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19
StP
US. ADM.
J.'iRApv
Hi f
ommenria
COPYRIGHTED IN 1938 BY WILLIAM 8. DANA
COMPANY, NEW YORK.
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
MARCH 3, 1879.
NO. 3821.
NEW YORK, SEPTEMBER 17, 1938
VOL. 147.
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL BANK
OP
Chartered 1866
THE
CITY
The
George V. McLaughlin
OF
NEW YORK
chase is
tra-
President
ditionally a bankers' bank,
BROOKLYN
NEW YORK
For
many
served
Member Federal Deposit Insurance
Corporation
years
it has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal Deposit Insurance
Corporation'
FUNDAMENTAL
STATE
AND
INVESTORS
MUNICIPAL
INC.
United States
BONDS
Prospectus
Government
available from
Securities
local dealers
The
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
BOSTON
NEW YORK
Hallgarten & Co.
Street, New York
Telephone: BOwling Green 9-5000
SAN FRANCISCO
Chicago
Philadelphia
Boston
San Francisco
CHICAGO
PHILADELPHIA
Incorporated
63 Wall
Washington
Representatives in other leading Cities
/NU OTHER PRINCIPAL CITIES
Established 1850
NEW YORK
London
Chicago
City of
The
Philadelphia
NewTorkTrust
BEAR, STEARNS &
CO.
ONE WALL STREET
Commonwealth of
Pennsylvania
Company
Bonds
NEW YORK
Capital Funds
.
♦
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
BROADWAY
IOO
m
40TH
ST. & MADISON AVE.
FIFTH
HOMER & CO., Inc.
40
Exchange Place, New
AVE.
& 57TH
ST.
NEW YORK
European Representative's Office:
KING
to
WILLIAM STREET
LONDON, E. C. 4
CarlM. Loeb,Rhoades&Co.
&
WEEKS
Established 1888
40
Members New
London
Paris
Amsterdam
Member of the Federal Reserve System,
Berlin
the New York Clearing House
and of the
Wall Street
NEW YORK
*
NEW YORK
1888
HORNBLOWER
BROADWAY
61
Banks and
Dealers since
York
8
Service
Association
Federal Deposit Insurance Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Financial
TT
Sept.
Chronicle
17,
1938
Leading Out-of-Town
Leading Out-of-Town
Leading Out-of-Town
Investment Bankers & Brokers
Investment Bankers & Brokers
Investment Bankers & Brokers
ST. LOUIS
BIRMINGHAM
HARTFORD
MARX & CO.
Specialists in Connecticut
SOUTHERN
MUNICIPAL
St/k
Securities
BIRMINGHAM, ALABAMA
PUTNAM & CO.
AND
Co.
^
BA/NT LOU IB
80<)OUVE ST
Members New York Slock Exchange
CORPORATION BONDS
6
CENTRAL ROW
HARTFORD
Tel. 6-0161. A. T. T. Teletype—Hartford 664
Members St. Louis Stock
Exchange
MILWAUKEE
DETROIT
Dividends
WISCONSIN
CORPORATION
SECURITIES
LISTED AND
Teletype—Milwaukee 92
UNLISTED
York & Hunduras
New
120
Broadway, New York, N. Y.
EDGAR, RICKER&, CO.
750
North Water Street
Milwaukee
September 13, 1938.
DIVIDEND NO. 344.
Charles A. Pa reel Is &. Co.
•
Wit.
The
for
the
REDEMPTION
AMERICAN
holder* of Allegheny County,
Penn¬
MANUFACTURING
terly dividend of $1.25
Stock of the
ROBERT
26
B.
The
§
A tlividend
of
CITY
on or after said redemption
Office of the County Controller in
in the City of Pittsburgh,
55
Sept.
Pennsylvania.
Coupon
bonds
must
be
accompanied by all
coupons
maturing on or after November 1, 1938.
From and after November 1, 1938. interest on
1938, of one and three quarters (1%%) per
the issued and outstanding Preferred
Capital stock of the Company, other than Pre¬
ferred stock owned by the
Company, payable
October 1, 1938, to holders (other than the Com¬
pany) of the Preferred Capital stock of record on
the books of the Company at the close of business
on September 27, 1938.
cease to accrue.
John
Kane
S.
Herron
County Commissioners
for the
County of Allegheny, Pa.
Countersigned:
G. F.
Robert G. Woodside
Controller for the
County of Allegheny.
19,
C.
Allan,
DIVIDEND
dividend
the
on
of
NO.
First
National
located at
capital stock of this
declared payable on
cents
per
share
Company has been
October 15, 1938, to stock¬
holders of record at the close of business September
LIONEL W.
PIPE
INDIANA
26
UDELL,
LINE
Treasurer.
COMPANY
Broadway,
New York
A dividend of Twenty
September 13, 1938
(20) Cents
per share has
Stock ($10.00 par
of this Company, payable November 15,
1938 to stockholders of record at the close of
business October 21, 1938.
on
the Capital
value)
R.
FAST, Secretary.
COMPANY
Dividend No. 809
of
Longview,
The Board of Directors has declared
Longview, in the State of Washing¬
dividend
809
of
thirty-seven
and
one-half cents
($0.37H) Per share of $12.50 par value Capital
Stock, payable September 26, 1938 to stockholders
of record 3:00 o'clock P. M. September 20, 1938.
Checks will be mailed by Irving Trust Company,
Dividend Disbursing Agent.
No.
ton, is closing its affairs.
All note holders^and
other creditors of the association are therefore
Cotton—
hereby notified to present the notes and other
claims for payment.
LUKE L.
Secretary.
23, 1938.
J.
Bank
record
Checks
157
seventy-five
HOMESTAKE MINING
The
of
1938.
UNITED FRUIT COMPANY
been declared
GUNTHER, Secretary
September
H.
centum upon
J.
George Rankin, Jr.
John
a divi¬
September 30,
payable
Philadelphia, September 9, 1938.
A
surplus earnings of the Company,
($.50)
comraoil
Stock,
stockholders
to
divi-
will be mailed.
BROADWAY, NEW YORK
dend for the three months ending
tjje
on
Sur-
a
of these classes of stock at the close
INVESTING COMPANY
The Board of Directors has this day
declared,
out of
1938,
30,
of business on
Secretary.
September 15, 1938
Allegheny,
Accumulated
Preferred
the
and
of both
FAST,
the
share
per
Broadway,
R.
Directors have declared
plus of the Company
of Fifty Cents
Stock
New York, August 31, 1938.
Ten (10) Cents per share has
J.
said Bonds will
20,
dend
BROWN, Treasurer.
House
of
of
the
this
September
on
from
been declared on the Capital Stock ($5.00
par
value) of this Company, payable October 15,
1938, to stockholders of record at the close of
business September 30, 1938.
price aforesaid
County
of
LANGLEY, Treasurer.
quar¬
YORK TRANSIT COMPANY
1, 1938.
the
C.
per share on the Preferred
Company payable October 1, 1938 to
Stockholders of record September 15, 1938.
NOTICE IS HEREBY GIVEN that all holders
Bonds are required to present and sur¬
render the same for redemption and payment at
Court
on
stock
THE ELECTRIC STORAGE BATTERY CO.
Brooklyn, New York
of said
«ie
business
The Board of Directors of the American Manu¬
2001 to 6000, both inclusive, at 100% of the par
amount thereof and accrued interest to Novem¬
date at
1938,
share
a
COMPANY
facturing Company has declared the regular
tioned Bonds, the Commissioners of the
County
of Allegheny have elected to pay off and
redeem,
and hereby call for payment and
redemption on
November 1, 1938, all of said Bonds numbered
the
of
quarter
Noble and West Streets
NOTICE IS HEREBY GIVEN that pursuant
the provisions of the issue of the above men¬
ber
of
WILLIAM
NEW
to
third
this
meeting
held
this
interim
dividend
1938.
Dividends
sylvania, uncollected tax bonds, series 1,
4%, dated November 1, 1933, numbered
2001 to 5000, both inclusive, maturing on
November 1, 1938, November 1, 1939, No
vember 1, 1940, November 1, 1941, November
1, 1942, November 1, 1943, and callable
November 1, 1938, or any interest-paying
period thereafter.
,
an
on September 30,
1938, to stockholders of record at the
Pittsburgh, Pa.
September 16th, 1938.
OF
Directors1? of
a
Company, payable
close
NOTICE
of
Ninety Cents (90c)
outstanding
capital
Notices
the
Board
Company, at
day,
declared
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
To
Rosario
Mining Company
SECURITIES
GOODRICH, President.
Friendship—
Dated July 12. 1938
R.
A.
CLARK, Secretary.
September 6, 1938.
Advertising—
Electric Bond and Share
Company
$6 and $5 Preferred Stock Dividends
SECURITY
—Willing
Nine
STATISTICIAN
A
to locate anywhere.
years'
experience
as
sonal
fi¬
nancial
statistician, techni¬
cian, chartist and writer with
investment
ment
counsel,
broker
and
sort
tion
financial
investment
to
every
business.
BUT—did
you
ever
stop
house
duction?
An
and
"Chronicle"
and
supervisory
accounts in
either
advisory capa¬
city.
Box
H-14,
Financial
Chronicle,
25
Spruce St.,
New York City.
advertisement
"backbone"
or
RAY,
Treasurer.
Cotton
Light Company
The regular quarterly dividend of $1.50 per
share on the $6 Preferred Stock of National Power
&
Light Company has been declared for payment
1, 1938, to holders of record at the
November
in
will
of
the
Industry,
World's
September 27, 1938.
ALEXANDER
the
help
you
form new friendships amo-g
the people constituting t «e
analysis, capable of handling
investment
C.
$6 PREFERRED STOCK DIVIDEND
close of business
grounded in security, market
research
National Power &
to
large part played
by consistent
publicity in
developing the initial intro¬
financial institution. Well
economic
A.
think of the
accounting, desires posi¬
with
of mutual faith which is
regular
quarterly
dividends of $1.50
share on the $6 Preferred Stock and $1.25
share on the $5 Preferred Stock of the Com¬
pany have been declared for payment November 1,
1938, to stockholders of record at the close of
business October 7, 1938.
The
per
per
invest¬
preceded by six
years' experience in corpora¬
or
partjof the cotton
through per¬
friendship—the same
necessary
newspapers,
tion
large
business is done
SIMPSON,
Treasurer.
United Shoe Machinery Corporation
The
clared
Directors
a
dividend
of
this
Corporation have de¬
per share upon the
of 37 He.
Preferred capital stock.
They have also declared
a dividend of 62He. per share upon the Common
capital stock.
The dividends
and Common stock
are
on both Preferred
payable October 5, 1938,
to stockholders of record at the close of business
September 20, 1938.
CHARLES
I
G.
BANCROFT,
Treasurer.
Vol. 147
SEPTEMBER 17, 1938
No. 3821.
CONTENTS
Editorials
page
The Financial Situation
1674
The Administration of the
Wages and Hours Law
1687
Alternatives of War and Peace
_1689
Comment and Review
Gross
in
and
Net
Earnings of United States Railroads
July
1690
_
The Business Man's Bookshelf
1693
Week
on the
European Stock Exchanges
Foreign Political and Economic Situation
1679
1680
Foreign Exchange Rates and Comment
1684 & 1723
Course of the Bond Market
1693
Indications of Business Activity
Week
Week
on
on
the New York Stock
the New York Curb
1694
Exchange
1677
-
Exchange
1722
News
Current Events and Discussions
1706
Bank and Trust
1721
Company Items..
General Corporation and Investment News
Dry Goods Trade
State and
1766
1803
Municipal Department..
1804
Stocks and Bonds
Foreign Stock Exchange Quotations
1723 & 1733
Bonds Called and Sinking Fund Notices
Dividends Declared
1726
1726
Auction Sales
..1726
New York Stock
Exchange—Stock Quotations..
New York Stock
Exchange—Bond Quotations. .1734 &
New York Curb Exchange—Stock
Quotations
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond
Quotations
1734
1744
1750
1754
1756
-.1760
Over-the-Counter Securities—Stock & Bond
Quotations. 1763
Reports
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements.
General Corporation and Investment News.
Commodities
The Commercial Markets and the
Crops
Cotton..
Breadstuffs
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York
City.
Herbert D. Seibert, Chairman of the
Board and Editor: William Dana
Selbert, President and Treasurer; William D.
Manager.
Other offices: Chicago—In
RIggs, Business
charge of Fred H. Gray, Western
Representative. 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers*
Gardens, London, E. U.
Entered as second-class matter June
Copyright 1938 by William B. Dana Company.
23, 1879, at the post office at New York, N. Y.t under the
Act of March 3, 1879.
in United States and
Subscription
Possessions, $15.00 per year, $9.00 for 6 months; In Dominion of
Canada, $16.50 per year, $9.75 for 6 monthsSouth and Central America,
8paln, Mexico and Cuba, $18.50 per year, $10.75 for 6
months; Great Britain, Continental
(Except Spain), Asia, Australia and Africa, $20.00
Europe
per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations In the
rates of exchange, remittances
for foreign subscriptions and
advertisements must be made
In New York funds.
,
The Financial Situation
the long
Europe
the most serious hazard, will remain even after the
present crisis passes, and will, unless we very carefully
critical turn just at the time
superficial in some respects but,
we
hope, rather fundamental in others, appears
upon the domestic horizon.
Hope strongly held
by many throughout the past few troubled weeks
that a way would be found to avoid hostilities of
guard against it, arise with each succeeding crisis
in Europe—and of course to refuse to recognize the
fact that the existing situation in Europe unless
in
unfortunate
IS
T
I
the extreme that
disturbing
and
disturbed
situation in
should have taken a
improvement,
when
radically altered is certain to bring forth a suecession of comparable crises would be to close our
eyes to the realities. That hazard relates to our
attitude toward what is going on in Europe and in
some other parts of the world. Much that is appear-
major proportions in Europe, at least for the present,
has been strengthened by the events of the past
The fact re¬
mains, however, that much
uncertainty still permeates
the existing situation, and
it is but natural that the
few
today is strongly reminis¬
Government and Business
Conway, Chairman of the Board
Continental Can Co., and recently
the
of
of
chairman
practical business man,
although disposed to go
about his business much
the
extend far
until world
measurably
conditions are
a
at
big
It would
present moment.
be too much to hope
that
world here,
many
a
The
of
influence,
control,
,
in
spheres
to
not
recent
would sit around
spirit of honest debate,
with the
minds of all.
the national interest is clearly,
in
of
method
say
years;
the
existence, at least in
this
country, of new and
relatively untried legisla¬
we
can.
the
of
present
harmonizing
a
question whether
many
gatherings, where practically the
cussion is
centered
upon
our
business
whole dis¬
political
existing."
There is obviously a wealth of common
sense
in these words.
We hope that Mr.
Conway is justified in his belief that con¬
ditions such as obtain in Great Britain are
done under the conditions
presently
to
here.
appear
They certainly
and the fault is certainly
with business alone.
not
would doubtless
guide in similar circumstances in 1938.
ingly inevitable that the danger of
It is accordthe beginning
retarding
general hostilities in Europe remains a
it continues to be an imme-
influence here
as
diate threat.
It is therefore with more than
relief
to
that
the
community has
business
draw renewed hope from what has
n
.
as
far
as
this
taken place
.
biding Hazard
One hazard inherent in current
and
ordinary
been able
"
during the past few days..
A
now
painfully obvious that
the
world
for
safe
nor
democracy made safer
was
democratic nations,
in
a
made
not
was
democracy,
as
result of that devastating
conflict, but it would be
rash
to
that
assume
no
danger remains in such fine
phrases
as were
for the futile
responsible
blood-letting
While
decades ago.
two
the
crisis contin¬
present
and after it has
ues,
passed,
as
hoped it is
it is to be
now
reminding
constantly
be
ourselves
of the
doing, we
well advised to
should be
of
the
realities
existing world situa¬
country
permit glib phrases to
induce
emotionalism
an
that transcends and dom¬
Indeed, it
inates realism.
is
essential
if
so
that
is
European affairs,
concerned perhaps
we
to
are
we
do
escape
both un¬
contemplate
consequences
pleasant
and
to
utterly needless.
It is
refer to
now
a
quite usual to
world alignment
of democracies
of 1914 of little value as a
as
"make
to
It is, of course,
racy."
do not exist today,
trality law, and several other matters
long
woes,
helpful to us in tackling our next day's
work and problems as they would be if the
time were devoted to studying what could be
are as
Johnson Act and the neu-
of
frenzy
to
is
tion, such as the so-called
render the experience
fine
a
the world safe for democ¬
tion, refusing at all times
"It
country of the world
its
we
early
the
days of the World War,
which we later entered in
prevail.
practically
extended
has
if
basis in this country;
in
public
offered
was
gent
management can take care of itself
within each industry if sound conditions
degree in which gov¬
every
a
situation must come
the national in¬
terest
with the interest of industry.
It is
sound reasoning that the national interest
should come first and the general interest
of industry second as undoubtedly intelli¬
credit;
in
is
"Out
a
in regard
ernment
a
foster it all
to
us
period of time, would be
the
achievement
great
long run, in the interest of business.
are
encouraging signs that such an
attitude is in the making here.
It behooves
be no doubt that
international
a
There
There can, of
situation existing
the rights and responsi¬
the
in the
sisting for a considerable
to
table in
What
opinions as to what
and in precisely
important factor.
supervision of
national interest foremost in the
uncertainty, probably per¬
an
Government
if business and Government
extent
course,
be
would
"It
although there
what way.
of
could arrive at such
be, and doubtless are,
may
business
bilities of each.
business
the
in
Petroleum
Atlantic City,
mutual respect for
catastrophe in Europe
this time would not be
reflected
Thursday before
address
policies affecting the national welfare.
But
you will also find a wholesome respect for
big business and its problems on the part
of
the Government.
In shoH, there is a
than at the
settled
more
with
Association Con¬
said in part:
"One of the greatest differences in doing
business here, as compared with England,
is the fact that English competitors discuss
openly in meetings all the factors making
for the good of their industry.
In England
there is a general acceptance on the part of
usual, should hesitate
little about making com¬
into the future
an
National
the
vention in
as
mitments that
in
charged
plan of reorganization of
Stock Exchange governing
a
York
New
machinery,
committee
a
of
of what
cent
C.
Carle
formulation
a
prints
public
the
in
ing
days.
against the
dictators, and the impression is often given that
the democracies of the universe are now engaged
in a desperate struggle for continued existence,
Close analysis, however, hardly supports such a
characterization of the situation. It is true, to
be sure, that in Europe we find Great Britain and
France, which are "democratic nations," aligned
against Germany, which certainly is not.
But
opposing German aims there is also Russia, which
is certainly as little democratic as Germany. The
position ofconceivable from clear or certain.
Italy is far
a^.
\eSiS^
that,
should
matters
It is
reach
Italy would again be aligned with
England and France. In the Far East, Japan and
their worst,
Volume
Financial
147
Russia, neither of which lays
claim to democracy,
any
scowling at each other, while it is not altogether
are
clear where
China should
be
placed in this scheme
of classification.
Neither in Asia
-
in
nor
Europe
are
the underlying
grouped roughly into two opposing
camps,
A
a
manities
and
to
of
German
of
and
the
Hitler
without
scenes
when issues such
fore
world
as
now
disturbingly be¬
so
critical
a
To the
stage.
important nation permits its
mapped and directed
be doubted whether in the world
which
has
today there is
intercourse is
least
at
or
and less
the
action
which
is less
arbitrarily chosen, is
probable, despite
ability of impassioned popular leaders to
considerations
they
are
the root
in
hastily conceived
causes
Yet when all such
given the full weight to which
are
entitled,!
sway
we
still must look elsewhere for
.of the tense situation
existing
now
Europe.
The
British
same
which
Empire until the
begat and nurtured the
sun never
forces which founded and
try of
land
forces
sets upon it, the
developed this
coun¬
until it extended from coast to coast
ours
formerly owned and occupied by
extinct race,
the
same
almost
a now
forces indeed which
on
were re¬
sponsible for the British and French nations them¬
selves,
today at the bottom of Europe's present-
are
doubtless, and with justice,
tion
in
the perpetrators
of
in
no
low
a
natives
but uncultured
one
of
state
who
peoples,
culture, laid claim.
making little
were
territory and vast
or
peoples
or
These local
no
use
of the
under their feet
resuorces
were
be found in
the
organizations,
that the present
trouble
slower
which
situation
would
gaged in acquiring territory of their
applies to
Germany
late, and such empire
yond the seas
was
the World War.
as
Modern
allied
of the
nearly
ation
as
much
and
later upon
The
same
as
came upon
the
she had developed be¬
taken from her at the close of
Italy likewise
arrival, and while she gained
tue
own.
march southward and westward to
our
the Gulf and the Pacific.
scene
too busily en¬
some
was
a
late
territory by vir¬
victory in 1918, she did not get
she thought her
conditions
own
demanded.
internal situ¬
Japan
was
the scene, and is still looking for
still
and
if not the
It may
fear, of larger and
those nations whose
need for
longer pressing) have become
while,
have
and
toward the
an
extreme
no
mean¬
sensibility
less defenseless peo¬
are
cited
sanctify what has been going
Europe, Northern Africa,
rather because
them
"civilized"
greater
a
or
among
territory is
less obvious facts
more or
effort to
Central
in
more
(at least
more
more
developed
rights of
All these
ples.
powerful nations.
more
also be true that people
of
belief that
the
or
on
Asia, but
only by bearing
constantly in mind can the citizens of this
coun¬
try reach and maintain a calm, historical perspective
toward the events of the
and
Certainly barbarism
day.
high-handed piracy in all but
name
have found
place in the programs of some of the aggressor na¬
in
tions
recent
It is utterly impossible to
years.
say
dictates
the
of
certainly be consid¬
ordinary human decency, to
nothing of humanitarianism.
much
better
equalities of
This would be
live in if somehow such in¬
pressure
of populations and national
ambitions could be eliminated in accord with
or reason.
the
twentieth
will not be made
by calling
tasks
of
a
to
world
This indeed is
some
one
of
century, but headway
names or
supposing,
or
pretending to suppose, that aggressor peoples are
guilty of designs and even of crimes that are both
heinous and
call
that
fence and
new
in
once
we
even
now
history.
were
are
It
the
on
not
may
help if
other
side
we re¬
of
the
disposed to make apol¬
ogies.
Neither is there
anything to be gained by resolv¬
ing, this complex situation into a simple struggle
between
democracy and despotism.
If such
an
issue
really exists in the form usually supposed, it is a
product, a by-product perhaps, of other and deeper
of overpopulated
areas
for
more re¬
larger scope for their activities, this
nationalism has
At any
causes.
land-hunger of overcrowded peoples in whose hearts
an
com¬
plain of conquest and usually to excite the sympathy,
larger
Land-Hunger
sources
surface
,
a
place in the sun.
This pressure
the
on
by other peoples quite able and willing to
or
the
were
mean
us.
globe little highly prized territory not either
nations
They
merely
still ahead of
was
pre-empted by nations able to defend their claims
principle of justice
not shocked.
demo¬
of
movement
is that there is left
given scant consideration, and other "first class"
were
if
same
government, or if not about the same, the cause
ered
to which
such crudities
Europe today would be much the
ish
being laid, large territories existed
of
Italy and Germany had retained democratic forms
reconcile them with what must
were
other
causes
Yet fundamentally the situa¬
.
day difficulties. When the foundations of the Brit¬
Empire
Such inhu¬
of Germany
direct stake in the matter to be less
no
see
not in
same
existing add to the-
now
recently of Italy tend without question
powerful.
cratic
fairly
that
as
willing to
The
a
vigorous and less subtle—and thus ixt
grow more
of the
more
the emotions of their followers.
this
any
given world venture, rational action,
any
ruled..
human resentment elsewhere in the world.
nations with
likely to be
public official the task of carrying
on
All
necessity imposes
difficult. When
more
more
would
genuine approval of the people of his country with
him
are many
and at times
may,
the anti-Semitic programs
as
arouse
may
literally reached that state of
international
rendered the
upon a
course
in his sole discretion (although it
one man
affairs)
The entry
the Italian and
upon
in international affairs to be
nation
coun¬
question hastened the day
those
reached
extent that any
by
major
anywhere else for that matter.
or
Mussolini
There
danger of conflict with other nations.
governments and institutions in
two
more
situation such
divisions to be found in the rise of non-democratic
tries,
despotic governments.
highly centralized government
jectives
responsible for the conversion of nations into
armed
confined to
instances of it in countries where democracy
unquestionably does, render the efforts to reach ob¬
Underlying Causes
causes
1675
Chronicle
been fanned to
white
rate, the World War and its after¬
math have shown
were
clearly enough, if demonstration
needed, that democracy cannot be saved by vio¬
lent destruction of
world.
despotism in other parts of the
Probably the best
way
to preserve democracy
heat, is the real source of trouble just as it has been
is to
the force that is
popular way of preserving it in recent
responsible for
so
The disorder—if disorder it may
much in history.
be termed—is not
can
practice it—which has not been
the
underlying
cause
a
particularly
years.
Nor
of trouble in Europe be
Financial
1676
Sept. 17, 1938
Chronicle
removed
permanently by violence. Force was tried
official J banking
in 1914.
The
Reserve credit summary
treaty of peace went about as far as
ambitions and hopes
it could to crush nationalistic
the
on
more
We
Ten
part of the Central Powers.
of
years or
421,000,000,
this movement being the largest on
record since
February,
nations which
small
exhibited at the peace
were
In truth
be that the unprecedented visit of the
may
Berchtesgaden indicates
leading Powers of Europe are at length pre¬
pared to envisage these problems in a more realistic
way,
and to set to work together to arrive at some
European wrar fears
as yet no
1934.
and there is
stimulated the flow, of course,
indication of
The gold increase is worthy
halt.
a
note also because it
$2,428,-
777,000 at San Francisco, and the release of
000 of earmarked
gold,
After due allowance is
grand total of $74,477,000.
made for domestic gold pro¬
a
duction, it is plain that more than
added to
was
of
far exceeds the imports for the
period of $70,272,000 at Newr York and $1,-
same
today.
British Prime Minister to
that the
table are
part responsible for the situation by
which the world is faced
It
monetary
gold stocks advanced no less than $184,000,000 in the
week to Wednesday night, to a fresh record of $13,-
stand about where we did in 1914.
now
no
The Federal
our
suppression followed. The iron hand failed.
it has to be said that the ambitions of democratic
in
statistics, this week.
indicates that
our
$100,000,000 gold
fund
stocks through stabilization
It is probable, moreover, that the stabil¬
gorged with gold before the latest
peaceful and constructive understanding concern¬
operations.
ing not only the particularistic issues now imme¬
ization fund was
diately the cause of such grave disquiet but the
larger questions underlying them. We hope so. But
whether this proves
to be the case or not, it is im¬
perative that Americans keep their heads cool and
The best contribution under the
their vision clear.
would be
circumstances
nationalism
treme
a
renunciation
which
to
of the
United
the
ex¬
States,
along with the rest of the world, has surrendered.
There is
as
world.
for
should
We
good in this
accomplish
way
prompt reimbursement of the
a
week, but the explanation apparently is to
found in
ments for dollar
exchange.
is
than by injecting ourselves, or
To this degree the actual
gold increase here possibly exaggerates the flow
increase
an
of
on
deposits by foreign institutions with New
permitting ourselves to be drawn into, situations
which do not
at
deposits
reporting member banks, such
directly
concern us.
giving
some
consideration
much
as
events at home
as
certain
to
otherwise would be the
recent
case.
In
branches, perhaps, the existing international
situation
is
currently tending to restrict activity,
but in many
others
instances
some
is continuous and in
progress
More
dramatic.
even
important
fundamentally is what has been happening in recent
weeks in the field of
politics.
The so-called
efforts of the President have been
That is to say,
number
his attempt to
Democratic
of
had the courage
It is true of
dates in
some
On the
Congress who
which
are
arouse
extreme measures
even more
have
some
that successful candi¬
not of the kind to
contrary, danger of a rise to a
menacing position of
those
course
instances
New Deal is at
of
a
opposition by the people them¬
selves.
than
members
dismal failure.
the defeat of
to stand against him on occasion
has met determined
enthusiasm.
a
cause
purge
already characterized the
Yet the deep
points indicated.
significance in existing circumstances of the failure
of the President's efforts to rule his
arbitrary hand should not for
looked.
a
party with an
moment be over¬
The effect of this failure may
well become
apparent next winter when the President under¬
takes to
move
forward with his program
of managed
economy.
The first task of the country is to halt the
march
economic
of
madness in
Washington.
primary results of the past few weeks
beginning of that
be
process.
If
so,
may
The
mark the
they will certainly
given a significant place in the history of this era.
REFLECTIONSEurope to the United States
capital from of the enormous flow of fugitive
com¬
prise the most interesting and significant items in the
certificates with the
12
Payment for the metal came
Treasury general account balance, which
regional institutions.
of the
out
dropped $215,059,000.
also
by
member bank reserve balances increased
culation,
$156,212,000.
moved
ments
The
Aided by this factor, and
decrease of $29,000,000 of all money in cir¬
a
excess
Excess
up
reserve
reserves
over
legal require¬
$100,000,000, to $3,130,000,000.
figure is
drop sharply in
Thursday, for
sure to
the statement week that started last
on
that
new
day payment was made for $803,751,400 of
Treasury bonds and notes offered for
earlier.
Although
some
of the
new
cash
a
week
securities will be
paid for by the deposit-credit method, many institu¬
preferred paying cash, and to the
tional subscribers
extent
bank
that such cash payment was
reserve
general account balance will increase.
on
the
there
as
an
made member
deposits will drop and the Treasury
Tax payments
quarter-date will exercise a similar effect, since
were no
special discount bill issues outstanding
offset.
But the change in the excess reserve
status will be
temporary, since
spending and lending
by the Administration quickly will whittle
Treasury balance.
cation of effective
down the
Despite the tremendous potential
of available credit resources,
demand.
there is again no indi¬
The condition statement
shows a
week
to Sept. 14.
Brokers loans on security collateral in¬
creased $41,000,000, but this gain clearly relates to
the
Treasury financing operation which was in
of New York
decline of
City reporting member banks
$1,000,000 in business loans for the
progress.
Gold certificate
Federal Reserve Bank Statement
deposits of gold
through
of gold, the
from reimbursing itself
refrained
again
Treasury
PREOCCUPIED with all-absorbingisforeign devel¬
opments, the business community
probably not
York City
standing
now
$370,000,000.
Notwithstanding the huge increase
Developments at Home
of
this general problem
$50,000,000 in non-central bank
Also bearing
fugitive funds.
be
immediate require¬
sales of gold over
excess
great deal more
a
$29,923,000 in the state¬
Banks increased
Reserve
ment
rampant in the
nationalism is
of
brand
that
for these ills of Europe so long
cure
no
proportions, so
fund was neces¬
sary through turning the gold over to the Treasury.
Official foreign
bank deposits with the Federal
heavy flow of funds reached current
that
holdings of the 12 Federal Reserve
Banks, combined, were lower by
$1,186,000 at $10,-
629,733,000, but the return flow of
made
possible
a
cash to the banks
gain of total reserves of the regional
Volume
147
Financial
institutions
Chronicle
by $22,867,000 to $11,018,577,000.
Federal Reserve notes in actual circulation decreased
night
$11,519,000 to $4,200,829,000.
sions
the regional
banks moved
up
Total deposits with
$40,601,000 to $9,187,-
1677
two
were
current
a
week
were
three
to
points under quotations
earlier, and in
larger.
the
some cases
So keen
reces¬
interest
the
was
in
European affairs and their possible repercussions
629,000, with the account variations consisting of a
gain of member bank balances by $156,212,000 to
here that
$8,425,336,000;
speech made by Chancellor Hitler at the Nazi rally
decrease of the Treasury general
by $215,059,000 to $346,305,000; an
a
account balance
increase of
foreign bank deposits by $29,923,000 to
$166,660,000, and an increase of other deposits by
$69,525,000 to $249,328,000.
The reserve ratio
remained
unchanged at 82.3%.
regional banks
Discounts by the
down $114,000 to $6,954,000.
were
Industrial advances increased $23,000 to
$15,847,000,
while commitments to make such advances
dropped
$58,000 to $13,481,000.
Open market holdings of
trading was all but suspended for a brief
period last Monday while word was awaited of the
in
Nuremberg.
vanced to
world
a
In that session
degree. But
stock
prices ad¬
Tuesday fears of another
on
war
swept the market as dispatches told of
uprisings in the Sudeten German area of Czecho¬
slovakia, and
by
ward
swift decline lowered prices here
a
to five points.
one
gyrations
on
Uncertain upward and down¬
Wednesday left the market still
lower, although changes mostly
ment
changed abruptly
Senti¬
small.
were
Thursday, for overnight
on
bankers bills increased $3,000 to $540,000,but
holdings
United States Treasury securities were
Minister Chamberlain relieved the fears of warfare
unchanged at $2,564,015,000.
to
of
quite
reports of the visit to Germany arranged by Prime
some
five
Business Failures in August
vailed
SOME encouragementAugust, compiled commercial
figures for is offered by the by Dun &
extent.
points and
Gains
yesterday,
which
in
stock
prices ranged to
But uncertainty again pre¬
more.
and
another
left the market
setback
lower for
the
occurred
week.
failure
Bradstreet, for
decrease is shown
a
compared with
as
July, whereas seasonal expectations
in the
in
period.
August,
with
in
a
There
with
July.
liabilities,
compared
involving
$10,793,000
liabilities
Compared
with
substantial increase,
previous months.
failures
the first time since
have
been
August,
smaller
1937,
August,
1937,
although not
there is
great as in
so
Liabilities involved in last month's
smaller
were
rise
a
$11,692,000
failures
995
for
are
974 insolvencies reported
were
than
in
August,
1937;
it is
November, 1937, that liabilities
than in
there
the
previous year.
707
were
failures
In
having lia¬
bilities of $11,916,000.
The
bulk
of
the
These prompt
eign situation
Czechoslovakia
might
number
in
of
even
a
year
ago
in
was
and
small.
There
$4,761,000
and
616
were
liabilities,
$2,896,000
retail
failures
compared
liabilities
in
with
involving
failures
403
August,
1937.
wholesale trade firms failed for $2,213,000,
with 77 for $2,346,000 last
year.
114
compared
Manufacturing
failures numbered 153 but involved
in
only $3,246,000
comparison with 148 involving $5,603,000
In the construction
ago.
$1,128,000,
August,
as
1937.
There
57 firms failed for
group
compared with
were
for
49
34
a year
$634,000 in
extended
Europe.
seems
vestors
30
In
all
sections
Federal Reserve
than
in
Kansas
only
a
August,
City
of
the
country,
districts, there
1937,
district,
as
wrere
divided
more
with the exception
where failures
by
failures
of the
crease
say
was
Particularly
fairly
in¬
even
in
possible
any
Europe
Monday,
on
week
was
uncer¬
tainties of international affairs and the fear that
might
be.
when
share
level
Wednesday.
on
the
gains.
general
and
place
on
a
sev¬
emphatic than
The net result for the week is thus
sharp
decline.
volume
were
Consid¬
turned over
were
relatively
Developments in this
a
small
degree.
Efforts by President Roosevelt to
"purge" from Democratic party ranks certain Sen¬
ators who failed to
occasion
were
in
sign
on
the dotted line
on every
roundly defeated, indicating that a
independent Congress doubtless will assemble
Washington at the start of next year.
But the
general business situation shows little improvement,
and strikes
again
under
quite the
appearing here and there.
are
In the listed bond
market, levels slowly receded,
influences that affected the
same
United States Government securities
lost fractions
day after day, with the declme-of the
Best-rated corporate
under mild pressure.
recessions
ered
Leading
issues
a
last
was
were
eral
were
were
the rule.
Foreign
dollar
naturally lost ground as the war clouds low¬
in
tain at
that
bondsutlso
In the more speculative bonds
Europe.
Commodity markets were uncer¬
times, but generally better, for it is realized
Europe would have to turn to this country for
demand
more
one
country were favorable in part, and unfavorable to
dispute regarding minorities in the small democratic
occasions, with the declines
no
trading
The
apprehensions
supplies in the event of war.
Violent price variations took
although
recurrence,
general war might develop out of the German-Czech
State.
from
in
mild, but the figure mounted nearly to the 3,000,000-
issues
TRADING on the New York stock market
entirely by the
eral
flood of
a
set
fairly clear that traders and in¬
erably less than 1,000,000 shares
larger
The New York Stock Market
this
closed for
with certainty what the precise effects of
week sizable.
reported.
dominated
securities
recalled
was
was
stock section.
small percentage of the total.
a
Exchange
American
of
to immediate effects
affords further indications of such views.
amounted to
sharp increases occurred in the Richmond and Atlanta
districts, while in other districts
as
preferred to place themselves in positions
meet
more
involving $344,000 liabilities, compared with
involving $437,000 last year.
accompanied,
were
period late in 1914, when
of
It
to
In this connection it
liquidation
commercial service
failures
warfare
markets.
wholesale
were
The
of
that the-New York Stock
war
the retail
and
on
can
over
"localize"
hard
by endless conjecture
an
between Germany and
spread to this side of the Atlantic.
be
course,
failures
trade groups; increases in the other industries
a war
might
apprehensions
our
market to the for¬
our
quite understandable, since it is
generally believed that
to
increase
reactions of
are
on
several
Grains were in good
occasions, but selling pressure
apparent now and then, as well.
marked slightly
buying.
higher
on
Base metals
persistent and gen¬
In the foreign exchange markets, ster¬
ling, francs and other European currencies
were
Financial Chronicle
1678
levels of recent
heavy pressure, and lowest
under
Gold was transferred on a
ownership to offset the
pressure. The capital funds thus transferred appar¬
ently were permitted to remain idle as bank bal¬
ances
here, for there was no indication of their
established.
years were
large scale to United States
employment.
touched
high levels for the year while 25 stocks
new
touched
stocks
Exchange 29
Stock
York
New
the
On
new
On the New York Curb
low levels.
Exchange 20 stocks touched new high levels and
Call loans
53 stocks touched new low levels.
at
Stock
York
New
on
the
unchanged
remained
Exchange
Stock Exchange the sales at
the New York
On
416,480
601,960 shares; on
Tuesday, 1,700,680 shares; on Wednesday, 2,819,070
shares; on Thursday, 1,142,300 shares, and on Fri¬
day, 671,580 shares.
On the New York Curb Ex¬
change the sales last Saturday were 54,160 shares;
on
Monday, 92,260 shares; on Tuesday, 198,965
shares; on Wednesday, 318,170shares; on Thursday,
141,790 shares, and on Friday, 92,430 shares.
Swift-moving events of the past week relative to
the foreign political situation have caused much dis¬
half-day session on Saturday last were
shares; on Monday they were
security markets both at home and
turbance in the
abroad, and the present state of affairs has reached
a
point where much skill must be employed to pre¬
vent entire
Europe from being precipitated into a
devastating and costly war.
most
rallying powers of the market were invoked and
pivotal stocks closed with fractional gains. World
markets on Thursday were responsive to the efforts
In the face of
such tension the stock market succumbed to its de¬
pressing effects and sought lower levels.
On Tues¬
Chamberlain of England in his
of Prime Minister
the peace of Europe by his
attempt to maintain
personal visit to the German Chancellor. Recovery
was
the outstanding feature of all markets, and
advances of from one to four
stocks at home enjoyed
points, while trading volume, on the other hand,
showed a. substantial reduction over the previous
Stocks opened the day strong,, followed by a
day.
spell of weakness after mid-day, to react favorably
in the final hour and end the session at or close to
Stocks yesterday opened frac¬
day's best levels.
the
1%.
the
the
Sept. n, 1938
tionally lower, and losses ranged from one to
three
points among market leaders.
Some attempt was
made in the early afternoon to lift prices, but the
eventually
market
under
came
the
influence
of
lethargic movements and closed both for the day and
week lower.
General Electric closed yesterday at
against 41% on Friday of last
39
Edison
dated
week; Consoli¬
Co. of N. Y. at 24% against 25%;
Columbia Gas & Elec. at
5% against 6%; Public
at 27% against
Service of N. J.
28%; J. I. Case
Threshing Machine at 80% against 86%; Interna¬
58% against 60; Sears, Roebuck
tional Harvester at
& Co. at
at 44
68% against 71; Montgomery Ward & Co.
against 46%; Woolworth at 44% against 45%,
143%.
American Tel. & Tel. at 137% against
and
Western
27%
on
yesterday at 24%
closed
Union
against
Friday of last week; Allied Chemical & Dye
at 173 bid
against 176%; E. I. du Pont de Nemours
against 131%; National Cash Register at 23
at 130
at 12
24%;
Texas Gulf Sulphur at 35 against 35%; Continental
Can at 39 against 39%; Eastman Kodak at 164%
bid against 173%; Standard Brands at 6% against
7%; Westinghouse Elec. & Mfg. at 99 against 100%;
Lorillard at 18% against 19%; Canada Dry at 14%
25%;
National
Dairy
Products
day and Wednesday prices plunged downward with
against
increasing rapidity as news from abroad told of the
against 12%; National Biscuit at 22% against
beginning of hostilities in the Sudeten area.
unsettlement
here
on
Stock
was
such
to
as
cause
much
Saturday last, and equities on the New York
Exchange, after
firm start, turned dull and
a
finally dipped lower in very narrow trading.
den
a
mixed
accumulate
opening, climbed steadily upward to
gains of from
ther
attributed in part
was
to fresh signs of fur¬
improvement in the domestic business situation
and the firmness of
the face of
the
European securities markets in
and the
Tuesday the market evi¬
on
steadiness that
a
Throughout
trying political conditions.
morning session
denced
feeling
grew
was
indeed
encouraging,
that equities would hold their
ground notwithstanding foreign events.
in
Europe became
took
on
a
Conditions
serious, however, and prices
more
against 16%; Schenley Distillers at 15 against 17%,
and National Distillers at 21% against 23%.
The steel stocks followed the
to three points among
one
This unusual turn in the market's
market leaders.
trend
Sud¬
and prices,
improvement set in on Monday,
after
This
anxiety
heavy appearance, but it was not until
prices this week.
land
Steel
at
at
Auto closed
of last
an
overwhelming scale
hour, resulting in a
sales turnover
exceeding 1,000,000 shares and bring¬
Chrysler at 67% against 72%, and Hupp Motors
at
1% against 1%.
In the rubber group, Goodyear
Tire & Rubber closed
on
yesterday at 25% against 28
Friday of last week; United States Rubber at
against 45%,
and B. F.
the adverse trend of the
closed
Goodrich at 20%
The railroad shares kept pace with
market.
Pennsylvania RR.
yesterday at 17% against 19% on Friday of
Topeka & Santa Fe at 31
last
against 34%; New York Central at
retarded
to
a
certain extent
by evidence of some
underlying strength in the market.
continued to
Foreign affairs
plague world markets, and
on
Wednes¬
day prices in the New York market, after a higher
opening attended by heavy trading, eased
to
subsequently
pressure,
give
way
to
a
bit later
tremendous
selling
which drove prices from two to five points
lower, with the sales volume for the day approxi¬
mating close to 3,000,000 shares.
In late trading
Tube
yesterday at 3% against 3% on Friday
instances
The full force of the decline was
Steel at
In the motor group, Auburn
ing about losses of two to six points, and in some
more.
week; In¬
week; General Motors at 43% against 46%;
against 23%.
on
against 78; Bethlehem
32% against 37.
42%
liquidation
73
55% against 57%, and Youngstown Sheet &
known
seized the market in the final
United States Steel closed yester¬
day at 55% against 58 on Friday of last
the announcement of the Sudeten demands became
that
downward course of
week;
Atchison
15% against
88; Southern
Pacific at 14% against 17%; Southern Railway at
10% against 12%, and Northern Pacific at 9%
against 11%. Among the oil stocks, Standard Oil
of N. J. closed yesterday at 51 against 53 on Friday
of last week; Shell Union Oil at 13% against 14%,
and Atlantic Refining at 20% against 22%.
In the
copper group, Anaconda Copper closed yesterday at
31% against 32% on Friday of last week; American
17%; Union Pacific at 80% against
Volume
Financial
147
1679
Chronicle
Smelting & Refining at 45% against 46, and Phelps
effect perturbing changes.
Dodge at 34% against 35%.
toward the United States at
Trade and industrial
reports reflect an expected
gain in business after the Labor Day period, but
*the
improvement fails to
measure
to the hopes
up
since early 1934. Not only
reported
on a
Fugitive capital moved
a
rate not witnessed
were
gold engagements
large scale, but the official stabiliza-
tion funds intervened to effect transfers of the metal
that
were
operations for the
hurriedly by the earmarking method. Notwithstand-
week
ending today were estimated by the American
ing the large transfers, sterling, francs and other
Iron
entertained.
Steel
and
Steel
Institute
at
45.3%
of
capacity
against 39.9% in the previous week, which included
Labor
Day.
A month
80.4%.
ended
steel operations
ago
40.4% of capacity, and
year
a
Production of electric
were
the level
ago
at
was
for the week
power
Sept. 10 is reported by the Edison Electric
Institute
at
2,048,360,000 kilowatt hours.
the week included
holiday, this is
a
an
Since
unfavorable
comparison with the previous* week's total of 2,148,-
stocks shot forward on favorable overnight reports
from New York. The gains on Thursday fairly offset
the previous losses. Fresh nervousness yesterday
occasioned losses in gilt-edged and industrial stocks,
while international issues were dull.
Not much business was done on the Paris Bourse,
Monday, as traders and investors awaited the declaration by Hitler on international affairs. Rentes
did not change much and a few French equities took
a hesitant upward course, but in general the trend
was slightly lower. International securities were
neglected. Although the reaction in France to Hitler's speech was optimistic, news of riots in CzechoSlovakia provoked much apprehension and prices
tumbled Tuesday. Rentes dipped fractionally, while
French equities showed larger losses. The greatest
decrease of
79,152
ing week and of 139,315
revenue
cars
cars
568,887
cars,
from the preced-
from the similar week
of last year.
indicating the
of the commodity
course
mar-
kets, the September option for wheat in Chicago
closed
yesterday at 65%c. against 61%c. the close
Friday of last week.
on
closed
September
yesterday at 52%c.
Friday of last week.
on
closed
as
corn
at Chicago
against 52%c. the close
September oats at Chicago
yesterday at 25%c. against 24%c. the close
Friday of last week.
on
The spot
yesterday at 7.95c.
as
Friday of last week.
yesterday
was
16.08c.
against 15.85c. the close
as
Domestic
Friday of last week.
on
yesterday at 10%c.
copper
closed
against 10%c. the. close
as
on
Friday of last week.
In London the
19
7/16 pence
price of bar silver yesterday
per ounce as
close
the
ounce
In
against 19%
was
pence per
Friday of last week, and spot
on
silver in New York closed
close on
yesterday at 42%e., the
Friday of last week.
the
transfers
matter
of
the
London
on
foreign exchanges,
closed
against $4.82 1/16 the close
and
cable
2.69
3/16c.
speech by Chancellor Hitler was awaited. Gilt-edged
issues drifted lower, and in an uncertain industrial
section small losses outnumbered the equally small
The spdt price for rubber
Association of American Railroads at
At
Trading on the London Stock Exchange was dull
and hesitant on Monday, as the final Nuremberg
against j8.08c. the close on
Car loadings of
sponding week of 1937.
corre-
freight for the week to Sept. 10 are reported by the
a
measure out of stock and bond sales.
price for cotton here in New York closed
2,154,276,000 kilowatt hours for the
which is
But the
activities of the foreign securities markets do not
indicate that such funds were taken in any large
gains. Foreign securities were quiet, although a littie demand was noted for Anglo-American favorites,
Sizable losses developed Tuesday at London, on news
of rioting in the Sudeten German area of Czechoslovakia. The fear that German Nazi intervention
might follow and let slip the dogs of a general war
occasioned some liquidation, with gilt-edged stocks
affected more than industrial securities. American
shares again received good support. In a dull session Wednesday, prices continued to fall moderately. All groups of securities were soft, without
exception, and closings in general were at lowest
levels of the session. There was a quick about-face
on Thursday, owing to the news that Mr. Chamberlain would attempt to find the path of peace in
talks with Herr Hitler. The cheerfulness was apparent in all British issues, while Anglo-American
954,000 kilowatt hours, and it also is far under the
total of
foreign exchanges drifted steadily lower.
transfers
as
on
cable
yesterday at $4.80
on
as
Friday of last week,
Paris closed
yesterday at
against 2.70 7/16c. the close on Friday
of last week.
recessions, however, were noted in foreign securities,
*
L- m
European Stock
possibly because the holders were apprehensive of
arkets
controls in the event of warfare.
Prices again moved
MOMENTOUS political events in Europe pro- lower Wednesday, owing to the gloomy international
this week
the stock
outlook. Rentes
steady and changes in French
duced dull sessions
on
throughout Europe
trading
was
surprisingly modest. Incidents relating
Czechoslovakia
to
sioned
some
times.
mild
fairly
to await developments, and
was
that
seemed
unpromising
occa-
liquidation, and in the thin markets
sizable
recessions
were
were
ex-
changes in London, Paris and Berlin. The tendency
recorded
But when Prime Minister Chamberlain
at
an-
bank, utility and industrial stocks were not important, but foreign securities again suffered.
Confi-
good part on Thursday,
through the Chamberlain trip to Germany. Rentes
dence
was
restored
in
rallied, and both domestic and foreign issues improved to such a degree that previous losses of the
week
were
wiped out in a number of instances.
The
yesterday. -French issues
nounced his decision to visit Chancellor Hitler for
Bourse turned soft again
personal conversations, sharp advances in prices re-
lost only a little ground, but international securities
fleeted the relief of the financial communities and
weakened drastically.
the
impression that
a
general war will not neces-
sarily result from the impasse. The rallies matched
the declines and net
of
no
changes of the week thus
great significance.
were
In one important respect,
however, the European fears of war continued to
The
Berlin
Boerse
drifted
lower
on
Monday,
partly because of bellicose statements at the Nuremberg Nazi rally, and partly because of
uncertainty'
regarding the next moves in the great international
drama.
Losses of a point or two were common
Financial Chronicle
1680
among
dull and uncertain.
on
Peruvian invitation to attend a Pan-American conference at Lima, Dec. 9. Suitable hopes were expressed in the Washington note that the conference
will further the American ideal of an international
society devoted to the spirit of fraternity and
emphatic, and at the end recessions of
more
point or two again were the rule.
a
Prices
down by turns, with the
Tuesday moved up and
losses
uncertain as to its course toward international lawbreakers.
The occasion was an acceptance of a
Fixed-
industrial, mining and other equities.
income issues were
There
were,
however, a few small gains among communications
stocks.
what
tension
international
The
Boerse further
unsettled
Wednesday, and losses
on
pronounced. Leading issues
more
the
cordial understanding.
were some-
Fixed-income securities also weakened.
which recently
have emphasized the extent to which some nations
have wavered from the orderly and friendly rela-
points lower, while some stocks fell 6 points and
more.
Mr. Hull then adverted to
events in other parts of the world
2 to 3
were
Sept. u, 1938
The
"The
overnight announcement of Prime Minister Cham-
lions that should prevail between neighbors.
berlain's
nations of the world are faced," he said, "with the
issue of determining whether their relations shall
he characterized by international anarchy and lawlessness or by the principles of fair play, justice and
order under law. No nation and no government can
avoid the issue; neither can any nation avoid participation, willing or not, in the responsibility of
determining which course of action shall prevail."
trip to Bertesgaden electrified the Boerse,
Thursday. Prices swept forward in all sections, and
3 to 5
point gains
were
the rule, with
again
some
advances
With international tension
ranging to 8 points.
the increase, prices moved lower at Berlin
on
yesterday.
.
.
c
Amencan
r»
.
Foreign Policy
ALTHOUGH international
\
*
in
wars
are
in
progress
#
Chamberlain and Hitler
Spain and the Far East, and others loom
on an even
greater scale, American foreign relations
TN THE gathering war crisis of Europe a phase
remain
that
1
in
which
muddled
admits of almost
almost
and
unsatisfactory state
interpretation.
any
reached this week that resulted in the most
was
dramatic development known to modern diplomatic
It is
since President Roosevelt made, at
history, and that also made clear at a glance that
Chicago, his famous speech about "quarantining"
the Czechoslovakian impasse involves essentially and
a
aggressor
been
has
year
nations, but
clarification of intent
no
vouchsafed.
Only
few weeks
a
intimately the relations between England and Ger-
ever
Mr.
ago
many.
Roosevelt made the declaration to Canada that the
the bold
United States would not stand
ney
of Canadian soil
The real
sources.
wise
remains
Hull
never
world to
of
and
were
tires
of
democracies remain linked in the effort to prevent
and righetousness,
war
declaring that all nations must share in
ties.
peace
epoch-making decisions.
dents
for this step, and it is thus plain that the European
Secretary of State Cordell
admonishing the rest of the
ways
slowly
have
United
States
people
for
These
fostered
and
the
Government desires
joint
against European
action
or
with
similar
notion
to
any
the
Wednesday that he had sent a brief message to
the German Chancellor requesting immediate peron
sonal discussions "in view of the increasingly criti-
peace,
taxed
cal situation."
by
sions to grow.
Through diplomatic channels, Herr
Hitler answered that he would be ready to meet Mr.
correspondents with permitting such impres-
press
The British Prime Minister announced late
prise.
democracies
was
and provide a solution for the current difficulTo Mr. Chamberlain, however, must accrue
credit that may come from his strange enter-
the
prepare
other
President Roosevelt late last week
inci-
that
Asiatic disturbers of the
Premier Edouard Daladier is
understood to have been one of the prime movers
significance of this address likeof
to the mountain retreat of Chancellor Adolf
Hitler in Bavaria.
threatened from non-British
obscure.
follow
idly by if domination
Prime Minister Neville Chamberlain took
diplomatic path of a hasty personal jour-
Instead of clarifying the issue and
Chamberlain the next day.
Accordingly, the British
grasping the opportunity of making it clear that
leader traveled on Thursday by airplane to Munich,
this
and thence by train to Berchtesgaden, where the
country will refuse to become entangled in for
eign concerns, Mr. Roosevelt preferred to lecture
German dictator made him welcome at his airy
American newspapers on what he termed their bad
retreat.
behavior.
this
Only by implication did he declare that
country is not committed to support of
other in the formation of
It is still too early, however, to estimate the consequences
any
Thursday, for a protracted and intimate exchange
If interpretative writings have given rise to
ships.
of views brought the further announcement that the
such impression, the President said, then the
any
discussion will be resumed after Mr. Chamberlain
interpreters should read the English language and
no
more
Hull.
been
in his statements and those made
In such
a case
completely
added.
in
wrong
their
deductions,
an
invitation
to
democracies
forth
set
relations
and
of
this
dictatorships
Grave questions thus remain
as
to
our
country
of Europe,
foreign policy
under Mr. Roosevelt.
The Prime Minister
will fly again to Germany for further conferences
with Herr Hitler after the usual diplomatic ex/
Changes with France, consultations with the do-
minions, and exchanges with various British leaders.
On his momentous visit to the Reich, Mr.
Chamberlain was accompanied only by his trusted
adviser, Sir Horace Wilson, and William Strang,
Secretary Hull took
issue another of his
opportunity to confer with his Minis-
returned to London yesterday, and he presumably
lie
clearly and in
an
terial colleagues in London.
by Mr.
they would discover they have
unmistakable terms the
the
has had
Oddly enough, however, Mr. Roosevelt then
declined
to
of the conversation that followed late on
bloc to halt the dictator-
a
occasion
numerous
last
Saturday to
reminders to the rest
chief of the Central European division of the British Foreign Office.
At the end of the three-hour
chalet, Thursday, it was
of the world that the United States is anxious for
talk
the
announced merely that the exchange
preservation
of
world
law
and
order, and is
in
Herr
Hitler's
of views had
Volume 147
Financial
been frank.
While the talks were in progress Mr.
Chamberlain had the aid not only of his two associates
the
on
airplane flight, but also of the British
Ambassador to
his
Berlin
Germany, Sir Nevile Henderson, and
aides.
With Herr
Foreign Minister Joachim
Hitler
ranged
were
Kibbentrop, Dr. Otto
von
Meissner, Chief of the Chancellery, Alexander
von
Doernberg, Chief of Protocol, and others.
point
this
week
that
appeared to be resigned to
many
a
adjustment
by
It
the incident.
on
worse,
a
subject to
was
within
Affairs
means.
indeed, moving hourly from
were,
as
longer
no
ordinary
Czechoslovakia
swiftly that
so
the
even
highly dramatic
assurance
of
Germans in Czechoslovakia
cussed.
was
were
occasioned
results that the
possibly foresaw and possibly did not fore-
Kioting developed in the Sudeten
the Czech
police attempted to restore order, blood
Martial law
shed.
German ultimatum
In this
orders.
tion
followed by
was
a
atmosphere all attempts at
abandoned, and
were
heightened immeasurably by stentorian
forces into Czechoslovakia.
ler.
Negotiations for
dropped entirely,
as
a
pacific
military
bound
clamped down
if Herr Hitler would send his armies storming into
Czechoslovakia,
tunity,
or
would wait for another oppor-
or
perhaps
even
for
a
diplomatic settlement
that would achieve his ends without resort to
The tension
was
broken, to
a
arms,
degree, by the sud*
denly announced decision of the British Prime Min-
ister to visit Herr Hitler in Berchtesgaden for con-
versations.
The
course
of events in the Sudeten German sec-
tions of Czechoslovakia
linked inseparably with
was
Nuremberg, and the Nuremberg speeches, in turn,
to
is
join the conflict.
equivocal,
more
The attitude of Eng-
British
for
steadily have refrained from specific
warnings that
as
tion
was
The world waited breathlessly to see
the developments at the German Nazi Congress at
aid of the Czechs.
and
were
Any such eventuality,
help of the Czechs, and Russia then would be
land
settlement
incipient rebellion flared in
assumed, would bring France to the immedi-
was
ate
solu-
a
a spasm
assur-
of help from the Keich Chancellor, Adolf Hit-
swept the world lest the German Nazi Gov-
ernment cast caution to the winds and rush
it
Sudeten
demanding rescindment of such
by negotiation
of fear
declared in the affected
was
and this, in turn,
areas,
and
areas,
sought and dis-
ances
Sudetenland, and martial law
was
con-
The truculence of the Sudetens themselves
by the Czechs.
as
conflict there that
governments most
day by Herr Hitler,
see.
a
rapidly would spread to embrace much of Europe
and perhaps all the rest of the world. Events moved
support for the Sudeten Germans, uttered last Monlatter
such
governments
for the problem presented by the 3,500,000 Sudeten
placed
were
the Czech-German crisis
to
1
authoritative disclosure of the nature
an
generally agreed by European observers that
bad
Central Europe
'"TENSION in Central Europe reached
of the Berchtesgaden conversations, vari-
interpretations
was
1681
cerned seemed to be swept along by the tide of
martial incidents.
In all chancelleries, solutions
Pending
and scope
ous
Chronicle
a
Lord
sent
assurances
of
attempts of
Great
Up
to a week ago it appeared that conversations between
the
Prague
authorities
and
the
Sudeten
might spread like wildfire,
still sitting in as the "unofficial" British mediator,
But Chancellor Hitler took occasion on Sept. 9 to
war
Runciman to
peaceful solu-
a
Prague
as
"unof-
an
situation
that
faced
Central
assure
his party followers at Nuremberg that the
Reich
critical
the
the
spokesmen would continue, with Lord Runciman
ficial" mediator.
Into
have reflected
London has contented itself with
earnest of its desire for
one
spokesmen
well
may
Britain and France at diplomatic intervention.
"is
determined
to
capitulate
to
one."
no
Field Marshal Hermann Goering followed this last
Europe, and possibly all the rest of the world in
Saturday
addition,
assured the Nuremberg Congress that Germany is
Prime
what in all
Minister
faith is
a
Chamberlain
dropped
diplomatic bombshell.
His
personal journey to Berchtesgaden will be hailed
as
master
a
hostilities.
stroke if
it
for
succeeds
manifested everywhere,
realized that diis personal intervention
was
was
will at least have the effect of
a
peaceful folutidn.
provide additional
But it also is known
that the British Prime Minister is
tical
Sudeten
realm.
German
Not much
the continued
although
ments.
of
purpose
of adding the
Czechoslovakia
his
to
formula well may be evolved which
transition
and
popular doubt
There
observed,
were
also
as
a
perhaps leave
and the
some
to ultimate develop-
few to
point out that
outlines
of
a
may
have
settlement
correct, it is
more
than possible that
If
a
far-reaching adjustment of Anglo-German relations
for
a
take
he
years,
if necessary.
He placed the Sudeten Ger-
under the protection of the Reich,
referred coarsely to the Czechs. But the climax
mans once more
and
of the Nuremberg gathering occurred on
Monday,
when Herr Hitler made-his customary speech on
foreign affairs.
In his lengthy closing address at Nuremberg, the
German dictator not only appealed broadly to the
patriotic impulses of his own followers, but also
presented the German case on the Sudetens with
skill. The usual comments on German and Italian
totalitarianism were included, and by implication
Herr Hitler tried to make it seem that
his
own
rule
cratic than the government of the real democracies,
He dilated at length and emotionally on the union
was
arranged before Mr. Chamberlain left London.
will
which
political integrity of Czechoslovakia,
hope thus
ordinary diplomatic preliminaries well
this view is
address in
and that of Premier Mussolini were far more demo-
the
ease
area
forensic
entertained for
some
immediate
been
prac-
statesman, and that the German dictator is not
likely to be swayed from his
will
intensely
an
a
invincible and able to withstand a blockade of 30
preventing immediate
to warfare and thus will
time for
warding off
When Mr. Chamberlain made his in-
known, relief
recourse
in
The other alternative is too dreadful to
contemplate.
tentions
it
with
place, with the
decade.
peace
of Europe assured
of Austria with the Reich.
Assurances were ex-
tended that Germany lays no claim to Alsace and
Lorraine.
The Siegfried defensive line along the
French border will be completed, however, before
sufficiently
The
with England,
the coming of winter, and already is
advanced to meet all requirements, he said.
Reich also desires to live in peace
and
as
an
earnest of that aim Herr Hitler cited
again the naval treaty whereunder German building
is
restricted
to
30% of the British fleet.
That
Financial Chronicle
1682
limitation
accepted' not because the Reich is
was
unable to build more
of peace,
according to Herr Hitler.
slovakia,
on
ment that
was un-
He assailed the Versailles settle-
brought the country into being and de-
clared that the
created
As to Czecho-
the other hand, "Der Fuehrer"
compromising.
3,500,000 Sudeten Germans
by God to be victimized by
minorities
The
ships, but solely in the interest
robbed of their
of the
were not
foreign Power.
a
country, he said, are being
right of self-determination under the
self-determination
slogan of
"certain Mr. Wilson."
a
Sept. 17, 1938
the effect that it is prepared to join Germany and
Italy in the "fight against communism."
The diplo-
matic by-play of the crisis was neglected by Euro-
correspondents, save for such incidents
pean
as
recurrent discussions between British Ministers, and
States
United
Joseph
Ambassador
P.
Kennedy,
Reports reaching the State Department in Wash-
plainly
ington
unfavorable,
were
President
for
Roosevelt cut short a personal visit to Minnesota
and hastily returned to Washington.
There
were
persistent rumors, however, that Great Britain and
He called the conditions of the Sudeten Germans in-
France
tolerable, and asserted that "if these tortured
plebiscite in the Sudeten area to settle the dispute
turesare unable to obtain
crea-
justice through their
efforts, they will receive it from us."
own
The Reich,
far
address
This
overshadowed
Edouard
President
Benes
in progress
are
proposed
a
asked
of
appeal
by
Czechoslovakia, last
new
to effect a solution by
minorities statute.
means
Dr. Benes
particularly that political clashes between
Czechs and Sudeten Germans be avoided.
fear of the
no
faith in
He voiced
future, however, and expressed great
"brilliant little
his
army."
Germans took little note of the
but the
The Sudeten
speech by Dr. Benes,
Nuremberg comments by Chancellor Hitler
raised their emotions and expectations to a frantic
A demand for
pitch.
were
a
such reports
denied in London or Paris,
League Assembly
an
Saturday, for internal and international calm while
efforts
Nor
and keep peace in Europe.
they may be, Herr Hitler added.
ever
advisability of
the
upon
is ready to accept the consequences, what¬
moreover,
of
agreed
were
plebiscite began to ring
a
rjRIEF and inconclusive sessions
D
were
held this
week at Geneva, where representatives of 40
nations gathered for the usual September meeting
of the League of Nations Assembly.
The League
formed to meet such crises in international rela-
was
tions
prevail in Europe, but the impotence
as now
of the
body hardly could be better illustrated than
by its current inactivity.
As usual, the Council met
late last week in advance of the Assembly session.
But the Council meetings were over in 10 minutes,
Commissar Maxim Litvinoff of Russia
for Foreign
the only eminent spokesman present.
was
Over the
last week-end Foreign Minister Georges Bonnet of
through Sudetenland, and hotheads
soon
began to
France made a flying trip to Geneva, reputedly to
translate their
Swastika ban-
relieve the loneliness of his Russian colleague, but
ners
the
feelings into action.
began to fly in the face of
"Heil, Hitler" greeting
was
Czech ban, and
a
heard.
Small
con-
M. Bonnet promptly was recalled to Paris.
Lord
Halifax could not be spared from his duties at the
flicts between the Sudeten Germans and the Czech
British
police
Privy Seal, returned to London from Geneva after
reported
were
on
Monday, and the disorders
spread speedily, until the Prague authorities
sidered it necessary to apply
after district.
In the town of
Eger,
man
border, the riots developed into
and
all
in
all
more
than
con-
martial law in district
a
near
a
of
score
the Ger-
pitched battle
deaths
were
The Sudeten German leaders issued
reported.
"ultimatum"
to
Prague, Tuesday, calling
on
an
the
Foreign Office, and Earl de la Warr, Lord
perfunctory
attendance
Assembly
Monday.
on
at
opening
the
of
the
Edouard Herriot, President
of the Chamber of Deputies, was selected to repre-
France, but M. Herriot was recalled to Paris
sent
on
Wednesday.
Stanley Bruce of Australia hastily
departed for London, where the attitude of the British dominions
was a
matter of primary importance
Czech Government to recall its troops and restore
in
civil
these circumstances, found itself merely a dull body
law.
Prague answered by sending in
and extending the
troops
sway
more
of martial law.
Konrad
all
Henlein, the Sudeten leader, finally dropped
pretense on Thursday, and issued a call to arms
with the aim
The
Prague
arrest for
of
a
Sudeten
Government
union
with
promptly
treason, and he fled
across
Germany,
ordered
his
the border into
the
Reich.
In this grim and
steadily mounting
crisis, Prime Minister Chamberlain suddenly an-
nounced his desire to confer
cellor
Hitler, and the outcome is awaited anxiously
was
intent
powrer
European crisis developed, evi-
afforded from many sources that the con-
more
Sweden gave
.
Maginot line.
cautions
were
efficiency.
the
In Great Britain and France pretaken to
Russia
keep the fleets at top-notch
was
reported seeking
transportation of troops
across
Slovakia.
Government
The
Italian
means
of
Rumania to Czecho-
prepared
for
eventualities and again made it clear that Premier
Mussolini favors the German
The
view, publicly at least,
Japanese Foreign Office issued
a
statement to
.
DELATIVELY small engagements between loyalist and insurgent troops told
Spanish civil
war
of
kept
airplane bombings of helpless
populations.
lii^
the story of the
this week, with the reports aug-
usual in dull periods, by the lugubrious
civilian
into
Holland and
Spanish War
and
steadily
but without
sanctions provisions of the Covenant.,
insurgent
poured
developments
notice that they are. not bound by the
as
were
rumors,
China took its expected action of ap-
such action.
tale
reserves
numerous
pealing for aid against the Japanese.
mented,
French
the
plentiful
in
to take effective action or even tb consider
flict would
hardly be confined merely to Germany
Czechoslovakia, in the event of resort to arms,
The League Assembly,
crisis.
discussing
on
and the far
l\
As the Central
current
personally with Chan-
by all the world.
dence
the
General
Francisco
Franco
insurgents pounding away at the precari-
ously held loyalist lines on the south bank of the
Ebro.
But the insurgents themselves admitted that
these were not large-scale operations.
cause
they
attackers
are
Possibly be-
themselves shy on man power, the
apparently
continued these maneuvers
with the aim of preventing any extensive diversion
of loyalist troops to other fronts.
the
arms
supplied
so
With the aid of
plentifully by his Italian and
Volume 147
German
small
Financial
allies, General Franco
gains
firmed the movements.
of
able to claim
was
the Ebro front, and the loyalists con¬
on
Claims that large numbers
loyalist troops and great quantities of supplies
were
captured remain without confirmation.
It is
probably significant, however, that the loyalists
Wednesday called to
35
and
36.
In
their
airplanes
time
and
the
Valencia
other
attacks.
to
drop
bombs
also
the
on
several
to
suffered
from
of Russia if the latter
International aspects
while
insurgent
occasion.
may
the
There
also
are
decades.
British, French and other democratic interests, the
Japanese statement
anything but reassuring.;
was
Discount Rates of Foreign Central Banks
THERE have been no changes during the week in
the discount
of the foreign central
rates of any
Present
rates
Rate in
Country
EDTLE progress Japanese invaders oftoward Han¬
by the was made this week
China, and
the
at
leading
Pre¬
vious
Rate
Country
3H
Mar.
1 1936
kow
4
July
1 1935
Belgium
3
May 30 1938
the small
Bulgaria
6
Aug. 15 1935
7
2H
Mar. 11 1935
--
4
Jan.
24 1935
Date
vious
Established
Rate
Japan
Chile
achieve
taking the Wuhan
Oct.
their
1.
aim
The
of
instigators
of
this
likely to
area
by
every
undeclared
point from the
Colombia..
Czechoslo¬
war
but
numerous
Hungary
4
ix
India
4
Ireland
4X
Aug. 24 1935
4X
3
Nov. 29 1935
3 H
3
June 30 1932
3H
4H
May 18 1936
3.29
Java
Apr.
5
6 1936
Jan.
3
14 1937
3.65
4
4
July
18 1933
5
Jugoslavia
Feb.
1 1935
Lithuania..
5H
July
1 1936
3
Jan.
1 1936
3 H
Morocco
4
Jan.
2 1937
5
Norway
6X
3H
May 28 1935
4
Jan.
5 1938
4
4
Oct.
19 1936
3H
Poland
4H
Dec.
17 1937
5
2
vakia
June 30 1932
Danzig
pushed up the Yangtze River, but met unrelenting
opposition at
...
Pre¬
Effect
Italy
Canada
costly, indi¬
were
are
Sept 16
Batavla
aggressors are not
centers
Rate in
Date
Established
Effect
Sept 16
Argentina..
reported advances
over
To the representatives in China of
shown in the table which follows:
Far East
cating again that the
moreover,
with China, and the interests built up
carry on
many
war were
quite eclipsed by the incidents in Central Europe.
even
involved,
sizable trade which England still manages to
banks.
of the civil
country found itself engaged
in the defense of Czechoslovakia which its treaties
towns.
raids,
similar
1683 4
hesitancy in attacking the East Asian possessions
heavily last Saturday, and
subjected
was
cities
insurgents sent
the populous loyalist centers
bombed
was
Barcelona
meantime, the
over
again
on
class of men, aged
arms a new
Chronicle
Denmark
.
_
England
5
.
,
6H
6
2X
Portugal...
Aug. 11 1937
Estonia
4X
5
Sept. 25 1934
5H
Rumania
4K
Dec.
7 1934
6
Finland
4
Deo.
4H
South Africa
3H
May 15 1933
4
July
bX
France
2H
4 1934
4
..
May 12 1938
3
Spain
5
4
Sept. 30 1932
5
Sweden
2H
Dec.
1933
3
Greece
6
Jan.
4 1937
7
Switzerland
IX
Nov. 25 1936
2
Holland
2
Dec.
2 1936
2H
Germany
poorly equipped defenders.
the
nese accuse
by neutral medical
to claim
a
10 1935
1
military
sense,
only small gains.
day the boom
Foreign Money Rates
practices has been given
the charges are not hard to
men
Notwithstanding the advantages of these
methods in
..
Japanese of using poison gas freely,
and since evidence of such
believe.
In this drive the Chi¬
X
the Japanese
They reached
were
able
INbills Friday market discount rates for9-16%
LONDON open 15-16@1%, against short
on
on
were
Wednes¬
months
bills,
the Yangtze constructed at
across
Money
on
on
as
Friday of last week, and 15-16@1% for threeas
against 9-16%
call at London
Matowchen, nearly 100 mile from Hankow, but fur¬
Paris the open
ther
on
on
Friday of last week.
Friday
3^%»
was
At
Switzerland at 1%.
up-river doubtless will be attended
progress
by the
same
difficulties that have made recent
by the indavers
munications
kow
from
lines
for
yet seriously threatened.
industrial
great
taking steps
from
Szechuan
affairs
Tokio
aspects
for
the
to
in
be
struggle
indicated.
introduced
were
are
coun¬
.,i
Far
Eastern
small
brought the total
£328,047,961
Wednesday, when the spokesman for the
Foreign
Office issued
responsible
statement
a
for
the
crisis, and indicating that Japan
holding
German-Czech
was
her German and Italian allies in
any
that
nationale
the
war
European
con¬
expressed
for
the
accused of
deposits fell off £10,582.000 while other de¬
inciting the Sudeten Ger¬
makes it necessary,"
spokesman added, "Japan is ready to fight in
way—with
declaration
in Central
arms
was
if necessary."
regarded
as
a
In Shanghai
warning that
Europe, if it should develop and find
£8,333,600 and £1,524,205 respectively.
ratio
rose
securities
declined
other
securities
on
through
an
attack
on
Siberia.
The uneasy
realization also prevailed in European and Amer¬
ican
diplomatic circles that Japan would have
was
a
£522,900.
.
BANK
ago,
on govern¬
on
Of the latter
gain in discounts and ad¬
unchanged at 2%.
various items with
reserve
week
£2,805,000 while those
and £3,163 in securities.
remains
rose
The discount rate
Below
furnish the
we
comparisons for previous
OF ENGLAND'S COMPARATIVE
years:
STATEMENT
Sept. 14,
Sept. 15,
Sept. 16,
Sept. 18,
1938
1937
1936
1935
Sept. 19,
1934
£
478,592,000 488,152,606 444,862,470 398,149.572 376,379,746
12,463,022
14,841,946
17,464,679
21,569,000
20,449,059
Other deposits
—; 135,069.648 144,488,660 140,841,906 129,599,723 137,338,177
92,018,504
Bankers'
accounts
99,593.034 108.397,414 102,182,958
99,837,219
36,091,246
38,658,948
37,581,219
Other accounts
36,376,60'
37,500,958
Govt, securities
98,531,000 109.072,877 81,598,337 83,159,999
81,679.164
26,237,046
29,253,479
26,012,308
Other securities
27,949,471
18,365,803
9,184,302
5.038,359
Disct. & advances—
5,879,785
11,852,658
6,137,838
21,198,687 20,069.177
22,069,68f
14,159,650
Securities
12,227,965
49,290,000 39.895,355 63,078,355
56,165,65'
Reserve notes 4; coin
76,053,970
Coin and bullion-.... 327,885,136 328,047,961 247,940,825 194,315,231 192,433.716
Circulation.
Public deposits
—
Proportion of reserve
to liabilities
—
.....
31.2%
25.4%
40.50%
2%
2%
2%
38.19%
2%
48.18%
"
'
2%
opposite sides of the Czech
question, would result in Japanese support of the
Reich
£526,063
a
Loans
year.
increased
amount,
The
slightly to 31.2% from 30.1%
compared with 25.4% last
Bank rate
Germany and Russia
The latter consists of
;"bankers accounts" and "other accounts" which
speech
"If the situation
was
of £1,522,000 in circula¬
posits increased £9,857,805.
foreign affairs by Chancel¬
on
Germany, and the Communist Inter¬
was
strife.
every
this
was
Nuremberg
lor Hitler of
ready to join
As the gold increase
tion, the increase in reserves amounted to £1,572,000.
develop against "Red operations."
may
admiration
made at
man
to £327,885,136, compared with
attended by a contraction
vances
Great
up
a year ago.
ment
on
"communism"
flict
England Statement
THE statement for £50,505 in gold Sept. 14 showed
gain of the week ended holdings which
Public
Province
was
On
reported to be
were
additional troops
against the invaders, it
New
of Hankow.
scale possible only for that
on a
Some 3,500,(KM)
drawn
The Japa¬
troops into the struggle
center
Thursday, however, the Chinese
try.
reaching Han¬
are
Hongkong and from Russia, but these
command threw fresh
the
com¬
a
by which supplies
not
are
Bank of
Several Japa¬
columns also moved forward toward the
nese
nese
snail's pace affair.
a
moves
market rate remains at 2Y±% and in
no
Bank of France Statement
THE weekly in- note circulation of 1,141,000,000
expansion statement dated Sept. 8 showed an
francs, which brought the total
outstanding
up
to
Financial Chronicle
1684
Circula¬
year ago aggregated 89,369,782,940 francs and
the year before 84,154,412,435 francs.
Credit bal¬
ances
abroad, French commercial bills discounted,
advances against securities, and creditor current
accounts
registered increases, namely 7,000,000
francs, 1,419,000,000 francs, 24,000,000 francs and
291,000,000 francs respectively.. The Bank's gold
holdings showed no change, the total remaining at
55,808,328,520 francs. The proportion of gold on
hand to sight liabilities is now at 45.89%, compared
with 52.08% a year ago and 58.03% two years ago.
high of 102,900,923,900 francs.
all time
an
tion
a
Below
for
The
bill-buying rate of the New York Reserve Bank is
34% for bills running from 1 to 90 days. The Federal
Bank's holdings of acceptances increased
Reserve
from
$537,000 to $540,000.
Federal Reserve Banks
Discount Rates of the
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
following is the schedule of rates now in effect
The
the
for
classes
various
of
the different
at
paper
Reserve banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
Rate in
previous years:
BANK
%% bid and 9-16% asked.
and six months,
show the different items with comparisons
we
Sept n, 1938
Federal Reserve Bank
Date
Previous
Established
Effect on
Sept. 16
COMPARATIVE STATEMENT
OF FRANCE'S
Rate
2
2, 1937
Boston
for Week
+ 7.000.000
abroad,
French commercial
a
Francs
55.808.328.520 55,761,282,73° 53,532,188,178
143.695,581
14,252.768
24,294,272
1,419.000.000
9.420.000.000
743.000.000
b Bills bought abr'd
+2~4~.bob"ooo
3,710.510,758
+ 1,141.000.000 102900,923900
Note circulation
+291.000.000 18,714,549,325
c Credit curr't accts
Adv. against secure.
Temp, ad vs. with¬
out Int. to State..
6,510.865.066
1,235,627,281
851.620.210
3.841.368,600 3.596,152,435
89.369,782,940 84,154,412.435
17,705,543.819 8,101,942,355
8,219.534.270
52.08%
45.89%
—0.55%
hand to night l!ab
2
IX
Sept.
IX
Richmond
Atlanta
IX
Chicago
IX
2
2
2
2
IX
Sept.
2, 1937
2
Minneapolis
IX
Aug. 24, 1937
2
Kansas City
IX
2
Dallas
IX
IX
3. 1937
Aug. 31, 1937
3, 1937
2
San Francisco
Sept.
Sept.
Course of Sterling
b Includes bills discounted abroad, c Au¬
18. 1930, laws of June 23. 1936. convention of
of June 29, 1938. The last Increased the June 30, 1937,
of 20.000.000,000 francs to 30,000.000,000 francs, of which 18.050.000.000
Includes bills purchased In France,
by convention of June
29, 1937, sold valuation has been at rate
gold, 0.9 fine, per franc: previous to that
Exchange
downward trend which has been
STERLING exchange continues to evident the
follow
ever
end
the
since
of
Currently the
July.
francs have been taken.
Since the statement of June
o"
2
58.03%
June 30. 1937. and decree
allowance
IX
Philadelphia
4, 1937
May 11, 1935
Aug. 27. 1937
Aug. 21. 1937
Aug. 21. 1937
40,133,974,773 20,008,455,160 13,328,423.000
No change
Propor'n of gold on
thorized
Aug. 27. 1937
1 X
St. Louis.
bills discounted., +
•
Sept. 11,1936
Francs
Francs
Francs
No change
Gold holdings
Credit bals
Sept. 9, 1937
1
Cleveland
Sept. 8, 1938
Sept.
New York
Changes
1X
of 43 mgr.
time and subsequent to Sept. 26, 1936,
Sept. 20, 1930, there were 05.5 mg.
gold valuation was 49 mg. per franc; prior to
gold to the franc.
probably under
more
severe
time since the outbreak of the
pound is
than at any
pressure
World War in 1914.
of
outstanding factor of pressure on sterling and
The
New York Money
Market
all the
MONEY market conditions remained essentially
unchanged this week, despite a large turnover
on
the
quarter-date, when taxes were paid to the
turned
in pay¬
ment for $803,000,000 bonds and notes.
Idle funds
are so abundant that eveji such large transfers fail to
Treasury and large sums also were
affect the rate structure
or
occasion any
over
indication of
ings were modest at all times, and rates were merely
continued from last week.
The Treasury sold on
Monday
further issue of $100,000,000 discount bills
a
due in 91 days,
and awards
on
at an average of
annual bank discount basis.
the New York Stock Exchange held to
0.103%, computed
Call loans
were
on an
1% for all transactions, and time loans again were
datings.
The
bankers'
for
compared with
sight,
a
of between $4.81 % and $4.84 13-16 last week.
range
for cable
range
$4.78%
and
Seasonal
factors
been between
transfers has
compared with
$4.81%,
between $4.81 15-16 and
$4.84%
a
commercial
on
a
week
range
of
ago.
account
are
as
they have been since early summer, adverse to ster¬
and tourist requirements for exchange have
ling,
It has been frequently pointed out
virtually ceased.
that during
wide
the past several
of
years
owing to the world¬
derangement of international trade, commercial
factors have had very
little effect
on
the movement
exchange quotations.
Currently,
the
New York Money Rates
this week has been between $4.78 9-16 and
$4.81 13-16
1%% for maturities to 90 days, and 1%% for four to
six months
consequent upon the German-Czech crisis.
The range
Bankers bill and commercial paper deal¬
tightness.
major currencies is the dangerous international
situation
as
for
many
months, uneasiness
and the
political situation in Europe
over
severe
shifting of funds from all financial centers are the
chief factors in the vagaries
of exchange quotations.
The extreme tension in the German-Czech situation
DEALING in detail with call loans rates was the
on the
Stock Exchange from day to day, 1%
in the
ruling quotation all through the week for both new
a
loans
and renewals.
continues
quiet,
this week.
90
no
The
market for time money
transactions having been reported
134% up to
Rates continued nominal at
days and 134% for four to six months maturities.
The
supply of prime commercial paper has been very
light this week and transactions have been curtailed on
this account. The demand has been brisk. On Sept.
14 rates declined to
%%@M% f°r all maturities.
Bankers' Acceptances
Monday, had
past few weeks, especially since
depressing influence on exchange and all financial
markets.
Securities of every description, shares,
declined sharply
Nothing illustrates
this better perhaps than a United Press dispatch
from London on Wednesday which disclosed that
bonds,
since
and
Government
stocks
Monday in consequence.
British Government
investments in the
funds,
among
the highest rated
world, suffered
a
marked valua¬
Sept. 14, the
tion loss of more than
$400,000,000
date of the
The decline occurred in
dispatch.
the most disastrous sessions
on
one
of
witnessed in London in
THE market for primethis week. acceptanceshave
bankers' Few bills has
been extremely dull
many years.
been coming out
the Government such as was apparent on previous
provement.
and the demand has shown no im¬
There has been
Dealers' rates
as
no
are
and including 90
34% bid and 7-16% asked; for bills running
for four months,
occasions of emergency.
The
reported by the Federal Reserve
Bank of New York for bills up to
days
change in rates.
9-16% bid and 34% asked for five
There was no indication of support by
demand for gold in
months has been
a
London in the past few
excessively heavy and
gave
rise to
corresponding demand for sterling in order to pur¬
chase the
gold
as
offered in the London open market,
Volume
but
Financial
147
great was the demand for dollars and the ship¬
so
ment of
gold to "New York that sterling received no
support as a consequence of gold purchases in the
Ever
last
since
Saturday British investors have
obviously withdrawing from London funds and
been
together with foreign investors have been seeking
The characteristic of the cur¬
is the hesitance of
refuge in the dollar.
rent movement of uneasy money
and
hoarders
speculative interests in the London
compared with recent months. This
gold market volume indicates a marked
gold market,
fall in the
as
preference for the dollar rather than gold.
One reason for this is found in the fact that Lloyds
and other insurance agencies are
risks
war
refused
insurance
on
reluctant to offer
Thus far Lloyds has not
the metal.
on
gold shipments, but it has
refused to offer insurance
ahead for
sufficient time to make it safe for banks
and private
apparently
gold for shipment to New York
Such advance engagements and insur¬
investors to engage
in advance.
therefor have become imperative as
ance
1685
funds sent here for
Treasury
gold
hundred million dollars of
all steam¬
have
estimated that
deposit
below
volume
000,000.
replacing rates which were
marine insurance rates,
Wednesday because of the danger of
on
While British
war.
underwriters
met at Lloyds in
London to consider inserting a "free
seizure" clause,
rates
on
creased
excluding all
American property
so
war
of capture and
risks.
Insurance
Open market offerings of gold in London at price
fixing hour each day for the period beginning July 26,
have reached a total of £57,844,000.
It is under¬
hands during
the
same
the
at
outbreak
to
more
World
the
was
debtor
a
than $3,207,-
The
by
Secretary said that he
trans-Atlantic
financial
authorities
of
in constant touch
was
telephone
and
cable
with
the
England, France, Belgium,
Switzerland and The Netherlands for the purpose
cooperating with them
tripartite
national
signatories of the
as
for
agreement
money
exchange.
stabilizing
defending
any
than the dollar and that when it
it did
other
helped
all
government's
He added
money.
for the government of that
currency
"When
consider the
we
the world because of the
over
Mr.
Morthenthau
On
as
dollars
or
nervousness
European stiuation,"
continued,
markable that there has been
foreign exchange
other
Treasury stabilization fund bought
country, it required reimbursement in gold
within 24 hours.
currency
any
at the request of a foreign govern¬
so
ment and with that
foreign
inter¬
Mr. Morthenthau asserted that
the United States is not
currency
"it is extremely
re¬
little fluctuation in
so
there has been."
Monday the London gold price reached
all-time
of
1936
high of 144s. 7%d.
an
much again has changed
period and for shipment to
as
This
was
high
"Wednesday of 144s. lid.
on
a
an
ounce.
On Thursday there
was
sharp drop of 8d. in the price at "fixing" time.
It is understood that the British
Exchange Equali¬
zation Fund has not been active in the
foreign
change market at the present juncture
or
ex¬
for the
through private sales after price
past few weeks on its own initiative, but it is under¬
The heavy gold movement has as of Sept. 14
stood, without confirmation, that the United States
the United States
fixing.
brought the total gold holdings of the United States
fund has been
to
sterling and gold and in that
$13,421,000,000.
a
heavy seller of dollars and buyer of
July 26 and Sept. 13 total gold shipped
from London to the United States has amounted to
extent arrested the
$146,100,000.
funds
are
trend
of
Between
On
of
followed by a further advance to another new
sharply that they are now in many cases
half
Some banking observers
private foreign funds on
especially in the past few weeks.
abroad have been in¬
four times the rates of two weeks ago.
stood that perhaps
the
It has increased greatly since then, and
any
gold engagements incurred some weeks ago.
several
foreign cash have arrived
Nation, amounted in March
because of
Thursday American underwriters posted new
recent
on
that
War in 1914, when the United States
ships have had their space reserved well in advance
suspended
indicate
invested in the United States, while far
or
the
that whenever the
On
safekeeping, but figures
acquisitions
here in the past few weeks.
market.
open
Chronicle
13 the United States Department of
Sept.
published
Commerce
monthly
its
statement
of
metal in this country during
August. It said that $165,990,271 of gold came in,
of which $91,325,272 came from England.
According to official British sources gold shipped
from England to the United States since late in
receipts of precious
has to
manner
some
precipitate fall in the pound.
Theoretically at least, the exchange equalization
entirely
but
exchange,
on
this
In
not interested in
offsetting the long-term
concentrate
their policies
arresting extreme day-to-day fluctuations.
however, the control funds have
respect,
currently proved inadequate
or
ineffective to
over¬
the excited fluctuations of the market.
come
fact it would
currency
seem
that
In
the whole the tripartite
on
agreement has signally failed to regulate the
$204,000,000.
In addition to these
excessively large totals, gold already engaged for
foreign exchanges or to maintain a genuine approach
shipment and other metal known to be on the water
have reached figures indicative of the extreme un¬
$5.03%.
struck
easiness of
of
July totaled
foreign capital.
A large part
months
very
was
of the gold received in the past few
undoubtedly for private account, but
considerable part of the influx represents gold
equalization funds, and
transactions of the exchange
these
are
likewise
not disclosed in detail.
shipped
earmarking,
never
On
a
gold
to
transactions
Central banks have
United States for
to which details are
the
as
Secretary of the
Treasury
Mor-
genthau disclosed that the European crisis has caused
the
history." The
declined to estimate the amount of
"largest flight to the dollar in
Treasury head
a
stability.
Last February sterling sold at
On Wednesday of this week the pound
low on the movement of $4.78%, a decline
25% cents since February.
Bill rates in London have
quence
London
On
market.
months bills
Friday of last
and
were
as
a
conse¬
were
were
two,-
quoted at 23-32%,
four- and six-months bills were
Wednesday there
in bill rates,
week
9-16% and six-
19-32%. On Monday and Tuesday
and three-months bills
two-
hardened
of the outward movement of funds from the
three-, and four-months bills
On
made available.
Thursday
to currency
was
quoted at %%.
another sharp advance
when two- and three-months bills
were
quoted at 27-32%, four-months bills at 31-32%, and
six-months bills at 1%.
The discount on two- and
three-months bills
was
the largest since December
Financial
v1686
caused
1937, when year-end settlements
a temporary
Chronicle
on
Sept. n, 1938
London continued under pressure.
The
range was
for bankers' sight and $4.80%
'
firmness in the money
market.
$4.80 7-16@$4.81 7-16
while the discount on
-
six-months bills has not been
The
range was $4.79%@)$4.80 7-16 for bankers' sight and
$4,79 11-16@$4.80% for cable transfers.
Closing
The present rate for
four-months bills is the highest since December, 1936,
equaled since September, 1934.
Considering the greater firmness in the discount
market and the heavy exodus of funds from London,
it
,
;
was
surprising that the Bank of England did not
The Bank rate has been
increase its rediscount rate.
This is the
which
maintained at 2% since June 20, 1932.
longest period in the history of the bank during
it has made no change in its discount rate.
All the
gold
this week
stood to be chiefly for
shipment to the United States
On Saturday last at time of
price fixing there was on offer £739,000, on Monday
£1,298,000, on Tuesday £601,000, on Wednesday
£1,412,000,
on
Thursday £1,313,000, and
on
.
gold movement for
At the Port of New York the
Sept. 14,
Reserve Bank of New
as
reported by the Federal
York,
was as
$4.78%, and 7-day grain bills at $4.79%.
at
Exports
Import 8
Continental and Other Foreign Exchange
THE activity confined to sterling, the market was
practically in the foreign exchange dollar, the
Holland
guilder, and to
All other rates
franc.
None
143,000 from Australia
Earmarked for Foreign Account
Decrease
sterling and from day to day during the past week
francs
the
to
much
as
last
of
May the
fluctuations
received from
metal
'the
week ended
on
change in gold held earmarked for
On Friday $1,815,000 of gold was
England.
change
or
in
There were no exports of
gold held earmarked for
foreign account.
merely
discount of 47-64% and a discount
pendent firmness for spot.
due
is
the
to
States, is still
The
that
fact
ease
in sym¬
discounts
on
tendency toward inde¬
a
The firmness in the belga
Belgium,
like the United
form of gold standard.
on a
following
heavy
despite
showed
Belgian futures,
table
shows
the
relation
leading European currencies to the
Old Dollar
Parity
France (franc)_b_c
of
the
United States
New Dollar
Range
This Week
Parity
a
5.26
19.30
6.63
16.95
8.91
32.67
2.68% to 2.70 9-16
16.83
to 16.92
5.26H to 5.26)4
22.49)4 to 22.62)4
Holland
40.20
68.06
53.6634 to 54.02)4
3.92
Belgium (belga)
13.90
Italy (lira)
9-32%.
tables show the
mean
London check
a
Paris, the
open
market gold price, and the
-
/—
(guilder)
New dollar
parity as before devaluation of the European currencies
between Sept. 30 and
"float"
price paid for gold by the United States:
on
Oct. 3, 1936.
June 30, 1937.
c
pound, or 2.79 cents a franc.
The London check rate
Wednesday, Sept. 14
178.31
Thursday,
Sept. 15
178.31
Tuesday, Sept. 13
178.31
Friday,
Sept. 16
...178.31
on
178.31
Sept. 12
b Franc cut from gold and allowed to
was devalued on a
On May 5, 1938 the franc
de facto basis of 179 francs to the
MEAN LONDON CHECK RATE ON PARIS
—.178.31
Saturday, Sept. 10
Monday,
changes in
Switzerland (franc)
a
The following
on
the
inclined to
were
which,
unit
discount
Montreal funds ranged this
relatively steady.
week between
rate
reflected
held under strict control, and the
which is
Belgian
'
of
This week the
dollar:
Canadian exchange while still ruling at a
is
in terms of the
pathy with sterling, with the exception of the Italian
lira,
for the
are
On Thursday #5,149,000 of gold was
Canada.
There were no exports of
foreign account.
par
franc:
a
of gold was
Zealand.
from Australia and $16,000 from New
or
fraction from 178.31
ranged between 2.68% and 2.70 9-16 cents.
Other Continentals
metal,
as a
According to the de facto
pound.
sterling with respect to the dollar.
of which $1,094,000 came from China, $667,000
figures
in the
$2,428,000
Note—We have been notified that approximately $1,777,000
received at San Francisco,
new
The franc is firmly tied to
French franc situation.
The
Net Change in Cold
the
less nominally
or
down in conformity with the dollar-
franc
$70,272,000 total
received from
more
There is essentially nothing
range.
dollar should be 2.79 cents
4,036,000 from Holland
Wednesday.
less degree the French
a
were
marked up or
stabilization
$66,063,000 from England
above
Cotton
for payment closed at $4.79%.
hardly deviated
follows:
NEW YORK, SEPT. 8-SEPT. 14, INCLUSIVE
GOLD MOVEMENT AT
The
90-day
documents for payment (60 days)
bills at $4.78 9-16,
sterling
Friday £799,000.
the week ended
sight bills
Commercial
,
finished at $4.79%, 60-day bills at $4,78%,
and grain
private account.
on
transfers.
cable
for
$4.80
offer in the London open market
on
wras
demand and
quotations on Friday were $4.79% for
taken for unknown destination, under¬
was
On Friday sterling
@$4.81% f°r cable transfers.
relatively steady, though still under pressure.
at
Paris closed
on
Friday
178.30, against 178.31 on Friday of last week.
New York
sight bills
on
In
the French center finished at
LONDON OPEN MARKET GOLD PRICE
Saturday, Sept. 10
144s. 434d.
Wednesday, Sept. 14....144S. lid.
Sept. 12
144s. 7)4d.
Thursday,
Sept. 15—. 144s. 3d.
144s. 7d.
Friday,
Sept. 16... 144s. 8)4d.
Monday,
Tuesday, Sep,. 13
PRICE PAID
FOR GOLD
BY THE UNITED
Sept. 12
Monday,
.....
Tuesday, Sept. 13
...
.
Wednesday, Sept. 14..
$35.00
35.00
Thursday,
Sept. 15.
35.00
Friday,
Sept. 16..
.
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange on
Saturday last w£s sharply off from Friday's close
to
a
new
low
on
the movement.
against 2.70 7-16.
for bankers'
STATES (FEDERAL
RESERVE BANK)'
Saturday, Sept. 10.
2.69%, against 2.70 7-16; cable transfers at 2.69 3-16,
Bankers' sight was
Antwerp belgas closed at 16.90%
sight bills and at 16.90% for cable trans¬
fers, against 16.84 and 16.84.
Berlin marks
were
40.04 for cable
and 40.07.
Final quotations for
40.04 for bankers' sight bills
and
transfers, in comparison with 40.07
Italian lire closed at
5.26% for bankers'
sight bills and at 5.26% for cable transfers, against
5.26% and 5.26%.
Exchange
on
Czechoslovakia
$4.81@$4.81 7-16; cable transfers $4.81 %@$4.81%.
finished at
On
0.74%, against 0.74%; on Poland at 18.87, against
Monday the pound again declined. The
$4.80
5-16@$4.81 13-16
bankers'
for
$4.80%@$4.81% for cable transfers.
sterling
was
under
severe
pressure.
range was
sight
and
On Tuesday
The
declined precipitously to a
ers'
sight
were
was
low since 1935/ Bank¬
$4.78 9-16@$4.80 15-16; cable transfers
,$4.78%@$4.81 5-16..
Finland at 2.12%, against 2.13%.
closed at 0.88%, against 0.88%.
was
On Wednesday sterling
new
on
Greek exchange
—•—
range
$4.80@$4.80 7-16 for bankers' sight and $4.80 1-16®
$4.80% f°r cable transfers.
18.87; and
3.44%, against 3.45%; on Bucharest at
On Thursday exchange
EXCHANGE on the countries neutralfluctuations
during the
moved in close relation to the
war
of
sterling.
dam
was
The foreign exchange market in Amster¬
exceptionally active and each day it was
noted that there was a
heavy demand there for gold
Financial
Volume 147
coin and bullion and for dollars.
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,
The Bank of The
Netherlands statement for
Sept. 12 showed an in¬
crease in gold
holdings over the previous week of
500,000 guilders, the total standing at 1,481,000,000
guilders. The Bank's ratio stood at 80.9%. Although
the Bank of The Netherlands gold stocks were prac¬
tically unchanged since mid-August, the bank's gold
earmarked abroad, included in total stocks, rose by
31,400,000 guilders, probably due to the Holland
control shipments to New York.
Bankers' sight on Amsterdam finished on Friday at
53.813/2 against 54.03 on Friday of last week; cable
transfers at 53.81%, against 54.03; and commercial
sight bills at 53.76, against 53.98. Swiss francs closed
at 22.56 for checks and at 22.56 for cable
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 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.
The Administration of the
The
cable
Checks
transfers
while checks
transfers at
on
appointment
sion of the
Department of Labor, of
recommend minimum wages
two committees
transfers,
tobacco
Sweden closed at 24.75 and
at
be
120
weeks.
or
no new
The
Exchange on Brazil and Chile seems
irrevocably fixed by the exchange controls and does
not fluctuate
with the movements of the major
pesos closed on Friday at 31.98
sight bills, against 32.13 on Friday of
last -week; cable transfers at 31.98, against 32.13.
The unofficial or free market close was 25.20@25.30,
against 25.30.
Brazilian milreis are quoted at 5.90
(official), against 5.90. Chilean exchange is quoted
at 5.19 (official), against 5.19.
Peru si nominally
quoted at 20%, against 20%.
of
the
more
'
The
Gold Bullion in
•
some
of the
provisions of the Act appear to apply to all
not
specifically exempted. The exemptions so speci¬
are
and
considerable, and include employees in
establishments
service
re¬
whose business is
mainly intrastate, seamen, fishermen, employees of
railroad
air carriers and local bus
or
or
street rail¬
lines, farm workers, and persons engaged in
way
;
packing
processing certain food products.
or
designation of
an
state commerce,
The
industry as one engaged in inter¬
for the purposes of the Act, is ap¬
parently left to the Administrator under Section
5
(a), which provides that "the Administrator shall
soon
as
practicable appoint
an
industry commit¬
tee
for each
the
production of goods for commerce," "commerce"
industry engaged in commerce or in
being previously defined as meaning "trade, com¬
merce,
transportation, transmission or communica¬
tion among
any
the several States or from any State to
place outside thereof." Definitions of interstate
commerce,
European Banks
make-up of the textile committee, its
employees engaged in interstate commerce who are
as
Closing quotations for yen checks yesterday were
28.00, against 28.11 on Friday of last week. Hong¬
kong closed at 301.16@30 3-16, against 30.20@
30 5-16;
Shanghai at 17%, against 17%@17%;
Manila at 49.85, against
49.85; Singapore at 55%,
against 56%; Bombay at 35.82," against 35.93; and
Calcutta at 35.82, against 35.93.
even
problems with which the system will have to deal.
.
to
which has declined steadily to a new low in
than three years.
of that date
as
until later. An examina¬
upon
has created for its administrators and
EXCHANGE on the the dollar due countries is
Far Eastern the lower
rate
into effect
jurisdiction, and the duties it is expected to
tail
cross
go
agreed
are not
fied
York-London
23, and the schedules recommended
perform will illustrate the situation which the Act
♦
New
engaged in interstate
provisions of the Act regarding min¬
presumably
they
field of
paper
the
the regulation of wages and
and maximum hours become operative
October
on
tion
bankers'
on
upon
days after the date of the approval of the Act,
will
if
currencies.
watch
25,
by the committee, if approved by the Administrator,
fluctuations.
close
August 31 that
the wages and hours law, will
industries
certain
commerce.
Where there is any freedom of exchange, as
in the case of Argentina, rates follow closely sterling
as
brought to bear
hours in
imum wages
easier in terms of
on
likely to be designated for the
trade, calls attention to the approach of the
commonly known
on
quotations for sterling, to which the Far Eastern
units are in one way or another allied.
On Wednes¬
day the Japanese Finance Minstry announced that for
the time being it intends to maintain the present yen
exchange rate, which is virtually linked to the pound
at the rate of Is. 2d, per yen.
Tokio is keeping a
committee to
time when the Fair Labor Standards Act of June
24.75, against 24.85 and 24.85;
Norway finished at 24.12 and cable
24.12, against 24.22 and 24.22.
Argentine
were
a
in the textile industry,
together with the announcement
EXCHANGE on the South from those of recent
presents
features American countries
for
Tuesday by Elmer F. An¬
on
drews, Administrator of the Wage and Hour Divi¬
Copenhagen checks finished
21,43 and cable transfers at 21.43, against 21.52
and 21.52.
Wages
and Hours Law
against 22.62 and 22.62.
at
1687
Chronicle
however, have thus far been made by the
courts, and it is doubtful if the Administrator would
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
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
are
shown for the
corresponding dates in the previous
four years:
Banks bf—
£
327,885,136
293,728,20'
Prance
M
1937
£
1936
*
.
