F
99%
_
A
National Rya of Mexlco-
17
34
62
128% 131
121% 126
101
D
74
55
40
85
J
74
75
50
55
1055 \f
.
"so"
*
J
1955 M N
4 %s scries R
M
*
*
A
D....1955 A
5a aeries
96% 101
A
1955 A
A..-.1955
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65
1
IVI
N
67%
33%
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♦101 %
J
Nat
*%
O
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56
90
♦4s April 1914 coupon on
87
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1%
O
80%
O
73%
88%
83
73%
1914
coupon
mmm
1
m
2%
2%
37
1
m
2%
"
-
h
"2%
1%
3%
1%
1%
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J
No 4 on 1926
83
82
105%
prior Hen 4 %s—
warr A rets
92% 104
100
107
103
1
o
A
1951 A
off—1961 A
101
*%
J
A
A rets No 5 on '77
warr
RR of Mex
8* Aaaent
1977
1977
39
96%
-
*%
♦Aaaent warr A rets No 4 on '57
♦4a April 1914 coupon on....
♦4a April 1914 coupon off
68
18
33%
•
105%
J
60
67%
102%
102%
IVI N
1957
1957
off
coup
J
0
1957
♦4%aJan 1914 coupon
♦4 %a July 1914 coup on
♦4%sJuly 1914
J
61
ix'
1
*%
*%
40
...
.....
.-
88%
129%
126
121 %
80
115% 125
105%
101%
106
102
100%
93%
88
88
60
♦Assent
warr
129%
84
106%
107%
A rets No 4 on
s
51
1
D
1965
f 4s
—1961
1st 4a.. 1986
98% 105
N J JuncUoD RR guar
83% 102
N J
75
93%
New Orl Great Nor 5e A
74
90
F
"~3
99
8
96
85
107%
ser
D
1st A ref 5s aeries B
96
76
82
New Orleans Terra lat gu 4a—1953
109
112
75
69
80
{8*N O Tex A Mex n-c Inc 5s.. 1935
♦1st 5a aeries B
1954
102
111%
22
98%
99%
106
18
97% 106
103%
70%
17
93% 103%
*45
45
27
27
"29
28%
29%
26%
46
20
2
70
2
37
1
♦1st 5%a series
108%
65%
94
O
38
99%
50
86% 101
84% 100%
100%
67
47
76
34%
33%
23
35
30
24
38
22
37
22
*30"
*20
23
35
*30
A
67
34
100%
*28 %
F
104% 10-%
45%
*
1956
35
38
31%
22
35%
110%
♦Certificates of deposit
40
26%
...1954
A
120% 124
»
A
4%s «er*ea D
31
123
67
O
——.—1956
32%
126
122%
100
100
♦Certificates of deposit
♦lat 5a aeries C
24
24%
*41
o
98
24%
25
65%
J
110
ilfl'% 121""
108"
J
A..1952
108%
65
122
125
»
J
1955
New Orl Pub Serv 1st 5s
103
108
124%
O
O
1
123
A
1960
...1983
Light 1st 4 %8
24%
124%
Ml N
N O A N E 1st ref A ,mp 4 %s A 1952
81
25
J
D
2
65
*119%
J
1945
Tel A Tel 5s A—1952
♦Conaol guar 4s
Pow A
107%
*55
D
{♦New England IiR guar 6a..-1945
New England
107%
1951 IVI N
{♦Naugatuck RR 1st g 4s
Newark Conaol Gas com 5s—1948
4
67
89
*11
15%
*80
S
West Penn Pub Serv
1st mtge 4 %s..............1960 A
6s debentures..............1965 A
Gen A ref
6
70
15%
*60%
S
lat g 5s.. 1947 F A
1977 M S
v
mpt 4 %a
| ♦Secured 5% notes.
34
72
4
105%
103%
17%
*15
8
3
mmmmm
17
17%
30
51
26
2013
page
gen
♦Montgomery D
111%
91%
65
Newport A C Bdge gen gu 4%a 1945
20
31%
N Y Cent RR 4a series A
20
17%
34%
10-year 3%s see s f
4
16%
32%
Ref A imot 4 %s ser'es A
10
23%
Ref A lmpt 5s series
Conv secured
For footnote* see
17%
102
109%
129%
99%
93%
23
17%
1980 A
32 %
39
79
25%
"1*6
"26
28%
79%
37%
60
56
15
17%
"4%
Mutual Fuei Uan lat gu g 6a.. ..19(7 M m
Mut Un Tel gtd 6s ext at 5%..1941 IVI N
30
100%
25%
23
*
17%
Mountain States T A T3%a.l968
1
to
15
15
<■
«•
15
"3%
45
16%
17%
•98
103 h
23
37
18
4
17%
99%
*24%
D
25%
42%
15
""4%
4%. July 1938 MN
ext at
{♦MobUe A Ohio
♦lat
McCrorjr Stores Corp
15%
28
18
"6%
.1978.M N
*50
N
24
*15
—
26%
18%
20
*81%
A
45%
10
17%
no
♦Lower Austria Hydro El6hs-1944 F
25
17%
I
aer 1 ea
95
99
By Joint Monon 4s...1952 J
Knox A Cln Dlv 4s
1955 IVI N
'a71
19
8
ertlfleates of deposit
|*MoPac3d 7a
48
80%
South
50
15%
66
*85
A
67
34
17%
♦certificates of deposit.—.
1st g 4 %s aeries B
o
2003
3%s aeries E
34%
48
28%
38
17%
"5%
♦1st A ref g 5s series H
27
15%
16%
18%
105%
99%
18%
58%
41
1949 M N
78%
88%
38%
97%
40%
41
*105
"88"
5%
70%
33
17%
—
Monongahela Ry lat M 4a
53%
49%
121
o
2003
1st A ref 4 hs aeries C
1st A ref 4s series D
2%
60%
Monongahela
44
*127%
80
6%
3
*30
17%
"5%
5%s.
90%
41%
•75
s
9%
14%
♦Certificates of deposit
60
54
81%
S
6%
7%
3
25
8
*82
A
8
40%
A
deposit.
♦1st A ref 6h series G
♦Assent
O
F
14
7
*56%
J
*51
A
Louisiana A Ark 1st 5s ser A—1969 J
Louisville Gas A Elec 3%a
Loula A Jeff Bdge Co gu 4s
Louisville A Nashville RR—
Atl
of
61 %
50%
109%
129%
8
3h
7
3%
*20
40%
1977 M
47
40%
s
1%
14
deposit
48
90
S
3%
68
1965 F
A
ser
of
7
53
*84
56
J
J
O
4s.
30
85
101
.—
lh
3
68
D
1978 J
Jan 1967 A
75
*49%
15h
3
103%
*49
17
2%
J
♦1st A ref 5s series F
81%
88% 100%
95
103%
"2
96
U8
103 h
18 h
20
...
7%
..1975 M
♦Certificates
♦General
Nat Steel 1st coll
Mem
J
1962 J
{♦Mo Pac 1st A ref 5s
95
100%
112
1951
6a
Paducah A
J
1946
B
Prior lien 4 %s aeries D
♦Cum adjust 5s ser A
♦Conv gold
156
78
95
123%
1944
Lorlliard (P) Co deb 7s
lat A ref
1938
7%
J
cons 5s
♦Certificates
82
♦99 h
Dock Co 3%s ext to.-.1950 A
Unified gold 4s
1st A ret 5a aeries B
J
{♦Mo-Ill RR 1st 5s series A
1959 J
Mo Kan A Tex 1st
gold 4s.....1990 J
M-K-T RR pr lien 5s ser A
1962
92%
*155
100
25
99% 108%
*65~"
78
F
1952 J
l.onil>ard Elec 7a aer A
ref gold 4s
g4s Int gu '38
con
5%s
——..1949 IVI s
♦1st ref 5 ha series B
J
1978
{1st Chicago Term s f 4s
1941 M N
108%
106%
105
23
♦60
A
debs.. 1947 J
4s stamped.
8* 1st
27%
♦30
IVI
13 h
77
9%
7%
*6%
*7%
3%
2%
F
♦25-year
90
91
*73
Little Miami gen 4s series A—1962 M N
s f deb 3 %s
1946 F A
Guar
88
27
♦60
J
52
60
*7%
2%
*1%
S
.1962 U
{• 1st cona 5s gu as to Int
♦1st A ref 6s scries A
3%
80
•26%
l-oewa Inc
Long Island
78%
91
40
l-eb ValTerm Ky lat gu g 5s...1941
l-ex A East lat 60 yr 5a gu—-1965 A
•Ixjng
40
14%
"96%
A
conv
t|#MSt P A 83 M
77%
103%
x
N
77
60
100%
42%
1%
3
57
2003 IVI N
6a
Mquld Carbonic 4s
74
1919 IVI
ser A—
,101%
31%
74%
105%
♦78%
IVI
97
95
94
23
29%
56%
1940 J
lat gu g 4%s
General
9
1
104%
49%
39%
♦lat A ref gold 4s
♦Ref ft ext 60-yr As
19%
98%
50
*32%
*31%
75
41
'
28h
104
I
15
103
89%
14
17
107%
J
1974
104
6
23
44%
103%
*---..
1964
l>ehlgb Val (Pa)
"26% "~"7
60
103%
103%
101
"79%
14%
103%
*21
♦102
1954
75
14
*16
91
Sec 6% notes extend to.—— 1943
Leb Val Harbor Term gu 6s—- 1954
Leb Val N Y
30
*25
1945
f 5a.
s
1st A ref
2|
*23
f 5s. 1944
95
*65%
J
4s... 1947
Gen A ref
f 58
8
D
89%
*93
14
26%
94
20%
Cons sink fund 4 %e ser C— 19.54
l^ehlgh A New Eng RR 4a A— 1965
lat A ref
O
8
40
f 4 %a A—- 1954
s
*60
N
20
1975
Lehigh A N Y lat gu g 4s
Lehigh Val Coal lat A ref
24
IVI
W 1st gu
6%
5%
92
{♦Mllw A State Line 1st 3%s_. 1941 J
{•Minn A St Louis 5s ctfa..... 1934 M
41
D
a
10
91
101%
103% 110%
99% 103 h
1%
*70
J
J
1961
97
8
*6%
89%
Ltd—
♦lat mtgeIncomereg
16
98
19
A
1997 J
Mich So g 3%s_
l-ehigb C A Nav
329
72
J
Nitrate Co
34
110
95
72
101%
*
13%
66
1
103%
109%
82
RR—
1937 extended at 3% to.. 1947 J
2d gold 5s
1941 J
Lake Hb A
45
58
95%
103
54
80%
♦37
O
5s
l-autaro
Mllw El Ry A Lt lat 5s B
♦Ref A
.....
Western
"18
13%
....
73
*101
S
J
1910 A
—
78
2%
80
77
79
70
68
{♦Mil Spar A N
5s
Coll A ref 5%s aeries D
Coll tr 6a aeries A
Coll tr 6s aeries B
19
105
105
A
Uniform ctfa of deposit
1959 IVI
l.aclede Gas Light ref A ext 5s. 1939 A
Coll A ref 5 ha aeries C
1953 F
Lake Erie A
14
19
106%
J
Kreege Foundation coll tr 4s.. 1945
—
18
86
79%
85%
68%
100%
70
107
0
O
Kinney (U R) 5%i» ext to.— 1941 J
1951 M M
Koppers Co 4b aer A
Toll secured
92%
23
J
t*Kreuger A
1951 M
1979
75
99
7
83
73
1952 IVI N
Ref A lmpt 4
%s aeries C-.
{♦Mid of N J 1st ext 5a
51
95
J
1961
1947 F
Jack I.ans A Sag 3%s
1st gold 3%a
High
70
85
20
"83""
J
80%
12
Lots
'"2
80
80
103%
109%
No.
99
D
48%
♦83 h
26 h
J
4 14a unguaranteed
3 h» collateral truat notes.
1956 J
Michigan Central Detroit A Bay
City Air Line 4a
1940 J
35%
2h
95
~26
J
—
6%
TTinh
Jan. 1
S
16
58
~F
1961
lat A ref 6 ha
2%
1977 M
1914 coupon)
♦Mlag Mill Mach lat a f 7a
""88
2h
J
Kings County El 1. A P 6s.... 1997 A
Klnga County Kiev 1st g 4a— 1949 F
1954 J
Kings Co Lighting 1st 6a
♦4s (Sept
78
99 *4
1913 M N
Kentucky Central gold 4a.—-- 1987 J
Kentucky A Ind Term 4 44s... 1961
Stamped
ser D
1968 IVI
D 5%a
1950 A O
18* Met West Ride El (Chic) 4a.1938 F A
♦Mex Internat 1st 4s asstd
1977 M
Since
89%
*
Metrop Ed lat 4 %a
Metrop Wat Sow A
Range
Asked
A
*81%
98%
O
50
69
1946 IVI
{♦Man OB4NW 1st 3 %a...1941 J
Marlon Steam Shovelsf6s
1947 A
Market St Ry 7a ser A...April 1940 U
Mead Corp 1st 6s with warr—1915 IVI N
89
12
14
14
14
Bid
Low
1st mtge 5s
1971 J
{8*MII A No 1st ext 4%s(1880) 1934 D J
♦lat ext 4%s
D
1939
♦Con ext 4%s
1939
67 *4
(par $925).. 1943
warr
Keith (B F) Corp 1st 6a
3%
16
67%
♦Karstadt (Rudolph) lat 6s.., 1913 M N
♦Ctfa w w 8tmp (par $645)-- 1943
w
19%
65%
70
Ref A lmpt 5a
Apr 1950
Kanaas ( Ity Term 1st 4s—
1960 J
Kansas Gas A Electric 4 4a... 1980 J
♦Ctfs
13
♦78 4
85 h
23
1950
1st gold 3s
9
91 h
84 h
O
Ry ref g 4a. 1936 A
{f#K C Ft 8 A M
14%
or
Friday's
Price
Manila Elec RR A Lt s f 58—1953 IVI S
Manila RR (South Lines) 4s
1939 IVI N
lat ext 4a
.'
1959 IVI N
75
D
IVI
1961
102%
13h
"91%
s
{• Iowa Central Ry 1st A ref 4a. 1951 IVI
James Franltl A Clear 1st 4a
100
100 h
r
1955
...
65
3
3%
Range
Site
a.
-x
46 4
1955 IVI
1947
8
13%
A
lien A ref
85
102
"13%
"75"
A B—. 1947 J
F
lat
34
83
Rys Cent Amer lat 5s B... 1972 IVI N
Int
10
102
♦12
A
6s
f
s
ser A
63
52%
A
Marine
Paper 5a
108
65
54
31
13h
Int
Merc
42%
42%
51%
3%
1956 J
Internat Hydro El deb 6a..—. 1944
Internat
101%
47
7
18
100%
59%
57
31 h
.1956 J
♦1st g 58 series C
12%
96
107%
55
.
.1912 IVI N
....
A--July 1952 A
aer
"66% "90""
54
.1947 A
deu 4s
conv
31%
51%
♦Certificates of deposit...
Int Agrlc Corp 5a stamped
{♦Int (irt Nor lat 6a ser A
29%
31
55 h
55
46%
10.5% 107%
98%
107 %
55 h
notes. .1932 M
7%
_98%
107 h
1932 AO
eonv
2
72 h
20
*
8
F
♦Certificates of depoalt-
^10-year 6s
2
49%
99
*67"
IVI
B..1986
1961
28
31%
30 %
STOCK
EXCHANGE
Week Ended Sept. 9
High
29
1
41%
105%
105h
1956 J
Ry 314a series
Inland Steel 344a series D
{loterboro Rap Tran 1st 5a
52
46
*
.1950 J
—
{♦Ind A Ixmlsvllle 1st go 4s
Ind
Tosh
——.1948 F
1st ext 4s.. 1940 A
Weal
Iowa
44
41%
A
1910
llseder Steel Corp 6s
(ml
45
1963 J
Week's
Last
Y.
Jan. 1
fll Cent and Ctatc 8t L & N O—
1st A ref 4 4a series C
Illinois utopl rt.-b «%9
1611
BONDS
N
Since
Friday's
P'ice
Uw
Joint 1st ref 6s aeries A
4
Friday
Range or
Salt
Week Ended Sept. 9
Record—Continued—Page
Wen s
3%s
C
J
1998 F
A
*110%
62%
64
36
48%
82
1946 A
2013 A
2013 A
1952 IVI
O
75
72%
75
28
62
91 %
O
52
52
45
38%
86%
O
56
56
53%
69%
68
42
73
N
67
67
69
30
51
84
63%
New York Bond Record—Continued—Page 5
1612
Last
BONDS
Price
Sept. 9
Week Ended
Range or
Jan.
kid
Loir
A Hud River 3%s...l997
Debenture 4a
—
\942
Kef A Impt 4 %s ser A..
2013
N Y Cent
coll gold 3 Ha—1998
Lake 8bore
gold 3%s....l998
Chic A 8t Louis
Mlcb Cent coll
N Y
1974
series A
Ret 4 %s series C
Itef 5 He
-«--r}978
°ct 1 }®^8
4a collateral trust—----—1946
1st mtge 3H« extended to—1947
N Y Connect 1st gu 4%b A
1963
1st guar 6s series B
1963
N Y Dock 1st sold 4s
1961
J
J
J
J
A
O
53
F
A
66
F
A
A
O
S
A
O
Edison 3%s ser
1st Hen A ret
N Y Gas El
N Y
Greenwood Lake 5s_—1946
4 Harlem goldI 3%s._
2000
Lack 4 West 4s ser A
1973
B
4 JUl8 Afrits
U
— — —
-
-
RR 5%0l942
Impt 6s 1943
♦NYLE4W Coal A
♦NYLEA W Dock A
4s—.1941
Term) 48—1939
Branch gen
N Y A Long
(Host
t»N Y4NE
deb 4s
1947
♦Non-eonv debenture 3HS..1947
♦Nod-codv debenture 3%s_.1964
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1966
♦Conv debenture 3%s
1956
♦Conv debenture 6s
-1948
♦Collateral trust 6s
1940
t*N
H n-c
Y N H A
"J
♦Debenture 4s
1927... 1967
$♦ Harlem R A Pt Ches 1st 481954
♦
4 Hsserot
1st A ret
♦General 4s
----------
{♦N Y Providence
N
A Boston 4s.
El Lt A Pow
♦'I
ermlnal
N Y Trap
153
45
61
30
77
59
60
15
51%
90
14 %8—
----------
105%
105%
20
123%
116
(VI
J
8
4 Ha
121% 125
3
112% 116
Peoria A Eastern 1st cons
100
70
60
80
75
75
93
M
A
"12 %
N
J
J
J
D
IVI N
"w
1st ser
Pere Marquette
8
9
M N
J
IVI N
11%
17%
"IT
11
20%
12%
11
15X
17
13
18%
23%
23 %
19%
35
5
12
16H
13
23
60
51
X* Phlla A Reading C
109
Series F 4s guar
104%
100
104H
92
103
106%
106%
87
*9X
10
104%
4
A
IVI
N
A
O
F
A
108H
108%
O
95
107%
F
A
IVI
F
117 H
M N
IVI
S
IVI
12
02
1956
4s
Ref A impt
Ref A Impt
5s series
D——2047
5«
1938
Nor Ry of Calif guar g
75
5
15
%
13%
52
117%
8%
16%
15%
111
97
53
119%
100
99% 104
101
105%
101 X
95%
86% 101%
43%
117%
103
107
96% 104%
110
108
113%
107
115
Q
J
J
J
J
J
J
A
Northwestern Teleg
J
4s... 1948
1943
1965
.1967
1st mtge 4s
4s
J
M
M
S
J
J
D
J
D
F
A
1961
1982
Otis Steel 1st mtge A 4Hs
IVI N
J
48
54
66X
67%
*48
116%
23
104 %
J
J
J
J
J
1959
1960
1st gen 5s
.1986
D
jmPttc RR of Mo 1st ext g 4s.. .1938
.1938
I* 2d ext gold 6s
Pacific Tel A Tel 3Ha ser B._. .1966
A
Ref mtge 3 % b ser
I
42
19
103%
104%
11
101%
102%
20
114%
6
A
107%
107%
115%
115%
115%
101
101
75
J
S
.1955
J
.1947 IVI
6s.
S
Purls-Orleans RR ext 6Hs
51
108 H
.1942 IVI
F
.1942
.1944
51
5
109%
55
104%
106%
103
37
*66
74
66
66
105
"l03"
105
104%
105
*100%
104%
"2
1
103
103
62
*94%
"16"
103%
25
"16
.1952 IVI N
.1963 F
44
13%
35
95%
20
109
105
17
1
3
14
10
11
4
1022332 102%
94%
-
-
-
80
102
105
J
D
*105%
104
105%
M N
*104
100
109
F
A
*101
104% 104%
F
A
*110
107%
117
107
110%
IVI N
J
A
'
J
102%
J
94
M N
-
—
-
13
103
3
102%
3
94
*105%
----
J
*36
50%
----
A
*36
64%
---
A
45
90
112%
71% 104%
100
40
108
52
38
-
1
45
94% 112%
55%
32
65%
D
*107%
106
109%
A
*109
109
115%
D
*109
1977 J
D
194V J
1960 M
Port Gen Elec 1st 4 Ha
J
1st 5s 1935 extended to 1950.
Porto Rlcan Am Tob conv 6s.. 1942
t§*Postal Teleg A Cable coll 6s. 1953
3%s.
S
57
57
29
43
64
J
105
105
105
21
101
105
44
45
19
40
55
16
97
-----
14%
14%
107%
1966
106%
1951
Pressed Steel Car deb 5s
^♦Providence Sec guar deb 4s..1957
improvidence Term 1st 4s.
1956
Purity Bakeries s f deb 6s
1948
f♦ Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
*80%
IVI N
J
59%
*33
J
97
97
16
107%
83
9%
42
—
18%
103% 108%
74% 85
4%
8
*5
IVI
8
32
-
97%
43
68%
"5
42
82%
98
—
"68%
1941
f*Debenture gold 6s
60%
2
48%
75
71%
73%
59
58
93%
73
72%
73
7
68
93
------
1997
series B
"52% "79%
00
72%
ReadlDg Co Jersey Cent coll 4b. 1951
Gen A ref 4Hs series A
1997
1961
Gen mtge 4Hs series B
5 Hs '54
1956
Revere Cop A Br 1st mtge 4%s. 1966
Purcb money 1st M conv
Gen mtge 4Hs series
C
23
84
103%
5
108%
105
J
100
118%
112
88%
88%
21
71%
106%
107%
20
94% 112
17
72
5
92
88%
-
-
-
-
-
-
89%
J
IVI N
90
98%
J
1952
...1953
1955
1928
102%
111
98%
*39
41
----
28%
93%
94%
101
40
20
24
30%
30%
3
27
31%
30%
J
♦Rhine-Ruhr Water Service 68.1953 J
♦Rhlne-Westphalla El Pr 78—1950 M N
♦Cons mtge 6s of 1930
98
M N
101
101
IVI N
1946 J
♦Rhelnelbe Union s f 7s
♦Cons mtge 6s of
30%
15
27
32
'
*22
-
-
—
—
-
30
F
A
------
30%
30%
30
26
32
A
O
29%
29%
30%
28
20%
32%
IVI
s
103%
103%
105%
13
89% 107
Richfield Oil Corp—
4s
s
f conv
debentures......1952
98
104%
91% 100
98% 104%
90% 102%
111% 114%
Rlchm Term Ry 1st gen 5s
1952
J
♦Rlma Steel 1st s f 7s
♦Rio Grande June lBt gu
A
*20%
D
J
113
103
110
Roch G A E 4 Hs scries D
109
116%
90% 100%
59
78%
1977
Gen mtge 6s series E
1962
ti»R I Ark A Loula 1st 4Hs.. 1934
♦Ruhr Chemical
{♦Rut-Canirimn
i*Rutla»..l
57
106% 111%
102% 108%
98% 104%
RR
s
f 6b
4s stmp
O
M
S
Safeway Stores s f deb 4s
-
-
--
-
-
5
3
12%
9
104%
18
O
J
104%
104%
------
*106
-
J
*
O
*
7%
0
110
16%
23
10%
15
12%
100% 106%
99%
103
104%
109
94
1966 A
107%
12%
-
....
107%
1996 J
20%
5%
-
-
44%
13%
20%
104%
D
88%
St Louis Iron Mtn A Southern—
♦|Rlv A G Dlv 1st g 4s
1933
♦Certificates of deposit—...
/vi N
55%
*50
*♦8 L Peoi AN Wlrtgu 68—1948
100%
-
109%
41
118% 121
-
104%
104%
1947
St L Rocky Mt A P 6s stpd...1956
103%
-
7%
63
72
21
-
9%
100
83%
-
-
-
-
50
41
28%
-
*6%
....
St Law? A Adlr 1st g 5s
2d gold 6s
-
*7
1st con 4H8..1941
♦Stamned
-
6%
Saguenay Pow Ltd 1st M 4%s.l966
St Jos A Grand Island 1st 4s
1947
83
12
-
*5%
70
106%
109%
——
15%
*120%
12
-
—
-
70
105%
20%
-
-
1949
82
98% 103
104
98
14%
-
*21%
69
102%
15
S
IVI
*38%
23
1948
60
102% 106
104
103
*35
110
110% 118%
*102
1955
5s...1939
{♦Rio Grande West 1st gold 4a. 1939
♦1st con A coll trust 4s A
1949
99% 103%
29
*110%
101%
D
F
12
90
94
109
103% 104%
105% 105%
J
13
88% 104
96%
105
-
1962
3%
97% 103%
101%
—-
—-
103
1
-
—
*104%
A
79
60
75
108
-
93
101% 108%
110%
1
105%
108
0%
31
.
77%
*108
20
102«»»109%
-
86
------
109%
10
4
13%
*105%
F
70
88%
92%
78%
60
31%
118% 121
121
93%
13
115
109%
78%
96%
A
Republic Steel Corp 4 Ha ser A. 1950
02%
40
53%
*97
"93%
99
*
s
67
80
*93%
97% 110%
1
S
*99%
A
104
105%
N
81
87%
101%
105% 110
M N
M
62
121
101H
70
99% 115
F
IVI
95%
80
*72
76%
50
105%
IVI
56%
62
D
Guar 4* ser E trust ctfs
108
102%
A
Guar 3H8 trust ctfs C
1613
16
102H
S
O'lnr <t Hs trust ctfs D
For footnotes see page
75
87%
D
4s....
101%
105%
.1944
Penn Co gu 3Hs coll tr ser B_, .1941
3
60
Put A Passaic O A E cons 6s... .1949
♦Paullsta Ry 1st ref s f 7s
2
30
44
.1968
Parmelee Trans deb 6s
"6
115%
A
.1956
ctfs
Pictures deb
75
49%
1
54
113
8
94
108
M N
w.1956
gu—1941
45
O
Paramount Broadway Corp—
1st M s f g 3e loan
115
115%
D
Paducah & 111 1st s f g 4 Ha— .1955
Panhandle Eastern Pipe L 4a.. .1962 IVI
3%s conv debentures
113%
*110%
J
.1966
C
"49
100
'liix
----
62%
8%
4
------
A
Rensselaer A Saratoga 6s
107
108
104%
D
D
1st A ref mtge 3Hs ser
3%
15
103%
103%
80%
1974
4s ser A
5%
6%
104 %
99%
63%
C
♦Direct mtge 6s
D
G... 1964
1st A ref mtge
19
105
J
3%s ser H__. 1961
Pacific Gas A El 4s series
104%
104%
100
6
2
108%
A
Remington Rand deb 4%a w
100% 102
104 %
J
J
3X
*102
68
107
106
4
93%
100
*4%
100
108%
13%
28
41
45
60
104%
1
107%
94%
109
67
46
8
54
66
60
D
.1946
Pacific Coast Co 1st g 5s
50%
53 H
S
M N
J
Ore-Wash RR A Nav 4s
49H
53 H
67 %
J
1966
4s debentures
1946
Ontario Power N F 1st g 5s....1943
Ontario Transmission 1st 6s...1945
Oregon RR A Nav con g 4s
1946
Ort Short Line 1st cons g 6s... 1946
Guar stpd cons 6s
1946
3%s
41
J
J
...1972
3%s
Oklahoma Gas A Elec
82%
O
F
♦Stamped
Ohio Connecting Ry l8t 4s
80 X.
J
A
103
series B
Pitts Y A Ash 1st
Gen A ref 4Hb
80 %
49 H
60
4
105%
102«32
A...195V
series B
1st mtge 4 Hs series C
1st mtge 4 Ha
Potomao Elec Pow 1st M
105%
103%
*113
82
9
2
12%
113
40
1
105%
28
J
107
5
5%
107%
105%
O
A
Pitts A W Va 1st 4 Ha ser
2
108%
89
108%
------
14
1963
1964
1st 4 Ha series D
0%
82
J
F
J
t»Og A L Cham 1st gu g
62%
110
111%
J
1970
Gen mtge 5s series B
1975
Gen 4 Hs series C
1977
Pitts Va A Char 1st 4s guar...1943
107% 108%
3%
23
Q
65%
113% 117
67
60
4s
4 Ha
Series J cons guar
1st gen 5s series
*100
Northern State Power
3Hs—-.1967
4%s ext--1944
*
------
1973
1940
1942
1942
1945
1949
—1953
1957
1960
gold
Gen mtge 6s series
104% 109%
15
99
coupons..1946
34 coups—1946
Hen 4s
1997
A Id g 3s Jan—-.204/
4 Hs series A....2047
6s series B
2047
6s series C
2047
67%
1962
91
66
103
1937
Series I cons 4 Ha
2
104
s
A I ref 5b.
gold
Series H cons guar
"2
95
*98
101%
D
4 Ha A
Series E 3 Ha guar
72%
4%
105%
A
63
116
1981
Series C 4 Ha guar
108%
*45
S
52
104% 108%
93
11
8%
104% 107
97 H
"u%
10
11%
21
80
72H
M
5%
40%
47%
104X
*64
J
10
7%
*30 X
194#
7
10%
*8
107%
83%
81%
112
1977
Series G 4s guar
55
109
7H
75
101%
84% 101%
1943
C
Series D 4s guar
103
104 %
5
1980
Scries B 4 H» guar
58
49
N
M N
15
91%
1943
7
82
VI N
J
92%
91
1974
t{*Phlllpplne Ry 1st a f
8
11%
94%
A
90%
*115%
?Plllsbury Flour Mills 20-yr 0s.
1952 IVI N
Pirelli Co (Italy) conv 7s
IVI
Pitts Coke A Iron conv 4 Ha A. 1952
4
106%
A
67
1949
5%
108H
100
89% 111%
34
5%s—.
A 6s...
♦Conv deb 6s
9%
70
V
82
6
83
79
8H
104
F
64
97 X
104%
81%
81%
1967
series A
ref 3%s... 1967
14
87
74
95%
109% 120%
91%
Phlla Electric 1st A
*50
11
90%
1974
General 4 Hs series
Phlla Co sec 5s
104 H
ios%
115
51
deb—
103% 114
103% 111%
17
112
General g 4 Ha aeries
19
*6%
5
88
5%
1st g 4a
Ptalla Bait A Wash
21
*75
O
104
94
104%
82%
1956
12
9
95%
96%
83
92% 102%
103% 109%
....
110%
*48%
4 Ha series C
Phelps Dodge conv 3 Ha
11
60
114
114%
109
111%
1st g
13
8%
87%
163
101
1990
1st 48 series B.
12H
16
"00"
*109
88
1947
General 5s series B
Apr '33 to Oct
2»-yeai
"96%
13" "19%
23H
16H
109%
3
109%
High
77
100% 105%
I
00
14
*107%
1940
stamped
♦Ctfs of dep
Paramount
Peoria A Pekln Hn 1st
Pitts C C C A St L
194#
1974
.1974
1
99%
100%
Low
11
....
93%
4s—
April
4s
13
~12H
12%
O
IVI N
J
13
•
Income
14
13
J
A
95
13
1
J
IVI
75
*60
13
75
93
1943
6s
10
103
*70
A
D
North Pacific prior
mtge
106
75
J
Nov 16 1969
ref 6s
A ref 4Hs series A
1st mtge
101
1981
Ha—1981
1943
-.1948
1 1948
Gen mtge 3%s series C
1970
Consol sinking fund 4 Ha
1960
General 4 Ha aeries A
-.1905
General 5s series B
1968
Debenture g 4 Ha
1970
General 4%s series D———1981
Gen mtge 4%s series E
1984
Conv deb 3%s
1952
4 Ha series B—
Pennsylvania P & L 1st 4
101% 106%
105%
93
Pennsylvania RR cons g 4s
Consolld gold 4s
4s sterl stpd dollar May
Peop Gas L A C 1st cons
Refunding gold 5s..
tNorthern Ohio Ry 1st guar os—
♦
Apr 1 1935 A sub coupons. 1946
1st
50%
95
*10%
North Cent gen A
Ohio Edison
50%
46
22
*50"
M
IVI
A
Ref A Impt
39%
♦51
J
196: J
deb 6s——. 1961
deb 6s ser A... 196/
6 Hs series B
Aug 15 1963
Ref A Impt
108
10
N
1943 IVI N
193t
No Am Edison
Gen lieu ry
95%
98
*50
N
M
deposit
193H and sub
62
100
IVI N
J
North Amer Co
♦Oct
26%
20
♦16
IVI N
♦
1
115%
If ♦Norfolk A South 1st g 6a...1941
Norf 4 W Ry 1st cons g 4s
1996 O
Gen
46 X
104%
105H
(VI N
1966
Deb 6b series C
74
65
"17
"56" "ii
55
30
102% 109%
123%
IVI
3%s—-1956
Niag Lock A O Pow 1st 6s A..
I960
Niagara Share (Mo) deb 6%s.
1960
Nord Ry ext sink fund 0Hs--.
1961
f t*Norfolk South 1st A ret 6s.
Deb
102H
115%
1946 J
Niagara Falls Power
♦Certltlcates ot
76 X
102
123%
193'.
A Bost 1st
36H
43
33 X
43
IVI N
194(
Rock 1st 6a
Y Westcb
84
34
(VI N
1993 A
ret 6a. 193:
gold 5s_.——
6s stamped
82%
58%
D
195»
1st
53
A
1961
series A
1st A gen s
Ret mtge 3%s ser B
12
75
39H
105%
1958 J
HlBt mtge 6s
N Y Telep
66 H
36 X
'ioix
1947
j*|N Y 8usq A West 1st
j*2d gold 4Hs
♦General gold 6s. —
38
66
36%
34%
1942 A
JN Y Rys prior Hen 6s stamp.1951
N Y A Rlebm Gas 1st 6s A
UN Y Steam 6s
^ 1st mtge
56
*63 X
1955 J
gu^48..
1965
3 Ha.
1st con
Y A Putnam
N Y Queens
53 %
46 X
1992 M
West ref g 4s
jmN Y Ont A
65%
Pa Ohio A
Sand 1st M 4
Penn Glass
No
92%
*103%
%a.. 1960
Det 1st A ref 4 %a A.1977
98%
64
91%
92%
A—1941
Penn-Dlxle Cement 1st 6a
♦
♦N Y A
N Y
94%
Since
Jan. 1
Asked
High
Low
High
67
1
*105%
F
gold 4s
Purchase money
Low
52 H
"55%
Erie—See Erie RR
J
Lt H A Pow g 68-1948
N Y 4
13
77 H
♦68
1965
1966
D--
3%e ser E.
No,
77 H
T62"
J®47
Conv 6% notes.—-
83
Range
•3l,
cS
Friday's
A
1938
»
Range or
Bia
Price
9
Week Ended Sept.
1
Sale
EXCHANGE
N. Y. STCK'K
Since
60
M
3-year
N Y
High
82 X
Last
BONDS
Range
Friday's
A
A eked
Sale
EXCHANGE
Y. PITCH K
N
Sept. 10.
Week's
Friday
A ttk'U
Friaa\i
10%
8%
1950 J
J
**St L SW 1st 4s bond ctfs
m'b
8%
1989 M N
♦2d g 4s lnc bond ctfs...Nov 1989 J
|Mst terminal A unifying 6s. 1952 J
J
1990 J
J
♦Gen A ref g 6s series A
10
10
J
-
8%
50
50
-
-
19%
12
04
62
1
12
18%
1
60
69
46
8%
15
38
7%
13%
12
3
8%
15%
10
4
7
10
24
7%
14
16
0%
11%
9%
8%
9%
.
1978
57%
12
♦Certificates of deposit
♦Con M 4 Ha series A
♦Ctfs of deposit stamped
14%
57%
10%
42%
46
2
59%
14%
-----
f*St L-San Fran nr Hen 4s A..1950
♦Certificate.- of deposit
♦Prior lien 5s series B
55%
M
8%
50
13%
10
38
67%
34%
34%
1
20
38
19%
20%
18
13
27%
16*
11
9
18%
14
Volume
New York Bond Record—Concluded—Page 6
147
BONDS
N. Y. 8TOCK
Last
EXCHANGE
£;&,
Price
Since
0QO3
Jan. 1
High
A
Low
No.
c>
N.
J
*8%
15%
7%
{♦St Paul & K C 8b L gu 4%s.l941 F
A
7H
7 H
6%
88
98
9%
J
J
J
J
St Paul Un Dep 51 guar
1940
1972
S A A Ar Pass 1st gu g 4a
1943
J
ISau Antonio Pub 8erv 1st 6s.. 1952
San Diego Consol G A E 4s
1965
M N
99
115%
115%
11
J
J
J
J
A
O
*26
O
*26
A
♦Stamped
*109
*15 H
15%
1989 M N
115 H
{{♦Seaboard Air Line 1st g 4s..1950 A
{♦Gold 4s stamped
1950 A
O
*12H
F
A
Oct 1949
♦Adjustment 5s
O
1959 A O
{♦Refunding 4s
1945 M S
6%
1935 F
♦Series B certificates
Shell Union Oil deb 3%s
♦Debenture
s
12
24
30
24
31
34
27
115 %
"S
5
~15
7
"48
14
1939 J
J
*18%
1941 A O
1941 M 8
24%
27%
91%
"42" "42"
*15
*30
21
6%
14%
5
6%
13%
4
7
13
"T%
8%
8%
2
6%
106%
106%
106%
3
8%
O
1980 A
O
Walker(Hlram)GAW deb 4%s.1945 J
D
Walworth Co 1st M 4s
1955 A
O
1955 A
G
1939 M
S
9
8%
8%
12
55%
68%
82
"l8
63%
85%
34%
77
...
M
8
"34"
F
1941
10%
5%
9%
22
48
*51
76
75%
76
94 H
94 H
96%
32
102%
102%
103%
33
106 H
106
106%
40
96% 104%
48
70%
*98 %
61%
79
f 5s
s
A
*40
Westchester Ltg 5s stpd gtd...l950
Gen mtge 3%s
1967
West Penn Power 1st 5s ser E..1963 M
list mtge 48
H
ser
7
24
64
77%
98
103%
120
120
109%
105%
109%
121%
90%
103%
104%
105
{♦Western Pac 1st 5s
108
120%
O
1952 A
84
84
1943 A O
1946 IVI s
87%
104%
104%
"22%
22%
22%
23%
S
23
16%
25
1950 IV! N
ser A
♦5s assented
104%
67%
67%
68
61%
71
71
73
74%
77%
24
48%
47%
20%
55%
48
1946 M
Western Union g 4%s
25- year gold 5s
1951 J
D
1960 IVI
105%
108%
S
71%
108%
3
106%
109%
♦Westphalia Un El Power 6s...1953
J
J
24
71%
23%
98
98%
5
87%
100
West Shore 1st 4s guar
2361
J
J
55
55
Southern Kraft Corp 4%s
1946 J
D
90
90
92
2361
J
29
30-year 5s...
94%
83
Natural Gas—
Registered
Wheeling A L E Ry 4s
4 %s
1951 A O
So Pac coll 48 (Cent Pac coll)..1949 J D
1st 4%b (Oregon Lines) A—1977 M S
1st mtge pipe line
Gold 4 Ha
Gold 4%s
M
Nl
M
J
8
N
N
J
100
100%
16
100%
91
46%
48%
25
35%
53
53
54%
18
41
76
S
White Sew Mach deb 6s
46
47%
11
31%
63%
{{♦Wllkes-Barre A East
45%
44%
47%
81
30
63%
44%
44%
47%
73
30%
63
57
57
58%
22
43%
83%
69%
10-year secured 3%s
San Fran Term 1st 4s
1950 A O
85
85
88%
11
77
J
65
65
66
24
52
104%
F
Wheeling Steel 4%s series A... 1966
93
Gold 4 Ha
M
1949
Wilson A Co 1st M 4s series A.. 1955 J
Conv deb 3%s
{♦Wis Cent 50-yr 1st
1949 J
1955
1955
1994
1956
1956
1956
stamped
Southern Ry 1st cons g 5s
J
Devel 4 gen 4s series A
Devel 4 gen 6s
Devel 4 gen 6Ha..
Mem Dlv 1st g 5s
J
45%
83
Wlsoonsln Publ
43%
45%
52
23%
49%
56%
55%
58
17
26
65
{♦WorAConn East 1st 4 %s...1943
Youngstown Sheet A Tube—
59%
59
62%
33
28
69%
65
65
1
64
o
o
58%
1
35
61
J
J
s
East Tenn reorg Hen g 5s
1938
Mobile 4 Ohio coll tr 4s
1938 M S
D
So'western Hell Tel 3 %s ser B_. 1964 J
J
1st & ref M 3s ser C
1968 J
So'wesieni Gas 4 Elec 4s ser D. 1960 M N
J
J
"58%
75
97%
99%
58%
109%
110
18
106%
101
100%
101
12
105
105
105
2
101
9
106
15
13%
34
1946
101
106
1961
103%
102%
103%
122
100
1953
100%
100
100%
162
100
103%
100%
Staten Island Ky
1st 4 Ha
1943
6s. 1945
1950
5s._.1951
Swift 4 Co 1st M
3^8
Tenn Coal Iron 4 RR gen
13%
11%
*104%
*103%
"78"
♦Studebaker Corp conv deb
M N
J
78
101%
106%
J
95
106
"l8
46%
85
106%
11
105%
108
101
101%
Tenn Elec Pow 1st 6s ser A
1947
91
92%
104
103%
2
s f g
%a_.-1939
103%
1944
*112%
1953
4s
102
Texarkana 4 Ft S gu 6%a A—1950
Texas Corp deb
85%
105%
3%s
TexA N O con gold 5s
Texas 4 Pac 1st gold 5s
1951
..1943
2000
1*12%
Gen 4 ref 5s series B
1977
*82
*
144
....
86
106%
10
30
95
84%
*77%
84%
96%
96%
37
38%
19
7%
36
83
J
37%
A
O
J
J
1952 J
J
103%
1st 6s dollar scries
1953 J
Tol 4 Ohio Cent ref 4 Imp 3%s 1960 J
D
50%
1937
Tide Water Asso OH 3 Ha
x
during
7
the
dollar
7
1
quotation
Tol W V 4 Ohio 4s ser C
87
24%
3%
4s. .1946
1949
1953
♦Tyrol Hydro-Elec Pow 7%a..l955
♦Guar
sec s
49%
50%
34
88%
84% 102
60
50
D
S
*106
*95
M N
F
1945
M
1962
J
25
63%
80
"95" 103%
109%
103
117% 120
8
J
110
{ Companies reported as being In bankruptcy, receivership, or
*
Friday's bid and asked price.
♦
Deferred
,
Stale.
Untied
Total
Miscell.
Municipal &
Stales
Bond
Bonds
For'n Bonds
Bonds
357,390
105%
105
1053%
113%
113%
7
O
"92%
91%
92%
46
.
92%
25
(Del) 5s
*107%
73%
72
73%
73%
72
"l5
74%
22%
"23"
113%
113%
6
103%
103%
164
s
f 6 Ha series
103%
39%
91%
1944
1944
"*91"
Utah Lt 4 Trac 1st 4 ref 5s
46%
1947
1959
{♦Debenture 5s
46%
114,000
4,422,000
267,000'
4,093,000
3,928,000
1.110,000
186,000
5,224,000
$14,170,000
$3,980,000
$784,000
$18,943,000
Week Ended Sept. 9
York Stock
2,938,320
8,090,610
$784,000
$92,627,000
3,980,000
$3,072,000
5,942,000
162,823,000
248,679,000
14.179,000
29,925,000
938,376,000
1,518,244,000
$18,943,000
$38,939,000
$1,193,826,000
$2,068,947,000
Bonds
State and foreign
19%
77%
81%
109%
Railroad and Industrial
Total
'.
$302,024,000
27
116%
107
277,609,955
180,667,968
Stocks—No. of shares.
95%
69%
1937
1938
1937
1938
Exchange
107%
1
102% 103%
27%
Stock and Bond Averages
41
40
39%
40
2
27%
40
5
27%
41
91%
92
13
91%
94
90%
4%s w w—1951
Utah Power 4 Light 1st 5s
7
39
792,000
922.000
Sales at
New
82
39
39%
C_.— ...1951
♦Rink fund deb 6 Ha ser A—1947
{♦Util Pow 4 Light 5 Ha
4
146,000
2,904,000
Government
60
{{♦United Rys 8t L 1st g 4s...1934
U 8 Pipe 4 Fdy conv deb 3%fl-194B
U S Steel Corp 3%s debs
1948
♦
Un Steel Works ( orp 6%s A..1951
♦Sec
Total...
96
107
*108%
813,000
3,516.000
2,938,320
.....
_
2,482,000
569,920
-......
103
1944
U N J RR 4 Canal gen 4s
3,441,000
415,360
892,660
702,990
109% 118
83%
Sales
$1,763,000
$71,000
$343,000
$1,349,000
HOLIDAY
Monday.
Tuesday
9%
107% 114%
97
107%
108
Stock Exchange,
Railioua &
Saturday
119
40
5s.-.1952
1953
United Cigar-Wbelan Sts
United Stockyards
110%
7
116
111
91%
York
Shares
Sept. 9, 1938
104% 113%
M N
35-year 3 Ha debenture
United Biscuit of Am deb 5s—1950
United Drug Co
105
48
New
80
31
A
the
at
Number 0J
Ended
59%
110
1970
1971
and not Included
Stocks.
Week
73%
109%
June 2008 M S
June 2008 M S
1st lien 4 ref 4s
1st lien 4 ref 6s
during the current week
delivery sales transacted
Transactions
"25*"
107%
110%
Union Pac RR 1st 4 Id gr 4s... 1947
week.
No sales.
Thursday
116%
1952
reorganized under
securities assumed by such companies.
No sales transacted during current
the yearly range:
in
Wednesday
4
Issues which have
Bonds selling flat.
97
116%
34-year 3 Ha deb
unit of bonds.
Oct. 10 at 110.
Oct. 10 at 110.
1952, Oct. 1 at 105.
Section 77 of the Bankruptcy Act. or
96
8%
Deferred delivery sale; only
Included in year's range,
t The price represented Is
Accrued Interest payable at
a
not
1951, Nov. 1 at 105.
1956. Nov. 1 at 105.
18
116%
107%
110%
debentures
3%s
109%
*8
{{♦Union Elev Ry (Chic) 5s—1945
Union Oil of Calif 6s series A...1942
week
Odd lot sale,
Plllsbury Flour Mills 6s 1943, Oct. 1 at 102%.
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at 110.
West Penn Power 4s series H 1961, Jan. 1 1939 at 105.
Friday
Ujlgawa Elec Power s f 7s
Union Electric (Mo) 3%b
102%
and not Included in the yearly
1947, Nov. 1 at 105.
New York Steam 5s
20
*24
A
40%
"97%
*120%
J
1952
f 7s
n
New York Steam 6s
9
"46
J
100%
100%
105
104%
J
102%
list of the New York Stock Exchange bond
Detroit Edison 5s series E
90
98
103%
IV1
5%
96
121
39%
71
*104"
5
been called in their entirety:
Commonwealth Edison 4%s series C 1956,
Commonwealth Edison 4%s series D 1957,
104
*87%
1942 M S
Trenton G 4 El 1st g 5s
IVI N
200-pound
per
a
t
90
89%
O
1950 A
Toronto Ilam 4 Buff 1st g
week,
current
If The following Is
88%
71%
...
9%
J
107%
exchange rate of $4.8484
90
*86%
D
Tol St Louis 4 West 1st 4s
6%
104
{ Negotiability Impaired by maturity,
Tokyo Elec Light Co Ltd—
Trl-Cont Corp 5s conv deb A.
J
1961
f 4s ser C
Ex-Interest.
69
1980
1960 J
8%
5%
7
106%
Cash sales transacted during the current week
transaction
108%
70
103% 107%
81%
81%
70
1979
Jan 1960
6%
106%
106%
No sales.
94
70%
103% 106%
109% 114
84%
GeD 4 ref 6a series D..
♦AdJ Income 5s
14%
5
*3%
J~D
1961
Servloe 4s
Cash sale; only transaction during current
r
104% 116%
112%
Gen 4 ref 5s series C
{♦Third Ave RR 1st g 5s
16%
6%
10%
range
102%
99
103%
Tex Pac Mo Pac Ter 5Ha A...1964
Third Ave Ry 1st ref 4a
o
c
New York Steam 5s
95
1944
1944
1st cons gold 5s
e
119% 125
*120%
Cop 4 Chem deb 6s B
Tennessee Corp deb 6s ser C
Gen refund
102
83%
TeuD
Term Assn of St L 1st g 4
1st mtge
100% 101
Standard Oil N J deb 3s
15 yr 2 Ha debs
8
no
109%
8taley (A E) Mfg 1st M 4s
♦{Spokane Internal 1st g 5s...1955
"il
65
58%
"72%
O
1996
1951
1st g 4s
"53
94%
105% 109%
*5%
"74%
71
94
5
♦Certificates of deposit
*72%
96% 101%
101%
*107%
10%
"16%
10%
10%
{♦Sup A Dul dlv A term 1st 4s '36 MN
J
5
94
94
63
105%
110%
94%
79%
91% 100%
4
7%
91
100%
101
101%
J
♦Certificates of deposit
So Pac RR 1st ref guar 4s
89
*4%
O
1960 J
4s
105
100%
100%
J
1947 A
Winston-Salem 8 B 1st 4s
gen
100
110%
D
77
24
46%
49
"89"
A
26
76%
103
*107%
1940 M N
5s..1942 J
gu
72%
103
l03"
S
RR 1st consol 4s
16
*45
J
D...1966 M
ser
46
46%
1968
1969
1981
1946
93
68%
98%
73%
97% 108%
84
80
80
J
;1977 J
98
107
106% 110
101% 106
106
J
108%
120%
106% 111%
109%
1947 J
*106%
123
98% 103%
116
J
1952
West N Y A Pa gen gold 4s
101%
104
102%
103%
8
1966
Western Maryland 1st 4s
1st A ref 5 %s series A
79%
110
*110
103%
82
20%
28
108%
107% 110
103% 106%
109%
103%
*122%
D
J
1961
1st mtge 3%s series 1
West Va Pulp A Paper 4 %s
104
105%
*
D
"29" "48"
"8
60
91
*104%
J
1939
71
66%
"77%
*76%
1
Certificates of deposit
{♦Warren is roe Co deb 6s
13
107%
100
75%
65
66%
"75%
Wash Water Power
5%
5%
103%
6s debentures
Warner Bros Pict deb 6s
Southern Colo Power 6s A
1st mtge & ref 4s
30
8%
8%
8%
A
1978 A
6 %s A. 1975 M
gen
15%
8%
S
♦Ref A gen 5s series B......1976 F
*..
4%
104
"38" "45"
Washington Cent 1st gold 4s... 1948 Q M
Wash T erm 1st gu 3 4s
1945 F A
1st 40-year guar 4s
1945 F A
2%
*22%
48
8
2%
79
*38"
Warren RR 1st ref gu g 3 %s...200U
3%
103%
J
15
28
44%
8%
3%
J
O
0
1962 A O
1961 M S
1965 F A
3%s
Southern Call! Gas 4 Ha
17%
4%
3%
103 H
1941 J
23
I
4
13
1951 J
South Bell l ei 4 Tel
20
20%
*3
South A North Ala RR gu 6S---1963 A
St Louis Dlv
35
J
4
5
7%
9
2%
"l2
O
1952 A
Socony-Vacuum Oil 3%s
4s
67%
16%
A
109% 116
11%
19
1950 A
f 6He
J
M
F
F
"~9
J
S
A
A
1935
1951
1946
1941
f 7s
Skeliy Oil deb 4s
1st
High
99% 105%
32
3
23
15%
3%
6%
A
1951 M S
1952 J D
1st 6%s
♦Silesia Elec Corp 6%a
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
Southern
Lcjo
29
41%
1939 F
♦Ref 4 gen 4%s series C
♦Ref A gen 5s series D
112%
*14 H
gu
s
41
1954 J
{♦Wabash Ry ref A
20
12%
6%
4s
1933 MS
{♦Seaboard All Fla 6s A ctfs..-1935 F A
109% ll3i„
108
111%
15
4%
♦Certificates of deposit
81%
28
*2%
"s"
"40
45
104
*3%
6s series A
6
110
U%
12%
♦Certificates of deposit
{♦Siemens A Halske
N»
High
104
103%
♦Omaha Dlv lstg3%s
♦Toledo A Chic Dlv g 4s
102%
109% 118%
112s«
110%
1946 J
Scioto V A N E 1st gu 4s
57
100%
{♦Scbulco Co guar 6%s
♦Stamped...
♦Guar s f 6 Vis series B
Shlnyetau El Pow
103 %
1939 M N
Since
Jan. 1
Asked
A
♦Det A Chic Ext 1st 6s
♦Des Moines Dlv 1st g 4s
98
7
116%
*111%
1942 M S
1946
6
99
*
55
Santa Fe Pres A Pben 1st 5s
con8
Bid
♦1st lien g term 4s
fPaclflc ext gu 4s (large)
{♦Alt A Rlrm 1st
8
1966 M
Range
Range or
Friday's
Sale
Price
Low
Virginian Ry 3%s series A
{{♦Wabash RR 1st gold 5s
♦2d gold 5s.
Minn A Man—
♦1st A
EXCHANGE
Week Ended Sept. 9
High
Low
D
{♦St Paul EGrTrk let 4%s_._1947 J
*88
Last
Y. 8TOCK
o
8t Paul A Duluth 1st con g 4s.. 1968 J
St Paul
BONDS
Range
I2
Asked
Friday's
Bid
Week's
Friday
Range or
Sale
Week Ended Sept. 9
1613
Week's
Friday
90%
9
73
92%
91
92%
20
78%
48
11
45
47
6
45
as
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
99%
-
55
77
the
stocks and bonds
55%
46%
are
94%
46%
Below
Bonds
Stocks
10
Vanadium Corp of Am conv
Vandalla cons g 4s series A
Cons s f 4s series B
{♦Vera Cruz 4 P 1st gu 4
{♦July coupon off
5s. 1941 A O
1955 F A
1957 M N
Ha—1934
J
J
Va 4 Southwest lstgu
5s.
1st cons 6s
2003
1958
*105
97%
104% 105%
107
%
J
J
A
O
105%
105%
*20
**0
*51%
105%
38
102
57%
9
loili
trials
2%
105%
30
Indus
*1
J
S
Date
104
104
.....
J
M N
Virginia El 4 Pow 4s ser A
1955
M
Va Iron Coal 4 Coke 1st g 5s—1949
*93%
20
15
Totai
Rail¬
Utili¬
65
ties
Stocks
road*.
10
First
Secona
10
Indus
Grade
Grade
Utili¬
4u
trials
Rails
Rails
ties
Bonds
10
loial
9.
139.90
26.85
18.85
45.11
106.11
91.08
49 59
104.48
87.81
142.19
27.56
45.94
106.26
91.65
50.39
104.64
88.23
Sept. 8.
19.19
46
46.31
106.18
91.76
50.26
88.21
75
27.88
19.46
75
143.08
104.66
Sept. 7.
106.14
91.59
50.56
88.17
61
141.47
45.80
104.41
Sept. 6.
19.42
39
27.48
142.48
91.66
104.45
88.27
Sept. 3.
50.73
35
Sept.
27.78
19.59
46.17
108.25
New York Curb
1614
NOTICE—Cub and deferred delivery sales
are
Exchange—Weekly and Yearly Record
sePt. 10, ms
disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the
week
In
No account Is taken of such sales In computing the
which they occur.
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 3, 1938) and ending the present Friday Sept. 9, 1938).
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
Lam
Par
B
Price
14 4
3
3
35
35
8
8
.
3%
1
Agra Annco Corp oom
1
Alrwworth Mfg common. .5
8%
Apr
10 4
Aug
7%
June
104
Sept
Mar
14
10%
200
%
%
200
1
.*
400
*
Southern..60
$7 pref
*
Invest
Alliance
Bohaek
7%
50
44 4
110
106
105% 106
15
Ooorla
Aluminum
6%
I.td common.*
120
-100
preferred
684
May
May
Bowman-Blltmore
24
JaD
14
July
Amer Box
Inc.-.10
com.-l
Book Co
TOO
Board Co com. I
American
115%
15
15
1194 123
Brazilian Tr Lt A Pow...*
Breeze
1,800
68
Mar
2
0
93
Apr
106 4
Jan
100
15
Apr
June
164
Mar
5 4
Feb
67
Mar
127 4
Aug
104
"l4%
104%
100
14%
14%
700
94 4
117
Aug
Aug
Aug
Feb
1074
Aug
Mar
154
July
Mar
8
H
44
m
9%
9%
300
14
Jan
2
July
Mar
124
July
Mar
44
Aug
4
—*
*
preferred
$5 50 prior pref
23%
23%
200
Mar
4
Apr
104
Mar
24 4
July
Apr
704
Aug
66
"lH "i%
Corp--l
Centrifugal
6ft
600
Sept
34
Mar
Apr
154
304
July
July
Cities Power A IA—
Class
A
Class A
Class
25
25
25
1%
1%
1%
..10
Class B o-v..
"22% "24%
6^500
Fork
14
Mar
3 4
July
27 4
20 4
25
23%
154
Foreign Pow warr...
Amer
Apr
100
Cyanamld cL*ss A. 10
Amer
Amer
18
164
'
—
25
Amer Gas A
com—-*
--*
Elec
Preferred
American General
$2
Mar
lloe oom...*
A
11 %
25%
113X
1
1
11 %
25%
26%
113% 114
84
100
2,600
150
194
104
M
124
Feb
314
1144
May
5
24 X
5
5
125
Apr
Mar
54
Sept
July
23
Apr
28 4
July
Mar
30 4
Aug
144
July
200
25
244
24
8
Mar
21
Macb
Laundry
25
preferred
--25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co—--1
134
14
700
6%
Amer
17
17
%
10
Hap com
Corp com *
50
%
Preferred
Jan
034
Feb
H
45
100
10
2,000
3
Appalachian El Pow pref.*
101%
11%
101% 102%
%
Arkansas Nat Gas com—*
"~2%
A——*
2%
5%
10
80
1
400
24
Mar
44
24
Mar
4 4
Jan
44
M
74
May
Aug
5%
5%
200
4%
Mar
4%
4%
1,500
34
Mar
78
Mar
—..—
'st
Pr pref25
East
204
204
100
Burma
Amer
B non voting
Canadian Marconl
L f7
prel...*
*
*
...
*
Jan
7% 1st part c prel... 100
Celluloid Corp common. 15
37 dlv preferred
*
*
1st preferred
Jan
Cent Ohio
Steel Prod
Pow A
*
com
Fisher
Lt 7%
pref 100
614
64
200
34
Mar
■32
500
■it
July
Jan
4
Mar
4
J*n
4
Mar
•it
Mar
2
Sept
2
Sept
07
Mar
80
June
Elec
6% pref without
7% preferred
warr
Chic Rivet A Mach
174
Mar
4
4
Mar
1%
7%
7%
300
04
Mar
§8
Strip Co...
Jan
Chief Consol Mining
Child? Co preferred
Jan
Cities Service
July
174
Aug
Preferred
24
24
Jan
Preterred
B
Preferred
BB
•
33 J4
27
700
354
4
1,000
754
754
100
1
1
1,000
60
134
Mar
36 4
June
304
July
June
24
114
Mar
64
July
Apr
184
July
44
Mar
94
14
24
Jan
19
com.
lUrdstown Distill Inc
i
1
4
June
Jan
Steel...1
1%
1%
1%
1,100
1
Mar
Barlow A Seeltg Mfg A...6
Basic Dolomite Inc com__l
8%
8%
8%
300
7
June
5
June
64
44
May
July
94
44
July
July
July
51
Mar
634
Mar
3
Mav
64
Jan
12
July
Corp
T
1
"7%
'"900
Baumann (L) A Co com..*
44
7% 1st pref
100
Beaunlt Mills Inc com.. 10
pref
Aircraft
20
Corp
Corp
1
com
l
"ok"
1 54
1 54
100
1114
1%
1
Bellanca Aircraft com.,
1254
500
614
400
6
Bell Tel of Canada—..100
Bell Tel of Pa
11614 11614
Conv pref
*
Berkey A Gay Furniture. 1
Purchase warrants
Bickfords Inc
%
common
*
<2.50 conv pref
For foat note*
"25
♦
com
Mar
24
Mar
147
04% pf.lOu
Hedges
14
84
%
%
300
600
1134
54
144
1619
Apr
July
34
244
July
May
14
Jan
#
Mar
85
71 4
*""i6
60
Mar
80
1,900
174
Apr
32
44
May
74
Aug
64
Mar
234
Aug
Apr
25
1
I1 ^11
—
"*17*
*194
'""800
34
400
17
34
14
Jan
Jan
Jan
JaD
Apr
34
Aug
824
3
81
53
450'
53
.
834
Sept
June
3
Mar
4 vj
Feb
25
14
Mar
234
Feb
50
34
194
554
50
200
83 4
3
194
50
June
69
Jan
13
13
200
84
84
50
82
82
60!
82
36 preferred.
Mar
M ay
84
Feb
754
Apr
92
June
4 4
June
64
83
Jan
June
2 4
Jar
JaD
74
May
450
0
Mar
17
8
8
""3 4
4
Mar
Apr
10
50
3
Mar
7 4
Feb
200
34
Mar
44
Aug
'
June
134
250
124
Jute
1134 H34
654
68
50
97
350
40
100
64
4
204
74
4
4
5
5
13 4
113 4
654
9
9
45
45
7
7
35
25
74
37 4
35
2.700
600
M
ar
July
Apr
84
JaD
74
Jan
21
Jan
Jan
1134
794
July
Mar
94
July
June
»I8
53
Mar
7
M»r
Sept
214
11
Mar
474
Aug
Jan
July
May
May
May
May
3
200
2
Mar
30
20
Mar
46
Feb
72
20
Feb
67
4
Mar
84
Aug
24
Mar
June
44
20
June
134
284
30
29
3
*284
Jan
24
*
City Auto Stamping
*
City A Suburban Homes. 10
74
1,500
8
Clark
Controller Co
1
Claude Neon Lights Inc.-l
Mar
4
8 4
3
45
Clayton A l.ambert Mfg..*
Cleveland Elec Ilium
*
Mar
1
May
Sept
10
*
14
104
08 4
....
14
14
14
700
1
24
*34*
34
"34""
*450
30 4
6
Feb
Feb
Jan
Jan
Mar
4
Mar
Feb
39
Aug
12
Cleveland Tractor
♦
34
Mar
04
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co...*
14
June
34
Jan
1
Mar
24
Aug
7
Mar
124
Aug
July
24
16
Jan
Jan
74
1664
Aug
Aug
1194
Mar
294
.Feb
Aug
Aug
May
«!• May
94 Mar
14
J.an
Mar
Jan
Apr
4
Jar
18
4
Aug
Jan
Jan
10
Mar
30
page
Mar
July
Apr
23 4
100
common..
Cities Serv P A L 37 pref.*
3214
16
654
*
July
Mar
Jan
104
14
714
1
May
14
14
July
22
22
4
Apr
84
2
Jan
14
174
5
Mar
21
Jan
34
Mar
leh
4
'""266
44
Apr
7
'3*666
10
4
Mar
"34
4
Centrifugal Pipe...
*
Chamberlin Metal Weather
Jan
Mar
4
200
7% preferred
."0
Baldwin Rubber Co cnra.l
conv
3"
Mar
Mar
»».8
15
"34 "34
...100
Conv preferred
...100
Conv pref opt ser *29.100
Jan
04
2,500
25
1.600
875
Sept
1.200
».e
24
25
34
84
Cherry Burrell com..
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
1%
33 J4
1
Jan
Aug
2
34
Charts Corp
1714
*
Iron Works
1
22
29
3.000
84
14
84
34
Jan
July
Baldwin Locomotive—
Stainless
1
100
Jan
%
1%
Jan
Apr
200
200
1 4
16%
5
Apr
Mar
10.500
13
10
24
*.8
Mar
Tobacco-
Purch warrants for
24
.....
14
4
1%
•18
44
4
15
common..
July
July
14
25
Babcock A Wilcox Co
4
*.«
'"600
2,100
Jan
34
Jan
100
4
14
T.ioo
2
34
Mar
1
com
3%
1%
Aug
14
...1
Cent States
Warrants
24
19
1
Cent A South West Uttl 50c
64
184
10
100
18
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
30
Mar
Aug
July
Celaneee Corp of Amer t>a
Jan
Mar
Mar
100
10
com
Catallri Corn of Amer
Feb
Jan
Mar
224
1014
.....
1
common.
14
2 4
Jan
Apr
Apr
3
1
corn
1
10
Aug
July
2,4
4
*
Class B
Apr
Aviation A Trans Com—. 1
2.600
154
*
Aug
"3k ~
39
3
*
25c
Aug
hi
15
Sept
184
*
4
3%
144
1
July
Jan
May
Ltd—
Wirt less
dep rets pref she. £5
Castle 'A M)
54
Apr
6
274
Jan
May
24.
4
225
144
Corp Arn dep rets
Biscuit Corp.-12 4c*
Cable Elec Prods v t c...*
Burry
Cables A
40
88
*
pre'erred
Bunker Hill A Sullivan 2.50
May
Jan
34
May
24
100
...25
w
w
Mar
14
4,000
200
5
6% preferred
8% pref xw
Benson A
15
54
14
284
1,925
*
Automatic Voting Mach..*
Beech
Bull Mag A
54
14
1,900
2
54
27 4
».6
*
5
Avery (H F)
July
8
22
200
24
60
l ine
»18
Mines.....1
Products
Bell Aircraft
Pipe
""% "i"
Corp warrants
Plywood Corp
33
Jan
Apr
40
Rubber Co com... 1
4
2
24
Bruce 'E L> Co corn..—5
4
64
Atlantic Coast Line Co..50
81.50
Brown
Buckeye
44
10
Apr
6
24
*
$(! prpfeired
Cent Hud GAR
114
July
14
I
Fornran Distillery.
»»2
*
Atlantic Coast Fisheries. .*
Bath
Mai
%
Atlanta Oaa Lt6% pref 100
Bailum
154
%
*
9
ar
84
Assoc Tel & Tel class A.. *
A
ar
M
Laundrlee of Amer.*
Silver
Brown
Cent
preferred
Class
Feb
July
'it
2,300
2%
2%
Option warrants
Axton
164
104 4
Mar
5
1
Austin
Apr
Apr
90
59
1
Atlas
250
224
....
Casco Products.
Elec—
Class A
Automatic
Sept
1(H)
Jan
4
Industries
Common
Atlas
4
Class A pref
July
4
rets....£1
to..
July
|Brown Co 0% pref
|ft prefer ted
Carrier Corp
Carter (J W)Co
500
%
2%
3
L$7 pref...*
5
Ref Co
74
400
Art Metal Work® com
v
4
4
Carolina P A
1,200
lArcturus Radio Tube. —1
Common
Jan
100
ord reg-.l'k*
Jan
Aug
Assoc
Am dep rets-
June
3
15
264
Carnation Co common...*
11%
A
Maj
£1
dep rets reg
Carnegie Metals
"u%
Wupperman-.l
June
Jan
Aug
British Celanese Ltd—
Jan
Apex Flee Mfg Go com...*
May
274
Jan
24
30
Ap'
Mar
Aug
Mar
27 4
9
Mai
224
254
14
14
Gas
Am dep rets ord
74
Feb
Mai
21
114
July
Jan
21 4
Mar
4
Jan
4 4
Apr
Mar
194
24
Apr
Apr
Aug
75
Jan
Mar
18
——-
474
300
12%
Mar
%
194
-
4
3,800
Jan
88
*
-
554
4%
104
May
Tobacco—
Amer
Mar
5
100
4%
Jan
June
7
274
bearer£l
Registered....
Jan
1%
Assoc
2*
15
British Amer Oil coupon..*
May
M»)
July
July
74
June
64
2*4
——*
Class A
Capital City Products
1%
Elec
100
7% preferred
Brlllo Mfg Co common...*
Carlb Syndicate
Carman A Co class A
"T%
Amer deposit
100
14
—
Jan
Mar
Associated
54
4
14
Class A
Jan
1
June
Ashland Oil A
400
64
76
Brill Corp class B.
2fl 4
34
Arkansas PA
64
.100
Preferred.
Apr
Bright Star Elec cl B...
Apr
30
9%
Mar
84
class
25
14
;»(
Jan
Feb
July
44
Mai
Canadian Indus Alcohol A*
300
.*
Preferred
24
May
200
Common
1.100
244
14
3%
Angostura
54
June
23
14
Jan
14
54
July
Apr
4 4
17
Jan
54
16
Apr
Apr
Aug
Mar
114
124
Mar
7
M
10
16
9%
pref—-5
Fence
Aug
Calarnba Sugar Estate .20
Canadian Car A Fdy pfd 25
100
"%
12 %
Post
13
74
Aug
3 %
Anchor
July
Mai
34
Aug
1,000
*
1st preferred
American Thread
Jan
174
400
20
20
2
Real
Am Superpower
24
Ma>
500
25
45
Republics
American
Mar
114
44
Mar
20
Amer Potash A Chemical
Amer
Mar
104
44
June
64
Co
Meter
44
100
Aeronautical...I
Brewster
Jan
500
94
14
114
22
13%
July
July
July
42
Apt
114
44
144
.20,
Lt A Trac com
Amer
Feb
ar
Rubber Co..50
Hard
Amer
Jan
July
Mar
Amer Invest of III com—*
Amer
2
Jan
25
Corp 10c
pieferred
12.5(1 preferred
Mar
29
14
June
10
84
14
Brown Fence A Wire corn. I
25
with warrants.25
B
34H
Mar
1
84
Bridgeport Gas Light Co.*
Bridgeport Machine.....*
Amer
Aug
Mar
I
Corp.
BrltNh
A
$3
Am
Mar
64
common..—10c
Common class B
10f
Amei
2d preferred
Feb
184
Feb
124
214
4
Jan
11
9
11
24
4
Mar
•2,8*0
""266
100
100
104
Apr
June
Mar
lJ*
oom
preferred
1st
Aug
Capital—
American Airlines
Class
*
Aug
American Beverage
American
7%
High
Mar
64
Bourjol? Inc
63
May
Industries com
Aluminium
Mar
Mar
3
110
100
Mfg...*
Co common.
preference
Aluminum
July
Mar
6
100
7*700
"14 "i %
100
Scryrnser Co.—-.25
63
Apr
12%
25
64
124
10
preferred
H
14
10
Products com
64
104
64
11 %|
C) Co com...*
Ml
84
— -
Class A conv com
Aluminum
2
com
S3 conv prel
6%
10
67
Borne
Low
*
conv
1st
1, 1938
Range Since Jan
...5
pref
Blumentbal (8) A Co
Jan
Invest com
Allied Internal
Allied
S3 opt
July
66%
*|
Ridge Corp com.—. I
Blue
for
Week
Shares
—*
common..—II
Laugh 11 £J cum
Bliss A
Range
Foundry *
com
W)
Bliss (E
4
57
of Prices
Low
High
Machine Co com
164
Fl#h«r Inc com—
Week's
Sale
Blrdsboro Steel
Mar
3354
60*4
Lam
I
Blatiner'8
Mar
66%
preferred
*6
Alien A
Jan
2
|
Par, Price
4
Ot
Power
Ala
Mar
Jan
Sales
STOCKS
(Continued)
114
Warrants.
Alabama
July
Mar
9%
1
44
37
Jan
54
4
Conv preferred
Sept
Jan
23
194
800
94
Investors common—
Air
100
1
Corp com
Air Devices
35
Feb
34
Feb
24
400
com___l
Air Associates Inc
June
1714
A.*
Supply Mfg class
Class
Han ye
for
I Range Since Jan. 1. 1938
of Priest
I Week I
Low
High Shares
Low
.
High
20
Acme wire v t c oom
Aero
t'ruuxj
OUIC0
Week's
Sale
STOCKS
4
Jan
11
July.
344
July
com
14
14
600
2
Cocksbutt Plow Co com..*
Colon Developmen lord
"24
6% conv pref
£1
Colorado Fuel A Iron wanColt's Patent Fire Arms.25
*2*4 ""24
*500
6
6
*200
65
50
600
34
Mar
44
Aug
34
Mar
74
June
14
Columbia Oil A Gas
1
Columbia Pictures Corp. .*
Commonwealth A Southern
24
Warrants
1.500
3
18
18
284
150
214
4
50
100
01
June
00
July
45
*i«
4
Jan
44
16
Aug
Jan
Aug
4
Jan
Sept
184
Mar
264
May
4
Apr
1
4
284
214
Feb
184
1
Community P A L 36 pref *
Community Pub Service 25
Community Water Serv—1
Mar
Jan
Mar
1,400
254
214
4
Mar
474
24
134
Columbia Gas A Elec—
Conv 5% preferred.. 100
Commonw Dbtrlhut
June
34
.....
56
Feb
16
Feb
1
July
Jan
Volume
New York Curb Exchange—Continued-Page 2
147
Friday
STOCKS
Sales
Last
Par
Week's Range
for
Sale
{Continued)
of Prices
Low
Low
1946
1
Consol Copper Mines.---5
Consol G E I. P Bait com ♦
100
5% pref claw A
Consul Gas Utilities
74
54
714
115
5*
1
3H
Consol Retail Stores
135*
100
75*
6
600
4,400
Mar
Cont Roll & Steel Fdy—*
in
74
Sept
Mar
64
July
1
44
45*
1
7K
84
174
Common
57
Mar
Aug
1164
June
Conv preferred
Fruehauf TiaPer Co
"u
595*
1,100
Apr
14
M ay
Fuller (Geo A) Co
Apr
64 5*
Jan
July
300
•is
484
25*
Mar
July
5
200
July
814
Jan
400
15*
June
14
44
45*
45*
500
25*
Mar
5 4
Jan
July
"7 H
75*
8
115*
700
70
67 5*
Apr
May
4
45*
May
105*
Jan
July
10
400
64
Mar
114
Sept
Arp
54 5*
Mar
Mar
9 4
Mar
204
Jan
July
61
"l7*
*17**
TOO
45*
14
Copper Range Co
Jan
80
45*
28
28
100
May
8
July
185*
June
30
Aug
1
200
25*
~~ik "in
1
15*
Mar
63 5*
25*
*
A
May
"300
34
July
Jan
72
High
Jan
104
June
100
Apr
64
July
200
64
Mar
Aug
400
84
174
33
15
preferred
conv
Jan
54
1
com
14 4
1
64
18
Mar
Mar
194
Mar
254
28
Mar
38
Aug
87
Jan
Mai
12
Aug
*
.
17
164
23
23
254
60
4% conv preferred... 100
Gamewel' Co $6 conv pf..*
Gatlneau Power Co
com..
5%
preferred
General Alloys Co
Gen
80
*
74
100
75
11
Aug
Jan
Sept
Sept
Aug
834 June
ADr
14
14
100
14
Mar
24
184
184
100
164
Mar
194
14
144
4
600
Mar
15
July
Electric Co Ltd—
Amer dep rets ord reg.Xl
Gen F'lreprooflng com....*
General Investment com. 1
$6
144
4
9
4
200
.
4
Apr
*
41
Gen (Outdoor A<lv 6% pflOO
Gen Pub Serv $6 pref
•
05
Feb
80
30
Mar
5(
1
May
preferred
Warrants
40
40
48
48
20
40
Rayon Co A stock...*
General Telephone com.20
S3 conv preferred
J*
June
24
Jao
45*
June
134
Jan
75*
July
12
Jan
6% preferred A
Gen Water O A E
Cramp (Wm) A Son* com. 1
5*
May
14
Mar
274
Aug
84
Mar
»M
May
Jf-D
Aug
July
Aug
July
July
600
200
14
Jau
84
40
Mar
14
Jan
Mar
48
Sept
72
124
48
114
July
88
General Tire A Rubber—
60
XI
50
A pi
la«
..
Gen
Reynolds—
Common
Low
74
24
Froedtert Grain & Malt—
55
14
$6 preferred
Franklin Rayon Corp
Range Since Jan. 1,1938
Week
6
113
74
Price
Brew Co
190
15*
17~"
(Peter)
800
35*
—*
Copperweid Steel com..10
Shares
725*
15*
Varnish—•
preferred-....-——*
Cooper Bessemer com
*
S3 prior preference
*
Feb
15
Jan
1
Continental Oil of Mex
Corroon A
11
35*
8% preferred
100
Consul Royalty Oil
10
Consol Steel Corp com—*
Cont G A E 7% prior pf 100
for
of Prices
Low
High
1155*
71 J*
1
*575*
Paint A
55*
115
Consul Mln A Smelt Ltd.5
Cook
135*
74
Week's Range
Par
Fox
Consul Biscuit Co
Last
Sale
High
Compo Shoe Macn—
V Ic ext to
STOCKS
(Continued)
Range Since Jan. 1. 1938
Shares
High
Sales
Friday
Week
Price
1615
Cosden Petroleum com
5% conv preferred
Courtaulds Ltd
5
Creole Petroleum
204
Crocker Wheeler E!ec_—_*
205*
215*
1,400
65*
6
1
Croft Brewing Co
400
5*
Mlluer A Co—*
Petrol (Md).S
Crowley
M
ar
114
July
14
JaD
25
14
*
10
7
100
!>arby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg corn.*
36 5*
35
300
"85* "85*
100
35
"466
"135*
AUg
22
22
55*
100
100
55*
17
35*
26
40
Jan
Mar
24
34
34
July
334
164
Sept
Dletilled
I Iquort
I Usttller*
Co Ltd
Mar
11
May
3
Mar
XI
22**
com..l
35*
400,
125*
10
58
58
60
18
18
20
300
-100
Durham Hosiery cl B com
l.ead
■
July
July
July
Jau
Aug
500
5
115*
10
2J00
*
100
Iron.25
Corp.....*
17 preferred series A
preferred.
Malleable
115*
I-amp Co..
Haloid Co
Hartford
Elec
July
Hartford
20
Edison Bros Stores....-.2
145*
3
65*
"525*
1
*
Aug
34
Sept
52
Jan
May
June
31
Jan
Apr
12
July
4
Mar
24
June
164
July
Mar
1 4
Jan
Fansieel
.1
Fire Association
(Phlla).lO
FTsk
Rubber
Corp
.1
100
2
Mar
July
100
2
Mar
35*
35*
2,100
35*
Mar
25*
Mar
2
300
67
15*
125
15*
4
4
44
35
July
Jan
64
July
Apr
24
14
Feb
24
Jan
May
50
50
814
Jan
65
46
75
28
Jan
66
Feb
Jan
May
654 May
57 4 May
Jan
68
May
May
22
Feb
444
46
250
28
48 4
200
32
20
20
200
175*
Mar
94
400
ui«
4
4
1,500
65*
4
114
114
114
4,300
7
9
.....
5*
5
75*
20
5
Am dep
Ford
May
Aug
21
.....
Mar
65*
18
rets ord
*
564
534
reg-.Xl
*
34
214
22
Ires
18
Mar
214
June
100
0
Mar
114
Sept
Mar
374
*514 "515*
""50
40
Mar
62
July
Mar
134
July
'2*060
64
114
*144 "155*
100
14
175
32
100 4 101 4
100
AUg
May
164
July
June
204
Aug
Mar
Aug
214
984
Jau
7% pref stamped
100
Hydro ElectricSecurities.*
Hygrade Food Prod
.5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co—*
5%
Jan
Mar
66
Mar
>
4
Feb
32
Aug
1024
114
May
July
July
Dlv arrear ctfs
Imperial Chem Indus..XI
Imperial Oil (Can) coup..*
Registered
Imperial Tobacco of Can.5
Imperial Tobacco of Great
75*
20
5
4
564
24
134
34
10
Apr
Jan
2*400
15
15
100
15
200
74
74
Mar
6
Jan
100
Feb
134
84
Jan
Jan
Mar
194
Mar
164 June
134 Mar
19
Mar
154
July
374
15
Mar
Mar
64
Jan
10
Feb
94
Jan
Aug
16
Mar
194
May
64
July
8 4
Jan
484
104
Mar
4 July
114 June
674 June
Mar
22
84
4
Apr
Feb
204
4
Apr
14
Mar
84
34
Mar
314
preferred
100
104
104
104
Insurance Co of No Am. 10
634
63
64
7%
60 4
Jan
Internat Paper A Pow warr
9,400
Mar
94
Sept
International Petroleum..*
Mar
69
A ug
Mar
644
Registered
*
International Products.—*
Sept
55*
214
22
Jan
Sept
Sept
Apr
Feb
7
Jan
Internat Hydro-Elec—
50
Pref S3.50 series
A stock
174
400
19
174
purcb warrants
Internat Safety Razor
25
7
7
24
24
24
800
264
254
204
2,600
34
11
104
34
114
2,200
4
4
0
100
23
Aug
May
Aug
July
Mar
4
31
Mar
Mar
44
114
Sept
4
Jan
4
June
4
74
244
B..*
200
May
244 June
24 Mar
6
Feb
International Utility—
Class
A....
Class
24
25
350
International Cigar Mach *
Apr
Jan
Aug
Mar
1
394
23
98
H
V t c common
50
Mar
*16*4 "17"
15
15
Internat Metal Indus cl A *
14
34
64
74
32
164
200
Mar
Jan
100
300
14
Mar
14
34
11
100
'»•
14
34
104
Jan
14
144
Mar
July
14
B
Jan
144
15
184
Industrial Finance—
Mar
50
Mar
1
4
900
12
100
600
22
600
14
Mar
214
14 4
14
June
204
204
134
A.—.*
44
May
Mar
July
...*
Non voting class
144
114
35*
33 4
4 4
14
Feb
204
400
Jan
Mar
pf.100
preferred
200
4
2 M
June
2
100
Jan
Mar
26
June
15
000
14
Mar
100
15*
19
24
100
24
14
184
14
04
850
Jan
June
165*
544
July
Jan
100
69
July
64
31
7%
200
94
9
Mar
Apr
July
494
34
184
XI
Ireland
Indiana Service 6%
7
57
Mar
Jan
May
54
45*
484
8
44
3
Indiana Pipe Line......10
18
•is
4
10
Mar
100
Mar
82
2
Mar
724
64
100
July
4
A
Mar
4
*
Zinc
Britain
24
Indian Ter Ilium Oil—
•i«
800
50
preferred
Illinois
'2*266
1
Common
B
SI 75
preferred..——-*
International
Vitamin...J
Mar
6
*
1
Interstate Home Equip.. 1
154
9
8
*654 *67*
S3.50 prior pref
*
Warrants series of 1940—
For footnotes «ee pave 1019
Feb
Jan
France—
Amer dep rets... 100
"*l66
13
Feb
Mar
*1.
1,100
69
9
4
114
Indpls P A L64% Pf—100
*•»•
300
5*
55*
(Harvey)
Humble Oil A Ref
Internat Radio Corp——1
B
Motor of
-
Jan
Sept
Jan
104
I td—
Motor of Can cl A..*
Class
Ford
L 87 pref
Motor Co
■»
Feb
7
flluylers of Del Inc—
9
•
74
64
Hummel-Ross Fibre Corp 5
47
—100
86 preferted
Florida P A
F"orri
"66*5*
Hubbell
July
4
Class
Brewery
Apr
Mar
14
Inc...5
♦
July
July
Flat Amer dep rights—..
1 Idello
50
24
64
Mar
74
24
10
28
65*
64
314
614
44
18
60
200
18
4
1014
555*
.
....1
*14
100
preferred...
Mar
50
.....6
Aug
27
514
14
Mar
165* June
Metallurgical...*
Enamel Corp
Jan
Jan
194
800
115*
Mar
44
European Electric Corp—
Ferro
Jan
14
6
94
*214 *21
common.
42
Elgin Nat Watch Co
Fedders Mfg Co
14
Apr
Aug
54
25
ww
36
Jan
"20"
24
74
100
15,300
75*
13
1
July
254
254
Hardart
A
34
9
64
..2
common
Preferred
5%
Aug
July
44
20
64
A
Hewitt Rubber
Horn
7
Jan
34
Horn (A C) Co common.
14
Apr
5*
June
Jao
Jan
Jan
104
Jan
94
Jan
300
Hormel (Geo A) A Co com*
100
July
80
Jan
104
Jan
500
404
Feb
30
Holopbane Co common.
4 4
Mar
Apr
24
Rubeasteln.
Class
33
May
24
34
60
-26c
preferred...
Jan
Jan
Fanny Farmer Candy coml
2*400
Aug
4 June
9
Jan
Mar
ialstaff Brewing
42 4
Jan
124
May
24
1
5
Feb
Mar
20
10
1
May
Jan
Aug
134
24
Corp........
Hearn Dept Store com...5
Mar
Electrt'graphic Corp.....I
Klectrol Inc v t c...
1
Falrcblld Aviation—
4
Hazeltlne
Mar
Jan
Jan
Option warrants
3
»ll
Heyden Chemical
10
Hires (Chas E) Co cl A—*
Hoe (R) A Co class A...10
Holllnger Consol G ML-.5
14
0
Derrick A Equip..5
Mar
5*266
4
84
Mar
Helena
May
Equity Corp com
10c
Esquire Coronet
.... 1
Eureka Pipe Line com—60
84
June
Jan
3
Em»c<>
Mar
4
Feb
pref..*
444
"Ilk *12
40 4
I
5C0
62
47
44
1
1
15*
»«■---
500
24
Brewing Co
Hat Corp of Am cl B com.
ITecIa Mining Co
15 5*
44
Aug
33
100
July
July
July
15
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
6% preferred
100
64% preferred
100
7% preferred
100
8% preferred—....100
Empire Power part stock.*
July
125
Apr
Jan
Jan
76
Elec Shove! (Joal $4
65
Apr
36
Apr
|
35*
62
74
Mar
1174
254
50
1
65
134
Jan
100
Feb
Mar
Aug
July
2
Apr
pref ww
50
Mar
Jan
Jan
12
ar
60
Jfi conv
59 4
1224
204
14
9 4
104
Mar
64
Harvard
I
•
Common...
Mar
Ilartman Tobacco Co...
Shareholding—
Electric
Mar
4
54
34
Apr
54
35*
......
134
1,300
Mar
47
65*
35*
2d pref A
July
Mar
525*
......1
I
Aug
24
5
47
Assoc com—1
Option warrants
3
Apr
14
July
145*;
1
1
——♦
....—--*
Class A
1,400
35*
Feb
16
9
July
Mar
May
Jan
60
644
7
*u
72
*
23
6%
Feb
June
5
Jan
13
600
Jau
174
95
Light....25
3
13
1
Elec Bond A Share com..5
Power
25
20
Apr
xa« May
""566
Rayon » t 0...
64
94
14
.
B—♦
Easy Washing Mach B—*
Economy Grocery Stores.*
f6 preferred -.erles
Mar
81
Mar
11
10
89
Jan
July
*!•
59 4
122
122
41
...25
Corp
Apr
300
200
preferred
Jan
450
12
3-5
"94
Gulf Oil
Hall
64
UK
States
7
Mar
44
Jan
Feb
64
May
Gulf States Utll S5.50 pref
110
M
41
100
19
4
114
Mar
Mar
Apr
100
21
64
June
24
4
19
Grumman Aircraft Engr..l
Guardian Investors
56
June
26
100
Grocery 8ts Prod com..25c
35*
50
24
4
21
594
100
25
Jan
164
15*
24
Eastern
Electric Corp
stock—
com
preferred
Feb
6
105*
44% prior preferrd.100
$5 preferred
1st
Heller Co
Common
|6 preferred
Non vot
Gt Northern Paper
Greenfield Tap & Die
5*
45*
"""I*
30
Pac Tea—
Jan
F uel Assoc—
East f las A
Great Atl A
34
Mar
1
91
Rapids Varnish...*
Gray Telep Pay Station..*
7%
June
64
10
124
32 4
124
91
124
V t c agreement extend.*
24 4
05*
•14
*800
6
.32 4
Gypsum Lime & Alabast.
13
47
6
324
21
Jan
i>
Mar
*
*
10
Duval Teva>- Sulphur
15
Mar
64
Corp com....l
Eagle Richer
"266
15*
1
100
Duke Power Co.
94
25*
103
Corp. I
I tubllier Condenser
Duro Test
200
13 5*
58
...—
Harris Co...
7% preferred
Mar
Jan
Feb
95*
35*
1
Dominion Steel A Coal B 25
Doherkmun Co com
Diaper Corp
May
14
75
165*
Corp—5
Truck
Dlvco Twin
15*
100
33
34
58
Aug
62
Mfg Co—
Jan
Mar
77
Mar
2
preferred
Gorham
July
May
145*
S3
•
Mines. 10
74
15*
33
S7
22 4
14
com.*
*
Mar
200
Products..,.*
Diamond Shoe Corp
—
(Grand Nstlon'l Films Inc I
Mar
1
Paper Prod
Det roll Steel
10
Grand
105*
15*
Coal
Godchaux Sugars class A.*
Class B
♦
Aug
100
15*
32
Apr
May
44
5
Aug
June
15
100
32
Alden
6
...
Mar
55*
15
6
Preferred
Gilchrist Co
Glen
June
58
*
common..
14
Aug
15
C)
104
June
*6% pref ww
20
Detro't Gray Iron Fdy—1
Det Mich Stove Co com..I
(A
Jan
June
6
314
57
—
preferred
Gilbert
134
15*
400
15*
Apr
Mai
Apr
37 4
2
Georgia Power S6 pre!.
55
4 4
264
Apr
55*
1
Detroit flasket A Mfg
Elec PA
July
Sept
Mar
1
*
Gorham Inc class A
54
36 4
108 4
*
Preferred
Elec
24
Jan
May
100
com
preferred
preferred
Goldfleld Consol
July
May
55*
S3
AUg
14
25
10
"l3"
13
1
Denntson Mfg 7% pref 100
Derby oil A Ref Corp com*
Elsler
Mar
Feb
18
102
355*
Delay Stores
6%
Jan
Jan
25*
*
Inc
A
June
5*
preferred.
Eastern
Jan
Jan
6
Mar
Ref com
Cuneo Press
Driver
•M
Jan
1
400
£105* £105*
Cuban Tobacco com v t c
Detroit
Jan
Aug
Jan
July
85*
6% preferred
Claw
Mar
com_.26c
Co
Preferred
Crystal oil
6 4%
*16
3
A..*
Internat
Drug
Crown
3
3
Crown Cent
Crown Cork
175*
7,600
5*
Feb
>m
Z4
34
4
34
44
'
1,100
34
400
24
Mar
Apr
Feb
Mar
24 June
9
Jan
1
Jan
94
304
July
4
Jan
Jan
44
July
5
Julv
I
New York Curb Exchange—Continued—Page 3
1616
Sales
Friday
Last
STOCKS
Week's
Sale
(Continued)
Par
Price
Range
of Prices
High
Low
for
1
C..10
Irving Aur Chute
1
Italian Superpower A
•
Jacobs (F L) Co
1
Jeannette Glass Co
*
Jersey Central Pow &
6%%
preferred
Jones & Laughlln Steel-100
Inc
Kennedy's
11%
May
Mar
900
?%
Mar
13%
Aug
%
Mar
%
Jan
4%
1,400
2,200
25
'"81% "81%
2
19
May
1%
4%
June
7% pref-100
6
7%
3%
Jan
Jan
Apr
86
21
Mar
29%
725
24
Aug
106
""5%
May
MOO
4
Mar
10%
100
10%
106
7%
11%
Aug
Mar
Jan
Aug
106
%
2%
2%
1,000
13%
1%
13%
12%
"12%
""166
91%
500
Jan
Mar
44
Aug
Mar
33
July
1,200
1%
J
22
2%
Feb
28%
100
D
Prouucts
111
Apr
Jan
Aug
July
1H
Klrkl'd Lake G M Co Ltd 1
Klein (D Emll) Co com..*
13%
100
Klelnert (I B) Rubber ColO
Knott Corp common
1
Koppers Co 6% pref—100
Kresge Dept Stores
100
...10
1
4% conv 1st pref
Kress (8 H) A Co
Kreuger Brewing Co
"81 ""
81
39
39
"e"
39
"0"
25
.....
6
Feb
1%
Jan
16%
Jan
J
n
*5%
Mar
8%
14%
July
July
81
Sept
102%
Ji.n
37% June
11% June
""500
6%
4^66
46%
39
Sept
12%
Feb
2%
52%
2%
A
Class
Leonard
Le Tourneau
1
13%
4%
*
100
13%
5%
%
25%
25%
100
25
preferred...
21%
23
19
2,900
'""loo
19
*
2
Locke Steel Chain.—
5
15
Lockheed Aircraft
1
13%
14%
13%
Lone Star Gas Corp
*
9%
9%
*
-..100
100
2
1
1%
Jan
Feb
May
5%
July
%
Mar
"u
Jan
13
Mar
15
29
Aug
14
July
11%
16%
June
25%
Jan
Jan
14
Feb
Mar
1
Aug
34%
Jan
1%
7%
200
2,200
1%
8%
88
Mar
2%
Jan
9%
Mar
July
%
Jan
July
88
Mar
%
Jan
37%
1%
100
24
Mar
500
1 %
July
July
400
Aug
2%
600
%
%
1%
29%
Mar
%
%
3%
July
Jan
2
18%
18%
100
15
6%
*
16
*
1
39
Apr
June
45
May
19%
Feb
Mar
Aug
June
4%
100
3%
4%
Mar
15
11%
Mar
15
16
450
Jan
Mar
47
Feb
100
99
Aug
2%
Dredging...*
123%
Memphis Nat Gas com...6
2%
17%
400
124%
2%
17%
122
3%
17%
Mercantile 8tores com...*
150
3%
100
3%
17%
50
13%
900
1%
Mar
Jan
20%
Aug
July
Mar
4%
Mar
21
Mar
28
Mar
5
3%
3%
400
2
Warrants
*102
62
"72"
%
non-cum
*
May
5
Jan
June
2
%
Jan
Class B
1%
May
5
4%
1%
7%
1
10
July
5%
Mar
20%
Mar
30
Apr
Apr
10
Jan
100
Aug
96%
20
81
Apr
96%
Mar
9%
July
Jan
Sept
4
7%
76
4,200
100
Jan
Jan
5%
4%
Jan
Maf
20%
July
Mar
9%
89%
July
July
70
Mar
May
70
July
Feb
*i«
Jan
Apr
1%
June
July
3%
Mar
7%
July
89%
Jan
40%
900
24%
Apr
42%
Aug
1%
4%
1,600
1%
Mar
2%
Feb
3
1%
200
200
39
Mar
45
Sept
29
Aug
Mar
27%
Apr
43%
Aug
%
Mar
1%
July
3%
Mar
4%
*;»
July
300
42
50
43
45
43
450
50
No Am Utility Securities.*
No Central Texas OH
5
European Oil
1
com
7% preferred
»i« June
NortLern Pipe Line
10
Pow com cl A.. 100
68%
69
50
5
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Ohio Oil 6% pref
Ohio Power 6% pref
9%
5
10%
100
1,000
"27%
25
"26% "27%
24
27%
""466
850
100
6% 1st preferred
Oilstocks Ltd com
100
112% 112%
20
6%
conv
9
32%
Pacific G A E 6% 1st pf.25
5%% 1st preferred...25
Parker Pen Co..
Parkereburg Rig A ReeL.l
Patcbogue-Ply mouth Mills*
Pender (D) Grocery A
*
6
Feb
Mar
14%
15%
July
Mar
27%
Sept
20%
June
May
May
Mar
109%
Apr
93% June
Apr
34%
97%
113
113%
Jan
Jan
July
July
104%
Aug
July
94%
July
Mar
200
0%
Mar
50
21%
Jan
35
July
May
100
July
10%
10%
July
Jan
"28%
1%
3%
"27% "29%
26
26%
1%
Mar
2%
June
2%
4%
July
4%
1%
3%
Mar
8%
Aug
2J00
27%
Mar
150
25%
98%
Mar
400
100
46
6%
500
3%
15%
Apr
Apr
Mar
31
27%
108%
65
7%
Jan
July
Jan
July
July
July
4%
14%
4%
14%
800
4%
2,900
Apr
19
July
87
June
90
Aug
12%
3%
May
19%
Jan
May
June
7%
Feb
4%
Jan
3%
14
10
Class B
Mar
9%
*
July
4
0%
8%
18
89
Pacific Ltg $6 pref
*
Pacific P A L 7% pref.100
Pacific Public Service
*
$1.30 1st preferred
July
32%
100
com
July
80
8%
15
50
pref
74
85
5
com.
Apr
Apr
100
100
Ohio P S 7% 1st pref...100
$3 preferred
Jan
47
87
9%
Engineering..*
*
Aug
50
68%
100
Oklahoma Nat Gas
42
"33%
16
16%
"33% "33%
600
Feb
16
"166
12%
June
19
13
16
May
23
18
Mar
35%
July
Jan
Jan
Aug
Aug
Apr
June
*14%
Mar
May
80%
Jan
%
6%
June
Mar
1%
9%
Aug
Mar
13%
July
36%
250
Mar
2%
Feb
24%
Feb
39%
Aug
Aug
Penn Traffic Co
1
1%
1%
1%
Mar
July
Penn Cent Airlines com__l
PaPr A Lt$7 pref
*
6%
6%
200
4%
May
8%
July
"89%
88%
89%
300
79%
Mar
July
84
84
93%
84%
69
June
78
103
May
110
Jan
Mar
4%
June
6%
Jan
11%
3%
Mar
6%
Aug
July
2%
5%
T"
5%
"2"
5%
700
""2%
'566
12%
Mar
17
1%
Mar
3%
1%
June
2%
Aug
July
Sept
Apr
6
Aug
30
122
Mar
169%
Sept
100
28
Apr
4%
159% 159%
29%
29%
*
31
Feb
•
Peninsular Telph com
Preferred
3.
-
%
6%
5%
%
6%
5%
3,400
5
700
9%
10%
10%
9%
10%
$2.80 preferred----
21
107%
Mar
6%
Jan
26
Jan
Apr
110
Feb
24
Mar
26%
July
45
July
50
July
Pennroad Corp vtc
$6 preferred
Penn Salt Mfg Co
2%
1
2%
2.50
*
2
2,700
10
Pa Water A
Power Co
Peppered Mfg Co
1
70
71%
350
"l
"7"
"7%
500
com
*
PhUa Elec Co $5 pref
*
Phlla Elec Pow 8% pref 25
Mar
Aug
Phillips Packing Co
%
Jan
May
1% June
2%
Mar
2%
Mar
Jan
Aug
160
July
Aug
19
Aug
Mar
54%
3%
4%
112%
29%
2%
72%
Jan
Apr
86
July
Mar
28
Aug
8%
July
Aug
7%
M ty
Feb
117%
Mar
31%
Feb
Mar
4%
July
Apr
July
Phoenix Securities—
3%
Feb
Aug
July
May
24
Philadelphia Co
29%
8%
59
70
*
Pharls Tire A Rubber
Apr
19
*
100
Perfect Circle Co
74
121%
—50
Pennsylvania Sugar com20
36%
4%
Mar
2
9%
5%
2%
*
3
200
1
3%
3%
3%
200
1%
Mar
18%
18%
18%
200
10%
Mar
4%
23
July
18%
18%
20%
900
xlO%
Mar
21%
Aug
July
Conv pref series A
10
Pierce Governor common. *
Pines Winterfront Co
1
%
"h
.500
Sept
1 %
Jan
Jan
Pioneer Gold Mines Ltd—1
3%
700
%
2%
Mar
3%
Jan
Jan
July
Mar
121
Jan
100
6
Mar
12
200
6
June
7
1619.
100
*
May
10%
*
24%
$5 preferred
*
Penn Gas A Elec cl A—*
Penn Mex Fuel Co.-.
1
May
100
*
24%
100
Penn Edison Co—
June
500
6%
2%
*
....
20%
28%
*
jMoore (Tom) Distillery.1
50
20
700
1%
36
*
o&ut
10%
28%
8%
Pow.
see
15%
59%
*
For footnote*
Jan
7%
$2.50
_
2
Mar
Jan
Mar
July
Feb
42
11%
June
Voehrlnger—
-
July
600
3%
Minnesota P A L 7% pf 100
Miss River Power pref. 100
Missouri Pub Serv com
*
.
77%
74
12%
Pan-Arner Airways
*
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Apr
600
-
Jan
Mar
71%
31
*
Feb
May
%
400
Nachman-SpringfiUed
2%
Page-Hersey Tubes com..*
5%
1%
Muskegon Piston RIng_2%
Muskogee Co com
*
72%
Mar
A._*
com
Jan
100
8%
Murray Ohio Mfg Co
14
Mar
_*
North Amer Rayon cl
Jan
Jan
500
1%
5c
July
Sept
July
%
%
6%
8%
com
Jan
May
8%
Apr
Mar
1%
City Cop
July
10
2%
5%
100
8%
Mountain Producers
10
Mountain Sts Tel A Tel 100
108
Mar
4%
Mar
4
50c
Moody Investors pref
Moore Corp Ltd com
Mar
Mar
$6 preferred
Apr
3%
10
Midwest Piping A Sup...*
Mining Corp of Canada. *
Minnesota Mining A Mfg
Montreal Lt Ht A
85
Mar
May
•i»
4
Jan
30
%
1%
"11
July
1%
1%
3%
85
July
12%
02
11
1
....
1
May
July
51
Apr
Mar
*
700
*
Montgomery Ward A
June
Jan
45%
1
Common
*
2,300
*
Monarch Machine Too)
Anr
100
Noma Electric
Pacific Can Co
2%
..*
Monogram Pictures coni.l
Monroe Loan Soc A
1
Montana Dakota Utll...10
5%
Nor Ame-r Lt A Pow—
Overseas Securities
Jan
Products-
1
Aug
Jan
400
1%
4%
Oldetyme Distillers
8%
%
Molybdenum Corp
Mar
600
5
Feb
8%
6%
Co
7%
%
1%
Nlplssing Mines
Feb
2%
*
Mid-West Abrasive
Midwest OH Co
Aug
£0
July
700
2%
104%
5
"39"
%
*i«
5
dlv aha
6
June
60
1%
%
Midland Steel
June
4%
11
7
29%
60
Jan
63%
76
Jan
Warrants
Midland Oil Corp—
$2 conv pref
July
10%
Apr
*
com
79
36
100
Mar
74%
10
Middle States Petrol—
Class A v t c
...»
Corp
July
5
%
"300
*
t c
July
62
96
Mar
•
Middle West
Mar
50%
111
6%
91%
onH
25
%
..25c
Partlclpat preferred..15
Metropolitan Edison—
Michigan Sugar Co
Preferred
%
Mar
May
25
28%
Apr
%
July
29%
1%
30%
1
53
1%
%
6%% A preferred... 100
Mountain
5
Novadel-Agene Corp
124%
July
45
53
100
Aug
Participating preferred.*
Merrltt Chapman A Scott *
Jud,
Common
common
Class A pref
Nlles-Bement Pond
99%
3%
Aug
Aug
July
July
Mock,
Class B
Northwest
Mar
17
Feb
Jao
Jan
1%
Niagara Share—
Aug
Mar
7%
90
3
%
July
July
Michigan Bumper Corp__l
Michigan Gas A Oil
1
Michigan Steel Tube..2.50
May
9%
Jan
%
16%
5
OH
Mar
Class A opt warr
Class B opt warr
55
20
16 pref
1%
N
5
100
N01
Mar
Mexico-Ohio
Jan
100
100
Nor ind Pub Ser 6% pf-100
Mar
Mid vale
5% 1st pref
6% 2d preferred
July
3
Me'tal Textile Corp
Aug
18%
%
5%
5
July
July
Merchants A Mfg cl A...1
$2
New York Transit Co
Nor St
*
Mesabi Iron Co
100
1
2%
10
Feb
65%
May
Sept
3%
5%
»
Founders shares
8%
Mar
"266
24
Mar
1 %
"7% "7%
4%
7%
7%
May Hosiery Mills Ino—
v
$6 preferred
Aug
23%
2
Mar
10%
7%
N Y Shipbuilding Corp—
July
Communica'ns ord reg £1
*
42%
N Y Pr A Lt 7% pref-100
16%
125
Feb
Aug
32
200
10
10%
28
Aug
Mar
79
15%
N Y Merchandise
Mar
Jan
Jan
7%
City Omnibus—
Warrants
6% prior preferred
Mead Johnson A Co
1,700
Tn
N Y A Honduras Rosario 10
Mar
*
McCord Rad A Mfg B___*
25
15%
*
5%
Marconi Intl Marine
Class B
Mining Corp.10
6%
1%
4%
11
New Jersey Zinc
2o
New Mex A Ariz Land... 1
2,200
2,400
%
.
61%
105
42%
Niagara Hudson Power—
Common
10
26%
1
McColl-Frontenac Oil.
61%
a:14%
4%
Aug
4,500
64%
Mar
10
Mar
16%
Mar
12%
New Idea Inc com
N Y
Jan
May
2%
1
15
100
7%
28
Mapes Consol Mfg Co...*
McWIlllaras
7% preferred
Aug
»»•
New Engl Pow Assoc...
400
Jan
1
1
July
*
15%
14%
9%
42
36
w
38%
N Y Water Serv 6% pf-100
Aug
1
Electric Co
200
TsOO
Nestle LeMur Co cl A...*
Jan
Sept
6
w
Neptune Meter class A
July
"ie
common
v t c
62
"~6% "6%
—*
Nelson (Herman) Corp...6
3
28%
Majestic Radio A Tel
Marlon Steam Shovel
Aug
July
1st pref.
25
140
Manati Sugar opt warr
Mass Utll Assoc
38'
*
Mar
Lucky Tiger Comb G M.10
preierred
Nebel (Oscar) Co com
Sept
1
1%
Massey Harris common..*
14%
3%
Mar
3
6%
Nebraska Pow 7% pref. 100
Nebi Corp common
*
1
33%
7%
Margay OH Corp
Mar
♦
19
33
*
$4
Navarro Oil Co
N Y Auction Co com
33%
Louisiana Land A Explor.l
Mangel Stores
$6 conv preferred
2
15
700
300
Louisiana P A L $6 pref..*
Lynch Corp
11%
100
400
600
May
July
July
2%
Feb
2,800
7%
Newmont
%
12%
9
12%
2%
1
May
Lighting-
7% preferred
6% pref class B
Loudon Packing
Master
5%
Sept
Jan
3%
31%
%
Jan
Apr
Jan
30
7%
2%
Lit Brothers common
Ixmg Island
Common
30
2%
3%
86%
14
Jan
37
5%
500
*
Nat Tunnel A Mines
Ma1
10%
21%
Llpton (Thos J) class A... 1
6%
6%
Nat Union Radio Corp—1
July
2,900
5,500
4%
5
Lion OH Refining
13%
%
(R G) Ino-.l
Line Material Co---
National Sugar Refining.*
National Transit
12.50
1%
3
OH
5%
11%
3%
New Haven Clock Co
May
11%
Apr
61
"1%
Conv part preferred
*
National Steel Car Ltd—*
Feb
Jan
Apr
common..--1
Aug
B
*
Develop...26
Nat Service
68%
May
14
Lehigh Coal A Nav
5%
*
49
200
pref.-100
Lefcourt Realty common.
Preferred
Nat Rubber Mach
63%
50%
jun
1
25
*
4
July
July
7%
Mar
6H
National City Lines com.l
$3 conv pref
50
National Container (Del).l
com—*
High
10
June
1,900
National Fuel Gas
f
Mar
H
100
%
Mar
Mar
11
Langendorf United Bak-
Class
4
0%
6% preferred
100
New England Tel A Tel 100
38
*50%
Iakey Foundry & Mach-.l
Lane Bryant 7%
3%
June
mii Mar
13% May
5% Mar
3%
Nevada Calif Elec com. 100
Lackawanna RR (N J).100
Lake Shores Mines Ltd...l
June
3
Klrby Petroleum
Low
900
%
Nat Mfg & Stores
Jan
43%
32%
!
0%
National P & L $6 pref---*
National Refining Co.-.25
75
68
400
Range Since Jan. 1, 1938
Shares
1
Aug
Apr
"""20
High
9
for
Week
of Prices
Low
National Baking Co com. 1
Nat Bellas Hess com
Aug
31
"T
Price
1
67%
Apr
28%
*5
Nat Auto Fibre com.
National Oil Products
30
Kingsbury Breweries...
Kings Co Ltg 7% pf B 100
6% preferre
52%
61
30%
Kimberly-Clark 6% pf-100
Kingston
Jan
Aug
3.50
"4%
Rad Tube A Lamp A *
Ken
%
17%
12%
17%
12%
%
Julian & Kokenge com...*
Kansas Q A E
July
z66% jr66%
12%
100
100
100
pie/erred
7%
»«
7%
Lt-r-j
preferred
6%
1,700
1j#
Par
High
Mar
I Week's Range
Sale
(Continued)
Low
2%
luveetore Royalty
Last
STOCKS
Range Since Jan. 1, 1938
Week
Shares
Interstate Power $7 pre!..'
Iron Fireman Mfg v t
Sept. 10, 1938
Sales
Fridagi
Aug
12%
10%
Aug
June
8%
Aug
Common
3
July
Volume
Last
Weel's Range
for
Sale
of Prices
Low
High
Price
of Prices
Par
South New Engl Tel
64
64
1
Forglogs
74
5%
Jan
7X
July
40%
Aug
Southern Union Gas
10
July
""900
IX
54
110
31%
Mar
02 X
Jan
Southland
8
7H
534
100
IX
Mar
8X
Aug
South Penn OH
So
84
*
8
99
102 4
99
1,400
Mar
X
--*
Co
25c
common—5
6
106 %
July
June
June
55
1H
8%
Aug
Jan
West
Royalty Co
Pa
Taw
Range Since Jan. 1,
for
Shares
Am
dep rets ord
3%
Mar
5X
200
2
Mar
3
July
14X
Aug
Mar
Jan
Mar
33
33
"400
5%
100
"6% ~~6~X
28%
X
100
2X
Feb
3%
Mar
«i«
44
300
X
Aug
Jan
Am dep rets urd bearer £1
Spencer Shoe Co
*
Mar
1%
5X
Aug
Standard Brewing Co
Corp of Canada... *
10
June
16X
Aug
100
95
Feb
97
July
17
June
24
July
1st preferred
6%
Premier Gold
*
1
Mining
24
24
24
1%
600
*
Prentice-Hall Inc com
Prosperity Co class B
Providence
16
54
*
54
54
64
$1.60
*16
Jan
1st preferred-
Mar
6%
Jan
25
Mar
7X
7X
Jan
Standard Oil (Ohio) com 25
20%
Mar
July
103
July
Jan
106
Feb
$6
35
*
35
22
40
Jan
39^6
19 X
194
17
20 4
%
Mar
474
Mar
23 %
May
May
7%
Raytheon Mfg com
20
90
Mar
Mar
5X
32 X
5X
32 X
2,900
July
July
Jan
1
34
34
Stinnes
Aug
Stroock (S) Co
Swan Finch Oil Corp
Mar
July
Taggart
Jan
May
July
Tastyeast
24
IX
Iron & Steel
100
1
200
1H
IX
St Regis Paper com
preferred
34
25
..|
Jan
22%
22
July
Trans
9%
Jan
Jan
1it
Feb
July
55
IX
*%
%
IX
%
Jan
Mar
92
Jan
Tubize Chatlllon
6
July
1%
%
%
_
3%
Selberling Rubber com...
3X
65X
July
Mar
3X
Aug
Series B pref....
1
1
2%
May
Mar
June
7%
8%
700
Jan
2 X
Mining..5
7X
Shawlnigan Wat & Pow..*
19%
com..25
103%
X
May
2
Mar
11
June
Mar
Mar
1%
4X
17
Jan
June
Jan
1% June
10
June
Mar
75%
Aug
Mar
754
Aug
%
May
1H
May
Feb
Mar
7%
Aug
1%
Jan
54
18%
Mar
10 %
Jan
Apr
z22%
July
3%
Apr
103% 101%
250
68
Apr
115
July
30
107
Jan
114%
Aug
•ie May
Jan
Jau
13 4
July
600
Simplicity Pattern com
1
—100
250
34
245
3X
IX
Mar
2%
Aug
100
2%
Mar
Jan
Mar
5%
254
251
July
July
5%
Jan
90
212
4%
ord reg.X'l
Smith (H) Paper Mills.
13
-i
3X
Sonotone Cori
J
IX
So88 Mfg com.
1
Mfg. Co
South Coast Corp com
Southern
1,200
IX
IX
6%
600
1%
100
3%
Mar
preferred B
preferred
For footnotes »ee
Corp
Common
*
B
Milk
Am
16
Class
»i«
Aug
1
1st pre* with warr
U 8 Lines pref...
3X
2,900
95
100
'*16
U 8 Playing Card
10
com
U 8 Stores Corp com
1st pref
1%
~~2% "2%
TWO
200
1%
213
790 4
Aug
1074
Aug
Jan
4
Aug
X
Mar
14
Jan
Mar
3 4
Jan
June
74
14
June
2
4%
X
*
IX
Jan
Aug
United Wall Paper......2
1,200
25
Universal Consol Oil..
20
25X
Mar
28%
Aug
23 %
Mar
26%
Aug
Universal Products Co
*
July
Utah Idaho Sugar
Mar
124
June
354
Aug
Mar
3%
July
Apr
74
Mar
34
July
Mar
3
July
14
Mar
4%
Aug
Jau
May
Utah Pow & Lt $7 pref.—*
Insurance
4X
Mar
2
Mar
;Mar
X Mar
%
Mar
2%
09
M ar
Mar
*16
Mar
Apr
Jan
16
44
'*16
4
.
Aug
Feb
34
54
July
Jan
Jan
Jan
100
14
Jan
Jan
77
Jan
Mar
34
%
13X
Sept
44
Jan
Mar
284
July
17*^6
Jan
24
Aug
Apr
70
May
1X
1
64
5X. June
212
July
230
June
1
Jan
Jan
Jan
July
84
July
Jan
104
Aug
X
May
50X
Mar
Feb
3
1,300
5%
5%
200
2%
July
6%
Jan
5%
6
500
3%
June
84
July
X
Mar
14
Jan
IX
IX
100
79
675
39
5%
Jan
42
29
29
5%
2%
30
5X
3
150
200
700
6X
2%
July
43
Aug
July
62
14
Jan
1
Mur
Feb
2
Mar
64
Aug
Mar
34
Aug
1%
31
Aug
Jan
4
3
Feb
64
Aug
%
1%
"~6X "ox
""20
2%
1,700
"3% ~~3%
""800
2X
Mar
814
22
Feb
*16
Mar
IX
Mar
%
7
Jan
Jan
Jan
14
Aug
24
July
19
Aug
Jan
Universal Pictures com.— l
15
15
1
"39%
39 X
16
11
40
200
200
100
IX
June
34
7
May
84 June
3
"3%
8
J
Mar
IX
79%
1%
79%
5
Universal
Jan
Aug
2
5%
IS3
10
600
2%
215
to
1,000
Jan
May
8
18
02
•
7
3X
June
July
X
1
Mar
39
July
05
2%
*
United Verde Exten.._50c
\
Sept
Apr
100
'*16
1*
*
conv
2
63
Mar
100
U S and Int'l Securities..*
$7
Jan
Feb
'16
5,100
..25
Preferred
U 8 Radiator
164
Feb
Aug
July
Mar
1%
30
%
X
95
United Specialties com— 1
1019
100
3X
%
1
B
United 8hoe Mach com.25
Mar
45
3,700
4X
Shipyards cl A...1
United Stores
Mar
8%
5001
10
Preferred
United
Aug
June
13X
reg
25%
1%
12%
*
rets ord
dep
15%
44
10
Molasses Co—
28%
30
500
24
Universal Corp v t C.....1
100
800
7%
24
Apr
28
3%
7
20
Mar
25X
100
*
2%
39
Feb
5
Mar
IX
""700
33X
33x
Products...*
preferred
$3
1,300
1
2%
204
1st preferred
$6
600
4%
1
344
39
..25
naa*
class
2X
300
2%
X
Option warrants..
United G & E 7% pref. 100
United Lt & Pow com A_*
United
175
7%
12%
$7 pref non-voting.*
1st
200
200
2
534
"ib'% "11'x
warrants
20
1
154
52
25
1,700
624
July
4%
Mar
Calif Edison—
54% pref ser esC
25
Southern Colo Pow cl A.25
7%
4X
6%
5% original preferred.25
6%
1 X
3 %
5
Apr
2
U 8 Rubber Reclaiming..*
Singer Mfg Co Ltd—
Amer dep rets
Mar
Mar
144
July
5%
3X
July
3
"7%
United N J RR & Canal 100
4
X
114
7X
50
United Profit Shaiing..25c
Aug
100
900
7
8
% June
4
200
*18
114
<fc part pref
United Gas Corp com
35
2%
*16
164
July
614
44
%
Chemicals com...*
cum
Mar
June
100
2
Solar
$3
United
Jan
300
*
July
21
Transport
July
1,800
25
Line stamped
Singer Mfg Co
Aircraft
U 8 Foil Co class B
Simmons H'ware A Paint.*
5
Mar
X
*
Un Cigar-Whelan Sts.. 10c
Shreveport El Dorado Pipe
Sllex Co common
Jan
Mar
OX
Jan
Union Premier Foods Sts.l
United
5%
112
102
3 X
150
July
Aug
7%
112
5% cum pref ser AAA 100
June
600
5
144
26 %
19%
7
19%
Jan
Jan
United
3
Seversky Aircraft Corp... 1
June
0 4
1%
IX
Mar
*i6
5X
2%
70%
Mar
Feb
United
5%
Mar
Mar
Mar
1
July
6.000
22
X
Sept
Investment
25
49X
£1
Jan
Mar
1%
26%
3X
113%
Selfridge Prov Stores—
Sentry Safety Control.... 1
Serrick Corp (The)..
1
Seton Leather common...*
June
%
Mar
n%
Union
48 X
25
Allotment certificates...
31%
Mar
%
14%
*
Union Gas of Canada
Jan
July
6
Feb
X
10
Unexcelled Mfg Co
Jan
9X
%
26 X
com..*
Jan
15
29%
Mar
600
5
stock
1
900
....*
X
#
Common
8herwin-Williams
Tung-Sol Lamp Works... 1
80c dlv. preferred
*
Ulen & Co ser A pref
*
3X
100
Selby Shoe Co
Selected Industries Inc—
July
.....
614
44
2%
10X
Mar
•
Sept
6X
98X
33%
Jan
July
1,000
8
Mar
85X
1
July
1
Jan
11
May
2X
500
Corp.—l
4%
200
Feb
Jan
Aug
5%
10
A..
184
29%
Segal Lock & Hardware.
Denn
Class
Apr
June
Bros Inc
Shattuck
Pork
Mar
300
1%
3%
700
Stores Inc...*
Mar
110
7X
.....
1
2X
100
134
Screen—
Warrants
Securities Corp general—
Amer dep rets reg
Plct
Lux
Common
June
16 X
%
$5.50 prior stock
Aug
8%
9X
46%
Trunz
15%
39
3
Trl-Contlnental warrants..
400
Apr
Apr
924
2
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Transwestern Oil Co
1%
5%
29%
154
44
...£
Todd Shipyards Corp
X
Brook
pref
Warrants
Convertible
July
3X
15
Scullln Steel Co com
Seernan
2%
Mar
Jan
300
Mar
«>**•#*
Def registered 5s—
Fel
48
Mar
2X
Secur Tr—
Ordinary reg..
4
Lace common..
Service
Tobacco
July
38
1%
Scranton Elec S6 pref
Water
Aug
9X
Mar
8
Scovlll Mfg
Scranton Spring
17
Mar
Savoy OH Co
Schiff Co common
Scranton
Apr
Exports.._*
A»r
2,200
34
1.500
----
104
Mar
42
3X,
2%
Jan
Aug
__
164
12%
Samson United Corp com
19%
20
104
Inc
Mar
2X
9%
44
5%
164
Roofing
Prod
Mar
600
3X
2X
...1
Tllo
5
100
65
Aug
4%
4X
1
65
114
Thew Shovel Co com....5
Tobacco
July
300
50
5
100
S2 conv pref A
pf.100
L 7% pref.— 100
Feb
June
700
3
Feb
July
28
Technicolor Inc common.*
35
84
2
13
250
""ioo
4%
3
Jan
Mar
....
30%
7H
Mar
IX
7X
A...1
1
Aug
H
..*
pref
class
Taylor Distilling Co
X
3x
Ryan Consol Petrol
*
Ryerson & Haynes com..l
Safety Car Heat & Lt
*
St Lawrence Corp Ltd...*
5H
100
8
1%
10%
8
96%
Jan
IX
2X
*
.*
175
7X
100
Mar
46%
2%
1
Jan
5%
Realty & Constr*
Tobacco Allied Stocks
*
Mar
IX
"ioo
Typewriter
Jan
3X
29 X
Apr
%
20
pref
Russeks Fifth Ave
7%
Aug
2X
5
Royalite Oil Co Ltd
$2.50 conv
3X
4
International
Rustless
6
Mar
11%
Root Petroleum Co
Royal
Mar
Jan
July
90
100
Roosevelt Field Inc
conv
July
1%
100
Rome Cable Corp com—5
SI.20
4
1
Roeser & Pendleton Inc..*
Jan
4 X
Mai
7
Tlshman
1
Voting trust ctfs
Rossla
Mar
X June
Gas Co-
Rochester G&E6%pfD
7%
Aug
2
Tampa Electric Co com..*
Texas P &
May
2X
'600
900
3
Apr
2%
IX
Tenn El Pow 7% 1st
4
2%
3%
100
10
15
1
Corp com
July
13
July
8
July
Aug
7%
700
2%
May
*i« June
June
200
*
Feb
5%
Jan
Sept
7X
5% % conv pref
50
Superior Ptld Cement B._*
Inc
4*4
304
3
Oil
Feb
Jan
Apr
Mar
3
Drug Co
Sunray
12%
3
5
*
Sullivan Machinery
Apr
July
69
6%
7%
Corp
(Hugo)
Apr
2%
6
Stetson (J B) Co com
Sunray
900
X
300
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc.
1
1
Jan
5%
Jan
June
24%
*
Aug
2%
10 X
preferred
Feh
*
Radiator
Richmond
Rio Grande Valley
2d
2
62
50
7
8%
3%
1
200
*
Bros Stores
Aug
May
June
July
5%
Corp vto.l
Sept
*ie
10*4
Jan
X
900
Jan
Jan
July
July
1
B
109
Mar
Mar
25
4%
10%
IX
3X
June
Apr
Tube cl
17%
3X
IX
Standard
Feb
19
Aug
June
Sept
Mar
Reliance Elec & Eng'g—5
Reybarn Co Inc
Reynolds Investing
Rice Stix Dry Goods
1,100
June
1 %
*16
Mar
2%
50c
Oil
9X
22*4
1024
May
17 X
10%
100
8%
Mar
June
«16
Mar
13%
200
32 X
300
Mar
May
200
3
*
*
Reeves (Daniel) common.*
Reed Roller Bit Co
X
ht
150 X
136
250
3
194
Red Bank Oil Co...
Reiter-Foster
8%
29
*
*
50c
X
OX
June
9
OX
16%
90
1,900
Raymond Concrete Pile—
S3 conv preferred
200
1,800
25
102
7,200
SterchI
Railway & Utll Invest A..1
Common
20
*16
Apr
95
July
10H
150
8X
Aug
17 X
3%
Aug
May
1,150
10
July
*16
H
1484 1484
174
17 X
18%
8%
Mar
134
3%
4X
7%
100
Quebec Power Co
*
Ry & Light Secur com...*
preferred
6%
Mar
*16
Steel Co of Can Ltd
23 H
20
15
Stein (A) & Co common
4X
106
800
16X
3%
4%
July
Pyrene Manufacturing.. 10
106
18%
8%
20%
"x
1
Aug
7
Quaker Oats common--.-*
Jan
17%
1
86
IX
17
July
14%
5
24
800
47
Feb
14X
Standard Steel Spring
1st preferred
40 X
2*4
Apr
Mar
July
Starrett (The)
404
Apr
5
*
Preferred
Standard Products Co
Jan
X
Aug
100
*
Apr
87
7% prior lien pref...l00
|Pub Utll Secur $7 pt pf..*
Puget Sound F & L—
$5 preferred
*
$6 preferred
,*
Puget Sound Pulp & Tim.*
Pyle-Natfonal Co com—5
Jan
Aug
11
102
1
UX
160
Jan
Aug
X
18%
23 %
,
Silver Lead
Public Service of Okla—
6% prior lien pref_..100
Mar
5
Mar
X
17%
100
75 H
194
*
preferred
34 4
(Neb)
Standard Pow & Lt
Standard
Public Service of Indiana—
$7 prior preferred
Oil
preferred
Common class B
Mar
95
12 %
%
Aug
2
3%
103 %
June
Jan
11
17%
8%
Jan
%
11
Standard
98
Jan
Feb
July
18
pref*
10
Standard Oil (Ky)
Aug
100
1
Invest $54
Apr
83
100
100
1st preferred
7%
Standard
Aug
5%
17H
preferred..20
conv
22 %
Public Service of Colorado-
0%
17H
3%
200
*
preferred
Aug
hi
1,100
22%
Dredging Corp—
Common
40
Mar
600
7X
39
X
*
OH
x
*
Gas
Prudential Investors
Standard
Aug
2X
9X
1
*
Corp
June
33
Pressed Metals of Amer..*
Producers
Mar
Apr
*16
3
Standard Cat k 8eal com. 1
Conv
pre'erred
10
Pratt & Lambert Co
Jan
Apr
May
19
£1
reg
3
2%
Aug
200
Spanish & Gen Corp—
4
44
200
151
3%
2%
10
""
5
3
44
June
135
25
Potrero Sugar
Powdrell & Alexander. ...5
High
Low
2%
Pipe Line..50
Polaris Mining
Power
1«38
Week
High
3%
10
..*•11111
25 III."
Preferred A
Mar
Price
100
Southern Pipe Line
Mar
300
50
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
Inc
Week's Range
Sale
High
Low
Shares
Last
1938
37 X
*
Pittsburgh
Range Since Jan. 1.
Postage
Meter
Pitts Bess ALE RR
Plough
STOCKS
(Continued)
Week
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pitney-Bowes
1617
New York Curb Exchange—Continued—Page 4
147
Mar
8
9
May
104
Feb
1
Mar
Jan
31
Mar
14
444
Jan
Aug
New York Curb Exchange—Continued—Page 5
1618
Friday
STOCKS
Sale
Par
Utah
Radio Products
Utility
Sales
Week's
Last
(Concluded)
Price
Low
High
24
24
43
434
Class B
Venezuela Met Oil
Delaware El Pow 5 40-1959
July
July
108
109
Det City Gas 6s ser A. 1947
1054
105
1054
12.000
93
Mar
4
June
4
Jan
1950
1054
1054 105 4
20,000
91
Mar
14
Mar
4
4
12,000
3
Sept
5,000
3
*i«
100
14
200
4
200
4
100
.
J 4
Mar
Mar
44
44
44
1
1
July
Eastern Gas A Fuel 4s. 1956
Aug
Edison El Hi (Host) 3 4s
400
684
94
684
94
10
Claw B
Mar
44
July
Elec Power A Light 5s
Mar
July
44
14
June
Mar
Mar
114
300
6
July
Federal Wat Serv 5 4* '954
Apr
8
Aug
64
34
Jan
Firestone Cot M ills 5s. 194s
Mar
Aug
2
May
44
Jan
Jan
Gary Elertric A Gas
14
14
224
Mar
Gatlneau Prfwer 1st 5s. 1956
July
General
24
74
64
54
104
94
4
Mar
Apr
Apr
64
June
6
584
May
Apr
2
M*r
34
64
Mar
34
74
May
74
July
July
144
Mar
104
Jan
.._.*
Inc
1
Wisconsin P A I. 7% pf 100
Wolverine Portl Cement. 10
2
64
1
64
Petroleum
64
64
64
300
64
200
W) Ltd—
dep rets
Apr
70
Jan
Gen
£1
A
♦General Rayon fis A
Am Pow A Lt deb fls
Amer
.2016
78
Radiator 4 40--1947
Amer Heatln* fis stp
.1946
974
Appslsc Power Deb 6s 2024
Jan
1034
89
Jan
101
78
Louisiana Gas 4s. 1951
Arkansas Pr A Lt 5s
1956
76 4
Apr
Apr
8,000
704
Apr
8,000
65
Jan
1,000
494
June
3,000
30
Sept
14.000
82
Gohel
90
Aug
108
Jan
98 4
8eDt
Feb
1184
Aug
Apr
103
C.'iardlar, Investor* 5s. 1948
107 4
984
424
96
98
*27
02
204
204
214
Mar
Mar
Mar
334
July
41
July
Jan
62
36
74 4
8.000
*1004 1014
1014 1014
80
112
Birmingham
"854
75
Broad River Pow 5s
1954
Canada Northern Pr 5s *53
Canadian Pac Ry 6s.. 1942
Carolina Pr A Lt 5s...1956
Cedar Rapids M A P 6s '53
934
Central III Public Service—
6s series E
.1956
1st A rel 4 4s ser F 1967
1034
Apr
1014
Aug
Feb
Yards 5s
fis series B
95
1124
1194 120
Cities Service Gas 64s '42
Cities
Service
Gas
Pipe
ldne 6s
1943
Cities Serv P A L 6 4s. 1952
64a
.1949
Community Pr A Lt fis 67
Community P S 5s...1960
Conn Lt A Pr 7s A
.
34,000
2,000
129
May
854
86
8.000
70
Apr
874
74
75
Mar
122 4
Feb
Jan
1224
June
140
Jan
Mar
55 4
Jan
75
714
Mar
87
Jan
2,000
1014
100 4
Mar
1044
Mar
Mar
108 4
Jan
73
2,000
1034 1034
984
984
1024 1034
34.000
15.000
3.000
7,000
Mar
88
9,000
43
Mar
106
June
Ma\
124
43
1084
<37:666
Mar
79
Apr
70
Mar
Rf deb 54s...May 1957
814
81
814
5,000
68
Mar
95
95
3.000
79
Mar
"3:660
64
Apr
107
Aug
75
Mar
Indiana
Electric
854
Ap'
Corp—
1947
83
Indiana A Mich Elec 6s '55
5s
1957
Indiana Service 5s
1950
*944
96
824
83
*107
1074
*854
88
1064 1064
*1104
50
84
"5:660
~ —
50
514
"4:660
11.000
1st lien A ref 5s..-.1963
49
49
494
•Indianapolis Gas5« A 1952
68
67
68
H Ind'polls P L 5s ser A
Apr
104 4
1094
45 4
Apr
Apr
Mar
43
Mar
49 4
Jan
1004
5,000
1957
Apr
International Power bee—
1955
45
45
47
3,000
45
7s series E_.
.....1957
48
48
50
4.000
43
Aug
Sept
4,000
484
Sept
1952
7,000
107
534
52
54
95.000
35
Mar
34
33
34 4
13,000
184
Mar
78
79
Mar
1134
98
Jan
6s
Interstate Publl
...1952
c
Service
1956
4 4e sprtes F
1958
Iowa-Neb LAP 5s... 1957
6h series B
1961
Iowa Pow A Lt 4 4s..1958
Iowa Pub Serv 5s
1957
Lsarco Hydro
Isotta
974
loi"
Italian Superpower 08.1963
404
1164
May
Jacksonville
4
Mar
105
July
92
Apr
Apr
85
Mar
94
994
Aug
103 4
99
July
1942
fis series B
1947
Apr
99
89
17,000
66 4
Jan
94
Aug
934
25,000
79 4
Mar
954
Aug
26
Kentucky
294
22,000
234
Mar
41
Jan
1st mtge 58
264
504
254
294
74,000
24
Mar
41
Jan
6 4b series D
1948
504
514
15,000
324
Mar
574
July
5 4a series F.
21,000
105 4
Jan
107 4
May
fis series
19fi<>
1044
Aug
1074
45
1044
1955
1064 1064
71044 1044
964
1,000
84
Apr
97
July
July
444
771
63
46
3.000
ser
H...196I
I
Jan
Lake Sup Dlst Pow 3 4« '6*
Lehigh Pow Secur fis..2026
Aug
77
74 4
66
"i:666
624
11,000
644 152,000
614
63
28,000
624
1014
Apr
1064
Jan
July
524
Jan
July
87
Jan
Louisiana Pow A Lt 5s 1957
74
July
914
Feb
474
Mar
70
43 4
42 4
Mar
674
July
Mar
67
July
43
Mar
674
July
Deh 4 40
-1952
Memphis P A L 5a A..1948
Mengel Co conv 4 40-1947
Metropolitan Ed 4s E.1971
864
Apr
1024
July
103
1024 103
4,000
914
Mar
103
July
40
Mar
65
July
624
634
28.000
40
Mar
74
74
754
14,000
62
Mar
100
100
1004
4,000
94
7128
131
1084
65
June
Jan
1004
Aug
Apr
129
July
110
Aug
1084 1084
13,000
1034
Jan
1034
1204
Aug
1064
1,000
Feb
124
4s series G..
1905
Middle States Pet 64s *45
Midland Valley RR 5s 1943
Mllw Gas Light 4 4S..1967
Minn PA L4 4s
1978
1st A ref 5s
Jan
May
1955
Miss Power A Lt 5s... 1957
Miss River Pow 1«t fis
Missouri
59
604
7,000
54
Apr
654
Jan
774
794
69,000
63
4
100 4
Mar
834
July
May
103
Jan
"1:660
874
Apr
100
Jan
96 4
96 4
664
Cudahy Packing 340-1965
664
2.000
98
98
984
22,000
104
1054
1044
12:660
Mar
Mar
98 4
Jan
524
Apr
55
80
80
"5:660
78
Jan
40 4
41
12,000
39
Jan
45
45
21.000
32
Feb
2,000
100
104 4 1044
17,000
Apr
984
Apr
97
Mar
112
116
1014 1014
834
974
90
824
834
984
Mar
1,000
954
2,000
5,000
65
Apr
844
Apr
98
984
994
1,000
78
Mar
9.000
65
Mar
3.000
93
26.000
84
Apr
Mar
*26
"984
Mar
25
90
.834
98
"994
16:666
98
1044 1044
88
874
1044
103
70
94
90
1054
1074
Jan
84
Apr
1,000
101
Apr
10,000
36,000
76
Apr
100
Mar
6,000
97
Jan
1,000
55
Apr
47
Mar
724
July
904
Mar
99
Sept
*944
914
90
244
...
1034
70
95
87
944 196,000
92
3,000
674
1054 1054
1074 1074
8.000
21,000
Apr
Apr
Feb
7"
June
100
Apr
1014
Mar
89
"64
98
944
1014
"844
89
1,000
75 4
Jan
62
64
3,000
50
Apr
974
98
20,000
88 4
Jan
944
954
17.000
83
Apr
1014 1024
77
774
6,000
874
Apr
614
Mar
70
Mar
7,000
"714
84
85
19,000
108
1951
Pub Serv 5s.I960
1044 1044
*27
Mississippi Power 5s..1955
664
1619
Julv
754
4
126 4
71034 1044
1234 1234
604
774
June
Memphis Comml Appeal
6,000
624
974
"824
Marlon Res Pow 4 4s. 195 4
McCord Rad A Mfg 6s 45
July
16,000
69.000
834
Maasrield Mln A Smelt—
♦7s without warr ts.1941
634
624
91
*114
1014
Long Island I.tg 6s... 1945
1014 1014
614
9,000
1044 105
Llbby McN A Llbby 5s '42
41
624
624
1014
614
974
*1014 103
♦Leonard Tletz 7 40--194fl
71
4.000
Mar
97
Utilities Co—
Lexington Utilities 5s. 1952
1054 1054
444
90
Gas—
924
96 4
57 4
2.000
Jersey Central Pow A Lt—
85 4
7,000
98 4
*40
"80"
Mar
64
734
98 4
*1074
1942
7s
5,000
724
78
"984
Elec 7s. 1952
Fraschlnl
Jan
-
fis series D
924
864
964
'
1084
26
1064
484
484
1084 1084
Interstate Power 5s...1957
4 4s series C
1961
Kansas Elec Pow 3 4s. 1966
Kansas Gas A Elec 68.2022
Kansas Power 5s
1947
Cuban Telephone 7 4s 1941
Cuban Tobacco 5s
1944
1144
Apr
3,000
2.000
934
Apr
33,000
23,000
99
1939
For footnotes see page
July
July
Sept
94
99
Gen ratve 4 4s.....1954
Consol Gas Utll Co—
Cont'l Gas A El 5s...1958
Crucible Steel fis
..1Q40
894
137
984
864
1951
stamped...1943
Mar
1104
1»7H
1204
15.000
Lt A Power
(B vlt) 3 4s ser N...1971
Consol Gas (Bait City)—
57
2,000
744
1958
54,000
122
66
1969
TOGO
7.000
7s series F
122
1955
1950
804
112
1966
Debenture 5s
Debenture 5s
62
International Rait 5s..1951
79
98
99
1940
Cities Service 5s
Conv deb 5s
103
~
21,000
6s stamped
984
1961
|*Chlc R.vv 58 ctfs.... 1927
Cincinnati St Ry 64s A '62
A
Jan
964
1134 1134
Chicago A Illinois Midland
6s ser
914
1024 103
1968
By 4 4b A
1956
Chic Jet Ry A Union Stock
*108
Indiana Hydro Elec 5s 1958
Aug
62
634
924
July
88
804
804
1034 1034
.
B
I
7,000
1084
40
*60
Feb
Apr
Apr
99 4
July
July
804
108
|
103
96 4
324
101
96
2.000
95 4
98
35
Feb
Apr
264
90 4
34
135
"I22"
5s
Apr
Apr
Feb
83 4
97 4
*
Indiana Gen Serv 5s. .1948
4
214
95 4
94 4
Debenture
5s series C
I960
Bethlehem Steel 6s.... 1998
Cent States PA L 54s '53
Chic Dlst Elec Gen 44s'7()
1953
Sept
Works—
5 48 et-warrants... 1954
Sept
98
C
ser
984
90
"2:666
.Ian
28
6 4s series C
1884
J794
wanantsl947
Consol Gas El
23
92
Mar
F)—
warrants... 1947
fis series
July
16.000
734
734
108
1953
21
Atlanta Gas Lt 4 4s.. 1955
Atlantic City Elec 4 4s '64
2,000
Sept
954
904
1st A ref 5s
1951
8,000
2,000
76 4
28
Mar
1024
1956
1st A ref 5 4s ser B.1954
6 4s series B._„
29 4
4 4s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st Ss.1956
Cent states Elec 5s...1948
[HIT A Lt 1st fis ser A
6s series A
35
29
2.000
10,000
*102
111 Northern Utll 5s... 1957
Aiig
28 4
3,000
97
*24
1949
July
1968
fis series G
6s series B
99
1977
Birmingham Gas 5s...1959
Houston Lt A IT 3 48. 1966
46
Debenture 5s
37
Apr
Jun»
51
*1034 1044
1
1943
Jan
24"666
Elec 4 4sl968
6 4s ex-warrants..
Mar
Conv deb 5 4s
Jan
504
26,000
28
1938
96 4
274
304
1st M 6s series A... 11155
1st M fis series B...1957
Ry 6 48
30
30
♦Convertible fis
1950
Bell Telep of Canada—
A St
80
5.000
107
65
54 4
Apr
June
814
964
Houston Gulf Gas fis.. 1943
24,000
284
"2:666
1024 1024
"964
Hambirg Elec 7s.... 1935
26.000
264
ocom
Print 6s stpd....1947
"Kooo
264
f
36
Water 5s. 1977
Hack^nsack
6s series C
974
534
Feti
53
1084
*56
534
Hygrade Food 6s A... 1949
Mar
30
without
*107
.1950
♦Hungarian Ital Bk 74»'63
79
Apr
584
1949
fis
89
64 4
89
Grocery Store Prod fis. 1945
July
104
424
714
*60
4 4s... 1941
Grand Trunk West 4s 1950
May
July
78
854 145.000
1074 108
14,000
1950
fis with
714
(Adolf)
94
904
834
Aug
July
Sept
Conv deb 4 4s
Baldwin
4s—1965
May
1094
Conv deb 5s
Avery A Rons (B
6s..
964
106
1014 102
424
Conv deb 4 4s C...1948
Assoc TAT deb 5 40-A'65
Feb
May
I2T666
120
Jan
Apr
♦Hamburg El Underground
102
14,000
75
78
Apr
Mar
72
Apr
984
Apr
754
62
57
1074
97
9,000
30
1054 June
*117
Ark
Associated Elec 4 4s.-I963
Associated Gas A El Co—
Conv deb 5 4s
1938
*74
Heller (W E) 4s w w ..1946
1084 109
794
30
♦
Alabama Power Co—
1084
"2:660
88
78
57
Sold
2028
88
78
57
Bonds
Aluminium Ltd debt 5«194x
Apr
Apr
63
30
♦Gesfurel
Glen Alden Coal
H«!l
874
81
794
106
J105
78
102
1953
Jan
87
15.000
21,000
81
Georgia Pow 4 Lt 5s..l97«
Jan
Feb
794
934
*794
Jan
July
24
G A El debt 5s
924
1034 1014
l6i"
Mar
84
1967
Mar
78
Mar
1968
74
654
Mar
.195fi
32.000
32,000
14
1004 1004 $12,000
92
914
18,000
90 4
91
6,000
Apr
93
"7:666
64
92
76
904
200
1946
11:606
924
"924
86
824
8,800
104
July
85 4
814
14
*103
May
June
87
14
1942
1014
1014
784
70
874
14
1st A ref 4 4l
*52
"82""
Yukon-Pacific Mining Co.6
iflt A ref 5s
1034
Georgia Power ref 5s.. 1967
74
1st A ref 58
1956
1948
Guantanamo A West fis '58
BONDS
Feb
Apr
July
74
1951
13,000
58
July
74
1st A ref 5s.
*1034 104
103
1034
Apr
1024
Gen Wat Wks A El 5s. 1943
Wright Hargreaves Ltd..*
1st A ref 5s
Utll 6 4s
Gt Nor Pow 5s stpd
..5c
Abott's Dairy fie
8,000
General Pub Serv 5s.. 1953
Pub
19,000
77 4
1940
Bronze 6s
Jan
Aug
Apr
43
—
814
44
44
24
714
77
5sstpd...1961
Mar
♦
0% preferred
Banks fis
May
200
39,000
55
Mtge
164
Oll-O Mat Ht--*
com
Residential
07 4
14
Mar
10">4 1064
774
5s ex-warr stamped. 1944
*
Wilson Jones Co.
Finland
Florida Power A Lt 5s. 1954
75
83 4
*40 4
Florida Power 4s ser C 1966
1
A mm
1014
First Bohemian Glass 7s '57
Mar
21.000
954
Erie Lighting 5s.1967
July
Aug
Sept
304
Apr
96 4
1014 101 "11
964
....1963
44
100
Mar
Eiec Mfg—
34
14
com
(F
Marelll
6 4s series A
Ereote
200
eyenberg Shoe Mfg
Amer
Empire Dlst El fis
.1952
1 Empire Oil A Ref 54sl942
34
1
Williams (R C) A Co
Wool worth
Mar
6
West Texas Utll *6 pref--*
West Va Coal A Coke....*
Tube
98
300
1st preferred
Wolverine
97 4
84
Western Tab A Stat—
Woodley
53 4
1.000
84
1
Apr
3,000
1
84
June
106
68.000
14
Mar
65
5.000
106
84
Western Maryland Ry—
Wlllson Products
"674
J&'
32.000
73
1094 1094
674
714
104
600
Wellington Oil Co
Williams
69
72
Aug
Sept
104
14
Western Air Express
W
*1
Aug
4
4
106
14
Bros Brower.,1
14
14
106
Jan
Apr
Aug
104
14
»«!• June
Mar
56
Mills...5
Knitting
Vot tr ctfs
Jan
Jan
4
1074
1950
2030
Eiec 68 A
Paso
1
Wentworth Mfg ......1.25
7%
July
10
7
Apr
4
Jan
3
*4
65
Elmlra Wat Lt A RR 5s
14
774
104
34
Apr
34
3
ertlflcates of depos't
4
59
*
WelHbaum
•<
24
3,100
54
684
34
1952
25
*
Walker Mining Co
I
Aug
36
.♦
c
1952
♦Certificates of deposit
July
*
Wagner Baking v t
Waltt A Bond class A
I
Aug
♦6 4s
♦Deb 7s
Jan
174
34
11
"566
3,000
Detroit Internet Bridge-
Jan
Jan
204 June
1
Waco Aircraft Co
Mar
•u
2
ftp 1 st serle« B
97
*103 4 104
Denver Gas A Elec 68.1949
Jan
24
Mar
7
Co..10
pref..100
Voet Manufacturing._„....*
Low
June
4
Petroleum..
Sold
2
...6
Va Pub Serv 7%
Bonds
34
*i#
"*24 "24
1
High
454
14
24
Range Since Jan
Range
of Price
1aw
Apr
June
4
1
com
Week's
Sale
Price
High
14
314
900
Van Norman Mach Tool.6
Wayne
Low
100
pref
Last
BONDS
(Continued)
125
24
434
>i e
1
7% preferred
Venezuelan
Range Since Jan. 1. 1938
Shares
14
lUtil Pow A Lt common..1
*4 conv
Friday
j
I———
14 June
•
.
Utility A Ind Corp com..5
Conv preferred.
7
Valspar Corp
for
Week
1
Equities Corp
Priority stock
Range
of Prices
Sept. 10, 1938
108
2,000
714
73
8,000
54
97
97
8,000
86
1074
Aug
Apr
Montana Dakota Power—
54s
1944
♦Munson S5* 6 4s ctfs. 1937
Nassau A Suffolk Ltg 5s '45
97
44
*82
44
834
24.000
1
Apr
4
June
814
May
1. 1938
Volume
New York Curb
147
Friday
Friday
BONDS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Price
Nat Pow A I t 6a A_
Range
Range Since Jan. i. 1938
Low
Sold
90
914
17,000
804
804
804
13,000
38
38
38
2,000
38
July
*1094 111
■++mmm'm
108
Mar
mm'mmrn'm
111
Apr
6s series A
*.2022
mmmm'rnm
Realty 6s '48
Bros
-Amm*-
Flee 5s. 1956
*115
New Amsterdam Gas 5s '48
N K Gas A El Awn 5s 1947
6"
1948
5 4s
53 4
mmm'*
A
Debenture
5s
96
Aug
Conv 6a 4tb stamp. 1950
United Elec N J 4s... 1949
Apr
854
July
United
Jan
1184
Sept
01 4
July
59 4
July
40
40
1,000
16,000
394
Apr
Mar
60
64a
894
July
914
July
94
5,000
864
Feb
94
Sept
834
*1024
84
5,000
64
Feb
844
July
93
June
6s series A
2,000
59,000
'05
May
Apr
55,000
1064 1074
94 4
'r>
45
88
Apr
72
954
*104 4 1054
1034
*114
*48
44s
1124
45
52
Jan
84
1084
98
Feb
6s
884
49
2,000
89
48
49
6,000
109
♦5s
109
1,000
Apr
1054
1134
July
Wash Gas A Light 5a. 1958
024
Mar
Wash
Apr
90
30
54
Apr
1094
July
105
*1044 1054
994 100
*1044 1064
954
954
954
24,000
994
mm'mmm
-■»
West
West
West Texas Utll 5s A
Apr
1044
July
Wheeling Elec Co 5s.. 1941
Apr
100
July
Wtso-Mlnn Lt A How 5s '44
Feb
105 4
May
Wise Pow A Lt 4s
Yadkin
♦York
107
:
Ji
_
-
1034
22,000
1034
Aug
1034 1034
1034 1034
6,000
103 4
July
1064
96
Jan
1054
Aug
FOREIGN
83
Aug
AND
Apr
96
98
8,000
80 4
82
6,000
69
Apr
7,000
100
Mar
1034
8,000
114
Mar
1164
2,000
79
Apr
94
'mJ-
115
1Q3 4 1034
1144 1144
994
82
May
Aug
1144
Am
m
m
94
-
113
Apr
764
774
27,000
55
Mar
774
2,000
28
Mar
344
mm
74 4
Mar
904
July
93
2,000
78
Mar
93
14,000
76
Apr
944
33,000
"(JO"
Penn l»ub Serv 6s C..1947
1044
1954
1,000
82
Apr
994
July
♦78
ser
10.000
75
Mar
9">4
June
♦7s
ser
D
7,000
99
Mar
1074
93
Mar
105
104 4 104 4
Feb
"934
•
«r
-
-
-
♦7s 1st
434
60
May
♦7r 3d
Sept
1064
Apr
5,000
784
Mar
944
Aug
Mar
964
1134
Aug
Mar
934
944
9,000
4,000
1124 113
43 4
72
'rn'm
~
—
m
rn
27,000
5,000
504
106
91
Potomac Edison 5s E.1956
1084
mmm
»
Potrero Sug 7s stmpd. 4947
23 4
654
108 4 108 4
3,000
108 4
99
'59
'm-mi.
*214
—
-
-
8,000
64 4
*26
1954
1084
109
Jan
♦Baden 7a
Jan
65
May
79
Feb
254
30
30
30
1.C00
434
Aug
61
.Feb
1014
June
108
Feb
♦Cauca
Aug
100
80
Jan
22
Jan
694
July
Apr
6,000
105 4
107
Apr
♦7s
5s series C
1966
*104 4 1044
Jan
984
June
103
Jan
254
4s ser lew A
Jan
145
Valley
1st A ref 5s
12,000
110
Apr
113
'V
-
m
—
-
-
Apr
Bept
107
Mar
103 4
1024 1024
10,000
1024
105
101 4
Apr
1054
May
1014
Mar
1064
*1044 105
77 4
79 4
74 4
724
714
1952
*75
♦Ruhr Gas Corp 6 4s. 1953
♦Ruhr Housing 6 4s..1958
104
Apr
75 4
724
984
70,666
1064
Feb
{♦St L Gas A Coke 6s. 1947
San Joaquin I. A P 6s B '52
1955
724
1st 44sserles D....1970
Southeast PAL 6s
Debenture
2025
Mar
284
June
1104
Apr
15
Jan
May
3 4s
104
1960
1064
July 1 'fln
1st A ref mtge 4s... 1960
Sou Counties Gas 4 4s 1968
Sou Indiana Ry 4s
1951
1094
106
Aug
Aug
*9
Apr
"ii4
Aug
224
Apr
27
Jan
Jan
28
Mar
3,000
984
6.000
98
May
1004
Jan
39
June
594
Mar
44
Apr
Aug
102
23
1,000
Sept
214
2,000
194
Jan
Jan
23
214
23
Mar
234
23 4
4,000
20
Jan
25
July
*204
214
19
Jan
224
Mar
Apr
13 4
July
184
Feb
Jan
104
Aug
10
.
*94
94
94
"""10
10
114
94
*8
194
94
10
T606
104
78
74
Jan
13
*8
78
*244
9
i'ooo
24 4
'2^060
30
30
164
*24
Aug
10
Sept
04
Feb
804
June
Auir
25
Feb
21
261
24 4
164
♦64s ctfs of dep.-.194"
10.4
Mar
1054
May
Mcr
1054
Mar
♦Parana
2,000
Mar
105
994
Mtge Bk of Denmark 5s '72
102
102
Apr
874
89
21,000
714
Mar
974
Jan
♦6 4s
7s
(State)
31,000
1014
Apr
107
May
certificates ..1921
♦Santa Fe 7s stamped. 1945
60,000
1024
Apr
1084
July
♦Santiago 7s
15,000
1024
Apr
1084
17,000
1064
103 4
Apr
Apr
111
244
Sept
244
Sept
164
Jan
244
Aug
"l24"
Apr
"l74" June
106 4
Jan
Sept
64
4
4
*4
4
96
Apr
1024
1,000
64
4
4
4
4
7
Mar
104
6
Apr
104
1
10
4
Jan
Jan
4
Mar
Mar
Mar
1
Jan
4
~7"66o
Feb
4
Jan
Jan
4
4
1.000
4
Jan
Mar
564
1.000
2,000
904
10
10
4
eiooo
Feb
Aug
3,000
*24
994
64
1919
1921
certificates
♦5 4s
16
10
..1958
♦Rio de Janeiro 64a. 1959
•Russian Govt 64s.—1919
JuJv
44
1,000
354
A pr
99
1,000
85
Feb
6,000
93
Apr
1034
1,000
11,000
July
554
Mar
1034
854
Mar
1054
value,
sales
rule
range.
Jan
Aug
No par
the
July
93
1949
...1901
♦7s
•
100
1
Aug
Debenture
504
50
514
23,000
374
Mar
57
364
Mar
564
50 4
50 4
15,000
"78""
774
54
Apr
79
28,000
36
Mar
554
334
33
344
35,000
184
Mar
35
554
554
56
43
Jan
58
Aug
39
Jan
55
July
i'ooo
July
Aug
1C4
Apr
1064
5,000
103 4
Apr
1074
654
Feb
91 4
Mav
1047»2 1044-
13,000
Feb
1044
Aug
534
574
48
Sept
824
Mar
1004
Mar
104 4
May
e
Jan
94
94
964
5,000
31,000
102
1034
90,000
61
Cash
Jan
101
4,000
904
Mar
1014
No sales.
V
83
3,000
754
Apr
864
Jan
Jan
164
June
.
n Under
In year s
.
,
No sales were transacted during current
the New York Curb bond Issues
week
which have bee called
„
Oct. 13 at 105.
transacted during
me
..
„Mtl„
current week and not Included In
nf
weekly or
:
.
Under-the-rule sales transacted
during the current week and not
weekly or yearly ranee:
No sales.
Z
In
Deferred
Included In
-
delivery sales transacted during
the current week and not Included
weekly or yearly range:
Aug
83
114
receivership.
In
sales
Feb
99
July
yearly range:
Aug
4,000
164
.
Toledo Edison 5s 19">2,
~
Jan
Jan
Empire OH & Ref. 54s 1942, Oct. 5 at 101.
Indianapolis Pow. & Lt. 5s 1957, Oct. 11 at 104.
Pub. Serv. of Nor. 111. 5s 1950, Oct. 1, at 110.
Saula Falls 5s 1955, Oct. 1 at 1074Tenn. Public Service 5s. 1170. on 4 at 104.
Corp—
5,000
164
114
Deferred delivery sales not Included In year's range,
In year's range,
r Cash sales not Included
^ The following is a list of
July
♦Starrett (orp Inc 5s. 1950
16,000
05
Mar
45
included
In their entirety:
July
{Standard Pow A Lt 6sl957
48 4
78
49 4
5,000
494
15 4
*15
* Friday s bid and asked price.
Bonds being traded flat.
July
Standard Investg 5 4s 1939
15 4
"154
60
♦
Aug
54
a
not
1.000
60
Ex-dlvidend.
{ Reported
544
48
Jan
64
23
214
6s stamped
July
86
Feb
25
994
*364
♦7a ctfs of dep....* 1947
Aug
84
85 4
70
804
30
30
30
July
1074
103
634
1054 1054
1054 1054
May
Apr
66
101
99
*24
*24
♦7s ctfs of
61 4
Apr
Mar
51
Feb
13
100
dep.....1946
Aug
Apr
May
*49
214
Aug
994
♦Issue of Oct 1927
Apr
70
81
May
July
*47
384
54
1034 104 4
1064 1074
1064 1074
1084 HO
1054 106
204
68
*24 4
♦78 ctfs of dep. May
58,000
105
1044
2,000
144
100 4
Mtge Bk of Bogota 7s. 1947
♦
Issue of May 1927.
96 4
Aug
Aug
20
Sept
"83"
84
184
*14
50
Tide Water Power 58.-1979
Aug
Aug
July
50
..2022
84
July
314
1,000
A
Aug
144
♦64s ctfsof dep....1954
♦Mendoza 4s stamped. 1951
Jan
6,000
series
24
184
..1951
♦7s ctfs of dep
214
50
6s
Aug
"Aug
21
1931
Mtge Bank of Columbia—
50
94
24
4
21
♦7s ctfs of dep. Oct '47
50
1024
25
Sept
254
Jan
*16
28
50
Texas Power A Lt 5S..195P
Jan
6.000
...1958
July
50
1 Ternl Hydro-El 6 4s. 1953
Texas Flee Service 5s. 1960
174
264
35
♦Mtge Bk of Chile 6s. 1931
1948
1951
Tenn Public Service 5« 1970
July
1,000
648 '58
7a
1064
6,000
574
1034 1034
Tennessee Elec Pow 5s 1956
824
Aug
Feb
50
4s
1940
2d stamped 4s
1946
Super Power of HI 44a 68
1st 4 4a
1970
May
72
204
July
1948
(Hugo)
Feb
May
*16
♦MedelJIn 7s stamped. 195.
-
2d stamped
July
85
July
Mar
6s
Stlnnes
Apr
7
112
"2,000
81
Debenture 6s? Dec 1 1966
684
7
1314
81
103
6s
1054
94
124
94
♦Hanover (City) 7s... 1939
Mar
60
So west r'ow A Lt 6s..2022
(stpd)
Conv 6s (stpd)..
..1947
Secured 6s
244
1034 104
8'western Lt A Pow 5s 1957
{Standard Gas & Elec
Feb
7
Feb
44
So'west Pub Serv «s,.1945
96
Aug
Aug
99 '
8*western Assoc Te! 5s 1961
July
974
Aug
26 4
♦5 4s
1945
May
1074
Apr
*26
1952
External 6 4s
♦
May
Ltd—
Ref M 3448.May 1
Ref M 3*4b B
104
94
93 4
29 4
81
874
108
Jan
86 4
20
86
75
14
♦German Con Munlc 7s '47
Lima (City) Peru
*55
Sheridan Wyo Ooa! 6s 1947
Sou Carolina Pow 5s. 1957
July
July
1074
*1074
*104
104
June
6
128 4
6,000
104 4
Feb
107
6,000
103
564
June
25 4
21
78
102
1968
Aug
55
7
Danzig Port A Waterways
July
4,000
Sbawlnlgan WAP 44s '67
June
95
1054
7
*8
1953
Maranhao
July
29
8ou Calif Edison
1955
♦
73
29
1st 4 4' series B
1959
of dep
54a
6s.
Aug
754
♦Schulte Real Est 6s .1951
564
Apr
84
*8
1952
July
Jan
*26
102
80
Apr
*1084 110
144
144
144
*1284
*1074 108""
1948
1044
53
28
...1951
Mar
5,000
*26
Servel Inc 5s
Mar
604
13,000
♦Saxon Pub Wks 6s...1937
Scrlpp(E W) Co 548.1943
June
16
1948
♦
69
*30
tSauda Falls 5s
Mar
32
84
*70
*94
94
♦Hanover (Prov) 6 48.1949
Safe Harbor Water 4 4s '79
74 4
103
Jan
84
*68
ctfs of dep..Oct '61
6 4« ctfs
July
744
Scullln Steel 3s
♦6s
July
5,000
31,000
C...1950
6 4s series A
July
94
*104
♦6s ctfs of dep..July '61
Feb
1024 1024
1024 103
1044 105
1st A ref 4 4s ser D. 1950
Queens Bore Gas A Elec—
ser
Aug
1034
20 4
1948
7s
♦09 series A
Aug
"1024
"79"
1024
Mar
*64
*64
*0 4
♦Prov Banks 6s B..1951
Apr
"l"024
1966
Feb
96
114
Columbia (Republic of)-
June
Pub Kerv of Oklaboma—
Puget Sound t* A L 5 4s '49
97
114
*7
stamped
•7s ctfs of dep.
Danish
1960
100
114
*7
♦7 4s ctfs of dep ..1946
Cent Bk of German State A
July
65
130
*1404 142
110532 110'u
i
2.000
*7
stamped
♦7 48
Sept
109
June
204
3,000
30
1084
Apr
294
99
1956
1978
Apr
Buenos Aires
Jan
19
48
2,000
108 4
344
Hist A ref 5s
1980
July
994
30
Cundlnamarca (Dept of)
1st A ref 4 4s ser F.1981
Aug
109
30
*7
(Province)...1952
1947
♦Caldas 7 4a ctfs of dep.'46
824
Pub Serv of Nor Illinois
4 4s series E
17.000
1,000
ctfs of dep.*57
1951
ser
111
Public Service of N J—
------
1074
106
81
'
*20 4
644
Apr
June
Bogota (see Mtge Bank ofi
934
91
91
"
103 4
1054
4.000
80
♦7s 2d ser ctfs of dep.'57
1054
105
106
6s...1948
4 4» series D
1,000
1034
ctfs of dep.'67
ser
Sept
3,000
*68 4
'
6s.. 1949
6% perpetual certificates
"i'ooo
*24
Bogota (City) 8s ctfs.. 1945
^
Mar
Aug
1064
1.000
964
tfs of dep. 1945
c
"2.606
93
Portland Gas A Coke 5s '40
4 48 series
21
5,000
C ctfs of dep.1945
91
1084 1084
1981
.
July
7.000
B ctfs of dep. 1945
ser
97
A Coke—
PowerCorp(Can)4 4sB
July
26
124
*24
of) Co¬
1054 1054
.1968
♦Prussian Electric 6s.
864
05
lumbia—
90
* 03 4 1044
Penn Water A Pow 5». 1940
..1961
Apr
8.000
254
*48
97
.1960
4 4« series F
July
4.000
♦78 ser A ctfs of dep. 1945
♦7s
Deb 5 4s series B..195V
Steel
87
834
*24
*47
Apr
(Dept
Antloqula
Penn Ohio Edison—
Plttsbureh
Apr
*254
*24
'46
...Jan 1947
♦6s ctfs of dep
July
♦Pomeranian Elec6s.. 1953
July
81
♦6s ctfs of dep...Aug '47
July
91
Coal
92
MUNICIPALITIES
♦7s ctfs of dep. Jan
May
88
Hydro El 6 4s
Apr
GOVERNMENT
♦7s ctfs of dep. Apr
Jan
115
93
Pittsburgh
Aug
75
794
1947
♦20-year 7s
Sept
28 4
*113
85
Pledm't
90
84
103 4
Agricultural Mtge Bk (Coll
♦20 year 7s
Apr 1946
Feb
90 4
1961
Feb
"4,666
964
1937
Stamped 5s
Sept
28 4
w—-
"764
'm
93 4
"904
4s series D
75
Jan
50,000
Jan
"85
Phlla Rapid Transit 6s 1962
July
824
*1054 1074
*106 4 1074
1966
River Power 5s '4i
1054
Penn Electric 4s F
Phlla Elec Pow 54s.. 1972
July
80
9.000
105
105
1964
4s serles B
109
JRn
Feb
105
86 4
Aug
Feb
75
105
July
04
105
Rys Co 5s
July
90
4,000
West United O A E 5 4a'5ft
105
July
804
53 4
1,000
11,000
July
Feb
954
Mar
July
44.000
1074
56
83
39,000
Jan
Mar
June
044
52
Apr
28
824
924
107
274
Jan
1054
454
Penn Cent I A P 448.1977
1st 5s
i
1979
Peoples Gas I
1957
Apr
Feb
23
Feb
Feb
91
103 4
Sept
02
Apr
52
2,000
July
1164
94 4
91
4,000
474
Apr
Mar
674
1024 102 4
1084 1084
Penn Traction 5s '6b
107
1941
4 4s series B
Elec 5s...2030
Penn
Aug
July
Mar
62
9.000
*1074 112
1054 1054
'ower 5s 1960
July
80 4
30
1124
6.000
794
21
93
102
-
July
6.000
1074 1074
1074
Ry A Elec 4s... 1951
93 4
17,000
1044 105
Jan
1084
654
Mar
84
Jan
Mar
Sept
44
83 4
"834
1954
Aug
70
1054
~89"
Hotel—
deb
Income
11.000
73
West Newspaper Un 6s '44
A. 1948
D
784
1946
Waldorf-Astoria
714
108^ 1084
69 4
69 4
784
794
*864
91
884
89
694
1st ref 5s series B...1950
Aug
July
2*666
104 4
784
...1944
Wash Water
Pacific I ts A Pow 5s..1942
5s series
1973
~
274
714
104
79
Utah Pow A Lt 6a A..2022
Aug
Elec Co—
6sseries A...
714
United Lt A Rys (Me)—
6s series A
1952
72
1054#
24
7.000
35
104
(Del) 54a '52
1,000
55
704
1959
Mar
101
3,000
544
*27
274
1974
54s
74
—-
25.000
43 4
434
1164 1164
544
United Lt & Pow 6s...1975
July
July
33,000
.
56 4
55 4
1945
894
1946
96
Okla Power A Water 6s *48 Jm'm'm-* i'
Pacific Coast Power 6s '40
1971
f 6s
s
884
+,4, +,
1951
I exlngton 3s
♦1st
1956
7s
894
1064
12.000
105«ul05»a»
♦United Industrial 64s '41
Mar
1154
El Serv
Un Lt A Rys
954
1st Aref4 49ser D.1956
Pacific «'ow A Lte 5s..1956
1164
Apr
Mar
1064
Ohio Power 1st 5s B..1952
ser
554
70
1945
1st 6s series B
1056ia
18.000
72
1970
Pacific Invest 5s
1962
54s '52
Ulen Co—
804
9,000
High
Low
Sold
Leonard
see
Va Pub Serv 5 4a A..1946
N'western Pub Serv 5» 195"
Park
1104 May
120 ■*'. June
(L)
87
.......
1969
Pacific Gas A
Twin City Rap Tr
934
N'western Flee 6s stmpd'45
Okla Nat Gas 4 4s
5s conv deb«
444
Feb
mmmmmm
1966
Ogden,Gas 5s....
If Toledo Edison 5s
Jan
894
Nor Cont'l Utll 54s. 1948
No Indiana G A E 6s .1952
Northern Indiana P 8—
D
Tietz
Aug
102
No Amer I t A Power—
5 4« series A
1956
4 4# series E
July
834
2,000
1954
58 sertea
92
1054
Nippon E! Pow 0 4s. .195?
5s series C
Apr
69
m
3,000
52
Mar
884
♦Ext 4 4s stamped. 1950
N Y P A 1. Corp 1st 4 4s'07
N Y State E A G 4 4s 1980
N Y A W esteh'r Ltg 4s 2004
mm
58 4
30,000
52 4
51
105
New Orieaas Pub Serv5s stamped,
1942
N Y Centra! Elec 5
4s 1950
New York Pern A Ohio
A mm
53 4
524
-
514
1054
1954
♦Income 6s series A. 1949
99
814
1184 1184
Conv deb 5s—
1950
New Eng Power 3 He 1961
New En* Pow Assn 5s. 1948
Debenture
117
*964
804
804
62 4
Bonds
of Prices
High
Low
Pr te
1. 1938
Range Since Jan
Week's Ranoe
Sate
High
90
Nevada Calif
Last
(Conctuded)
2026
Deb 5sseries B.....2030
Nebraska Power 4 4s. 1981
BONDS
Bonds
{♦Nat Pub Serv 5s ctfs 1978
Nelsner
1619
Exchange—Concluded—Page 6
\hhr,nations
•cum
'v t
Used
" cumulative:
Alow—"cod." certificates of deposit: "cons," consolidated
*M." mortgage; "n-v," non-voting st^
"w I," when Issued: "w w." with
x-w
"conv." convertible:
c." voting trust cert'ti" tes;
»irhnnt
Financial
1620
Chronicle
Sept. 10, 193S
Other Stock Exchanges
Sales
New York
Last
Estate Securities
Real
Stocks (Conlined)
Closing bid and asked quotations, Friday, Sept. 9
Unlisted Bonds
Bid
Ask
Allied
75
B'way 38th St Bldg 7s 1945
Bryant Park Bldg 6%s *45
11 West 42d St Bldg—
24
0%g unstamped..—1945
Internat Commerce
33
6%s
Bldg—
100
pref
10 East 40th St Bldg 5s *63
77
9
I
Bastian-Bicssing com....*
Sales
Week's
Range
of Prices
Sale
Par
Stocks—
Low
Price
High
for
Range Since Jan. 1. 1938
Week
Shares
IjOW
High
Berghoff Brewing Co
Bliss A Laughlln Inc com
Borg Warner Corp—
1
(New)
5
common...
Brack A Sons (E J) cap..*
*
17%
17%
18%
422
12%
Bait Transit Co com v t c. *
%
%
%
1%
44
10
%
%
19%
19%
103
70%
72
60
Arundel Corp
*
1st pref v to
1%
*
Black A Decker com
Consoi Gas E L A Pow— *
19%
71%
100
20
115
114% 115
107%
107% 107%
30
30%
5% preferred
Fidelity A Deposit.
Fidelity A Guar FireCorplO
Houslon Oil
18
100
pref
Mar Tex OU
19
33
33
35%
16
16
.....
8%
May
Mar
22%
Mar
36
Aug
17
July
8
Mar
5%
12%
2,750
16%
50
Mar
10
Jan
July
450
17%
Mar
24%
July
Aug
Mar
73%
July
"~3%
Butler Brothers
1
10
5% conv pref
39
20%
3
8%
20%
18%
8%
21
5%
Jan
Aug
Jan
72
112%
75%
Apr
116
June
10
16
July
20
Mar
112
Aug
Castle A Co (A M) com..10
23
23
50
14
Apr
25
27%
June
35%
Jan
Central Cold Stor com..26
12
12
12
100
9
Mar
14
265
11%
Mar
18%
July
Cent III Puh Ser $6
50%
50
50%
200
41%
Mar
57%
June
104
Aug
Central 111 Sec—
3%
June
7%
July
Mar
2%
w
6
June
8
CampbellWyantACan cap
pref..*
Aug
3
Jan
Central 8 W
2%
Jan
Common.
22%
50
Sept
26%
July
12%
25%
12%
250
10
Mar
16%
Jan
106
21
Apr
25%
Sept
Cent States Pow A Lt pf
643
Mar
12%
Aug
Chain Belt Co com
1%
375
7%
1
June
%
100
%
110
59%
Apr
66
15%
32
40
846
35
66
Apr
8%
72
Mar
-*
Preferred
Prior lien pref—
33
6%
50
1%
1%
2,150
40%
40%
40%
310
92
92%
20
...._
3%
.*
Chicago Corp common..*
Jan
17%
Mar
30
1
14%
Cherry-Burrell Corp com_5
Jan
18
20%
20%
816,000
2.500
14%
13%
15%
Mar
27
Jan
3,450
32%
250
Chic Flexible Shaft com..5
65%
Jan
65%
67
400
1
25%
June
50
Apr
90
97
Jan
July
Jan
Apr
5%
July
Mar
2%
12
16%
July
12% June
1% Mar
25%
38%
Mar
Jan
21%
Jan
2%
June
35
Aug
80%
July
%
40
%
Mar
%
Mar
109% 109%
10
96%
Apr
109%
Sept
30
57%
May
Chicago Rys pt ctfs 1..100
Jan
150
2
32%
Chicago Towel conv pref.*
23%
14
1%
32%
Jan
Mar
300
"i%
July
15
110
4
14%
•
Preferred
%
62
Chicago Yellow Cab cap.
Cities Service Co—
17%
Jan
—
Jan
%
75
6%
1%
*
$1% conv pref—
Jan
1%
Aug
68 %
Jan
%
18%
'
May
May
15
1976
Mar
300
10
65%
Bonds—
5s flat
.
Jan
Jan
Aug
250
18%
13
13
24%
Mar
Mar
Aug
Baltimore City Bonds—
A
7%
7%
Mar
8%
1,150
20%
32
18
6% June
7%
18%
Common.....—
Bait Transit 4s flat. 1975
200
4,250
11
8%
Mar
66
-
8
10%
23%
10%
59
%
«
200
10
21%
~22
Jan
5%
9%
68
-
July
May
Burd Piston Ring com
%
11%
1%
15
11%
2%
5%
Apr
1%
21%
25
*,«
7% June
100
2%
1%
11%
ff,
150
3%
Mar
64
25%
Western National Bank.20
8%
15%
2/0
New Amsterdam Casualty 5
Phillips Packing Co pref 100
U S Fidelity A Guar
2
July
May-
12
1
4%
2%
6
300
Monon W Penn P S 7 % pf25
com
Jan
Mar
50
%
12
North Amer Oil
36%
June
1%
300
1%
Merch A Miners Transp..*
Penna Water A Pow com.*
Mar
2%
700
6
1%
Ownlngs Mills Distillery.. 1
27
200
2
14
%
Martin (Glen L) Co com.. 1
100
3%
6
1%
1%
Jan
14
Bruce Co (EL) com
22%
1
Aug
1%
5
Jan
1%
%
1
Common class A
Jan
8%
Mar
Brown Fence A Wire com. 1
1
Apr
6%
Apr
%
7
7
hinance 1st pref...25
Second pref
.*
July
19%
Mar
5%
Aug
18
17%
Mfrs
Mar
35
725
240
146%
8%
-
10
6
Aug
140%
3%
1%
1%
8%
10%
Belden M fg Co com
Aug
July
July
2%
34%
2%
578
8
12%
62
1,250
5%
8%
1
Bendlx Aviation com
Last
Apr
5%
Athey Truss Wheel cap.-.4
Exchange
Friday
Mar
June
45
8%
Associates Invest com—.*
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
..
4
6
150
1
1
Aviation A Trans C cap.l
1
200
200
143% 145%
1938
High
7
Co common.-.6
Barlow A Seelig Mfg A com 5
Low
10
Corp
com
Range Since Jan. 1,
59
6%
Aro Equip
Asbestos Mfg Co com
'or
Week
Shares
9
Armour A
6
1250 West 39th St Bldg 6s'37
Baltimore Stock
Range
58
6%
"58'
Amer Tel A Tel Co cap. 100
1943
-
Park Place Dodge Corp—
Income 5s 1952 v t c
Price
10
Products com
Amer Pub Serv
of Prices
TjOW
High
com__l
Aetna Ball Bearing
Ask
Bid
Unlisted Bonds
Par
Week's
Sale
Exchange
10%
10
(New) com
Club Aluminum Utensil..*
7%
62
10%
10%
50
8
Mar
12%
Jan
7%
350
7
Sept
10%
May
7
2
2
2
350
70
June
Jan
2
Sept
Mar
1%
28
May
Commonwealth Edison—
Boston Stock
>ept.
3 to
New
Exchange
Sept. 9, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's
Sale
Par
100
Amer Tel & Tel
Price
143%
IjOw
Range
26%
Rights (Sept debs)
Compressed lnd Gases cap*
22c
21c
26c
16%
17%
200
Consolidated Biscuit com.l
"~6%
6%
7%
300
v t c pref part shares ..60
Container Corn of Amer.20
7
Continental Steel pref. .100
Range Since Jan. 1. 1938
for
25%
Assoc Gas & Electric cl A. 1
%
23%
Blgelow-Sanf Carpet corn. *
BoBton & Albany
100
Boston Edison Co
100
Boston Elevated
Shares
143% 145%
1,883
Low
110%
Mar
149%
Jan
%
June
1%
27%
108%
July
134
July
IV
%
High
..100
23%
.50
17
June
79%
82
126% 131%
79%
126%
178
60
Mar
105
108
Apr
/49%
Boston Herald Traveler..*
16
50%
*
Jan
155
48%
Jan
58%
May
13%
Mar
20%
Jan
Boston & Maine—
"96"
7
7
10
Prior pref
Boston Personal Prop Tr. *
Calumet & Hecla
25
11%
July
17%
July
Jan
60
10
48
May
73
July
14%
50
11%
Apr
16%
July
12%
13%
650
14
July
60
5%
18%
Mar
19%
Aug
20%
Aug
11%
31%
11%
31%
300
11%
Aug
16%
150
29
4%
5%
1,100
8%
4%
8%
50
4%
250
2
2
600
1%
Copper Range
4%% prior pref
6% preferred
*
Class A.....
5%
1%
Mar
4%
July
June
4%
July
Fuller Mfg Co com
12%
99
8%
Apr
12%
Jan
Gardner-Denver
5%
Mar
10%
Jan
General Candy cl A
7%
Jan
Gen Finance Corp com...1
5%
6
65
4%
May
12
Jan
Fltz Sim A Con DAD cm*
1
.
com....*
100
11%
11%
.
30
100
Eastern Steamship L com. *
Preferred....
3%
_*
Employers Group
General Capital Corp
*
.
599
24
Sept
52
291
25%
11%
11%
Sept
30%
10
19%
30%
6
*
9%
Int Buttonhole Mach...l0
15%
50
11%
150
10
"2%
11%
10
1C0
2%
100
1%
5%
Aug
4%
Apr
Sept
8%
6%
July
4%
Mar
2%
Mar
Jan
Mar
16
8%
Mav
10%
July
2%
June
4%
Jan
10
850
2%
Jan
Jan
34
Mar
May
Jan
Common
Jan
9
13%
2%
Apr
33
Aug
Sep'
23%
30%
Aug
Great Lakes DAD
com..
*
19%
19%
19%
250
12%
Mu'
21
Aug
cap.
1
Hellernan Brew Co <
%
6%
150
Jan
8
8
250
Ilormel A Co (Geo) com A*
21
21
21
50
16%
23%
Apr
30%
July
16
June
7%
Jan
Houdaille-Hershey ci B...*
Hupp Motors com
1
16%
4%
135
Feb
Illinois Central RR cornlOO
30%
20
6%
65
9%
6%
June
Jan
11
50
15%
Sent
19
1%
Mar
Linotype..*
24%
24%
50
18%
Mar
16
>
.....
Hein-Werner Motor Parts
Jan
Illinois Nor Utilities pM 10<
Aug
July
Inland Steel Co cap..
6%
5%
4
5
1%
.
103
100
4%
1%
2.50
25
51c
Pennsylvania RR
50
Qulucy
Mining Co
25
Shawmut Assn T C
Stone A Webster..
1%
45c
Old Dominion Co
5
2,677
1%
1%
rl02% 105
45c
50c
19%
19
_*
10%
10%
*
9%
9%
3
25
24
60
Jan
3%
6
July
Jan
2%
Jau
242
81
Mar
109%
July
1%
125
1
June
2%
Jan
47c
1,170
37c
Mar
51c
210
30C
Jan
60c
May
754
13%
May
24%
Jan
June
20
1%
"ii%
.....
5,055
5%
Ma
1%
250
%
Jurn
11%
12%
6%
Ma
110% 110%
192
100
150
4
4
Ma
100
3% June
69% Jul}
79c
Jan
61%
16%
62%
152
55%
17
600
10%
3%
3%
150
3
7%
8
100
5%
B) Co cap
1
1
Preferred
Kentucky Utll jr cum pf 50
6% cumul pref
100
Kingsbury Breweries can I
Lawbeck 6% cum pref. 100
3
150
1%
320
8
May
4%
11%
Aug
Libby McNeill A Llbby.
513
6%
Mar
12
July
Lincoln
25
122
17
Apr
28
Mar
July
July
May
Jan
70%
78%
79%
414
50
41%
40%
41 %
175
38%
Jan
77c
77c
500
55c
Mar
1%
6%
6%
50
5%
Mar
8%
Jan
2%
2%
20
2%
Sent
3%
Aug
80%
43
Jan
Printing
$3% divpref
Packing
24%
Jan
17%
Sept
2
Jan
14
July
110%
Sept
Jan
7
20
53
76%
Au<?
An-
62%
Sept
June
18%
5%
Jan
Mar
8%
July
Feb
Mar
Apr
Feb
81
Jan
July
28%
70
Jan
Aug
Mar
200
210
16
6%
6%
370
6
Mar
4%
29%
4%
200
2
Apr
4%
Aug
29%
10
24%
Mar
31%
July
21%
2°%
6%
23
2f>%
30
%
Ma-
1%
32
July
Jan
9
300
16%
Mar
25%
Aug
1%
1%
1%
50
1%
Apr
2%
July
%
%
%
8,50
%
Mar
1%
Jan
11%
5%
12%
3,100
5%
Mar
14%
July
5%
500
2%
Mar
5%
Aug
27
28
.
Field com..
*
12
Mer A Mfrs Sec cl A com.l
Partlr pref..
65
120
Apr
Sept
8
21
%
%
22
*
com
com
25%
65
290
10
71%
65
"29%
Manhatt-Dearborn
Marshall
71%
com...
Lion Oil Ref Co com
Loudon
16%
"~7%
100
11
Preferred
25
Utah Metal A Tunnel Co. 1
*
40
10%
United Shoe Mach Corp.25
Waldorf System
75%
Katz Drug Co com.
7%
Jan
Mar
75%
Kellogg Switchboard com.*
Jar
17%
*
Jar vis (W
Jai
Ma
International Harvest com*
28
Maj
1%
Indiana Steel Prod com..!
2%
Narragansett Racing Ass'n
Warren Bros.
J tin
26%
Mar
3%
80
•
13
965
30
2%
Torrington Co (The)
100
29%
1
20
Apr
15
15%
2%
Inc
l
Nat Tunnel & Mines Co. *
New England Tel «k Tel 100
Jan
14
27%
1
Apr
15
300
•
t c.l
15%
2%
14
"28%
Goldbiatt Bros Inc com.-8
July
3%
15
19%.
_*
Gillette Safety Razor
30
15
19%
*
Gilchrist Co..
N YNH&HRR
North Butte
11%
5
Goodyear T A Rub com..*
v
2
May
2%
Gen Household Utll—
24
25
East Mass St Ry—
Mass Utilities Assoc
4%
Four Wheel Dr Auto cap 10
1%
5%
100
1st pref
13
*
—
77
East Gas & Fuel Assn—
Mergenthaler
Common
12%
25
35
Dlxle-Vortex Co—
25
Mar
Feb
4
18%
Dayton Rubber Mfg com.*
Deere A Co com
82
134
Jan
Aug
98
14%
2%
2%
8
Aug
Aug
60
9%
7%
7%
Aug
Cunningham Drug com2%
2%
*~7 %
27c
25
14%
'6
9%
2%
Mar
95
15%
06
2%
100
Sept
May
3%
1<
14%
Elec Household Utll cap.5
Class A 1st pref (stpd) 100
Class B 1st pref stp. .100
21c
12
Apr
150
16
m
127,700
22
Consumers Co—
Week
High
4,750
25%
Cudahy Packing pref. .109
Stocks—
of Prices
25
capital...
....*
50
19%
Mar
28%
Aug
4
3%
4%
6,450
1%
Mar
4%
July
6%
6%
6%
3,650
4%
Mar
7%
July
%
%
450
%
Mar
2
%
%
%
100
%
July
%
Jan
5%
5%
5%
600
3
Feb
6%
July
...100
1%
1%
20
1
Feb
2
May
100
%
%
20
%
Aug
1%
*
46%
48%
399
45%
Aug
50
Aug
Sept
Mlckelberry's Food ProdCommon
1
Middle West
CHICAGO
SECURITIES
stock
Corp cap...5
purchase warrants
Listed and Unlisted
Common
*
Conv preferred A
Midland Utll
Paal R Davis & <90.
,,
»iew
,
.
,
„
Jr°r!c §j,tock Exchange
New York Curb
6% prior lien
6% preferred A
Common
Chicago Stock Exchange
Chicago Board of Trade
(Associate)
Class A
Friday
160
8
160
10
126
Apr
160
8
8
50
7
Apr
<♦
50
20
Aug
20%
20%
20%
50
23%
23%
24%
1,400
12
Mar
12
12
100
12
Apr
5
Mar
8%
Mar
19% May
July
17
Nor III Finance com
Northwest Bancorp
•
28%
1
*
Nortbw Utll
com..
7% pref..100
Parker Penn Co
Sales
Week's Range
cm *
Noblltt-Sparks lnd com..5
Sept. 9, both inclusive, compiled from official sales lists
Last
Mar
Natl Battery Co pref
*
Natl Rep Invest pfd stpd.*
National Standard com.. 10
Chicago Stock Exchange
to
*
Nachman-Springfllled
10 S. La Salle St., CHICAGO
Sept. 3
—
M ontgomery Ward—
Members
,
Jan
Midland United Co—
10
com
Peabody Coal Co cl B
"6%
27,%
28%
200
I
1
6%
6%
400
14%
14%
40
16%
16%
50
Mar
%
13%
13
28%
Sept
June
1%
July
Apr
25
July
26%
July
13
Aug
8%
Jan
June
Abbott
Par
Price
of Prices
Low
High
Range Since Jan. 1, 1938
for
1
Jan
June
9%
Jan
Mar
Mar
24%
36%
Jan.
July
Ma-
4%
Low
High
Laboratories—
Common (new)
*
Adams (J D) Mfg com...*
Adams Gil A Gas com
*
51%
9
10%
For footnotes see page 1623.
9
Jan
10%
300
19
19%
206
14%
31%
32%
119
24%
3%
3%
50
%
%
1,000
%
Mar
1%
%
%
100
%
Mav
1%
Jan
8%
235
Aug
10%
July
com
5
Penn Gas A Elec A com.
Week
Shares
%
Pennsylvania RR cap...50
Peoples G LtACokccan 100
Sale
Stocks—
52
250
36%
Apr
52%
Aug
Pictorial Paper Pkge com .5
Pines Winterfront Co com!
9
70
7%
Jan
10%
Mar
Potter Co
1,100
4%
Mar
12%
Sept
Pressed Steel Car.
12%
%
4
4
com
1
8
100
%
3
3
8
Apr
Jan
Volume
Financial
147
1621
Chronicle
=2
Sales
Fiiua
Week's Range
Imsi
Sale
Stocks (Concluded)
for
Week
of Prices
High
T^ow
Price
Par
High
Loto
Shares
common. *
108
107
108
110
85
147
147
147
10
129
Mar
Preferred
Raytheon Mf<»
110
Mar
100
Quaker Oats Co
1
3%
So Bend Lathe Wks cap..5
18%
Southw Gas & El 7% pf 100
Standard Dredge—
4%
July
Mar
2%
Aug
13%
76%
; 5%
Jan
Mar
19%
104%
Aug
6%
May
74%
501
47%
Mar
3%
3%
200
30
Mar
2
200
18%
103
13%
90
1%
Mar
3%
13
150
7%
Mar
14%
100
3
July
3%
30C
7%
100
900
10
5
10
DETROIT
Buhl Building
Telephone: Randolph 5530
June
2%
Chicago Stock Exchange
Detroit Stock Exchange
July
3
2%
New York Curb Associate
Exchange
Jan
400
13
2%
.....
New York Stock
Jan
3
1
Members
AUg
Apr
10C
18%
Watling, Lerchen 8l Hayes
July
11
103
Convertible pref
20
Sterling Breweries Inc coml
Standard Mach Tool
Mar
%
72%
Set rick Corp cl B com..__ J
Common...
1%
2,550
3
2%
11
Sdiwitzer Cummins cap—1
Sears Roebuck 4 Co com. *
Aug
Aug
151
100
3
2
com v t c 50;
Roll to Ho* Mills com
1, 1938
Range Since Jan.
Apr
13
Jan
22%
Mar
29
Mar
19%
Detroit Stock Exchange
Sept. 3 to Sept. 9, both inclusive, compiled from
July
15
July
15
26 %
26 %
10%
26%
25
17%
17 %
18%
Thompson <J R) com
25
Trane Co 'The) common.2
4 %
4%
4%
100
3%
Mar
5%
July
i6%
15%
16%
300
14%
Feb
17%
July
63%
Mar
86%
official sales lists
July
Swift
com
International
Swift 4 Co
83 %
Union Carb 4 Carbon cap *
Utah Radio Products
Utility 4 Ind Corp
Wahl Co
875
8%
Sept
9%
94
77%
June
99%
Sept
Sept
2%
300
%
Mar
3%
July
50
%
Jan
%
June
Mar
1%
July
5
com
com
404
9%
99%
2
*
com
84%
8%
97%
"m
United Air Lines Tr cap..5
U 8 Gypsum Co com ...20
—
%
%
*
1%
1%
—
1
200
;
Walgreen Co
16
16%
250
13%
20%
Jan
28%
29%
110
26
Aur
30%
Aue
102% 104%
62
98%
Aug
106%
Aug
July
*
common
Western Un Telee com. 100
Whouse El 4 Mfg com..50
June
Williams Oil-O-Mattc com*
4
4
250
2%
Mar
5
WisconslnBankshares com*
4
4%
300
May
5%
Jan
Woodall Ind Inc
4%
4%
100
3%
2%
Mar
5%
July
May
25%
July
2
com
Zenith Radio Corp com
20%
*
3,600
22%
9%
Week's Range
Last
Sale
Par
Stocks—
Allen Electric com
1
Auto City Brew com
1
com
200
"i#
Jan
42c
200
35c
June
65c
7%
25%
587
4%
Mar
9%
Jan
340
12%
25%
Aug
37
2,456
13%
Mar
Mar
37%
Aug
1,250
3%
July
2
July
72%
3%
1%
19%
72%
13
13
25%
34%
12%
2%
45%
46
41%
$6,000
July
Aug
4"
34%
2%
1%
19%
1%
*
*72%
1%
Consumers Steel
Continental M otors com.
Det-Mich Stove com.
Ex-Cell-O Aircraft com
.1
Fruehauf Trailer
Stocks—
Par
Low
High
Low
..20
Ldy Mach
Baldwin
...8
Preferred
«• »
*
Preferred
97
*
Churngold
m
Cincl Street
..50
Cinci Telephone
50
*
Dow Drug
^
m0mm
„
3
82%
4
*
Gibson Art
Hilton-Davis pref
*
Sept
40
Sept
May
31
Jan
98
30
94
June
10
10
82
*
Moores-Coney A
*
—_
53c Y 53c
*
Mid-West Abrasive com50c
Playing Card
—
10
*
U S Printing
5
Murray Corp com
10
com—1
Preferred
Wurlitzer
„
500
32c
40c
1,825
8%
8%
100
1.25
1.25
525
21%
1.25
21%
328
13%
100
13%
13%
8%
9
17
65
13% June
14
21%
31%
1%
704
1
Sept
4
4%
101
4
Sept
8%.
9
7%
Mar
26
Jan
7
July
Mar
5%
July
1%
May
3%
Jan
Mar
1% May
8%
July
2%
July
Jan
Mar
2
209
1%
Mar
2%
3%
400
2%
Mar
4
4%
2%
25
""3%
3%
16%
14%
250
4%
100
2%
190
2
Mar
25%
3%
331
22
Jan
16%
Jan
Warner Aircraft com
Jan
Wolverine Brew corn
Wolverine Tube com
Jan
Feb
27
4%
1,455
1%
Apr
100
15%
June
8%
16
July
22
1,155
Jan
Aug
3%
May
Apr
5
5%
Aug
5%
*
Walker & Co A
Jan
1%
1%
200
1%
Mar
3%
3%
3%
*
15%,
3%
740
4%
Mar
Jan
6%
Jan
Sept
Jan
16
16
105
10%
Apr
16
Sept
21
16
21
120
20
Jan
23
July
*
1
—.
""65c
68c
225
1
_
19c
19c
19c
2,100
18c
July
%
Jan
6%
6%
6%
100
3%
May
7%
July
.2
65c
65c
Jan
1%
Mai;
June
Jan
Aug
Jan
3
10%
10%-
3%
1%
.
......
Jan
27
30%
4%
996
2%
Universal Cooler B
1
1,493
1,750
100
Universal Prod com
16
Aug
5%
Aug
5
July
15
1
1
57%
Jan
22%
2%
17%
Mar
2.00
Mar
8% June
110
Jan
June
87c June
11
300
Mar
1 %
Apr
Aug
4
12%
%
Aug
55c
8%
3%
50
5
Mar
May
3%
2%
Jan
25c
2
3%
Jan
5
4
198
39%
Jan
3%
5%
.1
Tivoli Brewing com
%
40
75c
3%
Mar
June
17%
3%
Jan
Apr
Mar
6
2%
7%
1%
7%
14%
2
5
2
'"2%
16%
July
9%
4%
*
Scotten-Dlllon com
23%
30
-10
1%
*
1
5
Jan
1
30%
560
1%
*
M ot or Products com
28
4%
Rapid.
19%
"32c
July
55%
Sept
9%
Jan
23%
53%
Jan
17%
Apr
1%
25
3%
*
Randall B
1%
Mar
80c June
United Specialties
Mar
70c June
July
July
Sept
Jan
19%
28
%
AUg
3%
Mar
20
2%
May
200
*
50
50
Mar
2%
Jan
4%
June
2
25%
410
15%
United Shirt Dist com
50
152
3,489
2%
18%
18%
Union Investment com.
228
2%
49
Aug
75c
Jan
3
July
5%
Mar
10
Jan
%
3
54
11
40c
Jan
%
*
National Pumps
Procter & Gamble.
Mar
1%
5%
16%
July
5%
37c
12%
%
16%
2
100
200
Mar
Apr
27%
Mar
9
1,480
May
27%
Mar
1
62c
Standard Tu be B com
Aug
5
85
Mar
2%
2%
Stearns (Fred'k) com
Ttmken-Det Axle com
10
Jan
6
60c
Mar
Feb
3
5
300
AUg
2%
7%
22 %
4
11%
14%
60c
1
__1
10
1
May
75
138
83
4
AUg
com—1
Rickel (H W) com
2
River Raisin Paper com..*
105%
Jan
16
5%
Reo Motor com..,
18%
3
Jan
Mar
605
Prudential Investing com
40
6%
9
1,300
4,927
Mar
10
10
3%
9%
Sept
50
355
1%
r-4 O 00
1%
17%
5
23%
3%
Jan
Mar
1% May
77
1%
2%
40
3
Sept
100
295
Y 54
8%
Aug
23%
2.50
Magnavox
Feb
225
23%
27%
...5
Kroger
Aug
1%
35
2
10%
..10
Eagle-Pi cher
3
3
1%
19%
97
w- w«»
100
18%
Mar
90c
403
'
Feb
15%
Penin Metal Prod
40
40
'j,
17%
15
3
-
1%
..50
Champ Paper & Fibre
U S
17%
>
*
Burger Brewing
168
May
July
8%
PfeifferBrewingcom
Amer
1
1%
2%
Packard MotorCar com..*
Shares
High
1% June
15%
Motor Wheel com
Week
Price
May
100
2%
McClanahan Oil com..._l
Range Since Jan. 1, 1938
for
70c
425
46%
Mich Steel Tube Prod.2.50
Sales
of Prices
100
"l%
Kinsel Drug com
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
Week's Range
15%
*
Hurd Lock & Mfg
Cincinnati Stock Exchange
Sale
Aug
675
2%
Kresge (S S) com
10
M asco Screw Prod com—1
Last
Aug
12 %
1%
46%
1
Kingston Prod com
Teletype: CIN 68
Friday
76%
Hudson Motor Car com..*
CINCINNATI, O.
Telephone: Main 4884
Mar
9
9
1
Hoskins Mfg com
New York Stock Exchange
BUILDING,
Aug
36
6 Y
13
1
Graham-Paige com
TERMINAL
22%
1%
13
"l%
10
General Motors com
Goebel Brewing com
Members
DIXIE
Mar
5
Frankenmuth Brew com__l
General Finance com
Cincinnati Stock Exchange
May
100
15
15
Fed Motor Truck com.
W. D. GRADISON &, CO.
95c
1
11
697
1%
90c
13
Federal Mogul com
Cincinnati Listed and Unlisted Securities
550
200
1%
101% 101%
2%
2%
15
1% June
Jan
200
1%
1%
90c
100
1
3
Aug
1%
40c
*
Chrysler Corp com
5
Consolidated Paper com. 10
1%
1%
7%
Briggs Mfg com
Casco Prod com
High
Low
1%
5
Burry Biscuit com
Brown McLaren
1, 1938
Range Since Jan.
for
Week
Shares
"7%
Bower Roller
Detroit Edison com
Chl^a^o Rys 5s ctfs...1927
of Prices
High
Low
1
Baldwin Rubber
Price
Det & Cleve Nav com—10
Bonds—
Sales
Friday
Feb
Wm.Cavalier & Co.
July
MEMBERS
New
Ohio Listed and Unlisted Securities
Los Angeles Stock
Members Cleveland Stock Exchange
Los
Teletype L.A. 290
Angeles Stock Exchange
Sept. 3 to Sept. 9, both inclusive,
compiled from official sales lists
bales
Friday
Union Commerce Building, Cleveland
Range Since Jan. I, 1938
Last
A. T. & T. CLEV. 565 & 566
Par
Stocks—
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
Par
Stocks-
Week's Range
for
Sale
of Prices
Low
High
Week
Price
10
American Coach & Body_5
Apex Electric Mfg
*
City Ice & Fuel
25
11%
170
70
147
9%
9%
109% 109%
Cleve Elec 111 $4.50 pref..*
Cleveland Railway
lt)0
23
Cliffs Corp v t c
*
100
17%
Dow Chemical pref
10
11%
23
17%
113
28%
23
18%
113
Low
90
12
230
8
8%
70
8%
107%
19
High
Mar
May
Aug
4%
25c
25c
30c
700
25c
Apt
45c
Berkey & Gay Fuin Co... 1
Bolsa-Chica Oil A com.. 10
75c
75c
75c
100
52 %c
Mar
Mar
1.00
Jan
4%
Aug
12%
3%
13
July
28%
Ja
June
20
2
100
Sept
Feb
July
Petroleum
Los Aug
Industries Inc. ..2
Los Ang
Investment Co. 10
1
Mascot Oil Co
Co—
Corp Ltd
3%
June
55c
60c
600
4f,c
May
75c
2%
2%
2,300
80c
Mar
3%
July
1
lOt
10c
lie
2.500
6c
May
21C
July
Jan
Nordon
Occidental Petroleum.... 1
22c
1
97 %c
—
Mar
6%
Jan
20%
Pacific Clay
Pacific Finance Corp com 10
47
47
12
45
Apr
60
24%
24%
50
20
June
33
....3
6%
6%
75
4
Mar
8%
39
Feb
Jan
Aug
4
Jan
2%
Menasco Mfg
Products
Apr
1
4
Jan
Oceanic Oil Co.
2%
3
18c
60c
.....
Mar
*
—
*
4
Jan
Jan
23c
700
18c
June
30C
95c 97 %c
200
75c
May
1.20
Jan
100
5
Jan
9%
July
600
9%
Mai
15%
July
Sept
27%
22c
8%
11%
11%
8%
11%
26
26
26%
200
6%
200
4%
Mar
7%
July
4%
40C
3
Mar
6%
July
8%
Pacific Gas & Elec—
5%%
1st
pred———,25
Pacific Public Serv com..*
6%
6%
4%
26
Jan
AUg
38
AUg
Republic Petroleum com.l
Rice Ranch Oil Co
1
4%
12
16c
500
26c
May
33%
July
34
Sept
Richfield Oil Corp com...*
7%
7%
7%
800
Mar
8%
July
2
2
2
100
1.10
Mar
2%
3%
3%
3%
1(M)
2%
Apr
3%
2
900
1.05
Mar
30
Mar
25
3
Mar
69
8
June
492
Aug
6%
Sept
400
Sept
4
Aug
Mar
5%
18%
1
.
3%
700
52
Troxel Mfg
Jan
41
'
1,500
Apr
6
Sept
May
9c
Sept
40
1.30
29%
Apr
25
13%
12
396
Mar
17
400
9c
52
36
65c
200
13%
15
34
12,700
9c
50
35
1.30
13%
2%
18%
35
36
1.10
Co. 10c
52
35%
35%
Lockheed Aircraft Corp..l
18%
34
29%
36%
Lincoln
52
*
29%
July
Myers (F E) & Bro
*
National Refining pref. 100
100
Goodyear Tire & Rub Co.*
Hancock Oil Co A com—*
July
Monarch Machine Tool..*
Bteuffer Corp A
Aug
Jan
Jan
July
Sept
July
Aug
21
117%
50
1623.
Aug
7
15%
Jan
125
For footnotes see page
50
Mar
Mar
Mar
5
2%
Mar
3%
Sept
11
109
20
2%
25%
57 %c
5
*
300
400
5%
29%
Am*
20
Works
49%
5
9c
175
Van Dora Iron
47%
5
35c
14
10%
2%
49%
,
1,300
5
*
Sept
1.10
Mar
35c
220
Union Metals Mfg
10%
May
35c
32
6
10%
Aug
Mar
52c
35c
May
6
4
76%
6%
5,400
1.50
.—*
*
36
400
1.10
June
Harbauer Co
Bros
200
10%
1.05
50c
35
Richman
75%
9%
1.10
200
97%
6%
Selb'g Rubb 8% cum pf
75%
10%
—
1%
Apr
Ohio Brass B
75%
Corp...
Jan
18
Apr
1%
Apr
Peerless Corp....
5
Prods..*
Exeter Oil Co A com..... 1
General Motors com
10
Globe Grain & Milling..21
Chrysler
1%
1%
88
13%
10
Hupp Motor Car Corp—1
Interco&st Petroleum.....
26
~20"
30
Holly Development Co... 1
50
*
300
Jan
40
*
4
17
Mar
93
Medusa Portland Cement *
4
17
12%
28%
28%
Jaeger Machine
Lamson & Sessions
4
17
Invest Corp... 100
111%
93
14
Jan
Jan
26%
*28"
Jan
Feb
July
May
Aug
3
28%
16%
$5 cum pref *
Goodyear Tire & Rubber.*
Aug
4%
2%
1.20
1,131
342
11%
80
Hanna (M A)
Grelf Bros Cooperage A__*
4%
Co. —1
Claude Neon Elec
70
*
100
Preferred
Range Since Jan. 1, 1938
Shares
High
Low
600
Central
Sales
Last
Shares
Price
Barnhart-Morrow Cons..!
Exchange
Friday
for
of Prices
Low
High
4
Bandlnl Petroleum
Cleveland Stock
Week's Rangt
Sate
Telephone: CHerry 5050
Exchange
San Francisco Stock
Exchange
Los Angeles
523 W. 6th St.
GILLIS KJ RUSSELLco.
Chicago Board of Trade
York Stock Exchange
1%
June
5%
11
3%
July
July
Jan
Apr
Richfield Oil Corpwarrants
Roberts Public
Rvan
Markets..2
Aeronautical O0...I
16c
1%
16c
1%
16c
5
June
3
Aug
Jan
July
1622
Financial
Security Co units ben Int.*
Sierra Trading Corp...25c
Sontag Chain Stores
*
80 Calif Edison Co Ltd. .26
Week's Range
for
Sale
of Prices
Low
High
Shares
29 J*
If
Last
Week
Price
299*
15<
299*
15c
15c
Range Since Jan. 1, 1938
Week's
Sale
Low
Stocks (Concluded)
Par
July
Vanadium Alloy Steel
239*
Mar
31
Price
28
5c
Mar
163
Aug
Victor Brewing Co
100
Jan
109*
Aug
Westlnghouse Air Brake..*
219*
500
79*
199*
Mar
Westintrhouse EI &
219*
219*
24J*
July
Original pref
25
389*
389*
389*
50
35
Jan
38 9*
25
25
279*
279*
279*
100
259*
289*
259*
259*
100
299*
299*
29J*
200
Apr
309*
Aug
Southern Pacific Co
100
179*
19
309*
200
Mai
219*
349*
Superior Oil Co (The)...25
39
39
39
100
26
45
Jan
1,859
35c
Sept
65c
Feb
463
159*
July
629*
Mar
Mat-
289*
131
40c
1079*
Jan
JaQ
309*
99*
259*
Mar
Standard Oil Co of Calif..*
179*
309*
High
Aug
Aug
pf A.25
239*
289*
269*
So Calif Gas Co 6%
Mfg.50'
26
July
259*
Apr
Apr
40
229*
239*
1009* 105
229*
1009*
Low
Shares
July
6% pref B
59*% pref C
.1
Range Since Jan. 1. 1938
for
Week
28
35c
9,000
10
Range
of Prices
Low
High
*
High
10
10
Sales
Friday
Last
Par
Sept. 10, 1938
Sales
Friday
Stocks (Concluded)
Chronicle
1.500
ST. LOUIS MARKETS
I. M. SIMON &CO.
July
Mar
46
109*
1,000
89*
Mar
129*
Jan
20
2094
1,000
179*
Mar
229*
July
169*
169*
169*
100
69*
Jan
209*
Aug
39*
39*
39*
100
29*
Mar
39*
July
Blk Mammoth Cons MIOc
31c
30c
31c
3,100
12c
Mar
39c
Aug
Mines.. 10c
8c
8c
10c
10.000
169*c
Aug
Transamerlca Corp
99*
Union Oil of Calif
2
25
2C9*
Universal Consol Oil
10
Yosemlte Ptld Cement pf 10
99*
July
Business Established 1874
Enquiries Invited
all
on
Mid-Western and Southern Securities
MEMBERS
Mining—
New York Stock Exchange
Calumet Gold
Cardinal Gold
-1
7c
Cons Chollar G & S Mng.l
29*
8c
300
6c June
22c
400
29* June
49*
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
Jan
29*
Apr
7c
29*
9*c May
St. Louis Stock Exchange
315 North Fourth
St., St. Louis, Mo.
Telephone Central 3350
Unlisted—
Amer Rad & Btd Sanitary *
Anaconda
169*
169*
169*
10C
169*
July
Copper...—50
349*
349*
349*
100
Commonwealth & Sou...*
19*
19*
19*
100
19*
Apr
369*
19*
May
New York Central RR—*
189*
189*
189*
100
109*
Mar
219*
July
Packard MotorCar Co...*
49*
49*
200
39*
Mar
59*
119*
July
Paramount Pictures Inc..l
5
99* Mar
219* May
Jan
St. Louis Stock
Exchange
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
119*
10C
Radio Corp of Amer
*
79*
79*
79*
500
5
Mar
Republic Steel Corp
Studebaker Corp
*
189*
189*
100
13
May
1
89*
189*
89*
HH
300
5
Apr
Tide Water Assoc OH—.10
129*
459*
129*
459*
129*
100
109*
159*
July
48
200
259* June
48
Sept
American Inv common...*
61
61
61
100
38 9*
63V*
July
Brown Shoe common
US Rubber Co
10
U 8 Steel Corp
*
119*
119*
Apr
69*
Ma
Friday
Sales
Aug
8
209*
89*
Mar
July
Last
July
Week's Range
for
Sale
of Prices
Low
High
Week
Aug
Par
Stocks—
Price
24
24
259*
339*
339*
60
"24"
21
249*
386
33
33
*
Burkhart Mfg common..1
Coca-Cola Bottling com..l
6
Columbia Brew com
Established 1874
28
DeHaven & Townsend
Ely & Walker D Gs 1st pf-100
121
Members
Emerson Electric pref-_100
Common
...
Faistaff Brew
New York Stock Exchange
2
.
18
48
30 Broad Street
49
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
*
Rice-Stlx D Gds 1st pf. 100
1079*
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
St Louis Bk Bldg Eqt cm.*
Week
Price
Range Since Jan. 1, 1938
Low
High
*
American Tel & Tel
100
Bell Tel Co of Pa pref-.100
Budd (E G) Mfg Co
Preferred
15
30
Jan
June
107
Sept
15
Mar
19
Aug
30
29*
May
95
50
5
18
65
1059* 107
189*
189*
107
1079*
99
7
f Seullin Steel 3s—..1951
t United Railways 4s. 1934
14's c-D-s
:.....
59*
429*
49*
59*.
601
729*
769*
672
69*
69*
79*
95
299*
469*
299*
499*
68
469*
1,434
260
8
19*
29*
5,134
1,596
1
19*
199*
Phila Electric of Pa $5 pf.*
Phlla Elec Pow pref.
26
60
29*
Philadelphia Traction...60
*179*
Scott Paper
469*
35
35
51
Mar
69*
Jan
439*
Feb
Mar
59*
Aug
Mar
779*
July
Jum
3
Apr
Jan
49*
Mar
89*
Mar
319*
Mar
Mar
509*
r
7
36
3
May
59*
15
89*
Feb
Jan
Mar
29*
Jan
Mar
309*
*
225
45c June
135
169* June
369*
Aug
$500
56
56
July
239*
9,000
409* Mar
199* June
60
23
28
Jan
23
23
7.000
10
27
Jan
109
Feb
1179*
Sept
299*
Apr
329*
Feb
19*
Apr
29*
July
49*
Jan
79*
Jan
Mar
198
49*
Apr
109*
Jan
25
359*
Mai
279* May
49
Aug
269*
Mar
1,000
ht
Jan
9*
Feb
10
9*
Mar
19*
July
510
9*
Sept
29*
Mar
36
July
9*
19*
29*
29*
319*
99*
29*
30
19*
Jan
39*
Mar
29*
1,100
19*
Mai
39*
Jan
319*
109*
10
229*
89*
Mai
339*
July
Mai
999*
Mar
119*
1109*
Aug
Sales
Thurs.
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Anglo Amer Min Corp.-.l
30c
23c
30c
Assoc Insur Fund Inc—10
49*
49*
Atlas Imp Diesel Engine..5
89*
89*
Range Since Jan. 1. 1938
Shares
3,912
'
2U
Jan
Bonds—
Elec & People*, tr ctfs 4s '45
59*
5
69*
69*
5,000
69*
Sept
9
Lehigh Valley 49*8—.2003
Peoples Pais tr ctfs 4s. 1048
59* $28,000
0
1,000
9
Sent
Aug
7
69*
Jan
Sept
Low
High
500
16c June
49*
500
29*
Jan
89*
325
49*
Jan
10
May
Mai
193
40
45c
59*
Jan
Aug
197
July
*
189*
18
189*
593
13 9*
Mar
22
July
20
219*
219*
219*
20
199*
Mai
219*
Calif Packing Corp com..*
199*
199*
199*
310
159*
Mai
24
Jan
49
49
49
10
459*
Apr
52
July
Bank of California N A
80
Byron Jackson Co
Calamba Sugar pref
Preferred
9*
1089* 1099*
June
Exchange
50
193
30c
Carson Hill Gold Mln cap 1
193
30c
34c
171
Jan
3,389
15c
Apr
30c
Jan
Caterpillar Tractor pref 100
1059*
1059* 105s*
40
999*
Mar
1069*
July
Central Eureka Mining
1
270
260
275
5,625
1.65
Jan
2.85
Aug
1
265
250
270
3,200
1.65
Mar
2>0
Aug
379*
Mar
779*
Aug
Apr
1069*
33
Feb
July
Preferred
...
5
759*
Coast Cos G & E 1st pf. 100
1059*
Chrysler Corp com
759*
615
105 9* 1059*
10
545
759*
129*
129*
259*
129*
80
779*
80
390
Emporium Cap well Corp.*"
"99*
Jan
Jan
9*
9*
29*
29*
1.23
75c
329*
Francisco Stock
July
89*
112
2
San
July
79*
Mar
40
'it
1
Sept. 3 to Sept. 8, both inclusive, compiled from official sales lists
Mar
3
49*
19*
149*
1,125
35
75c
31
Aug
29*
200
13fc
31
Aug
219*
259*
75c
16
Aug
39*
42
89?
479*
ht
Corp
*
Sept
69*
2
Sept
Jan
59*
429*
49i
60
...*
1079*
4
Bonds
209*
189*
117,9* 1179*
309*
299*
19*
19*
39*
29*
59*
59*
169*
189*
Preferred.
June
73
150
.
7
Jan
13.,
United Gas Imp com
Jan
Jan
1199*
250
*
Jan
11
Sept
July
79*
50
28
May-
30
1129*
59*
Preferred
115
Apr
20!
117
49*
United Corp com
10
Aug
Mar
119*
19
116
49*
Union Traction
Jar.
100
5
116
69*
Preferred
109*
69*
109*
36
30
Wagner Electric com
49*
Transit Invest
May
30
Seullin Steel warrants.._
69*
Taoony-Palmyra Bridge..*
Tonopah-Belmont Devel. 1
289*
609*
..100
Preferred
Jan
49*
1
Mar
80
33
Jai
Sept
Jan
Natl Power & Light
50
Sept
27
45
119*
276
Corp
Sept
7
12
1
50
329*
109*
29*
50
Apr
79* May
A pi
1499*
Lehigh Coal & Navigation*
Lehigh Valley
60
7% preferred..
344
4C
Aug
Electric Storage BatterylOO
General Motois
10
Salt Dome Oil
279*
2,203
5
Mai
*
Phila Rapid Transit
Jan
835
7
99*
499*
45
5
729*
vtc
Apr
45
1119*
5
Corp
10
100
pref
181
Chrysler Corp
Pennsylvania RIt
Sept
Mai
69*
Sept
62
262
*
Pennroad
Jan
75
July
79*
79*
*
*
21
55
1439* 1459*
100
com
July
May
10
1439*
Budd Wheel Co
Curtis Pub Co
169*
60
60
Stix, Baer & Fuller com. 10
American Stores
121
60
Scruggs-V-B Inc 1st pf_100
2nd
Shares
""29*
July
May
259*
June
107
150
79*
6
Common.
Sales
Friday
25
28
Natl Bearing Metals comNational Oats Co com
49*
339*
Jan
10
Natl Candy 1st pref...100
Philadelphia Stock Exchange
359*
26
50
46
89*
109*
Jan
Aug
Jan
Aug
Aug
Jan
4
69*
*
Laclede-Christy CI Pd cm~*
40 9*
25*
20
99*
Knapp Monarch com
279* May
109* June
239*
18
69*
International Shoe com..*
259*
100
75
Hamilton-Brown Shoe cm-*
10
High
June
300
18
79*
com
Hyde Park Brew com
63
Low
20
39*
75
Huttlg S & D com—....6
NEW YORK
1513 Walnut Street
_
Grlesedieck-West Brw cm-*
Philadelphia Stock Exchange
New York Curb Exchange (Associate)
PHILADELPHIA
:
...
221
28 9*
121
39*
—.*
Dr Pepper com
Range Since Jan. 1, 1938
Shares
129*
12
129*
697
Preferred (w w)
Emsco Der Equip Co
Ewa Plantation Co cap
319*
319*
329*
......
Cons Chem Ind A..
*
Crown Zellerbach com—6
*
Preb-rred
50
f
20
259*
259*
9
9
9
1,734
174
101
229* May
149*
July
Mar
82 V*
July
99*
Mar
149*
July
26 9*
Mar
37
July
69*
Mar
109*
Feb
469*
79*
56
Mar
Pittsburgh Stock Exchange
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
359*
359*
10
30
June
Fireman's Fund Indem_. 10
38
38
38
10
33
Mar
38
Feb
Sept
83
929*
84
50
62
Mar
88
June
Foster & Klelser pref
26
Gen Metals Corp cap..29*
Jan
359*
Firemen's Fund Ins Co..26
20
16
16
16
20
12
Apr
11
11
11
110
6
Mai
119*
July
General Motors
489*
489*
49
Mar
499*
Aug
com
_
.
10
1,321
259*
18
Aug
Last
Sale
Stocks—
Par
Price
Allegheny Ludlum Steel. _*
Preferred
Prefened
189*
100
Arkansas Natural Gas
110
Aimstrong Cork Co
169*
Byers (A M) com
Carnegie Metals
*
1
Clark (D L) Candy Co
*
Columbia Gas & Electric. *
189*
110
56
Low
119*
10 2:105
High
Mar
219*
Jan
10
329*
Apr
399*
12,200
66c June
1.30
Jan
Aug
Sept
36 s*
369*
1
Holly Develop Co
1.25
1.20
369*
1.30
55c
Honolulu Oil Corp cap...*
209*
209*
209*
180
139*
Jan
Langend'f UtdBak A unstpd •
*
Class B
17
17
17
336
12
Jan
449*
32
Mar
479*
July
Leslie Salt Co
10
40
40
40
169*
179*
249*
109*
Mar
199*
July
LeTourneau (R G) Inc
1
25
25
12
69*
Mar
139*
July
I-ockheed Aircraft Corp.. 1
139*
13 9*
50c
27 i
46
55c
1,935
59*
59*
985
39*
69*
69*
173
5
200
19*
50c May
19*
Jan
Jan
79*
July
99*
Jan
Marchant Cal
Apr
29*
Jan
309*
Aug
20
Feb
June
17
Mai
69*
90c
78
*
78
69*
26
90i
500
949*
300
5
70c
78
99*
99*
40c
Mountain Fuel Supply.. 10
Aug
109*
Aug
210
329*
Apr
40
Jan
25
185
13
139*
775
Aug
Aug
Mai
Feb
Sept
119*
June
95c
July
105
Jan
Lyons-M agn usB
40c
100
8
Pittsburgh Plate Glass. .25
79*
..5
*
*
*
50c
Jar
1.13
Jan
89*
Mar
169*
July
140
169*
Prior pref
10c
Natomas Co
*
N American Invest com 100
Invest 59*% pf 100
129*
255
99*
12
69*
30
129*
245
9
119*
69*
14
255
99*
12
69*
99*
Feb
300
80c
Mai
1,230
39*
Mar
79*
Mar
39*
Mai
490
100
30
30
119*
269*
200
1,000
40
109*
July
North American Oil ConslC
119*
119*
Apr
19*
Feb
Occidental
269*
26
59*
33
Jan
Occidental Petroleum
20c
20c
20c
O'Connor Moffatt cl AA..*
5
5
5
60
Pacific Can Co
*
8
8
8
200
170
180
For footnotes see page 1623.
A pi
69*
26
26
50
19 J*
Mar
8
8
300
49*
Mar
99*
Jan
Apr
39*
16
369*
30
July
July
220
449
Mar
39*
55c
60c
149*
90c
359*
Sept
60c
149*
69*
16
369*
40c
60c
Menasco Mfg Co com
1
National Auto Fibres com 1
No Am
40c
544
56
16
149*
200
100
299*
Mar
29*
1
1029* 1029*
79*
79*
239*
239*
Mar
59*
Machine..5
Magnavox Co Ltd
9 94
49*
July
179*
Apr
1
49*
—.—
24
Apr
39*
99*
1
Mar
210
99*
Market Street RaUway—
19
1
110
Mar
10
299*
Sept
200
Reyner & Bros com
June
4
189*
Standard Steel Spring
20 9*
69*
Feb
289*
United Entrine A Foundry 5
207
Mar
189*
69*
Plymouth Oil Co.
209*
Mar
289*
Pittsburgh Screw & Bolt-
209*
49*
10
1
209*
29*
10
Pittsburgh Forgings
July
*
96
Devonian OH Co
Pittsburgh Brewing pref.. *
July
49*
75
Copperweld Steel
Lone Star Gas Co
129*
Apr
59*
19*
McKinney Mfg Co
June
29*
29*
19*
Fort Pitt Brewing
July
69*
606
89*
59*
449*
10
Koppers G & Coke pref. 100
10
124
49*
8
Week
Shares
Consolidated Ice pref
Follansbee Bros pref... 100
Mar
109*
49*.
8
12
59*
*
Blaw-Knox Co
High
69*
109*
49*
General Paint Corn com..*
Gladding McBean & Co..*
Range Since Jan. 1, 1938
for
29*
*
100
of Prices
Low
354
109*
*
Hawaiian Pin Co Ltd
Sales
Week's Range
Golden State Co Ltd
Home F & M Ins Co cap. 10
Friday
insur Co
com
10
139
17
99*
23
49*
129*
8
Aug
July
July
Aug
July
40
Jan
Mar
139*
Feb
Mar
28 V*
Jan
Apr
17c June
5
39*
10
30c
Jan
May
109*
Jan
Mar
89*
Aug
1069*
July
Pacific Coa<»t Aggregates in
175
2 05
Jan
13C
49*
May
99*
July
Pacific Gas A Elec com..25
26
259*
2691
1,795
23
Mar
29 V*
July
2
159*
Mar
259*
July
289*
2894
29
1,876
27
Mar
309*
July
26
269*
362
259*
36 9*
36 V*
408
329*
Mar
1069* 1069*
30
99
Mar
25
25
265
2
69*
22
Jan
3)*
July
Mar
16
Sept
Mar
369*
July
6% 1st pref
25
59*% 1st pref
25
Pac Light Corp com
$6 dividend
26 9*
*
36 9*
*
106 9*
604
1.40
Jftt
Mar
28
419*
108
Jan
July
July
Volume
Thurs.
Sales
Last
Par
Week's Range
Sale
Stocks (Concluded,)
of Prices
Price
Pac Pub Ser non-v com..*
1st preferred
Pac Tel & Tel com
Paraffine Cos
18%
113%
Range Since Jan. 1, 1938
for
High
Low
352
3%
Mar
7%
July
18%
264
13%
Mar
19%
113%
20
87%
29%
Apr
119%
Jan
48%
48%
99%
99%
20
5%
260
5%
Sept
7%
5
5
16
89
56%
com
*
4%
4%
RE&RCo Ltd pref
100
33%
33%
34
60
34
Aug
13
12
13
682
8
May
Rayonier Inc
1
com
Preferred.:
25
Rheem MfgCo...
19%
12
June
29%
9%
Mar
200
12
7%
7%
7%
4%
Mar
14%
8%
States
12
June
17
CURRENT ASSETS
Assets—
111% 111%
20
111
Mar
122
May
x01%
101% 101%
20
102%
Apr
106
100
LIABILITIES
$13,135,467,725.43
375,299,077.9)
$13,135,467,725.43
Liabilities—
Aug
15
15
AND
GOLD
Total
Jan
111%
15
,
$2,892,680, 139.00
Gold certificates—Outstanding (outside of Treasury).
co&
*
15%
15%
15%
100
Sherwood Swan & Co A. 10
4%
4%
4%
123
1,190
Soundvlew Pulp com
20%
19%
20%
So Cal Gas Co pref ser A.25
30
29%
30
18%
18
19
4%
11%
So Pac Gold Gate Co B
July
Mar
Gold
25%
30%
Aug
Mar
22%
Jan
and
Aug
Apr
9%
28
38c
May
*
30<
30c
30c
100
13c
May
Standard Oil Co of Calif..*
30%
30%
30%
568
25%
Mar
34%
21
21
21
335
13
Mar
23%
.
.......
.
7,422, 379.82
156,039, 430.93
.
.
$1,168,722 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by sUver dollars In Treasury.
Exchange stabilization fund
1,800,000 000.00
462,374 915.30
...
Gold in general fund..
July
Super Mold Corp cap... 10
reserve-
...
Note—Reserve against $346,681,016 of United States notes
Mar
5%
Apr
802
5
Apr
10
3x0
Southern Pacific Co... 100
18
7,816,950, 860.38
Gold certificate fund—Board of Governors, Fed. Res. System..
Redemption fund—Federal Reserve notes--.a
Shell Union Oil
The figures
of the United
entirely from the daily statement
Jan
San J L & P 7 % pr pref. 100
1
thd items stood
Treasury of Aug. 31, 1938.
Gold (oz.
Aug
17%
San J LAP
6% prior pf 100
as
set out in the following.
are
Feb
Jan
410
19%
12
*
taken
are
June
25
100
19%
_.l
Rlcbfleld OH Corp com
Roos Bros com..
1938
Feb
5
*
CURRENT LIABILITIES
holdings of the Government
July
6%
Mar
3%
597
July
99%
June
Jan
48%
99%
50/
June
*
com..
Aug. 31,
July
100
com
The cash
6%
18%
113
TREASURY CASH AND
Week
Shares
High
6%
6%
100
Paraffine Co's pief
Puget Sound P<feT
RE&RCo Ltd
JjOW
*
1623
Chronicle
Financial
147
June
_.
_
50c
Thomas Allec Corp A
TldeWater Ass'd Oil
....
*
50c
50c
300
50c
Sept
1.20
1.00
1.00
50
75c
May
1.50
Jan
13
10%
10
13
2
com
10
Transamer'ca Corp
Treadwell Yuk Corp Ltd.l
Union Oil Co of Callf___25
13
13
9%
10%
8,209
75c
57a
75c
100
20
20%
10%
15%
16%
27%
27%
240
285
285
285
15%
12%
Jan
Feb
83c
22%
20%
Jan
Apr
295%
July
6%
10
SILVER
257%
$1,060,565,325.45
503,559,142.00
(oz. 820,280,993.9)
SUver dollars (oz.
389,471,523.9)
$1,564,124,467.45
Total
Aug
41%
Silver
July
Jan
May
17%
25
Assets—
June
Mar
45c
1,495
26%
27%
July
Mar
Mar
8
625
10
Walalua Agricul Co
20
Wells Fargo Bk & U T.. 100
Universal Consol OH
$13,135,467,725.43
Total
Jan
1.0C
Texas Consolidated Oil Col
Liabilities—
Silver
certificates
outstanding
Treasury notes of 1890 outstanding....^..
...
......
Silver In general fund
$1,534,047,013.00
1,168,722.00
28,908,732.45
Unlisted—
American Tel & Tel Co. 100
145% 145%
55c
3,350
14%
25
50c
Anglo Nat Corp A com... *
151
50c
14%
145%
Amer Toll Bridge (Del)..]
14%
Argonaut Mining Co
4%
3%
4%
3%
4%
3%
100
2.00
Mar
Aug
Gold (as above)
972
Aug
15%
200
V ' 3
10%
Mar
15%
Mar
18
July
SUver—At monetary value (as above)
Subsidiary coin (oz. 7,16 ,808.8)
110
3%
Mar
6
July
Bullion—At recoinage value (oz.
10
39%
Apr
10
21
5
5
Curtis-Wright Corp....
1
Dominguez Oil Co
*
40%
40%
Great West Elec Ch pref. 20
2i%
21%
5
1,150
39c
620
36c
38c
1
com
40%
21%
7%
7%
7%
Mines..1
Italo Pet of Amer
Aug
8
Aug
3%
3%
3%
3r
18c
18c
18c
2,300
15c
Federal Reserve notes
Jan
Federal Reserve bank
Jan
National bank notes
38c
Jan
IJnclassifled—Collections, Ac
Jan
Deposits In—Federal Reserve banks
9%
6%
6%
6%
910
25%
25%
25%
600
19%
May
Schurnach Wall Bd com..*
4%
4%
4%
420
2.00
Feb
4%
20
7%
Apr
22%
Aug
21%
256
19%
Mar
24%
July
25%
25%
25%
35'
24
28
28
28
189
25%
30
30
25
Studebaker Corp com
30
275
16, ,509,491
26%
July
Foreign depositaries—To credit of Treasurer United States
To credit of other Government officers
28%
Aug
Philippine Treasury—To credit of Treasurer United States
30
July
Mar
100
365
40
8%
Aug
29%
July
4
r
z
2nd Llq.
a
Div.
$2,407,154,031.81
:
,
Cash sale—Not Included in range for year
Listed,
Ex-dlvldend
x
1,956,948.91
Board of Trustees. Postal Savings System:
Ex-rights
y
83,706.950.09
—
Deposits of Govt, officers—Post Office Department............
b Ex-fltock dividend.
Endorsed.
Pay.
2 ,025,086
Total
Liabilities—
Treasurer's checks outstanding
No par value.
1, ,068,675
..
July
62%
19%
60%
Mar
May
8%
26%
'
*
28, ,936,859
1, ,333,166
officers
July
8%
60%
Government
Mar
30
60%
26%
United States 8teel corn. _*
556, 312,000,
Apr
26%
8%
1
United Aircraft Corp cap.5
778, ,208,617
To credit of other
22
21%
......25
—
6 ,488,247
....—-.
To credit of Treasurer United States
21
So Cal Gas Co 6% pref..25
237,743
893,189
...
,
—
Aug
21%
South Cal Ed 6 % pref... 25
14 ,318,777
notes..............
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
Mar
35
21
*
5%% pref..
3% May
25
com
2 ,671,714
Jan
Mountain City Copper..5c
Preferred
342,525
United States notes
50c
34%
5%
Oahu Sugar Co Ltd cap. .20
,903,312
491 ,761,815
4 ,859,160
Mar
3%
1
,908,732
9
Minor coin.;
Sept
5
M J A M A M Cons
28
......
247,774.6)
value (oz. 901,306.456.2)a
•
Au
31
80
23
At cost
$462 ,374,915
Sept
23C
McBryde Sugar Co
31
31
Feb
44%
Mar
4.95
*
31
5%
6%
Mar
Matson Navigation Co
So Cal Ed Ltd
$1,564,124,467.45
GENERAL FUND
Assets—
15%
..5
Bancamerica-Blair Corp.. 1
Bunker HU1 & Suliivan2.50
Idaho-Maryland
Jan
17
Apr
Total
Jan
70c
42c June
11
Jan
149%
Apr
111%
5%
59,300,600.00
8,826,778.74
67,218,607.77
lawful money
reserve,
Other deposits
t In default.
Postmasters, clerks of courts, disbursing officers, Ac
Deposits for:
CURRENT
Redemption of National bank notes (5% fund,
NOTICES
335,031.62
6,234,251.87
lawful money)..
Uncollected items, exchanges. Ac
-—Julius
A.
Rippel,
Vice-President
formerly
Newark, N. J., with whom he
of J.
744 Broad
Inc., with offices at
transact
investment
an
St.^ Newark,
securities
business,
The
N. J.
specializing
municipal bonds.
As
15 years,
former
pointed
In municipal finance,
of the Bond
member of the
'
transact a
He is
67
a
Dartmouth
Wall St., New York City.
Chas.
with
E.
& Co.;
Quincey
The weight of this item
cost per ounce at
of silver bullion is computed on the basis of the average
the close of the month of July,
Note 1—This item of seigniorage represents
and
the monetary
value of silver
D.
A.
Keefe Co.
to
1934 and under the President's
Note 2—-The amount to
Mr.
Keefe
was
formerly
Previous to that he
1930-1937;
a
was
$2,734,718,587.86.
1938.
the difference between the cost
value
bullion revalued and held to M?cute the sllvei
of silver acquired under the Silver Purchase Act
certificates Issued on account
of
formation
$2,407,154,031.81
-
*
I
the
announced
partner in the firm of William P. Neacy & Co.
connected
$141,946,824.52
455,089,504.35
1,662,539,133.94
2,259,575,462.81
general investment business, specializing in U. 8. Government
securities, at
balance......-.......--.------
Total
a
and recently was ap¬
Mr. Rippel is a graduate of
•
Keefe
D.
Working
Municipal Division Council of the Investment
new
College, and lives in Madison, N. J.
V
will
Rippel has carried through
Mr.
of New Jersey
Club
Bankers Association of America.
—Arthur
duction in the weight of the
New Jersey
New Jersey municipalities.
refunding operations for
President
a
$147,578,569.00
resulting from re¬
gold dollar..
Seigniorage (silver) (see Note 1)
Balance today—Increment
Rippel,
firm
new
in
an¬
.
specialist
a
numerous
Co.,
Iiippel &
S.
associated for the past
was
nounced the formation of his own firm under the name of Julius A.
of
proclamation dated Aug. 9, 1934,
the credit of disbursing officers and certain
agencies today
"
was
Bancamerica-Blair
Corp., 1928-1930; C. P. Childs & Co., 1920-1928; and Harris Winthrop &
Co.,
1915-1920.
as
Associated
with
Mr.
Keefe will be
Troup resident partner announced.
in charge of Insull.
the
with
firm
until their
became associated with Hallgarten
—Norman & Tastrom,
York
1927 went to London
Trask & Co. in Chicago and
Chicago office
was
closed and
& Co.
Secretary-Treasurer.
an
un¬
Ripley & Co.,
Inc. and Mr. Norman
was
formerly associated with Mabon & Co.
to
Co.
Biltmore
the
management of Robert
theys and
Treasury at the beginning of
announce
Hotel,
the
removal
of their
New York City.
Madison
are
assistant managers.
Department.
with
1, 1938
July 1, 1938
Aug. 1,1938
S'cpf.
1,
1938
bullion.
387,760.544
439,060,870
497.138.578
618,414,346
514.070.194
512,478,802
2.871,295
4)10,994.667
521,013,074
2,422,82-4
Net National bank notes.
921,897
1.353,384
1,229.859
893,189
Net Federal Reserve notes
12,342,176
13,777,498
12,386.363
14,318,778
Net Fed Res. bank notes..
439,556
378,678
Net subsidiary silver
9.619 097
8.734,294
8,598.462
9,903,313
7,026 69c
7,590.599
9,266,785
11,347.40')
986,245,420 *1042059.367
156.039.431
156,039,431
*1178.799566
156,039.431
778,563,548
830,205,989
886,019,936 1,022,760.135
679,077,00'
Total cash in Treasury.
Less gold reserve
fund
John P. Mat-
Casb balance in Treas—
Robert S. Wormser,
them
as
934.602,97'
2,248.714
.
202.039
2,671,714
237,743
156,039,431
Dep. In spec'l depositories
account
Treas'y bonds.
Treasury notes and cer¬
tificates of Indebtedness
$ —Woodcock, McLear & Co. of Philadelphia,
become associated
Jvne
Net United States notes..
office.
has
first of June,
Net silver coin and bullion
Avenue
This office is under the
B. Rothfeld and James M. Sapp.
Harold C. Shea
Holdings in U. S. Treasury
Horace McK. Hatch and Stanley B. Burger are also connected with this
McLear
business on tho
July, August and September, 1938:
Minor coin. Ac
investment and trading business in
Mr. Tastrom was formerly manager of the trading
department of Heinzelmann,
&
compilation, made up from the daily Gov¬
shows the money holdings of the
statements,
Net gold coin and
Edward P. Tastrom is President and Arthur R. Norman
—Fahnestock
ernment
MONEY HOLDINGS
then
Inc. have opened offices at 40 Exchange Place*
City, to conduct
listed securities.
office
The following
Son & Co., Ltd. which he headed until he returned to
1932, he joined Spencer
In
country.
remained
is
Co. in Chicago, Clarence
Ketting began his business
Mr.
secretary to the late Samuel Insull and in
career as
New
TREASURY
as
Ketting, until recently with Hallgarten& Co., Chicago,
has become associated with Lamborn, Hutchings &
this
Lanza
of the unlisted, stock and bond department.
manager
—Edward Ogden
G.
Paul P.
of the U. S. Government bond department and James D. Cleland
manager
610,534,000
585.434.000
556,312,000
that Walter B.
Dep. In Fed. Res. banks..
1,203,137,586
929,359.113
777,224,848
778,208.617
of their Trading
Dep. In National banks—
To credit Treas. U. 8..
14.061.203
15.380,811
16.363.528
16.509,401
announce
manager
To credit dlsb. officers.
28,724.951
28,889.530
28,909,589
28,"36.859
that
Cash in Philippine Islands
1,606,307
1,738,384
1,889,887
2,025,087
Deposits In foreign depts.
Net cash
in Treasury
2,870.736
2,909.903
2,807,880
2,401,843
Harry J. Long and Ben Kessler have been admitted to general partnership.
—Talbot
9
&
-
Co., members New York Stock Exchange,
—James W. Wolff, for many years
with
with Speyer & Co., is now associated
Seasongood & Haas, members New York Stock Exchange.
—Bristol
the
announce
&
Willett,
115
Broadway,
and In banks..
Deduct current liabilities.
New York City, are distributing
Available cash balance
2,708,041,336 2,419.017.730 2.298,649,668 1,407,154,032
147,578,569
182,638,488
203.099,817
141.121.594
2,566.919.736 2.215.917.913 2.116,011,180
2.259,575,463
September issue of their "Over-the-Counter Review."
*
—Frank G. McGivney, formerly of Redmond
ciated with
Bendix, Luitweiler & Co.
& Co., has beomce assoas
Includes on 8ept. 1.
included in statement
$492,104,342 silver bullion and $4,859,161 minor, Ac.,
"Stock of Money,"
coin
Financial
1624
Sept.
Chronicle
1938
10,
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Sept. 9
Province ol Alberta—
Jan
6s_.
1948
I
1 1956
4148......Oct
Province of Ontario—
Ask
Bid
-
Prov of British Columbia—
5s
July
4
Oct
Hh
12 1949
1 1953
101
100
96)4
97)4
5s
Oct
1942
110)4
111*4
6s..
Sept
15 1943
116 X
117
May
1 1959
121 Vi
June
1
108)4 109)4
4)4s
Jan
1
>962
115)4 117
15 1965
98)4
93
94)4
4)48......Mar
93
95
4s
15 1960
106
107
15 1961
June
5»
103)4 104)4
Dec
2 >950
Prov of New Brunswick—
414s
Apr
4148.
..Apr
.
414s......Sept 15 1952
Mar
1960
1
10)4
119*4 120*4
109)4 110)4
1 1958
May
108
111
11961
109
112
4)4s-
84
86
84
86
79)4
1 1951
81
Bid
4s
6s
perpetual debentures.
Sept 15 1942
4148.
Dec
5s
July
15 1944
1
Bid
1944
102 X
103
95
9614
112
Corp of Canada... *
Price Bros A Co Ltd
*
Power
100
49
Sept
1
June 15
.Feb
1
July
1
July
1
414s
414a
15*4
15)4
50
50
Jan
1
1962
107
..Jan
1
1962
97
1
1970
July
July
14
Mar
6
6
4
May
23
22
Aug
Rolland Paper pref....100
100
100
99
Apr
102)4
Feb
Jan
17
..
preferred
100
•
60
17)4
4*4
16
47
9*4
Jan
Jan
Feb
102)4
Aug
2*4
Mar
6*4
July
8)4
Mar
20)4
58)4
Aug
95
102)4 102)4
4*4
16)4
19
25
5)4
18
24
23
July
17
June
Steel Co of Canada......*
68)4
68
68)4
56
Mar
71
66
66
54)4
150"
150
150
St Lawrence Paper
pref 100
*
25
Preferred
5)4
•
5)4
Aug
68
Aug
Apr
160
July
3
5)4.
Mar
Mar
7
July
Sept
110
110
*
2
2)4
1.50
2
2
1.25
Sept
3
Apr
*
Winnipeg Electric A
July
150
110
110
Apr
Mar
Jan
254
June
Ask
July
1 1946
123
124
Orand Trunk Pacific Ry—
163
Canadienne
100
164
160
100
175
175
160
Apr
178
Jan
Montreal
4s
Feb
55)4
Banks—
3s
5s
Mar
34
Jan
Commerce
1957
1
July
Mat-
Bonds
1J 6
114)4
20
23
Tuckett Tobacco pref.. 100
6148
116)4
Mar
Mar
Canadian Northern Ry—
1969
16)4
8*%
50
86
Aiar
17*4
93)4
117*4
115)4
1969
Aug
Sept
9)4
10
93
117)4
1
Mar
16
78
11 *4
97)4
114)4 115
Oct
33)4
16
78
13
Feb
Aug
52
96)4
1951
5s
Sept
155)4
20*4
1
1955
1956
1 15
55
31
*
B
4148
Feb
16
13)4
17)4
Western Grocers pref.. 1C0
4*4s
Mar
24
49
78
16
"l3"
*
Preferred
United Steel Corp
Canadian National Ry—
High
Mar
150
29)4
155)4 155)4
11
1 1946
Bid
Low
23
27)4
19)4
Dec
Ask
Range Since Jan. 1,1938
Week
Shares
46
11214
Bid
H %O
11
Sept
Dominion Government Guaranteed
TajW
19*4
68
1 1980
for
ttanac
Sherwin Williams of Can.*
414s
414s......July
*
>f Prxces
25
Power
Regent Knitting
Shawlnigau W A Pow
96)4
1954
Week
97
Ask
Canadian Pacific Ry—
78
27)4
10(1
*
100
Ottawa L li A P.._
A
Ask
|
77
Price
100
Preferred
Ottawa Car Mfg
Saguenay Power pref.
fet Lawrence Corp
Railway Bonds
Canadian Pacific Ry—
*
Ogllvie Flour Mills
Quebec
15 1943
15 1946
June
.Nov
Oct
5)4s.
Par
5% pieferred
Prov of Saskatchewan—
58
109)4
2 1950
Feb
4)4s
Province of Nova Scotia—
58
Province of Quebec—
96)4
i 1941
15 1964
Aug
5s
Stocks (Concluded)
Ottawa Electric Ry
Province of Manitoba—
4148
Sale
122)4
4s
/....
-
Last
Ask
5s
61)4
/60
Sales
Friday
BUI
100
214
214)4
197
Mar
223
July
June
310)4
Aug
Mar
191H
Jan
163
Nova Scotia..
100
310
310
295
Royal
100
188*4 191
Jan
170
Aug
119*4 119*4
119*4 119*4
5s..
16*4
Montreal Stock
10914
98
Canadian Government
Exchange
Public Utility
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Week's Range
for
Sale
Stocks-
of Prices
Low
High
Shares
Price
Alberta Pacific Grain A..*
Alberta Pac Gr pref
Range Since Jan. 1,1938
HANSON BROS., Inc.
Week
Low
High
Established 1883
3*4
10
2
Mar
5
July
27
27)4
18
12
Jan
28
July
3*4
100
Associated Breweries
Municipal
and Industrial Bonds
*
15)4
15)4
15)4
45
11)4
8)4
9)4
425
6)4
11)4
1.50
1.50
275
1.15
Mar
2*4
Toji
330 Bay Street, Toronto
July
Brazilian Tr Lt A Power.*
St., Montreal
Sparks St., Ottawa
July
1.50
56
July
8*4
Apr
June
16
Bathurat Power A Paper A *
Bawlf (N) Grain
•
Bell Telephone
10C
255 St. James
British Col Power Corp A. *
B..
164
30
3*4
Bruck Silk Mills....
*
3X
Building Products A
*
Canada Cement..
*
"b'x
100
»
Canadian Bronze.
Canadian Car A Foundry. *
"39"
Canadian
Celanese
Mar
Feb
5*4
4)4
July
60
38
9*4
17
2*4
1,055
20
12)4
9
17)4
3
12
12
39
39
i5
14*4
16*4
29
28)4
29
13
13
95
95)4
16*4
17
195
10
191
7)4
Apr
Mar
87
June
9
June
7
Jari
1294
110
16*4
10
Last
Jan
Sale
Jan
Jan
Jan
Mar
June
344
7
Mar
4*4
16*4
75
30
Con Min A Smelt
...100
100
Price
™*4
July
Aluminium
18)4
Asbestos
840
18*4
Mar
30
July
July
Ltd
Corp Ltd
*
50
9
June
20
Jan
Beauharnols Pow Corp—*
90
July
106
Jan
Brewers A Distill of Van..5
16*4
Mar
20
Jan
Brit Amer Oil Co Ltd
2)4
2)4
2)4
805
2)4
Mar
2)4
2H
2*4
225
1.60
Mar
8
8
8
100
6
Mai
30 H
6
6
6)4
1,720
5
Mar
8)4
Jan
*
9X
9)4
9*4
145
6*4
Mar
>3)4
July
25
57)4
57
47
Mar
64*4
Jan
19
59*4
19)4
1,543
19
65
16
Mar
19*4
July
*
Jan
2f
10(
Dominion Steel A Coal B 25
Dom Tar A Chemical
*
Dominion Textile.
148
12 J*
6)4
»
_
Preferred....
Dryden
17 )4
Canada A Dom Sug (new) »
202
21
Mar
39
July
18
355
16
Mai
20
Jan
10
145
Feb
150
May
8,210
9
Mar
6)4
65)4
100
Paper
35
12
140
6
East Kootenay Power.... *
Electrolux Corp
i
6
1 .CO
148
13)4
7
65)4
140
6)4
1.00
*
Preferred
100
12*4
82 X
Rights
General Steel Wares
»
Preferred.
Gurd (Charles)......
7)4
100
Gypsum Lime A Alabas..*
65
4)4
121
50
83 He
Apr
1.27
82
89
862
47
Mar
91)4
Aug
4
4
30
2
June
4*4
June
4)4
"1*4
4*4
20)4
National Breweries..
*
Noranda Mines..
*
Mai-
Jan
Consol Paper Corp Ltd...*
Mar
4)4
Jan
394
Mar
9*4
July
July
9
Aug
Aug
David A Frere Ltee A
*
60
3
Apr
July
Aug
Dom Eng Works Ltd
Dominion Stores Ltd-
*
38
39
10
21
May
48 *4
.—*
5
5
100
8*4
Jan
75
Mar
86)4
June
Donnacona Paper A
*
6
6
6*4
1,018
4*4 June
3)4 Mar
June
5)4
Aug
Donnacona Paper B
*
5
0
5*4
275
8*4
7*4
July
3
780
5
Mar
10)4
20
45
Mar
80
30
5
Mai
8)4
June
495
4
Mar
8*4
JaD
100
24
July
July
5
Mar
9)4
July
11H
15)4
Aug
10)4
Mar
Mar
18
20H
Mar
31)4
15
Mar
19*4
13 H
Jan
15*4
5
7
May
7)4
23
Apr
31)4
50
2,836
37
Mar
26
419
23*4
Mar
13
570
14
2,61!.
5
655
357
74
10)4
9
4*4
9*4
June
Aug
Feb
July
Feb
-
8)4
5
"5*4
8
17
9
Feb
6*4
1,160
3
Mar
220
16)4
140
9
Mar
20
16
18)4
65)4
1,444
10
Mar
21)4
July
25
64
July
65)4
Sept
2*4
16*4
65*4
aren
*53
Mar
2*4
Mar
2*4 Sept
4*4 July
Jan
12*4
26
13
Mar
34
June
22)4
50
23
1.00
500
22 H
40c
Mar-
1.00
Mar
1.45
May
July
13*4
Pow A Paper..*
Sept
1.70
55
22)4
1.00
2*4
75
24
*
260
3
13)4
57)4
30
Mar
17
53
99
100
Feb
Melchera Distilleries Ltd.*
17)4
July
14
Sept
Malchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
100
July
Paton Mfg 7% cum pref 100
Power Corp of Canada
6% cum 1st pref
.100
Provincial Trans
Sou Can Pow 6% cm pf 100
United Securities Ltd.. 100
100)4 100)4
98)4
"7)4
13
95
Apr
3,621
27
Mar
31
Jan
28
16
27
July
28
May
58)4
58)4
16
56
Jan
62
Jan
Mar
69
69
89
Feb
42
1,573
74)4
34*4
Aug
41H
58)4
Apr
43
Aug
63
2,110
31
Mar
67
Aug
32
32
100
24
June
34
Aug
70)4
73)4
4,724
48
Mar
75)4
Aug
Walkerville Brewery
*
(H) Walk-Gooder A Worts*
Walker Good A Worts(H) *
*1
*
cum
pref.....