1935-
£
£
194,315.231
428,257,505
2,223,900
88,092,000
575,967,151
88,130,000
Switzerland
113,875,000
83,206,000
54,159,000
29,319,000
25,944,000
6,549,000
6,602.000
24,132,000
3,008,600
c63,667,000
a25.232.000
123,376.000
Italy
Netherlands
Nat-Belg'm
Denmark
Norway
__
...
-
6,538,000
7,442.000
6,552,000
6,804,000
192,433,716
657,227,599
3,259,850
90,777,000
53,013,000
49,976,000
97,621,000
46,612,000
19,900,000
7,394,000
6,601,000
42,575,000
56,846,000
105,707,000
,
£
247,940,825
Sweden—..
Germany b.
**
1934
328,047,961
293.480,435
2,493,000
87,323,000
25,232,000
105,490,000
102,343,000
Spain
upheld if he attempted to exercise what has been
industry, not obviously engaged in interstate com¬
merce,
within the scope of a definition of his own; It
has been
pointed out, moreover, that
vision of the Act which entitled
1938
England
be
regarded as a judicial function by bringing some
3,026,000
90,597,000
68,577,000
71,951,000
75,694,000
64,968,000
15,486,000
double the amount of
cover
from
an
penalty
the
definition,
is
subse¬
gaged in interstate commerce.
The textile
industry, defined in considerable de¬
6,579,000
in
announcement, comprises
general industries "engaged in the manufacture
a Amount held Dec. 31, 1936, latent figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
and
finishing of
reported at £530.050.
c As of April 30. 1938, latest figure available.
report since Aug. 1, 1936.
and
hosiery and including such closely related
.
: j ';:
en¬
quently found by a court to have been actually en¬
7,397,000
1,082,200,94? 1,066,710,396 1.063.089,230 1,145,436,232 1,253,936,515
week. 1,080.670.440 1,066.449.56° 1.064,147,780 1.148.145,515 1.252.480 038
-
re¬
unpaid minimum wages
Administrator's
Total week.
'
pro¬
employer who, having been exempted
tail in the Administrator's
Prev
a
employee to
employer who violates the Act could be
forced upon an
under
an
Also first
yarns
and fabrics other than wool
op-
Financial
1688
erations
that
cannot satisfactorily be
as
separated from
Rayon is excluded by an exception
group."
applying to "the chemical manufacturing
thetic fibre and such related processing of
Workers
Union,
underwear
against the inclusion of knitted
apparently did not prevail with Mr. An¬
"Times," "because a determination covering
expiration of seven years from the effective
and hour requirements of the Act
lapse with such expiration unless
to
are
refer it to another, but he can¬
or
impose any changes. Orders issued prior
date of the wage
and of
committee
as
it was
small
as
the commit¬
either as a whole
through subcommittees, conduct hearings and re¬
quire the attendance of witnesses and the produc¬
tion of books and papers. On the basis of its find¬
dustry, and for that purpose may,
or
ings it is to recommend to the Administrator
"the
highest minimum wage rates for the industry which
determines, having due regard to economic and
competitive conditions, will not substantially cur¬
employment in the industry." The recommenda¬
rates is limited by the stipulation in
tion of wage
the Act of
a
rate not less than 25c. per
the first year
of the Act, not less than 30c. per hour
for the next six years,
40c. per
hour
hour during
or,
and thereafter not less than
under
an
order of the Administra¬
tor, a rate not less than 30c. an hour, whichever
The Administrator may,
lower.
the first
a
however, fix from
rate of not more than 40c. per hour.
wage
The committee has
hour
is
no
jurisdiction
over
hours, the
schedule, with the exception of certain arrange¬
ments that may
be made through collective bargain¬
ing, being fixed by the Act at not more than 44 hours
week for the first year, not more than 42 hours
second year,
for the
and not more than 40 hours
The committee is further directed to recommend
"such reasonable classification" within the
industry
"as it determines to be necessary
for the purpose of
fixing for each classification
.
.
.
the highest min¬
imum
wage
which
(1) will not substantially curtail employment
rate
(not in excess of 40c. an hour)
in such classification and
petitive advantage to
No classification may
regional basis
factors,
or on
affected
(2) will not give
a com¬
in the industry."
any group
be made, however, solely on a
the basis of sex
other relevant
among
mittee is to consider
are
ones,
or age.
The
which the com¬
"(1) competitive conditions
by transportation, living, and production
(2) the
costs,
wages
established for work of like
comparable character by collective labor agree¬
ments
negotiated between employers and employees
by representatives of their
the wages
a
own
paid for work of like
choosing, and (3)
or
comparable char¬
acter
by employers who voluntarily maintain mini¬
mum
wage
standards in the industry."
If the Administrator finds
recommendations conform to
the Act and
are
that the committee's
the
requirements of
supported by the evidence presented
hearings, he is required, after due notice to in-
same
quality as the textile commit¬
exhibits, the Act will probably be given as fair
trial
on
If the committees to be named
post.
of the
are
intelligent and
referred to them,
exceptional qualifica¬
and Mr. Andrews himself has
tions for his
could reasonably be
as
expected. Quite aside,
hand, from the fundamental objections
the other
regulation of wages and hours in any in¬
to Federal
dustry which is not, by clear constitutional warrant,
entirely subject to Federal control, it is doubtful if
contribute anything whatever to
the Act will
the
lessening of unemployment or to the establishment
of harmonious relations between
employers and
em¬
ployees. The necessity which the various committees
will be under of
taking into account, in recommend¬
ing minimum wage scales, the agreements made un¬
collective
der
practice
can
bargaining arrangements
only
mean
(which in
agreements made with the
approval of the National Labor Relations Board)
opens
the way for the familiar pressure by labor
organizations
upon
employees for better terms than
the committees have recommended.
surance,
wages
There is
no as¬
in other words, that the fixing of minimum
will prevent strikes.
There
other difficulties.
are
Mr. Andrews is
re¬
ported to have ruled, in opposition to a claim put
forward
by John Brophy, national director of the
Committee for Industrial
in the Act
Organization, that nothing
requires hourly wages to be raised, if un¬
der the Act
maintain
thereafter.
which should insure an
careful treatment of the matters
employees and with one of its public members
investigate conditions within the in¬
membership of the textile committee is of a
The
later
It is to
employment in the industry.
character
tee
chairman, has its duties carefully defined by the
Act.
ment of
representatives of the public, of employers
tween
at
to the
articles did not appear to
immediate requirement, and because
possible and still cover closely related trades."
The committee of 21 members, equally divided be¬
or
committee
same
not himself
in order to prevent substantial curtail¬
deemed advisable to make the
as
ommendations, he may send the matter back to the
is necessary
an
per
If he disapproves the rec¬
recommendations.
to the
and worsted woven goods were
Wool hosiery
the manufacture of these
tail
giving effect
heard, to issue an order approving and
Administrator find that a continuance
York
it
parties and .opportunity for them to be
terested
included, according to a dispatch to the New
not
as
Sept. n, 1938
tee and the
drews.
be
Garment
Ladies
International
the
syn¬
by David Dubinsky,
A protest made
of
President
yarn as
manufacturing
is conducted in establishments
thetic fibre."
of syn¬
Chronicle
working hours
the
weekly
are
wage
reduced, in order to
level,
but it will be
strange if such reductions in weekly earnings, where
they
not regarded as serious grievances.
occur, are
The Act further
nor
any
provides that none of its provisions,
order of the Administrator, "shall excuse
non-compliance with
any
Federal
or
State law
or
municipal ordinance" establishing a higher mini¬
lower maximum work week than *
mum
wage or a
those
contemplated by the Act. Under the Walsh-
Healey Act, however, the Secretary of Labor has
already, in
a
number of cases, fixed wages at figures
considerably higher than the maximum of 40c. per
hour
of
the
wages
which furnish
and hours law for industries
supplies to the Government. Any in¬
dustry, accordingly, that bids on Government con¬
tracts may
tions
find itself subject to two sets of regula¬
which
are
but which may
duction
operations.
trouble in the
considerations
may not
the
not
only mutually contradictory
be very difficult to observe in pro¬
There is a maze of further
weight that may be given to regional
notwithstanding that classifications
be made solely on a regional basis, and in
application of the statute to establishments hav¬
ing contracts with other establishments in which
minimum
wages
are
lower.
The committees have
•
Volume
Financial
easy task
no
147
assigned to them, and while judicial
review is limited to
questions of law if the
of fact
by the Administrator
stantial
to
ees
mum
evidence, the opportunity given to employ¬
double the amount of
recover
unpaid mini¬
together with costs and
wages,
attorney's fee,
like
is
such
no
guarantee regarding any minority or re¬
gion in Czechoslovakia. Moreover, not only would
the
Czechoslovak
whole
decide
that
would
also
which
an
The addition of this liability to
attaches
to
decisions of
the
Labor Relations Board constitutes for
National
employers
a
jeopardy.
Government,
fix
to
its
Germans
were
sible
Chancellor Hitler delivered last
the speech had not only done
tension
over
appreciably
dwelt
at
Monday
that
was
nothing to lessen the
Czechoslovakia, but that it had brought
the possibility of war. The speech
nearer
length
the injustices to which the
upon
Sudeten Germans
alleged to be subjected and
were
the
satisfied,
able to
Germany,
ducted.
notiations with
tunate
but
this week
just made, and the determination of Germany
that
see
redress
a
longer delayed
was
of
grievances
emphasized.
ment
not much
The whole tone of
the speech seemed intended to
put
mans
was
the Sudeten Ger¬
wholly in the right and the Prague Govern¬
perversely in the
with
many
a
honor bound
and to confront Ger¬
wrong,
high national duty which it was in
to' perform. The extraordinary enthu¬
siasm with which the
speceh
was
who heard it seemed also to leave
greeted by those
no
doubt that the
and
an
trivial
case
a
the correct
Further
one.
be resumed at the
would be
the
London and Paris.
not mention
nor
It
did not close the door
nor
was
noticed that Hitler did
actually threaten resort to
arms.
He
against further negotiations
deny that diplomacy and good offices might still
have
some
pefhaps,
What
resources.
was
was
more
significant,
the intimation that the Sudetens
entitled to the
were
privilege of self-determination
as
a
Czech
gendarmes
foreign observers and to make
instigation of the Henlein leaders,
farce.
a
In the present
agitated state of
country, the only plebiscite that would command
respect
or
conducted
have any chance of
sufficient to
keep the
or
a
and insure proper
Germany would consent to
Sudeten
controversy by
An alternative solution lies in
such
a
a
that they would accept policing by
an
was
a
reference of the
international conference. Whether
conference has been in the mind of Prime
Minister Chamberlain is not
known, and until his
promised statement to Parliament is made the
Hitler in his memorable visit to
presumably not be divulged.
said,
no
doubt, in favor of
a
Berchtesgaden will
There is much to be
conference.
It has be¬
the Sudeten Germans and the Czechs has
passed
conditional approval of
scite, and London and Paris
this procedure as
offering
speech, in other words,
be rather
to
more
was
were
a
a
quick to seize
possible
found
way
upon
out.
and
upon
The
examination
significant in its guarded allu¬
sions and what it left out than in the heated
tions
plebi¬
intimations
of action
to
which
it
that
itself, the disposition is to
seems
to offer escape
which attended the
has
It is also
evident that the kinds of pressure which
Germany,
Great Britain
from
grasp at
war.
anything
The
success
question of allegiance,
the parallel with the situation in Czechoslovakia
is remote.
of
a
The Saar
was
hel'd in
pursu¬
stipulation in the Treaty of Versailles that
the inhabitants of the
from
on a
plebiscite
region, which had been taken
Germany and turned
over
Italy have been exerting have
the
to France, should
approach to
a
solution of
problem. Whatever the merits of the case, the
one
of general
interest to the
European Powers, and the only method thus far
developed for dealing with such
the
interested
Powers
to
meet
a
situation is for
in
conference and
decide what shall be done.
naturally served to commend that method of de¬
ance
and
not resulted in any near
plebiscite in the Saar, in 1935,
termining public opinion
but
both of them and Viscount Runciman.
gave
Europe
the
point where it is likely to be settled by negotiation,
either between the two parties or between either or
conflict has become
In the state of extreme tension in which
finds
increasingly clear that the dispute between
emo¬
voice.
na¬
ture of the discussion which he had with Chancellor
consulted.
a
al¬
an
represented.
come
The references to self-determination im¬
a
plebi¬
minority large enough to have its political wishes
plied, of course,
con¬
that either
no assurance
lied force in which neither of them
controversy to
one
number of foreign
independent allied force
peace
polls. There is
Czechoslovakia
or
an
would be
success
by representatives of
governments, backed by
study of the speech, how¬
has modified somewhat the first reaction in
ever,
incident, and by precipitating
plebiscite undertaken by the Prague Government
regions where open fighting has been go¬
ing on, and where hostilities might at any moment
scite,
was
con¬
in German
settlement of the
possible that this first impression
in which it should be
peaceful settlement of their claims. A
for the Leader to
It is still
agreement would have to be
collisions with
among most
duct at the
act.
plebiscite would be accept¬
a
police, have done all they could to prejudice
Chancellor's appeal had evoked all needful
response
from the German people, and that it remained
only
give the word and Germany would
State.
following, by breaking off nePrague in consequence of an unfor¬
armed
their
to
would make pos¬
The Henlein
impossible
had
such, if the Sudeten
as
assumption is all that is safe
reached about the
way
charged with falsehood in
radio speech which he
an
at the moment—that
sufferings, certainly much exaggerated, which
they have had to endure. President Benes was
a
terms, and it is clear
absorption by Germany of the
Sudeten Germans; in other
words, a dismember¬
Assuming—and
impression made by the speech which
the
eventual
an
to be
ment of the Czechoslovak
first
perhaps
well, have to
as
plebiscite should be held, but they
a
have
that the terms would have to be
Alternatives of War and Peace
The
and
body of its voting nationals
invitation to labor agi¬
seems
leged violations.
double
reasonable
a
1689
at the end of fifteen
years be given an opportunity
to choose between French and German rule.
There
instigate suits against employers for al¬
tators to
that
findings
supported by sub¬
are
Chronicle
Yet
ise
a
conference, like
a
plebiscite, does not
denounced
Henlein
as
a
traitor
party, should find itself with
a
and
civil
banned
his
war
on
its
case
to
hands, it might properly refuse to submit its
a
prom¬
plain sailing. If the Prague Government, having
conference and insist upon
in its
own
way
dealing with rebellion
without outside interference.
The
Financial
1690
experience of Spain, however, does not suggest that
outside interference could be prevented or that the
would long
war
merely civil conflict.
a
for union with the Reich is
mans
merely
of
remain
On
hand, if the demand of the Sudeten Ger¬
the other
forward by
alleged demand put
an
genuine, and not
a group
agitators and intriguers, the submission of the
controversy to the decision of a
amount to
confernece would
surrender by the Prague Government
a
advance, since it is improbable that any confer¬
in
if it were convinced that the Sudetens really
ence,
rule and would continue their ef¬
wanted German
obtain it,
fort to
would insist that they continue
A voluntary acceptance
under the rule of the Czechs.
of
conference, moreover, by the Prague Govern¬
a
ment would be a
norities
and
to
direct encouragement to other mi¬
of their claims,
consideration
demand
conference called ostensibly to deal
a
with
a
Chronicle
Sept. n, ms
pected to concur in any plan on which Mr. Cham¬
berlain and Chancellor Hitler may agree.
lish Government has been
but neither in
Rumania,
The Po¬
discreetly silent of late,
in Yugoslavia, nor in
nor
Hungary is there evidence of support for Germany
A study of the treaties of al¬
in the event of war.
which Czechoslovakia has with France and
liance
Soviet Russia seems to relieve the last named Pow¬
obligation to aid Czechoslovakia un¬
from any
ers
less it is attacked
by another Power, and the possi¬
bility of either French or Russian aid in the event
that
Hitler, without openly making war upon Czech¬
oslovakia, should contrive to intervene by force ap¬
the other
on
hand, has declared its solidarity with Italy
the
and
Japan,
to have been somewhat dimmed.
pears
Reich, and while hoping to maintain
a
friendly neutrality in case of war has clearly recog¬
nized its attachment to the Berlin-Rome axis.
The
particular situation in Czechoslovakia might find
Assembly of the League of Nations, in session at
the whole minorities
Geneva, finds its proceedings entirely overshadowed
There
problem deposited in its lap.
to be
seems
doubt that Mr. Chamber¬
no
by the Czechoslovak imbroglio and the possibility
Chancellor has relieved
that, if Avar comes, it may again be faced with the
lain's visit to the German
somewhat the extreme tension in
Europe, and that
hope of avoiding war has been revived.
also testified to the
gravity of the situation
as
the
Spec¬
regarding what was said at the interview
the
or
understandings, if
would be
that
any,
It
The visit
British Prime Minister and his Cabinet see it.
ulation
issue of sanctions.
were
reached
idle, however, in advance of official dis¬
inevitable that the
was
have
that American
examine
be
European crisis should
effect upon the American stock market, and
an
exporters should feel called
carefully their position.
Secretary Hull
closures', and for those the world apparently must
wait.
Avhich, while avoiding anything specific,
:;;y
-
Meantime, it is important to note the attitude of
than
Powers
other
Germany and
Great Britain.
Italy has been strongly urging the Prague Govern¬
yield to the demands of the Sudeten Ger¬
to
ment
mans to the extent of granting a large measure of
has unofficially called
and
autonomy,
vices
it is
lieved to be exerting
himself to the utmost and with
disinterestedness, and that Germany has been
urged by Italy to avoid war.
France, while main¬
/
Financial statistics
Earnings of United S\
grip
Of
late,
moreover,
ates
Three
of
the
no
on
cedures
which
late in
obligations
a
success.
The
what
enues
of
reported to have achieved considerable
expedient, however,
as a measure
can
of
a
application-for
ing
of desperation, which is some¬
The
New
on
:
of
a mere
;
the pro¬
general state of
poor
President
are
Roosevelt
urged before the
at the bottom of the troubles.
we noAv
present show gross rev¬
only $299,038,208 in that
compared to $364,488,504 in July of last
decline of $65,450,296, or 17.95%.
in the number of railroad
expenses
166,900,
the
con¬
fused situation of that line needs to be cleared up
Month of July
By dint
were
cut
employees, operat¬
sharply,
but not
nearly
thus amounted in July to $77,310,037
against $98,476,937 in July, 1937, a decline of $21,-
York
its refunding 4%% bonds, but the
;
adopted by three large systems in recent
Net earnings
Chicago & St. Louis RR. (Nickel Plate) defaulted
Sept. 1
I
enough to offset the heavy fall in gross revenues.
simple halt in debt payments and
reorganization.
firm
great effort, which involves also considerable de¬
crease
only be re¬
preferable from all vieAvpoints to the more
drastic step
a
it waits for
show.r
deficiencies
or
for the railroads of
month,
are
merits
the statistics which
year, a
railroads
for the
as
be ascertained whether this is
can
even
of the two
managers
its temper and intelligence
Congress
reduction of debt service
In this endeavor the
controversy in which
a
involved, and keep
Despite fairly substantial crop movements in July,
The Balti¬
Lehigh Yalley systems undertook
charges.
garded
business
August to negotiate Avith large holders of
their fixed
extremely
business and the lack of that relief for the carriers
last
& Ohio and
need to become
weeks, it is plain that the
large systems of the
artificially high operating costs.
situation
a
an
desirable that the United States
ever
Whatever the
tain their debt service in the face of poor
and
than
Railroads
country have given up the unequal struggle to main¬
more
In
shows
preliminary to reorganization.
there have been numerous inci¬
more
Europe.
suspicion cannot be altogether disregarded,
more
before it
point toward the
dents that reflected the situation in the most drastic
manner.
in
what the immediate future may
by the principal carriers.
great difficulties faced
the side of Great Britain
on
to
and in which political and personal partisan¬
or
it has
covering railroad operations
in the United States continue to
resorted
should hold itself aloof from
taining its military and naval preparedness, is ex-
Gross and Net
well
complex array of national and international influ¬
ences,
to the effect that Mr.. Chamberlain is be¬
are
entire
Vis¬
upon
are
give the impression'that the United
to
which, like the present one,
ship
a
is
war
of the general statements
any more
States will bfe found
plebiscite. Rome ad¬
count Runciman to demand
making
calculated
if
to
hoped, however, that increasing public criticism
will deter President Roosevelt and
from
'
upon
It is greatly to
:■
or
various
21.49%.
districts
It is noteworthy that among^
and
regions of the country,
only the Central Western region was able to report
Volume
147
Financial
small increase of net
a
Chronicle
1691
1936, 1932 and 1929.
revenues, although even that
region suffered along with the rest from the fall of
readily
seen
general
covered
was on a
business.
We
statistics
the
present
in
tabular form:
with
Month of July—
Mileage of 136 roads
1938
Operating
'
Inc.
or Dec. (—)
—904
0.38%
t-F)
235,390
$299,038,208
$364,488,504
—$65,450,296
17.95%
221,728,171
266,011,567
—44,283,396
72.98%
$98,476,937
—$21,166,900
21.49%
Ratio of expenses to earnings.
Net earnings
n
significance
continues
to
a
amber of
roads
was
attach
the
to
greatly reduced scale
year
will
it
be
It
ago.
follows,
as
compared
too, that the
cars
of
much smaller than in July last year.
On the other
outports
examination
very
16.64%
74.14%
$77,310,037
expenses
Much
1937
234,486
Gross earnings.
July
On
that the output of all the industries
revenue
freight moved by the rail¬
hand, cotton receipts at the Southern
much larger and the livestock
were
(except at Omaha)
were on an
receipts
increased scale.
The
efforts of the railroad executives to bring the wage
receipts of the different farm products at the West¬
scale down to reasonable
The attempt
ern
far has been unsuccessful,
the
to mediate the
although it
problem
reduced
than
in
over
the
even
the 1929 levels must be
light of present conditions.
cut
sup¬
further indication of the sacrifices already
a
made
procedure, and the efforts to
by agreement with large investors
debt service
plies
by
and by those who loaned money
owners
to the carriers.
Railroad
labor, however,
altogether disinclined to make
tribution
toward
William
M.
Mediation
alleviation
of
even a
the
con¬
Dr.
Leiserson, Chairman of the National
Board which
tion in wages,
rail
seems to
modest
problem.
a
efforts
were
the rail unions
cedure.
He
indicated,
moreover,
that
of
what
find
to
adverse to such
The further
obscure for the time
course
a.
sensible pro¬
of this matter remains
being, with several alternatives
under debate.
In the
in both the
case
the
of trade
of
meas¬
the
railroads
during
latter),
and
embrace
on
have brought together in the table
we
figures indicative of activity in the
more
important industries, together with those pertaining
to
grain, cotton and livestock receipts and
freight
car
revenue
loadings for the month of July, 1938,
as
compared with the corresponding month in 1937,
the decreases
(both
instances
large
of
1938
1937
1936
1932
1929
in gross
no
the
of $100,090,
excess
and of the net, are very
and
and net)
gross
all
Moreover,
in
are
Only
amount.
of
systems
of the country.
numerous
others
report increases in the
In the table which follows
for the
one
earnings above $100,000, and this
seven
we
same
case
show all
road
of the
changes
separate roads and systems for amounts in
of
excess
$100,000, whether increases
and in both
or
decreases,
and net:
gross
PRINCIPAL CHANGES IN GROSS EARNINGSIFOR THE MONTH
OF
JULY
Increase
Chicago Burl & Quincy.
-
Pennsylvania
New York Central
Duluth Missabe & I R
Baltimore &
Ohio
325.067
1,825,637
Missouri-Kansas-Texas.RR of New Jer._
Cine N O & Texas Pac
260,693
250,601
236,716
221.741
203,678
203,119
189,112
155,313
153,886
151,738
151,348
1,520,791 Central
1,472,833
1,329,897
Chicago & Nor Western.
Nashville—
1,256,265
1,147,462
Elgin Joliet & Eastern—
Union Pacific
of Georgia
Penn-Reading Seash L__
Chicago & Eastern 111
Wabash
St Louis Southwestern.Mobile & Ohio
Detroit Toledo & Ironton
Chic St P Minn & Om—
Chicago Great WesternNashv Chatt & St Louis.
Chicago Ind & Louisv
1,137,751
1,037,193
1,002,806
993,522
915,281
896,750
871,702 Clinchfield
Reading
Pitts & Lake Erie
Southern Ry
Missouri Pacific
N Y N H & Hartford
roads)
144.726
135,401
130,840
127,719
125,370
116,854
Duluth So Sh & Atlantic.
Maine Central
776,794 Det & Tol Shore Line.—
702,548 Kansas City Southern.635,763 Gulf Mobile & Northern.
631,847 Montour
616,871 Central Vermont.
598,205 Rich Fred & Potomac
573,829 Virginian
859,542
856,919
_
Pacific
Marquette
Illinois Central
Minn St Paul & S S M—
Atlantic Coast Line
Chic R I & Pac (2 roads)
Del Lack & Western
Grand Trunk
377,354
375,752
343,321
1.893,049 Central
Bessemer & Lake Erie
Pere
453,563
394,334
384,409
384,225
1,914,782
Norfolk & Western
Erie (2 roads)
Northern
$487,065
461,768
2,505,347 Denver & Rio Gr West..
2,485,501 Lake Sup & Ishpeming..
Northern
Atch Top & Santa Fe
Chesapeake & Ohio
St L-San Fran (2
Decrease
$150,794 Wheeling & Lake Erie..
Lehigh Valley
W TlvrrofiitP
Western Maryland
$10,509,582 Delaware & Hudson
a7,829,262 N Y Chic & St Louis
3,315,866 Seaboard Air Line
3,095,178 Texas & Pacific
566,147
551,947
Western..
Colo & Southern (2 roads)
Total (70roads)
116.334
115,198
114,981
114,044
108,893
107,909
$63,949,930
These
figures cover the operations of the New York Central and leased
lines—Cleveland
Cincinnati
Chicago &
St.
Louis, Michigan Central,
Automobiles (cars):
a
Production (passenger
cars,
of
road, the
Chicago Burlington & Quincy, is able to show a gain
Boston & Maine
July
figures
scrutinized that the
are
roads
classes and in every part
Louisville &
the month
above, it is
long (totaling 70 roads in the former and 42 in the
Chic Milw St P & Pac
review,
below the
simplified form the
a
activity in relation to its bearing
revenues
under
of business
primary factor in the railroad picture.
In order to indicate in
ure
course
the
of the gross
Southern Pac (2 roads)
meantime, the general
said
reporting losses in
Great
still is the
been
when
that
agreeable to arbitration, whereas
were
has
separate roads and systems
lists of roads
net.
Chicago, Aug. 31, that the Board
fruitless.
were
the railroads
view
surprise
15% reduc¬
and the strenuous opposition of the
in
In
and
an
employee unions to any concession, was forced
announce
primary markets, also, ran much heavier—with
single exception of wheat.
ad¬
attempted to make
justment of the carrier application for
to
More
30% of the rail mileage is in the throes of
reorganization
be
so
sufficiently obvious that labor
appears
scales far
wage
proportions.
trucks, <tc.).a_.
141,437
438,968
440,731
109,143
500,840
Cincinnati
Northern
Evansville
and
Indianapolis
&
Terre
Haute.
In¬
cluding the Pittsburgh & Lake Erie the result is a decrease of $8,822,784.
Building ($000):
Constr. contr. awarded b
$321,603
$239,799
$294,735
$128,769
PRINCIPAL
$652,436
Bituminous, c
23,460,000 31,990,000 32,005,000 17,857,000 41,379,000
2,571,000 2,748,000 3,925,000 3.021,000 4,810,000
Pa. anthracite.d
OF
receipts,
3,572,849
2,429,330
5,265,998
South¬
160,264
128,999
101,820
178,997
77,294
Chicago (cars)
6,148
5,466
3,309
4,520
7,522
Union
1,641
1,794
3,120
2,203
6,653
receipts h:
Flour (000 barrels)...
zl ,976
zl,661
Z2.081
zl,797
Z2.031
Wheat (000 bushels)._
zll2,432
Z121.527
Z95.243
z43,835
zll3,249
z31,788
Z12.026
Z19.707
z8,865
Z23.816
zl1,174
z8,560
z20,297
z8,651
zl2,102
Barley (000 bushels)..
z4,001
zl,827
Z7.424
z789
z4,532
Rye (000 bushels)
zl,387
zl,357
z2,306
z900
z846
Corn (000 bushels).
Oats
__
(000 bushels)
•
Decrease
Atlantic Coast Line
Western..
251,468
241,086
225,040
217,624
199,388
198,307
Island
Pacific
-—
Yazoo & Miss Valley
flour and grain
Colo & Southern (2 roads)
Pere Marquette
Pittsburgh & Lake Erie..
Northern
Pacific
Missouri Pacific
Seaboard Air Line
Lake
Grand Trunk
Total (8 roads)
Decrease
Chic Milw 8t Paul & Pac
Duluth Missabe & I R— $2,865,485 Chicago R I & Pac (2 rds)
New York Central
#2,551,3531 Texas & Pacific
2,239,349!Western Maryland
Pennsylvania
Great
Northern
Bessemer & Lake Erie—,
Erie (2 r
Chesapeake & Ohio
1,643,0041 Penn-Reading Seash L__
1,236.542 N Y Chic & St Louis.—
967,903 i Wheeling & Lake Erie—
962,290'Baltimore & Ohio...
949,714'
Central RR of New Jer..
834,343
583,642
542,609
472.038
Boston & Maine
Elgin Joliet & Eastern..
StL-San Fran (2 roads)_
Minn St Paul & S S M—
Reading..
Del Lack & Western
(grosstons):
Pig iron production.k_.
1,201,785
3,498.858
2,594,268
572,296
Steel ingot production. 1.
1,982,058
4,556,304
3,914,370
806,722
3,785,120
4,850,583
Lumber (000 cubic feet)
423,566
423,384
Western
.
Total (42 roads)
$22,476,443
Louisville & Nashville...
x^54,458 xl.307,346
x883.80«
X449.810 xl ,215,636
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of $2,949,995.
XO07.307
United States Bureau of the Census,
Rocky
Mountains),
e
c
Dodge Corp. (figures for 37
Bituminous Coal Commission,
Institute,
m
National
These
x
Four weeks,
z
The reader needs
f Com¬
Lumber Manufacturers Association (number of
reporting mills varies in the different years),
a
b F. W.
National
Association of American Railroads,
piled from private telegraphic reports,
g Reported by major stock yard companies
n
each city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
Steel
Virginian
116,290
115,017
103.515
102,861
X413.701 xl,380,577
d United States Bureau of Mines,
and
....
X977.735
xl,004.48°
Orders received.m
of
Southern Ry
X878.604
Note—Figures in above table issued by:
east
_
x742,855 xl,092,527
...
Shipments.m
a
153.999
141.051
119,249
X804.737 xl,003,595
Production.m
States
177.589
452,887
Norfolk &
Southern Pacific (2 rds)
Iron & Steel
MONTH
Sup & Ishpeming—
369,773
276,473
221,817
159,186
125,168
115,039
Pacific
18,736
3,400
8,940
2,707
9,786
Kansas
Western
THE
$410,077
409,401
402,879
398,642
367,026
347,051
337,617
293,157
485.924
Top & Santa Fe—
Western
Long
City (cars)...
Omaha (cars)
FOR
JULY
$805,603
.
Illinois Central
Car loadings, all (cars).e z2,86l,762 z3.794,249
ern
EARNINGS
$2,558,983 Cine N O & Texas Pac_.
Chicago Burl & Quincy.
Chicago & Nor West
Atch
Freight traffic:
ports (bales)_f.._
Livestock receipts g:
NET
Increase
•
Coal (net tons):
Cotton
IN
CHANGES
Five weeks.
roads
are
hardly to be told that when the
arranged
in
groups,
or
geographical'
divisions, according to their location, all the three
Financial
1692
Sept. 17, 1938
Chronicle
WESTERN FLOUR AND
great districts, the Eastern, the Southern and the
well
Western—as
all
as
different
the
regions
and net earnings alike, with the single excep¬
gross
tion that in the case of the net the Central Western
region (Western district) reports a small increase,
Our
1.04%.
by
summary
is
groups
below.
as
As
previously explained, we group the roads to conform
with the classification of the Interstate Commerce
boundaries
The
of
different
the
Wheat
Corn
Oats
Barley
Rye
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
1.047,000
13,011,000
842,000
...
1937
13,556,000
...
3,801,000
173,000
212,000
3,859,000
14,261,000
8,492,000
152,000
425.000
854,000
Minneapolis—
1938
...
,
3,000
5,091,000
4,044,000
1937
...
------
6,107,000
341,000
1,341,000
*
891,000
1,489,000
883,000
588,000
1,812,000
4,261,000
1,304,000
1,067,000
74,000
681,000
1,000
2,000
113,000
6,000
Duluth—
1938
...
1937...
MUwaulee—
1938
1937
2,296,000
1,587,000
119.000
734,000
3,761,000
53,000
44,000
120,000
181,000
4,685,000
2,833,000
92,000
68,000
...
...
21,000
315,000
1,049,000
2,000
2,000
240,000
395.000
1,000
4,000
Toledo—
1938...
------
...
Detroit—
1938
and regions are indicated in the footnote to
groups
.
July 30
1937
Commission.
Flour
ms.)
5 Wks.End
Chicago—
1938
grouped under these districts—show losses in both
GRAIN RECEIPTS
...
1037
Indianapolis & Omaha-
the table:
1938
1938
1937
$
%
Eastern District—
Inc.
%
%
13.28
22.08
25.48
New England region
13,372,737
Great Lakes region
50,304,441
56,644,613
64,560,329
—1,776,394
—14,255,888
76,018,184
—19,373,571
(10 roads).
(24 roads)
—35,405,853
22.99
40,909,586
—5,428,131
13.26
18.97
—9,363,619
61.654,156
52,290.537
15.18
1938
11,439,000
1,004,000
776.000
52,000
30,000
569,000
762,000
244,000
31,000
1938
...
157,000
1,512,000
2,301,000
525,000
290,000
42,000
...
183,000
639,000
1,103,000
476,000
221,000
39,000
......
......
1937
City—
1938
68,000
750,000
50,669,000
363,000
416,000
3,681,000
...
47,649,000
72,000
...
644,000
263,000
275,000
5,243,000
32,000
151,000
St. Joseph—
1938
...
...
......
Wichita—
8,293,000
1938...
Western District—
—10,447,124
—6,944,101
22.81
29,072,727
—3,289,599
11.31
148,883,098
—20,680,824
13.89
35,339,892
67,079,254
25,783,128
45,787,016
128,202,274
Northwestern region (15 roads)...
Central Western region (16 roads).
27,000
......
10.205,000
...
1937
—3,935,488
20,744,570
16,809,082
Pocahontas region (4 roads)
1,463,000
609,000
...
1937
1937
153,951,250
35,481,455
Southern District—
roads)
87,000
3,000
1,284,000
792,000
Peoria—
Kansas
118,545,397
Total (52 roads)
Southern legion (28
2,620,000
496,000
1938
(+) or Dec. (—)
11,596,343
Central Eastern region (18 roads)..
------
St. Louis—
-Gross Earnings-
District and Region
Month of July—
12,292,000
...
14,383,000
...
1937
BY GROUPS
SUMMARY
74,023,355
9.38
1937
......
------
12,482,000
...
2,000
15,000
382,000
56,000
191,000
65.000
—
—
Sioux City—
Total (52 roads)
1938
...
1937
Southwestern region (21 roads)
671,000
...
968,000
38,000
86,000
93,000
56,000
1,976,000 112,432,000
31,788,000
11,174,000
4,001.000
1,387,000
1,661,000 121,527,000
12,026,000
8,560,000
1,827,000
1,357,000
Total All—
Total all districts (136 roads).....299,038,208
1937
1938
Eastern District—
6,982
26,418
24,759
2,363,378
9,630,145
16,596,508
21,877,030 —5,280,522
12.39
35.85
24.13
57,992
58,159
28,590,031
39,588,160—10998.129
27.78
38,560
38,735
6,045
-1,485,295
-2,071,246
16.86
6,058
7,322,148
6,858,414
23.19
44,618
44,780
14,180,562
17.737,103 —3,556,541
20.05
6,929
Great Lakes region.. 26,341
Central Eastern reg'n 24,722
New England region.
2,697,612
1938
...
1937
Inc.( + )orDec.(- -)
$
%
S
$
17.95
Earnings
1937
1938
Mileage
—65,450,296
364,488,504
——Net
District and Region
Month of July—
—334,234
15,013,518 —5,383,373
—
Rye
(bush.)
7 Mos.End.
Flour
Wheat
Corn
Oats
Barley
July 30
Chicago—
{bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
19,489.000
19,036,000
76,131,000
29,245,000
12,004,000
4,708,000
9,548,000
5,340,000
16,300,000
17,186,000
18,224,000
4,186,000
13,887,000
2,310,000
3,109,000
7,910,000
8,632,000
3.751,000
21,414,000
4,084,000
106,000
77,000
5,988,000
904,000
10,702,000
378,000
5,562,000
540,000
1938
...
1937
...
6,053,000
5,999,000
1,116,000
2,711,000
Minneapolis—
Total
Southern region
1938
Pocahontas region...
8,807,443
8,929,660
Western District—
29,406
29,469
6,436,978
7,725,520 —1,288,542
131,876
132,451
34,539,444
41,151,674 —6,612,230
16.06
45,875
46,084
56,595
56,898
Southwestern region.
Total.
12,585,468 —5,541,696
+218,008
7,043,772
21,058,694
20,840,686
2,764,000
2,556,000
1938
...
...
—
—
——-—
1,231,000
704,000
Milwaukee—
517,000
4,301,000
6,055,000
282,000
430,000
4,035,000
1,828,000
229,000
6,640,000
3,427.000
4,105,000
92,000
46,000
...
1938
44.03
1.04
16.67
Northwestern region.
Cent. West, region..
------
...
Duluth—
1937
Total
3,000
...
1937
Southern District—
4,703,000
1,250,000
3,382,000
77,000
119,000
...
1937
.-
Toledo—
1938
1937
Detroit—
Total all districts...234,486
235,390
98,476,937—21166,900
77,310,037
21.49
67,000
2,000
54,000
80,000
63,000
17,349,000
18,362,000
6,772,000
8,000
193,000
1937
NOTE—Our grouping of the roads conforms to the classification
of the Interstate
Commerce Commission, and the following Indicates the confines of the different
groups
and regions:
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian
New England and the westerly shore of Lake Michigan to
a
to the mouth of the Ohio River, and north
and
a
line thence to the southwestern
boundary between
Chicago, and north of
of the Great Lakes Region
Louis and the Mississippi River
of the Ohio River to Parkersburg, W. Va.,
of Maryland and by the Potomac
corner
River to its mouth.
SOUTHERN
...
8,304,000
22,507,000
3,173,000
967,000
1937
...
127,000
3,412,000
14,179,000
11,084,000
4,817,000
1,455,000
198,000
1,285,000
1,239,000
2,202,000
15,815,000
2,326,000
1,725,000
497,000
1,225,000
8,706,000
1,557,000
2,062,000
1,082,000
361,000
68,516,000
6,700,000
1,463,000
389,0G0
65,308,000
5,570,000
1,343,000
1,781,000
1,180,000
1,038,000
Peoria—
1938
...
1937
...
Kansas City—
1938
...
1937
..
.
1938
Southern
Region—Comprises the section east of the Mississippi River and south
a point near Kenova, W. Va., and a line thence following the
Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
5,767,000
594,000
1938
15,097,000
47,000
2,000
1937
21,112,000
50,000
44,000
1938
900,000
1,765,000
150,000
307,000
124.000
1937
eastern boundary of
1,313,000
790,000
640,000
169,000
73,000
39,727,000 38.384,000
34,142,000 23,559.000
6,476,000
8.470,000
1937
Wichita—
Sioux
City—
DISTRICT
WESTERN
Total All—
Region—Comprises the section adjoining Canada lying west of the
thence to Portland,
Great Lakes Region, north of a line from Chicago to Omaha and
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the
west of a line from
Northwestern Region
and north of a line
and by the Mexican boundary
Chicago to Peoria and thence to St. Louis,
from St. Louis to Kansas City and thence to El Paso
to the Pacific.
Southwestern
12,180,000
15.955,000
4,480,000
1938
St. Joseph—
DISTRICT
of the Ohio River to
Northwestern
424,000
18,359,000
3,344,000
St. Louis—
line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south
east of a line from Chicago through Peoria to St.
1938
1937
DISTRICT
EASTERN
Indianapolis & Omaha-
1938 ...11,563,000
179,861,000 192,228,000
1937 ...11,469,000
176,041,000
As to the cotton traffic
large in July
very
Region—Comprises the section lying between the Mississippi River
thence to El Paso,
south of St. Louis and a line from St. Louis to Kansas City and
73,715,000
as
over
Southern roads—never
it is the tail end of the crop
season—both the overland
shipments of the staple
and by the Rio Grande to the Gulf of Mexico.
as
Western roads, taking them collectively,
advantage of
had the
much larger grain movement in
a very
Juiy the present year—in fact, the largest recorded
for the month in all recent
years.
With the single
exception of wheat, the receipts of which at the
Western
the
were
much smaller than
previous year, all the different cereals contrib¬
uted
the
primary markets
to
the
case
Western
corn,
of
increase, this being especially true in
corn.
Altogether, the receipts at the
than in
land
the
1938, aggregated
160,782,000
of
1937
and
but
Back in 1929
were
same
as
five
144,977,000 bushels in the
corresponding period of 1936.
receipts
bushels
down
to
In July, 1932, the
75,074,000
bushels.
they reached 153,824,000 bushels.
t he
subjoined table
grain traffic in
we
usual form:
Back
In
Details of the
July, 1937, and 49,945 bales in 1936.
shipments totaled but 14,361 bales.
they aggregated 60,918 bales.
are
set out in the
following table:
RECEIPTS OF COTTON AT
AND
SINCE
JAN.
1
TO
SOUTHERN PORTS FOR MONTH OF JULY
END
THE
OF
JULY,
1937, AND 1936
1938,
Since Jan. 1
Month of July
Ports
1937
1938
Galveston
Houston, &c
Corpus Christl
...
1936
6,840
1,554
194
12,833
3,852
23.479
12,273
54,032
16,984
74,187
16,261
Beaumont
New Orleans
Mobile
19,952
23,316
13,768
20,827
3,278
Savannah
2.610
133
Brunswick
Charleston
32,318
2,751
7,941
Penscaola
1938
426,476
412,709
88,046
2,312
607,561
68.458
1,991
21,582
19,261
1937
1936
196,807
307,782
167,6461
389,247
58,470
32,565
ll,065j
6,783
628,757
504,590
160,212
70,084
1,283
22,880
49,904
41,203
33+97
30,862
23,581
~
~~5~ 804
"V. 208
2,303
932
Lake Charles
In
give the details of the West¬
our
61,557 bales as against only 33,189
port movement of the staple for the past three years
82
Wilmington.
830
"l",366
325
4,089
19,172
11,265
6,782
2,687
2,738
2,424
20,296
22,650
19,747
288
126
2,554
450
160.264
128,999
Norfolk
ern
Gross shipments of cotton over¬
July, 1937.
in 1932 the
1929
port movement were very much larger
reached
bales in
primary markets of the five cereals, wheat,
against only 145,297,000 bushels in the
grain
as
oats, barley and rye, in the five weeks ended
July 30,
weeks
well
1,677
Jacksonville
Total
"
101,820 1.706,735 1.343.778 1,426,626
Volume
I21
147
Financial
the table
we now
present, a summary of the
July comparisons of the gross and net earnings of
the railroads
year
of the
Year
»m •»
1911
1912
.....
«.«
1913
mm
1914
Year
Given
Preceding
Inc.
a
flexibility to private industry by a cessation, or at
reduction, of governmental controls and re¬
great
strictions.
The author says that his book was written
prior to the
rise in stock prices and the recent
improvement in
business
activity, but adds that "such an upturn (even if it
proportions) will in no wise affect the thesis of
this book, nor alter the author's
judgment of the real Key
to Recovery.
It will tend to obscure the underlying causes
of our economic ills, to revive
hope of false cures and to post¬
pone the convalescence which must precede genuine re¬
attains fair
Mileage
Month
1910
least
1693
summer
Gross Earnings
1909
establish
country is furnished for each
back to and including 1909:
of
mv
Chronicle
Per
$219,964,739 $195,245,655 +$24,719,084
230.615.776 217,803,354
+ 12.812.422
224.751.083
226.306,735
—1,555,652
245.595,532
222,587.872
+23,007,660
235,849.764
223,813.526
+ 12,036.238
252.231.248
261.803,011
—9,571,763
Year
Year
Cent
(+) or
(—)
Dec.
Given
Preced'g
+ 12.66
234,500
+ 5.88
238.169
—0.68
230,076
226,493
+ 10.33
230,712
227,194
+ 5.37
206,084
203,773
—3.65
235.407
231.639
mmmmm
m
covery."
All in
in
all, the book should be
the hands
laymen not well acquainted with the in¬
economic system and constantly pelted with
262,948.115
260,624.000
+2,234,115
+0.89
241,796
tricacies of
308.040,791
353.219.982
263,944,649
+ 44.096,142
+ 16.70
244,249
243,563
306,891,957
+46,328.025
+ 15.09
245.699
244,921
plausible drivel from
+34.00
231,700
230.570
460,989,697
346,022,857 + 117,661,315
469,246.733 —14,658,220
401,376.485
+ 65.975.059
527,396.813 —66,407,116
442.736.397
1915
462.696,986
1916
mm
1917
mm
1918
mm
463.684.172
1920
mm
467.351,544
1921
mm
1919
454.588,513
1922
1923
most wholesome influence
a
of
—3.12
243,042
226,654
our
many quarters.
226.934
+ 16.43
220.459
218.918
—12.59
230,991
230,410
—4.31
235,082
234,556
—19,960,589
Trading Under the Laws of Canada
534.634.552
442.955,873
+ 91,678.679
+ 20.70
235,477
235,813
1924
480.704,944
534.222,102
—53,517,158
—10.02
235.145
235.407
1925
521,538,604
480,943,003
+40.595.601
+8.44
236,762
236.525
1926
555,471.276
521,596.191
+33,875.085
+6.49
236,885
235,348
1927
508,413,874
556,710,935
—48,297.061
—8.67
238,316
237,711
1928
512.145.831
508.811,786
512,821,937
+3,333.445
+0.65
240,433
+ 43.484,198
557,522,607 —101,152,657
458,088,890 —80,150,008
+ 8.55
241,450
238,906
241,183
For the purpose of supplying United States business inter¬
ests with a convenient reference
concerning the
—18.14
235,049
242.979
laws
—17.49
232,831
232.405
—36.89
242.228
242,221
+25.13
241,348
241.906
—6.05
239.160
240,882
239,000
mm
1929
mm
556.706,135
1930
456,369,950
1931
377,938.882
237.462.789
1932
1933
mm
1934
mm
1935
mm
1936
,
1937
mm
1938
297.185,484
275.583,676
274.963,381
349,256,586
364,551.039
299,038.208
376,314,314 —138,851,525
237,493,700
+ 59.691.784
293,341,605 —17,757,929
275.610.064
—646,683
—0.23
237,700
274,921,824
+74,334,762
+ 27.04
236.672
237,892
349,143,052
364,488,504
+ 15,407,987
+4.41
235.636
236.126
—65,450.296
—17.95
234,486
235,390
Obtainable from Superintendent of Docu¬
ments,
a
Year
Giren
Preceding
1909
$78,350,772
$67,267,352
+$11,083,420
+ 16.48
1910
73,157,547
77,643,305
—4,485,758
—5.78
+31,411
1911
72,423,469
Increase
Per
(+) or
Decrease (—)
study which contains
mercial
72,392.058
1912
79,427.565
70,536,977
+8,890,588
+ 0.04
+ 12.60
64,354.370
67,620,157
—3,265,787
—4.83
1914
75,359,466
76,358,377
—998,911
—1.31
87,684,985
a discussion of the principal com¬
country which should be of value to
laws of that
firms already transacting business with Canada
many
those who for
as
meier of
The
the
study
like
first
was
the Commercial
Canada,
Cent
1913
1915
govern
that market.
Net Earnings
Year
Of
July
Price 20 Cents
prevailing
trading with Canada, the Division of
Commercial Laws, Bureau of Foreign and Domestic Com¬
merce, Department of Commerce, has just made available
which
well
Monti,
Washington, D. C.
contemplate entering
prepared by Joseph H. Bark-
Laws Division.
United
the
as
time
States,
has
Federal
a
system
of government under which there is
a division of legislative
between the Dominion and Provincial governments.
powers
British
The
North
America
Act
places
such
subjects
as
bills of exchange, bankruptcy, patents and
copyrights within
the legislative competence of the Dominion
Parliament, but
77,833,745
+ 9,851,240
1916
108,709.496
88.421,559
+ 20,287,937
1917
111,424,452
108,293,945
+3,130.597
1918
144.348.682
+ 31.36
96,727.014
109.882,551
152,079,422
+ 34,466,131
1919
—55,352,408
—36.40
it grants to the Provincial Legislatures exclusive
power to
enact legislation pertaining to property and civil rights, so
that most commercial transactions and activities are gov¬
erned
1920
18,827,733
+ 12.66
+ 22.94
/
+ 2.89
87,949,402
—69,121,669
—78.59
1921
99.807,935
15,192,214
+ 84,615,721
+ 556,97
1922
102,258,414
100,293,929
+ 1.964.485
+ 1.95
1923
121,044,775
102,652,493
+ 18,392,282
+ 17.92
1924
112,626.696
122,228,450
—9,601,754
—7.86
1925
*
139,606.752
111,786.887
1926
161,079,612
139,644,601
+21,435,011
+ 15.35
1927
125,438,334
160,874,882
—35.436,548
—22.03
1928
137.412,487
125,700,631
+ 11,711,856
+ 9.32
1929...
168,428,748
137.635,367
+30,793,381
+ 22.37
1930
165.580.269
216,676,353
—51,096,084
96,965,387
125.430,843
—28,465,456
—22.69
1932
46.125.932
96,983,455
—50,857,523
+ 54,334.821
—52.43
+ 24.89
1933
100:483,838
1934
67,569,491
98,803,830
—31,234,339
—31.61
1935
57,478.685
67.586.762
—14.96
1936
101,398.055
57,345,375
—10,108.077
+ 44.052,680
1937
98,485.524
101,379,262
—2,893,738
—2.85
1938.
77,310,037
98.476.937
—21,166,900
—21.49
46,148.017
'
+ 117.74
+ 76.82
Common
Law
of
England, as in the United States,
jurisprudence of all the Canadian
Provinces except Quebec, but as among our States certain
is the foundation
—23.58
1931
+ 27,819,865
by the laws of the individual Provinces, it is stated.
The
of
the
variations exist at the present time in consequence of legis¬
lative enactments adjusting the commercial law to local and
modern
conditions, the study shows.
American
a
exporters and manufacturers find and develop
Canada in a variety of ways;
market for their products in
namely, by correspondence, through direct salesmen, manu¬
distributors, by the licensing of patents
on a royalty basis, through a Canadian sales branch
office,
assembly or branch plant, by registering the American com¬
facturers' agents or
pany
under provisions relating to extra-Provincial com¬
panies in the company law of a particular Province, or
through the formation of a Canadian subsidiary company,
Provincial
The Business Man's
various
Bookshelf
Diminion,
or
and
quences
the
methods
tax
it
stated.
was
liability
that
The
may
legal
conse¬
arise under the
discussed.
are
Since Canadian taxes, both Dominion and
Provincial,
are
frequently encountered by exporters to Canada, the latter
part of the publication is devoted to a resume of the prin¬
Key to Recovery
ciples
liability
of
to Canadian
taxes,
particularly
income
taxes.
By
Russell
Cleveland
Weisman,
"Plain
Associate
Dealer"
and
Editor,
Associate
Professor, Business and Economics, West¬
ern
Reserve University, Cleveland, Ohio/
North American Publishing Co. Price, $1.60
The Course of the Bond Market
Declines in all sections of the bond market this week have
This little volume of 147 pages
of large type, well leaded,
being, the author informs us. "in the hope of
contributing something toward a proper diagnosis of the
was
called into
business ills
and thus, indirectly, toward a
This hope should be
realized in the degree that the book is
widely and calmly
sound
now
course
upon
us,
of treatment for them."
read.
It is indeed
a
relief to
popularly known
as
our
come
discussion of what is
problem which has no
upon a
recovery
panacea to offer.
Instead of an Alice-in-Wonderland analy¬
sis of current ills, the author first presents a lucide, well-
written account of the
course
the Administration.
chapters lead directly to the concluding Chapter V,
in which the essentials of sound
recovery as the author sees
them are set forth.
Since the author is evidently a man of
both learning and common sense,
they also lead direcly to
a program
embodying the measures long recognized by sensi¬
essential to economic health in this country.
Instead of some "Industrial Expansion Act" program, the
author tells his readers plainly that if we want really sound
men as
in
this
country,
we
must
(1) revise the Federal
Revenue Act in accord with the dictates of
common
sense;
(2) balance the budget; (3) reestablish a sound currency;
(4) establish fair employer-employee relations; (5) restore to
our farmers and others a broad world market; and
(6) re¬
over
the European situation, which
followed
rather
weeks.
by further recession
sharp dip
on
on
than have been
war
A moderate rally
on
Friday.
Thursday
was
Aside from the
Wednesday, due to threats of
war,
highest-grade bonds have been only moderately soft this
week.
United
Governments
States
decline of the last two weeks.
have
continued
their
Lower-grade corporates have
experienced substantial declines.
The
rally toward the close of the week has not been suf¬
ficient to compensate
rail
all
bonds
have
for losses suffered earlier, and nearly
lost ground.
Among high grades,
Atchison gen. 4s, 1995, have declined 1% to 103;
These
business
uncertainty
in many
seen
of business under the influence
of New Deal measures, explaining in non-technical
language
the natural effects of the "recovery and reform program" of
ble
been due to
has been frought with stronger threats of
Union Stations 4s, 1944, have lost
Union Terminal
C 5s,
Chicago
% at 104%; Cincinnati
1957, have dropped
1% to
107%.
Among medium-grade and speculative rails, Southern Pacific
4%s, 1981, have declined 2% to 41%; Great Northern G 4s,
1946,
were
off 3 at 89.
News that 85% of the holders of the
Nickel Plate 6% notes have assented to the maturity exten¬
sion
plan
was a
factor explaining the gain of 12 points to 55
of the 6s, 1938.
War tension resulted in the widest break in
prices that has been seen for
on
some
time.
Thursday with better political
utility bond
Recovery developed
news
and earlier
losses
Financial
1694
Nevertheless
net declines for the week were substantial.
American &
Foreign Power 5s, 2030, have lost 234 points at 46; Inter¬
national Tel. & Tel. 5s, 1955, have declined 5M to 6234;
Cities tService 5s, 1969, at 58 were off 4Ml Peoples Gas Light
& Coke 4s, 1981, have lost 1 point at 92.
Weakness has not
been confined to speculative issues, however, for high grades
modified to a
have been
Commonwealth Edison 3Ms, 1965,
soft.
also been
have
considerable extent-
234 and New York Edison 3Ms, 1965,
at 103 M were down %.
Industrial bond prices have been severely affected this
105% were off
at
week,
of the market, by the
have other sections
as
in
conditions
In the steel group,
of 2M points to 86 M i*1
Europe.
decline has been one
1951, falling 1 to
Corp. 3Ms,
unsettled, the Texas
Building bonds par-
Oil issues have been
Steel 4Ms, 1966.
MOODY'S BOND
unsettled
the sharpest
the Wheeling
105.
ticipated in the general
All
S.
U.
ing change was
3 to 91.
bonds
Daily
Bonds
P.
RR.
U.
1140925
have
improved fractionally.
121207348
given in the
are
MOODY'S BOND YIELD
All
Corp.
114.93
107.11
96.28
75.47
81.61
102.84
108.85
107.11
96.44
75.58
81.74
102.84
109.05
15
106.92
96.44
75.47
81.74
102.66
108.66
96.61
114.51
96.94
76.88
82.79
ioa.38
109.64
97.61
115.78
107.69
115.78
107.69
97.28
77.12
83.19
103.56
115.78
107.69
97.28
77.36
83.33
103.74
109.84
97.95
107.69
97.45
77.36
109.84
9— 111.85
115.78
103.74
97.95
83.33
98.11
107.69
97.78
77.72
83.60
8— 111.93
116.78
7— 112.08
6— 112.01
98.28
115.57
107.88
97.78
77.84
98.11
115.57
107.69
97.61
77.84
7'
13
109.64
97.78
83.60
103.93
103.74
115.57
107.69
97.61
77.83
83.33
103.93
97.61
77.72
103.93
115.57
107.69
97.78
77.48
103.93
98.28
78.70
84.01
Aug. 26— 112.38
107.88
104.30
98.80
116.00
110.83
115.57
77.84
104.30
115.78
107.69
97.61
77.96
104.30
110.63
98.28
82.93
12- 112.32
108.08
97.61
78.58
83.46
104.30
110.83
98.45
115.78
5— 112.16
Weekly—
115.57
107.88
97.45
78.82
83.46
104.30
115.35
97.11
78.08
82.70
104.11
114.72
108.92
96.28
76.17
80.96
103.74
95.78
75.12
103.38
114.09
105.98
94.97
73.76
103.02
109.05
95.29
78.20
1— 111.96
114.09
105.22
93.21
71.36
102.12
108.46
93.85
75.82
111.80
66.99
71.36
101.58
101.94
112.01
91.35
113.07
104.48
114.72
106.54
93.37
69.89
10-
93.69
75.82
112.05
106.92
94.01
69.78
76.29
101.76
5.13
3.81
3.48
3.80
3.48
3.79
3.47
4.14
3.18
3.58
4.16
5.58
5.10
4.12
3.18
3.58
4.16
5.56
5.09
3.18
3.58
4.15
5.56
5.09
3.79
3.47
3.18
3.58
4.13
5.53
5.07
3.78
3.46
3.19
3.57
4.13
5.52
5.07
3.78
3.46
3.19
3.58
4.14
5.52
5.08
3.79
3.46
5.09
3.78
3.45
tock
Exchan ge Clos ed
4.11
3.19
3.58
4.14
5.52
4.11
3.19
3.58
4.14
5.53
5.10
3.78
3.45
4.13
5.55
5.11
3.78
3.45
4.11
3.19
3.58
4.07
3.17
3.57
4.10
5.45
5.04
3.76
3.42
4.10
3.19
3.58
4.12
5.52
5.11
3.76
3.44
5.12
3.76
3.43
3.18
3.58
4.14
3.18
3.56
4.14
5.46
5.08
3.76
3.42
3.19
3.57
4.15
5.44
5.08
3.76
3.42
July 29
4.09
4.12
3.20
3.62
4.17
5.50
5.13
3.77
3.47
22
3.79
3.49
101.23
108.46
4.18
3.71
4.41
6.09
5.69
3.88
3.54
3.75
4.53
6.52
6.09
3.91
3.58
3.89
3.54
4.38
3
78.70
102.12
20—
111.94
115.14
108.46
96.44
102.12
109.24
96.44
81.22
111.82
73.76
13-
95.13
72.11
6-
107.69
79.07
111.54
114.51
108.85
95.29
101.76
114.09
93.85
69.37
76.76
100.35
108.27
105.79
92.90
68.97
75.82
108.08
22
113.89
99.48
92.90
104.30
91.05
66.99
74.21
97.78
106.17
103.74
91.05
66.89
75.12
96.94
105.04
89.10
63.28
71.15
96.11
104.30
1.
102.66
66.03
75.01
98.45
106.73
76.76
99.14
107.88
110.34
91.97
113.89
106.92
92.43
109.97
93.21
114.72
107.11
93.37
68.17
109.05
95.46
69.78
80.08
99.48
73.65
84.41
100.00
110.57
94.81
4„
110.70
96.94
115.78
109.44
97.11
97.11
74.44
99.48
110.50
109.44
85.65
Feb. 25-
115.78
108.46
97.28
115.57
109.24
96.28
73.20
96.11
115.78
109.05
95.95
72.43
84.14
98.62
110.18
94.49
71.15
81.61
98.45
106.92
98.62
107.69
.
4-
110.16
94.81
114.51
108.27
Jan. 28—
110.07
94.33
114.72
107.49
94.81
69.89
79.70
109.05
96.78
73.31
83.33
100.18
75.47
86.07
100.53
3.90
3.53
5.63
3.93
3.54
3.23
3.60
4.^7
6.28
3.20
3.56
4.26
6.06
5.45
3.88
3.49
4.21
5.87
5.25
3.88
3.50
3.52
3.21
3.54
4.28
3.24
3.58
4.29
6.02
5.42
3.90
4.38
3.26
3.62
4.37
6.28
5.61
3.98
4.03
3.56
3.27
3.68
4.43
6.32
3.33
3.76
4.55
6.52
5.83
4.13
3.66
6.53
5.75
4.18
3.72
6.11
4.23
3.76
5.76
4.09
3.63
3.57
4.55
3.33
3.79
4.55
4.70
3.34
3.85
4.68
6.92
4.49
3.27
3.62
4.46
6.62
4.41
3.23
3.61
4.40
6.40
5.61
4.31
—
3.20
3.51
4.27
6.24
5.34
4.03
3.54
5.01
4.00
Feb.
3.54
4.18
3.18
3.49
4.17
5.88
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
25
5.92
5.00
4.07
3.56
18
4.21
3.19
3.50
4.22
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
11
4.31
3.24
3.55
4.33
6.11
5.22
4.09
3.62
4.08
3.58
4
109.24
108.46
Jan.
109.05
4.34
3.23
3.59
4.31
6.23
4.20
28
5.37
3.17
3.51
4.19
5.91
5.09
3.99
3.51
4.89
3.97
3.50
3.54
21.
110.52
96.61
14-
110.15
97.95
116.64
109.84
97.61
97.61
116.21
110.04
97.28
74.89
80.50
99.66
109.97
110.24
98.28
78.82
87.21
111.03
4.70
116.64
High 1938
98.80
104.48
High 1938 112.42
88.80
102.66
62.76
71.15
96.11
4.07
Low 1938 109.58
89.10
Low 1938
112.45
104.30
118.16
113.89
104.67
92.43
101.41
112.45
106.54
106.17
High 1937 112.78
107.30
94.49
71.46
83.60
Low
109.84
104.30
94.81
96.28
Low 1937 107.01
7
Yr. Ago
Sept .16*37 108.30
113.48
100.53
110.24
2 Yrs.Ago
Sept .16*36 110.88
116:00
103.93
111.03
4.12
3.14
3.47
4.14
5.72
4.14
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
3.14
3.45
4.10
5.44
4.81
3.75
3.41
3.47
3.60
4.33
6.08
5.07
4.22
3.76
High 1937
4.31
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.13
4.41
3.97
3.53
4.61
4.09
3.83
3.43
14
7—
1
1
98.45
90.14
101.06
100.53
93.21
82.79
99.83
103.02
108.66
,110.63
.
4.05
116.00
:
3.55
4.43
4.54
—
5.69
4
107.69
,11-
5.65
4.21
—
Mar. 25
108.08
96.44
98.80
110.21
84.55
18—
6.24
1
108.46
11..
6.23
4.36
8
108.46
115.35
4.40
3.62
4.27
April 29
93.69
106.92
6
3.64
3.22
4.37
May 27
109.44
3.23
5.69
4.36
10-
71.68
112.45
4.61
3.67
95.62
112.66
3.83
3.31
108.08
88.80
5.49
3.26
115.35
91.05
3.49
5.87
3.26
95.46
91.20
3.81
4.53
76.53
109.58
5.37
4.37
69.37
110.08
5.75
4.28
/
93.85
109.69
5.66
4.25
1
,
107.30
8-
4.22
3.63
June 24
114.72
14-
3.62
3.24
4.30
93.85
112.66
3.23
5.27
4.22
8
94.01
V
5.60
4.11
112.10
18.
4.18
4.10
May 27- 111.77
Mar. 25—
3.53
3.18
3.58
4.09
108.66
/
3.85
4.11
114.93
Apr. 29.. 111.42
22- 111.48
3.84
5.21
4.10
108.46
17-
91.35
3-
5.21
4.13
5
107.69
June 24—
3.51
5.71
5.72
5.51
109.44
96.28
106.73
79.70
8- 112.04
114.61
22- 112.04
15- 112.12
3.52
4.21
4.12
1
109.44
96.94
98.45
...
Aug. 26—
109.84
97.95
106.92
July 29- 112.17
Indus.
4.21
Weekly—
110.83
3.84
3
110.43
98.28
97.95
83.06
19— 112.39
107.69
U.
5.22
2
110.24
98.11
83.06
1— 112.07
3- 112.08
P.
5.72
3.61
7
110.24
98.11
107.69
83.19
2- 112.07
116.57
•
RR.
Baa
3.62
6
110.24
98.11
:
4.22
3.23
8—
110.04
3.61
3.20
9
110.04
83.46
3.22
4.18
12—
110.04
A
Aa
Aaa
...<
4,20
5
Exchan ge Clos ed
Stock
5-
103.93
Corporate by Groups
'
4.19
Sept. 16
115.35
111.28
120 Domestic
by Ratings
tic
96.94
10- 111.69
120 Domestic Corporate
120
Domes¬
Averages
Indus.
AVERAGES (REVISED) t
Prices)
(Based on Individual Closing
1938
96.78
13- 111.13
yield averages
bond prices and bond
following tables:
Moody's computed
15- 111.06
12-
With senti¬
of the list registered losses.
improving in later sessions,
Sept.16— 110.91
14- 110.99
trading in foreign
of political events in Europe
under the impact
as
Daily
Baa
Aa
Aaa
have accompanied
bonds recovered some of
the lost ground.
German Government issues have held
about 2 points below last week and Czechoslovakian 8s,
1951, about 6 points.
Other European issues have con¬
tinued firming up, while Japanese bonds have shown only
small changes.
Prices for defaulted South American issues
ment
Corporate by Groups *
"
tic
Corp.*
Averages
V
.
nearly all sections
120 Domestic
Corporate *
by Ratings
•■'N'.o
Violent fluctuations
PRICES (REVISED) t
Yields)
120 Domestic
120
Domes¬
Govt.
weakness, the Walworth 4s, 1955,
Among retail trade bonds an outstand¬
in the Allied Stores 4MS> 1950, which fell
dropping 3 M to 63.
(Based, on Average
1938
Sept. n, 1938
Chronicle
Year Ago—
Sept. 16, 1937—
2 Years Ago—
Sept
16, 1936.
3.97
3.29
3.45
4.01
3.78
3.17
3.41
3.94
to show either the average
and the relative movement of
"typical" bond (4% coupon, maturing In 30 years), and do not purport
quotations. They merely serve to Illustrate In a more comprehensive way the relative levels
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 published In the Issue of July 23,1938, page 488.
*
These prices1 iare enmnuted from average
:e
level or the average movement
OF
STATE
THE
of actual price
.
yields on the basis of one
_
,
.
TRADE—COMMERCIAL
Friday Night, Sept.
It has been
a
trying week for the
Markets
world.
at
all
centers
here
is
highly
financial
nervous
and
Central
However, the undercurrent of business activity
reported as holding strong, with the belief quite
general that unless something of a
pens
16, 1938.
business and
were
erratic, bracing themselves for the
Europe.
EPITOME
shock of war in
catastrophic nature hap¬
abroad the recovery movement here
should continue
Ayres's monthly
survey asserts business improvement was continuing into
autumn, but added sentiment was "hopeful rather than
confident or optimistic." The "Journal of Commerce" weekly
its
upward
index
with
of
82.0
course.
business
for
a
Colonel Leonard P.
activity dropped
week
ago
to 76.8,
and compares
and 95.2 for the corresponding
period of 1937. This drop, of course, reflects the Labor Day
The survey reports merchandise loadings, electric
holiday.
output,
steel ingot production and automotive
activity re¬
flecting the short week.
Although the total production of
bituminous coal was lower for the week, the daily average
continued
to
show
a
gain.
Petroleum
runs-to-stills
also
moderate advance.
showed
a
in need
of larger revenues
Although steel companies are
to yield profits,
prices on prod¬
will be announced late
this week or early in next, are expected to be unchanged
from the third quarter, except for possible reductions on
rails and tin plate, "Iron Age" says in its current summary
of the industry.
"The present volume of buying does not
seem to warrant the expectation that a higher price level
could be maintained, especially in view of the fact that
price irregularities in some areas have become more com¬
mon.
Meanwhile, the slow rise in new business in the
first half of September has been less than was optimistically
hoped for based on the sharper upward curve in July and
August.
A continuing improvement is expected during the
next four to six weeks, but some opinions as to the extent
of the rise have been modified, owing to factors in which
no
favorable turn can be looked for in the immediate
future."- The survey comments that a better business phychology has been created in the domestic scene by the
success
of
anti-New
Deal candidates in recent voting,
although this has been offset to some extent by apprehen¬
sion over the European situation.
Building construction
awards held above the preceding week and a year ago by
virtue of a sharp step-up in public works.
"Engineering
ucts for
the fourth
quarter, which
Volume
Financial
147
News-Record" placed total awards at $53,569,000 compared
have
with
thing
$52,456,000 the previous week and $47,347,000 in the
Increases in contracts for highways and build¬
1937 week.
ings pushed awards for public works up to $45,417,000 com¬
pared with $36,012,000 in the preceding week and $26,566,000 in the 1937 week.
Private
building contracts
amounted to
$8,152,000 against $16,444,000 the week before
and $20,781,000 a year ago.
Production by the electric
light and power industry for the week ended Sept 10
totaled 2,048,360,000 kilowatt hours,
a decrease
of 4.9%
below the like 1937
period, according to the Edison Electric
Output for the latest week was 100,594,000 kilo¬
Institute.
watt hours below the
kilowatt
total
hours
and
Association
The
568,887
of
cars
revenue
week ending last
cars,
and
freight
were
during
loaded
the
This was a decrease of 79,152
Saturday.
the preceding week; a de¬
compared with a year ago,
of 287,762 cars, or 33.6% compared with
12.2% compared with
or
of 139,315 cars, or 19.7%
crease
decrease
a
Production of automobiles and trucks in the United
3937.
States
this
Canada
and
week
Ward's Automotive Reports.
the 30,150 a year ago and a
is
estimated
16,100
at
by
This was a drop of 14,050 from
decline of 1,385 from the 17,485
in the preceding week.
is
due
actual
ing
It is stated that a rise in production
week unless further strikes occur. .Mounting
next
of
evidence
gains
Dun
in
buying found
&
trade
purchasing power and in
offsetting influence in the threaten¬
an
Europe in the field of trade this week,
Bradstreet, Inc., reported today.
Durable goods
stood up
better under the tension, the survey revealed, and
retail maintained the faster pace evident in pre¬
at
ceding weeks, but there was
an
Wholesale markets
sustained consumer
the reporting agency.
stimulating infleunce of a
says
caused
recorded sizable gains,
the week, others
slightly lower in
which
increasingly nervous tone
While certain of the business indicators were
in evidence.
further
retailers'
into
inroads
ing
for
the
in
season
portions
and
stocks.
Dur¬
many
interior
sec¬
The beneficial feature of the week's
extension
the
was
States
the
demand,
brief reaction to cooler in north-central
a
the 8th-9th.
on
weather
Southern
felt
relatively high
the past week temperatures continued
tions, except for
of
the
area
of
moderate
to
heavy rainfall eastward over the Ohio Valley and the con¬
tinuance of adequate rains over much of the upper
Missis¬
Valley and north-central Great Plains.
Throughout
this area the weekly totals were generally sufficient to
moisten the ground for fall plowing and to revive pastures
sippi
and late fall crops.
40% of capacity, and
over
the
losses
for
from the
1938.
No
railroads, from the public utilities,
Business
still
activity
shrinking.
abroad
abroad
These
is overcast
there
can
be
Here
the
chief
in
developments
incentive
reasons
crops,
residence
for
The only
that
reports
under
tions
such
satisfactorily.
of
in
and
Northwest, but there
the
fall
work
in
general
was
agricultural
fruit harvesting, progressing
and
reported from
higher localities
no
of
the
portions
extreme
serious damage noted, and in
sections
no
severe
York City
the New
In
yet.
as
appear
the
trade
world
for
is
outlook
the
the Orient
Europe and
and in
war,
and
inevitable,
large
encouragement
are
derived
from
the
public expenditures, and the moderate
Moody'8 Commodity Index Higher
Moody's Commodity Index has moved within a relatively
narrow range this week
and advanced to 143.7 this Friday
from 142.8 a week ago.
Prices of rubber, wheat, corn,
hogs, copper, lead and sugar were higher. Silk, cocoa, hides,
cotton, wool and coffee declined, and there were no net
changes for silver and steel scrap.
The movement of the Index
Fri.fv
Sept. 9
SatSept. 10-Mon.
Sept. 11
Tues.
Sept. 13
Sept. 14
Wed.
was as
follows:
142.8 Two Weeks Ago, Sept. 2
No Index Month Ago, Aug. 16
144.1 Year Ago, Sdpt. 16
143.6 1937 High—April 5
Low—Nov. 24
144.6
144.5 1938 High—Jan. 10
Thurs. Sept. 15
Fri.
Sept. 16
143.4
142.5
193.4
228.1
144.6
-
152.9
130.1
Low—June 1
143.7
Revenue Freight Car Loadings in Week
Total 568,887 Cars
Loadings of
1938
freight for the week ended Sept. 10
revenue
totaled 568,887 cars
from the
preceding week
a
a
decline of 79,152
decrease of 139,315
from the total for the like week
131,260
cars
Ended Sept. 10
a
cars or
cars or
and
year ago,
a
12.2%
19.7%
drop of
18.7% from the total loadings for the cor¬
or
responding week two
For the week ended Sept. 3,
years ago.
1938, loadings were 19.2% below those for the like week
of 1937, and 15.3% below those for the corresponding
week of 1936.
Loadings for the week ended Aug. 27, 1938,
showed a loss of 20.8% when compared with 1937 and a
drop of 17.7% when comparison is made with the same
week of 1936.
The first 18 major railroads to report for the week ended
Sept. 10, 1938 loaded a total of 269,217 cars of revenue
freight on their own lines, compared with 304,341 cars in
the preceding week and 322,027 cars in the seven days
ended Sept. 11, 1937.
A comparative table follows:
REVENUE
FREIGHT
LOADED
FROM CONNECTIONS
AND RECEIVED
(Number of Cars)
Loaded
on
Own Lines
Weeks Ended—
Received from Connections
Weeks Ended—
made very
frost has been
the week's
weather has been generally clear, with rather sharp changes
of temperature, the middle part of the week being exceed¬
ingly warm and humid.
Today it was fair and warm here,
with temperatures ranging from 62 to 68 degrees.
The
forecast was for fair, cooler tonight; Saturday fair and
warmer.
Overnight at Boston it was 62 to 76 degrees;
Baltimore, 64 to 90; Pittsburgh, 62 to 72; Portland, Me.,
58 to 62; Chicago, 52 to 64; Cincinnati, 58 to 70; Cleve¬
land, 56 to 68; Detroit, 52 to 68; Charleston, 76 to 94;
Milwaukee, 50 to 60; Savannah, 74 to 94; Dallas, 58 to 80;
Kansas City, 50 to 74; Springfield, Mo., 66 to 70; Oklahoma
City, 54 to 74; Salt Lake City, 52 to 84; Seattle, 54 to 64;
major
reported
from the construction
down
construction.
of the country that are
areas
Light frosts were
Northeast
the
orders -is expected
Sept. 10
Sept. 3
1938
1938
Sept. 11 Sept. 10
1937
Sept. 3
Sept. 11
1938
1937
1938
satisfactory conditions and outside opera¬
silo filling
as
or.
whole will have
a
risk-taking in the expansion of enterprise.
business
for
slow
to
by the alarms of
little
prospects of large
increase
continues
good advance during the week, with many late crops being
harvested
as
new
industry.
Northwest and most of Missouri and adjacent sections.
Government
the industry
important volume of
reporting seriously deficient moisture are the Pacific
The
now
if prospective increases are realized
even
remaining months of the year,
serious
soon
It has recently been operating at some¬
for profit.
over
consumer
in
situation
in
anything left
previous week's total of 2,148,954,000
105,916,000 kilowatt hours under the
2,154,276,000 kilowatt hours in the like 1937 week.
of American Railroads reported today
of
1695
Chronicle
area
22,003
4,874
5,134
5,332
26,962
30,991
12,790
14,5^3
15,205
22,271
8,353
9,537
9,395
15,542
22,340
14,769
18,826
14,811
2,200
2,250
2,550
1,162
International Great Northern RR
2,220
2,370
2,263
1,677
Missouri-Kansas-Texas
4,822
4,773
2,593
Atchison Topeka & Santa Fe Ry.
18,067
19,385
Baltimore & Ohio RR
24,182
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac.Ry
20,501
13,159
15,018
15,762
19,968
Chicago & North Western Ry_._
12,050
Gulf Coast Lines
7,544
6,989
8,286
7,315
7,658
7,822
8,499
9,770
1,186
1,503
10,427
2,638
1,371
1,843
Missouri Pacific RR
-»1
13,194
13,808
5,182
14,848
7,171
2,574
7,319
New York Central Lines
-i.-
29,943
34,541
36,732
31,458
34,527
36,582
Louis Ry_.
4,431
4,613
7,850
8,864
8,516
RR
8,511
Norfolk & Western Ry
20,070
.5,104
21,224
22,258
3,681
4,300
4,048
Pennsylvania RR
48,271
56,258
62,258
30,417
34,772
4,205
4,661
4,848
3,967
4,409
39,972
4,422
N. Y. Chicago & St.
Pere
Marquette Ry
Pittsburgh & Lake Erie RR
3,"54
Total
4,464
6,935
4,476
7,873
6,440
31,902
5,406
4,782
6,591
6,996
7,557
7,706
269,217 304,341 322,027 159,786 172,995 188,073
...
LOADINGS AND
TOTAL
6,051
30,397
4,327
Wabash Ry
4,403
27,85"
Southern Pacific Lines..
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Week Ended—
Montreal, 50 to 66, and Winnipeg, 50 to 68.
Sept. 11, 1937
Sept. 10, 1938
Sept. 3, 1938
Chicago Rock Island & Pacific Ry.
21,426
24,371
23,220
Illinois Central System
28,146
29,642
31,967
St. Loufs-San Francisco Ry
11,607
12,421
13,538
61.17°
66.434
68,725
•
Colonel Ayres
In
Finds'Business Improving and Sentiment
Hopeful
review of business conditions, issued
Leonard P. Ayres, Vice-President of the
Co., reported finding business sentiment
"hopeful rather than confident or optimistic."
"Business
improvement," he said, "is continuing as we enter the
autumn months."
Colonel Ayres continued:
his
monthly
15, Colonel
Sept.
Trust
Cleveland
volume
The
Federal
from
of
Reserve
June
and
factory
mining
production, as measured by the
from May to June, vigorously
from July to August.
The
index, advanced moderately
to
July,
and
moderately
again
continuing in September.
nearly 8%, from June to July.
There was an
advance of six points, or
A little more
than half of it was caused by increased output of iron and 6teel, a third
of it was due to greater outputs of cotton textiles, and most of the rest
was
accounted for by larger production of leather goods.
It now appears probable that the output of the basic iron and steel
industry will continue to increase during all or most of the remaining
months of this year, and that the most important new demands for its
advancing
products
trend
will
encouraging,
the
come
but
reflection
increase
the
Under
any
that
sufficiently
industry
industry
appears
as
a
present
must
to be
from the automotive industries.
That prospect is
enthusiasm generated by it must be moderated by
seems
to be no probability that output will
there
during
the
remaining months of the year to enable
whole to operate profitably.
conditions
of
wages
produce at about 60%
and prices the iron and steel
of capacity to meet expenses and
Total
-
The Association of American
ended
week
Railroads, in reviewing the
Sept. 3, reported as follows:
Loading of revenue freight for the week ended Sept.
This was a decrease of 153,500 cars, or 19.2%
cars.
1937, and
sponding week in
the
week
same
a
3 totaled 648,039
below the
corre¬
decrease of 336,471 cars, or 34.2% below
1930.
in
Loading of revenue freight for the week
of Sept. 3 was an increase of
4.4% above the preceding week.
Miscellaneous freight loading totaled 257,865 cars, an increase of 13,069
27,528
cars,
above
cars
or
the
preceding week,
but a
decrease of 64,015 cars below the
1937.
Loading of merchandise less than carload lot freight totaled 155,143
cars, an increase of 4,143 cars above the preceding week, but a decrease
of 16,969 cars below the corresponding week in 1937.
Coal loading amounted
to 116,576 cars, an increase of 12,210 cars
above the preceding week, but a decrease of 18,967 cars below the corre¬
corresponding week
sponding week in
Grain
3,367
and
cars
loading totaled
of
above
42,022
cars,
a
decrease of
week in 1937.
In the Western districts alone, grain and
loading for the week of Sept. 3 totaled 29,111 cars, a
3,795 cars below the preceding week, but an increase of 3,109
products
decrease
cars
1937.
products
grain
below the preceding week, but an increase of 4,755 cars above
the corresponding
grain
in
the corresponding week in
1937.
Financial
1696
Live
stock
the
above
amounted
and
loading
14,645 cars,
to
week,
preceding
increase
an
increase of
an
100
of
858
above the
cars
cars
the
totaled
80,093
cars,
below
cars
a
the corre¬
decrease of 790 cars
cars below the corre¬
sponding week in 1937.
week
20,593 cars, an increase of 1,076 cars above
decrease of 45,822 cars below the corresponding
loading amounted to
the preceding
week, but
a
2,256,423
3,347,717
2,714,449
3,51)6,236
2,155,451
2,763,457
4 weeks in March.
2,222,864
2,986,106
3,529,907
2,649,894
2,185,822
3,712,906
4,504,284
3,733,385
4 weeks in June
2,170,984
3,098,632
2,962,219
5 weeks In July..................
2,861,762
3,794,249
3,100,590
4,492,300
048.039
801,539
984,510
19.543,279
25,934,207
31,428,015
4 weeks in February
Week of Sept.
...
3
Total
3,642,357
3,687,319
;
1937.
in
Ccke loading amounted to
5,102 cars, an increase of 335
above the
cars
5,055 cars below the corresponding
1'V;
./V
\
All districts reported decreases compared with the corresponding weeks
1937 and 1930.
" L ;"
V!'
preceding
but
week,
decrease
a
of
1937.
week in
in
1930
1937
1938
^
2,392,040
723
decrease of
a
and a decrease of 7,527
the preceding week,
Ore
'1:
■
4 weeks in January
4 weeks in May
sponding week in 1937.
Forest products
loading
below
1938
17,
5 weeks in April
but
week,
preceding
Sept.
"
corre¬
sponding week in 1937.
In the Western districts alone, loading of live
stock for thfe week of Sept. 3 totaled 10,701 cars, an increase of 365 cars
above
Chronicle
.
In the
following
undertake to show also the loadings
we
for separate roads and systems for the week ended Sept. 3,
1938.
During this period only 10 roads showed increases
when
compared with the
same
week last
year.
.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARSJ—WEEK ENDED SEPT. 3
Total Revenue
from Connections
1937
1938
1936
1938
560
473
969
330
376
417
8,211
19,553
8,218
21,626
8,333
21,429
2,644
3,506
13,048
1,887
2,174
1,115
1,006
2,618
3,857
14,550
Tennessee Central
416
470
456
715
821
Winston-Salem
157
192
201
892
973
95,775
105,908
104,834
57,222
62,579
17,412
2,626
19,869
3,854
7,439
20,631
2,722
21,614
4,117
15,400
1,135
7.705
9,770
2,522
7,457
3,486
11,780
3,055
8,947
4,010
393
560
5,177
20,850
2,973
21,850
4,500
20,539
1,641
9,188
3,630
7,706
511
468
431
182
232
18,167
28,813
3,393
574
548
1,065
698
1,250
1,346
8.566
1,695
183
280
8,575
1,749
8,187
1,917
9,450
Nashville Chattanooga A St. L.
Norfolk Southern
2,269
Piedmont Northern...
Bangor & Aroostook
Boston A Maine
Chicago Indianapolis A Louis..
1,182
Central Indiana*
24
20
32
64
114
Central Vermont
1,274
4,789
10,459
1,529
5,233
9,309
1,527
5,233
9,045
1,731
6,247
5,025
1,946
7,224
5,985
466
574
368
131
170
1,497
2,348
2,637
946
241
295
2,109
12,337
2,992
13,534
3,620
13,534
3,057
169
223
208
1,735
8,006
2,420
3,014
1,490
9,380
2,991
3,851
2,445
42,357
11,012
1.567
5,300
8,068
5,574
199
314
1,795
34,541
8,905
1,348
5,104
4,640
4,661
2,188
9,250
2,992
4,317
2,507
43,415
10,877
1,079
5,375
7,944
5,449
10,756
5,381
1,731
1,009
6,545
1,496
2,584
14,972
7,210
1,966
1,070
8,132
2,141
25
59
34,527
9,459
1,705
8,864
4,239
4,409
42,816
156
328
287
31
30
Mobile & Ohio
1,875
2,990
1,022
2,206
2,907
1,121
1,734
2,553
1,169
.
413
356
2,080
2,283
1,120
1,260
178
1937
1938
District—(Concl.)
7,261
1,683
Ann Arbor
1936
1937
1938
1937
Southern
from Connections
Freight Loaded
Railroads
Eastern District—
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
RaUroods
Delaware & Hudson
Delaware Lackawanna & West.
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
Erie
Grand Trunk Western
Lehigh & Hudson River.......
Lehigh A New England
Lehigh Valley
Maine Central..
Monongahela
...
...........
Montour
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Westiern.
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie..
Pere Marquette..
Pittsburgh & Shawmut
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia
11,540
1,554
9,772
7,136
5,189
Richmond Fred. & Potomac
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.
Dulutb Mlssabe A I. R
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
...
Minn. St. Paul & S. S. M
339
456
180
259
901
1,304
1,395
1,230
<1,805
583
675
672
869
993
5,406
3,942
5,736
4,669
6,084
4,898
6,996
2,347
8,395
3,774
131,827
157,229
155,919
129,603
161,597
410
511
538
685
884
26,962
3,060
34,657
6,087
33,126
14,553
1,495
17,598
2,995
Chicago Burlington A Qulncy.
Chicago & Illinois Midland
9
Chicago Rock Island & Pacific
Chicago A Eastern Illinois
Wabash
Wheeling A Lake Erie...
Northern Pacific
0,343
384
Buffalo Creek & Gauley
Cambria A Indiana
270
364
6
1,094
6,025
.....
Central RR. of New Jersey...
Cornwall
1,148
6,644
1,326
6,146
11
21
10,185
11,209
643
570
929
43
63
Cumberland & Pennsylvania..
Llgonler Valley
232
276
349
24
43
60
117
130
35
22
Long Island
787
799
826
1,358
56,258
12,542
5,533
1,474
72,255
14,869
17,002
1,792
72,502
14,567
13,995
2,208
1,476
34,772
14,105
2,531
2,131
1,574
43,756
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
Union
....
(Pittsburgh)
16,059
6,983
28
46
40
0
1
3,014
3,682
3,336
4,960
5,688
118,390
160,407
155,309
87,089
109,036
West Virginia Northern*
Western
Maryland
587
54
70
1,740
2,289
3,086
1,952
2,742
4,221
609
375
407
307
273
374
1,836
2,125
1,470
1,349
1,660
97,658
140,981
122,103
39,927
51,724
19,386
3,175
24,093
3,484
21,064
2,993
5,134
1,993
6,046
2,491
333
687
325
65
117
15,018
1,546
12,765
2,401
16,994
2,228
14,170
2,825
7,544
9,426
609
933
750
889
Denver A Rio Grande Western,
Denver & Salt Lake
3,963
5,401
17,123
1,543
13,337
2,858
1,118
3,902
8,122
2,172
1,416
2,458
9,278
2,415
1,718
3,277
587
739
937
27
26
Fort Worth & Denver City
Illinois Terminal
1,142
1,874
1,114
2,012
1,231
1,976
1,084
1,305
1,666
Total.
Central Western District—
Bingham & Garfield
Colorado & Southern
286
868
"i~722
91
119
1,128
423
489
182
133
0
34
24,568
26,386
24,147
271
268
13,934
15,553
14,734
4,472
1,183
8,313
5,494
314
North Western Pacific
Peoria & Pekln Union
Southern Pacific
369
307
1,892
1,151
19
1,088
746
1,310
Missouri-Illinois
Nevada Northern
(Pacific)..._
Toledo Peoria A Western
Union Pacific System...
Total.
599
3,552
1,809
6,871
11,499
Spokane Portland A Seattle...
Alton
Bessemer & Lake Erie
2,926
651
3,716
2,123
8,225
12,912
Spokane International
Atch. Top. & Santa Fe System,
Alleghany District—
Akron Canton & Youngstown.
Baltimore A Ohio
21,383
641
Green Bay & Western
Lake Superior A Ishpemlng
Minneapolis A St. Louis
413
183
1,158
1,986
5,812
10,293
Great Northern
377
Rutland
Total.
502
Duluth South Shore A Atlantic.
:
1,433
9,705
317
567
481
10
15
1,868
1,908
1,948
2,294
2,665
106,424
123,292
112,968
48,805
59,021
Utah
Western Pacific
...
Pocahontas District—
22,271
21,224
3,802
Virginian...
24,824
23,848
4,632
24,586
23,848
9,537
4,300
10,917
4,239
4,064
911
942
47,297
Chesapeake & Ohio...
Norfolk A Western...........
53,304
52,500
14,748
16,098
Total.
Southwestern District—
Burlington-Rock Island
Total.
Southern District—
187
232
322
169
222
739
753
871
1,415
1,268
Atlanta Birmingham A Coast..
Atlantic Coast Line..
712
776
709
661
9,255
4,626
8,897
4,303
3,989
2.372
485
418
833
1,354
1,207
1,647
4,440
2,742
1,067
1,732
299
407
505
282
321
Durham & Southern
857
1,602
1,524
1,189
2,085
1,402
2,117
1,203
487
159
147
434
412
469
325
805
846
285
276
190
129
185
245
4,773
13,838
Missouri Pacific..
448
429
636
536
38
Georgia
Georgia & Florida
261
404
855
141
168
...
302
262
708
46
42
82
78
896
858
895
5,698
5,402
17,033
2,574
7,319
2,984
9,262
1,502
1,417
Quanah Acme A Pacific
St. Louis-San Francisco......
St. Louis Southwestern......
355
424
545
375
402
1,676
21,174
20,238
1,877
23,646
22,809
1,925
23,991
1,095
11,530
21,778
1,011
9,034
4,780
204
213
351
264
314
344
387
126
Mississippi Central
165
Note—Previous year's figures revised.
112
112
117
97
96
7,383
2,658
7,372
4,246
8,898
3,078
8,630
3,847
5,513
9,041
2,661
7,783
4,931
4,638
2,463
3,163
3,900
196
254
244
39
79
19
25
22
30
28
50,668
60,418
60,638
30,462
37,416
4,917
Texas A New Orleans
Texas A Pacific..
.....
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total
Index
were
irregular,
as
notably rubber,
Commodity Prices for Week Ended
THE
were
livestock prices.
lost ground
with
"ANNALIST"
in
announced
milk
commodity
prices
Sept. 10,
moved
Farm products
secutive period.
Textile products
The "Annalist" weekly index of wholesale
commodity prices
end
with
an
was
the
of
week
as
Eggs
Saturday, Sept. 10, the highest
and 0.3
of
raised to
old
6.45c.
price
officials.
a
a
point
program,
quart last week,
a
prices
over
on
the platform price of
jump of 11% as compared
5.79c.
Refined sugar was also higher, reflecting
in attitude of the Agricultural Adjustment Adminis¬
87.5
Preliminary,
65.5
69.9
87.1
89.5
71.3
71.5
79.8
80.7
_
109.2
87.1
commodities
96.5
65.5
...
85.9r
80.4r
93.9
71.7
90.8
r Revised.
of
An
certain
England,
V
97.8
72.9
58.3r
96.4
...
Chemicals
All
Sept. 7, 1937
76.8
86.4
.
Metals
Sept. 3, 1938
73.4
Miscellaneous
average
of
refined
prices
was
4.56c.
a
pound last
against 4.42c.
and
WHOLESALE
58.3j?
.
Building materials
to say:
on
Federal-State milk control
other hand, was cut
Kew
July
on
The announcement went
apparent change
tration
80.7
was
1938
78.7
Food products
Fuels
milk
OF
Sept. 12 that, thanks to a
on
quotations,
higher during the week ended Sept. 10 for the fourth con¬
As part of a
market.
INDEX
(1926=100)
The "Annalist"
Sept. 3.
Certain speculative commodities,
the stock
WEEKLY
COMMODITY PRICES
Sept. 10
the
1,940
2,792
3,409
* Previous figures
Increase of 0.3 Point Noted in "Annalist" Weekly
since
16,725
924
351
Macon Dublin A Savannah
sharp boost
219
2,196
1,554
Midland Valley
Missouri & Arkansas.
387
Florida East Coast..
Wholesale
1,503
207
2,278
184
Missouri-Kansas-Texas Lines.
Columbus & Greenville
of
231
1,540
Louisiana Arkansas 4 Texas..
Litchfield & Madison
1,181
Gulf Mobile & Northern
149
1,186
217
439
Illinois Central System
Louisville A Nashville.—
150
2,166
2,639
1,862
1,759
Kansas City Southern
Louisiana A Arkansas
634
Charleston A Western Carolina
CUnchfield
201
2,726
2,481
Kansas Oklahoma & Gulf
8,600
3,994
Central of Georgia
Galnsvllle Midland
120
2,250
2,370
International-Great Northern.
Alabama Tennessee & Northern
Atl. & W. P.—W. RR. of Ala..
293
263
211
239
198
...
Fort Smith A Western.......
Gulf Coast Lines..
other
lc.
a
reflecting
dairy products rose slightly.
Bread, on the
loaf in the metropolitan area and 2c. a loaf in
lower
prices
for
wheat.
Wheat,
corn
and
rye
Wholesale
During
Commodity Prices Remained Unchanged
the Week Ended Sept. 10, According to
National Fertilizer Association
There
was
no
commodity prices
change in
as
the general level
registered by
/
of wholesale
the index compiled by
Volume
Financial
147
the National Fertilizer Association
Sept.
the index recording 73.6%, the same as in the
previous week.
A month ago (based on the 1926-28 average
of
100%)
creases
it stood at 73.1%, and
in
year
a
offset by
were
The Association's
industrial commodities.
some
In¬
at 86.9%.
ago
prices of foods and farm products
declines in
announcement, under date of Sept. 12, continued:
The
index
products
representing
and
foods
Three of the group
and
miscellaneous
the
at
were
prices
was
while the
levels
moved
recorded
at
was
downward
since
a
farm
except
recession.
current
the
during
June.
new
lowest
the
higher, however,
were
the
The
week,
and
consecutive
third
registered by the food price average.
index
cotton
prices
commodities
for
point
indexes, those representing the prices of fuels, textiles
grain prices took the grain index to
stock
all
of
low
new
a
commodities,
lowest
weekly advance
in
the
reached
During the week the price level of the fuel and lighting materials and
during the week ended
10,
Further weakness
low for the current decline,
Live¬
point reached since June.
which caused
small rise in the farm
a
miscellaneous products groups also
stand
at 77.1 and
racite
rose
Twenty-four price series included in the index declined during the week
and
16
advanced;
the preceding week
in
the second
in
preceding
there
week
there
20
declines and
23
27
were
were
declines
16
and
The respective indexes now
declined.
In the former, the index of the subgroup anth¬
72.2.
while that for petroleum products declined.
In the latter, the
price levels of the subgroups of cattle feed and crude rubber
while the other
subgroups
down
were
steady.
were
Slightly lower prices in the agricultural implements subgroup and the
subgroup of nonferrous metals were not sufficient to chaDge the index of
the metals
motor
and metal products
vehicles and
The subgroups of iron and steel,
group.
plumbing and heating materials remained unchanged.
The only price changes reported in the group of chemicals and drugs were
for
oil and palm niger oil.
corn
subgroup of chemicals to
unaffected.
Average
move
prices
materials and mixed fertilizers
Lower prices for these items caused the
downward, but the index for the group was
for
pharmaceuticals,
and
drugs
were
fertilizer
reported the same as the previous week.
The group of housefurnishing goods also showed no change in its index.
Both
the
product group average.
advances;
1697
Chronicle
of the
subgroups, furnishings and furniture, remained the
same as
in
previous week.
The following table shows index numbers for the main groups of com¬
modities for
the past five weeks and for
1936,
11, 1937, Sept. 12,
Sept.
Sept. 14, 1935, and Sept. 15, 1934.
(1926=100)
advances.
WEEKLY
WHOLESALE
COMMODITY PRICE
INDEX
Sept.
Compiled by the National Fertilizer Association.
(1926-1928=100)
Commodity Groups
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
15,
14.
12,
11,
Per Cent
Latest
Each Croup
Week
Ago
Ago
Sept. 3,
Aug. 13
Sept. 11,
Total Index
13,
1938
1938
1938
1937
1936
1935
1934
All commodities
Week
Sept. 10,
Group
Bears to the
20,
1938
77.9
77.8
77.8
77.4
77.9
86.8
81.5
80.8
77.5
Farm
67.7
67.1
67.3
65.9
67.0
84.5
84.6
81.2
3,
10,
Year
Month
Preced'o
27,
1938
products
1938
1938
1937
.73.7
73.0
73.0
72.0
72.2
86.6
83.5
86.4
76.2
73.1
72.7
72.0
86.0
Hides and leather products._
92.8
92.5
92.4
92.5
92.5 108.5
95.0
91.6
84.8
69.1
Textile products
65.3
65.4
65.3
65.3
65.5
75.5
70.2
71.2
70.6
78.0
79.8
Foods
...
Fats and oils
58.3
Grains........
77.1
72.3
Fuel and lighting materials..
77.1
77.2
77.6
77.0
74.7
75.5
63.7
84.3
Metals and metal products..
95.4
95.4
95.4
95.5
95.5
96.4
85.9
86.0
85.9
45.8
....
46.6
47.2
50.9
Building materials
89.5
89.4
89.3
89.3
89.3
96.4
86.8
85.3
85.9
71.0
78.9
77.0
77.5
59.0
7.1
Metals.
89.0
89.0
6.1
Building materials
80.3
1.3
Chemicals and
94.2
drugs
89.1
80.3
78.8
87.4
94.2
£4.2
95.6
.3
Fertilizer materials
69.5
69.5
69.9
Fertilizers
78.0
78.0
77.1
Farm machinery...
97.6
97.6
97.9
73.6
73.1
77.2
80.9
81.6
78.9
76.5
87.8
87.8
92.8
82.8
81.8
83.0
72.1
72.3
76.9
71.3
66.9
70.7
71.4
71.0
71.2
70.3
71.1
83.4
81.8
*1
*1
74.5
74.4
74.1
74.1
74.3
85.7
76.1
*
*
81.9
81.9
81.9
81.7
82.0
88.9
82.4
*
80.2
80.2
80.2
80.0
80.3
87.2
80.8
80.7
78.3
81.5
81.5
81.6
81.6
81.8
86.0
79.6
78.0
78.5
commodities
All
96.4
73.6
77.1
72 3
other
commodities
other
♦
than
farm products
79.9
.3
77.1
87.8
72.3
All
72.8
.3
77.1
87.8
72.2
Finished products
106.1
77.1
Semi-manufactured articles..
71.8
Textiles
92.6
87.8
Raw materials
86.1
58.6
Chemicals and drugs..
Housefurnishing goods
86.6
8.2
77.6
Miscellaneous
90.5
78.7
76.8
commodities
50.5
73.7
58.4
Miscellaneous
51.6
75.1
78.2
Livestock
Fuels....
10.8
59.3
73.2
65.3
49.1
Cotton
17.3
57.8
73.9
65.5
Cottonseed oil
Farm products
23.0
than
86.9
•
All groups combined
100.0
farm products and foods...
*
Not computed.
Board of Governors of Federal Reserve System
Less-than-Seasonal
United
States
Department of Labor Index of Whole¬
Commodity Prices Advanced 0.1% During
sale
Week Ended Sept. 10
Higher prices for farm products and foods
primarily
were
responsible for the advance of 0.1% in the United States
Department of Labor, Bureau of Labor Statistics' index
number
of wholesale
prices for the week ended Sept. 10,
in
Reports
August
Department Store Sales
INDEX
on Sept. 15.
"The index is
77.9% of the 1926 price level," Mr. Lubin said, adding:
^ The major commodity
Increase from July to
Department store sales showed less than the usual seasonal
increase from July to August, the Board of Governors of
the Federal Reserve System announced on Sept. 8, and the
Board's adjusted index was 83% of the 1923-1925 average
as compared with 85 in July and 82 in June.
The index is
shown below for the last three months and for August, 1937.
Commissioner Lubin announced
now
73.7
1938
Foods.
25.3
OF DEPARTMENT
STORE SALES
1923-25 Average=100
groups of farm products, foods, hides and leather
Aug., 1938
July, 1938
Aug., 1937
June, 1938
products, and building materials showed advances, textile products, fuel
and lighting materials and miscellaneous goods declined somewhat and the
of metals and
groups
metal products,
chemicals and
drugs, and house-
furnishing goods remained steady.
The price level of the group of raw materials advanced 0.6%
preceding
week
because of higher prices
packers' calfskins and kipskins, and
of farm
products,
above the
anthracite,
beans which more than offset
cocoa
lower prices for Pennsylvania petroleum, crude rubber, gravel, and pepper.
The index is
now
Adjusted for seasonal variation
83
85
82
92
Without seasonal adjustment
65
58
79
72
Total sales in August were 6% less
of the year 10% less than
and in the first eight
in the corresponding
periods of 1937, said the Board in presenting the following
compilation:
months
71.4.
REPORT BY FEDERAL RESERVE DISTRICTS
The semi-manufactured group of articles advanced but to a lesser extent
than did the raw materials group.
0.1%
over
The index of 74.5
was
an
increase of
P. C. Change
August *
The index for "all commodities other than farm products" and the index
as
measured
were
by
"all
commodities
than
farm
^
The
Department of Labor in its announcerimnt, quoting
Commissioner Lubin as above, also stated:
Wholesale food
1926 base.
prices advanced
during the week to 73.7%
1%
Compared with a month
ago
prices are 2.1%
the corresponding week of last
pared with
higher and
they are
year
of the
14.9%
com¬
lower.
Higher prices were reported for fresh milk at New York, yellow corn meal,
pink salmon, granulated and raw sugar and vinegar.
52
32
—7
—8
68
30
—14
31
—15
—16
30
10
66
27
20
15
29
+2
—4
Chicago
—8
—15
68
St.
Louis
—3
—7
34
17
Minneapolis..
+2
—3
39
19
—6
—7
21
Dallas
—1
—1
22
10
San Francisco
—6
—8
99
31
—6
—10
530
848
Kansas City
Total.
August figures preliminary; In most
this
year
year
Increased prices
ago.
were
month
and 19.9%
.
below
quoted for steers, hogs, lambs, live
poultry at Chicago and New York, and flaxseed.
lower in price
ago
included yellow corn, oats,
rye,
Those items which
were
wheat, cows, cotton, peanuts,
alfalfa and clover seeds and domestic wool.
Increased prices for certain
hides and skins and leather items caused the
index of the group of hides and leather products to rise 0.3%
week and to the level of the corresponding week of August.
92.8% of the 1926 average.
the subgroups
brick
and
southern
yellow
pine
the
due to higher prices for
flooring and
lath.
timbers declined slightly as did turpentine and gravel.
were
year
No price changes were reported for
of shoes and other leather products.
The building materials group advanced 0.1%
front
above last
The index is
Since the corresponding week of last
Index has shown a decline of 14.5%.
Yellow pine
No price changes
reported for cement, plumbing and heating materials and structural
steel.
Compared with a month ago, average prices of building materials
are up
by 0.2% and compared with last year they are down by 7.2%
.
for textile products declined by 0.2%.
The decrease
the corresponding week of last month is 0.3% and since the corres¬
Average prices
since
The drop was due to lower average
and silk and rayon. The
subgroup of other textile products rose slightly and the subgroups of cloth¬
ing, cotton good8 and woolen and worsted goods showed no change.
ponding week of last year it is 13.5%
.
prices in the subgroups of hosiery and underwear
cities the month had one more business day
August Chain Store Sales Ease Off
oil.
a
14
than last year.
Chicago and New York, lard, oleo oil, pepper, edible tallow, corn oil and
above
-
poultry
The advance in market prices of farm products for the week was 0.9%
a
0
Richmond
14
Atlanta
flour, dried apricots and peaches, prunes, fresh apples at New York
and Seattle, lemons, oranges, dried beans, bacon. fresh pork, dressed
The current index is 67.7 and is 1%
6
+2
New York
Articles weich
reported lower in price were butter, fresh milk at Chicago, wheat and
cottonseed
Included
-—13
Boston
*
at
Reporting
Federal Reserve districts
white potatoes, fresh beef at New York, mutton, mess pork, cocoa beans,
rye
Cities
Months
Philadelphia
other
80.2 and 81.5, respectively, the same as for a
week ago.
were
Stores
Cleveland
goods
products and foods"
eggs,
of
of
Eight
preceding week; namely, 81.9.
of industrial
Number
Number
from Year Ago
the index for the preceding week.
The index for the finished products group remained the same as in the
definite trend,
Certain groups
reported sales improvement, while others either lost ground
Chain
store
sales
in
August
showed no
according to the "Chain Store Age" index.
or
held to the level of the previous
month.
Total volume
dropped below the July results to a greater than
seasonal
extent.
The index
of total August sales was 106.4 of the
1929-31
for the month taken as 100.
This compares with
108.1 in July and 113.2 in August of 1937.
Sales indexes of the drug and shoe chain groups increased
average
over
127
former advancing to
the latter group rose to 128
During the same two months of 1937 the
the July levels, the index of the
from 123.4, while that for
from 122 in July.
drug index dropped from 131 to
remained
The
index
112.2 in July.
For the
129, while the shoe index
unchanged.
of variety
chain sales declined to 109.4 from
The index in August last year was 116.
apparel group, the sales index for August was 116
against 120 in July and 123 in August, 1937.
Preliminary results indicate that the index of the grocery
chains remained unchanged in August at 99.5.
A year ago
Financial
1698
Sept. 17, 1938
Chronicle
CONTRACT8*AWARDED—37 STATES EAST OF
CONSTRUCTION
for this
index
the
advanced from 105.6 in July to
group
ROCKY
MOUNTAINS
106.0 in August.
No.
Floor Space
of
4.9%.
for Week Ended Sept. 10, 1938,
Below
a
Year Ago
Institute, in its current weekly re¬
The Edison Electric
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 10, 1938, was 2,048,360,000 kwh.
This is a
decrease of 4.9% from the output for the corresponding
week of 1937, when production totaled 2,154,276,000 kwh.
The output for the week ended Sept. 3, 1938, was estimated
to be
2,148,954,000 kwh., a decrease of 7.4% from the like
week
a
y,
year ago.
PREVIOUS YEAR
PERCENTAGE DECREASE FROM
Month of August—
1938—Residential building. .
Non-residential building...
Public works and utilities—
Valuation
(Sq. Feet)
Projects
Electric Output
THE
$99,732,000
13,488
14,744,000
87,316,000
209,000
126,093,000
18,770
38,527,000
$313,141,000
10,200
18,920,000
$73,448,000
3,603
21,304,000
118,137,000
1,651
656,000
89,632,000
15,454
40,880,000
$281,217,000
83,185
24,449
11,797
145,485,000
99,903,000
1,818,000
$586,748,000
593,599.000
666.865,000
119,431
247,206,000
$1,847,212,000
86,247
26,890
176,161.000
$670,800,000
145,332,000
824,168,000
9,208
3,915,000
601,088.000
122,345
Total construction—
23,574,000
3,416
1,866
325,408,000
$2,096,056,000
—
1937—Residential building
Non-residential building—
Public works and utilities
—
Total construction
First Eight Months—
1938—Residential building
Non-residential building
Public Works and utilities
Total construction
—_
Week Ended
Week Ended
Major Geographic
Week Ended
Week Ended
Regions
Sept. 10, 1938
Sept. 3. 1938
New England
2.8
4.8
7.8
5.3
Middle Atlantic
1.5
5.2
3.1
1.0
Central Industrial
9.9
13.8
12.9
13.6
West Central
9.3
9.1
4.9
6.0
Southern States
2.0
0.1
1.7
4.0
18.7
20.7
19.2
19.8
0.5
1.7
3.9
5.2
4.9
7.4
7.0
7.2
1
Rocky Mountain
Pacific Coast
Aug. 27, 1938 Aug. 20, 1938
1937—Residential building
Non-residential building
Public works and utilities..
Total construction
MOUNTAINS
1937
1938
Tota' United States.
3145—CPRDhcilvamdseonp
July
30
m
1,615,085
1,435,471
1.989,798
—9.8
2.005,243
1,441,532
1,440.541
1,689,925
1,699,227
1.702,051
2,238,268
—10.0
2,029,639
1,456,961
2,096,266
—10.3
1.956,230
1,341,730
2,298,005
—9.3
2,029,704
1,415.704
2,258.776
2.256,335
—7.7
2,099,712
—7.2
2,088,284
2,079,137
2,079,149
2,093,928
1,433,993
1,440.386
1,426,98*
—6.4
2,133.641
2,261,725
2,300,547
—7.3
2,138.517
2,304,032
—7.2
2,115.847
mm
3
1,381,452
1,945.018
—10.1
2,093,907
2,134.057
2,294.713
—7.0
2,125,502
—7.4
2,135,598
2,154,276
—4.9
2,098,924
1,464,700
1,423,977
accounts,
individual
1,674,588
days,
business
Than Last Year
below
which also included only
$487,743,000
166,271
$1,523,440,000
140,674
35,554
1,791,374,000
2,289,130,000
30,898
16,770
11,064
$1,044,528,000
1,216,003,000
1,097,492,000
218.595
$5,603,944,000
182,636
$3,358,023,000
Sept. 7, which included
aggregated $6,156,000,000, or 9%
in
figures- are as reported on Sept. 12, 1938, by
Governors of the Federal Reserve System:
the
of
DISTRICTS
Week Ended—
of
Centers
Incl.
Sept. 7, 1938
Aug. 31, 1938
Sept. 8, 1937
1—Boston
17
$340,012,000
2—New York
15
2,-590,933,000
18
306,153,000
$339,325,000
2,973,782,000
331,792,000
2,724,963,000
305,843,000
25
395,990,000
481,441,000
466,241,000
24
245,028,000
236,387,000
238,142,000
26
192,948,000
186,097,000
196,201,000
41
862,982,000
16
172,516,000
983,719,000
173,754,000
936,836,000
184,022,000
Reports Gain
July, in Average
Board
Weekly Earnings
Work Week, and
A
gain in manufacturing activity in
fairly
substantial
was
accompanied
by
average
an
work
week 2.1%
in average weekly earnings
against $23.74, while average hourly
$23.92
in
earnings
July turned downward
as
substantially for the first time
recession in 1937, according to figures
since the start of the
compiled by the Economic Research
Board,
Conference
Industrial
average
No.
Conference
Manufacturing Activity During
$5,633,000,000, compared with $6,266,000,000 the preceding
week and $5,917,000,000 the week ended Sept. 8 of last year.
to
Federal Reserve District
Industrial
National
Division of the National
on the reports of 25
based
The Board, in its announcement
manufacturing industries.
five business days.
SUMMARY BY FEDERAL RESERVE
....
Total construction..
of Sept.
These
20,012
Public works and utilities...
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
Board
$858,013,000
to
total
the
32,299
longer than in June and a rise
reported for the preceding week and 5%
the total for the corresponding week of last year,
below
$108,088,000
187,249.000
192,406,000
1,761,594
reported by banks in
as
leading cities for the week ended
only five
1,710
Months—
First Eight
Residential building
July
Bank Debits Five Per Cent Lower
to
3,591
352,925,000
1,723,031
1,724.728
1,729.667
1,733,110
1,750.056
1,436,440
2.320,982
2,048,360
mm
Sept. 10
Debits
14,711
302,660,000
Non-residential building
1,723,428
1,692,075
1,711.625
1.727,225
1,415,122
1,431,910
2.148+54
Aug. 27..
Sept.
1,922,108
—10.0
2,084.763
m
mm
Aug. 20
—11.8
2,214,166
2,213,783
2,238,332
2.084,457
mm
.
6
Aug. 13..
Aug.
2,131,092
1,991,787
1,991.115
2,019,036
2,014.702
1,881,298
eitm
23
July
$202,428,000
5,255
2,982
Total construction
1,878,851
16
July
1929
1932
1936
1937
9_.
July
24,062
Residential building
from
mm
2
Valuation
KILOWATT-HOURS)
Non-resldentlal building
Public works and utilities—
1938
1937
1938
June 25
July
OF
(THOUSANDS
WEEKS
Projects
Valuation
Month of August—
4.
18—,—
'
'
Change
June 11
June
/
Percent
Week Ended
June
:
Projects
RECENT
FOR
DATA
:
2, also stated:
0.6% lower in July than in June, the gain in
rise in payroll disbursements of 0.1% in
lengthening of the work week for employed workers.
Hourly earnings, however, declined from an average of 7l.9c. in June to
71.3c. in July, or 0.8%.
1
In the reports received by the Conference Board from 25 industries, the
largest increase in total man-hours occurred in the wool industry, with a
gain of 21.5%.
Increases included 19.6% in the boot and shoe industry;
8.2% in the Northern cotton industry, and 5.4% in the hosiery industry.
Declines in total man-hours worked appeared principally in the agricultural
Since
employment was
weekly earnings and a
the
indicated
July
implement and
Each
$333,458,000
of
total
of
,Vy
automobile industries.
above
listed
industries
the
man-hours
worked
also
showing
as
reported
a
rise in
gains
in the
number
the index of employ¬
9—M lnneapolls
17
145,548,000
156,098,000
10—Kansas City
28
202,416,000
212,617.000
228,613,000
sharply in the manufacturing of
agricultural implements, automobiles and electrical equipment.
In most
cases
the average hours of work per week were longer, except in such
industries as iron and steel, paint and varnish, and hosiery.
Meat packing,
with an average of 41.4 hours of work per week during July per wage
earner, was the only industry reporting 40 hours of work or over per week.
18
161,264,000
157,912,000
168,514,000
For
29
540,183.000
560,288,000
536,821,000
274
6,155,973,000
6,793,212,000
6,475,462,000
6—Atlanta
7—Chicago
...
8—St. Louis
12—San Francisco
.
Total.
155,808,000
'
was
Largest Housing Volume Since April, 1937
construction contracts since July
Dodge Corp.
and 30%
over
July of this
year.
over
August of
Both privately
financed and publicly
financed projects increased over the
preceding month and the August construction total of nine
out of 15 districts ran ahead of the corresponding district
total of August
15
1937.
districts,
August residential contracts ran ahead of August,
1937, and produced the largest national residential total since April, 1937.
Residential awards for the month amounted to $99,632,000, being a 36%
increase over August of last year and a 13%
Since the
year as
increase over July of this year.
volume of small-house construction began to increase over last
early
as
last May, and since total residential building
was
7%
over
last year in July, the August record was a continuation and confirmation
of
definite upward trend.
a
The
new
Federal public works program made itself felt in
the August
total for public works and utilities, amounting to $125,093,000, which was
40%
ahead of the August
figure.
ran
industries, 33.8 hours per week was the average.
of
the cost
living of wage earners
decreasing 0.2% fro» June to
in the same period.
compared with a year ago, are shown in
July, real weekly earnings rose 1.0%
in
July,
1938,
as
PERCENTAGE
CHANGE
IN
25 INDUSTRIES
COMPARED
WITH JULY,
Total man hours...
—36.6%
Payrolls
Hourly earnings
—36.7%
+0.3%
Length of average work week.. —13.3%
COMBINED, JULY.
1938
1937
Weekly earnings
Cost ofllving
Real weekly earnings
Employment
—13.6%
—2.7%
—11.2%
—26.8%
The month's total of
$313,141,000 represented increases of 12%
In all
25
figures declined
awarded in the 37 Eastern States during August
according to F. W.
last year
all
With
employment
Conditions
The largest volume of
1937
but
the following figures:
August Construction Total Largest Since July, 1937—
Nation-wide
Increase
in
Residential
Building
Gives
ment,
Non-residential
1937
figure and 60%
building,
with
an
ahead of
August
the
total of $87,316,000.
20% ahead of the preceding month, although it lagged 26%
total for August 1937.
July 1938
behind the
Dun & Bradstreet
Report Reduction in Inventories
The value of inventories in the hands of manufacturers,
wholesalers, and retrilers was reduced by $1,250,000,000
during the first six months of 1938, according to estimates
issued Sept. 13 by Dun & Bradstreet, Inc., on the basis of
reports from 19,000 concerns of all sizes.
This brought the
national total down to $20,258,000,000 on June 30, a decline
of 5.8% from the higher figure for the beginning of the year.
This reduction comes after increases which were estimated
to be
$2,269,000,000 during 1936 and $3,004,000,000 during
1937.
Manufacturers
repoited the greatest curtailment of stocks,
the six months. The
estimated at 5%, and
decline of 6.7% in value for
decrease on the part of wholesalers is
with
a
for all retailers at 3.6%.
considerable part of the value increase was the
advances. Similarly, price declines have been
sufficiently great during recent months to account for much
of the decrease.
The Bureau of Labor Statistics Wholesale
In 1937, a
result of price
Volume
Financial
147
Price Index declined 4.2% during the six months
If the average price level for three months before
inventory
period.
taking
The
following tabulation indicates the volume and degree
change in inventories since 1935:
INVENTORY
TRENDS—CLOSE
(United States Total Figures
OF
1935
TO
MIDDLE
ot the Close o£ the Periods
as
OF
%
Change
During
1935
Census
1936
Estimate
% Ch'ge
During
1937
Estimate
June 30,
1938
1st
Half
Estimate
of 1938
12,329
—5
+ 10
2,999
5,267
2,849
5,080
+ 16
21,481
—6
2,276
4,298
+ 18
2,675
+20
+ 12
+ 11
4,771
16,208
+ 14
18,477
1938
Industrial Production—
Steel
113
36
48
121
58
50
42 p
98
35
31
30
116
cars
36
46
46
51
87
61
62
66 P
96
83
81
86 p
97
84
8 bp
87p
113
70
74
58
75
Cotton consumption
—7
11,031
July,
1938
Motor trucks
Indicated)
13,215
+ 15
June,
1938
Crude petroleum
Electric power
1937
*9,634
_
May,
1937
»•
,
Bituminous coal
%
Change
During
1936
July,
■
Copper
Passenger
1938
[In Millions of Dollars]
Manufacturing
Wholesaling
Retailing. .
1699
(Adjusted for seasonal variations, for estimated long-term trend, and where necessary
for price changes)
used instead of price levels at the ends of
June, the comparable price decline is 6.1%.
were
December and
of
Chronicle
Wool consumption
Shoes
Meat
93r
91
859
116
69
80
78
81
95
87
82
86
59
packing
105
54
50
54
169
61
61
89
_
Tobacco products
Cement
Machine tool orders *
...
Employment—
Employment, manufacturing U. S
Employee hours, manufacturing U. S
103p
88p
*
79
77
79 p
94
63
62
64 V
Residential building contracts..
20,258
104
35
30
31
39
Non-residential bldg.A engln'g contracts
Total
72
63
47
47
Construction—
Estimated from Census and Income tax figures.
Primary Distribution—
Summary of Business Conditions in Various Federal
Reserve Districts
Car loadings, mdse. & miscell
Car loadings, other
Exports
Districts
of business conditions in the 12 Federal Reserve
is
presented
in
the following extracts from
the
"Monthly Reviews" of the Federal Reserve Banks of Boston,
New
York,
Philadelphia, Cleveland,
Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City, Dallas and
San Francisco.
First
business activity in New England
year."
Distribution in this district,
81
101
100
98p
101
86
88
94p
Mall order house sales
100
90
86
87 p
42 p
88
New passenger car registrations
74r
78 r
77
99r
43
39
64
57
59
56 P
38
34
39
35 p
Money Payments—
Bank debits, outside New York City...
Bank debits, New York City
demand deposits, outside
New York City x
Velocity of demand depos., N. Y, Cityx
of
p
Preliminary,
r
not
60
61
38
42
152
152
154p
151
148
149
149p
wages z
110
lllr
Revised.
* Not adjusted for price changes,
100.
=
61
69
48
163
y 1913 average
adjusted for trend.
=
100; not adjusted for trend,
40
111
z
1919-1925 average
1926 average = 100;
x
Third (Philadelphia) District
In part, the "Review" also said:
consumption.
64
80
90
Industrial production in the Philadelphia Federal Reserve
on the whole did not change materially from June
Sizable gains were reported between June and July in shoe production
wool
67
76 r
Chain grocery sales
Other chain store sales
Composite index of
and
59
90
its
last
84
104
.
during July," states the Federal Reserve Bank of Boston in
"Monthly Review" of Sept. 1, "was moderately higher
68
85
Distribution to Consumer—
General price levely
Cost of living y
than in June, when allowances had been made for customary
seasonal changes, but was considerably lower than in July
70
63
90
'.•»
Department store sales, U.S
Department store sales, 2nd District...
Velocity
(Boston) District
"The level of general
69
61
88
Imports
A survey
69
95
89
...
represented by
as
District
freight carloadings and department store sales, in July was considerably
to
below the corresponding level
"Business Review" of Sept. 1. A higher than seasonal level
of operations at manufacturing plants and bituminous coal
1937.
in
The amount of raw cotton consumed
was
55,868 bales.
...
during July by mills in New England
In July last year consumption was 80,824 bales.
Cotton
consumption in each of the six New England States has been running
behind
first
a
last year.
and exceeded the monthly figure of
and shoe production in
have been
10,670,000 pairs.
the July total was about
year.
compared with the corresponding period
year,
Wool consumption in July, however, in New England increased
over June
Boot
aggregate decline amounting to 40.2% for the
an
months of this
seven
66.1%
with
year ago,
a
this district during July is estimated to
12% lower than in the corresponding month last
an
Massachusetts
in
increase of 3.2%
was
was
1.4%
higher
than
sharp decline in the output
of anthracite
r
1923-25 average in July, compared with 69 in June,
the number
in
reported in the amount of aggregate
68% of the
70 in May and 95
ductive activity showed a decline of 28%
Retail trade
sales
decreased less
from
than
a year
earlier.
seasonally from June to July,
reflecting principally activity at department and credit stores.
a
a
Over the first seven months of 1938 the average rate of pro¬
year ago.
with
,
During July the total number of wage-earners employed in manufacturing
establishments
June and
offset by a
Production of crude petroleum was in line with ex¬
pectations, according to the Bank, which also had the follow¬
ing to say:
seven months of this year is estimated
year ago.
was
The seasonally adjusted index of industrial production was
81,453,000 pairs, or 14.4% lower than the production during
the first seven months
mines
fuel.
a year ago.
A gain of 26.5% was reported over June but
Shoe production for the first
to have been
July, said the Philadelphia Federal Reserve Bank in its
year ago, however,
Compared
sales in the aggregate continued substantially
Business at wholesale establishments showed some decline in July
smaller.
Stocks of goods in both channels of
and was also less active than last year.
distribution
continued
below
1937
levels.
.
.
.
weekly payrolls, according to the Massachusetts Department of Labor and
Both
Industries.
decrease
employment
between
June
and
and
payrolls
July, with
an
Massachusetts
in
average
Manufacturing
usually
decrease of 0.6%
Demand for factory products in
in
this district has shown some further
employment and 0 4% in payrolls based on records covering the 13-year
period, 1925-1937, inclusive.
increases have been more pronounced
As was the case in July,
improvement during the past several weeks.
.
Second
(New York)
goods, such
District
presenting its monthly indexes of business activity, in
its "Monthly Review" of Sept. 1, the Federal Reserve Bank
of New York states that after showing little change during
the preceding two months, the general level of production
and trade advanced substantially in July.
The Bank added:
Steel production
was
up
sharply despite
a
usual tendency to decline
between June and July. Pig iron and bituminous coal, which
steel, were also produced in larger quantities than in June.
increase in cotton
branches
power
generation, which
in May and
are
There
on a
industry also were more active.
Electric
seasonally adjusted basis had risen moderately
June, recovered further In July, ostensibly reflecting
a
rather
curtailed operations further during July, the production and refining of
was
conspicuous.
Copper output declined 22%
lowest level since the first part of 1935, and production
a
seasonal nature.
Automobile assemblies also
to the
of lead also
was
contracted
for the introduction of new models approached,
season
rose
reduction in zinc output, however,
in
was
largely of
July
as
a
the
but tire production
contrary to the usual experience.
There
building materials, and'other durable
orders, particularly for cotton and woolen yarns,
Plant operations in most lines have
floor coverings, and paper.
recently shown a gradual expansion.
Stocks of finished goods on the whole have declined further and in numerous
Inventories of raw materials
instances are below the level of a year ago.,
have shown little change lately but, with few
exceptions, are smaller than
at this time last year.
Fourth (Cleveland) District
was a 12%
general tendency for industrial activity to increase. Among Industries which
sharply reduced;
textiles, clothing and shoes, than at establishments turning
Current reports indicate appreciable gains in the volume of unfilled
allied with
of the textile
nonferrous metals
goods.
The Federal Reserve Bank of Cleveland, in its
mill operations following a sudden spurt in sales, and
other
as
out fabricated metal products, certain
In
in industries pioducing consumers'
noticeable
pick up occurred in July and the first three weeks
August, but in other lines only slight changes from recent
levels were evident."
The Bank further reported:
of
As
a
result of the earlier-than-usual shut-down of auto assembly plants
for model changeovers, however,
local conditions failed to reflect the full
increase evident for the entire country in
in steel
there
moderate gain in the distribution of goods by railway
"Monthly
Business Review" dated Aug. 31, reports that "in iron and
steel and some of the smaller industries of the district, a
production.
were
July over June, despite the Wse
Sentiment has improved materially, and In August
reports of some resumption of, or
increased operations at parts
July, and the volume of retail trade appears to have declined slightly less
plants, and tool and die factories. The gains in most cases in these lines
have been moderate, and should be considered in connection with develop¬
than usual.
ments in the auto
was a
Department store sales in this district
but for the country as a whole the drop
other years, and this was true
was
were
during
reduced seasonally,
somewhat smaller than in
also for chain stores other than grocery.
Mail order sales and sales of grocery chains were approximately unchanged
factories, and 7%
between June and July after seasonal adjustment.
down 1% in
Information thus far available indicates that there was
a
further rise in
industry.
Despite increases of less than 1% in employment at steel plants, glass
and miscellaneous factories, and a rise of 2% at lumber mills, 3% at shoe
at textile plants, total Ohio industrial employment was
July from June, and payrolls were off 1.5% , chiefly as a result
Compared with last
of the earlier-than-usual shutdown at auto plants.
business activity during August, although probably of lesser extent than
year,
in July.
gains in August in several lines, but notably the metal industries.
a
Stimulated by an increased flow of new orders, steel mills continued
gradual expansion of output, and operations averaged somewhat
than 40% of capacity as compared
There
was
also
a
more
with 33 H% in July and 28 H% in June.
further rise in electric power generation, and bituminous
coal mining was seasonally higher.
However, it appears that cotton mill
operations leveled out following the considerable rise in
cotton goods ran well below production
July.
Sales of
until late in the month when the
volume of business expanded accompanying a firmer market
for raw cotton.
The volume of freight carried by railroads was not greatly changed between
July and August.
although sales of
Automobile production continued a seasonal decline,
cars,
both
new and
maintained unexpectedly well.
of
new
used,
were
reported to have been
It was indicated that volume production
models will begin even earlier than in the last
ment store trade,
however, appears to
usual seasonal amount during the
few
years.
Depart¬
have increased by less than the
flrstj three weeks of August.
Ohio employment was off 30%
.
Preliminary reports point to slight
Department store sales in July registered a second increase, after allowing
20% behind a year ago.
for seasonal variations, but they were still close to
In the first three weeks of August they were showing only a slightly smaller
loss from
1937 than in the previous month, although in the week ended
Aug. 20 sales were down only 14% .
A rather substantial increase in steel mill operations occurred in recent
weeks, the national rate rising to about 43%
compared with around 35% in late July.
in the last week of August,
With the exception of Pittsburgh,
all steel areas In this district were operating at close to or
average
rates in the latest week,
recently.
better-than-
and gains have occurred at Pittsburgh
...
July tire production was the highest since last October, and nearly 8%
over
June, although Ohio rubber factories reported a reduction in
employment and payrolls in July from the previous month.
both
Auto parts
Financial
1700
in July, but expanded them slightly
worked, and iq a few cases by
adding to the number employed. In July, auto parts makers reported 61%
fewer employees than a year ago.
Machine tool and foundry equipment
companies reduced operations further
by increasing the number of hours
In August
.
orders advanced slightly;
textile, clothing, and shoe plant operations were
and box-board demand was better, and electrical equipment sales
July and early August over previous months.
up; paper
Increased moderately in late
Fifth (Richmond) District
31 "Monthly Review" of the Richmond Federal
Reserve Bank reported that "although there was no general
improvement in business conditions in the Fifth Reserve
district in July and the first half of August, there were several
The Aug.
indications of
a
The following is also from
stronger tone."
the "Review":
in rayon sales, deliveiies by producers
the highest figure on record and nearly
coal mined In July rose 4%
output was 27%
with last year
above June production, and although July
below July 1937 production, it compared more favorably
Business
than double July, 1937 failures, and
than output in some other recent months.
failures in the district in July were more
last month's liaoilities rose
July were 61%
in
below July,
decrease was less than occurred in
.
.
Registration figures on new
1937, registrations,'but the
Retail trade in July as reflected in
June.
in July, 1937, and wholesale trade
department store sales was 6% less than
was
.
144%, but it should be noted that the July,
1937, insolvency figures were unusually small.
automobiles
say:
nearly 19% less than a year ago.
Sixth
greater than average
was
While still
July decline in retail trade in the Sixth (Atlanta)
was considerably less than seasonal and, contrary
to seasonal tendency, the daily rate of cotton consumption
increased in May, June and July," it was indicated in the
"The
Aug. 31 "Monthly Review" of the Federal Reserve
Atlanta.
In part, the "Review" also said:
by 49 reporting retail firms in the Sixth
Bank of
Wholesale trade in the Sixth District, according to reports
.
.
.
by 160 firms
in July, when
United States Department of Commerce, declined 4.6%
However, an increase of 1.5% was re¬
there is usually a slight increase.
June sales had averaged
corded from May to June when in previous years
July sales at wholesale were 15.6% less than
earlier, and in the seven months' period they have been 14.1% less
5.6% less than those in May.
year
than in
that
part of 1937.
Business failures increased
booked oy manufacturers
fall.
.
than two years.
.
.
.
principal cities, the
respectively,
this year the
cumulative total fell 7.6% under that of the comparable period In 1937.
Combined sales of all wholesaling and jobbing firms reporting to this bank
in July were 5.9% ahead of June, but 12.2% smaller than in July, 1937;
cumulative total for the first seven months was 16.1% below that pf the
Tennessee consumed an average
Cotton mills in Alabama, Georgia and
each business day in July, allowing for the July 4
This was 3 2% larger than that
June and is the third consecutive monthly increase at a time when oper¬
holiday in addition to the five Sundays.
Ninth (Minneapolis) District
The volume of business in the Ninth
.
.
Employment
.
but shipments
declined somewhat fur¬
and
payrolls
amount in July but was smaller than a year ago.
Grain
marketings, farmers' cash income was smaller than a year
ago.
Grain marketings increased rapidly by mid-August
and most farm product prices declined."
In noting this, in
its "Monthly Review" of Aug. 27, the Minneapolis Federal
Reserve Bank also had the following to say:
June
over
as
Seventh (Chicago)
increases were recorded for every one
The trend of employment and payrolls
continued downward in July and
distribution phases failed to maintain the betterment
experienced in June.
Activity in reporting food Industries was greater than last year and the ma¬
jority of crops were in good condition in mid-August.
June to July,
and through the middle of August was sustained at about the level pre¬
vailing in the latter month, For the second successive month, new business
Output of iron and steel mills increased somewhat from
of.steel and malleable casting foundries expanded in July,
are
now
although pro¬
Stove and furnace factories shipped only
As the 1938 model season approached a
close, production of automobiles was curtailed to a small
inventories
well reduced.
volume; dealers'
Seventh district building construction
although
the volume of residential building equaled that of the preceding month.
Demand for building materials slowed down in July.
Both orders booked
and shipments by district paper mills expanded in the current period, and
the tonnage of the former exceeded that of last July; inventories of paper
are declining.
A less than seasonal increase over June was shown in July
orders booked by furniture manufacturers, and shipments declined more
recorded substantial declines in July from June and a year ago,
Further recessions of about 2H% each were
than is usual for the month.
recorded
and
between
mid-June and mid-July in total
payrolls, because
industrial employment
of further sharp reductions in the
country check collections.
durable goods
industries.
Although the distribution of commodities at both wholesale and retail is
usually lighter in July than in June, sales in the month this year fell off in
a
greater than seasonal extent,
totaled considerably smaller than in the 1937 period.
and volumes
Inventories, however,
ments and statistical series used to gauge
Eighth {St. Louis] district,
As was the case last month, city
sections, although the difference was not large.
.
.
.
Other indicators of business volume that were lower in July than a year
ago were new passenger car
new
sales in Minnesota and North Dakota; sales of
trucks in Minnesota; wholesalers
general
hardware,
of drugs and sundries, electrical goods,
and heating,
plumbing
groceries,
and shoes; electric
consumption; all classes of freight carloadings except grains, grain
power
products and livestock; warranty deeds and mortgages recorded in Hennepin
Increases over
Ramsey counties; lumber cut; and life insurance sales.
July, 1937, were recorded for flour production (both at mills in Minneapolis
outlying mills) and sales of commercial cars in North Dakota.
Tenth (Kansas City)
District
From the
Aug. 30 "Monthly Review" of the Federal Re¬
serve Bank of Kansas City, we take the following regarding
agricultural and business conditions in the Tenth Reserve
District:
;
period of dry weather and high temperatures early In August
A short
much
larger crop than
many poor
localities. However, recent rains insure a
not
as
well
as
Final results of the wheat harvest show
a year ago.
yields and a large amount of poor-quality grain.
the lowest level in five years.
a
year ago.
9%
are
and^sales of independent retail stores are 15%
Physical volume of department store sales is probably
greatly under last year.
Slaughter of most livestock is recently higher, but flour, coal, and petro¬
leum production and ore shipments are much under
shows little
last year.
Construction
improvement.
Eleventh (Dallas) District
Department store sales in the Eleventh (Dallas) District
declined less than seasonally in July and then increased in
the first half of August," said the "Monthly Business Re¬
view," Aug. 30, of the Federal Reserve Bank of Dallas, which
went
on
The
to say:
business
of department
stores in
principal cities of the Eleventh
District held up better than usual in July, resulting
in a rise of this bank's
This figure
The index
sharp decline from January through April, but the trend has been
upward in the past three months with the average for the period being only
4 points below that in the corresponding period in 1937.
.
.
.
The dol¬
adjusted index of sales to 103%
of the 1923-1925 average.
101% in June and 106.7% in July last year.
compares with
showed
a
lar volume of sales in July
earlier and
was
reflected a decline of 22% from that a month
6.5% less than in July, 1937.
decrease from
a
business days
than July last year.
month and the
year ago was
On a daily average basis the
only 2.7%|as July this year had one fewer
The^ decline from both the previous
month last year was general among
same
the several sections of the district.
.
.
reporting stores in
.
The demand for merchandise at wholesale in this district was
of trade reflected a decline of 3% from
less than in July,
somewhat
Combined sales of all reporting firms in seven lines
sluggish during July.
the preceding month and were 11%
1937, which is about the average decline for the first seven
months of the year.
...
further contra-seasonal increase was
reflected In the domestic con¬
sumption of cotton during July, although mill sales of cotton
ently declined and
were
lower than production during
goods appar¬
the month.
.
.
.
Following the downward trend in the second quarter, construction con¬
tracts awarded In the Eleventh District increased 18% from June to July
one-third larger than in July, 1937.
crude petroleum both in the
.
.
.
Eleventh District and In
the first week of July, reflecting
chiefly the return to production on a six-day basis in Texas.
•
r
,
,
u_L_j.
L--.
" ii'
n ""**
-17r
""I ' •
———w—,
Twelfth (San Francisco) District
measure¬
business activity in
sales and production
Wheat prices
The feed situation is generally good.
the United States increased sharply during
Aug. 31 "Business Conditions" of the St. Louis
Federal Reserve Bank it is stated that "most of the
the
.
department store sales held up slightly better during July than sales at
stores in the rural
The production of
Eighth (St. Louis) District
the
.
.
during July and for the first seven months of the year were within
and were more than
appeared to be in good position at the end of July.
In
One-third
Department store sales in the district declined by less than the seasonal
amount
A
several reporting groups to
of our indexes.
loadings doubtless were
responsible for most of the increase in urban and rural bank debits and
under
duction and shipments fell off.
of the district shared In the advance
larger grain marketings and 10% larger livestock
Wholesale sales
District
Aug. 26 "Business Conditions Report" of the
Chicago Federal Reserve Bank it is stated that "several
further evidences of improvement in the Seventh (Chicago)
district business situation have appeared in recent weeks.
Tangible signs of a sustained upward trend are still lacking,
however, and volumes remain low in relation to year-ago
levels.
The report also had the following to say:
the
slightly less products than in June.
by our seasonally adjusted
level, but was the smallest for July since
Both city and country sections
are at
ther in June.
In
[Minneapolis] Federal
than the usual seasonal
more
.
Pig iron production In Alabama declined further in July,
,
"increased
district
Reserve
did great damage to corn in certain
ations have usually declined.
,
July was 19.0% and 7.5% smaller,
earlier and for the first seven months
interval in 1937.
same
District in
41.8% smaller than the total for
July, 1937, which was the largest for any month since November, 1938,
and a total which has been exceeaed only twice in the past nine years. , . .
of 5,551 bales of cotton for
of department stores in the
in sales
than a month and a year
and at
the Sixth
contracts awarded in
value of construction
increased.
number of important lines, and orders
indicate that further progress is likely during the
v\xV
.
reflected
As
volume of retail trade in
July increased 8.4% over June but was
for
extremely high temperatures which prevailed
the
and
strikes
scattered
and
substantially in July and liabilities of default¬
ing firms were the largest In more
The
in recent years.
...
m4
unfavorable showing as contrasted with a year
5% of the January-July total last year.
District declined
17.3% from June to July and were 6.1% less than in July last year.
a
making an
the employment situation as a whole underwent noticeable improve¬
ment.
This betterment would have been more pronounced except for
ago,
indexes was well above the June
District
District
to the
sentiment in the business
The volume of business in July as measured
(Atlanta)
noticeable improve¬
community quite generally throughout
the area.
In a number of instances, betterment shown In July was contraseasonal in character and, where seasonal gains were expected, their extent
1935.
Total sales
results shown, there was a
In addition to concrete
ment in
Production moved upward in a
doubling shipments of
yarn in June.
This sudden demand cut substantially into surplus yarn
stocks built up by producers during the winter, and caused an increase in
August in operating time at mills.
Cotton textiles also were in better de¬
mand during the past month, but the improvement was much less marked
than in rayon.
Tooacco auction markets opened in the South Carolina
belt early in August, and*tobacco sold for prices averaging around $27 per
100 on unofficial calculations. The quality of tobacco appears to be good,
although somewhat light in weight. Some increase in employment developed
in July and early August as rayon and cotton manufacturers added em¬
ployees, tobacco markets began sate6, and coal output Increased.
Bitumi¬
nous
figures of commercial and industrial interests reporting to this
Bank, reflected quite distinct improvement during July and
early August as contrasted with the similar period immed¬
iately preceding." The "Review" also had the following to
during part of July.
:
The most marked change occurred
reaching
1938
Sept. 17,
Chronicle
Although, production in the important lumber industry
further in July, total industrial output in the
increased
volume
147
Financial
Chronicle
Twelfth (San
Francisco) District appears to have changed but
during the month, after allowance for seasonal factors,
was noted
by the San Francisco Federal Reserve Bank in
its "Business Conditions
Report" of Sept. 1. The Bank also
had the following to say:
On
Sept.
little
3,767,142
it
year
.
Inventories held by manufacturers and distributors continued
and in
number of lines
a
are
decline
to
reported to have reached leveis which
neces¬
sitated reordering more generally than
at any time during the past year.
Factory employment in the three Pacific Coast States, excluding employ¬
ment in the canning
industry, was slightly lower in mid-July than a month
earlier, after adjustment for seasonal influences.
the decline approximated 3%, but in
In California and Oregon
Washington
moderate increase in
a
the number of wage earners was recorded
owing to a smaller than seasonal
reduction in lumbering.
Following
considerable increase during the first half of 1938, value of
a
residential construction undertaken in the district advanced further in
new
3,
M
the
On
1938,
feet,
3,
reported by
as
equivalent of
equivalent of
Sept.
stocks
gross
the
1935-36-37),
average,
1937,
1701
1938,
108
pared
with
711,955
M
feet
446 softwood mills
were
(three-
production
average
compared with 3,765,231 M feet
as
108
Sept.
on
4,
days' average production.
unfilled
orders
Sept.
on
reported
as
590,973 M feet, the equivalent of
were
days'
17 days'
1937,
4,
by
mills
production,
average
the
softwood
441
equivalent
of
21
com¬
days'
production.
average
♦
International Rubber Agreement Quota to Remain at
45% for Fourth Quarter of 1938
The International Rubber
Regulations Committee at a
meeting in London on Sept. 12 decided to extend the existing
45% export quota to cover the fourth quarter of 1938.
Regarding this action by the Committee, the New York
"Times" of Sept. 13 said:
July, the seasonally adjusted index advancing to the 1929 monthly level of
51% of the 1923-1925 average from 42 in June. Incomplete data covering
the first 23 days of August indicate that the value of
permits issued during
extend the 45%
that month declined from the high July total, although some increase is
mean
customary.
The
decision
of
the
International
be limited to
shipments from other producing
July but, at 89% of the 1923-1925
the final
only
was
seasonally adjusted index
point lower than the January-June average.
one
automobiles
average, the
and
trucks
have
been stable since
Retail sales of
May, after allowance for
seasonal influences.
of 1938
quarter
the total
areas,
will be
between
of rubber outside
July,
Report
Lumber
Movement—Week
Sept. 3,
of
or more than
raw
Ended
Sept. 3, 1938,
production and
180,000 tons,
or
In view of the fact that stocks
135,000 tons larger than at the end of July, 1937, rubber
any
difficulty in getting all of
supplies needed.
Sugar Consumption in 14 European Countries During
First 11 Months of
Crop Year Decreased 2.2% Below
Last Year
67% of
average 1929 shipments.
Production was about 65%
of the corresponding week of 1929;
shipments, about 66% of
week's
With
year.
1938
The lumber industry during the week ended
stood at 67% of the 1929 weekly average of
that
to
of the regulated areas were 556,000 tons at the end of
manufacturing enterprises should not have
Weekly
Committee
supply of rubber in
new
175,000 and
roughly 15% below estimated consumption.
the
Regulations
145,500 tons in the final three months of this
Value of sales of department stores cieclined
slightly more than seasonally
in
Rubber
export quota now in effect to cover the fourth quarter will
that the allowable
shipments of rubber from the regulated areas will
Consumption of
sugar in tlie 14 principal European coun¬
during the first 11 months of the current crop year,
that
tries
week's orders, according to reports to the National Lumber
Manufacturers Association from regional associations cover¬
tons,
ing
sumed
the
shipments;
orders,
new
58%
about
of
operations
of important softwood and hardwood
mills.
In the first 35 weeks of 1938 cumulative
shipments
were
7% and new orders were 8%% above production.
Production was 28% below last year in this
period; new
orders, 17% below those of 1937. Reported production and
shipments in the week ended Sept. 3, 1938, were slightly
below the preceding week, which was the
production peak
of
the
to date.
year
New orders
about
were
those booked in the preceding week.
the
as
same
Softwood orders
were
5% below the corresponding week of last year.
New busi¬
ness was 14%
below output in the week ended Sept. 3;
shipments were 3% below production.
Softwood production
and shipments were, respectively, 11% and 8% lower than
during corresponding week of 1937.
National production
reported for the week ended Sept. 3 by 4% fewer mills was
5% below the output (revised figure) of the preceding
week;
shipments
were 2% below that week's shipments;
1% below the orders of the previous week.
The Association further reported:
orders
new
•
feet
of
week
softwoods
orders
All
tion
Mills,
but
regions
the
540;
Southern
Cypress
All
ended
and
sponding week of 1937
and
all
but
Lumber
Northern
orders
520
mills
combined;
feet.
produced
shipped
Revised
production,
224,593,000
218,675,000
figures
230,691,000
Hardwood
Sept.
3,
Northern
regions but Western
wood mills
1938,
for
feet;
the
preceding
shipments, 223,-
feet;
196,851,000 feet.
Northern
week
3,
hardwoods
193,953,000
feet; orders,
in
put.
and
of
were:
608,000
reported
1938.
All
Hardwood
new
orders
regions
but
below
produc¬
Southern Pine,
reported shipments
Pine reported
below
orders below those of
out¬
corre¬
all regions but Southern Pine reported shipments,
Hemlock reported production below the 1937 week.
;
reported for the week ended Sept. 3,
1938, by 437 soft¬
Reports from
100
hardwood
2% above production.
8,194,000 feet,
or
mills
Shipments
week's
feet, and
production of 417
and
feet
reported for the
Production
was
7,676,000
feet,
week
2,435,800
increase
The
the
F.
Shipments of Lumber
Weeks Ended Sept. 3, 1938
Sept. 3, 1938,
as
7,496,000 feet.
was
14
of
average
Barometer
527
for
on
mills reported
the
five
weeks
During
by the National
Five
Lumber
follows
Sept.
to
3,
Production
Softwoods
1938
1937
1,097,916 1,288,694 1,061,277 1,146,189
4
32.086
66,474
39,540
47,628
Hardwoods
Aug.
on
tons
the
on
1, 1938, amounted to
date
same
the
countries,
European
decrease of
countries included
coming
according
authority,
sugar
compared
as
for
crop
in
1937,
an
with
6,438,000
163,000 tons,
in
1938-39
to
is
campaign
advices
tons
for
received
from
6,275,000
placed at
long
produced
during
the
2.5%.
or
the survey are
Austria, Belgium, Bulgaria,
Chechoslovakia, France, Germany, Holland, Hungary, Irish Free State,
Italy, Poland, Rumania, Sweden and the United Kingdom.
Rayon
Deliveries
by
August
Reached
"Rayon Organon'
A
all-time
new
American
Producers]) During
High
Record,
Reports
New
Ik
high
rate
of
rayon
HA
deliveries
yarn
by
American producers was recorded in
August, exceeding even
the
recent
non,"
high point
published
New York.
by
of July, according to "Rayon Orga¬
Textile Economics Bureau, Inc.,
the
The daily rate of August deliveries is measured
by the "Organon" index of 895, which compares with 841 for
July and a 1938 low point of 372 in January.
In noting
this, an announcement by the Bureau, issued Sept. 9, fur¬
ther said:
Producers' yarn stocks showed a
corresponding drop from a 3.1 months'
supply at the end of July to a 2.3 months' supply on Aug. 31.
The 1938
peak
of
this
of
stock
index
was
3.9
a
months'
supply
held at
as
the
end
June.
It
is
pointed
normal seasonal
time
of
build
year
that
out
these
rate in rayon
and
by
high
deliveries
caused
Were
both
by the
their
up
consumption by weavers and knitters at this
the efforts of
Cotton
cloth
Prices
inventories
to
rayon
more
fabricators
normal
and
distributors
to
levels.
Are
Now at One of
Lowestf Levels in
History, According to Survey by Commodity Re¬
search Bureau, Inc.
Cotton prices are now at one of the lowest levels in his¬
tory, in relation to the general commodity price level, ac¬
cording to a survey, "Cotton and the Price Level," recently
completed by Commodity Research Bureau, Inc., New York.
The survey features a chart showing the
relationship of
cotton
and
years.
The
the
general
survey
price
index
over
period
a
of
150
states, in part, as follows:
At the present time,
1938
Shipments
1937
sugar
European
the
raw
value,
1937-38 season, a
14
these countries
1,851,500
Orders Received
the
the
National
Lumber
1938:
(In 1.000 Feet)
1938
beet
principal
Licht,
The
for
the cotton trade is concerned largely with the
gov¬
ernment loan, the production outlook for this
season, the current heavy
supplies and the political and economic outlook at home and abroad. These
influences are highly important from the short term outlook and
price
movements are being governed accordingly.
However, they are tending to
Sept. 13:
as
ended
against
tone,
.213,269,000
identical mills for five weeks
on
reported
hand
as
584,300 tons.
estimated
0.
Reports
and
on
tons
of
were
same
identical softwood mills
Manufacturers Association
An
as
and
We give herewith data
Trade
business
The firm added:
Sugar stocks
year ago
Production
ended
Mill
new
it was 240,580,000 feet; shipments were, respectively,
224,142,000 feet, and orders received, 183,272,000
193,086,000 feet.
\
a
206,794,000
feet
as
9% above production.
Identical
Last
give
raw sugar
York.
totaled
186,277,009 feet, or 14% below the production of the
same
mills.
Shipments as reported for the same week were 210,481,000
feet, or 3% below production.
Production was 217,097,000 feet.
or
value, as compared with 7,193,402 tons con¬
during the similar period last season, a decrease of
159,288 tons, or 2.2%, according to Lamborn & Co., New
were
During the week ended Sept.
booked
September, 1937, through July, 1938, totaled 7,034,114 long
1937
993,660 1,075,561
35,013
49,778
detract
attention
long pull.
from
That
is
factor which
a
the
should
prove
very
important
over
great
disparity which exists between cotton
prices and the general level of commodity prices.
Such disparities have existed before, some times for as
long as three
but inevitably the line representing the Wholesale Commod¬
meets the Cotton Price Level.
The disparity in cotton
largely responsible for the current price-raising measures
adopted
years or more,
Total lumber
Production
1,130,002 1,355,168 1,100,817 1.193.817 1,028,673 1,125.339
during the five
weeks ended Sept. 3, 1938, as reported
by
17% below that of corresponding weeks of 1937.
Softwood
production in 1938 was 15% below that of the same weeks of 1937 and
these mills
13%
was
below
the
records of comparable mills during the same period of
output was 52% below production of the 1937 period.
during the five weeks ended Sept. 3, 1938, were 8% below
those of corresponding weeks of 1937, softwoods
showing loss of 7% and
1936.
Hardwood
ity
Price
prices
are
Index
by the U. S. Government.
the major
substantial
reduction
in
acreage
Shipments
hardwoods
Orders
loss
of
received
17%.
during the
five weeks
below those of corresponding weeks of
ended
1937.
3,
1938,
Softwood orders in
8% below those of similar period of 1937 and 22% below the
of
1936.
Hardwood
sponding week of
orders showed
1937.
a
loss of
30%
as
compared
were
1938
9%
were
same
weeks
with
corre¬
this
year.
»
Petroleum
and
Railroad
Sept.
It has been stated repeatedly that price
parity
objective. The relatively low cotton prices played an im¬
portant part in the success achieved by the Administration in
effecting a
was
Its
Products—Watch
Commission
Sharply Lower—Crude
World
With
one
Oil
suit
—
Crude
Oil
Suit
Oil
Stocks
at
Against
Production
New
Low—
Output Up in July
already filed asking
an
injunction against
enforcement of the proration orders for the East Texas field
Financial
1702
by the Texas Railroad Commission, and a second
suit, against the five-day production week, threatened, the
industry's attention was centered upon legal developments
set
up
during the past week.
The suit against the East Texas regulations, which charges
discrimination, is believed to have as a background the
often-criticized tendency of the Railroad Commission to
issue permits for wells in exception to the field's spacing
rule.
Oil
men
recall that in many instances, wells in
East Texas have been drilled on tracts of one-tenth of
an acre.
/
•
Background of the threatened second suit is the fact
.
that
around the
the Railroad Commission has, in effect, gotten
imposed upon it by the marginal^ well law,
through the five-day production week order.
Some years
back the marginal well law, which prohibits cutting pro¬
duction of any well below a certain minimum, was passed
to curb the too broad powers existent in the Railroad Com¬
restrictions
a gain of
oils reflected the
barrels to a new
all-time high at 149,104,000 barrels on Sept. 10.
The increased political tension abroad with the possibility
that war might break out on a major sc."le through Europe
bolstered sentiment somewhat in the gas and fuel oil field.
While the increased demand for all petroleum products
would aid the industry in general, the gas and fuel division
reported.
estimate
was
stimulant for demand as war
to prove.
prices broke to 16 cents a gallon, tax included, off
three cents.
With the exception of one company, other
dealers were maintaining a price of 18 cents, one cent under
the pre-war
in
reduction
the
Lone
Star
Representative price changes follow:
ana's
week
last
was
production of 271,100
barrels daily
was
gallon, tax included.
cents a
U. S. Gasoline (Above 65 Octane),
.07)4
Gulf
Tide Water Oil Co
.08 H
Shell Eastern
Richfield Oil(Cal.)
domestic
and
through to the lowest point since early 1922, according to
the Bureau of Mines report covering that period.
The
111,000-barrel decline pared the total to 284,919,000 barrels.
Stocks of domestic crude were off 272,000 barrels during
this week but this drop was offset in part by a gain of 162,000
barrels in stocks of foreign crude held in this country.
A
sharp gain in world production of crude oil during
shown in the preliminary report of world petroleum
which places the total at 167,726,443 barrels, in com¬
parison with 158,683,150 barrels in the previous month.
United States continued to lead the world in petroleum
production with a July figure of 103,100,000 barrels, with
Russia second at an estimated total of 18,200,000 barrels.
Venezuela was next at 16,100,000 barrels, and Iran fourth
with 6,920,000 barrels.
Much interest was shown in the figures covering production
in Mexico during July, the publication pointing out that its
figures had been obtained from private sources.
July
production in Mexico was up 200,000 barrels over the
previous month, totaling 2,000,000 barrels.
This com¬
pared with 1,800,000 barrels in June, 700,000 barrels in
April, and 4,141,977 barrels during January.
Dispatches from Mexico City disclosed that the Huasteca
Petroleum Co., a subsidiary of Standard Oil Co. N. J.,
had paid off and discharged some of its technical workers.
Each employee was paid three months' salary plus 20 days'
pay for each year of service.
While these conditions are
the same as the Supreme Court recently ruled must be paid
to all employees, the company voluntarily paid these sums
without the intervention of the Labor Department, it was
reported.
There were no crude oil price changes.
July
was
are
New York—
$1.80
.
.07 M
|
Eldorado, Ark., 40
Refinery or Terminal
Gas Oil, F.O.B.
N. Y. (Bayonne)—
New York
$. 195 |
z
Brooklyn.
.1951
.
..
Natural Gasoline Statistics for July, 1938
natural-gasoline production decreased slightly
The rate of
July, according to a report prepared by the Bureau of
Mines for Harold L. Ickes, Secretary of the Interior.
The
in
in July was 5,591,000 gallons, or 10,000 gallons
The principal declines in production were
registered in Kansas and in the Panhandle, Kettleman Hills,
and Oklahoma City fields, the principal increases in the Texas
Gulf and East Texas.
By virtue of this gain the East
Texas field passed the Panhandle as the piemier producing
daily
average
less than in June.
district in the country.
Stocks continued to increase and reached a new
(In Thousands of Gallons)
Stocks
Production
July 31, 1938
Central Field, Mich
1.30
Sunburst, Mont...
1.22
Mod-Cont't, Okla., 40 and above._ 1.30
Huntington, Calif., 30 and over...
1.22
Rodessa, Ark., 40 and above
Smackover. Ark.. 24 and over
Kettleman Hills, 39 and over
July
June
July
July
At
1938
1938
1938
1937
Refin¬
SEEN
37,110
Oklahoma
3.633
Kansas
57,453
Texas-
4", 122
Arkansas
6,873
5,452
630
4,200
464
4,032
575
2,478
45,122
2,226
42,305
increase
UNDER
WAY—WAR
PRICES
TALK
BREAK
IN
2,229
2,290
8,946
96,756
9~H4
77,595
M
4,521
42
4,084
12,865
6,487
210
242
294
205
43,953
40,542
5,334
3,130
4,452
3,076
2,040
54,124 385,606 350,956 134,358
2,169 129.360
173,334 168,042 1219932 1138242 159,642 160.146 154,056 137,886
5,754
5,369
5,591
5,601
aver.
3,801
4,127
4,001
29,046
27,101
133
barrels)
Dally
133
137
3,668
3,813
3,283
128
aver.
barrels.
The
Products, July, 1938
Petroleum and Petroleum
Crude
United
The
Bureau
States
Mines,
of
in
its
current
monthly petroleum report, stated that crude oil production
increased
of
or
the
daily
average
was
177,000 barrels higher than in June.
in
increase
the
when
July,
in
sharply
3,319,000 barrels,
Most
of
346,000 barrels in holdings of finished
and unfimshed gasoline during the week ended Sept. 10
lifted the total to 70,860,000 barrels, the American Petro¬
leum Institute reported.
Refinery holdings increased 99,000
barrels while stocks at bulk terminals showed a gain of
355,000 barrels.
Unfinished gasoline stocks were off 108,000
production in July occurred in
Texas, where production increased in every major district
except Rodessa.
abandoning
the
fornia declined,
in
stocks.
This gain in Texas was due primarily to
Saturday shutdown.
with the Schuler field in
Arkansas,
the spot¬
Illinois, where 116 oil
Kansas, Louisiana, New
notable gain, as did
light, made
a
wells
completed
production in July.
000,000 to 5,000,000 barrels above the total held at the
and
corresponding time last year, running from 65,000,000 to
67,000,000 barrels.
Refinery operations were unchanged at 81.3% of capacity,
the same as in the previous week.
Daily average runs of
to
were
Production in Cali¬
which helped in halting the upward trend
upswing in holdings, first in many months, was the
result of the normal slackening in demand following Labor
Day, the traditional turning point marking the end of the
summer
heavy consumption period.
It looks now as
though stocks at the close of September will be from 3,-
5,777
55,181
50,257
1,725
6,423
54,475
California..
840
6,852
7,210
1,835
Rocky Mountain
43",473
1,019
36,702 276,151 268,719
32,019
30,783
4,192
52,525 374,094 334,013
7,166
Louisiana
ERIE, PA.
An
3,906
39",202
7,021
3~ 806
983
Ter¬
minals
eries
1.42
_
REFINED PRODUCTS—MOTOR FUEL STOCKS RISE—SEASONAL
SENTIMENT—GAS
minals
A-
Refin¬
3,192
East Coast.....
Appalachian
III., Mich., Ky._
2.15
OIL
At
Ter¬
Plants
At
Plants
dk
eries
1.42
Petrolla, Canada
INVENTORIES
June 30,1938
At
Jan.'
Jan.'
1.09
Da ret Creek.
1.35
FUEL
GASOLINE
PRODUCTION AND STOCK8 OF NATURAL
1.20-1.20
1.17
IN
high of
319,788,000 gallons on July 31.
$1.27
-
Western Kentucky
GAIN
$.17
.15
i._.
zNot Including 2% city sales tax
Dally
Illinois
AIDS
I
Included
$.159|Bufalo
.185 • Philadelphl
Newark
Boston
$.02J4-.03
(Tulsa
$.053
Gasoline, Service Station, Tax
Total (thousands
Rusk, Texas, 40 and over
.75
0.95
Refinery or Terminal
(Chicago—
28-30 D
$.04^1
27 plus...
$0.90
I
1.75»
Diesel
Refinery
California 24 pins D
| New Orleans C
$1.00-1.25 Phlla.. Bunker C
|
$0.95
Bunker C
.05 H
.04H-.04H
| New Orleans.$.05)*-.05)4
ITulsa
03J4-.04
$04
.03)4-.05
Los Angeles..
Fuel Oil. F.O.B.
N. Y. (Bayonne)—
i
not shown)
1.25
1.25
ports
Tulsa
[North Texas
04M
(Bayonne)
oi
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Orleans.
Gulf
.07)4
Total
Prices of Typical Crudes per Barrel at Weils
(All gravities where A. P. I. degrees
.-.05)4
.06H-.07
$.05
New
.07)4
Warner-Qulnlan..
Socony-Vacuum..
i
foreign crude oil held in the
United States at the close of the week ended Sept. 3 broke
of
Other Cities—
Chicago
$.07 H
.08 M
Texas
Oil N. J..$.07)4
Stand.
Tank Gar Lots, F.O.B. Refinery
New York—
New York—
4,650
up
barrels.
Stocks
three cents to 16
12—Prices of gasoline in Erie, Pa., were cut
Sept.
Kerosene, 41-43 Water White, Tank Car, F.O.B.
State
176,650 barrels, which pared production to a daily average
of
1,210,650 barrels.
With the exception of Kansas,
where output dropped 6,900 barrels to a daily average of
154,300 barrels, jiroduction in the other members of the
"Big-Five" group showed broad advances.
Oklahoma was
up 15,100 barrels to a daily average of 447,500 barrels with
California gaining 12,800 barrels to 664,600 barrels.
Louisi¬
expected,
A general price of 16 cents is
level.
however.
under the estimated needs of the Nation.
The
price cutting came in Erie, Pa.,
latest outbreak of
The
where
than 230,000 barrels a day
more
and is most in need of Such a
would undoubtedly turn out
would benefit most heavily
Compared with the September market demand
of the United States Bureau of Mines, the Sept. 10
period's production
represented
crude oil to stilis of 3,235,000 barrels
40,000 barrels.
Stocks of gas and fuel
increased refinery runs, rising 1,458,000
mission set-up.
Reflecting the effects of the week-end shutdown in Texas,
daily average crude oil production for the Nation dropped
142,200 barrels during the week ended Sept. 10 to a total
of 3,206,900
barrels, the American Petoleum Institute
17, 1938
Sept.
Chronicle
July.
in
Mexico and Oklahoma showed small gains in daily average
The draft
The Bureau further reported:
crude-oil stocks
on
was
less than in June, due to the gain in
production; nevertheless, nearly 4,000,000 barrels were withdrawn in July,
the
be
total
on
reached in
hand
July 31
(288,664,000 barrels) presaged
a
new
low
August.
Refined Products
The
than
yield
in
of
June
gasoline
and
1.5%
rose
to
above
44.7% in July, this being 0.4% higher
a
year
ago.
Primarily
because
of
the
Volume
generally
Financial
147
poor
weather in July, the indicated domestic demand for motor
The July
figure was 47,474,000 barrels, or 6% lower than a year ago.
The decline
in demand (the July demand was less than that of June for the first time
6ince 1933) and increased activity at cracking plants were reflected in
gasoline stocks, which did not decline as expected.
Finished and unfin¬
ished gasoline stocks on
July 31 totaled 76,732,000 barrels, 3,799,000
barrels less than on June 30, but about 6,400,000 barrels more than on
fuel
failed
hand
a
by
year
The
a
margin
generous
ago.
for
demand
domestic
indicated
distillate
and
oil
gas
fuel
oil
June and surpassed that of July, 1937.
On
the other hand, the domestic demand for residual fuel oil was 20% lower
increased
than
a
materially
year
over
ago.
According to data of the Bureau of Labor Statistics, the
and
in
61.8
July,
1937.
refinery data of this report were compiled from
The
price index for
56.8, compared with 56.3 in June
petroleum products in July, 1938, was
(having an aggregate daily crude oil capacity of 5,054,000 barrels.
These refineries operated at 79% of capacity in July, compared with 77%
June and
The
daily
87% in July, 1937.
States
for
July,
July,
1937
a
Jan. to
July,
1938
Daily
705,744
730,887
94,277
110,721
3,143
4,001
3,572
3,329
3,448
4,127
4,128
29,046
27,101
.————
114
105
256
886
—
107,139
98,383
115,105
735,676
3,456
3,279
3,713
3,470
1,707
759,695
3,583
1,765
13,447
Imports:c
Crude
petroleum:
Receipts In bond
273
products:
.
269
174
2,292
Receipts for domestic use
Refined
1,923
3,025
•
•
ended Sept.
Sept.
10
3 and 122,143 barrels daily for the four
totaled
68,000 barrels, a daily average of 9,714 barrels
daily average of 17,143 barrels for the week ended Sept. 3
9,750 barrels daily in the four weeks ended Sept. 10.
Reports received from refining companies owning 85.6% of the 4,183,000a
estimated
daily
potential
2,089
1,866
pipe lines
as
unfinished
693
572
3,865
gasoline and 149,104,000 barrels of
of the end of the week
120,965
3,902
766,077
DAILY AVERAGE
new
Daily
supply, all oils
average.
—
463
Increase in stocks, all oils.—
3,023
d6,962
CRUDE
and
oil.
PRODUCTION
OIL
Four
M.,
Dept. of
Slate
Week
Interior
Allowable
Ended
Sept. 1
Sept. 10
Previous
1938
Week
lations
35,062
19,984
finished
and-fuel
gas
a
R. of
3,739
3,610
States
(Figures In Barrels)
792,633
3,902
70,860,000 barrels of
Calcu¬
Total
United
gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,927,000 barrels.
6,160
103,134
3,438
the
of
Total
12,842
11,324
491
capacity
industry as a whole ran to stills, on a Bureau of Mines
basis, 3,235,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
1,011
111,907
refining
that the
L
1,712
Receipts in bond
Receipts for domestic use
and receipts in bond at principal
use
10.
13,925
average
the
for the week ended Sept.
week
Sept.
compared with
1937
3,319
Total production
that
and
102,898
'
—„,
ports
the
ended
indicate
Daily average
gasoline
estimates
10 totaled 676,000 barrels,
daily average of 96,429 barrels, compared with a daily average of 143,571
barrel
Natural
Institute
oil production for the week ended
Imports of petroleum for domestic
United
a
Supply—
Domestic production:
Crude petroleum
Petroleum
be the total of the restrictions imposed, by the various
oil-producing States during September. Daily average pro¬
duction for the four weeks ended Sept. 10,1938, is estimated
at 3,334,300 barrels.
The daily average output for the week
ended Sept. 11, 1937, totaled 3,642,400 barrels.
Further
details, as reported by the Institute, follow:
ended
Benzol, b
American
to
weeks
Jan. to
1938
Week
During
Receipts of California oil at Atlantic and Gulf Coast ports for the week
June,
1938
Production
Oil
Sept. 10, 1938, was 3,206,900 barrels.
This was a loss of
142,200 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
(Thousands of barrels)
July,
Crude
10, 1938, Placed at 3,206,900 Barrels
average gross crude
barrels
SUPPLY AND DEMAND OF ALL OILS
New
Average
Ended Sept.
schedules of refin¬
eries
in
Daily
expectations.
approach
to
1703
Chronicle
Weeks
Change
from
Week
Ended
Ended
sept. 10
1938
Sept. 11
1937
,
(Sept.)
Demand—
Total
428,000
110,096
117,942
746,093
3,595
3,670
3,805
3,519
757,571
3,573
7,250
7,424
10,338
6,363
9,502
47,427
34,808
Panhandle -Texas
67,297
58,125
447,500 + 15,100
105,000
528,300
168,000
Oklahoma
111,444
demand...
154,300
North Texas.
Daily average.
Kansas——
440,100
162,250
—6,900
604,500
188,400
Exports:c
Crude petroleum—
Refined products
-
-
10,054
West Central Texas.
Domestic demand:
.
50,704
3,594
294,434
30,506
29,777
EastfCentral Texas.
5,490
6,584
62,983
64,084
East Texas
20,548
—■
48,293
3,257
7,863
22,278
162,719
1,606
25,825
1,984
191,094
13,984
47,474
——
.
Kerosene..
292,228
3,752
1,843
fuel
Motor
—
Gas oU and distillate fuels—
Residual fuel oils
...
Lubricants
Wax
11,747
75
—
—
85
104
640
573
482
3,012
2,675
—-———
—-
2,782
12,736
1,469
1,274
1,510
5,387
5,531
177
oil—
Still gas
157
198
3,994
35,998
1,049
4,386
35,276
1,964
1,259
2,779
13,757
94,140
92,334
102,077
631,369
664,638
3,037
Losses---
3,078
3,293
2,978
3,135
—
Total domestic demand.
DaUy average
288,664
292,634
308,726
288,664
308,726
Refined products.-
—
6,951
266,497
6,918
7,614
80,350
255,300
Total Louisiana
Eastern
238,064
270,046
553,708
583,970
159
146
166
e
Bureau of Mines; all other imports and exports,
from Bureau of Foreign and
d Decrease,
PRODUCTION
OF
255,950
173,900
51,100
+4,600
57,050
164,050
+ 1,400
50,000
53,350
+2,500
50,250
14,000
12,000
36,600
141,100
51,800
61,350
18,250
4,000
3,500
111,600
106,000
2,806,000
638,300
155
17,646
e
Imports of crude as reported
Domestic Commerce,
266,450
+ 1.510
c615,000
105,950
—50
—100
12,700
3,650
—1.000
100,700
«
4,550
114,500
553,708
17,425
bFiom Coal Economics Division,
Revised.
+4,650
58,350
...
"
c
a
to
—
271,100
65,000
....
Colorado
California..
Total, all oils.,
Days' supply
86,100
169,850
149,300
67,000
238,064
583,507
79,150
187,300
53,700
..
200,260
+ 2,000
+2,050
6,918
162
—
217,900
95.600
423,000
190,750
Arkansas.
New Mexico..
17,646
7,614
270,046
583,970
Heavy in California.-—
Natural gasoline
214,650
211,500
—^-6,100
North Louisiana
Coastal Louisiana
Montana
petroleum:
Reflnable In United States—
230,800
74,500
33,650
222,900
119,550
475,750
204,850
1,398.600 bl649493 1,210,650 -176,650 1,346,700 1,479,800
Total Texas.
Wyoming.
Stocks—
Crude
Coastal Texas
1,358
13,908
Miscellaneous
90,850
70,700
72,600
28,800
308,350 —73,300
207,950 —30,850
198,650 —23,350
Southwest 'Texas
3,144
12,553
5,730
Asphalt
WestjTexas
09,850
640
445
2,800
v.-,
Coke
Road
61,300 —7,700
—800
69,550
—300
27,650
186,350 —34,250
..
.
Not available.
e
CRUDE
2,542,300 -155,000 2,665,900 2,956,800
664,600 + 12,800
008,400
685,000
13,200,900
3,444,300
-142,200 3.334,300 3,642,400
a These are Bureau oi Mines' calculations of the demand for domestic crude oil
based upon certain premises outlined in Its detailed forecast for the month of Septem¬
ber.
As demand may be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil stocks must be deducted from tne Bureau's
PETROLEUM
BY
STATES
estimate of demand to determine the amount of new crude oil to be produced.
AND
b Base allowable effective
PRINCIPAL FIELDS
throughout month.
Sept. 1.
Saturday and Sunday shut-downs effective
Calculated net 7-day allowable for week ended Saturday
morning, Sept. 10. approximately 1,233.248 barrels daily.
c Recommendation of Central Committee of California Oil Producers.
(Thousands of Barrels)
*
•
.
July, 1938
June, 1938
Daily
Total
Jan. to July
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Daily
Total
Average
Average
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
1938
1937
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED SEPT. 10,1938
(Figures in Thousands of Barrels of 42 GaUons Each)
210
6.8
198
6.6
1,470
47.4
1,074
Arkansas—Rodessa
Rest of State—.
—
13
35.8
1,563
8,425
5,656
Arkansas
1,680
54.2
1,272
42.4
9,988
1,001
32.3
971
32.4
7,130
7,765
2,059
1,802
66.4
2,031
67.7
16,071
1,756
58.5
12,245
12,905
1,018
32.9
1,012
14,400
20,170
33.7
7,879
480.0
105,390
148,715
9,358
85,802
Crude Runs
Slocks
of Finished and
Unfinished Gasoline
16,756
58.1
Daily Refining
Capacuty
5,669
California—Huntington Beach.
Total
Kettleman
Hills
Long Beach
Santa Fe Springs
—
Total
14,614
i—
3.5
1,642
53.0
—
Colorado..
Kansas
661.1
109
—
California
Illinois-'
Indiana
471.4
20,494
——
Rest of State.
-
672.3
4.5
852
4+7
9,498
2,916
87
2.8
84
2.8
531
475
4,869
157.1
4,702
156.8
35,191
41,492
506
16.3
487
16.2
3,158
3,255
5.694
180.5
37,843
35,719
37.9
8,505
10,713
-
—
-
Kentucky--.
Total Louisiana
Michigan
—
5,415
35.8
44.9
8,195
Rodessa——
183.7
1,111
1,390
Coast
Louisiana—Gulf
264.4
1,632
52.6
1,137
1,264
7,816
1,639
42.1
8,416
5,713
260.5
54,764
52,145
54.7
11,240
7,999
407
441
14.7
2,849
3,588
94.4
2,606
86.9
20,667
22,069
404
13.1
13.9
3,006
8.6
286
9.5
3,280
3,258
7,403
105.8
3,054
3,103
101.8
1,914
25,178
238.8
103.5
225.4
24,520
55,379
2,096
37,676
29,435
13,941
449.7
430-7
105,077
69,523
136,634
1,385
10,270
44.7
47.8
10,516
10,874
289.7
65,009
—
Ohio
-
Oklahoma—Oklahoma City—
Seminole
-
Rest of State
Total Oklahoma
Pennsylvania
Texas—Gulf Coast—
West
6,522
210.4
5,628.
187.6
436.4
379.2
61.9
990
33.0
6,678
Rest of State
——
8,934
288.2
260.6
7,819
36,360 1,212.0
58,112
274,900
2,190
3,311
42,315 1,365.0
Total Texas
304
9.8
326
10.9
461
14.9
470
15.6
1,269
40.9
1,247
1,730
55.8
1,717
41.6
57.2
Virginia-;.—
Wyoming—Salt Creek
Rest of State.
1
Total Wyoming
a
Revised,
5
*---
Total United States
5
102,898 3,319.3 a94,277 3,142.5
b Includes Missouri,
64,902
42,931
13,762
28.8
'
,40,979
90,360
69.9
11,376
1,857
Rodessa
Other b
331.3
6,762
12,919
1,432
8,690
893
—
Panhandle
West
105.1
418
13,530
2,166
Texas
East Texas.—
tial
Rate
Gas
in
and
Total
P. C.
Fuel
Daily
P.
Aver¬
Reporting
Oper¬
At Re-
Terms,
Nap'tha
age
ated
fineries
&c.
Distil.
C.
Tennessee and Utah.
97,995
16,150
"
471
76.6
85.9
103
80.5
89.0
420
86.4
616 100.0
East Coast..
615
Appalachian.
Tnd., 111., Ky
Okla., Kan.,
149
128
546
486
5,949
Oil
1,055
1,003
12,627
1,707
278
976
5,755
4,106
689
9.338
15,098
Mo......
419
342
81.6
274
80.1
3,168
2,771
Inland Texas
316
159
60.3
118
74.2
274
1.967
943
838
88.9
766
91.4
1,315
7,930
143
Texas Gulf—
283
1,943
13,742
La. Gulf—
149
145
97,3
142
97:9
1,080
555
449
3,262
474
4,485
La.-Ark.
Mtn.
100
55
55.0
44
80.0
154
61
Rocky
118
64
54.2
43
67.2
1,118
101
838
California...
828
745
90.0
528
70.9
8,500
2"330
1,188
95,439
3,577
85.5
2,909
81.3
36,122
2,700
24,676
No.
3,196
266
York
New
13.2
2,927
Mexico
New
Poten¬
Unftn'd
851
1,462
Stocks
of
Finished
District
132,646
135
a
to stills
Reported
Est.unreptd.
—
606
326
304
620
879
6,512 146,024
230
3,080
xEst.tot.U.S.
Sept. 10 '38
4,183
4,183
3,235
38.822
25,296
3 '38
4,174
4,174
3,195
38,723
24,941
6,742 149,104
6,850 147,646
z.3.450
35.49°
23 45'
7,343 113,590
Sept.
U.S.B.ofM.
xSept.10 '37
x
Estimated Bureau of Mines' basis,
z
Sept., 1937 daUy average.
8,365
61,765
292,108
2,238
3,431
7,339
7.160
10,650
10,591
38
35
705,744
730,887
Weekly Coal Production Statistics
The United States Bureau of Mines in its
ment said that
production of anthracite in
creased sharply in the week ended Sept. 3,
of 925,000 tons showing a gain of 237,000
excess of tonnage reported for the week of
weekly state¬
Pennsylvania in¬
the total output
tons, or 34% in
Aug."27. Com-
Financial
1704
pared with the same week of
1937 there was a gain of nearly
10The
Coal Commission, in reviewing
National Bituminous
production of soft
Sept. 3. The total
output is estimated at 6,875,000 net tons, a gain of 399,000
tons, or 6.1 %, over the preceding week.
Production in the
corresponding week of 1937 amounted to 8,500,000 tons.
The cumulative production of soft coal in 1938 to date
stands 29.9% below that for 1937; the cumulation of both
Sept. 3, reported that
coal increased sharply in the week ended
the week ended
28.4% below 1937.
hard and soft coal,
UNITED STATES PRODUCTION OF SOFT COAL WITH
DATA ON PRODUCTION OF CRUDE PETROLEUM
(Id Thousands of Net Tons)
ESTIMATED
COMPARABLE
the Union of South Africa during
1,014,533.351 fine ounces, valued at
about $35,500,000, a value only slightly less than that of
the record figure established in May, 1938, according to a
report from the American Consulate General at Johannes¬
burg, made public Sept. 13 by the Department of Commerce.
Production of gold in
June, 1938, amounted to
Bituminous Coal a—
6,875
1,079
a
of weekly output.
Includes for purposes
5,915 186,425 194,187 153,267
5,428
5,365
of historical comparison
and statistical convenience the
outside of Pennsylvania,
equivalent coal assuming
of oil and 13,100 B.t.u. per pound of coal, cSubject
production of lignite, semi-anthracite and anthracite
b Total barrels produced during the week converted to
6,000,000 B.t.u. per barrel
to revision,
d Revised, e Sum
sponding 35 weeks of
of 35 full weeks ending Sept. 3, 1938. and corre¬
1937 and 1929.
AND
OF PENNSYLVANIA ANTHRACITE
PRODUCTION
ESTIMATED
BEEHIVE COKE
•
*
Calendar Year to Date
Week Ended
Auo. 27 Sept. 4
1937
1938
Sept. 3
1938
1937
1938
1929
c
c
Penna. Anthracite—
fuel.a
Daily average
Commercial productionb
July World
1,783
Includes washery and
2,397,400
11,416
602,900
9,833
2,871
4,660,700
22,194
according
Gold Production
world, excluding Russia,
during July against 2,589,000
June and 2,544,000 ounces in July last year.
in
the
first seven months of 1938 totaled
of
the
for
gold
in
ounces
Production
which compares with 16,990,000 ounces
January-July period of 1937.
Production of gold
United States during July amounted to 473,000
17,811,000 ounces,
in
the
in
the
total for the first seven months to
according to the American Bureau of
Metal Statistics.
Output of gold in the United States in
the first seven months of 1937 was 2,499,000 ounces.
Pro¬
duction in South Africa has been the highest on record for
that district, totaling 6,978,000 ounces in the seven-months'
period of 1938.
bringing the
ounces,
ounces,
ESTIMATED WEEKLY
Metals—-Domestic
Non-Ferrous
c
PRODUCTION OF COAL, BY STATES
in copper,
2
3
3
193
251
237
2
Alaska
200
Alabama
lowered 10c. yesterday, largely on
Quicksilver was unsettled during the
publication further reported:
Cadmium
was
Avge.
week.
♦
321
Favorable
397
1,037
1,363
228
292
325
440
100
open
Colorado
*
1
666
224
*
♦
8
8
48
51
60
56
67
Kansas and Missouri
133
114
116
129
111
145
Kentucky—Eastern
677
642
724
754
938
765
126
126
159
141
264
217
25
23
29
31
44
44
political
2
4
6
6
17
Montana
48
47
46
53
66
50
New Mexico
21
21
28
23
48
resulted
21
22
16
in
market at the higher
814
17
s20
319
294
402
403
486
871
1,355
1,408
2,012
2,140
2,765
3,734
Tennessee..
84
81
114
88
101
118
Texas
18
18
19
16
24
24
Utah
49
43
65
49
78
83
277
242
263
229
238
26
31
31
40
47
Washington
1,423
1,839
384
Prices
both yellow
on
World
95
*
far
close
this
to
41,249
record
875
U. S, scrap,
154
85
s4
10,154
1,487
11,538
8,137
761
1,143
1,926
6,687
8,779
9,280
13.464
11,641
;
Counties, c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published recoids of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia.
North Caro¬
lina and South Dakota Included with "other Western States."
* Less than 1,000
8,204
89,556
16,359
U. S. export
Foreign
41,249
48,071
13,348
14,761
113,185 114,748
167,782 177,680
Totals
Stock at end, refined
United States
139,483
Totals
339,970 315,191
Foreign
35.596
38,053
103,887 110,855
Foreign
c
U. S. domestic
C127.790 150,680
Totals
Production, refined
O.; Virginian; K. & M.; B. C. A G.,
the B. A O. in Kanawha, Mason, and Clay Counties,
b Rest of State, In¬
cluding the Panhandle District and Grant, Mineral, and Tucker
36,561
5,616
86,129
10,506
Ac
Foreign scrap, Ac
Includes operations on the N. A W.; C. &
Aug.
refined
25,539
U. S. mine
U. S. duty-free
7,164
Total, all coal
for July
Deliveries to customers,
Foreign mine
8,018
July
Aug.
July
1,515
417
in August.
tons
Production, blister
114
6,270
point reached
increased to 129,509 tons, or
deliveries increased from
Domestic
of the figures of the Copper Institute
summary
a
deliveries
April.
in short tons:
August,
712
6,476
foreign
last
of
in July to 48,071
tons
Following is
and
Total
year.
the
28,672 tons, bringing the total
producers down to 494,524 tons, the lowest
of
2,115
1
products.
and red brass remained unchanged#
refined copper decreased
stocks of
hands
81
*
688
"...
Total bituminous coal
Pennsylvania anthracite.d
the
478
98
419
♦
Other Western States _c
in
so
1,815
475
92
1,502
Virginia—Southern, a
Northern, b
Wyoming
the
and wire
level were not large enough to eliminate
10%c. price in arriving at a fair level for the day.
Fabricators
an advance of
%c. in wire and numerous copper
248
28
Virginia
general
a
mills announced
49
North and South Dakota...
situation on the
This
21
Michigan
Ohio
the threatening
872
81
173
Pennsylvania bituminous
together with
253
86
138
Western
August,
825
71
122
Maryland
for
667
79
104
Iowa
statistics
copper
Continent, combined to create a firmer market.
advance in the domestic price on Sept. 14
to 1014c.,
Valley, a gain of %c.
Before the advance was announced,
however, a fair tonnage was sold at the old figure of 10 %c.
Sales in the
54
65
Indiana
The
Copper
8
8
76
.
Valley, but lead and zinc,
though appreciably firmer, remained unchanged.
Tin pro¬
ducers decided to hold production for the last quarter at
1923e
60
Georgia and North Carolina
%c. by domestic producers
foreign competition.
Arkansas and Oklahoma
Illinois
well
lead and zinc began to expand, here as
Copper was raised
abroad.
August
Aug. 27 Aug. 20 Aug. 28 Aug. 29 Aug. 24
1929
1936r
1937r
1938p
1938p
15,
political situation in Europe had a
marked influence on traders in non-ferrous metals.
Nerv¬
ousness was evident in all directions, particularly as busi¬
45%.
Week Ended
State
to
Crisis
that the menacing
yesterday to the basis of 10%c.,
.(The current weekly estimates are based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
ments and are subject to
Advanced
in its issue of Sept.
Markets,"
Mineral
and
said
as
(In Thousands of Net Tons)
Copper
10Mc. in Tense Market Over European
ness
from authorized
Adjusted to make comparable the number
dredge coal, and coal shipped by truck
operations,
b Excludes colliery fuel,
of working days in the three years.
and on
valued at
first half-
amounted to 2,728,000 ounces
"Metal
59,000
11,200
1,867
10,700
Daily aveiage
a
ounces
the report.
Beehive Coke—
West
amounted to 95,002.135 fine ounces,
production and value for the
and $250,500, respectively,
fine
♦
925,000 688,000 845.00C 29,628,000 33,658,000 46,156,000
223.500
163,000
143,500
154,200 114,700 140,800
879,000 654,000 803,000 28,189,000 31,975,000 42,833,000
United States total.....
a
586,975.004
2,628,000
(In Net Tons)
Total, including colliery
to
year
Production
Crude Petroleum b—
Coal equivalent
natives.
were
production of silver
$41,500, which brought the
8,500 205,367 292,762 345,647
991
1,667
1,412
1,017
6,476
1,146
fuel
Dally average.
to
about $207,500,000, the report stated.
The output was produced by 49 large mines and 78 small mines.
The
employment figures of the gold mining industry during the month also
established a new record, 395,759 persons being employed, of which total
to
Total, including mine
production and value of gold output
half-yearly
the
brought
This
5,950,559.264 fine ounces, valued at
June
1929
1937
1938
1937
1938d
1938c
continued:
The report
e
Auo. 27 Sept. 4
in First
Half of 1938
about
Sept. 3
17, 1938
Production of South Africa
Silver
and
Gold
352,536
CoX. Year to Date
Week Ended
Sept.
Chronicle
183,226 179,333
523,196 494,524
Totals-
148,908
Corrected.
v
with
compares
4,260
6,259 tons,
Domestic sales
the week ended Sept. 13 totaled
Domestic sales of copper for
which
tons
in
the week
previous.
for the month to date totaled 9,169 tons.
tons.
Lead
August Anthracite Shipments Total 2,336,498 Net Tons
Shipments
as
reported
of anthracite for the month of August, 1938,
to
the
2,336,498 net tons.
Anthracite
This is
a
Institute,
amounted
decrease as compared
to
with
shipments during the preceding month of July of 24,266 net
tons, or 1.03%, and when compared with August, 1937,
shows a decrease of 100,432 net tons, or 4.12%.
Shipments
Demand
Aug., 1937
July, 1937
were
550,240
383,892
532,221
475,289
Lehigh Valley RR
474,841
611,476
485,532
151,702
167,556
involving sales of 15,488
tons
14,964 tons
and higher
in London brought on by
for
York,
spot and nearby metal.
were
yesterday's (Sept. 14) close at 4.90c., New
settling basis of the American Smelting &
St. Louis.
Business was booked by St. Joseph
strong at
which was the contract
Co.,
and
4.75c.
175,488
Delaware Lack. A Western RR..
177,929
274,487
active,
511,065
Central RR. of New Jersey
was
confirmation of an agreement among im¬
portant foreign lead producers to reduce production 10% has materially
strengthened the domestic lead situation.
This moderate reduction in
foreign output is accepted as sufficient to bring production and consump¬
tion abroad into balance and to strengthen the price structure.
War scares
have also stiffened London quotations for lead as demand on the Continent
prices
Refining
Reading Company
week
the highest volume since the week of Jan. 12, .when
sold.
Increased business in lead products by consumers
Quotations
July, 1938
last
of metal,
increased
Aug., 1938
lead
for
300.130
206,948
205,716
264,452
221,180
229,787
262,490
299,730
297,098
Erie Railroad
248,789
306,468
250.613
275,468
New York Ont. A Western Ry
99,860
90,030
59,683
58,826
Lehigh A New England RR
79,540
88,861
67,428
69,774
2,336,498
2.360.764
2,436,930
2.421,504
in the East
on
its brands at a
premium.
Zinc
306,316
294,791
Delaware A Hudson RR. Corp..
Pennsylvania RR
Total....
Lead
The feature
in
the market
was
the upward trend of London
prices, in¬
curtail production of lead outside of the
United States, which event should reduce zinc output as well.
The advance
abroad caused consumers to regain confidence in the price structure of
the domestic market and
some
good buying developed, involving more
than
7,000 tons in the week that ended vesterday.
The business was
spired
in
part
by the move to
Volume
booked
sales
called
basis
for
reflected
in
of
last
yesterday, and it
country
Financial
147
the
on
felt
higher
a
4.75c.,
quarter
was
St.
Louis,
delivery.
that
and
The
continued
domestic quotation.
have increased
to
around
large
a
of
proportion
undertone
became
firm
be
soon
Galvanizing operations
60% of
the
quite
strength abroad would
in
this
the
over
possibility
of
rise
a
The
assured
in
insurance
rates
Sept.
at
should
tin,
on
Tin
Committee
met
on
14
The
Hague
and
that production quotas remain unchanged for the last quarter
35% for consumption and 10% for the buffer pool.
Chinese tin, 99%, was nominally as follows:
Sept. 8, 41.525c.; Sept. 9,
41.350c.;
Sept.
10, 41.350c.;
Sept. 12, 41.350c.;
Sept. 13, 41.250c.;
plans by
crops,
METALS
("E.
&
M.
J."
Straits
Tin
Lead
Zinc
Sept.
8
9.900
New York
Sept.
9
9.900
9.875
New York
St. Louis
St. Louis
9.850
42.925
4.90
4.75
4.75
42.750
4.90
4.75
4.75
9.900
9.875
42.750
4.90
4.75
Sept. 12
9.900
9.900
42.750
4.90
4.75
4.75
Sept. 13
9.900
9.900
42.650
4.90
4.75
4.75
Sept. 14
4.75
9.950
42.900
4.90
4.75
4.75
9.892
42.788
4.90
4.75
4.75
9.900®
10.025
aid
to
the
week
ended
f.o.b'
9.846c.; Straits tin, 42.835c.; New York lead'
Sept.
10
Domestic
are
copper
refinery, 9.900c.; export copper,
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc, 4.750c.; and silver, 42.750c.
The above quotations are "M. & M.
markets, based
on
M.'s" appraisal of the major United States
by producers and agencies.
They are reduced to
All prices are in cents per pound.
sales reported
the basis of cash, New York or St. Louis, as noted.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only
In
the
trade, domestic copper
delivered at consumers' plants.
prices
quoted on
are
delivered
a
basis; that is,
As delivery charges vary with the destination, the
igures 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.
Export quotations for copper
are reduced to net at refineries on the Atlantic sea¬
On foreign business in copper sellers usually name a c.i.f. price—Hamburg.
board.
Havre, and Liverpool.
The c.l.f. basis commands
a
premium of 0.325c.
pound
per
above f.o.b. refinery quotation.
119933648527
in
from
Copper
Lead
Zinc
3M
Spot
{Bid)
3M
Spot
3M
Spot
3M
Spot
41»u
46Jf
41
41*n
46)4
Sept. 12
41%
41»16
Sept. 13
41%
41%
46%
46%
Sept. 14
417i«
41ui6
8
41»u
Sept.
9
Prices for lead and zinc
191 %
191%
191%
192%
192%
47
192%
192%
192%
193%
193%
the official buyers'
are
15
15%
13*16
13*16
14»u
153i6
13*16
131*16
15116
15%
13»i6
14%
15%
15%
15»i6
13lsi6
14*1«
15",»
14%
14%
prices for the first session of the
London Metal Exchange;
prices for copper and tin are the official closing buyers'
All are In pounds sterling per long ton (2.240 lb.).
prices.
by
of
exports
Shipments Higher than Preceding Month
Shipments
finished
of
steel
products
companies of the United States Steel Corp.
of
August, 1938,
shipments
month,
amounted
with
compare
to
558,634
441,570
for the month
The
tons..
in
tons
subsidiary
by
the
August
preceding
increase of 117,064 tons, and with 1,107,858 tons
in August, 1937, a decrease of 549,224 tons.
For the year
an
1938 to date shipments were 4,010,558 tons compared with
9,908,884 tons in the comparable period of 1937, a decrease
of 5,898,326 tons, or 59.5%.
In
the
below
table
January,
TONNAGE
list
we
the
figures by months since
1934:
OF
OF
STEEL
PRODUCTS
BY
MONTHS
FOR
INDICATED
owing
be
may
low
to
than
more
no
created
500,000
has
used
not
give considerable
the
in
recent
show
may
outbreak
American
be
to
may
domestic; scene
voting, but this has
dominant factor during
a
of
increase
an
hostilities
benefited
trade
would
last
shut
off
when
year
the next few
to fears
owing
shipments
talk
war
was
ingot production has rebounded after the holiday week, being esti¬
mated at 45.5%, iy2 points above the
pre-holiday week.
The Pittsburgh
is
52%
at
now
35%; Chicago at 42%; the Youngstown area at 42% ;
67%; Cleveland-Lorain, 49%; Buffalo, 49%; Detroit,
at
the South, 49%.
;
Bethlehem Steel Co. has blown in
Buffalo, the first increase in active stacks in that
A
Woodward
week,
furnace
that
giving
The
in
markets
scrap
Alabama
interest
is
scheduled
to
a
blast
furnace
in
area
four
months.
this
operations
resume
100% production.
not
are
following
the trend
higher
of
steel
opera¬
tions, mill buying being at
a minimum.
A few minor grades have shown
weakness, but heavy melting scrap is unchanged in principal centers,
except at Youngstown, where it is 50c. lower.
The "Iron Age" scrap
some
composite price is unchanged at $14.42.
Structural
totaled
steel
only
inquiries
lettings
12,250
totaled
17,300 tons, but
were
Reinforcing
tons.
3,600
tons.
Public
steel
projects out for bids
new
awards
projects
7,700
were
tons
and
bulk
of
the reopening
of
accounted
for
the
tonnage.
important
York
Central
by
at low
development
and
car
buying
some
the railroad
in
locomotive repair
material.
of
field
is
shops, which will be
Otherwise railroad
activity
accom¬
is
still
ebb.
plate
production
is
pending announcement of
THE
a
AGE"
buyers withhold orders
as
1.
COMPOSITE PRICES
Finished
Sept 13. 1938,
2.300c. a Lb.
One week ago
One month ago
30%,
price to be effective Oct.
new
'IRON
than
more
no
Steel
Based
on
steel bars, beams, tank plates,
2.300c.
wire, rails,
2.300c.
rolled strips.
2.512c.
-
85% of the United States output.
black pipe, sheets and hot
These products represent
High
,
1938
Low
2.512c.
Mar,
2.016c.
Mar. 10
Oct.
2.056c.
Jan.
8
Apr. 24
1.945c
Jan.
2
1.953c.
Oct.
8
1.792c.
May
1.916c.
Sept.
6
1.870c.
Mar. 15
2.192o.
Jan.
7
1.962c.
Oct.
2.402c.
1927
2.249c.
Deo. 28
2.118c.
1930
July
9
2.062c.
1934
2.300c.
Mar.
2,249c.
1936.
May 17
2.512c.
Jan.
4
2.212c.
Nov.
Pig
Sept 13, 1938, $19.61 a Gross Ton
One week ago—
One year ago...
2
29
1
on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia,
Southern iron
23.251
—
2
fBased
19.611
...
1
6
Iron
$19.61-1
One month ago
Buffalo,
$23.25
and
Valley,
at Cincinnati.
High
Low
June 21
6
Mar.
9
20.25
Feb.
16
19.73
-
July
23.25
—
1936
YEARS
purchases
over the. European
situation.
dull both here and abroad, but if danger
1937
SHIPMENTS
for
sales
apprehension
steel
One year ago
Steel
in
tonnage
Steel
Tin
Sept.
large
disturbing world markets.
panied
Electro.
*
been
has
continues to be
that the
areas
Europe.
Most
Tin, Std.
psychology
is extremely
war
American
neutral
fall
November, much of the steel
extent
some
export trade
months,
outlook
that
appears
of anti-New Deal candidates in
to
European
a
New
Copper, Std.
nebulous
somewhat
little
is
industry is expected to turn out at least
of
business
success
offset
Steel
the
Dally London Price#
the still
there
Rolling of this steel in October
I
Whceling-Weirton,
Average prices for calendar
have
contracts
many
existing stocks of implements and tractors.
end
operations.
better
district
9.910
spending and
industry,
unfavorable
it
the automobile
before
by the
QUOTATIONS)
the
and
absorb
yet been ordered.
of
Dom.,Refy. Exp., Refy.
for
While
cars
A
OF
Electrolytic Copper
Average
automobile
production
been
Sept. 10
Government
the
sufficient to
41.475c.
PRICES
While
Railroad buying on a generous scale is still some time in the
future, the situation being further complicated by the complete breakdown
of wage negotiations.
The farm machinery industry is hampered in making
at
DAILY
of
elections.
improving steel and equipment business.
from
prices
International
14,
prospect of
aside
fall
are only beginning to filter down to secondary
publicly-financed construction proj'ects offer the most
so,
sight.
determined
Sept.
before the
the effects
Even
prospects
break abroad.
war
awarded,
suppliers.
But
Buying of tin during the last week improved, as consumers became inter¬
ested in adding to their inventories at current
price levels.
Some were
1705
scheduled, namely,
been
capacity.
Tin
nervous
Chronicle
Nov. 24
18.73
Aug. 11
18.84
Nov.
$19.61
5
17.83
May 14
Year 1934
Year 1935
January
February
331,777
534.055
385,500
582,137
March
588,209
668.056
643,009
745,064
985,337
Year 1936
April
—
May
June
__
July
Year 1937
Year 1938
1932
14.81
Jan.
5
13.56
Dec.
6
18.21
Jan.
7
15.90
Dec.
16
1927
19.71
Jan.
4
17.54
Nov.
474,723
572,199
591,728
984,097
1,343,644
1,304,039
501,972
598,915
465.081
One week ago
578,108
886.065
1,268,550
478 057
One month ago
950,851
1,186,752
441,570
923,703
686,741
1,007,417
November
366,119
681,820
882.643
December
418,630
661,515
1,067,365
1,107,858
1,047,962
792,310
587,241
489,070
558,634
961,803
-(19,907)
-(23,750)
-(40,859)
5,905,966
7,347,549
10.784,273
Steel
Sept 13, 1938, $14.42 a Gross Ton
$14
--
be made this week
possibly
or
next.
generally have made
of them
No changes are expected except
tin plate and heavy rails.
on
formal
no
Pig iron producers
announcements,
but
accept business for fourth-quarter delivery at
current quotations.
The "Iron Age" further reported :
Although steel companies
admittedly in need of greater revenues to
yield profits, the present- volume of buying does not seem to warrant the
expectation that a higher price level could be maintained, especially in
view
the fact
of
that
are
price irregularities in
Quantity differentials in particular
common.
Meanwhile, the slow rise in
has
been
upward
less
curve
than
the
be
have
rise
was
four to six weeks,
been
looked for
modified
in
not
have become
more
being loosely applied.
business in the first half of September
hoped for, based on the sharper
A continuing improvement is expected
but some opinions as to the extent of
owing to factors
the immediate
First of
will
new
are
areas
optimistically
in July and August.
during the next
can
some
in which
no
favorable
turn
future.
all, it is now recognized that the Government spending program
bring the results that were expected within the time that was
12.92
Nov. 16
Dec. 21
12.67
June
Dec.
10
10.33
Apr. 23
Mar. 13
9.50
Sept. 25
June
9
Iron
American
Jan.
8
12
6.43
July
5
Feb.
18
11.25
Dec.
9
Jan.
17
13.08
Nov. 22
Steel
Aug.
8
Institute
on
Sept. 12
an¬
telegraphic reports which it had received indi¬
steel
the
and
6.75
Jan.
15.25
operating rate of steel companies having 98%
of the industry will'be 45.3% of
capacity
capacity for the week
39.9%
one
beginning Sept. 12, compared with
week ago, 40.4% one month ago, and 80.4% one
This
ago.
year
some
will
7
$11.00
8.50
cated that the
of
Low
9
15.00
-
nounced that
will
steel
Mar. 30
Aug.
12.25
1930
that
melting
13.00
-
1933
reported
heavy
13.42
1935
1932
15,
1
Pittsburgh, Philadelphia
17.75
-
-
The
Sept.
No.
21.92
1936
Expected Shortly
its issue of
on
quotations at
...$14.83
-
1937
12,825,467
fBased
High
1938
of fourth-quarter steel prices probably
announcements
1
and Chicago
1934
Steel Price Announcements
Age," in
3
Scrap
-
1927
The-"Iron
27
One year ago
547,794
614,933
Total for year
Jan.
1,414,399
624,497
Yearly adjustment
Jan.
13.56
783,552
979.907
518.322
369.938
October
16.90
5
1,149,918
1,133,724
370,306
343,962
-_
September....
1
Dec.
721,414
676,315
378,023
August
May
16.90
1930
Month
17.90
-
represents
increase
an
of
5.4
points,
or
13.5% from the estimate for the week ended Sept. 6, 1938.
indicated
Weekly
rates
of
steel
operations
since
Aug.
2,
1937, follf
1937—
1937—
-
1938—
M
1938—
85.5
Nov. 15
36.4% Feb.
30.4<$
June
9
Aug. 16
Aug. 23
84.6
83.2
83.8%
Nov. 22
31.0% Feb. 28
7
29.6% Mar.
29.3%
29.9%
June 13
Dec.
6
June 27
28.7%
84.1%
Dec.
13
27.5% Mar. 14
27.4% Mar. 21
32.1%
Aug. 30
33.7%
23.5% Mar. 28
35.7%
July
July
22.4%
32.3%
19.2% Apr.
4
32.6%
July
18
36 4%
Apr.
11
32.7%
July
25
37.0%
32.4%
32.0%
Aug.
1
39.8%
39.4%
16
30.7%
30.7% May 23
31.0% May 31
29.0%
Sept.
26.1%
Sept. l2.-4.--45.3%
Aug.
2
Aug.
Nov. 29
7
71.6%
Dec. 20
Sept. 13
80 4%
Dec.
Sept. 20
Sept. 27
Oct.
4
76.1%
74.4%
66.1%
Jan.
Sept.
27
1938—
Jan.
3
21
Oct.
11
63.6%
Jan.
17
Oct.
18
55.8%
Jan.
24
25.6% Apr. 18
27.8% Apr. 25
29.8% May
2
32.7% May
9
Oct.
25
52.1%
Jan.
31
30.5% May
Nov.
1
7
8
48.6%
41.0%
Feb.
Nov.
Feb.
14
10
30.7%
30.4%
6
June 20
5
11
.26.2%
27.1%
28.0%
Aug.
8
Aug. 15
40 4%
Aug. 22
42.8%
Aug. 29
44.0%
39.9%
6
Financial
1706
"Steel" of Cleveland, in its summary
of the iron and steel
markets, on Sept. 12 stated:
back from the lull occasioned by the recent
markets have snapped
Steel
rebound
in
production
Producers
continuing to improve gradually, a
assured this week.
appears
heavy
lately has been well maintained in the face
that steelmaking
fact
only
small
by
expected to give a decided boost to mill schedules.
Automobile builders slowly are swinging into production of new models.
and
,
are
week's
Last
declined
output
and
Motors
General
both
former's assemblies rose from 1,600 units to 2,625, and
4,600 to 6,000.
Ford, however, cut sharply from 13,250
5,000, accounting for all of the industry's decrease.
Production
to
levels
for
"
ahead, hence mills are under little pressure
distince
far
delivery
However,
future.
the
in
improvement
make no changes
market.
production made a sharp recovery after Labor
of
before and
the week
two weeks ago.
S. Steel Corp. are estimated at 38% against
49%%
weeks ago.
with
of the percentage of production
with the
following table gives a comparison
The
in
35%
Leading independents are
37%% two weeks ago.
compared with 46% in the preceding week and
credited with 51%
two
41% in the
The "Journal"
with
This compares
15.
Sept.
Subsidiaries of the U.
in
to name prices
little to the anticipated
steel bookings over coming months, although
the necessity of making "some improvements to tracks and cars is expected
to be productive of more business in heavy products than has been received
the past few
months.
Other outlets for plates and shapes are more
additional
finished
of the International
held in London last week, it was decided to
previous week and 44%
further reported:
definite policy concerning
formulated.
a
quotations over the balance of the year is being
Railroads
give indications of contributing
meeting
Journal"
will be extended.
Some pig iron producers are accepting
fourth-quarter business at unchanged prices but are not disposed to go on
record with a formal announcement of price reaffirmation.
Steel consumers in most instances are content to order material only a
short
and as
Day, and for the week ended Sept. 12 the average for the
industry is placed at 45%, according to the "Wall Street
general impression in the trade is that, except for a few revisions,
the
at $57.20.
of the Commission of Comptoirs
export prices of all steel products for any
Steel ingot
other companies increased from 2,815 units to 3,860.
producers are silent with regard to possible price changes.
Usual
announcements concerning next quarter's
quotations have been withheld,
Steel
present
the
Steel Cartel,
in
by all
and
to
2.5
composite also unchanged
At
Chrysler's from
units
up
the European cartel.
This is regarded as a routine purchase
significance in the matter of war preparation.
The iron and steel composite held last week at $36.50, with the
steel
the
The
holiday.
was
without
but
4,680 units to 17,485 cars and trucks,
Chrysler increased their output despite
St.
point
one
Cleveland
automotive releases is regarded by mills as encouraging.