No par value.
Aug
3
Mar
30
Mar
3
Massey-Har 5% cum pf 100
McColI-Fron 6% cm pf. 100
MacI
2,958
2*4
2*4
Home Ind Prod
Intl Paints (Can) Ltd A..*
Lake Sulphite
Lake St John PA P.
Mar
28
Sept
10)4
22
15
31)4
Feb
22
10)4
52*4
14
July
July
8*4
20*4
*
10)4
Aug
15
10)4
*
Mar
Sept
11
21*4
*
Voting trust ctfs
*
Goodyear T A Rub of Can*
4*4
14*4
Jari
July
*
Mackenzie Air Service
84
Mar
5*4
Mar
May
3
July
Ford Motor Co of Can A.*
Fleet Aircraft Ltd
Loblaw Groceterias A
29*4
2
8)4
8
EaKootenayP7% cm pf 100
Falrchiid Aircraft Ltd
Aug
Feb
07
~72X
Apr
July
4
16
81
H
59)4
X
1.85
13*4
12)4
41
July
3
Mai
33
11)4
29*4
45
90c
Mar
81
....
National Steel Car Corp.
Niagara Wire Weaving...*
17
42
Mar
13
Montreal Loan A Mtge. .25
Montreal Telegraph
40
Montreal Tramways
10*
May
July
7)4
11)4
Montreal Cottons pref. 100
»
Mar
100
7*4
11)4
8*4
15)4
10
Mar
75
2'
imperial Tobacco of Can.5
Mont L H A P Consol
Ma*
Jan
Aue
3
556
1,231
1,944
•7
•
7.612
1.25
1.00
11*4
-.5
Preferred
9
6
15
490
July
*
8)4
25
10
2.00
7
4,814
M cColl- Fro nten&c Oil.... *
1.65
Jan
7
17
Massey-B arris
Mar
4)4
2/
15)4
30)4
loo
9
42
Mar
95c
1.00
25
16)4
26
4)4
8)4
June
4)4
14
»
4)4
8*4
June
22
500
1
Feb
202
210
1.20
1
Feb
Apr
4)4
29)4
26
1.00
Jan
110
Apr
Mar
16*4
Lang A Sons Ltd (John A)*
1.00
14)4
178
t
4
29)4
*
Mar
80
210
•
Internal Pet Co Ltd
50 .1.10
19)4
2C8
Mar
*
International Power—
Preferred
Lake of the W oods
1.65
1.60
19)4
36
16)4
2)4
May
*
47 H
Jan
2
Imperial OH Ltd.
37 H
16
18
Howard Smith Paper
Hudson Bay Mining
7
10
70
3,205
15)4
16
50
15)4
31)4
Jan
225
14*4
7
103
3)4
8)4
15)4
143
1.25
55
31)4
Aug
110
208
Fraser Companies Ltd
£i
Aug
27*4
Ap
10
3)4
14*4
Preferred
14)4
Sept
29*4
1.25
Hamilton Bridge.
*
Holnnger Gold Mines....!)
Industrial Accept Corp... *
Intl Nickel of Canada.. «,*
Jan
24*4
195
1.25
1,003
7
55
630
32
Th
4*4
7
12)4
25)4
16
7% cum pref........ 100
Alcohols
5*4
24
*
82*4
6
July
*
82)4
4H
6)4
5% cum pref.......-..*
Vtckera Ltd
*
Feb
21*4
110
Cndn Pow A Paper Inv—*
Can
7*4
Mar
Commercial
13
5)4
1
Jan
Ma-
Sept
17
1.552
12)4
*
Canadian Marconi Co
Aug
4*4
260
4*4
Sept
2*4
1,482
3)4
21
Sept
32
"24)4
Canada Vinegars Ltd....*
Can Breweries Ltd
*
Preferred
2*4
4*4
20)4
4)4
Cndn Wineries Ltd.
238
4)4
July
121
Jan
Jan
4*4
82)4
Feb
13)4
6)4
5)4
July
70
2 8*4
75
June
33
150
12)4
7)4
29
Aug
Sept
15
73
*
Mar
31
May
13)4
*
Mar
9)4
31
58
8)4
Jan
1.00
2,643
140
2 <94
Foundation Co of Can
July
2*4
27
4*4
10
High
130
475
14)4
English Electric A
Gatineau
Mar
16*4
Low
4,175
27
Canada Malting Co Ltd.. *
Can Nor P 7% cum pf.100
17)4
148
1. 1938
Ranoe Since Jan
for
Week
Sharer
3*4
24)4
27
British Columbia Packers *
Jan
Mar
35
..*
Dom'nion Coa! pref
Dominion Gla«spref
High
21
Canadian Industries B___*
Dominion Bridge
IjOW
27
*
Bathurat PAP Ltd B
36
4)4
Range
21
Acadia Sugar Refg Ltd. £1
41
Mar
4
s
of Prices
"iii"
July
Mai
26
new
6% cum pref
7% cum pref....
7)4
*
Crown Cork & Seal Co...*
Abltlbt Pow A Paper Co..*
3,980
»
B
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
Par
Stocks—
Week
Feb
2
915
Stnes
Friday
Aug
19)4
98
Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists
July
Aug
16*4
Montreal Curb Market
July
230
9)4
Jan
14)4
33*4
250
30
166
Mar
4
3*4
*
Class
7)4
54
Preferred 7%.......100
Rights
Canadian Indus Alcohol..*
147
3*4
3*4
<>
2*4
..25
567
Apr
27*4
3)4 Mai
2*4 June
12
17
Canada Steamship (new).*
Preferred
60
Preferred
2,716
93)4
Can Forglngs class A..... *
ClassB.
*
Can Northern Power
268
11*4
30
52)4
*
Preferred
164)4
10*4
30
..
1.50
5)4
18
18
5
7
32)4
Apr
63
July
29
87*4
Jan
101
July
130
1.50
May
5)4
206
2.495
5*4
7)4
June
19)4
1.50
100
6
6
107
107
Jan
330
2*4
6)4
Mar
21
Feb
Jan
Aug
1
100
Jan
100
Jan
25
92
Mar
100
Aug
200
6
Sept
21
104
June
106
Aug
Sept
15
Mar
Apr
2
July
32)4
Mar
45
July
17*4
May
19*4
8*4
8*4
35
8*4
1.50
1.75
135
1.10
41)4
41H
42)4
410
19)4
19)4
19 X
70
7)4
July
Aug
Volume
147
Chronicle
Financial
•_
1
-
'
.
1625
a
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Sate
Stocks
(Concluded,)
Par
Price
Toronto Stock
Sales
Week's Range
f
11
UJ
Low
Range Since Jan. 1. 1938
for
PrirfiK
1 J ILCo
Last
W pfile
Sate
rV CCA
Stocks
Arum Gold...
Shares
Low
High
45c
44Hc
6.850
Mar
42c
Jan
Hank field
67c
2.00
2.00
4H
4H
4H
135
3
May
7
...»
9H
9
9H
676
7
Mar
13
Ct nada Cement
9c
9c
500
9c
2c
2c
1,000
lc
Apr
2H c
Aug
16c
16c
16c
800
16c
Feb
32c
Mar
54He 54He
1,000
54He
Sept
90c
Apr
Canada Malting......
Canada Packeis
.........
1
15c
July
Preferred
loo
93
2,300
16c
Sept
33c
Feb
Canada Permanent
1
27c
27c
200
24He
Feb
46c
Mar
28c
30c
600
Canada Steamships
Preferred
50
Aug
57c
6Hc
6Mc
1.100
6e
Aug
13Hc
Feb
4c
no
5,000
3c June
10c
Feb
Canadian
28H
28 H
28 X
673
24 H June
92c
92c
11,000
77c
Mar
1.27
4c
4c
1,000
2He
Aug
9Hc
Jan
6c
Brownlee Mines (1936)
1
Buloio Gold Dredging...5
Cndn Malartic Gold
6c
3,i00
5c
Jan
15c
Feb
*
1
4c
Car tier-Malartic G M Ltd 1
Central Cadillac Gold
1
"25c
25c
27c
5,725
24c
.1
2.54
2.50
2.58
1,700
2.12
Mar
36c
Dome Mines Ltd
*
34
Duparquet Mining Co
1
3 He
East Malartic Mines
Jan
30
Mar
Central Patricia Gold
Cons Ciiibougamau Glfds.l
100
Feb
62c May
Mar
3.20
Breweries
•
Preferred
Foundry
•
Preferred
...25
Feb
Canadian Dredge
Cndn Industrial Alcohol A*
35
Aug
Canadian
Aug
6Hc
Aug
35c
36c
18,900
20c
Mar
33 H
3 He
34H
1,000
27H
June
4c
3,300
3Hc
41c
135H
1
2.03
2.00
2.22
21,350
05
Jan
2.37
Aug
Canadian Oil pref
C P R__
1
2.18
2.16
2.28
2,600
1 96
Mar
3.25
Mar
Cdn Wlrebound Box
*
5.50
5.50
150
4.90
Mar
6.95
Jan
Caribou Gold
Franeoeur Gold M Ltd
*
30c
30c
Mar
55 He
Feb
Consol Gold(New)...
Kirkland Gold Rand Ltd.l
1,400
28c
10c 10Hc
2,757
10c
June
15c
19c
4,400
6 He
Aug
27C
Feb
1.20
1.20
600
99c
Mar
1.50
Jan
30c
30c
19c
Klrkland Lake Gold
1
Lag una Gold,
Lake Shore Mines
1
51c
Lamaque Contact Gold..*
Lapa-Cadillac
3c
8
3c
5H
48H
Aug
Cons
Jar
82c
Aug
Cosmos pref
100
2.25
Feb
Ciows Nest Coal
100
Commonwealth Pete
ConJaurum
Consol
Mines
»
Chlbougama....
Smelters
5c
5c
5c
500
5c
Axis
20c
Jan
3.00
3.25
5,395
2.76
Mar
5.40
Jan
Da*les
5
4.50
1,100
2.90
Mar
4.65
18c
20c
6,600
17c
Aug
62c
2.50
450
1.55
Apr
2 70
1.75
1.75
1.88
1,000
1.37
May
2.65
Jan
1.33
1.40
5,400
1.02
Jan
1.77
Feb
Dominion Coal pref
Dlflt'llers Seagrams......*
Preferred....
Dome Mines
5.15
1,200
3 90
Mar
5.25
Aug
15H
200
13H
Mar
17H
Feb
1.50
1,900
72c
Mar
1.93
Aug
2.70
2.75
700
2.50
Aug
4.50
Jan
Dominion Steel Coal B..25
Dominion Stores....
•
7 He
7 He
500
7c June
42c
Jan
Dorvai Slscoe
5c
3,400
6HC
2.75
1
1
4Hc
1
3Hc
Apr
1.10
1.20
1.48
Feb
4Hc
4Hc
1,000
4Hc
Aug
33c
Mar
1.10
1.10
1.20
4,300
91 He
May
1.78
Jan
Slscoe Gold Mines Ltd...l
3.40
Jan
Mar
1.20
Sept
1.80
1.70
2.05
21,605
1,77
88c
88c
90c
5,400
86c
Aug
*
42c
42c
47c
16,044
39c
June
1
95c
95c
1.02
6,450
Sept
80c
East Crest Oil
..
1.23
Mar
Faulkenham
3.60
Feb
3.10
3.25
600
2.70
4.75
4.90
1,900
4.40
Apr
22c
22c
24c
10,500
19c
Mar
38c
Towagmac
Exploration.. 1
200
53c
Mat
60Hc
5.00
5.00
15
4.75
Apr
6.40
5.45
5.40
6.15
1,325
5.40
Sept
6 15
Sept
20c
22c
5,500
20c
July
43 c
Jan
7.60
7.65
200
6.55
Mar
8.10
Jan
Gatineau Power
.1
35-
Mar
Oil.
41H
42
Apr
2.00
2.00
1,600
1.86
Mar
58 He
3.10
Jan
45c
475
40c
Mar
70c
Jan
Preferred
1.12
2,550
Apr
x.05
43 H
44
185
95c
Mar
33 H
Mar
1.45
49
July
13H
3,075
5H
9Kc
685
4H
June
49.600
5c
Aug
26c
6c
6He
6,000
6c
Aug
15c
2.00
2.23
59,935
1.05
Mar
2.39
200
2%
Mar
General Steel
Gold
3
of Prices
3
Week
1, 1938
Low
High
2H
3H
21
24
3 He
4 He
3H
3H
28
3,260
1,420
4
50,700
45
Low
1.00
Mar
*
2
17c
Sept
30c
May
4,000
11c
Sept
25c
Apr
Jan
41
35
July
41
Sent
20 H
22 H
4,497
14 H
Mar
2IX
Sept
11c
13c
16,400
8c
Aug
22c
31c
31c
3,700
12 H
130
82 H
83
7H
10
205
4H
7%
12c
8
43c
43c
47c
21 He
23c
13,000
15c
17c
4c
8,000
4c
5 H
Aug
10c
41c
41c
45c
23,100
40c
May
70c
Feb
Hollinger Consolidated...5
1
10Hc
9Hc 11 He
22,500
Home Oil
Co
*
33c
June
*
1.25
1.20
1.32
3,310
95c
Mar
1.65
JaD
Homestead Oil.......
3.15
3.15
3.15
1,985
2.90
June
4.15
Jan
Ho wey Gold
1
Arntfield Gold
1
14Hc
14c 15Hc
6,200
14c
Sept
33c
Mar
Ashley Gold
1
13He
1
5c
5c
5c
2,350
7c
Aug
Auglte-Porcupine Gold...l
25c
25c
29c
23,300
July
40c
Feb
3Hc
July
12c
10c 11 He
30,600
5c
Mar
2,000
4Hc
45
4H
Sept
Mar
13
Apr
33
18 H
4Ho
9H
22
125
13
9Hc
Jan
14c
11c
Feb
Aug
Jan
July
Jan
2Hc
60c
Sept
1.09
Mar
4 H
Mar
8H
Jan
4Hc
500
2H
50,096
9Hc
7,000
2c
1.15
Apr
2H
25
2.14
9c
Jan
June
700
Air
10
Jan
1
15
9c
Mar
14H
14H
15H
1.05
900
1.00 Maj
820
14 H
1.05
16
72 %
58
7,200
1.80
1.13
Apr
13H
3,927
11
1.15
5,350
91c
20Hc 20He
27f
25Hc
16,500
Apr
Mar
Mai
4
2.93
17c
AUg
July
July
Mar
1.40
Feb
17H
July
15 H June
1.47
Apr
Sept
Astoria Quebec Mines
40 HC
Sept
Sept
15
3
._*
Jan
Mar
15c
3c
9c
I
*
68c
2,000
2H
1.90
Barker
Hlnde A Dauch..
14c
Apr
Mar
Mar
3c
2 He
1
Hedley-Mascot
31c
5c
Mar
3c
...»
Jan
2c June
52
64c
36 He
32c
51H
6
Jan
July
Mar
10
60c
Aug
July
8c
75
5H
16c
June
4H
10H
Mar
55 H
62c
10 H
86 H
5
66 H
5H
20
Aug
55
1
500
Feb
14
66 H
8H
16c
Mar
Apr
53c
3H June
6,000
4Hc
........1
74H
4,600
8H
18 H
Rock..
Apr
500
4 He
Hard
7
1
3c
1
Halcrow-Swayze
Mar
56,400
Great Lakes Paper voting. *
Gold
27o
250
15c
1
—.
Harding Carpets
Sept
14c
41
4c
16c
9c
3He May
41
*
*
Aldermac Copper
Aram Gold Mines
Jan
Jan
Aug
8,600
15c
Granada Mines
Mar
Aug
26c
10,800
60
Graham-Bousquet
July
29
Aug
Mar
7c
22c
July
A pr
6 95
Feb
22c
3c
16c
28
3.25
21 H
Jan
Aug
6c
...
4He
4H
18c
5
Jan
Mar
11c l2Hc
*
29
Mar
8H
lHc June
Mar
Jul V
8H
17c
13 He
Eagle
Gunnar
High
Mar
16H
12
Voting pref
Shares
1.97 May
4.70
16
Mar
11c
Crandoro Mines
Range Since Jan
Mar
2X0
13c
Wares
Goodyear Tire pref
Sales
9
33,150
Mining
Goodyear Tire
Exchange
for
*
Feb
June
9c
Goidale Mines
100
Aug
Sept
6Hc
God's Lake
Week's Rangt
A P Consolidated Oil
44
Sept
40
26c
Gillies Lake Gold
Glenora
3
Alberta Pacific Grain
Jan
75c
4H
4H
Aug
4c
25 H
12H
..100
30c
21
19H
9c
....
300
1
34 H
216
5H
*
45c
100
Jan
Aug
Sept
Apr
161
75c
c.vpsum Lime A Alabas..*
preferred
27 H June
17H
78
Feb
Mar
21 H
30c
Sale
6%
Jan
Apr
23c
100
30c
Last
Alton Mines Ltd
Mar
66 H
16
925
A
2.00
Abltlbl——
46c
12H
Foundation Petroluem..
May
Price
11
23 He
73
June
189
2,380
Ford
1.51
Frldatj
Par
Sept
June
17c
20
24,845
Fleury-Bissell pref
Sept. 9, both inclusive, compiled from official sales lists
Stocks—
5c
30
75c
Goodflsh
to
2.871
20c
Feb
Sept
Toronto Stock
Sept. 3
Feb
2 28
Aug
1.25
1.05
Mar
38
19c
700
44
105
Apr
21
18H
Jan
A pi
29
2i
34 H
64 H
102
75c
25c
1.30
.*
•
Mar
Jan
10
5.65
Firestone Pete
30c
*
46H
85c May
252
1,265
Fernland Gold
1.25
Co
Feb
78
Rights
Oil
Jan
42c
5.25
Jan
Oil-
Royallte Oil Co
1.84
Mar
2.10
Jan
5.60
Preferred
Dalhousie Oil Co
Mar
20c
23 He
Franeoeur
35c
Calgary & Edmonton Cp. *
1.10
6,820
19 He
Lake Gold.
3.10
..
2,600
19 He
Federal Klrkland
Mar
4 75
....
43c
5.25
1
Anglo-Canadian
Sept
16H
2.15
Farmer
1
Brown Oil...
22c
1
Fanny
1
7*60
July
6,900
3
Falconbrldge
May
78c
Gold
Cad
*
July
78
18H
Feb
1.73
*
Thompson
Wright Hargreavee
June
wH CO X
15H
»
East Malartio
Teek-Hughes
Cad
60c
2.06
Eldorado
1.39
400
.1
*
Feb
25c May
5,000
1
Easy Washing
*
15c
6,600
Dominion Foundry
Domion Scottish Invest.. 1
1
___.
3.20
Feb
1
Walte-Amulet
1.19
Jan
Mar
Aug
2,353
216
July
Mar
2.10
8Hc
Aug
28,400
33
July
Mar
8c
214
Jan
Feb
2.60
63c
19c
"34
8H
20
7
40c
214
1.33
54c
Jan
Aug
95c
5c
*
123
Mar
May
3lc
21
5.10
Red Crest Gold
Ventures Ltd..
60
31H
100
(new)
Jan
Feb
5
18Hc
16
4H
1.28
Jan
165
Jan
Mai
17
200
18Hc
100
15H
Read Autnier Mine
Sylvanlte Gold
110
Jan
Mar
5,926
31c
1
Dominion Bank
1.33
1.33
Sullivan Consolidated
57 H
31
7c
2.40
1
(new)
2.41
104H 104H
Petroleum
Denlson Nickel Mines..
Sladen Mai....
57 K
Dark water
3.05
1
2H
74c
40
19
2.40
35c
Mai
.
6H
19
35c
Mar
.
20
35c
1.55
.
120
1.33
35H
..
35
22c 25He
30 He
.
Sept
105
1.26
100
.
18
495
4,900
21
"~1~30
700
feherri tt-Gor don
July
295
521
San Antonio Gold
July
30
1,900
60c
Shawkey Gold
18H
Mar
18,700
2.20
Reward Mining Co
Mar
18H
64c
60c
....
7H
75
9H
2.20
1
1,260
1.14
47 H
1
July
9
63c
5
.
Jan
19
Apr
9H
Mining Corp of Canada..*
Pickle Crow Gd M Ltd
177
Apr
93c
118
Aug
6H
1.00
July
Placer Development
Preston-East Dome.
Mar
16
145
2H
»
1 27
Jan
157
55
8
86c
Commoil Ltd.
June
Perron Gold Mines Ltd...l
115
18H
63c
Cockahutt Plow
Feb
73c
Pend-Orellle M A M Co..l
177
9H
Feb
5c
Jan
Aug
1.00
58 H
May
July
21H
Chestervllle-Larder Lake 1
Mar
3c
100
4.30
Mar
600
1.20
2.40
14H
45c
1.20
1
*
100
45c
1
*
19H
17H
May
45c
30c
July
2.60
2%
118
16H
30
Mar
17
18
Apr
Sept
1
Jan
Cad
6H
25
June
1.15
2,500
Aug
Pato Consol Gd Dredging 1
110
Jan
Jan
4H
850
7,750
14,200
62c
Pandora
121
72
1.60
10c
5 60
Pamour-Porcuplne
12H
25
1.50
90e
Mar
1
150
Mar
2.57
Sept
Gold
May
2
88c
44c
Montague Gold ......—.1
128
171
2.40
3.50
48
53
3
9Hc
1,000
Mclntyre-Porcupine
136
28 H
88c
1,000
McWattera Gold
134
2.51
44c
Lake
58
14H
6
5.00
Mackenzie-Red
26
28 H
18 '
19
44c
4.90
70
15
*
4.90
1
Mines
Jan
9Hc
46 H
32c June
Jan
36
....1
1,000
Sept
108
Apr
Mar
28 H
25
Central Patricia
500
.
100
Central Porcupine
Chemical Research
Jan
June
29
8
2.40
1,535
51c 52 He
3c
l5Hc May
Jan
July
89
174
~18~"
Castle- Tret he wey
J-M
1
3.10
28
19
86c
Eldorado Gold M Ltd
High
Mar
130
11H
Malartic
Eaiconljridge Nickel
Low
1.80
93 H
25
1.50
19
Cndn Bk of Commerce. 100
Canadian Canners 1st pf 2u
2d preterred
Can Car a
2,410
32
2H
Cndn riakerles pref
4c-
Bouscaailluc Gold—..... 1
2.15
Shares
93
100
30c
Jan
High
70
1
17c
Low
31
•
Big Missouri Mines
Capltol-Rouyn Gold
15c
24c
Sept
Biugood-Kirk Gold
Home
Range Since Jan. 1, 1938
*
Price
Canada Bread
2c
Beaulor Gold
Wood
for
Week
Par
_.__1
Arntfield Gold
Stadacona
Range
of Prices
[Continued)
_*
.
Arno Mines
O'Brien
Sales
Week'8
Calgary A Edmonton
High
Mines—
Alderwac Copper Corp..
Macassa
Exchange
Friday
Anglo Can Hold Dev
Anglo-Huronlan...
10c
10c
13c
19,600
f. c
Mai
4HC
Aug
20c
Mar
44o
Feb
Hudson Bay Mln A Sm..*
Bagamac Mines
Bank field
..1
16c
16c
18c
2,375
I
Cons
49Hc
44c
55c
19,566
Bank of Montreal
100
Bank of Nova Scotia
100
Base Metals Corp
212
214
14
195
Mar
308
1
285
Junt
*
BeattieGold
...
Beatty Bros A
_*
26c
26c
30c
8VH
9
32 He
1.23
32Hc
36c
25,800
1.20
1.30
8,950
20c
Mar
6H June
32He Sept
1.00
May
165
♦
Jan
Inter. Metals A
222H
July
Intl Milling pref
308
Sept
International Nickel....
45c
11H
July
215
190
Mar
15
Mar
19H
May
13H
Mar
15H
July
35c
Sept
49c June
25
4H
Mar
9H
Jan
83
98H
May
102H
Mar
h
5,768
37
Mar
Feb
2,065
23
52 H
31 H
20
5
Mai
28c
Sept
47 H
49
26
25 H
26 H
36c
20,000
j an
J a col a
Mines
1
15c
14 He
16c
7,200
Cons
....1
36 He
Jan
Jellicoe
5H
Jan
J M
Jan
Kerr Addison
23,796
Feb
50c
ConRol (New stock). 1
1
36c
Sept
5,000
48H
*
215
H
101
101
100
6
8
166H
15
72
1,150
30c
Mar
Jan
Jan
Aug
3,366
8
Mar
31H
17
~~30c
June
33c
Mar
15H
*
2
37o
Mar
20H
215
6H
...
International Pete
8
Maj
16H
1
1.45
15c
22c
15
16 H
Intl Utilities A
Sept
146H
100
215
1,875
Jack Walte
July
36c
335
9H
3H
30
Inspiration
Feb
401
9H
2H
2H
Bell Tel Co of Canada. 100
100
29
6
03
1
163 H 165H
*
Beau bar no Is
11,300
100
Tobacco
27c
Mar
Sept
308
212
*
Bathurst Power A
Bear Exploration <fc Rad__l
13c
44c
29
1,400
35c 35Hc
Imperial Bank
Imperial Oil
Imrclal
26c
42c
33,940
Mar
13Hc Maj
33c
9H
Mar
Aug
60c
July
40c
Mar
Aug
82c
Mar
9He June
16c
May
10c
10c
10c
1,300
1.80
1.77
2.05
40,753
1.25
June
2.50
Aug
Rldgood Klrkland
1
28c
28c 30 He
Feb
Klrkland-Hudson
1
58c
58c
58c
Aug
1
1
28c
28c
28c
950
28c
Sept
58c
Jan
Klrkland Lake
1
1.10
1.10
1.23
1,400
29,470
55c
Big Missouri
95c
Mar
1.60
Biltrnore Hate.
*
7H
7H
7H
21
7H
Sept
11H
Mar
.....1
30c
22 He
33c
47.442
20c
Aug
59c
....1
50H
50H
52 H
4,023
46
Mar
68H
3
3
2
Mar
13
Jan
10Hc
10Hc
12
12
12
11H June
2Hc July
12
Sept
17
July
Blue Ribbon
Preferred
Bobjo Mines
3H
..50
1
26
20c
12c
200
3
July
10
3H
26
26
Sept
9,600
7c
Mar
5
34
14Hc
Laguna
Gold
Jan
I-ake Shore
Jan
Lake Sulphite
July
Lake of the Woods
...»
*
3c
Lamaque Contact
Bralorne
Brazil
Mines...
Traction
Brewers A Distillers
British American Oil
*
9.35
*
10 H
5
4H
*
20
9.50
4,540
10 H
11H
4
H
B
10.25 June
Mar
14H
July
4H
Sept
7H
Feb
2,848
20
21
...»
29 H
30 H
61
3H
3H
25
2H
7c
7c
500
7c
Apr
15c
30c
18,800
28c
Sept
68Hc
British Dominion Oil
*
Brown Oil
»
Preferred
7c
28c
28c
1
65
65
68
Buffalo Ankerlte
1
15H
15H
15H
1,532
Buffa lo-Canadlan
*
2Hc
2Hc
2Hc
18,000
53
53
54H
100
11c
11,000
24 H
208
Bunker
Mar
7 H
75
*
Brit Col Power a
Hun dine
8.00
1,065
5
Products
Hill
Burt (FN)
*
10Hc
...25
24 H
9
He
22
30
Mar
22
Apr
16H
28
34
Jan
June
5
July
July
Lang & Song
La pa Cadillac
Laura Secord
Lava
Lebel
Cap Gold
Leltcb
Gold
Little Long Lac
72c
Apr
Loblaw
Mar
17Hc
Feb
2 He
Mar
37
8Hc
15
Apr
Aug
Mav
5Hc
1,500
12,600
2 He
1
70c
70c
82c
22.050
A
B
3.30
30,275
Mines
Jan
•
No par value.
37Ho
*
3.05
*
23
20 %
1
115
4.95
2.90
Jan
Mai
56
2,000
60
An"
88c
5c
2Hc
Macassa
Aug
88c
50
5Hc
Loew's (Marcus) pref.. 100
22c
9,650
2Hc
1
6Hc May
25
50
45c
63
1
*
Jan
Mar
11c
46c
12 H
43c
58
88c
2,500
1
Oro
Lee Gold
Jan
43c
*
3c
3c
12
*
.1
10
4'
85c
5c
Apr
Sept
50
5c
12H
Aue
Mar
Aug
1.13
15c
Jan
3Hc
Aug
60c
Mar
1.12
Feb
8.00
Feb
2.90
Sept
415
19H
Mar
24
21
640
18
Mar
21 H
115
Sept
115
Mar
5.55
5.727
Feb
lc Juno
23
5.10
Feb
74c
20 %
115
4.85
Feb
65
22 H
115
Jan
Jan
Mar
3.50
Jan
Jan
Sept
Jan
Financial
1626
Last
Par
Stock* (Concluded)
Week's
Salt
of Prices
Low
High
Price
Range
both inclusive, compiled from official sales lists
Sept. 3 to Sept. 9,
Sales
Friday
Week
Shares
Sale
Low
MacLeod Cocksbutt
1
3.15
3.05
3.50
35.410
M adieu Red Lake
1
43 He
42c
50c
15,225
1
42c
42c
46c
8,800
Gold
High
Par
4
2*4
125
1H
3 H
3 H
3*4
200
3
9c
9c
10c
7,125
7%
2,220
7
10
99
98
Mines—.....6
47H
47 H
Lake..—.1
1.12
1.10
ITeferred
Mclntyre
McKeuzle Red
14c
McVittie-Grabarn
Moore
Corp
Morris-Klrkland.
Mulrheads
—
...
-.
—
Canada Vinegars
Coast Copper
Mar
19 He
Mar
July
July
Dalhousle OH.
Jan
134
National Sewerplpe
Mines
500
Jan
82c
Aug
Malroblc
J
lc
lc
lc
6,000
Mar
2.49
Jan
Montreal L H & P..
*
29 4
29 4
195
27
Mar
31
Mar
59
584
30
62H
1,535
32
Mar
67
Aug
*
OH Selections
*
160
Sept
Oslsko
216
Aug
Pawnee Kirkland
Apr
Ma
15c
Aug
July
Pend Oreille
Sent
35c
Mar
Ritchie Gold
3Hc
July
.*
Omega Gold
1
Orange Crush preferred. _»
Olga Gas
Oro
*
Pacalta Oils
Porcupine..
79c
71 H
73 H
4,500
66c 69 He
3,604
36c
40c
2,100
8.60
100
3Hc
3Hc
135
Apr
40e
Apr
44
14c
1,000
5c
Mar
16c
Jan
1 He
3,000
lc
2c
July
1.74
1.66
1.88
6.760
1.30
July
Mar
2.62
Jan
14c
3H
14c
3,000
25
3
20 H
38
18
11c
1,700
10c
"36"
May
1
Jan
Aug
May
23
Aug
Apr
He
30
100
1.50
1.50
9
100
36
36
3c
44
14c June
3H
19H
19H
1
100
Waterloo Mfg A......... *
8.95
Aug
Sept
34
Aug
27c
3
8,745
2.76
5.45
Jan
1.19
4,550
1.07 June
2.30
Jan
500
2c June
54c
Jan
52c
10,900
Mar
680
Aug
4H
53c
306
47c
5 He
4.50
31c
12,568
Mar
4
Apr
54
July
46c
Jan
1.45
Mar
50
Sept
Apr
2.90
Mar
3,000
95
94
4.15
12,000
78
17c
Feb
98
Aug
4.65
July
19Hc 20 Ho
2,600
15c
Aug
63c
Feb
14c
71,800
7Ho
Jan
24Hc
July
5c
June
22c
Mar
Mar
69c
Feb
12c June
23c
Mar
10Hc
.....J
6Hc
6Hc
41c
12c
7i
40c 45Hc
4,500
34.800
38c
12c 13 He
22,100
1.40
6,150
1.02
Jai
1.76
Feb
500
He
Mai
14c
Jan
1 .32
lc
Crow...
5.00
5 00
5.15
13,615
3 80
Mar
5.30
Aug
Gold
2.96
2 91
3.00
1.070
2.80
Mar
3.30
Mar
18,550
If
Industrial and Public
43
July
25C
Jan
July
July
2.50
00 May
2.25
2.25
2.45
1.37
Mar
2.65
July
13
13
164
July
~~25c
21 He
26c
7,950
9H
20Hc
Apr
25c
Sept
52c
l
2.28
2.28
2.47
3,400
1.81
Mar
2.52
Apr
Aug
Preston E Dome
1
1.38
1.32
1.59 137,345
67c
May
1.90
Aug
Quebec Mining
j
2,000
41o
Mar
70c
July
Utility Bonds
Sept. 3 to Sept. 9, both inclusive, compiled from
July
7.50 May
lc
Pioneer
2H June
lc
United Fuel pref...
Jan
Jan
3.30
10 He
.......
500
14c
—*
Temlskamlng Mines..
Aug
1.14
2*4 c
5c
Petroleum Cobalt..
Pickle
754
Mar
50c
1.08
3.00
93
4.35
Mar
48
2*4c
48 He
4H
94
13 He
1.32
Perron Gold
July
July
2.15
~~48c
...
Jan
2c
4c June
Apr
July
July
11 He
48 He
Cons
Payore Gold
Jan
Apr
1
Gold
Paymaster
19
Sept
Pandora-Cadillac........1
Paulore
June
12
Aug
Feb
May
1.10
*
*
Fartanen-M alartlo
7H
2c
*
Page-Kersey
Parnour
424
1.60
24<
....
Plata
May
44 June
38
1,525
3.15
*
Okalta Oils
23c
lHc
Rogers Majestic..
8,200
~3Hc
—....1
Gold
O'Brien
9H
Sept
1
1
5c
5c
8.60
5
pref
90c
Mar
12c
45c
1
10c
1.70
Northern Empires Mines. 1
North Star Oil
Mar
5
80
3
3
1
Lake Mines
lHc July
40c
36c
Northern Canada
July
500
4Mc
1.60
66c
,.*
.
Aug
39
50f
72
*
Norrnetal
10
134
52c 143,550
144
Mar
74
12c
40c
—6
Nlplsslng
134
310
440
5
Jan
Mar
5
214
12c
1.60
Newbec Mines.........
Noranda
41 *4
69c
40c June
10
70
50C
44c
1
Nay bob Gold
41 H
5
5
10
34
7
Shawlnlgan...
41H
National Brew..
National Grocers....-—.*
10
32H
1
Apr
6,832
115
10
Mar
*
National Steel Car
143
2,000
July
3H
Kirkland-TownsJte
Aug
179 4
2c
Jan
94
2,300
7
Hamilton Bridge
Aug
5
8c
July
Mar
7
10
Feb
1.65
4.00
Foothills^.i...
2.56
160
2c
17H
June
3,975
49c
Juut
2.00 June
125
8H
15
90c
276
48c
4Hc
216
5c
15
2.50
"74
*
38
160
10c
1
2.50
33
-
25
360
5c
75
16
1.05
Jan
Aug
101
24c May
1.40
Aug
37
Murphy Gold
34
9
Mar
Mar
1,000
44
Sept
July
Mar
20,920
May
24c
Mar
69c
3o
24
34
1.29
35H
7,100
1-59
15
435
15
1.05
.
....
Jan
Aug
4
4
484
2,721
2,200
3c
DeHavllland
12c
Dominion Bridge
48 H
1.18
1.40
Feb
Sept
July
14c 14 He
1.45
High
14c
11,500
4
15
Consolidated Paper
86 4
32c
*
1
5
*
Marconi
6
14
10c
Low
Shares
2 He
14c
"4
—
Canadian
10H
4H
216
1
Canada Bud
July
May
95
30
—
Jan
Sept
63
9,500
100
B
4c
7H
3%
Mar
6,700
~*
Apr
9C
0] Prices
High
14c
Aug
Mar
Mar
65c
160
Bruck Silk
June
100
3c
100
A
Aug
10
2.29
1.40
55c
28
57c
*
Moneta Porcupine
A ue
146
2.15
..1
*
Mlnto Gold
Brett-Trethewey
605
57c
Corp
Mining
5
2.15
MeWatters Gold
Aug
Week
Low
Price
Range Since Jan. 1. 1938
for
Range
July
57c
10H
54 H
10
.....100
*
100
4.4.5
58
64
55
......
MeColl Frontenac
Jan
Mar
A pi
lHc
7H
2H
1
Massey Harris
iTeferred
42c
7H
.—....—
Mines
Maralgo
3,000
1.30
25o
24
Maple Leaf Milling
Preferred
2c.
IKC
Manitoba & Eastern-..
Maple Leaf Gardens preflO
Week's
Last
Stocks—•
Matartic
Sales
Friday
Range Since Jan. 1,1938
/or
Exchange-—Curb Section
Toronto Stock
Exchange
Toronto Stock
Sept. 10. 1938
Chronicle
A bitibi P & Pap
Bid
62 4
63
MacLaren-Que Pr 5Hs '61
86
ctfs 5s 1953
Alberta Pac Grain 6s.. 1946
87
95 4
112H
112 H
60H
CO
1941
106
Canada North Pow 5s. 1953
103
Canadian Inter Pap 6s 1949
97
Canadian Lt & Pow 5s 1949
98
Cedar Rapids M & P 5s *53
112
Consol Pap Corp
5 Ha
ex-stock
100
34
68.1945
103
104
Montreal L H & P ($50
1939
1956
1973
3s..
par value)
98
3Hs
3H8...
99
50 H
494
102
101
96 4
96
99 H
Montreal Tramway 5s 1941
100 H
50 H
Ottawa Valley Pow 5 Hs '70
59 H
105
106
Power
87
86
Corp. of Can 4 Hs'59
98
99
5s
Dom Gas & Elec 6 Hs.1945
Donnacona Paper
103 H
49 H
5Hs 1961
1961
45
99
assey-Harris Co 5s.. 1947
Minn & Ont Paper
101
Canadian Vlckers Co 6s '47
Canada Bread 6s
43
/33
2*4b to '38-5Hs to *49...
M
Montreal Island Pr 5Hs '57
994 1004
Calgary Power Co6s..I960
78
Maple Leaf Milling—
94 H
Bell Tel Co of Can 6s. 1955
..1958
Ask
102
Manitoba Power 5H8.1951
Beauharnoi8 Pr Corp 5s '73
Burns & Co 5s
official sales lists
Ask
Bid
Dec
1957
102
103
Co—
1
95 H
Price Brothers 1st 5s. .1957
74
96 H
1956
73
East Kootenay Pow 7s 1942
96
4s...)957
94
1949
52
54
Provincial Pap Ltd 5<Hs '47
101
Jan 1 1950
98 H
99 H
Saguenay Power 44b A '66
104
Gatineau Power 5s.-.1956
103 H
104 4
44s series B
1966
Shawlnlgan W & P 4Hs 67
Smith H Pa Mills 4 Hs '51
1034
104
101H
103
104
United Grain Grow 5s. 1948
93
95
United Securs Ltd 5Hs '52
62
63
Winnipeg Elec 6s Oct 2 '54
79H
4s.
Eastern Dairies 6s
FraserCo6s
•
-
2nd conv deb
_
95
'
*»*> mm
104H
July
Jan
Powell
1
Rouyn
Power Corp
*
Prairie Royalties
Premier
...
43c
2.70
*
Relnhardt Brew
*
Reno
1
960
5HC
Mar
2.60
2.75
2,273
2.50
Aug
4.55
7c
500
7c June
45c
26c
500
25c June
55c
Jan
1*4
100
1H
Auc
24
Long Lac
Royal
37 He
37 He
39c
4,050
36c
Aug
8Hc
1
8 He 10Hc
192
19,000
190
Bank
100
Royal ite OH
*
St Anthony
1
10c
lie
St Lawrence Corp
San Antonio
*
44
5
"44"
1.22
1
1
1
44
1,700
260
8Hc
4c
24c
Fei
192
48
10c
Ma
20c
3
Jum
34H
3,525
1.11
9,800
20c
4Hc
7,800
4c
1.30
Sep'
64c
Ma
170
23
1.20
4c
138
330
44
19
19
Sand River Gold
Shawkey Gold
Mai
Au-
Sept
6H
Jan
Mar
July
1.55
Jan
22c
Sept
34c
Mar
50c
87c
86c
92c
5,100
86c
Sepi
1.21
1
1.10
1.10
1.20
25,286
91c
Ma.\
1.80
Jan
*
1.00
1.00
1.00
5
1.00
Sep
1.25
Aug
*
3H
34
3H
135
1*4
Ma;
pref..
*
B
Simpsons
4
8H
Jun<
31
3
Ma-
40
5
71
10
4
4
"l~80
1.70
2.04
61,318
1.70
Apr
Sept
84c
Aug
76
.100
pref
Slscoe Gold
76 H
10
10
*
Simpsons A.
l
Sladen Malartlo...
1
86c
86c
92c
21,750
Slave
1
84c
8c
9c
6,500
44c
4*4c
1,000
48c
24,165
Lake
Spy Hill Royalties
25c
Stadacona
42c
*
Standard Paving.
100
"23 H
*
65
Sudbury Basin
Sudbury Contact...
1
Julj
39Hc May
660
2
Mar
35
12
Mai
135
56
Mar
54
Apr
4/
66
9c 10 He
2.40
11,100
2.50
950
12c 12Hc
2.40
*
4c
A pi
3
69
65
9c
*
7C
24
23
68
68
25
Preferred
Straw Lake Beach....
42c
2*4
*
Preferred...
Steel of Canada..
1961
92
6s..
1951
66
67
•No par value.
1,900
Feu
34 June
18
Mar
34
August Slightly Above
July, According to A. E. Arscott of Canadian Bank
of Commerce
Jan
activity during August in the field
the Canadian Bank of Commerce monthly survey
slightly above that in July, said A. E. Arscott, General
Manager of the Bank, on Sept. 6. The upturn in the latter
month was therefore continued, though in lesser degree,
and it should be noted, also, says Mr. Arscott that the
improvement was mainly in that section of industry which is
among the first to benefit from large crops, namely, con¬
sumption goods such as wearing apparel. Mr. Arscott added:
Canadian industrial
covered by
was
95
Jan
3.40
Jan
It
1.38
Mar
would
24c
25c
77c
44
27
68
Jan
was
May
Jan
Aug
H
Aug
6c
Apr
154c
Jan
2.00
Mar
3.80
Jan
10c
Mar
19c
Mar
Sullivan
l
1.00
98c
1.04
5.500
85c
Mar
1.25
Aug
Sylvanlte Gold
1
3.10
3.10
3.25
2,375
2.60
Mar
3.60
Feb
Tamblyns
Teck Hughes
12H
12H
12H
70
12H
Aug
16
Jan
*
4.80
4.80
5.00
15,752
4.40
Mar
5.70
Jan
Texas Canadian
*
1.30
1.30
1.45
1,900
1.05
June
1.68
July
To burn
__i
Toronto Elevators
11
l
Uchl Gold
l
Union
June
25
40c
1.94
2.15
13
13
134
650
9,300
672
*
5c
5c
5Hc
815
...»
Ventures
5.10
5.10
5.20
4,200
65c
5.25
5.25
Vulcan Oils
l
Walte
*
Amulet
Walkers
Preferred
80
40c
1.95
Gas...
United Steel
Mar
100
1,250
130
15
80
Toronto General Trusts 100
To wag mac
1.99
10
9
105
1.80
14H
*
10
11
105
11
Tio
>
....
65c
"
4H
25
of improved
1.25
45
July
July
19H
Aug
armament orders should be felt.
An important
logging in
7c
7c
1,000
Aug
340
8 He
12
9c
5,300
8c
Mar
14Hc
12H
804
9
Mar
13 4
20
74
July
Sept
88H
lHc
1
Wiltsey-Coghlan
1
9Hc
Wood-Cad Iliac—....... 1
20 He
90
Aug
3HC
Apr
*
.*
7.70
July
4c
2,000
3c
Sept
9Hc 11 He
13,000
3c
Apr
18c
24
26
1H
May
3H
increase
5
1H
Mar
24
July
24c
7,800
19c
Aug
43c
Jan
6.50
Mar
8.20
Fen
7.80
12,420
over
season's
Recent helpful factors in the lumber industry were the
the like months
with $46,000,000 in July and August
July and August to a point
of 1937
as
($43,000,000, as compared
last year), and a quite considerable
both June of this year and July,
from British Columbia
1937 in exports of lumber
recorded by the Pacific
Coast Lumber Inspection
Bureau.
CURRENT
NOTICES
—A comprehensive survey
13c
13c
500
13c
Sept
4
4
221
4
Sept
of Atlantic City, N. J., has been prepared
by J. B. Hanauer & Co., 786 Broad St., Newark, N. J.
________
30o
4H
Feb
O'Melveny
corporate name to
_______
_____
_____
the election
President of the corporation and the change of
as
O'Melveny-Wagenseller & Durst.
—Fred W. Schumacher and David K. Russell
of Schumacher, Russell &
at
Mar
'
The survey in¬
collection record for the past
—Griffith-Wagenseller & Durst of Los Angeles, announced
of Donald
Jan
1*4
20 He
7.60
greatly to curtail the preparations for next
as
close to the value in
Jan
8C
14
Ymlr Yankee Girl.......*
Apr
lc
4,000
large
construction contracts awarded in
new
Jan
2
B
York Kn'ttlng
lHc
4c
Winnipeg Electric A
Wright Hargreaves
90
so
logging operations.
Apr
12
*
notably tho manufacture of
but the available supply of wood from last winter's cut in eastern
Canada is
rise in
Signs are apparent of a
activity.
revival in other units of the forestry industry,
three years.
Aug
84c
100
development during the past month was the resumption of
districts in British Columbia where widespread forest fires
5
"~7c
Preferred
some
had caused complete suspension of this
20c June
*
Whitewater
further recession,
by which time the influences
of definite arrangements for new
agricultural returns and
cludes financial statistics, as well as the tax
West Turner Petroleum 50c
White Eagle
welcome change
the Prairie Provinces, and it is, therefore, not un¬
Jan
8.50
Westons
6c
heavy industries
the so-called
business from the
Jan
Mar
Mar
2
new
July
Sept
8c June
2,900
any
which may continue for another month or two,
Jan
Mar
12c 14Hc
7
7.40
Mar
861
Westflank Oil
15H
Mar
3
17
1,271
19H
4H
Aug
30H
42 H
13c
Jan
2.45
65c
19
*
11
derive
expected that some members of this group experienced a
Mar
66c
Jan
1.02
41H
l
85
Mar
Mar
33c
90o
600
19
Western Canada Flour
July
6.10 113,077
42
Wendigo
73
Jan
18H
Mar
12
Mar
*
Feb
Aug
2.90
4.00
*
13H
108
Mar
Mar
1.78
anticipated of course that
in crop conditions in
pulp,
Tip Top Tailors.
*
Tip Top Tailors pref... 100
not
immediately
Jan
July
71
....
nNominal.
/Flat price.
Canadian Industrial Activity in
Mar
Silver woods
Sllverwoods
5HS
94
Feb
Sept
4
100 H
Lake St John Pr <fc Pap Co
Jan
Sherrltt-Gordon
Sheep Creek
Int IT & Pap of Nfld 5s '68
91
90
Gt Lakes Pap Co 1st 5s '55
Feb
*
Reeves-Macdonald
13 He 13 He
1*4
13Hc
1
Red Crest
15c
26c
*
Read A uttiler
Roche
50c
7c
Quemont Mines..
Gold
3
Union National Bank Bldg.,Little Rock,
Ark.
—Hugh French, formerly of R. H. Johnson &
of Hugh
French
transact a
______
announced the formation
Co. to deal in investment securities, with offices
& Co., with offices at 70 Wall
general investment business.
lag
Co., has formed the firm
St., New York City, to
Volume 147
a3s
Jan
111999577685
19670
1
Financial
New York
Bid
1977
a3*s July
1
a3 *s May
a3 *s Nov
1
a3*s Mar
1
May 1
a4e
Nov
1
u4s
May
1
a48
May 1
o4s
Oct
a4
*s Mar
i04 *
o4*s June
117*
104*
«4 Hs Feb 15 1976
118
119*
Chase
a4*8 Jan
1
118*
119*
Commercial National..100
•
04*
1974
1
1977
105
o4*s Nov
15
107*
109
a4*s Mar
1
109*
109*
110 *
o4*s May 1 1957
110*
o4 *s Nov
1 1957
a4 *8 Mar
1
109*
no*
'78
1
04
115
o4 *8 July
113*
115
04 *8 Dec 151971
114* 115*
115
116*
*s June 1
1965..
04*8 Dec
Firth
Klngsboro
1 1979
—
124
3s 1974
52.40 less
Canal A Highway—
58 Jan & Mar 1964 to '71
1
62.45 less
3a 1981
1
Gen A ref 3*8
1977
George Washington Bridge
4Mb ser B 1940-53.MAN
A
Trust
113
134*
Barge C T 4*8 Jan 1 1945.
100
116*
129
100
11
13
48
52
Public National
25
Bank
1942-1960
MAS
Ask
Par
1959
101*
104
MAS
67*
2i9
69*
224
300
500
520
47
40
SAN
FRANCISCO—
Bk of Amer NT ASA
12*
Incorporated
New York City
Whitehall 4—8234-8
Bell Teletype N. Y.
1—2845
Insurance Companies
Par
Aetna Cas A
109
107*
Surety
Bid
Ask
Par
10
Life
90*
10
Aetna
45 *
94*
47*
Home Fire Security
Homestead Fire..:
Importers A Exporters...5
Bid
Honolulu
3 00
104*
105*
1955
100*
102
5s
Feb
1952
106
108
109
110*
115* 117*
24
77*
80*
21*
22*
5
25 *
26*
Jersey Insurance of N Y
Knickerbocker
10
6*
12
13*
American
4*8 July 1952
122
36*
28*
49*
31*
Mass
113
5s
July 1948 opt 1243.
U 8 conversion 3s 1946
Conversion 3a 1947
116
111
112*
109
Ml
10
34 *
27
25
47 *
10
29 *
Surety
Automobile
Baltimore American
Bankers A Shippers
Boston
Bid
Ask
Bid
Ask
103*
103*
3*8 1955 opt 1945...MAN
JAJ
104*
103*
103*
3s 1956 opt 1946
4s 1946 opt 1944
111
MAN
103*
103*
.JAJ
4*8 1958 opt 1938—MAN
105*
111*
100* 100*
1
Bid
Atlanta 3s
10
City of New York
10
Connecticut Gen Life...10
18*
19*
22*
24*
30*
32*
Continental Casualty
Eagle Fire
5
2*
Burlington 5s
4*s
...
99*
/27
/27
Bid
101
88
90
32
89
91
32
New York 5s
99*
33
/30
5
/3*
100* 101*
99* 100*
Chicago 4*8 and 5s
Dallas 3s
Denver 5s
First Carollnas 5s
First of Fort Wayne 4 *8—
First ol Montgomery 5s
97*
100
99*
First of New Orleans 5s
First Texas of Houston 5s.
First Trust of
Fletcher
Chicago 4 *s
99
102
Pacific Coast of Portland 5s
100
101
100
101
Phoenix
105* 107*
107* 108*
99* 100*
101
4*8
6s
Potomac 3s
St Louis 5s
101
Fremont 4*8
5s
80
82
Southwest
81
83
Southern Minnesota 5s
Greensboro
99* 100*
102*
San Antonio 3s
5s
101*
69
Virginian
93
96
Virginia-Carolina 3s
5s
100
99*
92
100*
Par
Bid
New York
Atlantic
39
45
North
Dallas
95
100
Denver
34
38
Potomac
50
60
San Antonio
Des
Moines
100
81*
83*
9*
;
8
3
Virginia-Carolina
4
15 1938 6 .25%
15 1938 6 .25%
F I C
FIC 1*8... Jan
16 1939
FIC
F
6.25%
1%
Par
Banca Comm Italians..100
Bank of New York
100
Bankers
Bronx
County
Brooklyn
Central Hanover
10
Bid
43
Globe A Republic
5
Globe A Rutgers Fire...15
12*
14*
Seaboard
29
32
65
68
119
23*
25*
9*
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant
6
riun Life Assurance
100
475
525
24*
Travelers
100
443
453
preferred
15
Great American...
Great Amer Indemnity..
5
8*
Halifax
10
23
Hanover
102
Fulton
339
41*
7
5*
43*
7*
76
81
20
81
84
38*
40*
57
65
Chemical Bank A Trust. 10
Clinton Trust
50
Colonial Trust
25
9
10
5*
213
6*
22*
24*
32*
34
7*
122
4*
5*
U 8 Fidelity A Guar Co—2
14*
74*
76*
U S Fire
51*
53*
52*
U S Guarantee
52
55*
Home
28*
29*
Westchester
31*
33*
5
34*
4
10
Fire
2.50
15*
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Ask
85
Bid
1
1
1
1
78
1
1
1
I
55*
1
1
1
Nat Union Mtge
Series A 3-6s
86
Interstate Deb Corp 2-5s'55
100
58
62
Ask
Corp—
1954
58
1954
78
t
Series B 2-5s
Potomac Bond
53
50
Corp (all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
3-6s
77*
1953
50
Potomac Deb Corp 3-6s '63
66
26
48
52*
Mortgage Bond Co of Md
..100
1*
Empire Properties Corp
2-3s
1*
75
1945
Inc 2-53
1953
51
Potomac Franklin Deb Co
38
3 6s
85
Potomac
Nat Bondholders part ctfs
Central Funding
85
series A A D
/20
27*
90
49
Realty Bond A Mortgage
Nat Cons Bd Corp 2-5s *53
77*
48
15 1939 b .25%
50
Potomac Realty Atlantic
Deb Corp 3-6s
1953
ture
/24*
1953
Maryland Deben¬
Corp 3-6s
1953
deb 3-6s
1953
Unified Deben Corp 5s 1965
Ask
57
42*
44*
Miscellaneous Bonds
1 «1 « 1
11• 1 «
1
1
1
1
Bid
1
Associates Invest 3s. 1946
Ask
98
98*
Bear-Mountain-Hudson
Bid
104
Ask
New York City Park¬
way
3*s
Authority 3*8 '68
105*
106*
rnmmmrn.
revenue
1944 6
2.40
less
1
3*s revenue
■
1949 6
2.90
leas
1
100.16 100,18
Recoastructlon Finance
Federal Farm Mtge Corp
Bid
Ask
Irving
190
225
10*
Kings County
Lawyers
I*?
Sept 1 1939
101.7
101.9
210
220
1550
11*
Corp—
1*%
Dec 15 1938
* % notes July 20 1941
100.10
----
100.14 100.16
Fedl Home Loan Banks
la
July
-
1580
2s
—Dec
28
32
2s
Apr
1939
100.17 100.19
1940
102.11
101.24
Reynolds Invest'g 5s 1948
59
62
102.14
1 1943
101.27
■
■
1
Federal
Manufacturers..
36*
50*
38*
52*
10*
New York
..25
80
83
Title Guarantee A Tr. ..20
5
Natl.
Trlborough Bridge—
Mtge Assn
6
Preferred
12*
14
47*
48*
Underwriters
Empire
15*
16*
United States
Surety
8
4*
50*
62
10O
Continental Bank A Tr.10
Corn Exch Bk A Tr
.20
.10
6
207
...
32*
81
Guaranty
100
5
23*
10
23
Par
90
10
5
St Paul Fire A Marine...25
Seaboard Fire A Marine..5
61
Companies
330
Fire
Hartford Fire
10
Hartford 8teamboller__.10
Commodity Credit Corp
* % notes Nov 2 1939
Ask
7*
25
41
River Bridge 7s. —1953
New York Trust
6
23*
21*
Russia
78*
151939 b .30%
June 15 1939 b .35%
July 15 1939 b .35%
Aug 15 1939 b .40%
1%
I C 1%
18*
34
38*
Debenture 3-6s
1953
Cont'l Inv Bd Corp 2-52 '53
Bid
F I C 1 *s—Oct
82
16*
23
Cont'l Inv DebCorp3-68 '53
Ask
FI C 1*8—.Nov
FIC 1*8—.Dec
78
32
23
Nat Deben Corp 3-6s. 1953
FIC 1*8.-Feb
FIC 1*8
Apr
Reinsurance Corp (N Y).2
10
Republic (Texas)
no* 113*
21*
14
5
6 .20%
15 1938 6 .20%
Providence-Washington .10
Associated Mtge Cos Inc—
Federal Intermediate Credit Bank Debentures
1*8—.Sept 15 1938
5
21
series B A C
FIC
Accident
17
96
27*
126
36
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3 6s '63
6
Bid
120
27*
A sk
Virginia
2
National.25
33*
45*
Georgia Home..
10
Gibraltar Fire A Marine. 10
Glens Falls Fire...
5
100
4
26
12*
Revere (Paul)
Rhode Island
.100
First Carollnaa
100
57
10
100
Pennsylvania
Preferred
55*
Bid
Carolina
Fremont
Lincoln
111
Par
50
Northwestern
8*
127
92*
2.50
10
..100
Ask
40
12.50
River...
25
Allied Mtge Cob Inc—
All series 2 5s
1953
101
Joint Stock Land Bank Stocks
Atlanta..
5
Pacific Fire
99* 100*
99*
New York Fire.
Northern
7*
11*
31*
43*
15*
12
99
5s
88
123
New Amsterdam Cas....2
New Brunswick
...10
New Hampshire Fire...10
73
/10*
Union of Detroit 4*8
3s
Illinois Midwest 5s
Iowa of Sioux City 4*8...
32
/30
100*
3*8
64
North
10
2d
Pennsylvania 5s__
100*
99* 100*
99* 100*
100
99*
Ohlo-Penasylvanla 5s
Oregon-Washington 5s
62
Phoenix
8*
7
10
National Fire
"e*
26
9*
5
23*
41*
5
8*
21*
5*
5
48*
10
39*
Firemen's of Newark
52
General Reinsurance Corp 5
100*
100*
99* 100*
42
/38
North Carolina 5s
Central Illinois 5s
3
47*
108
2*
5
50*
44*
Merchants (Providence)..5
Casualty
41
4
Merch Fire Assur com
5
Merch A Mfrs Fire New'k 5
10
Franklin Fire
Ask
100
Lincoln 4*s
5s
1
..5
Fire Assn of Phlla
Lafayette 5s
100*
24
2
Employers Re-Insurance 10
Excess
21*
Fireman's Fd of San Fr.25
Ask
99* 100*
Atlantic 3s
88
593
19*
22*
Fidelity A Dep of Md...20
Bank Bonds
12*
2*
National Liberty
.....2
National Union Fire
20
6*
84*
583
6
Federal
Joint Stock Land
5*
25
Fire
Carolina
3s 1955 opt 1945
38 1956 opt 1946
JAJ
2*
...100
Camden
Federal Land Bank Bonds
64
10*
Bonding A Ins..12*
National
109* 111*
62*
38*
5
Maryland Casualty
Re-Insurance. 10
17*
8*
8
..5
Fire
American of Newark —.2*
American Reserve
120
Lincoln
8
3
16*
las Co of North Amer...10
10
Equitable
American Home
American
Govt of Puerto Rico—
1952
Apr
5*8 Aug
1941
Hawaii 4*8 Oct 1956
Ask
63.50
5s
U S Panama 3s June 1 1961
4 Ha July
22*
25
Ask
2
10
.10
American
Bid
10
American Alliance
105
5s
Ask
285
Northern Trust Co....100
215
Broadway
1.75%
Ask
100
Ha Oct
Bid
Harris Trust A Savings. 100
195
HI*
Inland Terminal 4*8 ser D
1939-1941
MAS 60.75 to
United States Insular Bonds
4
18*
Banks
Ask
Agricultural
4s 1946.
24
15*
1.20%
110 *
109*
Bid
28
22
12*
Eugene J. Hynes & Co.
61
Aetna
Philippine Government—
26*
Sterling Nat Bank A Tr 25
All Over-the-Counter Securities
Bid
Holland Tunnel 4*8 ser E
1939-1941....
MAS 50.50 to
1942-1960
108*
Bid
14
10
.50
Banks—Insurance—Industrials—Utilities
102*
99
----
Exchange
TRADING MARKETS
----
Authority Bonds
Ask
98*
1675
65
33 1-3
National
129
97*
Peoples National
Improvement—
Barge C T 4s Jan '42 A '46.
101*
730
103
61.60
137
107* 108*
104* 105*
Gen & ref 2d ser 3*s "65
700
97
Ask
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
Port of New York
Gen A ref 3d ser 3 *s '76
Gen A ref 4th ser 3s 1976
24
12
Penn
Chicago & San Francisco
Bank
137
Bid
40
22*
National Safety Bank. 12*
133
National...100
Ask
35
Trade
First
4*8 April 1940 to 1949—
Highway
Port of New York—
Gen A ref 4s Mar 1 1975.
30*
Bid
Bank
100
National Bronx Bank...50
National City
-12*
World Wrar Bonus—
62.50
Highway Imp 4 *8 Sept '63
Canal Imp 4 *8 Jan 1964..
Can A High Imp
414s 1965
..100
A Trust..
100
Continental Illinois Natl
Bid
100
29*
Par
Merchants
127
Par
American National Bank
Ask
16*
48
75
First National of N Y..100
1635
125*
New York State Bonds
Bid
Avenue
Auk
15*
40
13.55
119
120*
119* 121*
121* 123
1 1967
Bid
Bensonhurst National...50
115* 117
116
117*
118* 119*
1963
114
118*
118*
118* 120
119* 120*
1981
113* 114*
1 1964
Put
Bank of Manhattan
Co. 10
Bank of York town ..66 2 3
117
104
i
Ask
115* 117
a4*s Apr 15 1972
1962
1
a4*s Mar
103*
1 1966
1980..
1
a4*s Sept
....
1975
1
a48
103*
1960
New York Bank Stocks
Bid
a4*s Apr
i02
103*
1954
a3*sJan 15
a3*sJuly
101
1627
City Bonds
Ask
99* 100*
1 1954
Chronicle
20
85
1550
2s May 16 1943_opt'39
101.20 101.23
Home Owners' L'n Corp
l*s
June 1 1939
95
1600
For footnote: see
page
4s s f revenue '77 AAO
110
111
4s serial re venue.. 1942 6
101
1629.
101.2
2.10
less
1
4a serial revenue—1968 6
3.50
less
1*2
Financial
1628
Sept.
Chronicle
10,
1938
Securities—Friday Sept. 9 -Continued
Quotations on Over-the-Counter
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Baltimore A Ohio 4)4s
3oscpb Walkers Sons
4)48...— ...
A Maine 5s
Boston A Albany
Boston
York Stork Excbangt
4^
Dealer* In
120 Broadway
NEW YORK
Chicago St. Louis A
Since 1S55
r
i
Guaranteed Railroad Stocks
Florida Southern 4s
Illinois Central—
(Guarantor In Parentheses)
Indiana Illinois A
79
82
20
25
44)4
48
5.00
79
82
5.00
68 V*
2.85
4s—
Pecorla 58--.—
Providence A Worcester
72 %
74)4
Toledo Peoria A Western
48
45
2.00
38 %
4054
Toronto
52
56
United New Jersey
153
147 Yx
9.00
4.00
45
600
S00
County Ry 3 %s
>
West Virginia A
34)*
59%
4s
Railroad A Canal 3%a
Vslley 4%s
Washlngt
Pittsburgh 4s
3.875
80
95J4
Preferred
A Chicago (Pennsylvania)..
4.00
82
68
71
52
56)4
67
72
91
92
109
99
98
92
90
80
57" ~
52
104)4
103)4
114)4
84
62
102
101
87
106"
105
97)4
9434
101)4
67
36
40
40
45
Bonds
43
3.00
Bid
83
79
7.00
Bid
Ask
140
—
...
.....
*
155
160~~
Atlantic Coast Line 434s.
140
7.00
.100
.100
pref (Penn)
145
Baltimore A Ohio 4)4s
6~82
100
(Delaware A Hudson)
1-ouis Bridge 1st pref (Terminal RR)
64)4
121
A si
3.00
60
63
..
.100
6.00
121
125
10.00
214
100
6.00
52
100
5.00
55
59
5.00
53
58
1936-1944...
65. Ou
4.00
N YNHA Hartf
4%s..
63.10
2.50
Northern Pacific 4)4s
Pennsylvania RR 4)4s
Canadian National
66
pref.
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric
Alabama Power 17
2%
4%
*
Mississippi P A L $6 pref.*
Miss Rlv Pow 6% pref. 100
115
Missouri Kan Pipe Line..5
67
78)4
76934
81)4
Consol Elec A Gas 16 pref *
4
Consol Traction (N J). 100
43
83
5)4
96)4
73
743*
115)4
a
-
-
19%
*
21)4
2034
22)4
preferred...*
57 curn preferred
24
128
m
Hudson County Gas
194
---
100
85 %
86)4
-mm
96
103)4
*
56 preferred
112
..100
7% preferred
Natural
2234
Gas..*
4
Interstate Power 57 pref.*
-
.
„
113)4
24)4
5)4
100)*
5)*
95)*
7% preferred
G A E—
6% preferred
100
Republic Natural Gas
1
4
81)4
100
7% preferred
Toledo Edison 7%
32%
34
United
7% preferred
26
Memphis Pr A Lt 57 pref.*
61.75
1.10
61.75
1.10
5s......
Loulsv A Nash 4J4s.......
58
27)4
194
533*
61)*
93
28
Utah Pow A Lt S7 pref...*
6534.
67)*
Virginian Ry
100
128
Amer
Serv 6s. 1961
Utility
Virginia. Ry 4)4s—
'
8
f debenture
1963
434s.. 1948
Associated Electric 5s. 1961
7
9
75
100
62.50
1.50
Western Pacific 5s.
66.00
5.00
66.00
5.00
3.50
5)48
-
Utility Bonds
68.1951
63
64
1957
E'ec Ry 5s...1952
65
66)4
42)4
Dallas Ry A Term
67
69
Federated Util 5)4s
Havana
1967
Power 3%3
107)4 108
Idaho
103)* 103)*
49)*
48)*
1968
103%
104)*
Inland Gas Corp 0)4s_1938
f40%
42)*
4s. 1957
22)4
24)*
Mortgage
35*s
23)4
Kan City Pub Serv
24)4
Kan
1978
25
21)4
434s...1978
20
29%
95
Conv deb 4s
1973
46
Conv
Pow A
Lt
1st 4V*s '65
695*
7i)4
10)5* 10 5*
49"
Missouri Pr A Lt35*s.l966
52
53
Mtn States Pow 1st
70
Conv deb 5)4s
1973
58
40)4
8-year 8s with warr.1940
84
86
8s without warrants. 1940
83
85)4
N Y State Elec A
25
27)4
N Y Steam Corp
fund
Sink fund Inc
N Y. Pa
1983
23
4J4S..1983
25
1983
27
534s__l983
'66
A N J UtU 5s 1956
29
»
m
m
mmom
-
-
-
---
1965
3)4s.l963
conv
1)4
2 54
*
Blckfords Inc
pref
11
13
*
33
35
Bohack (H C) common...*
7% preferred
Diamond Shoe pref
100
100
Flshman (M H) Co Inc..*
2
13)4
100
7H
3
17)4
106
9 54
Kress (8 H) 6%
12
pref.
1055* 106)*
Peoples Light A Power
1st lien 3-6s
1961
27
Portland Elec Power 6s
29
Pub Serv El A Gas
106
100
98
Reeves fDaniel) pref
United Cigar-Whelan
55 preferred
Stores
*
17
28
80
87)4
—1946
71)4
73)4
76)4
73)4
ser
G '60
Par
Bid
Ask
Preferred
.
10)4
Savannah Sug Ref com
1
3054
33'A
1
6
I
16
754
18)4
West Indies Sugar Corp..l
3)4
4)4
2 54
62%
B
ri2H
4)4s
1947
San Antonio Pub Serv—
1962
38)4
77%
39)4
1962
38)4
39)4
Crescent Public Service—
Coll Inc 6s (w-s)
1954
Cumberi'd Co PAL 334s'66
38
40
102)4 103)*
103
108)4
765*
13)*
104
1963
4s__1966
1958
Bell Tel 3s_1968
Sioux City G A E
Sou Cities UtU 5s A..
S'western
77
Dallas Pow A Lt 3)4s. 1967
For footnotes Ree page 1629.
fl'A
62
745*
'50
3 )*s '68
Pub Util Cons 534s__.194k
Republic Service coll 5a *51
St Joseph Ry Lt Heat A Pow
1st mtge 4s
'52
1962
Consol E A G 6s A
fis series
Eastern Sugar Assoc
105)4 106
Central Public Utility—
5s
9)4
Cut (an Atlantic Sugar... 10
-
Cons Cities Lt Pow A Trac
Sugar Stocks
Ask
-
1st lien coll trust 6s. 1946
Income 534s with stk
Bid
-
Central G A E 5J4S-
Cities Service deb 5S..1963
bar
109)4
Cent Ark Pub Serv 5s. 1948
Cent Maine Pr 4s
26)4
1986
94)4
995* 100)4
101)* 104**
545*
565*
Old Dominion par
23
Blacketone V G A E 4s 1965
935*
4s._1962
5s.. 1951
Pub Service
25
S f Inc 534s-6)4s
3
common..*
6)4% preferred
100
Murphy (G C) 55 pref.100
Miller (I) Sons
59
Secured notes 3 )4s__ 1947
4)4s-5)4s...l986
mmmm
84)4
575*
Prop's—
North Boston Ltg
Ohio
Sink fund Inc 5-6S..1986
torn mm
83)4
10554 105)4
Gas Corn
4s
434s..1958
inc 4s
6s. 1938
Narragansett Elec 3*4s
Elec Co—
0)4
3654
Pow 5s "68
Lexington Water
43
'
35)4
103)* 10354
1973
"
10954 1
Lehigh Valley Transit 5s *60
Lone Star Gas 334s ..1953
1973
4)4s
4)
/36
1055* 108)*
Indianapolis Pow A Lt—
24
deb
Ask
Bid
Alt
41)*
63
67
\
85
Western Maryland 4)4s...
S f Inc
7% preferred
85
85
75
3 50
Income deb
Kobacker Stores
85V
75
2IX
1978
35*s.__1978
Income deb 4s
106)4
"H.00
75
75
Income deb 3 34s
55)*
1.00
3 50
■
*
7% preferred
...100
/G Foods Inc common *
I
1-00
v
61.70
5S....V.
Wabash Ry 4)4s.--^".-..
Sink fund inc 4-5s._19S6
Berland Shoe Stores
JTU70
6s
Appalachian Elec Power—
...
Ask
1.00
61.50
3.50
Bid
3-5s '53
Sink fund inc 5s
Bid
1.50
61.50
5s
Union Pacific 4)4s
5)48
Public
Assoc Gas A
Par
2.75
62.25
3.50
64.75
6)48
8lnk fund Inc
Ask
2.75
63.25
64 75
4)4s.
5s
Sink
Bid
63.25
Texas Pacific 4s
Income deb
Chain Store Stocks
3.50
64 75
5)48..
Missouri Pacific
28)4
133
3.50
64.50
64.40
Coas ref deb
bar
64.50
5s
Conv deb 5s
39)*
2.50
64.40
Assoc Gas A Elec Corp—
68
Texas Pow A Lt 7%
29
partlc pref..50
88
100
47
27%
Mass Utilities Associates—
3.00
94)4
105
44 4
..100
5
86
pf.100
pf A. 100
Gas A El (Conn)—
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred
19)4
93)4
E $7 pf.100
55
116
64.00
1st mtge 4s
100
6% preferred D
63.00
3.00
90 %
18
25
6% pref series B
South Jersey Gas A El. 100
Penn Elec Pow 6% pf.100
114.
Kan Gas A El 7% pref. 100
64.00
Rochester Gas A Elec—
80
preferred
50
Jer Cent P A L 7% pf._100
7)4%
Long Island 434s..........
Amer Gas A Power
53)4
..100
4.00
64)4
89
Southern Calif Edison—
Jamaica Water Supply—
3.50
65.00
102)*
62
*
33
31
64.50
4)4s_.
Illinois Central 434s
101)* 103
1U0
102)4
pref.. 100
2.25
1.25
1.00
4.50
63.50
Southern Ry4)4s
61.80
4.50
65 2)
5s
61.75
11234 11334
96
973*
100
pf-.lOO
100
pref
9
94
Pacific Pr A Lt 7% pf-.lOO
Sioux City G A
Utilities—
5)43
Southern Pacific 4)4s
95
95
65 25
St Louis Southwestern 5s..
5.25
94
92
5.25
90
2.00
90
5.25
98
2.25
62.50
66.25
1.50
52)4
95)4
*
Penn Pow A Lt $7
3t LouLs-San Fran 4s
5s.
50
pref
E 7%
85
62.00
Maine Central 5s
*
*
pref
7% preferred
63.00
106
Queens Borough
Idaho Power—
conv
973*
104)*
100
pref
Ohio Pub Serv 6%
Okla G A
Gas A Elec of Bergen.. 100
Iowa Southern
7%
Reading Co 4)4 s
5s
pf..*
(Minn) 5% pref
Ohio Power 6%
19)4
$6 cum preferred
56.50 cum
(Dei)
.........
Internat Great Nor
30
$7 preferred
194
Federal Water Serv Corp—
15
Power—
States
2.05
6.00
1937-50
4)43
••
28 34
*
preferred...100
Ohio Edison $6
27
22
•
*
preferred
7% cum
Northern
2 00
63 25
Hocking Valley 5s.
111
New York Power A Light—
cum
62 60
Co—
17 prior lien pref
$6
Continental Gas A El—
..100
13
New Orl Pub Serv $7
47
95)4
100
E 5 34 % pf- *
New Eng Pub Serv
80
70)4
6.00
94
434s....
2.10
non-call'
Dec 1
66.25
534s
253*
13
10
109)*
23*s series G
66.25
5s
26)4
1.10
62.75
1937-49
July
5s
4)4s--
Denver A R G West
4)4
128
.Newark Consol Gas
73
100
23)*
Nebraska Pow 7% pref. 100
A
Pere Marquette 4)4s
Great Northern 4)4s
Nassau A Suf Ltg 7% pf 100
823*
67.00
82
Erie RR 6s
25
100
7% preferred
21
Central Maine Power—
Derby Gas A El 57 pref..»
Essex Hudson Gas
100
4)*
5.00
Jan
4)4s
61
1.25
61.75
5.00
67.00
Paul" I As'-
5s
117
Mountain States Power—.
New Eng G A
Dallas Pr A Lt 7% pref. 100
593*
1.00
66 00
66 0.)
Trustees' ctfs 334s
Monongahela
$7 preferred
112
56 preferred
100
Cent Pr A Lt7% pref..100
61.50
-
St
1.75
62.00
5s
2.00
Chicago R I A Pacific—
58
West
Penn
Pub Serv 7% pref....25
71
Consumers Power $5 pref*
Ask
53
55
•
*
1
634
805*
434s
5s
50
6)4
20 A
preferred
25
Carolina Pr A Lt $7 pref..*
4.50
62.50
ChlcMUw* A
Bid
4%
1
65.50
5.00
62.50
4s series E due
Chicago A Nor West 434s.
■T
Mississippi Power $6 pref *
Buffalo Niagara A Electern
51.60
50)4
48
bar
75
534
7% preferred
3.00
4)4s
5.00
66.00
2.50
2.25
Chesapeake A Ohio—
65
6% pref
Birmingham Elec $7 pref.*
7% preferred..
Cent RR New Jersey
33
110
57 preferred
Atlantic City El
6% preferred
59
5s
68
73 X
Original preferred
56.50 preferred
55
30
Ask
A
10
5.00
66.0U
4)4s
5.00
66 00
5s
1.25
A 6 00
N Y Chic A St L4)4s
5s
63
5.00
62 25
5s
63.0.)
5s
Canadian Pacific 4)4s
3 50
Utility Stocks
Bid
Far
2.50
4.00
.50
(Penn-Readlng)
Public
63 30
4.00
.50
(Del Lack A Western)
West Jersey A Seashore
3.50
New York Central 4%a...
6.50
6.50
100
j
64 75
65.25
3)4s Dec 1
55
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)...
Warren RR of N
4)4s..
218)4
United New Jersey RR &
IJtlca Chenango
New Orl Tex A Mex
67.50
5s...
100
(Terminal RR)
Canal (Pennsylvania)
A Susquehanna (D L A W)
1.75
67.50
5s
125
.100
preferred
6.00
52.25
65.25
68
100
Tunnel RR St Louis
52.50
103"
102)*
43
40
Railroad Equipment
8i%
40
1.50
.100
Rensselaer A Saratoga
B
4l"
38
106 A
62%
4.50
..50
Pgh Ygtn A Ashtabula
5%
72
70
»»«••»
Pittsburgh Fort Wayne
Interstate
65
36 5*
5.00
4s
Hamilton A Buffalo
Vermont
48
50.00
1939
1941
1947
— ...
—
.
Toledo Terminal 4)4s
5.50
1959
95)4
94
1940
^000
1948
1947
...
1961
......1947
—......1942
—
1967
1957
—. — ...1946
1951
1940
..1954
1990
Portland Terminal 4s
Terre Haute A
2.00
..50
(Pennsylvania)..
..50
Lack A Western)....—..
..50
Lake Erie (U 8 Steel)
Prcfcrr^l
Gulf 5s
—
Memphis Union Station 5s.
New London Northern 4s.
New York A Harlem 3)4s
New York Philadelphia A Norfolk 4s...
Norwich A Worcester 4)4s
Pennsylvania A New York Canal 5s..........
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
3.50
Pittsburgh Bessemer &
Second
45
30 %
8.75
Oswego A Syracuse (Del
St
41
29
8.50
..25
Central
112
2.00
(Pennsylvania)
—
...
.100
Fort Wayne A Jackson pref (N Y Central)
.100
Georgia UK & Banking (L A N-A C L)
.100
Lackawanna UK of N J (Del Lack A Western)
.100
Michigan Central (New York Central)
..50
Morris & Essex (Del Lack A Western).
.....
.100
New York Lackawanna & Western (D L A W) —..
Northern
69
117
6.00
..50
stock
Betterment
64
10.50
.
Delaware
Asked
Bid
6.00
.100
(Illinois Central)
.100
Albany & Susquehanna (Delaware A Hudson)
.100
Allegheny A Western (Buff itoch & Pitts)..
—
..50
Beech Creek (New York Central)
.100
Boston A Albany (New York Central)
.100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)..
...
.100
Carolina Cllnchfield & Ohio com (L A N-A C L)
.100
Cleve Clan Chicago A St Louis pref (N Y Central)..50
Cleveland & Pittsburgh (Pennsylvania)
Iowa 4s
Kansas Oklahoma A
Dividend
73)4
34
28
„„„„
.1953
—1950
1978
Terminal 3)4s
Louisville Div. A
Far in Dollars
Alabama & Vlcksburg
1995
1951
...1962
1945
38)4
71
31
1956
1951
1961
...
New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s
Duiuth Misaabe A Iron Range 1st 3)4s
2-6600
STOCKS
>i.
4s
Chicago Indiana A Southern
33
37 A
..1955
Cambria A Clearfield 4s
Tel. RE ctor
GUARANTEED
33
93 A
1939
1939
-1943
1940
1944
4s—
Atlantic Coast Line
Msmktn ]S[rui
...1945
1945
5)4s
and Youngstown
Akron Canton
f 29
/29
5s..1958
Texas Public Serv 5s..1961
Toledo Edison 3 34s... 1968
Utlca Gas A El Co 5s. 1957
Western Pub Serv 5)4s *60
Wisconsin G A E 3 %». 1966
Tel Bond A Share
Wis
Mich
Pow 3H3..196I
105
10554
73)4
75
66
6754
10054 10154
100)4 101
33)4
3954
t—65
67~"
86
83
10154 102
122)4
83
85
1055* 106)*
106
106)4
.
Volume
Financial
141
Quotations
Chronicle
Over-the-Counter Securities—Friday Sept. 9—Continued
on
Water Bonds
Industrial Stocks and Bonds
Birl
Alabama Wat Serv 68.1057
Ashtabula Wat Wks 5s
Ask
99
1015*
Muncle Water Works 5s '65
105
101
103
101'"
New Jersey Water 5s 1960
New Rochelle Water—
—1951
80
85
99
Birmingham
Water
Wks—
5s series B
5s series C
—1967
5s series B
1954
100?*
5?*s series A
1954
104
1957
1045*
Butler Wat*- Co 5a
Crtiif Water Service 4s 1961
Chester
Serv 4?*a
Wat
58
105
1951
85
105
1951
1951
103
1941
Amer
Art Metal Construction. 10
coll trust 45*8.-1966
1st
1st consoi 4s..
79
75
«
•
•
86
95?*
97
194Q
1948
1948
Phlla Suburb Wat 4S..1965
Chic
99
100
99
101
104
59
64
Pittsburgh Sub Wat 5s '58
102
6s series A
1946
63
67
Plalnfleld Union Wat 5s '61
107 5*
Connehsellle Water 5s 1939
99
95
1005*
St Joseph Wat 4s ser A
'
Greenwich Water <fc Gas—
4 5*s
99
101
1958
.1952
97
102
Hhenango Val 4s
108
South Bay
1977
Huntington Water—
South
40
44
10
3
Pittsburgh
Water—
1005* 104
102
5s series B....... ..I960
105
Sprlngf City Wat 4s A '66
99
105
Illinois Water Serv 5s A *52
101 J*
Indianapolis Wate1st mtge 3 Hb
105?* 107
Indianapolis W W Secure—
85
•
Bake Shops.....*
30
Fobs Oil Co
*
American
104
Garlock
1005*
Good
Gen
Fire
90
102
100
13?*
6?*
*
5%
6%
100
60%
Monmouth Consoi W 6s '66
90
Landers Frary & Clark..25
1950
97
100
Lawrence Portl Cement 100
101
103
Long Bell Lumber
97*
95
101 5*
1956
Morgantown Water 5s 1965
104?*
104 5*
1st 6%
104 5*
65*
75*
Steel common.........*
Tennessee Products.
*
15*
25*
127 5* 1315*
*
Trlco Products
1952
1025*
Corp
Tublze Chatlllon
*
Preferred
5*
#3
485*
42?*
14?*
Preferred
Par
Adrnlnls'd Furd 2nd Inc. *
Affiliated
♦
Amerex
Fund Inc
15*
Holding Corp..*
Amer
preferred
...*
104
Pap com.*
13
15"
93?*
96?*
Preferred
3 %
6%
100
West Dairies Inc
*3
com v t c
preferred
cum
1
...*
16J*
White Rock Mln Spring—
$7 1st preferred
100
WJR The Goodwill Sta
Worcester Sait
8
6%
1
%
H
York
6?*
11
14
5
21
23
43?*
9?*
49
53?*
56?*
75
85
100
preferred
100
Young (J S) Co com... 100
25
7%
preferred
A
Continental
Corp
Equities Inc 25c
Insurance Ptock Corp*
Amer Gen
Am
Assoo. Stand OH Shares..2
Bankers
Nat
♦Class A
Basic
Invest
Fund
3.79
4.19
22%
245*
Series B-l
3.71
Series B-2
Inc.
Series K-l.
5
55*
Series K-2
55*
6
Series S-2
...
American Tobacco 4s_1951
108
100
Am
100
Chicago Stock Yds 5s. 1961
955*
Cout'l Roll A Steel Fdylst conv s f 6s
1940
88
90
955*
96
18?*
14?*
35*
45*
Bonds—
Wire Fabrics 7s..1942
85
3.40
mm
m
m'
16.56
28c
43c
Broad St Invest Co Inc..5
Maryland
5.24
5.97
1
20.59
21.85
10
11.27
Common
25c
3.19
Voting shares.
...
155*
4.20
Shares Trust
*
22. i0
23.77
New
England Fund
Commonwealth Invest
1
3.40
3.70
N Y
Stocks
Shares
pflOO
.1
Accumulative
Series A A
National
Agriculture
75*
Bank stock
2.25
mm
mm
mm
mm
m
^
1
preferred
2.69
10
24%
100
8.56
7.59
7.11
7.70
8.82
7.64
8.27
9.28
10.03
8.24
8.91
8.56
34
9.26
8.57
Oils
32
9.27
Railroad equipment
6.75
7.31
Steel...
mm mm
4.50
7.54
8.18
...
No Amer Bond Trust ctfs.
50 J*
1.33
2.99
m
Deposited Insur She eer B1
2.70
mm
mm
mm
No Amer Tr Shares 1953.*
2.16
Series 1955
1
2.62
Series 1956
1
2.57
1
2.27
mmm
m
Series 1958
m
Diversified Trustee Shares
C
3.60
D
I
Dividend Shares
3.60
5.55
m
mm
1.25
1.36
16.96
Eqult Inv Corp (Mass)..6
Equity Corp 13 conv pref I
27.84
29.62
26?*
29?*
Fidelity Fund Inc
18.67
20.10
Plymouth Fund Inc.—10c
18.22
25c
1.
»
First Mutual Trust Fund..
Fiscal
stock
Rerfes.
—
lOc
14.13
10.54
Representative TrustShslO
10
-
10.11
32c
60c
9.16
9.99
Investors
69c
76c
15.16
16 09
Trust Shares
3.00
3.60
42c
45c
am
Utilities
♦state St Invest
3.95
4.25
lnc.2
17.07
18.46
4.85
5.50
Inc.SOc
Corp... *
Supe.r Corp of Am Tr Shs A
AA
74
77 %
3.13
4.38
General
Investors
30.29
Trust.*
32.57
4.71
5.12
A u torn obi
e
3.26
2
C
1.09
—
Chemical shares
1.19
1.00
1.10
1.11
1.21
1.48
shares.....
Building shares
1.61
1.27
5.77
3
9.69
10.53
Trustee Stand Invest Shs—
Series C
1
Series D..
1
6.02
SeUes B
1.38
2.41
—i
5.48
90c
Trusteed Amer Bank Shs B
57c
63c
83 c
Trusteed
94c
1.04
Industry Shares.
U S El Lt A Pr Shares A-.
12%
Mining shares
1.30
1.42
B
Petroleum shares......
1.03
1.13
Voting shares
RR equipment shares
Steel shares
74c
82c
1.15
1.26
UnNYTr Shs ser F
♦
1
1.00
1.10
v
1
12.84
5*
%
...
...
Guardian Inv Trust com.*
•Huron Holding Corp
Incorporated
1
Investors..♦
42c
62 c
17.21
18.50
Bank Group shares
98r
1.31
♦Bancamerlca Blair
♦Centra* Nat
Corpl
Corp cl A..*
*
1.08
♦
1.45
2
2?*
1?*
14.09
3?*
32
2%
4H
35
5
♦Schoeikopf. Button A
32
Nat
45*
20?*
Norwich
deb 6s
Radiator
76
1946
5s
65
/21
24
N Y Shipbuilding 5s..1946
22 ?*
245*
52
62
6
36
395*
1st 6s
105*
2d
90
1035* 107
Woodward Iron—
*
Wither bee Sherman 6s 1963
6 5*%
11
1948
100
New Britain Machine
Preferred
715*
Pharmacal
Ohio Match Co
85*
*
conv
107
385*
1962
Income 5s..1962
108 5*
42
102
90?* 102?*
Real Estate Bonds and Title Co.
Bid
1957|
Alden 1st 3s
32%
First Boston
Pomeroy
Bid
31?*
6s
23%
mmm
91
95
Chesebrough Bldg 1st 6s '48
47?*
49?*
Colonade Constr'n 4s. 1948
36?*
«...
67?*
64
60
23
25
Y Athletic Club—
2s
63?*
Chanln Bldg Inc 4s...1945
1945
1946
S f deb 5s
N
61?*
53?*
N Y Majestic
Corp—
4s with stock strnp—
J956
/0?<
8?*
N Y Title A Mtge Co—
/51
5?*s series BK
Court A Remsen St Off Bid
52?*
29?*
33?*
5% 8 series C-2
[33
34?*
27
29?*
5?*s series F-l
5?*s series Q
[40%
/39
61?*
40?*
8
1st 3 5*8
1950
Dorset 1st & fixed 2s. .1957
9?*
[37%
mmm
[6%
mmm
Eastern Ambassador
52?*
55
26
30
'431
40?*
1958
..1939
71?*
40 Wall St Corp 6s
44
m
July 7 1939
1st 6s
1
36?*
42 Bway 1st 6s
1st 6s
Oliver Cromwell (The)—
33
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s
19th A Walnut Sts (Phlla)
54?*
52?*
24
52d A Madison Off Bldg—
1st
1947
Metropol Playhouses Inc—
1944
Broadway Motors Bldg—
4-68
1948
1400
Ask
Metropolitan Corp (Can)—
I21K
B'way A 41st Street—
1st 3s
Mortgage Certificates
Ask
mm
Nov 15 1939
Park Avenue—
2d
mtge 6s
1951
mmm
103 E 57th St 1st 6s... 1941
16
10%
165 Bway Bldg
mmm
46
60
52
lst5?*s *51
Prudence Co—
5?*s stamped
Broadway Bldg—
65*8 stamped.. 1948
36?*
42
39
1961
59?*
...
Realty Assoc Sec Corp—
5s
Fox Theatre & Off Bldg—
1967
n2
15
Fuller Bldg deb 6s
1944
33
36
1st 2 5*-4s (w-s)
1949
37
68
71
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
28
31
38
40?*
Hotel
50
52
47
49?*
...1943
/45?*
48?*
40
1946
Income
Graybar Bldg 5s
Lexington
units
Hotel St George 4s... 1950
Roxy Theatre—
68
60
.1956
30?*
32?*
1956
[20%
22?*
1957
1st 4s
Savoy Plaza Corp—
38
with stock
Sherneth Corp—
2s with stock
60 Park Place
(Newark)—
1st fee A leasehold
Bldg
1947
42%
m
1950
Syracuse Hotel (Syracuse)
40%
42H
67?*
3?*s
01 Broadway Bldg—
Lewis Morris Apt Bldg—
1950
35?*
Lincoln Building—
Income 55*8 w-s—1963
68?*
71%
90?*
92?*
Textile Bldg—
42?*
45
Trinity Bldgs Corp—
1st 5?*s
mm m
3?*s with stock
1955
60%
1958
41%
43 %
1939
2 Park Ave Bldg 1st 4s 1946
51%
55%
54%
58
1st 3s
—-
Loew's Theatre Rlty Corp
1947
1st 4s (w-s)
1952
Ludwig Baumann—
1st 5s (Bklyn)
1947
64?*
mmm
1951
1st 5s (LI)
69?*
mmm
Madison Ave Apt Hotel—
1st 3s 1957 w-s
Walbrldge Bldg (Buffalo)—
32
35%
3s
with stock
1950
17%
mmm
Wall A Beaver St Corp—
6?*
Metropolitan Chain Prop—
6s
1948
8%
1st 4?*s
.1951
w-s
22
23%
Westinghouse Bldg—
89
92
1st fee A leasehold 4s '48
68?*
Banking Corp
♦Class B.
30
/695*
n
Phillips Petroleum 3s. 1948
Scovlll Mfg 5 5*s
1945
185*
Majestic Apt Inc—
48 w-s 1948 stamped
82c
elllngton Fund
In vestm't
mm
1.60
Un N Y Bank Trust C-3-*
Institutional Securities Ltd
Insurance Group Shares.
Invest Co. of Amer com. 10
1937
1938
Codv.
New Haven Clock—
1st A gen 3s w-s
75c
1.16
975*
Keisey Hayes Wheel Co—
London Terrace Apts—
82c
Tobacco shares
111
3 5*
100
preferred
1st 6s
2.35
Trustee Stand Oil Shs A.l
Food shares
1.06
108
5%
1st 4s
Investing shares
Merchandise shares
*
Nat Pa per A Ty pe com... *
1st 4-5s extended to 1948
...
14
5.77
D
Supervised Shares
Agricultural shares
Aviation shares.
B
«...
Group Securities—
1.-48
46
Lefcourt Manhattan
2.14
BB
*
40
Income 3s
4.12
*
Spencer Trask Fund
Standard
Foundation Trust Shs A.l
General Capital Corp
11.54
29c
Standard
Fundamental Tr Shares A2
B
15 11
103 %
40c
7.40
7.25
6.82
...*
600 Fifth Avenue65*s.l949
50c
9.61
Sovereign
Foreign Bd Associates Inc.
National
Deb 5s 1952 legended-.
25c
3.61
-
11
60 Bway Bldg 1st 3s inc '46
Management.. 1
Republic Invest Fund
Royalties
Selected Amer Shares..25*
Selected Income Shares
mm
10
Preferred
America
Deep Rock Oil 7s
93
Casket..
of
Haytian Corp 8s
100
7% preferred
steel
45*s
113
Mock Judson A Voehrlngcr
Eqult Off Bldg deb 5s. 1952
7.68
9.23
Invest
98
2.51
3.26
Fundamental
Inc Shares.. 10c
5% deb series A
7.08
series. 10c
B
c
♦Putnam (Geo) Fund
2.26
Fixed Trust Sbaree A... 10
Insurance stk
44
Quarterly
Fund Inc—
Bank
100
m
6.25
Eaton A Howard Manage¬
ment Fund series A
Crucible
Hotel units
"
Deposited Bank Hhsser A1
Deposited Insur Shs A
1
Crown Cork A Seal 4 5*s '48
255*
B'way Barclay 1st 2s.. 1956
Insurance stock
m
265*
110
13.78
Machinery
'
Metals
10
12.82
8.15
Electrical equipment...
116
♦7% preferred
100
Cumu'atlve Trust Sharea.
1.42
7.01
...
Building supplies
♦Crum A Forstpr Insurance
♦Common B share
345*
23 5*
5.98
7.91
Aviation
2.69
com
1
1.29
5.62
Inc—
2.25
1
Series ACC mod
Investors Corp.l
2.28
aeries...1
mod
♦Crurn A Forster
♦8%
7
385*
325*
1
12.32
Mutual Invest Fund
25.26
Series A A
14.72
11.01
15.49
5.45
Mass Investors Trust
3.85
Corporate Trust Shares.. 1
345*
1
00
Nation Wide Securities—
145*
♦Continental
14.58
4.68
24.09
Century
23.63
13.39
10c
Fund Inc
1
Fund Ltd
27.79
9.91
Canadian Inv Fund Ltd..1
Bulioek
*
—
Muskegon Piston Ring.25*
14.01
Series S-4
15.48
Invest A
11.34
13.24
Series B-3
63c
75*
Ask
10.62
21.57
7
56c
65*
Bid
25.40
6
1
British Type
1
Keystone Custodian Funds
Corp
new
Industry Shares.. 16
Boston
Par
10?*
122
common..
6% preferred
Investors Fund C__
7%
60
com
ice Machinery.....*
7%
10
\K
17H
78
Wick wire Spencer Steel..*
■mm-
16?*
100
West Va PulpA
Merck
Ask
12.89
3.36
Business Shares
Amer
Bid
12.21
46?*
4
preferred
Marlln Rockwell Corp
Investing Companies
605*
(Northam)—
conv
30 H
Macfadden Pub common.*
Inc
25*
5*
3
100
preferred
Co
79
15*
*
com
325*
70
100
28?*
89*
23?*
16?*
305*
pf.10
cum
100
100
2d 8% preferred
W'msport Water 5s
165*
100
Lord A Taylor com
1015*
1949
6s series A
65*
145*
47
45?*
160
200
100
...1960
5s series C__
1950
5?*s
405*
55*
Wilcox A Gtbbs
13?*
$5 preferred
5a series B
Monongahela Valley Water
325*
385*
26 K
Klldun Mining Corp
Wirhlra Water—
305*
25
Harrlsburg Steel Corp
5
1
King Seeley Corp com...1
1st mtge 5 5*s
105-
103
1075*
20
25
7%
13
Westmoreland Water 5s '52
104?*
Long Island Wat 6 Vis. 1956
Middlesex Wat Co 6 Vis '57
Mandard Screw
Stanley Works tec
18
1
1st mtge 5s........1951
Kokomo W W Co 58-1058
17
Corp..
90
5s series B.
85*
Welch Grape Juice com..5
40%
.....1950
Western N Y Water Co—
45*
Stromberg-Cari«on Tel Mfg
Sylvanla Iudus Corp
*
75*
38%
Extinguisher...*
Humor
24
*
com..
Great Lakes 8S Co com..*
Great Northern Paper..25
1045*
251
247
Singer Mfg Ltd
Skenandoa Rayon Corp..*
Warren
64
55*
185*
*
shares
Packing
58
3?*
Graton A Knight com
Preferred
Union Water Pert 55*8 '61
W Va Water Serv 4s.. 1961
35*
225*
55*
2%
2%
1025*
1015*
101
215*
3
Manufacturing..25
Singer Manufacturing..100
36""
32
*
—
103?*
6s series A
95*
Veeder-Root Inc
1949
Terre Haute Water 6s B '56
45*
115*
85*
United Artists Theat com. *
United Piece Dye Works.*
1165*
45*
Texaikana Wat 1st 5s. 1958
103?*
-
105*
Time Inc
108
prior pref
Foundation Co For shs.
1955
1957
8
16
315*
Douglas (W L) Shoe—
Preferred
1960
Joplln W W Co 5s
6
36
Federal
75"
4*
Pilgrim Exploration.
1
Pollack Manufacturing
•
Remington Arms com....*
Taylor Wharton Iron A
14
295*
33
*
Draper Corp..
72
145*
4
15*
785*
Cons Wat 6s '50
Ask
100
36
79
1st mtge 5s
1958
5%
5
595*
75
5s series A
5s
545*
5*
765*
103?*
..1966
I
45*
45*
565*
1005*
101?*
—.1962
2
32
B1961
1954
5s...
23
100
common
1067
ser
..1954
6s series B
6s
395*
21
53 5*
SI cum preferred
CrowelJ Publishing com..*
S7 preferred
100
Dennisun Mfg class A
10
Conv
Water service 5s. 1961
1st & ref 5s A
5 ^s series B
985* 100
Scraoton-Spring Brook
Hackensack Wat Co f>8. '77
5s series B
375*
*
Preferred
...1C0
Dixon (Jos) Crucible... 100
1065*
Scranton Gas A Water Co
1952
275*
17?*
6 S
I
Burl A Qulnoy
12?*
•
Scovlll
155*
60
♦
common
Bid
Corp..25
1
Petroleum Heat A Power. ♦
91
265*
Par
Pan Amer Match
Pathc Film 7% pref
Petroleum Conversion
Dentist's Supply com... 10
Devoe A Raynolds B com *
1045*
Roch A L Ont Wat 5s. 1938
95
5s series A
115*
12
45*
Dictaphone Corp
Richmond W W Co 5s_ 1957
Consoi Water of Utlca—
1968
29
Columbia Baking com...*
1C3
1075*
1946
1st mtge 5s
Corp
Indus Loan pf
Chilton Co
6 ?*s series B
1958
Radio
Burdlnes Inc
101
Pinellas Water Co 5 5*8. '59
4?*s
Belmont
Beneficial
Prior lien 5s
101
105
35*
255*
Bankers Indus Service A.*
1st consoi 5s
1954
25
995* 1015*
101
1967
1st Csserles C
..100
Hardware
83
1st A ref 5s........1950
Communliy Water Service
pref
cum
American
Ore Wash Wat Serv 5s 1957
City Water (Chattanooga)
5s series B
8%
m
Peoria Water Works Co—
105
...lO
Ohio Water Service 5s. 1958
102
5?*8 series A
pref
conv
Maize Products
*
American Mfg 5% prer 100
Andlao National Corp
*
City of New Castle Water
Ask
Bid
American Hard Rubber—
93
98
Penna State Water—
5s
*
5%
91
90
Ohio Cities Water 5?*s '53
Ohio Valley Water 5s. 1954
103 H 104 %
1045* 1065*
*
American Cynamld—
Newport Water Co 5a 1953
105
Par
Alabama Mills Inc..
American Arch
»mm
York Wat Serv 5s '51
5H8
New
Citizens Wat Co (Wash)—
5s..1
Ask
Bid
101
County Wat 5s *68
Atlantic
58
1629
Corp
Inc 00m
10
10c
19
IK
20 %
2%
♦
No
/Flat
par
price,
dividend,
t Now
v
a Interchangeable,
b Basis price,
d Coupon,
Nominal quotation,
w i When Issued,
w-s With
value,
n
Now selling on New York Curb Exchange,
listed
on
New
York
Stock
e Ex-interest.
Btock.
Ex-liquldatlng dividend.
Exchange.
t Quotations per 100 gold rouble bond, equivalent to
♦
s
Quotation not furnished by spoaser or Issuer.
77.4234 grams of pure gold.
Financial
1630
Chronicle
Sept. 10,
Quotations on Over-the-Counter Securities—Friday Sept. 9—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
Bid
Ask
Bid
1946
Bk Westphalia 6s '33
/21
/2i
Prov Bk Westphalia 6s '36
/21
/20
/70
ov
5s
1941
/25
1933
P
/2IH
6s
42
45"
Rio de Janeiro 6%
42
Tel. FIAno.er 2-5422
N. V.
1941
bine Westph Elec 7%
/14
/29K
& CO., INC.
BRAUNL
(Ger¬
many) 7s
/21K
fll
/H
Hungarian Discount & Ex
52 William St.,
Church
Protestant
/91
Inactive Exchanges
45
Rom Cath Church 6 Hs '46
R C Church Welfare 7a '46
Coupons—
aarbruecken M
/53K
/39K
/22
Foreign Unlisted Dollar Bonds
/21H
Bk 6s '47
/21
/13H
/IIH
/5
/23
/22
alvador 7%
1957
7s ctfs of depo8it-1957
4s scrip
Bid
Ail
Bid
Dortmund Mun Util 6s '48
/20
/31
Antioquia 8a
7b.
Bavarian Palattnlte
22
/24H
/24H
/19H
/20K
Anhalt 7s to
20
Duisburg 7% to
1945
East Prussian Pow 68.1953
26
Electric Pr (Ger'y) 6 Hs "50
---
Duesseldorf 7s to
22H
/22H
..1945
If
21H
Luneberg Power Light &
Water 7s
-----19
22 H
Mannheim & Palat 78-1941
24 H
Meridlonale Elec 78--.
24 H
Montevideo scrip
20
1966
/19
22
1966
/II
/19
fll
22"
8s.
dlv
/4H
4%
7s.
/4H
/4H
/5H
/20H
4%
Farmers Natl Mtge 7s. '63
4%
Frankfurt 7s to.
22 H
/I6H
17H
7a.
6s.
Brazil
funding 5s —1931-51
British
At) Cable 7s. .1945
1948
/29H
30H
/30»<
6H
Office
Conversion
1946
49
Apr 15 '35 to Apr 15 '38.
/I0H
11H
erman
7H
P
/14
Cauca Valley 7Hs
1946
f5H
/10H
Ceara (Brazil) 8s
1947
-
-
Jan to June 1934
German Central Bk
July 1934 t<> Dee 1936
1934
7b assented
1968
/ 64
1953
July to Aug 1938.-.-.-.
/46H
Costa Rica Pac Ry 7 Hs '49
1949
/ 16H
/20
17
.1957
6s.
/20
21H
100
162
166
Pac & Atl
of Pa pref--.100
115
117
Peninsular Telep com
30
40
48
55
27
33
92
94 H
66
it
reasons
they
is
are
113
117
always possible to arrange companies in exact
always
as
near
UNDER
ACT
Consolidated
Gas
Co.
(2-3802,
Form
A2),
alphabetical position
47 cents
Corp.
(2-3803, Form A-2),
San
1939-48.
1938.
Filed Sept. 3,
1938.
Big Horn Placer Mining Corp.(2-3806, Form A01),of Billings, Mont.,
a registration statement covering 1,000,000 shares of no par value
stock to be offered at $1 a share.
The proceeds will be used for
purchase of dredge and drills, for improvements and for working capital.
No underwriter was named.
J. F. Sperry, President.
Filed Sept. 3, 1938.
has filed
common
Business Credit
154
Wisconsin Telep 7% pf
100
116
118
The last
in
our
working capital.
Clarence Hodson & Co., Inc., was named
Dudley H. Dorr, President.
Filed Sept. 3, 1938.
Union Premier Food Stores, Inc. (2-3808, Form A-2), of Philadelphia,
Pa., has filed a registration statement covering 60,000 shares ($15 par)
$1,375 cumulative convertible preferred stock to be offered at $25
to
be reserved
for
per
share,
conversion of the
preferred.
The proceeds will be used for a warehouse, new markets and
working capital. Childs, Jeffries & Thorndike, Inc., and others were named
underwriters.
Samuel Friedland, President.
Filed Sept. 3, 1938.
Ltd.
(2-3809,
Form
share, also 100.000 shares
previous list of registration statements
3, page 1476.
was
given
issue of Sept.
Adams Oil & Gas
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1938
Net income before depreciation, depletion
Allied Stores
A-l), of Winnipeg, Manitoba,
Canada, has filed a registration statement covering 200,000 shares of no
par value eommon stock to be offered at 40 cents a share, 200,000 shares at
$242,997
1938—3 Afos.—1937
1938—12 Mos.—1937
loss$610,334
$160,017
$2,498,099
$4,166,552
interest, &c.f but before Federal income tax and
undistributed profits.—V. 146, p. 3657.
Period End.
x
and Federal taxes__
Corp.—Earnings—
July 31—
Net profit
x After
depreciation,
on
Alaska Pacific Salmon Co .—Earnings—
1937
Calendar Years—
Gross
profit
Selling, handling
$1,110,968
&
1935
1936
$974,369
$803,593
1934
$708,968
ad¬
ministration expenses.
568,181
543,184
441,041
366,767
Profit from operations
Other expenses
$542,787
52,876
$431,185
60,325
$362,551
82,278
$342,201
236,945
$489,911
$370,860
12,599
72,527
$280,273
14,400
$105,256
11,200
$502,510
$443,386
63,169
x59,639
$294,673
59,594
34,000
$116,456
$320,578
512,405
$201,079
32,317
$41,294
24,234
$363,056 def$191,827
$168,762
$17,060
Balance
Other income
-
Total income-.
Int. & discount (net)—
common
a
Corp., Ltd. (2.3810, Form A-l), of South Gate, Caiif., has filed
10.000 shares of $10 par capital stock.
Prov. for Fed. inc. tax__
($1 par)
alphabetical order.
share and 100,000 shares at 61 cents
Corp. (2-3807, Form A-l), of New York,
19
151
possible.
as
N. Y., has filed a registration statement covering 500,000 shares of $1 par
value class A common stock to be offered at $6.75 a share. The proceeds will
Mines,
14
100
registration statement covering
surtax
Michigan Gas & Oil Corp. (2-3805, Form A-2), of New York, N. Y.,
a registration statement covering
100,000 shares ($10 par) 5%
cumulative convertible preferred stock to be offered at $10 a share, 150,000
shares ($1 par) common to be reserved for conversion of the preferred and
15,000 shares of comm n optioned to the president of the company (Owen
M. Mason) at $3.75 a share; 5,000 of these shares have been optioned to an
underwriter by the president.
The proceeds will be used for indebtedness,
drilling equipment, development and working capital.
Keeler Baker &
has filed
Wingold
111
25
Sou New Eng Telep
Francisco, Calif.,
Departmental Finance Associates, Inc. (2-3804, Form A-l), of
Washington, D. C., has filed a registration statement covering 8,000 shares
of $50 par value 4 H % cum.pref. stock and 8,000 shares of no par value
common stock, to be offered in units of one share each for $62.50 a unit
and 1,000 participation certificates, to be issued to borrowers.
Proceeds
will be used for working capital.
Evan Jones, President.
Filed Sept. 2,
Co., Inc., underwriter.
a
Purex
a
90,000 shares
100
Telephone—
$6.50 1st pref
Proceeds to be used for debt retirement and working capital.
No under¬
writer named.
A. C. Pedetier, President.
Filed Sept. 6, 1938.
registration statement covering $550,000 of 6% sinking fund
of H. M. Byllesby & Co.,
Inc., underwriters.
C. H. Loveland, President.
Filed Sept. 2, 1938.
and
Rochester
Filed Sept. 6, 1938.
a
notes, due in 1952, to be offered for the account
for
24 K
26 K
U0H 115
optioned to underwriters at 60 cents a share for resale at 80 cents a share.
Proceeds to be used for mill development, drilling, and working capital.
Walter Baxter Brooks named underwriter.
Kenneth Powell, President.
of Detroit,
4% 1st
Mich., has filed a registration statement covering $34,000,000
mtge. bonds due 1963, and $8,000,000 4% serial notes due Aug. 1,
Filed Sept. 1, 1938.
(For further details see subsequent page).
be used
16
100
UTILITY—INDUSTRIAL—MISCELLANEOUS
not
(Nos. 3802
and
Exchange Commission under the Securities Act of 1933.
The total involved is approximately $50,440,000.
underwriter.
14
25
*
21
73
3810, inclusive) have been filed with the Securities
American
Ask
17
Corporation and Investment News
STATEMENTS
REGISTRATION
Utilities
Telegraph
Preferred A
So & Atl Telegraph
Gen Telep Allied Corp—
preferred
*
Int Oeean Telegraph...100
The following additional registration statements
Western
—
Mtn states Tel <tr Tel.. 100
SECURITIES
has filed
Canada
Bid
Par
New York Mutual Tel. 100
1629,
However,
Michigan
Ask
95 H
91H
118H 121
$6
/21
10H
NOTE—For mechanical
to
/•2lX
/21
/20H
25
67
RAILROAD—PUBLIC
OF
Bid
100
(N J) com. *
Cuban Telep 7% pref--100
Bell Telep
109H
17
General
FILING
/38
7M
fM
Par
Am Dlst Teleg
Bell Telep of
108 H
1960 1990
17
For footnotes see page
186.51
1943
Conversion scrip
I nterelbe Electric 6s_-1953
\
Preferred
70
PVi
37
7% gold ruble
ruguay
Telephone and Telegraph Stocks
Ireland—
&
49
/« 7
/16H
/16H
Cundlnamarca 6 Hs... 1959
135
1968
26
/23
Britain
4s
1946
5s
Coupons
I nlon of Soviet Soc Repub
43"
31
scrip
Poland 3s
...
Emp & Bay State Tel-100
Franklin Telegraph....100
66
Cordoba 7s stamped..1937
'51
/39
/27
Panama City 6 Ha
/23H
reat
Colombia 4s
1952
—
?6
26
/24H
Jan to June 1938
•
/II
Costa Rica funding 5s.
/ 10H
5'!
1 ollraa 7s
1936-1937
—
/20H
/29K
1956
-
—
/ Flat price
July to Dec 1937
...
City Savings Bank
Budapest 7s..
—
Jan to June 1937
/25
/15%
fl5»A
Chile Govt 6s assented....
7sto.
4
Central German Power
Chilean Nitrate 5s
/58
/40
/14H
/24H
174
/62
UH
11H
Central Agrle Bank
Madgeburg 6s
/H
/22
f'O
1946
1947
Certificates 4s
/21H
...1945
1936
1946
7b unstamped
05"
62
9H
June 1 '35 to June '38...
0H
/2H
/9
/22
/72
unstamped. 1936
Certificates 4s
/H
/98K
1948
Porto Alegre 7s
Dec 1 '35 stamped-
-
f45
1946
tettln Pub Util 7s
Oberpfals Elec 7s—-1946
Olden burg-Free State
15
Young coupons:
July to Dec 1933
nsH
Oct 1935 to April 1937
1947
-
Panama 5%
Dec 1934 stamped
...
55
/61
tlnnes 7s
North German Lloyd 6s '47
31H
/6K
1938
1956
Oct 1932 to April 1935
/H
Mtge 7s..
23
/21H
/25
7Hs '46
Call (Colombia) 7s...1947
Callao (Peru) 7Hs
1944
1962
1956
Coupons—
—
National Hungarian & Ind
4s
Funding 3s
Caldas (Colombia)
see
/45
55
5s
/91
Central Bank
erman
erman
/46
/110
D) 6 Ha. 1948 1949
Nat Central Savings Bk of
(C &
BuUdlng & Land-
bank 6 Ha
20
20
/13
1953
6Hs
22
Hungary 7 Hs
Ind Corp—
Buenos Atresscrip
/25H
/600
J
/91
B)
&
T22H
21H
/28
6 Hs. 1946-1947
(A
102
/ 99
erman
Agricultural 6s
19
Coal
1945
8
Hungarian Bank
7Hs
Brown
/H
/20H
.1951
6Hs.
2d series 5s
Landbank 6 Ha '38
Nassau
21 H
Nat Bank Panama
erman
/17H
/17K
1967
7s Income
12H
/33
Brazil funding scrip
1967
/6H
/22H
/21
7s
14
/15H
74H
7 ViB
/18
fllVi
/IIH
68
22 H
73
In¬
/:«
J
/22
/2IK
7 Ha income
vestment
Cons
.1947
8%
/20
/38
/20H
/20
European Mortgage A
21M
1948
8s ctfs of deposit. 1948
/22
/2l
/23
/23
1953
6Hs
21
/20
8s
/49
/24K
Ask
Net profit-..-
—
65,820
y73,634
$363,056
Dividends paid
Surplus
x
The
surtax
company
on
tributed
is of the
68,661
6,500
opinion that it has no liability for Federal
y Includes $8,779 for surtax on undis¬
undistributed profits,
profits.
Balance Sheet Dec. 31,
1937
Assets—Cash in banks, $21,847; notes and accounts receivable (less
allowance for losses, $7,000), $329,257; canned salmon inventories at C06t,
$2,244,104; prepaid insurance, &c.f $6,445; operating materials and sup¬
plies, based upon cost or replacement values, whichever lower, $584,945
Volume
miscellaneous
Financial
147
investments,
at
cost,
$1,392;
plant
and
Chronicle
(less
American
equipment
Rolling Mill Co. (& Subs.)—
allowance for depreciation, incl. reserve for repairs to floating equipment
Earnings for the Year Ended July 31, 1938
of $3,238,
$1,253,622), $2,149,138; trade-marks and trade-brands, $25i),000; total, $5,587,128.
Liabilities—Notes payable,
$1,390,000; accounts payable, $252,047;
provision for Federal income taxes, $7.3,634; accrued expenses, $79,399;
preferred stock ($20 par), $432,950; common stock (no par value), out¬
standing Dec. 31, 1937, 119,910 shares, $3,084,946; surplus, $274,152;
total, $5,587,128.—V. 146, p. 98.
Alaska Juneau Gold Mining
Period End. Aug.
Gross profit
x
31—
Profit
x
Herman W.
development
147,
was
Maintenance and repairs...
Depreciation & depletion, & charges in lieu thereof
Taxes, other than income & excess profits taxes
Rents and royalties
Gross profit.
Co.—New Directors—
American
The directors
Gross
Agricultural Chemical Co. (Del.)—Dividend
Income
Sept. 7 declared a dividend of $1 per share on the capital
stock, no par value, payable Sept. 30 to holders of record Sept. 20. Like
amount was paid on June 30, last, and compares with $1.25 paid on March
31 and on Dec. 23, last; $4 paid on Sept. 30, 1937; $1.50 paid on June 30,
1937; $1 paid on March 31, 1937; $1.75 paid on Dec. 23, 1936; dividends of
75 cents paid each three months from Sept. 30, 1935, to and including
Sept. 30, 1936, and 50 cents per share paid in each of the four preceding
quarters. The Sept. 29, 1934, dividend was the initial distribution on this
issue.—V. 147. p. 1327.
on
American Bank Note Co.—To
Directors have declared
a
See list
American
_
Net loss..
1477.
Water Works
Week Ended—
1938
American
Company paid
Discount
Debenture
1936
1935
1934
50,767,000
50,626,000
50,740,000
51,118.000
46,707,000
47,032,000
47,441,000
48.272,000
37,242,000
38,696.000
39,774,000
39,805,000
31,136,000
31,342,000
30,790,000
30,787,000
Corp., Ltd.—Earnings—
1937
—
.....-...
American-Hawaiian
1935
$8,181,520
$8,037,678
84,912
84,667
83,195
Colombian Government
transportation of oil..
Prov. for deprec. and amortization._
136,047
605,511
128,689
747,478
Payment to
in lieu of free
1,005,056
794,576
123,003
607,183
693,679
$7,065,921
549,092
$6,426,109
1,198,203
$6,530,617
1.069.409
$7,615,013
10,200,000
$7,624,312
10,200,000
$7,600,026
10,020,000
Provision for Colombian income tax.
Net operating income.
Interest on loans, bank balances, &c_
Co.—Pays 7~>-Cent Dividend—
Net income for the year—...
dividends
Cash
_
Assets—Cash
Steamship Co.— Transfer Agent—•
Corp. (Del.)—May Recapitalize—
Directors have called a special meeting of stockholders to be held on Sept.
30, 1938 to consider and take action on the plan of recapitalization recently
proposed by the Stockholders Committee, of which W. D. Himes of New
Oxford, Pa., is Chairman.
The plan calls for a reduction of 50% in stock outstanding.
One share of
new common will be issued for each two shares now held, and for each share
of present 8% $5J par value preferred stock, two snares of new cumulative
convertible $1.5J prior preferred stock of $10 par value each will be issued,
each new share of prior preferred stock to be entitled to $35 per share in
case of liquidation and callable at $35 per share, and convertible at any
time within the next 10 years into 5 shares of new common stock.
The plan also provides for a sinking fund wnich will operate until 60%
of the prior preferred stock has been retired or converted.
The plan of recapitalization was developed, according to the stock¬
holders' committee, to permit the payment of dividends out of earnings
and to properly and fairly provide for the best interests of the company
and of the preferred and common stockholders.
In his letter to stockholders accompanying the meeting notice, Prescott
Huidekoper, President of the company, states that the board of directors
and the officers of the corporation unqualifiedly recommend the plan and
urge prompt action on the part of the stockholders.—V. 147, p. 1477.
July 31—
Light Co. (& Subs.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
Subsidiaries—
Operating revenues$23,060,533 $23,940,857 $97,973,714 $95,833,810
Oper.exps., incl. taxes.. 12,811,552
12,625,839
52,717,601
50,108,013
Prop, retir
& depletion
reserve appropriations
2,324,855
2,055,170
9,562,269
8,170,539
.
Net oper. revenues.__
Gross income
public
$7,924,126
16,526
$9,259,848 $35,693,844 $37,555,258
26,565
208,367
177,294
$7,940,652
Other income (net)
Balance
$9,286,413 $35,902,211 $37,732,552
bank
balances,
$4,993,169;
loan
$4,098,186
1,792,930
3,989,081
Cr74,678
15,991.275
Cr460,195
15,978,850
0249,359
Government,
$242,908;
investments.
$20,218;
inventories,
$806,335;
long-term loans and agreements of sale, $1,129,617; special trust funds,
$64 528; lands, pipe line buildings, piano, &c., on the basis of cost, $35,390,073, (less: Reserves for depreciation and amortization, $22,057,632);
balance,
$3,332,441;
prepaid and
deferred charges,
$15,975; total,
$29,130,311.
'
\
Liabilities'—Accounts payable and accrued liabilities, $1,126,063; insur¬
ance reserves,
$173,798; deferred credits, $375; capital stock issued 2,~
550,000 shares no par value $25,500,000; earned surplus, $2,330,075; total,
$29,130.311.—V. 147, p. 101.
Atlantic City
Ambassador Hotel—Earnings—
-
1937
1938
$309,908
6 Months Ended June 30—
Total house income
$345,010
345,556
CrS,113
46,564
332,550
Expenses
Store rentals
Cr9,250
—.....
Repairs and maintenance
——
Taxes & insurance on building & contents
Trustee, registrar & transfer agent charges..
Int. on real estate taxes, notes payable &
41,482
42,283
3,256
42,302
1,976
1st
76,606
o,179
10,598
73,236
$180,936
$168,370
mortgage loan.
Depreciation
Net operating loss
Other additions
—
10,821
S4
i-
Net loss
-
$168,370
$170,115
Negotiations were successfully consummated in June, 1938, with the
borrowing of $350,000 from The Equitable Life Assurance Society of the
United States.
The loan is secured by a nine year first mortgage on the
property, with a one year renewal privilege.
Pursuant to the plan of
reorganization and the indenture securing the bonds, this mortgage is prior
in lien to the lien of the bonds.
The mortgage bears interest at the rate of
5% per annum and amortization payments are required to be made thereon
at the same rate. The net proceeds of the loan were used to pay real estate
taxes and interest penalties in full through June 30, 1938, and to make a
^Condensed Balance Sheet June 30, 1938
12,215
Net equity of A.P.&L.
Co. in inc. of subs.. $2,293,041
Amer. Pow. & Lt. Co.—
Cash
$5,372,010 $20,371,131 $22,003,061
1,792,894
7,171,673
7,171,249
63,080
20,045
82,930
--
Inventories...-.
11,475
Prepaid expenses
West Jersey Title & Guaranty
unapplied
balance
mtge.loan
-
Real est.
9.570
—-
^
Trade advertising
deprec.)
unused..-..
20,579
n
bo
2,863,491
810
taxes on Iowa Ave.
property.-.
Trade
advertising,
outstanding
1st mtge.
due
bills
loan, 5%—Equitable
$3,559,071 $13,136,378 $14,748,882
14,381
73,990
38,312
$3,5/3,452 $13,210,368 $14,787,194
107,057
412,143
438,537
725,943
2,908,885
2,913,137
20-yr.
$2,740,452
Deficit at Dec. 31, 1937 after
Expenses, incl. taxes...
Int. & other deductions.
127,797
725,296
Life
solidated earned sur. $1,459,119
4%
Inc.
Jan. 1,1956
Note—The above statements include full
revenues
"""Xmerican Telephone & Telegraph Co.—Gain in Phones
gain of 35,200 telephones in service in the principal telephone
subsidiaries of tne American Telephone & Telegraph Co. included in the
Bell 8ystem during the month of August, 1938.
The gain for these com¬
panies in August, 1937 was 55,100.—V. 147, p. 132$.
due
350,000
bonds,
due
—
,..—.$2,956,071
Total
—V. 145, P.
2,376,000
12,653
397,127
434,625
adjustments...--
without consideration
subsidiary involved in rate litigation, for
which a reserve has been provided by appropriations from surplus.
For the
12 month periods ended July 31, 1938 and 1937, such appropriations
amounted to $632,638 and $581,144, respectively.—V. 147, p. 1477.
Society,
Capital stock (par 10c.)
Capital surplus
$9,889,340 $11,435,520
for possible revenue losses of one
Assur.
June 1,1947
Balance carried to con¬
a
7,126
-
-
$2,312,212
Total
91
-
-
$2,293,041
19,171
subsidiaries
5,411
56,011
reorganization expenses
Accrued expenses
of
Investments
Fixed assets (net after
of
res.)