Substantially larger shipments to motor car interests are looked for shortly
of
4,877,826 in
Louis receded three points to 42%, and Youngstown
44%.
New England rose 10 points to 60%, and
points to 43.5%.
Unchanged rates were reported
for Buffalo at 49%, Birmingham at 56%, and Detroit at 67%.
Aside from slight easiness in scrap quotations in some districts, which
brought the scrap composite down 4c. to $14.25, outstanding development
in the market last week was the purchase of 80,000 tons in this country
60%,
to
off
was
automotive industry, building
engineering construction and miscellaneous consumers for chief
buying support.
The
compared with 1,982,058 tons in July and
tons,
1937, Labor Day shutdowns curtailed output three points last
41.5%.
Pittsburgh district was unchanged at 32%, but Chicago
dropped two points to 38%, eastern Pennsylvania was off two points to
31%, Wheeling was down five points to 49%, Cincinnati declined five
to
points
in business will be
confident that the July-August upturn
through September, counting on the
extended
and
are
2,546,988
August,
week
holiday interruption, and with demand
Sept. u, ms
Chronicle
the nearest
corresponding week of previous years, together
approximate changes, in points, from the week immediately preceding:
U.S. Steel
Industry
Independents
promising, with a number of large building and engineering projects pend¬
1938
45
51
+5
both public and private work
1937
79% + 6%
78% + 8%
80
+5
1936
71
+2
68
+1%
1935
52
+2
42
+1
73%+2%
60
+2%
ing and in prospect and smaller inquiries for
encouraging.
fairly
Outstanding in recent orders for concrete reinforcing bars is 10,000 tons
1934
21
1933
40
tons for Hansen Dam, and 2,000 tons for
Los Angeles.
United States Maritime Commission
month on cargo boats, each involving about 4,000 tons
30
3,750
building,
parcel
post
United
States engineers,
will
take bids
of hull
As many as
steel.
While
next
steel
of
ingots
set
10-month
a
peak
58
65
+2
52
+1
8414—1%
88
—3
81
—1
80
+2
79
+2
81
1927
at
Reserve
62
—3
64
—3
60
of member
Sept. 7
Sept. 15
1938
1938
1937
■
<$»
$
'
S
S
$
2,869
2,862
2,896
883
884
916
792
398
128
127
321
883
99
263
589
direct Obligations-..
Other securities
1,085
1,083
942
320
Reserve with Fed. Res. banks-.
3,597
3,463
2,475
51'
896
34
35
22
74
69
67
210
214
145
471
483
453
54
53
60
6,474
6,381
5,928
1,585
1,572
1.522
684
659
722
465
468
98
100
346
30
37
453
57
2,560
2,535
1,944
692
686
370
320
524
8
7
63
Cash in vault...
Balances with domestic banks..
Other assets—net
.
55
Liabilities—
deposits—adjusted
United States Govt, deposits
.
Inter-bank deposits:
Domestic banks
Foreign banks
1732 and 1733.
Changes in the amount of Reserve bank credit outstanding
were as
Sept.14
1937
Time deposits...
pages
and related items
—
Sept. 15
1938
Obligations fully guaranteed by
United States Government-794
Demand
on
on
—Chicago
Sept. 7
A spctS'
U.S.'Gov't
Sept. 14 were estimated to be approximately
$3,130,000,000, an increase of $100,000,000 for the week.
The statement in full for the week ended Sept. 14 will be
found
—3
1938
deposits with Federal Reserve banks and $29,000,000 in
money in circulation, and increases of $184,000,000 in gold
stock and $4,000,000 each in Reserve bank credit and Treas¬
ury currency, offset in part by increases of $180,000,000 in
Treasury cash and $99,000,000 in non-member deposits and
reserves
+2%
Sept. 14
ury
Excess
+2
-
New York City
Banks
from decreases of $215,000,000 in Treas¬
other Federal Reserve accounts.
—2%
15%
1928
with the Federal
Week
reserves arose
banks
28
33
1929
During the week ended Sept. 14, member bank reserve
balances increased
$156,000,000.
Additions to member
bank
+2
+1%
+2
Current Events and Discussions
The
41
14
1930
12 may be ordered.
production
August
22
—2
15
1931
19% +1 %
—2
1932
+3
38
+1
These include 4,300 tons for a Los Angeles
California projects.
three
for
38
+4
Capital account
302
388
17
16
17
1.483
1,474
251
252
243
312
Other liabilities......
follows:
527
7
5
Borrowings
1,480
_
+
Increase
(+)
or
Decrease
(—)
Since
Sept. 14, 1938
$
$
Bills discounted..._
advances
(not
._
+ 38,000,000
9,000,000
+4,000,000
—16,000,000
2,596,000,000
...13,421,000,000
+4,000,000
+184,000,000
2,733,000,000
+4.000,000
—2,000,000
+770,000,000
+143,000,000
8,425,000,000
+156,000,000
+1,560,000,000
2,564,000,000
_.
$13,000,000 commltm'ts—Sept. 14)
Total Reserve bank credit....
Gold stock
Treasury currency
Member bank
....
reserve
...
including
—5,000,000
16,000,000
Other Reserve bank credit
...
...
balances
Money In circulation
6,550,000,000
-29,000,000
Treasury cash
2,759,000,000
+ 180,000,000
Treasuiy deposits with F. R. bank..
—4,000.000
-736,000,00
—2,000,000
346,000,000 —215,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
Returns
of
670,000,000
Member
Banks
in
+91,000,000
+ 99,000,000
New
York
and
City
Chicago—Brokers' Loans
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
Sept. 15
Sept. li
Sept. 7
1938
1938
1937
1938
1938
Loans—total
industrial
*
Open market
paper.
Loans to brokers and dealers.
Other loans
$
2,973
4,049
1,857
.1,466
1,853
2,010
; 526
'
1,465
$
$
$
8,285
Sept. 15
1937
521
732
j
Loans to banks.<.
1
the
Federal
shows
the
banks in 101 leading
following principal changes for the week ended. Sept.
7:
and
$121,000,000 in demand deposits-adjusted, and increases of $71,000,000 in
reserve
balances with Federal Reserve banks and $147,000,000 in
deposits
credited to domestic banks.
agricultural loans declined $13,000,000 in
Commercial, industrial and
New York
increased somewhat in
City,'but
most of the districts, all re¬
porting member banks showing a net increase of $2,000,000 for the week.
Loans to
brokers and
dealers in
securities
declined
$17,000,000 on
New
all reporting member banks.
and
$8,000,000 in the Chicago district
$3,000,000 at all reporting member banks.
Holdings of obligations
fully guaranteed by the United States Government showed no net change
for the
week.
Holdings of "Other securities" increased
$7,000,000.
$13,000,000 in the Boston district
of the other districts, the principal decreases being
Demand deposits-adjusted increased
and
declined in most
344
492
136
135
167
•
19
19
31
$65,000,000 in New York City, $32,000,000 in the Chicago district, $18,-
585
544
1,118
i
30
27
52
000,000 in
194
196
.
248
+
67
67
79
121
118
.135
,
11
12
14
77
•
1,876
'346
for purchasing or
carrying securities
Real estate loans;
>.
,._Other loans
$
7,710
and
agricultural loams
<
•
■
.7,773
3,025
i...
Commercial
1
The condition statement of weekly reporting member
cities
000,000 in New York City, and increased
Chicago
Sept. 7
$
of
Holdings of United States Government direct obligations declined $7,-
New York City
Sept. 14
Assets—
Banks
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¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Sept. 7:
York City and $20,000,000 at
(In Millions of Dollars)
Loans and Investments—total..
Member
of
System for the Preceding Week
Decreases of $20,000,000 in loans to brokers and dealers in securities
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the
Returns
Reserve
—2,000,000
1,000,000
TJ. S. Government securities
Industrial
$
—16,000,000
7,000,000
Bills bought
Complete
15, 1937
Sept
Sept. 7. 1938
the
San
Francisco
district and
$14,000,000 in the Cleveland
district, and the net decline being $121,000,000.
91
433
430
428.
*52
Government deposits declined
Time deposits increased
$4,000,000.
2
_____
"53
$7,000,000.
•
Deposits credited to domestic banks increased in nearly all districts, the
62
principal increases being $35,000,000 in New York City, $19,000,000 in the
Volume
147
Financial
Chicago district, S16.000.000
in the Richmond district. S15.000.000 in the
Chronicle
Lull
Kansas City district and $12,000,000 each in the Celveland and Dallas
districts, and the aggregate increase being $147,000,000.
Deposits credited
to foreign banks increased $28,000,000 in New York
City.
Weekly reporting member banks reported
borrowings
no
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Sept. 7, 1938, follows:
Increase
(+)
Decrease
or
(—)
Since
Sept. 7, 1938
Assets—
Loans—total ..v.
....
-.
Sept. 8, 1937
Aug. 31, 1938
$
Loans and Investments—total
%
%
20,842,000,000
8,241,000,000
—19,000,000 —1,473,000,000
...
..
paper...........
securities...
—800,000,000
—131,000,000
+2,000,000
—6,000,000
670,000,000
—20,000,000
less intense later in the week, and
578,000,000
1,159,000,000
Loans to banks...........
108,000,000
Other loans
1,505,000,000
0. S, Govt, direct obligations.....
7,792,000,000
Obligations fully guaranteed by
*—1,000,000
*—1,000,000
*—1,000,000
—2,000,000
+3,000,000
—116,000,000
—4,000,000
—33,000,000
—23,000,000
United States Government
Other securities............
Reserve with Fed. Res. banks
+523,000,000
+ 202,000,000
+1,594,000,000
+15,000,000
+ 94,000,000
+10,000,000
+ 848,000,000
Other
loans for purchasing
carrying securities
Real estate loans
or
1,655,000,000
3,154,000,000
6,756,000,000
+ 7,000,000
+ 71,000,000
401,000,000
.....
Balances with domestic banks
—398,000,000
2,467,000,000
Liabilities—
Sept. 14 to the New
York."Times":
A definite lull
Domestic banks
•_
.....
Foreign banks............
Borrowings.
*
on
the Ebro River front
ing their troops which, in tonight's
scribed
as
+456,000,000
—72,000,000
—201,000,000
-121,000,000
+ 7,000,000
—4,000,000
5,217,000,000
407,000,000
6,105,000,000
364,000,000
be reorganiz¬
Two
hangars
were
Air
the
on
were
de¬
are
bombed by Insurgent planes from
France
commercial
airport
outside
damaged by three Rebel planes which bombed them last
night.
A Government decree today grants amnesty to all men eligible for
military
near
Tortosa
was
removed by the Government before the Rebels captured it.
The Jesuit astronomer, well known in the United States, the Rev. Father
Luis Rodes, who was in charge of the observatory under Government pro¬
American
a
benefactors contributed largely
Rebel advance
was
impending.
to outfitting this observatory,
which specialized in study of the earth's magnetism.
Associated Press advices of Sept.
ported
—23,000,000
Aug. 31 figures revised (New York District),
seem to
communique,
service who have failed to respond since the beginning of the civil war,on
the condition that they present themselves immediately to their commands.
It is learned that all the scientific apparatus of the Ebro Observatory
+ 147,000,000
+1,189,000,000
+29,000,000
—219,000,000
reported today, presumably
The Rebels
Government
"worn out and decimated."
Several towns south of Barcelona
Barcelona
was
Insurgent drive.
tection, appealed to the Government when
deposits—adjusted......15,267,000,000
Time deposits......
United States Government deposits
Inter-bank deposits-
were
The civil war in Spain was last referred to in the4' Chronicle''
of Sept. 10, page 1568.
Recent encounters were described
as follows in a Barcelona
dispatch of
Majorca.
......
only minor skirmishes
reported.
—693,000,000
Demand
Front—Only Minor
Spanish Civil War Air
Barcelona
on
in preparation for a new
3,888,000.000
333,000,000
Loans to brokers and dealers in
Cash in vault
River
in
After Spanish insurgent troops
early this week announced
series of gains on the Ebro River front, fighting became
—29,000,000 —1,800,000,000
Commercial. Industrial and agri¬
Open market
Raid
Ebro
on
Reported
a new
A summary
cultural loans
Fighting
Skirmishes
Sept. 7.
on
in
1707
air raid made that day
an
Twenty-nine
persons
killed and
were
16 from Barcelona
follows:
as
114
wounded
today
re¬
when three
squadrons of Spanish insurgent planes dumped heavy loans of bombs on
the port section of Barcelona.
Japanese
Troops
Make
Substantial
Advances
up
Yangtze in Drive on Hankow—Chinese Admit Loss
of
Strategic
Japanese
.
Positions—Shangcheng
Falls
to
Menaced,
Portland,
Palamos
but
Ore.
untouched,
the
was
American
Japanese forces made substantial gains this week in their
Yangtze River toward the provisional Chinese
capital of Hankow.
On Sept. 14 Chinese admitted loss of
Fukinshan, strategic hill on the Anhwei-Hupeh provincial
border about 110 miles east of Hankow during an attack in
which, according to the Chinese, 4,000 Japanese were
killed.
On the same day Japanese
quarters reported they
had captured Matowchen.
On Sept. 13 the Japanese army
reported that during last week's fighting the Chinese suf¬
fered 10,000 casualties, and that defeated Chinese troops
were
retreating before the invaders.
The
Sino-Japanese conflict was summarized in the
"Chronicle" of Sept. 10, pages 1567-68.
Associated Press
Shanghai advices of Sept. 14 said:
yesterday
afternoon,
single
a
dropping six projectiles
bomber
which fell wide of the mark.
The Chinese confirmed that
the invaders
manding the Singtze-Teian highway,
on
captured Sikuling hill, com¬
ments but no
The
one was
bombing
was
hurt.
the worst that
Barcelona,
the provisional Spanish
Government capital has experienced in months.
a
market where women had lined up
The district is known
as
The heaviest toll was at
for distribution of food.
Barceloneta
,
where only the poorest refugees still
live amid the wreckage of previous bombings.
At least
were
a
dozen horses hitched to coal carts
Statement
Condition
of
Bank
of
Settlements
Sinyang, Honan province city,
112
ASSETS
Gold
Railroad
junction,
413
miles
of Hankow, also was
north
485 miles up the river from Shanghai, 27 miles from Kiukiang and within
100 miles of Hankow.
the Yangtze from Matow to Wusueh, an obstacle to their
warships' progress
toward Hankow.
drove
from
Jiuchang
the
to
Yangtze through strongly
Both sides
suffered many casualties.
10.9
48.1
34.9
23.7
15.7
16.5
21.1
152.7
70.7
140.8
122.6
81.4
170.8
63.9
_
Sight funds at interest
55.8
45.1
27.6
85.6
24.4
15.6
54.4
101.9
32.7
44.4
30.9
44.5
81.6
47.2
31.1
31.5
1.6
35.5
55.3
31.7
45.6
0.9
1.3
...
—
—
...
Rediscountable bills and accept;
Commercial bills and bankers' acceptances
Treasury bills
Time funds at interest:
Not exceeding three months...
Sundry investments
0.6
—
Sundry bills and investments maturing in three months:
Treasury bills
*
...
Japanese communiques from the Yangtze River front reported today
on
Hankow
on
being pushed with increased force following
was
the capture of Matowchen.
other combined assault
Japanese naval and air forces launched an¬
the Matowchen-Wusueb boom and
Wusueh,
on
within 100 miles of Hankow.
Chinese dispatches said
China's
Generalissimo
great reservoir of
Chiang
man
Kai-shek
one
was
turning to
power,
Province, where the dispatches said "three and
—
Sundry investments—
Over six months:
—-
Szechwan
.
A Japanese plane transported 12 United States seamen to Shanghai from
gunboat
Monocacy, at anchor in the Yangtze
Kiukiang about 30 miles below the boom.
The
seamen
were
Sundry investments
near
........
Other assets—net..
—
LIABILITIES
...125.0
Capital paid up
Reserves
Sight
—
125.0
125.0
...24.3
265.6
124.7
197.8
35.8
34.1
36.8
2.4
2.3
4.4
1.5
0.8
—
...
——
23.2
256.4
129.5
—
24.2
..255.5
0.8
...
—
Long-term deposits..
......
Short-term and sight deposits:
Central bank for their own accounts:
Not over three months....
...........
drawing
half million additional
ready to enter the conflict."
States
Treasury bills
Treasury bills
Associated Press reports of Sept. 15 regarding the capture
of Matowchen said:
United
1937
27.3
Between three and six months:
defended hills in which they encountered stubborn resistance.
the
Aug. 31
1938
30.9
—
-
Between three and six months
The Japanese began attempting to blast away a submerged boom across
men are
July 31
1938
miles
bombed, with 40 casualties and damage to 100 buildings.
After long and bitter fighting the
Japanese said today they captured
Matow, a strategic fortified town on the south bank of the Yangtze River,
on
_
""The monthly statement of condition"of the Bank for
Switzerland, as of Aug. 31,
compared as follows with the previous month and a year ago,
according to the "Wall Street Journal" of Sept. 7 (figures
in nearest millions of Swiss francs):
Cash__
further
International
for
of Aug. 31
as
International Settlements, Basle,
the west shore of Lake Poyang,
north of Hankow.
that the drive
Great holes
♦
Aug. 31
Japanese warplanes bombed
invaders
killed.
were
blasted in several piers.
after 12 assaults.
The
of
The British collier, Lake Hallwill of London, was struck by bomb frag¬
drive up the
Chen^chow
Wisconsin
freighter
Officers of the ship said she also had been attacked off
Central bank for accounts of others
Sight
Other deposits
Not exceeding three months......
Sight.....—
-
——
-
Miscellaneous
6.1
1.1
6.6
9.1
Sight depositffi. goid—
items
—
9.2
8.7
38.0
37.5
37.2
completing
their duty with the Yangtze patrol.
Japanese authorities had refused to approve passage of the Monocacy
down river to
Shanghai for personnel changes
on
Japanese officers announced today that they had brought to successful
a
long and bitter drive
across
Honan Province by capturing
Shangcheng, 110 miles northeast of Hankow.
placed in
position for
a
a
final drive
on
They said they were thus
the important Peiping-Hankow
Railroad.
Simultaneously the invaders' marines, warships, infantry and war planes
increased the fury of attacks on Wusueh, 90 air miles southeast of Hankow
on
the
Yangtze River.
They seek to capture Chinese cross-river defenses
impeding the Japanese advance toward the provisional capital.
In
North
Honan
Province,
Chinese reported routing
Japanese
from
Linchang, capturing more than 2,000 prisoners and taking quantities of
ammunition.
Irregular fighters across the Whangpoo from Shanghai set fire to several
villages
and then
ambushed
Japanese
who rushed
to
the
scene.
The
guerrillas killed 40 Japanese.
Severe fighting raged along a gigantic semicircle roughly 100 miles down
river
from
Hankow.
The
Chinese
said
that
stopped at Kwangtsi, 90 miles from Hankow.
Japanese
were
definitely
Trading
Curb
The
Associated Press Shanghai advices of Sept. 16 reported:
conclusion
Member
the grounds that it would
be endangered by mines and hostilities along the shore.
on
New York Stock and
New York
Exchanges During Week Ended Aug. 27
percentage of trading
Stock and New York Curb
in stocks on the New York
Exchanges during the week ended
Aug. 27, by members for their own account, except odd-lot
dealers on the Stock Exchange, was slightly lower than in
preceding week ended Aug. 20, it was announced yester¬
day (Sept. 16) by the Securities a.nd Exchange Commission.
Member trading on the Stock Exchange during the week
ended Aug. 27 amounted to 2,235,975 shares, the Commission
noted, or 22.00% of total transactions on the Exchange of
5,081,040 shares.
This; compares with 1,606,065 shares of
stock bought and sold on the Exchange for the account of
members during previous week, which was 22.72% of total
transactions that week of 3,533,500 shares.
On the New York Curb Exchange members traded for
their own account during the week ended Aug. 27 to the
amount of 210,240 shares, against total transactions of
565,095 shares, a percentage of 18.60%.
In the preceding
week ended Aug. 20 member trading on the Curb Exchange
the
Financial
1708
used
18.67% of total transactions of 404,004 shares, the
having amounted to 173,525 shares.
The data issued by the Commission are in the series of cur¬
rent figures being published weekly in accordance with its
cedure
embodied in its report to Congress in June, 1936,
on the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
member trading
program
the week ended Aug. 20
for
were
The data published are
however,
daily preliminary figures on odd-lot transactions will
made available each day at the Commission's Wash¬
the
be
We also incorporate the figures for the
10, which were released Sept. 15.
ington office.
AND SPECIALISTS
THE NEW YORK STOCK
1938
RIGHTS AND WARRANTS ON
IN STOCKS,
week
OF ODD-LOT DEALERS
ODD-LOT TRANSACTIONS
EXCHANGE—WEEKS ENDED SEPT. 3, SEPT. 10,
given in these columns of
Sept. 10, page 1569.
The SEC, in making available
figures for the week ended Aug. 27, said:
17, 1938
As in the past,
dealers.
odd-lot
by
ended Sept.
was
Sept.
Chronicle
the
SALES
based upon weekly reports filed with the New
Curb Exchange by their respective
classified as follows:
PURCHASES
(iCustomers' Orders to Buy)
(Customers' Orders to Sell)
Trade Dale
No.
Value
Shares
No. Ord.
Value
Shares
Ord.
York Stock Exchange and the New York
These reports are
members.
New
York
—1,080
102
As specialists *
Initiated
*
245
802
Sept.
—
which registered"
number
The
of reports
are
not strictly
various classifications
in the
than the number of reports received
may
total more
because, at times, a single report may
entries in more than one classification.
carry
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
STOCK
*
ACCOUNT OF
MEMBERS*
(SHARES)
Week Ended Aug. 27, 1938
—
Total for
Per
Cent»
Week
5,081 ,C40
Total round lot volume
202,572
$7,381,108
8,919
218,08n
285,574
10,136,070
11,463
283,436
18.234
488,146 $17,517,178
20.382
501,526 $17,189,608
issue of
Sept. 3,
The
monthly list of companies listed on the New
Shares
561,140
Sold
;
-
578,350
Total
-
CelotexCorp. (The) common
J 1.21
Century Ribbon Mills, Inc. 7% preferred
Collins & Aikman Corp, 5% preferred
Consolidated Oil Corp. common
Other transactions Initiated on the floor—Bought-.---.
2.
Sold
Per iMtest
...
l, 139,490
1,139,490
-
Shares
Previously
i
which they are
registered—Bought
364,880
378.055
,
Davega Stores Corp. 5% preferred
Detroit Edison Co. (The) common
„
7.31
742,935
Total.
...
168,295
Lone Star Cement Corp. common
Mathieson Alkali Works (Inc.) (The) common..
National Gypsum Co. common.
186,255
Sold
3.48
353,550
Total.
Outlet Co. (The) 7%
Total—Bought
Sold
—
Total
—.
Real Silk Hose try Mills, Inc. preferred
Frank G. Shattuck Co. common.
22.00
2,235,975
-
(Ind.) capital
131,670
182,850
Sold
.......
Webster-Elsenlohr, Inc. 7% preferred
Wheeling Steel Corp. 6% preferred
3.10
314,520
Total.
F. W. Woolworth Co. common
Youngstown Sheet & Tube Co. (The) common
2
Sold
Total
ACCOUNT OF
*
EXCHANGE
FOR
MEMBERS* (SHARES)
Week Ended Aug. 27, 1938
Cent
Week
•
Round-lot transactions for account of members:
1.
Transactions
registered—Bought
Shares
Shares
Per Latest
Reported
Report
71,325
91,430
pref.)
BrilloMfg. Co., Inc. (class A)
Char is Corp. (common)
162,755
Other transactions Initiated
on
14.40
Crown Central Petroleum Corp, (common)
the floor—Bought.
Sold
Crown Drug Co. (common)
Electric Shareholdings Corp. ($6
11,500
10,300
Total.
1.93
21,800
3.
,
Cohn & Rosenberger, Inc. (common)
Other transactions Initiated off the floor—Bought
Sold
Cv. pref,)
Electrographic Corp. (common)
Hygrade Food Products Corp. (Cv. 6s, A 1949)
Hygrade Food Products Corp. (Cv. 6s, B 1949)
,.
Hygrade Food Products Corp. (common)
13,870
11,815
International Utilities Corp. ($1.75 preferred)
Total.
2.27
25,685
*
Kleinert (I. B.) Rubber Co. (common)
Knott Corp. (common)
-
Louisiana Land & Exploration Co. (capital)
4.
Total—Bought.
North American Rayon Corp. (6% prior preferred)
96,695
113,545
Sold
Paramount Motors Corp. (common)
Rustless Iron & Steel Corp. (common)
Total
Odd-lot transactions for account of specialists—Bought.
,
Sold....
The
Includes
Exchange members, their firms and their
all
New
York
partners, including special partners.
a
Shares In members' transactions
as
per
transactions
volume includes only
includes
both
purchases
and
sales
while
the
Exchange
sales.
Odd-Lot Trading
on
New York Stock Exchange During
Weeks Ended
Sept. 3 and Sept. 10
The Securities and Exchange Commission on Sept. 9 made
public a summary for the week ended Sept. 3, 1938, of the
corrected
and
York
1.837
2,630
5,200
660
5,800
830
900
None
13,897
440
5,041
4,210
500
$116,000
$13,200
24,183
3,980
21,805
4,991
23,736
200
70,283
239
13,922
447
4.838
4,345
1,156
$60,000
$200
24,193
4,115
21,905
3,779
24,029
650
70,783
243
18
17
480
652
67,357
_
preferred)
488
702
64,857
figures
on
odd-lot transactions of odd-lot dealers
specialists in stocks, rights and warrants
Stock Exchange.
These data
are
on
the New
based upon reports
filed regularly with the Commission by odd-lot dealers
and
It will be noted that the summary shows cor¬
semi-weekly periods.
Heretofore the
weekly summary showed the corrected figures for each day
of the week.
This change, which will be continued in the
future, was necessitated by a change in the clearing pro¬
specialists.
Stock
Exchange
The Board of Governors of the New York
Covering
Stock Exchange
meeting Sept. 14 amended the rule covering registration
of branch offices by adding a paragraph to provide that a
member firm establishing a branch office shall not, for a
at
a
period of six months, without the consent of the previous
employer, employ any person who has been, within the pre¬
ceding three months, employed by another member or
member firm in the same vicinity, unless such person has
been
Firms
voluntarily released.
The Committee on Member
mav, however, waive application of the rule in its
discretion.
SEC Issues Analysis
Gas
rected figures for two
Rule
Amends
Registration of Branch Offices
cent of twice total round-lot volume
In calculating these percentages the total of members' transactions Is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members'
6,830
153,593
91,858
"members"
term
Starrett Corp. (V. t. c. common)
Sterchi Bros Stores, Inc. (6% 1st preferred)
Sterchi Bros. Stores, Inc. (5% 2d
Trans-Lux Corp. (common)
58,016
33,842
Total
*
18.60
210,240
12,135
2,225
10,835
1,850
6,829
147,274
1936).
div. ser.)_.
Blue Kidge Corp. ($3 conv.
Total.
2.
Name—
Bickford's, Inc. (preferred
—
-
9,791
Previously
P~
American General Corp. (common)
Sold
None
1,188
46,390
listed companies which have
reported changes in the amount of reacquired stock held:
American General Corp. ($2 div. ser. pref.)
—
=====
of specialists In stocks In which they are
13,555
337
80,314
511,232
Exchange announced on Sept. 15 that
American Cities Power & Light Corp. (Cv. A opt.
565,095
3,597
26,300
7,027
the following is a list of fully
American Cities Power & Light Corp. (A opt. div. Her.
Total round-lot volume
357
4,012
440,338
County (The) capital
-
Per
Total for
None
35,300
Includes 5,789 shares not listed.
The New York Curb
1,444,997
—
TRANSACTIONS ON THE NEW YORK CURB
STOCK
American Coal Co. of Alleghany
741,973
703,024
In odd lots—Bought.
*6,863
15,597
30,020
13,371
-
Swift & Co. capital
In round lots—Bought
18,700
6,887
42
80,328
511,247
38,200
25
1,169
46,387
8,655
...
Texas Corp. (The) capital
Transamerica Corp. capital
lot dealers:
20
240
302,013
2,400
6,453
579,816
24,500
Sloss-Sheffleld Steel & Iron Co. $6 preferred
Standard Oil Co.
Transactions for the odd-lot accounts of specialists and odd-
1.
......
Pure Oil Co. (The) 6% preferred
1,094,315
1,141,660
-
6,724
1,900
30,010
2,900
310
33,700
4,020
3,542
preferred
Plymouth Oil Co. common...
4
20,026
579,815
16,200
6,618
15,846
General Realty & Utilities Corp. $6 preferred
International Sliver Co. preferred
Other transactions Initiated off the floor—Bought.
Report
Reported
754,029
6,716
3,800
None
220
303,690
1,400
6,604
General Motors Corp. common
3
York
reporting changes in the reacquired hold¬
ings of their own stock was issued by the Exchange on
Sept. 15.
A previous list was given in these columns of
Aug. 13, page 966.
The following is the list made available
by the Stock Exchange on Sept. 15:
Stock Exchange
f Company—
Atlas Corp. common
Bucyrus-Erle Co, 7% preferred
dealers):
Transactions of specialists In Btocks in
1415.
page
Changes in Amount of Their own Stock Reacquired
by Companies Listed on New York Stock and New
York Curb Exchanges
actions for the odd-lot accounts of
1.
in
for the week ended Aug. 27 were given
The figures
our
members (except trans¬
specialists and odd-lot
Round-lot transactions for account of
$7,808,283
9,381,325
7,505
10,729
Total for week-.
70
the round-lot transactions of specialist*
comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer as well as those of the specialist.
In
6 and 7.;
030
transactions
Note—On the New York Curb Exchange
4in stocks
656,083 $21,613,584
Closed
Exchange
5
33
503
floor
on
Initiated off floor
Reports showing no
20,598
Sept. 8, 9 and 10-.
specialists:
Other than as
621,981 $21,491,044
Sept.
transactions:
Reports showing
22,920
830
208
Number of reports received
9,858
Total for week..
Exchange
14,661
Curb
Exchange
8,259
392,353 $13,423,294
8,067,750
229,628
15,548
1,2 and 3..
Aug. 29. 30, 31
Sept.
Yor
New
Stock
408,757 $13,284,719
8,328,865
247,326
Financial
statistics
for
of Earnings of Electric and
Companies
150
operating
and combination
operating-holding companies in the electric and gas utility
field, all of which are subsidiaries of registered holding com-
I
Volume
1709
Chronicle
Financial
147
ACCORDING
were issued by the Securities and Exchange Commis¬
Sept. 11.
According to Washington advices of Sept. 11 to the New
panies
sion
TO
♦
Aug. 31, 1938
July 30, 1938
Aug. 31, 1937
$83,364,329
877,904,440
$133,444,501
57,894,003
62,776,804
9,763,809
9,984,762
71,257,827
10,124,461
45,362,629
50,034,857
58,038,606
1,660,751
1,041,366
1,635,012
60,274,091
63,005,803
69,381,347
Imports.
York "Times":
Exports
These figures showed that only one company had
interest
its funded
on
All
debt.
earned fixed charges and dividends on their preferred stocks
while 42
classified
were
Domestic shipments
Domestic warehouse credits
Dollar exchange
failed in 1937 to earn
16 companies were listed as
but
having
during the year,
Based
on
goods stored in or shipped
between forelen countries
having arrearages of dividends on their preferred
as
OF CREDIT
NATURE
stocks.
In submitting
BILLS
O. Douglas, Chairman of the SEC, C.
the study to W.
said that the combined assets of the companies
holding
CURRENT
stock
$1,540,052,469,
at
Days —
and
debt
$187,667,422,
was
requirements for dividends
taxes
X
7-16
120
9-16
X
x
7-16
150
%
9-16
X
7-16
180
%
9-16
The following
stock and surplus
23.20% for
ranged from
a
low of
5.52% and
since Aug.
315,000,590
June
330,205,152
349,053,490
372,816,963
July
1938—
30
May 29
$385,795,967
Nov. 30
31
1937—
The funded debt interest rate for the 150 companies ran
343,881,754
June
30-..-.
Sept. 30
344,419,113
July
30
Aug.
30
346,246,657
387,227,280
Nov. 30
27.....
401,107,760
Dec.
396,471,668
395,031,279
Jan.
31.....
Feb.
28
264,222,590
264.748.032
31..... 258,319,612
348,026,993
343.065,947
Mar. 31
stock dividend
268,098,573
Aug. 31
31
325,804,395
307,115,312
from a high of
low of 3.25%, with an average of 4.57%; preferred
278,707,940
31
30
Apr. 30
understood.
30
May 31
Apr.
Feb.
Different rater in the taxes
of 12.55%.
an average
$292,742,315
Mar. 31
364,203,843
351,556,950
Oct.
31
Dec.
31, 1936
1937—
$308,112,141
Oct.
20% of gross revenue
chiefly responsible for the wide range, it is
were
record
at the
Jan.
Taxes also showed a wide variation, running from
of various States
bankers'
Sept. 30
earned ranged
a
acceptances outstanding
table, compiled by us, furnishes
of
1936
high of 31% to a low of minus
a
volume
Aug. 31
of 7.07%.
an average
the
close of each month
high of 5.85 to a low of 0.43, with an average of 1.57; the return on
a
common
to
of
greatly, ranging
times which fixed charges and preferred stock dividends were
from
Buying Rates Selling Hates
Days—
90
preferred stock were $95,615,122.
on
Dealers'
Dealers'
Buying Rates Selling Rates
60
high of 10.80 to a low of 0.92 and having an average of 2.58: the
a
1938
12,
Dealers'
30
$181,090,653 and
were
The times which funded debt interest was earned varied
from
ACCEPTANCES
BANKERS'
$4,103,187,167,
Total capitalization and
preferred stock, 6.20%.
on
interest
PRIME
$1,908,135,635.
stock,
common
surplus outstanding was put at $8,274,994,519.
Funded
ON
SEPT.
of interest on bonds and debentures was 4.57%, and the
dividend rate
average
RATES
Dealers'
stockholders, and our calculations are the result of our
Bonds and debentures of the 150 companies were listed at
The average rate
1,172,605
„
MARKET
stated, "were obtained principally from the 1937
best understanding and interpretation of such reports."
preferred
$215,661,658
Decrease formonth....
of $1,442,350,455, he stated, and at the end of that
"The data," Mr. Smith
annual reports to
86,771.159
.
_
16,842,267 electric and gas customers in 22,306 communities.
year served
BANKS
.$128,890,499
Total.
assets' of all registered
The 150 operating companies had combined
systems."
company
ACCEPTING
Bills of others.
covered "aggregate $9,563,-
686,059, which is approximately 70% of the total
in 1937 gross earnings
BY
HELD
Own bills
Roy Davis, Director of the Public Utilities Division of the Commission,
6% to
a
rates ran from a
while
to
high of 7.67% to a low of 4.50%, with an average
low of 62 for
a
Short Interest in Stocks
of 6.20,
of 95.20.
an average
Financial statistics
for
The
operating utility companies covered in the
the
the
Utilities
the
operating
companies
American Gas and Electric Co.,
failed to earn
Commercial
outstanding
paper
total
of
by
received
this
$209,400,000 of
Reserve
Aug. 31 was issued on
on
Below
on
open
we
July
Section
$279,200,000 Mar. 31
31
Corp. common,
in
which
preceding month.
225,300.000
Oct.
251.200,000
271,400.000
31
31
Aug. 31
Mar. 31
296.600,000
July
Feb.
28
292,600.000
June 30
Jan.
31
299,300.000
credit
Act, has been amended, effective Feb. 1,
follows:
(a) Any private banker
officer,
union
This
employee of
or
announcement
or
employee
time
not
than
more
one
cooperative bank,
institution.
similar
other
or
director, officer,
any
or
Reserve System may be at the same
member
to
sent
was
banks
by
the
Federal Reserve Bank of New York, Sept. 6.
215.200.000
Nov. 30
191,300.000
324.700.000
31
as
243.800.000
193,'>
331.400.000
329.000.000 Dec. 31
Sept. 30
Federal
267.600.000
323.400.000 Jan.
June 30
May 31
Apr. 30
3.
director,
a
$290,400,000
28
..311.000.000 Feb.
Nov. 30
210,700.000
31
Radio
relating to interlocking bank directorates
member bank of the Federal
a
1937—
1937—
Dec.
$209,400,000
31
System,
1939, to read
July 30, and with $329,000,000 on Aug. 31, 1937.
furnish a two-year comparison of the figures:
1938—
Aug.
Union
short interest in the
no
under the Clayton
commercial paper dealers show a
market paper outstanding on Aug. 31, 1938.
from
Bank
figure for Aug. 31 compares with $210,700,000 out¬
standing
National
in
was
Directorates
of
This
on
totaled
Regulation L of the Board of Governors of the
Sept. 13 by the Federal Reserve Bank of New York:
Reports
December, 1931, when the short position
Regulation L Amended—Relates to Interlocking Bank
value of
showing the total
following announcement
commercial
com¬
July 29 last, and is the smallest
on
Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$209,400,000 Aug. 31 Compares with $210,700,000
July 31
The
This
11,670 shares.
to
the New
on
There were only four issues in which the short
500 shares or more, the largest being 910
13.
Sept.
dealt in
of August, reported as
published, the Exchange announced
first
were
interest
there
of
amounted
with 13,992 shares
shares
Value
1938,
31,
Aug.
figures
fixed charges.
as
August
position in stocks
total reported since
two holding
of only
Corp. and the North
preferred dividends as well
Light
Power and
Utilities
the
systems,
short
total
pares
Under
failed to earn funded debt interest.
Corp.,
summarization
same
company
of
operating compares of only one system, the North
members showed that the
New York Curb Exchange
York Curb Exchange for the month
study summarized by registered holding company system of which they are
Continental
on
Decreased During
capitalization of property and investments ran from a high of 113.20%
National Bank Earnings for First
Previous Six Months
Below
31
198.800.000
May 31
286,900.000 Sent. 30
30......285.000.000 Aug. 31
197.300.000
troller
205.200.000
of
284.600.000 Oct.
Apr
of
Half of 1938 Decreased
Reports Acting Comp¬
Diggs—Current Net Earnings
Currency
$124,410,000 Compare with $140,259,000 in Last
Half of 1937
Comptroller of the Currency Marshall R. Diggs
on Sept. 6 that the 5,248 active National banks
in the country on June 30, 1938, reported gross earnings for
the first six months of 1938 amounting to $414,761,000 and
Acting
Bankers'
Acceptances
Outstanding
Decreased $6,428,420 During August—Total
Aug. 31 Reported
at $258,319,612—$85,562,142 Below Year Ago
The
volume
of
outstanding
bankers'
doliar
Aug. 31, 1938, amounted to $258,319,612,
on
$6,428,420
from
announced
on
the
July
figure
amount
acceptances
was
Sept. 12 by the Acceptance Analysis Unit of
of
This is the small¬
outstanding
acceptances
in
20
over
years.
As compared with last year,
the Aug. 31 total is $85,562,142
below that of Aug. 31, 1937, when the acceptances outstand¬
ing amounted to $343,881,754.
During
this
August
year
drawn for imports and
increases
occurred
in
credits
dollar exchange; in the year-to-year
comparisons only dollar exchange credits were above Aug. 31
last year.
issued
The following is the report for Aug. 31, 1938,
DOLLAR
ACCEPTANCES
—BY
FEDERAL
Adding to the net earnings profits
recoveries on loans and
investments, &c., previously charged off of $40,332,000, less
losses and depreciation of $105,723,000, the net profits before
dividends in the period amounted to $112,565,000, which
was 7.14% of the par value of common and preferred capi¬
tal stock, and 3.44% of capital funds.
Dividends declared
on
common
and preferred capital were $69,816,000 and
$5,098,000, respectively, a total of $74,914,000, representing
4.75% of the total par value of capital stock, Acting Comp¬
troller
In
STATES
827,395,361
827,824,718
'
1.
Boston
New York
187,883,436
191,634,544
834,242,346
251,618,375
3.
9,133,807
8,945,050
13,463,670
2,680,144
203,003
2,572,058
5.
2,924,405
266,591
...
Philadelphia
4. Cleveland.
Richmond
771,374
1,422,817
6.
Atlanta
1,432,923
7.
Chicago
7,742,530'
332,366
8,191,846
333,379
2,047,162
2,785,976
277~777
275,364
T,635~264
19,140,308
20,729.720
21,387,798
8258,319.612
8264,748,032
$343,881,754
St. Louis
9.
Minneapolis
Kansas City
11.
Dallas
12.
San Francisco
_
..
Decrease for month,
$6,428,420.
Decrease
for year, $85,562,142.
of
1938,
$208,423,000,
were
the
a
net
profits of
decrease
of
National banks
$78,138,000
in
the
earnings from current operations aggregated $850,551,000, and
$585,882,000, resulting
$264,669,000,
Dividends
a
charged off of $217,988,000 decreased $44,380,000.
declared on common and preferred stock totaled $143,740,000
1937.
The dividends were 9.11% of
4.39% of capital funds.
comparison of-the earnings, expenses and dividends in the year ended
30, 1938, with those for the year ended June 30, 1928, shows that
comparison with $153,475,000
in
common
A
June
and preferred
in
capital, and
although there were nearly 2,500
fewer banks in 1938 and a decrease of
$16,435,000 in the par value of capital stock outstanding, the net
from
Grand totals
June 30,
reported for the previous year.
depreciation
323,679
2,098,057
8.
10.
dividends
expenses,
tions
1,636,067
13,597,583
ended
in net earnings from current opera¬
decrease of $4,677,000 in the year.
Recoveries
from assets previously charged off of $161,742,000,
including profits on
securities
sold
of
$76,620,000, decreased
$117,841,000, and losses and
the
2.
year
The gToss
Aug. 31, 1937
adding:
Diggs said,
the
amount
DISTRICTS
July 30, 1938
Aug. 31, 1938
Federal Reserve District
previous six months.
securities sold of $53,546,000 and
on
before
OUTSTANDING—UNITED
RESERVE
'
as
by the New York Reserve Bank, Sept. 12:
BANKERS
rent
the
it
of $21X1,351,000, resulting in net earnings from cur¬
operations of $124,410,000 compared to $140,259,000 in
expenses
decrease, of
$264,748,032,
of
the Federal Reserve Bank of New York.
est
a
announced
current
operations
of
$208,423,000
less
than
10
years
were
of $264,669,000
but
previous.
$62,748,000
and
and
$61,735,000,
earnings
dividends
respectively,
net profits before
Financial
1710
in 1938 include service charges
$33,519,000, a charge not generally required of
depositors until recent years, and trust department income of $33,447,000,
which increased $17,282,000 in the 10-year period.
Expenses in
1938 include interest on deposits of $127,052,000, a
decrease of $325,233,000 since 1928, due principally to the Banking Act
of 1935, which prohibited the payment of interest on demand
deposits
subsequent to August, 1937.
Dividends of 9.11% on capital stock in 1938 are compared to 12.88%
Gross
from current operations
earnings
of
accounts
deposit
on
1928.
in
the
but
According to Governors of
Rate on Record
Member Bank Reserves—Develop¬
Federal Reserve Board, at Slowest
—Increase
in
Country Banks
at
ments
time" it is learned from the September
"Bulletin" "the country's volume
"At the present
issue of the Federal Reserve
deposits, as well as of total deposits, including time
accounts, is near the all-time peak reached at the end of
1936, while the turnover of these deposits is at the slowest
rate on record."
These comments are made in the "Bulle¬
the Federal Reserve
From the "Bulletin"
by the Board of Governors of
System in the Review of the Month.
quote:
we
Increase in Member Bank Reserves
April member bank reserves have increased by
Since the beginning of
of disbursements by the United States
with Federal Reserve banks.
Reserves
in excess of requirements during the period increased by about $1,400,000,000, of which $750,000,000 resulted from the reduction in reserve
about $850,000,000 as a consequence
real estate were the only
on
banks this year.
estate
the
1936 and amount to
of
spring
By the
by the Board of Governors the middle of April.
had increased to $3,150,000,000, close to
middle of July excess reserves
They subsequently declined somewhat
and on Aug. 24 amounted to $2,980,000,000.
Fluctuations in member bank
reserves and in Treasury balances with the
Reserve banks are shown in
the
1936.
level of August,
high
760.
the charts on page
Treasury
with
balances
which were increased on
banks,
Reserve
the
April 14 by $1,400,000,000 as the result of the release of
inactive gold by
rapidly drawn down until the middle of July, largely
the Treasury, were
In the following four
Treasury bills.
for the retirement of $800,000,000 of
including proceeds from the sale of Reconstruction
weeks current receipts,
bills
exceeded disbursements
Treasury balances increased by $200,000,000. with a consequent reduc¬
Finance
and
tion
in
Corporation
larger
again
In the latter
reserves.
excess
than
excess reserves
Treasury
and
notes
receipts,
of August expenditures were
declined
balances
Treasury
somewhat, and
increased.
The principal factor in the
variations in Treasury deposits at the Reserve
practically all of it is in loans od
by $800,000,000 from April 27 to July 20 and
reduced
was
There have
been, however, other important Treasury receipts and expenditures.
For
the entire period from April 1 to Aug. 24, net disbursements by the Treasury
increased by
$250,000,000 in the five weeks ending Aug. 24.*
budget expenditures over receipts were
account of the excess of current
on
large,
amounting
disbursements
to about
about
to
for
relief.
$1,000,000,000. reflecting
increased
part
amounted
These expenditures were partly offset
$250,000,000 in the period.
by net cash receipts from other
in
the purchase of gold
Payments for
Treasury transactions, including about
those districts that usually show the greatest
percentage decreases were in
shown little change
early part of 1933.
Time deposits at country banks have
seasonal drop.
increasing steadily since the
this year, after
well supplied with funds for lending
of last year they have built up their balances
Country banks have continued to be
Since June
and investment.
$250,000,000, of which about
of part of the reserve
reduced last April.
Country bank balances with city correspondents on June 30 amounted
to $1,800,000,000, which was not much below the all-time peak of $1,930,000,000 in December, 1936, and about double the pre-depression
volume.
In addition to their large correspondent balances country banks
now hold close to $500,000,000 of excess reserves with the Federal Reserve
city correspondents by approximately
with
a
third represents the
balances
transfer from the Reserve banks
reserve requirements
were
when
free
set
banks.
Banks in Leading Cities
Partly
city
reserves
total
to
bank balances with
that have recently been
by the Treasury have been acquired by city banks.
Excess
of city banks have accordingly been increased by these additions
as
result of the building up of country
a
banks, all of the additional bank reserves
supplied
well
as
reserves
in
by the reduction in reserve requirements
as
April.
total loans and invest¬
ments declined further during the first half of 1938 at banks both in New
York and in
100 other leading cities.
During July and August they
increased somewhat.
U.S. Government obligations held by city banks have
increased this year and have recently been larger than at any time since
Notwithstanding this growth in excess reserves,
the spring of
The
York
Their loans, however, declined steadily until August.
of Government securities was chiefly at New
1937.
holdings
in
increase
which toward the close of August held
banks,
City
000,000 more of Government direct and
about $380,-
fully guaranteed obligations than
point of their holdings for the last
three years.
Present holdings of New York City banks are still about
$1,000,000,000 less than the maximum amount they held in the summer
they did in September, 1937, the low
of 1936.
the amount of outstanding Treasury
banks since April has been changes in
bills, which
part
The increase at
$2,600,000,000.
large as that of all other member
non-farm real estate.
The volume of adjusted demand deposits
(which exclude interbank
balances, United States Government deposits, and items in process of
collection) declined substantially at country banks in the first half of 1938,
after showing little change during the previous year.
The decline was
larger than the usual seasonal amount, being $230,000,000 or nearly 4% .
Each Federal Reserve district shared in this decrease, and the largest
banks is more than twice as
country
Treasury of funds held on deposit
requirements
class of loans to show an increase at
Increases occurred in all Federal Reserve dis¬
except Boston.
Owing chiefly to the rise at country banks, real
loans at all member banks are now about $310,000,000 larger than
tricts
of demand
tin"
Northeastern
the
in
year.
Loans
country
in
however, country bank loans declined
expansion had spread to the Southern
districts the decline continued until
By the spring of 1936 the
districts,
last
Elsewhere,
1935.
of
spring
further.
banks and
Turnover of Bank Deposits,
Sept. 17, 1938
Chronicle
During the period from March 7
call
banks in
dates,
New
of this year to June 30, the latest two
York and other leading cities increased their
obligations guaranteed by the Govern¬
ment.
They reduced holdings of Treasury notes and Treasury bills.
These changes reflected the Treasury's retirement of a substantial volume
of bills and the refunding of Treasury notes into bonds.
Outstanding
holdings of Treasury bonds and of
the Government guarantee were increased in
securities carrying
by the CCC.
the issuance of notes
with
holdings by types of issue and classes
Government security
changes in
of member banks between
the period
The following table shows the
March 7 and June 30, 1938:
$350,000,000 of net proceeds from the sale of notes of the Commodity
$150,000,000 from United States
Credit Corporation and the RFC, about
STATES
UNITED
GOVERNMENT
trust fund under the Social
Security Act, and the return to the Treasurer of
about $250,000,000 from Treasury
SECURITIES
BANKS, JUNE 30.
Savings bonds, about $200,000,000 of net receipts for the unemployment
HELD
BY
MEMBER
1938
Ha Millions of Dollars*
dex»osits with commercial banks.
Recent Banking
Change from March 7, 1938
Total
Developments
Holdings
the Reserve banks this
Treasury expenditures from its balances with
year
have resulted in
in
some increase
Deposits at city banks
reserves.
The increase in bank dep<
anteed
bank deposits, as well as in bank
are now
Direct
At the
in the rate at which they are used.
deposits including t:me accounts, is
while the turnover of these deposits is at the slowest rate on
and
deposits
and investments declined until
have increased,
banks
of
total
commerce
and industry continued to dech'ne as
weeks there have
$
$
709
—149
+306
—171
—284
122
—148
+ 51
—58
—140
3,940
718
—22
+367
—342
—46
+ 70
2,385
579
—91
—8
—73
—11
—68
10,215
2,128
—410
+ 715
—644
—481
+301
33,463
4,853
—743
+ 1.490
—1,384
—848
+ 207
States
United
ments increased
and
have declined
somewhat,
total invest¬
through purchases of Government guaranteed obligations
of other securities.
Brokers'
loans increased
and commercial loans, which had declined
slightly in August, and
sharply from last October, have
also shown small increases.
New call report figures as of June 30 show that
while city banks have
increased their holdings of investments since last autumn,
investments have been further reduced.
sharply until recent weeks.
stable.
country banks
At city banks loans have declined
At country banks loans have been relatively
A drop in deposits at city
banks last
year
has been followed by
expansion, whereas at country banks deposits have declined this year.
an
Reserve balances of city banks have increased,
but country banks have
shown little change in their reserves, preferring to
build up their deposits
with city correspondents, which were already exceptionally large.
that show these developments are presented on pages
Tables
782-783.
Developments at Country Banks
A chart of selected items from the aggregate
balance sheets of country
member banks since the end of 1934 is given.
on
the
June,
chart
1937
is
to
holdings
of
occurred
since
a
decline
June,
United
last
1938.
States
March
of
$430,000,000 in investment
About
$190,000,000
Government
in
holdings
guaranteed by the Government.
the reduction in
The largest recent change
of this
holdings
decline
obligations, most
of
Treasury notes
from
was
of which
and
in
has
of issues
The remaining $240,000,000 represents
holdings of other securities, principally those of public
utilities and railroads.
Total loans of country banks showed little net change during the first
half of 1938.
areas
They had increased substantially during 1937 and in
had begun to pick up as early as
1935.
.
.
some
.
Following the general decline during the depression, loans to customers
by country baDks began to increase in the Central and Western districts in
offered
$
S
?
of
autumn
+ 277
+ 22
rapidly from early in 1936 to
subsequently declined by about $2,000,000,000,
banks, which had increased
Loans of city
the
•
debt
outstanding
In
While their holdings of direct obligations
Government
—
member banks
All
Publicly
loans and investments of
been small increases in
member banks in leading cities.
%
$
859
loans
the result of reduced business activity and curtailment of inventories.
of the
gations
3,031
Reserve city banks
Retirement of United States Govern¬
July.
obligations reduced the supply of securities available to
banks, and bank loans to
recent
Bills
bunks
Chicago.
Country banks
reserves
Notes
Bonds
Total
New York
the all-time peak reached at the
near
record.
Although
anteed
Central reserve city
present time the country's volume of demand deposits, as well as of total
ment short-term
Obli¬
Guar¬
at the highest level in over a year.
'"s has been accompanied by a further decline in
the turnover of deposits,
end of 1936,
Guar¬
Direct Obligations
June 30.1938
1937,
levels of 1935.
About $700,000,000
brokers and dealers repaid
sharply declining stock prices
last year and the first quarter of this year.
More recently brokers' loans
have remained comparatively stable notwithstanding a recovery in stock
or
by 20%
of this
,
to approximately the low
decline
to New York
represents loans that security
City banks during the period of
prices.
Most of the decline in loans at
which
city banks has been in
declined steadily from the
week of July.
commercial loans,
middle of last October through the first
The decline amounted to
about $450,000,000 in New York
100 other leading cities.
Outside of the
Reserve districts of Richmond, Atlanta, and Dallas,
City and about $510,000,000 in
Southern
Federal
to most of the large cities.
commercial loans appears to have ceased.
Small increases were reported at many leading cities outside New York
early in July and moderate increases occurred in New York City during the
first half of August.
In part this reflects seasonal influences that usually
bring a resumption in commercial borrowing at city banks during the third
declines
in
commercial loans were common
Early in July the contraction in
quarter of the year.
have decreased at city banks this
Drafts on deposits by customers of
city banks to repay loans have been exceeded by deposits derived from
Treasury expenditures out of balances at the Federal Reserve banks.
At
banks in 101 leading cities, the volume of adjusted demand deposits during
the first half of August, as shown by the chart, was about $600,000,000
larger than the average for the first quarter of the year and about $500,000,000 below the peak level reached at the end of 1936.
Accompanying the increase in demand deposits at city banks during
recent months there has been a notable slowing down in the rate at which
Although total loans and investments
year,
demand deposits have
these deposits are
utilized.
increased.
This rate of turnover, or the velocity of de¬
posits, represents the ratio of the
over a
period to the average
amount of checks drawn against deposits
volume of deposits during the same period.
Volume
147
Financial
Decline in
During the three
banks,
exclusive
interbank
deposits
United
and
States
over at an average rate of about 30 times'per annum.
From February through July of this
year the average rate was about 25 H
times per annum, a decline of 15% ,
In the other 100 leading cities there
was
comparable
a
reduction,
per
annum
normal
during
the
pre-depression
about 80 times
demand
year,
years,
In
a
over
deposits turned
the other hand
the
on
one
accumulation in city banks of a large volume of
an
$218,660,000
balances awaiting investment
other
or
idle
uses.
Insurance
Feasibility of
Individual
on
Deposits
Corporation, revealed on Sept. 12 that the Corporation
seeking data from banks in connection with a study of
the possibility of insuring bank deposits above the present
ance
is
The FDIC
was
said to be inquiring regard¬
ing the increased liability which it would assume if the
present insured account were raised to $10,000, or perhaps
even $25,000.
The extent of the investigation was indicated
in the following Associated Press Washington dispatch of
Sept. 12:
Today there
tionnaire
sent to the 13,719 insured banks of the country a
was
ques¬
asking the
number of deposit accounts below $5,000, between
$5,000 and $10,000, between $10,000 and $25,000, and over $25,000.
Mr.
Crowley, recalling that Representative Henry B. Steagall (Democrat of
Alabama),
Chairman of the House Banking Committee, advocated the
increase, said the FDIC wanted to find out how much extra risk would be
involved.
Mr.
Crowley
declined to commit the Corporation in advance of
but he expressed the belief that if the additional risk were
survey,
small there would
Previous
covered
been
made,
about
and
talk
of
objection to increased insurance.
no
shown
deposits
that
have
since
95%
the
of
provided, but
now
higher insurance,
weakness
Despite
first
or
have
the
very
grown
Nation's
desopits
are
recent studies have
no
the
to
record
near
total
of
due
to
$47,500,000,000.
The
any
be little
estimates
by the $5,000 insurance
the
Mr.
they
explained,
was
not
excellent
in
were
condition.
recession, he said, only 38 banks suspended in the
1938, and five of them had not been able to get insurance.
of
request
a
the
control
credit
Senator
Carter
of
holding companies,
bank
Crowley
6aid
He
banking proposals which
include
gress
banks.
business
half of
Other
the
of
inflation
be discussed during the next Con¬
may
Federal
Reserve
Board
for
more
consolidation
of
far
enough
needed.
investigation
The
duties
that
may
be
in business has not progressed
what, if
studied
in
any,
credit controls
new
with
connection
the
are
current
monopoly.
Administration
divided
is
officials
do
not
what
on
The FDIC,
Currency examine different
most
New
determine
to
bill
should be made.
the
of
Glass
of
consolidation
of bank
examining
the Reserve Board and the Comptroller
sets
of
bank and
regard the apparent
exchange figures,
duplication
as
so
serious.
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—To Be Dated Sept. 21, 1938
Tenders to
a new offering of $100,000,000, or
thereabouts,
91-day Treasury bills to be received at the Federal Re¬
serve Banks, or the branches thereof,
up to 2 p. m., Eastern
Standard Time, Monday, Sept. 19, were invited on Sept. 15
by Secretary of the Treasury Henry Morgenthau Jr. Tenders
will not be received at the Treasury Department, Washing¬
ton.
The bills will be sold on a discount basis to the highest
bidders. They will be dated Sept. 21, 1938, and will mature
on Dec. 21, 1938, and on the
maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of similar securities in amount of $101,150,000 on
Sept. 21. In inviting the tenders to the offering on Sept. 15,
Secretary Morgenthau said:
of
They
(the bills)
denominations
will be issued in bearer form only, and in amounts
of
$1,000,
$10,000,
$100,000,
$500,000
or
and $1,000,000
(maturity value).
No tender for
must be in
an amount
less than
multiples of $1,000.
basis of 100, with not
$1,000 will be considered.
Each tender
The price offered must be expressed
than three "decimal places, e. g., 99.125.
more
on
the
Frac¬
tions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest'ment securities.
of
10%
are
High,
Tenders from others must be accompanied by a deposit
of the fact amount of Treasury bills applied for, unless the tenders
or
Low,
99.968; equivalent rate approximately
99.974; equivalent rate approximately
Average price,
^
(20% of the amount bid for
the closing hour
$14,000,000 of 1% Consolidated Debentures Offered by
Federal
Intermediate
A
Banks—Issue
issue of
offered
on
Final
Figures on Treasury's Sept. 15 Financing—Cash
Subscriptions of $803,771,400 Allotted for 2%%
Bonds and ll/%% Notes—$7,549,278,850 Subscribed
—Exchange Subscriptions of $424,089,100 Allotted
The final
subscription and allotment figures with respect
offering last week of 2lA% Treasury bonds of 1950-52
and \ y%% Treasury notes of Series A-1943, were announced
on
Sept. 14 by Henry Morgenthau Jr., Secretary of the Treas¬
ury.
The bonds were offered for cash in amount of $400,000,000, or thereabouts, and the notes in amount of $300,000,000, or thereabouts—both the bonds and notes, in addi¬
tion, were offered for the amount of maturing 1 %% Treasury
notes of Series E-1938, tendered in exchange and accepted.
The iy% notes, of which $433,460,900 are outstanding,
will mature on Dec. 15, 1938.
Reference to the Sept. 15
financing of the Treasury was made in our issue of Sept. 10,
page 1571.
Cash subscriptions received to the offering totaled $7,549,278,8c 0, Secretary Morgenthau announced.
The amount
allocated was reported at $803,771,400.
All exchange sub¬
scriptions of the maturing 1 l/i% notes, amounting to $424,089,100, were allotted in full.
For the 2Yi% bonds cash subscriptions of $4,487,353,650
were
received and $461,681,100 allotted.
The exchange
subscriptions tendered and allotted for the bonds amounted
to $397,239,100, making a total of $858,920,200 allocated.
A total of $3,061,925,200 wae tendered in cash for the \]A%
notes, of which $342,090,300 was allocated.
The tenders
and allotments of the exchange subscriptions for the notes
were in amount of $26,850,000, bringing to $368,940,300 the
amount allotted for the new notes.
The holders of $9,371,to the
of IH% Treasury notes who did not exchange their
holdings for either the new bonds or notes will be paid in
cash when they mature * on Dec. 15.
Subscriptions and
allotments, as announced by Secretary Morgenthau were
divided among the several Federal Reserve districts and
the Treasury as follows:
800
2y2% TRKASURY BONDS OF 1950-52
will
or
as soon as
possible thereafter, probably
all tenders
any or
or
parts of tenders, and to allot less than the
Those
Payment at the price offered for Treasury bills allotted must be made at the
in
cash
or
other immediately available funds
on
Sept. 21. 1938.
gain from the sale
or
and interest, and
other disposition thereof will also
all taxation, except estate and inheritance taxes.
any
be exempt, from
(Attention is invited to
Treasury Decision 4450, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale
shall be allowed
as
a
or
Allotted
$459,228,600
$46,801,800
$0,150,800
$55,952,600
204,609,100
30,005,100
283,941,200
488,550,300
6,388,200
3,656,000
4,933,800
1,601,000
36,393,300
Richmond
287,613,250
269,438,950
141,925,2.50
127,211,100
Philadelphia
Cleveland
Dallas
FrancLsco
„
6,201,500
1,923,500
8.125,000
89,527,750
9,685,850
14,347,600
24,033,450
8,904,950
29.469,000
3,372.300
12,277,250
290,254,9.50
—
Kansas City
11,876.750
58,237,700
82,253,600
—
14,861,450
47,635,350
104,021,150
Minneapolis
San
Total
31,884,950
19,998,050
16,462,450
105,424,050
458,647,650
Chicago
Treasury
28,228,950
15,064,250
5,115.100
34,584,100
82,936,000
8,337,050
358,500
8.695,5.50
$4,487,353,650
$461,681,100
$3*7,230,100
$858,920,200
other disposition of the Treasury bills
deduction, or otherwise recognized, for the purposes of
Subscriptions
(Allotted
in Full)
2,036,057,700
Boston
New York.,.
St. Louis
The Treasury bills will be exempt, as to principal
Received
Allotted
Received
Atlanta
submitting tenders will be advised of the acceptance or rejection thereof.
banks
Subscriptions
Subscriptions
the
right to reject
applied for, and his action in any such respect shall be final.
Total
Total Cash
of the
on
\
Subscriptions
Total Cash
District
branches thereof
be opened and public announcement
.
Total Exchange
Federal Reserve
The Secretary of the Treasury expressly reserves the
Reserve
Over-
$14,000,000 of 1% consolidated debentures
Sept. 12 by Federal Intermediate Credit
Bank System.
The books to the offering were closed within
a short time
following a heavy over-subscription, it was an¬
nounced by Charles R. Dunn, fiscal agent of the banks.
The debentures, which are the joint and several
obligations
of the 12 banks, were sold at a slight premium over par
value.
They are dated Sept. 15 and will mature in six to 12
months.
There was a maturity of $5,600,000 in similar
securities on Sept. 15, and the securities now outstanding
total approximately $204,925,000.
new
was
Sept. 19,
following morning.
Federal
Credit
Subscribed
,
acceptable prices will follow
amount
0.127%.
0.103%.
price was accepted.)
-
1938, all tenders received at the Federal Reserve banks
to
at the low
trust company.
Immediately after tha closing hour for receipt of tenders on
up
100,000,000
100.
accompanied by an express guaranty of payment by an incorporated
bank
$218,660,000
in Full
officials believe any upturn
them
for
The
our
Range of accepted bids:
bank
Federal
three
the
were
were
made in
Total applied for
Total accepted
by
and
The tenders to the offering
Federal Reserve
$100,accepted.
Reference to the offering of bills
Sept. 10 issue, page 1571.
The details of the results of the
offering, as made known
by Secretary Morgenthau, follow:
was
examining agencies.
Reserve Board
the
at
Banks and the branches
thereof up to 2 p. m., Eastern Standard
Time, Sept. 12.
Of the tenders
received, Secretary Morgenthau said,
to
power
Dated
the offering of
$100,000,000, or thereabouts, of 91-day
Treasury bills dated Sept. 14, 1938 and maturing Dec. 14,
1938, was made on Sept. 12 by Henry Morgenthau Jr.,
boosting reserve requirements, the bill of
Democrat of Virginia, to prevent further growth
Glass,
notice
to
000,000
Leo T. Crowley, Chairman of the Federal Deposit Insur¬
limit of $5,000.
of its Pos¬
this
to
Bills
Secretary of the Treasury.
FDIC Seeks Data in Survey to Determine
any
and
Offering of $100,000,000 of
Sept. 14—$100,000,000
Accepted at Average Rate of 0.103%
Announcement that bids of $218,660,000 had been received
received
Increasing
Received
91-Day Treasury
The lower level of deposit turnover in re¬
hand the lower level of security market and general business activity and
on
or
amended,
prescribe the terms of the Treasury bills and
govern the conditions of their
at the rate of
especially at New York City banks, has reflected
as
issue.
comparatively
1926
418,
through
of 22 times
an average
imposed by the United States
Treasury Department Circular No.
banks in New York City and about 36 times at
banks in other leading cities.
cent
compared with
years.
February
from
rate
average
previous three
year at
a
the
per annum as
1711
sessions.
Government
deposits, turned
July being 19 H times
Chronicle
any tax now or hereafter
1935-1937, demand deposits at New York City
years
of
Turnover of Deposits
57,788,700
4,662.400
16,539,150
Financial
1712
\%%
TREASURY NOTES OF SERIES
was
Total Cash
Total Cash
Subscriptions
Total
Distrtct
Subscriptions
Subscriptions
Received
Subscriptions
Received
Allotted
(Allotted
Allotted
$221,601,200
$24,088,500
155,556,000
$2,055,500
16,312,500
19,342,500
21,941,800
11.373,100
353,500
with the European democracies in a sort
allied, morally at least,
Secretary of State; Joseph P.
by himself, Cordell Hull,
Court of St. James's, and William
Kennedy, Ambassador to the
in Full)
from
the impression seemed to have grown
The President was told that
recent utterances
States
of stop-
founded.
Hitler movement was well
Total Exchange
Federal Reserve
1938
17.
impression abroad that the United
when he was asked if the
came
A-1943
Sept.
Chronicle
C. Bullitt,
Ambassador to France.
Boston
—
1,410.911.000
New York
Philadelphia--.
174,600,600
Cleveland
196,955,600
100.267,SCO
—
Richmond...
1,604,000
737,000
$26,744,000
171,868,500
19.696,000
23,545,800
12,110,100
Minneapolis
46,043,000
5,315,700
190.500
Kansas City..
70,863,200
8,094,300
660,600
59,914,300
243.629,900
0,950,500
60,000
12,498,000
42,984,700
10.519,400
5,506,200
8,754,900
7,010,500
26,922,500
433.500
27,356,000
1,267,000
139,200
207,000
346,2C0
$342,090,300
$26,850,000
into
Bullitt's recent speech, the Presi¬
reports of Ambassador
As to the press
categorically denied
and the embassy at Paris had
dent said the ambassador
the event of France's being drawn
pledged American support in
that he had
European war.
a
*368,940.300
Atlanta
98,547,800
12,303,000
195,000
351,016,500
39,472,300
9,990,900
3,512,400
528,500
—
Chicago............-
86,307,300
St. Louis
Dallas
San Francisco.
Treasury
Total
Department Statement Showing Amount of
Government Securities
Held as Investments in
The previous state¬
given in our issue of Aug. 13, page 971.
The
present statement—that for July 27—shows a total of $4,635,131,000 of securities held as investments in trust funds
and in accounts of governmental agencies, of which $4,320,596,000 were Government securities, $269,702,000 Gov¬
ernment-guaranteed securities and $44,833,000 other securi¬
issued by the Treasury Department.
ment
was
The statement in full follows:
ties.
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS AND IN AC¬
COUNTS
OF
CERTAIN GOVERNMENTAL CORPORATIONS AND
AGENCIES ON DATES INDICATED
As
Guaranteed
Other
Securities
Securities *
Individual Indian trust funds
insurance
housing Insurance fund
mortgage
fund
and
166,834,000
"Yi'doo
fund
Allen property custodian fund
Panama Canal zone funds (1)
General Post fund, veterans' administra¬
tion
'
Library of Congress trust fund (2)_ .
D. C. workmen's compensation fund (1).
Longshoremen's & harbor workers' com¬
pensation fund (1)
German special deposit account
National Institute of Health gift fund..
10,015,000
102,687"666
retirement fund
...
National Park trust fund (2)
fund,
Walter
Carter Glass of Virginia said that anyone
469,106,000
762,867,000
5,536,000
30,710,000
1,850,000
42,067,000
""hsTooo
Railroad retirement account
Old-age reserve account
Foreign service retirement &
Alaska railroad retirement &
~"~~5~o66
of
10,000
11,000
10,000
117,000
43,000
3,957,000
1,242,000
198,000
12,000
Constitution
-...
269,702,000
44,833,000
State.
7,351,000
25,907,000
75,293,000
242,000
has
the President pointed out that
third of the white population
his remarks as having
illustration,
only about
auditors
a
to interpret
not
inability of Negroes
in some parts of
vote
to
question, he maintained, should be treated
member of
a
the
separately.
Virginia tax
the
Virginia Constitutional Convention
the suffrage
author of
demonstrated
been
and
over
section which included the poll
into
goes
a
school fund.
Mr.
again,"
over
Glass
tax has little to do with the number of white
than one-half
less
the people—who
of
declared,
people who
of the people—or
since scarcely one-half
of suffrage,
right
qualify by
payment of
actually vote."
Glass
the
that
said
total
Lynchburg
in
Governor
for
vote
last
"whereas 10,253 qualified a« far as payment of poll
1,060,
was
concerned."
is
Similarly,
said
Glass
Mr.
supposed to be
Mr.
that in the
1936
election,
"when there was
visited the polls
contest on," only 5,070 Lynchburg voters
a
Glass
873,147,000
no way committed to any foreign
it would follow in the event of a
President Roosevelt said
on Sept. 9 at a press
Hyde Park, N. Y., shortly before leaving for
the bedside of his son, James, ill in Rochester, Minn.
The
President indicated his displeasure with what he
regarded
as incorrect newspaper
interpretations of recent statements
of the United States foreign
policy. In reporting his remarks,
a dispatch by John C. O'Brien from
Hyde Park to the New
York "Herald Tribune" said in part:
using the political angle
he
that
thought
these
examples
from
his home city
Virginian made it plain that he thought every State was entitled
its own suffrage qualifications.
to determine
"So
far
clined
from
to
the
advocating
what
advocate
repeal
understand
I
of
to
the
be
I am rather
Australian system,
poll tax,
the
in¬
to
qualified voter who fails without good reason
right of suffrage," he said.
The Senator declared that it was not unreasonable to ask a voter to
contribute "a dollar or a dollar and a half six months before election for a
impose
to
penal tax
a
exercise
help educate his children."
to
his
T. Wilentz* of New Jersey, in
from tlie Women's Rebellion, Inc.,
David
General
to
response
for
every
on
his
Attorney
request
a
recipients and
from
not paupers and
the proposal that relief
opinion on
Progress Administration employees be barred
Works
voting,
that such individuals are
deprived of their franchise rights.
held
cannot be
Reporting this, the Newark "Evening News" of Sept.
12
continued:
Mr.
Wilentz
Hulswit
Inc.,
held
must
of
his
announced
N.
Suffern,
who asked him
The
Sayres
The President's criticism of the interpretations of American foreign policy
added
"typical of what happens all over the State."
The
75,487,000
was
was
from
their
Mr.
taxes
were
conference in
and
the poll tax
fund
press which was
partici¬
although 10,460 had paid poll taxes.
to
by what he called that part of the
the
Revenue
Roosevelt
war,
tax
with
Glass
November
Says United States Is Not Com¬
Any Foreign Powers in Event of War—
Deplores Press Interpretations of Foreign Policy
major
an
as
poll
his
This
1901-02
exercise
500,000
8,500,000
** Latest figures available.
course
the
of
cautioned
He
"that the poll
Pr,nc|Pa»y of Federal farm loan bonds and Federal Intermediate Credit
to the
Virginia
result
tax.
certain funds may also be invested in additional securities as in¬
The United States is in
remnant of the
an
Senator
of
(1) In Federal farm loan bonds: (2) no limitations.
powers as
it seemed to be a
levy that
Glass's reply, Associated Press Wash¬
ington advices of Sept. 11 said:
All trust funds may be invested in Government and Government-guaranteed
mitted
Hays,
proposed
is
In quoting Senator
10,182,000
272,689,000
the
said of
connection
the
3,887,000
125,000
Totals..
it
election.
The Nation had been getting away from the poll
and more during the past decade, he said.
in
more
a
any
9,000,000
23,995,000
13,948,000
11,011,000
~
Corporation"
Brooks
to
where
the tax.
abolish
to
written
Revolutionary period, when ownership of property was necessary to
1,100,000
48,020,000
Inland Waterways Corporation.**..
had
Arkansas,
from
Roosevelt
"It
Reconstruction Finance Corporation..
asked about
Democratic National
to amend the State
he
voted.
25.426,000
Federal Home Loan banks....
Home Owners' Loan Corporation
'
Relic of Past
as
criticism of the poll tax came when he was
letter
Selecting
58,311,000
64,935,000
62,436,000
5,109,000
1,702,000
1,638,000
...
' r;-.V
Tax
personal
as
762,705,000
Joint Stock I-and banks.**
He quoted Dr. Eliot as having said that under such
United States would remain a republic for just about
The President's
frequently
Production Credit corporations
Production Credit associations
franchise to men
the
to restrict
Harvard students
by
the
Committeeman
tax
31, 1938—■
Federal Intermediate Credit banks...
Banks for cooperatives........
former President
years.
pation
83,000
4,320,596,000
President
conclusion of such a trend of thought would
for the purpose of limiting
against women's suffrage and his observation on a
Poll
disability
Federal Farm Mortgage Corporation.
Federal Land banks
*
as
right to vote to men with academic distinction.
recalled the stand taken by Dr. Charles W. Eliot,
Mr.
4,121,000
24,800,000
Totals.
»
to
restriction
a
1,000
435,000
502,000
Bank debentures.
that members of the New Jersey organization be
ladies and that the term be used in quotation marks, Mr.
suggestion
Harvard University,
three
"290,000
1,082,000
1,000
fund
dicated:
the
Roosevelt said that the logical
disability
Adjustment service certificate fund..
securities, and
of
who had the degree of Bachelor of Arts.
limit the franchise to men
referred
3,702,000
and
fund (1)
U. 8. Spruce Production
Y., dispatch
N.
'
disability
fund..
As of'July
Park,
Hyde
Sept. 10 to the New York "Times":
Directing his remarks against what he identified as the Women's Rebel¬
lion, Inc., an organization of New Jersey women seeking to prevent relief
recipients from voting, Mr. Roosevelt said that it would be just as sensible
1,965,000
10.000
736,000
872,000
68,200,000
700,300,000
Unemployment trust fund
retirement
knowl¬
Roosevelt's comments were sum¬
poll tax had "an absolutely superficial
of his State's
edge of the matter."
Mr.
marized as follows in a
a
Reed
general hospital
District of Columbia water fund..
zone
Sept. 11, when Senator
who urged repeal
be eliminated found an opponent on
having A.B. degrees.
Comptroller of the currency employees'
Pershing Hall Memorial fund...
Canal
poll tax as an outmoded instrument for restricting the
The President's suggestion that the poll tax
the
franchise.
counter-movement
19,686,000
D. C. teachers' retirement fund (2)
Library
relief was
proposal to deny the franchise to persons on
A
sharply criticized on Sept. 10 by President Roosevelt, who
defended the right of relief workers to vote and attacked
He
21,000
disability
U. S. Government life insurance fund (1)
Alnsworth
Holds Persons
Legislator—Jersey Attorney General
on Relief Entitled to Vote
the
and
Federal Savings & Loan Insurance Corp.
Service retirement
928,196,000
369,094,000
42,463,000
Federal Deposit Insurance Corporation.
Civil
Franchise,
of
be for the men of the State to start a revolution
of July 27, 1938—
Postal Savings System..
Mutual
Tax—Executive
Poll
of
With
Securities
and Senator Glass Differ on Value
Criticizes This Limitation
Which Is Defended by Virginia
President Roosevelt
to
Government
editorial writers.
100% wrong.
Asked to clarify American policy with respect to support of the European
democracies in their efforts to avert a war, the President pointed to bis own
recent speeches and the statements of Secretary Hull.
Government-
Fund of Agency
interpretations by columnists and
were
interpretations, he said, were about
Such
Trust Funds
and by governmental corporations and agencies as of July 27,
1938.
This is the sixth of a new series of monthly reports
to moral support
even
President added,
Treasury
Secretary of the Treasury Henry Morgenthau Jr. on Sept. 6
made available the figures relative to the amount of Govern¬
ment and other securities held in governmental trust accounts
American spokesmen had committed the United
of a democratic front against Germany, the
Any impression that
States
opinion
was
be
before
held
by
for
an
a
letter
to
Mrs.
Sarah
Oliver
a
Supreme Court decision in a case of
Springfield.
Mr. Wilentz said this opinion
be considered a pauper legal proceedings
judicial officer adjudging him a pauper.
based
anyone
a
in
Chairman of the Women's Rebellion,
opinion last week.
on
against inhabitants of
that
decision
Y., National
could
Volume
"In
147
Financial
judgment," said Ml
my
Wilentz, "it is inconceivable that
such
any
adjudication could properly be made against those who, because of unusual
economic conditions, are receiving assistance through
agencies of the Fed¬
eral
Government."
Mrs.
Hulswit
hibits those
New
of
and
in
Deal
WPA
contended
advocates
workers
Hulswit
charitable
be
of
2
the
State
Constitution
pro¬
Her organization is opposed to election
Congress!
to
She
charged
coerced"
that
relief
Warren
it
toward
recipients
Senator,
attempt
any
relief
and
reasons
that
clients
she
Barbour's statement
for
candidate
the
for
not
for
believed
Republican
today announced he will
disenfranchise
to
any
in-
they should
the result
was
workers
WPA
or
persons
the demand
of
nomination
for
counsel to oppose
engage
relief.
on
made upon
Mr.
Mr. Wilentz
ruling by the women's organization.
a
President
Roosevelt
Successful
The
Returns
Operation
Hastens to
From
Minnesota
Performed
is
Confer With Secretary
crisis
European
New
brought
After
Son—
on
Hull
President
Rochester,
Minn., where he hastened last week, to be
present at the operation performed upon his son James.
The operation was a success and young Mr. Roosevelt was
in the recovery stages when the President left him.
The
President's departure for Minnesota was noted in our issue
of Sept. 10, page, 1573.
The following, taken from a Washington dispatch of
Sept. 15 to the New York "Herald-Tribune", describes the
events attending Mr. Roosevelt's return:
cil's Committee
President Roosevelt, on arrival here tonight from Rochester, Minn., was
discussion of the
Harry Woodring, Secretary of
the Presidential train before it
mained with
the
War, leaped upon
full stop at 6.55 p. m.
to ?
came
President, giving him
a summary
minutes before the party came off the train.
Both re¬
of events, for twenty
They accompanied the Presi¬
dent to the White House, where it was announced that, rather than run the
risk of embarrassing
crisis,
European chancelleries by commenting
President
the
had
decided
The President's demeanor
The
secret
reports
was
grave as
of the
he left the train.
Department,
State
the foreign
on
cancel tomorrow's press conference.
to
coming in
from all the
capitals of Europe, were laid before the President on the train and at the
White House, where Mr. Hull remained only a short time.
scanned
those from
were
The most eagerly
London, where Ambassador Joseph P. Kennedy
has access to authoritative reports on what was said today at Haus Wachen-
fels,
Berchtesgaden,
near
between
Law
on
to
Amendments would
soon
invite technical
confer
with the committee on possible ways of
simplifying the New York Unemployment Insurance Law.
ance
Pointing out that the Committee on Amendments consists of George F.
Meany, President of the New York State Federation of Labor; Marion B.
Treasurer of Eastman Kodak Co., and himself, Mr. Gray said
that the committee was
proceeding under a resolution of the council
adopted last spring which authorized the committee to continue its study
Folsom,
possible
the
betterment
various
"The
"will
be
informal
informed
of
in
of
the
law
and
consult
to
with
representatives
and
discussions,
those
invited
to
participate," Mr. Gray said,
designed to bring about an interchange of the best
it
is hoped that the
Committee
position to submit definite proposals
through
it,
to
of
groups.
with
opinion available to aid the committee in its work.
these
be
and,
interested
conferences
the
Industrial
to the
Commissioner,
on
State
the
As
a
result
Amendments
will
Council
Advisory
Governor,
and
the
Legislature."
Secretary Hull Defends Reciprocal Trade Program in
Interchange with John D. M. Hamilton—Replies
to Republican
Chairman's Charges of Misleading
Information Regarding Policy's Effects
Secretary of State Hull
Sept. 3, in
on
reply to
a
a
letter
dated Aug. 13 from John D. M. Hamilton, Chairman of the
European situation.
Secretary Hull, with
Simplification of Unemployment
experts and other persons interested in unemployment insur¬
greeted by Cordell Hull, Secretary of State, with whom he at once plunged
a
Plans
Herman A. Gray, Chairman of the
Unemployment Insur¬
ance State
Advisory Council, stated Sept. 14 that the Coun¬
of
into
Roosevelt
conference with Secretary of State Hull immediately upon
the President's return to Washington on Sept. 15 from
into
York
Insurance
these
for
was
the
Barbour,
States
carrying out its announced purpose to make public the in¬
dividual basic production costs of the
companies.
The petition was made to the
Appeals Court after a similar
request had been denied by the Federal District Court on
July 9.
by Government officials
disenfranchised.
W.
United
1713
"vote freely."
declared
feeling
Article
voting.
"intimidated and
were
voting and could not
Mrs.
that
relief from
on
Chronicle
Chancellor
Adolf
Hitler
Prime
and
Republican National Committee, criticized "the misleading
use of trade statistics"
by Mr. Hamilton, and said that the
latter had given out inaccurate information in an
effort
to divert attention from Republican efforts to prejudice
farmers against the reciprocal trade program.
Mr. Hull
defended the accuracy of the State Department's reports
on
the reciprocal trade program, and reiterated that the
policy was a constructive and fundamental contribution
toward the maintenance of world peace.
Mr. Hamilton's letter, in which he
Department
accused
the
State
giving our misleading information, was
the following Washington dispatch of Aug. 15
of
summarized in
to the New York "Sun":
Minister Neville Chamberlain.
Because of the tense international situation, the President,
Sept. 16 was obliged to cancel his engagement to speak
the following day (today) at Poughkeepsie at the exercises
celebrating the 150th anniversary of the ratification of the
on
New York State Constitution.
Hamilton challenged the accuracy
Mr.
Hull made in
the Senator
a
of statements which Secretary
recent communication to Senator James P.
defeated for renomination
was
Pope just before
in the Democratic primary
in
Idaho.
Mr.
Hamilton
accused
the
State
Department
"which is harmful to all and helpful to none."
of issuing
propaganda
He charged that the Ad¬
ministration, in its efforts to show the value in the reciprocal trade program,
Department of Agriculture Examiner Denies Appeal for
Delay in Kansas City Stockyards Commission Rate
Hearing
had selected statistics designed to show it in its most favorable light, but
not to
present a true picture of it.
May Forecast Campaign
His letter
John C.
Examiner for the Department of Agri¬
Sept. 12 overruled motions to delay proceedings
in the Kansas City Stockyards commission rate case, and
culture,
Brooke,
on
reopened hearings at which commission merchants appeared
"under protest."
icle"
of
Sept.
commission
gated
by
did
in
case
pages
charges
was
The
litigation
involves
City
Kansas
at
Stockyards, promul¬
Wallace in 1933, and
by the
a
not
give commission merchants opportunity to submit
rebuttal evidence before issuing an order making them
effective.
In
dispatch
Sept.
of
merce" said
The
in
a
12 to
New
the
prices resulting from huge farm surpluses.
would indicate the trend of
in the
York
"Journal
of
Com¬
Some observers predicted it
Republican attack
upon
the trade agreement!
forthcoming election campaign in farm areas.
Mr. Hamilton questioned particularly the contention that the reciprocal
trade agreements had been a
of world
"powerful constructive force in the interests
He demanded to know how the assertion could be re¬
peace."
conciled with the Roosevelt administration's expenditures for armaments,
"The Roosevelt Administration," he said, "has increased its expenditures
for national defense from
$540,000,000 for the pre-agreement fiscal year
1934 to $1,028,000,000 for the fiscal year 1938.
The State Department has
issued licenses for the export of war materials of
$14,438,934 for the first
$36,920,711
six months of 1936, $22,281,487 for the same period in 1937 and
for
Washington
a
:
Supreme
procedure of
reporting latest developments,
view of the present
situation, in which the New Deal's farm program is threatened with falling
referred to in the "Chron¬
1576-77.
Secretary of Agriculture
United States Supreme Court early this
decision holding them invalid because Mr. Wallace
overruled
year
The
10,
considered particularly significant in
was
a
like
period in 1938.
"In view of your constant contention
that the reciprocal trade agreements
constitute a force in the interest of world peace, do you not agree
that it is
ironical that in order to deefend your program you are compelled to rely
Court ruling
was
the basis
for changes in administrative
number of other Federal agencies to conform their activities
on
figures comprising such huge increases in the export trade of this country
/tn war material?"
issuing orders to meet the decision.
Opening the hearings today, John B. Gauge, counsel for commission
merchants, protested that the hearings should not be resumed until expira¬
tion
the
of
30-day period provided by Secretary Wallace for the filing of
new proceedings.
exceptions in the
Examiner
at
time
any
the
Brooke ruled
to a
up
that
commission
final decision
in
the
could
men
and
case,
file
their
refused
exceptions
to
postpone
hearings.
Attorney
In reporting Mr. Hull's reply, a Washington dispatch,
Sept. 3 to the New York "Times" said:
Mr.
in
and
Co-counsel
Thomas
T.
Cooke
of
New
York
City
Hull's letter to
Senator Pope
at
of trade
attempts to prejudice farmers against the trade agreements
program." Mr.
upon by the
Gauge
had alluded to Secretary
Hamilton
in which Mr. Hull recalled today he "pointed out the misleading use
statistics
Hamilton's "wing" of the
Republican Party was called
Secretary to support "the paramount interests of the Nation"
this "critical time" in
world affairs.
The Secretary declared that the
asked for and
trade agreements
to
people and the cause of world peace as well.
were granted a 30-minute suspension of the
hearing in order
appeal the ruling directly to Secretary Wallace, but found that he was
out of
town.
"The trade-agreements program—administered
for the commission merchants then agreed to go on with the
under protest.'
Mr. Gauge attacked the proposed rate schedules
Attorneys
hearing
as
"arbitrary and dictatorial," and moved that the order under which they
would
be
made
effective
evidence compiled
This
The
motion
be set
aside
because
by the Department back in
was
also
it
the rates
was
based
on
out-of-date
denied by the Department
cover
ordered by Secretary Wallace
become retroactive to 1933, which would return
fairness and
reason¬
and whether they shall
to livestock
$650,000 impounded by the Federal courts from that
practical interests of the great majority of people in this country," Mr.
Hull said.
"It is
year
1935.
Obtain Injunction Barring BCC from
Making Cost Data Public
An injunction was obtained Sept. 14 by twenty-two coal
operators from the Federal Court of Appeals at Washington,
D. C., restraining the Bituminous Coal Commission from
the great
cause
of world peace at
this critical
possible weight should be cast into the balance
on
the
I hope that those for whom you speak will rise to a great
centrate on serving
shippers about
until
Producers
every
opportunity; will abandon futile attacks on this program; and
will con¬
the paramount interests of the Nation."
Calls Statement Baseless
The Secretary of State took up one by one charges
and
Coal
likewise serving
when
side of peace.
Examiner.
cautiously and in faithful
compliance with the expressed intent of Congress—Is serving the immediate
time
1933.
hearings, which will continue tomorrow,
ableness of
had served the interests of a majority of the American
declared
made'by Mr. Hamilton
baseless the assertion that he had ascribed the increase in
agricultural exports this year chiefly to trade agreements.
he said, he
On the contrary,
had made it "perfectly clear" that the increase in 1938 agricul¬
tural exports were
the manifestation of the passing of the effects of the 1936
drought, to which he said be bad called attention.
"Evidently the newly found
zeal of
your
factional group for truth in
such matters does not run very deep," the Secretary wrote, "for I
understand
Financial
1714
that it is still having
the farming regions the same
circulated throughout
CIO Against Bank of America,
Francisco—Bank's Employees Held Within
Jurisdiction of Board—Bank Held to Engage in
NLRB Rules in Favor of
San
for certain farm products, comparing them
with 1932, to which I have been referring.
"This circular, however, says nothing whatever about the 'true reasons'
for the increased imports in 1937. It says nothing whatever about the decline
misleading 1937 import figures
of such imports
about the large exports of the
It says not a word
in 1938.
It is as silent as Julius Caesar concerting farm
income and farm prices in 1937. compared with completely collapsed farm
income and farm prices in 1932.
By such hocus-pocus it asks the public to
conclude that farmers are being 'sold down the river.'
"This new resolution of your committee group to deal virtuously with
the truth would be more convincing if you would promptly discontinue
very same
products In 1938.
repudiate these unfair
and
actions conform with your
"It is
attacks on the program
of this country to do something
genuine service to the farmers
a
and thus make your
precepts.
them recover markets at home and
abroad for their surpluses.
It is obviously a disservice to them to misuse
trade figures with a view to arousing unwarranted fears and prejudices
among them which can only obstruct genuuine progress in dealing with
Hull said it was evident
Tariff
nor
his "wing" did
the farm program of the Adminis¬
"notorious Hawley-Smoot Tariff Act," enacted under
Administration, had made both programs necessary.
It was
tration, but that the
the
Hoover
protectionism was
organization in spite of the
more enlightened attitude being taken by many of the ablest leaders and
vast numbers of the rank and file of your party faith."
"Nothing could better illustrate the failure of the leadership which you
represent to come to grips with this whole problem," said Mr. Hull, "than
the criticism you make of this Department for comparing 'present trade
figures with those of 1934 or some later year instead of with those of 1929,
the last year before the Hawley-Smoot Act became effective.'
The reasons
for not comparing present trade figures with those in 1929 are much simpler
and more straightforward than the far-fetched and unwarranted motives
evident, Mr. Hull
still supported by
which you
declared, that the policy of extreme
"you and a segment of your
seek to impute in your letter.
succeeds in stopping it, and
Reinstatement
An order to the bank to reinstate
including the millions of farmers
ruined during this identical period, have
But the people of this country,
and others who were
bankrupted or
and cannot forget."
not forgotten
based
the
on
the fullest development of all forms of interna¬
practicable means at this time of breaking
multilateral trade.
to emphasize that this mode of solution which
which obstructs triangular and
Finally, I desire once more
in the United States are following
we
We have concluded
4-week hearing against the
bank in Los Angeles four months ago, ruled the bank came within the scope
of the WagnerAct, and we& guilty of an unfair xabor practice in discharging
Denham, m charge of a
<57Washer, Investment counselor JUninBliiililnn
E.
18 agreements with countries
accounting for nearly
We are gradually removing or reducing an
ever-widening circle of restrictions to trade; so that, other conditions per¬
mitting, more trade can flow than would
otherwise be possible.
We believe that the fact that our exports to
trade-agreement countries in
non-agreement countries only
39% greater, is not without significance. Other available statistics support
this view.
We are now engaged in trade negotiations which, if successfully
concluded, will greatly enlarge the trade coverage of the program.
were
60%
greater than in 1935, but to
of their own choosing.
said reinstatement of Mr. Washer would
com-iance order by a Circuit Court and that in the event an order
Bank of America officials here
issued the case will be
was
Butter prices this week rose to the highest level in a month
on the Chicago Mercantile Exchange, as the Government-
Dairy Products Marketing Association bought
1,811,000 pounds in New York and Chicago in an effort to
financed
stabilize the market.
These purchases brought the holdings
pounds on Sept. 13.
Pl^ns
purchase the butter were mentioned in the "Chronicje"
Sept. 3, page 1421.
In discussing the statistical position
the commodity, a Chicago dispatch of Sept. 12 to the New
of the Association to 92,000,000
to
of
of
appealed.
Not Inter-State,
Bank Says
bank contended its business was not
In the case, the
of an inter-State
nature.
this banking institution is
by the transfer of money credit from
said, "My finding is that
interstate
commerce
United States to another."
Mr. Denham's intermediary report is
part of the
one
be applied eventually to
may
Closed
Company and Inde¬
Contract Between
Shop
sustained, it
16,000 other American banking institutions.
pendent Union Sustained by NLRB — Upholds
Right to Discharge Employee for not Joining Union
Board on Sept. 9 held
between the Aeolian-American
Relations
Labor
National
The
valid
closed shop contract
a
union
N. Y., and the unaffiliated
Corp. of East Rochester,
and said that the company, by dis¬
charging employees for failing to join the union, was not
guilty of an unfair labor practice.
The NLRB ruling was
outlined as follows by United Press Washington advices
Piano
Employees,
Sept. 9:
dated
cleared
decision
Board's
The
the company
of charges of violating the
Wagner Act, held that the independent union was not
and that two Committee for Industrial Organization
charged
rather
would
they
because
members were dis¬
the closed shop
activity.
unaffiliated union to carry
during working hours, the NLRB
permitted both the C. I. 0. and
organizing activities inside the plant
on
company-dominated,
union with
the
join
not
I. O.
for C.
than
The company
Highest in Month, as Federal Agency
Continues Buying in Effort to Stabilize Market—
Federal Holdings to Be Distributed for Relief
Prices
^
~
they may join any union
contract
Butter
-
i
WMf^fS^iMWtMMkWkOrdered Reinstated
^MrTWasher7whose case was brought by the C. I. O. United Office and
Professional Workers of America, was ruled reinstated with full pay to
Nov. 27,1937, and the bank was ordered to post notices informing employees
PN* ~
of
has already made real progress.
40% of our total foreign trade.
1937
reported:
"Chronicle" of Aug. 31
The San Francisco
Trial Examiner R. N.
the reciprocal trade program,
most-favored-nation principle of equality of treatment. This
tional trade, because it is the only
the log jam
charged, discharged Mr. Washer
8,000 employees.
It has about
be driven down only through
alone can pave the way to
this effect
jurisdiction of the Board, that
If the substance of
desirable; but
under present chaotic world economic conditions, it is not possible either
to negotiate them or make them operative in any effective measure. Reason
and experience both show that the unprecedented network of trade re¬
trade barriers are highly
Multilateral agreements to reduce
strictions can
it comes within
last November for
Examiner Denham
Secretary Hull said in part:
Office and
Denham decision.
opposed the union, or that it had, as
union activities.
It had
engaged in
Hamilton,
back pay, and
the organizing of its workers by the C. I. O. Upited
Professional Workers and to post notices in its establishments to
.
concluding portion of his letter to Mr.
In the
Ordered
Edward C. Washer, with
not to oppose
1929, which was left on the doorstep of this Adminis¬
You would, of course like to forget what happened between 1929
and 1932.
is said to set a precedent
extends its jurisdiction far into
await a
the trade situation which existed
"The truth of the matter is that it was
unless the bank
under which the Board
the vast white-collar-worker field.
for enforcement
before the Board
The decision now is
In 1932, and not that in
tration.
stated:
Aug. 31, which also
The bank had denied that
that Mr. Hamilton and
not like the trade treaty program
Committee for Industrial
the
behalf of
in
decision
Organization against the Bank of America, National Trust
& Savings Association of San Francisco, Calif., was handed
down on Aug. 30 by National Labor Relations Board
Examiner R. A. Denham, said the Los Angeles "Times" of
is contained in the
problem."
Blames Hawley-Smoot
Mr.
Inter-State Commerce
A
substantial toward helping
concrete and
the farm
Sept. n, 1938
Chronicle
said.
check of union
a
615 eligible workers had
326 of the
that
with the independent union was negotiated
membership cards against company payrolls revealed
contract
shop
closed
The
after
chosen the unaffiliated bargaining
agency.
agreement came after brief negotiations, and although the
the company's "ready' concession" of a closed shop was
The
that
said
what
contract
the
evidence was insufficient to
suspicious," the
invalid.
was
Charges against the company were
Workers of America after two
Piano
and John
Vicinus
Board
"some¬
sustain a charge that
Christof,
filed by the C. I. O.'s Amalgamated
veteran company employees, Walter
I. 0., were discharged.
who were active in C.
York "Times" said:
The supply of butter on Sept. 1
showed an increase of nearly 29,000,000
pounds over a month earlier, when stocks
on
production.
has been built up as a result of un¬
In the face cf the heavy output, the Federal
authorizing a loan of $33,-
Government has been holding up the price by
which may use the
375,000 to the Dairy Products Marketing Association,
funds to buy up to 115,000,000 pounds of
had
bought
67,505,000 pounds,
butter.
As of Sept. 1 the DPMA
which left commercial holdings at
134,-
Storage holdings of butter on Sept.
The
average
1, 1937, amounted to 134,885,000
Charges—Counsel
Did
Hold
Not
Full
for that date for the 10 years of 1928-37 was 136,-
Traders have pointed out that the
Government's policy of pegging prices
has increased the flow of milk into butter channels.
The result has been
Act
possessed
hundred
examiner's
1579.
Sept. 12 complained
violation of the Wagner Labor
company's assembly plant in Long
the
at
Calif., failed to conduct a "full and fair
Beach,
pany
on
heard charges of
Relations
000,000 pounds.
Co.
National Labor Relations Board that the trial exam¬
iner who
Two
Ford Motor
for the
Counsel
to the
and
038,000.
pounds.
Examiners
Hearings
record for that date.
This year's record surplus of butter
usually flush
Trial
Complains
NLRB
Combats
Co.
Motor
Ford
totaled 172,622,000, the largest
against
prejudice
a
and
report.
thirteen
employers in
exceptions
were
hearing,"
general.
filed
to
the
Other NLRB charges against the com¬
referred to in the "Chronicle" of Sept. 10, page
12 Ford counsel pointed out
Trial Examiner Thomas H. Kennedy found that the
were
In the brief filed Sept.
greater production of butter because of the program and at the same time a
that
probable decreased in consumption because prices have not been permitted
company
to fall to their natural level.
Workers of America, and
The
Nation's
supply of cheeses on
Sept.
1
amounted to
127,979,000
pounds, compared with the previous high record of 114,607,000 on Aug. 1
and 105,026,000 on Sept. 1, 1937.
Stocks of shell eggs, totaling 178,500,000 dozen on the
compared with 251,700,000
The Bureau of
eggs
a year
first of this month,
earlier and 192,330,000 on Aug. 1 last.
Agricultural Economics predicted recently that receipts of
would continue light in relation to
a year ago
and that prices of eggs
strikers at
of the
its
Richmond, Calif., plant.
The contro¬
outlined in the following Associated Press Wash¬
ington dispatch of Sept. 12:
Thomas H. Kennedy, the examiner, held that the company had interfered
with the rights of its employees to join the United Auto Workers Union
versy was
Industrial Organization).
(Committee for
The
would be above 1937 levels.
had discriminated against the United Automobile
recommended that it reinstate 129
examiner
also
recommended
that
the
management
of
the
Long
plant withdraw bargaining recognition from the Independent Auto¬
mobile Workers organization and bargain with the U. A. W. upon request.
Beach
The
Federal
Surplus
Commodities
Corporation
was
authorized Sept. 15 by the Agricultural Adjustment Adminis¬
tration to purchase 30,000,000 pounds of butter from the
the
DPMA, and distribute it for relief
company.
purposes.
Counsel
for
hearing
Ford
"with
protested
a
view
the examiner questioned witnesses at
eliciting testimony unfavorable" to the
that
to
Volume
Financial
147
Replying to the examiner's recommendation that Ford reinstate workers
who
joined in
said
the
strike at the Long Beach plant last April 15, Ford counsel
a
Board
had
no
reemployment
order
to
power
of
who
persons
Chronicle
1715
order
fixing prices to be paid to producers for milk sold in
the New York metropolitan market was 86.8% in favor of the
plan.
Of 29,883 valid votes cast, 25,935 were in favor and
only 3,948 opposed.
The milk price order was referred to in
the "Chronicle" of Aug. 27, page 1275.
Further details of
the announcement are given below, as contained in Asso¬
ciated Press advices of Sept. 12 from Albany:
,
voluntarily
ference"
The
the
without
"an
counsel
added
not
will fix
impossible
was
because
that the company was engaged
practices at the Long Beach plant, Ford counsel contended,
date for oral arguments on
Ford reinstate 192 employes, half of them
is one of six in which the board or one
case
its trial examiners has takeD action against
of
Ford.
Ford's attorneys said the intermediate report "on its face
shows that its
findings, conclusions and recommendations are not the result of the
of
exercise
judicial appraisal of the facts and of the issues, but are arbitrary,
a
capricious and the result of bias and prejudice."
*
.
Boston Garment Strike Ends
Those cast by producers who are members of cooperative associations
1
Those cast by producers whose milk was not being delivered to plants
2
approved by any health authority having jurisdiction in the marketing
area.
Those cast by producers whose names did not appear on a list of those
3
approved plant.
an
Other ballots
sole bargaining rights for the St. Louis workers
The St. Louis
to U. A. W.
on
State-Federal milk marketing agreement covering
a
Northeastern States.
which voted collectively for all members.
delivering to
part, regarding the St. Louis case:
with back pay, and grant
of
seven
Mr. Noyes said 35,596 ballots were cast by producers on the State order,
of which 5,713 were rejected for various reasons, including:
the company's exceptions.
Sept. 15 the company filed another brief with the
NLRB asking it to overrule proposed findings of Examiner
T. E. Dudley in the St. Louis Ford case.
A previous reference
to the case appeared in our issue of Aug. 27, page 1278.
United Press advices from Washington Sept. 15 said in
On
Dudley recommended that
The order is part
deliveries from
The Board
supported by the evidence produced at the hearings.
a
an
inter¬
4 in preparation for the produc¬
The examiner's findings
models.
unfair labor
were
unreasonable
and
unjust
that reinstatement
plant has been shut down since Sept.
new
Such
discrimination.
suffering
constitutes
its right to hire and fire.
company
tion of
in
said,
company
with
jobs
their
quit
the
order,
13th Day, When Union
not
rejected, the Commissioner said, because they were
were
completely filled out
or
because the intent of the voters could not be
determined.
Mr.
Noyes asserted that
total of 19,499
14
votes—98.3%
cooperatives which
voted as units cast
a
of which favored the order.
Support of milk dealers in the metropolitan New York
was
pledged to the Federal-State milk marketing
program Sept. 15 when their representatives met at a con¬
ference with E. W. Gaumitz, chief of the dairy section of
the
Agricultural Adjustment Administration.
area
Wins Shorter Hours and Higher Wages
A
involving major manufacturing firms
garment strike,
Atlantic & Pacific Tea Co
Sept. 8, on its 13th day, and 1,000
jobs, after an agreement had been
reached between the manufacturers and the International
in
ended
Boston,
on
working
weekly, and providing 20% to 40% wage
increases in both union and non-union shops.
In reporting
the end of the walkout, the Boston "Herald" of Sept. 9 said:
Ladies'
Workers'
Garment
Union,
increased wages, shorter hours
shop benefits for about 200 men and women workers in
three garment-making firms in the Kneeland Street district, the Inter¬
national Ladies'
Garment Workers' Union yesterday ended a two-weeks'
Winning
and
signed
containing
agreements
numerous
ostabiishments.
strike in those
the
At
with
The
the
time
same
announced
union
proceed
would
it
immediately
the eight non-organized shops remaining in the industry
G. W. U.
About 1,300 are at work in these shops.
drive to get
a
into the I. L.
in Boston
been
who had
200
strike returned to their benches at once
out on
first receiving strike benefits ranging from $16 to $50 for the
weeks.
The funds were distributed by Rose Pesotta, general organizer
yesterday,
two
of
union.
the
Working hours
distributed
reduced under the agreement from 48 to 35 a week,
Labor Day will be a holiday with pay.
Cut¬
are
five days.
over
ting, finishing and pressing departments, along with
increases averaging from $1.50 to $3 a week.
there will be an equal distribution of work.
wage
general hands, receive
During slack seasons
The
on
1938
The
of
edition
"Labor
and
pub¬
recently by the International Labor Office, Geneva,
lished
of the 19 countries covered by
its survey the United States had more labor disputes last
year than any of the other nations. There were 4,740 dis¬
putes in the United States in 1937 which involved 1,860,621
workers and a loss of 28,424,857 work days, according to
The Labor Office reveals that there were
the "Year Book."
a
19 countries surveyed
which involved 4,223,994 workers and resulted in
total of 10,267 labor disputes in the
last year
a
that
reveals
Switzerland,
loss of
50,755,454 working days.
of
3,420,000
highest
next
was
States
United
the
with
days.
work
557,111 work days; Canada, 274 disputes involving 71,905 work¬
of
loss
and
ers
loss
a
of
countries
Other
Denmark,
886,393
Estonia,
Switzerland
and
work
included in
Finland,
the Union
of
days.
the
Ireland,
surprise campaign against the punitive
President of the A.
proposed bill, is
&
P., in their efforts to combat the
appeal to the common sense and fair
mindedness of the American public through the advertising
columns of newspapers of the country.
The initial state¬
ment however appeared only in New York and other Eastern
papers.
The company declares iG will rely solely on this and
similar kinds of defense and whl avoid politics and lobbying.
In the 79 years of the company's existence it h#s rarely
announced sides on either public or private questions.
-But
the issue involved in the present case has not allowed it to
maintain its accustomed silence.
It is pointed out that the
managements interest in the matter is meagre compared
with that of its employees, the farmer, and the consumer.
an
"statement of public policy" which appeared in the
15, the corporation charges that the bill Representative
of Sept,
press
Wright
of
(Dem.), Texas, has said he will introduce at the next
Patman
Congress,
add almost another
"would
million to the roll of
of the distributing machinery of all the farmers
United States and rise the cost of living of the wage earners."
unemployed, wipe out 30%
of the
Because
his
Representative Patman is "an able lobbyist and propagandist for
bills"
own
"has
and
been
very
successful in securing enactment of
legislation which he has sponsored," the management of the A. & P.. says
"is faced
with the necessity of deciding upon a course of
action in relation to this
proposed legislation—whether to do nothing and
the statement,
of the passage of the bill and the resulting forced dis¬
risk the possibility
solution of this business, or to engage in an active
Because
his
campaign in opposition
bill."
to the
Representative Patman is "an able lobbyist and propagandist for
bills"
onw
the statement,
"has
and
been
very
successful in securing enactment of
risk the
are
New
Argentina,
Zealand,
Belgium,
Palestine,
Rumania,
this proposed legislation—whether to do nothing and
possibility of the passage of the bill and the resulting forced dissolu¬
or to engage in an active campaign in oppositio
to
this business,
the bill."
Choosing the latter course, the
Hartfords set forth the interests of man¬
the company's employees, the consumer,
agement,
China,
the farmer and labor
who "deserve consideration".
believe," the statement continues, "that when the American people
groups
"We
have all of the facts
they will make their decision
tives in Congress.
South Africa.
the A & P, says
"is faced with the necessity of deciding upon a course of
action in relation to
as
report
a
pursued by George L. and John A. Hartford, chairman and
8,982,257 work days; Australia, 242 disputes involving 96,173 workers ar.d
a
of
chain store from the national economy, which is expected to
be brought before the next session of Congress.
The method
tion of
disputes involving 647,801 workers and a loss of
had 438
Czechoslovakia
to
Campaign
Features
legislation which he has sponsored," the management of
2,103 disputes
involving 545,165 workers and a loss of 3,297,105 work days; Great
Britain third,
with 1,122 strikes involving 595,000 workers and a loss
Poland
Harmful
discriminatory Patman bill designed to eliminate the
session
Statistics Year Book,"
Starts Advertising
Notice
proprietors of the Great Atlantic & Pacific Tea Co.
Sept. 15 started
In the 2,000-word
Published by
Record of World Labor Disputes in 1937
International Labor Office
Public
to
Patman Bill
reducing
hours from 48 to 35
Bring
to
workers returned to their
As Americans we
known to their representa¬
All! be content with that decision."
annually from the business, in
the case of George L. Hartford, 82% is paid to government in taxes; In the
case of John A. Hartford, 83%
is paid to government in taxes," and that
Revealing that "out of any money earned
National Income Estimated at $64,001,COO,000
1938
income for 1938, placing the
An estimate of the national
Sept. 8 by officials of
the Department of Commerce.
Reporting the Department's
announcement, Associated Press dispatches of Sept. 8 con¬
total
at
tinued
$04,000.000,000,
was
made
neither brother has any
death,
such
accrued
a
:
figure
be
would
6%
or
7%
below
last
year's
total
of $69,380,-
000,000, they said, but would be larger than that for any other year since
Nation's
the
peak in
prosperity
1929.
earnings,
motive for continued
or
comparing
with
7% shown by the dollar figures.
In
"income
"income
into
were
pay
on
the
basis
of
the Department draws a
"income
paid
out,"
since
that
is
the
measure
of
purchasing power.
hours of any
Holton V.
Noyes, New York State Commissioner of Agri¬
culture, announced on Sept. 12 that balloting on the State's
It is simply a statement of fact to say that
Tea Co. generally throughout
receive the highest wages and have the shortest working
workers in the grocery business, whether
chain store or In¬
More thaD 70% of these employees have been with the company
than 10 years.
Many of them have devoted all of their working
dependent .
for more
Declaring that
of the company."
the stores last year distributed at retail $881,700,000
worth of food at a net profit
terests of the consumer,
stores
of families
,
the statement in referring to the in¬
of limited incomes can only enjoy their present
standard of living through
families
believe we have
has
of 1%
discusses price structures in chain and independent
and says:
"Millions
American
86.8% of Producers Vote in Favor of Milk Price Fixed
by New York State—Dealers Also Back Program
85,600 employees of the company, however, are "a
employees of the Great Atlantic & Pacific
lives to the interests
distinction between
produced," or what actually has been increased or created, and
paid out," or production translated into the dollars that are put
envelopes and salary and dividend checks.
The figures issued
compiling such figures
the
would probably amount to two-thirds of
leaving approximately six cents on the dollar as
personal serive."
matter of very grave concern.
the United States
1937, they said that since prices were lower
this year than last, and the dollar was thus buying larger amounts of
commodities, the decrease in actual production would be less than the 6%
Again
would accrue to their estates, and in the event of
inheritance taxes
their
The interests of the
This
children, the statement declares that "any moneys
left out of their earnings
an
these economies and savings.
have helped us
The company, therefore,
duty to protect the interests of these customers."
obligation and a
Equally disastrous would be the effect on
engaged in producing
statement says.
These millions of
build a great business because they
rendered them a great service.
the "eight million farm families
the food consumed by the American people," the
Financial
1716
therefore, obviously unfair to
"It is.
which would, at a single blow,
the farmer to propose legislation
wipe out 30% of his distributing machinery—
the part which reaches the public at
and that 30%
the
who distribute 70% of his produce. Both
perform a distributive function
If either failed to function the farmer
independent grocers of the country
by Franklin D. Roosevelt, when
employed in the chain store industry, asks:
"What course is open to us
bill that would add almost another
million to the roll of unemployed, wipe out 30%
of the distributing
machinery of all the farmers of the United States and raise the cost of
living of the wage earners of the United States.
fat "For many years it has been the wise policy of the national government
to protect real wages and the purchasing power of the worker's dollar. Com¬
raise prices, thus reducing real wages, have been
declared illegal.
that they furnish the
and his family at low prices."
of businesses for the frankly admitted reason
necessities of life to the wage earner
Individual Rights Under Government
Urges Return to
Decries Undue Offi¬
Either Big or Little Business
"Protection"—W. Laird Dean
Interference in
national
our
and
economy,
than
would result "in the destruction
either to destroy the other
its
Government to perform the functions of all business," W.
Laird Dean, President of the Kansas Bankers Association,
told the nineteenth annual dinner of the Adirondack Bank¬
ers Association at Upper Saranac, N. Y., on Sept. 10.
Mr.
attempt by society as a whole through
of both and the
'
"malicious attacks of politicians against
the
termed
Dean
generally," attacks against banks, and said that
profitable operation of busi¬
that banks themselves prosper."
He continued:
business
It
is
not
an
audience of this intelligence, to detail the
part of our American system is dependent
every
paid
well
and
agriculture
all
between
services
which
We all know that successful business requires a prosperous
the other.
upon
before
necessary,
multitude of ways in
The
labor.
groups,
of goods
exchange
proper
blocs in
and
cliques
society
our
and
politics
An
unbalanced
brings direct
social action by government,
the
economy
assumption of individual or group responsibilities by society as a whole,
burdening other groups, putting penalties on them for the sacrifice and
suffering they have courageously endured for the maintenance of their
precipitation of disagreements between groups, upon which
The
leading to
herself,
social
the increase of
free institutions
and
the processes of nature
undertakings until free society
and by processes as logical as
individuality,
Ohio.
Sept. 15 the National Labor Relations
by delegates to the conference and by
Reginald Boote, Secretary of the National Council of Inde¬
At the session
undertakings puts government into
the lending business and consequently into the position of a borrower to
such an extent that individual action is discouraged, if not directly opposed,
The
and
of these broad social
financing
of our people lie idle in our banks awaiting the capital
the savings
will naturally follow the final absorption of income in the
ever-increasing social activities of government.
All of us in the East, West, North and South, business men, laborers,
which
levy
and
farmers
institutions,
politicians,
but
profess our
to lack the wisdom or
seem
we
undying love
free American
courage to do anything
of
our
their destruction.
Won't we all be compelled to practice more patience and understanding,
more real unselfishness?
Is not the answer to most of our larger problems
to
in
stop
rededication
the
business
ourselves
of
Jto the basic
principles of our
the insistent demand for the return of our government to
democracy and
his
only those activities designed to protect the individual in working out
destiny?
own
We
the
from
high
gradual
of
plane
economic
the
into
accomplish this quickly, but
cannot
our
chaos
of
original
our
as
the momentum of our descent
has
purpose
situation,
present
headlong
to me the
propelled
it
us
seems
The wisdom to
tions
should
those
to
be
whom
gained from each honest effort to reverse ourselves
more rapid return to economic sanity than we realize.
declare ourselves and the courage to enforce our declara¬
no
we
more
owe
difficult
for
than
us
the
wisdom
and
courage
America.
,
The funds in
our
distribution
and
need
goods,
they
of
men
for
uses
new
at wages
banks
are
goods
needed to finance the processes of
just
as
*they
have goods to sell,
more
goods,
and
in
have
always
the genius
the^e
been
of our
processes
men
production
Men
needed.
citizens will
will
find
be employed
sufficient to supply themselves and their families with the things
are
denied
now
and
government
can
never
supply,
if
we
will
but
wants
one
taught
ence
problems
return
as
a
as
us
tion of
an
what
nation
to the
return
they
were;
evil
to
genius
the
simple
practices of the past.
but
cannot be solved,
citizens
to the
power
to
our
in
faith
problems
my
of
as
Our experi¬
bankers
and
our
humble judgment, until we
our
fathers,
of the individual American citizen
giving again
under
the
full
protec¬
of conflict between labor and management," he said.
Change in NLRA
pledge to "preserve free enterprise"
its
first
annual
propaganda against business were increasing unemployment and
ernment
injuring labor as well as industry.
the convention's platform, will be
The resolution, proposed as a plank iD
voted
Today's attendance dwindled to about 100 members,
tomorrow.
on
compared with 200 yesterday.
Conway, Chairman Continental Can Co. Ad¬
Meeting of National Petroleum Assn.—
Senator O'Mahoney Also Speaks
C.
C.
dresses
trying
ironed
be
to
for either political
wait
"Business cannot
ditions
Ours
out.
or
other con¬
job
day-to-day
the
is
of
operate our business at a profit under any and
to
conditions," Carle C. Conway, Chairman of Continental
all
National Petroleum
City, N. J.,
Can Co., Inc., told the convention of the
Association
Hotel
the
at
Atlantic
Traymore,
Sept. 15, in a vigorous plea for more open-mindedness and
In
business.
the
and
America
whatever
sions
actual
by
guidance
realities
address
an
the part
pointed
Conway
of
"Business
in
on
on
out
"in
that
find always that the business conclu¬
we
arrived
be
to
of
Mr.
Europe,"
nation,
and
results
course
be
must
at
based
cold,
on
hard facts
preconceived theories or wishful thinking," and
added that we are in the greatest trial-and-error period
in the world's history.
Stating that he believes business is
and not
on
solving and will continue to solve its problems, and that he
believed in
this country
the punitive curtain is falling and
the cooperative curtain is rising, he
"It
would
an
can.
we
foremost
in
attitude
is
Out
national
the
Based
business
and
the
in
of the
the
Africa,
is
"It
of
the
a
whole
to
us
in
time
experience
well
as
his
in
as
the
come
a
is
our
devoted
centered
to
and
United
States,
business
Cuba,
can
pointed
widely varying
manage¬
it.
where
woes,
day's work and problems
studying what
Australia
Conway
Mr.
gatherings,
political
our
doing
associates
its
Holland, Belgium,
upon
all
method of harmonizing
and economic, and that the problem of
next
.
that
signs
to foster it
us
does, operate under many and
many
.
industry."
company
Germany,
whether
discussion
were
of
encouraging
under the conditions confronting
question
tackling
interest
are
It behooves
must
must, and
to operate
is
There
here.
the
with
England, France,
business
all.
of
making
.
with the national
debate,
of honest
spirit
a
minds
the
conditions, both political
ment
in
present situation
interest
upon
in
South
that
out
table
a
declared:
if business and Government
achievement
great
a
around
sit
interest
such
be
would
as
are
practically
as helpful
they would be if
be done under the conditions
existing," he said.
"Normalcy
stability
and
indicate actual
not
days and, at the
ing
our
realities.
same
are
words
We long
of
nostalgic
for the
peace
reminiscence
and
do
and quiet of the old
time, we move farther away from them by improv¬
business methods
each year."
Atlantic
as
O'Mahoney were summarized in
City dispatch of Sept. 14 to the New York
follows:
convention
United States Senator Joseph O'Mahoney of Wyoming, Chairman of the
National Economic Committee, also known as the Anti-Monopoly Investi¬
gating Committee, pledged that body today "to
was
adopted
on
be helpful, not hostile to
in
Pittsburgh.
Only
"The United States needs an economic constitution today as greatly as it
needed the political Constitution
in 1789," Senator O'Mahoney said.
organizers of corporations can go and write their own ticket.
219
condition, although
corporations as a
delegates registered for the convention, a much smaller at¬
tendance than had been anticipaied.
The keynote speech
was delivered at the opening session on Sept. 13 by Dr. A. P.
Haake of Chicago, who told the convention that members of
the association must keep their own free enterprise from being
stamped cut by the Federal Govemment.
His speech was
the door is open to
abuses.
business and gov¬
Mr. Woll asserted that government competition with
business."
Sept. 14 by the National Small Business Men's Association,
in
be used to shape, regulate
of workers it becomes evident that this device may
and control the destiny of labor and labor organizations."
"Times"
A
method of Its
additional element
"To a growing Dumber
"To many employers it appears as a device to raise an
Men
Adopt Pledge to Preserve Free
Enterprise—First Annual Convention .Scores Gov¬
ernment
Competition—Matthew Woll Sees Need
for
Vice-President of the A. F. of L., in a speech tonight,
Matthew Woll,
agreed that the Wagner Act needs clarifying and that the
administration must be changed.
The remarks of Senator
enlightened government.
Business
and the
requirement of secret balloting under Federal supervision."
an
Small
Equal rights for em¬
ployer and employe, review of evidence and decision by the courts,
the
give economic forces an opportunity to freely function.
No
but we insist upon
"We believe in the principles of collective bargaining,
of
undying gratitude for all that is or has been
our
presented at the convention's first "labor session" read:
A resolution
immediate amendment of the Wagner Act to provide:
momentum
will accomplish a
on
attacked
was
pendent Unions. The latter advocated a house-cleaning for
organized unions.
Reporting on the session Pittsburgh
dispatches of Sept. 15 to the New York "Times" said in part:
destroyed.
are
told dele¬
Administration in which business men
Air. Emery is the owner of a printing firm in Akron,
gates that small business wanted an
.
own
properly."
Emery, founder and president of the association,
Dewitt M.
advantage and a resulting unbalanced economy.
group
causes
power," he said, "and it is in our hands to
"Politicians need votes to get
demands
perfect balance between all of them and advantage to none.
thrives,
18,000,000 and
of all business men and could direct between
90%
make situations to our liking if we use our votes
"it is through the smooth and
ness
He said that small firms included more
big business did not.
as
20,000,000 votes.
the part of
attempt on
an
in a position to act, because it controlled
8mall business, he asserted, was
the votes
"little" business occupy a necessary place
Both "big" and
in
party."
splendid platform of the 1932 Democratic
the
Act
cial
he denied others the ability or wisdom to use, the same President
it in the waste-basket along with
power
could put confidence.
that it should now be proposed to destroy a
"It certainly seems strange
group
Na tion
he was a candidate for President in 1932."
the President tasted the
should forget his own warning, and drop
but to oppose the action of a man who. at a
3,000.000 families on relief, proposes a
binations or agreements to
"in spite of a direct and forceful warning issued to the
"It is unfortunate," said Dr. Haake, "that after
11,000.000 wage earners are already out of work and
time when more than
private business,
The Administration was encroaching more and more on
he continued,
vital to the interests of the farmer.
workers directly
"aimed at big business"
Dr. Haake asserted that Government measures
had hurt all business.
chain food stores and independent grocers
would.be faced with tremendous surpluses and heartbreaking losses."
On the subject of labor, the statement, after aserting there are 900.000
1938
Pittsburgh dispatch of Sept. 13 to
as follows in a
the New York "Times":
reported
It iprould be
low prices.
to propose putting out of business all of
just as unfair to the farmer
Sept. 17,
Chronicle
"The
Under that
whole are properly conducted, still
One of the aims of the committee is to help
develop rules that will set business free to govern itself, as the States are
set free to govern
themselves."
He explained that
Representatives,
Securities
and
the committee is comprised of three Senators, three
and representatives
of the Federal
Exchange Commission and the
Justice, Commerce and Tabor.
Trade Commission,
Departments of Treasury,
He said the committee planned to bring
Volume
Financial
147
together in coordinated form all the information the government
has been
in open hearings, dates for
been set, so that business may know all the facts.
said that it is the duty of business to increase the
Senator
Vandenberg Assails New Deal Policiqs[in West
Virginia Speech
gathering in the last fifty years and to present it
which have not as yet
O'Mahoney
Senator
people, as business is organized
production and therefore mass consumption.
consuming power of the great masses of the
along the lines of mass
Speaking at the annual Northern Dinner of the Committee
of
100 of Miami, Florida, held at White Sulphur Springs,
W. Va., Sept. 14, Senator Vandenberg of Michigan assailed
the New Deal for threatening "time tried fundamentals."
the
Urging
Elisha
Addresses Bar Meeting
Hanson
on
Liberty and
the Press
of
tion
District
Judicial
Sixth
the
Federal
of
rule" for the present
advices to the New York
Sept. 14, from White Suplhur Springs, quoted
saying:
substitution
system of relief,
"home
press
"Times" of
Federation of the Bar Associa¬
The annual meeting of the
1717
Chronicle
him
New York, held at
of
as
We cannot economize at the expense of human suffering.
No
one
in his
right mind would sanction homeless hunger or nakedness in this land of
Elmira,
dress
Sept. 10, heard Elisha Hanson deliver an ad¬
"Liberty's Debt to the Press."
Mr. Hanson, who
on
on
counsel of the American Newspaper Publishers
Association, credited American publishers with having pre¬
served the freedom of the press in this country by their
is general
Associated
Press
Labor
National
"The
Board
present
Relations Act
has
was
the
of
entered
so-called
Weirton
in
case
he
which
said
Hartley W.
subpoenaed last year to appear before the Board "and
produce
that
records, correspondence, memoranda and thoughts
preparation
of an
article he had written for
papers,
the
into
its
"confronted by a
editor's defiance, the Board dropped the matter without testing
for
described
Hanson
publishers but
Mr.
freedom
of the press as
a
discussed
the
Germany
in
press
waged by publishers on a provision of the National
that he declared would have given the President
was
under the
curbing the ambitious
some
indefinitely
cannot
courageous,
escape
the
practical
historically
of unlimited inflation if this pell mell extravaganza indefinitely
curse
We must resore a solvent governments
Nothing could be
today's call
to substitute for
that
important
more
to
borrow the historic formula of every conquerer
substitute for this manufactured chaos a
of the simple but
swim
renewed mass
understanding
terribly vital truth that agriculture and industry finally
together.
It does
good to achieve new, temporary advantages for anybody, if
no
destroy an orderly and profitable society in which to 6njoy them.
That merely destoys the three-thirds.
other two-thirds down.
"reforms"
Senator Vandenberg offered
he
what
It
the lower one-third up if the process merely pulls the
do to pull
does not
to
("Divide and Rule")—
down together in this country and that labor and capital sink or
go up or
the
called
are
headed straight in that direction.
Department of Commerce figures
"absurd
Too much
self-serving alibi"
of
"certain
as a
reply
economic
fakers" that "business is on a sit-down strike."
1936, he said, business of all kinds in the
country paid out $23,629,000,000 more
more
than
the amount for
than it took in, or $7,000,000,000
$16,500,000,000, which the
the same period,
Federal Government spent to ward off the
effects of the depression.
said
Industrial Relations
"unlimited power"
Senator
Wins
Tydings
Renomination
in
Maryland
Primary, Despite Opposition of President Roosevelt
—Latter's Candidate Also Loses in Georgia—New
Deal Also Loses in Maine Election, When Voters
the press.
over
We
done.
From Jan. 1, 1929, to Jan. 1,
of
restrictions
by far the strongest and most forceful of all influences."
He contrasted conditions in Germany with the successful fight he
Act
be
must
In
waste.
struggles, induced by what sometimes seems to be a studied political effort
positions of authority."
Hanson
policy he attributed to Adolf Hitler that "it is the duty of the State to
maintain a close check on the press because its influence on the prople
is
it
certain
"not a special privilege''
"right of the people to have their information
from' regulation, coloration or control by those who
as
free
them
to
come
occupy
reduce all Federal expenditures by
can
we
of today's so-called
court."
protestations in
Mr.
way
we
Barclay refused, Mr. Hanson recalled, adding that
courageous
And
bureaucrats, the socialistic experimenters, the political public works, the
hie
magazine."
Mr.
get more relief for less money
to
press,
the
reviewed
Barclay
all
we can
who play politics with human misery.
been administered by the
press."
He
But
what the cost.
by restorying State responsibility and "home rule" and by "purging" those
goes on.
it
as
been invoked not only to regulate and control the
but to intimidate those conducting the business of
has
operations of the
the
Han¬
Sept. 10 reported Mr.
advices of
remarks, in part, as follows:
son's
no matter
exploitation, the politics and the
valiant efforts.
own
plenty,
Name Republican
Governor and Three
Republican Representatives.
Senator Millard E. Tydings of Maryland captured the
Again
Grenville
Lawyer,
Noted
Clark,
Observes
Threat to
Civil Liberties in United States—Points to Danger
Federal
of
Deficits
of the late Elihu Root and
a dinner
Grenville Clark, law partner
American Bar Association told
of the
Chairman
gathering of the Chicago Bar Association Sept. 15 that three
current tendencies constitute a threat to American civil
He listed these trends as:
liberties.
deficit
of
Continuance
1.
by
the
Federal
Increasing centralization of governmental power.
3. "Recently developed techniques for the artificial per¬
petuation in power of a government regime."
Reporting Mr. Clark's remarks, press dispatches of Sept.
said in part:
The three trends, Mr. Clark held, were more alarming than such current
15, from Chicago to the New York Times""
"symptoms" as the "lawless deportation" of persons from various com¬
munities,
"arbitrary
the
withholding"
attempts by employers to suppress
for
of licenses
employes to impair the right of other workers to work.
Public resentment at such abuses, he said, was a healthful sign.
Clark
declared
while
that
much
had
been
economic effects of an unbalanced budget, too
to the
and
said and
written about the
little thought had been given
assembly.
and uncertainties" which would
Clark pointed out that the "dislocations
result would bring "confusion and chaos,
disillusion and resentment" to the millions whose savings and investments
dent, second.
"there is produced a state of emergency which gives
demand for a strong government in order that stability may be
on
Asserting that only a people resolved to maintain
"The point is that
created under such conditions might, in the process of bring¬
destroy those fundamental rights
criticism and thus
of free expression that we have taken
for
granted in this country for five
Mr.
Clark
Victor
and has borrowed
$20,000,000,000, with
Politicians of all parties,
of retrenchments
and increased
plans for accomplishing either.
revenues
The problem, he said, had gone beyond
taxation on a scale
has ever been contemplated in this country and
He continued:
ultimate question is whether the people at large will have the
involving all economic levels."
"The
intelligence and the resolution to sustain
is to
The Eastern
was
not
relations and of wages and hours,
questioning the advisability of such laws but
merely calling attention to the fact of their existence.
Indications
were
that the tide of Federal power
rather than recede, he said,
means
to
would continue to rise
declaring that "a realistic view" should consider
"prevent it from impairing our
a
2 to 1
was never a
fundamental rights.
the
three
westernmost
State,
counties of the
Lewis lives, Washington and Garrett.
Shore counties, where President Roosevelt spoke on Labor
Lewis, rejected him in favor of Senator Tydings by
plurality.
New Dealer and third entry in the bitter contest,
factor in the returns.
Unofficial returns from 1,135
of the State's 1,288 precincts gave Senator
56,480.
113,367, and Hungerford,
The count stood: Tydings, 169,847; Lewis,
8,294.
Unofficial returns indicated the
bers of Congress:
margin over
to
.
renomination of these Democratic mem¬
Stephen W. Gambrill in the Fifth District, William P.
Cole in the Second,
returns from
and Ambrose Kennedy in the Fourth, but complete
the Third District gave Thomas
D'Alesandro Jr. a 48-vote
The count was 12,909
Representative Vincent L. Palmisano.
12,861.
"The
for a
campaign is behind us," Senator
Tydings said, thanking the voters
"sweeping victory."
am sure we
will all close ranks now for the general election," he added.
In seclusion at
of power, including enlarged regu¬
agriculture, regulation cf the issuance of security and commodity
Clark said he
and
Arthur E. Hungerford,
"I
exchanges and the regulation of labor
Lewis's 32, the latter garnered in the First and Sixth
Day in bfehalf of Mr.
be stopped."
lation of
Mr.
both the retrenchment and the
record of deficit financing
taxation that will be required if this nine-year
Discussing the growing centralization
convention votes, Senator Tydings apparently was as¬
districts,
Allegany, where Mr.
without offering any adequate
question of retrenchment and called for "heavy new
probably greater than
President Roosevelt, led Repre¬
20 of Maryland's 23 counties and in 4 of Balti¬
several of them complete.
On the basis of
Baltimore
will be formally ratified.
seeking renomination for his third term in
the direct opposition of
sentative David J. Lewis in
Tydings a plurality of
he said, ignored the situation, talking vaguely
congressional "purge," Senator Millard E.
pile up a popular plurality tonight
landslide in the State Nominating Convention on Sept.
28 when the people's mandate
a
deficit of $4,000,000,000 indicated.
new
the New Deal
the Senate against
almost
<
the Federal Government for eight years has
failed to balance its accounts
new
over
Tydings jubilantly watched late returns
which indicated a
pointed out that although the United States is one of the
richest countries in the world
the
generations."
Sept. 12 when
and
sured of 117 to Mr.
the kind of government with the kind of authority
on
three Republican Representatives, although
Farley, Democratic Chairman, had urged Maine to
elect Democrats and "get in step" with the Nation.
An Associated Press dispatch of Sept. 13, from Baltimore,
described the Maryland primary results as follows:
democratic government
Mr. Clark continued:
defeat
of Maine re-elected Republican Governor Lewis O.
James A.
ing order out of confusion, find it necessary to suppress
to
,
more's 6 districts,
almost any terms."
and civil liberties could resist the pressure,
that might be
Dealers received another
New
voters
The conservative Democrat,
"Thus," he said,
reestablished
hoped he would be nominated for the
Hence the victory of Senator Tydings was
generally interpreted as a defeat for the New Deal and a
personal setback for the President.
The New Deal "purge"
was again rebuffed by the results of the Georgia primaries
held Sept. 15 when Lawrence Camp, the President's choice,
ran last in a field of three for United States Senator.
Victory
went to Senator George, the present holder of the office,
with former Governor Talmadge, an opponent of the Presi¬
impaired.
rise to a
he
that
said
The President,
speech at Denton, Md., endorsed Mr. Lewis
Labor Day
senatorial seat.
spending beyond revenues continued to the point where
inflation became inevitable, Mr.
a
Barrows
Mr.
potential effect of deficit financing on the rights of free speech, press
If government
were
personal backing of President Roosevelt.
in
public meetings,
labor organizations and attempts by
12, when he
easily defeated Representative David J. Lewis, who had the
and
financing
Government.
2.
renomination in the State primaries on Sept.
his home at Cumberland,
tired at 69 from his
Representative Lewis, who re¬
seventh term in the House of Representatives to cam¬
White House backing for Senator Tydings' Senate seat, declined
but last night he had said that if he
had failed "others will take up the torch—and will not fail."
Governor Harry W. Nice, Republican, won the most one-sided victory
paign with
to
comment on the mounting returns,
of the
primaries, leadiDg State Senator Harry
natorial nomination in every county
T. Phoebus for the Guber¬
and district.
Financial
1718
Chronicle
The organizations are
Oscar Leser, Baltimore judge who resigned to make the race for the Re¬
publican Senatorial nomination with the support of Governor Nice,
was
leading Galen L. Tait, former Republican State Chairman, and appeared to
be the
whom Senator Tydings would have to beat on Nov. 8 to return
man
Sept.
Out
of
the
Women's
War
17, 1938
the Fellowship of Reconciliation, the Keep America
Council for the Prevention of War,
Peace and Freedom and World
National
the
Congress,
International
League
for
Peaceways.
to the Senate.
In
four-man
the
Democratic
the
for
race
Gubernatorial
nomination,
Attorney General Herbert R. O'Conor, held a lead over Mayor Howard W.
Jackson of Baltimore, his nearest
rival.
Others in the race
William
were
Aeronautics
Airport System
A
Gordy Jr., State Controller, and State Senator Lansdale G. Sasscer.
Associated
An
Press
despatch from Atlanta, »Sept.
described the results in Georgia, in part, as follows:
16,
United States Senator Walter F. George, renominated by a wide margin
another
for
despite the expressed opposition of President
six-year term,
Roosevelt, said here today the great Democrats will be quick to cast aside
of the
bitterness
just
campaign
work for the
ended and
party and
sults
Civil Aeronautics Authority.
On the basis of the re¬
of the survey the Authority is to render a report to
Congress
the feasibility of the Federal Government taking
on
system.
A
Washington dispatch to the New York "Times" Sept.
on to say:
"■' ■'
•,
•
14 went
Wednesday's primary gave the veteran Senator 141,922 popular votes
246 county
unit votes, compared to
102,464 popular votes and
unit votes for his nearest rival, former Gov. Eugene
148
Talmadge.
Federal District Attorney Lawrence S. Camp, strongly indorsed by the
President
of airports has been undertaken by
survey
part in the operation and development of a national airport
Complete unofficial returns from all but one of Georgia's 159 counties
and
country-wide
the
its
principles.
in
Authority to Consider Plan for National
S.
as
better fitted to carry on the New Deal, was third with
man
a
78,223 popular votes and sixteen unit votes.
Under the Georgia system a total of 206 county unit votes are necessary
for nomination,
Under the provisions of the
Federal participation in a national airport system and the manner in
which the Government should participate.
Two special staffs of the planning and
thority
development division of the Au¬
One group will collect information in the
handling the survey.
are
field and the second group will assimilate and
analyze this information as it
is received.
Nonimation is equivalent
regardless of the popular vote.
Civil Aeronautics Act the Authority is directed
Congress not later than Feb. 1, 1939, definite recommendations
to make to
as to
A. B. McMullen, chief of the airport
to election.
section, will head the first group and
The
Douglas L. Cullison will direct the work of the analytical staff.
is under the
Roosevelt's
President
"Purge"
Proves
Senate
of
Opponents
Complete Failure
George's victory in the Democratic primaries in
Georgia marked the complete failure of the Administration
to prevent the nomination of Senators, up for renomination
this year, who had opposed New Deal legislation.
Reporting this, Washington dispatches to the New York
"Times" of Sept. 15 added in part:
The
Democratic
eight
Senators
who
President
opposed
Court Bill and sought renorrii.ation have been successful.
made a direct fight on three: Smith
There
was
direct
no
McCarran of Nevada.
Clark of Missouri and
Gillette
In
against
Senators
Iowa, defeat for Senator
Senator \ an Nuys of Indiana was renominated
i ly.
in convention after the S ate pariy
party, invited him nevertheless
leadeis, who
once
read him out of the
In Connecticut,
stand for renomination.
o
and
Senator Lonergan was renominated by the State C onvention.
private aviation ex¬
civic
Data from trade
planning bodies will be used, as well as information from th
military services to coordinate airport arrangements with national defense
Louis
K.
Comstock
Discusses
VJnemployment
Problem
Roosevelt's
suggested by Harry L. i opkins, WPA Administrator, but the
was
Senator won in the prh
include representatives of air transport
perts and other groups is expected to assist in the survey.
Louis Iv. Comstock, President of the Merchants' Associa¬
Mr. Roosevelt
of South Carolina, Tydings and Georget
by the Administration
opposition
A general advisory committee, to
operators, airport managers, the Council of Mayors,
Senator
survey
general direction of Richard C. Gazley, chief of the planning
and development division.
tion of New York, in a radio address,
the solution of the unemployment
Sept. 9, declared that
problem lies with private
business and in the creation and maintenance of conditions
which will enable
"It
need jobs lack regular
which
20%
of
jobs," he said.
people
our
"This is
might as well face frankly.
we
effectively.
private business to function
something like
that
appears
who
situation
a
We must also recog¬
his position
nize that however necessary or desirable Government relief,
even in the form of work, the cost of which is borne by the
in his primary race was considered to have been strengthened by the Ad¬
taxpayers, the problem will never be really solved until the
Representative O'Connor,
York district, is the last
the "purge" list.
on
Sixteenth New
seeking renomination in the
In
many quarters
ministration upsets.
In any event,
Senate
a
group
wheels
barring
a
complete rout in November, there will be in the
of independent Democrats who
ize Administration
measures
carefully.
may
In particular, if Senators Tydings of
On
private industry
that
they
years
enabled to turn full speed
are
Mr. Comstock further stated:
behalf
Maryland, George of Georgia and Adams of Colorado are elected, they will
be found opposing vast expenditures.
of
ahead."
be expected to scrutin¬
of
are
now
manufacturers,
anxious
as
as
have been
we
producers and
merchants,
take
to
anyone
moving in
tiie
up
I
desire
slack.
dangerous cycle.
a
to
For
say
several
First unemploy¬
ment, then taxation to meet the needs of the unemployed which has fallen
heavily
of
Secretary Hull Says No Nation Can Avoid Part in Deter¬
mining World Destiny—Pleads for Peace in Note
Accepting Invitation
Tlie
issue
fair
versus
entire world, and no Nation can avoid a part
in the responsi¬
to
demand
for
and
taxes,
Cordell
ficient
invitation
said
Sept.
on
10,
in
accepting the
letter
a
of
Peru for the United States to participate in
International Conference of American States at
the eighth
Lima
on Dec. 9.
Associated Press Washington advices of
Sept. 10 summarized the contents of the note from Secretary
Hull
follows:
as
will
ment',
Dual
The
which should
Secretary's
Peru's
invitation
Dec.
on
9.
Ambassador
his
letter
The letter
extended
"The
of
Aug.
determining
under law.
.
.
of
the world
whether
avoid
"The
.
the
acceptance
Secretary Hull
the
to
at Lima
shortly after
press
cabled
of
conference
American
report
of
Foreign Secretary Viscount Halifax in London this
written Sept. 2 in response to Peru's invitation
faced,"
are
relations
lawlessness
course
shall
no
of
willing
fair
can
or
shall
action
Hull wrote,
characterized
of
government
problems
grave
Mr.
be
by principles
or
participation,
determining which
American
letter
a
was
No nation and
nation
any
to
Kennedy had
in
Pan-American
2.
nations
anarchy and
eighth
handed
was
P.
with
the
neighbors."
contained
were
attend
Joseph
conversations
morning.
remarks
to
The
between
prevail
"with
by
justice
play,
and
the
in
responsibility
prevail."
of
today afford
the
by a common ideal, an opportunity to set an
example to the world through the creation of new bonds of solidarity and
friendship."
He
Secretary Hull indicated he would appoint the American delegates later.
personally attended the last Pan-American conference at Montevideo,
Uruguay, in 1933.
anything
The
to
President
States
ment
was
were
of his letter of acceptance,
President
had
told
Roosevelt's
remarks
that
reporters
Mr. Hull had refused to
at
interpretations
morally linked with European nations in
100% wrong.
Commenting
Hyde
a
Park
that
yesterday.
United
the
"stop Hitler"
move¬
another
in
System
State
States,
the
the
ministration.
"But
not
be
if
President's
must
the
misled
country and by the leader of the party in power
people as to the foreign policy of the Ad¬
people
by
are
to
statements
and
with
recalcitrant
their
trust
of
their
President'6
officials
own
officials
into
that
do
convictions.
line."
sincerity,
not
square
The
they must
with
the
Administration
thus
in
am
a
if given suf¬
A better
everyone.
byl P.| D. Houston—
BankersgAssociation
banks,
except when
deliberately
of
banking:
In
of
our
larger
convenient
from
of
case
its
willing
and
the
bank
suffer
to
traffic
patrons.
with
in
which
their
its
the
I
branches,
inconvenience
though
even
and
loss
the
of
belief
banker has positively stated his
if
all
its
because
business
might
of
be
distance
banks
that
should
and
the
do
convictions with reference
States in relation to legislation,
our
American
know
State, should be controlled in their thought to
of
group
of
and
opinion
organized
group,
final,
but
people,
our
I
maintain
thought
their
of
National
the
Bankers
about
more
and
and
matter
a
city bank
congestion.
other
lute
as
the
to
customers
time
any
consensus
largely
essential
Many city banks, just as is
connected, could not adequately
am
banking and the autonomy of
being recorded in proceedings of
the
also
is
banking quarters,
present
dual
In
maintained
are
This
physical equipment.
from
The American
to
to
of
customers
transferred
were
branch offices
cities
service
the standpoint
serve
that
our
bankers
Association.
a
as
Association.
banking than
legislators,
expressed
Perhaps
the
such issues should not always be accepted
on
all
in
their
events
findings
national
large extent by the
should
be
through
bankers'
as
the
abso¬
guiding
influence.
In
This
in
>
words
bringoits
this
I
than
the American National Bank of Nashville,
Tenn., who addressed the Kentucky Bankers Association at
Lexington, Ky., on the subject of "Some Banking Relation¬
ships."
Mr. Houston said, in his discussion of branch
their
American
slack
and
made Sept. 15 by P. D. Houston, Chairman of
was
Board
exist between
President of
reassure
think
the
up
the part of
on
this
Upheld
National
or
of
the
take
I
wages
confined to county-wide areas as now provided for in many
thought and opinion
to
Furthermore,
mistake,
no
pay
help solve the situation.
the President's remark, five peace organizations issued
a
statement which eaid, in
part:
"President Roosevelt's statement to a
press conference that this country
is not aligned with any
foreign government is a wise attempt on the part
upon
direction.
and cooperation
Banking
either
this
Prior to publication
add
Make
rather
a
produc¬
itself creates
process
A plea for retention of the present system of dual bank¬
ing, without the addition of branch banking privileges for
the
•
world
the
republics, united
would
When
out of
come
employment.
more
establishments
Addresses Kentucky
order
avoid the issue; neither can
not,
confronting
the issue
international
the cycle.
reverse
understanding of business, of its needs, its responsibilities and its problems
on
the part of the public, including workers both in and out of employ¬
he said:
relations
means
that private industry will
say
encouragement
Although not mentioning the crisis between Germany and Czechoslovakia,
"Events in other parts of the world have emphasized recently the
extent to which some nations have wavered from the
orderly and friendly
We need to
industry his earnings
seeking the opportunity to accomplish
are
cycle
position to
which
industrial
our
they
this
start
goods,
of
owners
bility of determining which shall prevail, Secretary of State
Hull
That very taxation has tended to decrease the ability
give employment.
put to work in private
instead of from the taxpayer, and the productive
the
confronts the
play
is
tion
a
Lima Conference
to
lawlessness
of
business.
on
business
man
closing
relationship
recent
perfect
the
would
I
our
years
state
not
fail
to
mention
the
relationship
should
be
one
of
cooperation.
We
have
in regard to a closer cooperation, but we
as
explanation
cooperation much
that
banking institutions, keen competitors though
yet.
for
of
Failure
much
our
of
to
cooperate
our
are
should
we may
learned
be.
much
far from the
properly,
regulation
and
I am convinced, is
legislation.
Through
difficulties could be avoided.
We should
exercise
self-regulation through cooperative action and not have regulation imposed
Volume
much
so
have
Irom
been
3 ears
be
long
before
funds
but
of
failed
to
on
that
That is
undesirable
pleasure.
a
in
forced
could
earnings
our
dividends
as
in
no
our
and
The lack
task
a
all
of
when
it
banks,
our
officers, directors and stockholders, united in a cooperative spirit
good of our business, little would remain worthy of accomplish¬
ment, which this combined force could not achieve for the good of all, so
the
as
objectives
sought
deserving.
were
Death of
B.
A.
Withdraws
from
Participation
Institute
in
The
that
Institute
of Aug.
as
America
York
International
on
withdrew
A.
felt
it
Institute
activities.
from
in
has
announced
The
joint
1,
with
New
of
the
to
its
financial* support
of
cease
increased
also
announcement
Sept.
participation
conduct
desirable
because
Beginning with
its
the
1938,
Institute.
demands
has
Westbury, L. I., from a speaking engage¬
York City, at the Women's National
Republi¬
Mr. Bacon, who was 54
Club.
The
from
of
other
Mr.
had
Bacon
as
inde¬
an
In
made
his
descendant
and
maintain
financial
inquiries
of
heretofore.
to
library and
subscribers
However,
broadened
its
received
family
include
the
foreign
on
of
scope
domestic
securities
the
financial
work
a
School,
his
and
of
year
became
answer
manner
Institute
as
will
at
Harvard
a
brought
attributed to
was
He
studied
coronary
York
Boston,
New
the
Cod,
Mr.
England,
July 23,
on
last
the
to
40
Bacon
where
A
direct
from* Stratton,
his boyhood
spent
traditions
the
but
1884,
years.
colonies
his
of
Groton
1907 with the degree of Bachelor of Arts.
Harvard, receiving his degree in 1910.
After
Treasury Department under President Taft, he
Kissell-Kinnicutt
for
member
a
the
preparing at
in
the
ultimately
was
1903, after
law at
with
retiring
elected
to
the
District
gressional
Cape
on
in
University in
with
associated
in
of
1922,
was
Plain,
Old WTestbury for
Bacon, who came
graduated
was
retirement he
be
problems.
death
suffered
had
troopers
biographical note, the New
Jamaica
education
service
bankers,
the
of
a
foreign
6ame
in
Nathaniel
entered
on
the
in
State
centered.
were
position to
of information
sources
conditions, and it will be in
The
England, in 1639 and settled
and
will
continue to
after
brief
a
home
of
Thereafter he
economic
died
born
was
pendent research activity of New York University, and it will issue studies
dealing with domestic as well as foreign financial problems.
The Institute
the
and
"Times" of Sept. 13 said:
He
functioned
old,
years
attack
medical assistance.
said:
Institute
the
Old
ment in New
thrombosis.
Finance
Sudden
to
L. Bacon, a Republican member
Congress from New York State since 1922, died suddenly
Sept. 12 in the automobile in which he was returning to
his home at
31 the Investment Bankers Association of
University
B.
I.
the
of
Succombs
Attack
Representative Robert
of
can
of International Finance
York—Congressman
Heart
heart
I.
Representative R. L. Bacon, Republican, of
New
of
the
long
McLaughlin, J. Arthur
Miller, Earle W. English and Sidney L. Parry.
costs of doing business.
Lack of cooperation pro¬
influence
1719
ing,
Brokerage
Law,
Fundamentals
of
the
Brokerage
Business and Margin Regulations of the
Security Business.
The instructors will be Messrs. L. B.
of
our
for
Chronicle
on
Stein-
sentiment but
a
before.
business
makes
the combined
interest
much
longer
never
unnecessarily
conditions
With
was
true today as
Bankers knew
best judgment.
our
losses frequently.
in
too
these
of
many
deposit.
paying
were
do
to
us
on
exercising
that cooperation
ago
necessity.
many
be
of
stockholders
to
payments
banks
frequently increases
duces
dollars
legislation
interest
cooperate
cooperation results
could
all
passed
or
of
case
many years
cooperation
Lack
of
Fortunately,
Congressmen
we
economic
an
reserve
in the
as
Millions
had only cooperated to do the things that each knew
we
done.
roetz said
outside.
in
up
by if
things, just
Financial
the
set
gone
sliould
147
&
public
a
Co.,
New
York
the
At
career.
investment
time
his
of
the firm.
House
of
and
Representatives
had
been
from
reelected
for
the
First
Con¬
successive
terms
since.
British Steel Producers Cancel Plans for U. S. Visit
The tense international situation
tion for the cancellation
was given as the
explana¬
Sept. 15 of plans of British steel
on
E. F.
Andrews., Wage-Hour Administrator, Names Com¬
for Textile
Industry and Defines Scope of
Industry for Purpose of Administering Law
mittee
leaders to spend the month of October in the United States.
The New York "Times" of Sept. 16 reporting the
change
of
plans said:
In
"inadvisable to leave" England at
was
this time.
The institute, together with the American Institute of Mining
Metallurgical Engineers, had invited the Iron and Steel Institute and
the Institute of Metals of Great
Britain to
a
joint meeting in the United
States.
Five such visits have been scheduled in the history of Anglo-American
industrial relations, but only two have actually taken place.
A program
for
the
steel
of entertainment and scientific discussions had been arranged
British delegates—who
two
American institutes and
by
issued
Stewart
tain
subdivisions
An
earlier
the
on
five
reported
the
first
sideration
in
given
Most
of
Line, after
time
the
they
spent in England and Scotland, and a short visit was made
France.
to
ments
his
A
by
the
return,
grams
study
made of British housing
was
Housing Administrator,
that
the
British
who
develop¬
declared, upon
American
and
Further
Mr.
reporting
housing
"Everywhere
you
McDonald's
nize
what
here
of
have
been
In
four
it
has
done
for
80%
and
90%
loans,
six
economies,
Mr.
comments,
ahead
he
tremendous
McDonald
down
sit
he said.
the
New
and
the
talk,
"And they recog¬
economically.
considered
was
said
the
When
we
revolutionary,
talked
but
exceed
Jones
any
said
of
building
been
has
small
homes
for
other
operations
said
An
he
had
started
keep it that
item
McDonald
issue,
than
should
be
about
for
evidence
the
page
his
effected, resulting in great
the
progress
made
considerably
was
in
more
the
United
than
100%
presented
bearing
ou
rest, and shoot
1938
grouse
and
Consisting of 21
members,
than the
and
finishing of yarns
including
The
headed
minimum
whole.
a
whether
it,
nomically sound and justifiable.
law
Its
such
given
was
25c.
is
closely
hour
an
to
decide,
be
rate would
effect Oct.
into
M.
of
function
higher
a
goes
by Donald
Sears, Roebuck & Co., the committee
G.
eco¬
24.
Nelson, Vice-President
follows:
as
Edward
Buxton, Androscoggin Mills, Providence, R. I.; Charles A.
Cannon Cotton Mills, Kannapolis, N. C.; Robert Chapman, Inman
Cannon,
Spartanburg,
S. C.; John R. Sheatham, Georgia Kinkead Mills,
Ga.; John Niekerson, Cheney Bros. Co., New York City; Seabury
Stanton, Hathaway Mfg. Co., New Bedford, Mass.; R. R. West, Riverside &
Griffin,
Dan
River Cotton
Paul
Mills, Danville, Va.
Christopher,
New
director,
T.
England
W.
W. 0.
T.
on
0.
C.,
Division,
Sidney Hillman,
Lawrence.
Aug. 3 appeared in
of
Labor;
O., Atlanta, Ca.;
Aug.
6
P.
N.
C.;
Francis
Federation
O.
C.,
Elizabeth
New
Nord,
of
P.
Fenton,
Labor,
Boston,
York
City;
T. W.
R.
R.
O. G,
Members
economist,
weeks,
E.
L.
Filene
Foshee,
&
Co.,
oil
operator,
Boston,
News," Chattanooga,
University of Pennsylvania.
for
facts
regarding the
presentation
Administrator
to
wage
George
Tenn.;
conditions
the committee
Andrews
Sherman,
Mass.;
"Chattanooga
publisher,
collected
Ala.;
President,
Available
<+»
W.
former chief, Children's Bureau, United States Department
O. Davis, Extension Director of Alabama Polytechnic Insti¬
Auburn,
Kirstein,
our
T.
Grace Abbott,
tute,
he got back to Washington.
Charlotte,
American
Chairman,
Man¬
chester, Conn.; Emil Rieve, T. W. O. C., Philadelphia, Pa.; H. A. Schrader,
International Association of Machinists, Washington, D. C.
in Scotland
the departure of Mr. Jones and Mr.
Europe
834.
to
as
Public
but
Asked about financing problems here,
vacation with a blank mind and had deter¬
way until
for
manufacture
hosiery,
greater
pay
industry
1929.
done little
on
and
satisfactorily be separated from that group.
batting, webbing or filing, pile fabrics (other
are
rate of
a
fixed
the
fiom
Mass.;
program
since
con¬
order.
in the
wool
cannot
as
col
drafting the order
desirability of allowing the simplest possible
by making complete establishments, wherever
single wage
included
mining whether
partridge and rabbit in France.
mined to
a
Act
and in
setup,
new
carpets and rugs), knitted fabrics (other than woolens and hosiery),
braids, net and lace, and cordage, rope and twine.
The duty of the committee is confined to
holding hearings and deter¬
two,
and that the amount of residential construction in
year
he had
of the industry and naming the
they
said.
FIIA
regulations for the
proposed
Employee Members
program
enthusiastic
was
last year,
of
Mr.
and
Mr.
He
would
country
it
men
the fore,"
families, standardization
McDonald
States.
to
the
to
the
doing it for years."
England's
and
the
of
than
Mills,
business
to
comes
cer¬
use
Employer Members
whenever
go,
decide
commercial
pro¬
York "Times" of Sept. 13 said:
subject of housing always
still
must
wide
the
scope
nearly identical.
are
the
form, the defi¬
goods, rayon and
to
employers engaged
fabrics
and
of
subject
covers
related
Europe.
broad
woven
textile manufacturing.
step taken in the
was
administration
from
Return
Normandie of the French
weeks
its
in
reference
Today's order defining
was
On Sept. 12 Jesse Jones, Chairman of the Reconstruction
Finance Corporation, and Stewart McDonald, Administrator
of the Federal Housing Administration,
returned to the
States
of
time
1276.
A Washington dispatch of Sept. 13 to the New
York "Journal of Commerce" described Mr. Andrews's latest
order as follows:
by the
Commodities
United
In
worsted,
because
law's
page
on
Abroad
spending
the
same
what constitutes the textile
hosiery branches, but the committee
•
McDonald
of
measure.
excludes the wool,
combinations of fibers
It
and
definition
industry under the
possible,
Jones
the Wage-Hour Law,
administer
to
textile industry was contained in the "Chronicle" of
Aug. 27,
The plan of the steel men to visit this country was
in our issue of Aug. 27, page 1282.
Jesse
detailed
a
nition
advance representative of the British
an
committee
a
C.;
Considerable work had been carried
organizations in preparation for the visit.
named
precaution¬
In steel circles here cancellation of the program was viewed as
rather than alarming.
Andrews, Administrator of
13
regulations for the textile industry, and at the
have been accompanied by a few
to
were
from the Continent—both in New York and at Washington, D.
men
Pittsburgh, Cleveland, Chicago and other industrial centers.
ary
Sept.
cable message from London to the American Iron and Steel Institute
a
yesterday the delegation said that it
and
Elmer F.
on
in
within
George
the
the
Tex.;
Fort
W.
Louis
Milton,
Taylor,
industry will be
next
two
or
three
declared.
Registrations at Chicago Stock Exchange Educational
Institute
Registrations for the fall term of the Chicago Stock Ex¬
change Educational Institute, which will "start on Sept. 26,
are
under
it was
announced
Sept.
12
Calvert
Magruder Named Counsel of Wage and Hour
Administration
It
was
announced by Elmer F. Andrews, Administrator of
by Joseph A.
Rushton, Chairman of the Chicago Association of Stock Ex¬
the Wage
change
Magruder
way,
Firms, which sponsors
offered by the Institute this term
the
are:
Institute.
Courses
Brokerage Account¬
and Hour Administration
had
Administration.
been
on
Sept. 14 that Calvert
appointed General Counsel of the
Mr. Magruder is Professor of Law at Har-
Financial
1720
formerly secretary to Supreme
Brandeis.
Washington advices to the New York Journal of Com¬
merce
Sept. 14, reporting Mr.' Magruder's appointment,
University and
vard
was
Stock
|| Upon the urging of Felix Frankfurter and Thomas Corcoran, advisors
of the President, Mr. Magruder took a
year's leave of absence from
Harvard to start his duties
here.
the adminis¬
arising over the act
interpreting the act for the proper guidance of
Aside from
Magruder will be in charge of all litigation
trator, Mr.
in futures court actions.
and defending its terras
Not without experience in the
field of labor law, the new general counsel
National Labor Relations Board during
its early days in 1934 and 1935.
During the World War, he was an attorney
for the Shipping Board and prior to that, in 1916 and 1917, he served as
secretary to Justice Brandeis.
Since 1920, with various lapses, he has been
formerly general counsel for the
was
School.
the staff of Harvard Law
on
Secretary
»
President of the New York
MeC. Martin Jr.,
William
Exchange, has appointed Charles E. Saltzman as
Secretary of the Exchange, and Charles Klem as Assistant
Secretary, effective Oct. 1.
The appointments were con¬
firmed by the Board of Governors on Sept. 14.
The Ex¬
change's announcement in the matter stated:
Stock
;
...
,
Secretary of New York
Exchange—Charles Klem Named Assistant
Charles E. Saltzman Appointed
Court Justice Louis D.
also said:
old, is at the present time Specia
Charles E. Saltzman, who is 35 years
Zamboanga, Philippine Islands, where his
father, Major General Charles McK. Saltzman, was stationed at the time.
born in
He was
in 1921, an appointment to the United States
Upon graduation in 1925, Mr. Saltzman was commissioned
Corps of Engineers, United States Army.
While a
tary Academy.
Lieutenant,
University, where he was a member of
special counsel in the Reorganization Division.
1937 Mr. Weiner has been counsel to the Board of
York City as
Since
Transportation of the City of New York. On the same day
the Commission also announced that George A. McNulty
had been assigned to the post of assistant general counsel.
Mr.
Weiner
was
Law School in 1926, where he held the Kent scholarship and
the Columbia
charge of the Division of Franchises and Utilities.
Since 1932 he has
in business law at Columbia University in an annual course
in
been lecturing
Corporate
on
Weiner
Mr,
is
Reorganization.
has written several articles on "Corporate Reorganization,"
member
a
the Bar
of
special committee
on
bankruptcy of the Association of
of
native
since
School,
from
May 16 of this year.
in
is
Louis,
Mr.
McNulty
graduate of
a
St.
been
has
Louis
with
the
Commission
University and Harvard Law
St. Louis with the firm of Carter & Jones
when he joined the legal division of the
After having served there as assistant
of litigation, he joined the staff of the general counsel of the
September, 1935.
He has been identified with a number of the
until August,
1933,
Recovery Administration.
Commission's
anti-manipulative
major
He has been
Odd Lots and Specialists.
Firms since
5
.
of the Department of Public Relations
rector
time Assistant Di¬
Born in
of the Exchange.
schools in New Jersey, graduat¬
New York City, Mr. Klem attended public
School in 1922.
He joined the
During the greater part of
ing from the East Rutherford, N. J., High
employ of the Stock Exchange at that time.
his 16 years
with the Exchange he has been in the Public Relations Depart¬
ment, in later years as Secretary to the
of the
Committee and as Assistant Director
Department .
Vs"
'
•
...
/
It
■
"
•,
Announces Personnel Changes
Treasury Department
practiced law in
and
1925
director
SEC
He
1935.
National
St.
with the Commercial
position
Secretary to the Committee on
Concerning Mr. McNulty's background, the SEC reported:
A
accepted a
Special Assistant to the Director of the Department of Member
•
reorganization and bankruptcy of the National Lawyers Guild.
on
1930, Mr.
Department of the
New York Telephone Co., which be left in August, 1935, to join the si*.t£
of the Stock Exchange.
During his employment by the Exchange Mr.
Saltzman has held the positions of assistant to the Executive Vice-President,
assistant to the Chairman of the Committee on Business Conduct and
City of New York, and is Chairman of a special committee
the
of
a
Upon his return to this country, he
He served during 1929 and 1930
Va.
Charles Klem, who is 32 years old, is at the present
engaged in the private practice of law in New York City until 1934,
he became assistant corporation counsel of the City of New York
He
when
Rhodes Scholarship to Oxford
Magdalen College and from which
Resigning from the Army in May,
House aide.
White
a
Saltzman
"Law Review."
editor of the Columbia
associate
was
1923 and from
graduated from Columbia University in
stationed at Fort Humphreys,
was
as
(M.A.) in 1928.
graduated
he was
Commission on Sept, 13
announced the appointment of Joseph Lee Weiner of New
Exchange
and
Securities
The
the
Mili¬
schools in Washington, D. C.f New York City, and
He attended public
Canal Zone, receiving,
Second
Legal Staff
Firms of the
Department of Member
of the
Director
the
to
Assistant
Exchange.
cadet at West Point, Mr. Saltzman received a
SEC Announces Changes in
17, 1938
Sept.
Chronicle
announced Sept. 15 by Secretary of the
was
Treasury
since December,
1933, had served in various capacities in the Legal Division,
bad been promoted to the position of Assistant General
Counsel for the Department, in which capacity he will be
Morgenthau that Bernard Bernstein who,
in
of
charge
and Exchange Section of the
Regarding his career, the Treasurer stated:
the Monetary
Legal Division.
Mr.
cases.
Bernstein,
native of New York City and
a
University Law School,
a
graduate of Columbia
prior to joining the legal staff of the Treasury
was,
Department, engaged in general practice in New York City, with the firm
Sherlock Davis Promoted to Post of Technical Advisor
to
SEC On Over-the-Counter Problems
nounced
Trading & Exchange Division, has been promoted to the
post of Technical Advisor to the Commission on problems
relating to the over-the-counter markets. ' The change was
made in the light of the increased problems of regulation
confronting the Commission under the provisions of the
The SEC further stated:
Maloney Act.
Mr.
Davis
has been
on
the staff of the
Commission's
Trading & Ex¬
change Division since September, 1934, and has been Assistant Director of
that division since
1935.
Taylor,
Blanc,
Before coming with the Commission he was a
Capron and
The Secretary announced also the promotion of Lawrence
J. Bernard to the
his
position of Assistant General Counsel.
position Mr. Bernard will be in charge
new
aspects of legislative matters
and
orders
The
proclamations
of Harvard College and
member of the New York bar.
resided for
some
years
Harvard Law School,
Mr.
A native of New York City, he
in Buffalo, N. Y.
two years on
the
which,
several
past
assistant
ment
Hancock Elected
List
Chairman
of
Committee
on
York Stock Exchange—-R. A.
Vice-Chairman—R.
V.
White
Retires as Governor of Exchange to Become Presi¬
dent of Lehigh Coal & Navigation Co.
Stock
Drysdale
of
the
to
as
on
List, and Robert A.
elected Vice-Chairman.
W.
a
special
Jackson &
as
a
partner of
Curtis to become
the
Stock
President
Ex¬
Exchange firm of
of
Lehigh Coal &
Mr. Hancock has been
a
member of the Stock List Com¬
mittee since
October, 1934, and Vice-Chairman of the Com¬
mittee since May, 1938.
He has been a member of the firm
of Lehman Bros, since May, 1924.
He is also Chairman of
the Board of Jewel Tea Co., and a director of a number of
other
corporations.
He has been a governor of the Exchange
May, 1938, prior to which time he met with the Gov¬
erning Committee as a member of an Advisory Group on
which he served since its original appointment in September,
since
At the present time Mr. Hancock is also
a
member of
the Executive Committee of the
the
Exchange.
As a member of
Advisory Group he also served on the Business Conduct
and Conference committees until
May, 1938.
Drysdale & Co.,
and, prior to his election as a Governor of the Exchange in
May of this year, served for three years as a governing mem¬
ber.
Mr. Drysdale has been a member of the Stock List
Committee since May, 1938.
He is also Vice-Chairman of
the Arbitration Committee, of which he has been a member
since 1935.
As a governing member Mr. Drysdale was also
Robert A Drysdale is senior partner of
a
member of the Finance Committee.
has
Bernard
Bureau
of
been
serving
Health
Service,
United
States
previously to
for the
Coast
special
a
as
Internal Revenue,
Department,
the legal work of the Bureau of Customs,
over
Procure¬
Guard
and
of
Narcotics.
Federal
Burgess
Reserve
Resigns
Bank
of
Vice
as
New
Vice Chairman of National
President
York
to
of
Become
City Bank of New York
—W. G. Brady and J. H. Durrell Promoted to Senior
Vice President of City Bank
Robert V. White, Chairman of the
Navigation Co.
1934.
of
Mr.
Counsel,
assistant to the General Counsel
Public
Randolph
Drysdale has been
Committee since May, is retiring as a governor of the
change and
Department.
New
Chosen
Stock
the
engaged in private practice in DeLand, Florida.
months
Chief
the
Division,
Bureau
John M. Hancock has been elected Chairman of the Com¬
mittee
to
the legal staff of the National Recovery Administration, prior
he had supervision
John M.
(except Revenue), Executive
pertaining
Mr. Bernard, a graduate of Stetson University Law School, before join¬
ing the legal staff of the Department in September, 1935, had served for
N.
a
In
legal
as to
continued:
announcement
For
A graduate
the De¬
since coming to
monetary and foreign exchange
matters.
to which time he had been
Y.
work
His
pertaining to gold and silver and to mint,
partner in the firm of Sidney S. Wolcott & Co., securities dealers of Buffalo,
Davis is
Marsh.
been primarily in connection with the handling of problems
partment has
On Sept. 14 the Securities and Exchange Commission an¬
that Sherlock Davis, Assistant Director of the
►
of
Terminating
an
association
Bank of New York of 18 years,
with
the
Federal
Reserve
Dr. W. Randolph Burgess
Sept. 13 resigned as Vice President of that institution and
newly created post of Vice Chairman of the
National City Bank of New York.
An outstanding au¬
thority of the money market and government bond market,
Dr. Burgess had been Manager of the System Open Market
Accounts since the creation of that post March 1, 1936,
under the provisions of the Banking Act of 1935.
His
election as Vice Chairman of the National City Bank was
at the suggestion of James H. Perkins, Chairman of the
Board, and Gordon S. Rentschler, President of the National
City according to an announcement made Sept. 14 by Chair¬
on
assumed the
man
Perkins.
The directors also
on Sept. 13 elected William
Gage Brady,
Jr., a Vice-President of the National City since January,
1921, Senior Vice-President in charge of Domestic Operations
and Joseph H. Durrell, a Vice-President since April 1922,
Senior Vice-President in charge of Overseas Operations.
It is understood that Mr. Allen Sproul, First Vice-President
of the New York Reserve Bank, will take over Dr.
Burgess'
duties at the Reserve Bank, at least temporarily.
Following is
a
brief sketch of Dr. Burgess'
University in 1912:
career
since
his graduation from Brown
Dr.
Burgess,
who
was
born of New England partentage at
R. I., in 1889, was graduated from Brown
bis
Newport,
University in 1912, after receiving
preliminary education in Morgan Park, 111., where he resided until 18
Volume
years
of
Dr. Burgess pursued post-graduate studies at McGill Uni¬
age
versity and at
first
with
Financial
147
Columbia
the War
partment, where he
Staff
with
rank
University.
with
the
||At the close of
win him
war,
subsequently with the War De¬
assistant chief of the statistics branch of the General
was
of major
he resumed his studies and
degree from Columbia in 1920statistician
Following service during the
Industries Board and
Russell
received
Ph.D.
a
During this period, he was also acting as
upon
the
which
career
was
to
recognition in the banking profession, becoming associated with the
Federal
Reserve
"Monthly
Bank
New
in
York
as
Review of Business and Credit
motions made him manager of the reports
Reserve
statistician
and
Conditions,"
editor
of the
Successive pro¬
department, Assistant Federal
Agent, and finally Deputy Governor of the bank,
title which
a
changed to Vice-President under the Banking Act of 1935.
was
Since 1930,
Dr. Burgess has been in charge of open market operations
in^Government
behalf both
executive
securities which the New York Reserve Bank carried out in
of the
officer
Reserve
of
the
System and the Treasury.
System
Market
Open
He has served as
Committee.
His
book,
"The Reserve Banks and the Money Markets", originally published in 1927
and revised in
of the subject.
Federal Reserve Policy in the Speeches and Writings of Benjamin
IfcDr. Burgess's professional
Strong",
and educational affiliations include the Ameri¬
Statistical Association, of which he has been
its President during
been
a
trustee since
1930; Robert College,
a
1931; Teachers
trustee since
trustee since 1934; and Brown University,
a
was a trustee during 1933-37 and of which he has since been a
He
fellow.
fellow since 1931, serving
a
1937; Academy of Political Science, of which he has
College, Columbia University,
ot|whicb he
elected to the Board of Directors of that in¬
was
stitution, became its Treasurer in 1900, President in 1924,
was elected Chairman of the Board of Directors in
1933,
a post at which he remained
active until shortly before his
and
death.
was also active in the affairs of the
Savings
Loan Bank of the State of New
York, beginning as a
member of the bank's Board of Directors in
and
January, 1915,
when the bank opened for business.
Subsequently, he was
made a Vice-President in the
bank, and served in this
capacity until June, 1927, when he
that institution.
was
awarded
an
was
elected President of
He continued active in this position until
his resignation in 1933,
activities owing to
when he was compelled to curtail
declining health. Mr. Judson was
also prominent in the New York Cotton
Exchange, serving
on its Board of
Managers and as Chairman of its Finance
his
Committee for
more
than
decade.
a
He also edited "Interpretations of
published in 1930.
can
1721
1936, is widely recognized both here and abroad as an au¬
thoritative exposition
as
In 1896 he
Mr. Judson
Sage Foundation.
1920, Dr. Burgess entered
Chronicle
Richard A. Brennan has been elected President of the
Brevoort Savings Bank of Brooklyn, N. Y., succeeding the
late Edward Lyons.
Mr. Brennan returned to the banking
field
a year ago as Executive Vice-President of the Brevoort
Savings Bank, after serving for several years as President of
the Mortgage Corporation of New York, of which he is still
director.
a
Honorary LL.D. by Brown University in 1937.
Mr.
A brief account of his
Brennan started his
banking
career
career
states:
with the Guaranty Trust Co.
1937 and again this year, he taught in the Graduate School of Banking
Shortly after his return from
Rutgers University.
In
at
ferred to the Federal Reserve Bank of New York, later entering the New
♦
F.
Irish
A.
of
Elected
York State Banking Department where he progressed from examiner to a
Agricultural
Board
to
Commission
United
of
of
A.
B.
Chamber
States
A.
Special Deputy
of
early thirties presented
Commerce
ment
Agricultural Commission of the
District, has
through his unanimous election as
American Bankers Association for the Ninth
honors
new
District Director
of
the
United
with 0. J. Arnold of
Minneapolis, Mr. Irish represents the States of Minnesota,
North and South Dakota, Montana, Nebraska, and Wyom¬
ing.
Mr. Irish is President of the First National Bank &
Trust Co. of Fargo, and Treasurer of the Greater North
Together
Dakota Association.
Freer
Andrew
Freer, a Republican of Ohio, has been reap¬
pointed a member of the Federal Trade Commission by
President Roosevelt it was announced in Washington Sept.
6.
The new term will begin Sept. 25.
Morris Plan Bankers
teenth
annual
the
Oct.
convention
Va.
10,
11
and
Association, has reported that plans are
Convention Committee to present
of
Among
are
the
timely
interest
speakers
Homer
A.
Morris
to
scheduled to
Ilolt,
First
White
outstanding
an
Plan
address
operators.
the convention
Governor of West Virginia;
R. Diggs, Acting Comptroller of the
Benson,
at
President of
being completed
the
program
12
Ralph W. Pitman,
Vice-President
of
Marshall
Currency, and Philip A.
the
American
Bankers
Association.
Locally owned and operated Morris Plan institutions
established in 120 cities
trict
of
Columbia.
The
situated
first
in 31
Morris
States
Plan
and
the
are
Dis¬
institution
to
its doors to the public was organized in Norfolk, Va.,
approximately 28 years ago.
Morris Plan institutions
open
loaned in
of
excess
have combined total
ITEMS
ABOUT
Arrangements
$195,000,000 in the
assets
year
1937, and
now
amounting to $200,000,000.
BANKS,
TRUST
COMPANIES,
&c.
made Sept. 14 for the sale of a New
York Curb Exchange membership at $12,000, off $.500 from
the previous sale.
were
♦
of
Directors, on
Titus, who at the
the Board.
of the
depression
Insurance
Depart¬
of
Insurance
he
performed
In his
notable
elected President of the County
was
City.
of
the
He was
Caleb
White
same
meeting
was
elected Chairman of
For the past eight years Mr. Wilson has been a
Vice-President
Bank
one
Co.
consolidated
Plains.
Co.
of
New
of the organizers and directors of
Heathcote Trust
was
the Manhattan
of
Since
1934
of
Scarsdale, N. Y., which
Trust Co.
with the County
he
has
been
a
director and
active in the affairs of the County Trust Co.
He has also
been a member of various committees of the American
Bankers
Association
and
the
New
York
State
Bankers
Association.
Sept.
1,
the Planters National Bank in
Fred¬
ericksburg,
Fredericksburg, Va., was placed in voluntary
liquidation.
The institution,
which
was
capitalized at
$100,000, was absorbed by the Farmers & Merchants State
Bank of the same place.
Proposed organization of
tion, to be known
announced.
a new
Chicago banking institu¬
the South Shore National Bank has been
The new bank will be located at 71st Street and
as
Jeffery Avenue, and will serve the area between Jackson
Park on the north; 83rd Street on the south, and Stony
Island Avenue on the west.
Its capital structure will be
$300,000, consisting of $200,000 capital stock; $50,000
surplus and $50,000 contingent reserve.
Walter J. Riley,
formerly President of the Judson Freight Forwarding Co.,
will be President of the institution, and other members of the
personnel will be Richard M. Lenihan, formerly financial
manager of the Federal Housing Administration,
Vice-President; Charles R. Gill, for the last seven years an
official of the Reconstruction Finance Corp., Vice-President
and Chashier, and Thomas I). Allan, formerly Assistant
Vice-President of the National Bank of the Republic,
Assistant Cashier;
In noting this, the Chicago "Journal of
Commerce" of Sept. 12 further said:
relations
George D. Brandenburg is Chairman of the Board.
Walter J.
Edward
Arrangements were completed Sept. 12 for the sale of a
membership in the Chicago Stwk Exchange at $1,500, un¬
changed from the last previous sale.
Superintendent
Wilson Jr.
Effective
Convene in October
Bankers' Association will hold its nine¬
Sulphur Springs, W.
by
to
the
Plains, N. Y., at a meeting of the Board
Sept. 14.
Mr. Wilson succeeds Arthur H.
of
E.
The Morris Plan
Deputy
as
subsequently
Trade Commission
Robert
loaned to
was
Trust Co. of White
York
Reappointed Member of Federal
When the
problems to the New York State In¬
new
service, particularly in the surety and mortgage field.
the
R. E.
many
by the then Superintendent of Banks Joseph A. Broderick.
position
the Board of the Chamber of Commerce
on
States.
Superintendent of Banks.
Department, Mr. Brennan
surance
F. A. Irish, member of the
received
service in the World War he trans¬
overseas
Other directors
are:
Riley, Theodore Chanock, Charles B. Hart, Edward J. Hennessy,
J.
Knaui'f,
Richard
M.
Lenihan,
Eugene
K.
Lydon,
Alfred
V.
Pleasance and Edward J. Ryans.
From
the "Michigan Investor" of Sept.
10 it is learned
the defunct Utica State Savings Bank,
Utica, Mich., recently received a 5% dividend, amounting
to $33,042, bringing the total of payments to 55%.
that depositors of
At
meeting of the Board of Directors of the Chemical
Trust Co. of New York, held Sept. 15, Deering
Howe, of the firm of Shearman & Sterling, was elected a
director of the bank.
Mr. Howe is a graduate of Harvard
College, 1922, and Harvard Law School, 1925.
a
Bank &
William
Herbert
Directors of the
ciation, and for
Judson,
Chairman
The
of
the
Bankers Federal Savings and
Board
of
Co. of Mobridge, S. Dak.,
changed its title to the Citizens' Bank of Mobridge.
institution is a member of the Federal Reserve System.
Loan Asso¬
prominently associated with the
Exchange and the Savings and Loan Bank
of the State of New York, died at his home in New York
City on Sept. 14, after a brief illness caused by a heart ail¬
ment.
He would have been 76 years old on Sept. 15.
Born
in Stratford, Conn, on Sept. 15, 1862, Mr. Judson began his
banking career as a clerk in the old Fort National Bank, and
in 1890 was instrumental in the founding of the Bank Clerks'
Co-operative Building and Loan Association, which became
the Bankers Federal Savings and Loan Association in 1937.
many years
New York Cotton
The Citizens' Bank & Trust
has
The National
Bank
of Commerce of Seattle,
Seattle,
Wash., was recently authorized by the Comptroller of the
Currency to maintain a branch in the town of La Conner,
Wash.
»
Retirement of J.
A.
C. Osborne
as Deputy Governor of
appointment of Donald Gor¬
don, heretofore Secretary of the bank, as his successor, was
announced on Sept. 14, according to Canadian Press advices
from Ottawa on that date, which further said:
the Bank of Canada, and the
Financial
1722
against 20%;
Fisk Rubber
Corp. at 7% against 9; Ford of Canada A at 19 against 21 %;
Gulf Oil Corp. at 34% against 41; International Petroleum
at 23% against 25%; Lake Shore Mines at 47% against 50%;
New Jersey Zinc at 61% against 62; Newmont Mining Corp.
at 67% against 72; Singer Manufacturing Co. at 233 against
250; Sherwin Williams Co. at 100% against 103% and
6% against 7; Creole Petroleum at 19%
Bond & Share at 6% against 6%;
at
Bank of England to come
Bank of Canada was in process of
presented his resignation to the Board of Directors at a meet¬
Mr, Osborne, who resigned as
to Canada in
organization,
December
,
Secretary of the
1934, when the
ing here Sept. 12.
When Mr. Osborne joined
that he might return to
London at an
THE
CURB
has been
a
frequent occurrence
have declined from
favorites
the Czechs and other
many
The
gradually increased as the week progressed
declines soon extended to all parts of the list and to
volume of sales
and the
practically every group. Public utilities, particularly the
preferred group, showed a small number of advances, but
the oil stocks, industrial specialties and mining and metal
shares
were
54,000 shares with 224 issues traded in. These included 22
advances and 140 declines. The changes were largely frac¬
Foreign
Government
Corporate
of
Shares)
Domestic
Total
$455,000
92,260
765,000
13,000
198,965
Saturday
1,112,000
1,428,000
...
Wednesday
Thursday
13,000
29,000
27,000
31,000
318,170
141,790
.
$5,000
$425,000
54,160
...
Monday
Tuesday
1,154,000
1,486,000
$25,000
19,000
797,000
937,000
666,000
12,000
9,000
11,000
92,430
14,000
689,000
897,775
$5,310,000
$79,000
$129,000
$5,518,000
Friday
Total
16
Jan. 1 to Sept.
Curb
York
New
914,000
Week Ended Sept. 16
Sale* at
during the preceding day, they were well scattered through
the list.
The volume of sales was down to approximately
Value)
Bonds {Par
Foreign
Sept. 16. 1938
weak.
Declining prices again characterized the movements of the
curb market during the abbreviated session on Saturday,
and while the recessions were somewhat less extensive than
EXCHANGE
tNumber
Week Ended
prominent trading
1 to 4 or more points.
\
,
YORK CURB
NEW
Stocks
Selling on an extensive scale
and
74% against 79%.
THE
AT
TRANSACTIONS
DAILY
suffered another bad break
largely to the Sudeten ultimatum to
unsettled conditions abroad.
Electric
United Shoe Machinery at
EXCHANGE
Curb market this week
The
due
the order-In-council relating
term of office, but indicated
earlier date if circumstances permitted.
the bank in 1934
appointment provided for a five-year
to his
1938
17
Sept.
Chronicle
1937
1938
1937
1938
Exchange
897,775
1,899,355
30,143,278
79,629,967
$5,310,000
$233,024,000
Stocks—No. of shares.
Bonds
79,000
129,000
„
.
$6,148,000
206,000
154,000
4,497,000
$312,145,000
9,230,000
7,648,000
$5,518,000
Domestic
$6,508,000
$242,461,000
$329,023,000
Foreign government
Foreign corporate._.
Total
4,940,000
tional except in a few slow moving issues in which the
climbed up to a point or more. Public utilities were
losses
weak,
particularly the preferred stocks; oil shares were off, and
little interest displayed in the mining
issues and industrial specialties.
there
was
and metal
Irregular price movements and dull trading were the out¬
standing characteristics of the dealings on Monday. Changes
were small and without special significance, the advances and
recessions being about evenly balanced.
Public utilities
somewhat stronger and a number of
were
substantial ad¬
registered before the close. Mining and metal
stocks wtre weak and industrial specialties were slightly
higher. Among the issues closing on the side of the advance
were Aluminum Co. of America, 3 points to 112, and Mead
Johnson, 1 point to 124%. The declines included Childs
pref., 1% points to 43%; North American Light & Power
pref., 2 points to 43, and St. Regis Paper pref., 2% points
to 55%.
Moderately strong price movements were apparent as the
session opened on Tuesday, but the Sudeten ultimatum to
vances
were
Czechs had
the
a
disastrous effect and served to
bring
a
heavy volume of transfers during the afternoon. The ava¬
lanche of selling that flowed into the market quickly can¬
celed the early gains and a number of prominent stocks
slipped back from 2 to 4 or more points. Public utilities were
moderately strong in the morning dealings and there was a
substantial demand for the industrial specialties during the
forenoon, but both lost heavily in the closing hour. Promi¬
nent among the declines were Aluminium Ltd., 8 points to
110; Humble Oil, 3 points to 62%; Brown Co. pref., 4 points
to 20, and Childs pref., 3% points to 40%.
'
Early stock movements were slightly firmer on Wednesday
and a number of the trading favorites were able to add small
gains, but the improvement was not maintained as renewed
selling broke out as the day advanced and most of the early
gains were canceled. The transfers for the day rpMto ap¬
proximately 318,000 shares with 512 issues tradedfp. The
advances totaled 23, the declines 397, and 92 were unchanged.
One of the spectacular movements was Aluminum Co. of
America, which dropped to 97 at its low for the day and then
climbed back to 103 with a loss of 1 point. Other noteworthy
declines were Brill pref., 6 points to 20; Lake Shore Mines,
3 points to 45%; Montgomery Ward
A, 8% points to 151,
and American Potash & Chemical, 5 points to 40.
Prices in all sections of the list were substantially higher
during the forenoon on Thursday, but as the session pro¬
gressed, the early advances were trimmed down although
there was a fairly large list of small gains as the market came
close.
The number of issues traded in fell to 304 and the
total transfers dropped to 141,740 against 318,670 on the
to a
committee of the
of the annual
outing to be held on Friday, Sept. 23, at the Essex County Country Club,
in
West Orange,
N. J., and reveals that whereas golf competition for
the Bond Club trophy will be the main attraction, horseshoe pitching
will be introduced for the first time, and tennis competition will
be
offered.
C. Wallace Smith of H. M. Bylleeby & Co. is Chairman of the
field
day committee.
Van
Deventer
of
for
by
Carlos
declines as the session closed: These in¬
others: Aluminium Ltd., 3 points to 109;
Singer Manufacturing Co., 2 points to 233; Royal Type¬
writer, 7% points to 42% and Consolidated Mining &
Smelting, 5% points to 52.
As compared with Friday of
last week prices were lower, Aluminium Co. of America
closing last night at 105% against 110 on Friday a week ago;
Aluminium Ltd. at 109 against
120; American Cyanamid B
at 22% against 23%; American Gas &
Electric at 23%
against 25%; Carrier Corp. at 18 against 22; Cities Service
^
the Bond
combined net
It was won last spring
Kelly of Fidelity Union Trust Co.
The horseshoe pitching
be conducted by G. Dewey Hynes of First National Bank of
and Carl Kreitler of C. J. Devine & Co., while the tennis players
Montclair
will
play
singles round-robin with prizes for first and second places,
Campbell and Mr. Van Deventer.
Carl Preim
a
under the direction of Mr.
C.
of
Preim
A.
&
Co.,
Miller of Colyer, Robinson & Co.
George W.
and
& Co. are heading this outing's syndicate,
Courtlandt Parker of R. W. Pressprieh & Co. and Lee Carroll of John B.
Edwin
and
Stengel of Orvis
Carroll & Co.
Bros.
in charge of all
are
prizes.
distributors of securities for
D. C., investment firm of
Mayhew & Reily announced the opening of a New York office at 52 Wall
Street.
Associated with the firm in the management of the new office
are
Kenneth M. Smith and Marlon S. Emery.
Mr. Smith, who has been
—To
in
act
issuers
and
for the past
of
three
—C.
W.
its
President
the
of
York
New
of
Castle
F.
prior
to
Co.
Mayhew & Reily was formed
devoted its efforts to the wholesaling
in
of
&
has
firm
as
counsel
Benjamin
ration.
and
formerly conducted his
which he had been sales
Emery
Mr.
York,
New
inception.
Young,
investment
Smith.
&
in
Williams
1934
since
securities
Col.
Straub
D.
in
Washington
with
department,
business
H.
of
manager
Washington,
the
with J. A. Sisto & Co. in New York as manager
had previously been a partner in the
years
Freeman,
securities
own
wholesale
capacity of
wholesale
their
of
firm
the
underwriters,
Vice-President of the corpo¬
and
director
a
Young Management Corp.,
announced- the election of
C. W.
City,
Although Col. Castle's primary interests have long been identified
and investment banking, he also is active in aviation
commercial
Coffin, former Chairman of the Board of
With the late Howard E.
circles.
he formed the National Aeronautic Association
is Chairman of the Aeronautics Committee of the Merchants'
Young Management Corp.,
in
1923.
He
Association.
the
In
financial
the
Irving National Bank
Castle
Col.
field,
been
has
Co.),
(now Irving Trust
Research
Administrative and
with
and
tive,
as
Corp. as
associated with
foreign representa¬
director and Vice-
President.
—Ward
Dayton, for the past three years in charge of the statistical
W.
department of the New York
Bianchi,
office
Boston, has
in
South
120
at
was
born
La
the
Babeon
and raised
Salle
the
La
—Formation
announced
of
name
The
Crosse,
with
Board
business
in
W.
N.
of
firm
partnership
on
will
Holley
M.
Jr.
Fred
W.
formerly
Fairman & Co. is
conducted under the
South La Salle Street, Chicago.
Chicago Stock Exchange and the
and
municipal
the
Vera
Fred
W.
Fairman
&
From
firm.
their
of
Bacon, Stevenson & Co.
from
1921,
1935
to
in charge of
department, having become associated with
Dewey, Bacon & Co. in 1929.
Prior to that he
Co.
Jr.,
that Joseph F. Schafer has become
department
partner of
a
Kurzka,
A.
V. Reid.
the
pre¬
was
bond
firm of
Allen
to conduct a general brokerage
unlisted securities.
Partners of the
and
announce
municipal
was
the
continue
Elmer
Fairman,
Hynson & Co., Inc.
with
Schafer
L.
the
Trade,
Chichester,
Mr.
decessor
brokerage
to
commodities, dieted
1938
H.
He
& Co. are
Exchange and maintain branch offices in
Stock
memberships
associated
the
department of the firm.
J.
Mass.
Wis.
the
of
Fred
are
Harry B.
—J.
the stock
Wellesley,
Chicago
of
&
Davis
Fairman, Randall & Co. at 208
firm,
Chicago
firm
in
succeed
to
in
M.
J.
Street,
center
Lapham,
& Co. in their Chicago
Holley Jr. announced.
Mr.
Holley Jr.
M.
J.
Minneapolis and went to Princeton University and
in
Institute
Exchange house of
Stock
joined
Dayton's activities will
of
among
James Campbell Jr. of Estabrook & Co. and Philip
Deventer, Spear & Co., Inc., are in charge of the
tourney will
and
jj
day
contains an analysis of the features
outing and the outing next spring.
this
Madison
cluded
field
fall
the
trophy, which will be awarded the member having low
Club
score
members
ai
Van
by
golf tournament, constituting the first round of competition for
Childs
again unsettled in the final hour. There were a number
of small gains scattered
through the list but there was also
issued
Bond Club of New Jersey
Aluminium
were
letter
market
previous
day.
Noteworthy among the advances were
Ltd., which climbed upward 6 points to 112,
pref., 2% points to 36%; Lake Shore Mines, 2%
to 47%; Aluminum Co. of
America, 3% points to
106%; Babcock & Wilcox, 1% points to 25% and Gulf Oil
Corp., 1 point to 38%.
The curb market turned irregular on
Friday. During the
opening hour prices were inclined to move downward, and
while there was an improved tone
during midsession, stocks
NOTICES
CURRENT
—A
with
in charge of the municipal trading depart¬
ment.
—Isaac
Co.,
D.
factors,
promotion
James
the
his
Inc.,
Both
formerly
of
the
textile
Mr.
President
Harold
son,
department
Talcott,
department.
in
Bachmann,
and
same
and
S.
company,
general
Bachmann and his
factoring field and
are
Baehmann,
of
Bachmann,
are
factors,
son
formerly
now
in
Emmerich
&
the
sales
associated
with
their
of
new
have had much
business
experience
well known throughout the textile industry.
Volume
Financial
147
THE
LONDON STOCK EXCHANGE
Quotations of representative stocks
each
as
Sept. 10
Sept. 13
Britlsh Arner Tobacco.
40/102/6
40/102/6
£41
£40
40/3
98/-
39/3
100/-
Cable& Wordinary.__
£37
Central
Marconi
MIn &
5/-
Cons Goldfields of S A.
74/4 X
Courtaulds S & Co
De
£SX
£8X
94/6
10/6
17/4/3
1/3
20/137/3
Ltd
A.
Hudson* Bay Co
HOLI-
Imp Tob of G B & I—
DAY
Midland Ry._
95/10/9
16/9
4/3
1/6
20/137/6
£12%
94/10/6
16/6
4/3
1/6
20/135/£12%
73/6
£9%
£11%
£9%
£11
£13
74/
Box
Rand Mines
£9%
RloTJnto
£12%
16/9
97/6
£37%
Roan Antelope Cop M.
Rolls Royce
Royal Dutch Co
Shell Transport
92/10/16/3
4/1/6
19/133/-
£12%
73/
£8%
£12%
16/6
16/
96/10%
97/6
£36%
£36%
£37%
£4%
34/3
20/3
19/9
33/6
19/6
19/3
32/6
19/19/10%
£6»i«
£6%
£6
Vlckera
of
BROAD
COMPANY
FOREIGN DEPARTMENT
STREET, NEW YORK
Member Federal Reserve
Member Federal
FOREIGN
EXCHANGE
SEPT.
10,
System
Clearing House Association
Deposit Insurance Corporation
RATES
CERTIFIED
BANKS TO TREASURY
UNDER
1938 TO SEPT.
BY
TARIFF
FEDERAL
ACT
RESERVE
1930
OF
1938, INCLUSIVE
16,
Noon Buyino Rate for Cable Transfers in New
Value
gauntry and Monetary
United
in
States
York
Money
Unit
Sept. 16
Sept. 10
Sept. 12
Sept. 13
Sept. 14
Sept. 15
$
I
S
S
*
S
.168261
.168372
.168588
.168766
.168738
.168811
.012325*
.012325*
.012325*
.012375*
.012325*
.012325*
Czechoslov'ia, koruna
.034511
Denmark,
£6%
35/
20/3
Molasses
or
account
TRUST
AND
Member New York
35/20/6
19/9
Ltd
£4%
£6%
Unilever
Unlted
55
£36%
£4%
£4%
purchase
the
European Representative Office: 1, Cornhill, London, E.C.3
93/10/6
16/9
4/~
1/6
19/6
135/£12%
74/£9
£12%
16/9
97/6
73/6
17/
97/6
£4%
OFFICE
£8%
£8»i«
Gaumont Pictures ord.
Metal
71/3C /-
£8
PRINCIPAL
£22 X
72/6
29/-
71/3
30/-
for
MANUFACTURERS
4/-
£22X
30/6
Co
Electrle& MusicalInd.
London
4/-
£22 X
73/1%
31/-
Beers
Distillers
4/6
£22%
4/6
£23
Invest.
4C/100/£39%
£40%
securities
foreign and domestic correspondents.
Frl.,
Sept. 16
Thins.,
Sept. 15
Wed.,
Sept. 14
Tues.,
Sept. 12
Boots Pure Drugs
of
sale
Mon.,
Sat.,
Ford
We execute orders for the
received by cable
day of the past week:
Canadian
1723
Chronicle
Europe—
Belgium, belga
Bulgaria, lev
20/-
We
reprint
following from the weekly circular
the
of
of
798472
.021230
.021210
.021193
.021120
.021217
.021180
.026976
.026969
.026931
.026883
.026964
.026906
.400262
.400327
.400237
.400194
.400277
.400200
.008814*
.008816*
.008810*
.008789*
.008805*
.008807*
Hungary,
Italy, lira
.196500*
.196500*
.196500*
.196500
.196500*
.196500*
pengo
.052600
.052603
.052606
.052603
.052603
.052606
Netherlands, guilder-
.539455
.539055
.538361
.537277
.538700
.537922
Norway.
,241725
.241593
.241312
.240743
.241600
.241141
.188300
.188233
.188233
.188233
.188233
.188250
043634
.043625
.043591
.043425
.043512
.043546
Rumania, leu
.007307*
.007300
.007314*
.007307*
.007314*
Spain, peseta
.051500*
.052083*
.052083*
.052083*
.052500
.050500*
Sweden, krona
.248050
.247881
.247585
.247109
.247906
.247463
Switzerland, frano...
.225822
.225755
.225633
.225311
.225805
.225533
dinar...
.023050*
.022900*
.023025*
.022940*
.022920
.022910*
Chefoo (yuan) dol'r
krone
.
England gold
Aug.
on
.214211
.807638
Poland, zloty
Portugal, escudo
Co. of London, written under date of
GOLD
411,750
.034439
.214600
.792361
Greece, drachma—..
Aug. 31, 1938:
Bank
.034451
.213907
.802430
Yugoslavia,
Samuel Montagu &
The
.034450
.214362
.807916
krone
Germany, relchsmark
MARKETS
AND SILVER
.034457
.214575
France, franc
THE ENGLISH GOLD
.034464
.810833
Finland, markka
Areas
.214725
Engl'd, pound aterl'g
Wltwatersrand
West
reserve
24 showing no
against notes amounted to
change
previous
compared with the
as
£326,-
Wednesday.
Conditions in the open market continued to be active and about
000 of bar gold changed hands at the daily fixing during the past
£6,300,-
week. The
.007364*
Asia—
China—
,169583*
.169583*
.170416*
.175000*
.173333*
.172500*
Hankow (yuan) dol
169583*
.169583*
.170416*
.175000*
.173333*
.172500*
considerably against sterling and, consequently, the sterling price of
Shanghai (yuan) dol
.169375*
.169687*
.170625*
.174687*
.173125*
.172187*
gold showed a rapid advance, today's quotation of 143s 3%d. being the
Tientsin (yuan) dol.
168437*
.168750*
.169687*
.173750*
.172187*
.171250*
Hongkong,
dollar.
300281
.299843
.299531
.298156
.299890
.299765
British India, rupee..
358787
.358726
.358068
.357630
.358993
.357967
Japan, yen
280416
.280344
.279785
.279421
.280098
.279696
,557812
.557750
.557000
.556000
.558250
.566937
3 833625
3.830312
3.826328
3.817812
3.829843
3.823906
3 ,864750
3.861484
3.857500
3.848906
3.860312
3.854375
South Africa, pound. 4.762916
4.761250
4.755000
4.743500
4.759375
4.751458
tension in the
very
European political situation caused the dollar to strengthen
highest since May 11,
to
Business has been general and, in addition
1935.
Continental buying,
there have been purchases for shipment to New
York, whilst at the higher rates offerings were augmented by a fair amount
Australasia—
of re-selling.
Australia,
Quotations—
Aug. 30
Aug. 31
Average
Quotations—
Per Fine Oz.
Aug. 25
142s. 5%d.
Aug. 26
142s. 7d.
Aug. 27..............142s. 8d.
Aug. 29
.....142s. 8%d.
The following were
the United
Kingdom imports and exports of gold,
£1,065,393
British East Africa--.--.
Australia
New Zealand
Mexico..
Venezuela,
Germany
Netherlands..
.....
Switzerland
Syria..
Egypt
Other countries
10,518
Finland
Netherlands
Switzerland-...
.995078
.994882
.993105
.994511
.993710
Cuba,
.999333
.999333
.99°333
.999333
.99<>333
.999333
.194250*
.192500*
.194250*
.194250*
.194750*
.197250*
.992500
.990781
,992109
.991171
peso
Mexico,
peso...-
South America—
992656
.994140
dollar-
j
Argentina, peso
Brazil, milrels
.320750*
.320500*
.320250*
.319810*
.320540*
.320020*
.058625*
.358700*
.058625*
.058625*
.058625
.058625*
Chile, peso—official.
.051766*
.051766*
.051766*
.051766*
,011766*
.051733*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.568200*
.567400*1
.567400*
.566600
.566600*
.565000*
634058*
.633908*
.632180*
.631240*
.633570*
.631733*
"
Colombia,
Uruguay,
export.
peso
peso
783,246
France
—
Other countries
*
Nominal rate.
1,854
COURSE
OF
CLEARINGS
BANK
£35,300.
pared with
;
was
affected by the firmness of the
although there were fluctuations, by yesterday prices had re¬
covered to 19%d. for cash and 19%d. for two
months, delivery.
Offerings,
which included speculative resales and sales on Continental account, were
purchases by the Indian Bazaars,
whilst
at
the lower levels,
The increase of
by American trade buying.
the premium on cash silver to
%d.
was
due largely to American demand
for spot supplies.
Today, speculative resales caused a decline of %d. to 19%d. and
19d.
The market is rather uncertain
The following were the United
United States
weekly returns will be
Sept. 17) bank clearings from all cities cf the
it is possible
from which
to obtain
16.3% below those for the corresponding week last year.
Our
preliminary
stands at
total
$6,016,012,877% against
$7,191,227,464 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 10.3%.
Our
summary
for the week follows:
but it may continue to be influenced by
Clearings—Returns by Telegraph
Week Ending Sept. 17
Per
Cent
1938
1937
$3,059,933,963
252,679,165
303,000,000
179,854,946
$3,411 ,062,691
—10.3
315 ,955,845
—20.0
196 045.000
—8.3
Kingdom imports and exports of silver,
registered from mid-day on the 22d inst. to mid-day on the 29th inst.:
£46,644
New York
Chicago
Exports
Imports
...
indicate that for the week ended today (Saturday,
country
the trend of the dollar exchange.
France
telegraphic advices from the chief cities of the
comparative
for the respective deliveries.
Preliminary figures compiled by us
a year ago.
based upon
During the past week, the market
further support was provided
clearings this week will again show a decrease com¬
Bank
£9,270,735
Strathmore which sailed from Bombay on Aug. 27 carries gold
SILVER
by
.996523
22,989
14,975
372,746
£2,817,245
offset
North America—
1,915
to the value of about
dollar and
34,854
28,320
_
Morocco
17,721
__
pound
New Zealand, pound.
Africa—
Newfoundl'd,
5,750
9,872
...
Palestine
3,141
29,047
825,762
6,027
Peru
the 29th inst.:
Canada.
11,744
634,871.
90,702
17,955
112,967
British India
on
Exports
United States of America. £7,985,611
Imports
British South Africa
—
Per Fine Oz.
___142s. lid.
143s. 3%d.
_142s. 9.25d.
Canada, dollar
registered from mid-day on the 22d inst. to mid-day
The SS.
Its Settlem'ts. dol
Str
United States of America. x£933,180
—
Philadelphia
—
252 000,000
+ 20.2
1,162
Boston..
Latvia
Norway
-1,147
Kansas City..
77,498,477
91 ,790,896
—15.6
St. Louis
79,800,000
95 ,483,000
—16.4
2,05)
San Francisco
Other countries.
2,559
Other countries
France —
Java
Germany.1,546
3,560
Pittsburgh
149,401,000
100,575,870
168 ,418,000
119 ,560,019
84,388,902
86,501,575
106 224,683
110 ,396,294
—21.6
56,306,970
63 ,297,331
—11.0
,429,940.868
583,403,195
$4,930,233,759
841,226,580
-10.1
$5,013,344,063
-13.1
1,002,668,812
$5,771,460,339
1,419,767,125
$6,016,012,875
$7,191,227,464
16.3
1,245
.....
....
—
—
Detroit
£50,749
x
£912,344
Including £860,000 in coin not of legal tender in the United Kingdom.
Other cities,
LONDON
IN
-Bar Silver per Oz. Std.Cash
2 Mos.
25—19 %d.
26---19o~16d.
27.--19 5-16d.
29—19 3-16d.
Aug. 30—19%d.
Aug. 31--19%d.
Average
19.281d.
Aug.
Aug.
Aug.
Aug.
The highest rate
—
Eleven cities, five days..
Quotations during the week:
IN
Cleveland
Baltimore
19 l-16d.
19%d.
19%d.
19d.
19%d.
19d.
19.073d.
NEW
Total all cities,
Per Ounce .999 Fine)
Aug.
Aug.
Aug.
Aug.
Aug.'
Aug.
24
25
26
27
29
30
...
—
--*:
43
43
43
-43
43
43
cents
five days..
All cities, one day...
cents
cents
Total all cities for week.,
-30.6
-29.4
cents
cents
cents
of exchange on New York recorded during the period
from the 25th to the 31st August was
five days
YORK
—11.3
—15,9
—20.6
$4.88% and the lowest $4.84%.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
FOREIGN
EXCHANGE
RATES
we are able to give final and complete
week previous—the week ended Sept. 10.
decrease of 8.7%, the aggregate
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
present
further below,
results
for
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
of
Pursuant to the
give below a record for the week just
passed:
the
For that week there was a
clearings for the whole country having- amounted to
$4,338,615,481, against $4,754,541,406 in the same week in
Financial
1724
there was a decrease of 12.1%,
this center having recorded a loss of
6.2%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
Sept. 17, 1938
Chronicle
Outside of this city
1937.
the bank clearings at
Reserve District (including
decline of 6.6%, in the Boston
4.6%, and in the Philadelphia Reserve
District of 5.6%.
The Cleveland Reserve District suffers
a loss of
16.8%, the Richmond Reserve District of 5.2%,
and the Atlanta Reserve District of 6.8%.
In the Chicago
that in the New York
appears
this city) the totals
Reserve District of
record
a
falling off of 18.1%, in the St.
Reserve District there is a
District of 10.8%, and in the Minneapolis
Reserve District of 10.6%.
In the Kansas City Reserve
Reserve
Louis
are
smaller by 11.4%, in the Dallas
6.8%, and in the San Francisco Reserve
totals
the
District
Reserve District by
District
Week Ended Sept.
10
Clearings at—
Inc. or
1936
Dec.
1937
1938
1935
%
Seventh Feder al Reserve D istrict—Chic ago—
255,477
Detroit
Grand
—11.2
207,566
365,349
70,726.568
—16.7
75,202,473
2,307,817
1,313,189
83,109,513
2,313,958
2,604,692
—24.6
1,155,164
935,977
—25.4
692,560
—26.0
906,255
841,678
13,858,000
15,336,000
—9.6
14,722,000
944,052
1,164,877
—19.0
1,003,416
14,378.000
811,806
3,795,920
Rapids.