$165,598
$36,641 Accts. & notes payable
19,233 Unemployment & retire, taxes
14,797 Payment agreements—Bal. of
.....
....
Accts. receiv. (net after
Co.,
$3,559,071 $13,136,378 $14,748,882
Liabilities—
Assets—
*
Other income
against
„
minority interests
Net equity in income
and
hand
payment of 15% on account of the unpaid reorganization expenses which
constitute a prior lien on the property.
t
,
Figures filed with the trustee in accordance with the terms of the in¬
denture indicate that no funds are available for the payment of interest
for the six months ended June 30,1938.
and
other deductions3,997,790
Int. charged to constr'n.
Crl55,324
Pref. divs. to public
Portion applicable to
on
collateral security, $18,100,000; accounts receivable (less reserve $6,074),
$425 120; claims for refund of Colombian taxes not yet admitted by the
,
American Power &
-----
Balance Sheet, Dec. 31. 1937
appointed The Corporation Trust Co. of Jersey City,
American Insulator
There was
1936
$8,897,447
a
This company has
to
51,118,000 kilowatt
Solicitors' fees, salaries of counsel, ex¬
ecutive officers' salaries, &c
New Jersey, as Transfer Agent of its capital stock, effective Sept. 15, 1938.
—V. 147, p. 1328.
Interest
■Weekly
[Stated for convenience in terms of United States currency}
dividend of 75 cents per share on the common stock,
no par value, on Aug. 25 to holders of record Aug. 20.
This coupares with
25 cents paid on June 1, last; 50 cents paid on Dec. 15, 1937; 60 cents paid
on Aug. 24, 1937; 75 cents on July 1, 1937; 50 cents on April 1, 1937; 35
cents on Jan. 2, 1937; 30 cents on Oct. 1, 1936; 25 cents on July 1, 1936,
and 20 cents per share distributed each three months previously.—V.
145, p. 1574.
Period End.
Co., Inc.-
1937
Andian National
debenture holders have been asked
Corp., Calvert Debenture
Corp., Carolina Debenture Corp., Continental Debenture Corp., Conti¬
nental Investment Debenture Corp., Franklin Debenture Corp., National
Debenture Corp., Potomac Debenture Corp., Potomac Consolidated De¬
benture Corp., Potomac Franklin Debenture Corp., Potomac Maryland
Debenture Corp., Potomac Realty Atlantic Debenture Corp. and Standard
Debenture Corp.—V. 147, p. 1025.
American
& Electric
Comparative table of weekly output of electric energy for the last five
years follows:
Years Ended Dec. 31—
Net operating income-..
are;
590
Net loss
extension of time would be granted.
The 13 mortgage companies whose
tenders
$537,191
_;
Minority interest in income of subsidiaries
Aug. 13--41,250,000
Aug. 20
-41,555,000
Aug. 27
41,344,000
Sept. 3
40,860,000
—V. 147, P. 1478.
of $23,000,000
is guaranteed
by the Maryland Casualty Co., has been extended from Sept. 9 to Sept. 23,
according to announcement made Sept. 8 by J. G. White & Co., Inc.,
Baker, Watts & Co., Stein Bros. & Boyce and Colonial Bond & Share
Corp., who are acting as agents to receive tenders.
The letter sent to
known debenture holders announcing the extension stated that no further
submit
$536,601
undistributed net income
Foreign income taxes
The date up to which tenders may be submitted by holders
of debentures of 13 mortgage companies, interest on which
to
$1,340,700
1,244,670
398,468
15,007
16,599
202,557
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Sept. 3, 1938, totaled 40,860,000
Corp.—Time Extended for Sub¬
Debentures of 13 Mortgage Companies—
on
on
$17,514
1,007,470
profits taxes
kilowatt hours, a decrease of 20.1 % under the output of
hours for the corresponding week of 1937.
Corp.—Registers with SEC—
Debenture
of Tenders
Surtax
$656,800
1,997,500
Output—
given on first page of this department.—V, 147, p. 263.
mission
....
American
stock, payable Oct. 1 to holders of record Sept. 17. Like amount was paid
on July 1, last, and previously regular quarterly dividends of 25 cents per
share were distributed.—V. 147, p. 881.
....
excess
State income taxes
-V. 147, p.
Pay 10-Cent Common Div.
dividend of 10 cents per share on the common
American Business Credit
income
charges
Normal income and
53,171,452
3,188,967
,956
...
Other income credits....
—V. 147, p. 1025.
$6,775,956
7,318,221
114,535
$989,956
Loss from operations......
also elected a member of the Executive Committee.
1,112,282 $18,630,075
4,947,177
6,380,442
3,332,284
1,841,466
1,329,595
69,243
299,927
2,513,414
$252,854
3,392,167
32,139
Selling, general and administrative expenses
Provision for doubtful accounts
Falk and Lester Armour have been elected directors to fill
Mr. Falk
>,112,282 $18,539,128
■_
90,947
_.
Total gross profit.
depletion and Federal taxes.—V.
Allis Chalmers Manufacturing
vacancies.
_
Consolida'n
$48,273,658 $79,871,288
39,161,376
61,332,160
Gross profit from sales.
Gross profit from miscellaneous operations, net...
1938—8 Mos.—1937
$3,464,500
$3,760,500
1,368,700
1,854,200
Includes other income and is after operating expenses and
charges, but before depreciation,
p. 1025.
Company
^
Gross sales, less returns and allowances, &c._
Cost of goods sold
Co.—Earnings—
1938—Month—1937
$444,500
$480,500
175,900
214,600
1631
$2,956,071
Total
3188.
Associated Gas & Electric Co.—-ITeekly Output—
For the week ended Sept. 2, Associated Gas & Electric System reports
net electric output of 90,202,131 units (kwh.).
This is a decline of3,192,000
units of 3.4% below production of 93,394,131 units a year ago.
.
Gross output, including sales to other utilities, amounted to 101,834,426
units for the
week under review.
—
_
Chronicle
Financial
1632
August Electric Output Off 2.6%—
& Electric System reports net
This is a decline of 10,545.647
of last year.
This is the best
in comparison with 1937.
For the 12 v onths ended Aug. 31, output was 4,502,189,595 units.
This
was 139,637,178 units or 3.0% below production for the previous compar¬
Associated Gas
of 402,192,051 units (kwh.).
2.6% below production for August
percentage showing for any n onth this year
For the rronth of August
or
the decline in
of
12 months.
Gas sendout for
able
Atlantic Coast Fisheries Co.-
"1937
at times when the markets were so depressed as to make
refunding by ordinary means extremely difficult if not im¬
It therefore became necessary for the company to borrow sub¬
stantial amounts from the Reconstruction Finance Corporation and to use
its treasury assets as collateral for such loans.
The present indebtedness
of the company to the RFC is approximately $S8,000,000, including $13,490,000 of the 4K% secured notes of 1939.
Excluding such notes, more
than 80% of this indebtedness was created to provide for maturities of the
$32,260
debt referred
funded
Net loss
*
—V. 147, p.
$7,748
will fail by a substantial amount to earn its fixed charges during
Obligations of the company aggregating approximately
$185,000,000 (including the debt to the RFC referred to above) will come
due during the next four years.
It is essential, therefore, that fixed charges
be modified for a reasonable period and that suitable provision be made
for approaching maturities.
After careful consideration of the entire problem and consultation with
such large security holders as could be reached within the time available,
the current year.
the board of directors have decided that it would be in the best interests
of its
Corp. (& Subs.)—Earnings—
Selling & administrative
expenses._
.
State, local & capital stock taxes
Social security taxes.
security holders for the company to undertake, with their cooperation,
limited modification of some of its interest charges and maturities, pre¬
however,
serving,
1937
1938
same
company
a
existing
priorities
as
to
both
principal
and
interest.
It is believed that such adjustments brought about by voluntary agreement
between security holders and the company will be less expensive, simpler
and more satisfactory than a reorganization effected through customary legal
$1,008,354
334,278
50,306
$695,501
333,074
53,391
38,059
in the latter half of 1937
a
and at the
The company in an amendment filed with the Securities and Exchange
Commission on Sept. 8 nan ed 21 underwriters for its proposed $25,000,000
offering of 15-year debentures.
The underwriters and the amounts underwritten are: Smith Barney &
Co. and Morgan Stanley & Co., Inc., $4,750,000 each; Goldman, Sachs &
Co. and Mellon Securities Corp., $2,000,000 each; Blyth & Co., Inc.,
Brown Harriman & Co., Inc., and the First Boston Corp., $1,250,000 each;
Hayden Stone & Co., Kidder, Peabody & Co. and Lee Higginson Corp.,
$900,000 each; W. E. Button & Co., $650,000; Biddle, Wnelen & Co.,
E. W. Clark & Co., Clark, Dodge & Co., Graham, Parsons & Co., Merrill,
Lynch A Co., Inc., W. H. Newbold's Son A Co., White, Weld & Co.,
$500,000 each; Elkins, Morris & Co., Janney & Co. and Yarnall & Co.,
$300,000 each.—V. 147, p. 1479.
Years Ended June 30—
that extent represents no increase
to
further decline in the gross operating revenues of the company
time operating costs were further increased by wage ad¬
vances.
The higher rates recently made effective have not been sufficient
to offset the increased cost of operation.
In these circumstances and for reasons largely beyond its control, the
resulted in
Atlantic Refining Co.— Underwriters Named—
Gross profit from sales
above and
to
in the outstanding obligations of the company.
The acute business recession which developed
1479.
Atlas Plywood
or
possible.
$12,555 prof$18,226
19,705
25,975
$66,841
Reserves for depreciation.
occurred
payment
1936
$40,177
26,664
but it has been accentuated in the case
of unregulated transportation agencies,
substantially all materials and supplies
competition
amounted
which
have
Earnings—
1938
by
1931 the company has had to meet maturities of its funded debt
to more than $172,000,000.
Most of these maturities
Since
August was less than 1% below the same month of last
amounting to r,538,224,900 cubic feet.
For the 12 months period
6.6% over a year ago to 23,155,766,300 cubic feet.—V. 147,
1479.
output was up
3 Months Ended July 31
Net loss, before charges,.
business activity,
railroads
tne
increase in wages, taxes and costs of
used in railway operation.
year,
p.
1938
10
charges or $23,469,926 in excess of present charges on the funded
debt of the company and such subsidiaries.
Since 1930 there has been an unprecedented decrease in both gross and
net revenues of railroads.
This decrease has been due in large measure to
electric output
units
Sept.
fixed
proceedings.
Support of tne plan by, and the cooperation of, substantial
majorities of the security holders affected will go far to insure the prompt
in view, even though it might finally become
necessary to invoke legal proceedings to make the plan fully effective.
25,714
attainment of the purposes
Net profit from sales
Other income
:
Gross income
„
$270,976
12,293
$283,269
3,309
37,346
5,426
28,730
—
.
_
Interest
Cash discount
sales..
on
Miscellaneous charges
Federal A Dominion income taxes (est.)
Net profit from operations
on debs. reacquired A retired
Discount
$598,055
27,487
$625,542
33,451
47,500
8,145
49,550
$208,457
—
$486,895
8,293
...
Balance carried to surplus
Earned surplus at beginning of year.
... —
$208,457
628,266
$495,188
341,284
Common dividends
$836,723
79,176
169,859
$836,473
34,230
165,631
Surplus
Surplus adjustments (net)...
$587,688
2,477
$636,612
$585,211
136,027
$0.95
$628,266
135,377
$3.31
...
Total surplus
Preferred dividends
Earned surplus at end of year
Shares capital stock (no par)
Earnings
per
...
share...
8,346
Comparative Valance Sheet June 30
Assets—
1938
x
Ac.(less depr. A
depletion)
$2 ,428,567 $2,508,444
Inv.
zl 1,007
19,798
24,788
In & advs. to
Hlnk. fund assets
40,820
10,700
Def. bal. receivable
Notes recelv
4,863
from
7,410
Cash...
127,620
on
Note payable
150.000
45.861
29.045
59.122
Funded Debt of Bal¬
timore & Ohio RR.
58.011
96.167
63,826
71.746
sur pi as
585,211
628.266
Paid-in surplus
80,088
82,880
......
1st 5s,
38,030
75,000.000
3.750.000
4
3,000,000 al
750,000
45,000,000
2,250,000
3M
1,575,000 aiy»
675,000
1,727,280
4
1,727.280
os
'50
3,301,000
132,040
4
132,040
...
3,525,000
141,000
4
141,000
...
b456,000
18,240
4
18,240
...
228,000
11,400
5
11,400
...
10,985,200
439,408
4
439,408
...
3,000,000
150,000
5
150,000
10.000
4C0
4
400
1st 4s, 1990
1st 4s, 1990-..-.-.
Ohio & Little Kanaw.
RR. 1st 5s, 1950...
B. A O. Tol.-Cincin.
34,615
Total
$4,063,937 S4.128.129
Div. 4s, 1959
Cin.Ham.A Day. RR.
General 5s, 1942...
1st A ref. 4s, 1959..
PiquaATroy Br. RR.
1st 4s,
c
Co.—New Product—
Company will manufacture refrigerated
Balfour
...
Erie & W.
RR. 1st 4s. 1995...
store
display
cases
Air Products Corp. of Chicago, under a contract announced
John K. MacGowan, Chairman of the Board of Auburn.
contract was a further step in Auburn's
plan to diversify
p.
3,279,794
W. Va. A Pittsb. RR.
x
Represented by 136,027 (135.377 in 1937) shares of no par value,
2,041 (535 in 1937) shares Atlas Plywood Corp. cumulative convertible
preferred stock at par value,
z 684 shares preferred stock in treasury, at
cost.—V. 146, p. 2522.
•
147.
%
4
Virginia 4s, 1941. e43,182,000
y
Auburn Automobile
$
3,279,794
Cleveland Ter. & Vail.
129,825
$4,063,937 $4,128,129
Rate
§
81,994,850
1948
Southw. Div.
Pitts. I.
f
—V.
1st 4s. 1648
lumber A
Total
Proposed Revision of Interest Charges
Fixed——•
—ContingentAmount
Rate
Amount
Charges
Baltimore & Ohio RR.
Income taxes
Accrued expenses.
Reserves
14,243
Deferred charges..
Present
Ann. Int.
Outstanding
898,431
logging oper'ns.
of Public as of Aug. 15, 1638, and Proposed
as Provided in Plan
Amount
Issues
102.434
280,660
1,108~071
Hands
Principal
39,000
48,428
Accounts payable.
206,905
value
Outstanding in
Modification of Interest Charges and Maturities
1.314,460
pf.stk. .1 ,301,460
1
215,426
Notes A aects. rec.
Adv.
9,270
1
Inventories
1937
21,322
Goodwill
sur.
conv.
Earned
employees
Misc. other assets.
Life las.
,j
Provision for Fed'l
associated cos.,
y
5,382
1938
Common stock..$1 ,747,867 §1,734.054
Cum.
Mlscell. invest....
:
Funded Debt
Liabilities—
1937
Plant. prop.,eqpt.,
j;
Accordingly the board of directors have approved a plan designed to
accomplish these results and have caused an application to be filed with
the ICC for the necessary authorizations to carry the plan into effect.
The plan provides for the extension of the large nearby maturities, and
for a period of eight years it reduces the annual fixed interest of the com¬
pany and its operated subsidiaries from $31,421,742 to $19,644,679 and
in the accomplishment of this end $11,376,435 of present fixed interest bencomes contingent.
The contingent interest will be payable, in the order
stated in the plan, if earned, after deducting, in each year, not exceeding
2H% of total operating revenues as a capital fund for additions and better¬
ments to the property, and in the year 1939 only there may be deducted
not exceeding $10,000,000, for working capital.
Contingent interest will,
however, be fully cumulative.
All accrued contingent interest must be
paid before any dividends, and in any event at or before the maturity of
the respective issues.
A substantial part of the surplus earnings of the
company will be applied to a sinking fund for debt retirement, maintenance
of working capital and for capital investments.
Affected security holders are not now asked to take any action on the
plan.
No deposits or assents will be requested or accepted unless and until
the ICC shall have acted on the company's application in connection with
the plan.
If the necessary authorizations are granted by the Commission
the plan will then be promptly submitted to the affected
security holders.
This letter is intended merely to advise them of the action being taken by
the company and of the principal reasons therefor.
■
1939
He
said
the
its products
1330.
c
c
7,000
280
4
280
1,211,250
96,900
8
96.900
2,396,950
83,893
3H
83,893
...
99,350
4,967
5
4,967
...
860,325
...
4
2,000,000
3H%
euar. com.
4
2,792,663
guaranteed stock__
B. A O. RR.—
Equips., 3H~5%-- 21,960,000
Period Ended July 31—
Gross Income
3 Months
7 Months
...
...
5-year
860,325
sec'd
notes, 1939..... f50,000,000
RFC 4s, 1939-42_.g69.816.578
4% PWA loan....
2,250,000
2,792,663
118.200
146, p.
118,200
4
1,424,000
56,960
4
56,960
Ref. A gen, A 5s, '^5 60,000.000
Ref. A gen. C 6s. '95 35,000,000
3.000,000
1
600.000
4
2,100,000
11-5
420,000
4 4-5
1,500,000
1
300.000
4
33,120.750
1,656.038
1
331,208
30-yr.conv.4J4s, '60.63,031,000
Net Income
-V.
$129,410
62.955,000
Ref.Agen.D 5s,2000 30,000,000
$54,906
Operating and miscellaneous expenses, incl. insur¬
ance, depreciation, repairs and alterations
Taxes, including Federal income tax
2,836,395
4% PWA equips
25,247
12.038
$17,621
57,617
27.778
$44,015
100.
------
Home Ave. RR. 5%
4H%
Building, Inc.—Earnings—
...
....
Dayton A Mich. RR.
8% guar, pre!
for the Winter
on Sept. 1 by
......
Ref. A gen. F 5s, '96
......
4
a4>4
2,400,000
1,680,000
1.200,000
1.324,830
2,836,395
B. A O. Chic. Term.
Baltimore & Ohio RR.-
-Plan for
Modification of Interest
RR. rl. est. 5s, '38.
650,000
32,500
638,353,928
...
Total funded debt of
In an effort to avoid
reorganization proceedings, the company on Sept. 2
submitted to the Interstate Commerce Commission and its
security holders
details of a plan providing for the modification of interest of nine issues
32,500
5
29,288,683
Charges and Maturities—
Fund. Debt of Oper. Subs.
Not Assumed by B. AO,—
a?l,.extension of four nearby maturities, outstanding in the amount
.578.
Under the plan, which
first be approved by the
holders, the annual fixed interest of the
company and its operated subsidiaries will be reduced for the period of
eight years from $31,421,742 to
$19,644,679, and $11,376,435 if the present
ICC
must
before submission to
security
contingent.
The plan was approved by the directors
Aug. 3 » and has been accepted in
principle by a large number of the prin¬
cipal institutional holders of the
company's bonds.
Daniel Willard, President, in a letter dated
Sept. 3, ad¬
dressed to all security holders of the
company, states:
than a century the B. A O. has
operated continuously under
charter granted by the State of
Maryland in 1827.
For the
past 37 years it has not failed to meet all interest
charges and other obliga'"M when due, although
during four
more
Its original
years—namely, 1932, 1934, 1935 and
1937—the
sum
have been
steadily improved to
required for interest was not fully earned after depreciation
charges had been deducted.
The properties and facilities of the
exacting requirements of modern
Beginning with 1923 and continuing through 1930, the company attained
high level of both gross and net income.
During the seven year period,
1924 to 1930, inclusive, the combined
operated
subsidiaries
Roch.
A
10,866,225
Pitts.
con.sol.4Hs, 1957..
29,114,000
1,310,130
3
873,420
1H
17,500
5
17,500
—
earnings of the company and its
averaged $54,891,668 a year available for
436,710
Line. Pk. A Char. RR.
1st 5s. 1939
h350,000
-
d Alleg. A West. RR.
2,000,000
80,000
4
80,000
...
3,193,300
191,598
6
191,598
...
650,000
32.500
5
32,500
—
6%
899,350
53.961
6
53.961
—
2,824,800
112,992
4
1st 4s, 1963
b3,765.700
Cin.Ind. A West.RR.
150,628
1st 4s, 1998
6% guar, stock
dClearf. AMah.RR.
guar, stock
Buff. A Sus. RR. Corp.
1st 4s, 1963
-
1st 5s, 1965
183,750
3,675,000
—
3
112,992
...
j
110,250
2
73.500
Tot. unassum. funded
debt of oper.
company
meet the
a
presently
Buff.
18.172,458
1st 5s, 1943
fixed interest becomes
For
Bait. A Ohio
Grand total
a
subs,46,472,150
2,133.059
684,826,078
31,421,742
31.421,742
Interest unsecured by mortgage hen.
interest,
c
Leased lines of B. A O. RR.
tanty to be extended to Nov. 1. 1951.
...
...
1,472,221
...
510.210
19,644,679
...
...
11,376.435
b Held in sinking funds alive and bearing
d Leased lines of B. R. A P. Ry.
e
Ma-
f Maturity to be extended to Aug. 1, 1944.
g Maturity to be extended to five years after
effectuation of the plan,
h Maturity
Volume 147
to"be extended
Financial
to Jan.
1, 1949.
i Interest to be reduced to 4% after present ma¬
turity on Aug. 1, 1939.
j Interest on B. & S. RR. Corp. bonds in sinking fund
to be eliminated for eight years and extended for an
equal period.
The Alton RR., all the stock of which is owned by B. & O., is separately
operated, and neither its obligations nor its earnings are Included in the plan.
Notes—Interest
the
B.
A
O.
terminable
on
unassumed
pursuant
on
the
to
funded
debt of
respective
60 days' notice but may
operated subsidiaries
operating
agreements.
is
They
paid by
are
now
be modified and extended as provided in
the plan.
The
above
does
include
not
bank
loans
of
$1,450,000
or
current
operating
obligations.
Chronicle
1633
Available net income for any period between
Aug. 1, 1938, and Jan. 1,
1939 shall be determined and applied as
aforesaid, except that no deductions
shall be made for capital fund or
sinking fund.
.In the event that the properties of the
of any other corporation
interest
with
payments
the
are
in
having
whole
company
shall be unified with those
at th'e time bonds outstanding on which
or
in part contingent on earnings, then
of the holders of a majority in principal amount of all
which any interest is then contingent, bu virtue of this plan
from such other properties may be excluded in whole or in
part in determining available net income and procedural provision 'may be
made for determining available net income without the maintenance of
consent
the bonds
the
on
earmngs
separate accounts.
Determination and Application of.Available Net Income
Available
net income shall be
with the year 1939, and
(V)
determined for each calendar year beginning
long as any obligations for
contingent interest remain outstanding.
When no
obligations for con¬
tingent interest remain outstanding, these provisions shall cease to be
operative.
Available net income for each such calendar year shall be determined by
deducting from the income of the company available for fixed charges for
such calendar year (determined in accordance with the accounting rules of
the ICC or other analogous Federal authority having jurisdiction in the
continuing thereafter
so
Sremises at the time in force, or, to the extent notpractice): by such accountlg rules, in accordance with sound accounting governed
(a) All fixed charges of the company and its operated subsidiaries accrued
during such calendar year; and
I
(b) All other charges properly deductible from such income in determining
income after fixed charges under such accounting rules or practice, but
excluding interest which in such calendar year is contingent and capital
fund and sinking fund requirements hereinafter provided for; and
(c) All interest theretofore contingent which becomes absolutely payable
in such calendar year without regard to earnings, whether accrued in respect
of such calendar year or prior calendar years.
Available net income shall be ascertained for each such calendar year, as
accounts shall be stated on the books of the company during such
the
calendar year, without adjustments, except that:
(1) if in respect of any
calendar year the income of the company available for fixed charges shall be
inadequate to
pay the amounts specified in (a),
(b) and
amount of such deficit may, in the discretion of the board
(c) above, the
of directors of
the company, be carried forward and be deducted in determining available
net income for the succeeding calendar year or calendar years until such
deficit (or accumulated or remaining deficits) be extinguished by earnings
which, in the absence of such deficit or deficits, would be available net
income; and (2) debits or credits to adjust income in prior years shall be
treated
as
income items for the year in which entered on the books whether
cleared through income or profit and loss accounts, so far, but only in so
as such debits and credits reflect cash receipts or disbursements in the
far,
year in which they are entered on the books.
Available net income for each calendar year shall be applied to the follow¬
ing purposes and in the following order:
(1) If the board of directors in its discretion shall so determine, available
net income of each calendar year may be applied to the creation of a capital
fund to be applied to, or to provide for, or to reimburse the treasury or the
company for, capital investments, as defined by the ICO classification of
income, profit and loss and general balance sheet accounts for steam roads,
accounts N03. 701 investment in road and equipment, 702 improvements
on leased railway property and 705 miscellaneous physical
property (or
advances to subsidiaries whose earnings or losses are included in the com¬
pany's income account for expenditures which, if made directly by the
company in respect of its owned properties, would be charged to said ac¬
counts), or such substituted accounts as may at the time be in effect, and
including therein (but only to the extent that such payments during such
calendar year shall exceed depreciation of equipment charged against income
for such calendar year) initial and principal
payments upon equipment
leased under equipment trusts or purchased under conditional sale agree¬
ments, to the extent that such capital investments have been made or
contracted for during such calendar year or within three months thereafter,
provided, however, that
(a) The amou it set aside in the capital fund out of available net income
of any calendar year shall not exceed 2M% of the total railway operating
revenues of the company for such calendar year, less depreciation of roadway
and structures charged against income in such calendar year, plus the
amount, if any, by which available net income for the last preceding calendar
year shall have been less than the maximum amount permitted for the capital
fund for such year by the preceding provisions of this subdivision (a);
(b) The capital fund may be applied only to such part of the cost of
capital investments as hereinabove defined as remains after deducting from
such cost all retirements of roadway and structures charged against income
in
such
calendar
year;
(c)
To the extent that expenditures are so provided for or reimbursed
capital fund, the company shall not thereafter have the right to
issue any bonds or other evidences of indebtedness to capitalize or reimburse
such expenditures; provided, however, that such expenditures may be used
to supply, in whole or in part, any excess of capital expenditures required
to be certified to the trustee under any indenture over the principal amount
of the bonds or other obligations that may be issued under the terms of such
indenture; and
out of the
(d) Any amount which is available for the capital fund under the foregoing
provisions but which is not expended, or appropriated to meet liabilities
incurred, before the end'of the year in respect of which it shall have been set
aside
or
within three months
thereafter shall
not
be carried forward.
(2) Any then remaining available net income for the calendar year 1939
(but not for any subsequent year) up to $10,000,000 may, in the discretion
of the board of directors, be applied to increase the company's net working
capital.
(3) Any then remaining available net income for any calendar year shall
be applied pro rata to the payment of (a) contingent interest on refunding
bonds, (b) contingent interest on B. R. & P. consols and (c) contingent
interest on O. I. & W. bonds, in each case up to the total contingent interest
accrued thereon the end of such calendar year and remaining unpaid.
(4) Any then remaining available net income for any calendar year shall
be applied pro rata to the payment of (a) contingent interest on 1st mtge.
5% bonds, (b) contingent interest on Southwestern division bonds and
(c) contingent interest on convertible bonds, in each case up to the total
contingent interest accrued thereon to the end of such calendar year and
remaining unpaid.
Interest Payment Dates and Accumulation of Contingent Interest
Fixed interest
on all bonds will be
payable on the same dates as at present.
Contingent interest on all bonds will be payable on May 1 in each year,
beginning .May 1, 1939.
The contingent interest payable (if earned) on
May 1, 1939, will be all the interest (except that remaining fixed) accrued
for each respective issue from its
respective last interest payment date in
1938 to Jan. 1, 1939, and in determining whether such interest has been
earned
available net income will be determined for the same respective
periods.
Contingent interest payable (if earned) on May 1. 1940 and on
each May 1 thereafter to and including May 1, 1946, will be in each case
the interest accrued for the preceding calendar
year, plus all accrued unpaid
interest for prior periods.
Contingent int. payable (if earned) thereafter
will be the contingent int. accrued for each res e.tive issue from Jan.
1,
1946, to the date in that year on and after which int. on sucb issue is un¬
affected by the plan, plus all accrued unpaid interest for prior
periods.
AH accrued and unpaid
contingent interest on each issue of the company's
bonds shall accumulate as an absolute obligation, contingent as to the
time of payment, and shall become payable (a) if, when and to the extent
that available net income in any calendar
year is sufficient for the purpose
after making the prior payments specified in Article IV hereof, in which
case it shall be payable on
May 1 of the next succeeding year; or (b) when¬
ever the principal of the respective issue becomes
payable, at maturity or
by acceleration or otherwise.
Anything herein contained to the contrary notwithstanding, (a) if the
company shall not pay or extend or renew, within six months after their
respective maturities as provided in the plan or as further extended, the
notes to RFC and at least 90% of the 4H % secured notes, or (b) if and when,
after the consummation of the plan, a petition, or answer admitting the
allegations of a petition, shall be filed by the company under any provision
of the Bankruptcy Act or other similar law at the time in force or a perma¬
nent or confirmed appointment shall be made of any trustee or receiver for
the company or the greater part of its properties, then in either such event
all interest madv. contingent under the provisions of the plan shall forthwith
become fixed interest and the coupons representing such contingent interest
shall become absolutely due and payable on the respective dates therein
stated
The obligations of the B. R
& P. and the C. I. & W. in respect of con¬
tingent interest on the bonds of those companies shall be the same as those
of the company in respect of its bonds as provided hereinabove.
{VI) Sinking Fund
In
consideration
of the
of maturities and change of interest
contingent as and to the extent hereinabove provided, the
will create a sinking fund as provided below.
Instalments of the
sinking fund shall be payable, if and to the extent earned as herein provided,
out of income for the calendar year 1939 and every calendar year thereafter
until all obligations for contingent interest shall have been paid and $100,
000,000 aggregate principal amount of obligations shall have been retired
by the operation of the sinking fund.
Such payments shall in each case be
made on May 1 of the year next following the year out of the income of
whcich they are paid.
In respect of the five years 1939-1943, inclusive,
such payments into the sinking fund shall equal 75% of the available net
from fixed
extension
to
company
income
that
remains
after
the
deductions
made
pursuant
paragraphs
to
(1), (2), (3) and (4) of Article IV hereof.
After 1943 the sinking fund snail
equal 50% of the available net income that remains after the deductions
made pursuant to paragraphs (1), (3) and (4) of said Article IV, or, after all
obligations for contingent interest shall have been paid, 50% of net income
as defined by the accounting rules or practice referred to in Article IV hereof.
The company may make additional payments into the sinking fund in its
discretion.
Not less than one-third of the sinking fund payments made in
respect of the five years 1939-1943, inclusive, and not less than one-half of
the sinking fund payments made thereafter, shall be applied to the payment,
purchase or redemption of obligations (other than equipment trust obliga¬
tions) of the company or an operated subsidiary, secured by lien on physical
property or securities.
Th< remainder of each sinking fund payment shall
be applied within 12 months after such payment is made, in the discretion
of the board of directors of the company, (a) to the retirement of obligations
as aforesaid, or (b) to the creation and maintenance of net working capital
in such amount as shall in the judgment of the board of directors be adequate
and requisite for the purposes of the company, or (c) to capital investments
as defined by the accounting rules of the IOC.
It will be provided (a) that
the company may purchase bonds or obligations of any issue or issues
eligible for acquisition under the preceding provisions of this Article VI in
the open market or by call for tenders or otherwise at not exceeding the
redemption price (or in case of obligations not redeemable the principal
amount and accrued interest) of the obligations purchased, or may pay
matured obligations or redeem redeemable obligations of any such issue or
issues; (b) that all bonds and obligations retired by the sinking fund •will be
canceled' (c) that no bonds or other obligations may be issued to refund such
bonds or obligations; and (d) that no bonds or other evidences of indebted¬
ness may be issued to capitalize or reimburse capital expenditures made out
of the sinking fund, but that such expenditures may be used to supply, in
whole or in part, any excess of capital expenditures required to be certified
to the trustee under any indenture over the principal amount of the bonds or
other obligations that may be issued under the terms of such indenture.
Earnings of B. & O. and Subsidiaries Now Operated by It
Aver.
Year
Aver. Year
Period
Period
Aver. Year
Period
1924 to 1930 1931 to 1937 1924 to 1937
chges$54,891,668 $31,838,943 $43,365,305
chges. remaining fixed under plan 19,644,679
19,644,679
19,644,679
Aver, annual inc. avail, for fixed
Int.
Remainder avail, for other charges_$35,246,989 $12,194,264
approp. for capital fund,
being2j^% of total ry.oper. revs. _
$23,720,626
Maximum
to be
Remainder avail, for secured con-
applied as provided below.
(6) Any then remaining available net income for any calendar year may,
subject to the provisions hereof, be applied to any proper corporate purpose
Secured contingent interest charges..
of the company.
No contingent interest need be paid on any issue of bonds if the amount
be paid is less than % of 1%.
Any amount available for contingent
interest on any issue, but not paid because of the foreoging provision, shall
Unsecured contingent interest chges.
to
5,070,976
3,736,681
6,405,270
„
avail,
for
contingent charges
Remainder
,
7,115,040
$8,457,583 $18,649,650
7,115,040
7,115,040
$21,726,679
4,261,395
$1,342,543 $11,534,610
4,261,395
4,261,395
$28,841,719
tingentcharges-x
unsecured
_
_
be reserved and added to the amount available for contingent interest on
such issue for the next
All
succeeding calendar year.
refunding bonds, B.
payments of contingent interest on
avail,
Remaining
R.
&
p.
consols and O. I. & W. bonds shall be made, as among the several issues, in
proportion to the unpaid interest accrued on the bonds of said respective
issues to the end of the last preceding calendar year and as among the several
series of
refunding bonds in proportion to the unpaid interest accrued on the
bonds of such respective series to the end of the last preceding calendar
year.
All payments of contingent interest on 1st mtge. bonds, Southwestern
division bonds and convertible bonds shall be made, as among the several
issues, in proportion to the unpaid interest accrued on the bonds of said
issues, respectively, to the end of the last preceding calendar year.
Any contingent interest may at any time be paid, in the discretion of the
board of directors, even if not then mandatorily payable by the terms hereof;
provided, however, that (unless then mandatorily payable by the terms
nereof) no contingent interest shall be paid on 1st mtge. bonds, Southwestern
division bonds or convertible bonds unless all contingent interest accrued on
outstanding refunding bonds, B. R. & P. consols and C. I. & W. bonds to
the end of the last preceding calendar year shall have been paid, or set aside
net
deficit
income
or
$17,465,284def$2.918,852 $7,273,215
-
Approp. for sink, fund—75%ofavail.
netincome-y
Net surplus
13,098,963
-
—
t
.
5,454,911
(z) or deficit (a)...— z$4,366,321 a$2,918,852 z$l,818,304
x Subject for the year
1939 only, to deduction of not exceeding $10,000,000 to increase net working capital,
y The sinking fund appropriation
will be 50% of available net income after
1943.
a Deficit,
t Surplus.
—V. 147, p. 1479.
Bangor Hydro-Electric Co.—EarningsPeriod End. Aug. 31—
Gross earnings--.
1938—Month—1937
$206,083
$199,897
1938—12 Mos.—1937
$2,234,080 $2,186,857
Operating expenses
Taxes accrued
65,880
69,749
728,840
30,000
29,700
353,200
Depreciation -
11.235
10.882
159,610
149,474
$98,968
25,734
$89,566
23,984
$992,430
297,933
$1,009,182
$65,581
25,483
18,101
"$694,497
305,794
253,419
$671,528
305,794
217,216
$21,997
$135,284
$148,518
-
-
298,100
in trust for payment.
Dividends may not be paid on stock of any class except out of earnings
Net operating revenue
charges...
subsequent to Dec. 31, 1938, nor unless, prior to the declaration of such
dividends, (a) all contingent interest for prior calendar years shall have
been paid or deposited in trust and (b) the board of directors shall have de¬
termined that the available net income for the current calendar year applic¬
Fixed
Dividend
on
able for the purposes specified in the foregoing paragraphs (3), (4) and (5),
will be sufficient to pay the amounts payable out of such available net
Dividend
on com.
$73,233
25,483
21,722
Balance——
$26,029
pursuant to said paragraphs and such amounts shall
deposited in trust for the purposes specified in said paragraphs.
income
have been
Surplus
—V. 147,
pref. stock.
stock-
p.1028.
"
337,654
Financial Chronicle
1634
Bear
Island,
Rock
Co.,
Manufacturing
Brooklyn & Manhattan Transit Corp.—Annual Report
Comparative Statement of Consolidated Income Years Ended June 30
fi»cl. Brooklyn & Queem* Transit Corp. and Subsidiaries]
111.—Stock
of a prospectus of 25,OCX)
shares of 7% cumulative convertible preferred stock and
5,500 shares of $2 par value common stock was announced
Sept. 7 by Hatch, Piper & Co., Inc.
The preferred stock
was priced at $10 per share and the common shares at $8
Offered—Public offering by means
each.
Bkiyn. Bus corp..-,$43,861,571 $46,412,829 $47,184,173 S46.520.048
3,825,498
the manufacture and sale of automotive garage
anThS^©^prw»eds (^Uiis^nanchig,
3.519,571
3,246,561
314,537
288,382
320,375
468
156
264
222
Other car revenue
Total rev.from trans.-$47,939,114 S50.513.386 $50,992,391 $50,087,207
estimated at approximately S208.915,
capital to aid the financing of accounts receivable
working capital for the general expansion of the company's
Other Oper. Revenues—
will be used as working
and to provide
other
and
Advertising
ltU51»97^
preferred stock is convertible, at the option of the holders, at any
time, into the company's common stock on a share for share basis.
All or
any part of the preferred stock may be called for redemption at any time
after July 1, 1943, at $12 per share plus accrued and unpaid dividends.
After payment of preferred dividends, one-tenth of any remaining net
profit in any year shall be deposited in a sinking fund before any dividends
shall be paid on the common stock.
The products of the company consist of wheel alinement equipment,
frame straightening equipment, accessories and safety inspection equipment.
During the last five years, its sales have grown to a point where the distribution and sales of the company's products now cover practically every
State and foreign country where automotive vehicles are used, with key
dealers and distributors in principal trading centers and major cities.
For the calendar year ended Dec. 31, 1937, net sales totaled $600,580,
and net earnings were $46,726.
For the first four months of this year, net
earnings were $20,533.
Before giving effect to this financing, the authorized capitalization
consists of 25,000 shares of 7% cumulative convertible preferred stock
($10 par), none of which is outstanding; and 100,000 shares of $2 par
common stock, of which 51,805 shares are outstanding including 975 shares
in the company's treasury.
In addition, 9,475 common shares, including
the treasury stock, are reserved for certain officers and directors of the
company, and 25,000 shares are reserved for conversion of the preferred
shares.—V. 147, p. 729.
The
u-
a
n
.
t t
•
company is
Weaving Corp., at Bedford,
the Bedford
The
Va.
liloui»j4b
249,620
244,769
11,191
3.806
1,770
13,874
22,3b5
4,482
2,050
11,259
20,741
3,809
2,265
12,94o
...
_r,
___
TT".
Total oper. revenue..$49,284,227 $51,987,039 $52,464,854 $51,555,084
Operating Expenses—
Maint. of way & struc..
Deprec. of way & struc.
Maint. of equipment...
Deprec. of equipment-Oper. of power plant...
Operating of cars. —...
Injuries to persons and
3,475,772
830,000
4,524,989
1,660,939
4,899,091
13,828,044
3.172,165
930,000
4,299,085
1,613,682
4,546,989
13,410,638
2,557,797
2,761,842
2,712,028
3,825
2,052,495
182,699
6,281,984
property
Traffic
3,498,030
830,000
4,595,720
bl,722,244
4,601,022
14,167,834
8,635
bl,952,505
194,649
5,887,657
2,702,031
7,072
3,523,450
830,000
4,887,538
1,661,506
4,775,328
14,640,043
expenses
3,769
1,816,320
1,850,985
199,002
4,865,831
194,076
4,559,040
Operating income
$7,887,562 $11,766,901 $13,649,066
Non-operating income..
712,823
921,049
886,443
$14,269,318
729,976
Gen. and misceil. exps..
Freight expenses
Taxes assignable to oper.
$8,600,385 $12,687,950 $14,535,509 $14,999,295
Gross income
income Deductions—
name the plant of
Vxr^nia Corpomtion
Commission announced that the company had paid a fee of $2,500 based
had appointed
6,964,915
202,288
interest deductions..—
Rent deductions——
and other deduc-
Amort
6,866,053
206,975
8,348,721
205,466
8,057,157
202,178
Landon Lowry,
tions from income.-..
855,014
808,641
727,003
91,029
understood^ Belding Hemfnway[ bought thestock.of'the weaving
corporation, manufacturing rayon fabrics, over a year ago, but continued
Balance of income—.
$578,168
$4,806,281
$5,549,170
$6,354,078
297,819
551,582
on
a
capitalization of $50,000,000, and
Va., lawyer, resident agent.
1,1o2»do5
267,055
Rent of land, bldgs., &c.
Kent of equipment----Rent of tracks & term ls_
Sale of power
Miscellaneous revenue.-
.
Heminway Co —Acquisition—
taking over'andjjll operate in its
Belding
l»175»95o
269,644
5,436
3,611
1,107
13,342
privileges
business
r»
3,785,864
251,577
Freight revenue
Company is engaged in
This
Sept. 10, ms
Bedford,
It
is
to operate
it under its old name.
The change will not affaect the present
method of operation—V. 147, p. 1480.
Amount
„„„
Sharw. payaWe Sept. 19 to holders olT record Sept.
dend of $3.27 per share was
Bell
12. A final divipaid on Sept. 20, 1937.—V. 146, p. 2677.
Knitting Corp.—Reorganization—
?
The reorganization plan
calls
for
of the corporation, which has court approval,
50% cash payment to unsecured creditors on indebtedness of
about $328,000.
New money to the amount of $325,000 will be brought
the business by a first mortgage loan on the company's building
and other assets.
The American Enka Corp.'s claim of $130,000 against
the debtor's machinery will be subordinated to the first mortgage.
with
registers with
Inc.—Preferred Dividend Passed—
31M cents per share was paid on May 2, last.—V. 147, p.
Boots Pure
Properties owned
Directors have declared
an
£1,600,000 capital.—V. 138,
interim
common
under
made
p.
729.
dividend of 6%, less tax,
4290.
1938
of 790,482,000 cubic feet, an
increase of 0.9% compared with August, 1937—V. 147. P. 883.
Boston
Transcript
Co.—To
Reorganize—
the petition, when it will be decided
whether the debtor shall continue in control or trustees be appointed to
take over the publication and its property.
A balance sheet, as qf July 31, lists total assets and total liabilities and
capital at the same figure, $1,081,495.
The board of directors of the company, at a meeting earlier in the day,
approved the filing of the reorganization petition because the cash resources
of the company were "tied up" by a suit brought by the Old South Photo
Engraving Corp. to collect $29,500.
on
1
.,
Mines, Ltd.—Extra Dividend—
paid
on
Juiy i5 and
°n
and
April 14, iast.
115,915,102
115,098,197 112,977.477
3 573 090
6 291 918
invpst
3,579,229
676,595
187,078
3,038,858
3,217,685
389,168
828.050
Coupon deposit
Dividend deposit......
2 990 277
3,384,940
662,563
193,392
suppHei::
428,214
89,954
462,762
152,709
3,113,694
2,336,159
317,058
unn-mr-
receivables
44,939
590,338
193,994
422,307
347,139
z647,807
z583,332
164,234
15,675
182,831
146,897
178,015
426,870
441,870
rent
Investments
receivable
-
Spect?LdandScashf-8ecUri"
rqtv 0f N
y
No.4,&c_
contr't
—. — -
400,620
441,870
State Indus. Comm'n,
Sock&u!
Deprec
13,019,283
eauin
1,631,644
1,594,928
11,584,873
9,670,311
204,730
273,054
185,477
1,453,250
tr
12,301,487
147,057
Truat«», coll tr. bonds;
Trustee
1,714,704'
4.025,816
1,697,817
Board
Fund
&c.,sec. & cash.
notes
I——
1,500,000
TpKJtSfeiSp.lt
18.318
17,938
2,742,907
3,170,751
leaseholdimps
& items in suspense
Unamort
debt discount
709,019
..
and expense..
2,719.266
1,156,885
2,898,426
nnc
hqo
2,959,211
434,718
275,592
accounts
qqc
^q
—
363,408
345,518
qqg
Qgo
qqTTfitifrvFa
oqa
Total
334,698,039 336,079,260 335,889,958 327,655,758
1938
1937
$
Liabilities—
ocn
goo
nw„,
$
1935
1936
$
$
Funded debt—
B.-M. T. Corp—... 110,500,000 112,500,000 110,000,000
N. Y. Rap. Tr. Corp.
underlying bonds.. 22,545,000
22,423,000 22,416,000
Bklyn.&Qu.Tr. Corp. 27,944,000
27,957,200
26,968,400
Brooklyn Bus Corp—
37,651
62,753
174,520
.
92,660,000
29,683,630
23.964,300
519,621
Bklyn. & Queens Serv.
The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 15 cents per share on the common stock.
no par value, both payable Oct. 15 to holders of record Sept. 30.
Like
amounts were
185,839,199
2 088 477
Prepaid
.
continue in possession and control until
r..
186,309,441
certificates. 116,189,940
related
Cash
Tne company was ordered to
Sept. 26, the date for a hearing
„
188,238,041
un-
4 &
Unamort
Bralorne
%
contr't
cler contract No
publisher of the Boston "Evening Transcript
since 1830, filed Sept. 6 in Federal District Court, Boston, for authority
to reorganize under Section 77-B of the Bankruptcy Act, was approved by
Judge Francis J. W. Ford.
:
D
1935
%
*
exe
cash
A petition of the company,
«
1935
$
excl
Other special deposits.
Co.—A_
Company reports output for August
1937
No. 4 & relatedctfs.191,435,877
RaDid Transit
30, ™is is the usual quarterly rate on the
Boston Consolidated Gas
$5 72
S
•
of rani d transit exn
DrugCo., Ltd.—Interim Dimdend—
f^r«t^?n<^arter..eVdl1^
$5 59
1938
Dividends
$La,^vid.end °Vh0 converJtible PJefe",e1d Btcekat-thto
$4 09
Nil
Interest receivable..—
bEC
Directors at their recent meeting failed to take any action with regard
A dividend of
1,496,808
2,206,992
Accounts receivable.—
PEP
See list given on first page or this department.
Blum's,
$5,707,353
cl,496,808
1,122,606
preferred^dMdendsifor ninei momhs ended Marto
c<4*of road and equip
TvrispHii
Rpm'tifpr*
$4,997,588
Comparative Consolidated Balance Sheet June 30
Chairman, Arthur R» Jan©sf of Oolancso Corp. of America, «Iohn T. John.-*
son
of American Enka Corp.-Harold D. MuUer, of L. P. Mulier & Co.,
and Samuel S. Briggin, of A. C. Sears Co., Inc.
Torn
$4,508,462
al,496,808
2,574,824
[Incl. Brooklyn & Queens Transit Corp. and Subsidiaries]
Materials"
Minincr
a
——
»L
bjibures revised tor companson. c includes $i,i22,bUb pre¬
ferred dividends for nine months ended March 31, 1937.
diction pendingthe consummation of the plan and the final decree, and has
set Oct. 27 at 4:30 0 clock for hearing on fe<» and allowances.
Plarpr
'
646,725
~
122 606 oreferred dividends for nine months ended March
includes 81
When
the plan goesinto effect, the corporation's assets will be twice Reliabilities,
and there will be a surplus of about $488,000.
The court will retain juris-
Horn
See
Common dividends
into
Ria
$578,168
surplus
Preferred dividends
E Yff 'Sra* stk °(no^r)
Telephone Co. of Pa.—Gain in Phones—
Company reports a net gain of 1,038 telephones in service during August,
compared with a gain of 3,449 telephones in August. 1937.
For first 8
months of 1938 net gam was 3,098 stat.ons compared with a gain of 48,977 ;
stations in corresponding 1937 period.
Total Bell telephones in service in
Pennsylvania on Aug. 31 were 1,208,253.
There was an increase of 137 stations in Philadelphia during August
against a gain of 518 in August last year.—V. 14, p. 1480.
Belle
*
Current income carried
Directors have declared a final dividend of $3.30 per share on the American
-ruintr
ar
mjnority interest of
to
B. & Q. T. Corp
Rys— Final Dividend—
Belgian National
r
Seealso V. 146, p. 1703
V. 146, p. 3798.
1,629,000
164,877,953
—
(249.468 shs.) 24,946,800
y Common stock..
29,938,138
Minority int. in capital &
161,806.420 147.744,051
24,946,800
24,946,800
29,938,138
29,938.138
24,946,800
29,938,138
24,455,510
916,500
2,247,500
1,935,000
Total funded debt. .162,655,651
Co., Inc..
Pref. stk.
Pnlumki n
Columbia
pnui„Power
C
Corp.,
Operating
T
t
$1,232,295
735,227
expenses
147,
p.
$497,068
$501,134
104.
20,459,328
87,500
100,000
3,000,000
2,406,681
2,479,724
811,628
731,049
3,199,148
1,637,259
1,933,682
1,941,549
1,927,820
1,948,351
2,410,172
3,846,178
1,031
117,678
7.294
118,655
7.406
53,821
17,192
53,820
Dividends payable
193.392
Acer, amort, of cap. res. 21,269,043
2,051,718
19,484,672
2,323,250
15,524,320
2,289,298
15,086,900
2,027,508
Other interest.....
Tortcl'ms,incl. judgm'ts
Niagara
Electric
Corp.—Places
$2,375,000
31^% oonas with insurance Cnvtrnnnie*
The*
A /o Ponds With Tvsnrnnrp companies—ine /mrnnraHnn nn
corporation on
Sept. 2 announced that it had arranged the private sale of
$2,375,000 3M% gen. ref. mtge. bonds to the Metropolitan
Life Ins. Co., Prudential Life Ins. Co. and Mutual Life Ins.
Co.
Proceeds of the bonds will be used to refund $2,375,000
Buffalo General Electric Co. 5% bonds, due on Feb. 1, 1939.
CoSplny'W
Res.forconting.taxliab.
Other
147,
P.
884.
Sept. 20 at
not
ugl
less than 102 and
3,858,015
3,588,310
49,307,383
45.976,069
117,332
144,863
162,582
176,980
846-?32
stem
June36IIHIZI 19,3821348
19,519i977
20,146i340
26.606;601
co. sees,
eliminated in
(net)~-
y
———
334,698.039 336,079,260 335.889.958 327.655,758
Represented by 735,664 (no par) shares,
ceivable.
ji
40.604,406
__
tnadjusted credits.....
Surplus,
2,586,528
39,590,202
reserves
Tot^
The bonds must be sold not later than
interest.—Y.
20,633.713
62,500
.
Real estate mortgage
1937
$1,231,625
730,491
mT.
Buffalo
21,903,015
50,000
surplus of subs
n<i
Earnings
1938
Netearnings
—V.
IP nvnln
j
Ltd.
Bills payable
Accounts payable
Tax accruals.
Int. accr'd on fund, debt
RriH«L
British
Month of July—
Gross earnings
z
Accounts and notes
re-
Volume
Financial
147
Chronicle
Comparative Statement of Consolidated'Income, Years Ended June 30
1635
Condensed
l[Excl. Brooklyn & Queens Transit Corp. and Subsidiary Cos.]
*
.1938
•
„
Revenue from transp'n— m
Passenger
Other
car
Total
1937"
1938
1935
xl936
revenue...$27,511,928 $29,526,125 $30,447,125 $29,913,596
revenue
468
156
264
222
rev.
from trans_$27,512,396
$29,526,281 $30,447,389 $29,913,818
3,699,902
3,847,040
3.801,623
3,620.763
Other oper. revenues...
Deprec. of
& struc.
Maint. of equipment
Deprec. of equipment
Oper. of power plant
Operation of cars..
Inj. to persons & prop
Traffic
320,000
2,673,995
781.548
4,820,808
7,499,029
750,476
2,672
1,150,350
expenses
Gen. & miscell. exps
Miscell.
charges
from
320,000
320,000
2,490,087
780,000
4,945,452
7,049,927
2,326.332
36,932
B. & Q. Tran. System.
Net
$34,249,012 $33,534,581
2,202,605
2,445,616
320,000
2,458,153
x781,532
4.647,295
7,130,945
822,779
2,604
xl ,078,718
34.606
way
Mat'Is & suppl's
Accts. receivable
567,884
from oper...$10,661,402
780*000
3.634
&
35,849
14,805
13,918
Funded
.
Accts.
35,107
37,654
Other special de¬
Unamortiz. debt
N.
211,320
158,770
173,770
Other
(City of N. Y.
posits
3,946,636
$13,600,600 $14,363,891 $14,515,226
3,701,650
3,109.651
2,866,372
Operating income
Non-oper. income (net).
i,714,766
680,711
$9,898,950 $11,254,239 $11,648,853
1,213,313
1,308,812
1,217,970
14,232
197,221
25,100
other
112,930
174,315
113,087
174,939
113,891
174.859
Amort,
87,074
83,302
50,205
39,013
690,000
648,000
610.000
under contr't
No. 4..
Total
-V.
to
surplus
$743,065
Figures revised for comparative
Condensed
Consolidated
19.38
at
$4,772,781
$4,503,872
Sheet
Balance
$5,485,841
30
June
$
Liabilities—
$6
198,805,010 194,461,420
securs.
of
1937
1938
1937
$
cost
$
S
24,946,800
pf. stk. 24,946,800
cum.
Common
29,938,138
29,938,138
debt...133,045,000
Funded
134,923,000
stock:
1,666,557
1,468,330
25,042,983
26,538,626
Dividends pay..
189,758
1,356,399
2,533,036
Tax
accruals
584.058
2,045.755
454,834
Coupon deposit-
132,179
147,246
Int.
accrued
Dividend deposit
189,758
1,344,334
Total
22,303
35.849
......
1938
funded debt..
(less reserve)
Due to assoc.
1936
1935
$9,158,774
124,943
$7,400,490
201,378
$8,700,280 $11,802,574
4,742.101
5,172,434
483,429
443,778
342,730
277,151
349.171
312,753
476,544
865,007
268.498
217,290
59,283,717
4,277,072
$7,601,868
3,834.964
331,238
267.776
634,928
200,155
270*430
Net profit
Dividends
$2,037,807
1,500,000
$4,514,162
2,000,000
53,41 8,888
1,500.000
$2,577,550
1,500,000
$537,807
5,000,000
$2,514,162
5,000,000
$0.41
$0.90
$1,918,888
5,000,000
$0.68
$1,077,550
5,000,000
$0.51
gen. & misc. exp.
Social security taxes
Rents and royalties
Estimated income tax.
Balance, surplus
Shs.com .stk.out. (no par)
per share
Earnings
332,042
635,125
2,096,481
2,328,680
companies
&
(at cost)
14,630,209
and cash
—V.
147,
p.
1,199,877
1,199,877
reserves
354,853
17,908,884
248,908,463
663,340
887,364
1 367,136
1,445,605
115,137
144,490
6 ,177,104
9,557,010
y
Notes and accts.
Repairs to mach's
receivable
3 ,954,353
4.633,834
12 ,065,925
10,543,935
96,234
35,496
curity taxes....
3,213
3,349
In co.'s business.
222,828
670.653
224,015
818,988
Surplus
Deferred charges..
36.846,680 37.764,482
Total
Miscell.
Loans
invest'ts.
to
ending June 30, 1939, were $482,782 as against $482,490 for
fifth retail unit at Parma, Ohio, on
Sept. 9.
Co.-
•To
Pay Special Com-
Dividend—
The directors
on Sept. 7 declared a special dividend of 50 cents per share
company's common stock, payable Oct. 5 to holders of record
A like amount was paid on Dec. 20 and on Oct. 1, 1937, this
being the first payment to be made on the common stock since
15, 1929, when a regular quarterly dividend of 75 cents per share was
the
Sept. 20.
latter
Nov.
147,
p.
1938
1937
1936
.
1935
$16,349,643 $16,886,704 $16,737,048 $16,606,452
revenue
Brooklyn
Corp....
revenue
Bus
Freight
revenue
3.825,498
251,577
3,785.864
314,537
3,519,571
288,383
3,246,561
320,375
Oper. Revenues—
Advertising & other priv.
Rent
of
buildings and
65,951
70,884
59,862
64,900
154,416
52,038
other property
Rent of equipment
Rent of tracks & term'ls.
154,680
65,487
139,046
74,569
140,825
76,529
26,246
26,492
27,168
10,271
633
7,024
898
7,717
oper. revenues_$20,735,642 $21,312,304 $20,854,263 $20,491,778
Operating Expenses—
Maint. dep. way & struc.
1,540,256
1,579,639
1,515.811
1,006,633
Maint. & deprec. of eq__
2,917,060
2,807,234
3,079,478
3.604,711
2,439,876
Purchased power, &c
2,495,492
2,272,889
2,470,923
Oper. of cars and traffic
6,779,735
6,553,750
7,043,002
expense
7,142,186
1,865,860
1,818,135
1,939,063
Inj. to persons & prop..
1,807,320
845,777
Gen. miscell. expenses._
873,795
835,345
902,144
199.002
194,099
194,756
Freight expenses
182,718
$3,619,005
$4,170,906
$4,266,696
$4,430,686
2,335,348
2,186,007
1,756,179
1,692,667
Operating income
$1,283,657
Non-operating income..
180,562
$1,984,899
$2,510,516
205,659
180,982
$2,738,019
188,864
$1,464,219
1,515.586
35,590
$2,190,557
1,424,823
42,509
$2,691,499
1,392,501
36,073
Taxes
from oper
accrued
on
oper¬
ating properties
deductions
$2,926,884
1,431,767
40,651
Amort, and other deduc¬
tions from income
Preferred
388,072
5,745,616
36,846.680 37.764,482
M.) Byllesby & Co .—To Appeal Decision—
Sept. 2, upon being advised that the Wis¬
Banking Commission has reaffirmed suspension of the company's
license in Wisconsin, announced the decision will be appealed immediately
to the Wisconsin Banking Review Board, and a petition of appeal filed
with the Circuit Court of Dane County, Wis.—V. 147, p. 731.
Calgary Brewing & Malting Co., Ltd.—Cavital Reduced
VCompany has received supplementary letters patent, dated Aug. 13,1938,
reducing its capital from $2,000,000 to $1,500,000.
The reduction of
$500,000 is being effected by cancelling all the 5,000 unissued shares of
capital stock, leaving authorized and issued capital stock at 15,000 common
shares of $100 par value.
;
77,940
77,394
66,797
52,016
loss$164,896
$645,831
$1,196,127
637.313
dividends
Surplus
brewing and malting business in Calgary but
statement to the public although there is a
in Rs stock and bonds.—V. 139, p. 593.
The company operates a
not issue its financial
does
Calmont Oils,
Ltd.—Earnings—
1938
1937
$91,702
$43,585
74,499
Income from royalties..
House rent
66,932
1,115
""970
Miscellaneous revenue..
5,225
1,113
765
91
_
Tool rental
Non-recurring revenue.
def$164,896
778.937
$1,402,449
991,375
$8,518
$417,190
$411,074
1936
1935
$2,294
7,629
11,394
Years End. May 31—
Inc. from investments.
$3,180
6,790
6,125
535
48
762
.
Prov. for income taxes..
95,290
18,888
$17,443
8,392
14,221
50,496
$20,566
$55,666
8,834
14,659
'
6,500
10,000
$40,796 prof$28,898
Loss for the year
10,196
23,708
$22,172
$120,167
70,109
$164,974
Total revenue
Field expenses
Admin. & gen. expenses.
Other charges
Balance Sheet May 31
on
1937
14.152
$64,417 Provincial corp.tax
16.606
6,925 Deferred tool rent.
2,623 Rhareh'lders'equity 2,142,766
1,305,217
67 Deficit
4,546
Royalties receiv'le
x Accts. receivable
1,801
67
Accr. int. on inv..
Barsac
|
hand and
in bank
Liabilities—
Accounts payable-
1937
1938
1938
$12,018
Assets—
Cash
$16,771
$9,146
9,361
37,655
2,140,766
1,339,652
Royalties,
Ltd., loan repay.
45,000
199,815
from prod
Investments
Fixed assets
Leases (at cost)
169.207
236,846
y
—
230,558
382,492
379,984
Deferred charges..
877
723
Deferred expenses.
1,616
2,672
Total
x
-
$885,078
After reserve for
$857,1771
Total
bad debts of $960.
y
$885,078
$857,176
After reserve for depreciation
1938 and $267,865 in 1937.—V. 145, p. 2219.
Canadian
Industrial
Alcohol
Co.,
Ltd.—To
Buy
Debentures—
The company
announced on Sept. 3 that it had concluded arrangements
purchase of substantial amounts of its 5% redeemable debentures
present face value of $3.20 each at $2.88 plus accrued interest to
date of delivery.
As a result, the company makes known that it is making
a similar offer to any holders who will surrender and deliver their deoentures
on or before Oct. 15.—V. 147, p. 1185.
for the
Net income
394,888
4 ,932,665
reserves
Officers of the company on
of $276,968 in
Gross income
Interest deductions
Rent
1,000,000
consin
855
8,785
Total
rev.
2,349.644
Other
26,495
Saie of power
Miscellaneous receipts..
Net
2 ,639,748
1,,000,000
x After deducting $8,956,414 in
1938 and $8,932,721 in 1937 reserve for
depreciation,
y After deducting reserves,
z Represented by 5,000,000
shares of no par.—V. 147, p. 105.
$20,426,718 $20,987,105 $20,545,002 $20,173,389
Total
Other
186,905
credits..
Deferred
limited public interest
1331.
Comparative Income Account for Year Ended June 30
Passenger
169,153
Res. for conting's.
Real est. not used
Brooklyn & Queens Transit Corp, (&Subs.)—Report—
Pass,
se¬
•~sas
Brunswick-Balke-Collender
distributed.—V.
under guaranty.
Prov. for social
share¬
—V. 147, p. 1481.
mon
$
Prov. for inc. tax.
161,203
Govt, securities._.
(H.
The company reports gross sales for August $277,226 as against $281,077 for August last year.
Sales for the first two months of the current
on
1937
$
Wages & com.pay.
5 053,965
Total
246,813,951
June 30
1938
Cash In closed bks.
80,203
1184.
the similar months last year.
The company opened its
indis-
Capital stock...25, 000,000 25,000,000
Accounts payable.
616.788
564,613
5,566,711
257.223
Brown Fence & Wire Co.—Gross Sales—
fiscal year,
any
z
holder employees
prem.
Total
Sheet
1937
Liabilities—
Inventories
262,310
248,908,463
on
6,123,913
3,490,455
246,813,951
404,484
183,202
xPlant, equip.,&c. 8 ,441,202
17,738,684
3,159,487
Deferred charges
Total
1,803,841
funded debt..
354,012
616,729
Balance
Assets—
1,465,762
1,970,937
92,031
Unadj. credits.,
Earned surplus. 18,289,610
receiv..
curr.
1,508,717
tax
liability.—.
Other
Special depos. of
secur.
12,272,503
TJnamort.
not
accts.
11,669,304
12,976,658
Conting't
plies, at cost..
Miscell.
invest.
6,898,306
6,052,791
12,648,113
Dep. fund res.
Damages
Materials & sup¬
410.508
74.389
Cash
Amort, of cap
Due from assoc.
f-
cos
Gen.&conting.
168,913
15,675
1937
Note—No provision has been made for Federal surtaxes
tributed profit accruing after Jan. 1, 1938.
1938
Reserves—
149,429
_
receivable
(& Subs.)—Earrings—
$8,638,828 $11,514,514
61,452
288,060
Other income
Tort claims and
182,177
287,568
114,392,831
on
Judgments
reserve)
Interest receiv'le
Divs.
...
181,115
(less
rec.
payable-
148,975
Securs., at cost.
Accts.
113,298,646
Burroughs Adding Machine Co
76,903
Accts.
Corp. & subs.
2,946,719
114,392,831
1,365,321
75.960
B. & Q. Tran.
Cash
64,660
1,465,572
2,783,945
1184.
Total
purposes.
Road and equip.
Inv. In
p.
6 Mos. End. June 30—
Gross profits on sales-.
Sales,
[Excl. Brooklyn & Queens Transit Corp. & Subsidiary Cos.]
Assets—
.113,298,646
147,
36,299
1,465,572
Surplus
Taxes
Current income carried
x
1,784,469
tax
Depreciation
of debt discount
and premium (net)
Amort, of leasehold inv.
8,203,387
1,887.078
Contingent
25,100
109,486
174,440
& Q. Tran. System.
Other
3,065,845
8,770,028
reserves
Unadj. credits..
Capital surplus.
Other rent deductions—
I* B
635,125
14,959,240
liability
Rent for lease of road and'
25,100
5.962
3,634
Amort, of cap. &
disct., &c
Prepaid accounts
$7,395,477 $11,112,263 $12,563,052 $12,866,823
Int. accr. on fund. debt.
5,711,061
5,661,793
6,803,736
7,014,482
Other interest
80,250
10,148
15.608
13,635
Int. chgd. to fixed capital
Crl07.196
Cr2,407
0225,000
25,100
41,752
332,042
814,786
127,890
7,293
41,718
Res. for contlng. 14,097,184
Res. for damages
3,343,568
27,781
433.729
583,029
1,031
Div. payable...
Duetoassoc.cos.
748,372
Gross income
equip., B. & Q. T.Sys.
interest..
Judgments...
760,555
276,215
583,486
Tort claims, incl.
State Ind. Com.
& U. S.
sees.)
1,011,395
227,571
on
funded debt..
Y„
acct. franchise
699.712
740,124
payable-
accrued
236,327
62,500
699,712
accruals
Int.
970,545
846,167
2,216
of
31.454,953
50.000
indebt.
Tax
rec.,
not current—
City
18,800,000
31,110,651
to assoc. cos..
Invest,
accts.
18,800.000
debt
of
28.325,000
28,325,000
stk.
Real est. mtge..
Ctfs.
4,588,792
6,864,434
883,896
3,505
1,012,133
Taxes assign, to oper...
rev.
v
5.963
assoc.
receivable^
Miscell.
(283,250 sh.)
(800,000 sh.)
45,019
22,303
5
stk.
Common
164,962
566.849
44,939
companies...
Int.
Preferred
1,250.549
V
•
$
Capital stock—
419,741
134,739
1937
1938
Liabilities—
$
109,691,723
1,288.459
Coupon deposit.
Div. deposit...
Due from
Balance Sheet June 30
1937
Asse/s—
$
Road & equip..
108,820,807
Cash
694,578
Securities
Total oper. revenues..$31,212,298 $33,373,321
Maint. of way & struc..
2,517,412
2,492.761
Consolidated
with
a
1636
Financial
Canada Northern Power Corp.,
Period End.
$423,003
174,587
$2,944,905
1,312,443
$2,837,975
1,168,238
$237,305
Net earnings
-V.
1938—7 Mos.—1937
.$422,643
185,338
$248,416
$1,632,462
$1,669,737
Operating expenses....,
Cleveland Akron & Columbus Ry.—Tenders—
Canadian National Rys.—Tenders
received
6 by
Sept,
Rejected—
the company on
an
issue of $7,600,000
1 to 15-year serial equipment trust notes were not accepted.
Prices
stated to be "not satisfactory."
Further action on the financing has been deferred and it is not expected
that any immediate steps will be taken to provide the financing in this man¬
%
were
in the meantime, the company's commitments will be taken care of
by temporary government advances.
ner.
Earnings of System for 10-Day Period Ended Aug. 31
"
Gross
147,
19.37
Colonial Beacon Oil Co.
f
x
$21,880
Net
1938
1937
$4,554,000
Traffic earnings
$4,192,000
Increase
$362,000
$1,379,376
Cr26,520
$2,094,475
11.505
$726,425
$872,136
$1,352,856
$2,105,980
loss
a dividend of 25 cents per share on the common
value, payable Sept. 30 to holders of record Sept. 16.
Like
paid on July 1, last, and previously, reguiar quarterly dividends
share were distributed.
[Including Domestic Subsidiary Companies]
Years Ended—
Gross
Ry.—Change in Collateral—
inc.
and
See also V. 144, p. 3999, for de-
Carolina Clinchfield & Ohio
June 25. '38
from
sales
June 9, '35
June 27. *36
and
accessories.
$20,101,700g$19,066,100 $15,301,552 $14,389,783
Amort, of prod, costs
Share to other producers
12,230.387
605,074
474,017
7,840,960
221,471
8,638,066
333,325
10,033.457
717,396
448,742
g6,346,652
311,046
321,144
4,364,304
4.187,941
Cr137,269
Cr230,846
27.821
$1,519,854
97,917
$1,792,079
41,130
$2,049,113
86,686
$221,826
$1,617,771
$1,833,209
$2,135,799
1,948
e36,485
e300,000
264,348
310,000
Net profit
Preference dividends.
Preferred dividends
$183,393
$1,317,771
$1,568,861
32,091
$1,815,267
206,261
Common divs. (cash)...
h262,101
206,260
£478,476
d256,445
cl74,987
$633,035
$1,179,034
$1,588,497
$3.26
$4.95
$9.91
The Chase National Bank of the City of New York as trustee under the
first and consolidated mortgage, dated Dec. 15, 19.32, nas notified the New
York Stock Exchange that the following equipment trust obligations were
Oper.
a
Gen. adm. & sell. exps.
g6,598,216
profit
sub.
pledged under i,he mortgage and surrendered
the respective trustees for cancellation:
$42,000
Carolina
Clinchfield and Ohio
certificates, series G, due April 1, 1927;
June 26, '37
rentals
of film
Cost of accessories
withdrawn from the collateral
(& Subs.)—Earnings—
Consolidated Statement of Operations
ailed record of previous dividend payments.—V. 146, p. 3800.
o
$888,620
16,484
Columbia Pictures Corp.
no par
of 50 cents
per
$3,710,735
5.730.946
74.264
interest
Directors have declared
amount was
1935
1,453
Cannon Mills Co.—25-Cent Dividend—
stock,
1936
$4,128,181
5,498.225
9,333
x
Depreciation and amortization included $746,236 in 1938, $719,220 in
1937, $744,563 in 1936 and $778,775 in 1935.—V. 146, p. 3179.
1482.
p.
1937
$4,001,383
4,888.550
$687,351
39.074
Operating expenses
Minority
Earnings for 10-Day Period Ended Aug. 31
147,
(& Subs.)- -Earnings—
1938
$3,977,922
4,665,273
profits
Loss
Canadian Pacific Ry.—Earnings—
—V.
6 Mos. End. June 30—
Gross
Decrease
$5,724,394
1482.
p.
Geo. H. Pabst Jr., Treasurer of the Pennsylvania RR., will until 3 p. m.
Sept. 29 receive bids for the sale to him of sufficient new first consolidated
mortgage 4% bonds to exhaust the sum of $12,860 at prices not exceeding
par and interest.—V, 124, p, 1216.
Interest
1938
$5,702,514
revenues...
—V.
Muskingum Valley RR.—Tenders—
Geo. H. Pabst, Jr., Treasurer of the Pennsylvania RR., will until 3 p. m.
Sept. 29 receive bids for the sale to him of sufficient first mortgage 4% bonds
to exhaust the sum of $14,180 at prices not exceeding par and interest.—
V. 139, p. 1702.
U-i
147, p. 884.
Tenders
Sept. 10, 1938
Cincinnati &
Ltd.-r—Earnings—
1938—Month—1937
July 31—
Gross earnings
Chronicle
of foreign
& branches._
cos.
to
Carolina
$.38,000
Ry.
equipment
5%
trust
Clinchfield and Ohio Ry. equipment 5% gold notes,
series F. due Jan. 1, 1927;
Clinchfield
Carolina
$1,658,000
& Ohio Ry. equipment 6% gold notes,
of which $414,000 matured on the 15th day or January in each of the four
years
from 1927 to 1930, inclusive.—V. 146, p. 3491.
Celanese Corp.
P
dividend of $1.75 per share on the 7% cumul.
a
pref. stock and
dividend of $2
a
the 7% cumul.
per share on
1st partic. pref. stock, both payable Oct. 1 to holders of record Sept. 16,
1938.
Last previous payments on the partic. preferred were a partic.
dividend of $1.53 on April 1, this year, and a semi-annual dividend of $3.50
on
Dec. 31,1937. No action was taken with respect to a payment
on June 30, this year.—V. 147, p. 1482.
ordinarily
due
Central
$194,005
Total income
Interest
__
Prov. for Fed. inc. taxes
Exps. of newly
subsidiary
Agi'irre
.
Associates—Dividend—
Company has received notice that
Aguirre Associates have
a
a
distribution at the rate of 37
cents
beneficial interest.
This distribution takes the place of the usual quarterly
Balance, surplus
def$284,969
Earnings per sh. on com¬
mon stock (no par)...
Nil
of 50 cents.—V. 146,
Central RR. Co. of New
p.
dividend payment
Includes depreciation on furniture in head office and branches,
c Does
include stock dividend of $112,070.
d Does not include stock divi¬
dend of $1,353,715.
e Includes
$6,000 ($55,000 in 1937) for surtax on
unuistributed
profits,
f Does not include stock dividend of $215,891.
Foreign subsidiaries' operations are now consolidated in detail in place of
"Operating profit of foreign subs. cos. and branches."
h Excludes $117,
215 paid in stock.
g
enter
reorganization under
Consolidated Balance Sheet
June 25'38
3948.
Assets—
Jersey—Weighing Default—
Section 77
of the Bankruptcy Act,
it was
457,683
203,388
688,702
687,209
Invest,
arises from the circumstance that the carrier must apprise the New ^ ork
Stock Exchange about Sept. 20 of its ability to pay the October quarterly
495,397
Cash in trust with¬
interest
-r-V.
on
its registered bonds.
147, p.
Chesapeake
Claims
in
The bonds have
a
wholly
owned for'n sub¬
held
from
Corp.- •Fund
of $2,000,000
Set
Aside for
The directors on Sept. 8 took the first concrete step toward company's
dissolution by authorizing establishment of a fund of $2,000,000 to cover
Prepaid
or other liabilities which
might arise from dissolution.
The dissolution was proposed by Robert R. Young and associates as a
'to "unscramble
the complicated structure erected by the late
O. P. And M. J. Van Sweringen to control their railroad and industrial
empire
The Chesapeake Corp. also declared a dividend of 35 cents on its common
stock.
Because of its large holdings of Chesapeake, the Alleghany Corp.
will receive $158,000 from the disbursement.
This, with impounded cash,
will enable the holding agency to pay interest of $548,450 due on Dec. 1
on its 5% bonds of 1949.
The $2,000,000 fund set up in anticipation of dissolution was transferred
in the second quarter from earned surplus to reserve for
contingencies.
.
Earnings for 3 and 6 Months Ended June 30
Period End. June 30—
1938—3 Mos.—1937
1938—6 Mos.—1937
Interest & divs. received
$659,821
$2,032,775
$4,198,111
$2,489,918
Int. paid and accrued
796
82,907
279,854
2,988
,
Amort. of bd. disc. & exp
General expenses
74,257
7,253
22,254
9,310
33.483
8,854
228,117
99,834
50,325
14,506
60,000
17,707
244,937
$555,261
629,910
$1,670,104
1,349,808
$2,312,590
1,979,719
$3,579,142
2,699,617
def$74,649
$320,296
$332,871
$879,525
Capital stock tax
y Est. Fed. income taxes
Profit
Dividends
z
.'Surplus
-
No provision has been made for surtax
clusive of security transactions.—V. 147,
y
26,146
on
undistributed profits,
p.
1482.
z
Ex¬
Chicago Towel Co.—$2-Dividend—
The directors have declared a dividend of $2 per share on the common
stock, payable Sept. 22 to holders of record Sept. 12. This compares with
$1.50 paid on June 23 and on March 31, last; $2.50 paid on Dec. 20, 1937; a
dividend of $2 paid on Sept. 25, 1937, and dividends of $1.50
per share were
previously distributed each three months.
Dividends of $7 per share ($6
regular and $1 extra) were paid during 1936; $5 during 1935; $6 during 1934;
$4 during 1933, and $4.25 per share during 1932.—V. 146, p. 592.
Cluett, Peabody & Co., Inc. (& Subs.)—Correction—
Consolidated Balance Sheet
June SO '38
Assets—
c
$
3,658
6.063
al27,780
&
361,028
2,219,203
179,295
Real estate
Goodwill,
2,838,778
Liabilities
$
Dec. 31 '37
$
1
1,940,342
a Accts. receivable
2,072,666
Miscell. lnvest'ts.
145,013
Merchandise
8,757,863
Deferred charges..
136,472
4,405.986
3,399,000
3,399.000
1,500,000
2.350,000
Accounts
1,363,145
3,348,280
267,390
9,149,188
262,092
15,891.133 17,174.2161
After
4,405,986
Notes payable
rights, tr. names,
&c
Cash.„_
b Common stock._
Preferred stock
2.784,121
patents,
Total
June 30 '38
$
payable
& accr. liabilities
Accrued taxes
Pref. divs. payable
e
Capital surplus.-
Earned surplus
Total
785,226
120.693
59,483
59,483
1,647,565
1,647,565
4,228,222
4,292,997
15,891,133
17.174,216
50,088
10,963
3,658
279,8C0
261,285
117,215
114,352
3,487,500
b Common
14,822,271
Other investments only,
67,399
4,098,680
.....15,668.539
Total
4,506,837
67,256
4,420,607
14,822,271
b 349,468 shares (no par) in 1938 and 340,944
shares
(no par) in 1937.
c After depreciation reserve of $1,642,033 in
1938 and $1,400,243 in 1937.
d Represented by 75,000 no par shares,
e Includes $250,000 maturing within one year.—V.
147, p. 887.
Commonwealth
Edison
Co.—Subscriptions
to
Deben¬
tures—
At the close of business, Sept. 3, the first day of the subscription
period,
subscriptions totaling $4,600 000 or 1H% of the total issue had been
in Chicago by the company to its convertible debentures 3 Yi %
series due 1958.
No subscriptions were received in New York City as the
warrants which were mailed from Chicago Sept. 2 were not received by
stockholders in the East in time for subscriptions to be made on Sept. 3.
Subscriptions received included those of the larger Chicago banks.
The
company pays interest at the rate of 3 3^ % from the time the subscription
received
is made.
At the close of business, Sept. 2, a total of $1,060,000 of the first issue
of
convertible debentures, sold in June 1938 had bee l converted into Edison
on the basis of four shares for each $100 of debentures.
shares
Weekly Output—
The electricity
output of the Commonwealth Edison Co, group (inter¬
sales deducted) for the week ended Sept. 3, 1938, was 128,130,000
kilowatt-hours, compared with 144,154,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 11.1%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year;
—Kilowatt-Hour Output—
Per Cent
Week Ended—
1938
1937
Decrease
company
A
Sept. 3
Aug. 27.
Aug. 20
Aug. 13.
—V. 147.
128,130,000 144.154,000
126,059,000 138,941,000
131,901,000 142,382,000
.131,913,000 137,859,000
Oper.
11.1
9.3
7.4
4.3
1484.
p.
Community Power & Light Co
July 31—
sub. cos...
revs.,
Gross income, sub. cos._
Balance avail, for divs.
(& Subs.)—Earnings—
1938—Month—1937
$408,999
$394,601
132,659
149,970
1938—12 Mos.—1937
$4,569,325
$4,162,495
1,499,002
1,387,502
643,326
424,518
and
surplus of Com¬
munity Power & Light
233,959
deducting reserve for cash discount and doubtful accounts
$76,953 in 1938 and $118,551 in 1937.
b Represented by
677,844 (192,391 in 1936) shares of no par value,
c After depreciation
of $4,976,314 in 1938 and $4,886,661 in 1937.
e Arising from sale of com¬
mon stock at price in excess of stated value.—V.
147, p. 1484.
a
amounting to
.15,668.539
Co...
530,185
240,830
50,140
...
Capital surplus...
a
332,404
3,487,500
stock. 4,621,200
in common stock
stock.....
Earned surplus...
Total
313,301
d $2.75 conv. pref.
2,230,467
175,885
ad¬
expenses.
131,153
41,500
Stock div. payable
Period End.
Dec. 3L '37
payable.
10,963
laims
means
Deposits
pioduc's
Res. for conting..
vances
assets
102,359
6 yr.
% sinking
fund debs
el,500,000
10,769
Investment
Fixed
......
outside
out¬
side producers..
c
outside
Fds. withheld from
Deposits.
Dissolution-
to
producers
Deferred income.-
sidiaries..
90-day grace period.
1482.
in
Owing
Res. for Fed. taxes
......
1,225,403
accrued expenses
8,957,567
Advance to outside
producers
959,379
Accts. payable and
5,462
574,298
9,624,324
Inventory
learned at the offices of the company yesterday (Sept. 1).
"The Reading Co., which owns 56% of the Jersey Central's stock, is
understood at this time to plan no aid for the Jersey Central.
"Imminence of the Jersey Central's decision concerning reorganization
•
1,448,213
3,875
Accts. receivable..
June 26'37
Liabilities—
$
2,019,580
Notes receivable..
June 25'38
June 26*37
$
Cash
The following is taken from the "Journal of Commerce" of Sept. 2:
"The Central Railroad Co. of New Jersey will decide this month whether
to
51,783
101.291
not
made directly by Central Aguirre Associates.
At the September meeting
in 1937, Central Aguirre declared a quarterly dividend of 37 M cents a share,
an extra
10,532
a
per share will be made on Oct. 1 to holders of record Sept. 16.
This dis¬
tribution is made from the net income of Luce & Co. S.-en C., a Porto Rico
limited partnership, in the shares of which the shareholders of Central
plus
formed
of America—-Accumulated Dividend—
Directors have declared
series prior
Net income.:
Other income
—V.
147,
45,773
p.
62,286
1334.
Consolidated
Textile
Co.,
Inc.—New Name—
The Consolidated Textile Corp. under the reorganization plan has now
been taken
by a new company called the Consolidated Textile Co.,
Inc., which will continue to operate the Windsor Print Works, North
Adams, Mass.; Lynchburg Cotton Mills, Lynchburg, Va.; Ella Cotton
Mill, Shelby, N. C., and Hopedale Mill, Burlington, N. C.
There will be
no change in the present personnel.
The Consolidated Selling Co., Inc.,
over
will be dissolved and the
Officers of the
York,
new
President; A.
new
will sell direct.
follows: Charles M. McLeod, New
of North Adams, Mass., Vice-President;
company
company are as
W.
Craig,
Volume
I.
Financial
147
Chronicle
L.
Langley, of Lynch burg," Va./Vice-President ;"M.' H. Wood, of New
York, 8ecretary-Treasurer; H. H, Debls, of New York, Assistant SecretaryTreasurer; C. H. Wood, of New York, Assistant Secretary-Treasurer.
Directors are: Charles M. McLeod, M. H. Wood, Charles F. Batchelder,
W.
Randolph Montgomery, Francis E. Storer, Sterling Pile, George
Marks, all of New York.—V. 147, p. 1484.
Consolidated Rendering Co. (& Subs.)Years Ended—
Inc. from opers.
July 2, *38
before
deprec. and interest.
-Earnings—
of
$1,510,108
221.079
$688,014
239,940
$1,289,029
28,186
$448,073
73,133
$572,355
$22,088
52,503
$1,317,215
74,691
$521,206
83,141
on
$830,392
258,037
loss$5,258
27,346
$642,942
85,959
Consolidated Balance Sheet Jan. 31.J1938
F Assets-^—Cash in banks and
on hand, $73,284; notes receivable,'$1,493;
receivable, $714,702; n erchandise inventories, $223,937; mer¬
transit, $1,039; other assets, $5,968; furniture, fixtures and
improven ents to leased pren ises, $1; total, $1,020,424.
Liabilities—-Accounts payable less trade discounts, $70,884; expenses
payable, $15,317; unpaid and accrued taxes, $40,987; reserve for con¬
tingencies (taxes), $11,070; common stock (par $1), $142,560; capital
surp., $365,476;earnedsurp., $374,129; total, $1,020,424.—V. 146, p. 3952.
accounts
Net income before de¬
preciation & interest
Other income.
Total income
....
Interest charges
Loss on disposal of fixed
property
Loss from
chandise
70,587
in
9,451
"2*633
foreign exch'ge
Miscellaneous charges.
24",236
undist. profits
Proport share of profit of
on
_
2*409
1,325
74,075
173,068
Davison Chemical
"
"
"""201
_
Prov. for Fed. inc. tax..
Surtax
contingencies
$6,802.
d Provision for Federal nom al income taxes
$24,514 and surtax of undistributed profits of $4,472.
e Includes
an s. Inc., from March
5, 1937 to Jan. 31,1938 a subsidiary acquired
March 5, 1937.
Horn
July 3, '37 June 27, '36 June 29, '35
$176,265
181,523
_
Provision for deprec'n__
1637
penses are expenditures~for~furniture, fixtures and improvements to leased
pre. ises of $29,320.
It is the policy of the company to charge such ex¬
penditures to operating expenses.
No provision has been n ade for de¬
preciation on furniture, fixtures and im proven ents which are carried in
the balance sheet at the value of
$1.
c Provision for Federal norn al income
and excess profits taxes of
$32,579, surtax on undistributed profits of $6,119
81,923
101,382
—
Corp. (& Subs.)—Earnings—
Consolidated Income Account
12 Mos. End. 12 Mos.End. 6 Mos.End.
june 30,'38 June 30/37 June 30/36
$2,950,798
$1,399,909
Selling & administration expenses...
1,333,440
1,536,926
787,111
n
.
,
Period—
controlled sub.
42,281
Profit & loss ad. credits.
$326,542
$472,652
$1,115,046
296,167
$273,597
127,946
loss36.123
$1,081,101
33,944
loss$15,003
288,600
Net inc. for the per'd.
Profit & loss charges
122,681
$326,542
150,000
$621,838
296,558
Gross profit from opers., before deprec $2,038,550
149,186
*
Net profit from opers., before depr.
income, incl. interest, divs.,
discounts, rents, &c
$612,798
$705,110
$1,413,872
87,766
95,311
36.555
$792,876
58,092
$1,509,183
69,807
$649,353
53,178
21,540
44,173
65*882
74,300
106,816
441,989
10,796
122,346
413,754
152,393
83,508
213,032
41,950
$87,760
$578,218
$190,408
Cr725
6.098
y$578,943
x$184,310
Other
Balance
$145,651
140,421
$818,879
842.526
$176,542
35,105
$325,279
84,667
$5,230
Inferred dividends....
def$23,647
$141,437
Total income
Interest
$240,612
Balance.
Taxes—Capital stock,
and franchise, &c
Assets—
July 2, '38
July 3,
37
hand and
on
in banks
Cash deposited tor
July 3, '37
$81,891
July 2, *38
Accruals
$68,526
31,426
Accts. receivable
737,573
Duefr. employees.
Due from sub
681,802
155,487
*1*388
Sundry
87,078
Prepd.ins. & taxes
70,808
812.350
Inventories
1,349,108
67,491
67,271
148,762
Other assets
700,000
4% 8-yr. notes
1,319,000
1,500.000
2,340.350
2,340.350
Capital surplus
468,070
468,070
Earned surplus...
576,145
570,915
Common stock..
affil
375.108
1.666.075
1,469
33,328
x
$5,808,578 $6,624,757
Less
for
reserve
no
560,514 in
par
doubtful
shares,
1937)
and
z
accounts
of
After depreciation
after
reserve
for
$200,000.
y Represented
by
of $3,364,890 in 1938 ($3,-
estimated
Consolidated Balance Sheet June 30
1335.
1938
Assets—
Consolidated Retail
Period End. Aug. 31—
Sales.
Stores, Inc.—Sales—
1938—Month—1937
$669,252
$736,487
x
$5,304,691$5,732,545
Cumberland
Valley
Telephone
Co.
of
receiv.—trade--
Other
Pa.—Bonds
less
All of the outstanding general mortgage 50-year gold bonds, due April 1,
1966 have been called for redemption on Oct. 1.
Payment will be made at
the Capital Bank & Trust Co., Harrisburg, Pa.—V. 146, p. 3332.
Calendar Years—
Sales
Oper. costs, sell. &
expenses, taxes.
1935
1936
$1,752,018
1,757,348
1,824.414
1,607,810
1,511,1
x
68,646
69,705
75,308
92,132
operations loss$40,297
$31,864
$68,900
income
def$29,726
from
144,532
145.782
142,254
$177,646
5,957
48,016
$211,154
12,076
65,999
Other charges
Net income
Dividends declared
Profit & loss adjustment
$102,379
3,800
$72,813
65,489
Crl8,064
$123,672
$133,078
157.173
170,271
Cr 18.292
1,907
Prov. for Federal
142,315
a
463,542
20,197
Five-yr. 6% loan.bl 443,912
41,003
Miscell. reserves._
177,388
Income taxes—
mis¬
350,256
12,058,686
reserves
4,383,021
557,340
46,644
511.776
9,030.836
544,100
450,340
Earned surplus—
156,230
12,200,230
doubtful
for
1,445,000
513,289
Cap. stk. (par Sl).
Capital surplus... 9 161,247
Total
accounts,
.....12,058,686 12.200.230
&c.. of $280,350 in
discounts,
$30,199.
Includes surtax on undistributed profits,
b In¬
to be repaid Sept. 1, 1938 of $43,912.—
a
132,105
$104,235
3,876
27,547
80,931
Deisel-Wemmer-Gilbert
Profit before interest.
Prov. for Federal taxes..
2,680
cludes portion of five year low
V. 147, p. 110.
other
sources.
z34,371
dividends'!
assets
aggregating
Net
-
1938 and $317,195 in 1937.
y After reserves for depreciation, subsequent to
Dec. 31, 1935 of $977,827 in 1938 and $581,919 in 1937.
z Including pro¬
vision for 1932 claim of United States Government and interest. &c., thereon
4,04
Depletion, depreciation,
royalties & amortiz'n.
After
payable
Prov. forunclaim'd
...
Total....
Empl.
......
reserves
cellaneous
gen.
&c...
stock of subs...
Prop., plant and
eq uipxnent—.. 4,727,306
Prop., not used in
557,768
operations
155.724
Deferred charges..
$1,577,6
group life ins. &j
indus. relations activs.
Prov. for purch. of
Accruals
295,779
197,509
162,271
172,607
Accounts payable.
Other curr. liabs..
assets,
receiv'les,
Investxn'ts &
1934
$1,925,984
1,764,186
2,179,326
y
Subs.)—Earnings-—
1937
$1,785,697
1,108.460
2,971,186
curr.
prln.
Called—
Davis Coal & Coke Co, (&
5,000
Notes and accts.
Inventories
$
$
Liabililles—
$
2,549,345
5.925
U. S. Govt, obligs.
1938—8 Afos.—1937
1937
1938
1937
$
2,102,054
Cash
—V.147, p.1031.
Profit from
305,007
y Equivalent to $1.13 cents a share (par $1) on 511,776 shares of capita
stock, including scrip for fractional shares and 2,449 shares reserved for
issuance in satisfaction of cairns under terms of plan of reorganization,
z
Equivalent to 17 cents a share on 511.590 shares (par $1) of capital stock,
including scrip for fractionsl shares aggregating 114 shares.
$5,808,578 $6,624,757
Total
loss on disposal of mis¬
cellaneous properties of $219,462 in 1938 and $231,095 in 1937.—V. 147.
p.
z$87,760
Equivalent to 36 cents a share (par $1) on 510,933 shares of capita
stock, including scrip for fractional shares and 24,456 shares reserved for
issuance in satisfaction of claims under terms of plan of reorganization,
408,528
1,869,355
company..
Deferred charges..
40,807
—.—
x
Plant & equip
Total
4*1*434
~
Inv. and equity in
z
•
Net inc. for period, applic. to the1
Davison Chemical Corp
Dividends paid
...
114,074
•
receiv.
Proportation of net income of subs,
applicable to monority interests—
1,500,000
y
on
during period
Net income for period
1st mtge. 5% bds.,
1941..
Reserves
259
created
Prov. for deprec. of plants & equip._
Prov. for Federal income taxes
332,840
11,690
Due affll. company
bond Interest
x
LiaMlUies—
Accounts payable.
$1,708,004 $2,202,079
25,840
54.192
Miscellaneous charges
Prov. for possible losses
Consolidated Balance Sheet
Cash
State income
Loss occasioned by flood
Balance,deficit
sur$25,388
of capital stock
outstanding (par $100)
52.399
Earns.per sh.on cap.stk.
$1.39
$98,579
144.075
$37,193
$43,124
52,399
$2.36
52,400
$2.54
share on the com¬
stock, par $10. payable Sept. 24 to holders of record Sept. 17.
ibis
compares with 20 cents paid on June 25 and on March 26, last; a aiviaenu
of $1 was paid on Dec. 24, last; an extra dividend o'i26 cents per share
in addition to a regular quarterly dividend of 25 cents was paid
on Sept.
25, 1937, and an extra dividend of 50 cents per share was paid on Dec. 24,
1936.—V. 147, p. 1032.
mon
Cr2,372
$15,209
Corp.—Larger Dividend-—
The directors have declared a dividend of 35 cents per
52,400
$1.88
Departmental
Shares
Finance
Inc.—Registers
Associates,
with SEC—
See list
;
given on first page of this department.
•
:
t Consolidated Balance Sheet, Dec. 31, 1937
Detroit
Assets—Cash, $175,237; notes & accts. receivable, less reserve of $26,407,
$255,630; inventories, at cost (incl. mdse. & supplies of $159,138), $183,355:
accrued interest receivable, $22,216; investments, $3,552,080; contingency
fund assets. $136,549; property, mining rights, &c.—at book value, less
reserves of $2,477,462—$5,228,822; leasehold book value, less reserve of
$1,323,044 for amortization based uppn ratio of coal mined to company's
estimate of total tonnage, $2,336,995; deferred charges, $144,417; total,
$12,035,262.
Liabilities—Accounts payable, $65,646; accrued wages, $18,922; accrued
taxes, $119,454; reserves, $196,395; capital stock (authorized, 60,000 shares
of $100). $5,239,820; capital (arising principally from excess of book value
of coal lands over par value of stock issued therefor). $3,144,584; earned
surplus, $3,335,010; total, $12,035,262—V. 145. p. 1254.
Earnings for 6 Months Ended June 30
1938
a
el938
_
$2,476,929
1,011,396
Before
Devonian
Oil
b799.035
Operating expenses
before surtax.—V. 146,
'
1936
$1,647,027
256,576
1935
1934
$1,416,136
206.028
$1,257,078
182,763
$1,642,427
137,525
$1,390,451
135.319
$1,210,107
125,568
$1,074,315
113,501
profit from opers. $1,504,901
$1,255,132
75,475
$1,084,539
25,457
$960,813
1,184,001
$1,330,607
47,258
328,473
$1,109,996
36,472
331,468
$2,144,814
269,078
280,806
$1,926,857
—
Operating expenses
Gross profit from oper.
Gen. & adminis. exps—
Net
27,276
$1,359,456
a680,649
$1,532,177
Income charges.-------
$666,498
169.545
342.078
$154,874
1,992
d28,986
$267,885
345,100
$314,553
1,168
c45,5C0
$123,896
General and administrative expenses
Provision for bad debts, (less recoveries).
19,188
Depletion & depreciation
Undeveloped
leasehold
carrying chgs., lease-
$678,807
144,883
219.371
3182.
284,430
Years End. Dec. 31—
Gross sales
930.400
p.
Co.—Earnings-
Other income credits
$1,465,533
a$135,388
b After all
provision for management profit-sharing bonuses and
Federal income taxes, but
1937
$2,289,857
$86,271
provisions for management profit-sharing bonus,
charges, including
1936
1937
$60,732
b Net profit.
Dejay Stores, Inc. (& Subs.)—Earnings—
Years Ended Jan. 31—
Gross sales, less discounts, returns and allowances
Paper Products Corp.—Earnings—
'
T
Deductions from income
Provision for Fed. normal income, &c.
146.396
Net income---
Dividends
'
——————
Dividends paid on cum. conv. class A stock—Cash
prior to its retirement in August, 1936
Dividends paid in cash on common stock
Earns per share on common
stock
29,325
114,080
$0.87
99.182
$1.87
made in the operating statements for deprecia¬
and improven ents, which are carried in the
balance sheet at the value of $1.
Pursuant to the established policy of
the con pany, expenditures for furniture, fixtures and In proven ents are
charged to operating expenses.
Such expenditures in the fiscal year ended
Jan. 31, 1937 amounted to $26,532.
b Included in stores operating ex¬
No provision has been
tion of furniture, fixtures
a
r
178,226
111.775
124,319
$1,021,493
483,000
$776,649
402,350
$630,281
321,803
$1,470,611
1,930,830
~^aiance
sheel Dec. 31,1937 w e mm
Assets—Cash, $451,217; accounts receivable, $185,398: notes receivable,
$5 000; materials and supplies—book Inventory, $28,928; investments—
uniisted stocks, at cost, $7,925; fixed assets: less reserve for depletion and
depreciation, $5,326,793; deferred debit items—guaranty deposits, etc.
$1*341: total, $6,006,602. ■
'
■
Liabilities—Accounts payable—trade creditors, $40,571; accrued wages,
$15 971; accrued Federal and State income taxes for year 1937, $19,188;
capital stock (authorized, 350,000 shares, $10 par; Issued. 322,000 shares),
$3,220,000; surplus, $2,710,872;_total, $6,006,602.—V. 145, p. 2071
Financial
1638
(W. L.) Douglas Shoe Co.—Earnings—
G Mos. End. June 30—
1938
Net profit
- bloss$120,580
a
After Federal income tax of
$7,588 Ioss$38,522
a$72,701
b After
SI5,167 and surtax of S19.628.
Chronicle
of capital reorganization.
Charging all expenses incurred in respect
(M.
Condensed Balance Sheet June 30, 1938
$42,584
Acuib. receivable (less res've)311,473
Merchandise--2,260.924
Value of life Ins. policies.---..
31,332
Land.hidg. ,&e les.-ires.fordepr.) 593,642
Unexpired ins., <&c., prepaid
Cash
a
Current liabilities..
$749,750
.
prior pref. stock...-. 2,125.680
161,600
7% cum. preferred stock.
e
Paid-in
Goodwill
—
1938
147,
p.
$334,883
$350,000
1938—8 Mos.—1937
$2,465,241
$2,395,271
close of August totaled 38 against 35 a year earlier.
1035.
Co .—Earnings—
1938
1937
$3,981
$114,113
294,196
300,000
Earnings per share—
2,.
$0.01
$0.38
x After operating expenses, Federal income taxes, depreciation and other
charges, but before provision for Federal surtax on undistributed profits.—
6 Months Ended June 30—
Net profit
Shares capital
x
1
-
JL
Fuller Mfg.
161.099
surplus-....
10,
Inc.—Sales—*
1938—Month—1937
31
Aug.
Stores in operation at
—V.
79,443
38,217
expenses
End.
Sales
b Conv.
c
d Common stock
Fishman Co.,
H.)
Period
Liabilities—
Assets—
Sept.
held, this brings its holdings in the British company up to 995 shares or
99 8% of the total.
The 745 shares had been owned by Ernest Wentworth
French, managing director of the British company, who died on Jan. 31,
1938.
Under an agreement, the American company was given the op¬
portunity to acquire the shares on Mr. French's death.—V. 147, p. 572.
stock—
—
——
—
$3,278,172
Total
$3,278,172
Total
Including estimates for certain items not yet definitely determined,
b No par value (entitled on liquidation to $25 per share plus accrued divi¬
dends)—-issued,
106,284 shares,
c issued,
1,616 shares (29 quarterly
dividends in arrears.) d No par value; stated value $1 per share; issued,
86,256 shares, less 4,485 shares in treasury and 2,328 shares in hands of
voting trust,
e Resulting from capital reorganization declared operative
by the board of directors on Feb. 1, 1938, $304,711; deduct—payment made
in settlement of contract with former employee re purchase of common
a
stock, &c. (net), $1,176; dividend paid on convertible prior preferred stock
(20c. per share), $21,257; operating loss for the six months ended June 30,
1938 (after charging all expenses incurred in respect of capital reorganiza¬
tion), $120,579.—V. 146, p. 2848.
Duquesne Light Co.—Promissory Note—
The Union Trust Co. of
Pittsburgh
as
V. 145, p. 3654.
General
Carpet Corp.— To Reorganize—
Permission to reorganize
under Section 77B is being sought by the corpo¬
ration which is unable to pay notes of $186,241 due Sept. 30, although its
$2,015,249.
A hearing is scheduled for Sept .19.
As summarized by the debtor, its assets, including current assets of
$530,268, consist of fixed assets of $1,400,673; investments, $24,177;
deferred charges, $59,414, and intangibles, $715.
Its liabilities are; Current
$298,848; notes due Sept. 30, $186,241; deferred, $57,915; 1st mtge. bonds
deposited with trustee under escrow agreement, which are due March 15,
1946, $302,000, and 1st intge. bonds, not deposited and due March 15,
1941, $40,000.—V. 145, p. 2074.
assets total
trustee under the Its mtge. and
promissory note No. 7, dated Aug. 31, 1938, of Harwick Coal & Coke Co.
in the amount of $412,445, payable to and endorsed by Duquesne Light Co.
—V. 147, p. 1191.
•
Motors
General
deed of trust has notified the New York Stock Exchange of the deposit of
Corp.—Suit Filed Against Corporation
Patent Infringement—
and Harvester Charging
,
The Glassifier
Mfg. Co., St. Louis, Mo., has filed, suit in Federal court,
against General Motors Corp. and International Harvester Co.
seeking damages totaling $48,000,000 for alleged infringement of two
patents which Glassifier claims to hold on inventions for fuel vaporizers
St. Louis,
East Kootenay Power
Net earnings..
147,
$185,869
61,820
$182,525
54,179
$31,316
_
Eastern
$33,837
$124,049
$128,346
Steamship Lines, Inc. (& Subs.)—Earnings—
Period End. July 31—
1938—Month—1937
$1,116,010
$1,207,650
818,836
878,526
revenues——
expense
805
878
52,424
$70,484
7,400
380,814
$156,696
7,392
394.824
x$246,357
x$277,578
$302,930
$230,736
expense
Deficit
x
1938—7 Mos.—1937
$5,047,974
$5,639,572
4,977,490
5,482.876
51,622
$297,174
Operating income....
Other income
Other
.
1938—4 Mas.—1937
$46,718
12,881
888.
p.
Operating
Operating
■Earnings—
1937
$45,642
14,326
Operating expenses
-V.
Co., Ltd.-
1938—Month-
Period End. July 31—
Gross earnings
$329,124
Profit.
Notes—The July, 1937, figures have been adjusted to show an increase
in net income of $25,632, representing the difference between the temporary
operating subsidy accruals for July, 1937, and the portion of the mail con¬
settlement applicable to that month, the settlement having been
consummated early in 1938 and included in the annual report to stockholders
for 1937.
The adjustment to 1937 figures will be given effect in monthly
tract
comparisons of income during the remainder of 1938.
The
above
statement
covers
operations
after
depreciation,
interest,
of automobiles.
directed against General Motors seeks $10,000,000, asking in
be tripled under rules governing awards in patent
for carburetors
The suit
addition that this sum
infringement cases.
Other suit against International Harvester claims
$6,000,000 damages also tripled for alleged infringement of the same patent.
Suits charge that General Motors and subsicliries used the device without
consent of plaintiff and that a reasonable profit on ecah one used should be
$1.00.
Defendant is alleged to have used 10,000,000 of the. devices.
August Car Sales—The
following statement:
August sales of General Motors cars to dealers in
Canada, together with shipments overseas, totaled
188,010 in August a year ago.
Sales in July were
first eight months of 1938 totaled 759,414 compared
same eight months of 1937.
losses
or
and
other
non-operating
adjustments.—V.
147,
Sales of General Motors cars to consumers in the United States totaled
34,752 in August compared with 157,000 in August a year ago.
Sales in
July were 61,826.
Sales for the first eight months of 1938 totaled 516,226
compared with 1,224,057 for the same eight months of 1937.
United States and Canada Plus Overseas Shipment
Total Sales to Dealers in
Services, Inc.—Weekly Input-
1937
1938
94.267
94 449
109.555
...
April
109,659
May
1 <4.115
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as compared
with the corresponding week during 1937, was as follows:
Increase
June___
101,908
90.030
55,431
Operating Subs, of:
1938
American Pow.& Light Co
111,068,000
Electric Pow. & Light Corp.. 59,517,000
National Pow. & Light Co... 84,681,000
October
November
...
x
1937
120,561,000
61,509,000
83,531,000
Amount
x9.493,000
xl,992,000
1,150,000
% <
x7.9
x3.2
Brothers
Stores,
$1,583,990
a
tiWfcljlil IHIIII'uMiliMn'IHI
tit
special meeting of the board of directors held Sept. 1, T. Kennedy
Stevenson, who has been associated with the Western Electric Co. 24 years,
elected President and a director of this company, which is controlled by
Western Electric.
Mr. Stevenson succeeds Whitford Drake, who died on
Aug. 24.—V. 144, p. 2650.
wtus
Period End. July 31
Gross oper. revenues
before
895
$2,416,436
11,427
$1,989,873
11,092
$139,279
30,411
2,547
$2,427,863
397,392
33,675
$2,000,965
422,894
39,114
$106,541
$106,321
$1,996,796
$1,538,956
Dr6,392
Total gross income
Interest
Amort, of debt expense.
$138,384
$142,748
33,485
2,722
Net operating income.
Other income
$351,158
110,573
12,188
50,369
39,643
$141,715
1,033
Taxes
Provision for retirements
inc.
1938—12 Mos.—1937
$4,870,365
$4,058,081
1,195.761
1,365,924
78,009
118,745
328,023
416,690
466,415
552,570
$327,716
102,484
6,151
39,739
37,628
Maintenance
Net
(Del.) (& Subs.)—Earnings—
1938—Month—1937
Operation
Drl8,440
Non-recurring income &
expense
1937
1936
63.069
92,998
51.600
196,095
198,146
178,521
153.866
163,818
156,322
88,564
107,216
117,387
89.682
102,034
96.134
181.782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
155,552
173,472
1.594,215
January
February..
1,720,213
62,831
March
100.022
April
May
103.534
92.593
June
76,071
78,758
64,925
July
August
September
.
October
November.
December.
Total.
126.692
143.905
109,059
137.781
108,645
127,346
66,547
68.566
136,689
122.198
1.278.996
1938
June
.....
July
August
September
1936
70,901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136.370
153,184
108,232
131,134
116,762
162,418
187,119
194,695
186,146
177,436
99.775
69,334
156,041
197.065
1935
75,727
92.907
132.622
105,159
152,946
150,863
139,121
103,098
22.986
97.746
148,849
150,010
1,680,024
March
April
May
1937
56.938
63,771
76.142
78.525
71.676
72,596
61,826
34,752
January
February
1,682,594
1.370.934
October
November
...
Total
4,669
$106,541
$1,978,356
$1,535,463
Unit sales of Chevrolet, Pontiac, Oldsmobile, Bulck, La Salle and Cadillac
8,632
103,579
103,579
pa»en^er and commercial cars are included in the above figures.—Y. 147,
$97,910
com.
$99,929
8,632
ments
Bal. for
19357
54.10
77,291
Sales to Dealers in United States
December
...
Net income
Pref. stock div.
require¬
1,715,688
Dr3,493
non-
recurring income...
2,037.690
19.288
1938
1938—8 Mos.—1937
$1,598,266 $15,181,940 $14,947,080
MM
El Paso Natural Gas Co.
90,764
191,720
239,114
217,931
204,693
121,943
Sales to Consumers in United States
Electrical Research Products, Inc.—New President—
At
December.
Inc.—Sales—
1034.
P-
"Tr'
_.
Total..
Period End. Aug. 31— 1938—Month—1937
Sales
July
August
September
1935
98,268
121,146
169.302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185.698
144,874
196,721
229.467
222,603
1.4
Decrease.—V. 147, p. 1487.
Edison
1936
158.572
103,668
74,567
260,965
238,377
216,654
203,139
226,681
188,010
82,317
166,939
195,136
160,444
2,116,897
January
February
M arch
Ebasco
Tor the week ended Sept. 1, 1938 the kilowatt-hour sustem input of the
the United States and
55,431 compared with
90,030.
Sales for the
with 1,512,061 for the
64,925 in August compared with 156,322 in August a year ago.
Sales in
July were 78,758.
Sales for the first eight months of 1938 totaled 641,803
compared with 1,191,366 for the same eight months of 1937.
Sales of General Motors cars to dealers in the United States totaled
rentals and local taxes, but before Federal income tax, capital stock tax,
capital gains
p. 889.
8 released the
Sept.
company on
$91,297
$1,874,777
$1,431,884
divs. &
surplus
—V. 147, p. 889.
Georgia & Florida RR.—Earnings—
—Week Ended
Electric
Manufacturing
Co.—New
Presi-
dent, <Scc.—
A special meeting of the holders of the common stock has been called for
Sept. 20, to ratifv a contract employing
W. Stuart Symington of New
York, N. Y., as General Manager of the company for an initial period of
five years, effective Oct. 1, 1938, it was disclosed in a notice to the stock¬
_
holders signed by Joseph Newman, President.
notice stated that, subject to the stockholders'
A letter accompanying the
approval on Sept. 20, Mr.
on Oct. 1
for the unexpired portion of his contract with the
company, and that Mr.
Symington will become President and a director of the company.—Y. 147,
p. 1073.
Newman will
assume
the
Chairmanship of the board of directors
Federal Light & Traction Co.—Tenders—
The Irving Trust Co. will until 11 a. m. Oct. 14 receive bids for the sale
to it of sufficient first lien s. f. gold bonds due March 1, 1942 to exhaust
the sum of $147,695.—V. 147, p. 1192.
Florence Stove
Co,—Acquisition—
Company has acquired 745 ordinary shares of Florence Stove Co., Ltd.
Of England, out of a total of 997 shares outstanding. With shares previously
Operating
—V. 147,
(est.).
1488.
revs.
p.
Goldblatt Bros.,
23 Weeks Ended—
Sales
yNet profit
Earnings per share
x
Adjusted,
y
1938
1937
$32,700
—
—Jan. 1to
Aug. 31
1938
Emerson
$34,419
$757,044
Aug. 31—
1937
$925,243
Inc.—Earnings—
July 9 *38
July 10 *37
$20,117,996 *$23451,947
37,567
974,841
639,985 shares com. stock..
Nil
$1.42
--
on
After
charges
Federal
and
income
taxes,
but
before
surtaxes.—V. 147, P. 1036.
(W. T.) Grant Co. —Sales—
Period End. Aug 31—
Sales
1938—Month—1937
1938—8 Mos.—1937
$6,779,720 $54,065,996 $57,597,115
$6,833,545
—V. 147, p. 1488.
(H. L.) Green Co., Inc.—Sales—
Period End. Aug. 31—
Sales
........
1938—Month—1937
$2,315,498
1938—7 Afos.—1937
$2,368,332 $16,283,278 $17,948,482
Stores in operation on Aug. 31, last, totaled 133 compared with 135 on
Aug. 31, 1937.—V. 147, p. 1036.
Volume
147
Financial
Chronicle
Griesedieck Western Brewery Co.—Stock Sold—Public
offering was made Sept. 8 by Edward D. Jones & Co.,
St. Louis, of 30,000 shares of
5^% cumulative convertible
stock at par ($25 per
share) plus accrued divs. from Sept. 1.
Earnings for 9 Months Ended June 30, 1938
Gross sales less returns, allowances and discounts
Selling, administrative and general expense
Net loss from operations
Miscellaneous expense—net_
Guggenheim & Co.—Preferred Dividend Passed—
Directors failed to take any action with respect to payrr ent of a dividend
on the 7% preferred stock at this ti?
e.
A regular quarterly dividend of
SI .75 per share was paid on May 15, last.—V. 135, p. 1171.
Guilford
the
Gulf States Utilities
United
$187,900
\
Accts. receivable-.
Inventories
Notes
$107,225
) $114,837j
..
Liabilities—
382.724
pay.—bank
$20C,000
$400,000
119,086
65,515
cust's
erties,equip.,&c. 2.78C.681
Patents, processes,
&c_..-
'
•
»3,451
1
43,729
4,761
lstmtg.&coll.tr.6s
7,000
Note due 1943—
593,000
y
24,623
49,958
Oth.long termliab
2,378.500 x2,378.500
Paid in surplus
336,505
336,595
169,437
Earned deficit
An initial dividend of 25 cents
30.000
.
Capital stock
years.
on Sept. 10, 1934; 25 cents on March 11.
1, 1935; May 20, and Oct. 31, 1936; 50 cents on Dec. 23, 1936; 25
31, June 30 and Sept. 30, 1937* 60 cents on Dec. 24, 1937,
and a dividend of 12>2 cents per share paid on March 31, 1938; none since.
—V. 147, p. 891.
11,280
37,031
Reserve
its no par common
on
accounts.
Accruals
2,592,389
and
exps.
def'd charges..-
June 30 '38 Dec. 31 '37
Accounts payable.
Adv. payments on
97.158
589,845
Mines, plant prop¬
Prepaid
dividends
June 30'38 Dec. 31 '37
Cash
Hanna Co.—Dividend Record—
during the past several
-
Consolidated Balance Sheet
A ssets-
Theatres, Ltd.—Accumulated Div.—
The company has paid the following
stock
-
-
Co.—Selling Aqreement Terminated
3501.
(M. A.)
-
Net loss
The directors have declared a dividend of $1.50 per share on account of
accn
ulations on the 7% cu.n ul. pref. stock, par $100, payable Sept. 30
to holders of record Sept. 15,
leaving arrearages of $8 per share.—V. 146,
p.
$94,662
16,749
1,800
6,984
37,263
17,263
13.179
———
Idle plant and shutdown expense__
The selling agreement of the group which recently offered the 510,000,000
additional first mortgage series C 4s of 1966, terminated at the close of
business Sept. 7.—V. 147, p. 1488.
Hamilton
expense
Development
Depreciation
Depletion
a dividend of 75 cents per share on account
6% cun-ul. pref. stock, payable Sept. 30 to holders
of record Sept. 20.
Like amount was paid on June 30 and March 31, last,
and on Sept. 30, 1937—V. 146, p. 3955.
on
$90,304
4,358
_
Reserve provisions—Doubtful accounts
Realty Co.—Accumulated Dividend—
ulations
.
_
Loss
Interest
The directors have declared
accn
$861,807
854,150
97,961
Cost of sales
The issue has been oversubscribed.—V. 147,
p. 1194.
of
1639
Illinois Zinc Co. (& Subs.)—Earnings—
36,164
Nov.
Total
cents on March
...$3,509,987 $3,229,454
Total
._.$3.50T987 $3,229,454
x Represented by 95,140 shares
(no par) at stated value of $25 per share,
Secured by $593,800 1st mtge. & coll. trust 6% convertible 5-year bonds,
A, due May 1, 1943 —V. 147, p. 1038.
y
series
Harbauer Co.,
Assets—
Toledo, Ohio—Bal. Sheet June 30—
1938
Cash
1937
$49,230
Accts. rec. (less res)
40,410
54,238
347.398
352,843
Value of life lnsur.
52,254
47,113
Other assets.-;
18,380
17,787
Inventory
Trade-marks
1
equipmentPrepaid exp.
32,000
declared
25,000
25,000
500,000
$981,702
Represented by 45,093
147,
income
no par
279,035
p.
shares,
y
Assets—
ended June 30
1938
$407,811
$340,760
1
1
6,528,380
50
50
350
391
18,536
15,532
126,664
106,538
$43,896
$30,816
20,129
$280,797
193,406
$233,831
158,196
31.372
Fed'l taxes. &c.
I Processing taxes..
1,127,006
1,420.604
285,535
292,840
7,887,795
4,903,878
1,718,449
1,747,658
cos.
Cash
Accts. & notes
rec.
Advs. to employees
Inventories
Dividends
658,352
1,276.379
269,755
Surplus (earned).. 11.843.713 11,973,008
Capital surplus
8,181,874
payable
270,385
......
i c
& wkg. funds
647,607
1,216,548
Dr452,216
Treasury stock..
24,775
...
3,594,077
6.562,632
120,376
180,018
Deferred charges..
Total
International
Total..
25.089,935 25.513,138
a
Represented by 1,802,802 (1,825,877 in 1937) shares of no par com,
(including treasury stock),
b After deducting $12,125,899 for de¬
preciation and adjustment of plant value in 1938 and $12,147,579 in 1937.
c Consists of voting trust certificates representing common
stock, 27,275
shares of which 4,200 shares are under contract for sale to voting trustees
in 1938 as final instalment at $20 per share, less an amount equal to divs..
paid since dates of contracts—1937 average price $6.36 per share.
The income statement for the year ended June 30 was published in
V. 147, p. 1489.
increases.
The largest gains were contributed by the United
River Plate system in Argentina and by the Shanghai Telephone Co. which
now regained practically all of the telephones which
were withdrawn
from service last year when hostilities centered around Shanghai.—V.
147,
p.
Interstate Hosiery
a
Hollinger Consolidated Gold Mines, Ltd.—Output—
1938
852,077
$7,636,178
6 Months Ended June 30—•
Tons milled...
Production
$8.96
Average per ton
—V. 147, p. 741.
Connecting
RR.
1937
(Mead)
849,844
authorized the
Mills, Inc.—Hearing—
Johnson
& Co.—Extra
Dividend—-
The directors have declared
an extra dividend of 75 cents per share in
regular quarterly dividend of 75 centR per share on the
common stock, no par
value, both payable Oct. 1 to holders of record
Sept. 15. Like payments were made on July 1 and April 1, last; an extra of
$1.75 was paid on Dec. 28, last; extra dividends of 75 cents were paid on
Oct. 1, July 1 and April 1, 1937. an extra of $1 was paid on Dec. 26, 1936;
50 cents per share on Oct. 1, July 1 and April 1, 1936; one of 75 cents on
Jan. 2, 1936, and in each of the seven preceding quarters the company
attributed extra dividends of 25 cents per share.—V. 147, p. 1343.
$7,285,487
$8.57
addition
Corp.—Securities—
The Inter-State Commerce Commission on Aug. 30
1039.
The Securities and Exchange Commission announced Sept. 6 that the
public hearing to determine whether the registration of the no par value
common capital stock of the company should be suspended or withdrawn
from the New York Curb Exchange will be reopened Sept. 15,
The hearing
is being reopened at the request of counsel for the accounting firm of Homes
& Davis, who have applied for permission to intervene as a party to the
proceedings and to produce further testimony.
The hearing will be held
in the Commission's New York Regional Office,
120* Broadway, New
York.—V. 146, p. 4120.
Co.—May Change Par Value—
special meeting on Oct. 17 will consider changing the
of the company from a Michigan corporation to a
and changing the outstanding stock from no par
value to a par value equal to the present declared value.
This change is
planned to take effect on Dec. 31, 1938.—V. 147, p. 1195.
cam-
issue $12,000,000 of first-mortgage bonds 4%, series A, and $12,549,600 common xtock (par $100), both bonds and stock to oe delivered to
the New York Central RR. at par in substitution for $24,550,100 of notes'
pany to
to
Corp.—Gain
has
corporation
River
Telegraph
reported
state of incorporation
Hudson
&
The corporation reports that its telephone operating subsidiaries in nine
countries gained 40,500 telephones in the first seven months compared
with a gain of 36,500 in the same period of 1937.
All major companies
stock
Stockholders at
Telephone
in Phones—
.25,089,935 25,513,138
Holland Furnace
Holding
The company proposes to sell the securities at 101J^ and interest from
Aug. 1, 1938, to the following: $3,000,000 to Metropolitan Life Insurance
Co., $3,000,000 to the Equitable Life Insurance Society of the U. S. and
$500,000 to the Mutual Life Insurance Co. of New York.
The proceeds of the sale would be used to redeem on or before Jan. 1,
1939, at. 105%, $3,745,900 first mortgage 30-year 5% gold bonds due
Jan. 1, 1948; to discharge unsecured indebtedness of $1,450,000 to An erican
Gas & Electric Co., and to reimburse applicant's treasury for funds em¬
ployed to retire indebtedness and for improvements to its properties.—
V. 147, p. 1038.
10,367,256
Reserves
$6,500,000 Bonds
due 1968.
$
1,802,802
|
406.028
Company Act for exemption from the requirements for filing a declaration
with respect to the issue of $6,500,000 first mortgage
bonds, 3 }4% series
1937
Capital stock...
payable,
a
6,528,380
Inc
to
the
be canceled.
Kellogg
Authority was also granted to the New York Central RR. (a) to assume
obligation and liability as lessor in respect of the bonds and stock and as
guarantor by endorsement in respect of the payment of the principal of
and interest on the bonds; ana (b) to pledge the bonds and stock acquired
by It as collateral security for notes evidencing bank loans in substitution
for existing collateral.—V. 147, p. 422.
fl. B.)
Hupp Motor Car Corp.—Enters Low Price Field—
Uncollectible oper. rev—
1938—Month—1937
$7,032,509
$7,241,561
18.517
16,835
Operating revenues
Operating expenses
$7,013,992
4,924,534
a
(S. S.) Kresge Co.—SalesPeriod End. Aug. 31—
1938— Month—1937
Sales
.$10,743,898 $11,013,379
1938—8 Mos.—1937
$85,104,060 $92,038,634
During August, company had 738 stores in operation of which 682 were
American and 56 Canadian.
A year previous stores in operation totaled
733 of which 680 were American and 53 Canadian.
The decrease from August, 1937, was the smallest drop from 1937 of
any month this year.—V. 147. p. 1039.
Telephone Co.—Earnings—31—
revenues
Kleinert Rubber Co.—Special Dividend—
a special dividend of 5 cents per share in addi¬
regular quarterly dividend of 10 cents per share on the common
stock, both payable Sept. 30 to holders of record Sept. 15.
See V. 146,
p. 3808. for record of previous dividend payments.—V. 146, p. 4121.
by Norman de Vaux, general manager in charge of operations.
Entering a market long dominated by Chevrolet, Ford and Plymouth,
Hupp models will have the same chassis and be identical in
appearance, said Mr. de Vaux, explaining that the four-cylinder car will
stress economy and the six will emphasize performance.
Body design is to
have a "touch of European styling," he declared.—V. 147, p. 1490.
Illinois Bell
Dividend—
Directors have declared
tion to
the two small
Period Ended July
Co .—50-Cent
Directors have declared a dividend of 50 cents per share on the common
stock, payable Sept. 10 to holders of record Sept. 6. T lis will be the first
dividend paid since March 10, last, when a regular quarterly dividend of
like amount was distributed.—V. 146, p. 4121.