4,444,504
16,489,134
—14.6
4.412.750
4,362,822
—10.6
16,723,645
16,849,421
952,594
861,391
Lansing
Ind.—Ft. Wayne
Indianapolis
South
287,772
58,932,473
1,963,157
Mich.—Ann Arbor
Bend..
Terre Haute..
Wis.—Milwaukee
14,736,342
1,126,131
954,499
+ 11.7
1,061,465
7.529,514
7,431,881
+ 1.3
6,841,686
6,337,491
2,829,748
2,676,606
+ 5.7
3,057,922
261,052,181
618,236
1,056,484
la.—Ced. Rapids
Des Moines
370,077
315,740
+ 17.2
3,103,766
363,539
214,738,294
270,403,588
—20.6
244,765,777
—8.6
881,638
Sioux City
111.—Blooming ton
Chicago
351,670
727,261
796,008
3,084,567
+ 1.4
3,808,034
1,034,639
3,098,072
1,211,563
3,081,499
1,194,864
+ 0.1
Rockford
Springfield..
1,134,292
1,185,247
—4.3
1.024.751
1,159,777
328,721,172
401,184,620
-18.1
379,684,406
402,650,115
Decatur
by 17.3%.
In the following we
furnish
a summary
by Federal Reserve
districts:
Peoria
...
CLEARINGS
SUMMARY OF BANK
Total (18 cities)
863,494
Inc.or
Dec.
1936
1935
%
1937
1938
1938
Week End. Sept. 10,
S
f
I Reserve Dis trict—St
Eighth Federa
Lo uls—
Mo.—St. Louis—
Federal
New
Cleveland—
Richmond
it
"
•i
6th
St. Louis...
9th
Minneapolis 7
—6.6
3,056,510.443
3.350,191,914
111.— Jacksonville
275.557,605
—5.6
286,968,928
329,652,532
245,645.541
—16.8
111,498,416
—5.2
237,831,382
110,521,216
,
604,000
—26.2
459,000
411,000
103,988,215
116,634,418
-10.8
117,579,599
120,763,023
Reserve Dis trict—Minn
Total (4 cities).
124,593,740
—6.8
125,176,703
eapolis
126,056,299
401,184,620
—18.1
379,684,406
402,650,115
116,634,418
—10.8
117,579,599
120,762,023
Ninth Federal
91,248,349
105,405.945
—10.6
86,812,836
106,950,635
Minn.—Duluth—
3,176,972
3,593,088
—11.6
2,446,328
117,097,764
—11.4
114,547,000
132,832,364
Minneapolis—
64,660,736
74,277,179
—12.9
55,766,485
2,718,138
74,180,875
20,637,027
21,462,528
—3.8
22,982,867
23,345,068
2,150,490
2,220,666
—3.2
572,364
+4.0
2,075,025
569,754
755,658
2,014,563
595,341
0
.'f
55,847,498
59,936,203
—6.8
57,473,716
50,188,864
Fran.. 11
•tn
174,347,939
210,938,95.5
—17.3
202,690,282
229,972,226
Paul
St.
N. D.—Fargo
S.D.—Aberdeen.
4,338,615.481
Canada
—8.7
4,953,967,427
5,411,374,410
2,047,263,179
—12.1
1,980,539,793
2,165,912,078
320,889,561
Outside N. Y. City.
4,754.541,406
1,799,320,223
112 cities
Total
297,008,148
+8.0
303.044,513
316,500,096
..32 cities
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Inc. or
1935
$
455,739
—19.6
649,762
513,907
1,625,940
—9.9
1,610,208
102,440,187
474,021
484,573
—2.1
239,362
324,668
—26.3
609,411
298,133
044,910
Fall
2,634,460
2,783,081
River
Lowell.—
_%
—3.4
564,936
653,782
2,769,640
—17.9
Conn.—Hartford
2,273,901
1,520,978
0,608,557
New Haven.
3,171,213
New Bedford-
Worcester
181,711,136
R. I.—Pro vie
as
City
109,601
127,411
95,247
+ 3.02
151,700
—10.1
122,999
138,841
2,287,454
—11.7
2,528,861
2,497,826
26,584,835
—9.2
27,482,166
34,148,335
2,063,721
3,808,115
85,306,181
1,792,585
+ 8.1
2,173,084
2,860,550
—24.0
2,044,183
2,409,530
69,669,331
79,583,348
—12.5
75,562,900
2,461,708
2,528,987
—2.7
1,937,456
Wichita
3,357,366
635,790
Pueblo
Total (10
038,865
—4).5
2,668,764
755,234
519,814
Joseph
St.
574,193
—9.5
862,762
631,747
117,097,764
—11.4
114,547,000
132,832,364
103,805,972
cities)
692,821
712,192
603,974
1,659,515
—8.3
1,708,575
1,324,683
7,437,070
—12.5
8,238,123
9,855,709
2,888,651
8,481,600
+ 9.8
3,071,833
7,188,000
—
106,950,635
24,128,277
Colo.—Col. Sprgs
—15.1
Springfield
86,812,836
299,510
Me.—Bangor
Mass.—Boston
—10.6
1,984,142
153,490,714
1,804,282
158,864,137
%
$
Reserve Dlst rict—Boston
Portland
105,405,945
2,020,135
Mo.—Kan. City.
S
566,329
3,378,316
136,345
Kan.—'Topeka—
1936
Dec.
1937
2,216,719
124,032
.
Omaha..
1938
—8.3
Reserve Dis trict—Kans
Tenth Federal
Lincoln
Clearings at—
740,900
794,949
2,485,171
94,248,349
Total (7 cities).
Hastings
Week Ended Sept. 10
572,775
749,665
.
Helena
—5.7
2,278,118
Mont.—Billings
Neb.—Fremont.
First Federal
x
x
x
x
446,000
-
240,019,512
98,289,754
Quincy
103,805,972
•i
#•
10th Kansas City 10
12th San
14,855,531
2,799,593,200
116,156,888
t
•i
4
11th Dallas
19,740,773
103,938,215
•i
Chicago —.18
8th
27,696,492
—6.8
328,721,172
10
Atlanta
7th
77,800,000
27,279,826
15,930,794
105,662,520
6
"
.
70,100,000
—10.0
14,846,346
211,575,710
201,272,676
5
6th
—11
26,999,624
190,401,378
260,243,677
PhlladelphlalO
4th
73,100,000
24,295,869
—4.6
186,455,001
2,613,484,747
I*
York. 13
2nd
3rd
64,400,000
Ky.—Louisville..
Tenn.—Memphis
177,835,928
12 cities
Boston
1st
S
S
Dists.
Reserve
—15.2
331,377
520,954
—36.4
8,085,200
410,576
2,991,088
8,456,500
339,788
Eleventh Fede ral
District—Da lias—
1,253,338
+0.8
1,267,302
1,114,454
—7.1
44,602,809
38,356,750
0,343,133
—3.1
5,518,589
5,621,183
2,361,000
Worth
Galveston
1,242,772
45,970,158
6,146,278
Dallas
Ft.
Reserve
42,705,556
Texas—Austin
2,020,000
1,997,000
+ 16.9
1,935,000
180,455,001
—4.6
Feder al Reserve D istrict—New
York-
Total (12 cities)
Second
N. Y.—Albany—
177,835,928
5,648,229
5,425,310
190,401,378
699,400
796,823
—12.2
729,639
763,838
2,681,926
3,563,317
—24.7
3,358,377
2,397,639
55,847,498
59,936,203
—6.8
57,473,716
50,188,864
211,575,710
0,178,441
Wichita Falls..
Iia.—Shreveport.
N.H.—Manches'r
13,651,564
Total (6 cities)
+ 4.1
1,339,882
822,593
+ 62.9
843,206
824,108
20,800,000
27,500,000
—24.4
24,400,000
Elm Ira
369,821
589,869
—37.3
535,779
29,400,000
566,081
Jamestown
551,131
628,541
—12.3
541,698
580,322
Bingham ton
Buffalo
New
York
—6.2 2,973,427,634 3,245,402,332
2,539,295,258 2,707,278,227
Rochester
6,274,507
6,355,162
—1.3
6,093,759
6,451,229
Syracuse
3,161,592
—11.7
2,971,404
3,550,847
Westchester Co.
2,811,107
3,581,859
2,345,393
Conn.—Stamford
2,933,683
250,275
+ 19.9
1,948,605
2,212,978
3,097,968
—5.3
2,566,182
2,768,359
282,718
—11.5
273,320
400,000
Twelfth Feder al Reserve D istrict—San
Franc isco—
33,511,467
29,410,856
Spokane
35,258,601
—16.6
32,167,553
6,859,000
Wash.—Seattle-.
8,801,000
—22.1
9,412,000
1,426,614
1,109,422
10,084,000
1,120,752
1,230.675
—8.9
Ore.—Portland..
24,746,363
22,873,723
+ 8.2
27,727,353
31,042,846
Utah—S. L. City
10.306,001
13,879,806
—25.7
12,902,467
13,754,992
3,123,009
—10.9
Yakima
3,014,391
3,526,008
2,386,356
3,087,913
—22.7
2,695,587
90,928,000
2.481,600
116,330,000
—21.8
108,252,000
2,782,343
Calif.—L'g Beach
Newark
10,732,603
14,629,384
—26.6
14,031,500
17,368,375
San Jose
2,816,702
—11.9
2,530,397
Northern N. J.
19,316,659
27,056,176
—28.6
22,699,015
26,955,659
Santa Barbara.
1,140,523
1,225,701
—6.9
1,042,261
Stockton
2,186,145
2,311,823
—5.4
1,519,659
2,856,309
128,503,529
2,791,425
1,179,490
1,612,738
174,347,939
210,938,953
—17.3
202,690,282
229,972,226
N.
J.—Montclair
Reserve Dls trict—Phila
delphi
363,679
—23.5
363,649
—25.7
278,170
386,992
*400,000
426,678
259,438
—9.8
240,759
—18.0
1,243,463
972,344
251,000,000
—5.6
277,000,000
1,080,967
—10.0
993,210
2,036,687
Scranton
1,122,592
2,179,202
2,123,000
—4.1
2,034,929
702,895
803,432
—12.5
1,416,498
1,133,307
Wllkes-Barre.
1,307,658
—13.3
1,312,232
N. J.—Trenton-
2,125,000
+ 26.5
2,001,000
Total (10 cities)
275,557,605
—5.6
286,968,928
329,652,532
4,338,615,481 4,754,541,406
—
3,607,000
260,243,577
cities)
Outside NewYork 1,799.320,223 2,047,263,179
1,431,356
2,688.200
.
York
(112
total
318,000,000
972,835
Grand
334,958
1,130,882
266,000,000
Reading
Fourth
320,837
927,452
<
Lancaster
Philadelphia
.
a—
233,914
270,117
-
Chester
Francisco
Total (11 cities)
Pa.—Altoona
Bethlehem
San
—6.6 3,056,510,443 3,350,191,914
2,613,484,747 2,799,593,200
Thlrd Federal
Pasadena
2,165,912,078
Week Ended Sept. 8
1,191,410
u*
riT
Inc. or
1938
1937
$
Canada—
$
90,740,315
Toronto
Feder al Reserve D istrict—Clev eland—
—8.7 4,953,967.427 5.411,374,410
—12.1 1,980,539,793
Dec.
1936
$
1935
$
85,576,041
%
+ 6.0
86,612,427
100,340,379
74,121,076
79,610,632
X
X
•
X
X
X
Cincinnati
45,989,886
49,534,013
—7.2
50,075,030
50,213,344
Cleveland
69,152,612
73,775,140
—6.3
72,822,280
70,611,774
9,453,800
9,222,600
+2.5
14,364,700
10.935,600
Columbus..—
63,682,769
60,307,386
Mansfield
1,151,244
Youngstown
Pa.—Pittsburgh
X
_
Total (5 cities).
78,525,134
204,272,676
1,295,205
X
111,818.583
245,645,541
—11.1
1,210,191
X
—29.8
—16.8
X
99,359,181
237,831,382
1,361,064
X
106.897,730
240,019,512
Montreal.
90,391,067
88,177,917
Winnipeg
57,218,989
14,213,445
41,252,697
+38.7
Vancouver
14,985,720
—5.2
14,102,223
13,786,397
Ottawa
24,310,177
25,867,884
—6.0
22,937,610
Quebec
3.653,986
3,902,605
—6 4
2.690,785
18,204.095
5,236,203
Halifax
2,576,707
2,208,063
+ 16.7
2,214,876
2,527,188
Hamilton
4,249,545
5,016,102
—15.3
3,612,916
Colgary
Ohio—Canton...
+ 2.5
4,960,570
4,527,288
+ 9.6
5,138,336
4,267,337
5.434.393
St. John
1,476,339
1,560,385
1,656,176
—10.9
1,536,188
1,474,389
+ 5.8
1,473,922
1,486,774
2,234,803
3,592,814
6,112,951
2,027,030
+ 10.2
1,998,908
3,268,851
+ 9.9
3,459,742
2,763,484
3,419,123
3,934,245
+ 55.4
6,917,616
Brandon
413,328
335.822
+ 23.1
376,820
Lethbridge
631,495
545,996
+ 15.7
425,420
596,461
Victoria
Fifth Federal
London
Reserve Dlst rict—Richm ond—
W.Va.—Hunt'toi
Richmond
372,814
—17.8
1,794,000
2,092,000
—14.2
1,988,000
2,160,000
37,499,708
Va.—Norfolk
36,601,228
+ 2.5
35.465,450
37,371,089
306,546
260,787
164,370
S.C.—Charlesto
972,606
1,357,053
—28.3
1,284,287
1.054,939
Md.—Baltimore
48,399,829
52,851,350
—8.4
41,734,619
51,504,737
Edmondon
Regina
1,523,283
4,743,596
265,995
+6.9
684,361
1,491,805
573,622
758,866
Fort William
740,570
777,115
—4.7
679,423
598,154
New Westminster
.
Sixth Federal
573,973
644,833
—11.0
729,243
613,954
Medicine Hat
Tenn.—Knoxvillc
Nashville
18,223,971
—8.4
17,556,611
18.266,081
105,662,520
111,498,410
—5.2
98,289,754
110,521,216
Reserve Dist rict—Atlant
a—
233,228
254,545
—8.4
255,096
359,894
Peterborough
583,986
515,187
+ 13.4
615,427
3,350,003
3,122.523
+ 7.3
2,914,043
3,263,989
13,298,145
14,781,058
—10.0
12,989,878
13,661,060
740,647
Sherbrooke
688,687
661,746
+ 4.1
545,645
603,805
Kitchener
918,321
1,017,952
—9.8
824.094
871,715
40,800,000
42,700,000
—4.4
44,600,000
40,400,000
Augusta..
925,796
1,161,936
—20.3
1,181,747
1,232,751
Macon...
728,885
1,097,609
—33.6
1,138,930
1.007,037
12,161,000
Ala.—Blrm'ham.
Mobile
12,250,000
—0.7
11,058,000
13,574,000
14,135,531
15,090,424
—6.3
15,612,735
15,389,581
1,654,425
Miss.—Jackson..
1,779,495
X
X
131,514
171,910
28,971,589
32,438,185
Vicksburg
—7.0
X
1,843,263
1,611,218
x
X
—23.5
192,622
147,915
—10.7
33.646,485
1,257,318
+ 1.5
1,650,493
720,720
535,112
+34.7
701,711
Brantford
16,689,831
Total (6 cities)
1,276,166
Moose Jaw
788,758
738,096
Saskatoon
2,247,110
2,239,583
+ 0.3
2,133,158
2,077,174
Prince Albert
310,701
391,305
—20.6
377,202
331,250
Moncton
687,868
783,782
—12.2
603,741
649,728
Kingston
560,036
563.619
—0.6
461,534
943,980
490,077
+ 92.6
394,816
524,653
401,938
Sarnia
437,297
490,208
—10.8
391,130
477,100
Sudbury
841,344
890.844
—5.6
745,219
857,650
320,889,561
297,008,148
+ 8.0
303,044,513
316,500,095
Windsor
Chatham
.
29,768,748
i
Total (32
Total (10 cities)
116,156,888
124,593,740
—6.8
125,177,703
cities)
126,056,299
*
Estimated,
x
No figures available.
Volume
Financial
147
MONTHLY REPORT
ON
Chronicle
1725
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF JULY 31,
1938
The
monthly report of the Treasury Department, showing assets and liabilities as of July 31, 1938, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's
"Daily Statement" for Aug, 31, 1938.
The report for July 31 is made up somewhat differently from previous
reports in that agencies and corporations financed
wholly from Government funds are not listed separately from those financed only partly from Government and partly
from private funds.
In the footnotes to the table below, an explanation is given of the simplification of calculation of
proprietary interest. As now computed, the Federal Government's proprietary interest in these agencies and corporations,
as of
July 31, was $3,764,174,296, and that privately owned was $371,834,558.
SUMMARY OF COMBINED STATEMENT OF ASSETS AND LIABILITIES
OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
UNITED STATES. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—JULY 31, 1938
.
Assets d
Investments
For footnotes
see
top of following
Real
column
Preferred
Loans
Securities
e
Accounts
Estate
United
Guaranteed
and Other
and Other
States
Cash
Capital
by
United
Receivables
Business
Stock, Ac.
Securities
All
Other
Other i
Total
Property
States
%
Reconstruction Finance Corporation
*2,084,701
25,854,968
130,313
hl22338136
3,231,645
1,163,908,955 531,694,277
Commodity Credit Corporation.—
Export-Import Bank of Washington..
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation.
h4,153,440
428,661 £14,220,121
600
33,630
1,639
9,679
2,378",919
3*3*826 23,470*536
258,051,556
14,877,089
27,065,727
17,464,777
5,001,612
_
Tennessee Valley Authority
Public Works Administration
7,297,306
2,297,445
768,909 203,000,172
31,724" 161
United States Maritime Commission.....
Rural Electrification Administration.....
6,661*990
53,382,176
18.722.311
63,228,616
51.809,971
191,892,189
Federal Housing Administration..
5,153,781
12,073,553
27,223,336
29,004,134
13,902"599
United States Housing Authority
Farm Credit Administration
kl03,098,834
781,703,434
2,013,645,164
Federal Farm Mortgage Corporation
Federal Land banks
Federal Intermediate Credit banks......
Banks for cooperatives
Production credit corporations..
£27,432,571
12,918,602
13,373,597
541,502
6,323,964
221,860,038
75,263,691
...
Regional agricultural credit corporations.
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus war
supplies)
United States Housing Corporation....
.
14,446".207
25,932,565
20,386.064
261*352
10,816,088
1,009,542
788,873
377,580 125,735,828
371,647
3,906,987
33,879
1
38.027.312
14,444,350
5,870,924 103,186,724
153,072,158
2,692,755
69,029
1,007,437
33,627
116,617
189,633
41,364
893,041
157,138
762,708,866
522,280
59,270,662
64,934,479
63,587,858
5,109,350
9,000,000
24,041,640
8,517478
13,914,629 101,810,722
4,702,806
1,221,986
53,811
552,698
60,592
"
62*892
3*312
Disaster Loan Corporation
Electric Home and Farm Authority
....
Farm Security Administration
Federal National Mortgage Association
Federal Prison Industries, Inc
Interior Department (Indian loans)...
Corporation.......
Panama Railroad Co.*
5,866,445
7,124,385
123.678
1,000
216,238
54,312
118,468
h3,391,202
2,794
741,593
20,556
3,407
14,757
22,419
589,331
3,327,322
3,929,966
300
339*779
20,359477
29,346,458
15,503,173
676,463
*5*736
120,893
9,262,054
7,397,651
170,461,590
42.651,168
602,178
267*437
17,058
2,296,313
4,497" 142
41,696,012
4,702,806
1,986,434
124,335
2*325
h929~,778
5*88*568
47,797,700
280,992,392
38,154,348
152,179,560
134,634,683
1,625,888,097
2,363,000,483
311,474,903
185,940,645
121,607,200
21,820,350
1
170,461,590
41,660,907
1,916,204
530,097
3,152,862,029
114,538,597
"
17,243
...
Puerto Rlcan Reconstruction Admin..
RFC Mortgage Co
Associated
73
S36"9li
10,259,404
585,801
4,065
War Finance Corporation.
Other:
Valley
6,038,458 528,315,786
1,385.173
........
United States Railroad Administration.
United States Spruce Production Corp.
atives, Inc
77,592,855
17,0*15*656
1,100,000
10,222,556 102,831,286
147,797",700
Federal Savings A Loan associations
Federal Home Loan banks
Tennessee
16,340,062
22,295,321
63,228,616
Home Owners' Loan Corporation*.
2,248,981 ,684 1212273 ,610 139,136,835
Federal Savings A Loan Insurance Corp..
99,509
Inland Waterways
36,711,537
1,786,211,883
380.554,235
22,273,392
5,001,612
441,686,746
229,703,894
54,019,422
193,070,869
258,300
60,483
6,815,144
1,916,204
26,015,264
46,026,710
4,497,142
43,513,729
242,316
98*471
hl,692"617
Cooper¬
.........
.....
245,893
28,825
25,061
301,970
2,201
Treasury Department:
Railroad loans (Transp'n Act, 1920).
Securities received from
the RFC
30,230.233
2,774,400
under Act of Feb. 24, 1938.
Inter-agency items:
30,230,233
2,774,400
m
Due from governmental corporations
or agencies
Due to governmental corporations or
agencies..
...
Total
...
7,584,028,680 791,798,477 379,603,664 673,893,134 160,167,852 883,255,836 414,651,440 432,036,075 806,639,614 12,126,074,772
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United States
Interests
of Assets
Guaranteed
Not
by
Guaranteed by
United States
United States
Over
Total
Liabilities d
Privately
Owned
Owned by
United Slates
Capital
Surplus
Interagency
Interests
Stock
$
Reconstruction finance Corporation...
Federal Deposit
.
Rural Electrification Administration
Home Owners' Loan Corporation*.....
2,961,584,115
Federal Savings A Loan Insurance Corp..
Federal Savings A Loan associations
Federal Home Loan banks
United States Housing Authority.
Federal Land banks
Federal Intermediate Credit banks
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
Navy Department (sale of surplus war
supplies).......
United States Housing Corporation
115,502*505 3,077,086*620
972,478
112*,4*6*5", 514
1.335,941
1,955,828
394,006
:*»
394,006
6,567,906
6,567,906
....
Banks for cooperatives
Production credit corporations
104,152,565
972,478
*619*887
Federal Housing Administration
5,034,255
112*465*,514
.........
Farm Credit Administration.,
Federal Farm Mortgage Corporation
152",3*87*189
104,152,565
.
677,818,875
279,147,350
414,437
5,034,255
Insurance^Corporation
Tennessee Valley Authority
Public Works Administration
United States Maritime Commission
£166,746,234
72,587,828
414,437
152,387*189
511,072,641
206.659,522
Commodity Credit Corporation....
Export-Import Bank of Washington
Federal Crop Insurance Corporation.
1,420",032*604
£48,766,782 1.468,799,286
1,839.547,928 1,839,547,928
£216,474,936
216,474,936
£2,548,847
163,852
3,942,532
2,548,847
163,852
3,942,532
,108,393,008
1,108,393,008
500,000,000
101,406,885
101,406,885
21,858,955
21,000,000
5,000,000
5,001,612
289,299,557
224,669,639
5,001,612
139,299,557
150,000,000
224,669.639
54,019,422
88,918,304
63,228,616
54,019,422
88,918,304
63,228,616
75,775,409
113,566,119
47,797,700
168,626,878
36,198,520
151,785,554
128,066,777
157,088,811
523,452,655
94,999,967
183,391,798
121,443,348
17,877,818
75,775,409
43,785,878
185*.199*326
3*.54*9*803
5,000,000
b42*,91*M89
31,928,361
b20,146,099
10,695,896
20,146,099
5,000,000
12,877,818
a4,702,806
33,414,616
c31,428,482
100,000
*191",593
1,000
8,981
C755.081
58,767
9,981
9,981
17,135
6,488,894
145,785,554
38,915,666
b85,000,000
45,146,066
741,593
17,135
6,488,894
"*11*807
c39,224,591
13,566,119
1181,523,364
United States Spruce Production Corp.
War Finance Corporation
10,575
b780,595
70,000,000
149,000,000
120,000,000
4,702,806
1,986,434
118,468
741,593
1,986,434
1,612
2*607*902
a24.312,950
200,000,000
100,000,000
410,957,603
1,406,885
*858*955
94,999,967
179,841,995
121,443,348
17,877,818
118.468
4,702,806
150,000,000
a222,842,332
a54,019,422
a88,906,497
113,566,119
47,797,700
47,797,700
124,741,000
124,741,000
a36,198,520
36,198,520
1,000,000
151,785,554
128.066,777 al28,066,777
200,000,000
157,088,811
124,801.520
338,253,235
United States Railroad Administration
10,575
£197,435,405
100,000,000
21,858,955
1,443,348
all8,468
450,000
Other:
Disaster Loan Corporation
Electric Home and Farm Authority
Farm Security Administration
Federal National Mortgage Association
Federal Prison Industries, Inc......
Interior Department (Indian loans)
Inland Waterways Corporation
Panama Railroad Co.*..
;
Puerto Rican Reconstruction Admin..
RFC Mortgage Co
Tennessee
Valley Associated
30*,709*985
30,*709*985
162,717
162,717
*952*236
*952*236
855,539
855,539
*994*433
*9*94*433
9,244,919
908,757
10,000,000
908,757
170,461,590
11,941,183
170,461,590
11,941,183
al70,461,590
6,852.427
1,916,204
25,063,028
45,171,171
4,497,142
42,519,296
6,652,427
1,916,204
9,244,919
85C.000
10,000,000
l",152*970
4,113,378
2,639,049
25,063,028
45,171,171
al,916,204
12,000,000
7,000,000
38,649,458
b478^287
4,497,142
a4.497,142
42,519,296
25,000,000
*368*953
17*1*50*343
300,970
788,213
13*063*628
Cooper¬
301,970
301,970
1,000
Railroad loans (Transp'n Act, 1920).
Securities received from
the RFC
30.230,233
30,230,233
830,230,233
under Act of Feb. 24, 1938...
Inter-agency items: m
Due from governmental corporations
or agencies
Due to governmental corporations or
agencies...
2,774,400
2,774,400
82,774,400
atives, Inc
Treasury Department:
<
Total
a550.854.840
b550,854,840
817,416,043
5.099,868,69912,890,197,249 7,990,065,918 4,136,008,854
17,416,043
371,834,558 3,764,174,296 3,323,306,652
596,867,644 nl56.009,000
Financial
1726
Sept. 17. 1938
Chronicle
Amount
FOOTNOTES FOR PREVIOUS
a
TABLE
non-stock proprietary Interests),
Non-stock (or Includes
inter-agency assets (deduct).
(deduct).
d Exclusive of lnter-agency assets and liabilities
b Excess
Deficit
c
(except bond Investments and
deposits with Reconstruction Finance Corporation).
e Excludes unexpended balances of appropriated funds,
f Also Includes real estate and other property held for sale,
fi Adjusted
AUCTION SALES
The
for lnter-agency Items
includes
h Also
and items In transit.
the Reconstruction Finance
with
deposits
$50,000
Sept. 7—The First National Bank in Cooperstown, N. Dak.
Effective
Aug. 31,
1938.
Liq. agent: Geo. H. Johnston
Cooperstown, N. Dak.
Succeeded by the First State Bank of
Cooperstown, N. Dak.
Corporation and
following securities^were sold at
auction'oiijWednesday
of the current week:
hi
-■
accrued Interest thereon.
i Shares of State building
and loan associations, $41,216,310; shares of Federal
savings and loan associations,
j Assets not classified.
Tr^flsury
$171,057,300.
held by the United
for estimated amount of uncollectible obligations
Administration.
1 Includes $4,449,448 due to Federal Land banks from the United States Treasury
for subscriptions to paid-in surplus.
m Represents
inter-agency assets and liabilities of the Treasury Department
and of Government agencies, which agencies are not Included in this statement.
n Represents
inter-agency holdings of capital stock and paid-in surplus Items
which are not deducted from the capital stock and paid-in surplus of the corre¬
k Net after deducting reserve
held by the Farm Credit
*
Bigelow Wire Works, preferred, par $50; 15 80-100 Challis Realty Corp.,
common, voting trust certificate; 3 Insurance Building Corp., common; 10
Building Corp., preferred, par $100; 80 Kreuger & Toll Co.,
by the issuing organizations.
Insurance
American certificates, par
the proprietary Interest represented by the
$5.33; 2 La Salle Extension
Sept. 1963 registered
preferred, par $100
13 Consolidated Investment Trust, common,
3
Sat.,
Mon.,
Tues.,
Sept. 12
Sept. 13
19 7-16d.
19 9-16d.
Gold, p. fineoz.144s.4Hd. 144s.7%(l. 144s. 7d.
Consols, 2M%- Holiday
£72%
£72
Wed.,
Sept. 14
Frt.,
Thurs.,
Sept. 16
Life Insurance Co.,
par
par
$10
Sept. 16
19 ll-16d. 19 9-16d.
19 7-16d.
144s. lid. 144s. 3d. 144s.8J4d.
£70
£73
£72
Shares
15
$ Ver Share
2 54
Stocks
Hill Manufacturing Co
4 Oxford Paper Co.,
preferred
$100
—-—---—
Co., par $10
Co., preferred, par $100
3 Mass. Real Estate Co., par
25 Holyoke Water Power
——
5 Judson L. Thomson Mfg.
£10014 I
£97%
Holiday
£100%
£100
3% Waltham Watch Co., 6%
35
preferred, par $100
Holiday
£112M
£110%
£99541
British 4%
1960-90
The
States
£11054:
£107
DIVIDENDS.
£110
price of silver per ounce (in cents) in the United
the same days has been:
on
Bar N.Y. (for.)
42%
42%
42%
42%
42%
64.64
Closed
64.64
64.64
64.64
64.64
U. 8. Treasury
(newly mined) 64.64
REDEMPTION
CALLS
AND
SINKING
FUND
NOTICES
Below will be found
a
list of bonds, notes and preferred
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Departmentin the week when declared.
The dividends announced this week are:
Dividends
are
__
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
location in which the details were given in the "Chronicle":
Date
Company and Issue—
Page
Oct.
1
Sept. 16
Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds
Nov. 1
Cincinnati & Muskingum Valley ER. 1st mtge. 4s
Sept. 29
Cleveland Akron & Columbus Ry. 1st consol. 4s
"---Sept. 29
Bear Mountain Hudson River Bridge Co.. 1st mtge.
♦Charleston Transit Co. 1st mtge. 5s
7s
727
1770
1332
1636
1636
bonds
Consolidated Oil Co. preferred stock
♦Consolidated Water Co. of Utica—
1st mtge. 5s
Ref. mtge. 4%b
Council Bluffs Gas Co. 1st 5s, 1928
County Gas Co. 1st mtge. 5s
Crucible Steel Co. of America 10-year 5s
Cumberland Valley Telep. Co. of Pa. gen. mtge. bonds
Dallas Gas Co. 1st mtge. 6s, 1941
Dayton Power & Light Co. 1st mtge. 354s, 1960
Detroit Edison Co., 6% bondsseries E, 1952
Diamond State Telephone Co. 654% pref. stock
Dominion Gas Co., 5% coll. trust bonds,
10
1484
Oct.
1st mtge
Oct.
1
1484
Nov.
Commonwealth Edison Co
1
1772
1772
Nov.
1
Nov. 1
Oct.
1
Sept. 29
Oct.
1
Oct.
1
Oct.
1
Oct.
1
Oct. 15
Jan. 1, *39
1485
1485
1485
1637
1485
1485
736
111
1034
East St. Louis & Interurban Water Co.—
bonds, series A & B
Jan. 1,'39
268
Empire Oil & Refining Co. (Cities Service Oil Co.) 554s,
1927
Oct.
5
1030
♦Fairbanks, Morse & Co. preferred stock-Nov. 15
1775
Federal Light & Traction Co. 1st lien gold bonds...
Oct. 14
1638
Goulds Pumps, Inc., 1st mtge. 6s, 1942-.
Oct.
1
1488
Gulf States Utilities Co. 10-year 454s, 1946.
Oct.
1
1340
Hamilton Cotton Co., Ltd., 1st mtge., 554s, 1948
Sept. 19
741
Indianapolis Power & Light Co., 1st mtge. 5s, 1957
Oct. 11
1038
Lone Star Gas Corp. 654% preferred stock
Nov. 1
1641
Mc Coll Frontenac Oil Co., Ltd., 6% 2<Kyear bonds
Oct.
1
1040
Morristown & Erie RR. Co. 1st mtge. 6s, 1943
Sept. 30
1495
National Gypsum Co. 15-year 6s, 1943
Oct.
1
1496
New York Steam Corp.—
1st mtge. 6s, 1947
Nov.
1
1349
1st mtge. 5s, 1951
.—Nov. 1
1349
1st mtge. 5s, 1956
Nov.
1
1349
Nord Railway Co., 654s, 1951Oct.
1
1044
Norfolk & Portsmouth Belt Line RR. gen. mtge. 5s, 1965-_Oct.
1
1497
Northwestern Electric Co. 1st mtge. bonds. 1945
Nov.
1
1498
♦Omaha & Council Bluffs Street Ry. 1st mtge. bonds
.Sept. 28
1787
Ottawa Lt.. Heat St Pow. Co., Ltd.. 5% ref. mtge. bonds -Oct.
1
751
Pillsbury Flour Mills Co. 1st mtge. 6s, 1943
Oct.
1
1500
Company and Issue—
'
Date
Page
Pittsburgh Cincinnati Chicago & St. Louis Ry. consol.
mtge. bonds
Sept 29
1500
Porto Rico Telephone Co. 6% 1st mtge. bands
__Sept. 20
1645
Provincial Paper, Ltd., 20-year 1st mtge. 554«
Nov.
1
1349
Public Service Co. of Nor. 111., 1st & ref. mtge. bonds
Oct.
1
901
San Antonio Public Service Co., 1st mtge. 6s
Jan. 1 '39 x3679
Sauda Falls Co., Ltd., 1st mtge. 5s, 1955
Oct
1
1502
SpangChalfont&Co., Inc., lstmtge. 5s. 1948
Oct.
3
905
(James) Talcott. Inc., 554% partic. pref. stock
Nov. 10
1505
Tennessee Public Service Co. 5% bonds
Occ.
4
1646
Texas Cities Gas Co. 1st mtge. 5s
Oct.
1
1505
Toledo Edison Co., 1st mtge. bonds, 1962
Oct. 13
1209
♦Toledo Walhonding Valley & Ohio RR. 1st mtge. 4s
Sept. 29
1789
Union Water Service Co. 1st lien 554s
*.__-Sept. 21
1506
Wheeling Terminal Ry. 1st mtge. 4s
Sept. 29
1510
(Alan) Wood Steel Co. 1st mtge. 6s. 1944
..Oct.
1
1510
First mortgage
-
-
Announcements this week
x
Page in Vol.
Name of
Share
Company
NATIONAL
25c
75c
Oct.
Aetna Iasurance
40c
Oct.
7c
Oct.
(quar.)
Affiliated Fund, Inc
15c
50c
A
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Amount
Sept. 2—The Planters National Bank in Fredericksburg, Va
$100,000
Effective Sept. 1, 1938.
Liq. agent: Paul Karsten Jr., Fred¬
ericksburg, Va.
Absorbed by: The Farmers & Merchants
State Bank of Fredericksburg, Va., incorporated.
Oct.
Sept. 15
Sept.15
Sept.15
Sept. 23
Sept. 23
Sept. 15
Sept. 15
Sept.20
Sept.20
Sept. 30
Preferred
(quar.)
—
American District Teleg. (N. J.) (quar.)
Preferred (quar.)
25c
American Maize Products
Preferred
Oct.
Oct.
Oct.
$1%
25c
Sept
1-3134 Sept
Sept
n%
Oct.
$i%
7% preferred (quar,)
American Brake Shoe & Foundry
$1%
(quar.)
10c
Stove
Anchor Hocking Glass Corp.
(no action).
30c
tSlM
t$lH
1234c
$6 preferred
Automatic Voting Machine
(quar.)
25c
Special
25c
Automobile Insurance (Hartford) (quar.)
Barker Bros. Corp., 55-4% pref. (quar.)__
68%c
$334
Bank of New York (quar.)
Bangor Hydro-Electric
534% preferred (quar.)
Bickford s, Inc. (quar.)
Preferred (quar.)
Birmingham Electric, $7 preferred
$6 preferred.
Bliss & Lauglin, Inc., pref. (quar.)
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston Insurance Co. (quar.)
Building Products, class A & B (quar.)
California Packing Corp. (quar.)
5% preferred (quar.)
Canadian Oil Cos., pref. (quar.)
Canadian Westinghouse Co. (quar.)
Carolina Power & Light $7 pref. (quar.)
$6 preferred (quar.)_
Central Maine Power 7% preferred
Sept
Sept
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
$654 convertible preferred
Anheuser-Busch, Inc
Arkansas Power & Light, $7 pref
30c
14*
23
23
15
15
20
20
10
23
23
1 Oct.
Nov.
23
22
22
14
14
17
15
Oct.
30c
Oct.
62 34c
$134
$134
3734 c
$1
10
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept.30 Sept.
Oct. 31 Oct.
6834c
15
62 34c
$4
Oct.
31
Oct.
1
50c
Oct.
1 Sept. 16
25c
Nov. 15 Oct.
31
6234c
$2
Nov. 15 Oct.
31
Oct.
Sept.20
Oct.
Sept. 20
50c
Oct.
$134
$134
t$l 34
Oct.
Sept. 20
Sept.17
Sept.17
Sept.10
Chemical Bank & Trust Co. (quar.)
45c
Oct.
City Ice & Fuel Co
City Investing Co., preferred (quar.)
Cleveland Elec. Illuminating Co., pref. (quar.)_.
Cleveland Graphite Bronze (interim)
30c
- —.
—
Climax Molybdenum Co
;
Colt's Patent Fire Arms (quar.)
Commercial National Bank & Trust (qu.)____
Consolidated Copper Mines
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, 8% pref.
Continental Gas & Electric, 7% pref.
(quar.)__
(quar.)--
Corroon & Reynolds, $6 preferred
A
Davega Stores Corp., 5% cum. pref. (quar.)__
Deposited Insurance Shares—Series A & B
A & B (quar.)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
(quar.):
Duplan Silk Corp., preferred (quar.)
Eagle Picher Lead, preferred (quar.)
East Missouri Power Co., 7% cum. pf. (S-A.)_
Elec. Bond & Share Co., $6 pref. (quar.)
$5 preferred (quar.)
:
Electric Storage Battery Co
Preferred (quar.)
Driver-Harris Co., pref.
154%
25c
30c
Oct.
Oct.
Sept:
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.30 Sept.
Sept. 30 Sept.
50c
$2
Sept.30
75c
Oct.
20c
Oct.
1
12 34c
20c
Connecticut Gas & Coke Security pref. (qu.)
Connecticut General Life Insurance
*
634 % preferred (quar.)__
The
Oct.
Oct.
25c
Aluminum Goods Mfg. Co
Amerada Corp. (quar.)
American Bakeries Corp., class
Class B
Diamond Shoe Corp. (quar.)
from the office of the
Oct.
75c
(quar.)
Extra...
American
Oct.
Sept. 30
Sept. 30
Sept.30
Sept. 15*
25c
25c
Air Reduction Co., Inc.
Record
Sept. 10
Sept. 10
Sept. 14
Oct.
Devoe & Raynolds, class
Preferred (quar.)
BANKS
o/
Aetna Life Insurance (quar.)
;
Aetna Casualty & Surety (quar.)
Detroit Edison Co
146.
Holders
Per
-
♦
—■
—
——
——
1%
25
24
20
19
90
$5
trust ctf. ($40 paid in liquid.), par
75 Judson L. Thomson Mfg. Co., common, par $20---15 Pelzer Mfg. Co., voting
3%%
War Loan.
'
—.$255 lot
30
26
4 54
--
$1
By Crockett & Co., Boston:
daily closing quotatons for securities, &c., at London,
reported by cable, have been as follows the past week:
Sept. 10
Postal
CABLE
FINANCIAL MARKET—PER
The
British
Aug. 1951 registered;
1J64 registered; 600 Challis Realty Corp. 6s
5s July,
25 Eastern States Exposition 4s
1 Dennlson Manufacturing Co., 7%
in form.
19^d.
University, preferred,
$100; 16 La Salle Extension University, common, par $5; 40 8-100 New
England Lime Co., common; 30 Springfield Mortgage Corp., par $100:
5 Worcester Building Trust, common; 385.20 Cheney Bigelow Wire Works
par
prietary Interest" of the Treasury, have been omitted (except for such Items as
included in the inter-agency assets and liabilities shown herein) for the purpose
Silver, per oz..
$80 lot
20
20
Investment Co., par $50-_.
*——
4 Penn Anthracite Collerles, common; 6 Penn Anthracite Collerles, preferred:
1 Araerex Holding Corp., par $10; 1-10 Amerex Holding Corp.,; 40 Cheney
are
as
1%
20
New Haven &
5 Boston
capital stock, paid-in surplus, and non-stock interest in governmental corporations
and agencies which were offset by a correspoding ittem under "inter-agency pro¬
ENGLISH
$ verr Share
13%
.
Associates, 20 at 13 K and 30 at
Co., $6 convertible paiticlpating preferred
22 Massachusetts Real Estate Co., par $50
„
—
120 Houghton & Dutton Building, Inc., and 55 New York
Hartford RR., common, par $100
8 Massachusetts Real Estate Co., par $50
50 Old Colony Trust
50 Temple Coal
Preliminary statement,
Note—Effective with this statement,
of simplification
Stocks
Shares
Includes only the amount of shares
sponding organizations.
o Excludes obligations reacquired and held
^TBy-RTL. Day & Co., Boston:
Oct.
15
Oct.
1
1
19
23
27
20
23
23
Sept. 19
Sept. 21
Sept.15
Sept.17
Sept. 30
Nov. 15 Oct.
14
$2
Oct.
1 Sept. 19
$134
t75c
3134c
Oct.
1 Sept.
234%
$1
25c
$154
25c
$154
$134
$134
$134
$2
15
1 Sept. 23
Sept. 26 Sept. 20
Nov.
1 Sept. 15
Oct. 15 Sept. 27
OctSept.24
Oct.
Sept. 24
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 20
Oct.
Sept.23
Oct.
Nov. 20
$134
Oct.
$334
$134
$134
Nov.
1 Oct.
7
Nov.
1 Oct.
7
50c
50c
Oct.
Sept. 20
Sept. 30 Sept. 19
Sept. 30 Sept.19
Volume
Financial
147
Per
Name of Company
Payable
14%
75c
$1H
$6
1%
1%
$25
t$1.31
t$1.12
Oct.
Sent. 20
Universal Products
$1H
Oct.
Sept. 30
Oct.
Sent. 21
Virginian Railway....
Preferred (quar
Wayne Pump Co. (quar.)
Wellington Fund, Inc. (quar.)
Western Pipe & Steel Co. (quar.)
Weston Electrical Instrument Corp.—•
Class A (quar.)
Wheeling Steel, $5 prior preferred
6% preferred (no action).
White Rock Mineral Sorings Co.—
1st preferred (quarterly)
2nd preferred (quarterly)
Winn & Lovett Grocery, class A (quar.)..
Class B (.quar.)
Preferred (quar.)
Wood ley Petroleum Co. (quar.)
c
S*>i«t. 19
Oct.
Gold & Stock Teleg.
(quar.)......
—
Gorton-Pew Fisheries (quar.)...
5c
25c
Gulf Power Co., $6 preferred (quar.).....
(quar.)
Harvey Hubbell, Inc. (quar.)
Haverty Furniture Co3., preferred (quar.)
Hartford Fire Insurance (quar.)
Hinde & Dauch Paper (no action)
Preferred (quar.)
——_ —
Holophane Co., Inc..
Preferred (s.-a.)
Hormel (Geo. A.) (quar.)
—
Preferred (quar.)...
Horn & Hardart Baking (quar.).
....
$1H
Harshaw Chemical, preferred
20c
.....
37 He
50c
—— _
—
—
Oct.
Oct.
1 Sept.
$1.05
Oct.
Oct.
$1H
$1H
Oct.
75c
—
—
_
$1
Oct.
$14
Oct.
15 Sept. 30*
15 Sept. 30*
1 Oct. 20
25c
25c
20c
25c
30c
Oct.
Oct.
— —
Oct.
Oct.
Oct.
7% preferred (quar.)
Kentucky Utilities 6% preferred (quar.)
Klein (D. Emil) (qura.)
Quarterly
Preferred (quar.)
...
—
Oct.
Jan.
Dec.
Oct.
Oct.,
Oct.
Oct.
62 He
......
Koppers Co., 6% preferred.
Kresge Department Stores 4% pref. (quar.)——
Langendorf United Bakeries class A (quar.)
Class B (quar.)..
Preferred (quar.)..
,i—La Salle Extension University new pref. (quar.)
Lehigh Portland Cement Co. (quar.)—
4% preferred (quar.).
;
Lit Bros. $6 preferred..,
Lion Oil Refining (quar.).
Lipton (Thomas.J.) class A (quar.)
Preferred (quar.)
—
Liquid Carbonic (snecial year-end)
Louisville Gas & Electric Co. (Ky.)—•
7% cum. preferred (quar.).
6% cum. preferred (quar.)
5% cum. preferred (quar.)
MacAndrews & Forbes Co. (quar.)
...
Preferred (quar.)——— ——
Magor Car Corp. (quar.)..
Preferred (quar.)
Mahoning Coal RR
$2 preferred A (quar.)....—
—
$2.20 preferred (quar.)
Marlin-Rockwell Corp.______
McKay Machine Co
....
Preferred (quar.)
McQuay-Norris Mfg. (interim)
Merck & Co. preferred (quar.)...
Minneapolis Power & Light 7 % preferred
$6 preferred
...
6% preferred
Missouri Edison Co. $7 cum. pref. (qu.)
...
Nov.
Oct.
—
.Tan.
Oct.
Sept.16
Oct.
Sept. 22
Oct.
Oct.
Oct.
15iSept.
15|Sept.
15 Sept.
1 Sept.
25c
Oct.
25c
Oct.
10!Sent. 30
1'Sept. 20
37 He
Oct.
1 Sept. 20
50c
Oct.
Oct.
15 Sept. 30
15 Sent. 30
15 Sept. 39
Oct.
Oct.
$2
25c
Oct.
Oct.
$1H
Oct.
Oct.
Oct.
t$lH
$1H
_.
Oct.
6c
— —
15 Sept. 30
Oct.
25c
.......
Oct.
Oct.
Sept. 20
Sept. 20
Sept. 20
Sept. 22
Sept. 23
Sept.15
Sept.15
Sept. 15
Sept, 20
Sept.15
Sept.15
Sept. 15
24 Sept. 26
Oct.
$1H
6% preferred (quar.)
Oct.
$1H
5% preferred (quar.)
Oct.
50c
Morrell (John) & Co. (quar.)
Oct.
3 Sent. 93
$14
Murphy (G. C.) Co., preferred (quar.)
1 Sept. 20
Oct.
25c
Nachman Spring-Filled Corp. (resumed)
Oct.
15 Sent. 30
15c
National Bond & Share Corp
1 Sept. 19
Oct.
National Candy Co., 1st & 2d pref. (quar.)
$1*4
_
Oct. 15 Sept.30
25c
National Fuel Gas (quar.)
1 Sent.27
Nov
National Power & Light Co., $6 pref. (quar.)...
$1H
25c
National Steel Corp
Sept. 30 Sept. 23
Oct. 15 'ept.3 »
5 c
National Steel Car Corp....
Oct.
New England Power Assoc., 6% pref...
t$l
Sept. 21
$2 preferred..
t33 l-3c Oct.
Sept. 21
Oct.
40c
New Hampshire Fire Insurance Co
Sept. 17
15c
New Idea, Inc
Sept. 30 Sept. 14
•
Oct
'e^t.
New Orleans Public Service, $7 preferred
$1%
90c
New York & Honduras Rosario Mining.
Sept. 30 Sept. 20
New York Power & Light, 7% pref. (quar.)
Sept. 19
$1*4 Oct.
1 Sept. 19
Oct.
$1H
$6 preferred (quarterly).
Oct. 15 Sept. 30
Northern States Power (Minn.), $5 pref. (qu.)-.
$14
0'*t.
Northwestern Electric, 7% 1st pref
$1*4
Sept. 17
Oct.
25c
Ogilvie Flour Mills vquar.)
Sept. 20
Oklahoma Natural Gas, prior pref. (quar.)
Sept. 30 Sept. 21
$1H
Oct.
$5
Old Colony Insurance (quar.)
Sept. 20
Pacific American Fisheries (no action).
Oct. 15 Sept. 30
Pacific Lighting Corp., $6pref. (quar.)
$1H
Pennsylvania Gas & Electric, 7% pf. (passed).
$7 preferred (passed).
«2H
Sept. 1
Philadelphia Acceptance Corp., $5 pf. (s.-a.)
Oct. 15
30c
ept. 23
Philadelphia National Insurance
Oct.
50c
Phoenix Insurance Co. (Hartford (quar.)
Sept. 15
35c
Sept. 30 Sept. 16*
Plymouth Oil Co. (quar.)
Oct.
$14
Portland Gas & Coke, 7% preferred
Sept. 17
$1.07 Oct.
Sept. 17
6% preferred.
—
—
Oct. 15 Sept.16
3c
Premier Gold Mining (quar.)
15c
Oct.
Sept. 15
Providence Gas Co
25c
Sept. 29 Sept. 15
Providence Washington Insurance (R. I.)
$2 Oct. 15 Sept. 23
Procter & Gamble, 8% pref. (quar.)
1 Sept.20
33 l~3c Oct.
Rath Packing Co..
20c
Sept. 30 Sept.20
Reed Roller Bit (quar.)..
50c
Sept. 30 Sept.20
Extra
'—
1 Sept.23
37 He Oct.
Reliable Stores Corp., pref. (quar.)
1 Sept. 15
$1*4 Oct.
Rice-Stix Dry Goods Co., 1st & 2d pf. (quar.).
—
...
—
......—
.
75c
(quar.)
Reliance Electric & Engineering
Rubinstein (Helena), class A (quar.)
St. Louis National stockyards (quar.)
Sangamo Electric Co
Savannah Sugar Refining (quar.)
Seaboard Commercial Corp. (quar.)
12Hc
—
25c
Oct.
1
Sent. 22
Sept. 30 Sept.20
Oct.
1 Sept. 21
$1H
1 Sent, 24
Oct.
1 Sept. 20
Oct.
1 Sept. 15
20c
.......
Oct.
15c
50c
—
Sept. 30 Sept. 20
Sept. 30 8ept. 20
62 He
Oct.
Oct.
Oct.
1 Sept. 20
1 Sept. 23
Sept.
$1*4
$14
Oct.
Oct.
$1*4
40c
$1H
35c
18
27
27
20
20
20
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
s.ent. 3
Sept. 20
Oct.
Holders
When
Payable of Record
'
'—
$1H
Oct.
Oct.
75c
12Hc
12 He
$1*4
$1*4
$1H
1 Sept. 15
1 Oct. 20
SeDt.
8
Sept. 20 Sept.
9
1
Sept.15
Oct.
1
Oct.
1 Sept.14
1 Sept. 16
Oct.
Sept. 3( sept. 12
1
Sept. 24 Sept.
Oct.
1 Sept.15
Sept. 30 Sept.16
Dec. 31 Dec.
15
Sept. 30 Sept. 15
$1*4
Dec.
$1
10c
75c
$1*4
25c
$1H
34 He
—
1 Sept.17
Oct.
1 Sept.17
1 Sept. 16
1 Sept.15
Sept. 30 Sept.15
Oct.
1 Sept.10
Oct.
Oct.
Oct.
1 Sept.17
Oct.
15c
Oct.
1 Sept.
Oct.
1
«
Dec.
I
l
16
$1H
5
8
7
25c
25c
jC
5c
50c
50c
Nov.
Oct,
Oct.
1 Oct.
1 Sept.
1 Sept.
Sept. 24 Sept.
I Sept.
Oct,
Oct.
1 Sept.
Octi
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
1 Sept.
1 Sept.
Oct,
Oct.
1
Oct.
1
Oct.
1
50c
Nov.
1
75c
Oct.
1
30c
$1H
$24
87 He
1H%
15
14*
7
15
6
6
20
20
20
15
Sept.17
Sept. 8
Sept. 8
Sept.10
Oct. 15
Sept. 13
Sept. 13
Sept. 15
Oct.
1
1
6
3 Sept
15 Sept, 15
1 Sept. 20
Oct.
1 Sept, 10
Oct.
Oct.
Oct.
1 Sept.
Oct.
American Telephone & Telegraph (quar.)..
American Thermos Bottle Co.. 7% pref. (quar.).
American Tobacco Co. preferred (quar.)
25
1 Sept.
15 Oct.
1 Sept.
Sept. 30
American States Insurance (Tnd.) (quar.)—...
American Sugar Refining preferred (quar.)—.—
Nov
Oct.
Oct.
...——
—
15
Sept.15
Oct.
$1H
t75c
American Snuff Co. (quar.)-Preferred (quar.)—
15
Sept. 30 Sept. 20
$1H
l\%
Light Co., $6 preferred
Dec.
1H%
43 He
7% preferred (quar.)—
31
held.
20c
—
$5 preferred
—
American Safety Razor (quar.)—
American Shipbuilding Co---
Oct.
Oct.
50c
American Mfg. Co. preferred (quar.)
American Optical Co. 7% preferred (quar.)
American Power &
1 Sept. 20
50c
American Investment Co. of 111. $2 pref. (quar.) _
8 % preferred (quar.)
—
»
1
2
1 Sept. 16
1 Sept. 15
Sept. 26 Sept. 19
Sept. 26 Sept.19
Sept. 26 Sept.19
Oct.
1 Sept,15
Nov.
"Yd
15 Oct.
Sept. 22 Sept.
$1*4
(monthly)
...
Oct.
Oct.
$1H
American Indemnity (increased)-.-.--.——
American Insurance (Newark) (s.-a.)
Extra
Sept. 3(. Sept. 14
37 He
5c
—
American Home Products Corp.
American Ice Co. preferred
...
Richman Bros,
25c
Sept. 20
Sept. '15
Sept. 22
$14
pref .(quar.)
American Capital Corp., $3 preferred
American Cigarette & Cigar, preferred (quar.) —
American Cities Power & Light class A prefOptional div, at rate of l-32d sh. for each sh.
American Crystal Sugar, preferred (quar.)——_
American Cyanamid Co. com. class A & B (qu.)
5% cum. conv. pref. (quar.)
American Envelojw Co
7% pref. A (qu.) —
American Express Co. (auar.)
...
American Fork & Hoe, preferred (quar.)
American Gas & Electric Co. (quar.)
Preferred (quar.).------American Hawaiian Steam Ship Co. (quar.)
Sept, 30 Sept. 23
Sept, 30 Sept. 23
Oct.
1 Sept. 23
Oct.
.....
Oct.
Oct.
-
....
15 Sept. 30
55c
....
Montana Dakota Utilities
Oct.
50c
...
Sept.
Nov.
-
_
15 Sept. 30
15 Sept. 30
Oct.
%
11
50c
15c
^eot.
43 He
Preferred (quar.)..
— __
Oct.
Sept. 20
*6I)t. 26
Sept.17
10c
...
American Can Co..
13
50c
Oct.
Oct.
$2
Allied Stores Corp., 5% pref. (quar.)....._._
1 Sept. 91
— —
Sent. 20
Nov.
75c
(quar.)..—
Allis-Chaimers
14
2 Dec.
Oct.
—...
—...
Allied Laboratories, Inc. (quar.)
Allied Products Corp. class A com.
Sept. 26 Sept. 19
1 Oct.
Jan.
1*4%
1H%
IX %
Oct.
Oct.
Share
Oct.
Nov.
$1
25c
..
Company
Manufacturing
Alpha Portland CementAluminum Co. of Amer. 6% pref. (auar.)
Aluminum Mfrs., Inc. (quar.)
....
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
American Agricultural Chemical
American Bank Note....
Oct.
t$2
.....
75c
—_
30
30
30
20
...—
— .
24
15
20
23
20
62 He
37 He
50c
25c
....
—
20
W
Oct.
t50c
common (quar.).
Preferred (quar.)
Addressograph-Multigraph (quar.)
Aero Supply Mfg. class A (quar.) 1
Agnew-Surpass Shoe Stores preferred (quar.)..
Agricultural Insurance Co. (Watertown.N. Y.)Air Associates, Inc., common (quar.)
Common (quar. due in Dec. 1938).
$7 cum. preferred (quar.)
Alabama Power Co. $7 pref. (quar.)
$6 preferred (quar.)
$5preferred (quar.)
Alabama & Vicksburg Ry. Co. (semi-ann.)..
Allied Chemical & Dye Corp. (quar.)
20
Feb.
$1
50c
30C
75c
20c
50c
—
Abbott Laboratories
20
62 He
75c
...—
Sept.
Sept.
Sept.
Sept.
jept.
Oct.
Per
4
25c
$1H
$1H
$1H
$1H
Sept.19
Oct.
$14
$1H
we
Name of
Sept. 30
Sept.23
Sept. 23
Sept.14
Sept.14
Sept. 26
Sept. 20
50c
—...
......
Sept. 23
Sept.15
Sept.
21
25c
Island Creek Coal Co....——
Kansas Gas & Electric $6 preferred (quar.)
Oct.
50c
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Sept.15
Sept.15
Nov.
50c
-
—
(quar.)
Nov. 15 Oct.
35c
—
—
Nov.
Below
Sept. 30 Sent. 20
Sept. 30 Sept.17
Oct.
1 Sept. 16
Oct.
1 Sept. 22
68Hc
...
Illuminating shares class A (quar.).
—
Independent Pneumatic Tool. .—_—........
Indiana Pipe Line Co
—ju.
Interlake Steamship
International Button-Hole Sewing Machine....
International Nickel Co. of Canada, preferred..
Investment Foundation Ltd., 6% pref. (qu.)_ —
Oct.
$1*4
Sept.30 Sept. 23
1 Sent. 27
__—
—
15 Oct.
1
1
15 Oct.
Sept. 26 Sent.14
82 He
$2
$1H
—
.......
10
Oct.
—
...
1 Sept. 20
62 He
___________
1 Sept.15
Sept. 30 Sept, 10
Sept. 30 Sept. 10
Sept. 30 Sept. 21
25 5
;
— ..
1 Sent.10
37 He
—
...
Sept.15
25c
—
—
—
Sept. 30 Sept. 20
Sept. 29 Sept. 23
Oct.
1 Sept. 20
Sept. 28 Sent. 23
Sept. 30 Sept. 22
Oct.
Sept.19
$1H
—
Houdaille-Hershey class A (quar.)....
Household Finance Corp. (quar.)__
5% preferred (quar.)
Hussman-Ligonier Co. (quar.)
Preferred (quar.)
....
...
Sept. 19
Sept.23
Oct.
25c
Oct.
non-con v.
...
1 Sept. 20
Oct,
Oct.
21
Grand Rapids Varnish (quar.)
Grumman Aircraft & Engineering
Preferred (quar.)
......
50c
$1
$2H
$1
Holders
When
Payable of Record
Cumulative preferred
....
-
W
....
Oct.
Oct.
$14
(quar.)...
Stokely Bros,
.....
Sept.16
Sept. 20
25c
12 He
Oct.
Preferred
—
Extra.
'
Southern Natural Gas Co., class A
pref. (action deferred).
(action deferred).
Superior Portland Cement, class A__
Superior Water Light & Power, 7% pf. (quar.)—
Taylor-Colquitt Co. (quar.).
Thompson Products, Inc., pref. (quar.).,
Toledo Light & Power Co., pref. (quar.
Torrington Co. (quar.)....
...
United Fruit Co. (quar.)...
United Shoe Machinery Corp.
^
Preferred (quarterly)
Universal Leaf Tobacco Co., Inc
Preferred (quar.)
67c
Preferred
Share
Sherwin-Williams (Canada), pref.
Singer Mfg. Co
(quar.)..
Dec. 31 Dec. 24
Oct.
1 Sept.15
Oct.
1 Sept.17
Oct.
1 Sept. 17
Oct.
1 Sept. 20
General Paint Corp., preferred (quar.)
.....
General Public Utilities, Inc., $5 pref. (quar.) —
Gibson Art Co. (quar.)
—— — —
——
Ideal Cement
Name of Company
of Record
75c
...
........
—
Howe Sound Co__
Per
Sept. 29 Sept. 22*
Oct.
1 Sept. 23
Oct.
1 Sept. 23
Oct.
1 Sept.30
Sept.30 Sept. 23
*
_
General Electric Co.
Holders
When
Share
Empire Safe Deposit Co. (quar.)_.
Endicott Johnson Corp
5% preferred (quar .J
*
Fifth Avenue Bank (N. Y.) (quar.)
First National Bank of Jersey City (quar.)
Quarterly.
First National Bank (N. Y.) (quar.)..
Florida Power & Light. $7 preferred..
$6 preferred...
...
Florsheim Shoe Co., class A (quar,)....
Class B (quar.)
Foote-Burt Co. (no action)
Fuller (Geo. A,),4% preferred (quar.)
Fulton Trust Co. (N. Y.) (quar.)
1727
Chronicle
Oct.
Oct.
Oct.
American Water Works & Electric Co.—
(quar.)...
Appalachian Electric Power pref. (quar.)
$6 preferred (quar.)
Armour & Co. of Del. 7% pref. gtd. (quar.)
1st preferred
Art Metal Works (quar.)
Arnold Constable Corp.
Asbestos Corp., Ltd.
Extra
;
...
—— —-
Ashland Oil & Refining Co. (quar.)—.—
Associated Breweries of Canada com. (quar.)
7% preferred (quar.)..
5% preferred w. w. (quar.) —
5% preferred ex-w
—
—
Atlanta Gas Light Co. preferred (quar.)
Atlantic Refining Co., 4H% Pref. A (quar.).—
Auto Car preferred (quar.)
Autocar Co. $3 partic. preferred (quar.)—
Avery (B. F.) & Sons preferred (quar.)
Baldwin Co., 6% preferred (quar.)
Bangor & Aroostook RR. Co
5% conv. preferred—
—
BancOhio Corp. (quar.)
— ....
-
Bangor Hydro-Electric Co, 7% pref. (quar.)—
6% preferred (quar.)
;
Bankers Trust Co. (quar.)
Bank of the Manhattan Co. (quar.)
...——
Bastian-Blessing Co
Preferred (quar.)
—
——
Bayuk Cigars, Inc., 1st preferred (quar.)
Beatrice Creamery Co. (quar.)
$5preferred (quar.)...--.
Beecn-Nut Packing Co (quar.)
....—
Extra................—......—....
Oct.
1 Sept.
16
6
1 Sept. 6
1 Sept. 10
$1 4
Sept, 22 Sept.15
Sept. 20 Sept. 10
Sept. 30 dept. 15
Sept.3< Sept. 15
Sept. 30 Sept. 19
Sept. 3o Sept. 15
Oct.
1 Sept.15
Sept. 30 Sept. 15
Sept. 20 Sept. 15
Sept. 3r' Sept.15
M
1
Sept.l6
Nov.
1
Oct.
Oct.
1 Sept. 20
Oct.
Oct.
1 Sept. 20
1 Sept. 20
50c
10c
20c
.........-w.
Associates Investment iquar.)
Extra
$1H
$1*4
12Hc
5oc
(quar.)
—
$1*4
20c
—
—
$1H
50c
$14
75c
75c
37 He
$1^
63c
$1 4
20c
2c
Oct.
Oct.
Oct.
Oct,
Oct.
4
15 Sept.
1 Aug.
1 Aug.
Sept.
30
31
31
22
22
10
10
118
Oct.
50c
20c
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept. 15*
25c
Oct.
Sept. 15
Sept. 15
Sept. 30
Sept. 13
Sept. 13
Sept. 10
S1H
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
15
1
1
Oct.
25c
1
Oct.
1
14
Financial
1728
Per
Sh are
Name of Company
When
Sept.
Chronicle
Per
Holder»
Name of
Payable of Record
Share
Company
10c
Belgian National Rys. (American shares)
Oct.
1 Sept. 15
Sept, 19 Sept. 12
Creameries of America, Inc. (quar.)
Crowell Publishing Co. (reduced)
Bellows & Co. clash A (quar.)
—
Bell Telephone of Canada (quar.)—.,
Dec. 16 Dec.
1
Oct. 15;Sept.23
Crown Cork International Corp.—
Class A (quar.)
——————
Bell Telep. Co. of Penna. 6M% pref. (qu.)
Beneficial Industrial loan Corp. (quar.)...Preferred series A (quar.)... —
Oct.
Beech Creek RR. Co.
(guar.)* - - - * -—------
15 Sept. 20
Sept. 30 Sept. 16
Oct.
30 Oct.
15
Bethlehem Steel Corp.
Oct.
Oct.
1 Sept.
1 Sept.
B-G Foods, Inc., 7% preferred...-----,
Bird Machine (quar.)-—
Black A Decker Mfg.—
————
Boston & Albany RK, (quar.)..*-,—
Boston Elevated Railway (quar.)—
Oct.
1 Sept. 20
7% preferred (quar.)
5%_preferred (quar.),....——.»*
Sept. 28 Sept. 15
Sept. 24 Sept. 10
Sept. 30 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct,
1 Sept. 10
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 15
Sept, 30 Sept. 15
Sept. 30 Sept. 20
Oct.
1 Sept. 15
...
Boyd-Richardson Co. 8% 1st pref. (quar.)..—8% partic. preferred (quar.)——-———Brach (E. J.) & Sons (quar.).———
.*
Bralorne Mines Ltd. (quar.)——Extra.-.-,.---.-..;
—...
pref. (quar.)...
Bridgeport Gas Light Co. (quar.) - ---------
Brazilian Traction, Lt. & Pow.,
Briggs JM fg
- - -;
Briilo Mfg. Co., common (quar.)-.--.--—...
Class A
Oct.
(guar.)-... —
Oct.
Oct.
Bridgeport Machine, preferred (quar.)
British American Oil (quar.).,-
-
— - — — .—.
British-American Tobacco Co., Ltd. (interim)-.
5 % preference (semi-annual)—-—
. —
British Columbia Power class A (quar.).....
Broad Street Investing Co., Inc. (quar.)
Oct.
Oct.
Oct.
Oct.
40c
SIM
15 Sept. 30
1 Sept, 20
5 Sept. 20
1 Sept. 20
1 Sept. 20
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Nov.
~
60c
Burlington Steel Co. (quar.)...--—
—
Burma Corp., Ltd,, Amer. dep. rec. (final)-—'.
Burry Biscuit preferred (quar.). . .—- . - ..... Calamba sugar Estates (quar.)
1 Sept. 15
1 Sept. 15
1 Sept. 15
Sept. 20 Sept. 8
Oct.
1 Sept. 15
Cambria Iron Co. (semi-ann.)—--—
Canada Cement Co.. 0M% preferred—...—Canada Dry Ginger Ale Inc
....—
Canada Foreign Investment Corp.—
8% preferred (quar.).--.——
Canada Northern Fower Corp. common (quar.).
Sept.20 Aug, 31
Sept. 19jSept. 8
Oct.
Oct.
Oct.
Oct,
CanadianCelanesepartic.pref. (quar.).-......
—
Preferred (quar.)- -—,_
Canadian Oil Ltd., 8 % preferred
..... —,—-
(quar.)—...
.
—
Capital Administration, pref. A (quar.)
Carnation Co. (quar.)
Carpenter Steel Co. (Interim)-—
—
-—
—
•*;—
Carriers & General Corp
Case (J. I.) Co., preferred (quar.).--------..
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.).—
Sept. 30 Sept. 16
1 Sept. 16
1 Sept. 16
Sept. 30 Aug. 15
Oct.
1 Sept. 15
Oct. 31 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Oct.
1 Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 20
Oct.
1 Sept. 17
Sept. 20 Sept. 10
Oct.
1 Sept, 20
Oct.
1 Sept. 12
Oct.
1 Sept. 16
Oct.
1 Sept. 16
UA
m
t37||c
SIM
25c
75c
SIM
10c
5c
sim
fig
Nov.
SIM
37KO
4 Oct.
24
NoV.
1 Oct.
22
Oct.
1 Sept. 16
1 Sept. 17
1 Sept. 20
Oct.
75c
Champion Paper & Fiber Co. 6% pref, (quar.)--
$1M
Oct.
35c
25c
$1
Oct.
Chesapeake Corp.—.—
Chesapeake & Ohio Ry. Co——
Preferred A (quar.)-..-.-—..Chesebrough Mfg Co. (quar.)..
*
-
--------
Extra
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool $3 preferred (quar.)
—,
—-
Oct.
10c
$1
50c
SI
75c
Sept. 20 Sept. 10
Nov. 15 Nov.
...
--------
1 Sept. 8
1 Sept. 8
Sept. 26 Sept. 2
Sept. 26 Sept. 2
Sept.30 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Oct.
171°3
ism
M
-
— ...—
-
—
-
-
-
—
—
*
-
„
-
-
Continental Oil Co
Continental Steel pref (quar.)
Continental Telep. 7% partic. pref. (quar.).
—
.
0M% preferred (quar.)
;
Cosmos Imperial Mills, Ltd., 5% pref. (quar.)—
Cream of Wheat Corp..
25c
SIM
SIM
...
Sept. 15
Sept. 12
Sept. 12
Sept. 15
Sept. 16
Sept. 19
Dec.
19
Sept. 15
Nov. 10
Nov. 10
Sept. 15
Sept. 15
Sept. 20
Sept. 12
Sept. 12
Sept. 6
Sept. 20
Sept. 20
1
Sept. 9
Sept. 9
Sept. 10*
Sept. 10*
Sept. 9
Oct,
Oct.
Oct.
Oct.
——
(quar.)
Sept. 25
Dec. 25
Sept. 15
Sept. 17
Sept. 1
Sept. 30
Sept. 15
Sept. 15
Oct.
15
Sept.
Sept.
Sept.
Sept.
10
10
16
20*
1 Sept. 15
1 Sept. 15
1 Sept. 15
15 Sept. 30
1 Sept.20
ug
------
preferred-—,
David & Frere, Ltd., class A (quar.)
Extra, payable in cash or class B stock-——Dayton & Michigan RR. Co. (s.-a.) —
— —
8 % preferred (quar.)
—* -—
;—
Deisel-Wemmer-Gilbert Corp—-De Long Hook & Eye Co. (quar.)—————
Delta Electric Co. (quar.)———
—
Detroit Gray Iron Foundry (semi-annual)
Dentist's Supply Co of N. Y. (quar.)-7% preferred (quar.)--,---—-———-7% preferred (quar.)--..
Deposited Bank Shares, series A—--------—
Series NY
Derby Oil & Refining, $4 preferred---.------Diamond Match Company (quar.)
Partic. preferred--——
—
Dixie-Vortex Co., class A (quar.)-------— —
Dr. Pepper Co. (quar.)
Doernbecher Mfg. Co. (quar.)
...——^—
Dominion Coal Co., Ltd., pref. (quar.)-. ———
Dominion Tar & Chemical preferred (quar.).
Dominion Textile Co. (quar.)--
(quarterly)—
(s.-a.)
Dover & Rockaway RR. Co,
Draper Corp. (quar.)
——
—
—
25c
15c
10c
87 Mc
$1
35c
$1M
15c
$2
75c
13
1 Sept.
15 Oct.
5
14
_—----- —
—
(quar.) *———
Township Telephone—
—
Eastman Kodak Co. common (quar.)——
Preferred (quar.)
Ecuadorian Corp., Ltd.
Edison Bros. Stores, Inc. (quar.)
Electric Controller & Mfg- —*—Elizabeth & Trenton RR. Co. (semi-ann.)—
5% preferred (semi-ann.)— —
El Paso Natural Gas Co.Emerson Electric Mfg. Co. 7% pref. (quar.)
Empire Casualty (Dallas) (quar.).——
Emporium Capwell Corp
4M% Pref. A (quar.)--———
4M% preferred A (quar.)
Engineers Public Service Co.—
$6 preferred (quar.)---*-----------—-- —
Eastern
—
— ——
$5M preferred (quar.)
5 Dec. 20
1 Nov. 19
Jan.
Dec.
1
1 Oct.
Dec. 23 Dec. 23
Oct.
2%i
25c
75c
62m
7 Ac
I37c
1 Sept. "1
1 Sept.
1
Sept. 30 Sept. 15
Oct.
jtlM
mlf
75c
75c
$1M
$1M
1 Nov. 10
Dec.
2-10-39
3-1-39
Oct,
Dec.
1 Sept. 10
1 Nov. 18
Sept. 20 Sept. 6
1 Sept. 151
Oct,
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
12
1 Oct.
1 Sept. 15
15 Sept. 30
1 Sept. 30
1 Aug. 27
1 Sept. 15
25 Oct. 10
25 Oct. 10
15 Sept. 15
Sept.30 Sept. 20
Dec, 31 Dec. 20
3-31-39 3-20-39
6-30-39 6-20-39
Oct.
1 Sept.
15
36c
Oct.
SIM
$1A
3c
Oct.
15
1 Sept.
1 Sept.
3
3
25c
7§c
SI
SIM
50c
SIM
25c
25c
60Mc
56 Mc
Oct.
Oct.
1 Sept. 10
Sept. 24 Aug.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
Nov,
30c
20
16
20
:
1 Sept. 15
1 Sept. 17
3-3-39 Dec. 24
Oct.
Oct
20
20
20
Sept. 30 Sept. 20
Oct.
1 Sept.
1 Sept.
Oct.
-
j
31
20
20
1
Oct.
$1M
-------
$5 preferred (quar.)
——
Esquire-Coronet, Inc. (quar.)—.--—-—
Ex-Cell-O Corp
—
Falconbridge Nickel Mines (quar.)
Falstaff Brewing Corp. preferred (s.-a.)
—
Fanny Farmer Candy Shops (quar.)
—
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 24 Sept. 17
Oct.
1 Sept. 20
Sept. 20 Sept. 10
4c
m
——
———— — —
1 Aug. 31
Oct.
SIM
SIM
SIM
$1M
Preferred (quar.)
Preferred (quar.)—
Preferred (quar.)_ —
-
Oct.
Oct.
Duquesne Light Co. (quar.) — — .
Early & Daniel Co., pref. (quar.)
-
Oct.
Sept. 30 Sept. 20
m
-
1 Sept. 10
Oct.
$2
Duke Power Co. (quar.)———
Du Pont de Nemours (E. I.), preferred (quar.)-Debenture stock (quar.)-
Eastern Steel Products pref.
Sept. 30 Sept. 10
Sept. 24 Sept. 14
Dec. 24 Dec.
—
Preferred
Holderi
When
Payable of Record
$2
Preferred (quar.)-------—
Preferred (quar.)---—
Curtis Publishing Co. $7
50c
t25c
interim
1 Sept.
1 Sept. 12
Sept. 29 Sept. 14
1 Sept. 15
1 Sept. 15
Oct.
25c
Oct.
1 Sept. 15
25c
Oct.
1 Sept. 10
Farm rs"& Traders LLfe Insurance*(Syracuse) - S2M
1 Sept. 15
Oct.
25c
Faultless Rubber Co
Oct.
1 Sept. 20
35c
Federal Insurance Co. (J. C., N. J.) (quar.)
Oct.
1 Sept.
1
87 Mc
Feltman & Ourme Shoe Shop, preferred (quar.)
50c
Sept. 30 Sept. 15
Fifth Avenue Coach
Oct. 25 Oct. 14
25c
Filene's (Wm.) Sons.—
Preferred (quar.) ——.———
S1.18M Oct. 25 Oct. 14
15c
Sept. 30 Sept. 20
Finance Co. of Amer. (Bait.), class A & B (quar.)
8Mc Sept 30 Sept. 20
Class A preferred (quar.)-1 Sept. 10
Oct.
62 Mc
First National Stores, Inc. (quar.)-—
50c
Florence Stove Co.—
Sept. 30 Sept. 23
25c
Food M achinery Corp
Sept. 30 Sept. 15
- *
Preferred (quar.)
Sept. 30 Sept. 15
SIM
1 Sept. 20
Oct.
$1M
Foreign Light & Power 6% 1st pref. (quar.)—_
1
_,Sept. 20
t$2 Oct.
$6.50 cum. 2d preferred1 Sept. 15
37 Mc Oct.
Foster & Kleiser, preferred (quar.)---—
Oct.
25c
1 Sept. 15
Fox (Peter) Brewing (quar.)_——
----Oct.
1 Sept. 15
15c
6% conv. preferred (quar.)---.
------—
Nov.
1 Oct. 25
62 Mc
Franklin Rayon Corp., $2 M prior pref. (quar.). .
Oct.
1 Sept. 22
Fuller (Geo. A.) 7% pref. (quar.)
SIM
Oct.
1 Sept. 15
50c
Gall and Mercantile Laundry Go. (quar.)———
1 Sept. 15
Oct.
Gannett Co. $6 conv. pref. (quar.) —t
SIM
Sept.
1
Gatineau Power Co., preferred (quar.)
$1M Oct:
Sept. 20
General American Investors Co.,Inc.,pref.(quar)
$1M Oct,
Oct.
Sept. 17
15c
General Baking Co
——,*.——>.
Oct,
10c
Sept. 17
Extra
—:±_
Oct.
Sept. 17
Preferred (quar.) $2
lc
Oct.
Sept. 10
General Box Co. (quar.)
25c
Sept. 20 Sept, 10
General Candy Corp., class A (quar.)
Oct.
1 Sept. 10*
General Mills, Inc., 6% cum. pref.(quar.)-$1M
General Motors Corp., $5 preferred-—-*
SIM Nov. 1 Oct. 10
Oct.
1 Sept. 19
General Railway Signal, pref. (quar.)_ ——
$1M
1 Sept. 20
General Printing Ink Corp
10 c Oct.
——
Oct.
1 Sept. 20
$1M
$6 cum. preferred (quar.)1 Sept. 15
General Telephone Corp., $3 conv. pref. (quar.)
75c Oct.
1 Sept. 19
Oct.
General Time Instrument, preferred (quar.)
$1M
General Tire & Rubber, preferred (quar.)
Sept. 30 Sept. 20
SIM
Oct.
1 Sept. 15
IOC
General Water Gas & Electric.
1 Sept. 15
75c
Oct.
Preferred (quar.)
------;—
1 Sept. 15
SIM Oct.
Georgia Power Co. $6 pref. (quar.)—
——
Oct.
1 Sept. 15
SIM
$5preferred (quar.)
------—
15c
Gillette Safety Razor (quar.)
Sept. 30 Sept. 6
1
1 Oct.
Preferred (quar.)-SIM Nov.
—
...
Oct.
1 Sept. 15
40c
Glen Falls Insurance Co. (quar.)
1 Sept.16
Oct.
56 Mc
Glidden Co,4M% conv. pref. (quar.)
Oct.
1 Sept. 20
Globe-Wernicke Co.. 7% preferred (quar.) - - —
1 Sept. 17
Oct,
Oodchaux Sugar class A..
—
1 Sept. 17
Preferred (quar.)-*.-SIM Oct.
;**--■—-10c
Oct.
Oct.
-
—
*
—
—.——-***--
—
—
—
_
— —
*
-
— _— —
—
-
-----
_
-
—
Goebel Brewing Co
—;
-
Co. (quar.)-preferred (quar.) *;
Goodyear Tire & Rubber (Canada) (quar.)
Goldblatt Bros,
Preferred (quar.)
Grant (W. T.) Co.
5c
*
Gold & Stock Tel eg.
Sept. 15
Sept. 15
Sept. 15
Nov. 15
Sept. 10
Sept. 30 Sept. 6
Oct.
Oct.
50c
5
1 Sept. 15
3 Sept. 20
$2M preferred (quar.)——
62 He
Chicago & Southern Airlines preferred (quar.)—
Oct,
1
Chicago Towel Co---—
Sept. 22
$7 preferred (quar.)-..- —
———
Sept. 22
Churngold Corp. —
8ept.3u
Cincinnati & Suburban Bell Telephone (quar.)—
1
$1.13 Oct.
Cincinnati Union Terminal 6% pref. (qu.)——
Oct
1
6% preferred (quar.)—
Jan.
1
Cleveland Builders Realty Co
10c
Sept. 26
Cleveland A Pittsb. KK. Co., reg. guar, (quar.)
87 He Dec.
I
Special (guaranteed) (quarterly)—.
50c
Dec.
1
Clorox Chemical (quar.)
i.
75c
Sept. 25
Cluett, Pea body & Co., Inc. (interim)
15c
Sept. 26
Preferred (quar.)
Oct.
1
SIM
Coca-Cola Co
75c
Oct,
1
Coca-Cola International Corp-—-———
1
$5.80 Oct.
Colgate-Palmoiive-Peet Co.. 6% pref
Oct.
1
SIM
Colonial Ice Co. $7 cum. pref. (quar.)
Oct.
1
SIM
Cum. preferred series B (quar.)
1
$ 1M Oct.
Commercial Alcohols Ltd. 8% cum. pref
10c
Oct. 15
Commercial Credit Co. (quar.).
Sept. 30
Preferred (quar.)-----.--—
I1.06M Sept. 30
Commercial Investment Trust Corp. (quar.)
1
$1 Oct.
$4M con v. preference (quar.)- — -—.
$ 1.06X
Oct.
1
Commonwealth & Southern $6 preferred
t75c
Oct.
1
Commonwealth Telep. Co. (Madison, Wis.)—
6% preferred (quar.)
Oct.
1
Commonwealth Utilities $7 preferred A (quar.).
Oct.
1
$6 preferred B (quar.).
1
Oct.
$6M preferred C (quar.)-Dec.
1
Confederation Life Assoc. (Toronto) (quar.)—
Sept. 30
Quarterly
til Dec. 31
Connecticut Light & Power common
1
75c Oct.
Consolidated Aircraft Corp. pref. (quar.)
75c
Sept. 30
Consolidated Biscuit (increased)
15c
Sept. 23
Consol. Edison Co of N, Y., Inc., pref. (quar.).
SIM Nov. ]
Consolidated Gas of Bait, (quar.)
90c
1
Oct.
Preferred A (quar.)..;
1
SIM Oct.
Consolidated Laundries Corp. $7 A pref. (qu.)—
S VA Nov. 1
Consumers Power $5 pref. (quar.)
Oct.
1
SIM
$4.50 preferred (quar.)
Oct-.
1
SIM
Continental Bank & Trust Co. (quar.)
1
20c
Oct,
Continental Baking Corp., preferred (quar.)_
Oct.
S2
1
Continental Can Co., Inc., $4M pref. (quar.).
1
SIM Oct.
---
15
15
1 Sept. 15
10 Sept. 20
Oct.
Central Illinois Light Co. 4M% pref. (quar.)
Central Steel & Wire Op., 6% pref. lauar.)-—Centrifugal Pipe Corp. (quar.K-.
..
1 Sept.
1 Sept.
Oct.
niH
.
Canadian Wirebound Boxes, $1M cl. A——-t
Canfield Oil Co. 7% preferred (quar.)
...—
Cannon Mills Co.
15 Sept.30
Oct.
Canadian Car & Foundry preferred-.-.--—---
.
25 Sept. 30
Oct.
—
—
1 Sept. 15
Oct.
7% cum, preferred (quar.)————..
Canada Permanent Mortgage (Toronto) (quar.).
Canadian Canners Ltd., 1st pref. (quar.)..,
preferred.
1 Oct. 15
1 Sept. 15
1 Nov. 25
1 Sept. 15
Common (extra)-..---.-----,——.Preferred (quar—- . * California Ink Co, (quar.)
-—-----------
Canadian Cottons, Ltd., common (quar.)
—.
6% preferred (quar.)—
—
Canadian Fairbanks Morse (resumed)——-—
Canadian General Electric (quar.)
—
Canadian Industries, Ltd. A & B——...
20
16*
16*
15
5 Aug. 12
1 Sept. 17
.
2nd
-
Oct.
Oct.
Preferred
Bulova Watch Co. (quar.).,-*———Bunte Bros., 5% pref (quar.).——
1 Sept. 15
1
1 Sept. 16
10 Oct.
Sept. 30
Sept. 30
Brunswick-Baike-Collender (special)
(quar
———— Bucyrus-Erie Co. preferred (quar.)
Bucyrus-Monighan class A (quar.). . ——— Budd Wheel Co. 1st preferred (quar.)....—— —
1st preferred (participating dividend)
Buffalo Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
——.
2
2
Crown Zelierbach Corp.,
Cram & Forster
———
1938
17,
——
-
(quar.)-
Preferred (quar.)
Great Southern Life Insurance Co. (quar.)
Great Western Electro-Chemical Co.—
—-
6% preferred (quar.)
-—Great Western Sugar Co
—
7 % preferred (quar.)
—
Greening (B.) Wire Co. Ltd., (quar.)——
Greif Bros. Cooperage Corp., class A (quar.)
Greyhound Corp. (quar.)--—
Preferred (quar.)_
*
—
Griggs Cooper & Co. 7% pref. (quar.)
—
Group No. 1 Oil Corp
SIM
62 Mc
62c
—
Guaranty Trust Co. of N. Y. (quar.)—
Guilford Realty Co. (Bait.) 6% pref--—-—
Gulf Oil Corp
-—.—-—
Hackensack Water Co. 7% preferred (quar.)—
Hamilton Cotton Co., Ltd.,$2 conv. pref.
Hamilton United Theatres, Ltd., 7% pref
Hanes (P. H.) Knitting, 7% preferred (quar.)__
Harbison-Walker Refractories Co. 6% pf. (qu.)-
Sept. 30 Sept. 10
1 Sept. 30
Oct.
1 Sept.10
Oct.
1 Sept. 15
Oct,
62 Mc
35c
25c
35c
Oct.
30c
Oct.
60c
15c
Oct.
Oct.
Oct.
40c
Oct.
20c
Oct.
13 Mc
SIM
S100
3%
Oct.
SIM
+75c
25c
43 Mc
Oct.
Oct.
Oct.
Oct.
Sept. 15
Sept. 19
Sept. 19
10 Oct
1 Sept.
3 Sept.
3 Sept.
1 Sept.
1 Sept.
Sept.
Sept.
Oct.
1
20
15
15
15
17*
20
20
1
Sept. 30 Sept. 19
Oct.
1 Sept.
9
Sept. 30 Sept. 20
Oct.
I 8ept. 15
Sept. 30 Sept. 16
+5oc
Oct.
SIM
SIM
SIM
Sept. 30fSept. 15
Oct.
TSept. 20
Oct.
II Sept. 15
20 Oct.
6
i
Volume
Financial
147
Per
Name of
Share
Company
Harrisburg Gas Co.. 7% pref. (quar.)
-
Hedley Mascot Gold Mines. Ltd. (quar.)
— -
—
10c
-
■——
—
3c
lc
——
Extra
Heller (Walter E.) & Co. Co. (quar.)
k Extra
SIX
SIX
SIX
—
Harsh aw Chemical Co. 7 % pref. (quar.) - I.
Hazel-Atlas Glass Co. (quar.)
15c
«
Preferred (quar.)
43 X c
Helme (Geo. W.) Co. (quar.)
Preferred (quar J
Hercules Powder Co
IIS
25c
15c
Hibbard. Spencer, Bartlett & Co. (monthly)
Hickok Oil Corp., 5% preferred (quar.)
—
7% preferred (quar.)
—
Hires (Chas. E.) Co., class A, B & Mgnt. (extra)
Class A common
6% cum. partic. pref. (quar.)
(quar.) -—
5c
75c
?10c
J3%
37Hc
lHc
—
Preferred (quar.).Iowa Public Service Co. 1st $7 pref. (quar.)
■88
$6H preferred (quar.)—
—
1st $6 preferred (quar.)
.
—
Iron Fireman Mfg. v. t. C. conv. (quar.)—
Irving Air Chute Co. (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.)
Joliet & Chicago Railway (quar.)
Kalamazoo Vegetable Parchment (quar.)
Kansas City Power & Light Co.—
$6 1st preferred series B (quar.)-.--Kansas Electric Power, 7% pref. (quar.)
6% preferred (quar.)
Kansas Power Co., $7 preferred (quar.)
$6 preferred (quarterly). .;
- —
Katz Drug Co., pref, (quar.)
Kaufmann Dept. Stores, pref. (quar.)Kaynee Co., preferred (quar.)
Keith Albee-Orpheum 7% conv. preferredKemper-Thomas, 7% special pref. (quar.)
Kennecott Copper Corp
—
Kerlyn Oil Co. class A (quar.)
Keystone Public Service Co. $2.80pref. (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.)
Kleinert (I. B.) Rubber, special
KroehlerMfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co., 6% pref. quar—
7% preferred (quar.)
.
—
Lackawanna RR. of New Jersey (quar.)
Laguna Gold Mines (initial)
;——
(Marcus) Theatre, Ltd., 7% preferred-.
(quar.)
5% pref. (quar.)--
—
15c
I1H
UX
SIX
IIH
SIX
SIX
Preferred (quar.)
Mapes Consol. Mfg. (quar.)
Oct.
Sept. 20
Sept. 19
Sept.
5c
40c
$1'4
$1
5c
37 He
25c
,
SIX
%i
62li
20c
12c
Six
30c
1X%
SIX
20c
50c
$1.10
nn
67c
67c
66c
$2
12
30c
SIX
Dec. 31.
Oct.
llSept. 20
Nov.
1 Oct. 20
Oct.
Oct.
Oct.
1 Sept.
15 Oct.
1
Nov. 15 Nov.
Dec.
Oct.
9
1
Sept. 16
15 Dec.
5
5
1 Sept.15
Sept. 22 Aug. 24
Sept. 30 Sept.10
Sept.15
Oct.
Sept.14
Oct.
Sept.23
Oct.
Sept.15
Oct.
Sept. 13
Oct.
Nov.
Oct.
26
...—
-
5H% preferred (quar.)--
-
—
-—-------——
--■
-
1 1.31H
SIX
1 Sept. 15
1 Sept.15
Sept. 30 Sept. 20
Sept. 29 Sept. 15
$1.62
Nov.
Dec.
Dec.
Nov
Sept.15
Sept. 16
Sept. 17
six
Oct.
Oct.
Oct.
Oct.
37 He
Sept.
SIX
SIX
43 He
Oct.
SIX
25c
$1H
Niagara Alkali 7% preferred (quar.)
—
Niagara Share Corp., 6% pref. A (quar.)
Nineteen Hundred Corp. class A (quar.).
Noblitt-Sparks Industries
—
Norfolk & Western Ry
(quar.)
—
North American Co., common (quar.)--.
Preferred (quar.)-—---—
North American Rayon, preferred (quar.)
Northern Ontario Power Co. (quar.)---—-----
1
Nov. 21
Sept.15
Sept.15
Aug. 31
Sept. 21
Jan,
Dec.
Nov.
Nov
21
29
Oct.
Sept-30
Oct.
Sept.20
Oct.
Sept. 20
Nov, 15 Nov.
5
50c
50c
Oct.
Oct.
1 Sept.15
15 .Oct.
1
50c
Oct.
llSept.15
A
Novadel-Agene Corp., common (quar.).—-
Oct.
1 Aug. 31
15 Sept. 30
Oct,
1 Sept. 15
Sept. 21 Sept.
Nov. 15 Nov.
25c
$2H
30c
75c
75c
75c
—
pref
preferred (quar.).———
—
—
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Finance Co. (quar.)
——
(quar.)
50c
IIH
$6 preferred (quar.)
$0.60 preferred (quar.)
—
—
preferred (mo.)
6% preferred (monthly).—————-7% preferred (monthly)—
pref. A (quar.)
(quar.)
75c
$1H
$1H
$1.65
SIX
$1.80
30c
$1H
412-3c
50c
58 l~3c
70c
$2
Ontario Loan & Debenture
SIX
Otis Elevator Co—
6 % Preferred (quar j
Ottawa Light Heat & Power
15c
$1H
S1H
SIX
——- -
(quar.)
Preferred (quar.)
—
Outboard Marine & Mfg
Pacific Finance Corp-----------—
—
Extra
(quar.)- — -------
Pacific Telephone &
-
75c
30c
—
Telegraph
preferred (quarterly)
50c
$1
Dec.
Oct.
1 Sept.
Oct.
1 Sept. 15
Oct.
1 Sept.
Oct.
Oct.
Oct.
1 Sept.
Sept. 20 Aug.
20 Aug.
Sept.
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
40c
1
Oct.
Jan.
Nov
Sept. 23
1 Sept. 20
1 Sept. 15
1 Dec. 15
5
15 Nov.
,
Oct.
55c
16
Sept. 30 Sept. 16
Oct.
1 Sept. 10
1 Sept. 10
Oct.
Dec.
55c
15
1
Sept. 20 Sept.
Sept. 30 Sept. 19
SIX
70c
15
1
15 Oct.
1 Sept.16
Oct.
Oct.
$1H
15
31
31
Sept. 23 Sept. 7
1 Sept. 15
Oct.
1 Sept. 15
Odt.
1 Aug. 30
Oct.
Sept. 30 Sept. 20
Oct. 15 Sept. 30
Sept. 28 Sept. 20
1 Sept. 15
Oct.
Sept. 27 sept. io
SIX
—
1 Sept. 15
1 Sept.15
Oct.
Sept. 30 Sept. 15
1 Sept. 15
Oct.
25c
Pennsylvania Edison *5 pref. (quar.).
$2.80 preferred (quar.)—
—
Pennsylvania Power Co. $6 preferred (quar.)—
$6.60 preferred (monthly
$6.60 preferred (monthly
$6.60 preferred (monthly
15
1 Sept. 10
1 Sept.15
Oct.
75c
15
1 Sept. 10
Oct.
Oct.
40c
—
15
Sept. 22 Sept."i6*
1 Sept. 15
1 Sept. 20
Oct.
1 Sept. 17
1 Aug. 31
Oct.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Oct.
SIX
40C
Quarterly
7 % A preferred
Penney (J. C.) Co. (quar.).—-—
11H
$1H
25c
II
9
1
Sept. 30 Sept. 15
I Sept. 19 Aug. 31
1 Sept.19
Oct.
1 Sept. 19
Oct.
1 Sept. 20
Oct.
Oct. 25 Sept. 30
Oct. 25 Sept. 30
15c
75c
(quar.)
Park & Tilford, Inc.,
Parke Davis & Co.—.—————
Pathe Film Corp., $7 pref. (quar.) —
Paul Peter, Inc
Peninsular Telephone Co. common (quar.)
40C
10c
—
Preferred (quar.)
Pacific Tin Corp.
Page-Hersey Tubes, Lta. (quar.) —
Paraffine Companies, Inc
—
4% convertible preferred
Paramount Pictures, Inc., 1st pref. (quar.)—
2d preferred
8
8
20
20
20
SIX
$2
Nova Scotia Light & Power (quar.)
NY PA NJ Utilities Co. $3 non-cum.
Pacific Indemnity
14
1 Sept.13
Oct.
Sept .30 Sept. 20
Oct.
1 Sept. 15
1 Sept. 15
Oct.
1 Sept. 9
Oct.
1 Sept. 16
Oct.
1 Sept.15
Oct.
Oct.
1 Sept. 15
Sept 30 Sept. 9
Oct.
1 Aug. 31
Oct.
1 Aug. 31
1 Sept. 9
Oct.
31Xc Oct.
$1H
—
21
SIX
$1
tS5K
Norwich & Worcester RR. 8% pref—
Omnibus Corp. 8%
S1H
$1H
I1H
6% preferred (quar.)
Northwestern Yenst (liquidating).-—.
Norwalk Tire & Rubber, preferred-
Preferred
50c
IIH
32 He
16
20
10c
Ohio Water Service Co. A
Oct.
Sept. 30 Sept.
Sept. 23 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
(quar.)
Ohio Edison Co. $5
1 Oct.
Nov.
National Sugar Refining Co
—
1
1'
31
15
15
1
"Sept.
1 Sept.
Sept. 20 Aug.
1 Sept.
Oct.
1 Sept.
Oct.
Sept. 30 Sept.
—
$2, 10-year preferred (quar.)
Natomas Co. (quar.)
-
10
10
15
15
30
Oct.
—
(quar.)---
16
15
16*
Oct.
-
National Supply Co., 6% pref.
15
15 Sept. 30
15| Aug. 31
Sept. 21 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
-
Dec.
Oct.
Dec. 28 Dec.
Oct.
Oct.
—
Preferred B (quar.)
National Oil Products (interim)
National Standard Co
—■
Ohio Public Service 5%
.
Sept.24
Sept. 15
Sept. 28 Sept. 15
Oct.
preferred (quar.) National Gypsum Co., 1st pref. (quar.)
—
2d preferred (quar.)
Sept. 20 Sept. 3
Oct.
1 Sept.16
Sept. 26 Sept.19
10 Nov. 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
Dec.
Oct.
--------
, -,
_
$1H
$1X
75c
...
National Cash Register
National Dairy Products
New York Transit Co
$1H
SIX
Jan.
5% preferred A (quar.)
Oct.
Sept.12
Sept,15
Sept. 15
Sept. 15
Sept. 30 Sept. 15
Sept. 30
llSept. 14
1 Sept. 14
1 Oct.
1
2 Jan.
2
1 Nov. 26
Oct.
Oct.
National Bond & Investment, common..
Oct.
Oct.
Oct.
Oct.
15
16
15
15
15
1 Nov. 10
15 Sept. 9
1 Sept.16
Oct.
National Breweries, Ltd. (quar.)—
Preferred (quar.)
—
25c
Sept. 12
Oct.
Sept. 27|8ept.
Oct.
11Sept.
Oct. 15 Sept.
Sept. 21 Sept.
70c
25c
Oct.
Oct.
(quar.)
Sept. 30 Sept. 2
Oct.
1 Sept.10
Oct.
Sept.15
UX
8Xc
1 Sept.
llSept.
1 Sept.
1 Sept.
1 Sept.
Oct.
Myers (F. E.) & Bros. Co
National Battery Co. preferred (quar.)
National Biscuit Co., common (quar,).
20
20
15
10
1 Sept. 20
Sept. 20
Sept. 17
_
1 Sept. 20
1 Sept. 20
1 Sept. 20
Oct.
Oct.
..
Oct.
1 Sept. 15
1 Nov. 2i
Oct.
Oct.
Oct.
—
Nehi Corp.
Preferred (quarterly)
Newark & Bloomfleld RR. (s.-a.)
Dec
Oct.
7% preferred (quar.)-—
Morris town Securities Corp..
----Mutual Chemical Co. of Am. 6% pref. (quar.)—
6% preferred (quar.)
—
Mutual System, preferred (quar.)
Navarro Oil Co.
Oct.
Oct.
Oct.
Consolidated, Inc.—
Morrison Cafeterias
Sept.15
Sept.15
Sept.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
Dec.
Oct.
Oct.
20
31
31
31
31
31
Aug. 31
Sept. 24
Sept. 15
Oct.
— ..
Sept.14
Oct.
Sept. 30 Sept.
Aug.
Aug.
Oct.
Aug.
Oct.
Aug.
OctAug.
Minneapolis Gas Light Co. $5 partic. Units (qu.)
Mississippi Power Co., $7 pref. (quar.)
...
$6 preferred (quar.)
Mississippi River Power, pref. (quar.)
Mitchell(J. & S.) & Co., Ltd., 7% pref. (quar.)
Mock Judson Yoehringer, preferred, (quar.)
Monongahela West Penn rub. Serv. 7% pf.(qu.)
Monroe Chemical, preferred (quar.)
...
Monsanto Chemical Co., $4H class A pref. (qu.)
Montgomery Ward & Co., Inc
Class A (quar.)
——...
———...
Moore Corp., Ltd. (quar.)
■—
Preferred A & B (quar.) — — —.— -----Moore (W. R.) Dry Goods (quar.)..
Quarterly
Morris Plan Insurance Society (quar.)
Oct.
Oct.
Oct.
SIX
SIX
—
—
—
Sept.
6
Sept. 16
Oct.
1 Sept. 16
Oct.
Newberry (J. J ) Co. (quar.)------Newport Electric Corp., 6% pref. (quar.)--- —
New Amsterdam Casualty (semi-annual)
New England Telep. & Teleg. (quar.)--—
New Jersey Pow. & Lt. Co. $6 preferred (quar.)
$5 preferred (quar.)
New York Lackawanna & Western Ry~-——
New York State Electric & Gas—
SIX cum. preferred (quar.)
30c
Lunkenaeimer Co.6H% pref. (quar.).....
6 H % preferred (quarterly)
- -. ..
McClatchy Newspapers 7% pref. (quar.)....—
McColl Frontenac Oil pref. (quar.)
McKee (A. G.) & Co., class B (quar.)--Class B (extra)
1 Sept. 10
Sept.
25c
—
Long Island Ltg. 7% preferred A (quar.)
6% preferred, series B (quar.)..
Magnin (I.) & Co. 6% pref. (quar.)
Manufacturers Trust Co. (N. Y.) (quar.).
Oct.
7
Oct,
Oct.
......
National Lead Co--
SIX
—
Midvale Co
Sept. 17
Sept. 9
Sept. 15
l'Sept. 10
1 Sept. 10
1 Sept,
1 Sept.
Sept 30 Sept.
Sept. 20 Aug.
Oct.
-
Oct.
Oct.
15
15
15
20
24
31
Oct.
7% preferred (quar.)
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.)-—.
Michigan Assoc. Telep. Co., 6% pref. (quar.)
Midland Steel Products 8% pref. (quar.) -------
Oct.
Oct.
pref
Mesta Machine Co.
Metal & Thermit Corp.,
Oct.
i5c
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Louisville Gas & Electric A & B vquar.)
Sept. 30, Sept. 12
1 jsept. 16
Oct.
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 20
1 Sept.
1 Sept.
Oct.
Meadville, Conneaut Lake & Linesville—
Memphis Natural Gas, preferred (quar.)_.
Mercantile Trust & Savings Bank (Chic.) quar.
Mergenthaler Linotype Co
Common
6
7
Oct.
—-
Extra...
Nov. 10
10c
Extra
LSept. 15
Mead Johnson & Co. (quar.)--
10 Sept. 20
1 Sept. 17
Sept. 20 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
....
Preferred A and B (quar.)
National Funding Corp. 6% A
$1X
SIX
—
—
Oct.
Oct,
Oct.
Oct.
—
...
Sept.
Sept.
Oct.
—
Holders
When
Payable of Record
Oct.
stock--...—........
15c
—-
....
Oct.
new
Marsn (M.) & Sons. Inc. (quar.)
Master Electric Co., common---.--...
Mathieson Alkali Works (quar.)
...
Preferred (quar.)
25c
— --
Monthly
......—
Monthly
....—...........—
Monthly.
8% preierred (quarterly)—
—
8% preferred (quarterly)
—...
Locke Steel Chain Co. (quar.)
Oct.
6
6
Sept. 6
Sept.
6
Sept. 12
30 Sept. 15
30 Sept. 15
Sept. 30
Sept. 30
Sept. 22*
Sept. 20
Aug. 31
Aug. 31
Sept. 30
_,Sept. 15*
Margay Oil Corp.,
IIH
IIX
I1H
— —
Lock Joint Pipe (monthly)....,
9
9
6
Share
Name of Company
Dec.
—
Loose-wiles Biscuit Co..
Oct.
Sept.
Sept.
Oct.
flOc
150c
(quar.)
Extra
Oct,
Oct.
40c
-----—
37 He
Longborn Portland Cement Co.—
5% refunding participating pref
__
Oct.
7Hc
25c
s
Sept. 30 Sept.
Sept. 30 Sept.
37Hc
37Hc
SIX
-
7% preferred (quar.JLang (J. A.J & Sons. Ltd. (quar.).
Langley's, Ltd., 7% conv. pref
Lava Cap Gold Mining
Leath & Co., pref. (quar.)
—
Lehigh Portland Cement Co., 4% pref—...—
Lehman Corp
Life & Casualty Insurance Co. (Tenn.)—
—
Liggett & Myers Tobacco preferred (auar.)
Lincoln National Life Insurance (Ft. Wayne)—
Lindsay Light & Chemical Co. pref. (quar.)
Link Belt Co., preferred (quar.)—
Liquid Carbonic Co
...
—
Little Miami RR. special guaranteed (quar.)—Original capital..-..-Lockhart Power 7% pref. (s.-a.)
Sept. 20
Oct.
50c
Salt Co. (quar.)
Shoe Co
Lone Star Cement Corp
Lone Star Gas Corp. 6 H % conv.
1
Sept.
Sept.
Investors Royalty Co.
Loew
Oct.
SIX
—
Landis Machine (quar.)
3 Dec. 31
Oct,
Ocean Teleg. Co. (quar.)
Co
Jan.
1 Sept.
Investment Co. of America—
Lambert
Sept. 26 Sept. 11
1 Sept.
Oct.
1
1 Sept. 15
Oct.
Oct.
1 Sept.
9
Sept. 21 Sept. 10
Sept. 30 Sept. 19
1 Sept. 30
Oct.
Oct.
W
118
— — -
Vitamin Corp
1 Nov. 15
1 Sept. 16
1 Sept. 17
Oct.
Sept. 26 Sept. 20
Oct.
SIX
International Nickel Co. (Canada)
International
International
International
International
Sept. 22
Sept. 22
Sept. 26 Sept. 16
$1H
—
International Mining—
1 Sept. 10
1 Sept. 10
Sept. 24 Sept. 13
Sept. 3o Sept. 20
Oct.
Oct.
1 Sept. 16
$2
J$3 x
wx
----------
International Business Machine Corp
International Harvester.
Sept 30 Sept. 20
Sept 30 Sept. 20
Sept 30 Sept. 20
Dec.
Oct.
11X
-
Indianapolis Water Co.. 5% pref. A (quar.)--—
1
1
62J|c
—
Industrial Acceptance Corp. 5% pref.
$2 class A (quar.)
International Bronze Powders (quar.)
1
1
10c
——
...
l;Sept.
1 Sept.
Oct.
SIX
xix
37 He
Hoskins
.
Oct.
Oct.
Oct.
50c
--
Mfg. Co
Humble Oil & Refining.
Huron & Erie Mtge. Corp. (quar.)-—
Hygrade Sylvania Corp., preferred (quar.)
Idaho-Maryland Mines Corp
Illinois Bell Telephone
—
Imperial Life Assurance Co. (Canada) (quar.)—
Quarterly.
Imperial Paper & Color Corp. (s.-a.)
Imperial Tobacco of Canada, ord
Ord. preferred (semi-annual)--Indiana General Service Co. 6% pref. (qu.)
Indiana & Michigan Electric Co.7% preferred (quar.).—
——
6% preferred (quar.)
Indianapolis Power & Light 6 H % pref. (quar.).
idianapolis
6% preferred (quar.)
II Sept. 16
$ik
(quarterly)
Holland Furnace Co
Preferred (quar,)
;
—.
Holmes (D. H.) Co.. Ltd. (quar.)
Homestake Mining Co. (monthly)---
15 Sept. 30
Sept 28 Sept. 23
Oct.
31Hc
■%\
5' *c
Per
Holders
When
Payable of Record
Oct.
1729
Chronicle
Nov.
Dec.
1 Nov. 21
1 Sept. 20
1 Oct. 20
1 Nov. 21
Financial
1730
Per
Name of
Shares
Company
Pennsylvania Glass Sand, pref. (quar.).
Pennsylvania Power & Light, $7 pref. (quar.)_.
16 preferred (quar.)
--Pennsylvania Telephone. 6% Dref. (quar.)
Penasylvania Water & Power (qu«r.)
Preferred (quar.)
Peoples Drug Stores (quar.)
Perfection Stove Co. (quar.)
Pet Milk Co.
1
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 15
Oct.
Oct.
$14
Oct.
1
25c
Oct.
1
37Mc
Sept. 30
Oct.
1
SI H
Oct.
1
Sept. 26
50c
W'i
S3
Plough, Inc..—
—
Plymouth Oil Co. (quar.)
Pollock Paper & Box Co 7% preferred (quar.)—
Potash Co. of America (increased)...
Preferred (semi-annual)
Oct.
Oct.
Oct.
1 Sept.
Oct.
1 Sept.
1 Sept.
10 Oct.
Oct.
Oct.
1
1
9
1
1
Oct.
Oct.
Oct.
7 Sept.
Oct.
1 Sept. 10
Dec.
1
Sept. 15
Sept. 30 Sept. 15
Sept.30 Sept. 15
2
1
1
Sept."
Oct.
1 Sept.
4
1-3-39
15
Nov. 21
Oct.
10
Sept 10
12-10-38
3-10-39
4-1-39
7-1-39
6-10-39
9-10-39
12-16-39
15c
10-1-39
1-2-40
Oct.
1 Sept. 15
35c
Sept. 30 Sept. 16
SIM
15 Dec.
Dec.
Oct.
Corp. of Canada, Ltd., 6% cum. pf.(qu.)
6% non-cumulative preferred (quar.)
25c
Pratt & Lambert, Inc.
50c
Publication Corp., voting common
50c
Non-voting common
SIM
Original preferred (quarterly)
37 Mc
Public National Bank & Trust (N. Y.) (quar.)..
Public Service Co. of Colorado, 7 % pref. (mo.)— 58 l-3c
Oct.
nm
50c
41 2-3c
SIM
SIM
Public Service of New Jersey
50c
6% preferred (monthly)
50c
15
1 Sept. 15
1 Sept. 15
Oct.
6% preferred (monthly)
5% preferred (monthly)
20
10
24
22
Oct.
30c
Public Service Electric & Gas., 7% pref. (quar.)
$6 preferred (quar.)
Sept. 15
8
Sept.
Sept.
Sept.
Sept.
Aug.
1 Sept. 15
1 Sept. 20
10 Sept. 23
Oct.
50c
Power
15 Sept. 30
15 Sept. 30
1 Sept. 15
Oct.
Oct.
Sept.28 Sept. 14
Sept.28 Sept. 28
Oct.
1 Sept. 20
10
1
1
1
Oct.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept.30 Sept.
Oct. 15 Sept.
Oct.
20
15
15
15
1
1
1
15
Public Service Co. of Oklahoma—
Preferred
1 Sept.
Sept.24 Sept.
9
9
9
1
Nov. 30 Nov.
-
1
1 Sept. 14
1 Sept.
7
Oct.
Oct.
1 Sept. 27
22
Oct.
Nov.
Oct.
Oct.
Royalty Income Shares, series A
Russell & Co
Oct.
Oct.
Oct.
10
20
31
15
9
Sept.20 Sept, 10
Sept.20 Sept. 10
Sept.30 Sept. 15*
Sept.30 Sept. 14
Dec.
15 Nov. 30
Oct.
1 Sept. 15
1 Sept. 15
Oct.
1 Sept. 15
1 Sept. 5
Oct.
Oct.
im
SIM
SIM
llH
10c
Oct.
-
Oct.
1 Sept. 22
1 Sept.
6
Sept.30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 16
Oct.
1 Sept. 15
3 Dec. 17
Jan.
Sept. 22 Sept.
2
T15C
tSIM
SIM
SIM
25c
SI
Oct.
15 Sept. 30
Oct.
3c
SIM
1 Sept. 20
Sept.30 Sept. 14
Sept.30 Sept. 14
Nov.
1 Oct.
4
9*
Sept. 20 Sept.
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Nov.
1
Nov.
1
SIM
Corp
Preferred (quar.)
-
Oct.
15 Sept. 30
5c
(quar.)
Oct.
14 Oct.
15c
South Porto Rico Sugar Co. (quar.)
Oct.
SIM
37 Mc
South Carolina Power Co. $6 pref. (quar.)—
South Penn Oil Co. (quar.)
Oct.
25c
Preferred (quar.)
South Pittsburgh water Co. 6% pref.
(qu.)_
South West Pennsylvania Pipe Lines
15
15
20
10
Sept. 19
Sept. 19
Sept. 19
Sept. 19
Sept. 20 Sept.
25c
Sloss-Sheffield Steel & Iron Co. $6 cum. pf. (qu.)
Smith (L. C.) & Corona Typewriter
1
1
1
1
Oct.
—
-
9
1 Sept. 10
Sept. 20*
1
Sept.30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.20 Sept.
Oct.
1 Sept.
Sept.25 Aug.
Oct.
1 Sept,
Ross Gear & Tool (quar.)
7% preferred (quarterly)
Selected Industries, Inc., $5M div. prior stock
Servel. Inc.. pref. (quar.)
Preferred (quarterly)
Shattuck (Frank G.) (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
Shell Union Oil Corp. 5M% preferred (quar.)__
Simon (H.) & Sons, Ltd., common (interim)
7% cumul. preferred (quar.)
Skelly Oil, preferred (quar.)
1 Sept.
Oct.
-
Scranton Lace Co
1 Sept. 21
1 Sept.
9
Oct.
—
Payment is made to common stockholders of
South Porto Rico Sugar Co.
Safeway Stores, Inc
7 % preferred
(quar.
6% preferred (quar.
5% preferred (quar.
St. Joseph Lead Co
St. Joseph South Bend & Southern RR
5% preferred (s.-a.)
St. Louis Rocky Mtn. & Pacific Co. pref. (quar.)
San Francisco Remedial Loan Assn. (quar.)
Quarterly
Savannah Electric & Power 8% deb. A (quar.)
7M% debenture B (quar.)
7% debenture C (quar.)
6M% debenture D\quar.).
2henle;
Schenley Distillers
5M% Preferred (quarterly)
Scranton Electric Co. preferred (quar.)
1 Oct.
Oct.
Rochester Telephone, 1st preferred (quar.)-Roeser & Pendleton, Inc
Extra)
$2
—_I
3
1 Sept. 12
1 Sept. 15
wept. 30 Sept. 15
Sept.20 Sept.
Sept.20 Sept.
SIM
Oct.
50c
Oct.
62Mc
—
Southern & Atlantic Teleg. Co. (s.-a.)
Southern California Edison Co., Ltd.—
Oct.
15 Oct.
2
2
1
Sept. 15*
1 Sept. 15
1
Share
Company
75c
Oct.
_
Oct.
_
Oct.
Oct.
Oct.
Sept. 20
Sept. 20
Sept. 20
Sept. 15
Sept. 15
Oct.
Sept. 20
Sept. 15
Sept.
Sept.
Sept. 20
Sept. 10
Oct.
Oct.
Sept. 12
Dec.
Dec.
Sept. 30 Sept. 20
1 Sept. 15
t$3M
Oct.
Sunray Oil 5M % conv. pref. (quar.)_
Sunshine Mining Co. (quar.)
68 Mc
60c
Oct.
Superheater Co
Swift & Co. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
12Mc
3 iic
75c
75c
$14
5c
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines (registered) —
Talcott (James), Inc
First preferred (quar.)__
5c
15c
68 Mc
4UC
Inc
10c
Teck-Hugbes Gold Mines (quar.)
5c
J~
Extra
SIM
Tennessee Electric Power Co. 5% pref. (quar.)—
SIM
6% preferred (quar.)_—
—
SIM
7% preferred (quar.)
$1.80
7.2% preferred (quar.)
50c
6% preferred (monthly)
*
6 >c
7.2% preferred (monthly)
50c
Texas Corp
15c
Texon Oil & Land (quar.)
25c
Thatcher Manufacturing Co.
im
Tidewater Assoc. Oil Co S4.50 conv. pref. (qu.)
58 l-3c
Toledo Edison Co., 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Toronto Mortgage Co. (Ont.) (quar.)
Torrington Water Co. (quar.)
Tri-Continental Corp. preferred (quar.)
Troy & Greenbush RR. Assoc. (s.-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 Investment Co., preferred (quar.)
1 Sept.
5
Sept. 30 Sept.15
5
Oct. 15 Oct.
Oct.
1 Sept.
1
Sept. 30 Sept.15
Sept. 30 Sept.15
1 Sept.17
Nov.
Sept. 30 Aug. 20
Sept. 30 Aug. 20
1 Sept.15
Oct.
1
Oct.
Sept.15
pt. 24 Sept.10
1 Sept.
9
Oct.
1 Sept.
9
1 dept. 15
Oct.
-36
Oct.
15
Oct.
1 dept.
Oct.
1 dept. 15
1 dept. 15
1 dept. 15
Oct.
Oct.
>ci.
1
dept. 15
1 Sept.
Sept. 30 Sept.
Oct.
1 dept.
1 Sept.
Oct.
let.
Oct.
50c
1 Sept. 15
1 Sept. 15
Oct.
41 2-3c
9*
9
15
12
Oct.
tSIM
50c
SIM
$14
50c
37 Mc
50c
50c
,—
40c
SIM
95c
SIM
Union Pacific RR
$2
Preferred (s.-a.)
Union Premier Food Stores (quar.).
Union Twist Drill Co. (quar.)
25c
25c
SIM
SIM
7% preferred (quar.)
1 Sept. 15
1 Sept. 15
Oct.
Sept. 30 Sept. 20
1 dept. 16
Oco.
Dec.
15 Dec
1
Sept. 3u dept. 20
Sept. 30 Sept. 20
Oct.
1 Sept.17
Sept. 30 Sept. 12*
1 dept.
Oct.
2
Oct.
1 Sept. 15
Oct.
1 Sept. 24
Oct.
1 Sept.
3
Oct.
1 Sept.
3
1 Sept.
Oct.
8
Sept. 28 Sept. 20
Sept. 28 Sept. 20
United Elastic Corp
United Gas Improvement
—
1 Oct.
14
Oct.
1 dept.
SIM
Oct.
1
15
9
SIM
United Dyewood Corp. pref. (quar.)
Preferred (quarterly)
Nov.
75c
United Biscuit Co. of Amer., pref. (quar.)
United Carbon Co
Jan.
10c
25c
(quar.).
Preferred (quar.)...
United Light & Railways 7% prior pref.
7% prior preferred (monthly)
(mo.)
..
...
15
Nov.
1 Oct.
15
Dec.
1 Nov. 15
Jan.
Nov.
2 Dec.
1 Oct.
Dec.
1 Nov. 15
Jan.
2 Dec.
Oct.
1 Sept. 15
1 Sept.15
Oct.
1 Sept.
Oct.
Oct.
Oct.
1 Sept. 15
1 Sept. 15
Sept. 30 dept. 18
Oct.
Sept. 20 Aug
1
1 Sept.
Nov.
1
1
1
Oct.
1 Sept.
SIM
$2M
$2M
20c
Sept,
Sept
Sept.
Sept.
Dec.
20 Sept.
10 Dec.
1
1
26
10
10
10
9
1
1 Sept.
1 Sept.
8
8
Sept. 30 Sept. 20
Oct.
SIM
SIM
|5 c
Oct.
1 dept. 20
dept. 20 Aug. 31
Oct.
Oct.
1
Sept. 10
20 Oct.
10
1 Sept. 20
3 Sept. 24
Oct.
3 Sept. 24 *
1 dept. 13
Sept. 26 Sept. 17
Oct. 15 Sept. 30
Oct.
5% preferred (s.-a.)
SIM
Dec.
1 Nov. 15
S2M
....
Dec.
1 Nov. 15
z5c
Waukesha Motors Co. (quar.)
West Kootenay Power & Light,
pref. (quar.)
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)
7% preferred (quar.)
West Texas Utilities, $6 preferred
$6 preferred (quar.)
West Virginia Water Service Co. $6 pref. (qu.)
Western Exploration Co. (quar.)
Western Grocers, Ltd. (quar.)
Oct.
1 dept. 15
1 Sept. 15
Sept. 30 Sept.17
SIM
SIM
Oct.
SIM
SIM
Nov.
1 Oct.
Nov.
1 Oct.
t50c
__
.
Oct.
SIM
(s.-a.)
30 Sept.
Oct.
SIM
SIM
SIM
SIM
25c
Washington Railway & Electric Co.—
5% preferred (quar.)
dept.
dept.
30 Sept.
30 Sept.
Oct.
10c
...
15
1
Oct.
Victor Chemical Works
(quar.)
15
15
dept. 20
Feb.
40c
Ward Baking Corp. 7% preferred
Warren (S. D.) Co. (reduced)
31*
Dec. 20 Nov. 30*
Oct.
1.16 2-3 Oct.
Van Norman Machine Tool Co
Victor-Monaghan Co. 7% pref. (quar.)
Virginia Electric & Power, $6 pref. (quar.)
Virginia Public Service, 7% preferred (quar.)..
Vulcan Detinning Co. pref. (quar)
l5
10 Sept. 20
Oct.
S6M preferred (quar.):
Vapor Car Heating Co., Inc.. 7% pref. (quar.).
Vicksburg, Shreveport & Pacific Ry
Preferred (s.-a.)
15
31 Sept. 30
1 Sept. 15*
Oct.
t$l
si
6Mc
6Mc
Extra
15
Oct.
Oct.
f
15
Oct.
1 Sept.
1 Sept.
SIM
SIM
15
1 Nov. 15
2 Dec.
$15
Upressit Metal Cap 8% preferred (quar.)
Upper Michigan Power & Light Co.
6% preferred (quar.)
6% preferred (quar.)
Utah Power & Light, 7% preferred
6% preferred
Van Camp Milk Co., preferred (quar.)
Van de Kampu Holland Dutch Bakers
Warren Railroad Co.
1 Oct.
Dec.
Jan.
25c
Extra
United States Trust (N. Y.) (quar.)
Waldorf System, Inc
Waltham Watch Co. 6% pref.
Prior preferred (quar.)
9
3 Dec.
Sept. 24 Sept. 9
Sept. 30 Aug. 31
Sept. 30 Aug. 31
SI M
58 l-3c Nov.
58 l-3c
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)
50c
6% prior preferred (monthly)
;
50c
6% prior preferred (monthly)
5 >c
6% prior preferred (monthly)
United Light & Railways, 7% prior pref. (mo.). 581-3c
53c
6 36% prior preferred (monthly)
50c
6% prior preferred (monthly)
S2M
United New Jersey Railroad & Canal (quar.)..
50c
United Profit-Sharing, preferred (semi-ann.)
SIM
United States Foil Co., preferred (quar.)
5jc
United States Gypsum Co. (quar.)
Preferred (quar.)
30c
United States Guarantee (quar.)
50c
United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
25c
United States Playing Card (quar.)
Sept.
Oct.
SIM
SIM
Oct.
1 Sept.
1 Sept.
Oct.
1
2Mc
dept. 20 Sept. 15
Oct. 15 Sept. 20
Oct. 15 Sept. 20
75c
5
5
15
15
Sept. 15
Preferred (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.) —
SIM
Winsted Hosier Co
SIM
Nov.
1 Sept.15
1 Oct.
15
50c
Nov.
I Oct.
Extra.
(quarterly)
—
_:
Wisconsin Public Service,
7% preferred
6M% preferred
6% preferred
25c
Oct.
25c
Oct.
20c
Oct.
SIM
Oct.
.
12
Extra.
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
1 Sept. 15
1 dept. 17
15
25c
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Oct.
Sept. 10
Oct.
Aug. 26
Oct.
Aug. 26
Oct.
Sept. 20
25c
Nov.
25c
Oct.
Sept. 20
25c
Dec.
Nov. 19
Dec. 20
SIM
SIM
SIM
25c
Wiser Oil Co. (quar.)
Oct.
31 Sept. 30
1 Sept. 15
10c
5c
Oct.
20
-
Extra
Monthly
Monthly
Wurlitzer Co., 7% preferred (quar.)
Yale & Towne Manufacturing Co..
Yellow Truck k Coach Mfg. 7% pref
Youngstown Sheet & Tube, pref. A (quar.)
25c
Jan.
SIM
Oct.
15c
Oct.
SIM
SIM
Oct.
Oct.
Sept. 20
Sept. 9
Sept. 15
Sept. 10
1
Oct.
Sept. 30
Sept.
Sept.
Sept. 23
Sept. 23
Sept. 15
Oct.
When I Holders
Payable\of Record
Sterchi Bros. Stores 1st preferred (quar.)
Sun Life Assurance (Canada) (quar.)
Wnght-Hargreaves Mines, Ltd. (quar.)
Original preferred (quar.)
37Mc
5M % preferred series C (quar.)
34Mc
Southern Canada Power Co., 6% cum.
pref—
UM%
Southern Railway (Mobile & Ohio stock)
$2
Southwestern Gas & Electric, 7% pref. (quar.)—
SIM
Southwestern Light & Power $6 pref. (quar.)
SIM
Springfield Gas & Electric $7 pref. A (qu.)
SIM
Square D Co
15c
Staley (A. E.) Mfg Co.cum.pref. (quar.)
SIM
Standard Brands, Inc
12Mc
Preferred (quar.)
SIM
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)_
SIM
Starrett (L. S.) Co
25c
Preferred (quar.)
Stein (A.) & Co. preferred (quar.).
1 Sept.
1 Sept.
Oct.
Riverside Silk Mills, class A (quar.)
8%
1 Sept. 20
Oct.
Remington Rand, Inc. common (interim)
$4.50 preferred (quarterly)
Reno Gold Mines (reduced)
Reynolds Metals Co. 5 M % conv. pref. (quar.)„
Rich's, Inc.. 6M% preferred (quar.)
Sonotone
1 Sept. 20
Oct.
(quar.)
Preferred (quar.)
Smith (8. Morgan) Co. (quar.)
Smith (H.) Paper Mills, preferred
Oct.
Oct.
SIM
7% prior lien (quarterly)
6% prior lien (quarterly)
Pure Oil Co., 5% pref. (quar.)
6% preferred (quar.)
5M% preferred (quar.)
Quaker Oats Co., common (quar.)
Preferred (quarterly)
Radio Corp. of America, B pref. (quar.)
$3.50 conv. 1st pref. (quar.)
Reliable Fire Insurance Co. (quar.)
Reliance Mfg. (III.)
Name of
Talon.
2c
25c
Co
SIM
Philadelphia Co., $5 preferred (quar.)
SIM
$6 preferred (quar.)
--50c
Philadelphia Electric Power 8% pref. (quar.)..
$2M
Philadelphia & Trenton ItR. (quar.)
$ .314
Phillips Packing 5M% Pref. (quar.)
10c
Pickle Crow Gold Mines (quar.)
—
5c
Pictorial Paper Package Corp
—
7M%
Pinchin Johnson & Co., Am. dep. rec. (interim).
J 10c
Pioneer Gold Mines of British Columbia
75c
Pittsburgh Bessemer & Lake Erie (s,-a.)
25c
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula Ky.—
SIM
7% preferred (quarterly)
$1*4
Pitts Ft W. & Chicago Ry
7% preferred (quar.)
#IlM
SIM
7% preferred (quar.)
—
7% preferred (quar.)..
7% preferred (quar.)
...
—
7% preferred (quar.)
—
dept. 15
Sept. 15
Oct.
Pfeiffer Brewing
7% preferred (quar.)
1
Oct.
$1*4
SIM
25c
(quar.)
Peterborough Kit. 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.
Petroleum Oil & Gas Ltd. (s.-a.)
Perfect Circle Co. (quar.)
Per
Holders
When
Payable of Record
$1 M
$1*1
Sept. 17, 1938
Chronicle
*
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Oanadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
147
Financial
Chronicle
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New
The
weekly statement issued by the New York
Clearing House is given in full below:
8TATEMENT
OF
ASSOCIATION
MEMBERS
OF
THE
NEW
FOR THE WEEK ENDED
♦
CLEARING
YORK
York
following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 14, 1938,
in comparison with the previous
date last year:
HOUSE
SATURDAY, SEPT. 10,
Surplus and
1938
Net Demand
Time
Undivided
Capital
The
City
Deposits
Deposits,
Profits
Clearing House
1731
Average
week and the corresponding
Average
Members
Sept. 14,1938 Sept. 7,
$
1938 Sept. 15, 1937
$
$
Assets—
S
Bank of New York
6.000,000
Bank of Manhattan Co.
13,479,700
25,920,500
20,000.000
Natlonal City Bank
407,008,000
54,904,400
90.000.000
502,615,000
182,010,400 51,385,253.000
42.355,000
45,129,400
485,378,000
71,027,500
c789.869.000
15,000.000
18,409.400
248,513,000
24,568,000
Flret National Bank
10.000,000
108.772,300
493,496,000
61,411,100
474,686,000
4,238,900
47,050.000
132,268,700 d2,104,207.000
3,705,900
45,041,000
Total reserves.__
49,582,000
Corn Exch Bank Tr Co.
4,488,235,000 4,489,652,000 3,542,215,000
1,805,000
927,000
1,119,000
111,201,000
108,066,000
77,906,000
2,830,000
4,601,241,000 4,598,645,000 3,621,240,000
91,753,000
21,000.000
hand and due from
on
Other cash
57,277,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
certificates
United States Treasury.x
Redemption fund—F. R. notes
t
40,042,000
171,248,000
7,453,000
20,000.000
Guaranty Trust Co
Gold
9,145,000
/58.700.000 al,507,883,000
77.500.000
Chem Bank & Trust Co.
148,909,000
Irving Trust Co
50.000,000
Continental Bk & Tr Co.
4.000,000
Chase National Bank__v
100,270,000
Fifth Avenue Bank
500.000
Bankers Trust Co
25,000.000
"'
Bills discounted:
Secured
by
direct
:. v
U.
S.
Govt,
obligations,
fully guaranteed
or
1,547,000
789,000
72,282,000
Total
Title Guar A Trust Co..
10.000.000
Marine Midland Tr Co_.
5.000.000
9,058,600
96,126,000
27,846,700
298,058,000
27,498,000
7,958,000
2,304,000
15,607,000
210,000
1,083,000
3,680,000
5,387,000
7,350,000
12,500,000
7,649,000
945,000
213,000
3,675,000
bills discounted...
2,513,000
77,650.900
1,086,700
1,359,000
2,336,000
5,448,000
5,634,000
New Yoik Trust Co
C820,874,000
13,250.000
39,344,000
Bills bought In open market
Industrial advances
2,258,000
United States Government securities:
Bonds
Comm'I Nat Bk & Tr Co
7,000,000
8,176.500
76,732,000
2,602,000
Public Nat Bk & Tr Co
7,000.000
9,084.100
82,798,000
50,194,000
Totals
*
523,125.000
912,881,700 10,027,746,000
BUSINESS
NOT
FOR
CLEARING
IN
THE
NATIONAL
AND
WEEK
STATE
ENDED
FRIDAY,
BANKS—AVERAGE
SEPT.
180,929,000
780,147,000
725,029,000
786,341,000
747,106,000
67,000
5,203,000
70,000
6,997,000
178,294,000
9,841,000
16,375,000
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items
Bank premisesAll other assets
Total assets
WITH"THE"CLOSING-OF
HOUSE
332,269,000
786,371,000
Total bills and securities
"Times"
publishes regularly each week
returns of a number of banks and trust
companies which
are
not member of the New York
Clearing House.
The
following are the figures for the week ended Sept. 9:__
INSTITUTIONS
211,831,000
189,779,000
780,147,000
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:
a 5268,620,000; 5
$87,296,000;
C$6,801,000: d $117,817,000; e $35,808,000.
New York
226,408,000
363,960,000
119,490,000
9,841,000
15,981,000
669,021,000
As per official reports:
The
226,408,000
363,960,000
189,779,000
Treasury notes
Treasury bills
94,000
8,095,000
215,017,000
10,021,000
10,417,000
5,597,392,000 5,537,365,000 4,611,990,000
1938
9,
FIGURES
Liabilities—
Loans,
Disc,
Res. Dep.,
N. Y. and
Banks and
Cross
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
S
actual circulation
934,336,000
929,180,000
955,661,000
Deposits—Member bank reserve acc't.. 4,131,175,000 3,995,969,000 2,970,602,000
U. 8. Treasurer—General account
28,245,000
205,122,000
240,003,000
Foreign bank
49,825,000
59,444,000
71,853,000
Other deposits
152,713,000
122,081,000
46,716,000
Dep. Other
Including
Investments
Manhattan—
F. R. notes in
Other Cash,
and
$
$
,
$
Grace National
22,097,300
122,300
27,925,600
22,048,000
477,000
7,861,400
6,121,000
1,818,900
Sterling National
520,000
24,'870,000
5,344,851
243,623
1,414,112
101,551
5,638,335
6,861,168
259,808
1,367,079
98,000
651,000
332,847
718,000
7,966,618
4,932,000
Trade Bank of N. Y_
Total deposits
Lafayette National..
People's National
TRUST
Disc,
Res. Dep.,
N. Y. and
Cash
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
Investments
Manhattan—
$
$
50,072,200
*7,489,400
11,747,100
9,833,024
Empire
Fiduciary
Total liabilities
207,199
1,555,248
$
Ratio
$
3,298,600
992,053
*1,312,634
725,005
22.694
11,331,020
*5,808,100
492,700
336,100
21,566,200
Lawyers
28,011,700
64,814,786
*9,172,300
574,300
*46,047,115
•...
United States
Brooklyn—
Brooklyn
77,089,000
Kings County
*
Includes
...
amount
Fiduciary, $680,419;
$28,690,789.
3,067,000
2,374,443
32,583,466
with
Federal
Fulton,
to
reserve
deposit
Commitments
9,117,000
1,524,000
and
86.7%
86.7%
84.5%
102,000
to
make
Industrial
238,000
729,000
ad¬
vances
81,476,420
3,738,00C
3,771,000
t "Other cash" does not Include Federal Reserve notes
63,000 112,770,000
5,089,000
bank's
own
Federa
•
These are certificates given by the United States
Treasury for the gold taken
over from the Reserve banks when the dollar
was, on Jan. 31, 1934, devalued from
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,
$8,534,000;
or a
x
40,221,358
follows:
as
7,744,000
51,061,000
purchased
Reserve bank notes.
Lawyers,
51,474,000
7,744,000
8,210,000
2,734,000
35,438,000
40,178,000
10,788,059
Reserve
$5,501,900;
206,235,000
51,943,000
10,548,789
12,181,395
19,476,200
.
total
Contingent liability on bills
for foreign correspondents
64,541,100
Fulton
_ .
of
113,613,000
50,944,000
5,597,392,000 5,537,365,000 4,611,990,000
F. R. note liabilities combined
$
Federation
Reserve for contingencies
All other liabilities
Elsewhere
and
169,742,000
50,937,000
51,943,000
7,744,000
8,210,000
2,903,000
Surplus (Section 7)
Surplus (Section 13-B)
5,737,000
COMPANIES—AVERAGE FIGURES
Loans,
4,371,577,000 4,372,997,000 3,329,174,000
Deferred availability Items
Capital paid In
Brooklyn—
$5,536,700;
United States,
100
Weekly Return for the Member Banks of the Federal Reserve
System
Following is the weekly statement issued by the Board of Governors
items of the
and liabilities of the
resources
These figures are
always
the Federal Reserve
System
a
of the Federal Reserve System, giving the
principal
reporting member banks in 101 leading cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
the figures for the latest week
upon
immediately preceding which
in
appears
our
The comment
also give the figures of New York and Chicago
reporting member banks for
we
Commencing with the
described in
an
of the Board of Governors of
department of "Current Events and Discussions
statement of May 19, 1937, various
changes were made in the breakdown of loans
annouucement of the Federal Reserve Bank of New
York of April 20,1937, as follows:
as
a
week later.
reported in this statement, which wer*
The changes in the report form are confined to the
classification of loans and discounts.
(!) co n nercial, industrial and agricultural loans, and
This classification has been changed primarily to show the
02) loans (other than to brokers and dealers) for the purpose of
purchasing or carrying
between loans to brokers and dealers in securities located in New York City and those located
outside New York Uity,
Provision has been made also to include
"acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial piper oought in open market" under the
revised caption "open market
paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known
that the new items
"commercial, industrial and agricultural loans" and "other loans'
wpuld each be segregated as "on securities and "otherwise secured and unsecured."
amounts of
securities.
lMfcA
The
revised form also eliminates the distinction
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
SEPT. 7, 1938
Federal
Reserve Districts—
Total
Boston
New York
Phila.
$
$
$
$
ASSETS
Loans and Investments—total
Cleveland Richmond
$
Chicago
St. Louis
$
$
Atlanta
$
$
(In Millions of Dollars)
Minneap. Kan. City
$
Dallas
San Fran.
$
$
$
20,842
1,099
8,532
1,129
1,786
611
554
360
624
497
577
2,877
654
8,241
3,362
417
655
229
280
826
284
158
243
229
268
981
1,578
190
248
100
152
470
174
76
148
145
62
339
145
20
11
10
3
33
5
4
17
1
22
22
549
16
21
3
5
31
5
1
4
3
10
31
265
34
36
17
15
78
13
8
12
14
55
82
221
58
171
31
28
93
48
21
378
Loans—total
Commercial, Indus, and agricul. loans
Open market paper.
3,888
Loans to brokers and dealers In secure.
670
578
333
.
Other loans for purchasing or carrying
securities
i
Real estate loans
1,159
2,119
108
6
22
3
85
1
2
1
3
3
6
1,505
1
1
109
519
98
United 8tates Government obligations
166
67
74
118
33
7,792
63
39
44
358
175
3,086
336
764
284
Obligations fully guar, by U. S. Govt.
146
1,360
212
1,655
149
207
173
30
717
843
Other
Loans to banks
Other loans
securities..
94
91
35
42
230
59
13
49
42
2
127
3,154
134
1,241
282
Reserve with Federal Reserve Banks.
in vault
276
63
86
461
99
6,756
40
125
53
371
294
3,600
228
380
158
98
1,084
.161
401
172
101
124
81
322
71
16
37
Balances with domestic banks
18
12
64
10
2,467
6
12
11
139
159
159
273
154
Other assets—net
141
431
132
1,273
125
295
214
245
74
560
83
106
35
40
85
23
16
22
26
203
1,031
6,909
748
1,081
418
337
2,282
412
264
492
401
892
257
1,054
293
746
198
187
878
186
119
144
133
1,022
8
108
20
18
13
23
65
15
2
18
25
92
238
2,605
305
356
232
201
908
271
139
373
203
274
Cash
20
LIABILITIES
Demand deposits—adjusted.
_
15.267
^
Time deposits
5,217
United States Government deposits..
Inter-bank deposits:
Domestic
banks.
407
"
—
6,105
Foreign banks
.
.
364
12
322
6
1
1
8
715
20
313
16
18
21
6
20
6
7
3
4
281
3,664
241
1,611
227
362
94
90
380
90
56
95
83
335
Borrowings
Other
Capital
amount
1
■
■
-
<~
13
■
«•
liabilities.
..
-
—
—
Financial Chronicle
1732
Sept. 17, 1938
>
of the Federal Reserve System
Weekly Return of the Board of Governors
Federal Reserve System on Thursday afternoon, Sept. 15,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
issued by the Board of Governors of the
The following was
AND LIABILITIES OF THE FEDERAL RESERVE BANKS
COMBINED RESOURCES
1938
Aug. 31,
1938
$
(000) Omitted
Three Ciphers
Sept. 7,
%
on
Redemption
1938
Aug. 10.
1938
Aug. 3,
1938
July 27,
July 20.
1938
%
ASSETS
Gold ctfs
AT THE CLOSE OF BUSINESS SEPT. 14,
Aug. 17,
1938
1938
1938
%
Sept. 14,
1938
S
1
S
%
*
24,
Auq.
•
10.632,413
7,421
385,675
10,632,411
10,632,407
10,632,907
9,112
390,598
8,680
t394.085
10.632,904
9.437
397,013
10.633,400
9,098
421,229
10.633,423
9,112
396,893
10,995,710
11,025,509
11,038,416
11,032,117 tl 1,035,672
11,039.354
3,826
3,128
3,640
3,428
4,041
3,103
3,724
2,908
3,775
3.042
3.099
3,339
3,127
6,954
7,068
7,144
6,741
6,632
6,874
537
537
537
540
540
15,847
15,824
15,899
15,852
15,816
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
1,196,188
2,564,015
Total reserves
10,630.919
8,921
355,870
540
Other cash *
1937
$
10,629,733
9,432
379,412
11,018,577
U. S. Treas. x.
fund (Federal Reserve notes)—-hand and due from
Sept. 15,
2,564.015
2,564,015
2,587,356
2,587,444
2,587,595
9,129,890
9,996
9,192
406,959
296,320
11,063,727
11,050,378
9,435,402
t4,162
t3,160
4,467
3,118
10,047
6,466
7,322
7,585
23,198
539
539
540
3,067
15,965
15,647
16,308
16,214
20,603
744,105
1,196,188
623,722
744,105
744.105
738,073
1,196,188
623.722
744,105
1.190.870
1,174,105
1,157,713
623,722
629,040
645.805
630,404
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,526,190
2,587,145
2,587,003
2,587,394
2,586,667
2,588,184
2,588,354
2,573,058
Bills discounted:
Secured
obligations,
U. S. Government
by
guaranteed
direct or fully
—-
Other bills discounted-Total bills discounted—
Bills bought in open
--
market
securities—Bonds-
United States Government
Treasury notes
Treasury bills-———-—————
Total U. 8. Government
Other
securities--,
13,151
securities
Foreign loans on gold
Total bills and
—
securities
—
Gold held abroad
------
foreign banks
Due from
""~184
27,292
739,744
44,407
57,002
——
Uncollected items
premises
All other assets
—
""*184
184
25,701
534,057
—
other banks
Federal Reserve notes of
Bank
3,699
25,617
525,303
44,410
62,539
44,404
63,291
.
"""180
23,032
24,955
501,237
44,462
589,565
44,486
51,950
61,280
:
180
181
""*181
""180
""231
23,587
507.628
22,948
547,727
44,486
49,585
23,516
534,141
44,559
26,602
593,833
859,544
44,581
45,428
44.486
♦50,674
29,143
47,486
49,113
36,704
14,474,559
14,240,791
14,261,157
14,248,349
14,327,663
14,249,621
14,290.948
14,303,421
14,351.414
12,979,510
actual circulation——
4,200,829
4,212,348
4,169,262
4,144.760
4,150.214
4,135,656
4,138,706
4,109,643
4,124,138
4,271,313
Deposits—Member banks' reserve account
United States Treasurer—General account—
8,425,336
346,305
8,269.124
8,178,851
8,201,896
6,864,732
774.757
347,686-
119,166
115,867
123,956
126.908
Other
249,328
125,940
187,322
199,837
Foreign banks--
136,737
179,803
732,462
125,243
723.989
166,660
195,662
233,198
8,045,525
838,820
117,267
247,425
8,187,723
720,248
8,085,198
802,104
8,074.340
561,364
8,156,037
770,784
267,742
257.455
226,518
112,978
9,187,629
9,147,028
9,212,361
9,241,649
9,236,367
9,249,037
9,240.795
9,302,883
9,279,311
7,525,233
730,948
133,991
147,739
27,683
32,775
12,965
529,345
509.855
589,541
133,953
539.276
133,785
27,683
147,739
27,683
32,775
9,897
32,774
9,392
9,110
27,683
32,810
9,602
597,151
133,760
147,739
27,683
32,810
8,822
834,534
132,590
147,739
513,223
133,829
147,739
27,683
32,809
9,645
560,292
133,991
32,776
9,874
527,766
133,994
147,739
27,683
32,776
9,576
14,474,559
14,240,791
14,261,157
14,248,349
14,327,663
14,249.621
14,290.948
14,303.421
14,351,414
12,979,510
82.3%
82.3%
82.4%
82.5%
82.4%
82.4%
82.5%
82.5%
82.4%
80.0%
284
385
470
604
697
704
727
879
975
1,579
13,481
13,539
13,543
13,684
13,740
13,767
13,809
13,731
13,432
15,021
5,477
4,916
Total assets
———
—
LIABILITIES
Federal Reserve notes in
deposits
—
Total deposits
—
Deferred availability items.——-
Capital paid in
———
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies-——
Ail other liabilities..
———
——
——
Total liabilities
and Federal
Reserve note liabilities combined
Contingent liability on bills purchased for
133,998
147.739
27,683
.
133,814
147,739
147,739
1
27,682
32,810
Ratio of total reserves to deposits
correspondents
foreign
Commitments to make Industrial
advances
.
Maturity Distribution of Bills and
Short-Term Securities—
145,854
27,490
35,803
6,693
5,337
5,546
4,980
5.031
5,340
5,478
5,662
21,223
537
605
262
418
325
302
255
529
612
445
31-60 days bills discounted-------—.—-—
593
665
837
824
743
694
426
418
417
854
61-90 days bills discounted—-—
225
374
339
373
411
383
628
613
570
603
122
155
241
284
321
73
6,632
6,874
8,466
7,322
7,585
23,198
125
201
105
307
239
1.271
117
137
125
105
168
391
90
23
723
37
110
1-15 days bills
16-30 days bills
discounted---discounted--
Over 90 days bills
——
—
—
122
discounted.-
Total bills discounted---—
7,068
6,954
market.——
open market
open market
open market
In open market
16-30 days bills
bought In
61-90 days bills bought
in
Over 90 days bills bought
137
94
"""212
""212
""lis
23
198
325
208
282
275
""262
239
537
537
537
540
540
539
539
540
1,123
1,728
1,885
887
248
70
'
'
"v
682
3,067
1,104
1,046
162
132
184
249
193
47
58
422
565
591
584
563
614
469
380
367
423
1,311
1,241
473
624
762
767
569
730
626
611
728
13,097
13,211
13,133
13,101
13,487
13,132
13,527
13,293
18,143
20,603
15,847
1-15 days U. S. Government
15,824
15,899
15,852
15,816
15,965
15,647
16,308
16,214
110,650
—
securities.16-30 days U.S. Government securities31-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U.S. Government securities
505
13,339
61-90 days industrial advances..
Over 90 days industrial advances--Total industrial advances
1,201
395
576
advances
1,262
355
1-15 days industrial advances.
16-30 days industrial advances.--
131,150
103,830
83,330
87,710
92,335
81,361
28,360
106,500
170,432
198,040
105,370
110,650
131,150
83,330
237,520
88,950
86.493
87,710
92,335
27,472
1,978,393
1,977,523
2,564,015
1,983,143
2,564,015
2,564,015
157,187
,
192,785
88,950
103,830
213,650
172,432
1.985,153
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,526,190
4,620,315
207,279
186,757
176,385
1,986,393
2,564,015
--
Total U. S. Government securities
1-15 days other
•
117
540
Total bills bought in open market—
31-60 days Industrial
6,741
7,144
1-15 days bills bought In open
31-60 days bills bought in
146
160
87
159,113
192,780
57,034
229,401
59,653
1,995,268
215,480
193,257
1,973,993
215,480
223,779
1,950,553
1,968,138
2,353,663
160,187
securities
,
16-30 days other securities
31-60 days other securities
——
61-90 days other securities
—
Over 90 day# other aecurlties
Total other securities
------
T
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by .Federal Reserve Bank
In actual circulation-
4,507,813
306,984
4,491,457
279,109
4.449,156
4,443,342
298,582
4,448,170
4.433,662
4.455.659
297.956
4,445.959
310,303
4.431,040
279,894
292,334
324,019
331,521
349,002
4,200,829
4,212,348
4,169,262
4,144,760
4,150,214
4,135.656
4,138,706
4,109,643
4,124.138
4,271,313
4,585,000
4,558,632
4,544,632
4,539.632
4,528,632
4,632,132
6,166
5,629
5,694
4,528,632
5.449
4,528,632
6,174
4,544,632
5,727
4,639,632
6,062
6,292
6,615
22,807
4,591,062
4,564.806
4.550,798
4,550.359
4,545.261
4,545.326
4,534.081
4.534.924
4.535,247
4,686,939
Collateral Held by Aoenl as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas—
By eligible paper
United States Government securities
Total
collateral
32,000
•
"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
cents on Jan. 31,
1934, these certificates being worthless
provisions of the Gold Reserve Act of 1934.
t Revised figure.
banks when the dollar was
to the extent of the difference, the difference itself having been
devalued from 100 cents lo 59.00
appropriated as profit tby the Treasury under
Volume 147
Financial
Weekly Return of the Board
Chronicle
1733
of Governors of the Federal Reserve
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
ASSETS
$
%
$
$
Gold
certificates on
from United States
hand
and
10,629,733
Atlanta
Chicago
$
%
$
St. Louis Minneap. Kan. City
$
S
Dallas
%
San Fran.
S
$
457,511
713,317
321,745
729
1,805
838
957
1,161
435
348
1,000
702
162
44,398
379,412
reserves
11,018,577
Bills discounted:
Secured by U. S. Govt, obligations
direct and (or) fully guaranteed..
292
111,201
30,837
23,560
19,183
13,177
49,950
14,529
8,509
15,251
12,930
35,887
241,123 2,077,514
336,945
237,381
319,088
204,191
744,797
687,188 4,601,241
489,186
'
737,834
227,511 2,027,216
342,089
321,416
228,170
303,675
190,969
707,907
1,003
3,826
3,128
Total bills discounted
30
1,547
410
422
322
93
210
225
93
59
34
789
142
543
273
159
230
488
20
68
15
155
387
240
6,954
Other bills discounted
64
2,336
953
581
552
581
230
293
108
214
529
513
2
16
16
Bills bought In open market
540
40
213
55
49
23
19
67
2
15,847
2,410
3,675
3,268
664
1,475
118
437
44
744,105
1,120
421
56,940
835
226,408
66,972
69,727
36,921
1,380
32,270
80,920
1,196,188
33,204
91,535
21,310
34,428
363,960
107,662
112,089
24,657
60,348
59,355
51,876
130,083
623,722
53,376
47,728
34,257
189,779
55,345
56,137
58,446
39,638
30,948
27,050
67,828
27,832
17,863
28,858
20,668
97,013
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
2,587,356
198,717
786,371
235,047
241,556
129,274
111,914
181
279,565
14
114,750
74,660
67
18
17
119,282
86,343
209,877
Industrial advances
U. S. Government securities—Bonds
Treasury notes.
Treasury bills..
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks.
38
8
7
22
3
2
27,292
5
1,314
5
5,203
1,634
1,438
1,846
1,646
3,349
739,744
1,856
1,659
178,294
55,386
1,830
661
69,349
85,139
4,856
69.466
25,265
96,791
34,531
21,098
28,833
37,875
1,545
37,717
3,109
1,276
3,277
1,694
2,301
1,756
4,461
338,039
483,332
Fed. Res. notes of other banks
Bank
642,061 4,488,235
9,432
Other cash
Uncollected
$
due
Treasury
Redemption fund—Fed. Res. notes..
Total
Cleveland Richmond
System (Concluded)
AT CLOSE OF BUSINESS SEPT. 14, 1938
Items......
premises
44,407
All other assets
2,964
9,841
4,741
6,092
2,647
2,091
4,516
57,002
....
Total assets
3,575
16,375
7,996
5,615
3,277
2,529
5,270
2,308
2,153
794,008 1,077,691
548,607
384,575 2,467,027
492,546
14,474,559
963,121 5,597,392
1
13
.
323,065 1,005,156
LIABILITIES
F. R. notes In actual circulation
4,200.829
934,336
305,904
411,469
198,540
140,588
353,793
486,741
227,362
158,559 1 310 500
25,122
31,963
25,316
961,302
173,124
133,840
165,501
77,116
340,627
234,597
125,751
236,347
169,097
544,104
25,076
11,876
#
Member bank reserve account
U. 8. Treasurer—General account..
Foreign
Other
358,482
447,310 4,131,175
26,182
28,245
•
Deposits:
8,425,336
346,305
166,660
bank
deposits
34,734
28,801
26,945
40,473
26,607
26,841
59,444
152,713
16,392
15,388
7,192
5,854
19,904
5,018
3,847
4,851
4,851
4,778
15,385
5,699
6,449
4,405
6,495
4,030
2,238
2,496
19,605
510,570 4,371,577
400,085
549,477
265,569
205,596 1,363,610
273,055
174,101
270,043
203,285
600,661
20,554
12,043
249,328
Total deposits.
25,035
9,187,629
Deferred availability Items
Capital paid In
Surplus (Section 7)
730,948
133,991
169,742
52,372
83,966
96,600
35,622
12,214
38,890
13,388
4,471
13,277
3,920
2,907
9,900
37,496
4,190
31,474
50,937
69,310
4,989
25.283
9,408
3,946
51,943
13,466
10,344
14,323
4,964
5,626
22,387
27,683
2,874
4,667
3,892
7,744
4,411
9,805
1,007
3,409
730
1,429
545
3,153
1,001
3,613
32,775
Reserve for contingencies
All other liabilities
69,639
147,739
Surplus (Section 13-B)__.
1,448
1,142
8,210
2,000
2,121
3,176
1,401
1,602
7,118
1,215
1,894
935
800
1,270
1,776
2,903
3,556
885
425
679
1,304
398
589
412
306
708
794,008 1,077.691
548,607
384,575 2,467,027
492,546
338.039
483,332
12,965
Total liabilities
14,474,559
-
963,121 5,597,392
2,000
323,065 1,005,156
Contingent liability on bills purchased
for foreign correspondents
284
20
102
28
26
Commitments to make Indus, advs...
12
10
34
9
7
8
13,481
8
20
1.346
3,738
291
1,509
1,778
178
19
580
236
360
51
3,395
*
"Other cash" does not include Federal Reserve
notes.
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Total
by Agent
New York
Phila.
%
%
$
4,507,813
STATEMENT
Cleveland Richmond
%
Atlanta
Chicago
S
S
J
.
St. Louis Minneap. Kan. City
S
%
Dallas
%
San Fran.
t
%
323,926
433,217
209,599
186,318
139,622
176,444
86,497
391,287
21,748
11,059
158,792
18,204
988,720
18,022
27,418
13,194
6,782
10,943
9,381
50,660
4,200,829
as
382,372 1,031,019
23,890
96,683
358,482
934,336
305,904
411,469
198,540
140,588
961,302
173,124
133,840
165,501
77,116
340,627
4,585,000
390,000 1,045,000
161,000 1,010,000
404,000
306,984
In actual circulation.
held
Boston
%
Federal Reserve notes:
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
Collateral
RESERVE NOTE
security
for notes issued to banks:
Gold certificates
hand
on
from United States
and due
Treasury
Eligible paper
327,000
434,000
215,000
2,316
538
460
495
390,030 1,047,316
327,538
434,460
215.495
6,062
Total collateral
30
4,591,062
United States
Rates quoted
141,500
180,000
87,500
233
'108
203
489
512
161,448 1,010,230
190,233
141,608
180,203
87,989
404,512
United
Treasury Bills—Friday, Sept. 16
are
190,000
230
448
States
York Stock
for discount at purchase.
Transactions
Bid
Sept. 21 1938
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
Sept. 28 1938
Oct.
5 1938
Oct.
13 1938
Oct.
19 1938
Oct.
26 1938
Nov.
Asked
2 1938
Bid
Nov.
9 1938.
Nov. 16
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
.
1938
Nov. 23 1938
Nov. 30 1938
Dec.
Dec.
7
Asked
1938
15 1938
Government
Securities
Exchange—See following
the
at
New
Stock
Yor
Daily, Weekly and Yearly—See
on
page
the
New
page.
Exchange,
1749.
Stock and Bond Averages—See page
1749.
' ~
S
m,mm m m
THE
PARIS
BOURSE
X
Quotations of representative stocks
each
Quotations for United States Treasury Notes—Friday,
Sept. 16
Sept. 10
Franca
Sept. 12 Sept. 13
Francs
Int.
or
32ds of
more
15 1943...
1,036
400
1,012
387
Maturity
Rate
Bid
Asked
Dec. 15 1938...
Dec.
15 1941...
Sept. 15 1939
100.10
100.13
100.7
June 15 1940
Dec.
101.31
102.3
102.6
Mar. 15 1940...
101.18
101.21
Mar
15 1942...
15 1942...
102.9
101.31
15 1940.
\M%
1 H%
102.2
102.6
IH%
1H%
216
216
210
415
220
19,400
Pacific——
19.000
19,000
19,900
577
560
546
Cie
1,200
27
1,190
1,170
1,220
27
461
29
29
460
497
723
742
102.2
Generaie Transatlantique—
460
Comptolr Nationale d'Escompte
731
190
216
212
205
219
423
419
412
434
1.460
1,430
1,490
1,470
1,190
259
481
1,210
1,280
1,220
248
475
254
1H%
103.3
103.6
101.22
Dec.
103.13
1H%
102.5
102.8
Sept. 15 1942...
IH%
2%
103.ID
15 1941...
104.8
104.11
Eaux des Lyonnalse cap
1 X%
101.12
101.15
June 15 1939
2K%
101.29
102
Energie Electrique du Nord
1H%
102.11
102.14
Credit
LyonnaLse
HOLIDAY
1,490
1,230
256
Energie Electrlque du Littoral..
479
THE
BERLIN
STOCK EXCHANGE
Closing prices of representative stocks
586
571
613
1,080
759
1,010
751
1,130
759
736
371
27
725
374
as
received by cable
1,440
1,350
76.70
71.80
77.00
77.40
76.60
71.70
72.10
71.70
70.25
69.90
71.00
70.50
Sept.
10
12
Sept.
13
Sept.
.
Sept.
Sept.
14
15
16
Llctat (8%)
.
Pechiney
Rentes Perpetual 3%
76.70
71.80
70.50
—
(4%) 110
109
107
105
Rentes 4%. 1918
Rentes 4J4 %,
Rentes
Per Cent of Par
ktrlzltaeta-Gesellachaft
Capital
Rentes4%. 1917
Sept.
1932, A
79.10
78.40
97.70
6,630
1,869
4H%. 1932. B
Rentes, 5%. 1920
110
111
Royal Dutch
150
150
150
149
150
1.50
Saint Gobain C & C
113
113
113
113
113
113
Schneider A Cie—
Rys.pf.7%). 124
124
124
123
123
124
Dresdner Bank (5%)..
106
106
106
105
106
106
Soclete Generaie Fonciere
Farbenlndustrie I.
148
148
146
144
149
148
Societe I.yonnaise
106
104
Deutsche Bank (6%)
Deutsche Reichsbahn (German
Mannesmann
G.
(7%)
Roehren (5%)
105
........
Societe Francalse Ford
•
980
56
.
............
105
103
101
Reichsbanks (8%)
179
179
178
175
178
178
Siemens A Halske
193
189
188
192
191
Union d'Electrlclte......
100
100
98
95
100
98
(8%)
Stahlwerke (5%)
I
Societe Marseilles
Wagon-Llts......
28
....
1,060
759
725
730
371
29
372
1,360
1,481
79.00
78.30
79.10
78.10
97.40
6,520
97.20
6,420
373
30
79.50
....
79.10
78.90
78.70
97.50
97.30
6.710
6,570
1,790
1,750
1.900
981
1,000
1,038
56
56
54
66
68
1,238
1,192
67
1,208
1,275
559
560
Tublze Artificial Silk preferred..
193
Verelnkrte
505
605
Orleans Ry 6%.-----—.......
day of the past week:
El
190
....
1,110
Pathe
Berliner Kraft u.
185
Liqulde
L'Alr
Allgemeine
180
—
Lyon (PLM)
Nord Ry
Kuhlmann...................
each
29
—
Courrlere—
Coty 8 A
15 1939...
Mar. 15 1941...
1,150
Credit Commercial de France...
Dec.
101.19
210
19,300
726
190
Mar. 15 1939...
1 lA%
6,300
590
—
June
—
Francs
1,130
Cie Generaie d'Electrlclte
Int.
1H%
i y<%
Francs
1,078
410
Banque de 1'Uulon Parisienne..
Citroen B
June
Sept. 15 Sept. 16
6,400
Canal de Suez cap
Asked
Francs
5.900
Cte Distr d'Electrlcite.——
Bid
Sept. 14
6,000
Canadian
Rate
Francs
6,100
Banque de Paris et Dee Pays Bas
one
point.
Maturity
received by cable
Bank of France
Figures after decimal point represent
a
as.
day of the past week:
56
71
—
553
.......
-—
111
105
114
365
356
352
377
—.
72
69
67
72
....
....
Sept. 17, 1938
1734
Sales—New York Stock Exchange
Stock and Bond
DAILY, WEEKLY AND
YEARLY
Sixteen Pages—Page One
Occupying Altogether
disregarded in the day's range,
for the year
NOTICE—Cash and deferred delivery sales are
is taken of such sales in computing the range
account
unless they are the only
transaction of the day. No
-
Stock Exchange
Below
furnish a daily record of the transaction^ in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 'S2ds of a point.
■ '
i
■ ■
1
• ,
"•
/v ' ~
Securities on the New York
United States Government
we
Bond Prices Sept. 10 Sept. 12
Daily Record of U. S.
Daily Record of U. 8.
Sept. 13 Sept. 14 Sept. 15 Sept. 16
118.22
118.11
118.15
118.12
118.10
117.31
Low.
118.22
118.11
118.13
118.10
118.7
117.31
Close
118.22
118.11
118.13
118.10
118.7
1
5
13
6
113.22
113.16
113.14
113.10
Close
113.22
113.16
113.10
Total tales in $1,000 units...
2
102
9
4«s. 1947-52
Total tales in $1,000 units.
(High
Low.
4s, 1944-54
103.25
103.29
103.20
103.25
50
100
4
104.13
15
mrnrnm
m^mm
(Close
102.31
102.16
m
125
205
112.27
102.15
101.25
101.26
101.24
101.25
102.15
101.25
101.26
101.24
101.25
101.22
1
31
70
3
112.21
112.16
101.20
101.14
101.12
101.6
101.3
13
2
100.31
101.6
100.25
100.31
100.29
101.7
100.31
100.1
100.29
101
High
Low.
101.18
101
105.5
105.4
Close
101.18
101
105.12
Low.
105.5
105.4
Total sales in $1,000 units—
75
105.12
Close
105.12
105.4
High
2Kb, 1958-63
1C5.5
100.28
106.27
106.24
Low.
106.24
106.25
108.24
106.22
m
106.24
106.26
106.24
108.22
39
116
150
109.19
109.26
108.28
108.28
1
109.13
109.9
109
109.26
109.13
109.9
109
Total salet in $1,000 units...
2
115
107.15
1941.
107.15
5
~
107.5
107.5
2 Kb,
107.5
-
m
m
*3
108.24
108.20
108.18
109
108.24
109
108.24
108.20
3
3
2
100.26
100.24
101.4
100.20
100.18
100.13
100.20
100.20
101.4
100.20
100.19
100.13
100.24
100.20
35
128
829
1950-52
.
109.3
108.26
108.20
Low.
109.12
109.4
109
103.17
108.20
Close
109.12
109.4-
104.3
108.24
103.20
7
103
1
100.22
100.20
mm
100.22
100.20
rnmmm
5
6
mm
mm mm
mm mm
_
Low.
1944-64
(High
] Low
3s, 1944-49...
2
10 5". 16
105.28
mrnrnm
10 5". 14
105.12
105 12
105.8
105.7
105.16
mmmrn
106
10 5". 12
105.16
106""
105.12
105.8
105.22
mi+mm
105.1
mmmm
mm+m
105.1
105.22
(High
Federal Farm Mortgage
mm m
mmWm
mmrnm
mm
105.1
m
'mmmm
Low.
3s, 1942-47
111
6
mmmm-
mm mm
•'
108.19
105.12
2
1
105.22
6
Total sales in $1 000 units
108.19
Total sales in $1,000 units...
100.21
mm
mm
mmm m
rnrnm'm
10
mmm
m
mmmm
in
100.22
High
Federal Farm Mortgage
108.19
109.4
150
mm mm
(High
•'Low.
(Close
109.15
4
113
Close
4
High
3Xb. 1944-46
103.24
7
100.20
2
50
5
Total sales in $1,000 units..
108.18
150
113
25
103.18
101.1
108.19
109.3
m
103.20
mmm
101.2
Federal Farm Mortgage
7
109.3
-
m
103.12
m
103 18
103.20
104.6
Close
3K
Low.
(Close
103.12
_
103.20
103.24
Total sales in $1,000 units...
108.20
Total sales in $1 000 units.
103.12
_
103.20
104.6
Total sales in $1,000 units..
107.5
107.8
2Kb. 1949-53
107.5
107.8
«.
109.6
109.4
High
1943-45
107.5
m
m
25
Total sales in $1,000 units.
3 Kb,
107.8
107.15
m
-
107.15
107.15
m
107.15
Low
Close
High
•
3 KB.
50
40
103.24
Low.
108.26
2
109.26
103.18
Close
108.26
108.28
Low.
■
150
103.24
IOY.26
101.9
(High
108.26
Close
1943-47
Low.
Close
109.3
109.9
104.29
105
10¥. 6"
Total sales in $1,000 units
High
3 KB.
■
9
....
(High
2Kb. 1948
104.29
1
Total sales in $1,000 units
100.27
3
40
104.29
105
1
2
124
134
,
105
Close
High
mm
17
....
Low.
2Kb, 1945
101
Total sales in $1,000 units..
m
7
101.22
Low.
Total sales in $1,000 units
111.30
8
.
1
101.28
101.22
111.30
C1086
102.7
54
101.24
m
Close
112.4
112.16
Total sales in $1,000 units.
102.12
102.6
102.11
102.15
2Kb, 1956-59
112.16
112.21
1941-43.
102.11
102.5
102.5
High
3 KB.
mm
(High
113
3Hb, 1940-43
m
102.11
102.12
102.15
102.6
102.16
102.31
2Kb. 1951-54
......
102.16
103
Low
Total sales in $1,000 units...
112.27
Total tcue8 in $1,000 units..
103.25
103.20
(High
112.27
(Close
103.20
103.29
Total sales in $1,000 units...
.
| Low.
1946-50
103.29
104.13
dose
4
15
(High
3 Kb.
2KB, 1948-51
104.17
Low.
113.18
113.22
High
117.31
High
Treasury
Sept. 15 Sept. 16
Sept. 10 Sept. 12 Sept. 13 Sept. 14
Bond Prices
Treasury
Close
mm
12
2
Total sales in $1,000 units
....
107.22
(High
107.2°
107.22
(High
Federal Farm Mortgage
107.18
Low.
2Kb. 1942-47
107.22
107.20
107.16
107.18
(Close
107.22
107.20
107.16
107.18
Total sales in $1,000 units...
4
4
8
2
] Low.
3Kb, 1946-49
mm mm
,
107.24
Low
3KB, 1949-52
Total sales in $1,000 units...
mm
m
107.18
107.18
8
....
iosX
105.13
105.11
105.4
105.21
105.13
105.11
105.4
8
3
4
13
10217
102.11
102.15
102.8
102.10
102.8
102.7
102.15
302.2
102.6
102.4
102.7
102.15
102.8
102.10
Home Owners' Loan
12
(High
Low.
106.15
Close
102.16
106.15
Total sales in $1,000 units...
7
2Kb, series B, 1939-49..
--
.
mmrnm
(Close
-
m
m -
m
mmm
105". 17
mmmm
102.16
'
106.29
'
Home Owners' Loan
106.15
107
105.21
11
102.8
34
(High
j Low.
3
59
5
25
103.24
103.19
103.10
103-16
103.12
103.11
103.4
—
»
~
—
105.11
105.13
105.9
105.9
105.7
105.10
105.7
106.4
105.20
103.4
100
105.12
105.6
105.6
105.12
105.6
105.6
100
*
20
3
103 19
103.4
103.24
103.19
103.10
103.14
Total sales in $1,000 units...
1
2
4
5
2Kb, 1942-44
*1
300
—
105.23
103.24
(Close
-
Total sales in $1,000 units..
3b, 1951-55
10 5". 18
105.21
105.17
Total sales in $1,000 units...
107.6
m
mmm
107
High
( Low.
(High
-(Low.
(Close
105". 14
105.17
Close
Low.
107.4
107.24
10
m
....
(High
3s. series A, 1944-52
107.6
107.18
107.24
mmm
mmvm
m
3s. 1946-48
Close
Total sales in $1,000 units...
Home Owners'Loan
High
....
ales in $1,000 units...
20
10
11
High
103.21
103.14
103.11
103.2
103.8
102.31
Low.
103.15
102.26
102.28
102.22
102.28
Close
103.15
102.26
102.28
102.22
102.2"
102.22
10
54
32
115
97
136
21
1
105.24
6
sale.
102.21
Total sales in $1,000 units...
t Deferred delivery
Odd lot sales,
105.10
Tota
2Kb. 1955-60
High
106.9
105.20
105.13
105.18
Low.
2Kb, 1945-47
106.9
105.10
105.20
105.13
105.18
105.10
106.9
105.10
105.20
105.13
105.18
1
154
3
1
Transactions in
3s, 1942-47..
Federal Farm
Close
*6
Total sales in $1,000 units...
105.18 to 105.18
105.14 to 105.14
-
1944-52
Home Owners 3s,
—
105.10
12
includes only sales of coupon
registered bonds were:
table
above
Note—The
bonds.
United States Treasury
Bills—See previous page.
United States Treasury Notes,
&c.—See previous page.
New York Stock Record
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 10
Sept. 12
Sept. 13
Sept. 14
Sept. 15
Sept. 16
$ per share
*52
53
Week
$ per share
$ per share
$ per share
$ per share
52 i4
52
5234
5234
52i4
52l2 521?
5214
52U
12334
12334 *116
12334 *118
12334 *118
12334 ♦120
♦32
4234
*26'>8 4234
*265s 4234
*265g
4234 *2658 4234
40
*40
43
40
*40
*37
40
37i2
39
4H?
10
10
10
1018
101?
1034
IH4
103s
1012
95g
22
*19
20
*19
22
*20
2378
*20
*19
21
$ per share
Z5134
Par
Shares
600
*265g
41 s8
1034
42«4
4138
1034
*20
20 i4
*28i2
29l2
28i2
28l2
28
281?
25
2S34
2634
2634
*2618
58
5812
58i2
60
5778
61
555g
58i4
56i2
5812
1J8
56i8
1
Us
*1
114
10i4
1014
IOI4
10'%
1
1
1.
1
1
984
1
*1
1'8
914
10
78
IOI4
78
1
95s
10
78
2734
5634
78
10
1012
*8
812
*7
9
10l2
ioi8
8
8
*7
9
1
8
8*4
101?
71?
8
6i2
8
8
*55«
9
*6
12i8
*10
1758
10l2
iot2
10
10
834
183s
1758
18l2
17
19
15U
1112
12
11
179
179
11
11
176'4
*173
9i2
9i2
177
*83s
10i2
1134
83s
1214
1134
101?
63-V
1018
60l2
6034
60
61 is
4734
485s
47i2
487«
44
4934
1634
1634
1634
1634
16
1634
2l4
2i4
*17l2
20
*66
6734
*7612
7H's
18is
*57
•
1812
59/«
1112
93s
8
83s
.
"l~90(j
8,100
1,600
78
1
12~666
85s
9
8
8i2
77
*70
*57
59VS
561?
191r
5634
65
I5I4
*5612
*2
2i4
2,900
934
9
39,600
62
2*8
2
2
175s
*15
*16
20
6714
67
67
66
66
73
74
74
*70
76
11634
*5534
17
20
17
597,
Bid and asked prices; no sales on this day.
62
10i2
10
*50
15
76
*55
m2
1014
4678
6634
1712
95s
15
78
18i2
10
IOI4
4512
67
1812
11
t
5
5K% Pf A with $40»war_100
5K% pf A without war. 100
Allied Chemical A Dye.No par
15
67
8,100
1,100
...100
No par
5K% pf A with $30 war. 100
300
*8i2
47i2
*76
Allegheny Corp
2,400
10i4
15
2
El Appliance.No par
Alabama A Vicksb'g Ry Co 100
Alaska Juneau Gold Mln
10
Ids
*834
46
*16i2
..No par
Air Reduction Ino
Air Way
5978
16l2
15l2
5978
*5534
In reoelverahip.
a
500
15,500
50
Def. delivery,
52
1
Jan 14
1284 July 19
22
Aug 9
30
Aug 30
65'4 July 25
15jJuiy 11
67
Aug 3
30
Nov
55
Mar
37
Nov
69
Mar
85
Aug
4334
Oct
Oct
53s
Feb
Oct
5934
Feb
17K Jan 12
178g Jan 12
11
Oct
59
Feb
10
Oct
5812
Feb
1712 Jan 12
IOI2
Oct
5218
Feb
~~6i~2
Oct
2378 Apr
Nov
258i2 Mar
17i8 Aug
147g July 25
145
7U
10
34U Mar 31
1H4 Apr 1
IK Mar 26
54i2«fuly 25
1984 July 26
3ls Jan 11
34
24
Jan 12
19
78
July 13
No par
55
Agrlc Chem (Del)..No par
10
49
May 27
Mar 26
10
Mar 30
Corp
American Bank Note
50
6% preferred
n
New stock,
40K
r Cash
sale,
x
Apr 27
Ex-dlv.
Feb
1
49
Am
Jan
1534
11
68i« July 28
Amerada
Jan
514
146
Mar 31
Mar 30
Jan
8OI4
Aug 27
Mar 31
10
Feb
30
lSg Jan 7
177g Jan 12
115
7
1
50
2858
Oct
412 Mar 26
38
MarSX
6% conv preferred
2238 Mar
8
85g Mar 28
No par
Deo
778 Nov
17i2 Oct
I6I2 Oct
4412 Nov
i2 Oct
2
133s Feb
124
100
Amalgam Leather Co Inc
300
42i2 Aug
No par
5% preferred
Allls-Chalmers Mfg
Highest
share $ per share
II984 July 2i
Allied Stores Corp
1,600
1,300
52*4 Aug 26
per
No par
Alpha Portland Cem_. JVo par
4,200
$
share
Allied Mills Co Inc
1,100
100
17
18
14
30
per
195g Aug 26
1414 Aug 26
184
July 19
llK July 20
5
Allied Kid Co
Mar 30
5i2June
7*4 June
15i4Sept
4i2 Mar
Alghny Lud Stl Corp—No par
Allen Industries Inc
1
15
21?
Corp..—10
3,700
59
171?
6734
Address-Multigr
8,100
477R
17i2
I4i2 Mar 31
165s Mar 31
40 May
2
58 Mar 30
67
Aug 3
8*4 Mar 31
95
Apr 16
7g Mar 31
6i4June 17
8i8
8lg
I6I4
59
*214
2i4
No par
$2.50 prior conv pref.No par
8i2
17i2
3
No par
8
*65s
4312
1334
20
2l4
*1712
778
8
June
Adams Express
165g
10i2
1012
lli4
1034
*173
17512
176
174
11 >4
175
10
11
9i2
28
014 Mar 30
""600
8l2
1634
18
8i8
1178
1134
10l4
*60l2
734
*7
834
16912
9i4
1134
1058
934
182
834
$
share
Adams-MUlls
12,100
14,400
.y.
per
36U Feb 4
1195g July 19
30K Mar 23
25
Acme Steel Co
Albany A Susq RR
78
91?
No par
Abraham & Straus
400
*100
1
100
4K% conv pref
10
934
No par
Abbott Laboratories
$
Lowest
Highest
Lowest
12334 *120
*119
Year 1937
Lots
EXCHANGE
the
Saturday
On Basis of 10(h Share
STOCK
YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
12
July 19
6lg
Dec
166
Aug
Oct
3318
Oct
2178 Mar
Dec
85
Jan
Mar
Oct
8312
Jan
8i2
Oct
3934
Jan
II4
Oct
87g Mar
Oct
52i4 Mar
1147g Mar
5112 Nov
10
Oct
101i2
418g
Jan
23'a July 19
Cm. Tnln
50
Dec
7Si8
Feb
8484 Aug
y Ex-rights.
5
K
5312
Oct
Jan
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
147
HIGH
SALE PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
Monday
Sept. 10
Sept. 12
Tuesday
Sept. 13
$ per share
$ per share
$ per share
38
38
37
.
37
37
Wednesday
|
Sept. 14
$ per share
33
38%
*133*8 138
*133% 138
98
98
98% 98%
*133% 138
*171
*171
173
24%
24%
43
*41 %
171
171
25
95
25
*39
23
4278
*37
YORK STOCK
EXCHANGE
2534
734
15
*7*2
8*2
7*2
11*2
11*2
10%
*10
734
11*8
107g
*10
1034
*7212
75
*70
75
*70%
5
4*2
11
5
5
47g
*5
10
*5
43
*32%
16%
500
*170
105
the
I
Sept. 16
34%
94
34
35%
96
I
22%
40
*37*2
19
17%
105
*101
23*2
40
15
7*2
9%
10*4
10%
8%
*71
75
5*4
10%
9%
934
75
4%
*73
434
43g
4,100
i4~666
400
70
...
91
*9
9
*72
73
500
2,500
2,400
10
10
73
10
17*8
3*2
17*8
3*2
*17
8*4
8*2
8
*12
1234
"10
11%
13%
*10%
378
37g
*334
*23
24*2
*23
*43
4334
*427g
1%
*134
*134
*15
16
634
67g
1834
*55%
I884
60
13
13*4
*378
*15*4
*634
19*4
57
13
37g
4
34
34
33
*118
125
118
26
2534
26
4%
4*2
438
31
31
31
*5
6
*5
*5
6
26
*25%
125
26
4
24%
4%
30
4*2
31
*119
31%
27*2
125
*119
25*4
2434
119
130
2434
17*8
18*8
65*2
17
17
16*8
♦3012
4578
1634
3H2
46*4
135
134
55*2
55*2
*17
17*4
3178
16
18
15*4
1684
16%
29
30%
28
29
47
43%
48
43
45%
27*2
4434
130
131%
16%
*30
4534
133
*55
16%
65%
133
134
*7
8
22*4
*7%
14
*12%
22U
22%
134
55
55
55
141
*140
145
24%
77g
734
14
*12%
21
22%
23
28
7
734
14
21%
*12%
20
103
1007g 1007g *101
*100*8 103
*18%
1938
*1884
19*4
18%
19
14278 143*2 3:140*4 14034
139% 141%
8134
827S
81*2
81*2
81*2 83
85
85*2
♦147*2 150*4
6*8
9*4
*80
6*8
9%
85
*5*4
6
3734
3734
7
7*8
3478
♦30
32l2
*41
33%
417g
*16
18
*110*2
8434
84
84
101
1734
*80
84
5*8
5*4
5
36%
7*8
37*4
7*4
36
*30
32%
*41%
*16%
*110%
6%
*28
40
86
82
—
84
80
5%
138
79*2
84
82*2
82
*75
5
45g
36
34
28%
39*8
13%
17
*110
31%
115
6
6
6
6
9%
72*2
534
*64
*6334
74*2
*68
3334
3334
*33
88
*85%
90
*86*2
*85
10%
"7%
*70
36%
*67
6
78
73
*63
*6334
*33%
*85%
*8334
30*4
9%
72*2
74*2
9*2
74%
36*8
87%
*8334
88
88
34%
34*2
34*4
54
54
54%
54*2
21
20
20*2
6%
*20l2
6*4
6
6%
35*4
11
*10
2218
*107
*10
22%
6
22*8
22%
107% 107*2
7%
7%
108
7%
51%
1834
734
10%
9*2
21%
108
7
3%
7%
43%
53
53
23%
7
217g
103
101
101
*75
5
3%
*3%
*2%
4*4
3
*16%
20
*17
4
4
8%
8
6%
7
8
8%
6%
734
*32%
35
♦32%
*92*2
98*2
*92*2
19*4
11*4
19*2
18%
11%
♦28*4
11*4
30
28
17
17%
15%
*3%
2%
*17%
3%
3
20
4%
8%
7%
5%
7*4
6%
8%
35
98*2
1934
*11234 11434
*1534
17%
*98% 100%
29%
29%
*110
120
*7%
18%
7%
72%
22
18%
60
50
56*8
15*2
57*2
16
*70
21%
99
*97
22*2
22*2
30
114
114
7%
*6934
21%
18%
*49*2
115
*22
19%
18%
15%
16%
22%
15%
*16%
*4534
23%
23
52%
23*4
*26
26%
*4534
■27%
*97
*110
120
30
26
7%
72%
19%
23%
18%
18
1834
52
48%
52
59*4
15
15*4
98*4 100*2
21% 2234
53%
23
490
American News Co new No par
Amer Power & Light
No par
Preferred
100
67g
634
*42
51%
*11634
...
l",806
7%
7%
*31%
*92*4
17%
8*2
35
300
4,900
20,000
18%
2634
2634
97
97
*100
115
*
30
7
7
*67*2
20%
*17%
48*2
5534
72
21%
1734
48*2
Feb
103
Mar 29
7
4584 Apr
130
Jan 17
Preferred.
100
Am Sumatra Tobacco.-No par
Amer
Telep & Teleg Co...100
25
....25
6% preferred
100
Am Type Founders Inc
10
Am Water Wks & Elec.No par
9912 Sept
12% Mar 30
111
Mar 30
58
Mar 30
5884 Mar 31
130
Apr
1
3% Mar 28
6
Mar 30
Preferred
68
A pr 16
Amer Zine Lead & Smelt
Apr
116
Andes
Copper Mining
Paper Co
No
20
Armour & Co of Illinois
86 conv pref
1,100
5
.No pur
7% preferred
100
Armstrong Cork Co...No par
Arnold
Constable
Corp
Artioom Corp...
No par
Preferred
Associated
6
1,900
110
30
20
115
200
634
72
1,800
58~700
8% Mar 26
28% Mar 28
187
57
Dec
99
Jan
58*4
Dec
9978
Feb
128% May
4% Oct
150*2
Jan
Feb
Jan
8
Oct
82
Oct
3*2 Oct
25*4 Dec
3*4 Oct
*27% Oct
24*2 Nov
39
Oct
5
10
Oct
6
96
Oct
7
Jan 11
4*2 July
7
31*2 Aug
121% Mar
103
Sept
8
2
7
7
July 19
72
JaD 12
Oct
2% Dec
22
Dec
11634 May
93
458
Oct
Oct
Jan
Jan
20%
29*2
107
Feb
14%
Jan
79
Jan
20
Feb
79%
Feb
6912 Mar
97
Feb
2434 Aug
111
Feb
37%
10%
Jan
Feb
46.
Feb
121%
111
1334
Feb
Mar
Feb
57
Dec
96
Feb
Oct
70*2 Mar
Oct
16%
17%
4
Mar 29
11*4 July 19
x52
11
July 19
7% July 13
47g
2%
Oct
80
Nov
6
Dec
99*2 Mar
126
100
Jan
Feb
Jan
July
2434 Mar
Dec
101
Jan
Nov
125
Mar
Dec
72
Mar 29
88
7134
Dec
106
Feb
72
Jan 22
85
70
Deo
88
June
22% Mar 31
42
Jan 12
3278 Nov
71
Jan 14
66% Deo
5
100
5% preferred
40
May 27
100
5% preferred
14
Mar 31
-.100
26
Atlantic Refining
4% conv pref series A...100
Atlas Corp
1
6% preferred
60
4% Mar 26
8% Mar 26
1734 Mar 31
1017a Apr 12
534 Mar 30
38*4 Mar 26
119
jAuburn Automobile..No par
2%June
2
Austin Nichols
No par
2
85 prior A..
No par
Mar 25
12% Mar 30
2% Mar 29
Feb
94*4 May
104
Feb
Oct
55% Mar
5
Oct
29
9
Oct
18
Oct
7*8 Dec
39% Oct
1
105
57%
18
97g Jan 10
48*2 Aug 8
3
100
No par
2
101% Sept
Jan
5% conv preferred
Atlas Tack Corp
8
14% Jan 10
27% July 20
109% Aug 11
4% Apr
36
Sept
Sept
8% July
68
No par
Aug
27*8 Jan 12
Mar 29
Atlas Powder
July 25
Mar
3
7% July
6% Jan
3% July
20% Jan
19
12
13
25
Mar
44
Jan
37
Mar
116%
Feb
18*2 Mar
62% Mar
38
Nov
94
101
Dec
133
Mar
Jan
Oct
18%
Jan
3% Dec
36'4
Feb
9*2
Feb
4*2
2
Sept
15
Dec
5212 Mar
9*4
2*4
Oct
Baldwin Loco Works v t c-.13
6
Mar 30
ll*4 July 25
5
Oct
2334 Aug
Baltimore & Ohio.......-100
4
Mar 31
11
8%
Oct
40*2 Mar
4784 Mar
Aviation Corp of Del (The)..3
4% preferred
Bangor & Aroostook
100
50
preferred.....100
Barber Asphalt Corp
10
Conv 5%
Barker Brothers.......No par
July
7
1334 Jan 11
10
29
Mar 31
36
July 21
30
Oct
86
Jan 21
98
July 19
89
Dec
5% Mar 29
12% Mar 30
6
Mar 23
23% July 26
13% July 20
21% Mar 29
30% Aug
5
10% Mar 30
21% July 19
Mar 30
17% July 19
No par
...100
Bayuk Cigars Inc
1st
478 Aug
60
5)4% preferred
Barnsdall Oil Co
preferred
Beatrice Creamery
85 preferred w w
25
No
Beech Creek RR
par
,.50
Beech-Nut Packing Co...-.20
Belding-Hemlnway
No par
Belgian Nat Rys part pref
Bendix Aviation
6
Best A Co
9
109
9
Apr
Blgelow-Sanf Carp Inc.No
25
9*4
108
13%
92
Oct
Oct
Oct
Nov
116
28*4
Jan
Jan
Aug
Feb
15
Oct
Dec
Oct
105i2 Mar
14
Oct
29
July 25
29*2 Dec
90*4 Oct
7%
Oct
82*8 Dec
8%
Oct
8512 Nov
22%
20% Aug 26
Dec
13% Nov
19% July 25
Aug 31
16% Dec
55
May 10
Feb
41
Jan 11
20
19
Sept 14
16*8 Mar 31
Jan
35%
20%
Oct
29
37
5
Bohn Aluminum A Brass....5
42
10
2
10% Mar 31
13% Apr 4
No par
32
Mar
July 19
16*2 Jan 12
100% Sept 7
Mar 31
Feb
7*4 Dec
20
Nov
Sept 13
9
83
24% Aug 24
l2*4June 14
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
Boeing Airplane Co
31
Feb
43% Mar
19
115% July 18
27
29
3]
45
110%
52
30% Mar 12
2
5*4 Mar 31
Oct
657g Jan 11
9
75%June
8% Mar
15% Mar
267ii Mar
10%
Oct
Jan
10584 Mar
43*4 Feb
II484 July
1584 Feb
88% July
30% Feb
23*4 Jan
62*4 Jan
Apr
94% Apr
39*4May 27
Black & Decker Mfg Co No par
Blaw-Knox Co
Jan 31
18% July 25
90% Apr 29 3-100% Sept 12
17%June 3
9*4 Mar 30
No par
Bethlehem Steel (Del) .No par
115
2
1 l*s Mar 30
par
15,900
2,000
Oct
58
Beneficial Indus Loan..No par
24%
140
33
3,200
21
Jan
30
21
52*2
21%
14334
2578
83
2,800
24% f24
Oct
47% July 25
*21
24
Oct
14
94*2 Jan 31
20*2
1634
*44%
21%
Jan
10478
9
70,800
1.200
5678
75
56
8,700
Jan
Dec
24
73% Sept 8
36% Aug 10
47
1634
14
19
Jan
26*2
Mar 30
55
1,500
2l7g Aug
110*4 Sept
73%
Dec
Mar 19
50
20*2
55
9% July 25
43
July 25
Oct
7%
24% Mar 26
5% Mar 25
2% Mar 30
76
24%
1
June 29
22%
July
100
47
21
Jan
Feb
May 12
300
20%
17%
Jan
68*2
56
160
800
154
148
27
10
22,800
10584 Mar
100
1st preferred
7% 2d preferred
800
180
July 14
Mar 30
20
22
Aug
7% July 19
43
...100
Dry Goods...... 1
86 pref without warrants 100
7,700
1,800
Feb
Assoc Investments Co ..No par
6%
20
82
Apr
100
19
91
97
7% preferred
24
8% July 27
13% Jan 12
Jan 11
5% preferred
52*2
Aug 29
July 25
700
27
6
Aug 26
50
2,400
24%
Aug
38
15%
20
Jan 10
Mar 29
96%
24
150
Mar 14
July 21
May 26
10*4 Mar 31
7% preferred
100
Armour&Co(Dei)pf7% gtd 100
*97
22%
52%
2134
117%
20%
149*4
88%
91%
21
20
*110
1634
1334
*16%
*44%
Jan 18
29
15
22%
11*4
Anaconda W & Cable.-No par
AnchorHockGIass Corp No par
*95
16*2
1434
Oct
Nov
Anaconda Copper Mining..50
Mar 31
12,500
19,700
39,600
8,500
Dec
46
125
Mar 26
26
Mar 31
10
122
Nov
Aug 19
25
86 prior conv pref
16
*16%
56
41
148*2 Aug 30
3^84 Jan 10
Jan 11
96%
14%
Jau 12
2078
35*2 Jau 11
5t34 Jan 12
136% Aug 31
2
300
45% Mar
101% Aug
Jan
Mar
10
9,400
170
58
20
6,500
1,100
Oct
29
par
12", 100
Oct
36
A P W
1,500
3,000
9%
140
Oct
*15
22%
Feb
July 20
Jan
Feb
7*2
*93
16*2
12%
*16%
*44%
Jan
29%
17
165% Jan 12
Dec
24% Dec
97
18%
72%
17% Sept 12
15
*16%
*47*4
Oct
7% Mar 26
97
21%
17
15%
26
22>4 Apr 1
28% Mar 31
48*2
56*4
153g
57%
87*s
Oct
Archer Daniels Midl'd.No par
500
6%
*67*2
1934
*17%
Oct
Dec
800
2%
19%
334
*
Oct
Feb
Dec
600
500
27
Dec
3
31
600
9%
26
31
86.60 conv preferred.No par
51%
27
9
29% Jau18
7% Jan 12
4138 July 20
37% July 20
Sept 14
300
"4", 100
Jan
6834 Mar
15*2
4%Mar 30
19,500
Feb
63%
15%
1
200
2434 Nov
125
2278 Jan 15
14,900
""306
Oct
80*4 July 20
6%
92%
17%
Oct
129*2
31*2
16*2
20
3,100
1,400
7
14*2
4»4 Mar
Feb
17*4 Mar
587S Feb
Mar 29
15% Sept 14
3% Mar 31
92%
1634
9%
Dec
Nov
Refining.. 100
American Sugar
Common class B
3*2
*31%
534
13% Mar 30
58
23% Mar 31
6*2
7%
34
14
July 30
American Tobacco..
3*2
2%
34
94
18
1
100
7%
1%
100
14
5,200
5
3%
7%
6%
27%
June 10
2,000
44
*16
Mar 30
No par
...
Oct
8*4 July 19
12
400
5
17
9
148'4 July
No par
6%
55*4 Mar
52% Mar
2%June 23
20% July 2o
16% Mar 31
6% Mar 31
Atl G &WIWS Lines.-No par
57
Oct
Oct
Oct
July 1
4334 Sept 13
No par
73
44
20*2
32*4
27
Amer Steel Foundries.-No par
American Stores
No par
Atlantic Coast Line RR
10
11% Mar
American Stove Co
16,000
1,000
"
1,100
7%
734
18%
16
18%
16*2
22%
Seating Co..No par
Ship Building Co.No par
Amer Smelting & Refg.No par
Amer
2,200
4,300
*16
110
46*2
52*2
American
18%
6%
6*2
25
50
6%
7234
21*4
18
American Rolling Mill
4 M% conv pref
100
American Safety Razor..18.50
18
634
27
6*2
par
100
Mar 31
$6 1st preferred
14%
16%
15%
16%
14%
1534
123g
14%
1334
14%
13*2
1334
112% 113*2 *112% 113% *112% 113*2
15
*15
15%
15%
15%
1534
17%
17%
San'y.No
50
*51%
*11634
10%
*68
Am Rad A Stand
16% Mar 31
18%
77g
30
250
Mar 29
3% Mar 29
No par
51
37g
110
900
800
20
19
Preferred
1~8~806
Mar 30
99% Mar 30
No par
5% pref with warrants.. 100
3%
*97
$6 preferred
$5 preferred
Atch Topeka & Santa Fe.-lOO
7%
110
.100
30
*42
92*2
*
58,200
preferred
conv
17" 100
21%
21
23
6%
32
108
Oct
Oct
Amer Metal Co Ltd...No par
200
87%
88
20*2
734
2%
Jaii
4,600
30%
107
Jan
Feb
18
5% July 19
13%
American Woolen
5%
5%
8%
8%
20%
20%
105% 106
5878
29% Mar
*8334
*8334
6
Dec
Oct
78
*65
14*4
Oct
200
5%
Jan
3
3,000
8*2
Jan
38*2
5% Jan 12
38*4 Jan 12
119
Sept 2
3234
37g
22*2
52%
2334
26*4
15
5%
~~8%
6878
Oct
2% Mar 31
115
*-,-
Dec
534
2,000
87%
88
6
16
2634
120
7
4% Mar 30
123g Mar 29
17*2
10%
32% 132,900
400
41
1,400
15%
2*9
10
27%
♦111
*68
1334 Mar 28
6% non-cum pref..
400
*2%
92*2
15%
16%
17%
1434
15%
113% 114
1534 15%
*
100
Amer Iuternat Corp
No par
American Locomotive..No par
Preferred
100
""loo
2*2
6%
20*4
11*4
11
3084 M ar 26
1*2 Mar 30
75
3%
*31
Mar 29
1
No par
34
8
98*2
12
50
Products
American Ice
Oct
53
31%
*35%
15%
5*2
3%
53g
12
Mar 29
*65
*5
3%
May 26
*33
5*2
3%
16
9
2
2
Jan
2*2
173s July 25
37
5*2
2
20
4%
8%
7%
8*2
207g J uly
1334
Jan
2434 July 21
74% Jan 17
*31
9
3
35
57%
59*8
15%
15%
9834 100
*16*8
*18%
7%
7234
22%
4
18
17%
15*4
15*4
*11234 114
*16
17%
*100% 100%
*28
5%
*32
11%
28%.
117
6
*92%
17
*14%
117
*11634
Mar 26
1
6% preferred
10
4%
33
82
4%
32%
6%
H34July
177
Mar 31
12,100
82
Jan 22
June 17
137*2 13834
81%
79%
80
84%
81%
82%
146i2 *142
146*2
6*8
5*4
5*2
834
8%
8%
139*2
Mar 29
13*2
10
500
*1734
4
177
Jan
99% Mar
44
1834
19
June 20
2% Mar 25
July 19
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
500
7
22%
8% Mar 30
69
20
10
.
American Home
3,900
2434
14
Mar 29
2% Mar 30
25
*12%
22%
9
No par
72%
74%
*8%
52
Mar
18
8
52
Jan
225
33
*8334
*8334
3178
20%
2134
106% 106%
6%
7%
42%
42%
108
17
Oct
51
85%
88
52
19*4
6
43
*212
8
85%
*8334
47*2
16*2
5*4
834
53*4
6
33
55
21
6%
10
22%
44%
6%
*62
33%
53%
*11634
*6
72%
6334
33*2
29*2
*43*4
6*2
*6
*64
6334
Oct
100
78
33
88
44
*11634
5*2
"8%
9%
5
175
6% preferred
16*2
*
78
35%
55
4312
*53
6
5%
*
7
Jan 22
American Snuff
...
9
78
78
9*2
Oct
1,400
2,300-
25
14
14
13
13
13
13
*10
12
*11
*12%
13
13*2
2*2
2%
234
234
*2%
3
*2*8
3*2
2%
2%
*2%
2%
25
25
*23*2 26
2434 2434
23% 23*2
23%
235g
22% 22%
*119
*119
*119
119*2 119*2 *118%
*119
101
101
*101
*10034 104*2
103
104%
10034 10034 *100
*10034 104*2
5*g
5*4
484
5*g
5*4
5*4
4%
5
47g
5*g
434
5
*45
*45
47
43
45
*46*4
48*4
48*4
40
*41%
44
41%
*50
75
*50
75
*50
75
*50*8 90*8
*50
*50% 75
75
39
42% 43%
41
41
4?% 42l2
43% 44%
42%
40*2
42
10
*10
10
10
10*4
*9
*9
934
10*4
97g
9%
*
Nov
2
10
*53%
3278
41
...
33%
80
300
*129
*140
34*2
67g
37*2
*110
Oct
Jan 18
638 July 25
55
16
40%
15
16*4 Jan 12
83
145
3138
*35%
32*2
3034 Mar
130
6*2
*30%
7
29
41%
*110% 115
*1734
23% Mar
Oct
22,800
1,000
7%
14
103
18
5%
34
15
101
4%
32
7*4
34%
41%
21%
Oct
8%
12%
4534
26%
*12*2
21%
934 July 19
14*4 July 20
44%
7
14
Jan
4% Mar 29
46%
55
Oct
104*2 Feb
33*4 Aug
Apr
Aug
8,800
145
11%
Oct
29
16
27*2
131
36
Jan
150
27
15%
Feb
112
16*2
28%
25
25%
7*4
146% 147% *141%
5
6*8
534
9
7%
8%
37
30
33%
43
18
*53%
*140
134% 139%
79
80*2
148% 148*2 *147% 148*2
6
7
6*8
634
9*4
934
9%
8%
*80
131
55
141
5534
*141
147
♦142l2 147
27*4 28
26*2 27*4
*12*2
18%
66
Jan
71
Oct
American Hide & Leather
1734
18*8
66*4
17*8
174
Dec
Amer Hawaiian SS Co
1,700
177g
Oct
Oct
20*2
6%
J(AllegCo)25
Colortype Co
10
No par
25%
25%
2434 25
15%
143g
147g
14%
14%
160
*153% 160
*153% 160
14%
17%
16%
1634
1534
163g
63%
6434
65%
65%
64% 64%
15%
16%
15%
15%
16%
16%
66*4
*17
15178
15%
Feb
Feb
Oct
6,600
25
65*2
121
90
§6 preferred
5,400
Dec
86
American
700
69
80*4
Aug 29
12*4 July 20
2,100
160
118% Aug 29
5% Mar 30
300
share
Oct
Dec
110
13% Mar 29
100
per
28
109
88% Mar 31
13%Sept 15
Corp..20
American Crystal Sugar
10
6% 1st preferred
100
500
Highest
share $
89*2 Feb 18
Am Comm'l Alcohol
3,300
,
9% Mar 29
per
No par
No par
27,500
26% 26%
24
26%
26%
14
15%
I57g
13
15*8
15*2
16%
*153*4 160
*152
*153*4 158
*153*4 160
Mar 31
No par
4%
4%
30
27
42% Jan 3
Aug 24
104% Aug 8
172
Sept 7
32% July 25
63
July 25
22% July 25
135
S7 preferred
30%
3%
30
160% Mar 30
12% Mar 30
$
share
100
Chicle...
Am Coal Co of N
American
23% Mar 31
Apr 21
70«4 Jan 3
114
per
$7 2d preferred A
4
4%
30
26%
5% preferred.
American
$
share
5,400
119
24%
Am Chain & Cable In..No par
per
5% July 2
25% Feb 25
30
3*2
29
100
8
Year 1937
Lowest
Highest
2,200
.
,
*119
..100
.No par
9,300
3%
118
Preferred
Amer & For'n Power
6
*168*2 500
*167
500
*168% 500
*167
500
3%
3%
234
3%
3%
3%
3%
3%
19
16%
17
14*4
16*4
1434
15*4
14%
15%
8*8
7*4
8*2
6*4
7*2
7*4
734
7%
734
13
13
*12
13*8
13%
1134
1134
12%
13
11*2
*10%
11%
10%
10%
*934
10*g
*9%
10%
4
3?g
3%
3%
3%
3%
3%
3%
3*2
23
23l2
22
"
23%
2234
22%
22%
22% 23
42
4334
40
42
43%
40*2
41*2
40% 40*2
17g
1*4
1%
1%
1%
*1%
1%
*1*2
1%
15
15%
15%
15*4
15*4
15%
15*2
15*2
15%
7
7
6%
6%
6%
6%
6%
6%
6%
18
19
19*2
15
18
16
17
17%
17*2
57
*55*2 59
54*2
55
54%
54% *52
54%
13*4
12% 13%
1234
13%
1234
1234
12%
12%
4
3?g
4
3
3%
3%
3%
3%
3%
337g
30
31
32
31% 33%
3134
32%
33
25
Encaustic Tiling.. 1
Amer European Sees
No par
Amer Express Co
100
500
3*4
_10O
4,300
4%
4%
434
Fdy.No par
pref
American Car & Fdy
Preferred
200
109
conv
American Can
400
6,000
114% 114*2
*13%
*6%
7*2
10%
5K %
30
1734
*101
....
11
2,600
35%
17
19%
109
Par
Am Brake Shoe &
Range for Previous
100-Share Lots
Lowest
Shares
95% 95%
169% 170*2
21% 22
*37*2 42
*169% 170%
23%
On Basis of
Week
116% 116% *11412 11534
*13%
13%
13%
*7
8
6%
7%
10
*170
9%
171
1634
Friday
133% 133%; *133% 138
95
171
173
19% 20
19l2
1934
17% 20%
108
11514 *108
112%
108
117
♦1173s 118*8
118*8 *116% 120*8
*15
3634
92
98*2
,
$ per share \ $ per share
133% 133%
*108
*15
Thursday
Sept. 15
Range Since Jan. 1
NEW
for
Saturday
1735
July 25
9
50
Oct
Dec
20
Jan
129*2
6934
Feb
Feb
38
Jan
297g Mar
32%
94*2
Jan
Jan
3512 Jan 17
16
Oct
49*4 Mar
30% July 27
21
Oct
48*s
Feb
m*
*
Bid and asked prices; no sales on this day.
J In receivership,
a
Def. delivery,
n
New stock,
r
Cash sale.
*
Ex-dlv.
y
Ex-rights.
J Called for redemption.
New York Stock Record—Continued—Page 3
1736
LOW
SALE PRICES—PER
HIGH
AND
NOT PER
SHARE,
Saturday
Monday
Tuesday
Sept. 10
Sept. 12
Sept. 13
$ per share
93%
4634
*11%
93%
16
t per share
% per share
93%
92%
46
46%
45
*11%
12%
11%
-16%
32%
16%
34%
11%
16%
30%
*2%
3%
15%
24
*2%
24
10%
10%
1034
34%
35%
34%
35%
37
37%
1%
40
*33
*34%
10
37%
1%
7%
9%
29
28
38%
38%
1%
1%
8
*7
*9%
*27
17
17
*33%
*10%
36
1012
11
11%
*93% 100
5
4%
18
2
2
*2
*7
10
*7
*13
8
7%
51
8%
10%
93%
484
4%
4%
33%
8%
9%
11%
93%
93%
4
5%
27%
31%
18%
1284
17
3434
17
13%
11%
16
18%
15%
2
2
1334
8
6%
7%
21
19%
2C%
*33%
*3334
17%
17%
16%
18%
I884
1%
1%
7%
12
37
17%
1434
16%
18%
17%
18%
33%
*47
51
1%
1%
7%
6
73s
1814
7%
18%
18%
684
16
19%
15%
16'%
I67g
16%
167g
14%
17
13%
*37%
48
6
578
6%
*35
35
37
9%
44i2
*7%
*36%
*75
83
*75
*37%
48
500
7%
17%
15%
48
34
*31%
3734
*36%
1%
6%
38
*87
44
44%
9%
39%
*97
40%
100
22%'
*978
*3534
2834
22%
11
36%
4334
*9
10
4%
4%
37
4%
30%
18%
12%
4%
32%
19
.
1634
2%
*7%
*11«4
7%
20
1334
17%
2%
734
14
7%
20%
3
10%
33
*31%
15%
18%
16%
14%
*37%
10%
1%
4%
34%
4%
4%
3534
4%
11%
*7%
36%
29%
36%
29%
*29%
28%
76%
534
*7
%
*%
2%
3%
3%
*12
%
%
*1
%
*3%
4
15
2,400
Bullard
6,900
16%
*2
*684
*11%
7%
19%
5)
"270
7%
19%
3,100
1534
14%
33%
16
2,600
*18%
18%
1,700
——
6
*37%
33
33
40%
40%
*%
%
*1%
1%
2
1%
1%
1%
%
1%
1%
1%
1%
*10
11%
*15%
8%
43
*38
1%
43
*35
7078
7234
9
9
71%
9%
14%
8
*38
67%
74
9
938
*66%
69
*67
69
*49
62
*49
62
*4%
*22%
4%
4%
*22%
26
112
112
*25%
26%
26%
*62
*111
75
39
*62
*124
22%
*62
129
98%
34
105
*
98%
3334
98%
33
*101
3434
*
*6
7%
*7
*30
43
7%
45
64%
9%
70.%
8%
75
9%
3%
4%
22%
18%
111
18%
111
26
*21%
24%
93
*62
93
120
...
98%
36
*
'
634
5%
7%
18
15%
*7
93
*62
39%
18%
125
*59%
11%
13%
634
14%
10%
*960
10%
10%
98%
26%
14%
15
14
5
6
6
6
150
1%
25%
ri»
•
lsn
1,«4
534
*6
*82
6%
*30
5%
6
5%
16%
6
16
20
16%
5%
5%
70
70
*67
69%
*67
69
67
60
*52
60
*52
59
*52
49
44
47
47
46
103
*102
102
*100
102
47%
52%
4634
107% 107% *106
834
1
10%
8%
103%
49
...
9
46%
102
50%
107
8%
1
1
1
3534
36%
34%
35io
35%
25%
25%
24%
25%
25
1%
%2
Bid and asked prices; no sales on this day.