Four and six cylinder models in the low-priced car field have been added
to the company's line of products for 1939, it was announced on Sept. 2
Operating
$46,398
Net income
Accounts
5,297,731
Inv. in Best Foods,
are
$62,482
The company has filed an application with the SEC under the
S
Liabilities—
$
&c_ 4,930,547
Goodwill, <fec,
Wiiich
$746,788
—V. 147. p. 892.
published in V.
was
I
buildings,
equipment,
Delaware
$877,660
469,849
Indiana General Service Co.— To Sell
1937
625
$107,211
60,813
Net operating income-
Includes $8,000 due Aug. 1,
Corp.—Balance Sheet June 30—
1938
$747,413
855
$127,232
64.750
ing property
Operating taxes
[Including Wholly Owned Sub. Cos.]
Stks. of other
$878,515
$981,702
1489.
Hecker Products
b Land,
_
Net oper. revenues
Rent for lease of operat¬
348,545
$876,190
Total
for the year
account
_
1938—7 Mos.—1937
124
500,000
Capital surplus and
undivided profits
1938..
The
revenues
Operating revenues.
Operating expenses
51.232
$876,190
34,093
11,273
20,271
Common stock..
x
45,756
Operating
Telephone Corp.—Earnings—
1938—Month—1937
$127,356
$107,211
Uncollectible oper. rev_.
Res. for contlng..
321,302
Period End. July 31-
payroll,
Dividend
and
Total
y24,000
Indiana Associated
1937
$30,791
taxes, &c-
1
322,760
supplies
x
Accrued
1
Land, buildings and
1938
$27,883
Liabilities—
Accounts payableLand contract pay.
$137,184
1938—'7 Mos.—1937
$50,362,741 $50,640,745
125.580
119,271
(S. H.) Kress & Co .—Sales—
$7,224,726 $50,237,161 $50,521,474
5,110,261
35.140,209
34,109.876
Sales for the month of August were
or
$6,335,549,
a
decrease of $461,794,
6.8%.
The sales for the eight months ended Aug. 31 were $48,139,999. a decrease
Net oper. revenues
Operating taxes
...
$2,089,458
1,184,138
$2,114,465 $15,096,952 $16.411.598
1,086.706
8,265,863
8,000,843
of
v
Net oper. income
$905,320
761,205
Net income
—V. 147, p.
$1,027,759
879.084
$6,831,089
5,730,119
$8,410,755
7,274,667
1038.
Indian Motocycle Co.
(& Subs.)—Earnings
1039.
Period End. Aug. 31—
Sales
1938—Month—1937
$846,000
$1,016,225
1938—8 Mos.—1937
$8,387,205
$9,457,311
1492.
Locke Steel Chain Co —Extra Dividend—
Earnings for 6 Months Ended June 30, 1938
41,702 common shares
p.
Lane Bryant, Inc.—Sales—
—V. 147. p.
Net income after all charges
Earnings per share on
—V. 146, p. 1554..
$3,672,645, or 7.1%.—V. 147,
$23,148
$0.27
The directors have declared an extra dividend of 10 cents per share in
addition to a regular quarterly dividend of 30 cents per share ori the common
stock, par $5,
both payable Oct.
1
to
holders of record
Sept.
15.
Like
amounts were paid on June 25, last, and on Oct. 1. 1937.—V. 146, p. 3671.
Financial
1640
Lane-Wells
Co.—Common
Stock Offered—An offering of
placed on the market
Sept. 7 at $15.25 per share by a syndicate headed by Blyth
& Co., Inc. and including Paul H. Davis & Co.; Dean
208,006 shares of common stock was
Rollins & Sons, Inc., and William It.
Staats Co.
Of the offered shares, 58,006 are to be newly
issued shares, and the balance are outstanding shares being
offered by the controlling stockholders.
Witter & Co.; E. H.
S.
Coincidental with this financing the company announced that Rodney
Durkee had been elected a director and Vice-President.
Mr. Durkee
leaving his position as Comptroller of Socony-Vacuum Oil Co., Inc.,
New York, to participate iJ the management of Lane-Wells Co.
The prospectus states that it is contemplated that application will be
is
the New York Curb Exchange,
company's business consist, principally of the furnishing of certain
specialized services in connection with the drilling and maintenance of
oil wells and. to a lesser extent, of the manufacture and sale of oil well
specialty tools and equipment. It numbers among its customers Humble
Oil & Refining Co., Shell Petroleum Corp., Standard Oil Co. of California,
Gulf Oil Corp., Tidewater-Associated Oil Co., Sinclair-Prairie Oil Co. and
other major producers operating in the California, Mid-Continent and
Gulf-Coast oil fields, as well as in South America and Canada.
Gross
income from services and sales amounted to $2,107,610 in 19<>7.
Capitalization of the company consists exclusively of 500,000 authorized
shares of common stock, of which 360,000 will be outstanding upon com¬
pletion of the present financing.
Net income applicable to dividends was $147,830 in 1935: $263,627 in
1936; $590,814 in 1937, and .$310,458 for the first six months of 1938.
Proceeds of tnis issue, according to the prospectus, are to be used to
discharge bank loans of approximately .$250,000, to acquire additional
equipment and to provide general working capital.
Management and control of the company heretofore has been held by
W. T. Wells, W. G. Lane and their wives.
With majority ownership now
passing into the hands of the public. W. G. Lane has resigned as a director
and Vice-President, the vacancy being filled by Mr. Durkee.
Mr. Wells,
who has been the President of the company, will remain, however, in that
made to list the stock on
fc The
capacity. Also it was announced by the company that Hazel T. Lane and
Mary P. Wells have resigned as directors and Second Vice-President and
Third
Vice-President,
respectively, and that Norman L. Dom, chief
engineer of the company, and M. E. Montrose, manager of the Houston,
Texas, division, have been elected to fill these vacancies.—V. 147, p. 1492.
Lehigh Coal & Navigation Co.—New President—
board
•The
of managers
at
meeting held
a
Sept. 8 elected Robert
V.
York City as President of the company.
He will succeed
Warriner, who has been acting as President pro tern since the
White of New
Samuel D.
resignation of Joseph H. Nuelle, who resigned as President, effective
May 15, to become President of the Delaware & Hudson RR.—V. 147,
p. 197.
Lehigh Valley RR.— Plan to Extend Maturity of Certain
Bond Issues—
In
our
issue of Aug. 27 we gave a
brief resume of the plan to extend the
maturity dates of certain bonds of the system.
D. J. Kerr, President, in a letter states:
American railroads have never been confronted with as serious a situa¬
tion as that which they now face.
Decreases in business and increases in
taxes and wages have brought about conditions which are financially most
critical.
Your company does not have the cash to meet its obligations
during the remainder of this year and, along with other railroads which
are victims of the situation, faces receivership or bankruptcy.
In the hope
of avoiding that distressing result your cooperation is necessary and is
hereby solicited.
;
Unless the plan is consummated the management has little hope of avoid¬
ing a reorganization through receivership or bankruptcy with the delays,
waste and expense incident thereto.
Such an event will mean that your
bonds will be in default; that the market values thereof will be substantially
reduced; and that the payment of all interest charges will be deferred for an
indefinite period.
You are urged, therefore, immediately to present your
bonds to the company at one of said offices.
An introductory statement to the plan says in part:
There is outstanding in the hands of the public $142,627,000 of funded
debt of the company and Its subsidiaries, all of which is either the direct
obligation of the company or is guaranteed as to principal and interest by
the company.. In addition, the company has outstanding bank loans of
,
,
$8,375,000, secured by the pledge of various system securities; $1,889,000
of
loans from
Reconstruction
Finance Corporation
(exclusive of series V
equipment trust obligations), similarly secured, and .$1,110,532 of condi¬
There is outstanding $60,532,850 stock, of which
$18,251,940 (30.15%) is owned by Pennsylvania Co. and $12,946,450
(21.39%) by Wabash Ry.
The Pennsylvania Co. in turn owns 48.93%
of all outstanding stock of all classes of Wabash Ry.
The system's fixed charges for the year ending Dec. 31, 1937, were
$7,212,301, and for the year ending Dec. 31, 1938 (before giving effect to
this extension plan), are estimated at $7,211,836. To meet these charges
the system had but $6,313,748 of income available for fixed charges during
1937. Such income for the first seven months of 1937 was $3,522,353, and
for the first seven months of 1938, $1,477,985.
Such income for the 12
months ended July 31, 1938, was $4,269,380.
The system has failed to
earn its fixed charges In each of the years 1931 to 1937, inclusive, except 1936.
The deifcits which the system has suffered during recent years and the
current decline in revenues make It improbable that the system can during
the next few years meet its present fixed charges, and at the same time
properly maintain its properties and make those additions and better¬
ments which may be necessary for efficient operation.
Accordingly, unless
the system can obtain the deferment of a sufficient amount of its interest
charges to bring those charges within its probable earning capacity and
cash resources in the immediate future, and also an extension of early
tional sale obligations.
maturities of principal, reorganization will be necessary.
It is, however, the belief of the system's management, shared by insur¬
companies and savings banks holding large amounts of the system
bonds, and by its bank creditors, that the present situation may be tem¬
111999443130298
that, should there be a substantia! increase in earnings, reorganiza¬
tion may not be fundamentally necessary or advisable, and that extensions
of interest and principal maturities believed to be adequate to avoid im¬
mediate reorganization should be effected.
To attempt immediate reorganization would involve not only waste and
expense but also serious damage to junior bonds and stock which might
later prove to have been avoidable.
Furthermore, factual studies such as
segregation and severance of earnings and expenses as between mortgage
divisions and allocation of equipment which would be necessary in the
formulation of any comprehensive reorganization plan have not yet been
made.
Accordingly, the company, after extended negotiations with institutional
holders of large amounts of the system bonds, its bank creditors, and Recon¬
struction Finance Corporation, proposes this extension plan.
The plan contemplates:
(1) The extension for five years from its present maturity, of 75% of
of the five-semi-annual interest payments ($1,558,463 each) on the
Lehigh Valley RR. general consolidated mortgage bonds falling due Nov. 1,
each
1938, to Nov. 1, 1940, inclusive.
(2) The extension for 10
.
of the principal of Pennsylvania & New
mortgage bonds ($8,500,000 now out¬
standing) due April 1, 1939; the Lehigh Valley Rail Way first mortgage
bonds ($15,000,000 now outstanding) due July 1, 1940; and Lehigh Valley
Terminal Ry. first mortgage bonds ($10,000,000 now outstanding) due
York
Canal
&
RR.
years
consolidated
Oct. 1, 1941.
(3)
Arrangements with the company's bank creditors (holding $8,375,000
loans) and with RFC (holding $1,889,000 of loans other than
equipment obligations) whereby the fixed principal amounts re¬
quired to be paid upon said loans during each of the years 1939, 1940, 1941
and 1942 will be reduced to $511,000, the remainder of the principal be¬
coming payable in 1943.
These extensions (assuming that all obligations intended to be affected
become subject to the plan and that all fixed
principal maturities are paid
when required under the above-mentioned arrangements) will result in
the following fixed charges and principal maturities on now outstanding
system obligations (not including contingent obligations during the years
toJDec. 31, 1948:
of
bank
series V
x
Year—
Fixed
Charges
$5,652,205
4,852.567
4,807,572
7,100,280
7,052,629
8,154.721
CI
Principal
Maturities Year—l«f
$2,356,902
1.246.605
1.246,605 1946..
1.192.605
1,342.338
8.393.005
Sept. 10, 1938
x
Fixed
Charges
$9,056,687
9,031.164
6,581.845
6.575,165
6,469.805
Principal
Maturities
$563,205
2,437.972
200,000
134,000
5.134,000
x Fixed
charges shown in this total include charges on bonds of sub¬
sidiary companies held in the company's treasury.
The officers of the company estimate that the earnings of the company
for the years 1939 and 1940 before depreciation, together with cash realized
from retirement salvage, will be sufficient to enable the company to meet
the contemplated fixed charges and maturities for those years.
The plan is to be carried out under the supervision of a committee com¬
posed of representatives of institutional holders of system bonds.
The company's bank creditors and RFC have indicated their intention
to accept the
treatment provided for them, respectively, in the plan,
subject to the approval of the Interstate Commerce Commission, and to
the plan being declared operative on or before Dec. 31, 1938, or such later
date as may be approved by the several bank creditors and RFC.
Interest Extension
'
75% of the amount of each of the five semi-annual interest instalments
on the general consolidated mortgage bonds becoming subject to the plan,
falling due Nov. 1, 1938, to Nov. 1, 1940, inclusive, shall be extended,
without interest for a period of five years from its present maturity, that is:
75% of the Nov. 1, 1938, int. maturity to Nov. 1, 1943; 75% of the May 1,
1939, int. maturity to May 1, 1944; 75% of the Nov. 1, 1939, int. maturity
to Nov. 1, 1944; 75% of the May 1, 1940, int. maturity to May 1, 1945; and
75% of the Nov. 1, 1940, int. maturity to Nov. 1, 1945.
25% of each of said interest instalments shall remain unextended and be
and become due upon the dates now expressed in the several bonds and
coupons.
The lien of the extended interest shall remain unimpaired and such ex¬
tended interest, and the coupons therefor, shall continue to be rqually and
ratably secured by the general consolidated mortgage without distinction
or priority as between principal and interest, whether extended or unex¬
tended, or as between extended interest and unextended interest.
The general consolidated mortgage bonds are not now redeemable.
Such
bonds becoming subject to the plan shall be redeemable at the option of
tne company at any time upon 30 days* notice at their principal amount
plus accrued
interest.
The provisions of the general consolidated mortgage with respect to
releases therefrom have been found to be inadequate to permit the abandon¬
ment of properties no longer useful in the company's operations and the
continued ownership of which involves useless expense by way of taxes and
otherwise.
Said supplemental indenture, therefore, will contain provisions,
in such form as the company and the committee may approve, designed to
permit the release from the general consolidated mortgage of properties
which in the opinion of the board of directors, or any trustee or receiver
of such mortgaged property in any proceeding in bankruptcy or equity,
may no longer be needed in the operations of the company, upon the deposit
with the trustee under the mortgage of the proceeds, if any, of the disposi¬
tion of such properties, or the substitution of an equivalent amount of
capital expenditures made during or after the calendar year in which the
release occurs upon property subject to the lien of the respective mortgages.
The company will not, without the consent of the committee, make
any
payment in respect of any interest maturing Nov. 1, 1938, to Nov. 1, 1940,
inclusive, on general consolidated mortgage bonds which have not become
subject to this plan, unless a like payment in respect of sucn interest on
general consolidated mortgage bonds subject to the plan shall simultane¬
ously be made.
Extensions of Principal
(1) Bank Loans—The bank creditors have indicated their intention to
accept the following treatment of the bank loans, conditioned upon the
plan being declared operative on or before Dec. 31, 1938, or such later
date as may be approved by the several bank creditors:
Manufacturers Trust Co. (New York)—$5,000,000 3% loan due March
1, 1940; $1,225,000 3% loan due Oct. 10, 1938.
Independently of this plan,.the company will pay $25,000 on the smaller
of the above loans on .Sept. 10, 1938, and $25,000 on Oct. 10,
1938, and
subject to the approval of the ICC, the two loans are to be consolidated
on Oct.
10, 1938, into a single loan in the amount of $6,175,000, to bear
,
interest at the rate of 3% per annum, to mature on March 1, 1940, to be
secured by all of the collateral presently securing the two loans, and to be
payable in monthly instalments of $41,666.66 commencing Nov. 1, 1938.
Conditioned upon the plan being declared operative, the consolidated
loan is to be extended at the same rate of interest to Nov.
1, 1913, and,
from the date of such declaration, is to be
payable at the rate of $^5,000
per month on the first day of each month to Nov. 1, 1943, any amount
then remaining unpa d to be payable Nov. 1, 1943.
10^1938° Midland Trust Co- <New York)—$475,000 3% loan due Sept.
To
on
be payable Sept.
10, 1938, and thereafter $12,500 semi-annuallv
May 1 and Nov. 1 in each year commencing May 1, 1939, to Nov. 1,
any amount then remaining unpaid to be payable Nov. 1, 1943.
1943,
Marine Trust Co. (Buffalo)—$475,000 3% loan due Sept.
To be payable $25,000 Sept. 10, 1938, and thereafter
annually
May 1
on
and Nov.
1
10, 1938.
$12,5)0 semi¬
1, 1939,
in each year commencing May
1943' any araount then remaining unpaid to be payable Nov. 1,
1943°V
Philadelphia National Bank—$1,200,000 3% loan due Sept. 10, 1938.
To be payable $5V 00 Sept. 10,
1938, and thereafter $25,000 semi¬
annually May 1 and Nov. 1 in each year commencing May 1, 1939, to
Nov. 1, 1943, any amount then remaining unpaid to be
payable Nov. 1,
1943. In addition the company shall apply on account of this loan $200,000
out of the proceeds of a contemplated sale of the stock of the Hazleton
Water Co. pledged as collateral under the loan.
Proceeds of such sale in
excess of $200,000 will be deposited with the bank and held
by it as collateral
under the loan until the plan has been declared
operative, in which event
such excess will be returned to the
company.
If the plan is not declared
operative, the bank will have the right to apply such excess on account of
fhe l°anThe matter of the sale of said stock is now
pending before the
SEC,
Additional
ance
porary,
119944875
Chronicle
Contingent Payments—All the foregoing extended loans are
sinking fund contemplating addi¬
also to be entitled to the benefits of the
tional
payments on account of principal, contingent upon the company's
income.
Collateral
to
Be Subjected
to
Plan—The general
consolidated
mortgage
bonds pledged as collateral
security for existing bank loans are to be subjectec. to the plan, and stamped with notation of such subjection in accord¬
ance with the provisions of the plan.
(2) RFC Loans—$1,111,000 registered serial collateral 4% notes, due in
semi-annual instalments of $111,000 each Feb. 1 and Aug. 1 in each year
to and incl. Aug. 1, 1943, and $778,000
4% loan due April 30, 1941.
RFC has stated that, subject to the approval of the ICC and conditioned
upon the plan being declared operative on or before Dec. 31,
later date as may be approved
1938, or such
by RFC, said corporation will accept the
following treatment:
The
.
semi-annual
instalments of $111,000 each due on the collateral
Aug. 1, in each year shall be reduced 50%, i.e. to $55,500
each, and the remaining principal amount of the collateral notes and the
$778,000 loan shall be extended with interest at the rate of 4% per annum,
to, and be payable on, Nov. 1, 194*..
RFC shall also be entitled »o the benefits of the sinking fund contem¬
plating additional payments on account of principal, contingent upon the
company's income.
The Middlesex Valley RR. first mortgage bonds and Schuylkill & Lehigh
Valley RR. first mortgage bonds, pledged as collateral for the collateral
notes and the loan, shall also be extenued to Nov. 1, 1943.
(3) The maturity of the principal of the Canal bonds, the Rail Way
bonds and the Terminal bonds becoming subject to the plan shall be ex¬
tended. withouu impairmen
of lien and without impairment of the com¬
pany's guaranty thereof, for a period of 10 years; that is, the Canal bonds
to April 1, 1949; the Rail Way bonds to July 1, 1950, and the Terminal
notes on Feb. 1 and
bonds to Oct. 1, 1951.
The extended bonds will continue to bear interest during the pe. iod of
extension at the rates now borne by them respectively, payable semi¬
annually, and the company's present guaranty of interest will be extended
such interest during the period of the extension.
The Canal bonds, the Rail Way bonds and the Terminal bonds are not
now redeemable.
Such bonds becoming subject to the plan shall be re¬
deemable at the option of the Canal company
the Rail Way company
and Lehigh Valley RR. of N. J. (successor by consolidation to the Terminal
to
Volume
147
Financial
company) respectively at any time upon 30 days' notice at their principal
amount plus accrued interest.
The provisions of the mortgages
securing the Canal bonds, the Kail Way
bonds and the Terminal bonds with respect to releases therefrom have been
found to be inadequate to permit the abandonment of
properties no longer
useful in she operation of the Canal
company, the Rail Way company,
the New Jersey company and the
company and the continued ownership
of which involves useless expense
by way of taxes and otherwise.
Said
supplemental indentures, therefore, will contain provisions,> in such form
as the
company and the committee may approve, designed to permi' the
release from said mortgages of proper'ies which in the
opinion of the board
of directors of said respective companies, or
any trustee or receiver of such
mortgaged pronerty in any proceeding in bankruptcy or eouitv. may no
longer be needed in said operations. unon the deposit with the trustee
Chronicle
Lerner Stores Corp.—Sales—
Period End. Aug. 31—
expenditures made during or after the calendar year in which the release
upon property subject to the lien of the respective
mortgages.
The company will not, without the consent of the committee, make any
payment in respect of any Canal bond, or any Rail Way bond, or any
Terminal bond which shall not have become subject to this plan nor will it
permit
the Canal company, the Rail Way company or the New Jersey
company to make any such payment, unless a like payment on bonds of
said issues subject to the plan shall simultaneously be made.
Method of Assenting to Plan
Holders of bonds affected by the plan may assent to the plan, suoject
bonds and the appurtenant coupons tnereto and become parties to
Earnings for 6 Months Ended July 31 (Inch Subs)
a
agreement by presenting their bonds, either directly or through the
holder's bank or broker (in case of general consolidated mortgage bonds,
oearing all coupons maturing on and after Nov. 1, 1938. and in case of
Canal bonds, Railway bonds and Terminal bonds, bearing all unmatured
coupons), to the company at its offices at 143 Liberty St., New York,
or at 50 North 6th
St., Philadelphia, Pa. (or to the Girard Trust Co.,
Philadelphia, Pa., or to Central Hanover Bank & Trust Co., New York,
for transmittal to the company) for stamping thereon of an appropriate
notation in such form as may be approved by the company and the com¬
mittee that the holder of such bonds and the appurtenant coupons has
11992374506
assented
to
the
plan.
Conditions of Plan Becoming Operative
The
Earnings
x
the approval of the committee, may determine
the holders of a sufficient amount of the obligations
by the plan shall have become subject to the plan to make it
feasible to carry out the plan; provided, however, the coinnanv shall not
so declare the plan operative, or the committee approve such declaration,
unless and until (1) at least 80% of general consolidated mortgage bonds,
80% of the Canal bonds, 80% of the Rail Way bonds and 8')% of the
Terminal bonds shall have become subject to the plan: (2) the committee
shall be satisfied that the company has entered into effective agreements
with holders of the bank loans and with RFC consummating the arrange¬
ments in respect of the bank loans and the RFC loans, and (3) all action
required to be taken under the plan by the company, the Canal company,
the Rail Way company, and the New Jersey company shall have received
such authorization or approval by the ICC and such other public authori¬
shall be necessary.
as
The
plan shall become operative when so declared by the company,
with the approval of the committee, and after notice of such declaration
shall have been first published in the manner provided in Article VIII of
this plan on or before Nov. 1, 1938, or such later date as may be determined
by the
with the approval of the committee.
The plan shall be deemed to be abandoned, without any further action
by tne company, if a petition shall be filed by the company for reorganiza¬
tion under Section 77 of the Federal Bankruptcy Act, or if a trustee under
Section 77 or a receiver in equity of the company or substantially all of
its property shall be appointed, and in such event the company shall cause
notice of such abandonment to be published in the proper manner.
1935
1936
_
_
providing for Federal taxes, depreciation and
y On 400,000 shares now outstanding.
-V1® earnings figures do not allow for surtax
—V. 147, P. 1040.
on
dividends
on
undistributed profits.
Lessings, Inc.-—Earninqs6 Mos. End. June 30—
1938
1937
1936
$177,626
$196,156
$193,680
,$180,261
170,994
1,227
1,498
180,474
1,327
3,000
178,432
Prov. for income taxes-
178,819
1,156
Net inc. for surplus...
Balance Jan. l._
$6,362
55,826
$14,010
55,180
$13,855
56,856
$62,188
9,000
$69,189
9,000
$70,81.6
9,005
$59,100
$53,188
$60,189
$61,810
$59,095
x90,000
$0.07
x90,000
30,519
$0.45
30,744
$0.07
Sales
Cost
of sales,
1935
operation
and general
expenses.
Other income.
_
_.
1,536
2,929
Adj. to State & rnun.bds.
475
$2,122
54,693
2,285
105
Total surplus.
Dividends paid
debits
Miscellaneous
Balance, June 30
Shares capital stock
standing (par $5)
Earnings per share.
x
5
—
out¬
_...
$0.15
Par $1.
Note—No provision has been made for Federal surtax on undistributed
profits,as the amount is only determinable at the close of the taxable year
ended Dec. 31, 1937, when the total amount of dividends
paid during the
year is known.—V. 146, p. 3507.
(Marcus)
Loew's
Theatres,
Ltd.—Accumulated
Dir.—
The directors have declared a dividend of $1.75
per share on accountjof
accumulations on the 7% cum. pref. stock, par $100, payable Sept. 30 to
holders of record Sept. 20.
Like amount was paid on June 30, last; a divi¬
dend of $3.50 was paid on March 31, last; dividends of $1.75 were paid on
Dec. 15 and on Sept. 30, 1937; a dividend of $3.50 was paid on June 30,
1937; dividends of $1.75 were paid on March 31, 1937; Dec. 15, Sept. 30,
June 30 and March 31, 1936; on Dec. 21, Sept. 30, June 29 and April 1,
1935, and on Dec. 31, Oct. 1 and June 30, 1934. Semi-annual payments of
3Y2%
made
were
Jan. 15 and July 15, 1931.—V. 146, p. 3808.
on
Lone Star Gas
Corp.—Preferred Stock Called—
The corporation has called for redemption Nov. 1, its 6j^% preferred
The stock will be retired at $110 per share and accrued dividends
and stockholders may turn in their holdings at any time.
Funds for this
stock.
purpose were
obtained from
sale of convertible bonds.—V.
a recent
147,
1345.
p.
company,
Committee
\
The plan shall be carried out by the company, but subject in all respects
to the
per share.
preferred stock,
when
affected
ties
After
1937
—$18,167,010 $19,606,553 $17,988,736 $15,337,634
487,292
997,847
1,070,493
680,203
$1.04
$2.49
$2.67
$1.70
Net profit...
y
with
company,
whether and
1938
,
Sates----rx
their
the
1938—Month—1937
1938—7 Mos.—1937
$2,570,102
$2,617,385 $20,726,723 $22,211,848
Sale*
under the respective mortgages of the proceeds, if any, of the disposition
of such properties, or the suostitution of an equivalent amount of capital
occurs
1641
approval of the committee.
The committee shall be H. C. Hagerty
(Treas. of Metropolitan Life Insurance Co.), Francis O. Affeld, III (Assistand Counsel of Penn Mutual Life Insurance Co.), and Erwin A. Stuebner
(V.-P.) of Fidelity-Philadelphia Trust Co.).
The members of the committee have agreed to serve without com¬
Louisiana & Arkansas
Ry.—Seeks Plan Change—
Texas^Ry.
,
The
have
Louisiana
asked
the
&
Arkansas
Interstate
Ry. and Louisiana, Arkansas &
Commerce
Coinn ission
to
amend
the
official
so as to include both roads in the same system.
The
& Arkansas is now seeking to acquire the L. A. & T. and to
the two properties.
Under the official plan as it now stands the L. & A. is assigned to the
Rock Island-Frisco system while the L. A. & T. is placed in the Illinois.
plan of consolidation
Louisiana
merge
Central system.
,
If the acquisition and merger is approved, the carriers pointed out, both
roads of necessity will have to be placed in the same system.
Regardless
of this point, however, it was stated that both roads are now owned by the
stockholders, controlled by the same interests, and in many
operated as one system.—V. 147, p. 1493.
same
are
respects
pensation.
Schedule C
Statement
of Gross
Operating
Revenues,
McCrory Stores Corp.—Sales—
&c.,
Available for
Income
Fixed
Charges and Fixed Charges
Gross
Total
Operating
Maintenance
Expenditures
Revenues
1 $74,997,799
1921
1922...
1923-
;
—
31,575,120
27,030,881
24,485,621
26,367,509
25,191,413
21,064,410
21,125,294
19,123,620
74,430,573
80,453,150
74,502,819
1928--71,935,071
1929.
71,722,735
60,664,188
50,024,627
38,739,138
38,177,450
39,866,526
40,641,557
49.156,379
1937 (first 6 months).— 25,934,239
48.618,849
1938 (first 6 months).19,997,882
------
—
—
-.
_
—
—
4.814.522
15.296,275
13,899,426
14,279,930
16,246,941
.
Fixed
6.709,662
6,547,388
6,233,366
6,225,828
6,636,736
6,733,951
6,781,813
6,751,843
6,925,712
7,201,006
7,414,630
7,272,104
7,379,963
9,275,113
4,664,667
3,267,963
4,638,797
5,380,963
5,536,162
8,655,883
3,195,463
6.313,748
1.227.523
16,112,098
-
a
Charges
$7,060,676
6,805,769
10,902,743
13,380,458
14,144,387
11,779,428
11,117,780
10,192,855
10,480,1.30
11,489,895
7,096,563
12,862,425
5,042,249
7,332,058
3,612,102
7,212,301
3,478,652
Accounting methods of steam railroads were changed by ICC in 1935
"miscellaneous rents" in determining fixed charges.
Figures
prior to 1935 include "miscellaneous rents"; those for 1935 and subsequent
years do not include "mrscallaneous rents."
Company was required by the
ICC beginning in 1935 to include both fixed charges and income interest
on subsidiary company
bonds held in the treasury and not involving a
cash payment.
In 1937 such interest amounted to $324,894.
a
to
eliminate
Schedule B—Lehigh Valley Railroad System
Consolidated Net Balance Sheet June 30, 1938
(Including All Rail and Real Estate Property and National Storage Co.)
$
Assets—
Investment in road—
Liabilities—
do
62,064,451
Impts.
2,302,708
10,314,079
leased ry. property
Miscell. physical property
on
60,537,151
(L.&N.Y.)
281,878
118,520
Grants in aid of construction.
Funded debt.
154,263,750
Nonmegotiable debt to affil¬
Investments in affil. cos.
iated cos.
10,721,029
Stocks
$
Stock outstanding (L. V.)_._
186,380,055
Investment in equipment.
48,083
(adv.).
26,130; Loans and bills payable
Bonds
Traffic &
417,764
3,425,000
Other investments
bal, pay.
89,736
Audited accts. & wages pay.
Advances
316,099
397,305
576,805
Cash
Time drafts and deposits
Unmatured interest accrued-
28,767
708,439
Unmatured rents accrued
.503,362
4,000
137.340
Special deposits.;
Loans and bills receivable
J Dividends matured unpaid-
2,617,853
Miscellaneous
—
16,342
Traffic and car serv. bal. rec.
714,419
Netbal.rec.fromagts.&cond.
661,178
888,587
Misc. accounts receivable.
—
Material and supplies...——
2,842,893
Other current liabilities
295,136
Liab. for provident funds
Other deferred liabilities
1,857,505
Tax liability
4,219,739
4,843
Insurance & casualty reserves
75,000
26,848,376
Accrued deprec. equipment—
70,548
Acer. depr. misc. phys. prop.
receivable.—
32,994
Other current assets
23,617
Other unadjusted credits
Additions to property through
Int. and divs. receivable.^-Rents
458,586
Deferred assets
Unadjusted debits..
—
-
2,395,701
operation
—V. 147, p. 1198.
McLellan Stores
Corp .—Sales—
1938—Month—1937
1938—7 Mos.—1937
$1,709,538
$1,670,677 $11,174,499 $11,873,098
Period End. Aug. 31—
Sales
1938—SfMos.—1937
$23,630,279 $24,490,722
200
197
„
—V. 14>, p. 1493.
Mclntyre Porcupine Mines, Ltd.—Outjmt—
1938
431,640
$4,013,025
Prod action
...
--------
.
1937
431,600
$4,075,824
$9.29
6 Months Ended June 30—
Tons milled.
$9.44
Average per ton
147, p. 745.
—V.
Melville Shoe
Corp.—Sales—
Corporation on Sept. 6 announced sales for the four weeks ended Aug. 27
of $1,685,847, as compared with sales for the similar four weeks last year
of $1,858,537, a decrease of 9.29%.
Sales for the 36 weeks ended Aug. 27
were $23,197,269, as against sales of $25,305,704 for the like period of 1937,
a decrease of 8.33%.—V. 147, p. 1347.
(Arthur G.) McKee & Co.—Extra
Dividend—
extra dividend of 75 cents per share in
dividend of 25 cents per share on the class
B stock, both payable Oct. 1 to holders of record Sept. 20.
A similar
extra was paid on July 1, April 1 and on Jan. 2, last and on Oct. 1 and
July 1, 1937; an extra of 50 cents was paid on April 1, 1937, and extra
dividends of 25 cents were paid on Jan. 2, 1937, Oct. 1, July and Jan.Jl,
1936, and on Oct. 1, 1935.
■
In addition a year-end dividend of 50 cents was paid on Dec. 20,*1937,
and a special dividend of 25 cents per share was distributed on Dec. 22,
1936.—V. 146, p. 3809.
,
The directors have
declared
an
addition to a regular quarterly
Manhattan
Ry.—Sixth Avenue Sale Postponed—
bondholders' protective committee has postponed to Sept. 27 the
sale of the Sixth Avenue elevated line in foreclosure.
The sale originally
was scheduled to take place on Sept. 12.—V. 147, p. 1199.
The
Marion Reserve Power Co.
—Merger Approved—
v
2,381,112
car. serv.
605,839 Mlsc. accounts payable
2,224,391 'Interest matured unpaid
Stocks
Bonds
1938—Month—1937
$2,960,193
$2,976,757
________
Stores in
Available
for Fixed
Charges
26,830,361
1927
-----------
a
$32,834,592 $17,111,473
62,418,889
75,935,154
76,374,805
....
Period End. Aug. 31—
Sales....
income and surplus
Profit and loss
Difference
48,489
2,615,663
479,625
27.349,446
adef395,717
See Ohio Electric Power
Mead
Corp,
Co. below.- -V. 145, p.2699.
-Borrows
$ 1,250,000-
corporation has borrowed $1,250,000 from the First National Bank
of Chicago on collateral promissory notes secured by an equal amount'of
series B first mortgage bonds due 1945, according to a statement filed
with the Securities and Exchange Commission.
An additional $1,250,000
of first mortgage bonds have been authorized but are unissued.
The notes are due in semi-annual instalments of varying amounts be¬
The
ginning March 21, 1939, and ending Sept. 21, 1942.
Of the proceeds of
the loan, $500,000 was allotted for additional investment in affiliated
companies and the remainder was used for paying off bank loans, for
additional working capital and other corporate purposes.—V, 147, p. 120.
Meadville
Conneaut
Lake
&
Linesville
RR.—7~)-Cent
Dividend—
have declared a dividendTof 75 cents per share on the
stock, par $50, payable Oct. 1 to holders of record Sept. 15. * Like
paid on April 1, last; a dividend of $1 was paid on Oct. 1,
1937; 75 cents paid on April 1, 1937; $1.25 on Oct. 1, 1936; 50 cents on
The
directors
common
amount was
Total
—
286,497,3121
Total—
-
286,497,312
a Between par value of securities of subsidiarv cos. owned by L. V. RR.
and value of same securities carried on L. V. RR. books.—V. 147, p. 1492.
April 1. 1936, and on Oct. 1, 1935, and dividends of
tributed each three months previously.—V. 145. p. 2230.
$1 per share dis¬
Financial
1642
Co.,
Michigan Consolidated Gas
$42,000,000 Bonds and Notes—
a
Detroit—To
Issue
Sept. 10, 1938
Chronicle
Comparative electricity output figures for the
Company on Sept. 1 filed with the Securities and Exchange Commission
registration statement under the Securities Act of 1933 covering $34,mortgage bonds 4% series, due 1963, and $8,000,000 of
89.756,990
90,838,540
formerly known
as Detroit City Gas Co. and it is
acquire all of the assets of Grand Rapids Gas Light
Co., Muskegon Gas Co. and Washtenaw Gas Co. '
According to the registration statement, the proceeds from the sale of
the securities being registered are to be applied as follows:
$14,175,000 to redemption on or before Dec. 1, 1938, at 105% of $13,500,000 Detroit City Gas Co. first mortgage bonds series A, 6% due
July 1, 1947.
$18,375,000 to redemption on or before Dec. 1, 1938, at 105% of $17,500,000 Detroit City Gas Co. first mortgage bonds series B, 5% due Oct. 1,
1950.
$568,875 to redemption on or before Dec. 1, 1938, at 102M% of $555,000
Washtenaw Gas Co. first mortgage bonds, 5% series due 1953.
\
$4,500,000 to payment on or before Oct. 1, 1938, of $4,000,000 of 3H %
secured promissory notes and $500,000 of 3% promissory notes of the
company.
► $2,223,000 to payment on or before Aug. 1, 1939, of $2,223,000 of Grand
Rapids Gas Light Co. 5% first mortgage bonds due Aug. 1, 1939.
t•> The balance of the proceeds are to be used for other corporate purposes.
Accrued interest amounting to approximately $378,200 on the securities
to be redeemed or paid (exclusive of interest on the series B bonds repre¬
sented by coupons maturing
of its treasury funds.
Oct. 1, 1938) is to be paid by the
company out
According to the registration statement, Dillon, Read & Co., of New
York and Mellon Securities Corp., of Pittsburhg, the principal under¬
writers, will be authorized by the bond underwriters to engage in certain
market transactions in the bonds "for the purpose of stabilizing the market
price thereof."
It is stated that "the existence of such provisions is no
assurance that any such transactions will be effected or if effected that they
will not be discontinued at any time."
The bonds are redeemable at the option of the company in whole at any
time or in part by lot from time to time after 30 days' notice at the following
prices plus accrued interest:
If red. on or before Sept. 1, 1942, 105%;
thereafter and incl. Sept. 1, 1946, 104%; thereafter and incl. Sept. 1, 1950,
103%; thereafter and incl. Sept. 1, 1954, 102%; thereafter and incl. Sept. 1,
1958, 101%; and thereafter at par.
The notes are redeemable at the option of the company in whole at any
time or in part from time to time after 30 days' notice at the following
prices plus accrued interest:
Notes maturing on Aug. 1, 1939 to 1943,
incl., 104%; notes maturing on Aug. 1, 1944, 102%; notes maturing on
Aug. 1, 1945, 101%; and notes maturing on Aug. 1, 1946 to 1948, incl.,
ioo y2%.
*
William G. Woolfoik, of Detroit, Mich., is President of the company.
Applies to SEC for Permission to Issue Securities—
-
Cumulative
parative gas
'
proposed financing pending ruling of the Michigan Supreme Court
a case which will decide whether jurisdiction over Detroit gas
by the city or by the Utilities Commission.
k.The case in question is a petition filed by the Wayne County prosecutor
last November to place jurisdiction in the hands of the Utilities Com¬
mission. Both the city and the gas company, whose rates are now set by an
agreement with the city called "Detroit plan," are opposing the handing
over of rate jurisdiction to the Commission.
W. G. Woolfoik, President, stated that the consolidation of the four
American Light & Traction Co. properties was for the purpose of following
out the SEC's interpretation of the Holding Company Act and to allow
refinancing on favorable terms.—V. 147, p. 1494.
of the
rates is held
July...
August
.3,315,515,000
Cumulative.
-V. 147, p.
;—.
.
_.
See list given on first page
of this department.—V. 147, P. 746.
Middle States Petroleum
Corp.—Earnings—
6 Months Ended June 30—
x
1938
Consolidated net income
After
x
depletion,
1937
.
$72,740
$82,965
depreciation and bond interest
loss$22,908
and after deduction
of minority interest in earnings, but before income and profits taxes.
The earnings for the first half of 1938 represent 2.3 times the bond interest
requirements of the company for the period and are equivalent to 16 cents
per share on its class A stock
payable pursuant to charter provisions, out
of two-thirds of its consolidated net earnings.
The operating results for the second half of 1938 should be at least as
favorable as those for the first half of the year
Mr. Glass stated.—V.
146
p. 3343.
Miller &
Lux, Inc.—Report—
The committees for the first mortgage
National Bellas Hess, Inc. (&
yl938
—0.13
—1.50
Subs.)—Earnings—
1935
yl936
yl937
Sales, less returns & al-
$8,125,966
—
charge
—
$19,213
4,844
$253,097
$24,056
State
xl58,921
114,976
79,289
6,596
loss$484,918
Nil
$19,957
$173,808
$17,460
$0.01
income taxes, &c
Net inc. for period
Earnings per share
x
22,347
Prov'n
&
Federal
for
6,793,425
$182,045
71,051
47,460
cred.—int., dis., &c
Inc.
8,143,460
$134,933
Inc.
$6,812,637
8,013,380
6,966,193
$8,325,506
$112,586
Cost of sales, oper., adminis. & sell, expenses
$0.01
Interest, provision for doubtful accounts, &c.
Consolidated Balance Sheet
$306,397
Cash
on
cost
14,121
498,855
52,281
...
Prepd. catalog cost V
57,087
25,868
of 2nd mtge note
2,265
9,229
22,950
payable
Federal & State in¬
come
45,391
7,455
170,400
170,500
tax pay
Nat. Hold. Co. 1st
from Nat. Bellas
a500,000
705,005
555,302
Hess Co.,
Inc..
Land & buildings.
722,300
mtge. conv. bds.
5% 2nd mtge. note
pay.toR.F.C.
Improve. & mach.
Due
83,635
.
receivers
206,550
.
on
acct. of purch. of
55,229
55,229
Organization exp..
291
316
1,619,458
1,610,713
def229,662
300,500
K. C. property
388,090
.
Common stock
Surplus
...$2,637,337 $3,451,382
Total
47,490
Current maturities
over
and equipment
95,3011
Due to customers
*-/
1,205
employees, &c__
taken
68,775
current'.!
Due to employees:
Due from officers &
Assets
700.000
Misc. exp. accruals
1,154,182
79,235
81,090
55,0321
J
$122,525
$203,892
200,000
Cust. refund, chks.
outst'g
Inventory supplies
1937
1938
571,194
390,737
or
Prepd insur. &c
July 31
Notes payable
postage.-.—..
at
Including subsidiaries.
Accounts payable.
$150,604
hand and
Accts, receivable..
Mdse.
$0.13
y
Liabilities—
1937
1938
Assets-—
Cash in banks....
300,420
$2,637,337 $3,451,382
Total...
and equipment
packing material, box and stationery supplies,
$1; catalogue plates, drawings, &c., $1; trade mark and trade names; $1;
leasehold at Kansas City, $1; goodwill, $1.—V. 145, p. 1593.
a
As follows: Customers' mailing list, $499,994; machines
and furniture and fixtures, $1;
National
Broadcasting Co.—Time Sales—
Red and Blue networks report combined August time sales
an increase of 5.6% over the $2,784,977 for August, 1937.
of $2,941,099,
Eight months'
sales totaled
$26,923,483, an increase of 5.8% over the $25,440,534 for the
like 1937 period.—V. 147, p. 275.
National
Container
Corp.—Earnings—
x$117,698
60,544
$0.18
Includes share of subsidiaries' profits.
of $747,921, against
current liabilities of $244,294.
Total assets of the corporation as of that
date were $6,362,360.
$44,000 of the 5H% debentures have been retired
since Jan. 1, 1938 through sinking fund operations, leaving $1,956,000
outstanding.
The kraftboard plant in Jacksonville has been completed and since the
first of July has been gradually increasing its operations so that production
is now close to its designed capacity of 200 tons a day
Company and its
subsidiaries are using the entire output from its kraftboard mill and the
management reports that costs of production of kraftboard in their new mill
are inline with original estimates.—V. 147, p. 747.
The June 30, 1938 balance sheet shows current assets
National Gas & Electric
,
6% gold bonds and secured 7%
—2.12
—2.10
275.
Years End. July 31—
x
*1936
—1.07
3,265,702,000
—
-
%
Change
Cubic Feet
1,226,759,000
1,299,300,000
369,299.000
370,344.000
Earnings for 6 Months Ended June 30, 1938
Net profits after taxes available for bond int. & amort, discount
Net after interest, amortization ($57,445) &c
v--'
Earns per share on 330,482 shares capital stock
Michigan Gas & Oil Corp.—Registers with SEC—
'
1938
1937
Cubic Feet
1,240,010,000
1,327,445,000
369,769,000
378,291,000
1st quarter
2d quarter
Capital surplus
in October in
—2.04
Output
August amounted to 370,344,000 cubic feet,
Oomperiod amounted to 3,265,702,000 cubic feet,
output figures follow:
Financing Plan Faces Delay—
The Detroit City Council has voted to ask the Michigan Utilities Com¬
mission and the Securities and Exchange Commission to withhold approval
.80
7.05
2.15
Gas output for
for the 8-months'
market
applications and declaration having been filed with the
SEO, pursuant to provisions of the Public Utility Holding Company \ct
of 1935 and Rules adopted by this Commission thereunder, by American
Light & Traction Co., a registered holding company, and Michigan Con¬
solidated Gas Co. (formerly Detroit City Gas Co.), Grand Rapids Gas
Light Co., Muskegon Gas Co., and Washtenaw Gas Co.. suosidiary com¬
panies of said American Light & Traction Co., regarding transactions in¬
cident to the union of the ownership and operation of the properties and
business of said subsidiary companies into one of said subsidiaries. Michigan
Consolidated Gas Co., and incident to the liquidation of Grand Rapids Gas
Light Co., Muskegon Gas Co., and Washtenaw Gas Co., and regarding the
issue and sale by Michigan Consolidated Gas Co. of $o4,000,000 of its first
mortgage bonds, 4% series due 1963, and $8,000,000 of its 4% serial notes
(due Aug. 1, 1939 to 1948).
The following
731,681,910
July
August.
Change
+2.13
297,715.850
261,6.54,950
4 83.429,840
88,881,270
.746,957,240
2d quarter
company was
1938
Kwhs.
..291.501,730
274,859,980
1st quarter
4% serial notes due Aug. 1, 1939-48.
The
period follow:
1937
Kwhs.
000.000 of first
stated that it expects to
kwhs., or 2.04%
Output for the 8-months' period amounted to 731,681,910
down in comparison with the same period last year.
Period End. July
31—
gold notes state:
Operating
To date the holders of 62.8% of the outstanding bonds, being 73.8% of
the deposited bonds, and 61.6% of the outstanding notes, being 78.0%
of the deposited notes, have executed agreements extending the powers of
Corp. (& Subs.)-—Earnings—
1938—Month—1937
$104,433
$84,679
1938—12 Afos.—1937
$1,298,080
$1,114,448
Gross income after retire¬
the committees
Oct.
1941.
On account of the seasonal Character of
the company's farming operations, it is not possible to furnish a satisfactory
statement reflecting the true financial condition of the company at this
period of the year.
The following information, however, has been given us
by the company:
to
1,
Land sales for 1938 to Aug. 28.
Land sales for 1937 to Aug. 31
$390,262
1,629,737
The reduction in land sales may be attributed to the uncertainty of the
prospective buyers regarding the Federal program for farming adjustments.
6% bonds outstanding Aug. 29, 1938
With interest accrued and delinquent thereon
7% notes outstanding Aug. 29, 1938
With interest thereon
$3,170,500
594,046
1,36.-5,500
277,851
'
The market value of the 6% bonds is 118 flat and notes 114 flat.
Land sales contracts reveivable July 31
1938
$5,064,103
Land sales contracts receivable July 31, 1937--5,351,499
—V. 147. P. 120.
to^%(the next^year, 4% in 1942, 4j^% in 1944 and 5% on the remaining
The loan is to be retired in units of $100,000 each year,
The money is being used to retire $265,000
and to add to working capital.—V. 147, p. 1347.
1940 to 1944,
of mortgage bonds
gales.
Stores
—V.
m
147,
Aug. 31—
operation
p.
201
197
Light Co.—Bonds of Sub. Called—
below.—V. 147, p. 1495.
Neisner Brothers, Inc.—Sales—
Period End. Aug. 31—
Sales.
—V.
1938—Month—1937
1938—8 Mos.—1937
$1,421,293
$1,660,034 $11,552,702 $13,556,779
147, p. 1201.
(J. J.) Newberry Co.—Sales—
Period End. Aug. 31—
Sales
—V.
1938—Month—1937
$3,877,782
147,
p.
1938—8 Mos.—1937
$3,880,619 $28,081,100 $29,654,464
1043.
Newmont Mining
Corp.—Earnings—
Earnings for the Year Ended Dec. 31, 1937
Fees for services
source) $3,188,708
23,615
—.
.
91,420
1,200,715
Profits realized on sales of capital assets
$4,504,457
Total income
Expenses and losses
Prov. for Fed'l income tax (est. 1937 less prior years'
adjustm'ts)
1,529,919
106,696
$2,867,841
35,792,794
1, 1937
$38,660,635
Total
Dividend distributions during 1937
x3,150,955
$35,509,680
x Cash dividend of $3 per share paid in 1937, $1,594,938; 52,704 shares
of Phelps Dodge Corp. stock distributed at the rate of one-tenth of a share
of Phelps Dodge Corp. stock for each share of Newmont Mining Corp.
held, $1,544,214; and cash distributed in lieu of Phelps Dodge Corp. frac
Balance, Dec. 31, 1937
Light Heat & Power Consolidated—Outpu
for consumption in the Montreal area during the
secondary and export power, amounted to
88,881,270 kwhs., the second highest amount ever recorded by the com¬
output
month of Augast, exclusive of
pany
245,132
171,148
1938—8 Mos.—1937
$3,142,810 $24,254,388 $25,257,483
_■
235,575
135,564
1042.
Montreal
Electricity
13,428
7,266
_
1938—Month—1937
$3,087,363
National Power &
See Tennessee Public Service Co.,
Net income for year.
Earned surplus balance, Jan.
(G. C.) Murphy Co.—Sales—
Period End.
18,465
10,034
accruals
income.
—V. 147, p. 1042.
Income—Cash dividends (incl. foreign taxes withheld at
Interest
Minneapolis Brewing Co.—Loan—
Interest rates on bank loans of $500,000 being made by the company will
be graduated from 2% in 1940, the year of retirement of the first $100,000,
inclusive.
ment
Net
revenues
for that month, 2.15% below the all-time high reached in August, 1937.
-
tional shares to stockholders in an amount
equal to the value of such frac
Volume
147
Financial
Chronicle
tions, or equivalent to 460.6 shares of
Phelps Dodge Corp. stock valued at
highest market price ($25,625) on Nov. 30, 1937, $11,803.
Assets—Cash in banks and on hand, $3,286,131; notes receivable, $112,500; securities listed on domestic and foreign exchanges, $37,775,163;
SIteceUaneous stocks of (and loans to)
corporations; and other undertakings,
$7,309,972; other assets, $40,804; total $48,524,570.
Liabilities—Accounts payable and accrued taxes, $53,236; Federal in¬
come
tax—1937—estimated, $107,757; common stock (par $10), $5,316,460;
capital surplus (premium on stock issued), $4,321,757; earned surplus,
$35,o09,680; unrealized appreciation in "Securities listed on domestic and
foreign exchanges" and "miscellaneous stocks of (and loans to) corporations;
gnd other undertakings. $3,215,680; total, $48,524,570—V. 146, p. 1250.
New
New York Central RR.—Collateral—
The
has
company
asked
the
Interstate
North American Car
6 Months Ended June 30—
after int., deprec. &
Profit
Ambassador, Inc.—Earnings—
and rehabilitation
on
building and contents
Trustee's, registrar's and transfer agents' fees
Int. on delinquent taxes & purch. instal. contractsDepreciation
$611,417
$486,622
31,429
Crl0,463
61,259
1,859
27,235
98,806
$481,006
24,075
Cr3.904
58,818
1,837
31,165
90,471
$72,089
Other deductions
Net loss
Condensed Balance Sheet June 30,
$87,955
Cash
Accts. rec. (net after reserve).
$48,661
51,973
24,275
Deposit...
1,134
Security deposit....
Instalment
Investments
securities
500
contract...
2,025
Int. in certain
held
by
Real
$55,880
4,546
collected
estate
1931-1938,
& interest penalties
1,012,116
Security deposits ($500 contra)
1,023
Trade
advertising—due
bills
outstanding
4,531
taxes,
Purchase instalment contracts.
City Amb. Hotel Corp
1
Prepaid
17,755
3,411,469
•
4,043
Deferred
$6,284,803 $11,805,037 $12,287,542
526,291
714,580
1,046,551
and other income.. $5,823,325
Approp. for retirem't res.
1,152,987
$6,811,094 $12,519,616 $13,334,093
1,151,074
2,444,873
2,444,796
Net
(net)
oper.
revenue
Gross income
on
$4,670,338
1,458,825
long-term debt..
Amort, of debt discount
and expense
295,622
7,047
25,500
595,188
Cr43,997
92,249
562,118
7,009
47,292
$2,888,394
$3,603,769
$6,535,003
$6,017,012
687,500
243,337
208,586
504,167
1,375,000
2,290,000
Net income
2,090,144
4,952,067
Dividends—7% pref.stk
6% pref.stock
$5 pref. stock
Class A
due
1,612,106
1,381,883
504,167
170,776
36,458
2,090,144
common
Class B
common
Common,
2,376,000
25,305
476,181
476,118
$5,660,020 $10,074,743 $10,889,297
1,728,083
2,896,300
4,255,865
300,096
Cr38,145
61,168
Other interest (net)
Other income deductions
1,383
bonds,
20-year Income
Jan. 1, 1956
Capital stock (par 10c.)
1938—12 Mos.—1937
$5,636,809
186,516
56,011
expenses
1938—6 Mos—1937
Net oper. revenue..
x
Other income
24,976
income
Unpaid reorg.
(Del.)—Weekly Output—
Operating revenues
$15,409,580 $15,572,248 $30,813,731 $30,735,198
Oper. exp.,inaint.& tax.
9,772,771
9,287,445
19,008,694
18.447,655
...
Atlantic
exps. & defd charges.
Fixed assets (net after deprec.)
Trade advertising contracts...
Accts. pay. & accrued exps...
Taxes
$88,823
Northern States Power Co. (Minn.) (& Subs.)—Earns.
Period End. June 30—
Int.
1938
Liabilities—
Inventories
before
Electric output of the Northern States Power Co. system for the week
Sept. 3, 1938, totaled 25,439,097 kilowatt-hours, a decrease of
7.0% compared with the corresponding week last year.—Y. 147,
p. 1498.
x
The statement of earnings for the six months ended June 30, 1938 filed
with the trustee pursuant to the terms of the indenture indicates that there
were no funds available for the
payment of interest.
Assets—
1937
1938
.
but
Federal income taxes
—V.. 146, p. 117.
38
$76^321
Store rentals..
Taxes and insurance
1937
$620,674
_
for
ended
1938
249
Expenses.
Repairs, maintenance
Commission
Co.—Earnings—
amort.,
Northern States Power Co.
New York
6 Months Ended June 30—
Total house income
Commerce
authority to pledge with the Hartford Accident & Indemnity Co. $600,000
of rer. &
improv. mtge. 5% bonds as additional collateral security under a
co lateral agreement with
that company for the furnishing of certain bonds,
undertakings and other instruments obligatory in nature.
l he agreement
provides, that the market value of pledged collateral
shall at all times
equal at least 130% of the total amount of the bonds, and
the collateral has now fallen
below that percentage.
The new pledge will
raise the amount to
130%, the application stated.—Y. 147, p. 1497.
Jersey & New York RR.—Trustees Ratified—
KwThe Interstate Commerce Commission has ratified the appointment of
John A. Hadden and Charles A.
Denney, of Cleveland, as trustees of the
railroad, part of the Brie RR. system now being reorganized.—V. 147,
P. 1349.
1643
Before appropriation for retirement reserve.
x
George D. Brooke, President of the road, who appeared before the Com¬
on Stock List of the New York Stock Exchange Sept. 7 to
explain
the road's position with respect to the decision to defer the Sept. 1 interest
on the series C refunding bonds of the road, gave out the following state¬
Notes—(1) As reflected by the above statement, net income of $6,535,003
for the year ended June 30, 1938, shows an increase of $517,991 when com¬
pared with net income of $6,017,012 for the year ended June 30, 1937.
This increase is due to a large extent to a reduction in income taxes for
1937 and a reduction in interest charges resulting from the refunding of the
company's funded debt during Feb., 1937. The increase of $517,991 was
offset to the extent of $870,833 by dividends on the 275,000 shares of
cumulative pref. stock, $5 series, issued and sold Feb. 19, 1937, the proceeds
of which were used in the said refunding of the company's funded debt.
(2) The revenues and expenses subsequent to Jan. 1, 1937, are shown
in accordance with the classifications of accounts prescribed by regulatory
commissions effective Jan. 1, 1937, which differ in certain respects from the
classifications previously followed by the companies.
In certain instances
the figures prior to Jan. 1, 1937, have been adjusted in accordance with the
ment:
new
Capital surplus
...
Deficit
Total
$3,561,835
Total
.$3,561,835
-V. 145, p. 3204.
New
York
Chicago & St.
Louis
Stock
RR.—Letter to
Exchange Regarding Interest Due Sept. 1 Was An Error—
mittee
"The letter which the Treasurer of the railroad sent to the
classifications of accounts.
Stock Ex¬
Aug. 1 regarding the Sept. 1 interest was sent without being
brought to my attention.
It was the same letter which had been sent to
the Stock Exchange by the Treasurer's office several times a year for the
last 15 years.
The purpose was to advise the Exchange as to the record
date for the payment of interest on registered bonds and as to the place of
(3) The company has made no provision for Federal and State income
taxes for the year 1937, as it will claim as a deduction in its income tax
returns for that year unamortized discount and expense and redemption
payment for coupons, but these letters were so worded as also to indicate
that the interest would be paid.
Under the present circumstances, the
Jan. 1 to P'eb. 28, 1937, the company made provision for Federal and State
income taxes in the amount of $79,501 which was reversed over the period
from March 1 to June 30, 1937.—V. 147, p. 580.
change
on
Aug. 1 letter should not have been sent in the usual form, because it was
obvious that, as stated in my letter of July 23 announcing the extension
plan for the 6% notes, unless the extension plan was successful the road
would have to be reorganized under the Bankruptcy law.
I expressed to
the committee my deep regret at the mistake for which, as President of the
road, I take full responsibility.
1 first became aware of the practice of the
Treasurer's office of advising the Stock Exchange in advance of interest
payment dates on the day when the ticker carried the statement that the
Railroad had advised the Stock Exchange that the interest due Sept. 1
would be paid.
I immediately took steps to advise the Stock Exchange that
the matter was still uncertain as the board was meeting the following day
to consider whether the interest would be paid.
The board of directors
when faced with the question of paying the interest as indicated by the
letter or deferring such payment, had no choice but to do the latter in view
of the uncertainties in the situation and the necessity of dealing impartially
with all classes of security holders, including particularly the holders of
series A refunding bonds the next installment of interest on which will
become due on Oct. 1, and which are secured by the same mortgage as the
series C bonds.
The approximately $15,000,000 of 6% notes which the
holders are now being asked to extend will become due and payable on Oct.
1 and unless the extension plan received sufficient deposits to make it ef¬
fective, reorganization under Section 77 of the Bankruptcy Act appears
In these circumstances the board of directors felt that they
would not be justified in paying out the nearly $1,350,000 in cash necessary
inevitable.
premiums and expease and duplicate interest applicable to bonds redeemed
during the year 1937, which deduction, it is estimated by the company,
will
result
in
no
taxable
income
that year.
for
During the period from
Norwalk Tire & Rubber Co.—Div. Arrears Cleared
Directors have declared
a
Up—
dividend of $5.25 per share on the 7% cumu¬
lative
preferred stock, par $f0, payable Sept. 22 to holders
16.
This payment will clear up all back dividends on the
V. 147, p. 751.
Ohio Electric Power
of record Sept.
issue.
See also
Co.—Merger Approved—
Approval has been given by Ohio P. U. Commission to joint application
for merger of Marion Reserve Power Co. and Ohio Electric Power
The Ohio Electric Power Co. capital structure includes $740,300
Co.
in 7%
preferred stock and $412,200 in 6% preferred and 90,680 shares of no par
common.
No dividends have been paid on either preferred for several
years.
The Marion Reserve Power Co. will retain the present outstanding cap¬
ital, which includes $1,888,400 in $5 preferred and 20,000 shares of no par
common.
,
,
In
exchanging preferred stocks unpaid dividends will be considered and
preferred stocks will receive Marion $5 preferred
at rate of $133 and $128 respectively for 7% and 6% preferred
stocks, while 10,000 shares Marion common will be exchanged for Ohio
common outstanding.—V. 105, p. 2701.
holders of Ohio Electric
shares
to
,
pay the Sept. 1 interest on the series C bonds.
I expect that, if the
extension plan is successful, both the Sept. linterest and Oct. 1 interest on
the refunding bonds will be paid."
The Committee on Stock List of the New York Stock
Exchange
on
Sept.
2 Invited G. D. Brooke, President of the railroad company, to appear at a
on Sept. 7, to discuss the circumstances surrounding the action of
that company in informing the Exchange on Aug. 1 that; it would pay the
interest due on Sept. 1 on its refunding mortgage, 4M% gold bonds, series
meeting
C", due 1978.
The decision to invite Mr. Brooke to appear was announced
by the Exchange.
A letter containing the invitation was dispatched to
Mr. Brooke in Cleveland.
He was requested, in the event he was unable to
appear personally, to send a representative of the company conversant
with the incident into which the Committee on Stock List is inquiring.
Notice that the coupons on the bonds in question would be paid on Sept.
1 was given to the Stock Exchange in a letter dated Aug. 1 and signed
by
R. G. Eberly, Treasurer of the company.
On Aug. 29, Mr. Brooke tele¬
graphed the Exchange that the directors of the company would consider
the question of the interest payment at a meeting on the afternoon of Aug.
30.
Replying to Mr. Brooke's telegram, the Exchange asked to be advised
immediately of the directors' action and reminded the company of its pre¬
vious notification that the interest would be paid on Sept. 1.
The company
telegraphed to the Exchange on Aug. 30 that the payment of interest would
be deferred.—V. 147, p. 1497.
New York
1938—Month—1937
$
0)
$13,291,321 $12,882,696
Net oper. rev. and other income before appropriation for retirement reserve and after taxes
5,736,281
6,083,98b
interest
charges,
&c
2,475,467
2,636,554
Net
income
amort,
deducting
after
debt discount and expenses,
—V. 147, p. 1045.
165
Broadway Building (Bennenson
Building) Corp.
—Reorganization—
Reorganization has been practically completed, according to Amott,
& Co., Inc.
New securities will be issued during the month of
September along with a cash distribution of slightly in excess of $38 per
$1000 bonds.
The new securities which are being issued on a par for par
Baker
basis to former first mortgage
bondholders bear fixed interest starting at
These new bonds, which are also secured by a fjrst mortgage on
the main property and by a junior mortgage on several small parcels, carry
with them approximately 17Yi% of the common stock ownership.
Ihe
4J4%.
building is now said to be approximately
95% occupied.
Earnings for Years Ended April 30
1937
1936
1935
$1,343,746
$1,305,098
$1,314,822
$1,316,035
Operating expenses...415,722
442,934
453,172
441,826
$928,024
$862,163
270,438
#^ji>649
$874,208
279,188
$648,835
$591,724
Gross income.--
1938—7 Mos.—1937
$
Earnings—
1938
Telephone Co.—Earnings-
Period End. July 31—
Oklahoma Gas & Electric Co .—
Year Ended July 31—
Gross operating revenues
$
$
16,825,107 119,005,559 120,261,167
Operating revenues
Uncollectible oper. rev..
16,608,162
Operating revenues...
Operating expenses
16,505,175
11,551,770
16,754,934 118,391,427 119,775.499
11,873,499
80,935,530
80,458,892
Net
Net operating revenues $4,953,405
Operating taxes
2,655,359
$4,881,435 $37,455,897 $39,316,607
2,505,841
18,123,930
17,043,316
N0te—The above statements cover the operations of the No.
102,987
70,173
614,132
485,668
Operating income
Real estate taxes..
f)F0c
ncome
way,
Net oper. income
income
$2,298,046
Net
1,859,968
$2,375,594 $19,331,967 $22,273,291
2,032,047
17,083,247
21,150,960
Loss in Stations—
Company's August station loss
in August, 1937.
Station gain in
was
before
1,687, against
a
int.,
frHiichi66 &c
taxes, &c
and No. 99 Liberty Street buildings only.
1,987.
Station gain for the first eight months this year was 3,822 units, against
a gain of 70,775 in the like period of 1937.
Station gain for the 1936 period
aggregated 42,941 units.—V. 147, p. 1201.
$591,132
$605,080
165 Broad¬
From the effective date of
above buildings will be operated as a unit with
No. 10 Cortlandt Street properties and earnings
for subsequent periods will thus be on a different basis.—V. 147, p. 1498.
(J. C.) Penney Co.—Sales—
Sales of the company for the month
was
269,128
de-
the plan, May 1, 1938, the
No 169-171 Broadway and
station gain of 2,118
Augst, 1936 was 9,855 while in Augst, 1935 station loss
270,517
_
of August were $19,067,959, as com¬
pared with $19,762,176 for August 1937.
This is a decrease of $694,217,
or 3.51%.
•
Total sales from Jan. 1 to Aug. 31, 1938, inclusive, were $142,624,9
as
compared with $155,479,447 for the same period in
decrease of $12,854,522. or
8.27%.—V. 147, p. 1045.
1937.
This
Financial
1644
Pacific
Chronicle
Phillips Petroleum Co.—Balance of Debentures Offered—
Telephone & Telegraph Co.—Earnings—
Uncollectible oper. rev—
1938—Month—1937
1938—7 Mas—1937
$5,727,632
$5,662,919 $39,298,4?8 $38,629,756
23,800
2o,800
170.400
147,102
Operating revenues...
Operating expenses
$5,703,832
4,033,983
$5,639,119 $39,128,028 $38,482,654
4,081,311
28,206.021
26.877,532
Net oper. revenues...
Rent from lease of oper.
$1,669,849
$1,557,808 $10,922,007 $11,605,122
Period End. July 31—
Operating revenues
70
802,471
70
730,989
493
5,357,987
515
5,143,045
$867,448
$826,889
$5,564,513
$6,462,592
1,452,839
1.475,648
10,018,129
11,102.690
property
Operating taxes
its common capital stock
whicli expired on Sept. 2,
1938, to subscribe at 100% of the principal amount foi an
aggregate principal amount of $25,000,000 convertible 3%
debentures, pro rata.
Rights to subscribe were exercised
with respect to $23,674,500 debentures.
Accordingly, the
underwriters have severally agreed to purchase an aggregate
The company offered to holders of
of record on Aug. 19, 1938 the right,
of $1,325,500 of debentures.
The
Net oper. income
Net income
—V. 147, P.
1045.
propose to sell severally their respective amounts of
debentures not so disposed of at public or private sale at
prices current at the time of sale on the over-the-counter
market or, in the event the debentures shall have been listed and registered
thereon, on the New York Stock Exchange, plus commissions, if any,
when, as and if such debentures are issued and accepted by the several
underwriters, and subject to the right of any underwriter to reject in its
sole discretion any and all offers of purchase.
From Aug. 16, 1938 to Sept. 2, 1938, inclusive, the over-the-counter
market price of the debentures in New York City, selling on a when, as
and if issued basis, fluctuated between a low of 105% and a high of 108 M %.
Sales of warrants on the New York Stock Exchange during such period
underwriters
Gross
Selling,
1937
$1,208,705
487,083
749,382
$268,540
——
profit on sales
shipping,
advertising
$459,322
1936
$909,407
563,706
$345,701
and
303,007
231,841
$156,315
$113,860
23.944
18,494
$32,905
$180,259
12,258
40,641
25,000
$132,355
11,198
11,500
$20,647
o
235,635
$32,905
administration expenses
Net
the
1938
*$755,624
6 Months Ended June 30—
Cost of goods sold..
$114,618
$109,656
profit on operations....
Other income
Total income
—
Other expenses
......— ...
Reserved for Federal income taxes
Net profit.
After deducting $18,335 reserved for reposession losses.
x
Consolidated Balace Sheet June 30
Notes & accts. rec.
$42,283
644,507
...
Liabilities—
1937
1938
Assets—
Cash
$64,774
Accts. pay.,
620,182
Div.
Inventories
410,747
238,369
238,888
Deferred charges..
58,654
61,890
1938
trade.
28", 903
y
Common stock.
176,530
196,323
993,500 xl,005,000
.
Represented by 14,070 no
shares.—V. 146, p. 3675.
x
par
par
shares,
29,004
29,004
102,679
85,361
.
....
Total
$1,394,561 $1,549,977
108,062
21,102
Reserves........
Preferred stock...
.
$105,125
Accrued liabilities.
Surplus
Total
1937
$63,941
on pref.
stock
564,243
Plant & properties
pay.
..$1,394,561 $1,549,977
y
Represented by 29,000
no
price
or
a market price for the debentures fluctuating
between a low of
105% and a high of 107 j^% on the basis of sales price of warrants plus
principal amount of debentures.
During such period the price of the
company's capital stock on the New York Stock Exchange fluctuated
between a high of 42
and a low of 38 H
The debentures are dated Sept. 1, 1938 and are due Sept. 1, 1948.
They
are convertible until maturity into shares of the company's common stock,
or until six days prior to the redemption date if called for prior redemption,
at the following conversion prices per share of common stock:
$47.50 prior
to Sept. 1, 1943, and $55 thereafter and prior to maturity.
Purpose of Issue—The net proceeds, estimated at a minimum of $24,137,375 and a maximum of $24,557,375 will be applied in the amount of
$6,015,000 to purchase for retirement, with the consent of the respective
holders thereof, $3,000,000 of 3% serial notes, due Dec. 1, 1939, at re¬
demption price of 100% and $3,000,000 of 3)^% joint serial notes, due
Dec. 1, 1940, at redemption price of 100.
Accrued interest to the date of
such purchase will be paid out of the general funds of the company.
No specific allocation of the balance of the e-stimated net proceeds has
been or can be made.
Such balance will be added to the working capital
to be used from time to time for capital expenditures.
indicate
Capitalization (Authorized & Outstanding) Giving Effect to Present Financing
Convertible 3% debentures, due Sept.
1935 serial notes, 3.6-3%% $3,000,000
Building
(Pennsylvania
Operating
9,000,000
-
1937 serial notes, 3M %. $3,000,000 due Dec. 1, 1944 & 1945.
6,000,000
Capital stock (authorized 5,000,000 shs. no par)
4,449,052 shs.
Corp.)—Confirmation of Plan of Reorganization—
The
$25,000,000
1, 1948
each due Dec. 1, 1941,
1942 and 1943
Pennsylvania
under¬
is informed by the representative of the several
unsubscribed
Pressing Machine, Inc.—Earnings—
Net sales
company
writers that an aggregate of $429,500 of unsubscribed debentures have been
sold by certain or the several underwriters at 100, on a when, as and if
issued basis, leaving a remainder of $896,000 of unsubscribed debentures.
The
Pantex
Sept. 10. 1938
Earnings—The preliminary earnings of the company and its subsidiaries
indicated a decline in net income of
for the six months ended June 30, 1938
reorganization committee (Edwin H. Bigelow, chairman) in a letter
1st mtge. fee 6% sinking fund bonds and certificates of
deposit therefor states:
By order dated Aug. 31, 1938, the plan of reorganization, dated May 23,
1938, formulated by the committee, was confirmed by the U. S. District
Court for the Southern District of New York in the reorganization proceed¬
ings under Section 77B of the Federal Bankruptcy Act, and has been found
by that court and by a special master appointed by that court to be fair,
equitable and feasible.
Pursuant to the provisions of the plan all holders of outstanding bonds
(and certificates of deposit therefor), are entitled to vote in favor of Option
A or Option B as set forth in the plan.
All bondholders will be conclusively
bound by the vote of the majority in principal amount of the bonds the
Underwriters—The respective names of each of the principal
and the percentages of the unsubscribed debentures to be
purchased severally by each of the principal underwriters are as follows:
Name & Address—
Amoun1
Amount
Name & AddressThe First Boston Corp., N. Y
2
17% Green, Ellis & Anderson, N. Y._.
holders of which shall have cast votes for either option.
The committee will conduct the vote under the supervision of the court,
and the court has filed a voting period of 30 days from Sept. 6 as the time
Brown Harriman &
to holders of the
within which
bondholders must file their votes with
vote filed after the
the committee.
No
expiration of such 30-day period will be entitled to be
counted.
Summary of Plan of Reorganization
Plan provides, in brief, for the acquisition of the mortgaged property by
with the same quarter of 1937, was not as great as
in net income for the first quarter of 1938 when
Mellon Securities Corp., Pittsb...
8
4
4
4
4
4
4
4
4
4
2
2
2
2
Blyth & Co., Inc., New York
Co.,Inc.,N.Y.
Goldman, Sachs & Co., N, Y
Hallgarten & Co., New York.....
Harris, Hall & Co. (Inc.) Chicago.
Hayden, Stone & Co., N. Y
Hemphill, Noyes & Co., N. Y
Lazard Freres & Co., New York..
Cash equal to 30% of the principal amount of the present bonds.
New second mortgage 20-year income bonds equal to the remaining
Flore, Forgan & Co., New York..
company to
now
1.
2.
70% of the present bonds.
3. Capital stock of the new company at the rate of
$100 principal amount of the present bonds.
bonds.
2. New second mortgage 20-year income bonds equal to the remaining
40% of the principal amount of the present bonds.
3. Capital stock of the new company at the rate of one share for each
$100 principal amount of the present bonds.
Holders of outstanding bonds are entitled to vote in favor of Option A
or Option B and upon consummation of the plan will be entitled to receive
the treatment accorded by the option obtaining the vote of the holders of
a
majority in principal amount of the bonds held by bondholders who shall
have cast votes for
either option, subject,
however, with respect to
Option A, to the ability of the new company to borrow between $900,000
and $950,000 in cash, with interest at a rate of not more than 5%
per
annum and maturing in not lass than five
years, secured by a new first
mortgage upon the property.
The proceeds of such loans are to distributed
pro rata exclusively to the bondholders in making the cash payment provided
for in Option A of the plan.
In the event that the new company is not
able to obtain the loan necessary to consummate the plan under Option A,
on the terms summarized above and in the plan, within such
period of time
as may be approved by the court, the
plan is to be consummated under
Option B.
No securities of any kind are to be issued to the holders of any claims
to
the holders of the stock of the
debtor.
Amy claims senior to the lien of the bonds are to be paid in cash.
The holders of all claims and interests junior to the bonds
have been
determined by the court to be of
no
Dominick & Dominick, N. Y.____
147,
p.
value.—Y.
Period End. Aug. 31—
147,
p.
1938—Month—1937
1938—8 Mos.—1937
$1,741,978
$1,771,575 $13,878,225 $14,515,115
1204.
have declared a dividend of 25 cents per share on the
payable Oct. 1 to holders of record Sept. 20.
Like amount
was paid on July 1 and on April 1,
last; a dividend of 70 cents was paid on
Dec. 10, 1937, and a dividend of 50 cents per share was paid on Oct. 1,
1937, this latter being the initial distribution on the larger amount of stock
now outstanding.—V.
145, p. 3664.
Exploration,
a
Inc.—Dividend
Increased—
dividend of 35 cents per share on the common
stock, par $25, payable Sept. 15 to holders of record Sept. 3.
Previously,
regular quarterly dividends of 25 .cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on June 15 and on March 15,
last.
See V. 146, p. 3812 for detailed record of previous dividend payments.
—V. 147, P. 278.
Phillips Jones Corp. (& Subs.)—Earnings—
0)Mos. End. June 30—
Net profit...
x
After
1938
loss$296,909
1937
$121,977
1936
$51,960
depreciation, interest and all other charges.—V.
Laird & Co.,
1
1
Wilmington..
1
.
G. M.-P. Murphy & Co., N. Y___
Otis & Co., Cleveland
Riter & Co., New
Loeb&Co.
Kuhr
1
1
1
York
New York....
10
Paper Package Corp.— To Pay 5-Cent Dividend
a
dividend of 5 cents per share on the common
146,
1935
$50,087
p.
3352.
145, p. 3665
approving the creation of a new
time there are outstanding in tne hands of the public
$4,317,000 of Pillsbury Flour Mills Co. 1st mtge. 20-year 6% gold bonds.
These bonds are part of the $6,000,000 of bonds dated Oct. 1, 1923 which
were issued in connection with the acquisition by Pillsbury Flour Mills
Co. (Minn.) and the predecessor of the present company of the properties
At
the
present
and assets of Pillsbury-Washburn Flour Mills
Co., Ltd.
The bonds bear
interest at the rate of 6%
per annum and mature by their terms on Oct.
These bonds have been called for payment Oct. 1, 1938.
The
company has also entered into an agreement for the sale to the Equitable
Life Assurance Society of $6,000,000 3%% 1st mtge. bonds.
See V. 147,
p. 1500.
1,
1943.
Pioneer Gold Mines of British Columbia, Ltd.—Earns.
Month of August—
x
$167,000
100,000
Net after expenses
x
Before depreciation,
Pari of
1937
1938
Gross.
'
1936
1935
$186,000
104,000
$198,000
123,000
$271,000
206,000
depletion and taxes.—V. 147, p. 429.
Activities—Revamping Under Way
Alleghany Policy—
the New York "Times" of Sept. 8:
formed by the late O. P. and M. J. Van
"vertical trust" controlling the production, distribution and
sale of anthracite, is to release its hold on its large anthracite properties in
The following is taken from
The
Comianv. waich was
as a
and
confine
activities to
its
the
distribution
will reduce its distribution of anthracite and concentrate on
volatile coal from
of fuel.
It
the sale of low-
Pocahontas regions.
A committee of Pittston directors has been appointed to carry out the
the
proposed reorganization, which
"end
a
R.-R. Young and his associates hope will
terrific operating loss" and release Alleghany Corp. from "a ball and
The committee comprises Mr. Young, Harvey D. Gibson, Presi¬
chain."
dent of the Manufacturers Trust Co.; W. E.
Lewis, President of the Second
National Bank of Wilkes-Barre, and Joseph T.
Routh of Newr York, a coal
man.
Sweringens in 1930.
The com¬
pany proved unprofitable from the start and has been
kept going in recent
years in part through advances by the Chesapeake & Ohio Ry.
Through a
subsidiary, the C. & O. spent $7,687,300 in acquiring 381,250 shares of the
The Pittston Co. was formed by the Van
coal company.
Subsequently
This indebtedness to the C.
it lent $2,050,000 to Pittston.
& O. is to be satisfied by the Pittston Co.
proposal put forward by Mr. Young and his associates, through the
issuance by Pittston of a new class of common stock to be known as class A.
The $5,000,000 of 6% Pittston debentures held by the Erie RR. will be
converted into a like amount of income bonds.
under
x
Francis, Bro. Co., St. Louis
Laurence M. Marks & Co., N. Y_
Pillsbury Flour Mills Co.— To Vote Sept. 13—
Pennsylvania
directors
par shares,
Petroleum
2
2
1
Dick & Merle-Smith, New York..
The stockholders will vote on Sept. 13 on
Sweringen
Directors have declared
2
Speyer & Co., New York..
mortgage on properties of the company.
as
Peter Paul, Inc.—-2O-Cent Dividend—
The
no
2
2
2
G. H. Walker & Co., New York..
dividends of 8% cents per share were distributed.
See V.
for record of previous dividend payments.—V. 146, p. 1256.
146. p. 3676.
Peoples Drug Stores, Inc.—Sales—
Sales
_
Laird, Bissell & Meeds, Wil'gton..
W. C. Langley & Co., New York..
stock, payable Sept. 30 to holders of record Sept. 15.
Like amounts were
paid on June 30 and on March 31, last, and previously regular quarterly
Pittston Co.—To Curb
—V.
W. E. Button & Co., New York.
Kidder, Peabody & Co., N. Y
1204.
Directors have declared
New first mortgage 20-year 3 lA% bonds equal to 60% of the principal
or
H. M. Byllesby & Co., Inc., Chic.
Pictorial
amount of the present
subordinate to the lien of the bonds
,
share for each
Option B
1.
Smith, Barney & Co., New York..
—V.
one
„
,
Principal
underwriters
Bond & Goodwin, Inc., New York.
the
the percentage of decline
compared with the first
Further, the net income for the three-months ended June
30, 1938 increased approximately 41% ever the net income for the three
months ended March 31, 1938.
quarter of 1937.
be organized for that purpose and for the treatment of
outstanding bonds in accordance with the provisions of Option A
Option B.
Option A
a new
or
approximately 56% under the comparable period of 1937. The percentage
of decline in net income for the second quarter of 1938, when compared
a
Pittston will disaffirm its lease from the
Pennsylvania Coal Co.,
subsidiary, covering the Pehnsylvania collieries.
an
Erie
These collieries are for
147
Volume
Financial
Chronicle
1645
the most part inactive, all
development being carried on through sublease
to
independent
operators.
For the time
being Pittston will continue operation of the SheridanWyoming Coal Co., Inc., which holds some
650,000,000 tons of unmined
coal in Wyoming and which is on a
profitable basis.
However, Pittston
also may
release control of this property
SCOTT PAPER COMPANY
$4.50
CUMULATIVE
top company in the Van Sweringen pyramid,
496,240 of the 1,075,100 shares of Pittston common
outstanding.
This stock will be left
undisturbed.—V.
147,
Prospectus
Pleasant Valley Wine Co.-Earnings—
Operating profit.
Net
before
$339,089
190,090
209,531
139,666
135.971
$9,333
2,231
2,585
$7,528
only)
1,129
Net profit for period.
per
share on
1,115
6,129
$6,399
$9,565
$42,463
$0.03
loss$851
.
$0.04
Earnings
250,000 shares capital
stock (par $1)
Nil
1938
1937
on
$3,605
receivable
70,697
65,742
and
plies est.
$15,030
6,978
Federal
4,438
rec.
Res.
sup¬
304,883
Excise stamps
2,587
1,677
chases
Fed.
323,243
....
(incl. only
period).
1,115
6,129
250,000
250,000
210,000
210,000
appraisal
Earned surplus
335,518
tradem'ks
deferred
194,562
204,493
59,769
Radio-Keith-Orpheum Co.—Hearing Sept. 29—
Federal Judge Murray Hulbert'has adjourned a scheduled
hearing on the
a proposed amended
plan of reorganization for the corpora¬
tion until
Sept. 29.
The adjournment was granted because of the absence
of h ederal
Judge William Bondy before whom the hearing will take place.
The amended
planisjsponsored by the Atlas Corp.—V. 147, p. 1047.
Railway & Light Securities Co.—Asset Value—
company reports net asset value of its common stock, as of Aug. 31,
1938, with securities based on market valuations, equal to $16.12 per share,
comparing with $28.48 per share on Aug. 31, 1937, and $16.96 per share
on
July 31, 1938.—V. 147, p. 583.
Reynolds Metals Co.—Earnings—
[Including Wholly-Owned Subsidiaries]
3
12,456
PeriodNet profit.
9,584
$736,258'
$744,609
After
reserve
for
bad
debts
Total.........
$744,609
$736,258
of
$7,500 in 1938 and $5,691 in 1937.
y After reserve for depreciation of $213,547 in 1938 and $195,861 in 1937.
—V. 146, p. 3965.
Plough, Inc.—To Pay 16-Cent Dividend—
The directors have declared
a dividend of 15 cents
per share on the com¬
stock, payable Oct. 1 to holders of record Sept. 15.
Like amount was
on July 1, last; dividends of 20 cents were paid in each of the three
preceding quarters and previously regular quarterly dividends of 30 cents
per share were distributed.—V. 147, p. 1501.
paid
.
Telephone Co.-
\
•Tenders—
r
The Montreal Trust Co., will until 12 o'clock noon
Sept. 20, receive
bids for the sale to it of sufficient 6% first
mortgage 30-year bonds due
Dec. 1, 1944 to exhaust the sum of $65,000.—V. 147, p. 278. 4
Postal Telegraph Land Line System—Earnings— ^ <
k
i
1938—Month—1937
1938—7 Mos.—1937
$1,593,399
$1,812,050 $12,071,633 $13,883,564
106,031
121,318
804,070
960,259
155,966
171,366
1,109,498
1,013,677
All other maintenance..
108,119
125,881
701,878
770,866
Conducting operations..
1,250,618
1,419,568
8,966,410
10,046,948
Relief dept. & pensions.
43,174
42,084
302,903
342,039
All other general and mis¬
cellaneous expenses
34,495
37,683
269,057
261,015
Period End. July 31—
Teleg. & cable oper. rev.
Repairs.
Deprec. & amortiz. exp.
¥■
.
Net telegraph & cable[
operating loss
•
-'"••a..
$105,850
Taxes assignable to oper.
$105,004
5,000
85,262
Operating loss
Non-operating income
$195,266
3,303
$188,271
3,316
$731,795
18,741
$96,484
24,809
$191,963
251,555
$184,955
247,224
$713,054
Deduc'ns from gross inc.
1,761,861
$71,675
1,714,364
$443,518
$432,179
$2,474,915
$1,786,039
Uncollectible oper. rev..
Net loss
V. 147, p.
Power
1046.
1937
$
$
Assets—
Cash....
in
387,809
subs,
affiliated
Other
436,218
accr'd liabilities.
19,156,185
cos
investments
19,380,134
7,774,208
7,505,119
Accts.receiv., incl.
1937
S
$
Prov.for Inc.taxes
Divs.
5%
167,892
$0.50
$0.16
Makes
209,594
190,731
9,312
Loan—^i
The company entered into a loan agreement with the bank of Manhattan
and the Society for Savings of Cleveland on Aug. 12, under which the two
banks agreed to lend a total of $2,500,000 on or before Sept. 15 and to
accept therefor the unsecured notes of the company and its wholly owned
subsidiaries, according to
4,760
a
report filed with the Securities and Exchange
Commission.
The company
agreed to apply as much of the proceeds of the loan as
was necessary to pay off its 2
^ % bearer notes, in the amount of $1,780,000,
and $280,000 bank loans of the company and subsidiaries, on or before
Nov. 1, 1938—V. 146, p. 3819.
f^fRichmond Fredericksburg & Potomac RR.—Equipment
Issue Placed Privately—The First Boston Corp. submitted on
Sept. 7 the high bid for $740,000 2lA% equipment trust
certificates, offering 103.3887, or an interest cost basis of
only 1.85%.
The certificates will mature in one to ten
years.
The issue has been placed privately.—V. 147, p. 1352.
5, 10 & 25-Cent Stores, Inc.- —Sales—
Sales.
—
-
—
—
1938—Month—1937
$393,282
$385,120
operation-...147, p. 1205.
102
Roxborough Knitting Mills, Inc.—Earnings—
~
July 2,* '38 July 3~'37
261,575
1,485,200
8,533,000
8,533,000
Net income after all charges
5,000,000
5,000,000
-V. 144, p.
5,000,000
5,000,000
497,926
495,196
5,010,620
5,008,700
1,791,666
1,645,796
268,874
13,942
17,304
lst cum. 6%
Deferred expenses.
18,320
17,309
Net sales
$1,932,104
a
8,525
Non-cum. 6% part,
4)4%
debentures
preferred
-
pref.
......
y
Special
x
Common stock.
reserve.
.
_
Earned surplus
Total
T
27,664,717 27,624,9591
Total
.....27,664,717 27,624,959
Represented by 446,330 no par shares in 1938 and 446,298 no par shares
y Being the net profits on sale of securities and discount on de¬
bentures redeemed since July 1, 1933.
t Earnings for years ended June 30, appeared in the "Chronicle" of Sept. 3,
x
1975J *
'
_
$2,284,757
35,838
'
,
SanJDiego Consolidated Gas & Electric Co.—Earnings
Years Ended July 31—
Operating revenues.,
Operating expenses, maintenance and taxes.--—
1937
$8,143,115
4,741,601
for retire, res've). $3,236,835
578
$3,401,514
4,476
$3,237,413
1,325,000
$3,405,990
1,285,000
$1,912,413
620,000
61,954
$2,120,990
620,000
CY37.662
Net oper. rev. (before approp.
income (net)
1938
$8,269,964
5,033,129
Crl,685
Other
1937.
in
V.fcl47,
p.
1501.
Public Service Co. of Northern Illinois—New
Financing
It is reported that an issue of $80,000,000 refunding bonds is expected to
into registry with the Securities
Sept. 20.—V. 147, P. 1046.
go
and
Exchange
Commission
about
Net oper. revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserve..
Gross
Interest
income.---.
on
funded debt..
(before
——•-
——
Amortization of debt discount and expense
Other interest (net)
Other income deductions
Pullman
—
—
116
$1,263,821
Net income
$1,440,605
—V.
147,
p.
Serrick
1048.
Corp.—Earnings-
Earnings for the Year Ended June 30, 1938
profit on sales
Selling and administrative expenses
Gross
$896,527
$851,579
$3,609,498
$4,375,160
Auxiliary operations;
Total
L Total
revenues
expenses
$171,442
140,613
$172,608
139,907
$1,177,681
994,669
$1,233,622
1,012,039
$30,829
$32,701
$183,012
$221,582
Net profit on sales
Cash discounts on purchases & miscellaneous other income
Gross income
Net
61,954
4,300
.
Co.—Earnings—
[Revenues and Expenses of Car and Auxiliary Operations]
Period End. July 31—
1938—Month—1937
1938—7 Mos.—1937
Sleeping car operations:
Total revenues
$5,039,723
$5,410,514 $34,698,688 $36,267,803
Total expenses
4,558,935
31,089,189
4,143,196
31,892,643
,
101
6 Months Ended—
283,899
1,328,700
314,254
1938—8 Mos.—1937
$2,809,741
$2,960,031
Stores in
payable....
accrued revenues
$0.96
surtax).
earnings of the Reynolds Metals Co. and its wholly
owned subsidiaries for the six months
period ended July 2, 1938, amounted
to $305,768.47, after all deductions and Federal income taxes
(without
audit; subject to year-end adjustments) and compares with $1,123,636.06
corresponding period of the year 1937. For the three months period ended
July 2, 1938, the consolidated net earnings were $148,165.62 as compared
with $580,678.15 for the same period in 1937.
The 1938 figures reflect a
change in depreciation policy resulting in a
reduction of approximately $90,000 from the amount that would have been
charged during the »ix months on the former basis.
The change is accounted
for principally by the adoption, as a minimum provision, of 50% of the
normal rate of depreciation in respect to machinery and equipment in
certain plants classified for stand-by use through the concentration of
facilities and operations formerly located at separate points.
debentures—
Furn. & fixts., &c.
f
985,00
After all charges and Federal taxes
(except
—V.
Acc'ts payable and
and
512,117
$0.08
Period End. Aug. 31—
1938
Liabilities—
79,604
Ended-
July 3, '37
$1,123,636
common
stock
Roses
-Bal. Sheet June 30—
Corp. of Canada, Ltd.
1938
Inv.
$82,183prof$488,760
35,000
36,000
614,612
549,244
4,000
78,421
Months
July 2, '38
$305,768
stk. after pref. divs
Earns, per sh. on com.
x
-6
July 3,'37
$580,678
Consolidated net
mon
Porto Rico
Months Ended-
July 2,'38
$148,166
—
Earns, avail, for
Total
x
Co.—Dividend—
""directors have declared a dividend of 10 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 22.
Like amount was paid
on Aug.
1, last, and previously regular quarterly dividends of 15 cents per
share were distributed.
In addition, an extra dividend of 10 cents was paid
on Aug.
2, May 1 and on Feb. 1, 1937; and on Nov. 2, and Aug. 1, 1936.
A special dividend of
$2 was paid on Dec. 23, 1936.—V. 147, p. 1352.
53,845
...
and
charges
Mr. Sheffield was
and several subsidiary companies.—V. 147,
confirmation of
and formulae
Prepayments
America—Obituary—
company
Reliance Mfg.
inc.
Cap. stk. (par $1).
Paid-in surplus...
Surp. arising from
2,400
assets
™£ctor of this
3*807
3,155
current
Deps. against pur¬
y' Fixed
a
taxes
normal taxes for
327.582
Brands,
for
taxes
values
books
as per
inc.
$7,984
4,000
payable
Invent., wine, ma¬
terials
1937
Accts. pay., trade_
Notes payable
$16,454
Accounts & notes
Miscell. accts.
1938
Accrued expenses.
hand....
Radio Corp. of
The
Liabilities—
Cash in banks and
x
Ltd.—Registers with SEC—
James R. Sheffield died "on";
Sept. 2 at Saranac Lake.
$0.17
Balance Sheet, July 31
Assets—
Purex Corp.,
$48,592
$11,564
885
Prov. for Federal income
taxes (normal tax
Philadelphia
p. 902.
in¬
$33
885
Phila. 22
See list given on first
page of this department.—V. 143, p. 3855.
$46,006
649
expenses
—
$391,509
$6,879
come taxes
Special
A. T. & T. Teletype
1528 Walnut St.
574
profit
Request
YARNALL & CO.
1938—9 Mos1937
loss$541
rents, &c
upon
1204.
p.
Period End. July 31— 1938—3 Mos.1937
Sales, net after discounts,
allowances,
freight—
out and excise taxes..
$82,254
$104,335
Cost of goods sold incl.
all mfg. costs &
depr.
46,304
57,826
Selling, general and adk.
ministrative expenses.
36,490
39,629
Other income, discounts,
STOCK
Bought—Sold—Quoted
i^G^teghany Corp.,
u
holds
PREFERRED
.
revenue.
Income charges
Provision for depreciation
Taxes accrued.
$927,355
413,322
$884,280
416,926
$3,792,511
2,434,375
$4,596,742
1,538,377
T
$514,033
$467,354
$1,358,135
$3,058,365
Operating income.
—V. 147, p. 1047.
Net loss for the year
Dividends paid: Class A common stock—cash.
Class B common stock—cash
Class A
common
stock (at $9 a share)
$243,395
228,054
$15,341
8,812
$24,153
41,099
100,617
$117,562
18,877
41,608
62,742
Financial
1646
Chronicle
Balance Sheet June 30
$52,994
266,190
recelv.
931
46,443
131,266
pay¬
current mat. shown
8,201
above)
39,322
690,261
704,036
1
1
Prop., plant and
equipment
Goodwill
.....
10,417
41,511
51,595
242,725
139,426
Standard Gas & Electric
138,077
(par $5)
180,482 kilowatt-hours, a decrease of 9.8% compared with the correspond¬
ing week last year.—V. 147, p. 1504.
(L.
Class B com. stock
(par $1)__.
608,629
575,348
154,971
def70,236
stock, no par value, payable Sept. 30 to holders of record Sept. 23.
This compares with 50 cents paid on June 25, last; 25 cents paid on March
30, last; 50 cents paid on Dec, 30 and on Sept. 30,1937; a dividend of $1.75
June 26, 1937, and previously regular quarterly dividends of
In addition, an extra dividend of 40
paid on March 30,1937; an extra of 25 cents was paid on Dec. 30,
1936, and an extra dividend of 15 cents per share was paid on Sept. 30,
1936.—V. 147, P. 1504
paid
was
$1,185,114 $1,686,151
After
'
Total
$1,185,114 $1,686,156
for bad debts of $13,794 in
1938 and $17,506 in 1937.
y After reserve for depreciation of $615,297 in 1938 and $556,458 in 1937.
—V. 147, p. 431.
x
reserve
cents was
Sterchi Bros. Stores,
1938
$100,135
$0.13
x
Ltd.—August Production—
Company's August production of gold
was
valued at $190,249 from
1,503 tons milled, indicating
an average recovery of $10.28
with $194,096 and average recovery of $11.25
ton in July ana $220,472 in August, 1937, when average recovery
$12.43.—V. 137, p. 1353.
or
This
Cost of
per
compares
650 South Grand
per
was
Income charges and credits (net)
$53,370
1,202
Service and miscellaneous income.
Total income
$54,572
38,703
11,670
Expenses
Taxes
$275,551
1,172.780
18,202
17,255
1,485
$1,467,070
37,488
12,496
_
Total
Earnings for Six Months Ended July 31, 1938
Income—Rentals
$50,764
1,331,792
income
Surplus Jan. 1_
Increase in surplus arising from purch. of 6% cum.
1st pref. stock & 5 % non-cum. 2d pref. stock.
Prior year adjustment
_
Building Co., Los Angeles—Earnings
$2,837,163
2,436,910
33,176
91,527
$1,400,758
34,872
goods sold and operating expenses
Net profit (before provision for Federal
and undistributed profits taxes)
a
1937
1938
$2,291,896
2,120,783
32,840
87,509
Net sales
General and administrative expenses
Siscoe Gold Mines,
ton.
Inc.—Earnings—
0 Months Ended June 30—
1937
$50,733
$0.07
—
Earnings per share
—V. 147, p. 1207.
total
on
35 cents per share were distributed.
(William) Simon Brewery—Earnings—
3 Months Ended July
—
Net income after allcharges
Co.—Smaller Common Dividend—
Starrett
S.)
The directors have dec.ared a dividend of 25 cents per share on the com¬
mon
surplus
Earned surplus—
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Sept. 3, 1938, totaled 103,-
214,615
21,417
Class a com. stock
Paid-in & donated
Total
$186,502
$0.15
deprec.. Fed. inc. taxes, &c
Earnings per share on 596,197 shs. common stock (par $1)
145, p. 1116.
—V.
Reserves........
Deferred charges..
Net profit after int.,
14,215
Inc. tax
Notes pay. (excl.of
and
invest, assets...
y
220,825
7,943
Accrued expenses.
429.240
11,122
54,993
Fed.
Inventories
Other
Subs.)—Earnings—
Earnings for 6 Months Ended June 30,1938
$163,824
able, prior yrs_.
440,655
Notes and accts.
receivable..
1937
$103,264
Accounts payable.
$71,966
156,345
In banks.......
x
1938
Notes payable
hand and
on
Standard Dredging Corp. (&
Liabilities—
1937
1938
Assets—
Cask
Sept. 10, 1938
Dividends paid—6% cum. 1st pref. divs
5% non-cum. 2nd pref. dividends
Prior year adjustment
377
Surplus June 30
$1,365,510
Earnings per sh. on 298,108 shs. of common stock.
Nil
— -
$1,417,086
$0.76
Includes provision for losses from repossessions and uncollectible notes
and accounts receivable.
Balance Sheet June 30
x
Profit, before depreciation
$4,199
Balance Sheet July 31, 1938
r"
Assets—
Cash in bank and
on
hand...
Accounts and notes receivable
4,592
Deficiency claim against former
owners of Quinby Properties
Accrued liabilities.
—carried at nominal value.
Fixed assets.
.....
x
After
x410,368
Southern
for
24,264
354.427
.....
1,641
Total......
$453,349
—Fourth Week of Aug.
1938
1937
$3,516,061
1938
51,813
65,227
Deferred charges.
54,043
$89,624,163
31,458
rev..
$7,195,231 $50,699,431 $39,811,028
4,689,876
32,814,315
31,863,324
/we\?per/ revenues— $2,650,567
Operating
$2,505,355 $17,885,116 $17,947,704
taxes........
Net oper. income
1,000,258
$1,650,309
N?L\nco*me~r----,rr~
Incl. est. amts,
subject
1.464,762
869,048
6,787,628
6,305.891
$1,636,307 $11,097,488 $11,641,813
10,030,053
10,614,321
1,451,469
2'395
a
19'070
Wk 16,930
JSa
132,605
Period End. Aug. 31—
1938—Month—A937
1938—8 Mos .—1937
—vh^pfmv""" *3'366'080 $3,534,922
$27,580,701 $30,267,022
1936
profit after deducting cost of
goods sold, incl. material, labor and
expenses
$492,565
Selling, gen. & admin, expenses
398,475
Operating profit
Other deductions
Other income
Z--IIIIIIZZ
Provision for Federal
income, excess
profits & undistributed profits taxes
$1,272,302
395,166
$1,454,642
361,165
$94,090
62,483
$877,136
47,207
Cr26,730
Crl 1,456
$1,093,477
50,084
Crl6,492
29,522
205,217
214.215
Cr2,133
Special charges.
Drl.524
Cr2,649
$30,949
$634,644
300,000
$738,319
110,000
applicable
loss
to
minority interest
Cash
on
a
on
.........
common
1938
stock.
deposit.
Accts.
New
1937
hand and
$312,486
176,131
rec.(cust.)
Vendors' deb. bals.
Inventories
York
209^021
$169,130
502,607
1,223
427,219
drafts
75,000
$0.10
Canadian sub..
Liabilities—
$2.46
32,500
32,500
38,244
plant
and equipment. 1,008,368
Patents..
48,164
55,270
Property,
Prepaid taxes
Accts. pay. (trade)
Note pay to bank.
15,751
69,338
.
43,063
244,848
17,553
Other curr. liabils.
Other liabilities.
3,372
9,623
__
Reserves
833,997
20,304
13,078
$1,842,467 $2,055,327'
21,083
2,488
4,100
11,607
30,000
30,000
Minor, int. in out¬
Co,—Earnings—
Earnings for 26 Weeks Ended July 2, 1938
$655,511
x$3.299
x After charging $25,923 depreciation on buildings, machinery and equip¬
ment.—V. 145, p. 3983.
Stokely Brothers & Co., Inc.—Subscription Agreement—
Stockholders at their annual meeting on Sept.
14 will consider and
proposal to adjust the officers' and employees' common stock
by issuing to said officers and employees the
of subscribed shares covered by payment due to and including Oct. 1,
and terminating the balance of their subscription.—V. 147, p. 1505.
scription agreement
Sultex
Co.—Amends
Oil
vote
sub¬
40%
1937
Registration Statement—
The company has filed an amendment with the Securities and Exchange
Commission reducing the amount of its proposed offering of $1 par common
stock from 150,000 shares to 100,000 and fixing an offering price of $9 per
share.
The underwriter Russell Manure & Co., Inc., reserves the right
the offering price in accordance with market conditions.—V. 146,
to vary
p.
2223.
Sun Ray
Drug Co.—Sales—
Period End. Aug. 31—
Sales
—V.
147,
p.
1938—8 Mos.—1937
$3,846,014
1938—Month—1937
$487,440
$558,258
$4,039,412
1208.
The
directors
common
with
a dividend
of 20 cents per share on the
holders of record Sept. 1. This compares
Dec. 15, 1937 and an initial dividend of 20 cents
June 15, 1937.—V. 145, p. 3670.
have
standing
capital
stock of sub.
Total
declared
stock payable Sept. 15 to
80 cents paid
share paid on
on
The National Power & Light Co. announced on Sept. 2 that the out¬
standing 5% bonds of the Tennessee Public Service Co. will be called for
redemption on Oct. 4 at 104 and accrued interest.
This action is being
taken to clear up the final details of the recent sale of the Tennessee Public
Service Co. to both the city of Knoxvilie and the Tennessee Valley
Authority.
The Guaranty Trust Co., which has been acting as agent for the TVA
in the Knoxvilie deal, issued a notice that it will accept for payment on
and after today deposit receipts for Tennessee Public Service Co. 5% first
mortgage bonds.
Formal closing of the Knoxville-TVA-Tennessee Public
Service deal took place on Sept. 2 at the offices of the bank.—V. 147, p. 1355
Oil
Corp.—Dividend
Reduced—
Company paid a dividend of 7 cents per share on the common stock on
Sept. 1 to holders of record Aug. 29.
An initial dividend of
cents was
paid on June 1, last.—V. 146, p. 1730.
Texas-Canadian Oil Corp.,
3 Months Ended July 31—
Net income before deprec., depletion
—V. 000. p. 0000.
'
The company
mission to
issue
Ltd.—Earnings—
& income taxes
1938
$197,839
1937_
$201,178
Ry.—Equipment Certificates—
has asked the Interstate Commerce
Commission for per¬
$200,000 of equipment certificates to the
Reconstruction
Financing Corporation in connection with the purchase of seven Diesel
electric locomotives from Baldwin Locomotive works at a total cost of
$418,313.—V. 147, p. 1505.
Texas Power &
Light Co.—Offer to Sell—
The company (subsidiary
of American Power & Light Co.) on Sept. 6
sizable portion of its property and business to the
Lower Colorado River Authority.
The company is faced with Federal
17,213
19,346
300,000
300,000
762,048
772,219
389,237
433,289
$1,842,467 $2,055,327
reserve
.$4,136,282 $4,118,630
Total
Loss after ail charges
offered
of $25,800 in 1938 and $26,100 in 1937.
b After reserve
for depreciation $206,934 in 1938 and $16,607 in 1937.
c After reserve
for amortization of $5,943 in 1938 and $3,879 in 1937.—V.
a
Sweet's Steel
Texas Mexican
Accrued taxes
Com. stk. (par $1)
After
100,000
$153,457
30,000
$135,715
Unpaid salaries,
wages, &c
Paid-in surplus
Earned surplus
Total
1937
1938
(Canadian sub.)
Acct.pay.to officer
Other assets
c
298,108
1,417,086
~
$2.11
Bank overdraft
pledged to secure
indebtedness
of
b
$4,136,282 $4,118,630
Texamerica
Consolidated Balance Sheet June 30
Assets—
298,108
1,365,510
.
Tennessee Public Service Co.—Bonds Called—
Mfg.
^.e} Profit__
.
Common stock.
Surplus
Volume of sales
per
Standard Products Co. (& Subs.)— Earninqs,Years Ended June 30—
1938
1937
Dividends paid...
Earnings per share on
476,840
449,400
Tappan Stove Co.— To Pay 20-Cent Dividend—
Inc.—Sales—
subs,
a
-
[&049.
of
1,210,850
2nd
Represented by 298,108 no par shares.—V. 147, p. 756.
a
$7,220,723 $50,921,127 $49,999,426
25.492
221,696
178,398
aOperatingrevenues.. $7,305,054
Operating expenses
4,654,487
Portion
1,139,650
non-cum.
34,573
28,890
upon a
Operatingrevenues..... $7,336,512
factory
87,214
53,034
1937
$75,076*,417
Southwestern Bell Telephone Co.—Earnings—
1938—Month—1937
1938—7 Mos.—193? "
,
53,249
92,555
136,732
Accrued expenses.
92,413
-Jan. 1 to Aug. 31-
$3,444,479
Period End. July 31—
Spiegel,
Fed. taxes payable
Res. for conting..
pf. stk. ($20 par)
88,171
Projected—
Ry.—Earnings—
Gross earnings (est.)...
—V. 147, p. 1503.
-v.
220,069
5%
less
Total
RR.—Bond Issue
authority to issue $7,251,000 of first refunding 4% mortgage bonds. Of
the proceeds, $4,751,000 would be used to retire first
mortgage 5% bonds
of the Northern RR. and the
remaining $2,500,000 to reimburse the com¬
pany's treasury for money expended on improvements. The bonds would
be sold at par and accrued interest to the Southern Pacific Co.—V.
146,
p. 1260.
■
a
19,052
sundry
assets,
depreciations-..
Iinpt.
to
leased
prop, (less amort.)
The company has applied to the Interstate Commerce Commission for
Uncollectible oper.
17,508
&
assets
$345,000
176,078
depreciation of $21,877.
Pacific
Southern
2,583,525
1,160,939
28,038
$425,000
6% cum.1st pf.stk.
($50 par)......
964,072
32,139
2,858,443
(net)
Inventory
Fixed
1937
1938
Notes pay. (banks)
Accts. pay. (trade)
Value of life insur.
6,758
64,500
Paid-in Surplus
Earned surplus (deficit)..
Liabilities—
1937
Notes & accts. rec.
Invests.
rentals.
Capital stock (par $10)
26,323
$453,349
reserves
635
Taxes payable or accrued
Lease deposits and advance
1
Prepaid expenses and deferred
charges...
Total.........
$1,182
3,225
$116,402
$70,093
Cash
Accounts payable
Dividend payable..
$12,064
1938
Assets—
Liabilities—
147,
p.
1504.
to sell at cost a
competition in the form of the Authority, which is similar to the Tennessee
Valley Authority.
The offer of sale was made after the Colorado River
Authority had turned down company proposals for distributing power from
the
development.
...
f
.
^
,
John W. Carpenter, President of the company in a letter conveying the
offer to executives of the Authority, charged that the Authority had en¬
deavored to persuade municipalities served by the company to obtain
Public Works Administration loans and grants to construct competing
facilities.
Volume
147
Financial
Chronicle
American Power & Light Co. is a member of
the Electric Bond & Share
group of properties.
In bringing about the
present offer, the Lower
Colorado River Authority followed
along the lines adopted by theTVA
which recently culminated in the
sale of the electric properties at Knoxville,
Tenn., by a subsidiary of National Power &
Light Co., also a member of
the Electric Bond & Share
group.
$300,000,
increase
Authority
was expected without
delay.—V. 147,
Timken Detroit Axle Co.
(&
will also make possible the termination of the creditor's
agree¬
eliminating the need of meeting early maturities which will result in
lower debt amortization
requirements.
After the
payment of these old obligations company will then have a
debt of $2,100,000 in the new bank
6 Mos. End. June 30—
loans, plus $730,000 of the Duquoin
first mortgage income bonds due in
1946.
Under the terms of the
loans, which were divided equally among the
three banks
payments, will be made on the 15th of each month commencing
Jan. 15, 1939, and the amount to be
paid will be equal to 25 cents for each
short ton of coal mined
by the company in the preceding month. However,
payments must equal at least
1355.
p.
1937
1936
643,479
$2,569,816
1,116,330
$2,549,383
1,121,197
$1,944,998
1,142,338
Operating profit
Other income
$670,494
$1,453,486
154,222
103.975
$1,428,186
86,542
$802,660
71,925
Total income
Prov. for bad debts, &cProv. to reduce market
sees, to indicated mar¬
ket value
$824,716
$1,557,461
25,261
on sales
Exp
Loss
16.369
"7,216
187
357,286
359,280
80,000
per
200",600
x$904,095
981,500
84,935
980.000
87.607
980,000
$0.88
1938
1937
$
$
Assets—
Goodwill <fc parts.
1,273,816
1938
Liabilities—
1938
4,948,289
Common stock
9,841,500
9,815,000
1,403,560
Accts. and accrued
accts.
and patterns...
Cash
1
3,104,884
receivable...... 2,237,880
3,250,084
Inventories
Govt. & other sec.
Time deposit & Int.
467,310
3,972,654
5,482,249
582,626
103,845
pref. stock
Fed.
&
State
yl2,029
thereon
125,421
130,434
Other assets
Deferred income..
497,519
571,325
92,665
Earned surplus...
72,991
Total
...15,701,756 17,798,1441
x After
allowance for depreciation
dends on preferred stock.—V.
Capital surplus.._
Total
and
410,270
266,891
61,563
324,145
y
Accrued
Cr21,704
Cost
x
y
divi¬
z
of sales
during the
standing (par $1)
Earnings per share
146, p. 2711.
1938
1935
$173,713
472,500
$0.59
459,225
472,500
$0.91
maximum of 4,500 at peak operations.—V.
stock.
Marketable
x
After
taxes
381,073
ordinary taxes, depreciation,
and surtaxes.—V. 146, p. 4132.
United
6 Mos. End. June 30—
Costs and expenses
Depreciation
1938
$1,831,500
1.879.409
30,569
x
&c.
Liabilities—
1,688,668
23,194
1,647.238
19,646
211,386
2,730,329
5,343,068
411,625
3,915,313
3,670,861
Other income.
loss$ 15,640
Fed. & foreign inc. tax.
41,351
j.3,591
.
Exchange loss.
Minority interests
1936
.
charges
but
com .stk.
to holders of record
Sept. 10.
Similar payments were made on June 30, and
March 31, last, and on Dec. 20
and Sept. 30, these latter being the initial
disbursements on the new shares.—V. 147, p. 1508.
Victor Chemical
Works—Larger Dividend—
The directors on Sept. 7 declared a dividend of 20 cents per share on the
$5 par common stock, payable Sept. 30 to holders of record Sept. 20. This
compares with 15 cents paid on June 30, last; 20 cents paid on March 31,
last; 30 cents paid on Dec. 22, last; 25 cents paid on Sept. 30, 1937; 20 cents
paid on July 31, 1937; 18% cents on June 30, 1937, and 18% cents on
March 31, 1937.—V. 147, p. 589.
Virginia Electric & Power Co.—Financing—
the issue of $42,000,000 refunding bonds, which has
for some weeks, should go into Securities and Ex¬
change Commission registry about Sept. 15.—V. 147, p. 1509.
been under discussion
Vick Chemical Co.
(& Subs.)—Earnings—
Consolidated Income Account
1937
1936
1935
$2,944,615
2,681,123
29,828
$2,896,755
$2,903,728
2,758,707
35,086
$2o3,664
$179,697
$109 935
55,942
58.809
1937
$9,814,456
$8,986,833
1936
$9,304,992
June 30, *35
$3,915,976
44,114
2,678,666
38,392
$289,606
45,424
$238,506
38,997
$154,049
x
Cost of
goods sold, sell¬
ing, advertising & ad¬
ministrative expenses,
6,436,073
6,306,289
6,225,672
z2,774,366
operations, $2,550,760
Other income
142,951
$3,508,167
146,168
$3,079,320
106,691
"$1,141,610
$3 ,654,335
$3,186,011
$1,189,285
537,765
26,808
469,403
124,291
y6,899
Prov. for Fed. &
$2,693,711
loss$73,897
102,095
$234 671
$192,805
105,000
$148,082
107,082
104,250
139,000
$27,172
$0.94
def$5J ,195
$0.63
Fed.
surtax
on
on
398,9661
.1
f
(
43,847
4,412
1,621
109,234
5,230
17,371
y7,274
1,139
$2,248,138
3.432,743
$2,953,515
3,413,371
$2,709,334
2,384,489
$1,044,751
2,179,979
$5,680,881
1,659,211
$6,366,886
2,934,142
$5,093,823
1,680,452
$3,224,730
840,241
Profit & loss surplus.. $4,021,670
Earns.per sh.on cap.stk.
$3.21
$3,432,743
$4.23
$3,413,370
$3.86
$2,384,489
$1.49
Prov.
for
adjustment of
securities
to
market
quotations
$41,000
47,675
undist.
profits
103.250
.
foreign (f
income taxes
State income taxes.
on
sale of secur.
Misc. adjustments
3,962
9.384
$0.29
undistributed
Cosi—Arranges Bank Loans—
it is reported in dispatches from Chicago, has completed
negotiations for new bank loans aggregating $2,100,000 from New York
Trust Co., Chase National Bank, New York, and First National
Bank,
Chicago.
Stockholders will be asked to approve the application for the
loans at the annual meeting on Oct. 7.
The loans will be evidenced by three promissory notes,
amounting to
$700,000 each, payable on or before Dec. 31, 1941, and bearing interest
rate of 4%% per year.
Proceeds of the loan will be used to discharge all
indebtedness remaining due to creditors, under the agreement of 1935,
amounting to $1,032,603, to provide funds for new mining construction of
6 Mos. End.
Year Ended June 30-
1938
Sales, less returns, allow.
& discounts..
"5",967
United Electric Coal
The company,
1938 and
value.
par
Kamps Holland Dutch Bakers, Inc.—Extra Div.
Period—
Note—No provision has been made for Federal surtax
profits.—V. 146, p. 3361.
r
in
no
have declared an extra dividend of 6% cents per share
addition to the regular quarterly dividend of 6% cents per share on
the new no par common shares now outstanding, both payable Sept. 30
Net loss
Earns.per sh.on
14 397,213 14,192,786
Total....
The directors
Federal
before
"6",704
Nil
...
in
$6,192,333
55,874
def$175,991
Net profit
Surplus.
1935
$7;546,837
255,912
"9,510
Common dividends
658,779
153,891
138,649
5,386,244
It is stated that
3.314
Preferred dividends.
reserve......
Res. for conting's.
$1,266,717 reserve for depreciation
y Represented by 145,241 shares of
Total income
Total income
Pref. divs. payable
Accounts payable.
$
6,250,900
1,479,306
125,018
486,143
deducting
Van de
Common stock..
6,250,900
1,479,305
125,018
604,842
246,211
138,649
5,552,289
2,956,616
2,539,041
138,918
14,397,213 14,192,786
After
y
1937
?
$
Pref. stock (8%)..
Tax
Prof, from
loss$78,478
62,838
liquidated
•
Dyewood Corp. (& Subs.)—Earnings—
Net sales
Federal taxes.
31,
for
1938
1
$1,242,202 in 1937.
—V. 145, p. 4131,
147,
Corp. (& Subs.)—Earnings—
496,203
and provision
1937
497,654
secur.
Total
Inc.—Registers with SEC—
12 Mos.End. June 30—
1938
1937
Net sales
$6,445,840 $10,204,662
Net profit
$7.78
reserve.
S
Deferred assets
See list given on first page of this department.—V.
147, p. 1209.
x
charged to
for
Accts. & notes rec.
Work will begin immediately on an
aqueduct to connect the springs in
the Boeotian Kephissos with Marathon
Lake, the present source of supply.
A new tunnel, known as the Kiourka, will be constructed
and operations
will begin on the cut and cover
aqueducts.
An average force of 1,800 men
United American Bosch
$656,932
145.241
$7.50
145,241
undistributed profits of $2,408 to Dec.
1,062,114
cos..
fund
Cash............
$0.38
and involves
Union Premier Food Stores,
expenses
580,964
investment in affiliated company
1,248,181
investments
preferred
neither Ulen & Co. nor its Greek affiliate in unusual risk.
Engineering work will be under the supervision of Col. R. W. Gausmann,
general manager of Ulen & Co. at Athens, who
completed the basic construc¬
tion of the modern waterworks
system now serving the Greek metropolis
in
1931.
a
on
1
Sinking
Ulen & Co.—Gets Greek Water Contract—
be retained, with
1506.
all
surtax on
$
Invest, affil.
1936
$281,946
The Greek Government
signed a contract on Sept. 6 with the Societe
Anonyme Hellenique Des Eaux, a Greek company
jointly owned by Ulen &
Co. and the Bank of
Athens, for the extension and enlargement of the water
works system
supplying Athens, Piraeus and environs, according to cable
advices received at Uien's offices at
120 Broadway.
Total expenditure
involved is about $12,000,000.
The first step calls for an outlay of
ap¬
proximately $3,000,000, or $1,000,000 a year for the next three
years,
according to James H. Manning, President of Ulen & Co.
fe The Greek company will receive a percentage of the
expenditures for
management of construction and operation.
The contract is in agency form
will
$549,960
1938
Inventories
p.
$155,632
145,241
$7.82
$7.14
year has been
Fixed assets....
Other
1937
472,500
$0.13
500.072
432,423
145,241
Goodwill
$428,928
—V.
$1,589,427
500.072
includes
Assets—
x
Twin Coach Co. (&
Subs.)- -Earnings$60,636
$1,630,996
Consolidated Balance Sheet June 30
Power output was 39,971,590 kwh., an increase of
7% over the
37,3o8,624 kwh. reported in July, and
comparing with 47,077,634 in
August, 1937.—V. 147, p. 1355.
6 Mos. End. June 30—
Net profit
Shs. of capital stock out-
$1,636,081
500,072
980,377
Loss of $225,000
Co.—Output—
x
$1,537,562
500,072
871,446
$166,044
Including Federal
1936.
Crl7,651
z27,269
Com. shs. outst. (no par)
Earns, per sh. on com..
146, p. 3527.
Toledo Edison
$1,679,096
107,321
Surplus
699,520
2,501,737
15,701,756 17,798,144
obsolescence,
$1,681,130
71,837
disposition of
on
Net income
Preferred dividends
Common divs. (cash)...
164,853
722,699
2,187,662
$1,736,028
72,678
assets
76,842
80,000
$1,252,065
427,031
inv. & plant assets
inc.
tax payable
$1,253,120
428,010
sale of capital
on
Net loss
89,589
_
Reserves
Deferred assets...
1,520,685
security taxes.
Divs. declared on
$1,065,238
670,790
$1,606,741
69,177
Total income...
Fed. & State social
1,093,122
Notes, accts., &c.,
1935
1936
$1,125,087
481,654
Depreciation
Profit
payable..
1937
$24,916,601 $27,361,229 $20,972,516 $18,011,822
23,791,514 y26,295,991
19,719,396
16,759.758
Gross profit
Other income
2,195.500
Dies, Jigs, fixtures
$0.20
Consolidated Income Account for Years Ended June 30
Gross income
x Cost of
sales
$
2,062,100
1937
$275,438
$137,885
$0.08
Universal Leaf Tobacco Co., Inc. (& Subs,)—Earnings
1937
$
7% pref.stock
Dwight M. Allgood, who has served as
an indefinite leave of absence.
granted
1938
$0.84
share
xLand, bldgs.,«fcc.
less depreciation
4,556,534
been
—V. 147, p. 1054.
$0.31
provision was made for Federal surtax on undistributed
profits,
Preferred dividends declared but not
paid.
Consolidated Balance Sheet June 30
y
has
year,
uncollectible accounts, Federal income taxes, &c.
Earnings per share on 1,138,090 shares com. stock
No
x
a
depreciation, interest, provision for
$397,425
$0.31
$10).
Earnings
200,000
x$944.803
y76,842
984,150
Net profit
Preferred dividends
Shs. com. stk. (par
for
Years Ended June 30—
Net profit after
351.233
1,462
85,000
x$381,317
y73.865
Interest
expenses.
Federal & State tax
Output—
United Wall Paper Factories, Inc.
(&Subs.)—Earns.—
578
348,728
amortiz
1940.—V.
Sept. 3, '38 Aug. 27,*38 Sept. 4, 37
88,167,334
87,723,419
91,578,149
company announced that
President
25,979
14.671
Mlsceil. deductions
for 1939 and
Management of the company has been placed in charge of an operating
committee composed of E. E. Plick, Chairman of the board, and O. F.
Nieman, one of the largest stockholders.—V. 145, p. 136.
10,543
12,358
of closed branchesplant assets
year
U. S. Glass Co .—-President Granted Leave—
$874,585
12,908
on
Deprec. and
Week Ended—
Electirc output of system
(kwh.)
—V. 147, p. 1507.
The
$1,514,728
34,797
a
United Gas Improvement
Co,—Weekly
1935
$1,313,973
Gross profit
$400,000
146, p. 3529.
Subs.)—Earnings—
1938
Expenses
plant and equipment.notes outstanding of $625,000 and
company's working capital.
The loan
ment,
The proposal was submitted
to the Authority by Mr. Carpenter in a
meeting with the power committee of the Federal
Agency.
The territory
offered by the
company comprises an area of 16 counties
contiguous to the
development of the Colorado River dams, which, it is held, would
provide
the Authority with a
well-developed, going business, franchises of long
duration and contracts for
large industrial power.
Decision on the part
of the
1647
pay off
Net profit
Previous surplus...
Total surplus
Dividends
...
...
....
Including depreciation of $85,221 in 1938; $65,075 in 1937; $56,745
in 1936 and $24,632 in first six months of 1935. y Incl. adjustment of gold,
z After applying reserve (provided out of 1934 profits) for advertisement
of $325,000.
'
■
N0te—The stockholders on March 30, 1935 approved a change in the
fiscal year to end June 30 instead of Dec. 31.
x
.
Financial
1648
Consolidated Balance Sheet June 30
1938
1938
S
Accts.
band..--.-.
808,436
4,831,608
204,125
crued
624,83C(
U..S. Govt, seeur.
5,870,958
on
Oth. market.secur.
&C_
Acer.
204,875
—
1938
expenses,
218,675
Fed.,
225,993
461,761
___w.
356,136
198.647
36,590
(trade)
44,793
Other receivables.
taxes,-
602,660
Inventories.
2,237
1,531,313
Western Pacific
.—
tax
undist. prof.
4,412
3,501,400
Earned surplus
215,095
218,541
Invest. & advances
—
44,369
on
3,882
2,193,562
accounts
—
,501,400
Cap. stk. <15 par). 3,f
,752,648
Capital surplus—- 1,
Officers' & em ploy.
4, 021,670
i,
54,012
44,945
123,618
44,973
70,025
46,867
,•
See list given on first page of this department
ment, &C———
Winnipeg Electric Co.—Earnings-
leasehold improve¬
ments, unarnort.
—
.
Period End. July
estate
supplies &
Adver.
deferred charges
will, &C
a
1
— ....
$481,196
$494,386
304,323
$176,873
$170,731
Net earnings
l
147,
p.
-
10,000,522
— ..
9,519,854
After reserve for doubtful accounts and discounts of $30,493 in
1938
c Represented by
and $8,539 in 1937.
b After reserve for depreciation,
2,800sbs. acquired (at cost).—V. 147, p. 1509.
$1,579,340
Corp. ( & Subs.)—Earnings—
Year Ended July 31—
1938
Operating reve.ues..
__
$8,656,834
Operating expenses, maintenance and taxes.______
5,239,751
Net
operating revenue
Co., Los Angeles—Earnings-
$3,417,083
38,499
7>8,658
$3,586,919
32,150
Drl5,306
Net operating revenue and other income (before
appropriation for depreciation)
$3,446,926
Appropriation for depreciation
955,417
$3,603,763
928,750
$2,491,509
$2,675,013
1,010,912
1,006,242
156,758
—
1938
$25,842
Years Ended March 31—
Oil sales..
1937
$27,136
Interest on XL. S. Govt, bonds.
51
573
67
248
Kent received
on
on
1,041
sale of liberty bonds.
Profit
$22,823
15
370
349
Discount earned
Profit
1936
sale of furniture....
Gross income
40
...
Interest charges
Total
1937
$8,297,7181
4,710,799
(before approxipriation
for depreciation).:
Interest, dividends, &c_——
Merchandise and jobbing (net)
....
Victor Oil
$1,643,183
910.
Wisconsin Public Service
Total
$3,817,967
323,655
—V.
9,519,854 V
10.000,522
—
1938—7 Mos.—1937
$3,958,080
2,238,627
2,314,897
1938—Month—1937
—
Trade-rnks., good¬
Total
31—
Oper.exps.& taxes—_
Gross earnings
real
b Non-oper.
department.—V. 133, p. 122.
Wingold Mines, Ltd.-—Registers with SEC—
Buildings,
&c.,
mach'ry, equip¬
balance..—
Corp.—Registers with SEC—-
486,804
40,844
Western Utilities
83,666
1,059,141
Land—
Jan. 1 to Aug. 31
1938
1937
$8,575,730 $12,109,888
RR.—Equip. Trust Certificates—-
See list given on first page of this
cl 19,845
capital stock.—
1937,
$470,^13
The company has asked the Jnterestate Commerce
Commission'for
authority to issue and sell $10,000,000 trustees certificates of indebtedness,
proceeds to be used to pay off at maturity an equal amount of trustees
certificates falling due Dec. 1.—V. 147, p. 1509.
1,752,648
3,432,743
Vick Chemical Co,
1)
—V. 147, p.
State
Fed.
Accrued
Week Ended Aug. 31
$394,813
(est.)
1509.
Gross earnings
& foreign income
Accts. receivable
a
I
payable, ac¬
1938
10
Maryland Ry.—-Earnings—
1937
$
Liabilities—
&
banks
In
Cash
Western
1937
$
Assets—
Sept.
Chronicle
$26,479
$28,629
$23,448
85
income
75
115
Directors' fees..
Officers salaries
800
Legal and professional fees.
400
962
1,029
9,608
2,046
1,206
11,366
1,956
$8,803
3,844
250
$15,570
2,050
261
$8,039
4,412
$13,259
8,823
$4,699
4,411
152,564
33,333
28,629
Amortization of abandoned street railway property
Other income deductions
300
Office
(net).
Amortization of debt discount and expense.
expense
10,350
2,934
Lease expense
Taxes
Sale
The
$10,949
2,659
Operating profit..
Loss on depreciation.
Loss on depletion
Net profit....
Dividends paid.
259
1937
Liabilities—
1938
1937
$345
$8,301
$35,770
Reserves.........
135,266
305,754
421,879
Surplus by apprec.
233,562
207,374
Net profit for year
8,039
13,259
$449,321
$457,649
Current assets....
Equipment
x
Property
Total
x
Capital stocki
$449,321
After
for
reserve
$457,649
Total
depreciation and
144, p. 4365.
$421,879 in 1937.—V.
Wabasso Cotton
of
depletion
$233", 562
210,827
$277,946 In
1938;
Co., Ltd.—May Reduce Capital—
Company has called a meeting of its shareholders on Sept. 15 to consider
by-law, adopted by the directors, involving a technical reduction in the
capital of the company.
It is proposed to effect this change by reducing the figures at which certain
25,810
$1,486,203
of Bonds Privately A pproved—1
and
Securities
Exchange Commission
on
Sept. 2 issued an
order
exempting the company from the provisions of section 6(a) of the Utility
Holding Company Act in connection with the issue and sale of $2,500,000
of first mortgage bonds, 4% series, due 1963;
The bonds are to be dated June 1, 1938, maturing June 1, 1963 and are
to be issued pursuant to the terms of a first mortgage and deed of trust
dated June 1, 1936 and supplemental indenture dated June 1, 1938, with
the First Wisconsin Trust Co. as trustee.
Balance Sheet March 31
1938
Assets—
$1,266,070
Net income
V
Applicant proposes to sell the $2,500,000 bonds to a group comprising
Equitable Life Assurance Society of United States, Metropolitan Life
Insurance Co.,
Aetna Life Insurance Co., Massachusetts Mutal Life
Insurance Co., Armour & Co. Employee's Pension Fund and New England
Mutual Life Insurance Co.
Applicant states that the sale price will be
103 AIn the event the company chose to offer the proposed bonds to the
public applicant estimates net receipts to the company of not more than
10AA< after expenses.
Applicant estimates its expenses at $31,600, which
would leave to the company a net of approximately 102 H •
Applicant is engaged in a program of expansion, and has borrowed $1,625,000 from several banks in applicant's territory, at 3%, to provide funds
therefor.
The proceeds of the proposed issue of bonds would be used to
repay these bank loans, and provide in part for completion of the program.
—V. 147, p. 1510.
a
fixed assets
are
carried
now
on
the
balance sheet
to
an
amount
more
in
keeping with what the directors consider to be the true value in the light of
present conditions
by eliminating from the balance sheet the item of bond
discount.
According to the notice the equity of the shareholders in the property,
assets and earning power will in no way be impaired by the adoption of
this by-law.
Further, the notice states, the annual charge against earnings
for amortization of the bond discount will be eliminated.
It is intended to reduce the book value of the
now
carried
on
stock which is
the books at $4,192,240 by an amount of $2,192,240.
The
book value of the 69,903 common shares at present issued will, therefore,
be reduced to $2,000,000 if this by-law is santioned by the shareholders.
-^V.
145,
3985.
p.
Sales...
the
Sent.
Period End. Aug. 31—
Sales.
—
1938—11 Mos —1937
1938—Month—1937
$5,514,586
——
$5,602,121
$62,085,964
$62,190,156
Warner Bros.
Announcement
mittee
Pictures, Inc.—Protective Committee—
made Sept. 7 of the formation of a protective com¬
holders of optional 6% convertible debentures,
Sept. 1, 1939, of which $29,400,000 are outstanding.
The com¬
membership is as follows:
John Nickerson, chairman; Benjamin F.
to
was
represent
the
series due
mittee
Castle, C. M. Keys, Leslie L. Vivian and Leonard A. Wales.
Douglas G.
Wagner, 40 Exchange Place, is Secretary.
William M. Chadbourne and
Ralph Montgomery Arkush are acting as counsel for the committee.
On July 22, the company announced a plan of exchange under which the
debentureholders
are
exchange for their
on Sept. 1, 1948.
to
receive
present
an
equal amount of new debentures in
holdings.
The new securities are to mature
Commenting on this proposal in a letter to debentureholders, the com¬
notes that holders who do not agree to this extension are legally
entitled to receive their principal in full on the due date.
mittee
"Obviously the company should offer some substantial benefifas an
inducement for granting this extension," the committee states.
"On the
contrary," they continue, "the new debentures instead of being more
attractive than the old, appear to be less desirable.
The stock conversion
feature
and
the
option
to
take stock
for
interest
payments
have been
withdrawn."
The letter of the committee adds that, by reason of the present market
price of the stock, the conversion and option rights at the rates fixed for
the present debentures are of no consequence, yet it would seem that the
conversion feature and
an option to take stock for interest at some fair
rates, should be added to the provisions of the proposed new debentures.
The committee does not require the
deposit of debentures at the present
time but seeks authorizations enabling it to enter negotiations with the
company.—V. 147,
West
Texas
The directors
1210.
p.
Utilities
Co.—Accumulated
Dividend—
have declared
a dividend
of $2 per share on account of
the $6 cum. pref. stock, no par value, payable Oct. 1
to holders of record Sept. 15.
Like amount was paid on July i, last. Divi¬
dends of $2.50 were paid on April 1, last, and on Dec. 15, 1937; a dividend
accumulations
on
of $2 was paid on Oct.
1, 1937; one of $1.87>3 was paid on July 1, 1937;
of $2.50 was paid on April 1, 1937; $1.50 was
paid on Jan. 2, 1937;
$1.12H paid on Oct. 1, 1936, and dividends of 75 cents per share were
paid on July 1, 1936. and each quarter since and incl. Oct. 1, 1933, prior
to which regular quarterly dividends of $1.50 per share were paid.—V.
147, p. 1356.
one
Western Auto
Supply Co.—Sales—
Period End. Aug. 31—
Sales
—V.
—
147,
p.
—
1509.
1938—Month—1937
1938—8 Mos—1937
$3,759,000
$3,663,000 $21,962,000 $23,144,000
common
Sept. 7 declared an extra dividend of 25 cents per share
stock, no par value, payable Oct. 1 to holders of record
on
20.
They also declared three regular monthly dividends of 25 cents per share
each, payable Nov. 1, Dec. 1 and Jan. 3, 1939, to holders of record the
20th of each preceding month.
dividend of 25 cents was paid on Dec. 27, 1937; one of 50 cents
paid on Nov. 1 and on May 1, 1937, and a special dividend of 25 cents
share was paid on Dec. 22, 1936.—V. 147, p. 589.
A special
per
—V. 147, p. 1054.
1938—8 Mos—1937
$
$
178,354,726 181,391,935
(Wm.) Wrigley Jr. Co .—Extra Dividend—
The directors
was
Walgreen Co.—Sales—
1938—Month—1937
$
$
22,796,710
22,565,795
—V. 147, p. 1056.
on
*
common
(F. W.) Woolworth Co.—Sales—
Period End. Aug. 31—
Yadkin
RR.—Abandonment—
Commerce Commission on Aug. 30 issued a certificate
permitting abandonment by the company of a portion of a line of railroad
extending from a point at or near the limits of the industrial area of Albe¬
marle, to Norwood, approximately 9.53 miles, all in Stanly County, N.C.
The
Interstate
Youngstown Sheet & Tube Co.—$30,000,000 Debentures
Offered—Offering of $30,000,000 convertible 4% debentures
was made Sept. 8 by a group headed by Kuhn, Loeb & Co.
and Smith, Barney & Co.
Others in the offering group were:
Brown Harriman & Co., Inc.; the First Boston Corp.; Blyth
& Co., Inc.; Hayden, Stone & Co.; Goldman, Sachs & Co.;
Bonbright & Co., Inc.; Kidder, Peabody & Co.; Lee Higginson
Corp.; hazard Freres & Co.; Glore, Forgan & Co.; White,
Weld & Co.; J. &. W. Seligman & Co., and W. E. Hutton
& Co.
The debentures were priced at 100% and accrued
interest.
Listing—Company has agreed to make application in due course for the
listing of the debentures on the New York Stock Exchange and for their
registration under the Securities Exchange Act of 1934.
Dated Sept. 1, 1938; due Sept. 1, 1948.
Principal and int. (M. & S.)
payable at office or agency of company in N. Y. City in such coin or cur¬
rency of the United States of America as at the time of payment is legal
tender for public and private debts.
Company will agree to reimburse
to any holder (other than a savings institution having no capital stock)
resident in Penn. any personal property tax, or to Penn. corporations any
capital stock tax, not in excess of five milis in any year upon each dollar
of the assessed value, or principal amount, whichever is lower.
Coupon
debentures in the denom. of $1,000, registerable as to principal.
Redeem¬
able at option of company in whole at any time, or in part by lot in amounts
not less than $1,000,000 from time to time, on at least 30 days' notice, at
the principal amount and accrued int. plus a premium of IA% if r®~
deemed on or before Aug. 31, 1941; 1% if red. thereafter and on or before
Aug. 31, 1944; A% if redeemed thereafter and on or before Aug. 31, 1947;
and without premium if redeemed after Aug. 31, 1947.
Also redeemable
for the sinking fund by lot in any amount on Sept. 1, 1942, and on each
Sept. 1 thereafter to and incl. Sept. 1, 1947, upon the notice and at the
respective redemption prices aforementioned.
Sinking Fund to retire on or before Sept. 1, 1942, and on or before each
Sept. 1 thereafter to and incl. Sept. 1, 1947, $900,000 of debentures, with
the right in the company to anticipate sinking fund requirements and to
receive credit for debentures delivered to the trustee, debentures redeemed
and paid and debentures converted into common shares of the company. 4
Convertible at option of the holders on or before March 1, 1948 (or, in
case of earlier redemption, on or before the redemption date) into common
shares of the company at the following conversion prices per share: On or
before Sept. 1,1942, $62)^; thereafter and on or before Sept. 1,1944, $713-7;
Volume
147
thereafter and
Financial
on
before
or
March
1,
1948,
$76 12-13;
such
Chronicle
being subject to adjustment in certain cases.
Purpose—Net proceeds to be received
by the company from the issue
and sale of the
debentures, estimated to amount to $29,083,490, exclusive
of accrued interest, after
deducting estimated expenses, will be used as
prices
(1)
1st
will be applied to the
repayment of a iike principal
loans obtained March 1,
1938, as fonows: Continental
Bank & Trust Co. of
Chicago, $3,000,000; Cleveland
Trust Co., $1,500,000; National
City Bank of Cleveland, $1,000,000;
Central .National Bank of
Cleveland, $500,000; Guaranty Trust Co. of
New York, $2,000,000; Bankers
Trust Co., New York, $1,500,000; Chemical
Bank & Trust Co., New
York, $2,000,000; Meilon National Bank, Pitts¬
burgh, Pa., $1,000,000.
The proceeds of such bank loans were, to the
extent of $5,000,000,
applied to the repayment of a like principal amount
of bank loans obtained in
January, 1937.
The balance of such proceeds
Illinois
of
shs.
(issuable in series)—
par $100 a share
Series A 5H% cum.
pref. shares
plant improvements
".
A;'' ■
'":r '■
debentures.
Note—'The aggregate stated
capital in respect of the 1,675,008 issued
shares, (including 9,826 treasury
shares) as shown by the com¬
pany s balance sheet, is
common
$105,046,388
operations.
The principal selling subsidiaries are Continental
Supply Co., which is
engaged in merchandising oil well supplies, chiefly in the Mid-Continent
oil and gas fields of the United States, and
Youngstown Steel Products
Co., which is engaged in merchandising the company's steel products.
The
Continental
part of its
Iron
ore
Supply Co., during recent years, has derived a substantial
earnings from the sale of products not manufactured by the
its subsidiaries.
company or
and
coal
mined
are
by certain subsidiaries, chiefly for use in
of the company.
The company obtains
or held under lease by such
subsidiaries, and from mines
owned or held under lease by other corporations in which the
company has
an interest, substantially all of its requirements of iron ore
and high volatile
coking coal.
Company purchases from others its requirements of low
volatile coking and gas coal, substantial amounts of steam coal and
certain
other materials, including manganese ore, nickel and
pig tin, the sources
of supply of which are outside of the United States.
Incidental to the business, the company and some of its
subsidiaries own
real estate and housing facilities which are held
primarily for sale or rental
to employees.
Another subsidiary is engaged in a fire insurance
business,
at present insuring only certain risks of the
company and its subsidiaries.
with
connection
the
operations
from mines owned
Plants & Properties—The plants of the
company have an estimated com¬
bined annual capacity of 2,850,000 gross tons of
pig iron and an estimated
combined annual
capacity of 3,120,000 gross tons of steel ingots, and are
>
capitaliza¬
tion of the company
and its consolidated subsidiaries
was as
follows;
,
,
(on Ipc
&C
a
'
-
April 30,'38
nicr»fo
Acq
-'.$27,300,606
Cost of sales
Selling,
.
1
-
22,115,466
general
&
ad-
ministrativeexpense..
Provision
for
Recoveries
1937
Coffee—On
down
The
in
Rio
the
the
contract
totaling 8 lots.
with the
6th
Santos
was
follow
the
closed
on
4
long side.
on
the
Brazilian
closed
On
Europe,
but
7th
inst.
closed
lots.
Prices
July, where
at
the
2
start
2 to 5 points lower,
all
trade
other
here
to
were
States,
destinations.
unchanged.
were
6,525,860
5,215,197
134,027
591,635
572,869
443,697
Cr85,712
121,640
Cr293,307
834,694
097,355
616,081
0114,040
440,817
_
Profit from operations
$3,076,565
Other income.
$24,328,816 $19,935,723 $11,417,996
1,993,407
2,370,266
1,467,606
430,191
Gross income.
Havre
within
15 of the 26 lots
ing at that level.
Brazilian
were
up
prices
were
1
to
Rio contract closed 3
coffee
points
market
a
4
narrow
in
Until the
'&
In
range.
the
Santos
a
franc to 1%
francs
$3,506,756 $26,322,223 $22,305,990 $12,885,602
350,245
2,265,789
705,678
879,131
Deduct—other charges.
Gross income..
$3,156,511 $24,056,434 $21,600,312 $12,006,470
777,735
2,595,299
3,650,035
4,279,881
80,562
98,966
18,300
132,799
Interest
on funded debt.
Other interest
Amort, of bond discount
and expense
48,451
Profit accru'g to
minority
Depletion & depreciation
Federal income & excess-
212
21,654
2,197,461
6,949,865
14,807
6,837,763
17,715
5,683,843
142,000
1,876,500
538,589
315,397
323,500
6,505
.
profits tax
undistributed
on
profits
Profit for period
loss$89,912 $12,190,648 $10,534,311
up,
points
a
were
given in
our issue of
Zenith Radio
by them, respectively,
Sept. 3, page 1510.—V. 147, p. 1510.
Corp.—Earnings—
3 Mas. End. July 31—
Net profit
1938
1937
1936
up
to 3 points down
with sales of only 5
to
19351
y$124,806 y$l,122,184
y$706,940
x$65,422
Operating profit for the quarter was $229,516,
expenses $148,146, and
depreciation $15,948.
x
y Before profits taxes for possible
assessment against
undistributed profit,
z After excise
taxes, royalties, expense and deprecia¬
tion but before Federal income
tax.—V. 146,
were
described
continued
coffee than
now
coffees
closed
Santos
offered
It
spotty.
about
were
4s
was
said
that
at
H to 1H francs higher.
7.40c.
to
much
on a
steady, with Manizales
were
unchanged,
7.20
at
offered would be available
were
Havre futures
3974.
points lower, with July at 6.93c., off 8
2 points lower, with March at 4.57c.
freight offers from Brazil
well
Demand
Mild
to 9
Rios
Cost and
with
8
were
more
"firm" bid.
11
He.
In
Today futures
unchanged to 9 points lower in the Santos contract,
with sales totaling 68 contracts.
net lower.
Coffee futures
were
Rio closed 4 to 5 points
easier in spite of a
steady
in the actual coffee market, when
light selling found
demand almost wholly lacking.
In
tone
contracts
6
5 to 10
were
points.
Rios
were
maintain the
3 lower with March at 4.59c., off 3
with Santos 4s. at 7.10 to 7.40c.
with Manizales at 11 He.
Roasters
futures
are
were
Rio coffee
Increased interest
said to have only two months'
prices closed
:
as
a
con-
steady,
reported.
supply.
Havre
Santos coffee
prices closed
as
6.64
6.72
Cocoa—On
.4.62
.4.66
—4.57
December
March
point lower.
was
follows:
September
on
unchanged
were
4.54 May
4.56 July
September.-
The
con¬
were
Mild coffees
H to % franc lower.
follows:
May.
July.
.6.88
.6.90
6.83
steady
In earlv afternoon Santos
points lower with May at 6.89c.,off
Cost and freight offers from Brazil
points.
March
totaling 40 contracts.
failed
$1,576,833
Including repairs and maintenance of plants and estimated
provision
for taxes of
operating properties.
Underwriters—The names of the several
underwriters and the several
principal amounts of the debentures underwritten
December
developed late yesterday, drifting lower
light volume of business.
sales
points lower,
after.
traded
The Rio
with
unchanged.
in the Santos contract, with sales
which
higher,
from 6.93c. to 7.01c., clos¬
Havre closed % of
On the 8th inst. futures closed 2
The
totaling 26 lots.
points
were
4,476,568
early afternoon Santos
developed immediately
contract, the market moved
tone
sales
futures closed 4 to 7 points net
higher
early afternoon prices moved
tracts.
with
for the United
for
today
unchanged to
improvement
lower.
lower,
of the
part
in the Santos contract, with sales
12
points
unchanged to V2 franc higher.
the
contract
of
was
were
32,000
and
quotations
spot
points
11
to
totaling 39 lots.
Brazilian clearances last week
331,000 bags, of which 166,000
133,000 for
8
to
8
closed
with sales
■
1935
1,938,618
Other general expense-..
Surtax
1936
accounts
and notes
tracts
ruling heavy during most of the session.
incentive
no
futures
The opening range
market
There
inst.
contract,
in
$144,288,796 $127,674,516 $86,788,923
112,301,097 101,431,999
70,123,883
doubtful
accounts and notes.
points.
Friday Night, Sept. 9, 1938.
allocated
pro¬
p.
COMMERCIAL EPITOME
been
Consolidated Income Account
(Company and Subsidiaries)
4 Mos.End.
Calendar Years
z
Funded Debt and Capitalization—As of April 30,
1938, but after giving
effect to the issuance and sale of the convertible
4% debentures and to the
retirement of the $12,500,000 of bank loans, the funded debt and
not
ceeds of this issue.
equipped with facilities capable of converting such ingots into various semi¬
finished and finished steel products.
has
any particular shares.
As of April 30,
1938, there were also outstanding
$12,500,000 of bank
loans mentioned
above.
Such bank loans are to be repaid out of the
rods,
the manufacture and sale of pressed steel
products.
The other principal
subsidiaries of the company are
selling companies or are engaged in mining
which
respect of
and
plain wire, barbed wire, wire nails, wire staples, wire hoops,
plates, hot and cold rolled sheets and strip, galvanized sheets, tin plate,
terne plate, tin mill black plate, steel
pipe (butt and lap welded, electrically
welded and seamless), rigid conduit, electrical
metallic tubing, mechanical
tubing, water well tools and supplies, forged steel unions, and other
products.
Company also sells some coke oven gas and coke by-products.
Among
the most important products of the
company are steel pipe, sheets, bars
and tin plate, for which the oil and gas
industry, the automotive industry,
the building industry and the container
industry constitute the principal
markets.
Youngstown Metal Products Co., a subsidiary, is engaged in
150,000 shs.
d2,500,000 shs.
1,665,182 shs.
Pursuant to the 1st
mtge. dated Dec. 21, 1927, bonds of one or more
series, having such
provisions, authorized or permitted by the 1st
mtge.,
as
amended, as directors shall determine at the time of
the creation of such
series, may be issued under the 1st
mtge., so long as the aggregate principal
amount of bonds of all series
at any one time
outstanding thereunder shall
not exceed
$175,000,000.
b The aggregate
principal amount of series O
bonds is limited to
$61,500,000, including $1,500,000 available for sinking
fund purposes
only which were issued during 1937 and on
May 1 of that
year retired through the
operation of the sinking fund for the series C bonds,
c Amount of
bonds shown as
outstanding is after deducting (1) $435,000 of
bonds held in
treasury, and (2) $1,500,000 of bonds held for retirement in
sinking fund which were, retired as of
May 1, 1938.
d Of this number,
480,000 common shares are reserved
for issue upon conversion of the
a
History & Business—Company was incorp. in Ohio on Nov. 23,
1900,
under the name "The Youngstown Iron Sheet &
Tube Co."
On May 5,
1905, name was changed to "The Youngstown Sheet & Tube Co."
Company is engaged primarily in the business of manufacturing and
selling pig iron and various steel products, including slabs, billets,
skelp,
sheet bars, merchant bars and
shapes, railroad tie plates and track spikes,
wire
33,867
250,000 shs.
150,000 shs.
Common shares (no
par)
($7,500,000), and the proceeds of such loans obtained in
January, 1937,
were used for additional
working capital and for plant improvements and
additions.
Substantial capital expenditures for
plant improvements and
additions have been made
by the company and its subsidiaries during re¬
cent years (aggregating
approximately $45,000,000 since June 30, 1933)
primarily for the purpose of modernizing certain of the
company's steel
producing facilities and to provide additional facilities for the
production
of lighter flat roiled steel products.
Since Jan. 1, 1937, such capital ex¬
penditures have aggregated more than $17,000,000.
p
(2) The remainder of the net proceeds to be derived from
the issue and
sale of the debentures will be used for
additional working capital and toward
payment of the cost of contemplated further
1
c$58,065,000
30,000,000
V
Preferred
bank
National
additions.
Outstanding
_
$12,500,000
amount
Authorized
,
mtge. bonds (issuable in series).
_a$175,000,000
1st mtge. sink, fund
4s, series 0,1961b61,500,000
Convert. 4% debs., due
Sept. 1,194830,000,000
Minority shareholder's equity in subsidiary company
follows:
►
1649
conversion
the
6th
inst.
The opening
futures
range
closed unchanged
was
to
1
1 to 4 points higher.
Financial
51650
53 lots,
Only
in
710
or
limited
very
Trading was
hands.
changed
tons,
within an ex¬
with prices ruling
volume,
It is said that the same feeling of
tremely narrow range.
uncertainty prevails in the cocoa market that prevails and
the
to
whether
advocate
strongly
There is talk
6J/£c., but in the light of past
controlled cocoa price.
a
of stabilization at
of
Commission is going to
Cocoa
the British
not
or
question
the
is
there
situation,
world
jittery
In addition
commodity markets.
stalls trading in the other
high
as
as
not unduly excited.
experiences the trade at this point is
5.12; Oct., 5.17; Dec., 5.30; Jan., 5.35:
Local closing: Sept.,
On the 7th inst. futures closed 5 points to
235
to
iy2d.
Sales
lots,
3,149
or
London
tons.
noted
no
stood
gain on the outside, while futures
3d.
either
on
1 point higher.
unchanged to 4 points lower.
The opening range was
increased
of the previous close, with 210 tons
side
other
market also
Cocoa futures followed the general trend of
trading.
with
markets,
commodity
told of a breaking
however, again
Late advices,
matters.
stock
stronger
a
A better foreign situation also helped
having its influence.
Czechoslovakian
develop at the
opening tomorrow.
Local closing: Sept., 5.17; Oct., 5.19;
Dec., 5fl32; Jan., 5.37; March, 5.45; May, 5.56; July, 5.66.
off of
negotiations in connection with the
crisis,
so
markets may again
that jittery
points net lower.
On the 8th inst. futures closed 2 to 3
Trading in
totaled 35 contracts.
Transactions
was
cocoa
dull and price changes were
the market
noon
insignificant. By early after¬
unchanged to 2 points lower. Sales to
was
that time reached only 32
volume of the year to
lots, indicating the smallest daily
A sharp increase in warehouse
reflecting arrivals of African cocoa was reported, the
stocks
date.
It brought the certificated
overnight gain being 29,000 bags.
stocks up to 846,857
year
bags compared with 1,366,132 bags a
Local
Manufacturer interest continues small.
ago.
Today futures closed 2 to 4 points
net lower, with sales totaling 152 contracts.
Trading in
cocoa was moderate in volume and prices,
while a shade
steady with Dec. selling at 5.27c., off 2 points.
Traders
are
pursuing a converative course pending information
regarding the contents of the British Commission's report on
Only 120 lots changed hands
up
to early afternoon.
points net lower, with March selling at
Five transferable notices were issued
another big jump of 32,900
bags, which
Warehouse stocks took
The total
hags.
is 879,759
now
with 1,377,780 bags in stock
compares
a year
Transactions
lower.
the
activity
The world sugar
market
unchanged in dull trading. In
quiet, with futures unchanged
was
to
Raws were unchanged.
Md lower.
Today futures closed
points down to unchanged in the domestic contract/with
sales totaling 315 contracts.
The world sugar contract
2
closed
Y% point
with sales totaling 19
to unchanged,
up
Domestic
contracts.
futures continued to sag
sugar
as raw
In early afternoon futures were 1 to
points net lower, although March had recovered to 1.98c..
prices again declined.
3
Eleven transferable notices of September
off 1 net.
delivery
In the raw-
position to lose 4 points to 1.92c.
caused that
market the spot price declined 2 points to 2.90c.
the American Sugar Refining Co. late yesterday
sugar
when
bought 12,732 bags of Puerto Ricos due to arrive Sept.
19th
National today bought 1,000 tons of Puerto
for October shipment at the same juice. Revere paid
at that
Ricos
figure.
for
2.92c.
1,200 tons of Philippines due in late
1,000 to
World
November.
Y
contracts registered gains of
sugar
1.093^ after
unchanged to Yi&'
in quiet trading with May selling at
point
London futures were
touching 1.10c.
higher.
Prices
follows:
were as
-2.05
26.3% Noted in United States Exports of
of
Decrease
.2.02
1.94 May.
195 July.
1.98
September
January (new)
March (new)
Refined Sugar During
First Seven Months of 1938
by the United States during the
months of 1938 totaled 28,541 long tons, as against
Refined sugar exports
first
seven
decrease of
38,723 tons during the similar period last year, a
10,182 tons,
or
approximately 26.3%, according to Lamborn
Co., New York, which said:
&
The refined sugar exports during the
tons,
January-July period of 1938 went
The United Kingdom leads with
50 different countries.
over
tons, being followed by
16,237
Panama and Honduras, with 26,658 tons and 1,596
the United Kingdom with
Colombia and Panama with 9,433
respectively, followed.
the previous season,
In
respectively.
17,330 tons also headed the list, while
2,348 tons,
Lard—On the 6th inst. futures closed 17 to 5 points net
on
In
reported to
the
effected.
refined,
market offerings at 3c. were
sugar
tally
the
1
unchanged.
were
1.00y>c.
to
f.o.b.
were
in
inst.
futures
profit-taking.
Offerings
5
to
unchanged
Only 128 lots
asking 5s.
freight
15s.
at
points net lower.
in
March,
The
which
easier
sold
tone
the 4.30c.
taken by shorts
sell¬
basis,
the
on
lifting hedges against recent
traded.
were
off
Of
reflected
the
total,
2.02c.
from
to
the
were
105 lots
2c.,
prospect
off
that
3
the
Prices
at
in
refined
sugar
is
out
of
the way.
25,000 bags of Cubas for second half
effected at 2.05c., cost
(Wednesday),
basis
was
more
sugar
was
the
the previous
London
there closed
8th inst.
at
equivalent
session, but at the close
The
market
raws
world
sugar
con¬
closed
were
unchanged
and
unchanged to 2 points
totaling 168
start
5
were
to
con¬
points
10
lower,
higher.
due
to
buy¬
sales to the
United Kingdom overnight.
Czechoslovakia, Mexico and
Cuba were also reported to be inquiring for lard.
As a
result of the latter support futures advanced 22 to 27 points
from
inside levels of the
the
were
of American
tined
for
closed
Late strength in stocks
contributing factors.
also
lard were heavy, totaling
and
London
unchanged
Chicago
were
to
3d.
higher
domestic cash de¬
Export shipments
220,830 pounds, des¬
Liverpool
Liverpool.
per
lard
futures
Hog prices at
cwt.
unchanged from previous finals, with sales
ranging from $8.25 to $9.15.
ern
day.
grains, and reports of an excellent
Receipts at the principal West¬
against 37,200 head for the
markets totaled 50,200 head
same
day last year.
On the 8th inst. futures closed 8
^d. lower.
down in the domestic contract, with sales
the
% point higher, with sales of
unchanged to
futures
September shipment
business
available at 2.95c.
1 point lower to
92 lots.
of
and freight to Godchaux today
additional
effected in
tract closed
On
and
A sale
the
However, shortly afterward, new speculative and trade
mand,
only
59,700 head against
ing was encouraged by reports of heavy export
the
futures
The top price
Sales ranged from $8.25 to
selling induced by the early weakness in grains.
scattered
and
was
Chicago hog quota¬
from previous finals.
Western hog marketings totaled
$9.15.
for
50,400 head for the same day last year.
market might enter a prolonged period of dullness, now that
move
selling.
the past week-end were
steady, unchanged to 10c. higher.
reported on the day was $9.15.
were
at
sugar
were
scale down and by trade houses
points.
additional
Liverpool lard futures were very steady, clos¬
Hamburg.
ing
over
market was
raw
with
1
closed
ing against purchases of refined
were
lard
American
which is the
However, corn,
discouraged
hogs,
for
On the 7th inst. futures closed 15 to 17 points net
the 7th
sales.
feed
tions
The market's reaction today was due largely to hedge
and
principal
transactions
ton.
On
speculative covering, and the market displayed
little rallying power.
moderately heavy and totaled 126,650 pounds, destined
sales
accepted
The world sugar
Sellers
Cuba,
the active
No
with
lower,
points
on
if anything, in the news
There was very little,
attract
to
very
the majority
and
selling in lard futures,
10 to 17 points
which resulted in a setback of
deliveries.
oil
cotton
grains,
outside markets prompted
of other
Clearances of
business
Business in the London
quiet and prices
equal
IY2
to
in
Weakness
lower.
buying interest
further
a
additional demand is expected.
closed
neglected.
were
declining to 2.02c. and recovering
refiners
totaling 52 lots.
£>14d.,
switching from that
last price of 2.95c.
the
at
major portion
traded outright, with the price of
increased, but
Until
no
contract
raw
have
reported
was
were
the opening, then
2.03c.
The
The 1938 months
positions.
160 lots
March
2.04c.
415 lots.
totaled
in March and in
was
month to later
per
Refining Co.
paid only 2.92c. a pound for 2,892 tons of Philippines due
to arrive next week.
Further sugars were offered at 2.95c.
tons and
Sugar—On the 6th inst. futures closed 1 to 3 points net
to
The spot sugar
price fell 3 points when the American Sugar
May, 5.49; July, 5.59.
In
against September
Local closing; Sept., 5.12; Dec., 5.26; March, 5.39;
ago.
of
1.99c., off 1 point.
stopped immediately.
contracts, but were
to
the Gold Coast holding movement.
to
up
Domestic
when the raw market
In early afternoon futures were 1 to 2
developed easiness.
May, 5.53; July, 5.63.
were
Yi point
contract closed
sugar
sales totaling 22 contracts.
with
futures continued under pressure
sugar
5.34; March, 5.43;
closing: Sept., 5.14; Dec., 5.29; Jan.,
lower,
world
The
tracts.
unchanged,
London the market also was
March, 5.44; May, 5.54.
change to a
Sept. 10, 1938
Chronicle
down.
steady.
The
market
Prices
was
points
up
to 2 points
fairly active, with the undertone
advanced
shortly after
the opening
on
Volume
147
Financial
Chronicle
scattered
buying for speculative account, encouraged by the
firmness in hogs and the
slightly higher corn market. The
nearby delivery
limited cash
firm, probably on account of the
Hog prices were 10c. to 20c. higher.
was very
offerings.
Sales ranged from
$8.40 to $9.15.
Western hog receipts
head, against 34,100 head for the same day
totaled 51,200
last year.
today
Lard clearances from
32,200
were
pounds,
Liverpool lard futures
were
the
for
DAILY
New
York
Southampton.
unchanged to 3d lower.
futures closed 5 to 3 points net lower.
heavy during most of the
of
Port
destined
Today
This market ruled
session.
CLOSING PRICES
OF
Sat.
LABD
Mon.
FUTURES
Tues.
IN
Wed.
CHICAGO
Fri.
Thurs.
September
7.57
H
7.40
7.57
7.62
O
7.52
7.67
7.67
December
7.77
L
7.72
7.87
7.85
7.82
January
7.85
.
7.80
7.95
7.95
7.92
7.62
Pork—(Export), mess, $26.37^ P©r barrel (per 200
pounds); family, $23.25 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export), steady.
Family (export), $22
barrel (200 pounds), nominal. Cut meats: quiet. Pickled
hams: picnic, loose, c. a. f.—4 to 6
lbs., 14^c.; 6 to 8 lbs.,
per
13%e.; 8 to 10 lbs., 12pte.
Skinned, loose, c. a. f.—-14 to
16 lbs., 22}4c.; 13 to 20
lbs., 19c.
Bellies: clear, f. o. b.
New York—6 to 8
lbs., 16%c.; 8 to 10 lbs., 16%c.; 10 to 12
lbs., 16%c.
Bellies: clear, dry salted, boxed, N. Y.—16 to
lbs., 12%c.; 18 to 20 lbs., 12%e.; 20 to 25 lbs.,
llj^c.;
25 to 30 lbs., liySG.
Butter: creamery, firsts to higher than
extra and premium marks:
253^ to 26)^c.
Cheese: State,
held '37, 19 to 21c.
Eggs: mixed colors, checks to special
packs—29 to 26%c.
18
Oils—Linseed oil crushers
report
a
fair movement of oil
into
consuming channels against outstanding orders. Linseed
oil in tank cars is maintained at 7.5c. a
pound. Quotations:
China wood: tanks,
nearby—12.3 to 12.8; drums, L. C. L.
—13.0 bid.
Coconut cruae, tanks,—.03}4 Pacific Coast—
.02^4 to .02%.
Corn: crude, west, tanks, nearby—.07
nominal bid.
Olive: denatured, spot, drums—9.3 bid.
Soy
bean: crude, tanks, west—.05 to
.05M; L. C. L. N. Y.—7.0
bid.
Edible: coconut, 76
degrees—9H offered.
Lard:
prime—.09; extra winter strained—8%.
Cod: crude, Nor¬
wegian, light filtered—110 quotation.
Turpentine: 27j/£ to
29pi- Rosins: $4.90 to $7.67.
: AA
Cottonseed Oil sales,
including switches, 231 contracts.
Crude, S. E., 6%c.
Prices closed as follows
September
7.79®
October
January.
February
7.74(a)
7.74
November
December
7.78@ 7.80
7.80®
n
March.7.86@
7.78@
April
7.86®
n
Rubber—On the 6th inst. futures closed 10 to 18
points
net lower.
After opening up higher on
stronger cables from
London, commission house liquidation moved prices down
slowly all during the session today (Tuesday).
Spot, stand¬
ard
No. 1
declined
peared
ribbed smoked sheets in
to
the outside market also
16
3/16c., off %c.
Although the volume ap¬
with 3,600 tons sold, there were 235 lots of
fair,
May transferred by factories for actual rubber.
The trade
sold against
shipment offerings, with buying being con¬
spicuous by its absence on the ring.
Rubber stocks in
London for the week ended
Sept. 3 showed
345 tons
over
increase of
an
the preceding period.
Trading in the outside
closing: Sept., 16.13;
Dec., 16.31; Jan., 16.32; March, 16.39; May, 16.46.
On the 7th inst. futures closed 1 to 12
points net higher.
Transactions totaled only 1,700 tons.
Spot standard No. 1
market
ribbed
was
generally
smoked
Prices at
the
sheets
quiet.
Local
remained
opening call
were
the
1
same
at
16
3/16c.
point
higher to 1 point
sold against shipment
offerings in the
actual market, and also
bought. There was a small amount
of factory and
shipment business reported done, although
activity was still generally quiet.
Local closing: Sept.,
16.16; Dec., 16.36; Jan., 16.37; March, 16.45;
May, 16.50;
July, 16.62.
lower.
The
trade
On the 8th inst. futures closed
16 to 7
points net lower.
Transactions totaled 265 contracts.
The market was
steady
in moderate trading.
A feature of the transactions was the
exchange of 30 December contracts for actual
rubber,
pre¬
sumably for account of a manufacturer.
Sales to early
afternoon totaled 1,280 tons.
At that time prices were 5 to
11 points lower, with December
selling at 16.25c., off 11
points, and March at 16.10, off 5 points.
London closed
l-16d. lower, but Singapore advanced l-32d.
Local closing:
Sept., 16.05; Dec., 16.20; Jan., 16.21; March,
16.34; May,
16.43.
Today futures closed 25 to 28 points net lower.
Transactions
totaled
liquidation in advance
317
contracts.
Lower
cables
and
of the
meeting next Monday of the
International Committee in London caused rubber
futures
to sell off early.
Later the softness of the stock market ac¬
celerated the selling of rubber.
In
early afternoon prices
were^about one-quarter of
a cent net lower, with December
at 15.98; March at 16.10 and
May at 16.19c., respectively.
Sales to that time totaled
2,000 tons. Prices on the London
and
Singapore exchanges declined 1-16 to yd.
Local
closing: Sept., 15.78; Dec., 15.94;
16.06; May, 16.17; July, 16.25.
Hides—On the 6th inst. futures closed 6
on
the
old
contract.
contract and
13 to 16 points
Opening prices
were
to 16
down
points off
on
the
irregular, ranging from
new
un¬
changed to 1 point lower on the old and 6 points decline
to 2 points advance on the new contract.
Trading was
rather dull a good
part of the session, although prices
sagged as selling orders exceeded buying, and at the final
bell prices were
substantially lower than the previous finals.
Transactions totaled 1,200,000 pounds in the old
contract,
while
sales
There
was
market.
in
the new contract totaled 280,000 pounds.
virtually little change in the domestic spot hide
The
weakness
in
futures
was
attributed
to
the
unfavorable political
October
:
1651
Jan.,
15.96;
March,
conditions existing on the Continent.
Local closing, old contract:
Sept., 10.50; Dec., 10.74; March,
10.90;
11.62;
June, 10.93.
New contract:
June, 11.85; Sept., 12.07.
Dec.,
11.34;
March,
On the 7th inst. futures closed 9 to 14
points net higher
in the old contract, while the new contract
closed 13 to 18
points up.
The market
increased
considerably
list
worked
was
irregular at the start.
Demand
during the later dealings, and the
steadily higher to close the session with sub¬
stantial net gains.
Transactions in the old contract totaled
2,800,000 pounds, while sales in the new contract totaled
3,840,000 pounds.
The domestic spot hide situation was
very
little changed.
Local closing, old contract: Sept.,
10.59; Dec., 10.87; March, 11.04; June, 11.07. New contract:
Dec., 11.47; March, 11.75; June, 12.01; Sept., 12.25.
On the 8th inst. futures closed 9 to 11
points down in the
old contract, with sales of 21 contracts.
The
closed 10 points off, with sales of 7 contracts.
light and prices
The
opening
were
irregular, with
a
new
contract
Trading was
steady undertone.
8 to 14 points lower on the old contract
and 6 to 13 points lower on the new
contract, but in early
afternoon prices were better.
Transactions in the old con¬
tract reached 80,000
pounds, while trades on the new
totaled
was
120,000 pounds
up
to early afternoon.
Spot hide
sales in the domestic market
were reported to have totaled
35,000 pieces, with August light native cows selling at 1124c.
a
pound. Local closing: Old Contract: Dec., 10.78; March,
10.93.
New Contract: Dec., 11.37.
Today futures closed
9 to 12
points off
The
tracts.
new
on
the old contract, with sales of 44
contract closed
12 to
con¬
13
points off, with
of 67 contracts.
Circulation of 25 September trans¬
ferable notices caused selling of raw hide futures around the
opening.
The decline in the stock market influenced con¬
siderable selling also.
In early afternoon old contracts were
1 to 16 points lower, with December old
selling at 10.62c.
sales
New contracts
were
selling at 11.49c.
9
to
16
points lower, with December
Transactions in the old
contract at that
time totaled 1,200,000
pounds, while trades in the new ag¬
gregated 1,120,000 pounds.
Local closing: Old Contract:
Sept., 10.41; Dec., 10.66; March, 10.81.
New Contract:
Dec., 11.25; March, 11.50; June, 11.78.
Ocean Freights—The market for charters
was fairly ac¬
notwithstanding the extended holiday.
Charters in¬
Grain Booked: Four loads, Montreal to Antwerp,
Sept., 14c. One load, Montreal to French Atlantic, Sept.,
18c. Grain: Churchill to picked ports United Kingdom, end
Sept. early Oct. basis.
Scrap: California to Hong Kong,
Sept., private terms.
California to Hong Kong, Sept.,
private terms.
Sugar: Cuba to L.L.G.A.R.A., last half
Sept., 15s. Time: One to three months, trans-Atlantic trade,
delivery Hamburg, mid-Sept.; no rate given. Round trip
West Indies trade, prompt; $1.25.
Round trip West Indies
trade, prompt; $1.35.
Delivery Durban via Pacific, re¬
delivery United Kingdom-Continent, Sept., 5s. Round trip
Pacific-United Kingdom Continent trade, delivery Havanaredelivery United Kingdom Continent, Sept., no rate given.
Delivery two days out of Rotterdam, redelivery Mediter¬
ranean, Sept., $1.
tive
cluded:
Coal—A gain of 65 per cent marked the production of
Pennsylvania anthracite during the week ended Aug. 27.
The total estimated output of 688,000 tons showed a gain
of 271,000 tons over the week ended Aug. 20, but a decrease
of nearly 10 per cent in comparison with the corresponding
period last year. Stocks of bituminous coal in the hands of
industrial consumers on Aug. 1,1938, anounted to 27,457,000
net tons, a decline of .6 per cent below the reserves of 27,612,000 net tons for July 1. At the rate of consumption that
prevailed during July, the Aug. stocks were sufficient to
last 45 days. According to figures furnished by the Associa¬
tion of American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
Aug. 20 have amounted to 630 cars as compared with 881
cars during the same
week in 1937, showing a decrease of
251 cars, or approximately 12,550 tons.
Metals—The report of Copper, Tin. Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
Wool—Developments in the wool trade the past week
anything but spectacular. Although little activity has
been evident, sentiment continues optimistic.
Scattered
sales were made without much change in prices.
As there
are no pressing needs for raw material at the
mills, buyers
were
for the most part are out of
the market as far as actual pur¬
concerned, but are still inspecting wool in the
possession of dealers in preparation for placing orders when
chases
are
Financial
1652
regards
seasonal condition. Mill buying from
hand-to-mouth is regarded as healthy.
When the mills
receive volume orders for goods, they will come into the
market and buy wool in substantial volume, it is said. The
July wool consumption report, as expected, showed larger
use of wool.
The weekly use scoured basis made a gain of
15%, and on a grease basis 17% over June. This is the third
consecutive month in which consumption has shown a gain.
The use of foreign apparel wool in July accounted for 9% of
the total used.
It is stated that greatly increased use of
wool during the closing five months of 1938 will be necessary
if the year is not to fall sharply below wool used in 1937,
the
prevailing lull
as a
1936 and 1935.
inst. futures closed
%c. down to l%c.
Transactions continued light, with only
190 bales
sold, including 170 bales on the old contract and 20 bales
on No. 1 contract.
Trading on the floor was scattered and
special feature,
Yokohama ruled 2 to 3 yen lower,
and Kobe was 1 yen higher to 4 yen easier.
Grade D at
Yokohama advanced 2% yen to 777% yen, and remained
without
Spot sales in both primary
unchanged at Kobe at 775 yen.
markets totaled 650 bales,
while futures transactions totaled
Although advices from the New York office
of the Japanese Government Raw Silk Intelligence Bureau
reported an official estimate of 40,863,284 kan for the 1938
spring cocoon crop, this had little effect marketwise, since
the trade anticipated the figure.
This compares with last
year's actual spring crop of 45,503,933 kan, or a decrease
of 10.2%.
Local closing: Sept., 1.70; Oct., 1.69%; Nov.,
1.69; Dec., 1.68; Jan., 1.67%; Feb., 1.67.
On the 7th inst.
futures closed l%c. to 3%c. higher.
Firmer stock market and the favorable interpretation of
and the stocks tonight, compared
total since Aug. 1, 1938,
with last year:
This
Week
Since Aug
Week
Since Aug
1, 1937
This
Stock
1937
1938
Receipts to
Sept. 9
1, 1937
489
96,756
167,544
185,535
2,347
77,342
9,790
1,408
47,483
8,732
3,230
121
375
817
3,087
1,340
6,249
8,739
2,444
10,416
12,400
14,566
6,903
41,649
35,002
Beaumont
40,632
3,829
New Orleans
Mobile
Pensaeola, &c
Jacksonville
Savannah
928
Norfolk
710,206
140.232
18,665
620,767
67,502
6,266
1,711
152,049
32,701
20,700
14.123
28,096
37.652
301
86
962
266
1,431
3",189
5,929
5,135
753
3.391
Wilmington,
the
developments
foreign
were
the
influences
primarily
on
the
none
totaled 660 bales, including 350 bales
old contract and 210 bales on No. 1 contract, and
Transactions
call.
Yokohama was reported unchanged
No. 2 contract.
on
higher, while Kobe was unchanged to 3 yen lower.
Grade D remained unchanged at 777% yen at Yokohama
to 3 yen
and advanced 5 yen at
Kobe to 780 yen.
Spot sales in both
Japanese centers amounted to 875 bales, while futures trans¬
actions totaled 1,275 bales.
Local closing, old contract:
Oct., 1.73; Nov., 1.71%; Dec., 1.70; Jan., 1.69; Feb., 1.68%.
No. 1 contract: March, 1.68; April, 1.67%.
No. 2 contract:
up to lc. down.
Sales
Improved spot demand in the uptown
market had the tendency to steady prices of silk futures. In
early afternoon the Sept. old position stood at $1.72, un¬
changed, while April No. 1 new sold at $1,673^2, also un¬
changed. Transactions in old contracts totaled only 10 bales,
while those in new reached but 20 bales up to early afternoon.
totaled 31 contracts.
The
price of crack double extra spot silk in the New York
to $1.78.
The Yokohama Bourse
market advanced 2 He.
higher.
Grade D advanced 10 yen to
787 H yen a bale.
Local closing: Sept., 1.72H; Oct., 1.72;
Nov., 1.71; Jan., 1.68H; Feb., 1.68.
Today futures closed
2c. to 1 He. lower on the old contract, with sales totaling 58
contracts.
No. 1 contract closed 3 He. off, with sales of only
3 contracts.
Raw silk futures followed the general downward
trend by selling off 1 to 2c. a pound.
In early afternoon
Sept. old was quoted at $1.71H> while Oct. old was un¬
changed at $1.72.
April No. 1 contracts were quoted at
$1.66H> off 2c. Sales of old contracts to that time aggre¬
gated 530 bales, an unusually large volume. Only 30 bales
of new contracts had been sold.
The price of crack double
extra silk in the New York spot silk market remained
unchanged at $1.78. Yokohama Bourse prices closed 1 yen
lower to 1 yen higher.
Grade D silk in the outside market
advanced 2 He. to 790 yen a bale.
Local closing: Old con¬
tract: Sept., 1.70J4; Oct., 1.7034; Nov., 1.69; Dec., 1.6734;
Jan., 1.6634; Feb., 1.66. No. 1 contract: April, 1.65.
closed 7 to
12 yen
100
3.372
925
569,970 309,808 1,116,632 2,456,519
1,796,927
500
Baltimore
195,347
Totals
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1937
1936
50,718
70,491
40,632
3,829
3,u87
Houston
Orleans-
New
Movement
of
the
85,549
89,291
47,483
8,732
12,400
68,659
49,258
62,931
13,264
17,161
54.481
29,762
52.482
22,143
42,097
72,197
19,059
2,763
12,206
Mobile
Savannah
Brunswick
14,566
13",203
"7",414
10,893
749
11
"3", 189
320
~1~,340
Charleston
86
Wilmington-.
266
Norfolk
Newport News
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 195,347
bales, against 144,055 bales last week and 78,102 bales the
previous week, making the total receipts since Aug. 1, 1938,
569,970 bales, against 1,116,632 bales for the same period
of 1937, showing a decrease since Aug. 1, 1938, of 546,662
grams
bales.
Sat.
Receipts at-
Houston
Corpus Christi
__
New Orleans—»
Mobile..-.
5,966
3,567
4,258
3,002
Mon.
Tues.
5,844
3,956
9,288
739
21,809
8,322
1,485
Wed.
4,651
6,124
2,166
Thurs.
Fri.
12,607
1,176
594
Charleston--
37,183
3,964
7,032
956
364
693
670
835
"366
54
110
76
130
Lake Charles
48", 598
45",911
32",407
32". 268
59",i66
309,808
271,456
215,017
191,728
276,295
778,068
788,208
646,182 1,028,292
for the week ending this evening reach a total
bales, of which 6,638 were to Great Britain, 18,851
France, 10,075 to Germany, 3,669 to Italy, 25,610 to
Japan, and 17,822 to other destinations.
In the corre¬
The exports
of 82,665
to
sponding week last
For the
season
total exports were 68,791 bales.
aggregate exports have been 351,980
year
to date
bales, against 359,625 bales in the same period of
season.
Below are the exports for the week:
9,
"60
1938
Ger¬
Great
France
835
Galveston.
Corpus Christi..
Brownsville..
3,405
41,676
2,269
5,555
71
957
"76
•
—
98
98
Jacksonville
""l5
Norfolk
27,053
5,407
4,608
450
285
Los Angeles
54
64
"39
2,700
2,700
San Francisco...
82.665
6,638
1937
Total
1P36
18,851
10,075
3,669
25,610
17,822
7,918
5,349
Total
Total
24,967
15,826
8,820
8.914
68,791
6,698
14,213
1.655
2,346
25,157
12,535
66.207
"600
Exported to—
From
Aug. 1,1937fo
Sept. 9, 1938
Exportsfrom—
Ger¬
Great
Britain
France
7,626
63,079
15,921
7,310
28,115
124,823
Houston
8,637
1,235
17,385
Corpus Christi
9,625
26,463
37,389
13,591
6,842
200
4,417
4,482
4,526
Brownsville..
New
Orleans.
14,817
Lake Charles.
326
Mobile
w
121
2,449
Jacksonville..
160
.
-
-
«.
—
4,667
8,428
-
...
-
-
-
-
■*-
-
-
-
-
98
45,226
191
517
3,464
---
_
^
25,300
8,556
185
«...
233
476
-
-
285
Savannah
«
«.
—
-
_
-
56
Francisco
Total
Total 1937
...
-
56
-
1,507
30,246
1C
13,050
97,610
181
58,468
351,980
40,964
21,702
200
63,801
359,625
15,255
69.608
755
45.139
315.436
48,238
71.691
31,874
77,082
67,041
88,835
8144o
47/»78
55.254
25,409
-
-
....
13,040
include in,*,
Canada, the reason being that virtually
all the cotton destined to the Dominion comes
returns concerning
3.015
-<
94
43,918
San
-
-
339
1,227
-
-
181
90
550
Angeles.
-
33
63
Los
-
-
—
-
3,767
Norfolk
21
700
468
590
1,236
Charleston...
258
285
'
Pensaeola, &c.
41,154
8.664
7,644
21,938
20,552
3,082
3,202
2,497
1,771
Total
Other
China
Japan
Italy
many
Galveston
overland and it is impossible to give
the same from week to week, while reports
from the customs
coming to hand.
In view
the matter, we will
say that for the month of June the exports to the Dominion the present sea on
have been 16,632 bales.
In the corresponding month of the preceding season
the exports were 22,903 bales.
For the 11 months ended June 30, 1938, there
were 228,366 bales exported as against 262,709 bales for the 11 months of 1936-37.
districts
on
the Canadian border are always very slow in
however, of the numerous inquiries we are receiving regarding
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Britain
Galveston
500
1,084
France
2,100
4,257
245
Orleans--
Other
Foreign
wise
Stock
Coast¬
many
2,300
2,822
1,000
9,000
8,230
2,292
Total
1,500
15,400
623,940
260
16,653
6,996
693,553
613,771
3,459
152,049
Savannah
32,701
Charleston
28,096
Norfolk
205,858
266
66.512 195,347
Leaving
Ger¬
Great
3,087
1,340
6,249
30,783
Shipboard Not Cleared for—
Sept. 9 at—
500
Other
ports___
Total 1938-Total 1937
10.928
11,219
800
71
Mobile
523
970
500
33,632
1,645
5,433
1,350
745
New Orleans—..
13,021
3,971
2",834
4,595
1,549
-.
Houston
86
Baltimore
19,088
3,288
720
15431
2464
Total
Other
China
8,898
5*312
Houston
New
266
18,279
Japan
Italy
many
Total
50,718
70,491
17,540
40,632
3,829
~~26
Norfolk
Totals this week.
the previous
Exported to—
Week Ended
Sept.
Exports from—
120
6,249
918
1,387
569,970 1,116,632
1—
Since Aug.
489
489
Wilmington-
34
211
24", 898
Total this wk.
120
Pensaeola, &c
Jacksonville
Savannah
9,607
8,685
9,451
1,711
8,703
54.944
105,819
24,907
4,474
11,646
3,403
9,691
195,347
All others
On
Galveston
16,317
NOTE:—Exports to Canada—It has never been our practice to
Friday Night, Sept. 9, 1938
Crop, as indicated by our tele¬
1933
1934
1935
1938
Receipts at—
Galveston
above table reports of cotton shipments to
The
39,485
7,918
20,286
850
...
Total 1036...
COTTON
13,100
2,214
149,519
42,467
100
Boston
Britain
March, 1.64; April, 1.63%.
On the 8th inst. futures closed 3^c.
51.277
3,211
New York
1,900 bales.
responsible for today's firmness in silk futures. The trade
covered on the advance.
No trades were seen at the opening
493,467
454,311
193.127
15,932
309,427
639,340
228,497
291,744
315,453
2,691
119,526
22,734
11,246
120
—
Corpus Christi
1937
1938
85,549
89,291
36,409
50,718
70,491
17,540
Galveston
Houston
Charleston
Lake Charles
Silk—On the 6th
higher.
table shows the week's total receipts, the
The following
The trade, generally optimistic,
the occasion arises.
1938
Sept. 10,
Chronicle
Total 1936
1,584
17,038
15,890
6,602
20,385
8,731
6.122
11,486
6.123
19,522
21,462
20,501
5,219
1,231
4,294
39,049 2,417,470
71,602 1,725,325
55,539 1,476,228
Volume
147
Financial
Speculation
week
was
in cotton for future
comparatively
light,
delivery during tlie past
with
the
generally lower, and this in spite of
a
ernment crop
a
estimate, which showed
from
the
the
3d
of
prices
mildly bullish Gov¬
loss of
163,000 bales
August figures.
On
trend
inst.
prices closed 10 to 15 points net lower.
The market
opened unchanged to 2 points lower and con¬
tinued to sag steadily.
Spot houses and cooperative associa¬
tions
of
were
conspicuous
business for
some
the
the short session
quarters
South
the selling side, and the volume
on
surprise
should
showed improvement.
expressed over the fact that
willing to sell its cotton with prices
be
under the average loan level of 8.30c.
ever, that some
who purchased
demand
came
fixing prices
In
was
It
was
evident, how¬
were inclined to sell, and traders
hedging in the futures market.
The
principally from trade interests who w7ere
were
on
situation
scale
a
and
dropped to new
stantially below
spot cotton
down.
firmness
lows
The
On the 6th
inst.
on
hedge
pressure
was
the
stock
movement
finals.
market.
and
Prices
closed
Average
sub¬
price
for
designated spot markets was 8.21c.
Friday, and the loan price of 8.30c.
selling
low
new
against
increased
an
of
movement
in
quite general liquidation.
All active positions
December and January sold under 8c., and at the
decline the market was at the lowest
point encountered
since early in
June.
The fact that prices had broken
except
through
and
the loan level
attracted
seemed
commission
to
encourage
house
feeble, and closing quotations
buying.
in
recognized
an
yields
last
over
authorities
trade pricing
Rallies were
at the lows of the day.
were
The private crop estimates continued to
increase
show
The
month.
an
indicated
of
average
six
by the same group last month of 11,392,000
The average guess t>f 72 members of the New York
Exchange was 11,952,000 bales.
Average price of
middling at the 10 designated spot markets declined 9 points
8.12c.
On the 7th
A
inst. prices closed
favorable view
more
and less pressure
steadier tone
ernment
cline to
crop
of
8 to 11 points net higher.
European political situation
the
from the South
gave
the cotton market
a
today despite hesitation over tomorrow's Gov¬
estimate.
It was evident that Tuesday's de¬
the 8c.
level,
tions and. trade shorts offered the best
support.
The sell¬
ing of October and December appeared to have come from
brokers with extensive foreign
connections, and led to the
belief that the foreign political situation
was
viewed as
very
unfavorable.
wheat also
were
the average spot price, had checked Southern hedge
selling.
Producers were more inclined to hold cotton or to
place it in the Government loan, and offers showed a dis¬
tinct
falling
renewed
off.
The
selling,
and
late
this,
advance,
however,
combined
attracted
with
profit-taking,
accounted for a reaction of 3 to 7 points from the best of
the day.
The Government crop estimate will be published
at
tomorrow.
noon
The
month's estimate of
recognized
private
pared with
an
of
compare
with
The average of
8.20c.,
advanced
5
to
10
points,
The official quotation
New York market each
3 to Sept. 9—
8 points over the previous day's figures.
or
On the 8th inst. prices closed 1 point up to 2 points down.
After displaying a mixed tone throughout the earlier part
of
the session,
cotton
this afternoon
before
the
in
end
prices developed
a
moderate volume of
a
of
the
trading period
business.
the list
was
Shortly
3 to 5
bought by brokers with Bombay connections.
A few
hedges were in evidence, but the amounts were small.
Mixed trading during the morning session was brought
about by further evening-up before the publication of the
were
of
Census
report at
shorts figured in the buying.
Liverpool and trade
The Department of Agricul¬
its cotton production forecast, estimated a cotton
crop of 11,825,000 bales of 500 pounds gross weight on a
Sept. 1 condition of 65% of normal.
This compares with
noon.
ture, in
18,946,000
bales produced in 1937.
The market reopened
quietly and virtually unchanged after the release of
the cotton report, with most of the trading local.
The re¬
port did not differ widely from the average expectations.
very
There
small
buying orders in the December position
wire houses, but local professionals
offered cotton within a point or two of the market.
Out¬
side business was negligible.
Today prices closed 11 to 14 points net lower.
The
by
market
in
were
Wall
a
Street
for
and
cotton
moderate
futures today
of sales.
volume
moved
A
into lower ground
time before the
short
close of business, active positions showed declines of 8 to 10
points from
the
market eased
then
broke
to
on
Sat.
Mon.
Tues.
8.22
Hoi.
8.10
Middling upland
closing levels
the
losses
again fell to the 8c.
of the previous day.
The
opening to losses of 1 to 4 points, and
of 5
level.
7 points.
The May contract
Foreign liquidation and hedge
to
Wed.
Thurs.
8.18
8.19'
Fri.
8.08
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and
discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on
Sept. 15,1938.
Premiums and
discounts for grades and staples are the
of 10
average quotations
markets, designated by the Secretary of Agriculture,
and staple premiums represent
60% of the average premiums
over ^8-inch cotton at the 10 markets on
Sept. 8.
15-16
1 /n. &
inch
X
Inch
Longer
H
Inch
While—
Spotted—
Good Mid
15-18
1 in. <ft
inch
Longer
.11
Mid. Fair
.62
on
.82
on
.98
on
St. Good Mld__
.56
on
.76
on
.92
on
Good Mid
.50
on
.70
on
.86
on
Mid
St. Mid
.32
on
.52
on
.69
on
Mid
Basis
.19
on
.33
on
St. Low Mid-
♦St. Low Mid.. 1.44 off 1.39 off 1.34 off
♦Low Mid
2.19 off 2.14 off 2.12 off
.58 off
.42 off
.29 off
1.33 off 1.26 off 1.21 off
♦St. Good Ord. 2.09 off 2.04 off 2.01 off
•Good Ord
2.76 off 2.69 off 2.66 off
Extra Wrhite—
Good Mid
.50
on
.70
on
.86
.32
on
.52
on
.69
Even
.19
on
.33
.58 off
.42 off
Low Mid
.41 off
.28 Off
Yel. Stained—
1.23 off 1.16 off 1.09 off
1.67 off 1.62 off 1.58 off
2.33 off 2.28 off 2.26 off
♦Mid
Gray—
2.76 off 2.69 off 2.66 off
Good Mid....
St
.63 off
Mid
.51 off
.41 off
.84 off
.72 off
.62 off
1.36 off 1.30 off 1.24 off
♦Mid
on
on
♦St. Mid
•St. Good Ord. 2.09 off 2.04 off 2.01 off
•Not deliverable
on
.21
.35 off
Good Mid
.29 off
1.33 off 1.26 off 1.21 off
•Good Ord
.51 off
.39
.73 off
.63 off
.51 off
1.43 off 1.37 off 1.33 off
♦St. Low Mid.. 2.24 off 2.12 off 2.09 off
♦Low Mid
2.71 off 2.66 off 2.64 off
on
St. Low Mid
on
.49 off
♦Mid
on
Mid
on
.07
St. Mid
on
St. Mid
.25
.64 off
Tinged—
Good Mid
Low Mid
on
.08 off
-.
future contract.
New York
Quotations for 32 Years
The
quotations for middling upland at New York
Sept. 9 for each of the past 32 years have been as follows:
1938
1937
9.37c.
1929
1936
12.50c.
1928
1935
10.85c.
1934
-13.40c.
1927
1926
8.08c.
1930
11.20c.
1922
19.35c.
1921
19.50c.
23.60c
18.60c.
on
1913
13.25c.
1920
22.00c.
19.80c.
31.75c.
1912
1919
29.10c.
1911
11.75c.
12.00c.
1918
36.45c.
1910-
14.00c.
12.65c.
1914
1933--.-1932
8.85c.
1925
23.55c.
1917
21.20c.
1909
8.10c.
1924
24.50c.
1916
1908
9.40c.
1931
6.90c.
1923---.-28.95c.
1915
15.35c.
10.20c.
1907
13.25c.
-
Market and Sales
The total sales of cotton
at
New York
the spot each day during the
week at New York are indicated in the
following statement.
For the convenience of the reader, we also add columns
which show at
closed
glance how the market for spot and futures
a
same
on
on
days.
Futures
Spot Market
SALES
Market
Closed
Closed
Spot
Saturday
Monday
Tuesday
WednesdayThursday
Friday
__
Quiet, 11 pts. dec— Barel/ steady.
Contr'ct
Total
_
HOLI DAY.
Quiet, 12 pts. dec—
Steady, 8 pts. adv_.
Steady, 1 pt. adv
Steady, 11 pts. dec
Barely steady.
Steady
Barely steady.
Barely steady.
-
—-
T
_
1",005
f.605
Total week.
1,005
Since Aug. 1
4,69
1,005
4,690
_
_
steadier tone late
points above yesterday's closing levels. The market opened
steady, with futures registering an advance of 1 point to a
decline of 3 points from the last quotations of the preced¬
ing day, with trading light.
The May and July options
Bureau
for middling upland cotton in the
day for the past week has been:
last
bringing the
in
.
seven
was
11,827,009 bales com¬
by the same authorities last month
The price of spot cotton at leading
plans
making the rounds, and had their adverse
authorities
markets
average to
will
average
11,275,000 bales.
Southern
figures
11,988,000 bales.
hav¬
was
influence.
for
■
Reports that the Government
in carrying out its export subsidy
ing difficulty
under, for contracts and to 8.10c.
or
principal factors contributing to the easier
Some hedge selling through lead¬
opening.
ing spot houses in the distant deliveries was in evidence
during the early business.
Brokers with Bombay connec¬
Cotton
to
the
11,857,000 bales compared with
was
average
bales.
were the
after
for the movement
ground
new-crop cotton in the South, despite the fact that prices
for futures were about 30
points under the average Govern¬
ment loan price, seemed to undermine confidence and re¬
sulted
1653
prices closed 12 to 15 points net lower.
broke into
Hedge
today.
in
the
previous
10
the
at
for
the
compared with 8.31c.
The market
selling
tone
producers
particularly heavy in the distant positions, and prices gave
way despite a more favorable view of the European politi¬
cal
Chronicle
Futures—The
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 3
Sept. 5
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept A 1938)
Range..
Closing
.
8.05 n
7.95
8.03ft
8.04ft
7.93ft
8.05- 8.12
7.96- 8.06
8.06
—
8.07
7.96
Oct.—
Range-.
8.10-
Closing.
8.10
8.22
7.98- 8.09
7.98
—
7.98-
8.13
Nov.—
Range-.
Closing
.
8.12ft
8.00ft
8.08ft
8.09ft
8.15- 8.25
8.03- 8.14
8.02- 8.18
8.08-
8.15- 8.16
8.03- 8.04
8.11- 8.12
8.11
8.15- 8.20
8.00- 8.11
8.02- 8.13
8.06-
8.00
8.10
9.08
7.97 ft
Dec.—
Range
_-
Closing
.
8.17
7.99- 8.10
8.15
7.99- 8.07
7.99
Jan. (1939)
Range
..
Closing.
8.15
Feb.—
Range
HOLI¬
—
7.97
DAY.
..
8.13ft
7.98 ft
Range.-
8.11- 8.24
7.97-
Closing.
8.11- 8.12
7.97
Closing.
8.09ft
8;08ft
7.96ft
8.05- 8.14
7.95- 8.05
8.08
8.08
7.95
Mar.—
8.*09
—
7.97-
8.11
—
Arpil—
Range..
8.11ft
7.96ft
8.07 ft
8.07ft
Range..
8.11- 8.22
7.96- 8.08
7.96- 8.13
8.04- 8.13
7.93- 8.04
Closing.
8.11
7.96
8.06- 8.07
8.07
7.93- 7.94
Closing.
7.94ft
May—
June—
Range.
.
8.11ft
7.95ft
8.06ft
8.07ft
Range..
8.10- 8.21
7.95- 8.07
7.96- 8.13
8.04-
8.13
7.93- 8.04
Closing.
8.10- 8.12
7.95
8.06-
8.07-
8.08
7.94
Closing.
7.93ft
July—
Aug.—
Range..
Closing.
n
Nominal.
—
8.07
Financial
1654
New York for week ending
trading began on each option:
Range Since Beginning oj Option
Week
Range for
Option for—
1938
gent
Oct.
7.96
1938—
Vnv
9.39
Feb.
Feb. 23 1938
Feb.
23 1938
23 1938
18 1938
3
8.22 Sept.
9
Sept.
the
is,
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
May 25 1938
8.31
movement—that
the
Towns
Interior
the
At
Range for future prices at
Sept. 9, 1938, and since
Sept. 10, 1938
Chronicle
7.70
May 31 1938
9.48
7.73
May 31 1938
9.50
7.74
May 31 1938
9.51
Feb.
3 1938
8.74
June 28
detail below:
1938
Dec.
1938-
7.99 Sept.
9
8.25 Sept.
3
Jan.
1939—
7.99
Sept.
9
8.20 Sept.
3
8.18 June
1939
Feb
7.95
Mar. 1939..
3
8.24 Sept.
9
Sept.
7.77
9.25 July
May 31 1938
8.37
8.34 May 25 1938
1939
May 1939..
Apr
8.22
9
7.93 Sept.
3
Sept.
349
130
16,654
896
9.05 July
9 1938
Future Delivery—The
Volume of Sales for
2,089
546
6,885
835
10,950
854
55,347
1,927
5,937
7,708
140
3,680
9,921
4,781
5,302
309
59,639
90,002
2,906
3,115
22 1938
Eufaula
Commodity
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.
337
2,102
6,687
4,781
Ark., Blythev.
Sept.
7.93
1,264
Montgom'y
3
Sept.
10
Week
Season
Selma——
8.21
9
7.93 Sept.
Stocks
OCJJl.
Week
9
Week
155
70
Ala., Birm'am
July - 1939-
1937
10.
Ship-
fZp'nt
nvCTlHS
Season
Week
Sept.
Receipts
7 1938
1939
Tnnp
Stocks
Ship-
7 1938
Movement to
1938
Sept. 9,
Receipts
Towns
Aug. 23 1938
9.27 July
May 31 1938
7.81
Movement to
1938
—
1,235
1,349
2
25,461
202
4,081
5,233
41
31,955
2,330
Hope——-
1,149
1,259
200
24,535
1,210
19
23
22,542
56
Rock
1,756
8.589
175
92,728
1,453
47
50
212
18,237
673
693
1,657
2,613
30,097
2,149
Newport—
Pine Bluff
1
64
21,968
1,210
Jonesboro—
6.599
27,856
640
3,291
City
Forest
Exchange Administration of
583
380
*■
211
Helena
13,211
Little
—
2,560
2
7,063
5,060
7,511
-----
196
31,759
5,798
542
11,300
783
63,2x3
Walnut Rge
310
488
1
29,570
173
173
53
9,620
Ga., Albany-
1,205
3,172
325
14,933
760
3,054
508
12,415
178
259
320
23,546
4,760
4,908
443
13,945
Athens
2,827
2,448
124,486
3,518
9,214
1,726
22,275
2,009
132,385
10,400
26,685
2,793
81,714
200
1,700
100
34.600
1,000
3,900
700
33,200
3,743
—
6,581
9,418
Atlanta—
5,620
97
31,207
2,104
5,644
1,715
19,500
Augusta
Columbus—
Open
Macon
Contracts
6,632
1,991
.
80,592
October
Sept. 7
Sept. 8
Sept. 8
55
56
45
22,068
1
300
14,908
7,681
14,113
3,726
62,838
7,100
15,198
1,958
13,391
5,783
9,411
149
51,221
11,264
16,188
491
18,168
Rome
13,200
17,200
26,200
40,100
21,300
496,200
1,197
1,924
448
24,376
1,262
1,863
407
12,546
18,200
35,200
72,000
54.900
51,600
656,300
Greenwood-
13,600
25.049
349
72,719
14,095
26,101
1,335
30,275
2,200
(1938)
December
January
Sept. 6
Sept. 5
Sept. 3
La., Shrevep't
Miss., Clarksd
Sept. 2
New York
1,400
3,600
6,100
4,300
136,800
Jackson—
1,468
2,358
278
23,718
4,039
8,333
365
9,541
(1939)
Columbus-
-
10,400
13.800
Holi¬
39,900
26,100
23,800
494,400
Natchez—-
8,200
March
11,100
day
25,200
18,500
25,500
333,700
Vlcksburg.
13,800
-
7,800
16,700
30,500
23,600
116,000
941
Inactive months—
April (1939)
129
271
667
167
12,022
604
784
Yazoo City.
4,095
6,254
105
8,666
7
2,184
15,453
1,875
29,513
3,347
5,419
Mo., St. Louis
July
10,252
483
341
5,298
413
1.665
N.C., Gr'boro
———
May
44
354
153
1,659
100
315
100
2,146
134,600
206
-
13
1,563
....
9,928
Oklahoma—
183,600 176.200 150,100 2,233,400
86,500
Open
885
8,394
5,889
60,732
15 towns *_
4,890
7,917
3,329
S. C., Gr'vllle
66,000
Total all futures
3.675
12,320
3,061
70,203
1,621
8,446
3,130
52,951
10,823
508,408
15,248
38,140
10,603
227,612
7.517
2,751
2,751
1,321
""
Aug. 31
New Orleans
Sept. 2
Sept. 1
Sept. 3
Sept. 5
73,136
Texas, Abilene
106
114
Austin.——
1,711
2,601
1,354
2,107
1,817
5,421
1,987
Brenham
Contracts
28,917
1,226
2,634
920
3,260
1,753
6,064
1,617
2,761
Dallas
5,076
8,168
4,083
35,047
7,232
15,936
5,019
7,760
Paris
6,451
Tenn., Mem's
Sept. 6
Sept. 6
'
1,438
1,237
•
1,750
7,000
October (1938)
December.-------—
2,100
2,000
2,850
5,250
May
600
147,750
7,350
7,000
58,850
1,500
4,350
33,450
250
950
550
6,950
8,450
19,650
36.600
389,6.50
300
750
95C
450
3,700
500
750
200
-
250
July
10,600
Total all futures
135,300
16,050
10,250
200
r.ioo
January (1939)
March
8,050
2,500
6,850
Holi¬
day
3,441
27,493
3,688
6,241
176
5,925
1,232
4,507
1.147
14,776
1,792
5,792
San Marcos
2,117
4,971
1,683
2,125
t599
t5,412
fl,216
tl.355
Texarkana.
860
1,029
140
592
729
8
2,807
7,158
10,048
3,462
19,464
18,227
6,775
24,174
6,381
6,865
Total ,56towns 144,695
304,956
49,734 2044.616 133,245
305.282
51,806
918,178
Waco
*
cable and
as
afloat
as
brought down to Thursday evening.
To make
total show the complete figures for tonight (Friday) we
figures
the
follows.
Foreign stocks as
this week's returns, and consequently all foreign
telegraph, is
are
by
well
are
add the item of exports
Includes the combined totals of 15 towns in Oklahoma,
The
above
increased
totals
that
show
during the week
1,126,438 bales
The
more
the
bales and
94,961
the
than at
same
are
tonight
period last
year.
11,450 bales
more
same
week last year.
Overland Movement for the Week and Since Aug. 1—•
1937
601,000
97,000
1,158,000
251,000
254,000
12,000
698,000
82,000
131,000
10,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Kotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
We
1935
1936
134,000
Stock at Manchester
669,000
73,000
427,000
742,000
146.000
112,000
9,000
55,000
475,000
164,000
72,000
14,000
31,000
48,000
51,000
23,000
14,000
6,000
41,000
6,000
15,000
4,000
7,000
give below
a
statement showing the overland movement
for the week and since Aug. 1, as
made
Aug. 1 in the last two years are
as
606,000
Total European stocks
247,000
376,000
Via St. Louis
1,875
1,650
Via Mounds, &c
152,000
148,000
160,000
Stock in U. S. interior towns
TJ. S. exports today
Of the above, totals of American and other descriptions are as
Americati—
bales.
Liven ool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. 8. port stock
U. S. interior stock
U. S. exports today
551,000
186,000
202,000
85,000
34,000
27,000
136,000
48,000
91,000
171,000
92,000
68,000
59,000
8,000
45,000
161,000
220,000
152,000
2,456,519 1,796,927 1,531,767
2,044,616
918,178 1,339,682
16,386
12,590
20,217
7,627
Overland to N. Y., Boston,
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Leaving total net overland *_
120,000
14,000
89,000
48,000
61,000
166,000
1,446,866
1,274,081
4,119
*
415,000
63,000
35,000
467,000
46,000
52,000
307,000
34,000
74.000
26,000
44,000
76,000
46,000
42,000
In Sight
South'n consumption to Sept.
Egypt, good Sakel, Liverpool
Broach, fine. Liverpool
Peruvian Tanguis, g'd fair. L'pool
C.P.Oomra No.1 staple, s'fine.Liv
8.85d.
3.86d.
12.55c.
11.04d.
4.75d.
5.78d.
5.56d.
6.66d.
3.83d.
4.78d.
7.79d.
5.79d
figures for 1938 shows
increase
gain of 2,964,826
bales
1935.
an
over
1936,
over
and
a
*
9-
last
1937,
an
gain
of
805,000
68,205
498,629
2,013,541
14,537
102,554
15,105
1936—Sept.
1935—Sept.
1934—Sept.
previous
Bales
Week—
No
over
1,945,336
95,100
Decrease.
Movement into sight in
*
.
11
13
14
Further
years:
Since Aug. 1—
1936
.523,735
393,423 1935-348,398 1934
CCC Loans to Be Made
have been advised that the report
Continental imports for past week have been 109,000 bales.
446,823
51,806
1,294,943
North, spinn's' takings to Sept.
9.23c.
10.26d.
1,116,632
23,704
402,340
Total in sight Sept. 9
8.08c.
309,808
2,015
135,000
1,204,450
90,493
94,961
.
Since
Aug. 1
569,970
54,480
580,000
.307,379
148,000
6.17d.
10.75c.
8.56d.
5.24d.
1937Week
Aug. 1
7,032
9--105,000
65,000
510,000
6.99d.
over
net overland movement
against 2,015 bales for
the season to date the
increase over a year ago
195,347
Receipts at ports to Sept. 9
160,000
5.46d.
3,304,455 bales
23,704
3,391
753
1938
Since
71,000
667,000
4.71d.
a
54,480
Week
60,000
7,776,521 4,811.695 5,101,666 4,472,066
2,674,855
24,930
and Spinners'
152,000
uplands, Liverpool
Middling uplands, New York
133,369 bales,
5,055
2,015
foregoing shows the week's
been 7,032 bales,
year, and that for
aggregate net overland exhibits an
of 30,776 bales.
58,000
29,000
Total visible supply
of
56,776
The
661,000
Midd ing
of
7,866
this year has
the week last
2,096,000 1,496,000 1,625,000 1,249,000
5)680,521 3,315,695 3,476.666 3,223,066
increase
1,160
20,379
7,032
24,000
38,000
Total East India, &c
Total American
above
192
4,110
Including movement by rail to Canada.
192,000
Stock in Alexandria, Egypt
Stock in Bombay, India
5,426
1,260
50,090
.
202,000
880,000
Egypt, Brazil, &c., afloat
500
7,174
.
192
Net overland to Sept. 9-
473,000
49,000
115,000
83,000
42,000
60,000
Manchester stock
48,634
.
follows:
5,680,521 3,315,695 3,476,666 3,223,066
Liverpool stock
14,626
7,070
&c—
Takings
Total American
East Indian, Brazil, <£c.—
1,202
111,256
Deduct Shipments—
202,000
880,000
7,776,521 4,811,695 5,101,666 4,472,066
Total visible supply
431
21,212
246
3,500
29,000
166,000
60,000
71,000
65,000
661.000
667,000
510,000
2,456,519 1,796,927 1,531,767 1,446,866
2,044,616
918,178 1,339,682 1,274,081
16,386
12,590
20,217
4,119
Stock in Bombay, India
Stock in U. S. ports
68
"77
3,753
.14,898
829,000
192,000
Egypt. Brazil,&c.,afTt for Europe
Stock in Alexandria, Egypt
6,177
6,120
1,625
1,302
23,712
59,955
Via Louisville
945,000 1,118,000
42,000
152,000
Aug. 1
413
15,370
10,621
296
Via Virginia points
Via other routes, &c
46,000
220,000
Week
Aug. 1
Week
354,000
60,000
161,000
-1,764,000
India cotton afloat for Europe—
American cotton afioat for Europe
1937,
1938
Since
Shipped—
Via Rock Island.
Total Continental stocks--
from telegraphic
follows:
Sept. 9—
9,000
up
The results for the week and since
reports Friday night.
56,000
8,000
Stock at Trieste
week
have
stocks
from the United States, for Friday
1938
bales. 1,024,000
Sept. 9—
Stock at Liverpool
The
t San Antonio.
interior
receipts of all the towns have been
tlian the
only.
!
1,839 "*4,022
10,814
Robstown..
Supply of Cotton tonight, as made up
The Visible
—
-
—
on
Bales
1,683,454
1,466,354
1,292,611
Cotton—We
of cotton loans disbursed
by the Commodity Credit Corporation and lending agencies,
was issued'as of Aug.
18, "was the final report and
no further releases will be made as the time for making loans
which
has
expired."
Aug. 18 figures were given in our issue of Aug. 27,
page 1363.
The
Volume
14"
Financial
Quotations for Middling Cotton at Other Markets—
Below are the
closing quotations for middling cotton at
Southern and other
principal cotton markets for each day
of the week:
~
Chronicle
1655
34,189,648 pounds of wool, the remainder being in
The loans
average 17.46 cents per grease pound.
Cotton Ginned from
Crop of 1938 Prior to Sept. 1—
census
report issued on Sept. 8, combined from the
individual returns of the ginners, shows 1,331,745
running
bales of cotton
The
Closing Quotations for Middling Cotton
Week Ended
Sept. 9
Saturday Monday
Galveston
Tuesday
on—
Friday
Wed'day Thursday
8.05
8.15
7.93
8.02
8.01
8.02
7.91
New Orleans
8.12
8.12
8.i,0
Mobile
8.10
8.11
8.12
Savannah
Norfolk
8.50
8.40
8.20
8.60
8.20
8.03
8.38
8.47
8.46
8.40
8.40
8.15
8.81
8.15
8.30
8.05
8.71
(counting round as half bales and excluding
linters) ginned from the crop of 1938 prior to Sept. 1, com¬
pared with 1,874,320 bales from the crop of 1937 and 1,374,247 bales from the
crop of 1936.
Below is the report in full:
8.34
8.30
8.08
Montgomery
Augusta
Memphis
HOLI¬
DAY.
8.73
8.01
8.82
REPORT
8.20
8.00
8.06
8.06
7-90
7.95
7.95
7.84
7.84
7.77
7.84
7.84
Zumbw of bales of cotton
ON
7.73
7.73
8.15
Monday
Tuesday
Sept. 3
Sept. 5
Sept. 6
Wednesday
Sept. 7
Sept. 8
8.20
8.07
8.17- 8.18
8.17
1937
1936
1,874,320
1,374,247
127,028
129,686
136,812
Alabama
Arizona
16.953
8.05- 8.06
8.25- 8.26
8.13
8.22
8.20
Jan.(1939)
8.24
8.12
8.22
8185- 819a i.055-8,06a
8.07- 8.08
8.18
8.18
8.04- 8.05
8.17
8.03- 8.04
8.07
8.23- 8.24
May
DAY.
8.22
8.05
—-
8.17
June
July
8215- 822a
8055-807a
8155- 817a
8155- 816a
8.03
August
Tone—
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Barely stdy
Barely stdy
Steady.
Steady.
Barely st'y
Agricultural Department's Report on Cotton Acre¬
age, Condition and
Production—The Agricultural De¬
partment at Washington on Thursday (Sept. 8) issued its
report on cotton acreage, condition and production as of
Sept. 1.
Mississippi
None of the figures take any account of linters.
on the report will be found in the editorial
pages.
Below is the report in full:
A United States cotton crop of 11,825,000 bales is forecast
by the Crop
Reporting hoard of the Bureau of Agricultural Economics, based cn condi¬
as of Sept. l, c938. mis is a decrease of
163,000 bales from the torecast
tions
Aug. 1 and
with 18,946,000 bales in 1937, 12,399,000 bales in
1936 and 13.201,000 bales, the 10-year (1927-36) average.
The indicated
yield per acre for the United States of 214.1 pounds compares with 266.9
pounds in 1937 and 179.8 pounds the 10 vear (1926-36) average.
It is
estimated that 1.7% of the acreage in cotton on July 1 has been, or will be,
comuures
abandoned, leaving 26,449,000 acres remaining for harvest.
In 1937
the abandonment was 1.4%: the 10-year (1927-36)
average abandonment
was 2.3%.
Increased production over that indicated Aug. 1 is shown in Alabama,
Louisiana,
Mississippi,
Arkansas,
and
Tennessee.
These
increases,
however, are more than offset by decreases in Texas, Oklahoma. Missouri,
Georgia, South Carolina, and Florida,
xwlnor increases are shown in
Arizona and California.
Probable loss from boll weevils is now expected to be considerably
heavier than last year, but about the same as the average loss during the
10 year period 1927-36.
In Virginia yields have been reduced more by
weevils than in any previous year: and ia the Carolinas and Georgia the
earlier than
usual in the central and
AS OF SEPT.
Imports, and Exports—United States
Cotton consumed during the month of
July, 1938, amounted to 449,511
Cotton on hand in consuming establishments on
July 31, was
1,266,983 bales, and in public storages and at compresses 9,641,201 bales.
The number of active consuming cotton spindles for the month
was 21 ,916,166.
The total imports for the month of July, 1938, were 25,047 bales
and the exports of domestic cotton, excluding
linters, were 195,706 bales.
bales.
World Sta'isiics
The estimated world's production of commercial cotton,exclusive of
linters 1
grown in 1937. as compiled from various sources was 36.305,000
bales,
counting American in running bales and foreign in bales of 478 pounds
while the consumption of cotton (exclusive of linters in the United
for the year ending July 31, 1937, was 30,820,000 bales.
The total
of
spinning cotton spindles,
fc: Returns by
both
to inflict
some
active and
Sept. 1 Condit'n
to be less
damage in Texas.
than
numerous
Tctal
State
Aban¬
donment
Rain
Rainfall
Days
High
Low
90
88
79
62
75
96
72
70
82
Austin
?.
Abilene
1
After
July 1
Avge.
(Prelimr 1927- 1937 1938 1927-
1936,
(Prelim.)
1,000
%
%
Missouri
inary)
Indi¬
1927-
1937
cated
Lb.
0.12
4
3
Indi¬
1936
Crop
cated
1938
1.000
1,000
Sept. 1
Bales
Bales
1,000
Acres
1.5
%
%
1936,
Lb.
Bales
392
65
78
78
296
346
4.0
42
74
84
50
277
312
210
40
43
18
Caro.
1.0
902
70
75
61
274
338
240
710
780
453
So. Caro-.
0.4
62
67
59
231
289
235
798
0.8
62
72
57
203
270
200
1,152
1,023
1,500
Florida
2.2
88
66
79
67
139
162
149
Tennessee-
0.8
8
9
63
78
75
222
320
280
436
661
473
Alabama..
0.5
2,180
63
77
66
194
290
225
1,159
1,631
__
..
350
223
404
2
0.02
3
0.19
90
0.80
84
104
94
66
96
66
81
98
72
85
96
94
68
82
70
70
83
2
Dallas
31
40
27
Mississippi
1.5
2,685
60
80
66
207
372
275
1,462
2,692
1.5
2,442
56
74
70
193
298
250
1,182
1,904
1,275
199
Louisiana
.
0.5
56
78
66
337
250
655
1,104
647
Oklahoma.
3.0
1,846
51
62
60
131
156
160
903
773
617
Texas
2.5
9,711
57
76
63
140
197
158
3,997
5,154
dry
Kerrville
1
Lampasas
Luling
Nacogdoches
3.5
111
85
91
87
391
495
460
89
164
0.0
212
89
88
89
355
501
456
127
313
201
Arizona
California-
0.6
354
89
91
92
468
570
560
225
738
414
All other..
1.2
25
72
82
84
254
361
334
12
23
dry
dry
dry
S...
17
26,449
59
75
65
58
41
58
67
Georgia
a.
0.5
11.9
1.0
14.8
Arizona
0.0
41
b90
92
87
0.0
94
82
84
85
a.
Low. Cal.c
-
»
-
90
135
0.7
92
2.5
2.8
233
269
270
20
12
179
215
46
52
4
94
,
98
98
1
0.40
96
3
1.00
99
Fort Smith
1
0.18
Little Rock
3
0.86
92
Pine Bluff
3
1.11
98
1
0.16
94
Louisiana—New Orleans
Shreveport
1
-
+
m
0.07
94
92
dry
dry
1.34
1.23
3
Pensacola
0.80
5
88
88
dry
3
94
92
92
0.69
93
2
Augusta
0.28
96
4
-
0.07
0.54
94
Macon
2
Carolina—Charleston._
3
5
0.27
1.71
1
North Carolina—Asheville
0.62
Charlotte
Raleigh
Wilmington
dry
-
.
dry
dry
dry
Chattanooga
Nashville
88
92
92
A
0.57
4
Tennessee—Memphis
94
90
90
95
96
92
•
82
82
83
84
83
85
84
82
85
85
84
71
70
72
72
74
74
72.
71
3
Atlanta
80
70
70
Birmingham
Montgomery
Tampa
Georgia—Savannah.
84
76
72
94
94
Florida—Jacksonville
Miami
85
81
70
68
70
70
70
72
72
71
3
Alabama—M obile
8
82
82
82
81
83
82
81
81
82
82
68
70
82
82
70
73
62
64
56
64
68
70
64
82
82
85
78
74
77
81
83
78
following statement has also been received by tele-
a.
m.
of the dates given:
Sept. 9, 1938
Sept. 10, 1937
Feet
*
New Orleans
Feet
.-Above
zero
of gauge-
2.3
2.1
-...Above
zero
of
gauge.
6.9
6.5
.Above
zero
of gauge.
6.9
5.6
Allowances made for interstate movement of seed cotton for ginning,
a Georgia
Sea Island. Florida Sea Island, and Arizona Egyption included in State and United
States totals,
b Short-time average,
c Old
Mexico, not included In Callfonrla
Memphis
Shreveport
Above
zero
of gauge.
9.0
2.7
figures, nor in United States total.
Vicksburc
Above
zero
of
4-6
81,851,080 Pounds of Wool Appraised for Loans of
$14,292,748 by CCC Through Aug. 27—The Commodity
Credit Corporation announced on Sept. 2 that through
Aug. 27, 1938, 81,851,080 net grease pounds of wool had
been appraised for loans aggregating $14,292,748.41.
Of
this amount, loans of $6,155,471.67 have been completed on
88
0.02
0.04
_
Vicksburg
The
73
72
1
Mississippi—Meridian
South
96
83
62
96
dry
23
219
0.09
72
70
78
72
3.3
77
0.08
dry
Oklahoma—Oklahoma City—
179.8 266.9 214.1 13,201 18,946 11.825
Florida.a.
2
3
96
.
Arkansas—Eldorado.
17
U.
0.36
2
Weatherford
107
Mexico
1,238
0.08
dry
—
Palestine
3,200
N.
-
94
2
Henrietta
1,543
Arkansas
0.88
dry
Pll Paso
287
878
84
94
98
92
Brenham
1,025
No.
85
Corpus Christi
643
Georgia—
1,308
2,104
Virginia
Mean
Brownsville.
Crop
1937
Lb.
Avge.
-Thermometer
Inches
2.23
1.4b
0.03
Texas—Galveston
Amarillo-
1938
For
Harvest Avge.
week ago,
a
weevil.
San Antonio
Produc'n (Ginnings)*
500-Lb. Gr. Wl.Bales
number
149,000,000.
Complaints of shedding
although a num¬
ber of complaints have been received from dry areas in the
western belt.
High temperatures have served to check
seem
1938
Yield per Acre
is about
us this
and boll weevil continue
worms
Taylor.
1938 Acreage
idle,
lint,
States),
Telegraph—Telegraphic advices to
evening indicate that leaf
western
1,
945
by mail,.
Consumption, Stocks,
Paris
REPORT
15,963
27,298
1,079,809
Includes 157.865 bales of the crop of 1938
ginned prior to Aug. 1 which
was counted in the
supply for the season of 1937-38, compared with 142,983
and 41,130 bales of the
crops of 1937 and 1936.
The statistics in this report include 11,193 round bales for
1938; 24,360
for 1937 a id 9,311 for 1936.
Included in the above are 477 bales of
American-Egyptian and 78 bales of Sea-Island for 1938.
The statistics for 1938 in this
report are subject to revis'on when checked
against the individual returns of the ginners being transmitted
parts of the
belt.
Both leaf worms and boll worms have been particularly active and
damaging in Texas.
The Crop Reporting Board of the Bureau of Agricultural Economics
makes the following report from data furnished by crop correspondents,
field statisticians, and cooperating State agencies.
The final outturn of
cotton will depend upon whether the various influences affecti .g the
crop
during tue remainder of the season are more or less favorable than usual.
COTTON
166,842
*
be more than average.
In the central portion
damage is about average, while in Texas and
Oklahoma less than average loss is in prospect.
All States report heavier
weevil damage this year than last.
Significant infestation of leaf worms
much
180.271
42,702
685,945
1,714
South Carolina
Texas
lews from these insects will
of the cotton belt weevil
occurred
10,324
194.455
181,235
247,640
14,755
28,498
460.902
16,942
4 730
Comments
of
524
10,488
219.614
178,143
98,782
118,293
All other States
HOLI¬
.
April
as
77,226
353
Oklahoma
December
February
4.934
40,503
10.357
Georgia
2 548
45,803
1,295
Arkansas
California
Florida
November
March
to Sept. 1,
corresponding date in 1937 and 1936.
*1.331,745
United States.
Louisiana
(1938)
.
GINNING
1938
Friday
Sept. 9
Thursday
to the
Running Bales
(Counting round as half bales and excl. linters)
State
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
COTTON
ginned from the growth of 1938 prior
1938, and comparative statistics
7.<*5
7.77
,
8.05
7.96
8.00
7.85
7.85
Fort Worth
8.10
8.10
Houston
Little Rock
Dallas
Oct
process*
Nashville-
Receipts
from
the
gauge.
9.3
Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Financial
1656
Week
Sept. 10, 1938
1937
1938
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Chronicle
End
1938
1937
Cotton
ings, Common
Twist
1936
1937
1938
1936
8Ml Lbs. Shirt¬
32s Cop
1937
1938
to Finest
Middl'g
Upl'ds
d.
d.
1936
June
10.
17.
15,944
27,019
24,113
24.
Nil
19,653
Nil
Nil
Nil
5,532
Nil
Nil
d.
22,893
15,752
8.
17,684
17,059
8H@
3,282
Nil
Nil
Nil
Nil
Nil
3,438
Nil
Nil
17,198
3,764
Nil
1-
9X&10X
@93
34,411
Nil
8-
9H&10H
93i@10M
28,601
1997,556
63.693
55,199
39,742 1978,400
828,147 1206,417
2024.282
38,915 1951,616
52,891 1933,484
5.
49,379
68,215
12.
61,885
94,093
19.
73,033 149,210 76,336 1927.836
78,102 221,570 141,365 1922,216
Nil
811,182 1167,401
22,595
796,150 1144,650
788,408 1132,176
806,649 1140,781
33,753 79,061
30,140
67,385 141,468
63,862
83,722 239,811 149,970
39,236
22-
9H@10H
d.
7.06
@10
@10
@10
8
9
6.92
9
6.95
@10
13 M @15
10
6
4.83
13K@15
10
6
1>£@ 9
4
@96
1>£@ 9
4
1>£@ 9 4
1J4@ 9
4>£
4.96
9
13K@14J*
13>£@14H 10
6
9
6.87
5.16
6
@10
9
6.98
4.88
10
@10
@10
9
9
6.85
4.99
V6%@n%
13H@14>£ 10
12Ji @14J4 10
6
1}£@ 9 4>£
@93
@93
@93
4.89
12>£@14
1K@
9
29-
9H@10 H
9
9
9X@10X
9
9
5.06
6
6.60
4K@10
7H
6.12
4>£@10
3
@10
7>£
6
6.20
Aug.
5-
9
@10
836,739 1219,831 171,494 330,292 280,892
19-
9
@10
9
309,808 271,456 2044,616
918,178 1339,682 290,308 361.614 391,307
26-
9
@10
9
12-
2. 144,055 300,222 201,842
6
4.69
9
1949,655
Sept.
13K@14$£ 10
July
15-
Aug.
d.
s.
3
9
17,371
43,924
Upl'ds
d.
s.
4>£
9
32,676
17..
24-
4.54
@93
9
44,437
16.
29.
d.
s.
9
930,969 1384,154
22.
9. 195,347
9
9«
8H<e, 9h
9
@10
2081,164
903,027 1349,502
873,772 1301,765
848,935 1255,364
26.
d.
S.
3053,520
21,952
13,381
16.973
28,419
to Finest
June
10..
July
1.
Middl'g
Twist
Nil
7,966
32,597 2138,409 1030,520 1517,933
39.972 2119,356 998,705 1465,362
21,698 2100,775 964,392 1424,612
23,325
20.069
Cotton
324 Cop
8H Lbs, Shirt¬
ings, Common
10
4.78
12>£@13Ji 10
4.78
12^@13K 10
11%@13H 10
4.74
3
5.93
6
5.78
1H@10
4J£
5.63
10
1H@10
4H
5.56
10
1>$@10
4>£
5.46
@10
Sept.
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1938, are 660,463 bales;
in 1937 were
1,181,837 bales and in 1936 were 455,616
bales.
(2) That, although the receipts at the outports the
past week were 195,347 bales, the actual movement from
plantations was 290,308 bales, stock at interior towns
having increased 91,961 bales during the week.
2„
9-
from the
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
1936
for the last two
seasons
from all
from which statistics
sources
obtainable; also the takings
sight for the like period:
are
of
Week
*
a
Bales
Mathias, 570
350
Marta, 200
27, Sixoala, 300
BROWNSVILLE—To Ghent, Sept. 8, Narbo, 125
498",629
2,000
7,000
26,000
8,000
1,294,943
100,000
51,000
10,800
47,000
2,013,541
49,000
49,000
54,200
39,000
9,362,684
5,103,895
7,776,521
4,811,695
296,371
1,586,163
1,078,563
507,600
292,200
198,200
94,000
Since
Week
Week
Aug. 1
10,000
Bombay
Since
Since
Aug. 1
49,000
2,000
100,OOC
For the Week
Week
Aug. 1
91,000
5,000
Since Aug. 1
To Gdynia,
Bombay
Great
Britain
Conti¬
Jap'ndc
nent
China
Great
Total
Conti¬
Japan &
Britain
nent
China
Total
...
1938
1,000
7~66O
12,000
7,000
19,000
2,000
29,000
106,000
78,000
132,000
15,000
16,000
1,000
8,000
4,000
1937.
7, Monteilo,
3,000
16,000
92,000
111,000
109,000
Other India1938——
1,000
4,000
34,000
51,000
1,000
6,000
5,000
7,000
17,000
1937—
12,000
1936—
1,000
9,000
10,000
20,000
37,000
27,000
100
595
98
2 221
150
163
300
300
Sept. 7, Vigilant, 5,642; Sept. 8, Kerholm, 2,026—
Sept. 3, Colorado Springs, 1,119
7,668
1,119
To Liverpool,
To Manchester, Sept. 3, Colorado Springs, 1,045
To Ghent, Sept. 3, Fjordheim, 375; Syros. 502; Sept. 4,
Marto, 150—
To Antwerp, Sept. 3, Fjordheim, 50; Syros, 800
1,045
San
1,027
850
-
To Havre, Sept. 3, Fjordheim, 7,969; Syros, 3,989; Sept. 4,
San Maeto, 1,105
To Dunkirk, Sept. 3, Fjordheim, 2,138; Sept. 4, San Maeto, 230
To Bremen, Sept. 3, Wast Hobomac, 4,595
-—
13,063
2,368
4,595
To Enschede, Sept. 3, Syros, 50
To Revai, Sept. 3, West Hobomac,
50
425
100; Sept. 8, Kerholm, 325To Japan, Sept. 4, Kimikawa Maru, 5,433
...
To Sydney, Sept. 4, Kimikawa Maru, 250
To Aalhorg, Sept. 8, Kerholm, 100
To Uddevaha, Sept. 8, Kerholm, 50
To Valberg, Sept. 8, Kerholm, 100
To Norkopping, Sept. 8, Kerholm, 220
To Gelfe, Sept. 8, Kerholm, 200
To Wasa, Sept. 8, Kerholm, 194
To Brando, Sept. 8, Kerholm, 35
To Abo, Sept- 8, Kerholm, 50
MOBILE—To Liverpool, Sept. 1, Gateway City, 305
To Manchester, Sept. 1, Gateway City, 440
To Antwerp, Aug. 31, Antinous, 11
To Havre, Aug. 31, Antinous, 71To Hamburg, Aug. 31, Antinous, 70
NORFOLK—To Antwerp, Sept. 8, Black Falcon, 15.
To Manchester, Sept. 2, Manchester Brigade, 39
SAN FRANCISCO—To Japan, (£), 1,419; (?), 1,281
LOS ANGELES—To Liverpool, Sept. 4, Chattanooga City, 100;
Pacific Exporter, 29To Manchester, Sept. 4, Pacific Exporter, 156
To Dunkirk, Sept. 4, San Pedro, 450
To Japan, Sept. 4, Terukawa Maru, 503; Tuysmar Maru, 500;
Taiyo Maru, 2,511; Kongo Maru, 1,094—.
5,433
250
100
50
100
220
200
194
35
50
305
440
71
71
70
15
39
2,700
.
Exports
from—
4,905
407
7, Cordonia, 163
.——
1936
1937
Sept. 8
3,971
1,449
-----
-
Southern mills, 580,000 bales in
1938
Sept. 8, Narbo, 1,449
To Venice, Sept.
To Naples, Sept.
Embraces receipts in Europe from Brazil, Smyrnia, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by-
India Cotton Movement from All Ports
—
JACKSONVILLE—To Bremen, Sept. 7, Tatra, 98...
CORPUS CHRISTI—To Genoa, Sept. 7, Cordonia, 695; Monteilo,
1 526
To Trieste, Sept. 7, Cordonia, 150
1,732,068
1,115,268
616,800
1938 and 805,000 bales in 1937—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 1,006,103 bales in 1938 and 927,068 bales in 1937, of which
498,563 Dales and 310,268 bales American,
b Estimated.
431
934
280
To Dunkirk, Sept. 8, Narbo, 100
To Rotterdam, Sept. 8, Narbo, 595
4,811,695
200,971
95,400
400
3,279
8,898
9
1,800
1,605
1,000
350
200
600
235
-
To Havana, Sept. 3, Ulna, 300; Aug.
To Havre,
7,776,521
Receipts—
435
-
Sept. 3, Monteilo, 400
Sept. 2, Vigilante, 2,146; Kerholm, 1,133
To Japan, Sept. 3, Kimikawa Maru, 4,512; Vita, 4,386
To Copenhagen, Sept, 2, Kerholm, 9HOUSTON—To Copenhagen, Sept. 2, Kerholm, 431
To Gdynia, Sept. 2, Kerholm ,934
To Gothenburg, Sept. 2, Kerholm, 280
To Japan, Sept. 1, Vito, 3,971. —
To Bremen, Sept. 8, Kerholm, 4,905
To Hamburg, Sept. 8, Kerholm, 407
-NEW ORLEANS—To Liverpool, Sept. 3, Logician, 1,230; Sept. 6,
To Napies,
To Gdynia,
6,543,763
Of which other
@13
Shipping News—Shipments in detail:
4,339",022
8.072,892
Total takings to Sept. 9_a—
Of which American
119i @13
111
GALVESTON—To Genoa, Sept. 3, Monteilo, 435
4,562,266
402,340
10,000
5,000
5,400
7,000
—-
4.71
To San Felip, Aug. 31, Santa
Season
7,858", 941
Bombay receipts to Sept. 8_.
Other India shxp'ts to Sept. 8_
Alexandria receipts to Sept. 7Other supply to Sept. 7
Total supply
Deduct—
Visible supply Sept. 9
Week
Season
7,643,152
Visible supply Sept. 3
4.85
@93
To Havre, Sept. 3, Waban,
1937
Week and Season
Visible supply Aug. 1
American in sight to Sept. O.¬
@93
9H
9Vi
To Manchester, Sept. 3, Logician, 1,605
To Dunkirk, Sept. 2, Ostand, 1,000
1938
Cotton Takings,
out
amounts gone
or
8%@
8%®
129
156
450
47,000
49,000
Total
Total all—
1938
1,000
5,000
1937
1,000
14,000
7,000
1936—-
1,000
13,000
12,000
6,000
24,000
22,000
26,000
14,000
23,000
53,000
66,000
43,000
106,000
78,000
92,000
183,000
158,000
158,000
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
1
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
8,000 bales.
Exports from all India ports record a decrease
of 16,000 bales during the week, and since Aug. 1 show an
increase of 25,000 bales.
1,094
82,665
—
—
High
Stand¬
High
ard
Density
Density
...
Stand¬
Stand-
High
ard
Density
r
ard
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Alexandria, Egypt,
Sept. 7
1938
Since Aug. 1
27,000
53,254
1936
130,000
325,000
165,000
285,234
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
To Oontin't & India
To America
Total exports
6",000
6,200
9,900
52,250
1,550
2,000
4,000
7,000
4,000
7,000
27,650
6~oo6
5,000
5,500
24,149
.67c.
Flume
d.45c.
.60c.
Salonica
.85c.
1.00
Antwerp
.52c.
,67c.
Barcelona
Havre
,52c.
.67c.
Japan
Rotterdam
.52c.
.67c.
Shanghai
d.45c.
.60c.
Bombay
Oslo
.58c.
.73c.
-63c.
.78c.
Stockholm
*
No quotations,
x
*
Venice
*
*
#
Copenhag'n.57c.
d.45c.
Naples
.72c.
*
d.45c.
.600.
,57c.
.72c.
*
d.85c. 1.00
.50c.
.65c.
Leghorn
Bremen
.52c.
.67c.
Gothenb'g
Hamburg
.52c.
6,000
69,900
13,000
39,150
•60c.
.67c.
x
Only small lots,
d Direct steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Aug. 26
Sept. 2
Sept. 9
35,000
34,000
37,000
1,156,000 1,162,000 1,158.000
650,000
636,000
648,000
42,000
33,000
27,000
34,000
15,000
5,000
8,000
5,000
149,000
134,000
22,000
136,000
24,000
25,000
124,000
26,000
Aug. 19
50,000
1,163,000
658,000
-
—_
The tone of the
Liverpool market for spots and futures
each day of the* past week and the daily closing prices of
spot cotton have been as follows:
.
Monday
Tuesday
Wednesday
Quiet.
Quiet.
Quiet.
Quiet.
Thursday
Friday
More
business
demand.
Saturday
Spot
doing.
A fair
Market,
6,000
35,249
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Sept. 7
27,000 cantars and the foreign shipments were 6,000 bales.
12.15
P. M.
were
Manchester Market—Our
report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is quiet.
Demand for home trade is im¬
proving. We give prices today below and leave those for
previous weeks of this and last year for comparison:
Manchester.52c.
600
100
Note—A cantar is 99 lbs.
^
1.00
Of which American
This
Liverpool
To Manchester, &c
.85c.
Liverpool
Of which American
Total imports
Of which American.
Amount afloat-...
Since
To
Piraeus
Total stocks
This
Exports (Bales)—
.60c.
Forwarded
1937
Receipts (centars)—
This week
d.45c.
Genoa
Alexandria
.67c.
Trieste
.52c.
Mid.Upl'ds
4.80d.
Futures.
Market
Quiet,
4 to 6
4.75
Quiet,
4.69d.
Quiet,
4.72d.
Steady,
4.71d.
Quiet,
pts. 4 to 5 pts. 1 to 3 pts. 3 to 4 pts. 1 to 3 nts. 3 to 5 pts.
decline.
decline.
decline.
advance.
decline.
decline.
opened.
Market,
4.79d.
Quiet,
Steady,
Steady,
Steady,
Quiet,
Quiet but
2 to stdy., 3 to 5 to 8 pts. 1 to 3 pts. 3 to 5 pts. 1 to 2 pts.
decline.
advance.
decline.
decline.
dec. 4 pts. dec.
Quiet but
4
stdy
P. M.
3
,
pts.
Volume
147
Financial
Prices of futures at
Liverpool for each day
are
Chronicle
given below:
reports scheduled for issuance Friday afternoon.
to higher prices
cap
Sept. 3
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
tions
Close Noon Close Noon Close Noon Close Noon Close Noon Close
that
with
to
Sept. 9
surplus
Contract
October (1938)..
4.63
December
4.69
January
(1939).
March.....
4.71
May
July
October
d.
d.
~d.
d.
4.60
d.
4.58
d.
d.
4.52
4.56
d.
4.53
4.55
4.57
4.66
4.64
4.61
4.61
4.63
4.66
4.62
4.64
4.71
4.69
4.67
4.64
4 64
4.66
4.69
4.65
4.67
4.77
4.73
4.70
4.69
4 66
4.67
4.69
4.71
4.78
4.75
4.72
4.71
4.68
4.69
4.71
4.72
4.75
4.72
4.69
December..
4.76
4.73
4.71
January (1940)
4.78
4.74
4.72
.
4.66
..
4.75
.
4.61
4.58
4.70
--
«.
4.68
-
«.
—
values
Chicago
«
-
4.73
-
4.71
4.69
4.70
mm
'
-
m
'
4.69
-
4.71
-
with
4.72
4.74
was
week, there being no real incentive for
substantial way.
a
tending lower and prospects of
between
nations
stimulate
exporting
buying
wheat,
Restricted
by the
governmental
Labor
of
in
the
Chicago pit today.
buying that lifted prices
After
much
as
moving within
ing-up operations
Government's
subsidy
export
of
export
flour
On
future
6th
the
Tumbles
of
lessened
inst.
pressure
six
l%c.
who
in
Europe.
disturbed
were
of closing quotations at
Liverpool.
as
of
Much
because
interpreted
European affairs.
of
a
Uncertainty
a
Total
movement.
absence
of
export
estimates of Italian and
from
bullish
a
wheat
showed
Winnipeg
Hungarian
net
standpoint.
Domestic
in
heavy,
3,000
cars
for
Chicago
week ago,
importing
and that quantities
countries
had
decreased
inst.
prices
closed
%c.
%c.
to
On
the
8tli inst.
of
and
meager
the
of
had made
corn
again broken off negotiations.
of
the
Winnipeg
wheat
German
CLOSING
PRICES
served
as
as
time.
some
the
late
Wheat
upturn,
contrasting
with earlier
Federal
import
200,000,000 bushels of wheat
attracted
On
estimates
that
Great
meager
Britain
more
will
than
last
December
8th
inst.
%c.
l%c.
to
net
56
60%
net
fered l%c.
sellers
been
in
on
a
bushel setback late today.
Conspicuous among
late dealings were traders who earlier had
purchase
States wheat
small
was
overseas
indications of
cal situation
went
side.
Foreign demand for United
reported as extremely slack, with only a
in Canadian grain.
Emphasizing
turn
was
materially
for the better in the
the fact that the
European politi¬
Liverpool wheat market
lower
after
relative strength.
than
due
at
first
Fri.
67%
CHICAGO
IN
Wed.
Thurs.
50
48
50%
48%
50%
48%
50%
50%
51
Fri.
52%
50
.
When
Aug.
Aug.
Aug.
Aug.
52%
Made
11,
11,
11,
16,
1938
1938
1938
1938
On the 6th inst. prices closed Vsc. to %.c.
was heavy in sympathy with the
The sharp increase in the visible supply of
oats also had its
closed
i/ic.
net
depressing influence. On the 7th inst. prices
Trading was light and without
higher.
special feature.
On the 8th inst. prices closed %c. to *4c. net higher.
Light rural offerings and uneasiness regarding frost possi¬
bilities influenced
a
firmer oat market.
%c. to %c. net higher.
the
This market
Today prices closed
firm, largely on
pronounced strength of the wheat markets, which influ¬
enced not
a
PRICES
OF
OATS
FUTURES IN
Mon.
Tues.
Wed.
Sat.
September
23%
24%
25%
-
Decemoer
May
Season's
was
little short covering in the oats market.
CLOSING
DAILY
High and
When
September
30
Jan.
December
28
May
28
July
July
f DAILY CLOSING
II
O
L
23%
24%
23%
PRICES OF OATS FUTURES
Sat.
Mon.
28%
Tues.
H
27
December
O
25%
May..;
L
28
A
CHICAGO
Thurs.
23%
24%
25%
Made
I
Season's Low and
10,1938 September
22
13,1938 December
25
23. 1938 May
23%
October
showing
For the most part, Chicago traders were
inclined to act with caution, many showing a
disposition to
hold off altogether and await North American
official crop
66%
This market
business
a
H
O
Tues.
Made
I
Season's Low and
25. 1938 September... 49%
13, 1938 December
46%
28, 1938 March
49
23. 1938 May
4934
lower.
the
the
lower.
other grains.
year
prices suf¬
Mon.
Thurs.
66%
extremely light.
to
The market ruled heavy today in
sympathy with the weak¬
ness
of the Winnipeg market.
Chicago wheat
Wed.
65%
Oats—On the 3d inst. prices clesed unchanged to VsC. up.
appeared to be at a standstill, trading being
'
prices closed
NEW YORK
Tues.
This market
on
considerable notice.
the
When
Mar.
July
July
July
and
64
63%
March
transac¬
have
High
May...
that European countries have done in
trade volume broadened
tions.
HOL.
50%
Season's
additional
materially
attributed to the
L
September
Export purchases of Canadian wheat were
totaling 850,000 bushels, the first major buying
from North America
was
CORN IN
50%
48%
May
stimulus here.
estimated
corn
Mon.
Sat.
September
party had
an
OF
65%
March
higher.
A notable late upward trend
market
63%
incentive to buy.
from Indianapolis
1DAILY CLOSING PRICES OF CORN FUTURES
ocean
to
it known the Sudeten
was
6034
60%
were an
values
Sat.
reports the Sudeten Germans
tentative acceptance of proposals for a basis of
with Czechoslovakia and that peace chances
appeared better.
Not until after grain dealings were ended
day
Fri.
receipts at Chicago—only 38 cars—were
largely responsible for the strength of corn
Open interest in corn tonight totaled 38,585,000
DAILY
a
the
5734
5734
61%
corn
No. 2 yellow
negotiations
for
Thurs.
bushels.
750,000
net
WINNIPEG.
59
57%
62%
factors
values.
response to sudden
upturns of the New York
market, Chicago wheat prices late today substituted
about lc. gain for earlier equal losses.
Chicago traders
appeared to ignore the circumstances that the jumps of
attributed
IN
61
7, 1938
7, 1938
8, 1938
7,1938
Sept.
Sept.
light rural offerings.
Only 1,000 bushels of corn were
bought today to arrive here.
Uneasiness about frost dam¬
age possibilities was manifest.
Today prices closed 1%'c.
to IV2C. net higher.
The strong action of the wheat markets
Largely in
were
L
Sept.
Sept.
Wed.
5734
57%
64%
Made
prices closed unchanged to %c. higher.
This relative firmness of
stock
securities
Tues.
61%
6334
average.
December
7th
When
59%
6134
62%
62%
H
O
that Indiana
below
is
V
the
and
60 %
61%
6234
62%
crop
period.
on
77%
September delivery equaled the season's low-price
Louisville
to
bushels.
On
Low
WHEAT
Mon.
59%
59%
62%
61
62%
63%
64%
63%
.
Season's
OF BONDED
v
to
passage
a
6034
6234
9.1938 September
15, 1938 Decemoer
23, 1938 March
23. 19o8 May..
R. O. Cromwell wired
receipts at
three-day
Fri.
On the 7th inst. prices closed V2C. to %c. net higher.
advanced independently of wheat.
Unfavorable
Corn
World shipments were reported as totaling
nearly 2,000,000
bushels less than
\
H
O
L
reports from Indiana and Illinois
Increased
supplies
76
record.
did not help much
a
76%
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs.
Fri.
On the 6tli inst. prices closed %c. to %c. net lower.
Corn
prices were adversely influenced by the wheat market col¬
lapse and by rain reported in many sections of the belt.
the
selling
purchases
gain of 5,975,000 bushels, and
a
were
Made
July
July
NEW YORK
Wed. Thurs.
75%
export was reported, but the market continued to rule easy.
Selling pressure was light, but demand was indifferent.
pacific turn
visible
.
When
Feb.
June
IN
Tues.
Hoi.
Corn—On the 3d inst. prices closed %c. to %c. net lower.
A moderate demand was
reported for corn in the nearby
delivery.
Scattered business in United States corn for
of
lower.
to
the
prices.
own
crops
Mon.
62%
64%
6534
65%
May
wheat from this country was reported,
notwithstanding that
importers virtually could quote their
downward
WHEAT
December......
the United States export subsidy plans added to the down¬
ward
WHEAT
Sat.
possible changes in
over
OF
DAILY CLOSING PRICES
SVsC. collapse
more
OF
October
Liv¬
interest
today
of
PRICES
and
92%
Decemba'
84%
March
73%
May
..-74%
Action of the Liverpool
confirming
The
here.
its
broadened
payments
2*4c.
prices
CLOSING
Season's High
resulted largely from reports of
years
market
was
to
purchasing
reversed
Winnipeg reported 250,000
77%
September
the
over
had little effect.
wheat
CLOSING PRICES
May
News that the
total absence of
closed
Chicago
obligations.
September
due to stop-loss orders by holders of futures
was
contracts
prices
in
tension
war
a
market
December
than mark
been
their
March
shipment.
2%c.
lowest levels in
was
the
Sal.
general
cent
through
indemnities to exporters apparently
for
a
has
program
wheat
erpool cables said there
wheat
the
more
the two-day holiday.
over
led
abruptly
of the past
DAILY
narrow range.
Trading on the
largely confined to spreading and even-
was
market
Sat.
dull state, values
a
connections
wheat
DAILY
extremely
an
Chicago Board
include
new
2c. maximum today.
Buying flurries in
interrupted at times by profit-taking. Houses
No. 2 red.
opening spurt of
% of
as
presents
uncertainty
and
an
previous close, the market relapsed into
to
before
export
bushels of Canadian wheat bought for
shipment to Europe.
Open interest in wheat tonight totaled 115,197,000 bushels.
%c. higher to ^c.
wheat
were
Eastern
meet
consumers.
Day holiday,
for
programs
consumers
keen competition
European situation, wheat prices did little
time
asser¬
burdened
in Europe was chiefly responsible.
A rush to buy resulted
promptly in Chicago, with much of the purchasing ascribed
to speculative traders who were short of
wheat needed to
With wheat
situation
the
the part
on
Wheat—On the 3d inst. prices closed
lower.
were
seven successive days, and although due
%c. and l^c. lower, showed at times l%c. overnight net
Dispatches at hand said the tense political situation
little change in the flour trade
very
into the market in
little
over
States
to
gain.
Friday Night, Sept. 9, 1938.
Flour—There
to
United
anxious
upward
Liverpool
BREADSTUFFS
markets
the
and
A handi¬
persistent
alarming' European war talk, together with lively export
purchasing in Canada, did much to force Chicago wheat
4.61
-
4.69
4 71
4.68
-—
4.56
4.54
4.63
course
come
and
supplies
of
Hemisphere crops could begin actively competing.
Today prices closed l%c. to l%c. higher.
Renewal of
d.
d.
d.
4.68
the past
Canada
notice taken
was
Southern
>~ ATew
to
1657
IN
24
24%
25%
When
Fri.
24%
25%
26
Made
Aug.
8, 1938
Aug. 16, 1938
Sept.
6, 1938
WINNIPEG
Wed.
27%
26%
28%
Thurs.
27%
26%
Fri.
29
28
29%
Rye—On the 3d inst. prices closed unchanged to %c. up.
holiday atmosphere prevailed, with very few inclined to
trade in
futures
a
substantial way.
was
a
As
a
result the market for rye
dull affair during today's short session.
On
Financial
1658
the
prices closed llAc. to l%e. net lower.
The
in the visible supply of rye and the pro¬
weakness in wheat were the chief factors respon¬
6th
nounced
in rye. On the 7th inst. prices
closed %c. to %c. net higher.
The firmness of this grain
was
attributed largely to the strength displayed in the
sible for the sharp declines
for the week and since
The destination of these exports
inst.
sharp increase
Sept. 10, 1938
Chronicle
July 1, 1938, is as below:
Wheat
Flour
Corn
Exports for Week
Since
and Since
Week
Since
Week
July 1 to—
Sept. 3,
July 1,
Sept. 3,
1938
1938
1938
Barrels
Barrels
July
Week
Since
Sept. 3,
1,
1938
1938
July 1,
1938
Bushels
Bushels
Bushels
wheat markets.
closed %c. to %c. net lower. This
largely in sympathy with the down¬
On the 8th inst. prices
heaviness of rye
ward
%c. to
higher.
The same factors that influenced the
higher wheat markets had their bullish effect on rye values
and resulted in considerable buying of rye, especially for
iy4c.
net
DAILY
CLOSING
PRICES
Man.
41 %
May-.
DAILY
When Made
and
6924
High
Feb.
July
July
5634
53 %
CLOSING
OF RYE
PRICES
16,604,000 1.173.000 19,215,000
1,687,000
12,612,000 1.472,000 16,706,000
9,500
24,500
227,500
Other countries-—
2:666
9,000
25,304
Total 1938—
67.300
776,487
3,015,000
29.284,000 2,645,000 36,022,000
92,030
900.655
1,672,000
21.981.000
So. & Cent. Amer.
West Indies
41*
41%
FUTURES
Mon.
Sept.
Sept.
Sept.
39
39%
WINNIPEG
IN
Wed.
Tues.
6, 1938
7. 1938
7. 1938
Baltimore
L
-
Fri.
Thurs.
1,000
3,000
16:666
18:666
3,000
1,508,000
137,000
1,603,000
13,000
227.000
9,000
37.000
3,000
90,000
13,000
8,311.000
2.469,000
6,273,000
3,569,000
33,639,000
6,820,000
119,000
145",000
46:666
—
i—
Galveston
Fort Worth
Wichita
34%
3534
Hutchinson
3334
3334
3334
3534
3534
3534
3634
Kansas City
St. Joseph
-
.
Omaha.---
Hard winter patents
Hard winter clears--
Coarse
4,50@4.70
@
3.00
-
No. 2
Corn, New York—
No. 2 yellow all rail———
-
67%
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:
Chicago
Oats
Corn
5,111,000
5,276,000
Rye
Barley
245,000
Indianapolis
Louis-
m.ooo
277,000
24,000
4,000
467:660
105.000
175,000
673,000
110,000
4,977,000
686:660
227",000
284:666
IOLOOO
650,000
410,000
28,000
1,288,000
18.000
4,637,000
2,833,000
4,556.000
13,770,000
155,000
297,000
2,000
5,314,000
5,000
2,191.000
2,659,000
2.000
170,000
4,095,000
_
-
afloat
1,854,000
409,000
53,000
318,000
72,000
214,000
596,000
—
208"666
6,871,000 10,167.000
5,715,000 8,825.000
5.243.000 5,597,000
Note—Bonded grain not included above;
Oats—On Lakes, 86,000 bushels; total 86,000 bushels, against none In 1937.
Barley—On Lakes, 447,000 bushels, total447,000 bushels, against 653,000 bushels in 1937 Wheat—New York, 123,000 bushels!
New York afloat, 193,000; Buffalo. 97,000; Buffalo afloat, 120,000; Albany, 66,000;
on
Lakes, 3,077,000; on Canal, 35,000; total,
3,71i,000 bushels, against 3,585,000
bushels in 1937.
Corn
Oats
Rye
Bushels
Bushels
Bushels
Wheat
Bushels
Canadian—
232,000
371,000
1,715,000
726,000
646,000
1,604,000
4, 1937— 46,179,000
2,877,000
2,375.000
2,844,000
119,757,000
9,743,000 20,086.000
62,381,000
2,877,000
—-—
42.304,000
3, 1938
62,381,000
Total Aug. 27, 1938— 35,054,000
Total Sept.
261.000
Barley
791,000
Other Can. & other elev.
1,429,000
60,000
182,000
3, 1938—119,757.000
9,743.000 20,086,000
Total Aug. 27, 1938—113.784,000 10,468.000 17.981.000
Total Sept. 4,1937.-128,425,000
4,330.000 20,821,000
Total Sept.
-
Total Sept.
896,000
929,000
4,000
9,000
1,317,000
233,000
216,000
200.000
164,000
76,000
6.000
"6:666
Total Sept.
22,000
72,000
Total
—
Bushels
1,400,000
2,426,000
3.721,000
7,547,000
1,326,000
5,532,000
1,061,000
7,604,000
9,000
290,000
19:666
Toledo
St.
215,000
551,000
1,643.000
25,000
429.000
153,000
49,000
Duluth
Milwaukee.
602,000
822,000
2,177,000
125,000
116,000
492,000
203,000
...
134,000
705,000
On Canal
bbls.mibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush BOlbs. bush.48lbs.
Minneapolis
177,000
Lake, bay, river & seab'd
4,252,000
Ft.WillJams&Pt. Arthur 15,825,000
Wheat
Flour
Receipts at—
106,000
6,857,000
Duluth
"
No. 2 white
3634
Rye, No. 2 f.o.b. bond N. Y— 5834
Barley, New York—
4734 lbs. malting
4834
Chicago, cash.
66
red,c.l.f., domestic.-. 7734
6834
Manitoba No. l.f.o.b. N. Y_
395,000
4,406",000
Milwaukee
Buffalo-.--..--.--
Oats, New York—
64,000
253.000
901,000
996,000
1,918 000
-
-
Detroit
GRAIN
Wheat, New York—
245,000
1,301,000
15,501,000
afloat
On Lakes------
Minneapolis
Fancy pearl,Nos.2.4&7-4.00@4.50
—
"6:666
126,000
969,000
111.000
267,000
—
Chicago
"
72,000
103,000
6,591,000
-
Indianapolis
Peoria
17", 656
2,000
1,571,000
St. Louis...
FLOUR
113,000
1,058,000
Sioux City..
-—-3.25 @3,45
Spring oats, high protein.5.00@5.20 Rye flour patents
Spring patents
4.50@4.70 Seminola. bbL. Nos. 1-3—5.35@5.50
2.15
Clears,first spring-.
4.10@4.30 Oats good
-.1.75
Soft winter straights
3.35@3.85 Corn flour
Hard winter straights
4.30@4.50 Barley goods—
Bushels
6,000
-
3334
3434
Closing quotations were as follows:
Barley
Rye
Bushels
105,000
New Orleans
Wed.
296~000
27,000
41%
32%
Oats
Bushels
afloat
39%
35 34
-
May
"
Philadelphia
3934
Tues.
Corn
Bushels
1,125,000
New York
4034
H
O
lake and
1,000
3934
Mon.
stocks in
the
comprising
Boston
L
3334
3334
81.000
GRAIN STOCKS
36%
37
Sat.
gram,
Wheat
4034
—
100,000
Bushels
United States—
37%
38%
38%
1,000
6,000
at principal points of accumulation at
seaboard ports Saturday, Sept. 3, were as follows:
Frt.
Thurs.
supply of
62,000
1,000
granary
36%
37%
PRICES OF BARLEY FUTURES IN WINNIPEG
DAILY CLOSING
visible
The
Fri.
39%
40%
—
H
O
-
October.
December
1,327,000
Brit. No. Am. Col.
37
37%
-
May
Thuts.
40%
4014
4234
9
1938 September
14, 1938 December
25. 1938 May
Sat.
October.-.---.December
39%
Q
40%
42
43%
L
43
42%
4434
I
Season's Low and When Made
December
Seaion'*
316,773
98,410
99,500
CHICAGO
IN
Wed.
Tues.
H
40f*
-
— -
FUTURES
RYE
OP
Sat.
September
September
DecemberMay
.
Continent...
account.
short
Bushels
26.616
4,685
Kingdom
United
Total 1937
Today prices closed
wheat values.
of
course
was
1,000
'
Peoria
37,000
40,000
538,000
38,000
Kansas City
18,000
1,295,000
672,000
72,000
49,000
221,000
38,000
3,000,000
22,000
1,000
43,000
358,000
232,000
90,000
177,000
16,967,000
4,361,000
4,165,000
1,810,000
4,218.000
Canadian
6,871.000 10,167,000
1,604,000
9,743,000 22,963,000
Aug. 27. 1938-.148.838,000 10,468.000 20,356.000
Sept. 4, 1937—174,604,000
4,330,000 23,665,000
7,547,000
8,475,000 17.714,000
7,041.000 14,357,000
6,304,000 16,101,000
3, 1938-182.138.000
185,000
85,000
Summary—
American.
Omaha
St.
Joseph.
Wichita
...
Sioux City.
Buffalo—
Tot. wk. '38
54,000
Total
The world's
39,000
16:666
8,000
34:660
Same wk.'37
404,000
382,000
13.168.000
1,315,000
4,100,000
1,553,000
421,000
4.790,000
2,906,000
1,107.000
406,000
ended
Sept. 2, and since July 1, 1938, and July 1, 1937, are
shown in the following:
3,798,000
Samewk.'36
shipment of wheat and corn, as furnished by
Exchange, for the week
Broomhall to the New York Produce
2,851,000
Since Aug.
1938
1
2,024,000
1,908,000
2,597,000
78,245,000
21,749,000
81,452,000
8,849,000
24,990.000
28.935,000
29,486,000
Corn
Wheat
Since
Week
Exports
8,038,000 19,847.000
7,514,000 14,627.000
3,293,000 23,113.000
Week
Since
Since
Sept. 2.
Since
1936
-
60,229,000
25.722,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 3, 1938, follow:
1937
1938
July 1,
1938
July 1,
1938
Bushels
Bushels
Bushels
Bushels
Bushels
S ept.
2,
July
1,
July
1,
1938
Bushels
1937
1937
2,303,000
38,147,000
60,006
95.000
1,020,000
2.621.000
Flour
Wheat
Corn
Oats
Rye
Barley
8,854,000
3,488,000
27,942,000
70,861,000
0.384,000
ArgentinaAustralia
Receipts at—
2,156,000
39,859,000
22,120.000
13,951,000
22,598,000
328,000
6,840,000
136,000
2,792,000
4,016,000
943,000
8,864,000
13,844.000
10,624,000 108,160.000
68.901,000
6,829.000
75,973,000
87.386.000
Black Sea.
-
India
14,294,000
Other
bbls.mibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
New
York.
120,000
30,000
Philadelphia
28,000
130,000
107,000
19,000
93,000
Montreal..
"24:660
Boston
19,000
210,000
15,000
41,000
1,465,000
22,000
Galveston..
46:666
155,000
20,000
New Orrns*
96,000
31,000
Halifax
Total.
"2,000
182,000
Baltimore..
104,000
311,000
125,000
1,056,000
4,000
746:666
58i:666
248.000
2,055,000
1,075,000
125,000
1938—
9,351,000
74,818,000
75,680,000
4,312,000
Week 1937.
266,000
1,635,000
202,000
59,000
32,000
508,000
9,329.000
56,130,000
27,141,000
3,794,000
3,101,000
2,187,000
Since Jan. 1
2,633,000 13,100.000
Since Jan. 1
1937
*
on
Receipts do not include grain passing through New Orleans lor foreign ports
through bills of lading.
The exports from the several seaboard ports
ended
Saturday, Sept. 3, 1938,
are
—
Corn
66:666
3,000
Three Rlv's
Tot. wk. '38
countries
6,000
15,000
for the week
shown in the annexed
statement:
Loans
CCC
of
in this
manner
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
2,327
7.750.442
1,040,042
State
Colorado
Illinois
Bushels
New York
581.000
115,000
32,000 1,069,000
62,000
784,000
875,000
Albany
New Orleans..
Galveston..
Montreal
40,300
"96:666
24,666
1,465,000
Halifax
Three Rivers
26:660
16:666
66:660
iolooo
311,000
3,000
3,015,000 2,645,000
1,672,000
Minnesota
No Trading on
in
-
27,068,731
26,237
3,729,819
State
Missouri
Bushels
•
-
Nebraska
Ohio
South Dakota
Wisconsin
—
1,490.525
3.530,326
99,612
1,235,764
4,203
Sugar Futures Market on Saturdays
October—Saturday holidays for the sugar futures market
through October, the Board of Managers
the New York Coffee & Sugar Exchange, decided on Sept. 8.
will be continued
58i:666
—-
Total week 1938—
Same week 1937
66:666
Aggregated
thus far has been 48.52 cents.
Kansas
Wheat
1
Figures showing the number of bushels on which loans
have been made by States are given below:
Indiana
Bushels
Sept.
on
Iowa
Exports from—
Through
45,978,028
Bushels—The Commodity
Credit Corporation announced on Sept. 2 that "Advances of
Corn Loans" received by it through Sept. 1, 1938, showed
loans disbursed by the Corporation and held by lending
agencies on 45,978,028 bushels of corn.
Such loans aggreated $22,307,191.57, based on a loan rate of 50 cents per
bushel, of 2y2 cubic feet of ear corn testing up to 14}^%
moisture; the average amount loaned per bushel determined
$22,307,192
745:660
67,300
66,000
92,030
8,000
172,000 1,092,000
508,000
26,000
of
1
27,209,000
8.144,000
4,055,000
2,512,000
1,437,000
No. Amer.
Trading in both coffee and sugar has, as usual, been sus¬
pended this year on all Saturdays from June through Sep¬
tember.
Trading in coffee, unlike sugar, will recommence
on Saturday, Oct. 1.
Volume
147
Weather
Financial
Report for the
Week
Ended
general
Sept. 7—The
summary of the weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
weather for the week ended
Sept. 7, follows:
While the latter part of the week
tions, in general, the period
much
the
greater
portion
was
of the
that
was
abnormally cool in eastern
sec¬
characterized by abnormal warmth over
country.
Rainfall was spotted, except
large midwestern areas had substantial to
heavy falls.
The weekly mean temperatures were
below normal from the Lake region
eastward, and especially in the interior of the Northeast where the week
was 5 to 7 deg. cooler than
normal, with frost in exposed places.
Tempera¬
tures were relatively low also in
central and southern Rocky Mountain
sections.
Elsewhere they averaged above
normal, the plus departures
being especially marked over a wide north-south midwestern belt and also
Chronicle
mostly fair to good concddion, but late
planted mostly poor
l ruck
deteriorated in north and ranges dried
rapidly,
Elsewhere progress
and condition
good.
In extreme north range and
citrus improved greatly
and soil
prepared for fall seeding.
Rice harvest made good
progress.
Cattle generally good.
Arkansas—Litt]e Rock: Progress of cotton
most lowlands, due to
warm, dry weather;
on
ing
weevil: bolls
This
and*truck
st^y unfavorable for meadows,
THE
nearly to ohe Pacific Ocean.
In some
temperature averaged up to 10 deg. above normal.
table and
occurred
supplementary
over
reports
show that
substantial
to
New York,
a
Cooler
ern
extreme western
inch up to 5 inches.
The heaviest fall reported was 5.1 inchts at
Tekamah,
Nebr., but a number of stations had 4 inches or more.
In most other
sections of the country rainfall was moderate
to light, though there was
as much as 2 inches
locally on the north Pacific coast and up to 1 inch at
a few points in the Eastern States.
The outstanding feature of the week's weather
was
the generous to
heavy rainfall over a large western area, much of which had become un¬
favorably dry.
These rains were very beneficial, especially for late pas¬
tures and in conditioning the soil for
plowing and fall seeding.
The States
and parts of States receiving the
greatest benefits were as follows: Min¬
nesota (except the extreme
northwest), Iowa, southeastern South Dakota,
Nebraska,
Kansas,
north-central and
northwestern
Oklahoma, north¬
western Texas, New
Mexico, Colorado, eastern Utah, the southern half
of Wyoming, and parts of Missouri.
In the northwestern Great Plains
there were beneficial, local
showers, but the area was largely missed by
the
rains.
Moisture
is
still
needed
in
most
of
Arkansas
and
much
of
East of tae Mississippi River there is still need for
moisture in the South¬
east as far north as Virginia and eastern
Tennessee, and also in Ohio and
locally in the Northeast.
Otherwise conditions are generally favorable.
There was some light, unimportant frost in
the interior of the Northeast.
In general, crops continued to make
rapid progress toward maturity,
with corn developing fast and cotton
opening rapidly.
Farm work made
good progress, especially in the eastern half of the
country.
There was
considerable damage by heavy rains
locally in some central Rocky Mountain
poor
to
fairly good
temperatures
mildly stimulate
retail
view, although the
tension in the
of
a
damper
school items
pastures, sweet potatoes.
DRY GOODS TRADE
heavy
large midwestern area, including principally south¬
Minnesota, parts of Iowa, much of Missouri, northwestern Texas,
Oklahoma, Kansas, Nebraska, and the Rocky Mountain
area from southern
Wyoming southward to and including New Mexico.
In this area most stations
reported weekly totals ranging from about an
rather
mostly favorable for check¬
opening very rapidly; picking excellent
advance; bloomSmi s£°PPed ,and foliage cleaned by worms or brown in many localities;
still
boiling in some central, east, and northeast
areas; little top crops
elsewhere; progress in hills poor to
badly deteriorated.
Progress of late
from the northern Plains westward
northwestern sections the
rails
1659
in that area
and
Friday Night, Sept. 9, 1938
seasonal
trade
influences
served
during the period under
nervousness
to
re¬
engendered by the continued
European political situation
on
exerted somewhat
Fall apparel lines and
back-to-
sentiment.
were
chiefly affected by the improved demand.
a
slightly better showing as cash pro¬
Rural sections made
ceeds from the sale of
agricultural products found their
way
into the purchase of needed
goods.
Department store sales
the country over, for the week
ended
Aug. 27,
lower than for the
corresponding week of last
were
14%
although
should, of course, be taken into account that
retail
prices in general are substantially below the
1937 level
For department stores in New
York and
Brooklyn, the
Federal
year,
it
Reserve Bank of New York
reported a decline in
dollar volume
amounting to 14.2%, while the loss in Newark
stores reached
14.8%.
districts threshing made good progress
conditions.
In the eastern Winter Wheat Belt
Trading in the wholesale dry goods markets
expanded
moderately as the usual post-holiday pickup in
covering
purchases by merchants for the early fall season made
its
plowing was accomplished, although this work has been retraded by dry ground in Ohio.
West of the Mississippi River conditions
for seeding have been improved
greatly by the recent rains, except in the
northern Plains where it is still too
dry for plowing and seeding.
In Ne¬
appointing, however, with the majority of stores
persisting
in their cautious
buying attitude, pending clearer indications
sections.
Small
under
Grains—In
the
favorable weather
later
considerable
braska,
now
Kansas,
western
excellent
in
shape.
Oklahoma, and northwestern Texas the soil is
In Karisas seeding of wheat has begun in the
soon be general there, while it is well
Washington the soil is still too dry and
half of the State and will
started in Nebraska.
However, in
western
hard for seeding.
Corn—Tne
is maturing rapidly with an increasing amount
becoming safe from frost.
East of the Mississippi River condition con¬
tinues favoraole, except for some
firing of late fields in the eastern Ohio
Valley and for some deterioration in the dryer central and south-central
parts of Illinois; it was too cool for the best results in the western Lake
region.
In the northern Ohio Valley the bulk of corn
requires 2 or 3 weeks yet to
corn
crop
become safe from frost.
In the Great Plains rains have come too late to
In Minnesota the corn is
maturing fast, but needs
be of material benefit.
a couple of weeks more
Iowa, also, maturity was rapid—
too fast for best results in
many scattered localities, with heavy drought
and heat damage in some western sections.
However, in this State about
half of the crop is developing good to excellent
yields; 16% was safe from
frost on Sept. 1, and with normal weather about
45% will be safe by the
15th, and about three-fourths by the end of the month.
before
will
it
be
safe
from
frost.
In
Cotton—Abnormally warm weather and light to moderate rainfall were
generally prevalent in the Cotton Belt, resulting in good progress toward
maturity and rapid opening of bolls.
Picking and ginning advanced
favorably.
In
Texas
harvest is
now
generally well to the north and is nearing com-
ut very the southern half of the State; cotton is largely good in
Eletion in spotted in the north with plants fruiting poorly andthe south,
shedding
considerably; the late planted, especially, is making mostly poor develop¬
ment.
In Oklahoma progress is poor to fair in the south
and east, but
mostly good elsewhere, though there is considerable premature
opening;
picking and ginning made good progress.
In Arkansas the weather has persisted too
dry and hot; progress is poor
fairly good in most lowlands, but deterioration is reported in some hill
In other central States of the belt conditions continue
fairly
favorable.
In the eastern belt progress is
to
sections.
mostly fair, but condition
varies considerably.
There are reports of premature opening and shed¬
ding in northern Georgia, but in South Carolina local showers were helpful.
In North Carolina the condition of cotton varies
considerably, ranging from
poor to fairly good.
The Weather Bureau furnished
conditions in the different States:
North
Carolina—Columbia:
following
resume
of
Carolina—Raleigh:
South
the
Rains near close favored late corn, sweet
potatoes, gardens, and pastures and softened soil for fall plowing.1
Progress
of cotton fair; condition poor to fair;
picking slow, with heavy sheddling.
Curing tobacco nearly done, except in northwest.
truck,
and
gardens,
but
Local
much
rains in
late
corn
north
revived
pastures, late
suffered
irreparable damage.
rapid opening; picking made
good advance; ginning fair progress; some heavy shedding; premature
opening checked in mo.st areas. Considerable fodder and hay fired by
dry,
General rains still needed.
Cotton continued
of consumer response to their
offerings. Prices held firm,
and reports were current that the
delivery situation in some
goods, such as wide sheets, has tightened further.
Business
in silk goods remained
quiet although inquiries for next
season were
reported to have shown a substantial increase.
Prices held at previous levels.
Trading in rayon yarns
continued fairly active, with both
weaving and knitting
mills adding to their commitments.
August yarn deliveries
were reported to have exceeded
the all-time
high record of
the previous month, and
surplus stocks in producers' hands
at
the end
turing
and
dug.
Truck seed beds fair; fields being prepared for
fall truck.
Ranges rather dry.
Citrus groves fair, but need rain; fruit
good size; some beginning to color.
Some strawberries set out.
being
Alabama—Montgomery:
Uneven, light
to
moderate rains.
Cotton
picking good advance; opening rapidly; condition fairly good to good.
Favorable for maturing crops, and harvesting.
Mostly too dry for fall
potatoes and truck.
Pastures good.
Mississippi—Vicksburg:
Warm; local showers Wednesday to Friday;
sunshiny.
Favorable for checking weevil in extreme north, not so favor¬
able elsewhere; early planted cotton mostly open in south and
opening
rapidly elsewhere; progress of picking fair to good: ginning fair advance.
Progress of late-planted corn poor in ury areas and mostly fair elsewhere;
much forage saved.
Miscellaneous crops fair to good.
Louisiana—New Orleans: Warm, with scattered showers latter half.
Condition of cotton good; opening rapidly; picking and ginning
good ad¬
vance;
weevil.
heavy rains locally damaging to staple; mostly favorable for checking
Good progress harvesting rice, corn, and sweet potatoes, and fair
progress
making hay.
Fall planting begun locally.
Texas—Houston:
Cool in extreme west,
normal or above elsewhere;
general in Panhandle; light and scattered elsewhere.
Rapid
progress preparing land for winter-wheat seeding in north,
but ground
too dry in some west-central areas.
Late corn about matured and being
gathered; mostly in good condition.
Cotton opening rapidly most dis¬
tricts and picking and ginning now general well to northward and near¬
ing end in south; condition good in south and spotted in north where con J
siderable shedding and fruiting poorly, due to dry weather; early cotton
good
rain
the
month
showed
Domestic
Cotton
as
a
further
decrease,
now
compared with 3.1 months'
Goods—Trading in the
markets continued quiet.
more
interest in offerings
While
users
gray
cloths
showed
consierably
reflecting the depleted state of
stock of supplies, mills were not
disposed to grant the price
concessions asked by prospective
buyers.
Following the
release
of the September Government cotton
crop report,
forecasting an output of 11,825,000 bales, whereas a figure
of over 12,000,000 had been
anticipated in many quarters,
an early
expansion in the volume of trading is looked for,
predicated, on the one hand, on the better movement of
finished goods in distributive
channels, and, on the other
hand, on the belief that many users will soon reach the point
where
they must cover their immediate requirements.
Osnaburgs were in slightly better demand, and some
activity continued in carded poplins.
Business in fine
goods turned slightly more active although sales were held
down by the refusal of mills to meet the lower
price demands
of users.
Slub-yarn broadcloths continued to move in
fair volume, and a sizable demand existed for voiles and
marquisettes.
Closing prices in print cloths were as follows:
39-inch 80s, 6K to 6%c.; 39-inch
72-76s, 6c.; 39-inch 68-72s,
5 to 5 Kc •; 38 3^-inch 64-60s, 4
%c.; 38 3^-inch 60-48s, 3 % to 4c.
Woolen
at
Florida—Jacksonville: Warm; normal rainfall.
Condition and progress
of cotton fair; picking good progress; ginning slow.
Sweet potatoes ma¬
of
totaling 2.3 months' supply,
supply at the end of July.
hot weather.
Georgia—Atlanta: Cotton picking near end in south; some premature
opening in north; heavy shedding in north.
Harvesting corn in south,
gathering fodder in north; some badly fired in north.
Digging sweet
potatoes favored.
Pastures deteriorating.
Local rains helpful, but mostly
too hot and dry for minor crops and vegetables.
The total volume of business continued
dis¬
appearance.
a
Goods—Trading in men's wear fabrics continued
partly owing to holiday influences and parity
slow pace,
because of the reluctance of
users to enter the market for
forward buying, pending a clarification of the
general trade
outlook.
Fancy worsted suitings were in active demand for
delivery, whereas overcoating fabrics continued ne¬
glected.
Reports from retail clothing centers gave indica¬
tions of a turn for the better, with lower
temperatures stimu¬
lating consumer interest in fall apparel lines.
Business in
women's wear goods
improved moderately as garment
spot
manufacturers
Considerable
increased
interest
their
existed
orders
in
for
spun
dress
rayon
maetrials.
and
wool
mixtures.
Foreign Dry Goods—Trading in linens lapsed into its
previous lifeless state, with most interests marking time
pending the release of the Anglo-American trade agreement
now reported
nearing its conclusion.
Business in burlap
started the week in a depressed state,
principally under the
influence of the further sharp increase in Calcutta stocks
during the month of August.
Subsequently, however, a
firmer tone developed and trading expanded
considerably,
under the impetus of Calcutta reports that the Indian
Government will bring about a compulsory reduction in
working hours at the jute mills.
Domestically lightweights
were quoted at 3.55c., heavies at 4.85c.
Financial
1660
Chronicle
Sept. 10, 1938
$1,300,000 Owensboro, Ky., 3% water and light plant revenue bonds,"due
hi
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
CHICAGO
314 N. Broadway
DIRECT
WIRE
SO^years, were sold to Blyth & Co. of Chicago, at a price of
1,100,000 Providence, R. I., municipal dock bonds, due annually from
1939 to 1958 incl., taken by Lazard Freres & Co. of New York
and associates, as lMs, at 100.11, a basis of about 1.74%.
Reoffered to yield from 0.25% to 1.90%, according to maturity.
The following is a record of the issues which were not
sold, for various reasons, during August.
List includes 21
separate issues representing a total principal amount of
$1,753,750.
Page number of the "Chronicle" is given for
reference
purposes:
Page
LOUIS
Name
Int. Rate
Amount
227 Breaux Bridge, La_.
-.not exc. 6%
527 aCarbon County S. D. No. 7, Mont-.not exe. 4%
073 Ca&sopolls, Mich..
x
42,000
178,750
5,000
.
bDavison, Mich
not exc.
375 cDeal, N. J
MUNICIPAL
BOND
SALES
IN
AUGUST
234
Ell port, Pa
municipal bonds were brought out
in the aggregate principal amount of $65,687,881 during the
month of August.
This compares with awards of only
$47,647,889 in the earlier month and $52,720,544 in August
a year ago.
The larger volume in the recent month was
particularly encouraging to dealers in municipals, as it
presaged a continuance of activity during the closing months
of the year.
This was indicated in the fact that the disposals
represented financing by communities in all sections of the
country, much of which was apparently undertaken in con¬
nection with projects for which Public Works Administra¬
tion grants had been announced in previous months. Accord¬
ing to a recent bulletin, the Federal agency has approved
4,866 separate projects calling for a total expenditure of
$1,170,298,218.
Grants in connection with these improve¬
ments have been made in the amount of $522,469,486 and
loans have reached $43,013,633. As sponsors will be requ ired
to put up more than half of the projected outlay, it is evident
that the bulk of the money will be obtained through the sale
of bonds in the regular market rather than to Federal
agencies. This is to be expected as most taxing units should
be able to sell their bonds in regular channels at less cost than
the rate of 4% required by the Public Works Administration.
With regard to these projects, it is to be noted that the
PWA Act of 1938 requires that no applications for projects
be accepted after Sept. 30, also that projects for which loans
and grants have been made must be under construction by
Jan. 1, 1939.
Under these conditions, and in view of the
present favorable condition of the market it is not unlikely
that numerous units will act quickly to finance their portion
of the cost of projected ventures.
Aside from the larger volume of borrowings in August, a
significant development in the tax-exempt field was the sharp
price declines registered in California municipal bonds as a
result of the promulgation of the proposed pension plan
in that State.
The proposal, generally known as the "$30
Every Thursday Plan" will be voted on at the general
election in November.
In view of the
enormous
380
dGos
.en
233
envisaged in the scheme, the obligations of the State
and its municipalities are currently under considerable
adverse pressure, marketwise.
This was clearly demon¬
strated in the sale on Sept. 6 of $2,000,000 State warrants.
Successful and only bidder named an interest rate of 2%
and $4,661 premium.
Previous loans of the same character
were marketed at
0.75% interest plus premiums.
15,000
No bids
18,000
No bids
not exc. 5%
75,000
Bids rejected
x
230 Norman County S. D. No. 81, Minn..not exc. 4%
Perth Amboy, N. J—
not exc.-6%
231
Pleasantville, N. J
074 Rochester S. D., Minn
077 Rolette County, N. Dak
not exc.
268,000
24,000
not exc. 7%
925
6%
372 St. Helena Parish S. D. No. 4, La
10-day option,
c
20,000
40,000
3%
optional with the bidder,
Amount of issue
was
19—V. 147,
Sales
Sale canceled
37,000
Re-offered
a
on
Sept. 7.
reduced to $130,000 and
made on Sept. 7; result given on subsequent page,
d
—V. 147, p. 1380.
e Interest rate was reduced to
Sept.
45,000
x
927 Weehawken Township, N. J
Bids rejected
Not sold
Bids rejected
Sale canceled
325,000
4%
929 Washington Twp. 8. D., Pa
on
60,000
6%
5%
not exc.
378 eTitusvllle, Pa.......
was
400,000
x
Ruston S. D., La_.
Postponed
No bids
Not sold
Postponed
No bids
7,000
231
new
b Sold
offering
New offering date is Sept. 12.
2M% and sale announced for
1378.
p.
and other evidences of temporary debt
during the month of August totaled $54,605,090. The City
of New York was the largest contributor to the total, having
sold $30,000,000 of revenue bills and other securities of that
nature.
Easy money rates, particularly for loans of short
duration, are reflected in the comparatively small cost at
which temporary financing is effected by public bodies.
Canadian municipal bond market was extremely dull in
the recent month, sales having reached only $2,810,900.
This figure includes an issue of $1,475,000 Province of
Saskatchewan 4% refunding bonds which was sold to the
Dominion
Securities
Corp. of Toronto and associates.
Although this transaction is reported to have been made
privately in July, we consider it desirable to include the
amount in our August compilation.
Temporary borrowing
was made up of the sale of $50,000,000 Treasury bills by the
of
notes
Dominion of Canada.
The
City and County of Honolulu, Hawaii, accounted for
$450,000 of United States Possession financing in
August, having awarded that amount of 4% water revenue
bonds.—V. 147, p. 1226.
A comparison is given in the table below of all the various
forms of securities placed in August in the last five years:
the
1936
1937
1938
cost to the
State
46,000
4%
New Roads, La...
Rate of interest
No bids
Postponed
No bids
Postponed
Postponed
4%
exc.
Morris, Ok J a
x
No bids
55,000
x
378 Houtzdale S. D., Pa...
372
Not sold
48,000
6%
4%
County S. D. No. 2, Wyo-.not
Bids rejected
16,000
..not exc. 6%
225 xGadsden, Ala
New issues of State and
Report
$29,000
372
ST.
(U. S.)_
*Temp. loans (U. S.)
$
S
65,687,881
52,720,544
54,605,090
44,369,808
56,769,681
15,762,180
2,810,900
240,000
573,666
Can. loams (perm't):
Placed in Canada-
1934
1935
$
Perm, loams
$
$
65,703,316
27,708,331
35,973.000
56,371,500
18,706,000 101,116,500
50,000,000
Placed in U. S.__
None
None
None
76,000,000
Bonds U.S. Poss'ms.
450,000
None
None
None
None
Gen.fd.bds.(N.Y.C)
None
None
None
None
None
123,553,871
97,330,352
Total
73,105,527 196,382,316 235,196,331
*
$6,000,000 Knoxville, Tenn., electric system revenue bonds, comprising
$4,280,000 3^8, due from 1941 to 1954 incl., and $1,720,000
3 Ms, maturing from 1955 to 1958 incl.. awarded to Blyth & Co..
Inc., New York, and associates, at 100.005, a net interest cost
of about 3.39 %.
Reoffered to yield from 2 % to 3.40 %, accord¬
ing to interest rate and maturity.
4,700,000 Chicago, 111., 3% water revenue certificates of indebtedness,
due from 1955 to 1958 incl., purchased by Halsey, Stuart & Co.,
y?rk' and associates, at 106.34, a basis of about
2.57%.
Publicly offered to yield 2.50%.
4,113,000 Orleans Levee District, La., refunding bonds, due annually
from 1939 to 1962 incl., sold to R. W. Pressprich &
Co., of
New York and others, as 3Ms, 3 Ms and 3Ms, at a
price of par,
a net interest cost of about
3.569%.
The bankers made formal
public offering of only $2,000,000 bonds, consisting of $1,850,000
3Ms due serially from 1939 to 1962 incl., and $150,000 3Ms,
maturing in 1962.
Priced to yield from 1.50% to 3.50%, ae¬
rate and maturity.
4,000,000 Cleveland, Ohio, refunding bonds, including $2,327,000 3Ms,
$1,003,000 2Ms, and $670,000 2%s, aU due annually from 1944
to 1953 incl., were taken by an account headed
by Lehman Bros,
of New York, at 100.03, a net interest cost of about
2.97%.
Reoffered on a yield basis from 2.50% to
3.10%, according to
cording to coupon rate and maturity.
3,165,685 Minneapolis, Minn., bonds purchased by a group headed by
Phelps, Penn & Co., of New York, which took $2,779,207 as
1.80s, at 100.017, a basis of about 1.795%, and $386,478 as
IMS* at &ar-. ^11 of the bonds mature in varying
amounts from
were publicly offered to yield from
0.30%
1.90%, depending on interest rate and date of maturity.
2,255,000 Grand Rapids, Mich., water revenue bonds, of which there
are $1,355,000 3s, due from 1941 to
1958 incl., and $900,000
2Ms, maturing from 1959 to 1968 incl., were awarded jointly
to Stranahan, Harris & Co.,
Toledo, and Paine, Webber & Co.,
Chicago, at 100.045, a net interest cost of about 2.83%.
1,609,000 Hillsborough County, Fla., 4M% highway refunding bonds
were publicly offered by a
group composed of R. E. Crummer
1939 to 1948 incl. and
to
5s 5Z°"'A^a
both of
;
•
Ames & Co. and
Kuhn, Morgan & Co.,
Tampa, to yield from 2% to 4.50%, according to
They are due annually from 1939 to 1953 incl.
maturity.
1,422,000 Worcester, Mass., 1M% bonds, maturing annually from 1939
to 1948 incl., awarded to
Halsey, Stuart & Co., Inc., New York,
and associates, at 101.376, a basis of about
1.23%.
Publicly
offered to yield from 0.25 to
1,35%, according to maturity.
Including temporary securities issued by New York City, $30,000,000 in August,
$30,500,000 In August, 1937; $6,000,000 in August, 1936; $26,000,000 in
August, 1935; $38,300,000 in August, 1934.
1938;
The number of
places in the United States selling perma¬
issues made during
August, 1938 were 397 and 471, respectively. This contrasts
with 275 and 406 for July, 1938, and with 322 and 363 for
August, 1937.
For comparative purposes we add the following table
showing the aggregates for August and the eight months for
a series of
years.
In these figures temporary loans, New
York City's "general fund" bonds and also issues by Cana¬
dian municipalities are excluded:
nent bonds and the number of separate
Month of
8 Months
$65,687,881
....
$623,751,262
52,720,544
937
936
693,246,190
713,522,262
753,182,433
642,092,065
298,422,720
594,140,739
1,022,918,595
975,963,112
836,370,593
928,136,644
1,060,936,272
909,425,840
980,196,064
1,014,088,919
709,565,710
819,077,237
56,769,681
935—
65,703,316
934
27,708,331
933
41,602,539
932
931
37,839,967
74,963,933
930
98.068,445
929
80,872,773
928
68,918,129
927.
92,086,994
926--.-__. 71,168,428
925-.....-. 83,727,297
924
108,220,267
923
56,987,954
922..,.
69,375,996
921-'....
94,638,755
920
59,084,048
919—,.
59,188,857
918—.
38,538,221
917
32,496,308
916
25,137,902
915—
22,970,844
—
We
Month of
For the
August
938
19,801,191
,.
—.
292,443,278
288,016,280
22,522,612
1910—-
14,878,122
1909.
22,141,716
.
18,518,046
20,075,541
1908
1907
1906
1905
....
1904
1903
1902
1901--—
1900
—
...
1899
...
1896
—
-
1895
...
...
1894
—
1893
1892
16,391,587
8,595,171
16,124,577
7,737.240
10,009,256
15,430,390
7,112,834
5,865,510
1898
439,355,455
448,030,120
213,447,413
346,903,907
346,213,922
389,789,324
our
262,178,745
15,674,855
.
1911
1897-
For the
8 Months
$394,666,343
1913
1912
665,366,366
present herewith
bond issues put out
August
1914
_
...
,
.
25,029,784
6,449.536
4,045,500
8,464,431
7,525,260
2,734,714
4,408,491
214,557,021
249,387,680
208,709,303
151,775,887
144,171,927
131,196,527
187,220,986
102,983,914
108,499,201
84,915,945
93,160,542
87,824,844
76,976,894
97,114,772
52,535,959
80,830,704
82,205,489
37.089,429
57,430.882
detailed list of the municipal
during the month of August:
Volume 147
Page
Financial
Name
Rate
1233 Ada, Okla. (2 issues)
1531 AdaS. D., Okla.—
Maturity
Amount
2.72
1941-1952
.2.87
1941-1956
923 Adams City, Colo
1376 Albemarle, N. C. (2 issues)
3-3X
1074 Albert Lea S. D., Minn..______.2.10
1523 Aleoo, 111.....
1228 AlgomaTwp. S. D. 1, Mich
1378 Ambler8. D., Pa
3
98,500
Price
,
100
100.01
1941-1963
300,300
26,000
100.44
2.96
1939-1943
20,000
100.84
2.21
1941-1963
165,000
102.28
2.06
22,000
100.32
2.15
250,000
100
4.00
1939-1950
1231
1940-1964
125,000
101.67
2.61
1939-1948
75,000
100.62
1.63
1939-1958
71,500
101.69
1.80
1939-1958
1.58
1.58
Auburn, N. Y.
1231
2%
....1X
...2
Attleboro, Mass
Auburn, N. Y
675,000
100.23
..1.60
1939-1948
rl80,000
100.23
1522 Barbour County, Ala
5
924 Bath Twp. Center S. D. 5, Iowa. AX
10 years
50,000
1940-1943
4,000
1229
IX
1940-1944
75,000
2X
1939-1967
1-10 yrs.
4X
IX
Binehamton.
1229
Birch Run Twp. 8. D. 5,
1530
1378
Y
4X
1947-1953
35,000
100.61
2.44
101.90
2.30
-2X
2X
2
Bryan. Ohio
1940-1949
35,000
100.36
20,000
Burlington, N.C. (3issues)......5
...AX
4
Camillus, N. Y
1236
1072
Center S.D. No. 5, Iowa
1524
1527
125,000
90,000
1.94
ChesaningS.D., Mich
......2 X
-3
...3X~3X
Charleston County S. D. 3, S. C..3^
Chattanooga, Tenn
4
Chicago, 111. (2issues)......
3
Chippewa S.D..Ohio
Chippewa County S. D. 62, Minn.3
Choctaw County, Ala..
....5
.
Cheyenne, Wyo
Chapel Hill. N.C
3X
Clarkston. Mich
..3
Clarkstown S. D. 4, N. Y
...2.20
1523
15,000
100,000
100.63
1.38
1236
112.26
2.31
922
922
922
924
Kings County, Calif
Kings County, Calif—
100.12
2.20
1234
Kingston Twp., Pa.
100.11
2.59
1071
Knox. Ind.
1533
Knoxville, Tenn.
1529
Lackawanna, N. Y. (5 issues)...2.60
153.3
La Grange Ind. S.D., Tex
1071
1939-1953
1941-1948
1526
Crystal Fall", Mich
4
....4
1939-1958
1941-1958
.
Crystals D. 41, N. Dak
—
Cuyahoga County, Ohio
1524 Cynthian",, Ky
1371 Dallas Center, Iowa
(3 issues)
100
103
2.66
1524
3.36
1522
1524
Lebanon, Ky
3.75
1071
2.95
1375
1228
102
Mich
1522 Decatur, Ala..
-
1939-1949
1939-1948
1939-1957
1370 Decatur Public Schools, 111.*...-.2
3X
923 De Kalb S. D„ 111
1070 Delta Co. S. D. 3, Colo
—3
3X
2X
—.3
924 Des Moines, Iowa
1371 Des Moines, Iowa
1371 De Soto, Kan
1532 Donora, Pa
~
1236 Douglas Co., Wis.J
3X
-
1079 Douglas Co. S. D. 11, Ore..
S. D. 43, Ore
Drummer Twp. S. D., Ill
Du Plain Twp. S. D. 2, Mich
Duplin Co. N. C
Duplin Co., N. C...
1233 Douglas Co.
1370
1373
928
928
1941-1950
—2
1370 Decatur S. D. No. 61, 111
1077 Durham, N. C. (4 issues)
.
1529 Durham Co., N. C
1533 Eagle Lake S. D., Tex
1073 Easthampton, Mass
4
1 939-1955
1943-1954
1940-1952
20 yrs.
-
1939-1948
1940-1957
3
...3X
1941-1947
1X
1939-1943
5-5
1948-1955
h-5X 1948 1955
2X
1941-1964
2X-2X '40-'58
4
1939-1953
2
1939-1958
1528
106.34
2 57
1379
Liberty, Tex
3*66
1939-1958
2X-3X '58-'68
5
1940-1956
4
1941-1960
924
"""
160*67"
1370 Edinburg, HI
1370 Edinburg, 111
-
1226 Effingham S. D., Ill
—
3X-4
-2H
1939-1952
1940-1963
1.40 1939-1954
1.10 1939-1944
2X
1940-1949
1079 Elk City, Okla
1532 Elkland, Pa.
1375 Ellenburg, Altona.&c.S.D.l, N.Y.2.70
1231 Etmira, N. Y. (5 Issues).
1231 Endicott, N. Y
1373 Excelsior. Minn
1230 Fairfax S.D., Minn
3X
2X
1939-1968
IX
1939-1943
3X-41940-1961
....—4
1941-1956
1
1939-1943
4
1960-1961
IX
1939-1943
3X
1940-1958
2X
1939-1958
1523 Fairfield, III
1073 Fall River, Mass
1527 Faribault,
Minn
1077 Farmville S. D., N. C
1379 Fayetteville, Tenn
925 Fltchburg, Mass
924 Fleming Co., Ky
1531 Fostoria, Ohio—
1372 Franklin, La
-
1374 Franklin, N. H
929 Frisco
Ind. S. D., Tex
5
1531 Gallon S. D., Ohio...
1533 Galveston Co. S. D. 12, Tex
1525 Gardiner, Maine
—2X
2X
2X
1532 Garrett S. D., Pa
4
1071 Gem Co.,
2X
3
Ida..
1370 Geneseo, 111
3X
1370 Gifford S. D. 188. Ill
1374 Golden Valley Co., Mont....
1377 GraillolaS. D., Okla
1522 Grand Junction, Colo
1373 Grand Rapids, Mich
1528 Greenburgh S. D. 8,
Y
2-10 yrs.
1940-1944
1941-1958
4
5-10 yrs.
3X
1941-1949
2.60 1941-1953
__2?<-31941-1968
3.10 1939-1962
4
1523 Germantown Twp., Ill
1939-1948
1939-1956
1939-1948
5,000
100.46
93,674
400,000
102.10
1939-1958
102.81
1.95
1939-1948
500,000
100.17
2.65
1940
100.13
1.68
1939-1948
50,000
15,000
100.34
3.44
1940-1949
20,000
100.09
2.74
1939-1949
3,300
143,000
15,000
18,000
102.42
3.06
100.29
3.40
100.29
3.40
100.40
3.68
12,400
6,000,000
225,600
101.45
....
1939-1948
1941-1952
1953
1939-1950
Liberty ville S.D. No. 70, 111
1941-1958
1939-1958
1939-1955
1940-1947
1939-1964
1941-1968
.
3.27
100.005
3.39
100.08
2.69
16,500
1*00.15*
1.72
100.62
2.55
76,000
100
2.75
240,000
125,000
17,000
100.50
1939-1958
75,000
100.008
2.74
100
3.25
5-20 yrs.
1939-1958
1939-1958
35,000
35,000
35,COO
50,000
100.07
....
2.24
1234
Liberty Twp. S.D., Pa
1939-1958
20,000
104
3.60
Liberty School Twp., Ind
1939-1950
1942-1953
40,000
100.41
2.18
25,000
101.66
3.30
1940-1957
39,000
107.57
2.65
102.22
2.73
100
4.00
1231
2.97
1070
Loganville, Ga
Long Branch, N. J. (2 Issues)
Lo.sAngeles County, Calif
101.14
2.27
1082
Madison, Wis. (2 issues)
4
2X
IX
100
3.75
1527
MahtomediS.D., Minn.
3
104.34
2.44
1233
Malheur Co. S. D. 8, Ore.—2^-2%
100.60
2.93
1075
Manchester, N. H. (3Issues)....AX
Manchester Eight S. & Util. D.,
1369
100.04
.
2%
AH
Maple Grove S.D., 111...
1940-1959
1939-1943
5 years
1939-1952
1941-1958
1939-1943
40,000
20,000
38,000
75,000
70,000
<*25,000
4,500
30,000
70,000
50,000
100,000
3.32
2.97
1532
Marion Co. S..D. 99, Ore..
1071
Marseilles, 111
Mass..
—
924
97.23
4X
Marion 8. D., Ky
3X
924
1371
Marshalltown, Iowa
100
2.00
Mars Hill, Me...,
1380 Mason County, Wash..
Medford, Mass.
2.93
1525 Medford, Mass
3.24
1081
2.50
1227 Menlo.Iowa..
924
1372
100.10
3.73
1230
103.36
3.61
1230
100
3.00
1524
1071
1*66.07"
1*74
1225
100
5.30
1081
100.60
5.21
1530
101.29
2.65
1523
100.01
2.61
1373
1079
101.09
930
1.88
100.11
3.49
1230
1374
1073
1380
1233
1078
100
100
2.12
1369
100.56
2.65
1372
100.10
1.38
924
100.07
1.08
1230
100.62
2.14
1226
1374
100.68*
1532
100.39
2.72
1376
100.02
1.24
926
100.08
3.80
5.00
1532
100.49"
0.83
1230
1378
1528
lOoTl
1*37
1534
100.29
3.46
1233
101.61
2.07
1529
1226
IOI.42"
foo.ir
100
1939-1948
20,000
1943-1953
1939-1958
1939-1958
1939-1968
1941-1956
1939-1950
1939-1948
35,000
350,000
116,000
Tenn
Mercer County,
Ky
—
Oregon, III
4.00
1525 Orleans Levee D.,
928
--
I.a. (2 iss.) 3X-3X
Orion ville 8. D., Minn
...3
Osage Co. S.D. 39, Okla
—3 X
Owensboro, Ky—
3
Painted Post, N Y. (2 Issues)...2.20
100
4.00
1228 Palmer, Mass
100
3.75
J
2.57
1380 Pampa
100.22
100.04
100 10
2.53
3.09
081
59.000
- —
1523
1371
825,000
16,000
—-
2.24
3.38
20,000
—
-
La—-1533 Orangeburg Co. 8. D. 26, 8. C
3X
1233
—
22,000
1939-1948 2,779.207
1939-1948
368,479
Minneapolis S. D,, Kan
1939-1958
74,800
Monmouth, 111
3X
1939-1958
50,000
Monterey County, Calif
...3
1939-1962
48,000
Montgomery County, Tenn.(2 tea.)2X
1943-1950
r72,500
Morganton, N. C
.3^-3^
1940-1974
350,000
Morrison, 111
3
-------60,000
Moss Creek Twp., Mo....
3X
1939-1956
43,000
Mount Lebanon Twp., Pa...
2X
1949-1951
r300,000
Mount Pleasant 8. D., Tex
40,000
Mower Co. 8. D. 27, Minn
.AX
1945-1947
<*60,000
Mower Co. 8. D. 69, Minn
.AX
1939rl943
15,000
Mullen S. D. No. 2, Neb
3X
1943-1966
<*16,000
Munising, Mich. (2 Issues)
—4
1939-1953
30,000
Natrona County, Wyo
—2%
1939-1958
208,000
Neche 8. D., N. Dak..
4X
1941-1958
23,000
Nellie Rural 8. D., Ohio
3X
1939-1953
7,800
Nevada County, Calif—
3X
1939-1954
125,000
Newburyport,Mass
XX
1939-1948
24,000
New Castle, Ky
4X
1942-1963
£2,000
Nicollet Co. 8. D. 18, Minn
3
1944-1958
30,000
Normal, 111
3X
45,000
Norfolk. Neb
2!^
1943-1957
<*95,000
Norristown, Pa-...
IX
1939-1949
55,000
North Dakota (Stateof)....
1950-1960
825.000
North Adams, Mass.,
1
1939-1943
95,000
North Providence, R. I
3
1939-1968
740,000
North VersailleTwp., Pa
3X
1943-1964
90,000
Norton Twp. 8. D. 1, Mich
2X
1939-1943
55,000
Oakland, Neb
3
1951-1953
30,000
Okanogan Co. 8. D. 108, Wash.
3
-------7.400
Okmulgee Co. 8. D. 34, Okla_-_3-3I^
1941-1950
10,000
Olean, N. Y
1 70
1940-1948
76,400
OnargaTwp., Ill—
2X
1939-1948
85,000
...XX
Minneapolis, Minn. (4 issues).-.1.80
Minneapolis, Minn. (2 issues)
IX
Millbury, Mass
1072 Opelousas,
1373
101.13
Memphis.
30 years
1946-1955
1940-1957
1228
100.08
------
5
2X
2X
__._2.60
2X
3X
Marshalltown, Iowa
1371
100
20
3X
Marshall County, Iowa
1.57
2.45
3.85
100.53
1939-1958
..
100.30
1073
—.....
4X
1 X
—2X
2X
1226 Marshall, 111
101.29
1235 Parker
20 years
—
16,000
23,000
—
130,000
1939-1962 r4,113,000
--—--—
1943-1949
50 years
1939-1955
40,000
7,000
1,500,000
70.000
27.000
lg
4X
Ind. 8. D., Tex. (2 iss.)2%-3
Ind. S.D. 1,8. Dak
4
Pampa, Tex
1533 Paris, Tex
1.63
1*00 """
104.42
105.23
160". 16 ~
3.84
2.64
101.17
100.05
......0.75
1522 Marengo County, Ala
5
924 Marion County. Ky-----3X
102.04
100.33
40,000
2.00
Marblehead,
105
101.22
years
IX
1079 MansfiledS. D.,Pa..
924
12,500
185,9C0
235,000
85,250
68,000
100
1372
—...
1939-1953
1944-1963
1939-1948
27,50.0
325,000
Conn
1C0.04
101.03
37,500
10.000
10,000
20,000
rl90,288
18,000
110.000
2,255,000
288,000
...
—
100.03
100.05
100,000
3.47
1523
100
55,000
25,000
r312,000
125,000
125,000
33,000
33,000
<*295,000
50,000
28,000
20,000
100.000
9,000
4,000
14,000
25,000
50,000
24,000
155,000
26,000
7,500
77,000
300,000
16,700
18.000
27,500
30,000
28,000
1 98,000
771,000
50,000
40,000
100,000
33,000
100,000
40,000
45,000
<175,000
135,000
13,000
45,000
30,000
144,000
2,000
54,000.
55,000
r90,000
7,200
3X
-3
—.AX
2X
LibbyS.D.4, Mont
1074
AX
La
.. —
3.91
1371 East Baton Rouge Parish S. D. 4,
1523 East Peo-fa. 111.(2 issues)
-
101.06
17,000
140,000
20,000
3X-3X
—
100
100
100.58
17,000
3X
IX
2X
4
1369 Danbury, Conn
1526 Dea-born,
1940-1949
.3
3
1531
25,000
35.000
32,000
— .
2 50
2.17
85,000
4
2
30,000
...AX
2X
LakeCounty, 111...
IX
Lakewood, N. Y
.2.60
LanesboroughF.A W.D., Mass..2X
Lansing, Iowa (2issues)..
--2X
Laramie Co. S.D. 5, Colo.
...3X
101.01
r43,000
—
Crockett Ind. S. D., Tex
Crown Point S.C., Ind
Cuero Ind. S. D., Tex
—
138,000
15.0C0
r4000,000
9,000
35,000
18,000
17,500
27,000
Covington, Ky
;—
..3X
.3
3X
...
2.18
1370
1081
Keystone, Iowa
1522
100.11
—...
3.00
1533
1077
—
County, Calif
100.16
1524
1229
Kern
-AH
3X
2X
3X
100
25,000
1Q82 Colby S.D., Wis...
Kern County, Calif
Kern County, Calif
10,000
20 years
3X
3
2.71
1940
3.74
40,000
1941-1978
1955-1958
1.12
100.36
2.30
1939-1948
1939-1958
1939-1943
30 years
1941-1964
100.86
I0Y.6I"
.3X
Jersey Co. S.D. No. 34, 111—.... .2X
JolietS.D., 111.
....4
Kansas City, Kan.
.2
Kansas City S. D„ Kan.
2X
Kenosha County, Wis
--2X
4
AX
1226 Litchfiled,111
--3X
1071 Livingston Co. Twp. H. S. D. 190,
III
—3X
1941-1968
1939-1958
1939-1963
106.48
350,000
35,000
1939-1953
Jefferson Co. S. D. 3, Idaho
1958
5 years
1940-1958
-
85,COO
1940-1954
100.06
1072
Concordia Parish S.D., La.......5
Coal Valley S.D., 111
IX
3X
,3X
1945-1954
1942-1958
2X
100.25"
1524
1371
2X
2.13
2%
1939-1953
40,000
5.00
_-._.3
..4
1370
Cleveland School Twp., Ind
1.67
..
65,000
4.92
Coopersville, Mich
Concordia Parish S.D., La
924
105,500
280,000
28,000
100.20
1941-1961
146,000
30,000
4.43
1371
1078 Cleveland, Ohio (3 issues)....2X-3X
4.20
1940-1949
1939-1948
100
1940-1954
1939-1953
1944-1953
1939-1948
1941-1958
1939-1953
1940-1956
8 years
1379 Clarksville,Tenn
-.--3
1225 Clear Creek County S. D. 1, Colo .4
4.00
100.71
19,500
42,000
4,000
2,COO
275,000
4,000
170,000
10,000
<*23,000
24,000
20,000
134,000
4,700,000
88,000
20,000
75,000
<*06,000
-
Clarinda. Iowa.
6.00
100
35,000
....2
1522
3X
....3
Charleston S.D..S.C
100
3,500
1939-1973
193J-1958
1939-1958
33,000
..
Chander Ind. S.D., Texas
25,000
1939-1940
.1.70
—
1940-1950
1075 Jersey City, N.J
1523
100.72
100.07
65,000
2.41
~3~94
11,500
1071
100.72"
100.12
1939-1948
1938-1953
101.88
101.50
1940-1956
1072 Jefferson County, Iowa
1226 Jefferson Co. S. D. 5, Idaho..
50,000
1941-1948
Centerville-Osterville F. D., Mass.2X
100.50
-
4
JasperS. D. 54-67, Minn
40,000
10,000
4,000
Center Twp. S. D., Iowa.
2.05
1939-1949
2X
3X
Janesville, Wis—
2.14
1940-1947
....2.60
IX
Celeron. N. Y....
2.72
108.91
5
— .
4.22
221,000
1939-1943
1939-1959
100.19
300,000
22,000
110,000
4
Islip, N.Y. (2 issues)-.—
Jacksonville, III
1532 Jackson County S. D. 35, Ore
100.79
._
2X
5,098
1,609,000
1939-1958
1523
100.26
Cassia County Ind. S. D., Class A,
No. 1, Ida....
1232
1939-1943
1939-1953
2X
30,000
53,000
2X
Cassia County, Ida...
2.80
1370 Jacksonville S.D. 117, 111.
100.603
rlO.OOO
4X
..3
65,000
1941-1959
1939-1958
1939-1953
1939-1950
4
1374 Hillsborough Co., N. H
1523 Hoopeston, 111
101
£2
l,Ga
Calcasieu Parish S.D., La
926
1.90
2.04
lnterlaken, N.J
Casco Union Free H. S.D., Wis
1375
100.54
100.78
Imperial County, Calif
Indian Lake S.D. 2, N.Y—
Brooksville, Ky
1227
55,000
<*25,000
1529
.4X
2M
AX
1941-1968
1939-1948
1075
3^-4
65,000
137,000
1940-1947
2.84
—
1939-1958
70,500
2X
101.40
Pa...
r
2.08
2
36,300
1236
1522
2.60
...2X
1940-1957
Carlton County S.D. 13, Minn...
1527
100
1529 Hempstead S.D. 6, N.Y
926 Hennepin Co. S. D. 142, Minn
1369
923 Carlock 8. D. 189, 111..
1531
2*19
1.13
1527
1226
1.45
100.08
.—.2.20
2.23
1525 Cambridge. Mass
1080
100.14
100.04
4XAX
1072 Calcasieu Parish S.D., La......4%-5
1379
1.71
12,000
1938-1948
1943-1958
100.37
BryanS.D., Ohio
930
100.20
1X1 1939-1943
Haverstraw, N. Y
1528 Hemingford, Neb..
1375 Hempstead, N. Y___
25,000
Buchanan, Mich.?.-
1232
100,000
1231
200,000
BoiSier Parish 8. D. 13, La
1073
2.12
1939-1943
Brick Twp. 8. D., N.J
929
101.41
1939-1948
1524
1080
40,000
2X
3
2X
2X
3X
•1231
1525
1941-1960
1.20
25,000
2.11
2X
IX
100.27
60,000
300,000
3.39
1079 Hatboro S. D., Pa
1228 Haverhill, Mass
1377 Hopewell-Loudon S. D.f Ohio
1234 Howard, Pa
1939-1968
1939-1958
1939-1963
1943-1948
1943-1958
1939-1953
1939-1953
3.01
rl2,400
12,000
4.75
1939-1953
3.45
108.05
1939-1950
lbb""""
BoontonS.D., N.J
100.45
101.13
2X
—
36,500
10 000
70.000
BonduelS.D.l, Wis........
35,000
ift
101.04
101.59
1940-1948
1939-1941
1939-1948
Mich
100
1939-1958 ^*426,000
1941-1964
48,000
2Kj& 1940-1947
1529 Highland Falls, N. Y
1226 Hillsborough Co., F1 a
1528
1076
1227 Harrison Co., Iowa
1524 HartwickS.D., Iowa.
3X
1.98
77,000
-
*
3X
Basis
'
40,000
3Ha!939-1958
2.61
1236
923
D.
101.52
Blawnox, Pa
1071
S.
ioi".75~
BladenburgS.D., Ohio
927
Cos.
1375 Haddonfleld, N. J__;—.
1523 Hammond Park Dist., Ind
66,000
Beverly, Mass
1231
1072
Laurens
3 B, 8. C
AmountWk Price m,
200,000
100.25?
i
3-3X±---
45,000
75,000
1072
1376
&
3X
1.34
N.C
Buchanan S.D.
Rate Maturtiy
2
*1939-1958
.......1.20
Bertie County,
1523
■
100.68
Benton Harbor, Mich
1376
1229
•
■
—
1072 Hiawatha, Kan
1379 Higgins, Tex
..2
1526
924
Greene'Co.,N.Y._
1527 Green Co., Miss
1074 Greenville, Miss
1*71
1233 Believue, Ohio
1524 Beloit, Kan
1233
1231
100.12*
Bay City, Mich......
1528 Beatrice,Neb
N.
Name
2 07
100.37
1661.
Page
1533 Greenville
90,000
1941-1958
4
Atchison, Kan..
1228
1233
2.72
2.86
1.60
1371
1079 Bridgeville,
Basis
30,000
1940-1956
2X
2X
......2.20
1528 Arcade, N. Y
1225 Arkansas (State of)._
1530 Ashtabula Twp. S.D..Ohio
$82,500
Chronicle
100
1.95
2.75
100.25
100.03
100
3.50
4.95
100.52
101
2*. 16
100.57
2.44
lbb"""
5.66
100.11
2.24
100.58
2.15
100.66
2.54
100
2.50
lbO.05"
1.74
100.01
1.79
100
1.75
100.64
2.94
101.19
2.58
100.01
3.35
loT.ei"
3.30
101.33
2.37
10*0*41"
1.67
100.35
1.63
100-66
lOoli"
2.71
100.58
100.28
3". 21
101.20
3.08
100.65
1.62
101.50
100.34
2.42
100.03
1.49
100.34
0.88
101.78
3.61
100.04
2.48
101.10
2.90
100
3.00
100.04
100.31
L65
100.65"
100.26
166""""
3.56
98,28
100.25
2.17
100.25
165,000
....
1943-1953
30 years
193,000
<*27.000
50,000
105.96
2.60
Financial
1662
Paoe
1074
1236
1071
1524
1624
1376
U.
Hate
Pass Chrifltlan, Miss
4)$
Pawtucket,R.I.----—
--3
Pensacola, Fla
-1-3
Peru School City, Iud—
3
Peru, Ind
«...
3
Peru, A usable, Saranac, &c., S. D.
No. 1, N. Y
-2.60
Pillager Ind. S.D.I, Minn
3
Name
-
1373
1369 Pima County, Ariz.
2%
(2 Issues)
1939-1944
rl50.000
100.49
1940-1962
122,428
220,000
101.50
1939-1968
1954-1958
10,000
443,000
40,000
IH
4
--3H
1%
1235 Poth Ind. S. D., Tex—-
1533 Potter County. Tex
1374
Randolph, Neb
Rock Hill, S. C
929
-
Rome S. D., N. Y....
1226
Huston rf. D. No. 1,
1376
Saratoga County, N. Y
1375
Sayreviile S.D.,N.J
Schram City. Ill
1529
930
1076
1227
Watertown, S. Dak. (May)
100
4.00
927
Wilmington, Minn
100.11
1.74
927
Yazoo City, Miss.—.——
100.10
1939-1948
100.349
1.69
1943-1962
60,000
100.71
3.19
10,000
100,34
200,000
<2350,000
125,000
42,000
101.14
2.04
101.50
100.08
rl27,000
100.01
100.25
260,000
100
1939-1958
r45,000
100
1*48
45,000
1939-1958
102.U"
4.00
1.38
1534
Cobden. Ont—
4
1.28
1082
Creston, B.C
Fredericton, N, B
3H
1534
Greater Vancouver W
1236
Joliette, Que...
Saskatchewan (Provinceof)
1939-1966
1939-1958
200,000
1940-1952
3)4
Stratford, Conn
...._1)4
Strawberry Point S. D., Iowa
3M
Streator, 111
---3)4
Sullivan Co., Mo...
-.—2)4
Sumter S. D. 34, 8. C
3)4
1939-1952
1946-1960
--------
1940-1949
1939-1958
—
,
3
1941-1953
2%-i 1939-1948
.-.-.-.4
1941-1964
1534
101
2.10
3C.OOO
icoloj"
2.82
60,000
107
<115,000
930
1534
2.22
100.33
4,500
120,000
101.13
30,000
100.51
2.69
Page
24,000
100,36
2.72
1226
<212,GOO
100.04
49,000
8,000
V.53
100.4
i"
1.74
<215,235,
105.84
231,000
103*52"
1.85
140,000
101.59
3.10
15,000
100.17
.
75,000
46.000
110,000
63,000
95.65
68,000
1*00.13*
1.72
50,000
106.28
1.21
40,000
100.25
31,263
100.69
10,000
100.13
3.49
100
3.50
107,000
1233 Tigard Water Dist., Ore
2*46
100.11
1.65
1528 Troy H. 8. D., Mont
28,000
1373 Truman, Minn
1226 Tulane Co., Calif
50,000
100*40*
2*45
65,000
100.26
2.73
119,000
100.02
2.99
1369
1376
1077
1078
1378
1378
1232
1235
1631
1070
1072
1072
1072
1524
1524
927
1532
1232
1371
924
1372
1379
1380
1233
1226
3)4
—2)4
1948-1955
2)4
1940-1959
Tulare Co., Calif
——
3
1941-1961
Tupper Lake, N. Y...
——2
1939-1948
University of North Carolina.... .3)4-41940-1959
Union Rural S. D., Ohio
—3
1939-1963
Unlontown, Pa
3)4
1939-1968
Unlontown, Pa
.2)4
1939-1948
Utlca, N. Y (4 Issues)
—1.10 1939-1948
Uvalde Co., Tex
4
1941-1951
Valley Twp. S.D., Ohio
Ventura Co., Calif-.-—
4)4
1939-1958
Vermillion Parish S. D., La...—3.815
Vermillion Parish S. D., La---—3.948
Vermillion Parish S. D., La..——4.109 —
Vevay, Ind
1941-1954
Vevay School Town, Ind
2)4
1940-1952
Virginia, Minn
———3
1940-1948
Wagoner, Okla
——-3)4
1941-1953
Wake Co., N. C
2)4-3 1941-1958
Webster Co., Ky
4)4
20 yrs.
Washington. Ind
2)4
1939-1944
Waterville, Maine
3
1963
Wasta Ind. S. D., S. Dak........5
1958
Wausau, Wis. (2 issues)
...2
1943-1957
Waurlka, Okla. (2 issues)
.3-3)4
Watkinsville, Ga—
4
1944-1968
-
..
12,000
25,000
100.11
1.98
178.000
100.34
3.39
50,000
100.84
2.92
330,000
100.56
100.65
2.62
100.13
1.06
100
4.00
104*22 ~
3.90
25,500
38,500
166,000
115,000
100.02
100,000
100.02
85,000
100.02
7.000
13,000
4450,000
25,000
100.27*
2.21
100
3.00
100.05
2.93
100,000
100.33
2.14
r50.000
104.11
2.77
100
5.00
100.25
1.98
105*""
"3*60
267,000
40,000
10,000
750,000
11,000
25,000
160,000
100.20
9,000
101.11
1227
<287,000
1522
1236
1234
929
2)4-2)3 '39-'50
3
1939-1947
4
1941-1957
.AH
1940-1959
West Frankfort H. S. D. 108, 111—4)4
2-20 yrs.
Westwood, N. J. (5 issues)
—3
1939-1948
Weston, Conn.—
1H
1939-1948
West Virginia (State of)
.1 *4-21939-1963
West View, Pa..
2H
1940-1954
West View.S. D., Pa...
2)4
1940-1949
1230 Wheatland Co. S. D. 21, Mont—.2)4
1528 Whltefish S. D. 44, Mont
-—3)3
1227 Witchita, Kan
1072 Wllliamstown, Ky
1235 Wills Point, Tex
-
1939-1958
55,000
20,000
30,000
100.39
1.42
500,000
100
100.53
2.43
101.14
2.04
100
3.37
101.93
1.60
100.13
0.95
r9,000
70,048
18,000
1939-1948
1942-1951
1943-1955
r24,000
1940-1941
10,000
<235,000
0.75
1939-1940
10,000
100.13
2)4
1940-1957
157,000
20,000
100.03
—
1228 Worcester, Mass. (5 issues)
2.50
100
4.00
24,000
100
4.00
1941-1959
26,500
100.10
4.99
1939-1948
1939-1945
1,422,000
101.37
6.500
100.27
1939-1944
24,000
103.82
5-10 yrs.
10 years
1939-1963
1946-1952
<25,000
100
3.50
4,000
100
3.50
150,000
100.40
2.21
r230,000
100.68
2.68
1939-1946
—4
20 yrs.
1941-1957
5
1H
1)4
..3
1082 Yakima Co. S. D. 89, Wash
3H
1380 Yakima Co. S. D. 123, Wash—3)3
1532 YeadonS. D.,Pa
1531 Youngstown, Ohio..
2)4
2)4
2*24
102.13
30,000
..3
4
1524 Worth Co., Iowa
1082 Wyaluslng, Wis
1.98
15,000
125,000
1
930 Windsors. D.,Vt
3*76
101
2.94
5
1234 Winfleld Twp. S. D„ Pa
1231 Winifred H. S. D., Mont.
2.76
100,27
4
Winchendon, Mass
1372 Winchendon, Mass
1C6.29*
31,600
2
926
1235 Winner, S. Dak
1376 Winton, N. Cu...
Total bond sales for August (397 municipalities, cover¬
ing 471 separate issues)
1.23
1.68
1.89
75,000
20,000
r40,000
4.68
2.65
2.12
1.62
—
d Subject to call in and during the earlier years and to mature in the later year.
including $54,605,090 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
We have also learned of the
following additional sales for
previous months:
Page
Name
Rate
924 Bath Twp., Center S.D. 5, Iowa..l)4
1376 Bowman, N. Dak...
5
Maturity
1940-1943
1940-1952
Amount
$40,000
Price
Basis
100.05
.4
20 years
...
1958
1939-1963
1-30
22,000
56,000
40,000
99.13
5.00
3.56
100.57
3.94
100
650,000
yrs.
45,500
4
1940
1939-1943
82,400
5
1939-1953
-
rl,475,000
400,000
99.14
—■
$2,810,900
Name
Pate
4
ISSUES
W
DURING AUGUST
Maturity
1943-1968
Amount
$450,000
Price
107.40
Basis
2.8
News Items
Michigan—Special Session Passes Relief Mensures—The
State Legislature ended a four-day special
session after
authorizing a $10,000,000 deficit expenditure for welfare and
relief; extending until next July 1 the mortgage and land
contract moratorium for the benefit of persons with free¬
hold interests since Feb. 14, 1933, in single homesteads; per¬
mitting all municipalities to participate in Federal housing
projects, subject to local referenda, and sanctioning issuance
of "valued" insurance policies on grain held as collateral
for Federal loans.
Republican opposition to increased welfare expenditures from an already
over-drawn treasury, was overcome by release of an extra $1,000,000 in
State primary school aid and $500,000 more for old age pensions, both of
which had been severely cut in an economy move.
The amendment in insurance laws was a Federal requirement to crop
loans.
Previously policies could be written on the fluctuating market
held for the Government.
Banks will find added loan fields
provision they may loan on real estate up to 60% of their time and sav¬
ings deposits, or to the extent of their unimpaired capital and surplus,
"whichever is the greater."
The quoted words were those inserted in the
Bank Act; Federal banks have similar latitude in Michigan.
value of grain
in
a
Municipal Problem Studied by Several Cities—Six
large cities in the United States have established citizensupported agencies for the study of municipal problems dur¬
ing the past 12 months, the Governmental Research Associa¬
tion reported on Sept. 3.
In Peoria, 111., Atlanta, Ga. and Pontiac, Mich, these new agencies are
municipal research divisions of chambers of commerce.
In Hartford, Conn.,
Tulsa, Okla. and Los Angeles, Calif, they are independent organizations.
Except in Los Angeles these new organizations are the only governmental
research agencies listed by the Association in their respective communities.
Addition of the six new agencies to the G. R. A.'s roster brings the total
number of cities with such organizations to 76, and the total number of
municipal research agencies to 128, many of the larger cities having more
than
one
agency.
Also named in the roster are many State-wide organizations, such as State
leagues of municipalities, State taxpayers' associations and bureaus of mu¬
nicipal and goverrm ental research maintained by State universities.
Addi¬
tions to the State list include the following recently extablished organiza¬
tions: Colorado Governmental Research Association; Inter-Organization
Council of Indiana; Pacific Northwest Council on Education, Planning and
Public Administration; New York State Bureau of Governmental Research;
Illinois Legislative Council; Bureau of Public Administration of the Uni¬
versity of Alabama, and the Institute of Public Affairs of Dalhousie Uni¬
versity in Nova Scotia.
Included in the G. R. A. Directory for 1938-39 are more than 500 local,
At least
State, national and international organizations and institutions.
one, and in some instances a score, of organizations are listed in every one
of the 48 States and the Territory of Hawaii, with the single exception of
Wyoming,
Municipalities Urged to Resist Proposed Federal Tax
—Speaking before the annual convention of the League of
Third Class Cities at Reading, Pa., on Sept. 2, Austin J.
Tobin, Assistant General Counsel of the Port Authority of
New York, and Secretary of the Conference of State Defense,
urged the delegages to resist the present efforts to impose a
Federal tax, not only upon State and municipal securities
but upon the actual revenues of the cities themselves.
The preservation of local self-government is the real Issue in the recent
Treasury Department's proposal to tax State bonds, Mr. Tobin said.
After stating that the present plans of the Treasury Department wonld
simply mean that the new Federal taxes would be paid by an increase
in local assessments, Mr. Tobin added:
"The payment of a tax or a tribute to another government Is certainly
repugnant to the sovereignty of a free State.
Yet, in the proposals which
have recently been put forward by the Treasury Department in Washing¬
ton, and advocated by the Department of Justice, there is clearly involved
a Federal attempt to levy an assessment on the treasuries of your cities,
and on the treasury of your State.
I submit to you that any such Federal
assessment necessarily imperils the continuance of local seif-government
in Pennsylvania."
...
§65,687,881
k Not
99
100.55
100.68
100.01
50,000
3.50
3.21
50,000
385,796
1534 Webster Ind. S. D.t Tex
1375 West Caldwell, N. J—
1523 West Frankfort S. D. 68, 111
1532 West Hazelton, Pa
1075
50,000
68.000
4
Honolulu, Hawaii
3.70
100*07"
3)4-3)4 '45-'65
1377 Toledo, Ohio-.
2)4
1940-1943
1529 Trenton,Remseu,&c.S.D. 1, N. Y.1.70
1939-1944
Nos.
and9-J, Tex
1370 Thomasville, Ga
1081 Three Lakes Ind. S. D., Tex
— -
D., B. C...4
UNITED STATES POSSESSION
2.71
100.24
3,000
D.
3.00
100.13
165.000
1939-1948
S.
100
100
50,000
2.90
.
1940-1948
Public
-
1939-1948
1942
.
Sorel, Que....
ValD'Or, Que
100.42
—3)4
930 Taylor Co., Wis
2.75
Temporary loan; not included In month's total.
r53,000
---1)4
3
9-13
--3)4
1533 Taylor
1.60
100
Tota long-term Canadian debentures sold in August
*
20,500
1071 Tampico S. D. 29, 111
1372 Taunton, Mass-...
Maturity
1958-1962
5
1082
.
1368 Talladega, Ala
0.82
9,000
15,000
87,000
6,215
2,970
*25,000,000
100.08
_ _
1235 Taft Ind. S. D., Tex
5
100.11
8,000
<228,000
Iowa...
Rate
106,000
.
1370 Sycamore II. S. D., Ill
,
100.53
102.17
CANADIAN MUNICIPALITIES IN AUGUST"
100,000
r25,000
...
BY
Page
Name
1236 Amos, Que
1672 Canada (Dominion of)
100,000
2)4
.
DEBENTURES SOLD
2.15
1939-1948
..2)6-31941 1951
Shlckshlnny 8. D., Pa...
4)4
1938-1963
Shorewood HlUs S. D., Wis
..2Yi
1953
Solans Co., Calif.
—...i
3)4
Somervllie, Mass
.. 1 %
1939-1948
South Roston, Va
—■».2%
1943-1952
South Greeasburg S. D., Pa
2%
1940-1963
Spring Valley, N. Y.__.---3
1939-1944
Steveas Point, Wis
.--......3)4
Stillwater, N. Y
2%
1941-1969
Stockton School Twp., Ind
--3)4
1939-1947
1624 Sumner,
Basis
Price
100.32
(except as indicated) are for July,
These additional July issues will make the total sales (not
including temporary or RFC and PWA loans) for that
month $47,647,889.
The following items included in our totals for the previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
(None for August.)
1940-1961
1070
1379
1940-1949
1940-1948
1939-1948
1939-1943
1941-1950
—
1939-1948
4
Scott County, Ky
3.72
100*24"
45,000
98,000
1527
1939-1953
1-20 yrs.
1939-1943
1939-1948
1939-1958
30,000
6,500
10,000
45,367
All of the above sales
30,000
1370
2%
2H
1%
Webster, Mass
930 Wharton County. Tex
11.500
1230 Stoddard Co. S.D. No. 8, Mo
1227
3
2K~2H
.AH
Walker Twp., Mich..
926
35,000
268,000
1376 She.by, N. C-_
930
3H
-
Salem, Ore
920
351,815
3)4
-
1230 Scott Co. S. D. 24, Minn
1228
1533
1940-1963
1528 Scottsbluff, Neb
1234
1.27
245,000
(3 iss.).-1.40
—1.30
4
5
930 Schulenburg S. D., Tex.--
1534
101.12
1943-1958
—2-2)4
1376 Saratoga Springs, N. Y.
1522
1079
1941-1962
County, Ind
1)4
1379 Sanborn Co., S. Dak. (2 iss.) 3)4-3)4
1235 Santa Fe S. D. 2, Tex
4
1080
3.25
1940-1958
4, La
St. Joseph, Mo
924
100.61
14,000
1524 St. Joseph
1071
Rumson.N.J——
Rumson.N.J—
1940-1943
St HenryS. D.t Ohio
927
Preston, Ida. (June)
927
1941-1963
1H
1626 St. Helena Parish S. D.
1531
925
165.000
1944-1960
Calil
St. Clair S. D., Mich
1230
2J*
—
927
3.00
36.000
La......3)*-4
2)4
924 Hac County, Iowa
Minoa.N.Y
2.70
1,100,000
--
-
1070 Sacramento County,
1076
1939-1948
1943-1949
1939-1943
1939-1948
Mansfield, Ohio
2.57
100
5,000
......AH
ZH-3H
—3
l*A
3H
3.90
Roxana, III--
1072
Kansas City, Kan
100.27
1939-1964
Minn
Rockford Twp., Rl
1226
2.57
Amount
125,500
120.000
Rapides Parish, La
1376
2H
3H
1
2
Great Barrlngton, Mass
924
101,23
1939-1958
4
1074 Renville Co. S. D. 63,
925
100.55
Maturity
4
EmausS.D.,Pa. (June)—
929 Falrview Con. S. D. 2, Okla
1.96
40,000
N. Mex..
1523
1228
Rate
1079
36,000
1-5 yrs
—
1080 Providence. K. I—
Sept. 10, 1938
Page
Name
930 Cowlitz County, Wash
<218,000
14,000
1940-1948
Portsmouth, N. H. (2 isues)
927 Quay County,
Ramsey, 111
156,700
1939-1948
1626 Port Austin S. D. 1, Mich
1076
Chronicle
1233
1939-1942
1378 Poteau, Okla. (4 issues)
Basis
10,000
r499,000
3H
1080 Plymouth, Pa
Price
1948-1957
1939-1942
---3
Pine Tree S. D. 7. Tex
1081
Amount
Maturity
Amount
Price
$4,000
100.12
24.000
100
Basis
1.71
5.00
Debt Put at $3,817 per Family—
local, State and Federal, on the citi-
New York State—Public
An accumulated debt,
Volume
Financial
147
of New
Chronicle
Price Bid
Mortgage
Total
per
$2,904,109,000
506,955,000
Family,$921
177
8,574,170,000
& Co
3,817
relief,
Walter M. Franklin, survey secretary,declared.
"It is in effect, standing as a prior lien against those who are trying to pay
for their homes and pay their rent, as well as those trying to get off relief
rolls.
This debt will have to be paid in the next generation
or two; it
cannot be repudiated, and moratoriums will not do.
"It used to be that the birthright of the new generations of Americans
was not only freedom of opportunity, but freedom from debt.
Today,
because his parents have lost sight pf two fundamental principles, that pub¬
lic debt is no different from private debt, and that public debt is private
debt—the child discovers his very cradle is mortgaged.
"Citizens' action on behalf of their children's birthright is imperative,
lest the burden grow even larger," Mr. Franklin warned.
"A first step
in that direction is greater participation in local affairs to the end that waste
in public expenditures be eliminated."
on
New York State—Creation
The creation of
a
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—PALMDALE
SCHOOL BOND OFFERING—Sealed bids will be received until 2 p. m.
on
an
Sept. 13, by L. E. Lampton, County Clerk, for the purchase of
issue of Palmdale School
District bonds.
a
$12,500
Interstate rate is not to exceed
5%, payable semi-annually.
Denom. $1,000, one for $500.
Dated Sept. 1,
1938.
Due on Sept. 1 as follows: $500 in 1941, and $l ,000 from 1942 to
1953 incl.
Prin, and int. payable at the County Treasury.
The bonds
will be sold for cash only and at not less than par and accrued interest.
Each bid must state that the bidder offers par and accrued interest to the
date of delivery, and state separately the premium, if any, and the rate of
of Bureau of Commerce Urged—-
Bureau of Commerce in New York State to
Commission, in
Day.
3%
CALIFORNIA
interest offered for the bonds bid for.
if so, to formulate a program to check this trend, was recom¬
mended by Mark Graves, President of the New York State
Tax
3H%
2525.10
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,000,000
registered unemployment relief warrants was offered on Sept. 6 and was
purchased by the Bankamerica Co. of San Francisco, at 2%, plus a premium
of $4,661.
Dated Sept. 8, 1938.
Due on or about Feb. 27, 1939.
No
other bid was received, it is stated.
determine whether the Empire State is failing to maintain its
dominant position in business, commerce and industry and,
Bids will be received for all
or
any
portion of said bonds.
In the event that the bidder submits a proposal to
purchase a portion of said bonds, the bid shall designate specifically the
bonds bid for.
All bonds sold to a bidder bidding for a portion of said
bonds shall bear the same rate of interest, and bids for varying rates of
interest for the same block or portion of said bonds will be rejected.
Pay¬
ment for and delivery of bonds will be made in the office of the Board of
address made at Rushford, N. Y.,
Labor
on
2.90%
TUCSON, Ariz.—BOND OFFERING DETAIL—In connection with the
offering scheduled for Sept. 19, of the $277,000 water system bonds, de¬
scribed in our issue of Sept. 3—V. 147, p. 1522—it is stated
by Charles O.
Irwin, City Clerk, that he will receive the bids for the bonds, not the City
Auditor, as we had previously reported.
"This burden applies equally to home owner, tenant, city dweller, farmer
family
Interest
Blyth & Co., Inc.; Boettcher & Co.; Refsnes, Ely, Beck
2.719
$12,039,234,000
Total
and the
follows:
was
Names of Other Bidders—
Premium
John Nuveen & Co., and Kennedy, Spence& Co., Inc
$133.99
Mackey, Dunn & Co., Inc.,
by The Valley National
Bank of Phoenix.
5581.80
The Federal burden is heaviest, the survey's tabulation shows:
Net local debt (estimated)
Net funded State debt
Share of Federal debt
1663
The other bids ware
York State of
$3,817 per family is shown in
figures compiled by the Citizens' Public Expenditure Survey.
zens
Declaring that there Is evidence New York State is "not holding its relative
position with the other States" in industrial development, in spite of great
strides in the fields of progressive labor, social welfare, farm and school
legislation, the commissioner reminded that common interests of agriculture,
labor, commerce and industry make the problem one of mutual concern.
"I am constrained to believe," he said, "that we must in the interests of
all the people give more attention to the material interests of the State.
Unless we protect those interests, I fear we shall not be able to maintain the
high standards established in these other fields.
"Specifically, I recommend the establishment of a Bureau of Commerce
in one of the existing state departments, the duty of which will be to as¬
certain all pertinent facts about the advantages and disadvantages of this
State for the various lines of industry, and to ascertain if industries are
moving out of the State, and, if so, why; also, why industries are not locating
in this State, if that be a fact, and to find out if New York establishments
are losing business to out-of-state business houses, and, If so, why.
"With the facts before them, the Legislature and the Governor can then
formulate a program designed to continue the unquestioned supremacy of
Supervisors.
A certified or cashier's check for a sum not less than 3% of
the amount of the bonds bid for, payable to the order of the Chairman of
the Board of Supervisors, must accompany every bid.
Palmdale School District has been acting as a school district under the
laws of the State of California
The assessed
continuously since July 1, 1901.
of the taxable property In said school district
is $927,935.00, and the amount of bonds previously is¬
valuation
for the year 1937
sued and now
outstanding is $19,000.
Palmdale
School
District
includes
an
area
of approximately
76.15
miles, and the estimated population of said school district is 1840.
square
SAN
BERNARDINO
COUNTY
(P.
O.
San
Bernardino),
Calif.—
REDLANDS SCHOOL BOND SALE—The $25,000 issue of Redlands High
School District bonds offered for sale on Sept. 6—V. 147, p. 1522—was
awarded to Weeden & Co. of San Francisco,
as
4?^s, paying
a
premium of
f3,371.00, equal1, 1951.
>ue
March
to 113.484, a basis of about 3.40%. Dated March 1,1927.
on
SAN FRANCISCO (City and County) Calif.—NOTE SALE—The
$3,500,000 issue of tax anticipation notes offered for sale on Sept. 6—V.
147, p. 1522—was awarded to Weeden & Co. of San Francisco, at 0.80%,
paying par. Dated Sept. 7,1938. Due on Dec. 31, 1938.
this State."
The commissioner declared that there were indications and available data
tending to establish that New York State is lagging industrially in the face
of unquestioned advances in virtually every other field.
The
only other bid received was an offer of par on 1.20s, tendered by the
Bancamerica Co. of San Francisco, and associates.
SAN FRANCISCO
We
Bond
Proposals and Negotiations
DOTHAN, Ala.—BOND OFFERING POSTPONED—It is stated by
Scarborough, City Clerk, that the sale of the three issues of bonds
I. P.
aggregating $108,000, which had been scheluled for Sept. 6—V. 147, p.
1522—was postponed to Sept. 13.
The issues are divided as follows:
$16,000 electric Improvement, series E 1 bonds.
Due $1,000 from Sept. 1,
SAN
m. on
issue
$138,000 4M% coupon semi-annual school, series 9 bonds.
Denominations $1,000.
Due Sept. 1, as follows: $3,000 in 1940 to 1945,
$4,000 in 1946 to 1948, $5,000 in 1949 to 1960 and $6,000 in 1961 to 1968.
Principal and interest payable at the Central Hanover Bank & Trust Co.,
New York.
The bonds are general obligations of the City, and are issued
pursuant to the Municipal Bond Code of the State.
(This notice supplements the offering report given in our issue
of Sept.
3.—V. 147, p. 1522).
TALLADEGA,
Ala.—MATURITY—It
stated
is
by
the
City
Clerk
that the $63,000 4% semi-ann. school of 1935 bonds purchased by J. Mills
Thornton of Montgomery, and the Merchants National Bank of Mobile,
jointly, at
due
as
a
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Redwood
Francisco, according to report.
Denom. $1,000.
Dated Sept. 1, 1938.
Due on Sep.,. 1 as follows:
$5,000, 1939 to 1958, and $6,000, 1959 to
1963. Prin. and int. payable at the office of the County Treasurer.
An issue of $88,000 Redwood City Elementary School District bonds
was purchased on the same date by Blyth & Co., Inc., and Lawson, Levy
& Williams, both of San Francisco, jointly, as 3Ms. paying a premium of
$407, equal to 100.462, a basis of about 3.44%.
Denom. $1,000. Dated
Sept. 1, 1938. Due $4,000 from Sept. 1, 1939 to 1960 incl. Prin. and int.
(M. & S.) payable at the County Treasurer's office.
Ala .—BOND OFFERING—Sealed bids will be received until
Sept. 13, by I. P. Scarborough, City Clerk, for the purchase of
of
MATEO
School District bonds was purchased on Sept. 6 by Kaiser & Co. of San
DOTHAN,
a.
(City and County). Calif.—BOND ELECTION—
by David A. Barry, Clerk of the Board of Supervisors,
City) Calif.—BONDS SOLD—An issue of $130,000 Millbrae Elementary
1941 to 1956.
42,000 water, series W6 bonds.
Due on Sept. 1 as follows: $1,000, 1940
to 1955, and $2,000, 1956 to 1968.
50,000 sanitary and storm sewerage, series SSS2 bonds.
Due on Sept. 1
as follows: $1,000,
1940 to 1947, and $2,000, 1948 to 1968.
Interest rate is not to exceed 4M%. payable M. & S.
Denom. $1,000.
All bonds are being issued pursuant to the Municipal Bond Code of Alabama.
Prin. and int. payable at the Central Hanover Bank & Trust Co., New York.
an
informed
an
$13,178,000:
$4,200,000
sewer;
$3,828,000 courthouse construction;
$2,800,000 school buldlings; $900,000 recreation facilities; $700,000 munic¬
ipal yacht harbor improvements; $525,000 live stock exposition buildings,
and $225,000 welfare department bonds.
He states that at the same time the voters will bahot on the proposed
Issuance of $24,480,000 in bonds for the acquisition and rehabilitation of
properties of the Market Street Railway Co.
ALABAMA
8
are
election will be held on Sept. 27 in order to vote on the proposed
issuance of the following not to exceed 6% semi-ann. bonds aggregating
that
SONOMA COUNTY (P. O. Santa Rosa), Calif.—JUNIOR COLLEGE
bids will be received until 10 a. m. on Sept.
12, by Walter H. Nagle, County Cierk, for the purchase of an issue of $165,000 Santa Rosa Junior College District bonds.
Interest rate is not to
exceed 3%, payable F. & A.
Dated Aug. 20, 1938.
Denom. $1,000.
Due $15,000 In 5 to 15 years.
Prin. and int. payable in lawful money at
the County Treasurer's office.
The bonds were authorized at an election
held on July 18.
The bonds will be sold for cash only at not less than par
and accrued interest to the date of delivery.
Enclose a certified check for
not less than 10% of the amount of the bonds bid for, payable to the Chair¬
man Board of Supervisors.
BOND OFFERING—Sealed
.
price of 95.65, as noted here on Aug. 27—V. 147, p. 1368—are
$2,000, 1941 to 1955; $3,000, 1956; $4,000, 1957 to 1963,
basis of about 4.39%.
'
follows:
COLORADO
and $2,000 in 1964, giving a
COUNTY SCHOOL DISTRICT No. 4 (P. O. Rollln.).
Colo.—BONDS SOLD—It is stated by the District Secretary that $5,000
GILPIN
ARKANSAS
FORREST
CITY, Ark.—BONDS VOTED—It is said that the voters
on Aug. 30 approved the issuance of $35,000 in bonds, divided as follows:
$19,000 library, and $16,000 city hall.
PRESCOTT, Ark.—BOND ELECTION—A special election will be held
on Sept. 30, according to report, to pass on the issuance of $16,500 in city
hall bonds, to be used in connection with a Public Works Administration
grant of $13,500.
RUSSELLVILLE,
election
will
be held
Ark.—BOND ELECTION— It is reported
on
Oct.
11
in order to
that
an
have the voters pass on the
issuance of $176,000 in electric revenue bonds.
4% semi-ann. building bonds were purchased at par by Bosworth,
Loughridge & Co. of Denver. Denom. $1,000. Due from 1939 to
Chenute,
1943 incl.
MONTROSE, Colo.—BONDS VOTED—At an election held on Sept. 7
total of $107,000 in bonds.
By a
bond issue to finance
of the water system.
The public works administration had previously sanctioned a $70,200 grant
the voters approved the issuance of a
166-to-14 vote, the taxpayers approved an $85,000
the city's share in the cost of a $155,200 extension
to meet the
remainder of the cost.
by a 143-to-32 vote, would provide $22,$18,000 Public Works Administration grant
disposal plant.
the $18,000 sewage plant grant is now pending be¬
A second bond issue, authorized
000 to be matched with an
for building a sewage
An application for
fore the PWA.
CONNECTICUT
ARIZONA BONDS
Markets in all Municipal Issues
BRISTOL, Conn.—CONSIDER SCHOOL ISSUE—City is contemplating
the construction of an addition to the present high school building at an
estimated cost of $1,000,000.
Bonds will be issued in connection with the
project.
LITCHFIELD COUNTY
REGIONAL SCHOOL
DISTRICT NO. 1
REFSNES, ELY, BECK &, CO.
PHOENIX, ARIZONA
$10,000 on Oct. 1 from 1939 to 1958 incl.
(A. & O.) payable at the Salisbury Bank & Trust
Due
Principal and interest
Co., Lakeville, or at the
York City. Legality approved by Day, Berry
& Howard of Hartford.
The full faith and credit of the Towns of Sharon,
Salisbury, North Canaan. Canaan, Cornwall and Kent are pledged to the
payment of principal and interest on bonds issued by the district, and such
indebtedness shall be obligatory upon the towns and inhabitants thereof
according to their tenor and purport.
Chase National Bank, New
ARIZONA
PIMA COUNTY (P. O.
is now
Tucson), Ari
DETAILS—It
reported by G. Mackenzie. Clark of the Board of Supervisors, that
the $443,000 coupon
school bonds sold on Aug. 22 as 2 Ms, at a price of
100.27, a basis of about 2.71%, as noted in our issue of Aug. 27—V. 147,
p. 1369—were purchased by a syndicate composed of Chas. A. Hinsch
& Co. of Cincinnati, Baum. Beraheimer & Co. of Kansas City, A. S.
Huyck & C<vof Chicago, Pohl & Co., Seasongood & Mayer, both of Cin¬
cinnati, and Kirby L. Vidrine & Co. of Phoenix, Ariz.
Financial Statement
—--—$17,003,670
Grand lists of the towns—
Highway bonds of the towns
Total debt (incl. this issue and highway bonds)
Debt ratio (incl. highway bonds *)_
Debt ratio (excl. highway bonds)
;
245.000
599.603
2.08%
1664
Financial
Chronicle
Sept. 10, 1938
'
*
State of Connecticut has agreed to pay to the towns in annual instal¬
ments three-fourths or seven-eignths of the cost of highway construction for
which such bonds were issued.
TIPTON, Ga.—BONDS SOLD—It is stated by the City Clerk-Treasurer
that $87,000 improvement bonds approved by the voters on Aug. 31,
have been sold.
Tax Collections
1937 List
Towns:
Sharon
96%
96%
98%
99%
99%
99%
North Canaan
Canaan
Cornwall—
Kent
f
89%
-
Conn.—BOND
NORWICH,
OFFERING—Alexander
Jordan,
City
Treasurer, will receive sealed bids until 11 a. xn. (Eastern Standard Time)
on»8epo. 14 for the purchase of .$604,000 coupon bonds, divided as follows:
$395,000 refunding water bonds.
Due Oct. 1 as follows: $20,000 from 1939
rr*
125,000 refunding bonds. $19,000 from 1954 to 1958$7,000
to 1953 incl. and Due Oct. 1 as follows: Incl.
from 1939 to
1943 incl. and $6,000 from 1944 to 1958 incl.
FRANKLIN COUNTY (P. O.
1958 incl.
1, 19.38.
Denom. $1,000.
Bidder
to name one rate of interest in a multiple of 14 of 1%, and no bid will be
considered for less than par and accrued interest to date of delivery.
Prin.
and int. (A. & O.) payable at the First National Bank of Boston.
These
bonds will be valid general obligations of the city and all its taxaole property
will be subject to the levy of unlimited ad valorm taxes to pay both principal
and interest.
Each loan will be engraved under the supervision of and
authenticated as to its genuineness by The First National Bank of Boston.
The legality of these issues will be examined by Storey, Thorndike, Palmer
& Dodge of Boston, a copy of whose opinion will accompany the bonds when
delivered without charge to the purchaser.
The original opinion and com¬
plete transcript of proceedings covering all details required in the proper
issuance of these bonds will be filed with The First National Bank of Boston,
where they may be inspected.
Delivery of bonds will be made about Oct. 3,
1938, at the First National Bank of Boston, against payment in Boston
All of the bonds will be dated Oct.
house and jail
court
coupon
Gas and electric bonus included in total debt
466,000.00
1,349,000.00
70,000.00
290,561.40
None
39,703,804.00
374,000.00
in total debt
Other notes payable
.....
Sinking funds for other than self-supporting debt
Grand list of the town, 1937, excluding exempt property
Total bonded debt.
—
Water bonds.;
....
of
issue, and written
an
livery.
None of the bonds shall be sold for less than
delivery.
and accrued inter¬
GEM COUNTY (P. O. Emmett), Idaho—BOND SALE DETAILS—
We are now informed that the $37,500
coupon court house and jail bonds
purchased on Aug. 8 by Sudler, Wegener & Co. of Boise, as 2Ms, as noted
here—V. 147, p. 1071—were awarded for a premium of
$17.50, equal to
The unsuccessful bids
100.04.
Richards & Blum,
follows:
were as
Inc., Spokane—1940
to
1945. 3%; 1946 to 1948, 2^%;
$106.75.
premium,
Edward L. Burton & Co., Salt Lake City—2%%, premium $112.50.
State of Idaho, Department of Public
Investments, Boise—4%, no pre¬
mium.
First Security Bank of Idaho,
Boise—3%,
premium.
no
MOSCOW, Idaho—BOND'ELECTION—It
will be held
Sept. 13 in order to vote
plant bonds.
sewage
on
on
is
reported that
election
an
the proposed issuance of $40,000
,
ILLINOIS
Sept. 28
111.—BOND ELECTION—-An election will be held
the question of issuing $61,000 general obligation sewer bonds.
on
BELVIDERE SCNOOL DISTRICT, III.—BOND SALE— The
Aug. 2 election,
G. Lawson, City
Treasurer, will receive sealed bids until 11 a. m. (Eastern Standard Time)
on Sept. 16 for the purchase of $120,000 1M% incinerator bonds, due $12,000
each year from 1939 to 1948 incl.
Interest A. & O.
g*
were
I
BOONE
COUNTY SCHOOL DISTRICT NO. 57 (P. O. Belvidere),
111.—BOND SALE—An issue of $65,000 school construction bonds was
awarded on Aug. 12 to Bartlett, Knight & Co. of Chicago, as 2s, at a price
of 100.57.
will consider
an
111.—BOND
ELECTION—On
Sept.
30
the
voters
issue of $66,000 city hall building bonds.
DECATUR, 111.—BONDS VOTED—At
the
Sept. 2 election the voters
authorized an issue of $880,000 sewer bonds by a count of 6,110 to 749,
according to Jerome J. Heger, City Clerk.
FLAT
ROCK
SCHOOL
DISTRICT
The $10,000 school construction
election has been sold.
FORRESTON SCHOOL
OFFERING—Hurry
District;
Clerk reports the sale of the $65,000 school construction bonds which
authorized at the
DELAWARE
Del.—BOND
par
Principal and interest payable at the County Treas¬
urer's office.
CHARLESTON,
None
530,500.00
payable
1937 tax levy (city) $309,781.51—Uncollected, $15,398.60.
1936 tax
levy (citv) $311,347.54—Uncollected, $6,364.49.
1935 tax levy 'city)
$330,029.36—Uncollected, $5,822.22. 1937 tax levy (town)
$833,779.88—
Uncollected, $25,447.63.
1936 tax levy (town) $827,738.23—Uncollected,
$14,313.54.
1935 tax levy (town) $733,324.52—Uncollected, $11,356.90.
WILMINGTON,
set
annual amortization plan.
Bids will be submitted specifying (a) the
lowest rate of interest and premium, if any, above par at which the bidder
will purchase such bonds, or (b) the lowest rate of interest at which the
bidder will purchase such bonds at par and accrued interest to date of de¬
on
None
...
Sinking funds
Notes and town orders
was
BARTONVILLE,
Water bonds included in total debt
lotes, not included
Maximum rate of interest
Dated July 1, 1938.
The first bonds will mature two years after date
issue and the last bonds to mature 20 years after date of
1, 1938
Grand list of the Citv, 1937, excluding exempt property.. ._„$?9,573,911.00
Total bonded debt
2,213,300.00
Water
bonds.
4%, payable J. & J.
at
funds.
Financial Statement, Sept.
Preston), Idaho—BOND OFFERING—
It is stated by C. L. Swenson, County Clerk, that he received sealed bids
until 2 p. m. on Sept. 10 (to-day), for the purchase of a
$55,000 issue of
est to date of
84,000 floating debt bonds.
Due Oct. 1 as follows: $4,000, 19.A) to 1943
F
incl.; $5,000 from 1944 to 1947 incl. and $4,000 from 1948 to
IT
IDAHO
1936 List
89%
72%
90%
97 %
.................
.
Salisbury
NO. 17, III.—BONDS SOLD—
bond issue authorized at the March 12
DISTRICT, 111.—BOND SALE— An
issue of
$22,000 school bonds was sold to the H. C. Speer & Sons Co. of Chicago,
subject to outcome of election on Sept. 6.)££
JACKSONVILLE.
111.—PRICE
PAID—The
$280,000 3M%
water
bonds sold jointly to Ballman & Main, of Chicago, ana Vieth,
Wood, of Davenport—V. 147. p. 1523—were purchased by the
bankers at par plus a premium of $14,210, equal to 105.07, a basis of
about 2.79%.
revenue
Duncan &
FLORIDA
JOLIET SCHOOL DISTRICT, III.—BOND SALE DETAILS—The
$5,000 4% park bonds sold to the Channer Securities Co. of Chicago, at a
price of 100.46—V. 147, p. 1523—are dated Aug. 15, 1937 and mature
Aug. 15, 1953. Coupon, registerable as to principal only, in $1,000 denoms.
Interest (F. & A. 15).
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
-
-
-
Branch Office:
First
National
Bank
Building
T.
LAKE ZURICH, 111.—BOND ELECTION—A proposal to issue $14,000
village hall bonds will be considered by the voters on Sept. 26.
Building
-
FLORIDA
-
LINCOLN
TAMPA
S.
CITY
LINCOLN
FLORIDA
FORT
election
Fla.—BOND ELECTION—We understand that
held on Sept. 27 to vote on $181,000 bonds, divided
an
as
JACKSONVILLE,
Fla.—BOND ELECTION—It is reported that an
election will be held on Sept. 20 in order to have the voters pass on the pro¬
posed issuance of various civic improvement bond issues aggregating
$2,002,000.
NAPLES, Fla.—BOND OFFERING—Sealed bids will be received until
11
a.
m.
on Sept. 22, by M. W. Cole, Town Clerk, for the purchase of a
issue of 4% channel, turning basin and dock bonds.
Denom.
$500.
Dated May 1, 1938.
Due $3,500 from May 1, 1939 to 1948 incl.
Prin. and int. (M. & N.) payable at the Chase National Bank in New York.
The
approving
opinion of Caldwell &
Raymond
of New
DISTRICT,
III.—BONDS
SCHOOL DISTRICT
NO.
111.—BOND OFFERING—
27,
12
for the purchase of $95,000 school bonds.
follows: $88,000 bridge, and $93,000 gas plant bonds.
$35,000
SCHOOL
The District Secretary will receive sealed bids until 7:30 p. m. on Sept.
|
PIERCE,
will be
GRADE
VOTED—At the election on Aug. 20 the voters authorized issues of $150,000
high school and $95,000 grade school bonds.
Pierce, Resident Manager
York,
will be
MAPLE
—Paul W.
PARK
HIGH
SCHOOL
DISTRICT,
111.—BONDS VOTED
Stone, Superintendent of Schools, reports approval of an issue
by the voters on Sept. 2. They
of $12,000 3H % school construction bonds
will mature in five years.
MILO
TOWNSHIP
(P.
O.
Henry), 111.—BONDS VOTED—An issue
of $20,000 road improvement bonds was approved
by the voters at
a recent
election.
"bREGON,
111.—BOND SALE DETAILS—The $130,000 water and sewer
bonds purchased by Stifel, Nicolaus & Co. of St. Louis—V. 147,
1523—were sold as 4s, at par, with proviso that bankers pay all legal
expenses and cost of printing the bonds.
revenue
p.
PEARL CITY SCHOOL
DISTRICT, 111.—BONDS VOTED—An issue
furnished.
of $30,000
W
SHELBYVILLE. 111.—BONDS DEFEATED—An issue of $50,000 sewage disposal plant bonds was defeated at the election on Aug. 31.
SANFORD, Fla.—REPORT ON PROGRESS OF REFUNDING PLAN—
While approximately 95% of the creditors of the city have already
accepted
refunding bonds, a small minority have not assented to the debt readjust¬
ment plan.
Accordingly the city contemplates the filing of a petition
under the Municipal Bankruptcy Act for the purpose of completing the
refunding in accordance with the plan.
The city has retained W. D.
Bradford, 115 Broadway, New York, who served as secretary of the Bond¬
holder's
Protective
Committee, to secure the consent of the holders of
the city's refunding bond to the filing of such a petition.
In a letter to
holders of refunding bonds, Mr. Bradford states that the members of the
Bondholders' Protective Committee have authorized him to say
that in their opinion it will be advantageous to the interests of the holders
of the refunding bonds to co-operate in the bankruptcy proceedings and
former
give their consents in writing to the filing of the petition.
VOLUSIA COUNTY SCHOOL DISTRICTS (P. O. De Land), Fla.—
BOND ELECTION—It is reported that an election will be held on Sept. 27
construction bonds carried at the election
on
Aug. 22.
WEST"FRANKFORT SCHOOL DISTRICT NO. 68, III.—BOND
SALE—The issue of $55,000 4% building fund bonds offered Aug. 31—
V. 147, p. 1370—was awarded to Barcus, Kindred & Co. and the H. C.
Speer & Sons Co., both of Chicago, jointly, at par. Dated Aug. 1, 1938.
Due Jan. 1, 1958; optional Jan. 1 as follows: $2,000, 1941 to 1948 incl.;
$4,000 from 1949 to 1954 incl. and $5,000 from 1955 to 1957 incl.
WILL COUNTY (P. O.
tion
on
court
Joliet), 111.—BOND ELECTION—At
Sept. 27 the voters will be asked to
house
WILLOW
construction
approve an
an elec¬
issue of $450,000
bonds.
BRANCH TOWNSHIP
(P. O.
Monticello), 111.—BONDS
APPROVED—An issue of $35,000 road construction bonds was approved
by a vote of 188 to 144 at a recent election.
in order to vote
on the issuance of the following bonds aggregating $163,000:
$143,000 Peninsular School District No. 41, and $20,000 Enterprise School
District
INDIANA
bonds.
ALBION
GEORGIA
on
the
proposed issuance of
a
O.
Albion), Ind.—BOND SALE—The
offered Sept. 2—V. 147, p. 1370—were
of Indianapolis as 2Ms, at par plus a
premium of $317.30, equal to 100.85, a basis of about 2.09%.
Sale con$37,000
total of $167,200 in various municipal im¬
provement bonds.
sistcd,
(P. O. Buchanan), Ga.—BOND
SALE DETAILS—It is now reported by the Secretary of the Board of
School Trustees that the $20,000 building bonds sold recently at a price
of 101.00, as noted here—V. 147, p. 1523—were purchased by Johnson,
Lane, Space & Co. of Atlanta, as 4s, and mature $1,000 from Jan. 2, 1941
to 1960, giving a basis of about
3.89%.
GREENSBORO, Ga .—BONDS SOLD—It is
stated by the City
Clerk
that $35,000 3Vi% semi-ann. water works bonds, approved by
Aug. 30, have been sold.
Dated July 1,1938.
the voters
Due from 1954 to 1965.
HAHIRA CONSOLIDATED SCHOOL DISTRICT (P. O. Hahira),
Ga.—BOND ELECTION—It is stated by T. Lawson, Clerk of the Board
of Trustees, that an election will be held on
Sept. 24
voters pass on the issuance of $21,000 in school bonds.
PINEHURST
to
building
Kenneth
S.
(P.
bonds
Johnson
of*
$20,000 school building bonds.
SCHOOL
in order to have the
DISTRICT (P. O. Vienna), Ga .—BOND
OFFERING—It is stated by Roy B. Friedln, Attorney for the District, that
he will receive sealed bids until 10 a. m. (E. S. T.) ,on Oct. 3, for the pur¬
chase of a $20,000 issue of 5% semi-ann. building bonds.
Denom. $500.
Due on Jan. 1 as follows: $1,000, 1944 to 1954, and $1,500 from 1955 to
1960.
These bonds are being offered subject to validation.
Denom. $1,000.
Due $1,000 June 30 and
Dec. 30 from 1939 to 1948 incl.
BUCHANAN SCHOOL DISTRICT
on
school
awarded
WATHENS, Ga.—BOND ELECTION—On Sept. 28 the voters will ballot
TOWNSHIP
17,000 civil building bonds.
Denom. $850.
1939 to 1948 incl.
Each issue is dated July 30,
BICKNELL,
Ind.—BOND
Due $1,700 on Dec. 30 from
1938.
OFFERING—Sealed
bids
addressed
to
Myrtle Hollingsworth, City Clerk, will be received until 2 p. i». on Sept. 17
for the purchase of $23,000 not to exceed 4H% interest city hall bonds.
Dated Sept. 1, 1938.
Denom. $500.
Due as follows:
$1,000, Jan. 1 and
and July 1 from 1940 to 1950, incl. and $1,000 Jan. 1, 1951.
Bidder to
name a single rate of interest expressed in a multiple of 14 of 1 %.
Prin¬
cipal and interest (J. & J.) payable at the First National Bank, Bicknell.
The bonds are direct obligations of the city, payable out of ad valorem
taxes to be levied on all of its taxable property.
A certified check for $500
payable to the order of the city, must accompany each proposal.
The
approving legal opinion of Matson, Ross, McCord & Clifford of Indiana¬
polis will be furnished the successful bidder.
CARR TOWNSHIP (P. O. Jeffer«onville)T Ind .—BOND OFFERING—
bids addressed to Trustee Bernard Kleehamer will be received
Sealed
until
2 p. m. on Sept. 30 for the
interest school bonds.
Dated Oct.
purchase of $7,500 not to exceed 5%
1, 1938.
Denom. $500.
Due $500 on
Volume
Financial Chronicle
147
Dec. 31 from 1939 to 1952 incl. and $500 on Sept. 30,1953. Interest payable
Dec. 31, 1939, and annually thereafter.
The bonds are direct obligations
of the township, payable out of unlimited ad valorem taxes. The
township
reports an assessed valuation of $377,125 and there are at present no out¬
standing obligations.
GRIFFITH SCHOOL TOWN,
Ind.—BOND OFFERING—Carl E.
Stromquist, Treasurer Board of School Trustees, will receive sealed bids
Sept. 12 for the purchase of $37,000 4% school building
bonds.
Dated Aug. 20, 1938.
Denom. $500.
Due as follows: $2,000
July 20, 1942; $2,000 Jan. 20 and July 20 from 1943 to 1950 incl.; $1,000
Jan. 20 and July 20 in 1951, and $1,000 Jan. 20, 1952.
A certified check
for 2% of the amount of the bid must accompany each proposal.
Interest
J. & J. 20. Legal opinion of Davis, Pantzer, Baltzell & Sparks of Indianapo¬
until 8:30 p. m. on
lis will be furnished the successful bidder.
$1,187, equal to 100.791,
basis of about 1.91%. Dated Sept. 12, 1938,
and due as follows: $5,000 Jan. 1 and $10,000 July 1, 1941; $5,000 Jan. 1
and July 1, 1942; $10,000 on Jan. 1 in 1944, 1945 and 1948: $15,000 on
Jan. 1 from 1949 to 1952 incl.; $10,000 Jan. 1. 1953; and $5,000 on Jan. 1
from 1956 to 1959 incl.
Other bids included the following:
Bidder—
Int. Rale
Rate Bid
a
&
Co.,
___.
—-
Trust
___,
In addition to the
___
Knight
101.07
Co.,
&
foregoing the following other bids were submitted:
Int. Rale
Premium
Bidder—
F. S. Moseley & Co
Northern Trust Co. of Chicago.
Lazard Freres & Co..-
Blyth & Co., Inc
City Securities Corp
.-
LOGANSPORT
-
Bartlett,
100.364
100.13
102.157
Co.,
First National Bank of Chicago.-
Haisey, Stuart & Co., Inc
Smith, Barney & Co. and
jointly.
100.79
100.369
2%
2%
254%
__
-
Fletcher
and
inc.,
2%
2%
2 54%
Bros., jointly._______
Pnelps, Fenn
jointly,
—
2%
2%
147.40
2,339.00
1,618.50
234%
234%
-
;__
SCHOOL
$690.00
149.00
2%
____■
Ind.—BOND SALE—The issue of
$200,000 school building bonds offered Sept. 1—V. 147, p. 1371—was
awarded to Haisey, Stuart & Co., Inc., New York, as 2 54s, at par plus a
premium of $3,208, equal to 101.604, a basis of about 2.08%.
Dated
Aug. 15, 1938, and due as follows: $6,000 Feb. 1 and Aug. 1 from 1941 to
1956 incl. and $8,000 Feb.
Bidder—
CITY,
Int. Rate
Premium
to be sold is
actually $12,000, instead of $11,500.
9CVJ' 1^38.
Denom. $1,000.
Due $4,000 from 1947 to 1949 incl.
Securities Corp., Fletcher Trust Co. of Indi¬
anapolis and National Bank of Logansport
Stern, Wampler & Co., Inc., and Bartlett, Knight &
Co., Chicago
Northern Trust Co., Chicago.
Harris Trust & Savings Bank, Chicago
Lazard Freres & Co., Chicago
The First National Bank of Chicago.
John Nuveen & Co. and The Illinois Co. of Chicago._
Central Securities Corp., Fort Wayne
Kenneth $. Johnson, Indianapolis—
_
_
$526.00
2 34%
578.00
2,852.00
1,554.00
358.00
3,096.00
876.75
2,274,50
3,375.00
234%
2 34%
2 34%
2 34%
2 34 %
2 34 %
2 54%
2 34%
€S—BONd'*bFFtiRlN&^-
F PARKE COUNTY~(P71577£octwlle),
f
Dated
Legality approved
J
-
DAVENPORT, Iowa—BOND ELECTION—It
is reported that a special
election will be held on Sept. 26 to hive the voters
pass on the issuance of
not to exceed $1,800,000 in bonds, the
proceeds of which would be used in
conjunction with Public Works Administration grants for various school
construction projects.
...
DUBUQUE, low a—BONDS PUBLICLY OFFERED—'The
Harris Trust
&
Savings Bank of Chicago is offering for public subscription $35,000 3 34%
funding bonds.
Dated June 10, 1938.
Denom. $1,000.
Due
as follows: $10,000 in 1945 and
1946, and $15,000 in 1947. Principal
and interest payable at the City Treasurer's office.
These bonds are, in the
opinion of counsel, direct general obligations of the entire city, and all
taxable property within the city is subject to the levy of ad valorem
taxes,
sufficient to pay principal of these bonds and the interest thereon when due.
Legality approved by Chapman & Cutler of Chicago#
semi-ann.
FLOYD COUNTY (P. O. Charles
City), Iowa—BOND ELECTION—
an election scheduled for
Sept. 23 the voters will pass on the issuance of
$200,000 in court house construction bonds, to be used in conjunctioniwith
a Public Works Administration
grant, according to report.j
t
At
GRANGER SCHOOL DISTRICT (P. O.
Granger),?Iowa—BOND
SALE—The $15,0UU issue of gymnasium bonds offered for sale on Sept. 1—V. 147, p. 1072—was awarded to the Iowa-Des Moines National Bank &
Trust Co. of Des Moines as 234s, paying a premium of $150,
equal to 101,
a
basis of about
2.39%.
The other bids
were
Dated Sept. 1, 1938.
as
Due from 1940 to 1955.
follows:
Bidder—
Premium
Shaw, McDermott & Sparks
C. V. Lamb, County Auditor, will receive sealed bids until 10 a. m. on Sept.
30 for thepurchase of $38,000 not to exceed 5% interest bridge construction
Sept. 1, 1938.
Denom. $1,000.
Due as foilows: $2,000
July 15, 1938; $2,000 Jan. 15 and July 15 from 1939 to 1948 incl.
Bidder
to name a single rate of interest, expressed in a multiple of 34 of 1%.
In¬
terest J. & J. 15.
A certified check for 3% of the bonds bid for, payable
to the order of the Board of County Commissioners, must accompany each
proposal.
No conditional bids will be considered and the bonds will be
ready for delivery within 10 days after the award.
Approving legal opinion
of Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
The bonds are direct obligations of the county, payable
out of unlimited ad valorem taxes to be levied on all of its taxable property.
Dated
254
254
254
254
254
254
254
100
280
White Phillips Co
Polk Peterson Co
_
330
56
90
_
W. D. Hanna Co__
126
Carleton D. Beh Co
145
GRAND JUNCTION SCHOOL DISTRICT (P. O. Grand Junction)
Iowa—BOND OFFERING—It is stated by F. O. Van Pelt, District Secre¬
tary, that he will receive bids until 10 a. m. on Sept. 12, for the purchase of a
$22,000 issue of school bonds. (A $30,000 issue was approved by the voters
at an election on Aug. 22.)
HUMBOLDT INDEPENDENT SCHOOL
boldt),
DISTRICT
(P. O. Hum¬
OFFERING—It is stated by J. K. Coddington,
that he will receive sealed and oral
Sept. 16, for tne purchase of a $24,700 issue of school
Iowa—BOND
President of the
Board of Directors,
bids until 1 p. m. on
bonds.
IOWA COUNTY (P. O. Marengo), Iowa—BOND SALE—The
$62,000
issue of
refunding bonds offered for sale on Aug. 27—V: 147, p. 1371—was
jointly to the White-Phillips Corp. of Davenport and the IowaDes Moines National Bank & Trust Co. of Des Moines, as 154s, at a price
of 100.10, according to the County Treasurer.
awarded
LINN COUNTY (P. O. Cedar Rapids), low a—CERTIFICATES SOLD
road certificates was offered for sale on
Sept. 8 and was awarded to the Merchants National Bank of Cedar Rapids
at 1%, reports the County Treasurer.
—An issue of $100,000 secondary
MARSHALL
rPERUriT^.~OAll
Int. Rate
$300
Brent on State Bank
Jackley & Co
Cities
bonds.
BLE1^£?rE CONSOLIDATED SCHOOL DISTRICT (P. O. Blencoe),
i
Iowa
BOND OFFERING— It is stated by H. O. Williams, District Sec¬
retary that he will receive bids until 2 p. m. on Sept. 12, for the purchase
of an $11,500 issue of
building bonds.
These bonds were approved by the
voters at the election held on
Aug. 10.
It was reported later by the District
Secretary that the amount of bonds
Veith, Duncan & Wood
Other bids:
1, 1957.
SALE—
100,000 issue of funding bonds offered for sale on Sept. 6—V. 147,
1371-—was awarded to Haisey, Stuart & Co., Inc. of Chicago, as 234s,
Paying a premium of $1,176, equal to 101.176, a basis of
abouti2.14%.
Dated Sept. 1, 1938.
Due from Sept. 1, 1940 to 1956 incl.
June 1
Mercantile Commerce Bank & Trust Co. and Almstedt
Brown Harriman & Co., Inc.---—
mvBM££v£AWK COUNTY (P. O. Waterloo), Iowa—BOND
p.
by Chapman & Cutler of Chicago.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND SALE—'The $150,000
high school addition bonds offered Sept. 6—V. 147, p. 1370—were awarded
to the Harris Trust & Savings Bank of Chicago, as 2s, at par plus a premium
of
1665
COUNTY
(P. O. Marshalltown)
Iowa—BOND OFFER¬
SALE DETAILS—The $220,000 334 % (not 3%)
bonds sold to the City Securities Corp. of Indianapolis,
1524—are dated Sept. 1, 1938, in $1,000 denoms. and
mature serially from 194 ito 1959 incl. Callable after Sept. 1,1949. Interest
M.&S. I
__r-
ING—It is stated by L. B. Tucker, County Treasurer, that he will receive
bids until 10 a. m. on Sept. 20, for the purchase of a $35,000 issue of poor
fund bonds.
Due on Oct. 1 as follows:
$15,000 in 1942, and $10,000,
fc» VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND SALE
PALO ALTO COUNTY (P. O. Emmetsburg, Iowa—BOND OFFER¬
bids will be received until Sept. 12, by Martha
Thompson, County Auditor, for the purchase of a $15,000 issue of fund¬
ing bonds.
sewage disposal plant
at 101.50—V. 147, p.
—The issue of $220,000 poor relief bonds offered Sept. 8—V. 147, p. 1227—
was awarded to the Harris Trust &
Savings Bank of Chicago, as 154s,
at
100.28,
on
a
basis of about 1.70%.
Dated Sept. 1, 1938 and due $11,000
June 1 and Dec. 1 from 1939 to 1948 incl.
VERMILION
COUNTY
(P. O. Newport), Ind.—BOND OFFERING
—C. B. Cooper, County Auditor, will receive sealed bids until 2 p. m. on
Sept. 16 for the purchase of $165,000 not to exceed 6% interest series A
advancement fund bonds.
Dated Sept. 1, 193a.
Denom. $1,000. Due as
follows: $5,000 June 1 and Dec. I from 1940 to 1946 incl.; $5,ouO June 1 and
$6,000 Dec. 1, 1947, and $6,000 June 1 and Dec. 1 in 1948 and 1949.
Bidder to name a single rate of interest, expressed in multiple of 54 of 1%.
Interest payable J. & D.
Bidding form to be obtained from the County
Auditor.
The bonds are issued pursuant to Chapter 117, Acts of 1935, to
provide relief funds to the county's townsnips and are direct obligations
of the county, payable out of ad valorem taxes to be levied on all of its
taxable property.
A certified check for 3% of the bonds bid for, payable
to the order of the Board of Commissioners, is required.
County will
furnish at its own expense the approving legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis.
Delivery of bonds will be made in
about 10 days after the sale.
VERNON TOWNSHIP SCHOOL TOWNSHIP
(P.O. Portville), Ind.
—BOND
SALE— The $11,000 school building bonds offered Sept. 2—
147, p. 1227—were awarded to Kenneth S. Johnson of Indianapolis, as
2s, at par plus a premium of $37.10, equal to 100.33, a basis of about
1.91%. Dated July 5, 1938. Due $1,000 Jan. 1 and July 1 from 1940 to
1944 incl. and $1,000 Jan. 1, 1945. Other bids:
Premium
Bidder—
Int. Rale
$36.00
Indianapolis Bond & Share Corp...—_—
.
2%
V.
_
—_
2%
234.%
Raffensperger, Hughes & Co___
Ross T. Ewert__
'__
—
Fletcher Trust Co_____
—.___
City Securities Co
_______ —
McNurlen & Huncilman
—
_____
A. 8. Huyck & Co
_
16.56
'
77.00
1943
ING—It is reported that
RINGGOLD COUNTY (P. O. Mt. Ayr), Iowa—ADDITIONAL IN¬
FORMATION—It is stated by the County Treasurer that the $15,000
secondary road certificates purchased by Jackley & Co. of Des Moines, at
154 %. plus a premium of $15.00, as noted here on Sept. 3—V. 147, p. 1524—
are due on Dec. 31, 1939.
The other bids
OFFERING—Sealed bids will be received
C. A. Carlson, City Treasurer, for the pur¬
funding bonds.
Denom. $1,000.
Dated
Sept. 1, 1938.
Due on July 1 as follows: $8,000 in 1940; $10,000, 1941 and
1942; $15,000, 1943 to 1946, and $20,000 in 1947 and 1948.
Prin. and int.
(J. & J.) payable at the City Treasurer's office.
These bonds are general
obligation bonds payable from ad valorem taxes upon all the taxable prop¬
erty in the city.
Bonds will be in coupon form and may he registered as to
principal.
All sealed bids will be fully protected as no sealed bids will be
opened until after all oral bids are received.
No oral bids will be considered
after the sealed bids have been opened.
Bidders should specify the semi¬
annual interest rate and any award or awards will be made on the most
favorable bid or bids of not less than par and accrued interest, specifying
the lowest interest rate.
The city will furnish the bonds and approving
opinion of Thomson, Wood & Hoffman, N. Y. City, and all bids must be
so conditioned.
Bidders must furnish certified check for 2%.
SIOUX CITY, Iowa—BOND
Financial Statement as of Aug. 15, 1938
13.00
Int. Rate
Premium
254%
Raffensperger, Hughes & Co., Inc
—
2 34 %
City Securities Corp. —234%
$63.50
—
27.57
Money
2 54%
14.00
60.00
ALTOONA
SCHOOL
DISTRICT
(P.
O.
Altoona),
actual
1937--___-~_----$86,402,877.00
additional-.--
value of taxable
municipal property
__
Total bonded debt, including proposed
Sinking funds._ —
_______
Sinking funds in process of collection
Unfunded
debt outstanding—Contracts
due 1938 to 1951
BOND
ELECTION—A
dispatch
10,216,638.00
__
-141,764,550.00
property
of
6,758,824.00
3--576,000.00
___
bonds
26f).748.71
135,898.57
land
purchases,
-
from Sioux City to the
65,000.00
Des Moines
"Register" of Sept. 3 reported as follows:
Petitions bearing 4,500 signatures were given the City Council here
Friday to authorize an $850,000 bond issue election regarding the new
auditorium project that has already received assurance of a $783,000
Public Works Administration grant.
The voting date tentatively is Sept.
15
The PWA grant requires that work start before Oct. 1.
Mayor
David F. Loepp said tne proposed site will be announced oefore the election.
INDEPENDENT SCHOOL DISTRICT (P. O.
Iowa—BOND OFFERING—-It is stated by C. F.
WEST BURLINGTON
West
Burlington),
than $100.
Due serially $2,Q00 a year.
These are the bonds authorized
held on Aug. 1. Principal and
KANSAS
Iowa—BOND
$20,000 issue of school addition bonds offered for sale on
Sept. 6—V. 147, p. 1371—was awarded to the Iowa-Des Moines National
Bank & Trust Co. of Des Moines as 234s, paying a premium of $155.00,
equal to 100.77, it is, stated.
credits,
by a vote of 338 to 108, at the election
interest payable in West Burlington.
IOWA
r
SALE—The
and
68.00
33.00
254 %
3%
— ---
:
Par
Par
until l:3u p. m. on Sept. 20 by
of an issue of $128,000
Estimated
Indianapolis,
Premium
$12.00
154%
154%
—254 %
chase
Assessed value of all taxable property for
ZIONSVILLE, Ind.—BOND SALE—The $10,000 construction and
drainage bonds offered Sept. 6-—V. 147, p. 1371—were awarded to Kenneth
S. Johnson, of Indianapolis, as 2 34s, at par plus a premium of $82.80,
equal to 100.82, a basis of about 2.11%.
Dated July 1, 1938 and due
$1,000 on Jan. 1 from 1940 to 1949, incl.
Other bids:
-
—
58.00
56.10
254s, at par plus a premium of $277.80, equal to 100.87, a basis of about
2.12%.
Dated Aug. 1, 1938 and due as follows: $1,100 on June 15 and
Dec. 15 from 1939 to 192 incl., and $1,100 June 15, 1953.
Second high bid
of 100.79 for 254s was made by Kenneth S. Johnson, of Indianapolis.
Indianapolis Bond & Share Corp_
Rale Bid
—
234%
234%
254%
V. 147, p. 1371—were awarded to McNurlen & Huncilman of
Fletcher Trust Co
follows:
58.30
as
A. S. Huyck & Co
as
234%
WASHINGTON TOWNSHIP SCHOOL TOWNSHIP (P. O. Roll),
Ind.—BOND SALE—The $31,900 school building bonds offered Sept. 6—
Bidder—
were
Bidder—
Security State Bank, Mt. Ayr
First State Bank, Diagonal.
Carleton D. Beh Co., Des Moines
Value
McNurlen & Huncilman-
1944.
Bonds and attorney's opinion will be furnished by the
A certified check for 5% of the oonds, is required.
and
county.
SCHOOL DISTRICT No. 4 (P. O. Ada), Kan.—
BONDS SOLD—It is stated by the District Clerk that $18,260 school
bonds approved by the voters on Aug. 25, have been sold.
_
ADA RURAL HIGH
Financial
1666
Chronicle
Sept.
1938
10
Pfaff, City
Co. of New York is the paying agent in New York for the $2,000,000 refund¬
Clerk, that the State School Fund Commission has exercised its right to
ing bonds that were sold on Aug. 29, as reported in detail in our issue of
Kan.—BONDS SOLD—It is stated
BELOIT,
by P. W.
Sept. 3—V. 147, p. 1525.
THE BAPTIST PARISH (P. O. Edgard), La .—BOND
bids will be received until 11 a. m. on Sept. 24 by
Bourgeois, President of the Police Jury, for the purchase of a
$26,000 issue of coupon court house and jail construction bonds.
Interest
rate is not to exceed 4 %, payable A. & O.
Denom. $1,000.
Dated Oct. 1.
1938.
Due on Oct. 1 as follows: $1,000, 1939 to 1952, and $2,000. 1953
to 1958.
These bonds were authorized on Sept. 1 and are said to be general
obligations.
A certified check for 2% of the par value of the bonds bid for
payable to the above President is required.
ST.
(This action by the Commission cancels the prior sale of the bonds to the
City National Bank & Trust Co. of Kansas City, and the Small-Milburn
Co. of Wichita, jointly, as noted in our issue of Sept. 3—V. 147, p. 1524.)
WICHITA, Kan.—BONDS SOLD—A $230,000 issue of 2M% semi-ann.
been purchased
Sept. 6 by the First National Bank of Chicago, paying a premium of
Denom. $1,000.
Dated
Aug. 1,1938.
Due on Aug. 1 as follows: 12,000,1939 to 1948, and $11,000
sanitary sewer No. 20. series No. 444 bonds is stated to have
on
Elmore G.
$6,095, equal to 102.65, a basis of about 1.95%.
from 1949 to 1958.
$119,500 2% semi-ann. refunding, series
No. 445 bonds was purchased by the Ransom-Davidson Co. of Wiobita,
paying a premium or $2,676.80, equal to 102.24, a basis of about 1.57%.
Denom. $1,000. one for $500.
Dated Sept. 1, 1938.
Due on Sept. 1 as
follows: $11,500 in 1939, and $12,000 from 1940 to 1948.
Prin. and int. payable at
the city's fiscal agency in Topeka.
Legal
approval by Bowersock, Fizzell & Rhodes of Kansas City.
On
the same date an issue of
WICHITA, Kan .—BOND ELECTION—A special election will be held
Sept. 27 in order to have the voters pass on the proposed issuance of
$1,333,750 in bonds for the building of a water plant and pipe line.
The
city is said to have filed a request with the Public Works Administration
for a grant of $1,091,250, to be used in conjunction with the bond funds
on this project.
on
KENTUCKY
COUNTY
BARREN
PUBLIC
SCHOOL
VERNON PARISH
CELED—It
been canceled
MASSACHUSETTS
AMHERST, Mass.—BOND OFFERING— Mrs. Elizabeth W. Hooker.
Town Treasurer, will receive sealed bids until noon (Daylight Saving Time)
on Sept. 14 for the purchase of $80,000 coupon sewer extension bonds of
1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $4,000 on Sept. 1
from 1939 to 1958, incl.
Bidder to name a single rate of interest, expressed
in a multiple of % of 1%.
Principal and interest (M. & S.) payable at the
Second National Bank of Boston.
These bonds are exempt from taxation
in Massachusetts and will be engraved under the supervision of and certified
as to genuineness by the Second National Vank of Boston; their legality
O.
Glasgow),
Due $2,000 from July 1, 1939 to 1958 incl.
Principal and interest
(Jan. and July 1) payable at the New Farmers National Bank, Glasgow, Ky.
Callable on any interest payment date after 30 days' published notice
at 102^6 if called within the first 5 years, 101if called within the next
5 years, and at 100 if called after 10 years.
issue will
Voted bonds
None
40,000
75,000
♦While the above bonded indebtedness is not
an
Financial
BOYD COUNTY (P. O. Catlettsburg),
INVESTMENT—'The Bankers Bond Co.
Ky.—BONDS OFFERED FOR
of Louisville is offering for
puDlic subscription at prices to yield from 2.25% to 3.20%, according to
maturity, a $200,000 issue of 4% refunding bonds.
Denom. $1,000. Dated
July 15, 1938.
Due on July 15 as follows: $10,000, 1940; $20,000, 1941
and 1942 and $25,000 in 1943 to 1948.
Prin. and int. (J. & J. 15) payable
Legal approval by Chapman & Cutler, Chicago.
1937
1936
$9,685,429
$30.80
$32.80
$28.10
$297,028
240,339
No tax title loans.
taxes
$313,933
206
$272,986
-
.$80,000,000
27,431,072
982,000
_
(including this issue)
Present issue
Less water debt
None
$223,000
debt.
Net
Population, 1935, 6,473.
ARLINGTON, Mass .—NOTE SALE— The Second National Bank of
was awarded on Sept. 6 an issue of $200,000 notes at 0.15% discount.
Sept. 9, 1938, and due $100,000 July 14, and $100,000 Aug. 11,
Boston
Dated
1939.
Other bids:
Discount
Bidder—
Boston Safe
0.177%
Deposit & Trust Co
National Shawmut Bank
0.26%
Washburn & Co
0.28%^
CAMBRIDGE, Mass.—BOND SALE—The $200,000 coupon street
on Sept. 8 were awarded to Halsey, Stuart & Co., Inc., New
York, as Is, at a price of 100.168, a basis of about 0.94%.
Dated Sept. 1,
1938.
Denom. $1,000.
Due $40,000 each Sept. 1 from 1939 to 1943 incl.
Prin. and int. (M. & S.) payable at the First National Bank of Boston.
The bonds are general obligations of the city, exempt from taxation in
bonds offered
Massachusetts, and payable from unlimited ad valorem taxes to be levied
all of the city's taxable property.
Legality approved by Storey, ThornPalmer & Dodge of Boston.
Other bids included the following:
Bidder—
Int. Rate
Rale Bid
First Boston Corp
Harris Trust & Savings Bank
Newton, Abbe & Co—
R. L. Day & Co. and Estabrook & Co., jointly
to bonded debt does not
include the
overlapping debt of other political subdivisions which have power to levy
taxes upon all or any of the property represented by the above assessed
valuation.
of refunding the floating
indebtedness and are in the opinion of counsel direct obligations of
Boyd
County, payable from ad valorem taxes levied within the limits prescribed
by law.
Boyd County has paid all maturing principal and interest promptly
when due with the exception during 1937 when they were slow in the
pay¬
ment of principal for a short period.
purpose
,
CYNTHIANA, Ky.—BOND SALE DETAILS—It is stated by tho
City Clerk that the $20,000 water revenue bonds purchased by Stein Bros.
6 Boyce of Louisville, as 3s, at a
price of 97.23, as noted here on Sept. 3—V.
147, p. 1524—are dated Aug. 1, 1938, and mature on Aug. 1 as follows:
$500, 1939 to 1943; $1,000, 1944 to 1953; and $1,500, 1954 to 1958, giving
a basis of about
3.29%.
100.149
100.137
_-l%
1%
1%
1%
-
Financial Statement,
being issued for the
None
$143,000
80,000
$223,000
Total bonded debt
Population (1930 census)—43,849.
are
1938
$9,799,154
.
as
6,
$9,944,022
dike,
(As officially reported July 1, 1938)
These bonds
Information—Sept.
on
Financial Statement
(estimated)
These
1938
Tax levy
Uncollected
obligation of the Barren
County Board of Education, the retirement of this indebtedness will be
accomplished by rentals paid by it from funds derived from its general tax
levy.
The only overlapping indebtedness is a $60,000 5M % General Fund¬
ing Bond issue of Barren County.
The present tax levied by the Barren County Board of Education is
75 cents, which is its legal limit.
However, it will have a surplus of $10,000
above its ordinary operating expenses and all of this amount will be ap¬
plicable for the payment of the rental necessary for the retirement of those
bonds.
The budget for the school year 1938-39 shows that the Barren
County Board of Education anticipates an income of $41,997 derived from
local taxes and $76,000 from the State per capita tax.
The above financial statement
they may be inspected.
35,000
♦Total bonded indebtedness
Total bonded debt
bank where
Year—
Tax titles held, $1,675.
$5,483,150
Mortgage bonds (other than this issue)
Mortgage bonds (this issue)
said
Assessed val. (incl. motor vehicles)..
Tax rate
Financial Statement—Barron County Board of Education
—
be filed with
bonds will be delivered to the purchaser at the Second National Bank of
Boston, 111 Franklin Street, Boston, on or about Sept. 23, 1938.
1938.
Actual value taxable property
Assessed valuation
the election authorizing the bonds was annulled.
as
be approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion will be furnished the purchaser.
All legal papers incident to this
(P.
Ky.—BONDS OFFERED FOR INVESTMENT—'The Bankers Bond Co. of
Assessed valuation (1938)
(P. O. Leesville), La.—BOND OFFERING CAN¬
that
stated by V. O. Craft, Secretary of the Police Jury,
is
the sale of the $90,000 court house and jail bonds, which had been scheduled
for Sept. 15, as reported in our issue of Aug. 20—V. 147, p. 1228—has
will
CORP.
Louisville is offering for public investment a $40,000 issue of 3H% coupon
first mortgage bonds at various prices.
Denom. $1,000.
Dated July 1,
in New York.
JOHN
OFFERING—Sealea
Treasurer's office.
100.113
100.069
Sept. 1, 1938
vehicle excise
$177,928,700.00
9,730,500.00
Assessed valuation, 1937, including motor
Total bonded debt, not including present issue
759,500.00
2,157,737.58
45,679.53
Water bonds, included in total debt
Sinking funds, other than water
Water sinking funds
Population, 1935, 118,075.
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE—The $100,000
anticipation notes of 1938 offered Sept. 9 were awarded to the Brockton
Bank, at 0.10% discount, plus $4 premium.
Dated Sept. 9,
1938, and due Nov. 4, 1938.
Other bids:
Bidder—
Discount
tax
National
Cape Ann
National
Bank,
Gloucester
0.08%
Salem..•-•-0.08%
Merchants National Bank of
Beverly National Bank
...
-0.09%
...
..0.095%
Naumkeag Trust Co. of Salem
HAMPDEN
COUNTY
O.
(P.
Springfield),
Mass.—NOTE SALE—
The $250,000 tax anticipation notes offered Sept. 7—Y. 147, p. 1525—were
awarded to the Third National Bank & Trust Co. of Springfield, at 0.10%
discount, plus
Louisiana
,1938.
Municipal Bonds
a
premium of $8.
Discount
Boston Safe Deposit & Trust Co. (Plus $3 premium)
Merchants National Bank, Boston (Plus $2 premium)
Bought and Sold
First National Bank, Boston
Washburn & Co
—
of New Orleans
Sept.
1,
1938.
Lamkin is calling for payment on
that
Mayor V. Y.
Oct. 1, at the office of the City Secre-
tmm^Surer' tile f°MowinK 5% public improvement bonds aggregating
SplzOfUOUi
$40,000 fourth series,
callable for
dated Oct. 1, 1909, maturing Oct. 1, 1949, and
redemption prior to maturity, at the option of the city
on Oct. 1,
1929.
40,000 fifth series, dated
1,
1913, maturing Oct.
1,
1953, callable
19*2redemp ti on prior to maturity, at the option of the city on Oct. 1,
May1ei927°n pr*or to maturity, at the option of the city on
r*kAL£A,S!;EU PARISH (P. O. Lake
Sealed bids
will
Charles), La.—BOND OFFER¬
be received by the Secretary of the Parish Police
Sept. 23, for the purchase of a $250,000 issue of
pavilion and public auditorium bonds.
Interest rate is not
to exceed 6%, payable A. & O.
Dated Oct. 1, 1938.
Denomination $500.
Jury, until 10
a.
m.
Smith, Barney & Co..
Newton, Abbe & Co
Halsey, Stuart & Co., Inc
Goldman, Sachs & Co
First Boston Corp
on
£Uio£Ch
?9&0(iin 1939» $10,000 in 1940 to 1942,
£ iota £ imfr $A2A09i? 1947 to 1949, $13,000 in 1950 and 1951,
1954, $15,000 in 1955 and
$11,000
$14,000
1956, $16,000 in 1957 and $17,000 in
be furnished
3%.
1958.
The opinion of a
nationally known bond attorney will
at the expense of the Parish.
Enclose a certified check for
.LOUISIANA STATE BOARD
OF EDUCATION—PA YING AGENT
Manufacturers Trust Co. of New York has been
the New York paying agent for the
$6,000,000 A%% educational
and charitable institutions bonds that were sold
on Sept. 1, as noted in
detail in our issue of Sept. 3,—V. 147,
APPOINTED—The
as
p. 1524.
(The official advertisement of the public offering
appeared on page n of this issue).,
on
the above bonds
(P. o. New Orleans), La.—PAYING
.
AGENT APPOINTED—It
101.14
100.84
100.70
100.40
Treasurer, will receive bids until noon (Daylight Saving Time) on Sept. 15
purchase of $100,000 coupon high school loan notes.
Dated Sept. 15,
1938.
Denom. $1,000.
Due $5,000 on Sept. 15 from 1939 to 1958, incl.
Bidder to name one rate of interest in a multiple of H of 1%.
Prin. and
semi-annual interest payable at the Merchants National Bank of Boston.
These notes will be certified as to their genuineness by the Director of Ac¬
counts, Department of Corporations and Taxation, Commonwealth of
Massachusetts, and their legality approved by Kenneth H. Damren of
Boston, whose opinion will be furnished the purchaser.
for the
stock exhibit
named
1% %
;
100.29
100.17
100.03
101.44
1%%
12a%
1M%
Estabrook & Co
MARSHFIELD, Mass.—NOTE OFFERING—Shirley R. Crosse. Town
Oct.
45,000 second series, dated May 1, 1907, maturing May 1, 1947, callable
ING
1H%
IY%
IY%
IH%
Lexington Trust Co
stated
Rate Bid
Int. Rate
R. L. Day & Co
LOUISIANA
is
.0.12%
-
Other bids:
Bidder—
CALL—It
—
010%
°-10%
0 12%
LEXINGTON, Mass.—BOND SALE— The $183,000 coupon sewer and
drainage bonds offered Sept. 6, were awarded to Tyler & Co. of Boston,
as
lYs, at a price of 100.30, a basis of about 1.46%.
Due as follows:
$13,000 from 1939 to 1941 incl. and $12,000 from 1942 to 1953 incl.
Dated
Whitney National Bank
ALEXANDRIA, La.—BOND
Dated Sept. 8, 1938 and due Nov. 4,
Other bids:
Bidder—
was
announced
that
the Manufacturers Trust
Financial Statement
Year—
1935
1936
1937
1938
..$236,611.84 $220,529.26 $217,371.55 $223,808.63
Uncollected Sept. 1,1938
None
4,928.70
33,767.47
183,818.32
Tax levy
1938 assessed valuation, $7,667,640.
Population, 2,073.
Tax rate,
1938, $29.00.
Tax titles Sept. 1, 1938, $7,828.24.
Borrowed against
titles, none.
Bonds outstanding as of Sept. 1, 1938, excluding present
issue, $518,000.
tax
Mass.—NOTE SALE—The $34,800 coupon municipal
Sept. 2—V. 147, p. 1525—were awarded to Estabrook
as l^s, at a price of 100.057, a basis of about 1.49%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $4,800, 1939: $4,000 from
1940 to 1942 incl. and $3,000 from 1943 to 1948 incl.
Other bids:
ROCKLAND,
relief notes offered
&
Co. of Boston,
Int. Rate
Bidder—
Tyler & Co
Newton, Abbe & Co_
Lee Higginson Corp
-
1?^%
l%%
2%
Rate Bid
100.40
100.20
100.70
Volume
Financial
147
SAUGUS, Mass.—BOND SALE—The $359,000
coupon sewerage bonds
1525—were awarded to a group composed of
offered
Sept. 6—V. 147, p.
Goldman, Sachs & Co., Tyler & Go. and Kennedy, Spence & Co., both of
Boston, as 2lAs, at a price of 102.124, a basis of about 2.57%.
Dated
Sept. 1, 1938 and due Sept. 1 as follows: $12,000 from 1939 to 1967 incl.
and $11,000 in 1968.
The bankers re-offered the bonds to yield from 0.50%
to 2.75%, according to maturity.
Other bids:
Bidder—
•
Rate Bid
int Rate
101.17
SPRINGFIELD, Mass.—BOND SALE— The $1,810,000 coupon or
registered bonds offered Sept. 7—V. 147, p. 1525—were awarded to a
syndicate composed of R. L. Day & Co., Estabrook & Co., Whiting, Weeks
& Knowles, Inc., Smith, Barney & Co., Newton, Abbe & Co. and Lee
Higginson Corp., all of Boston, as lj^s and 2s, at 100.119, a net interest
cost of 1.66%.
City fixed interest rate on the $410,000 loan at 2% and,
in accordance with the call for tenders, the successful bidders named a rate
of 1H% for the remaining $1,400,000.
The bonds are as follows:
$410,000 2%
sewer,
due Sept. 1
as
follows: $14,000 from 1939 to 1958
incl.
and $13,000 from 1959 to 1968 incl.
1 from 1939 to
municipal relief, due $60,000 each Sept.
1948 incl.
All of the bdnds
dated Sept. 1, 1938.
In each instance,
The following other bids were
interest rate of 1H% was
named for the issues of $800,000 and $600,000:
Bidder—
Rate Bid
submitted
the
at
are
sale.
Sept. 1—V. 147, p. 1373—was awarded as
2$s to Crouse & Co. of Detroit.
Dated June 1, 1938, and due June 1 as
follows: $6,000in 1940, $8,000 in 1941 and $10,000 from 1942 to 1944, incl.
^J£l*lGAN STORM SEWER DRAIN DISTRICTS, Mich.—NOTICE
TO
HOLDERS OF CERTIFICATES OF DEPOSIT—'The Bondholders Com¬
for Storm Sewer Drain Districts In Michigan is advising holders
certificates of deposit for Campbell Road and Red Run Improvement
Drain District bonds that pursuant to Article IV of the
deposit agreement,
dated Nov. 1, 1932, the committee has
adopted a plan for the liquidation
mittee
or
due
the above bonds deposited with it, which interest has fallen
fall due to and including April 1, 1939.
Copies of this plan
lodged with the committee's depositaries.
on
will
or
have been
OS£PPA SCHOOL DISTRICT, Mich.—BONDS APPROVED—On
Aug. 29 the voters authorized
OWENDALE
—At
an
an
The First
Boston Corp. Boston, Lazard Freras & Co., Inc. and
Graham, Parsons & Co
101.019
Harriman & Co., Boston, F. S. Moseley & Co., Kidder,
Peabody & Co. and Stone & Webster and Blodget, Inc
100.7699
Bankers Trust Co., N. Y., Harris Trust & Savings Bank, The
Northern Trust Co. and Washburn & Co
100.6599
Halsey, Stuart & Co., Inc., N. Y., Bancamerica-Blair Corp.,
Goldman, Sachs & Co., Hemphill, Noyes& Co., H.O.Wainwright
& Co. and Bond, Judge & Co. Inc
100.336
-
Mass.—BOND SALE—R. L. Day & Co. of Boston
on Sept. 2 of $20,000 coupon relief bonds on a bid of
100.189 for lj^s, a basis of about 1.46%.
Due $2,000 annually.
Other
WESTFIELD,
obtained the award
bids:
•
Int. Rale
Bidder—
ST.
CLAIR
on
COUNTY
100.31
100.212
100.19
Jackson & Curtis..
(P.
O.
Huron),
Port
Mich.—BOND ELEC¬
considered
TION—An issue of $528,000 city-county building bonds will be
SOUTH
on
Sept. 29.
HAVEN,
Mich.—BOND
SALE—$35,000 3% special assess¬
Sept. 6—V. 147, p. 1527—were awarded to
Haven, at par plus a premium of $1,637.10,
ment pavement bonds offered
the
State
Bank
equal to 104.67,
of
a
South
basis of about 2.10%.
Dated Aug. 15, 1938 and due
£>u&J5\£s„follows: S3,000, 1939; $4,000, 140: $3,000. 1941; $4,000, 1952;
S3,000, 1943; $4,000, 1944; $3,000, 1945; $4,000, 1946; $3,000 in 1947,
and $4,000 in 1948.
Second high bid for 104.41 was submitted by John
Nuveen & Co. of Chicago.
MINNESOTA
STEPHEN INDEPENDENT SCHOOL DISTRICT (P. O. Stephen),
Minn.—BOND OFFERING—It is stated by M. J. Fjeld, Clerk of the Board
of Education, that he will receive sealed bids until 8 p. m. on Sept. 16,
for the purchase of a $25,000 issue of
3H% coupon semi-ann. auditorium
bonds. Denom. $1,000. Due as follows: $2,000 in 1941 to 1952 and $1,000
in 1953.
Principal and interest payable at the District Treasurer's office.
Legality approved by Ira H. Burhans of Stephen.
MISSISSIPPI
Rate Bid
1 %%
l% %
2%
$17,000 gymnasium building bonds.
nasium-auditorium bonds.
■
Tyler & Co.
Newton, Abbe & Co
issue of
DISTRICT, Mich.—BONDS AUTHORIZED
Aug. 24 the voters approved an issue of $12,000 gym¬
Brown
F
an
SCHOOL
election
by the voters
800,000 IH% trade school, due $40,000 each Sept. 1 from 1939 to 1958
600,000 1M%
of $44,000 school bonds offered
of interest
100.149
1667
Chronicle
GREENVILLE, Miss.—RFC FUNDS TO BE SOLICITED— It is stated
the City Council voted on Aug. 27 to file an application with the
that
Reconstruction Finance
Corporation for a loan of $2,100,000 to be used
bridge across the Mississippi River.
This action
following the cancellation of a contract with B.
J. Van Ingen & Co. of New York, which had been entered into between the
city and the said investment house, for the purchase of an issue of $2,500,000 5%% bridge revenue bonds, as reported in our issue of July 23
—V. 147, p. 608.
in the construction of
a
is said to have been taken
MICHIGAN MUNICIPALS
HERNANDO
Cray, McFawn & Petter
GRAND
DETROIT
A.T.T. Tel. DET 540-541
A.T.T.
Grps.
DISTRICT
FRACTIONAL
7
June
1939
15 from
to
1943
incl.
or
SCHOOL DISTRICT (P. O. Cleve¬
land). Mi88.—BONDS SOLD— It is stated that $22,000 4% school bonds
have been purchased by the Union Planters National Bank & Trust Co.
of Memphis.
Dated July 1, 1938.
Due serially over a 13-year period.
The purchaser is to pay for the printing of the bonds and the approving
opinion of Charles & Trauernicht of St. Louis.
MERIGOLD CONSOLIDATED
DISTRICT
SCHOOL
Rate
NO.
4
of interest to be ex-
rates
of 1%. Principal and interest (ann'ually on
Jressed in multiples the
15) payable at of
office of the Treasurer of the Board of Education.
A certified check for 2% of the issue, payable to the order of the Treasurer,
must accompany each proposal.
The school district is authorized and
required by law to levy upon all taxable property therein such ad valorem
taxes as may be necessary to pay the bonds and interest thereon within
the limitation prescribed by the State Constitution.
An additional fivemill levy has been voted for a five-year period, 1939 to 1943, inclusive.
The purchaser shall pay the cost of printing the bonds and cost of attorney's
opinion approving the legality of the bonds.
une
DAVISON, Mich.—OPTION EXERCISED—Martin, Smith &
Detroit took up the option to purchase an issue of $42,000 water
MISSOURI
Co. o*
supply
& Town Issues
SCHERCK, RICHTER COMPANY
revenue
follows:
BONDS
Markets in all State, County
bonds—V. 147, p. 1372.
The sale, contingent upon
receipt of a Public Works Administration grant, was made at a price of
98 for the bonds to bear interest as follows: $21,000 4s, due Sept. 1 as
system
submitted by Scharff
& Jones, Inc. of New Orleans.
(P. O. Goodrich), Mich.—BOND OFFERING—Wells O. Reid, District
Secretary, will receive sealed bids until 8 p. m. (Eastern Standard Time)
on Sept. 14 for the purchase of $16,000 not to exceed 4% interest school
bonds.
Dated Sept. 15, 1938.
Denom. $1,000 and $600.
Due $3,200
on
30,
First; National Bank of
MICHIGAN
TOWNSHIP
Her¬
street improvement and street
1943; $10,000, 1944, and $11,000, 1945 to 1948.
The second best bid was an offer of $650 premium,
ATLAS
(P. O.
JACKSON, Miss.—BONDS SOLD—A $96,966.13 issue of 2^% specia
intersection bonds was sold on Sept. 6 to the
Memphis, for a premium of $675.
Dated Aug. 1,
1938.
Due on Aug. 1 as follows: $6,966 13 In 1939; $9,000 from 1940 to
RAPIDS
Tel.
SCHOOL
,
Telephone 9-8255
Telephone Cherry 6828
CONSOLIDATED
nando), Miss.—BONDS DEFEATED—At an election held on Aug.
the voters defeated the issuance of $25,000 in construction bonds.
LANDRETH
BUILDING, ST. LOUIS, MO.
$2,000 from 1941 to 1943 incl. and $3,000 from 1944 to 1948 incl.;
$21,000
as
5s, to mature $4,000 from 1949 to 1952 incl. and $5,000 in 1953.
TOWNSHIP UNIT SCHOOL DISTRICT (P. O.
Ros¬
Mich.—BOND ISSUE APPROVED—The State Public Debt
Commission has issued a certificate approving an issue of $15,000 school
building bonds, to mature serially from 1939 to 1943 incl.
MISSOURI
DENTON
common),
CARUTHERSVILLE, Mo.—BONDS NOT SOLD—It is stated by Charles
W. Shields, City Clerk, that the two issues of bonds aggregating $30,000,
offered on Sept. 5—V. 147, p. 1074—were not sold as no bids were received.
The issues
DETROIT,
city purchased bv
at prices which
The majority are callable 4^8.
Mich.—BONDS
PURCHASED—1The
are as
follows:
the Gladstone Savings Bank, both of the
$15,000 library bonds.
Due on Oct. 1 as follows: $1,500, 1940 to 1944;
$1,000 in 1945; $500, 1946 and 1947: $1,500, 1948; $1,000, 1949
and 1950, and $500 from 1951 to 1954.
15,000 armory bonds.
Due on Oct. 1 as follows: $1,500, 1940 to 1943;
$2,000, 1944; $1,000, 1945; $500, 1946 and 1947; $1,000, 1948 to
1950. and $500 from 1951 to 1954.
Denom. $500.
Dated Oct. 1, 1938.
These bonds were approved by the
voters at the election held on July 6.
Payable at the office of the City
of $5,000 bath house bonds as 4s, at a
Clerk.
tender
a
averaged
total
a
of $504,262
yield of 4.56%.
of its bonds for retirement,
FRANKENMUTH, Mich.—BONDS VOTED—At
voters
approved
an
GLADSTONE,
a
recent election the
issue of $40,000 water system construction bonds.
Mich.—BOND
SALE—The First National Bank and
city, recently purchased ah issue
price of 101.
GRAND
HAVEN, Mich.—BOND OFFERING—J. N. Pool, City Clerk,
bids until 7:30 p. m. on Sept. 12 for the purchase of
$55,000 hospital bonds, to mature Sept. 15 as follows: $3,000 in 1941 and
1942: $4,000 in 1943, and $9,000 from 1944 to 1948 incl. City reserves the
right to purchase $27,000 of the bonds at the same terms named by the
successful bidder.
This issue was approved by a vote of 1,105 to 430 at
will
receive sealed
FERGUSON SCHOOL DISTRICT
(P. O. Ferguson), Mo .—BONDS
SOLD—It is reported that $78,000 2M% semi-ann. school bonds were
jointly purchased by Francis Bro. & Co. and Crago, Hitchcock & Co.,
both of St. Louis, paying a price of 100.292.
These bonds were approved
by the voters on July 7.
the July 26 election.
The bonds wiu be data! Sept. 15, 1938.
Denom. $1,000. Date or rates
expressed in a multiple of
of 1 %. They will be in coupon
principal and interest (M. & S.) at the Peoples Savings
Bank, Grand Haven.
Payable from unlimited ad valorem taxes to be
levied on all of the city's taxable property.
A certified check for 2% of
the issue, payable to the order of the City Treasurer, must accompany each
proposal.
Legal opinion of Miller, Canfield, Paddock & Stone of Detroit
of interest to be
form, payable as to
will be furnished the successful
bidder.
Mo.
school
City.
^
Dated Aug.
nicht of St.
POINTE
PARK,
Mich.—BOND
OFFERING—Waldo
J.
Berns, Village Clerk, will receive sealed bids until 8 p. m. (Eastern Standard
Time) on Sept. 12 for the purchase of $737,000 not to exceed 4H% interest
storm water sewer relief system general obligation bonds, authorized at a
special election on Aug. 15.
The issue is dated Sept. 1, 1938.
Coupon
bonds in $1,000 denom.
Due Sept. 1 as follows:
$26,000 from 1941 to
1959 incl., and $27,000 from 1960 to 1968 incl.
Rate or rates of interest
to be expressed in multiples of M of 1%.
Principal and interest (M. & S.)
payable at the Detroit Bank of Detroit.
The village is authorized and
required by law to levy upon all its taxable property such ad valorem
taxes as may be encessary to pay both principal and interest without
limitation as to rate or amount.
A certified check for $5,000, payable
to the order of the
Village Treasurer, is required.
Bids shall be conditioned
the opinion of Miller, Canfield, Paddock & Stone
proving the legality of the bonds.
Cost of opinion and
bonds to be borne by the successful bidder.
upon
HUNTINGTON
WOODS,
of Detroit, ap¬
of printing the
Mich.—TENDERS
WANTED—H.
C.
until 8 p.m. on Sept. 20
Bauckham, City Clerk, will receive sealed tenders
following described issues, dated Aug. 15, 1937:
Series B, O, D, and E refunding bonds.
of the
""MARINE
will be considered.
CITY
AND
COTTRELLVILLE TOWNSHIPS FRAC¬
TIONAL SCHOOL DISTRICT NO. 1, Mich.—BOND SALE—The issue
OFFERING—It is stated by L. E.
for the
he will receive sealed bids until Oct. 3,
of sewer bonds.
HAVEN, Mo.—BONDS SOLD—It Is reported that $15,000 3%
sewer construction
bonds were purchased by the Mississippi
semi-ann.
Valley Trust Co. of St. Louis.
Dated
Charles & Trauernicht of St. Louis.
July 1, 1938.
Legal approval by
JOSEPH, Mo.—BOND SALE—The various issues of coupon
bonds aggregating $655,000, offered for sale on Sept. 6—V. 147, p. 1527—
were awarded to a syndicate composed of the Northern Trust Co. of Chi¬
cago, the Mississippi Valley Trust Co. of St. Louis, F. S. Moseley & Co. of
New York and the Baum, Bernheimer Co. of Kansas City at a price of
100.0053, a net interest cost of about 2.17%, on the bonds divided as
follows: $149,000 as 2s, maturing on Sept. 1: $37,000, 1943 to 1945, and
$38,000 in 1946; the remaining $506,000 as 2!4s, due on Sept. 1: $39,000,
1947 and 1948; $40,000, 1949 and 1950; $41,000, 1951; $42,000, 1952 and
1953; $43,000, 1954 and 1955; $45,000, 1956, and $46,000 in 1957 and 1958.
The various issues are described as follows:
$275,000 public sewers bonds.
Due Sept. 1 as follows: $17,000 in 1943 to
1955, and $18,000 in 1956 to 1958.
24.000 traffic signals bonds.
Due Sept. 1 as follows: $1,000 in 1943 to
1950. and $2,000 in 1951 to 1958.
42.000 new market house bonds.
Due Sept. 1 as follows: $2,000 in 1943
to 1948, and $3,000 in 1949 to 1958.
53,000 stadium bonds.
Due Sept. 1 as follows: $3,000 in 1943 to 1953,
and $4,000 in 19.54 to 1958.
Wtr
109,000 airport bonds.
Due Sept. 1 as follows: $6,000 in 1943 to 1945,
and $7,000 in 1946 to 1958.
ST.
,
,
Series A and B certificates of indebtedness.
►•Only tenders of not more than par and accrued interest
Legality approved by Charles & Trauer¬
MOUNTAIN GROVE, Mo.—BOND
Newton, City Clerk, that
purchase of a $25,000 issue
NEW
F GROSSE
15, 1938.
Louis.
,
„
o
1668
Financial
35,000 pony express memorial bonds. Due Sept. 1 aslfollows: $2,000 in
1943 to 1955, and $3,000 in 1956 and 1958.
12,000 new buildings at city yards bonds.
Due $1,000 Sept. 1, 1947
to 1958.
55,000 fire houses bonds. Due Sept. 1 as follows: $3,000 in 1943 to 1951,
and $4,000 in 1952 to 1958.
Due Sept. 1 as follows:
50,000 street construction and repair bonds.
$3,000 in 1943 to 1956, and $4,000 in 1957 and 1958.
Dated Sept. 1, 1938.
Denom. $1,000.
ST. JOSEPH SCHOOL DISTRICT (P. O. St.
Joseph), Mo.—BOND
on Sept. 6—
1374—was awarded to a syndicate composed of the Northern
Trust Co. of Chicago, the Mississippi Valley Trust»Co. of St.
Louis, F. S.
Moseley & Co., and the Baum, Bernheimer Co. of Kansas City, as 2Mb,
paying a price of 102.27, a basis of about 2.27%. Dated Sept. 1, 1938.
Due from Sept. 1. 1950 to 1954.
147,
119933654
p.
.
O.
Billings), Mont
BOND
District Clerk that an election will
not to
years,
SCHOOL DISTRICT NO. 7 (P. O. Bozeman),
Mont.—ADDITIONAL INFORMATION—In connection with the offering
scheduled for Oct. 10, of the $200,000 building bonds, described in our issue
of
Sept. 3—V. 147, p. 1527—we are informed by the District Clerk that
were approved by the voters on June 8 by a count of 739
these bonds
to
173.
He also furnishes the following official
as
far back
Present school census, 2,491.
Present estimated population, 8,500.
Latest assessed valuation, 1937, $11,221,503.
Percentage of actual valuation represented by assessed valuation, 100%
Railroad mileage included with boundaries of district, 312.51 miles.
Tax collections report:
-■
.■
'
Tax
Levy
CollectedT
During Year
13
$34,054.37
38,807.49
38,915.31
27,749.31
32,778.64
13
11.5
9
10
1936.—.
1937
Receipts and expenditures report:
Year—
Receipts
1932
1933..
...
1934
1935.
"Ib
.
,
Year—
$85,046.76
84,913.54
90,709.54
93.850.38
79,625.03
district operating
Redemptions
to Dale
$2,646.14
2,241.86
1,039.76
646.07
158.32
Expenditures
$108,368.41
73,908.38
89,407.25
TotaTCollections
to Date
$36,700.51
41.049.35
39,95507
28,395.38
on
MILFORD, N. J.—BOND OFFERING—Frank J. Kehoe, Borough Clerk,
(Daylight Saving Time) on Sept. 20
purchase of $25,000 not to exceed 6% interest coupon or registered
will receive sealed bids until 8:30 p. m.
for the
bonds of 1938.
Dated
Sept.
1,
1938.
Denom.
$1,000.
Due
Sept. 1 as follows: $2,000 from 1939 to 1949, incl., and $3,000 in 1950.
Principal and interest (M. & S.) payable at the Peoples Trust Co. of Bergen
County, Hackensack.
Bidder to name a single rate of interest.
The sum
required to be obtained at the sale of the bonds is $25,000.
The bonds are
payable from unlimited ad valorem taxes to be levied on all of the borough's
taxable property.
A certified check for 2% of the issue, payable to the
order of the borough, must accompany each proposal.
The approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will be
the successful
on Hand
$44,468.08
45,475.24
46.777.53
42,987,34
29,960.11
Bal.
97,640.57
92,652.26
N.
TOWNSHIP
J .—BOND
bids until 8 p. m.
RUTHERFORD, N. 3.—SCHOOL BONDS VOTED—At a special election
on Sept. 7 the voters overwhelmingly approved two school addition pro¬
posals entailing an estimated expenditure of $462,986.
Prososal number
one carried by a vote of 1,487 to 253, with the count on the second measure
being 1,425 to 276.
The Public Works Administration has already ap¬
proved a grant of 45%, or $208,343, toward the cost of the program.
Aside from this, the Board of Education will receive a further $50,000
through sale of school property to the Borough Council, with the result
that the net cost of the entire program to the school board will be reduced
to approximately $205,000.
This sum will be obtained through the sale of
school bonds.
The favorable vote by the electorate on this latest occasion
followed defeat of similar plans at three previous elections.
TOWNSHIP
basis of about 2.17%.
a
$56,000 series A
53,000 series B
3.—BOND SALE—
follows:
13,000 series G
due yearly from 1939 to 1943 incl.
All of the bonds are dated Sept. 1, 1938, and the
combined maturities,
payments due each Sept. 1, are as follows: $25,000, 1939; $20,000
1940 to 1942, incl.; $15,000, 1943; $5,000 from 1944 to 1947, incl.,
and $2,000 in 1948.
Among other bids were the following:
&
Gardner,
Inc.,
and
McBride,
2M %
2M %
2M%
2M%
A.
2M%
&
Co., and
C.
P.
Dunning
&
100.08
100.15
Co.,
jointly
NEW
McKINLEY
100.16
2M%
Preim
100.01
100.42
100.215
and YanDeventer, Spear &
Co., jointly
C.
-4.Rate Bid
Int. Rale
Noyes
H. B. Boland & Co
Julius A. Rippel, Inc.,
MEXICO
COUNTY
(P. O. Gallup), N. Mex.—BONDS SOLD—It
is reported by J. II. Simpson, County Treasurer, that the $125,000 3%
court house and jail bonds approved by the voters on Aug. 9, have been
sold to the State of New Mexico.
on
held
NEW YORK
is stated by the City Clerk
(P. O. Cornwall), N. Y.—BOND OFFERING—Walter
C. Earl, Town Clerk, will receive sealed bids until 1p.m. (Eastern Standard
Time) on Sept. 12 for the purchase of $11,000 not to exceed 4% interest
coupon or registered Cornwall Sewer District bonds.
Dated April 1, 1938.
Denom. $1,000.
Due $1,COO on April 1 from 1939 to 1949 incl. Bidder to
name a single rate of interest, expressed in a
multiple of M or 1-10 h of 1%.
Principal and interest (A. & O.) payable at the Cornwall National Bank,
on
NEW
JERSEY
DEAL, N. J.—BOND SALE—The $130,000
comprising
$25,000
coupon or
assessment,
due
Cornwall.
registered jetty
annually
*
CORNWALL
Aug. 24 the following bonds, aggregating
$101,750, were approved by the voters: $74,250 municipal building and
$27,500 swimming pool bonds.
bonds,
as
Campbell. Phelps & Co
Neb.—BOND SALE—The
HOLDREDGE, Neb.—BONDS VOTED—It
construction
The issue is divided
Bidder—
$29,838 issue of funding
Sept. 6—V. 147, p. 1528—was purchased by the
Kirkpatrick-Pettis-Loomis Co. of Omaha, according to the Village Clerk.
election
N.
due yearly from 1939 to 1948, incl.
due yearly from 1939 to 1943 incl.
NEBRASKA
the
Teaneck),
Miller & Co., jointly
Campbell & Co., and Buckley Bros., jointly
FAIRBURY, Neb.—BONDS DEFEATED—At an election held on
Aug. 30 the voters failed to approve the issuance of the $100,000 in muni¬
cipal building bonds.
at
O.
with
Schlater,
Date of fiscal year, July 1 to July 1.
Date of tax sale, for 1937 taxes, July 15, 1938.
Regular meetings of Board of Trustees—Second Monday of each month.
that
(P.
from
a
public utilities, 15%.
SPRINGS,
bidder.
SCHOOL DISTRICT (P. O. Spring.
OFFERING—Charles Sheninger, District Clerk,
(Daylight Saving Time) on Sept. 14
for thepurchaseof $29,1502M. 2M or3% coupon or registered school bonds.
Dated Sept. 15, 1938.
One bond for $150, others $500 each.
Due as
follows: $6,000, 1939; $1,000 from 1940 to 1962 incl. and $150 in 1963.
Bids will be received for all or any part of the issue.
Proceedings authorizing
the issuance of the bonds have been approved by the Attorney.General of
the State of New Jersey.
An approving opinion of Francis L. Thompson,
Attorney of Phiilipsburg, will be furnished the successful bidder.
A certified
check 2% of the bonds bid for payable to the order of the district, must
accompany each proposal.
This is the only school district in the township
town),
will receive sealed
TEANECK
Hanover Bank, New York.
Has the district ever defaulted in debt payments?
No.
Percentage (approx.) of totai taxes of school district paid by railroads and
HAY
J.—BONDS DEFEATED^$55,000 construction bonds
N.
—V.
Central
bonds offered for sale
DISTRICT,
The $122,000 coupon or registered paving assessment bonds offered Sept. 6
147, p. 1231—were awarded to the Palisades Trust & Guarantee Co.
of Englewood as 2Ms at par plus a premium of $337.94 equal to 100.277
32,936.96
cash basis?
Yes.
Total amount of bonded indebtedness.
None.
Percentage of tax collections: 1935, 97%; 1956, 95%; 1937, 93%.
Are principal and interest on all bond issues of district
payable at the
office of the County Treasurer only?
Optional—County Treasurer or
your
SCHOOL
and represents its first issue of indebtedness.
statement:
Financial Statement
Our records show the district in existence
Date of incorporation
as 1870.
_
KEYPORT
At the Aug. 30 election the^proposed issue of
was defeated by the voters.
POHATCONG
(P.
be held on Sept. 21 in order to vote on the issuance of $611,000 in
exceed 6% semi-ann. general obligation building bonds.
Due in 20
optional after five years.
^ALLA1 ilN CuUNTY
herent in the securities thus exchanged,
furnished
MONTANA
BILLINGS SCHOOL DISTRICT
ELECTION—We are informed by the
Sept. 10. 1938
ing securities the creditor will in no wise relinquish any of the rights in¬
sewer
SALE—The $495,000 issue of school bonds offered for sale
V.
Chronicle
The bonds
are
payable in the first instance from
a
levy
upon
property in the district, but if not paid from such source, then all of the
town's taxable property will be sold to the levy of unlimited ad valorem
taxes in order to pay the principal and interest on the Issue.
A certified
from
1939 to 1948 incl., and $105,000 improvement, due from 1939 to 1953
incl.,
offered for sale on
Sept. 7—V. 147, p. 1528—were awarded to a group
composed of C. A. Preim & Co., Newark; 8chlater, Noyes & Gardner, Inc.,
New York, and C. P. Dunning & Co. of Newark as 3
proposal.
of
of New York
check for $220, payable to the order of the town, must accompany each
Ms, for a premium
$347.10, equal to 100.267, a basis of about 3.21%.
All of the bonds
are dated Aug. 1,
1938, and they mature in annual instalments on Aug. 1
as follows:
$10,000, 1939 to 1941 incl.; $8,000 from 1942 to 1949 incl.,
and $9,000 from 1950 to 1953 incl.
Second high bid of 100.82 for $129,000
bonds as 3 Ms was submitted by H. B. Boland & Co. of New York
City.
EDMESTON,
GOSHEN, HAMPTONBURGH, CHESTER,
WALLKILL AND WACENTRAL SCHOOL DISTRICT No. 1 (P. O. Goshen),
Y.—BOND OFFERING—William A. Handersen, District Clerk, will
receive sealed bids until 1 p. m. (eastern standard time) on Sept. 22 for
the purchase of $379,000 not to exceed
6% interest coupon or registered
school bonds of 1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due March
1 as follows: $14,000, 1941; $15,000 from 1942 to 1956 incl. and $20,000
from 1957 to 1963 incl.
Bidder to name a single rate of interest, expressed
in a multiple of M or l-10th of 1%.
Principal and interest (M. & S.) pay¬
able at the Goshen National Bank, Goshen, or at the Chase National Bank,
New York City.
A certified check for $7,580, payable to the order of the
Board of Education, must accompany each proposal.
The bonds will be
payable out of unlimited ad valorem taxes on all of the district's taxable
property.
Legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
as
June
be
refunding
They will be dated June 1, 1938, bear 3M% interest up to and
including June 1, 1943, and 4% thereafter to maturity, on June 1, 1978.
Callable at par and interest on
any interest payment date.
All of the bonds to be issued by both the
borough and the school district
will contain the approving legal
opinion of Hawkins, Delafield & Long¬
fellow of New York, and in
accepting such obligations in exchange for exist¬
LISBON
N.
be surrendered in
exchange for new refunding and funding
sists of $3,309,200 bonds and
bonds.
NEW
WAYANDA
the "Barker" and
"Plenty" groups.
According to the plan of composition, the indebtedness of the borough
The school district debt
involving $732,000 of bonds and notes will
refinanced through issuance of a similar amount of its own school
AND
$6,000, 1941 to 1944 incl.; $7,000 from 1945 to 1949 incl. and $8,000 from
1950 to 1961 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M.or l-10th of 1%. Principal and interest (M. & S.) payable
at the First National Bank, Fdmeston.
The bonds are payable from un¬
limited ad valorem taxes on all of the district's taxable property. A certified
check for $3,100, payable to the order of Flyd R. Thayer, District Treasurer,
must accompany each proposal.
Legal opinion of Reed, Hoyt, Washburn &
Clay of New York City will be furnished the successful bidder.
to
bonds con¬
notes, unpaid interest thereon accrued to
1, 1938, in amount of not less than $1,039,596, arid not less than
$183,579.58 of other indebtedness. In exchange for this debt, it is
proposed
that the borough issue
$3,309,200 refunding bonds and $1,223,176.21
funding bonds. The former will be dated June 1, 1938, bear interest due
each June and Dec. 1 at the rate of 3
M % up to and including June 1, 1942,
and at 4% thereafter to
maturity of the obligations, which will be June 1,
1978.
Redeemable at par and accrued interest on
any interest payment
date.
The funding bonds will be dated June
1, 1938, bear interest due
each June 1 and Dec. 1 at
2%, and mature June 1, 1948. Callable on any
interest date at par and accrued interest.
Payment of part of unpaid bond
interest will be made in cash to the extent of
l-10th of the amount, plus such
further amount as will reduce the
balance to a multiple of $50.
The part
not paid in cash will be serviced
by aforementioned funding bonds in
denoms. of not less than $50.
As a result of a "wash" transaction, the bor¬
ough will assume liability for the interest owed on school district obliga¬
tions and issue its own
funding bonds in payment thereof.
BURLINGTON
EurchaseDated Sept. not 1938. Denom. $1,000. Due or registered school
of $155,000 1, to exceed 6% interest coupon Sept. 1 as follows:
onds.
refunding the outstanding indebtedness of both the borough and the
school district, dated Aug. 1, 1938, is being submitted for
approval of all
known creditors of the two units
by W. E. Wetzel of W. E. Wetzel & Co.,
148 West State St., Trenton, N. J., who is tne refunding
agent for the
borough.
This represents another in the long series of attempts, all of
which have proved abortive, to reestablish the debt
position of the two
taxing units.
In urging creditor approval of the current program, wnich
is stated to provide for the "maximum amounts of interest and
principal
payments which at a conservative estimate the borough can pay," the
refunding agent declares tnat the plan can be made effective without undue
delay as provided for in the so-called Municipal Bankruptcy Act. Under
this statute, 51% of creditors must
approve the proposal in order to bring
it under jurisdiction of the Federal
Court, while 66 2-3% must approve
of it before the court can make the
program effective.
It is also pointed
out that, contrary to the belief of some
bondholders, the plan can be placed
in operation through
application to the bankruptcy proceeding even though
it is not supported
by the two organized creditor committees, generally
t
PITTSFIELD,
CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Fdmeston),
N.Y.—
BOND OFFERING—Florence J, Chesebrough, District Clerk, will receive
sealed bids until 1 p. m. (Eastern Standard Time) on Sept. 16 for the
FORT LEE, N.
J.—NEW REFUNDING PLAN SUBMITTED TO
CREDITORS OF BOROUGH AND SCHOOL DISTRICT—A new plan for
known
The approving legal opinion of Reed, Hoyt, Washburn & Clay
City will be furnished the successful bidder.
HUDSON
FALLS, N. Y.—BOND ELECTION—An issue of $139,590
bonds will be considered by the voters on Sept. 12.
sewage system
JOHNSON
CITY,
N.
Y.—BOND
SALE—'The
$75,000
coupon
or
registered library construction bonds offered Sept. 6—V. 147, p. 1529—were
awarded to the Manufacturers & Traders Trust Co., Buffalo, as 2s, at a
•
price of 100.199, a basis of about 1.97%.
Dated Sept. 1, 1938 and due
$5,000 on Sept. 1 from 1939 to 1953 incl.
Among other bids was an offer
of 100.326 for 2.10s submitted by Halsey, Stuart & Co., Inc., New York.
MOUNT PLEASANT (P. O. North Tarrytown), N. Y.—BOND SALE
—The $56,000 coupon or registered relief bonds offered Sept. 7—V.
147,
1529—were awarded to Adams, McEntee & Co., Inc.
New York, as
2Mb at par plus a premium of $78.40, equal to 100.14, a basis of about
2.72%.
Dated Sept. 1
1938, and due Sept. 1 as follows: $4,000 in 1939
and 1940, and $6,000 from 1941 to 1948, incl.
Other bids:
p.
Bidder—
George B. Gibbons & Co., Inc
R. D. WhLe & Co
Sherwood & Reichard
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc
Int. Rate
2.90%
2.90%
3%
3.20%
3.20%
Ptemium
$119.84
92.96
140.00
-189.84
151.20
Volume
Financial
147
NASSAU COUNTY (P. O.
Mineola). N. Y.—$3,500,000 PROPERTY
TO BE SOLD FOR DELINQUENT TAXES—The
county will conduct a
public auction of $3,500,000 worth of property on which two years' taxes
were
by
a
owing in 1931. This is believed to be the first tax sale ever conducted
county in New York State and will be held in accordance with a
law
approved at the last session of the Legislature.
The bill permits counties
which certain taxes are delinquent
similar to authority long exercised by villages and other communities in the
State.
County officials declared that any amount in excess of the actual
taxes owing on the various properties will be used to reduce the tax burden
to
hold
on
Chronicle
a
JFQTE SALE—The Director of Finance
sales
NEVERSINK
of property
on
Aug. 15. 1939.
ASHTABULA
(P. O.
Neversink), N. Y.—BONDS VOTED—An issue
SARANAC LAKE,
N. Y.—BOND OFFERING— Albert H. Breier,
Village Clerk, will receive sealed bids until 2 p. m. (eastern standard time)
on Sept. 20 for the purchase of $40,000 not to exceed
5% interest coupon or
registered public works bonds.
Dated Oct. 1, 1938.
Denom. $1,000. Due
Oct. 1 as follows: $4,000 from 1940 to 1944 incl. and $5,000 from 1945 to
1948 incl.
Bidder to name a single rate of interest, expressed in a multiple
of M or 1-10th of 1%.
Principal and interest (A. & O.) payable at the
Adirondack National Bank & Trust Co., Saranac Lake, with New York
exchange.
The bonds are general obligations of the village, payable from
unlimited taxes.' A certified check for $800, payable to the order of the
village, must accompany each proposal.
The approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
SPENCER CENTRAL SCHOOL DISTRICT (P. O. Spencer),
N. Y.
—BONDS
VOTED—The proposed issuance of $22,000 school construction
bonds met with approval of the voters on Aug. 26. A grant will be obtained
from
the
Public
Works
Administration.
view toward
RURAL
of a proposed sewer system is being made with
bond issue for the project at a regular election.
a survey
submitting
a
$50,000
STATE OF NORTH CAROLINA Funding 5s
DISTRICT
(P.
O.
Ashtabula),
Ohio—BOND SALE DETAILS—The $125,000 building
bonds sold to the BancOhio Securities
Co., Columbus, as 2Hs, at 101.67,
a basis of about
2.61%—V. 147, p. 1530—are payable as to both principal
and interest (M. &
S.) at the office of the Treasurer of the Board of Educa¬
tion.
Legality to be approved by Squire, Sanders & Dempsey of Cleveland.
ELECTION—At the November general
election the voters will be asked to authorize bond issues of
$1,000,000 for
street improvements, $1,000,000 for
sewage disposal and related purposes,
and $500,000 each for
parks, playgrounds and general hospital improve¬
ments.
EATON, Ohio—BOND SALE—The
issue of $20,000 various purposes
bonds offered Sept. 6—V. 147, p. 1377—was awarded to the Preble
County
National Bank, of Eaton, as 2j^s
at par
plus a premium of $100, equal
a basis of about 2.45%.
Dated Aug. 15, 1938, and due as
$500, Aug. 15, 1940; $500, Feb. 15 and Aug, 15, from 1941 to
1959, incl., and $500, Feb. 15, 1960.
The Eaton National Bank, second
to
100.50,
follows:
high
bidder, offered 100.257 for 2^s.
LANCASTER, Ohio—BOND ELECTION—A
o
3 M%
proposal to issue $390,000
and treatment plant bonds will be submitted for
on Sept. 23.
They would be dated about Oct.
mature Oct. 1 as follows: $15,000 from 1940 to 1949 incl. and
$16,000 from 1950 to 1964 incl.
sewerage system
consideration of the
voters
LORAIN COUNTY (P. O.
Elyria), Ohio—BOND SALE— The $1,580,000 bridge construction bonds offered Sept. 8—V. 147, p. 1377—were
a syndicate
composed of Mitchell, Herrick & Co., Cleveland,
Braun, Bosworth & Co., Toledo, Paine, Webber & Co., Cleveland, Mer¬
cantile Commerce Bank & Trust Co., St. Louis, Illinois Co. of
Chicago,
and Stranahan, Harris & Co.,
Inc., of Toledo, as 2Hs, at a price of 101.08,
a basis of about
2.40%.
Dated Sept. 15, 1938 and due as follows:
$30,000 Apr. and Oct. 1 from 1940 to 1948 incl.; $30,000 April 1 and
$35,000 Oct. 1 from 1949 to 1964 incl.
Other bids:
Syndicate Head—
Int. Rate
Rate Bid
Blyth& Co., Inc
2H%
100.637
Brown Harriman & Co., Inc
2H %
100.20
Halsey, Stuart & Co., Inc_
2H%
100.15
Banc Ohio Securities Co
Due
SCHOOL
awarded to
WALTON, N. Y.—CONSIDER BOND ISSUE—C. B. Lincoln, Village
Clerk, reports that
a
TOWNSHIP
CINCINNATI, Ohio—BOND
of $14,000 highway repair bonds was authorized by the voters on Aug. 22.
also disclosed the sale of $373,000
AH % interest refunding notes to the Provident Savings Bank & Trust Co.,
Cincinnati. Dated Aug. 15, 1938. Denom. $1,000. Due
other property.
auction
1669
February 15, 1952 at 2.70% basis
2 %%
.
101.88
BONDS PUBLICLY OFFERED—Mitchell, Herrick & Co. of Cleveland
and associates
made public re-offering of the bonds, which are unlimited
tax obligations, at prices to yield from 1
% to 2.50%, according to maturity.
F. W. CRAIGIE & COMPANY
MAHONING COUNTY (P. O. Youngstown), Ohio—BOND SALE—
& Irving Co. of Cincinnati purchased $460,000 2^%
Dated Aug. 27. 1938. Denom. $1,000. Due $46,000 each
Richmond, Va.
Phone 3-9137
193645
The Weil, Roth
refunding bonds.
A. T. T. Tel. Rich.Va. 83
Oct. 1 from 1940 to 1949 incl.
Principal and interest (A. & O.) payable at
Treasurer's office.
The bonds are general obligations of the
payable from direct ad valorem taxes levied against all of its
taxable property within the limits imposed by law. Legality to be
approved
by Squire, Sanders & Dempsey of Cleveland.
the County
county,
CAROLINA
NORTH
FAYETTEVILLE, N. C.—BONDS DEFEATED—At the election held
Aug. 30 the voters failed to give the required majority to a proposal
calling for the issuance of $195,000 in city hall and auditorium bonds.
on
GOLDSBORO, N. C.—NOTE OFFERING—It is reported that sealed
bids will be received until 11 a. m. (C. S. T.) on Sept. 13 by W. E. Easterling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of a $27,000 issue of bond anticipation notes.
Dated Sept. 15, 1938.
Denoms. to suit purchaser.
Due Sept. 15, 1939.
Payable at such bank as the purchaser may designate.
The approving
opinion of Reed, Hoyt, Washburn & Clay of New York will be furnished.
Enclose a certified check for $135, payable to the State Treasurer.
ROWAN COUNTY (P. O. Salisbury), N. C.—BOND OFFERING—
11 a. m. (E. S. T.) on Sept. 13, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of a $47,000 issue of not to exceed 6% coupon
Sealed bids will be received until
school bonds.
Dated June
1
1938.
Denom. $1,000.
Due
June 1, as follows: $2,000 in 1941 to 1943, $3,000 in 1944 to 1953, $2,000
in 1954, and $3,000 in 1955 to 1957. Prin. and int. payable in lawful money
semi-ann.
in
New
York City.
Bidders are requested to name the interest rate or
multiples of H 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
rates in
in his bid the amount of bonds of each rate.
The bonds will be awarded to
the bidder offering to purchase the bonds at
the lowest interest cost to the
county, such cost to be determined by deducting the total amount of the
premium bid from the aggregate amount of interest upon all of the bonds
until their respective maturities.
No bid for less than par and accrued
interest will be entertained.
at
General obligations; unlimited tax.
Delivery
The approving opinion of Reed, Hoyt,
Enclose a certified check
place of purchaser's choice.
Washburn & Clay of New York will be furnished.
for $940, payable to the State Treasurer.
WILSON, N. C.—BONDS VOTED— At the election held on Sept. 6
approved the issuance of $499,000 in building program bonds
a majority of about four to one.
the voters
by
DAKOTA
NORTH
LANGDON CITY SPECIAL SCHOOL DISTRICT (P. O. Langdon),
N. Dak.—BOND OFFERING—Sealed bids will be received until 2 p. m.
on Sept. 19, by Otto Rasmusson, Clerk, of the Board of Education, for the
purchase of a $25,000 issue of improvement bonds.
Interest rate is not to
exceed 5%, payable semi-annually.
Denom. $1,000.
Due $1,000 in 1940 to 1952 and $2,000 in 1953 to 1958,
redeemable at the option of the board at any interest paying date from and
after Jan. 1, 1945.
The district will furnish a transcript of the bond pro¬
ceedings and
election held
the executed bonds.
These bonds were authorized
Aug. 23. Enclose a certified check for 2%.
at
an
on
NECHE SCHOOL DISTRICT (P. O. Neche), N. Dak.—MATURITY
—It Is stated by the District Clerk that the $23,000 4M% semi-ann. con¬
struction bonds
a
purchased by Charles M. Fuller & Co. of Minneapolis, at
as noted here recently—V. 147, p.
1233—are due as
to 1953, and $2,000, 1954 to 1958, giving a basis
price of 100.586,
follows:
$1,000, 1941
of about 4.19%.
NORTH
bids will
tary
DAKOTA,
be received
of —CERTIFICATE
State
until
10 a.
m.
on
Sept.
OFFERING— Sealed
19 by James Mulloy,
Secre¬
of the State Industrial Commission, for the purchase of a $200,000
issue of State certificates of indebtedness.
Interest rate is not to exceed
4%, payable M. & S. Dated Sept. 19, 1938. Denoms. $5,000 and $1,000.
Due Sept. 19, 1939.
Bids for less than par and accrued interest shall not
be considered by the Commission.
Enclose a certified check for at least
2% of the amount of the bid, payable to the State Treasurer.
MONTPELIER
EXEMPTED
SCHOOL
DISTRICT, Ohio—NOTE
SALE DETAILS—The $140,000 2 % % notes sold to the BancOhio Securities
Co. of Col urn bus, at 102.239—V. 147, p. 1377—are dated Oct. 1, 1938, in
$1,000 denoms. and have been approved by Squire, Sanders & Dempsey
of Cleveland.
NORWOOD,
Ohio—BOND SALE—The $15,000 street improvement
147, p. 1233—were awarded to the BancOhio
Columbus, as 2s, for a premium of $136, equal to 100.906,
a
basis of about 1.79%.
Dated June 1, 1938 and due Dec. 1 as follows:
$2,000 from 1939 to 1945 incl. and $1,000 in 1946. The Norwood Savings
Bank, second high bidder, offered to pay 100.506 for 2s.
bonds
offered
Sept. 6—V.
Securities Co. of
OTTAWA
SCHOOL
Other bids:
years.
Bidder—
$165
67
160
190
385
2%%
2M%
3%
3%
3 H%
Ryan, Sutherland & Co
Siler, Carpenter & Roose
Pohl & Co., Inc.,
Sufferle & Kountz
PLEASANT RURAL SCHOOL DISTRICT (P. O. Catawba), Ohio—
of the Board of Education will receive
—NOTE OFFERING—The Clerk
sealed bids until 3 p. m. on Sept. 12 for the purchase of $15,000 2 %% school
addition note, dated Sept. 15, 1938 and duo Oct. 1, 1938.
Bonds in the
same amount will be sold at a later date.
The latter will be dated Oct. 1,:
1938, bear 2H% interest, in $1,000 denoms. and mature Oct. 1 as follows
$2,000 from 1940 to 1944 incl. and $1,000 from 1945 to 1949 incl. Both the
note and bond issues were authorized at the Aug. 9 primary election.
ROOTSTOWN RURAL SCHOOL DISTRICT (P. O. New Milford),
Ohio—BOND OFFERING—Heed H.
Deming, Clerk of the Board of
Education, will receive sealed bids until noon on Sept. 26 for the purchase
of $45,000 3% school building bonds.
Dated Oct. 15, 1938. Denom. $900.
Due $900 May 15 and Nov. 15 from 1940 to 1964 incl.
Bidder may name
a different rate of interest, provided that fractional rates are expressed in
a
multiple of H of 1%.
Interest payable semi-annually.
A certified check
for $450, payable to the order of the Board of Education, must accompany
each proposal.
This issue carried by a vote of 383 to 132 at the primary
election
on
Aug. 9.
RURAL SCHOOL DIST. (P. O. Ross), Ohio—
A. Hinsch & Co., Inc., Cincinnati, purchased
$100,000 3H% school building bonds.
Dated Aug. 1, 1938.
Due $5,000
annually on Aug. 1 from 1941 to i960 incl. Principal and interest (F. & A.)
payable at the office of the Board of Education. This issue was authorized
at the general election last November and the bonds, according to counsel
to the bankers, constitute general obligations of the district, payable from
unlimited ad valorem taxes on all of its taxable property. Legality approved
by Peck, Shaffer & Williams of Cincinnati.
The bankers reoffered the
issue to yield from 1.60% to 2.75%, according to maturity.
ROSS
BOND
TOWNSHIP
SALE—Charles
Financial Statement (Officially Reported)
Assessed valuation, 1938
Total bonded debt,
$2,319,911
103,000
including this issue
Population—(Officially estimated, 1938)
2,500
Tax Collections
Current
—
1937...
MUNICIPALS
Premium
Int. Rate
Braun, Bosworth & Co
1938,.
OHIO
DISTRICT, Ohio—BOND SALE— The $38,000
bonds offered Sept. 1—V. 147, p. 1531—were awarded to
Prudden & Co., Inc., of Toledo, as 2Ms, at par plus a premium of $476.77,
equal to 101.254.
Denoms. $1,000 and $900.
Due over a period of 20
construction
-
Collections,
Levy
Current Levy
$11,355.99
$10,224.04
14,462.76
13,911.79
11,565.69
12,640.90
14,928.39
15,161.98
Figures not as yet available.
STEUBEN VILLE
SCHOOL
DISTRICT,
Approximate Per cent'ge
Collected
90%
96%
100.92%
101.56%
Ohio—BOND
SALE—
McDonald-Coolidge & Co. of Cleveland purchased $500,000 2M% coupon
building bonds, dated Oct. 1, 1938 and due $10,000 each April 1
and Oct. 1 from 1940 to 1964 incl.
They were authorized at the primary
school
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
AKRON
COLUMBUS
on
on
Aug. 9 and payable from unlimited ad valorem taxes to be levied
taxable property. Legality to be approved by Squire,
of Cleveland.
all of the district's
Sanders & Dempsey
BUILDING, CLEVELAND
CINCINNATI
election
SPRINGFIELD
TIFFIN, Ohio—BOND SALE—Stranahan, Harris & Co.. Inc. of
recently purchased an issue of $102,517 city hall construction
as 2Hs, at par plus a premium of $1,652.52, equal to 101.611.
Dated
Oct. 1. 1938.
Legality approved by Squire, Sanders & Dempsey of Cleve¬
Toledo,
bonds
OHIO
land.
Other bids:
AKRON, Ohio—BOND AND NOTE FINANCING—Don H. Ebright,
Director of Finance, reported the sale to the Reconstruction Finance
Corporation of $500,000
bonds, described as follows:
$205,000
eight series. Due Oct. 1 as follows: $8,000
1958 incl., and $9,000 from 1959 to 1963 incl.
sewer,
from 1939 to
14,000 park improvement, fourth series. Due Oct. 1 as follows:
$1,000 from 1939 to 1944 incl. and $2,000 from 1945 to 1948 incl.
281,000 general obligation street improvement, fourth series. Due Oct. 1
as follows:
$29,000 in 1939, and $28,000 from 1940 to 1948 incl.
All of the bonds are dated July 1, 1938, and in $1,000 denoms.
»
„
Int. Rate
2J^%
2H%
2lA %
Bidder—
BancOhio Securities Co
Braun, Bosworth & Co
Seufferle & Kountz
Walter, Wood &
Pohl & Co., Inc
Prudden & Co
161.278
161.033
--
Sutherland & Co
166.999
2H%
2lA%
Field, Richards & Shepard, Inc
Ryan,
101.601
2M%
Heimerdinger
Assel, Goetz & Moerlein,
m.
Rate Bid
160.791
100.689
2M%
Jffinnn
2M%
Inc
a.
2% %
100.009
101.116
1670
Financial
TOLEDO CITY SCHOOL DISTRICT, Ohio—FINANCIAL STATE¬
MENT—The following is given in connection with the Sept. 14
offering of
$60,000 3% school building bonds.—V. 147, p. 1531:
Financial Statement
_
_
School Rate
Tax Rate for 1938 Collection—
Operation
iO mOIs
"
8.0226
"
Debt Service
Total
Tax Collection Report—
Amount levied.
Amount
collected
including
2.4416
8.0226
1936
1520 Locust St., Philadelphia
1937
$3,285,105
$3,339,409
$3,544,003
3,688,216
3,709,730
3,942,784
$403,111
..
$370,321
$398,781
Surplus
Defaults—Bonds maturing between Sept. 1 and Jan. 1,1933—$352.000—
refunded and exchanged.
Total exchange completed.
1934 maturities—
$633,000—paid in full March 15, 1935—with interest at the rate of bonds
from date of maturity to March
15,
default of either principal or interest.
No funds in closed banks.
1935.
District is not at present in
population—estimated—300,000.
Date of incorporation of municipality—1837.
There is no controversy or litigation
affecting the corporate existence
boundaries of the city school district or title of its
present officials to
their respective offices or the
validity of their bonds.
No previous issues have been
contested.
or
•iY^Lku? ™VNSHip rural SCHOOL
Ohio—BOND SALE
DISTRICT (P. O. Lucas.
DETAILS—The $38,500 3% building bonds
sold to the State Teachers' Retirement
Fund at 100.506—V. 147, p. 1531—
mature in from
1
to 25
PENNSYLVANIA
de¬
years
years.
YOUNGSTOWN, Ohio—BOND OFFERING—Frank W. Barton, Di¬
rector of Finance, will receive sealed
bids until noon on Sept. 23 for the
purchase of $2,861,680 4% bonds, divided as follows:
basis of about 2.69%.
Dated Oct. 1, 1938, and due Oct. 1 as follows:
$2,000 in 1942, and $1,000 from 1943 to 1960. incl.
Other bids;
M
~
Bidder—*
qak
H I incl*, Cert<tfied check
nnn
Due
Sept.
1
as
follows:
$15,505 in
to the city for $11,000 is required.
1,845,000 city s portion street improvement bonds. Due
Sept. 1 as follows:
$93,000 from 1945 to 1949 incl. and $92,000 from 1950 to 1964
incl. Certified check to the
city for $36,000 is required.
wLHHH
theAonl« wiJI be dated Oct.
1, 1938.
Denoms. $1,000 and $500,
cb for SeOO, $505 and $75. Bidder may name a different rate of
interest, provided that fractional rates are
expressed in multiples of 34 of 1 %.
Principal and interest (M. & S.) payable at the office of the
Sinking Fund
ATJIk 'ee*L'
^e, succe?8ful bidder must be prepared to take up and pay for
ron^ ?ot later than Oct. 3, 1938, the money to be delivered at one of
the banks in
Youngstown,
or at the office of the Director of Finance.
.^ESVILLE, Ohio—BOND
OFFERING—Henry F. Stemm, City
6 8ea'e<l bids until noon on Sept. 23 for the purchase of
i
t? exceeti 3% interest municipal building bonds.
Dated
kJiH8, ,De??m' *1.000. Due $11,000 on Oct. 1 from 1940 to 1959
Hi! was and interest (A. & O.) payable at the City Treasurer's office.
1
issue
authorized at the Aug. 9
primary election. A certified check
lrec
rw
BROWNSVILLE
-
SCHOOL
BOND SALE—The issue of
DISTRICT
(P.
100.175
101.55
3%
334 %
3 34 %
3M%
334%
4%
4%
100.789
100.65
100.469
100.125
Par
O.
Brownsville), Pa.—
$20,000 school bonds offered Sept. 6—-V. 147,
J>. 1234—was awarded to S. K. Cunningham & Co.about 2.86%. Dated
premium of $137, equal to 100.685, a basis of of Pittsburgh, as 3s,
or
a
Oct.
f, 1938, and
due Oct. 1
as follows: $2,000, 1940 to 1942, incl.; $3,000
1948, incl.
Second high bid of
by Moore, Leonard & Lynch of New York City.
in 1943 and 1944, and $2,000 from 1945 to
was entered
CAMBRIA COUNTY (P. O. Ebensburg). Pa .—BOND SALE—The
$207,000 refunding bonds offered Sept. 7—V. 147, p. 137&—were awarded
a group composed of Singer, Deane & Scribner of Pittsburgh, Dougherty,
Corkran & Co. and Graham, Parsons & Co., both of Philadelphia, as 2s,
at par plus a premium oi $101, equal to 100.048, a basis of about 1.98%.
Due on July 31 as follows: $30,000, 1939; $50,000, 1940; $40,000, 1941;
$57,000 in 1942, and $30,000 in 1944.
The only other bid was an offer of
par for 2s by the Sinking Fund Commission.
CENTRE COUNTY INSTITUTION DISTRICT (P. O. Ballefonte).
Pa.—BOND OFFERING—Sealed bids addressed to Chief Clerk Samuel J.
McMullin will be received until 3 p. m. (Eastern Standard Time) on Sept.
for
15
the
purchase of $127,000 134, 1M, 2, 234. 234, 2J4, 3, 334 or 334%
registerable as to principal, building bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $15,000 from 1939 to 1946, incl.,
and $7,000 in 1947.
Bidder to anme a single rate of interest, payable
A. & O.
A certified check for 2% of the bonds bid for, payable to the order
of the District Treasurer, must accompany each proposal.
The bonds will
be sold subject to approving legal opinion of Townsend, Elliott & Munson
of Philadelphia.
Proceeds will be used in the construction of a home for
the indigent.
The bonds and interest thereon will be free of all Pennsyl¬
vania taxes, except succession or inheritance taxes.
coupon,
Financial Statement (As of Aug.
12, 1938)
x
Assessed valuation 1938 (33% of actual)
Gross bonded debt
$16,198,329.00
None
inoo
£2'
mhio
JL his
for
.
Union Banking & Trust Co
hate bid
Int. Rate
Singer, Deane & Scribner
S. K. Cunningham & Co
Johnson & McLean, Inc
Leach Bros., Inc
Burr & Co., Inc
Brockway Citizens Bank
to
R
®f «,000 from 1946 to 1956 incl. Certified check to the
city for $5,000 is required.
168,575 municipal building bonds. Due Sept. 1 as follows:
$7,075 in 1945
and $9,500 from 1946 to 1962 incl.
Certified check to the city
for $3,000 is required.
o90,600 bridge construction bonds.
Due Sept. 1 as follows: $32,600 in
1945 $29,000 from 1946 to 1957 incl. and
$30,000 from 1958 to
1
,
BROCKWAY SCHOOL DISTRICT, Pa—BOND SALE—The issue of
$20,000 improvement bonds offered Sept. 6—V. 147, p. 1378—was awarded
to Moore, Leonard & Lynch of New York City, as
2%b, at 100.631, a
100.651 for 3s
$257,505 park improvement bonds.
109.741 & Interest to Net 2.75%
Moncure Biddle & Co.
4.4416
5.581
1935
Total
2.4416
the bonds to be
4% Bonds due July 1, 1947
Price:
3.581 mills
2.00
on
City of Philadelphia
$20.00 mills
20.60
"
19.00
"
8.8669
3.581
Outside limitations
Present
definite details have been worked out
Rate
8.643 mills
$405,690,231
410,262,662
453,000,000
1937 for 1938, estimated
linquencies of former
no
issued.
Total Tax
,
Assessed Valuation—
1935 for 1936, actual
1936 for 1937—actual
^
Sept. 10, 1938
UNIVERSITY OF OREGON—PWA LOAN APPROVED—It is stated
by Charles D. Byrne, Secretary of the State Board of Higher Education,
that a loan of $66,000 has been
approved by the Public Works Administra¬
tion for building purposes, but no funds have been advanced as
yet on the
allotment and
Total bonded indebtedness including this issue
$13,460,000.00
Condition of sinking fund as of Aug. 25, 1938
1,059,514.75
Taxes collected by the County Treasurer for this fund must be turned
over directly to the Commissioners of the
sinking fund in accordance with
State law.
,
Chronicle
1% of the issue is required.
Floating debt
None
Gross debt
None
None
Net debt
Tax
anticipation notes,
bank loans or other evidences of
„
27.900.00
127.000.00
127,000.00
127,000.00
00.78%
indebtedness
Bonds authorized but unissued (this issue)
Gross debt after issuance of this proposed issue
Net debt after issuance of this proposed issue
Net debt ratio after issuance of this proposed issue
R. J. EDWARDS, Inc.
Tax rate (mills) 1938
81,066.13
47.886
338.27
Population estimated 1938
Assessed value per capita
Municipal Bonds Sinke 1892
5
_
Amount of tax duplicate (levy) 1938
Debt burden:
Ratio to
Oklahoma City, Oklahoma
Valuation
Assessed
—Per
Capita—
Excl.
AT&T Ok Cy 19
A certified check for 2%
of the bid is
Issue
00.78%
00.47%
None
$2.31
$2.65
2.31
00.47%
Total....
ALVA, Okla.—BOND OFFERING—Sealed bids will be received until
7^30 p.m. on Sept. 12 by T. W. Keltch, City Clerk, for the purchase of a
f*ssue
I,ark bonds. Bidders to name the rate of interest. Due
1950 incl.
This
Issue
1.25%
$2.31
$4.96
None
Net overlapping debt burden..
OKLAHOMA
to
This
Issue
Net direct debt burden
$2,000 from 1941
quired.
Excl.
This
Issue
00.47%
Long Distance 787
Incl.
This
re¬
*
Incl.
The gross debt of Centre County is $300,000 and the net debt is $110,-
416.92.
x Information
taken from detailed study prepared by
Co. of Philadelphia.
C. C. Collins &
CHESTER, Pa.—BOATD OFFERING—Benjamin Newsome, City Clerk,
CHEROKEE, Okla.—BOND OFFERING—Sealed
bids will be received
until
Sept. 13 by Mrs. B. Bontrager, City Clerk, for the purchase of a
$73,200 issue of electric plant bonds. Due serially over a 15-year period.
These bonds were approved by the voters on
Aug. 30.
HOWE SCHOOL DISTRICT (P. O.
Howe). Okla.—BOND SALE—
building bonds offered for sale on Sept. 6—V. 147, p.
1532—was purchased by the First National Bank of Oklahoma
City, ac¬
cording to the Clerk of the Board of Education.
Due $500 annually from
1941 to 1950 incl.
The $5,000 issue of
TULSA, Okla.—BOND ELECTION—It is now stated that the election
will be held on Sept. 30 (not Oct. 18), to submit to the
voters the proposed
issuance of a total of $2,150,000 in improvement bonds.
The following items for balloting were authorized
by the City Council:
Waterworks. $600,000: storm sewer, $20,000; sanitary sewers, $100,000;
Fire Department, $150,000; fire station
repair, $93,500; fire alarm system,
$25,000; traffic signals, $50,000; sewage disposal, $550,000; incinerator,
$15,000; Street Department, $317,500; Police Department, $222,000;
library, $7,000.
TULSA
COUNTY
election will be held
$750,000 in
on
(P. O. Tulsa), Okla.—BOND
Sept. 30, it is reported, to vote
ELECTION—An
on the issuance of
will receive sealed bids until 10 a. m. on Sept. 27, for the purchase of
$300,000 2, 234, 234, 2)4. 3 or 334% coupon, registerable as to principal,
sewer improvement bonds.
Dated Oct. 1, i938.
Denom. $1,000.
Due
$10,000 on Oct. 1 from 1939 to 1968, incl.
Bidder to name a single rate of
interest, payable A. & O. A certified check for 2% of the bonds bid for,
payable to the order of the City Treasurer, must accompany each proposal.
The bonds will be sold subject to approving legal opinion of Townsend,
Elliott & Munson of
burg), Pa.—BONDS VOTED—An issue of $24,000 building
approved by a vote of 126 to 119 at the election on Aug. 26.
DARLINGTON
p.
DISTRICT
(P.
O.
Wyandotte)
BOND SALE—The $7,500 issue of school bonds offered for sale
V. 147, p. 1532—was awarded to the American
OREGON
MARION COUNTY SCHOOL DISTRICT NO. 118 (P. O.
Salem)
Ore.—BOND SALE—The $2,000 issue of warrants offered ror sale on
Aug.
29—V. 147, p. 1378—was purchased by the State Bond Commission, as
2Mb, at a price of 100.12, a basis of about 2.70%. Dated July 1,1938. Due
$400 from July 1,1939 to 1943 incl.
SPRINGFIELD, Ore.—BONDS DEFEATED—At the election held on
Aug. 23, the voters rejected three proposals calling for the issuance of
$300,000 in bonds, divided as follows: $150,000 utilities revenue; $100,000
water, and $5O,OO0 power utilities purchase bonds.
was
DISTRICT
(P. O. Darlington), Pa—
bonds offered Sept. 6—V. 147,
1234—were awarded to the Beaver County Trust Co. of New Brighton,
2?4s, at par and premium of $15, equal to 100.20, a basis of about
2.73%- Dated Sept. 1,1938 and due $500 on Sept. 1 from 1940 to 1954 incl.
DARLINGTON
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
Darling
ton), Pa.—BOND SALE—The $40,000 coupon school bonds offered
Sept. 6—V. 147, p. 1234—were awarded to the Beaver County Trust Co. of
New Brighton, as 2Mb, for a premium of $80, equal to 100.20, a basis of
Okla.—
on Sept. 6—
Exchange Bank of Henryetta, divided as follows:
$1,000 as 2*48, maturing on Sept. 1, 1941; the
remaining $6,500 as 3s, maturing on Sept. 1:
$1,000, 1942 to 1946, and
$1,500 in 1947.
bonds
as
to
SCHOOL
SCHOOL
BOND SALE—The $7,500 coupon school
about
court house bonds.
WYANDOTTE
Philadelphia.
CHESTNUTHILL TOWNSHIP SCHOOL DISTRICT (P. O. Strouds-
Dated Sept. 1, 1938 and due $2,000 on Sept. 1 from 1940
2.73%.
1959, incl.
Other bids:
Int. Rate
Bidder—
Farmers National Bank of Beaver Falls
3%
Rate Bid
Par
Hemphill, Noyes & Co. and Phixlips, Schmertz & Co.,
1
jointly
3%
100.45
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. O. Transfer,
R. D. 1), Pa.—BOND OFFERING—F. E. Reichard, District Secretary, will
receive sealed bids until 7 p. m. (Eastern Standard Time) on Sept. 19, for
the purchase of $34,000 coupon school bonds.
Dated Oct. 1,1938. Denom.
$1,000.
Due Oct. 1
as
follows:
$1,000 from 1941 to 1946, incl. and $2,000
from 1947 to 1960, incl.
Bidder to name a single rate of interest,
in a multiple of 34 of 1%.
A certified check for $500, payable to
of
the
expressed
the order
proposal.
The legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
Sale of bonds is subject to approval of issue by the Pennsylvania
Department of Internal Affairs.
district,
must
accompany
each
DONORA, Pa.—BOND SALE DETAILS—The issue of $20,000 bonds
sold to the
as
2J4s, at
Union National
a
Bank of Donora—V.
price of 100.025.
147, p.
1532—was sold
Volume
147
Financial
Chronicle
1671
W/DOWNINGTON, Pa.—BOND SALE— The $25,000 2% funding and
street
improvement bonds offered Sept. 6—V. 147, p. 1234—were awarded
Philadelphia, at a price of 101.95, a
to W, H. Newbold's Son & Co. of
basis of about 1.47%.
Dated Sept.
1. 1938 and due as follows:
$2,000,
1939; $4,000 in 1940 and 1941, and $5,000 from 1942 to 1944, incl.
Burr
&kCo., Inc., second high bidder, offered to pay a price of 101.51.
ELIZABETHVILLE SCHOOL DISTRICT, Pa.—BOND OFFERING
DETAILS—The $26,500 not to exceed 4% interest school bonds being
offered for sale on Sept. 13—V. 147, p. 1532—will be dated Oct. 1, 1938.
Sealed bids should be addressed to E. G. Sheever, District Secretary.
Coupon bonds, registerable as to principal only.
Principal and interest
(A. & O.) payable in ElizabethviLe. A certified check for 2% must accom¬
pany each proposal.
EXETER TOWNSHIP SCHOOL DISTRICT (P. O. Pittston, R. D:
^
1),
Pa.—BOND
OFFERING—Paul
K.
Sa.ith,
District
Secretary,
wil'
receive sealed bids until 8 p. m. (Eastern Standard Time) on Sept. 21 for
the purchase of $25,000 3, 314, 314, 3%, 4, 414 or 414% coupon, regis¬
tered as to principal only, school building bonds.
Dated Sept. 15, 1938.
Denom. $1,000.
Due Sept. 15 as follows: $1,000 from 1941 to 1951 incl.
and $2,000 from 1952 to 1958 incl. Bidder to name a single rate of interest,
payable M. & S. A certified check for 2% of the bonds bid for, payable to
the order of the District Treasurer, must accompany each proposal.
The
bonds will be issued subject to approving legal opinion of Townsend,
SOUTH
FLORENCE,
Dak.—BOND OFFERING—Sealed bids will be re¬
Sept. 12, by Carl Markve, Clerk of the Board of
Trustees, for the purchase of a $12,506 issue of 5% semi-ann. refunding
bonds.
Denom. $500.
Dated Aug. 1, 1938.
Due on Aug. 1 as follows:
$500 from 1941 to 1949, and $1,000 1950 to 1957; optional on Aug. 1, 1943.
WATERTOWN, S. Dak.—BOND OFFERING—It is stated by B. H.
Stover, City Treasurer, that he will receive sealed and oral bids until
Sept. 12, for the purchase of two issues of bonds aggregating $68,000,
divided
as
follows:
$58,000 auditorium bonds.
Due on June 1 as follows: $6,000, 1940 to
1944, and $7,000 from 1945 to 1948.
These bonds are for con¬
struction
purposes.
10,000 auditorium bonds.
Due on June 1 as follows: $1,000 from 1940
to 1947, and $2,000 in 1948.
Tnese bonds are issued for equip¬
ment
purposes.
Bidders to
name the rate of interest, not to exceed
4%, payable semi¬
Denom. $1,000.
Dated June 1, 1938.
Prin. and int. payable
in lawful money at the office of the
City Treasurer.
These bonds were
approved by the voters on April 19.
(This notice supplements the offering report given in our issue of Sept.
annually.
3—Y. 147, p. 1533.)
Elliott & Munson of Philadelphia.
TENNESSEE
EXPORT, Pa.—BONDS VOTED—At the Sept. 6 election the voters
approved
an
issue of $25,000scnool bonds by a count of 297 to 51.
FREDONIA
SCHOOL
DISTRICT,
bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $',000 on Oct. i from
1941 to 1951, incl.
Bidder to name a single rate of interest, expressed in a
multiple of 14 of 1%.
A certified check for $500, payable to the order of
of the district, is required. The legal opinion of Burgwin, Scully & Churchhill of Pittsburgh will be furnished the successful bidder.
Bonds will be
sold subject to approval of issue by the Pennsylvania Department of
Internal Affairs.
GIRARD
SCHOOL
DISTRICT, Pa .—BOND OFFERING—G. H.
Covey, Secretary of the Board of School Directors, will receive sealed bids
B. Joslin, 1304 Erie Trust & Bldg., Erie, until noon
(Eastern Standard Time) on Sept. 24, for the purchase of $7,000 not to
exceed 3% interest coupon, registerable as to principal, school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1940
to 1946, incl.
Interest M. & S. A certified check for $100, payable to the
order of the District Treasurer, must accompany each proposal.
Sale of
the bonds is subject to approval of issue by the Pennsylvania Department
at the office of Paul
Affairs.
HIGHSPIRE SCHOOL DISTRICT, Pa .—BOND SALE— The issue of
$45,000 school bonds offered Sept. 6—V. 147, p. 1378—was awarded to
Yarnall Jk Co. of Philadelphia, as 214s, at par plus a premium of $571.95,
eoual to 101.271, a basis of about 2.64%.
Dated Sept. 1, 1938 and due
March 1 as follows:
$1,000 from 1940 to 1942, incl. and $2,000 from 1943
1963, incl.
Second high bid of 100.38 for 2^s was submitted by Burr
&„Co., Inc., Philadelphia,
to
LOWER
New
BURRELL
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
Pa.—BONDS VOTED—An issue of $28,000 school
Kensington),
building bonds was approved by the voters
on Aug.
30.
MOUNT CARMEL TOWNSHIP SCHOOL DISTRICT (P. O. Locust
Gap), Pa.—BOND OFFERING—Sealed bids will be received by Dominic
Ficca, District Secretary, until Sept. 19 for the purchase of $205,000 school
building bonds which were approved at the Aug. 31 election by a count of
736 to 689.
PATTON
R. F.
TOWNSHIP SCHOOL DISTRICT (P. O. Turtle Creek,
D.), Pa.—BOND SALE—The issue of $57,000 coupon school bonds
offered
Sept. 7—V. 147, p. 1378—was awarded to Johnson & McLean,
Inc., of Pittsburgh as 3Hs.
Dated Sept. 1,1938, and due $3,000 on Sept. 1
The bankers reoffered the bonds from a yield of
2% for the first maturity to a price of 102 for the last three instalments.
from 1940 to 1958 incl.
PENBROOK, Pa .—BONDS DEFEATED—At the Aug. 30 election the
voters declined to authorise an issue of
$30,000 municipal building bonds.
PENNSYLVANIA
Pennsylvania
listed below.
purpose
(State
of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs approved the bond issues
Information includes name of the municipality, amount and
of issue and date approved:
Nescopeck Borough, Luzerne County; $10,000; financing
a new
ALCOA, Tenn.—BOND OFFERING—Sealed
bids will be received until
1 p. m. on Sept. 20,
Pa .—BOND OFFERING—P. T.
Paxton, District Secretary, will receive sealed bids until 8 p. m. (Eastern
Standard Time) on Sept. 19, for the purchase of $11,000 coupon school
of Internal
DAKOTA
S.
ceived until 8 p. m. on
sanitary
system; Aug. 29.
'
,
West View Borough, Allegheny County; $15,000; street and sewer im¬
sewer
provements; reconstruction of parts of municipal building; Sept. 1.
Littlestown Borough School District, Adams County; $14,000; funding
floating indebtedness; Sept. 1.
Kingston Township, Luzerne County; $18,000; funding floating indebted¬
ness; Sept. 1.
Ambridge Borough, Beaver County; $19,000; pavings streets; Sept. 1.
by A. B. Smith, City Recorder, for the purchase of a
$59,000 issue of coupon high school bonds.
Interest rate is not to exceed
3.80%, payable M. & S.
Dated Sept. 15, 1938.
Denomination $1,000.
Due Sept. 15, as follows: $3,000 in 1944 to 1946, $5,000 in 1947 to 1949,
$6,000 in 1950 to 1954 and $5,000 in 1955.
Rate of interest to be in a
multiple of one-tenth of 1 %, and must be the same for all of the bonds and
are not callable.
Principal and interest payable at the Bankers Trust Co.,
New York.
The bonds are issued under authority of Chapter 5 of the
Private Acts of Tennessee for 1920, and of Ordinances of the City adopted
pursuant thereto.
The bonds are general obligations of the City and an
unlimited tax for payment of principal and interest Is authorized by law and
ordinances.
The approving opinion of Masslich & Mitchell, of New York,
will be furnished.
Bids are desired upon blank forms which will be fur¬
nished by the above Recorder.
Enclose a certified check for $1,180, pay¬
able to the City.
MEMPHIS, Tenn .—BOND OFFERING—It is stated by D. C. Miller,
City Comptroller, that he will receive sealed bids until 2.30 p. m. (C. S. T.),
on Sept. 27, for the purchase of a
$342,000 issue of coupon public works
bonds.
Interest rate is not to exceed 6%, payable A. & O.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1, as follows: $19,000
in 1939, and $17,000 in 1940 to 1958.
The bonds are all general liability
bonds, the full faith and credit of the City being pledged for the payment
of both principal and interest as they severally become due.
Prin. and int.
payable at the City Hall in Memphis or at the Chemical Bank & Trust Co.,
New York.
The bonds may be registered as to principal only and may be
discharged from registration and again registered at will. The bidder will
name interest rate in multiples of one-tenth or M of
1%.
No higher rate
of interest shall be chosen than shall be required to insure a sale at par, and
all bonds shall bear the same rate of interest.
No bid will be considered
unless it is a bid for all of the bonds.
Split interest rates will not be con¬
sidered.
Comparison of bids will be by taking the aggregate of interest at
the rate named and deducting therefrom the premium bid to determine the
net interest cost to the City.
The bonds will be sold for par or face value,
a premium, if any, be bid.
Bids will
be considered if submitted by mail, if received within the time stated, and
by wire, if satisfactory good faith check is provided on time on the sale date.
No arrangement can be made for deposit of funds, commission, brokerage
fees, nor private sale.
The approving opinion of Thomson, Wood & Hoff¬
man, of New York, will be furnished.
The bonds on delivery will be ac¬
companied by a full transcript of the passage of all ordinances, proceedings,
of the Board of Commissioners making sale, Treasurer's receipt for proceeds,
signature certificate and legal opinion.
The City is considered by the State
Banking Department of New York to fall within the provision of sub¬
division five (d) of Section 239 of the Banking Law of New York, as amended.
Delivery will be made within approximately 15 days of date of sale, and the
bonds will be delivered in the City of New York or equivalent at the option
of the bidder if bidder so states in bid, naming point of delivery.
No pro¬
posal blanks will be furnished and bidders are required to submit bids in
triplicate. Enclose a certified check for 1 % of the amount of bonds bid for,
payable to the City.
plus interest to time of delivery and
NASHVILLE, Tenn.—PWA LOAN AUTHORIZED—It is stated by
S. H. McKay, City Clerk, that a loan of $1,592,000 for school purposes was
approved by the Public Works Administration but no funds have been
advanced
as
yet.
TENNESSEE, State of—BOND SALE—The $500,000 issue of office
building bonds offered for sale on Sept. 6—V. 147, p. 1533—was awarded
jointly to the Chemical Bank & Trust Co. of New York, and the Union
Planters National Bank & Trust Co. of Memphis, at 0.25%, plus a premium
of $11.00.
Dated July 1, 1938.
Due on Jan. 1, 1939.
Halsey, Stuart & Co. was second high bidder, at 0.37 %, plus $25 premium.
National City Bank bid 0.40%, while Harris Trust & Savings Bank bid
0.50%, plus $27.
The issue was purchased for investment account and will not be reoffered.
_
PUNXSUTAWNEY,
Pa.—BOND
SALE—1The
$15,000
intercepting
bonds of 1938 offered Sept. 6—V. 147, p. 1234—were awarded to the
Farmers & Miners Trust Co. of Punxsutawney, as 3s, at par plus a premium
sewer
of $220, equal to 101.46%, a basis of about 2.815%.
Dated Oct. 1,
and due $1,000 on Oct. 1 from 1940 to 1954 incl.
Other bids:
Bidder—
Premium
Int. Rate
Johnson & McLean, Inc
3%
_3%
Moore, Leonard & Lynch
WILLIAMSTOWN,
1938
$21.30
19.65
Pa.—BOND
SALE—The $15,000 414% sanitary
1234—were awarded to the
Dated Sept. 1, 1938 and due
Sept. 1 from 1941 to 1955, inclusive.
bonds offered Sept. 6—V.
147, p.
Williamstown Bank, the only bidder, at par.
sewer
$1,000 on
WASHINGTON COUNTY (P. O. Jonesboro), Tenn.—BOND OFFERbe received by L. M. Payne, County Chairman,
a. m. (E. S. T.j, on Oct. 7, for the purchase of a $250,000 issue of
314% semi-ann. school bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1, as follows: $10,000 in 1942, $18,000 in 1943, $17,000 in 1944,
$20,000 in 1945, $30,000 in 1946 to 1949, $25,000 in 1950 and 1951, and
$15,000 in 1952.
The bonds are to be issued subject to the favorable
opinion of Chapman & Cutler, of Chicago.
Enclose a certified check for
not less than 2% of the par value of the bonds, payable to the County
ING—Sealed bids will
until 10
Tnisto©
WEAKLEY COUNTY
(P.
O. Dresden), Tenn .—BOND
ELECTION
—The County Quarterly Court is said to have called an election for Sept. 23
to submit to a vote the proposed issuance of $400,000 in power plant bonds,
RHODE
ISLAND
to distribute
BRISTOL, R. I.—NOTE OFFERING—William H. Angevine, Town
Treasurer, will receive sealed bids until noon (Daylight Saving Time) on
Sept. 12, for the purchase of $60,000 road and sidewalk notes, to mature
$6,000 each year from 1939 to 1948, incl.
Bidder to name the rate of
interest.
The Treasurer will also receive optional bids on notes in the
amount of $30,000.
SOUTH
CAROLINA
BEAUFORT COUNTY (P. O. Beaufort), S. C.—
OFFERING—
Sealed bids will be received until 11 a. m. on Sept. 15, by F. W. Scheper Jr.,
Chairman of the Board of County Directors, for the purchase of a $300,000
Sheldon and St. Helena Townships general obligation
Interest rate is not to exceed 4%, payable F. & A.
Dated
Denom. $1,000.
Due Aug. 15, as follows: $3,000 in 1942,
$7,000 in 1943, $10,000 in 1944, $11,000 in 1945, $12,000 in 1946, $13,000
issue of Beaufort,
coupon
bonds.
Aug. 15,1938.
1948, $14,000 in 1949 and 1950, $15,000 in 1951. $16,000 in
1952, $17,000 in 1953 and 1954, $18,000 in 1955, $19,000 in 1956 to 1958,
$20,000 in 1959, $21,000 in 1960, and $22,000 in 1961.
Prin. and int.
payable at the Central Hanover Bank & Trust Co., New York.
The bonds
will be the obligations of the above township, and the purchaser will be
furnished with the approving opinion of Nathans & Sinkler of Charleston,
as to their legality.
The purchaser is to furnish at his own expense the
printed bonds.
The right to issue these bonds has been affirmed by the
Supreme Court of the State in an opinion filed Aug. 26, 1938.
Enclose a
certified check for $3,000, payable to the County Treasurer.
in 1947 and
OLYMPIA SCHOOL DISTRICT NO.
4
(P. O. Columbia), S. C.—
BOND SALE-The $40,000 issue of coupon improvement bonds offered for
Aug. 29—V. 147, p. 1379—was awarded to Frost, Read & Co. of
Charleston, as 314s, paying a premium of $360.00, equal to 100.90, a basis
sale
on
of about
3.15%.
Dated Sept. 1, 1938.
ORANGEBURG
COUNTY
Due from Sept. 1, 1939 to 1958.
SCHOOL
DISTRICT
NO.
26
(P.
O.
Orangeburg), S. C.—MATURITY—It is now reported that the $23,000
school bonds purchased by Frost, Read & Co. of Charleston, as 314b, at a
Srice ofas follows:as noted here to 19o7, and $4,000 in 1958, giving due on
100.265, $1,000,1939 on Sept. 3—V. 147, p. 1523—are a basis
ept. 1
of about 3.22%.
TV A power.
TEXAS
EAST
BERNARD
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
East Bernard), Texas—BOND SALE—The $44,000 issue of building bonds
offered for sale on Sept. 1—V. 147, p. 1379—was purchased by Milton R.
Underwood & Co. Houston, according to the President of the Board of
Education.
No other bid was received.
Dated Sept. 1, 1938.
Due from
Sept. 1, 1939 to 1963.
GALVESTON COUNTY
COMMON SCHOOL DISTRICT NO. 7
(P. O. Dickinson), Texas—BONDS PUBLICLY OFFERED—An issue of
$160,000 314% semi-annual school bonds is being offered by R. A. W.
Barrett & Co. of Houston for general investment.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows:
$1,000 in 1939, $2,000 in 1940,
$3,000 in 1941, $5,000 in 1942, $8,000 in 1943, $10,000 in 1944, $12,000
in 1945, $14,000 in 1946, and $15,000 in 1947 to 1953.
These bonds,
authorized at an election held on Aug. 20, are direct obligations of the
district, payable out of ad valorem taxes within the limits prescribed
by law.
These bonds are offered subject to waiver by the State Board
of Education, the approving opinion of the Attorney General and the final
approving opinion or a recognized bond attorney.
GOLIAD INDEPENDENT SCHOOL DISTRICT (P. O. Goliad),
Texas—BOND OFFERING—Sealed bids will be received until Sept. 16,
by John B. Hayes, Superintendent of Schools, for the purchase of a $37,500
issue of school house bonds.
Due serially in 18 years. These bonds were
approved by the voters on Aug. 20.
HARDIN COUNTY (P. O. Kountze), Texas—BONDS PUBLICLY
OFFERED—The Gregory-Eddleman Co. of Houston, as members of a
syndicate, are offering for public subscription an issue of $932,000 4%
and 4H% road bonds, at prices to yield from 1.00% to 3.70%, according
to maturity.
Denom. $1,000.
Dated Sept. 15, 1938. The $550,000 4%
bonds mature on Sept. 15 as follows: $45,600 in 1939; $50,666, 1940 to
1942; $55,000. 1943 to 1945; $60,000, 1946; $65,000, 1947 and 1948; the
remaining $382,066 414% bonds mature on Sept. 15 as follows: $70,000,
1949; $75,000, 1950 and 1951; $80,000, 1952, and $82,000 in 1953.
The following information is furnished with the offering notice:
These bonds were authorized by a vote of more than 10 for and one
against, by the qualified tax paying voters in Hardin County, at an election
held on Aug. 27, 1938.
The bonds are payable from an unlimited ad
Financial
1672
valorem tax levied against all the taxable property in Hardin County.
Neither Hardin County, nor any of its political subdivisions, has ever
in payment of principal or interest on any of its obligations.
defaulted
Financial Statement
Actual valuation..„—
;
Assessed valuation—1938-
-
v-
„
-----
—
Total county-wide debt (including this
-
-
-
-
-
-
-
-
issue)
—$23,000,000.00
12,200,000.00
943,500.00
-
-
-
Sinking fund
Net debt-
-
1,745.17
_—-
-
^
-—-—
Ratio county-wide
$941,754.83
.
debt to assessed value, 7.7%.
Overlapping
Debt
Bonds
Int. & S. F.
Roaddisfc. No. 1
Outstanding
$50,613.62
39,921 91
35,410.36
573.79
333.72
2,052.00
1,735.38
1,693.20
Road dist. No. 2
Road dist. No. 3
I8D
Batson
Kountze ISD__
Saratoga J3D_
Silsbee ISD
Sour Lake ISD
$216,000.00
202,000 GO
221,000.00
34,000.00
75.000.00
43,500.00
120.500.00
58,000.00
14,600.00
140.57
Common school districts.-.-.
$132,474.55
Total
Net school and road district debt
—
$984,600.00
132,474.55
$852,125.45
941,754,83
_
Net comity-wide debt-—-.---—
Chronicle
Sept. 10,
lowest rate of interest at which the bidder will
Enclose
a
certified check for 5% of bid.
SNOHOMISH
COUNTY
purchase said bonds atjpar.
-4
,
SCHOOL
DISTRICT
$1,793,880.28
HARRIS COUNTY (P. O. Houston), Texas—BONDS DEFEATED—
At the election held on Aug. 27, the following bonds, aggregating $3,100,000,
were
$1,700,000 court house, and $1,400,000 road
rejected by the voters:
and bridge bonds.
HEBBRONVILLE
INDEPENDENT
SCHOOL DISTRICTJT(P
O.
Hebbronville),
Texas—BOND
OFFERING
CANCELED—BONDS
SOLD—It is stated by O. H. Spence, Superintendent of Schools, that the
offering of the $33,000 4% semi-ann. school bonds, which had been scheduled
for Sept. 7—V. 147, p. 1533—was canceled because the bonds were sold
prior to the date of the offering, to the State Board of Education, at par.«g
fr PARIS, Texas—BOND SALE DETAILS—We are now informed by the
City Secretary that the $50,000 coupon street improvement bonds pur¬
on Aug. 29 by Barcus, Kindred & Co. of Chicago, as noted here
on Sept. 3—V. 147, p. 1533-—were sold as 4s for a premium of $500, equal
to 101.00, and mature as follows:
$1,000 from 1939 to 1948. andi$2,000
from 1949 to 1968, giving a basis of about 3.92%.
tti
i*. The only other bidder was the Dallas Union Trust Co., Dallas.
m
NO.
15
(P.* O.
Everett), Wash.—BOND OFFERING—Sealed bids will be received until
10
a.
m.
on
Sept. 17 by Sylvester R. Stumfall, County Treasurer, for the
purchase of a $75,000 issue of coupon school bonds.
Interest rate is not
to
exceed 5%, payable semi-annually.
Dated as of date of issuance.
Denom. $1,000.
3 he bends shall run for a period of 20 years, the period
of time be'ng as near as prcct'cable equivalent to the life of the improve¬
ments to be acquired by the use of the bends.
The district reserves the
ripht to pay or redeem the bends or my of them at any time after 10 years
from date thereof.
The bcncis shall be payable beginn'ng the second year
after the r 'ssu; nee in 18 equal instalments to include principal and interest
on the outstanding bends.
Bidders are required to submit a bid specifying
(a) the lowest rate of interest md premium, if any, above par at which
such bidder will purchase the bends: (b) the lowest rate of interest at
which the bidder will purchase the bcncis at par.
Princpal and interest
payable at the County Treasurers' office, or at the State Treasurer's
office.
Enclose a certified check for 5% of amount of the bid.
SPOKANE COUNTY SCHOOL DISTRICT NO. 50 (P. O. Spokane),
Wash.—BOND SALE-j—The $8,000 issue of coupon school bonds offered for
sale on Sept. 2—V. 147, p. 1235—was awarded to the
as 3s at par. according to M. Greene, Deputy County
a
State of Washington,
Treasurer.
Due over
10-year period from date of issue.
The other bids
were as
follows:
Premium
Int. Rate
3M %
Bodder—
Paine-Rice Co
Richards & Blum
$10.40
56.00
4%
—
(P. O. Yakima),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.
on Sept. 17 by C. D. Stephens, County Treasurer, for the purchase of a.
$34,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
A. & O.
Dated Oct. 1, 1938.
Denom. $100 each or any multiple thereof,
and no bond to exceed the amount of $500.
The bonds to run for a period
of 20 years, being as nearly as practicable the estimated life of the im¬
provements, payable serially, in their numerical order, lowest numbers
first, the various annual maturities of the bonds to commence with the
second year after the date of the issuance of the bonds, to be in such
amounts (as nearly as practicable) as will, together with the interest on the
outstanding bonds, be met by an equal annual tax ievy for the payment
of the bonds and interest.
Payable at the County Treasurer's office.
Bids must specify (1) the lowest- rate of interest and premium, if any,
above par, at which such bidder wilt purchase the bonds; or (2) the lowest
rate of interest at which the bidder will purchase the bonds at par; (3) option,
if any, of the district to redeem.
Enclose a certified check for 5%.
ut
YAKIMA COUNTY SCHOOL DISTRICT NO.
Net overlapping debt. ——
Ratio overlapping deot to assessed valuation, 14.70%.
1938
113
chased
POTTER COUNTY (P. O. AmariHo) Texas—BOND SALE DETAILS
is stated by the County Judge that the $165,000 county hospital
—It
bonds purchased
by Will Simpson & Co., as' 3Ms, as reported here
on
WEST
CABELL
COUNTY
VIRGINIA
(P.
O. Huntington), W. Va.—BOND SALE—
The $849,000 issue of school bonds offered for sale on Sept. 7—V. 147,
p. 1380—was awarded to the Kanawha Valley Bank of Charleston as 0.75s,
paying a price of 100.01, a basis of about 0.74%.
Dated Sept. 1, 1938.
Due $283,000 from Sept. 1, 1939 to 1941, inclusive.
ggpt.Jl—Y. 147, p. 1533—are dated Oct. 15, 1938, and mature in 27 years.
f UNIVERSITY PARK. Texas—BOND SALE—The two issues of bonds
aggregating $185,000, offered for sale on Sept. 6—V. 147, -p. 1533—were
awarded to a syndicate composed of Pondrom & Co. of Dallas, the First
Bank
National
Paul,
of St.
and Kennedy, Spence & Co.
The issues are as follows:
the
State Investment
of Boston,
as
Co.
of Fort
Worth,
2Mb. according to the City Clerk.
$135,000 storm and sanitary sewer improvement. Due Sept. 1 aslfollows:
$10,000 in 1939, 1941 to 1943, 1945 to 1947, 1949, 1953 to 1955
and 1962, and $15,000 in 1963.
50,000 alley and street improvement. Due $5,000 Sept. 1, 1942 to 1946,
1950 and 1951, and 1957 to 1959.
-
WISCONSIN
KENOSHA, Wis .—BOND SALE— The $61,000 coupon refunding bonds
for sale on Sept. 2—V. 147, p. 1236—were
awarded to Brown
Harriman & Co., Inc., as 3.10s, paying a premium of $15, equal to 100.024,
a basis of about 3.095%.
The bonds are divided'as follows: $12,000 series
of 1927; $15,000 second series of 1932; $22,000 series of 1924, and $12,000
series of 1928 bonds.
Dated Sept.
15,JL938. Due on Sept.15,1951. wjjfi
offered
The qther bids received were as follows:
Dated Sept. 1, 1938.
Denom. $1,000. Principal and interest payable
at the Chase National Bank, New York.
The bid of the Fort Worth National Bank and James, Stayart & Davis
of Dallas, jointly, for bonds maturing in 1939 to 1950, as 3s, and bonds
maturing in 1951 to 1963, as 2%s, was rejected, oecause the above bid
was considered to be more advantageous to the city.
COUNTY
(P.
O.
Wharton),
by
McDougal & Condon
R. W. Pressprich & Co.
a
syndicate composed of Lazard Freres & Co. of New York, Braun,
2%s, maturing $80,000 from April 10, 1939 to 1943; the remaining
$400,000 as 2s, maturing $80,000 from April 10, 1944 to 1948.
Denom.
$1,000.
Dated Oct. 1, 1938.
Prin. and int. (A. & O.) payable at the
Central Hanover Bank & Trust Co., New York.
Legal approval by
as
Chapman & Cutler of Chicago.
BONDS OFFERED FOR INVESTMENT—'The purchasers reoffered the
above bonds for public subscription, the 2 % % bonds to yield from 0.50%
to
to
1.80%, according to maturity, the 2% bonds priced to yield from 2%
2.30%, on those maturities.
WASHINGTON
SEATTLE, Wash.—RFC LOAN AUTHORIZED—The following state¬
ment
was
made public
by the Reconstruction
Finance Corporation
on
Sept. 2:
The RFC today announed the authorization of a loan to the City of
Seattle, Washington, in amount $10,000,000, of which $4,300,000 is to be
used to refinance that part of the city's indebtedness related to its trans¬
portation system.
ment and for
"The balance is to be used for the purchase of
we
new equip¬
quote in part as follows from
the "Wall Street Journal" of Sept. 7:
Original application was made by the city to the Reconstruction Finance
Corporation for $11,500,000 in May, 1923.
Detailed plans, either as to
refinancing or rehabilitation, are not yet available.
However, some indication of the refinancing basis may be seen in the
fact that only $4,300,000 is allocated for that purpose by the RFC terms
to which possibly may be added some cash in the street railway fund.
There is outstanding at the present time a total of $8,816,428 bonds and
$1,681,832 current fund warrants.
The Seattle Municipal Street Ry., originally a Stone & Webster prop¬
erty, was purchased by the city from Puget Sound Power & Light Co. for
$15,000,000.
Municipal Street Ry. 5% bonds of 1919 were issued in
partial payment.
Puget Sound Power & Light Co. is the largest holder
of railway obligations, having all of the $8,336,000 currently outstanding
original purchase bonds.
Under
scheduled
nade since
1929, Puget Sound Power & Light Co. having
III
■! W.liil
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..-iJMMMKKriTC.
MADISON, Wis.—BOND SALE—The $50,000 issue of hospital improve¬
Saying a premium of $320, equal to 100.64, tobasis of about 1.63%. Dated
>ct. 1, 1938. Due $5,000 from Oct. 1, 1939 a
1948 inci.
ia»ndg|te»«**4
^
"oRTAGETwis.—BOND
SALE— The S134?000lssue 'of school bonds
offered for sale on Sept. 6—V. 147, p. 1236—was awarded to Harley,
Haydon & Co. of Madison, and the Citizens State Bank of Sheboygan,
jointly, according to the City Clerk.
Dated Sept. 1, 1938.
Due from
Sept. 1, 1939 to 1958. RIVER HILLS (P. O. Station F, Route 9, Milwaukee),
Wis.—BOND
OFFERING—Sealed bids will be received by Fitzhugh Scott Jr., Village
Clerk, until 4 p. m. on Sept. 19, for the purchase of a $30,000 issue of village
had bonds.
Interest rate is not to exceed 2%%, payable A. & O.
Dated
Oct. 1, 1938.
Denom. $1,000. Due $3,000 Oct. 1, 1939 to 1948.
Bids will
be received for not less than the par value of the bonds plus accrued interest
to date of delivery. The interest rate shall be the same on all bonds. Prin¬
cipal and interest payable at the Village Treasurer's office.
The -village
will furnish the printed bonus and the approving opinion of Lines, Spooner
& Quarles of Milwaukee, or of Chapman & Cutler of Chicago, at the option
of the purchaser.
Enclose a certified check for $500, payable to the village.
(These are the bonds which were originally scheduled for sale on Sept. 8,
the offering being postponed because the statutory procedure regulating ad¬
vertisement for bids was not followed exactly.)
SHEBOYGAN, Wis.—BOND SALE—The~$100,000 issue of 2M%
high school equipment bonds offered for sale on Sept. 7—
coupon semi-ann.
V. 147, p. 1082—was awarded jointly to the Harris Trust & Savings Bank
of Chicago and the Citizens State Bank of Sheboygan, paying a price of
105.107, a basis of about 1.85%. Dated Aug. 1, 1938. Due $10,000 from
1942 to 1951 incl.
SHULLSBURG
SCHOOL DISTRICT (P. O. Shullsburg), Wis.—
SOLD—It is reported by the Clerk of the Board of Education
$16,000 building improvement bonds were sold recently,
,
n wrrf*
BONDS
that
TOWN
OF
CHRISTIANA
AND
CITY
OF
WESTBY,
JOINT
SCHOOL DISTRICT NO. 7 (P. O. Westby), Wis.—BOND SALE—
The $18,000 issue of 3% semi-aim. building and improvement bonds offered
for sale on Sept. 2—V. 147, p. 1380—was awarded to the Miilwaukee Co.
of
Milwaukee, paying a premium of $602, equal to 103.34, a basis of about
2.40%. Dated Aug. 1, 1938. Due $1,800 from April 1, 1940 to 1949, incl.
aefault resulted,
Aside from the bonds held by Puget Sound, there are outstanding several
small junior issues in the total amount of $430,428 which are publicly
heid.
The $1,681,832 warrants are helu by banks and equip nent companies.
It has been indicated that a different basis may be worked out for publicly
held obligations from
■'
that being negotiated with Puget
-
V
Sound Power &
;
SKAGIT COUNTY SCHOOL DISTRICT NO. 26 (P. O. Mt. Vernon),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m, on
Sept. 17, by George I. Dunlap, County Treasurer, for the purchase of a
$6,000 issue of not to exceed 4% semi-ann. school bonds. These bonds run
over a period of 20 years, are payable at the office of the County Treasurer,
and the School District reserves the right to redeem said bonds or any of
them at any time after five years from date thereof.
Bidders are required
to submit a bid specifying:
(1) The lowest rate of interest and premium,
if any, above par, at which the bidder will purchase said bonds, or (2) the
CANADA
per¬
1937, when the city defaulted both principal and interest. No moratorium
was negotiated at that time, partly because there was a small amount of
principal as well as interest due at that time on publicly held obligations.
The then Mayor, John F. Dore, had ordered payment of salaries in cash
and the city was unable to impound funds to meet the charges, so that
,
—IISWIIHM1—W III ">I'I|T1IM»MWWWBM«MWMWIIII»IIIWW—L—H——"WBI
■!
.
ment, series No. 72 bonds offered for sale on Sept. 8—V. 147, p. 1534—
was awarded to the Harris Trust &
Savings Bank of Chicago, as 1Mb,
maturities, all of the original purchase bonds
by the end of 1939.
However, no principal payments
mitted the city to extend each serial maturity as it became due for a period
of 10 yecrs.
This situation obtained from the start of 1930 to Sept. 1,
Light Co.
"
_
serial
would have matured
have been
_
Farwell Chapman & Co
Charmers Securities Co—
Paine Weber & Co
construction.
In connection with the above statement
$466.65
785.60
573.47
552.00
476,00
376.00
647.50
347.70
A. F. Huyck & Co
Texas—BONDS SOLD—
Bosworth & Co. of Toledo; Geo. V. Rotan & Co. of Houston, and Stern
Bros. & Co. of Kansas City, for a premium of $224, equal to 100.028, a
net interest cost of about 2.185%, on the bonds divided as follows:
$400,000
Premium
3.20%
3 M %
3M%
3X %
3M %
3M%
3M%
3M %
Bond Judge & Co
John Nuveen &Co
TBteiPI—
WHARTON
An $800,000 issue of coupon special road bonds was purchased on Sept. 7
Int. Rate
Bidder—
,
CANADA (Dominion of)—TREASURY BILL SALE—The Government
sold
an
$25,000,000 Treasury bills on Aug. 31 at an average cost of
Dated Sept. 1. 1938 and due Dec. 1, 1938.
issue of
0.532%.
BOND OFFERINGS IN AUGUST—With the exception of $50,000,000
Dominion
of
Canada
Treasury
bills,
total sales
of new Canadian bond
for any month this
issues during the month of August were the smallest
according to the Dominion Securities Corporation.
There were no
new
provincial
or public utility issues sold during the month.
The only
municipal issues sold were small loans of the Province of Quebec totaling
$187,400, while industrial and miscellaneous issues totaled $735,000.
<
Financing for the first eight months of 1938 continues to lag behind 1937,
the volume of financing from Jan. 1 to Aug. 31 amounting to $359,400,428
compared with $434,486,674 for the same period last year.
(A similar review was issued by Wood, Gundy Co. of Toronto.)
year,
P*ESSEX BORDER UTILITIES COMMISSION, Ont—REFUNDING
APPROVED—Pursuant to the plan of refunding approved by the Ontario
Municipal Board, dated June 15, 1938, it is announced that the bonds and
other evidences of commission presently outstanding will be accepted for
exchange for the new securities contemplated in the program at the Windsor
branch of the Canadian Bank of Commerce, trustee.
Bonds will be accepted
for exchange on and after Sept. 1, whi.e delivery of the new instruments
and the cash payments provided for will not be made prior to Sept. 20.
@FedFRASER