16%
*52
45%
1234 Jan 12
19% July 26
6%
Oct
12
Oct
3
Oct
36
Oct
3% Mar 30
25
May 31
51%
107
67%
500
5
74% July
47,500
1,100
Oct
105
300
49
49%
10,100
*107
10984
200
884
1%
24,100
9%
1%
8%
37
25%
*3512
1
37
24%
24%
%4
In receivership,
26,300
1,700
12.000
*64 146,200
a
Def. delivery,
13% Mar 31
100
preferred.No par
preferred
Commercial Credit
4H % conv preferred
Jan
24% Nov
13% Dec
110% Dec
41
Dec
45%May 11
25% July 22
124% Sept 14
14284 Aug 3
60% Sept
976 May
9
5
1334 July 25
98% Sept 12
3834 Aug 24
101% Sept 2
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
Jan 15
834
8
Jan 12
Oct
8%
Oct
132% June
170% Apr
59
June
Dec
2484 Mar
104% Jan
6234 Feb
9834 Nov
11234 Mar
26
*45
95
Dec
18
Jan
11% Oct
5% Dec
51%
Apr
Feb
27% Mar
Jan
7% Dec
I684 Dec
16% Dec
29
Jan
2234 July 19
223s July 19
32
1
98% July 25
65
Mar 30
16% July 19
353s July 19
2584 Dec
39%
46%
Jan
Jan
9% Jan 13
£4%
Oct
20%
Jan
£68%
Oct
108
Jan
64% Dec
101
Jan
Mar 29
5334 Apr
27% Apr 1
5% Mar 30
10
June 30
3
79
Jan 15
65
Jan 18
23
100
84
Mar 38
Cash sale.
Jan
30
May 16
Mar 30
Rights
9384
56%
29% July
Dec
II84 Jan 10
May
$6 preferred series...No par
Commonwealth Edison Co..25
r
90
50
Solvents..No par
Commonw'lth A Sou..No par
New stock,
Oct
Jan 27
57
Commercial
Jan
82
76
20
5l%Sept
7
105% Aug 11
10
30%
Nov
Oct
Dec
Aug
31% Aug
12534 Apr
69%
114
Jan
Jan
80
Dec
34
Dec
Aug 26
86
Dec
12% July 29
5
Oct
21%
Jan
4%
75%
Jan
56
Jan 31
III
5% Mar 30
8
6
31% Mar 31
90
Aug
48% Aug
100
Comm'l Invest Trust ..No par
$4.25 conv pf ser *35.No par
48
113
19% Dec
Feb
9
10% Mar
17% Dec
IO284 June
29
13
Feb
Aug 31
June 24
20
21%
28% Aug 24
115
100
....10
6% preferred series A
n
May
7% Mar 30
78
May 31
8784June 29
2.50
5%
IO", 200
July
2
Columbia Gas & Elec..No par
59
4634
conv
Feb
74
5% July 19
27
July 21
8
5
Feb
92
Mar 24
3
Mar
Dec
Dec
Jan
80
135%
57
58
57% July
Jan
Jan
15% Mar
Oct
Feb 28
111
27%
22%
11
60
Jan
100
Class B
$2.75
46% Dec
Mar 22
Columbian Carbon vtcNo par
Columbia Plct v t c
No par
700
July
77% Aug
13% Jan
6
27
26
12
19
54
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
700
1,600
42
1
35% Mar 31
8% Sept
10% Aug
59
"4% 1st preferred
1.000
Aug
Mar 29
Colo Fuel & Iron Corp .No par
6%
7%
45
Mar 25
100
6
16%
Feb
2884 Dec
6% Mar
8
Colorado & Southern
16%
33
12
No par
270
7%
Oct
10
preferred
4%
1634
19% Feb
634
No par
6% conv preferred
4%
*6
7% Mar
3% Mar
100
434
*16
3% Mar
10% Feb
8% Mar
;
4%
32
35
""960
Jan
Dec
%
Oct
Colonial Beacon Oil...No par
26%
*11%
6%
Mar
1% Oct
% Dec
2% Dec
100
100
Collins & Aikman
40
4
18% Mar
32
Oct
Preferred
900
9,900
Mar
434 Mar
13% Mar
Dec
976
150
90% Mar
68% Mar
100
84
%Sept 15
1% Mar 28
Coca-Cola Inter Corp..No par
Colgate-Palmolive-Peet No par
11
*28
*30
"3,000
Feb
Feb
1
5
No par
6H% preferred
City Investing Co
City Stores
48
1%
25
Corp
Oct
1
Feb
63% June
2% Jan 12
No par
City Ice & Fuel
9
"¥, 700
...
30
17%
100
Chrysler
Mar 30
Oct
Oct
82
111
Mar 28
Chile Copper Co
2,400
ia4 Jan 10
Jan
1
100
100
preferred
preferred
Childs Co
22
37%June
34
5
1% Jan 10
5% July 22
105% Mar 30
30
*36%
6%
Jan
1
16% July 20
37
July 22
44
July 27
1% Jan 20
3
July 7
Coca-Cola Co (The)...No par
Class A
No par
35
934
7%
4
Mar 31
1,000
13%
*10778
(12.50) cum div No par
{Chic Rock Isl & Pacific... 100
Jan
89
6% Mar 31
1,900
84
104
No par
preferred
conv
2
61
*59%
*11%
*103
-100
128
*123
*78
49% 51%
5034
*107% 110%
118
9%
9»4
978
1%
1%
1%
3534 36
37
25%
25%
2534
Preferred
Chicago Pneumat Tool.No par
129%
61
12%
104
Oct
Dec
126
86
49%
3
10
129% *120
12%
*103
1% Jan 10
5% Jan 10
15% July 19
% Aug 17
2% Mar 26
8% Mar 31
% Mar 28
34 Mar 26
34 Mar 29
Cluett Peabody & Co ..No par
12%
48%
2
% Mar 18
l%Mar 23
4,300
83%
47%
1% Feb 23
July 7
100
100
{Chicago Great Western..100
4% preferred
100
Chicago Mail Order Co
5
{Chic Mil St P <fc Pac..No par
5% preferred...
100
{Chicago & North West'n.100
Apr 26
6,400
11
48%
Dec
June 18
70
1834
I684
47
Oct
89
22
39%
83
60
Nov
31
27% Mar 30
18
13%
6834
£40
5
100
39%
17%
6884
Oct
19
85
*52
5
40
13
55
1234 July 20
48% Mar 2
38% Jan 17
Clev & Pitts RR Co 7% gtd.50
Climax Molybdenum
No par
85
67
400
93
*16'%
67
June 14
10% Mar 31
*62
1334
*52
6
10% Mar 26
Apr 7
15% Mar 26
67% July 2
32% Mar 29
18
6%
30% Jan 12
106
90
6%
1
4
No par
25
Jan
23% Feb
May
Corp
115
86% Mar
June
Cab
Jan
14% Mar
Dec
18
{Chic & East 111 Ry Co
6% preferred..
200
4
Jan
3% Oct
18% Oct
103% Dec
25% Nov
3484
94
Clev Graph Bronze Co (The).l
*85
6"
1,500
Mar
106
95
Oct
Sept
No par
500
25
*1634
6%
800
10% Aug 24
42
Sept 8
3%
Co 6%. pf. 100
Common....
1,200
17% Mar 31
Jan
28
5
Cham Pap & Fib
5
18
35
60
100
6% prior preferred
1,700
Clark Equipment
No par
Clev El Ilium $4.50 pf. No par
85
*27
4% Mar 30
500
85
30
1
Certain-Teed Products
9,000
4%
*1684
30
Cerro de Pasco Copper.No par
3% Mar 31
88
Aug 26
26% Mar 29
Century Ribbon Mills..No par
Preferred
100
21
4%
*19%
*23
26%
684
13%
Oct
8
*107% 111
98
98
98l2
98%
98%
31
30
31
32%
29%
33
101% 101% *101% 103% *101% 105
98%
30
984
6
1384
4
2
2
17
16%
*13%
Mar 29
69% 181,700
23
*960
*960
4%
21
Jan
June
4
45
23
124% *120
121% 124
58%
58%
12
3%
21
*107% 111
82%
Central Violeta Sugar Co—19
62
4-%
48% Mar
Oct
300
600
*49
115
52
72% July 21
Jan
300
62
Dec
19% Dec
Oct
1%
*49
90
8
2
62
Dec
1
7
Mar 26
*1%
*49
13
Sept
25% Jan
96
7
*1%
62
Feb
Central RR of New Jersey. 100
Pr pf
69
Jan
100
300
$3
*67
12934
Dec
Jan
100
67
Dec
Nov
97
105% Aug
41% May
106% Sept 14
2584 Aug 24
June
11,100
67
97
40
96
13%
67
9% Apr
19134 Aug
108% Aug 17
14
July 25
8% Jan 10
6% July 25
104
Apr 2
49% Aug 8
900
67
Nov
Feb
35% June
9984 April
2,000
2,400
9%
80
102
Central 111 Lt 4H% pref..l00
1,400
9%
Oct
60
400
67%
2%
12%
107%
4184
2434
32%
*35
13% Nov
39%
43
9%
Oct
90
Jan
17% Mar
61% Jan
18% Mar
52% Jan
Oct
1
70%
4% Dec
37% Dec
61
Oct
*30
45
Nov
2
1%
9
28
24
2
6834
Mar 28
Oct
3
*1%
*35
6
38% Mar
Dec
6%
5% July 25
*1%
8
July
Oct
9%
44
Mar 26
2,100
34
4% Jan 12
107% July 25
120
Aug 4
58
July 25
4
Dec
52% Sept
6% Feb
20% Jan
37% Feb
19% Aug
200
*%
Jan 17
18% July 20
Jan
Oct
Central Aguirre Assoc..No par
Central Foundry Co
1
800
%
1%
%
3%
July 25
884 Aug
13
Mar 31
Jan 3
Mar 31
Oct
10
22
Mar 25
12% Mar 26
46
1
40% Aug 27
89
Feb
14,600
Preferred series A
67
4%
7%
100
preferred
5,700
6
1784
5%
784
6
1734
80
7%
14%
*7
No par
Celotex Co
2
31
28
14
Mar 30
9
82
prior preferred
8%
7%
83
7
18%
preferred
2%
62%
98%
29%
100%
100
7%
Chickasha Cotton Oil
*6
778
*1734
5%
May
Jan
48%
4
49% Dec
8% Jan 10
42
Oct
Oct
214
11
8
10
11
24
Oct
5%
16%
45% Aug 23
Mar 30
4% Mar
34% Mar
63% Apr
123gJune
Celanese Corp of A mer. No par
100
Chicago Yellow Cab
14%
684
100
No par
100
100
14
7%
100
Co
Preferred
Caterpillar Tractor
300
%
13%
1
Case (J I)
250
800
7
14%
.....No par
21
2,500
*41
%
Mar 31
10
4% July 25
24% Jan
51
Aug
2% Jan
10% Jan
20% Aug
21% July
Mar 31
1
5
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
33
%
45
25
13%
14
26%
100
10%
26%
15%
26%
1
Canadian Pacific Ry
43%
*41
50
preferred
13%
101% 101%
101% 101%
Dec
*8%
60%
10
1134
118%
1384
129%
*960
11%
11%
15% Mar 30
10
59
60%
34% Mar
No par
1334
126
129
Oct
Byron Jackson Co
California Packing
*8%
1934
*60%
July 25
12%
14
39%
60%
91
22
10
17
38
39%
*960
*9734
24%
93
3384 Mar
Oct
No par
Mar 30
13%
111
111
26%
Oct
13
10
38
*960
11%
3%
4%
Oct
6
Chesapeake
*3
Jan
Feb
24
15
39%
39%
128% 129
60%
*49
24
15%
1134
39
June 30
Chesapeake & Ohio Ry
34
3%
14
33
19% 21%
220% 20%
21
129% *124% 129% *124% 129%
39%
*20%
66%
113
1%
1%
a4
*2
Oct
6% Dec
13% Aug 26
15,600
1
134
Jan 17
II
Oct
15
3% Jan 15
65% Mar
45% Jan
18% July
35% Feb
41
T,200
*%
1
6
16% Aug
Jan
Mar 31
12
*10
16%
8;
834
*%
Feb
Mar 31
Checker
2%
Jan
13
6
Carpenter Steel Co
5
Carriers & General Corp.....1
11
11
98
20
37
*2%
14%
Oct
No par
2734
%
Oct
Participating preferred-.100
1,000
8,600
1%
3
11%
15% Mar 26
13% Mar 31
117% Mar
2% Oct
24% Dec
10% Oct
534 Dec
2%
16% Mar 30
2% Mar 30
Capital Admin class A
21,500
%
Dec
35
30
5
Cannon Mills
44%
1%
38
43%
34
16%
8'
*%
1»4
76
45% Feb
18% Mar
36% Mar
9% Feb
600
8%
2612
Feb
17%June 30
10
July 19
24
July 19
500
*72%
*%
25%
684 Mar 30
5%May 31
7
99
*32
29
Oct
5% Jan 20
39
July 25
23% July 25
Canada Sou Ry Co
3,700
Jan
6%
684 July 21
8%May 27
12% Mar 30
37% Apr 29
34,900
24%
54% Jan 11
Campbell W <fe C Fdy__No par
Canada Dry Ginger Ale
5
5,700
Oct
Mar 26
5% Mar 30
"eoo
6
{Bush Term Bldg gu pf ctfs 100
Butler Bros
10
5%
20
Jan
Dec
100
3384
*6%
Jan
50
34
Mar 26
Callahan Zinc Lead
21,700
Jan
102%
5284
11%Sept 7
12% July 25
97
Sept 2
3% Mar 31
Calumet & Hecla Cons Cop..5
534
Feb
Jan 24
41
3
12,400
....
15% Dec
21% Jan 11
25
"4,800
43%
...
xl634 Mar 31
10% Mar 29
2784May 27
5% Mar 26
5% Mar 31
75
Apr 18
7%
*86
37
27%
*72%
33%
12
*32
par
1%
1%
7
5%
45
par
No par
J Bash Terminal
51
16
10
33%
Dec
22% July 25
Byers Co (A M)__
*7%
*40%
21
37
684 Mar 29
140
10
34
3%
15
Jan
Jan 13
5% Mar 30
14% Mar 31
1% Mar 28
4% Mar 26
6,900
6,900
2%
3
53
par
Burroughs Add Mach_.No par
4,300
21%
12%
Dec
3% Mar 26
1
9%
32
*9
1
4
16%
Jan
7
par
No par
Co
3
934
30
600
14,000
11%
34
*3%
38%
5% conv preferred
Butte Copper <fc Zinc
11
36%
27%
%
Jan
5% Dec
Debentures
14%
3
34
*10
1,400
16%
12
%
4
*1534
10,800
1534
22
1%
8
Burlington Mills Corp
33%
95%
43
1%
8%
3
%
Oct
40% Aug
1% Mar 25
No par
Bulova Watch
7,200
19%
14%
3
13
33%
42%
6,500
16%
10
3
13
Jan
1
3
Feb
No par
preferred
7%
Budd Wheel
13
16%
2%
7%
97%
%
%
3%
127«
47
Mar 30
No par
100
Budd (E G) Mfg
30%
21
2%
Dec
5
100
12%
30%
8%
36
9534
22%
*%
2
28
preferred
7%
480
15%
99
43%
*40%
*%
35
*%
*1%
*1%
%
15
15%
*3334
*40%
24%
2%
1
34
*3%
%
*l0
*2%
%
2%
%
1
1%
*86
*72%
27%
8
234 Jan 13
10% July 8
13% Jan 13
preferred
*17%
2034
22
*76
15,800
7%
17%
35%
*9
28
Brown Shoe Co
60
100
*48
16%
18%
51
1%
7
10
3
2%
934
*9534
21
Feb
5
8,500
39
33
53%
Bucyrus-Erie Co
*9534100
11%
36
2%
13
10%
41%
96%
24%
%
*3
*12
96%
Dec
2,900
9%
36%
*978
3534
*76
%
2%
37%
22
9
83
19
*23
28»4
*76
8%
9%
978
38% 3934
*9534 100
40% Aug 26
8%
*75
934
18
No par
Bruns-Balke-Collender.No par
83
42
23%
59%
Feb
Oct
300
*85
Aug
Oct
2,800
10%
34
7
18
15
35
100
50% Aug
1534 Mar
12% July 26
27
100
Aug 24
Oct
37% Aug 26
934
*32%
15% Dec
3
No par
Brlggs <fc Stratton
Bristol-Myers Co
$6
26
Mar 29
16
2234 Dec
Jan
5% Mar 31
1284Mar 30
14%
*32%
*75
7%
14
Brlggs Manufacturing ..No par
27
9,000
7%
83
39%
Co..17
Bridgeport Brass Co ...No par
No
Bklyn-Manh Transit._iVo
$6 preferred series A.No
Brooklyn Union Gas
No
*75
45
Jan
Mar 23
1,000
44%
41
44%
28
19% Jan 12
36% Aug 26
484 Jan 10
May 31
16% Mar 31
2
28
1538
36
*32
99
Dec
5
...100
2,300
*32
*86
15
Corp
1%
*37%
99
15
Borden Co (The)..
Borg-Warner
6
36
*86
99
*87
Aug
1%
*3%
99
25
6
16
3%
86
Dec
1%
15
*13%
18
*13%
17%
15%
15% *13
16%
3%
3%
3%
3%
3%
3%
3%
3%
3%
81
88
83%
84
78%
85
80% 83%
*85% 89
*114
119
115
115
114
115
119
*114
*114
119
117% *114
45
48
46% 46%
4534 46
48
48
45%
51
47% 50
105
106% *102
*104% 106%
*106
107
*106% 108% *106% 167
17
21
20
19
23
21%
19% 20%
21% 22%
21% 22%
*
*93
95
95
£91%
91%
*93
*93
96
*93%
9534
96
21
18
23
24
21%
23
21%
21%
24
24
23% 23%
70
64%
64%
62%
62% *61
*62%
66
65
65
*6078
66
20
20%
20%
20%
20% £20%
*20
20%
20%
2C% *20% 21
3%
3%
3%
3%
3%
4
4
3%
4%
4%
4%
4%
*106% 108
106% 106%
*106% 108
108
*106% 108
108% *106% 108
9
9
*8
10
9%
9%
*9
10
10
10
*9%
10
*5
5%
5%
5%
584
5%
*5%
6%
*5%
634
*5%
*4
*4
*4.
4%
5%
4%
*4-%
5%
*4%
5%
4%
4%
16%
16%
*3%
85%
11
6%
8%
7%
44%
83
14% July 19
Brooklyn & Queens Tr.No par
*37%
*75
2
""900
35
39
7%
June
38
34
35
7%
44%
9
Bower Roller Bearing
39
7%
*36%
1
Bond Stores Inc
900
32
8%
46% Apr
17,300
49,100
6
44%
81%
93
10%
32
35
5
534
Oct
Oct
Boston & Maine RR
*48
1%
7634
39
400
32
share
July 28
July 12
8,500
29,300
9%
30%
per
96
48
2%
24
10%
share
5
15%
31%
24
per
Jan
2%
*2134
9%
%
$ per share
40
No par
Class B__
15%
2%
23%
Highest
Lowest
Highest
$ per share
82
Apr 6
..No par
Bon Ami class A
130
11
34
5%
6
35
*40
*714
*37%
48
3
10%
30
51
*48
51
2%
8%
3%
3
18
*3712
734
7%
10%
1%
2
20%
3
18%
13
1534
*13
11%
38
*48
1%
*6%
784
45
11
2%
35%
4%
30
30%
93%' *85
3%
20
*6%
33%
9%
10%
Shares
96
45%
15%
*25%
1538
4%
12
*90%
33
8%
36
17%
$ per share
Lowest
Par
15%
8%
4%
34
30
2%
734
1534
77*
38%
1%
16
14
19%
13%
18%
3
1%
*24
Week
31%
2634
7%
40
*35
11%
3%
1^8
718
9%
22
*21
*48
7%
Friday
*31%
634
33%
183s
11%
37%
17%
19
1%
6
5%
18%
*11%
*3514
17%
1834
1%
2634
15%
3234
3
23
10%
33%
35
7
39
13
15
29
10»4
19%
21
15%
28%
2%
2234
8%
1%
9
13%
3
11
684
*33%
19*8
734
47%
11
37%
37
10%
11
11%
*93% 100
732
33
38
*10
19
21
*45
11
38
15%
13
*13
46
*10
*32
37
17%
*16%
*33%
434
3178
29%
*32
28
*37
40
4*8
96
11%
36%
9%
2634
17%
36
5%
5%
40
*90%
24
9%
$ per share
92%
35%
3
24
3%
25
10%
I
92%
46
12%
*2%
$ per share
92%
16%
33%
*24
Sept. 15
46
*92%
4634
32%
Thursday
Sept. 14
100-Share Lots
EXCHANGE
the
Sept. 16
Wednesday
On Basis of
YORK STOCK
NEW
for
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
CENT
17, 1938
Sept.
Aug
1
Mar 29
2
3
1
Oct
25
Mar 31
45
May 11
34
Oct
22% Mar 30
%4Sept14
28
80%
120
Jan
Jan
May 11
zEx-dlv.
v
Jan
Jan
»M Aug 25
Ex-rights.
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
147
HIGH
SALE PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
Saturday
Tuesday
Sept .13
Wednesday
Sept. 10
Monday
Sept. 12
$ per share
$ per share
$ per share
$ per share
14
Sept
*7
7*2
7
7*4
26
263s
26
27
24
27%
*734
11
11
*734
11
10
10
*734
*9%
11
*9
11
*8*2
10
13*4
133g
13
13%
12
12%
*758
137g
7%
11
8
*64
68
*82
83*4
1%
*1*4
*7*4
7*2
5*2
25*4
5%
23
784
734
Sept. 16
Shares
*6*8
24%
*7%
*8*4
11%
*6*4
6
6%
25
11
24%
4,900
*7%
10%
100
9%
9%
11%
6%
7,700
9%
12
11
*64
68
*64*2
68
64
64
*64
68
*64
82
80
80
80
80
*79
83%
*79
20
68
80
83%
*1%
1%
2534
99%
*8%
25%
98*2
6
6
87g
7*2
*6%
900
*8
8*2
25*4
26
99
*1%
1%
8*8
8
8*2
99
1*4
1%
7
1%
*1%
7
7%
22%
25
24%
24%
99
95*2
97
97
97
400
1%
*1%
7
7
24%
2434
7%
26*2
237g
9834
*98
Par
Conde Nast Pub Inc
1,400
38,300
2,100
99
6*4
5%
578
534
5%
5%
5%
5%
5%
9
878
834
8*2
8%
77g
8%
834
8%
8%
105*33 105*33 105%, 105%, *105%, 105% *105%, 105% *105%, 105% *109%, 105%
*3
*3
3
3%
334
234
234
2*2
2%
234
25g
234
2,300
32,800
•
300
1,700
3
3
3
15
*11
15
234
*12%
15
*11
15
*11
15
*11
15
*84*2
85*2
*85
87
*75
84*2
*75
8434
*80
86%
*80
86%
14%
1478
20%
203s
2
2
*94
96
39
14%
20*8
1S4
*95
39%
*1578
39%
*112%
87g
34*2
34*4
1%
1%
28*2
28*4
17%
*16%
*47%
50
*112*2
*834
3
1%
28%
69
68%
*170
........
4
47
12%
I37g
13*4
21
18
2134
16*4
19%
18
1%
1%
1%
1%
36%
26
3534
16*2
15
15*4
45
47
687g
66
67*2
66%
170
3734
11178
26
9
34*2
37%
34
117g
79%
33%
79*2
79%
79%
33
3034
80
3534
6
6
45g
4%
*62*2
*15%
69%
*6%
4%
*62%
69*2
16
15%
15*4
h
6*2
4%
*6278
1434
7
7
*684
67g
6%
50*2
50*2
478
4834
4*4
21%
19%
50
478
21%
*76
80
76
53
*52
23
23
7
*6
1578
734
734
7
4%
434
21
*42
*15
%
23%
76
7
*8
29
6
578 Dec
22
Jan
Consol Aircraft Corp
1
Consolidated Cigar....Wo par
11
8
Oct
26
July
434
Oct
187g
45
5
preferred
100
100
71
7%
3234
82
1
17
preferred
No par
Consol Laundries Corp.
Consol Oil Corp
5
4%
20%
30%
31%
2434
24*2
24%
*137g
14%
19*4
*13%
15
1734
1834
6*4
6%
-
*5%
6%
150
4
4%
4
4%
4,600
*62%
68
*61
68
14
*13%
5%
15
1,100
5,700
6
47
4*4
19%
20
1,400
54,000
4%
80
*76
50
*41
50
100
22
21
21
3,500
6
100
16%
24%
13*2
16
16%
*24%
*12%
15%
5*2
5%
7*4
*6*2
—
10834 10834
15*4
17*4
24*2
24%
1234
13
13%
17%
6
4*2
5%
6*4
80
*534
*1434
7*2
7*4
10
15%
7%
900
*10834
16%
60
*1
1
1
*1
99%
99
99
99
99
95
95
5
*2
5
*2
5
*2
5
500
1%
1,100
m
mmm
mm
*6
10
*6
10
*6
10
*6
10
*6
10
33
32%
26%
31%
30
30
2834
29
250
27%
32%
26*4
30
27%
*32%
*26*2
*39%
26
26
800
39*2
40
25*4
*38%
*7*4
25%
39%
25%
*38%
734
26
40
40
100
*834
9*2
1534
78*4
*9
*8
9%
9%
15*2
13*2
15%
78*4
76
70
7
8*4
14
8
m m
it.
m
8%
700
14%
6,700
12*4
12*4
*9
11*4
10
10
10
10
10
10
32
*31
32
31
31
29
31
31
31
390
21*4
22*2
20
21*4
18%
19
19%
20
20
32
327Sl
32
33
32%
31%
32%
5
5
45%
45*2
28*2
*4%
39%
1,300
14,000
*5*4
3334
534
*2078
32*8
*5%
*29%
*185g
32
2034
*11*4
*31
45
5
534
46
5%
4634
41%
12934 12934
129% 131*2
129
*16
*15
18
*14
9
9
1878
*9
10
4
4*8
934
934
115
*110
129% 132
136
136
4
10*4
*110
17%
8
4*8
8
4
10*4
10
4
10%
110
110
115
12934 13234
136
132
128*4 13434
136*4
15%
m m
15%
*76*2
*10*4
1234
*73
77
*70
5%
43*8
125
128
*14
18
734
7*2
334
334
14%
77
1334
*70
78
30
434
10
10
*10
*105
115
*105
125
132
130
13%
115
13134
21
20*2
20*2
*3*2
3%
31%
32%
8*4
*2*2
8*4
234
334
31%
8*8
2%
*10
9%
978
9%
22
19%
334
334
3*2
30
*33
34
*33
34*2
32
30
30
*2934
2934
*1%
32
2934
34*2
8%
2%
10*4
35*2
2934
2934
29
30
*293g
2934
1%
1%
*24*4
24%
*43
46%
110
*108
434
24
*43
*108
327S
8*4
7%
2*2
2*4
978
8*2
1%
24%
45%
110
1%
23*2
*42%
24%
44
110
*108
5
1%
5
4%
16*4
20%
2%
3%
27
32%
3
*105
3%
5%
7*2
2%
8%
9%
8%
29%
26%
229
*1%
222%
29
28*2
26%
*27%
5
Jan
June 17
2114 Mar 30
78May 26
2U4 Mar 30
10
Mar 26
40
Apr 1
a:53
Apr 1
162
Apr 12
234 Mar 26
25
19
Jan 31
100
preferred
$2.25
conv
85
Mar 31
No par
pref w w__Wo par
Pref ex-warrants
No par
Crown Zellerbach Corp
6
$5 conv preferred ...Wo par
Crucible Steel of America.. 100
Preferred
Cuba Co
100
(The)
No par
Cuba RR 6% preferred._-100
Cuban-American Sugar
10
Preferred
100
Cudahy Packing
50
Curtis Pub Co (The)..Wo par
Preferred
Wo par
Curtlss-Wright
1
Class A
1
Cushman'a Sons 7% pref..100
$8 preferred
No par
Cutler-Hammer Inc new Wo par
Davega Stores Corp..
Conv 5% preferred
5
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4
% pf. 100
Deere & Co new
Wo par
...20
Preferred
Dlesel-Wemmer-Gilbert
10
100
..100
5%
100
preferred
Devoe & Raynolds A ..Wo par
Diamond Match
No par
25
6% partlcp referred
Diamond T Motor Car Co
2
Distil
Corp-Seagr's Ltd. Wo par
5% pref with warrants..100
10
400
200
40
3,500
4,300
Mar 29
58
1914 Mar 31
Apr 8
SgJune 30
70
5i2 Mar 31
Mar 29
3
58i2May 31
12
May 25
43gMar 31
35
June
8
314 Mar 30
125s Mar 30
48i8 Jan 11
Mar 31
18
1314 Mar 31
412 Mar 29
1314 Mar 29
0i4June
4
102i2 Jan 3
1334May 27
1984 Mar 29
Mar 30
9
712 Mar 29
4
Mar 31
7g Aug 23
76
Mar 31
2ig Sept
7
4&gJune 11
25
Mar 30
2054 Jan
3H2 Jan
3
5
5
Mar 30
11
Mar 18
65%June 17
Dominion Stores Ltd.-Wo par
12
8%
-.100
preferred
Du P de Nem
(E I) & Co..20
100
6% non-voting deb
$4.50 preferred
Wo par
Duquesne Light 5% 1st pf.100
6
Eastern Rolling Mills
Eastman Kodak (N
J).Wo par
preferred
100
20
2,600
96,300
10,600
2,000
Eltingon Schlld
43,300
Electric Power <fc Llght-Wo par
6% cum
Eaton Manufacturing Co
4
Wo par
Corp
50
5% preferred
..100
Engineers Public Service
1
Jan 12
89*2 July
5
17*2 July 19
2678 July 27
234 July 16
103*2 July 25
49
June 30
112i2June 28
1178 July 26
36
July 25
is4 Jan 15
3534 July 25
19*2 July 25
50
Jan 12
70% Aug 17
170*2 Sept 14
5*4 July 25
3878Septl3
II484 Aug 26
263gSept 9
1058 July 7
3978 Jan 17
Oct
13*2
Feb
7
Oct
1778
Apr
Dec
10578
Jan
100
2%
3g
3
Oct
Oct
Oct
16
Oct
7934 Dec
7*2
Oct
Oct
1
Oct
65
Oct
1034
37*2 Dec
10678 Dec
Oct
5l2
23
Oct
7g
Oct
24
Oct
9*2 Oct
4634 Nov
50l2
153
Oct
Apr
3
Oct
22i2 Nov
8883 Dec
21
Nov
Mar 26
6
Apr 23
90i2Mar31
13034 Mar 31
109*2 Apr 1
11134 Jan 3
3*4 Mar 31
49
July
3558 Mar
77
Feb
71*4
Jan
171*2
Jan
10*4 Mar
56i2
115
Feb
Aug
Jan
2834
1007g
Feb
Deo
56*2
Jan
34*4 July 25
1478 July 19
30*2 Dec
8*2 Oct
47*4
Jan
82
57*8 Dec
37
Jan
4
July 19
6*2 Dec
28*4 Nov
34
Jan
25*4 Apr
10834 Apr
8184 Mar
443g Jan 11
21
94*2
1*4
13*2
6*4
Jan 17
Jan 7
Feb 7
July 14
80
3
70
Dec
127
Jan
2158 July 18
8*4 Aug 11
56
Aug 10
12
Dec
43
Mar
4
Oct
2058
39*2 Deo
10912
87
6
Jan
July 19
2484 Aug
76*4 Sept
3
Oct
234
Oct
2
Oct
8*8 Oct
64*8 Dec
48
Aug 20
2834 July 25
884 July 20
1558 Aug 17
11*4 July 29
10834 Aug
25*4 Feb 25
25
Oct
Nov
*2 Dec
Jan 20
135
Mar
3
Jan
173s
143s
Jan
Jan
Feb
Jan
838 Mar
2384 Mar
86
Jan
Nov
62
Feb
18*4 Nov
27
24
Oct
6
Oct
18*2
Jan
12*2
Oct
24
Feb
96*2 Oct
19*2 Nov
205g Nov
109
Jan
27
Nov
3184 Mar
15*2 Jan 11
23*2 Aug
8
Oct
29
13
Oct
5838 Mar
8*2 Feb 25
5
Oct
2414 Mar
1078 Feb
146i2 Jan
2i2 Jan 10
108
Jan 12
47g Jan 24
734 July 6
39*4 Feb 28
29*4 Aug
40*4 Aug
1078 July 29
17*2 Aug
78*8 Sept
134 Oct
885g Dec
Oct
22
12i8 Oct
29*2 Dec
18*4 Oct
5
30
30
Oct
534 Dec
76*8
36*2
40*8
23
Jan
May
May
Feb
Feb
Feb
Apr
10
Oct
29
Mar
60*2
Oct
90
Mar
14
July 19
43g Aug 8
July 18
11
115
Jan 27
13534 Aug 26
137
Marl6
5
Dec
123g Mar
14334 July
21
Dec
U2
Oct
39*4
8*4
Jan
Oct
17i2
Jan
106
Nov
122
Jan
98
Nov
Oct
180i8
135i2
Jah
Feb
144
157
171
150
Jan
5
Mar 30
Mar 31
Feb
3
33
Apr 6
94*2 Apr 5
2% Mar 29
Apr 20
23% Aug 25
5% July 25
34i2Sept 13
105g Jan 17
4
Jan 11
1334 July 20
45% July 2
4184 July 2
31*4 Mar 7
2
26
Jan
130
121i2Mar31
Mar 23
Jan
Jan
8*4 Dec
10
77*4
55
Oct
Oct
Oct
10*2 Mar 30
Jan
Oct
79*2 Nov
107*2
109i2
17
3734 Jan
5*4 Jan
IO984 Feb
69*8 Jan
108*2 Dec
2534 Jan
4284 Jan
378 Feb
37
1185s Sept 0
116*2 Mar 1
7*8 Jan 12
181
July 25
18
3738 Ap
20*2
Mar 30
134May
6
105g Jan
15s Feb
13*4 Apr
52% Apr
92i2 Aug
347g Aug 16
8*4 Jan 20
54i2 July 25
140*8 July 7
24*2 July 19
5
2
6% Mar 25
2
Jan
3*4
Feb
2ia4Mar 31
i2 Mar 26
Endtcott-Johnson
22
108
Feb
Elec Storage Battery..Wo par
10
6% July 21
Nov
25
Elk Horn Coal Corp new Wo par
300
92
41*4
4634
800
3
June30
Oct
2*g Sept 14
6*8 Mar 29
El Paso Natural Gas
Jan
Jan
100
Oct
1,000
2,800
Jan
1884
4978
Oct
22i2Mar31
1*4
534
Oct
Deo
15
Wo par
Wo par
900
Oct
4*4
21 ig
858 Aug
10*2
8*2 Mar 28
102
1
8
30*2 July 25
27
Elec & Mus Ind Am shares..—
$7 preferred
$6 preferred
Mar
Jan 12
13*4 Mar 30
Electric Boat
Mar
95
Jan 12
5
3
Electric Auto-Lite (The)
87
Oct
July 29
877g Jan 27
1
Oct
63
17
31
Wo par
65
24
No par
Wo par
Jan
Jan 15
34
No pat
Duplan Silk
Jan
2
27igJuly
4%June
15
19*4
Mar 30
Dow Chemical Co
A Wo par
Dec
Sept 14
Douglas Aircraft
6,700
28
1
712 Mar 29
10
19
3.200
2512 Apr
2884June
171
29%
26%
Apr 13
No par
Co
Class A
Doehler Die Casting Co No par
Dome Mines Ltd new..Wo par
Dunhlll International
10,300
29
Wo par
Dlxle-Vortex
400
600
21% Apr
JDenv & R G West 6% pf.100
Detroit Edison
Det & Mackinac Ry Co... 100
2,800
166
30%
7%
2%
8%
8%
2%
9%
31%
26%
7%
Co
conv
Dresser (SR)Mfg conv
Class B
mmmmmm
117%
115%
4%
3
28%
2%
1,100
13034
136
1%
1%
23%
*22%
23%
42
48
*38%
44%
38%
*33*4
*108% 110
10834 1C834 *108% 110
434
4%
334
4*4
4%
4%
1%
2134
Crane
1
3
1734
32%
8
3234
29%
28*2
1%
23%
19
500
19,200
115
129
30%
2*4
7%
2%
7%
27%
26*2
28*2
18%
300
11
*136
21
100
30%
434
41%
4334
415g
42%
*125
128
127% 130
*14
18
*12%
17%
9%
9%
*8%
*8%
334
3%
*3*2
3%
136*4 136*4
136% 136% *135%
118
117
117
*117
118*4
117%
*116% 117% *116% 117% *117
115
*115
115
*115*4 1157g *114
11578 *114
115%
11578 *114
4%
5%
5%
4*4
434
5*2
5%
5%
5%
5%
5*2
.167
167
170
105
168
168
168
171
172
*164%
173%
*160
171
171
171
*160
171
*160
*160
161% 161% *160
136
Coty Inc
Delaware Lack & Western..50
10
15%
.100
15,200
600
33
*77
Preferred
534
*2
*39*2
5
Delaware & Hudson
*1
28%
Continental Oil of Del
16,700
99
40
1
1534
*6
40
Motors
27,700
1,600
33
*39%
Continental
16%
24%
13%
6*2
1*4
1*4
6
18,400
21%
*534
*14%
7*4
*10834
16%
24%
213%
-
107
20
*71
-
No par
-
*41
18%
24%
14*4
19%
5%
5
mm-mm
23
8
-
16*4
1%
*1*4
99*2 100
mm'
12,100
78%
47
65t2 Mar 31
3612 Mar 30
Continental Diamond Flbre..5
Continental Insurance...$2.50
100
6%
15%
20
$4.50 preferred
984May 27
85s Mar 26
H4 Mar 29
22U Mar 30
500
4%
20%
100
Apr 18
No par
80
5%
preferred
Continental Can Inc
Mar 31
No par
42
15%
8%
% Aug
2i4 Mar
Crown Cork & Seal
%
4*4
19%
No par
2% Sept
10
July 21
IO84 July 13
24 105'iiSept 7
7*2 Jan 7
14
*2 Jan 4
18
19
5b8 Jan 12
Crosley Radio Corp
40
5*2
Class B
9884 Mar
78
Jan 17
Mar 30
600
21%
*14
Container Corp of America.20
Continental Bak cl A ..No par
7
6,900
*%
6*4
47%
8878 Apr 16
2% Mar 30
5
514 Mar 31
*71
7
Consol Coal Co (Del) v t C..25
5% preferred v t c
100
Consumers P Co$4.50 pfWo par
Mar 31
Cream of Wheat ctfs
%
6%
par
68
July
20
8678 Aug 17
178 Jan 11
4% Mar 26
No par
f $5 preferred
No par
Consol RR of Cuba 6% pf_100
700
78
*72
Mar 26
.1
$2 partic pref
No par
Consol Edison of N Y..No par
$5
5
Jan
500
220
78
Mar 29
6 Hi % prior pref w w
Consol Film Industries
Corn Products Refining....25
*%
*534
*45
48
4
18%
31
78
4®4 Mar 30
4% Mar 29
55
Apr 1
200
mm
19*8 Feb
45*2 Mar
7*2 Dec
3,500
15,100
Oct
July 13
Continental Steel Corp.Wo par
Corn Excb Bank Trust Co..20
mm
4*8
July 21
500
25,000
3
9*8 Aug
Highest
share $ per share
per
8*4
1478
19*2
10*8
360
4,700
%
28
67
67
1
3% Apr
share
Mar 29
15
4534
per
Mar 29
46
*14
14
684
534
22%
16%
24*2
14*4
*1%
14
1578
2434
5
13
7%
4834
7*4
*10834
*1%
4%
62%
*6
87g
*1*4
1%
*99% 101
6
15
*15
"l8%
7
1,700
3,500
5,400
9,300
53
*10834
17%
*63g
*2
6
77%
*72
82
334
62%
80
ml
1858
5,000
Lowest
Highest
$
share
6
......
-
-
23*2
18
*1083s
3234
%
69%
22
15%
27%
*72
6%
4%
*52
*6
*15
76*2
*2
*71
53
2334
76*2
82
*76
*%
434
-
•
80
%
50
15
47*2
66*4
2 884
170
79*2
35
*76
*14%
47%
66*4
39
.
*170%
170% 170% *170*2
4
4
3%
3%
3%
3%
3%
334
35
36%
35% 37%
3434
38%
33*2
35%
112
111
112
111
*110
111% 112% 112%
25
25
26
*22
25
26
25% 25%
9
*7
8
*7
8
7
7
734
32
31
32
28
3334
31*4
31*4
3634
*32
34
34
34
34
*30
37
*31%
*32
*32
*32
3334
3334
*32*4
3334
3334
11
11
12
10%
10%
9%
10%
10%
4*4
arll%
1
28
28
47
12*4
33%
1
26
16
12
3234
29 %
46
*30%
734
1
17
9
734
32
47*2
33%
38*2
*112%
8%
33%
1%
29%
7%
600
94
per
15
6,100
39%
1%
27
1%
38%
34%
1
1734
9,900
13,400
13%
*90
*112%
31%
28%
134
12%
17%
1%
1,200
mrnm+mm
92
34%
1%
1%
13*2
18%
3
*234
92
8
34*4
*31
21%
39
3
134
8
34%
1%
*34
34%
3634
834
37%
80
90
*11278
834
34
*%
39%
90
*11278
9
*34
*75
96
37*4
39%
687g
884
*8%
34
92
mm-'*
110
26
1%
96
4
*25
234
1534
68*2
35% 36
11034 11034
3*4
1234
*169%
4%
*234
15%
9%
343g
3
$
No par
JConsolldatedTextlle—Wo
*10
Range for Previous
Year 1937
100-Share Lots
Congoleum-Nairn Inc..Wo par
Congress Cigar
No par
Conn Ry & Ltg 4H% pre!. 100
10
210
6
834
7*2
On Basis of
Lowest
900
6
24
7%
684
Range Since Jan. 1
STOCK
Week
$ per share
Friday
8
*7%
YORK
EXCHANGE
the
Thursday
Sept. 15
$ per share
1
1737
2i2
15*4
112
115*2
Nov
Jan
17
Mar
Nov
198
Aug
Apr
164
Nov
Dec
234 Dec
1478 Dec
334 Oct
35g Oct
0*8 Oct
37*2
16
Feb
Mar
46i2
Feb
16
Feb
7*4
Feb
Jan
Jan
27
Oct
20*%
9214
24
Oct
87
Jan
22
Oct
44*2
Jan
14i2
Oct
29
Jan
July 20
July
4484 Aug
33
Nov
60
Feb
109*4 Sept
100
Nov
115*2
Jan
7
3
Oct
1784
56
56
56
56
*56
60
*56
60
300
$5 conv
Oct
78*4
Jan
64*4
*63
70
*61
68
*59
66
*60
70
*59
68
100
$5H preferred w w__Wo par
40
Mar 31
59*8 Sept
64*4 Sept 10
41
64*4
45
Nov
81
Feb
67
67
*65
75
*63
70
63
63
*61
75
*61
70
2001
$6 preferred
No par
46
Mar 29
08
51
Nov
86*2
Feb
2
2
1%
2
2%
2*2
3%
2%
2%
43g
2%
3%
37g
434
60
*57
*2
2%
234
4%
434
57*2
57*2
14
14%
13
15%
11
15*4
15
15*4
137g
15%
11%
3678
32
30
27*2
*10
28*2
11%
*1*2
*6*2
35*4
*27*2
*10*2
*75
80
*75
80
45s
3
*2%
4
4
135s
1478
*1%
1%
6*2
35*2
37%
634
28*2
93
*84
*95
*84
4%
27g
37g
10%
80
80
80
92
*93
1%
22%
22%
*
85
*75
23
2034
1*4
2034
*84
88%
83
83
3384
*32%
33
3134
25
*17
25
2234
89
*
3334
*75
1
*1*4
22%
*17
75
1%
1%
25
80
*1*4
2234
1*4
Bid and asked prices; no
*15
1%
11%
*72%
3
3%
13
80
2%
*3*4
13%
20
mm
*90
4%
*2%
*1%
21%
2,500
1,800
13
25
m
334
2%
J Erie Railroad.
4% 1st preferred
4% 2d preferred
12%
27
m
Equitable Office Bldg—Wo par
3,200
14
*5%
33%
*25%
*10%
*72%
1034
4,600
13%
1*2
6%
11%
....
*90
Wo par
134
4
35
334
334
1%
*6
preferred
2%
*3*4
33%
*3*4
*3*4
3334
1%
6
4
1%
2%
334
2%
34%
4*2
4*2
3334
13
4
"5"
*17%
14%
5"
4%
*84
334
2%
14
1%
*70
334
2%
*3*4
12%
5%
25*2
9%
*72l2
1%
2*4
2%
334
334
32
134
2
4
2*8
*90
"
4%
84
37%
27*2
10*2
*75
4*2
84
1%
6%
6*2
11%
*93
"
*1*2
1%
634
134
2%
1%
2%
3%
*2%
4*2
27g
37g
137g
*2%
16,500
500
18,800
6,400
1%
634
33%
26%
4
4%
3
3
1*4
1%
1%
Evans Products Co
Ex-Cell-O
pref
100
Fairbanks Morse & Co.Wo par
800
Fajardo Sug Co of Pr Rico..20
900
Federal Light & Traction—15
m
m
m
m
100
m
m
m
4,400
500
$6
100
preferred
Federal Min & Smelting Co 100
100
Preferred
Federal Motor Truck..Wo par
Federal Screw Works
Wo par
1,300
Federal Water Serv A.Wo par
*21
22
800
Federated Dept Stores.No par
*81
89
300
Fed Dept Stores 4
33
82*4
*31%
21%
82%
32%
32
32
700
25
*15
25
*15
25
sales on this day.
11** receivership,
a Def. delivery,
% pf—100
Fidel Phen F litlns N Y..2.50
FJlene's (Wm
n
New
4
5*4 Mar 31
Fairbanks Co 8%
mm
June
2*g Mar 26
10*8 Apr 9
Dg Mar 31
3*2 Mar 30
Exchange Buffet Corp .Wo par
m
2
3
230
mm
li2Mar 29
134 June 21
234 Mar 30
—6
Corp
400
85
....
4*4
3*4
5
Eureka Vacuum Cleaner
5,500
11%
80
100
..100
100
38*2 Mar 31
tSorfCo. Wo par
rCash sale
19%May27
22%May 31
678 Mar 30
April
52% Apr 5
96*2 Feb 2
2ig Mar 30
178Mar30
1
Sept 14
12*4 Mar 30
6778 Jan 4
67
22% Mar 30
15
June
gEx-dlv.
1
July
Aug 26
278 Jan 11
6*4 Jan 3
834 Jan
6*2 Jan
6
6
5*4 Jan
153g8ept
105s July
2ig July
11*4 Jan
13
13
27
19
12
39
Aug 8
34*4 Feb 19
1414 July 20
July 1
92
July 6
99*2Mayl7
82
678 Aug 10
458 July 25
2ig July
1
26
July 21
90
July 27
35«4 July 25
z21% July 14
y Ex-rlghts.
1% Dec
4*4 Oct
8*4 Oct
5
Oct
3
Oct
6*2 Dec
Jan
984 Jan
235g Mar
353g Mar
28*4 Mar
14% Jan
34% Mar
1*4
Oot
7i2
Oct
28
Jan
23i2
Oct
717g
Jan
20
Oct
70
Jan
293g
Jan
7i2
Oct
684
Jan
7284 Dec
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
2
Oct
11%
Feb
2*4
1*4
Oct
11*2
Feb
6
Jan
Oct
1434 Dec
105
22i2
20
Oct
4384 Mar
1087g Mar
Oct
4538
Jan
Dec
3984
Feb
5 Called for redemption.
|
New York Stock Record-Continued—Page 5
1738
LOW
AND
HIGH SALE PRICES—PER
Saturday
Monday
Sept. 12
Sept. 13
Friday
,
Sept. 15
the
Sept. 16
Thursday
Wednesday
Sept. 14
Tuesday
Sept. 10
On Basis of
YORK STOCK
EXCHANGE
NEW
for
$ per share
S per share
20%
2134
*91
93
90
91
31%
21%
21%
93
*30
21%
*30
2i%
*90%
32
23 >4
24
23%
25
*2412
19%
1%
19%
*1712
1%
31
19
23%
2134
24
24
18
*15
134
134
30
3034
102%
1%
29%
101
17%
20%
15%
63
*3
*30
40
40
41
*30%
30
30
28*2
1%
31
2
28
4%
13%
13%
*9312
2%
2%
2%
4%
13%
13%
94
2%
*12
14
3%
13%
*13
13%
13%
4
13%
13%
z93
93
93
93
4%
4
6%
6%
*143.1
15*2
*1434
15%
*1434
15%
*49
54
*49
54
*49
54
*7%
7%
*7%
*98
100
*98
100
47
48%
4812
48
48
10
10%
10
10%
*4%
11
21%
*61%
43
47%
48%
6%
9%
*1%
20
9%
*105%
*105%
1%
19%
7
9
7
9%
10
1%
134
19
20
*85
94%
94%
*85
1%
21%
1%
21%
1%
1%
*21%
22%
21
33
33
32%
34
30%
1934
20%
20%
21%
20%
1434
*14%
15
17
99%
14
*85
1434
*15%
17%
99%
17
*15%
17%
*
*
834
8%
16%
8%
1%
15%
*_.-.
17%
8%
16%
8%
61
100
46%
9%
3%
9%
18%
24
6%
8%
15%
99%
15%
18%
9%
14
6%
*50
1%
20%
32%
18%
14
16%
99%
17
8%
58
13%
54
21%
*44
48
*44
48
*44
50
*2%
*2%
2%
2%
22%
23%
67%
57%
27%
28%
93
93
60
1%
6%
1%
2434
*23%
1034
15%
21%
24
12
12%
4%
*56
6%
1%
10%
2%
2%
418
*44
2%
2%
15
15
24%
24%
24
2%
2%
90
4
9%
8,100
19%
2,600
6%
1%
10%
10%
15
15%
26
24%
*23%
6%
8%
*6%
8%
9
*106
1%
18%
17%
90
*85
85
31%
19%
29%
19
18%
1%
21
30%
18%
13%
13»4
13
13
1%
*20
3034
*16%
*
*19%
7%
*50
12%
*54
19%
*44
2%
2%
*78
16%
784
8
11%
12%
57%
*50
20%
48
19
19
44
2%
2%
90
20
26%
58,000
88%
*87%
9084
500
3%
3%
3%
2,200
3%
60
338
*54
60
10
15%
23
18
17,200
26
26%
*37%
49
*37%
20
20
20
*20
21
*40
48
*40
48
*40
48
*40
48
*40
,
*16
34
15%
11%
*16%
4%
28%
34
*8
9
*16%
*%
*4
*16
27%
*33
8
16%
27%
16%
11%
14%
4%
1634
%
11%
%
*16%
3%
20%
4
10%
1%
20
—
16%
97%
*16%
17%
97%
92
92
29
29
29
29
28
30
5%
3
3%
*121
5%
*60
3
140
95%
3%
95%
7%
7%
*97% 103%
160
150
*58
60
56
*50
104% *100
*100
*16
19%
19%
48%
48% 49
*113% 11734 *113%
*11
11%
11%
*15
1534
14%
104% 104% *104%
6034
6234
*61%
*28
*29%
34
15%
15%
16%
*62
*62
63%
*98%
99%
7%
99%
44
44
7%
*43
*134
1%
7%
1%
7
*6
2834
8%
1%
11%
*18
6
29
834
1%
11%
28%
8%
19
37%
*36
*5%
150
16%
60
6%
1%
10%
*18%
36
*5%
*26%
3334
*32%
8
7
56
*95
91
25%
*121
*26%
27
137% 137%
15«4
14%
15%
11
11
11
1
20%
3%
15%
28
34
7%
*%
1
*13%
*26%
20%
3%
15%
27%
*32%
34
*15%
3%
6l",466
3,300
600
200
100
10
200
16%
*16%
17%
97%
*16%
17
*95
95
95
10
93
*91
93
*91%
93
26
50
27%
140
25%
*121
2634
140
*121
Preferred
4,100
133
56
102%
*50%
100
5%
5%
•Bid and asked prices; no sales on this day.
37%June 18
5%
75
140
*4%
5
*5
6
6
*5
t In receivership.
a
400
9,200
100
60
184Mar 26
2% Sept 14
40
5,600
200
46,800
500
100
16,000
1,900
900
700
6,400
12% July 22
Feb
106
24% July 25
37% July 20
28% Jan 10
16% July 20
Jan
4378
Feb
100
June
8
95
Nov
95
Nov
19% Aug 24
11% Feb 26
Feb 26
8
Oct
24
Aug
8
Oct
2078
Feb
56
Oct
88%
Feb
61
Jan 11
27%
51% Jan 19
3% July 18
July
6
Apr
Mar 25
Mar 31
Mar 29
Apr
4%June
7
3
50% Mar 31
100
No par
7% Aug
15% Jan 12
26% Jan 12
32
140
40
l%June 14
1
5% Mar 25
81
May 5
76% June
140
10
Jan
8
Mar 26
42% Mar 31
126% Jan 19
40
Mar 19
80
Mar 28
100
12.50
Houdaille Hershey cl A .No par
Homestake Mining
No par
stk.No par
100
Houston Oil of Texas v t C..25
5
100
100
Hudson Bay Mln & Sm Ltd 100
No par
Leased lines 4%
RR Sec ctfs series A
n New stock,
r
100
100
1000
Cash sale.
7
Jan 22
16% Oct
72% Dec
115
141
Dec
Mar
13%
Oct
3%
55
Feb
50% Mar
87% Mar
47% Mar
96
1%
Oct
3
Oct
1%
Jan
Jan
Feb
4%
15
Jan
Oct
5%
Jan
10
Oct
27%
13
Dec
48%
Feb
Feb
Jan
10
Oct
20%
23%
Dec
Oct
129
Dec
50% Sept
15%
60
Nov
1% Jan 10
78
Oct
11% Mar
4% Jan
Oct
59
Oct
17% Mar
59% Mar
34% Feb
28
Jan 12
6% July
7
12
3%
July 25
12
Mar 11
23% Dec
2612 Apr
4% Oct
17% Dec
June
6
10% July 20
21% Jan 15
105
8
121
Dec
5
Oct
17%
Jan
55% Dec
106%
Feb
8
Jan
130
z7%
Aug
Jan 19
71% Aug 12
4% Sept 13
July 29
98
8% July 25
1%
81
5%
xEx-dlv.
2
117% Aug
157g Jan
126
129
Nov
166
6
11
Oct
65% July 20
50
Nov
134% Aug 25
58% Aug 11
100
Sept 14
125
May
19% Aug
2
8
Aug 31
108
May 27
60
Aug 15
32
Aug 23
39% Dec
Feb
Jan
39%
Feb
04
Dec
135%
Feb
67%
Jan
Nov
111
Jan
16% Dec
15% Oct
37
June
83
93
Nov
Dec
Oct
109
Oct
z39%
Oct
52% Feb
120% Jan
30% Mar
43% Jan
114% Mar
5334 Dec
21
Dec
41
Jan
8
6
Oct
277g
Feb
66% Aug 25
44
Oct
73
Jan
94
Mar
17% Sept
100
June 28
7812
Dec
4%
Oct
17%
Oct
90% Mar
578 Jan
31% Aug 25
10
Jan 13
3% Apr
Dec
Dec
20% Mar 30
Mar 30
Nov
Ffb
140
86
9% July 20
23
Oct
Jan
58% Mar
97% Sept 14
152% Feb 17
53% Jan 13
%June15
Feb
108
Mar 31
6% Mar 30
Apr 6
Fob
Oct
23% Mar 30
1
May 7
3
Mar 29
12
Feb
31
Oct
7%
Mar 30
Jan
20%
Nov
15%
5
36
18
95
July 21
13% July 19
5
Jan
92
Jan 18
98
25% Jan 12
4
83% Jan 26
Oct
34% July 25
100
ll%June 1
102
Marl6
46% Jan
Feb
167g
Dec
584 Mar 26
Mar 30
Mar
98
7%
Mar
6
39% Mar
1778 Aug 24
1178 Aug 10
Sept
1
17% Mar 31
145% Mar
64% Mar
Oct
20
48% Apr
Oct
7%
16% Mar 25
1
100
Jan 14
Sept
25% July 19
50 June 30
118
100
Dec
Jan 12
Jan 10
Central
46
2
Jan 31
6% preferred series A
Dec
June 29
17
Illinois
Feb
Oct
Dec
12%
65
98
Hupp Motor Car Corp
8%
2
*83%
9
19
24
6
19
5% July
No par
900
Feb
Jan 17
25% Aug
5% conv preferred—No par
5
Holly Sugar Corp
No par
Hollander & Sons (A)
15,700
Jan
Jan
078
22% Dec
28% Mar
56% May
42% Jan
120
25
preferred
51%
68%
Oct
1%
Jan 11
3?8
80
50
5%
Oct
47%
15
...25
Hudson & Manhattan
90% Mar
Dec
Dec
12
100
2
Howe Sound Co
Oct
19%
43
Dec
8834June 30
83 June 23
1
com
49%
July 20
67
19%
5
-.100
5% preferred
29% Mar
6%
22
4
% Mar 31
preferred—No par
Household Fin
Dec
15% July 19
Aug 30
7% Feb
Amer class A..1
B
Jan
33%
July 18
34% Mar 29
7% Mar 31
Hlnde & Dauche Paper Co. 10
Class
88
24
13% Mar 30
100
7% preferred
Oct
13%
9%
Jan
Jan
Feb
30
10
Holland Furnace
5%
4878
70%
5
35
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
conv
Oct
3
9% Mar 30
12% Mar 31
23% Apr 8
122
Apr 12
Hamilton Watch Co—No par
34
Oct
Oct
35
Motors
Oct
18
Dec
28
Preferred
1
14
Jan
Jan
Mar 30
24
W)
Nov
16
1
Helme (G
Jan
Feb
85
65%
117%
Apr
Mar 31
30
Hecker Prod Corp
Jan
5%
Oct
1%
6
2% July 19
13% Jan 11
18% Jan 10
25
Hazel-Atlas Glass Co
110
Dec
17
6
61% July
...25
preferred
Mar
Jan
Apr 28
6%
Dec
x99
19
20
22
Printing
3
2% July
7
20% Jan 15
95
July 21
2% July 25
Mar 29
Hudson Motor Car
Def. delivery,
Feb
Mar 25
II,200
10,500
670
15%
19
6% cum preferred
100
Hershey Chocolate....No par
1,600
Jan
Oct
Oct
Mar 28
Hail
Feb
3%
8%
8
Water
Feb
60%
3
7% preferred class A
Feb
70%
122%
Oct
12
Hackensack
124
Dec
21%
100
preferred
6%
May
' Oct
28%
July 22
45
—100
preferred
117
111
10%May 26
110
10
6578
20
Hercules Powder new..No par
1,500
64%
Oct
Jan
3%
Nov
48
30% Aug
99% Aug
1
Hercules
11,700
Mar 31
8
1,200
100
Oct
33
2
9
125
Aug
3
50% Aug 26
123% Aug 27
June 18
No par
Guantanamo sugar
Jan
152
Aug
15% Mar 31
1,800
""loo
1
Apr
""%
Mar
52%
69% Sept
37
Gulf Mobile & Northern...100
6% prelerred—
75
*60
Mar 30
60% Apr 26
10
*133% 134
133% *133% 134
*50%
53
*50%
53
56
101%
*100
102% *100
100
*50
*4%
*60
Mar 29
5
100
5^% preferred
13", 900
4%
75
6%Junt 13
Mar 29
51
Greyhound Corp (The).No par
3%
3
4
3%
3%
4%
3%
3%
92
*88
91
93% 94
92%
92% *88
7
7%
7
7%
7%
7%
7%
7%
100
*97
100
*97% 103%
97% 97% *97
*150
160
150
160
*150
160
150% *150
14%
14%
14
15
15
15%
15%
16%
57%
59
61
61
59
*55
60
60%
4%
*60
Mar 31
8% Mar 23
14%May 23
98 June
1
9
Mar 29
Green (H L) Co Inc
1
Greene Cananea Copper—100
8%
""906
97%
25%
Mar 25
13
Sugar..No par
100
Great Western
Green Bay & West RR
T,506
I,600
*16
*16
20
19%
*16
20
*15% 20
19%
42
43% 44%
49
49%
x45%
4734
4234 46
*110
114
117
*110
114
117%
113% 113% *110
10
11
9
9%
9%
11%
9%
8%
9%
14%
14
*14%
14%
14%
15
14%
13%
1434
104% 104%
*104% 105
105
104% 104% *104% 105
60
60
61%
6234
60%
6034
62
59%
61
*30
33
31%
31
31
*3012
32%
30%
30%
14
14%
15%
17%
16%
15%
1634
1334
16%
61
61
62
61
62
*61
63%
6312
63%
100
*98
99
*98
*98
99
99%
*98% 100
6%
7
6%
6%
7%
6%
6%
7%
5%
44
42%
42
4284
42% 45
42%
42%
43
1%
*1%
1%
134
134
1%
1%
*1%
1%
6
4%
4%
4%
4%
5%
5%
6%
*434
28%
27%
28%
27% 27%
27% 29
2634
28%
8
9
7%
7%
784
8
9
6%
8
1%
1%
1%
1%
1%
1%
1%
1%
1%
10
9%
9%
934
10%
11%
11%
8%
10%
17
18
17%
*15%
16%
16%
20
14%
16
*25
36
36
36
35
35
*25
37%
35%
160
6H% preferred w w
Hayes Body Corp
102% *100
6%
1,000
7
7
9
l%May 21
12% Mar 30
285
Sept 15
100
Great Northern pref
Hat Corp of
*133%
*133%
*133%
♦50
16%
3-60
28
*33
6%
16%
684 Mar 29
1
36% July 20
114% Aug 26
65
97« July 23
Mar 31
101% Apr
Graham-Paige
""600
5
75
7%
102%
1634
140
5
96%
*16%
*127
*60
5%
784
*150
♦95
75
*9312
*97
*13%
*2612
34
8%
*%
14
28
100
75
3%
*33
*91
140
*15%
3%
*26%
*95
*5%
1
20%
34
91
*60
1
19%
27%
8
14%
10%
3%
14
8
15%
11%
137% 137%
*14%
16
17
97%
*121
13%
10%
16
91
*95
800
48
19%
*27%
8,100
49
19
20%
27
*138%
1034
4
Jan
4
Gt Nor Iron Ore Prop.-No par
17
11%
17%
3,500
17
*37%
17
10%
15%
26-%
137%
118
100
11%
*13
23
27%
11S4
11
*23%
3
258Mar 30
52% Mar 30
% Mar 29
2% Mar 31
11
500
49
12
20
24
Jan
Jan
Jan
...
1% Jan 11
Mar 25
Gotham Silk Hose..—No par
200
1%
10
Feb
69% June 17
500
15
5%
*1%
*8%
44%
32
2,700
*13
*23%
912
Jan
28% Nov
preferred—No par
15
25
9%
6478
5% preferred
No par
Goodyear Tire & Rubb.No par
23
1%
Oct
No par
23%
6%
1%
Dec
50% Jan
1
1
ColOO
23%
5%
1%
18,500
32% Mar
126% Mar
Jan
34
60
23
6
1%
5%
1%
Feb
z99
13
Preferred
60
*54
14
Sept 12
45% Jan 10
37
23%
1%
Oct
Oct
Oct
122
10
$5 conv
2%
6%
14%
1
%Mar 30
24%
1%
1%
4%
1%
9%
15%
2,400
Feb
Dec
25
par
No par
Goodrich Co (B F)
153
22
l0834June 28
par
Motors..——1
Granby-Consol M S&P—-.5
Grand Union (The) Co
1
$3 conv pref series..-No par
Granite City Steel
No par
Grant (WT)
10
5% preferred
20
1%
21
21%
*%
*16%
63,400
Feb
19%
Oct
Oct
>23
Feb
No par
Gold & Stock Telegraph
96%
5
117
28
par
No par
4H% conv preferred
15% Mar
105% Jan
Oct
par
100
36 preferred
Nov
31% Nov
66
par
Rubber Co..5
Razor..No par
preferred
No par
Glldden Co. (The)
Oct
5%
91
Jan1 24
27% Mar 31
22% Mar 30
Gillette Safety
Goebel Brewing Co
*371i
19%
*27%
16%
11%
1%
11%
700
5,900
Feb
13% July 19
108% Apr
par
General Tire
55 conv
Jan
19%
20% Mar 31
pref.No par
Corp.No par
Time Instru Corp.No par
Glmbel Brothers
Jan
Oct
72
15% Mar 31
34",900
33
106%
4
26% July'20
Gen Theatre Eq
preferred
Oct
Nov
Mar 30
Gen Steel Cast *6
6%
Dec
88
Mar 30
General Refractories...No par
8,566
15% July
x39% June
11
1,040
11,200
Jan
Dec
35
2,400
Gobel (Adolf)
53
5% July 25
4,600
Gen
Jan
7% Mar
2% Mar 31
5% Mar 31
13% Mar 29
27%
25
135
Apr 12
1
No par
500
July 28
■
100
Utilities
$6 preferred
53
*5012
July'25
11% July'27
6% Mar 31
115
No par
Gen Railway signal.—No par
6% preferred
July 12
61 %
Mar 29
29
...No par
Gen Realty &
Jan
32%
51
100
21% Mar 30
3,100
20%
:
Aug 27
8% July 27
June 15
82
Gen Public service
2.2C0
Aug
4% Mar 31
Mar 29
48
—No par
Printing Ink
1
5,900
Jan
18%
83
15% July 19
A...No par
2,000
48
15*4
50
2
7% July 25
No par
preferred
135
Oct
11%
10%
July 20
25% Mar 31
2%
22%
22%
3,400
90
50
22%
47
*40
$6
July
18
Apr
Sept
Feb
3
7
18
Feb
1%
4% Mar 29
Common...
General
Oct
94
111% Apr 25
2
2%
*78
*37%
22%
*23%
11%
*138%
*140
*37M
1,200
"2,300
18
Mar 30
10
100
24
10%
18%
26%
138%
49
19%
28
19%
*27%
3,300
3
13%June 25
100
Gen Outdoor Adv
July 15
Dec
2
5% July 19
85
—...100
Electric
Oct
2%
40
9% Mar 29
Mar 10
10
c
Dec
66
6
Aug
2% July
2% Mar 31
5
50
preferred
July 25
5% Jan 12
19% Mar 30
1% Mar 29
10
44
2
'
Sept
preferred
55
57%
*50
13%
58
15%
*
16%
8%
58
16%
99%
15
17%
99%
15%
1%
1%
21
32
General Motors Corp
—
1%
1%
18%
100
43
6% preferred
170
88%
90
5%
*1%
35%
*30%
634
...
l",206
44% 229,100
1,900
119% 120%
43%
52
24%
93
*54
123% 123%
26
51
29%
1%
285
69
90
58
24%
60
*65
"
27%
53%
3%
*834
36
53%
21%
4%
6%
5,900
%
%
54%
74
No
General Foods.....—No
34.50 preferred__._.A'0
Gen Gas & Elec A
No
S6 conv pref series A.No
General Mills
No
300
113
113
*25
36
98
Oct
Mar 29
7% preferred....
9,600
58
Oct
11%
2% Mar 31
25
Apr 13
Container Corp
General
Oct
80
50
7% cum preferred...... 100
General Cigar Inc
No par
60
27
1%
33% Jan 10
103% Aug 4
22
Investors.—No par
36 preferred
No par
Gen Am Transportation
5
General Baking
5
$8 1st preferred
-No par
General Bronze..
5
General Cable
No par
Class A
No par
1,000
39% Mar
97g Feb
Mar 31
Gen Amcr
83,200
Oct
Mar 29
preferred
couv
68%
D«
Mar 25
preferred
Gaylord
100
21%
17%
4
1.300
9%
19%
20%
24%
1%
6%
1%
10%
2i4
50
20%
*50
1
2
*78
90
*90
60
1%
11%
*78
90
*78
93
6%
*4
13%
23%
55%
27%
*1%
*10%
15%
*3%
10%
20%
24
17%
18
1%
4
9,400
*128%
24
18%
94%
54
*56
130
"3",800
30
24
1%
10%
13%
47
9%
9%
71
*106
23
4%
*45%
47
9%
*56
1%
14%
60%
2%
2%
100
2,300
Dec
15
Jan 10
18
....No par
Gannet Co conv *6 pf-.A'o par
Gar Wood Industries Inc—3
"
71
*25
6%
9
57
*4%
*98
100
53
22
5
Jan
3
11
Gamewell Co (The)
5>$%
7
*65
69
66%
68
125
123% 123% *123
44%
46
41% 45%
121
120% 12134
122%
*31%
35%
*26%
33
20
90
54
7
24
36
500
14%
*48
634
*52
2434
2,600
*119% 122
119% 119% *119% 122
38%
39%
39%
40%
37%
40%
33
34%
31
34
32%
33%
58%
27%
9%
20
71
21%
54%
3%
4
58%
*90
45%
z9%
10%
20%
21%
22%
*98
20
6
14%
54
6%
4,600
93%
584
15
*48
900
334
*92
5%
*1412
7
22
2%
120
15%
13%
60
2%
200
12
54
*2134
*78
13
12
5%
6
*58%
13%
3%
*10
3%
2%
2%
93
*105%
1%
1%
16
19%
*85
94%
1%
1%
22
19%
28%
34%
16%
21%
15
1234
58
*50
58
*51
58
*52
3%
*92
*25
*68%
69
123% 123%
68%
125
7
7%
1%
19%
4%
11%
22%
123%
122% 122% *122
36%
36%
*36%
41
41
7%
*9%
*105%
334
1%
113% 113% *112% 114
34
34
%
%
68
122
*36
6,700
93
9
36
*30
36
46
46%
122
30
*55
*123
125
*28%
113% 113% *113% 115
%
%
%
6834
6834
4534
30%
2%
13%
45
71
*30
36
*123
80
61%
61%
24%
24%
*24% 26%
121
122
*119% 122
39% 42%
40%
41%
34
35%
35%
35%
*119% 121
40%
41 %
3434
35%
*113% 114
34
34
*30
4%
10%
21
4*2
*61%
24
24
11
22
4%
11%
2134
71
40
130% 130% 2130
22
4'%
10'%
*29%
13
10%
*130
*130
*130
35
Oct
85
10
No par
No par
F'k'n Sfmon&Co Inc 7% of.100
Freeport Sulphur Co
10
Gabriel Co (The) el A ..No par
Gair Co Inc (Robert)
1
57 conv
Dec
11%
100
Francisco Sugar Co
107% Feb
52% Mar
46% Feb
2612
Corp..—100
Foster-Wheeler
50
Nov
90
21
1% Mar 26
Brothers..No par
Machinery
4Vi% conv pref
200
4%
29%
2%
t 1-ollaasbee
10,500
17%
75
35
40
29%
*13
48%
9%
16%
*3
19% June 13
15
Apr 7
par
share $ per share
41% Mar
16% Oct
per
25% Sept 8
29% July 20
10% Mar 26
par
$
share
25% Jan 15
per
96% July 25
34% Feb 11
24% Mar 30
par
Food
200
*62
*10
15%
""406
1,600
3%
13%
5%
1%
par
..No
No
Florence Stove Co.....No
Florsheim Shoe class A.No
2,400
30
18%
75
First National Stores
19%
102
share
76
A—100
Fllntkote Co (The)
1,300
30
per
16% Mar 31
Apr 14
Rubber—10
6% preferred series
200
101
13
*98
100
*98
3%
40,200
24
*1%
134
30%
101
12%
*10
*48
7%
7
7%
*1%
3%
17%
*62
4%
22%
*15
19%
93
6%
6%
*6
100
66
3
4%
*3%
*1%
*29%
18%
66
3
30
30
1%
30%
101
63
40
*2912
21%
23%
24
70
*63
4%
*3
19%
24
Firestone Ttre &
7,100
29
%
Shares
20
92%
29%
18%
*8834
3012
*15
20
1834
19%
70
♦62
29%
30%
$ per share
20
92%
19%
S
Highest
Lowest
Highest
Lowest
24
*88%
30
102
3134
102-
xW2
103
*101
24%
*17
2
*1%
*31
31%
$ per share
21%
93
19%
21%
25%
*17
18%
*88
31
25%
25%
*30%
24%
25
$ per share
Previous
Year 1937
Week
Par
% per share
Range for
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
17, 1938
Sept.
37
Jan
3% July 14
1%
Oct
9% July 14
3%
Oct
1578
4
Oct
23% Feb
4% Aug
1%
Dec
Jan
178 Jan 10
July 25
8
Oct
38
24% July 25
16
Oct
67% Mar
3878 Aug 8
8
July 25
34
Dec
72
5
Dec
25% Mar
14
yEx-rlghts.
5 Called for redemption.
Mar
Jan
Volume
LOW
AND
New York Stock Record—Continued—Pag-
147
HIGH
SALE PRICES—PER
SHARE.
NOT
PER
STOCKS
Sales
CENT
"MTTW
Monday
$ per share
$ per share
*6
*94
28
*94
3 per share
j
7%
*6
23
26%
25
26
24
98
*94
98
91%
94
95
95
*93
*5%
*147
77%
77%
14%
13%
*4%
14%
534
5
5%
*146
73%
12%
4%
4%
5%
78%
11%
4%
75%
13%
4%
3%
5%
4%
19%
21
21
21%
19
19%
86
86
86
86
86
86
85
86
3%
10%
2%
12%
2%
22
22
4
*4%
1134
11%
2%
*23%
*156
2%
26
159
2%
*23%
*156
4%
12
2%
25
158%
59
59%
63%
61%
*156% 158
*156% 15734
5
5
3%
3%
140
8%
39
300
Preferred
.L
;.
141
100
47%
49%
47%
51,600
9
8%
9%
7%
35
22%
*80
4%
4%
4%
81
8
8
7
13%
12%
*75%
78
8%
7%
8%
35%
36%
150
25
300
International
32
31
31
31
21
23
23
74%
79
79
74%
6
7%
78
76%
*70
121
*60%
21
61%
21
9%
9%
21%
-
-
90%
60%
58%
20%
*118%
2034
18%
*118%
8%
....
10
7%
_
55,500
9,100
46% Mar 30
512 Ft I.
5,200
Interstate Dept Stores.No par
6% Mar 30
Preferred
10
76%
10
200
Intertype
20
400
Island Creek Coal
*116
121
70
*61
94
94%
_
8%
•
-
»
—
«
8,700
-
19
--
8%
"260
900
Kansas City
5,200
8%
Southern
20
*16
20
*16
20
100
17%
17%
17%
15%
17%
*15
18
*15
18
600
*13
14
13
13
12%
12
12
12
12
12
400
90
*75
90
*75
90
*75
90
*75
90
*75
90
Kayser (J) & Co
5
Keith-Albee-Orpheum pf—100
10
11
"4",000
Kelsey Hayes Wh'l conv cl A.l
*18
17%
1134
1134
12%
734
734
7%
*95
*18
12%
3834
934
*2%
*20
14
14
19
19
*6
7
*28
*13
1834
*534
5%
2%
95
40%
36%
10%
8%
26
28
____
8%
95
9%
*26
12%
37%
9%
40%
9%
*16
634
100
39%
9%
23
10%
8
38%
2%
26
*2%
2%
*20
*95
*21
2%
7%
100
40
9%
25
2%
*20
10%
6%
*95
10%
7
100
*95
39%
40%
*8%
9%
25
*21
2%
11
10%
6%
6%
40%
*20
13%
12
13
13
13
13
18%
*53.,
18%
17%
5%
18%
5%
18
18%
17%
27%
17%
26
26
16%
16%
7
28
28
27
17%
17%
17
12%
11
7
*5
7
*5
27%
12
12
13
10
11
10
11
18%
18%
18
19
17
17
13
13%
13
13%
12%
13
13
13
13
6%
*4%
5
*17%
*12%
*4%
19
14
*4%
17%
21
*20
20%
*8%
*29%
21
*109
5
*4%
%
*%
*3
25%
*5%
21%
119
*4%
3%
25%
*34
*3
25
9
8%
30
*29%
50%
51%
634
6-%
6-%
*32%
33%
32%
96
96
97
9834
*165
180
50
*95
6%
21%
*5%
21%
23
98%
99
99
*163%
185
*170
99%
175
*28%
30
*28%
29%
27
29
*41%
*17%
46
43
43
44
44
*15%
17
19%
*141
19%
144
*19%
20
19
103
103
19%
*142% 144
19%
103
19
*4119
17%
xl7
48%
106
1%
49%
3
18%
101
20
141
40
15
46
142
17%
"
47%
44
19
41
17%
49%
106
*106% 108
2
2%
2%
51
53%
52%
41%
17%
17%
47% 48%
*106% 108
2
2
50
51
3%
3%
19
*18%
19%
*18%
103%
y99%
99%
3%
19
137% 141
1734
16%
16%
1634
17
15%
16%
39%
*16%
39
103
20%
95
96
97
96
96
96%
*163ii 174% *160% 169% *162% 169%
*15%
17%
*15%
17%
16%
16%
23
*26
23
23
27%
26%
40
18
18
17
18%
18%
50
46
50%
48%
51%
*106% 108
*105% 108
*106% 108
2
2%
2%
2%
2%
2%
52
52% 5234 *51%
52%
5534
*4
4
4
4%
4%
3%
48%
*18%
20
5%
20
19
21%
18%
19%
19%
*18%
19%
*110% 119
*110% 119
*110% 118
*110% 118
5
4
4
5%
3%
4%
3%
3%
%
%
3-1
%
%
%
%
%
%
3
3
3%
3
3%
3
2%
2%
*2%
26
25
26
25
24
24
25
23% 23%
9
8
8
8%
8
*8%
8
7%
8%
29
28
28
28
30%
*26
30%
28%
28%
52
43
50
48
48%
53%
47
50%
47%
6
6%
6
6%
6%
6%
6%
6%
6%
32
32
*32
3234
*32
33
33% 33%
33%
*95
98
95
95
94
94
*92
98%
96
17
19%
17
5
*15%
102
16
39
39
39
39%
37
39%
*27
28
28
24%
45%
*13%
*123
2434
4634
14%
31
31
*1%
134
24%
2434
46%
47
*1334
30%
*1%
♦27
28
3%
18%
19
95
14%
30%
22
42%
*13%
29%
1%
25%
47%
23%
40
45
3%
139
Lane
1,900
13
13
12%
12%
12%
12%
7%
6
7
1%
900
Maracalbo Oil
4%
17,800
10%
1%
1%
1%
1%
1%
5%
5%
5
5%
5
5%
4%
5
10%
11
10%
1%
5
1%
4%
12%
11%
12
10
10
*3%
11%
1134
10%
12
9%
11%
10%
11%
2034
21%
1934
22
18%
20%
19%
20
334
*3%
52%
27%
*161%
334
*3
54
54%
5334
54%
27%
27%
27
28
*161%
*161%
47%
4734
6%
6%
47
6%
*91
12%
10%
24
*23%
108
*22%
*91%
*11%
12%
10%
98
*70
10%
*70
48
48
98
____
23%
1C
-
12%
10%
98
*161%
*161%
44
48
23
*70
3
52%
27
6%
12%
3
53
27
♦91%
12%
10%
2%
50%
26
6
6%
24
3%
56
28
47%
45%
5%
3
10%
19%
*2%
51%
26%
*161%
46%
45%
5%
5%
.
53
27
----
5
6
22
22
*18
22
*19
91%
86
*91%
9
10
91%
*11%
9%
*60
86
*65
10
12
9%
11
934
*65
5%
22
Mar 29
19% Jan
109% Jan
69-% Mar
20% Mar
4634 Apr
9% Mar
20
Dec
71
11
Dec
15%
Dec
35% July
29% Jan
15% Jan
47% Jan
24% Jan
27% Jan
41% Jan
Feb
July 13
4
Oct
22
Dec
14
Dec
10%
Dec
5
Dec
1734 Mar
934
Oct
27% Mar
25
Oct
Oct
7
14
Oct
Aug 29
97
Dec
July
7% July 25
1% Jan 12
5% Jan 13
5458 Aug 26
9
Jan 10
3378 Sept
7
100% Aug 8
10334 July 25
175
zl8
Aug 16
Feb 28
38
Oct
Dec
2%
2234
Dec
Dec
4%
278Sept
3
56
July 25
534 July 25
22% July 22
106
Jan 18
21% July 25
144
Sept 7
18%
56%
21%
31%
July
7
Oct
29
Aug
D<c
113%
Feb
Oct
114
Jan
May
175
Jan
82
83%
151
15%
18%
14
Oct
Oct
Nov
Oct
Dec
9934 Nov
1
June
32
Oct
2%
Oct
17%
Dec
101
Oct
16%
125
14%
Dec
Oct
Oct
Jan 12
July 19
13% Oct
2634 Oct
123% Nov
1738 Dec
29
July 27
Jan
15-% Mar
23
48% Nov
Mar 29
79
Oct
Jan 10
Jan 21
Feb
Feb
24% Mar
334 Jan
18% Jan
43% June
21% Feb
58% Jan
5
43%
1
Oct
51%
203
Mar
Dec
33
107% July
Oct
24
33%
37% July 25
48
July 5
126
16
Jan
Feb
July 23
1778 Aug
31 &8
116% Mar 30
No par
23%
Dec
23% May
83% Feb
63
Aug
26% July
87% Aug
110
3%
Jan
Feb
75% Mar
10-% Jan
43%
110
28%
14734
2834
99
Jan
May
Feb
Jan
Jan
Mar
4134 Mar
36
Feb
132% Feb
62% Mar
58% Mar
49% Aug 26
J5% Feb 25
25
8%
Oct
15%
3334 July 25
2% July 19
18%
Oct
63
10
900
Magma Copper—....
Manati Sugar Co
18% Mar 31
1
84 Mar 29
100
Mandel
No par
4% Mar 30
Jan 10
6
Dec
16%
Jan
440
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
534 Mar 26
2% Mar 26
20%
Jan 13
10
Oct
39
Jan
9
Jan 13
4%
Oct
9
16
July 23
16%
29%
634
14%
1,900
Bros
...25
Jan
Jan
1%
Oct
6% Mar
Dec
5134 Mar
30% Mar
29% Apr
13% Jan
Jan 11
5%
%May
Jan 28
...1
Corp
78 Mar 30
I834 Mar 30
5i2 Mar 30
14% Mar 30
2i4May 24
1
Martin Parry Corp....No par
25.
No par
MasoniteCorp
100
May Department Stores... 10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
preferred
$6 1st cum pref
1,100
McCall
3% Mar 26
16%June 1
20
10
3,400
McCrory Stores Corp
Mar 29
75
Apr 6
834 Mar 31
No par
Corp
Mar 29
1934 Mar 31
156
Aug 2
28% Mar 31
No par
11%
83
7
7
100
Mathieson Alkali Wks.No par
10
2
3i2 Feb
preferred.......... 100
prior preferred
100
Martin (Glenn L.) Co
400
20
39
7%
Marshall Field & Co.—No par
2,100
1,500
Oct
Dec
4% Sept 14
13,200
600
34
Corp—...5
Market Street Ry,.......100
6%
1
Mar 23
100
6% conv preferred
6
61
Mar 31
l%May 12
734 May 11
Aug 6
16
2% May
29% July
14% July
27% July
4% Jan
11
6
Jan
634
Jan 11
Midland
Jan
3
234
Marine
Jan
Mar
Oct
Oct
Oct
Dec
1% Mar 31
15,700
5.300
Mar 30
9
Exploration.. 1
300
.1,600
Mar 26
10
9%
1%
7%
4538
22
Jan
110
24% Mar 30
^
*91%
11%
11%
19%
3%
51%
26%
Apr 1
12i2 Mar 31
29% Apr 20
12i2May 27
Jan
Mar
No par
Madison Square GardenNo par
500
Marlln-Rockwell
1134
21
June 22
125
10
6% 2d preferred
11%
2034
Oct
27%
Macy (R H) Co Inc
16,600
6%
12%
Mar 31
1334 Mar 31
No par
Manhattan Shirt
*1%
19% Jan 22
19% July 13
Oct
Dec
1»4
21% July 21
56% July 18
Mar 25
2l2 Mar 28
100
Mack Trucks Inc
Apr
1434 Mar 31
92
.......1
600
134
Mar 30
26
100
preferred
12%
*1%
81
i0
Mac Andrews & Forbes
*11
7%
13
*8%
Mar 30
8H2 Mar 31
EI A..No par
12%
11
13S
1%
*5%
Mar 29
25
25
preferred
4,200
29
6
100
preferred
Lorillard (P) Co
5%
6-%
42%
13%
July 19
3% July 25
30
July 23
4%
1784
23
Long Bell Lumber A...No par
Louisville & Nashville
*28
28% Nov
July 20
...No par
Loose-Wiles Biscuit
6,000
80
July 25
11% Aug
33
Lone Star Cement Corp No par
6
*11%
1%
4%
13
preferred
steel
Dec
Sept
44
1934 Mar 30
2314 Mar 31
Apr 18
34 M ar 26
6%
Oct
8
102
50
4
Jan 14
No par
28
Oct
11
Mar 31
7%
Nov
7
July 25
12% Mar 31
Louisville Gas
80
119
33
6%
29
Jan
29
1,000
May 27
13% Aug 24
9
Aug 24
29
No par
Inc
1,400
35
Mar 29
No par
2,900
Mar
44%
2378 Aug 24
Link
15%
Mar
29
Oct
7% July 20
Loew's
6,800
121
Oct
Jan 12
Liquid Carbonic Corp.-No par
Inc......
Jan
Apr
5
Jan 12
1,100
Loft
46
Oct
1434 July 25
2,000
15,600
11,000
4,000
Feb
Nov
18
20% Mar 26
86.50
Jan
136
13
8
Jan
6434 Nov
15% Dec
15
30
Jan
126
14%
30
par
6%
9
6%
11
43
*13%
Mar 26
Lima Locomotive Wks.No par
Belt Co
155
Mar
July 19
Mar 26
157
87%
15
i2 Mar 26
25
Lily Tulip Cup Corp.—No
100
65% Nov
120
178 Mar 29
100
—
38%
22%
43%
13%
30
9
14% Mar 31
17,000
Sept
Mar 29
3
5
Series B_
Pre f erred....
Jan
15% Feb
8% Nov
13% July 25
24% July 21
21% July 15
IOI4 Mar 31
No par
15%
21%
ar
Jan 10
3'8May 13
Liggett & Myers Tobacco..25
2,000
Dec
19% Mar 30
67g Mar 29
400
100
Oct
8%
1
500
2,000
Oct
4
6%
Jan
115%
7
8i2 Mar 31
Llbby McNeill & Llbby No par
Life Savers Corp
5
*6%
8%
7%
6
10%
22%
M
July
8
Libbey Owens Ford GI.No par
1,900
Feb
50
Lerner Stores Corp
1,000
15,600
110
15
No par
6% conv preferred
6
1%
7
22%
3
Feb
123s Mar 31
5
Lehman Corp (The)..
Lehn & Fink Prod Corp
700
Oct
24% July 20
2i2 Mar 26
22
100
50
Lehigh Valley Coal
65
96
13i2 Mar 30
37
*26
Jan
95
430
*121
Mar 26
4% conv preferred
Lehigh Valley RR
*1%
1%
11%
28
Apr
Lehigh Portland Cement.-.25
1,1(0
18%
6
1,500
1,600
Mar
85
Mar 29
4,600
4,600
52
100%Sept 13
121
Mar
Lee Rubber & Tire......
.
4988
Oct
Jau 15
78
1518 Mar 31
100
No par
...No par
Bryant
Oct
16
1034 July
1078 July
1534 July 19
130
7,200
19
140
preferred
Co (The)
30
85% Sept
Jan 24
9
Laclede Gas Lt Co St Louis 100
5%
Jan 24
Sept
3534
27
Mar 29
125s Jan
No par
Lambert
Feb
2834
Oct
Apr
II4 Mar 29
No par
Kroger Grocery & Bak.No par
210
57%
Oct
Aug
19
par
450
Dec
19%
30
80
Kress (S H) & Co
2,800
Feb
34
Jan 21
127
3
No par
Kresge Dept Stores
10
Jan 21
Sept
6
Dec
4»4 Mar 29
pref erred... No par
Kresge (S S) Co
10
1,000
Dec
Oct
Sept
1
preferred
1%
13%
28
*6%
*12
13534 Jan
19% Sept
68% Seot
29%
2%
49
63
85 prior
44%
14%
29%
1%
7%
8%
13
*6%
6%
21
26%
*10%
♦6
*121
14%
7
10%
*25
122
30%
11
7%
28
122
7
10%
127% May
6% Dec
/116
Kinney (G R) Co
97
18%
138% 138%
17%
*15%
36% 36%
*25
*123
1%
7%
*6
73% Mar
8
6% Mar 31
Ludlum
*27
*123
Nov
9
12i2 Apr
10%May
_1
__
5,500
21
17
19%
37
July 23
Aug
2638May 27
119
*16
102
Jan
5234 Feb 23
140
July
par
100
5%
19%
*110
1884
72
par
5,900
27%
16%
10%
22%
20
21%
Oct
120
No
160
7
*26%
19
6%
6
Dec
Keystone Steel & W Co No
Kimberly-Clark
No
$8
17%
17%
22
Jan 21
Jan
Nov
100
13
19
B
Kennecott Copper
«»***•*•
13
*13%
*5%
Apr
9
200
2%
27%
16%
10%
*16%
*12
Jan
15%
70
12
100
Kendall Co $6 pt pf A ..No par
10
1,900
25
*2
Class
49,000
9
*21
2%
*20
preferred
4%
6,600
109
39%
*8%
17%
29%
17%
16%
Oct
20%
Feb 10
Mar 31
June
5% Mar 29
Kaufmann Dept Stores.512.50
14
*2%
Oct
1%
77i2Sept
1234 July 25
118
100
18
*20
3
Jan 11
4984 Apr
12i2 Mar 25
Kan City P & L pf ser B No par
------
8%
20
28
Jan 12
58
Jones & Laughlln St'l pref. 100
Kalamazoo Stove & Furn
10
18
*26
784
47s
ll7g
122
100
20
100
Jan
Aug
162
Nov
113U Apr 30
44% Mar 30
1
Preferred-
111% July
11% Mar
28% Mar
9% Apr
63% Apr
24
8
16
No par
No par
Inc
Jau
8
63
1
preferred
Feb
Oct
Feb
6
1334 Jan
64% Apr
36% Jan
107% Apr
26% Jan
No par
Johns-Manvllie
-
58%
Corp
Jewel Tea
200
93%
93
*126%
60
53%
19%
*18%
*118%
**
86
30
68 %
6
100
*9%
20
120
120
8%
7%
7%
11%
preferred...
100
Inter Telep & Teleg
No par
Foreign share ctfs.—No par
10
*60%
*126%
60
58%
19%
*19%
*118%
__
634
7%
20%
*9%
95%
*128
*68
*20
66
*50%
60%
240
7
*117
-
80
11
121
-
"
7%
*117
100%
Mar 28
7%
9
93
June 17
12
12%
20
66%
28
100
6%
9
121
No par
2
July
33%
*
189
26
Shoe
Oct
143
131% Mar
120
48%
International Silver
Dec
6
Feb
138
19i2 Mar 31
International
2%
Jan
144
8
Jan 11
Sept
28% Mai 25
900
Oct
share
per
22%
47% Apr
18% Oct
127% Nov
53% Nov
100
800
80
Jan 17
No par
Salt
*12
*95
37s Jan 17
29
168% Aug 24
11% July 20
473g July 25
24
7%
11%
20
preferred
1%
Dec
4% Mar 29
185s Mar 31
2% Mar 30
100
31
7%
75%
5%
Jan 19
*22K
7%
12%
75%
6%
10
10%
♦128
380
41%
25
*20
15
pref
*3%
41%
2Q34
98%
conv
43
*9
98
5%
25%
2034
*128
Inter Paper & Power Co
36% Mar 31
132
Internat Rys of Cent Am.. 100
*24
14%
66%
36", 000
26,100
*40
10%
*117
7%
35%
3%
7-%
33%
45
21
66%
3%
Int Nickel of Canada..No par
Preferred
100
140
23%
*9
66%
3
47%
*137
38%
3%
2%
8
6%
8
48%
140
31%
23%
13%
*75%
47%
*137
23%
80%
84
6%
32
*40
22
23%
734
41%
46%
684 Mar 31
3%
Oct
Oct
92
Apr 25
558July 7
135g Aug 6
70
3,300
6%
98
158
Mar 25
Oct
5834 Nov
Oct
9
Mar
8%
140
32
20
May 27
8
*118%
*77
Mar 26
8%
45
45
48%
*137
*137% 140
Nov
26% July 21
Mar 26
Mar 31
8
21
9%
12,900
2
Agricultural..No par
8%
10
834
Internat
7%
8
1334
77%
*121
Mar 29
6% Mar 30
9%
33
2134
June 10
2
8%
*3134
*21
58%
58
80
No par
Rubber
Iron
Prior preferred
15
100
Int Business Machines.No par *130
Internat'l Harvester
48
No par
800
*156% 160%
156
100
No par
prelerred
Intercont'l
Interlake
700
155%
Mar 30
9
45
62
21%
1553*
15
2
25
*60%
21%
59
57%
6%
140
2,800
27,800
3,000
No par
Oct
72
1678 July 25
5% July 21
634 Jan 13
318 Mar 31
25
96>8
2%
23
159%
Interchemical Corp
5%
Aug 22
100
Highest
share $
per
Dec
Aug 12
1
$
15
June 30
t Interboro Rap Transit--.100
900
1014 July 13
303s Aug 24
82
Int Hydro-Elec Sys class A.25
45
..._
2
.
*21%
156
10
Insuranshares Ctfs Inc
share
143
Int Mercnatile Marine.A'o par
Internat'l Mining Corp
1
21%
96%
3%
1,500
3,300
per
8
7)8 Mar 30
3% Apr 1
2% Mar 26
1,800
8%
*128
20%
*4%
4%
*19%
84%
3%
Feb
$
56%June 17
20
10,400
33
68%
135
No par
Inspiration Cons Copper
4%
2%
2534
121
100
preferred
Inland Steel
3,300
31.4C0
Mar 25
4%
2%
45%
81%
*66
60
3
32%
*117
No par
434
45
24%
*9
lngersoll Rand.—
4%
2%
*32
81%
*21
600
4
3
*25
24%
*75%
14% Mar 31
10
4%
40%
734
No par
3%
38%
*4%
*8
Indian Refining,.
Industrial Rayon
2%
26
13%
2
4%
share
Mar 29
5%
3%
46
45%
*25
11%
4%
per
3
8%
4%
*32
86%
*155
56
61%
59%
156% *155% 156%
13%
4%
4%
20%
84%
3%
10%
2%
$
~5~900
6%
73%
13
Year 1937
Lowest
Highest
4%
*137% 140
40
*4%
158
Par
Shares
*146
73
Range for Previous
100-Share Lots
Lowest
Week
95
14
13%
*4%
4%
*18%
*84%
On Basis of
9
48%
*137
2
21%
7%
24%
Range Since Jan. 1
QTHPTT
OlUUii
EXCHANGE
the
5%
3%
*3%
9
*8%
48
5
57
3%
11%
2%
21%
9%
155
15734 158
156
3
4%
*6
74%
73%
3%
10%
4%
21
11%
73g
*146
71
14%
20
*3%
share
per
8
77"
5
$
28%
1334
5
Sept. 15
S per share
*6
76%
*5%
1
Friday
Sept. 16
25
8%
*146
«•»
Sept. 13
Sept. 14
Thursday
.
28
*6%
27%
98
*146
Wednesday
$ per share
Sept. 12
8%
27%
Tuesday
,
VHPT<r
XUilli
aNJIiVY
for
Saturday
Sept. 10
1739
o
24
Feb
Feb
3% Mar
25
25
24
577g Aug 24
20
Oct
30% July 19
22
Dec
142
May
165
Jan
3334
Dec
66
Mar
8
4%
Oct
15%
28% July 26
21
Apr 22
20%
35
June
45
Jan
92
93
Nov
111
Jan
Dec
36
Jan
Oct
24%
Feb
165
Feb 23
51
July 19
7% Aug
16
Sept
P
Jan 18
1234 July 26
Aug 11
83
7%
10
134
11%
734
*66
Dec
Oct
Oct
Dec
Oct
74
4134
44
Feb
Jan
Jan
Jan
106% Mar
'
•
1
■
I
*
Bid and asked prices; no sales on this day.
t In receivership,
a Del.
delivery.
»
New stock.
rCasbsale.
*
Ex-dlv.
y
Ex-rights.
1 Called for redemption.
fiPBE
Saturday
Monday
Sept. 10
17
17)4
10
45%
47%
19
18
1934
15
684
34%
9%
32
7>2
8%
86)4
86%
1034
*86
9
9
*65)2
77
*65%
*40
65
*50)2
45
*4534
*434
8*4
8%
8
*65'4
*62%
77
75%
46%
4%
19)2
*447g
4%
4%
18%
1934
12
12
11
11
*11
40%
37
38
237%
39
4%
.19
13
3914
40i2
*62%
39
39*4
10)4
16*4
10
9
16%
16%
26
25%
25%
24%
*107
108
19%
10
16%
16
16
2334
2234
23%
91
*89
91
*86
92
*87
92
*87
81
1
*%
*%
%
*%
%
*%
%
*%
1%
*%
*%
1%
*1?
1%
4
1
1
834
117
117
*116
41%
*33)2
19
20)2
18%
21
15%
32
*13*8
14
*13%
1334
12%
14
27
27
27%
634
27»2
67g
26%
2834
22%
6
7
5
67«
41
*39
12*4
56
*54
108
107
*48
56
9)4
13*4
9%
9%
13*4
12
12%
*161
*15
*81*4
*22%
25%
1234
*114%
24
24%
5)2
*5%
5)2
2334
14
24
6%
5914
6%
60
17
17
24
71%
6-%
5834
16%
*23%
24
71
*72
*27g
*11%
*51
77g
*46)2
49%
87g
7%
*110
*434
20%
24
162
*159% 168%
*13
14%
15
*21%
24
23)2
24%
23*
12%
127g
734
*434
22%
6%
14%
24
•
612
5914
17
26
20
18
6%
55)4
14%
16
634
59%
17%
54
5634
13
*234
1734
6%
534
25
69
69
66
100
Nat Dairy
4,300
5%
22%
12,400
100
18
*163% 167
144)2
*142
144)2 *142
18%
17%
17% *17%
6%
578
57g
6%
56
56%
55%
56)2
100
14%
1334
16%
14%
25
*23%
65
65
*60
66
700
72
*65
717g
100
72
"2%
2%
234
234
234
11%
97g
11%
10%
10%
234
*10
18%
1,000
18%
19
19
75
*65
75
*60
75
*62
75
*62
75
*35
42%
"35
24%
*35
42%
*34
42%
20 %
18
*102% 106%
6
6%
*102)4 106% *102% 106% *102% 105
*6
9
*6
9
6
6
8%
17%
18%
15
18%
117g
19%
12
20%
11%
17)2
12
2034
15%
32
4
32%
*3%
32%
3%
29%
33
28%
8
*110% 112
*7%
8%
110%
1934
3D4
*314
*7%
*....
*1,1
123
110
*
13%
17
29%
31
3)4
3
7
7%
6
110
101
123
101
*99
%
%
%
101
Aug
6
13
Dec
3384
Jan
90
Aug
103)2
Feb
24
Sept
*
123
"3", 200
%
4%
34
67g
*43
1%
4%
34
7%
49%
*%
-I
1%
*4
*34
6%
*43
1%
4%
1
634
46%
*%
1%
1%
1%
1%
1%
1%
1%
1%
2,300
3%
*34
4%
3%
334
3%
4
4
4
6,600
34
34
*%
1
*5g
1
900
6
6%
6
6%
6%
1
6%
lo
%
5%
*145
160
158
158
*147
161
*140
108
*103
108
*103
108
"
103
*50%
884
*97
19%
53
87g
100
*81%
86
*94
11%
9684
*34%
35
107g
3
3%
39
38
97g
25%
15%
*11119
*784
2234
*134%
10%
1834
19%
18%
51
*51%
*97
834
9934
*97
*82%
86
*8112
51
8%
8%
Jan
81%
*80
86
93)o
*90
94
92%
92%
35
*32%
35
31%
32%
70
234
3
234
2%
3,500
9634
*93
100
93%
34%
34
34
*3212
3%
3%
3%
38
42
43
21
1934
1934
*46
52
*46
52
...
70%
7%
5
17%
69%
„
33
*24
33
7*1%
69
46
...
71%
*30
17%
*46
33,600
,200
22,800
7,500
15,000
13", 100
*40
42
101
*17
19
52
*46
52
*46
52
66%
68"
6%
6%
6%
6%
6%
6%
4
4
4
4
4%
16
14
15
14
14
14
7
5
7
*12%
13%
12%
12%
25
257g
2434
25%
5%
Bid and asked prices; no sales on this day.
*5%
*12
25%
Nov
137
Mar
2
Jan
54%
Oct
Dec
97
Feb
2
Oct
4%
Oct
1
Oct
3
Oct
14
180
7
40
584
*5%
13)2
*12%
13%
100
2578
25
25%
6,800
t In receivership,
5
62
198
conv
Oct
272
102
Apr
114
24% July 20
55% Aug 4
11
July 13
100
Aug 17
9334 Jan 13
14)2 July 25
1
3
June 21
92%Sept 16
a Def. delivery.
4
May 12
Mar 28
Jan
104%
Jan
Oct
105
Jan
978
Oct
36% Mar
8
7
30
1%
15
Dec
Oct
9
Oct
24
Nov
6)2
90
Jan
2278 Apr
73
Apr
26% Feb
147« Jan 10
8
Jan
678 Mar
40
327g Feb 23
19% July 25
53%
Oct
Oct
Nov
114
Feb
9% July 19
5)2
Oct
19% Mar
28% July 19
Sept 6
20%
Oct
45)4
Jan
56
Jan 11
48
Dec
97
1234
Dec
28
44
Dec
75
Jan
114
May
115
June
10
1
Mar 30
39% Apr 28
115
Apr 19
12.50
40
Mar 30
6
Mar 30
2% Mar 26
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
334 Mar 29
preferred..
sale,
17%
Oct
22% Aug 25
50
Jan 12
30% Apr
5
100
r Cash
Oct
91
Jan 12
10% Mar 25
» New stock,
3
93
12
10
2d
2
3% Sept
Sept
111%Sept
Jan
Jan
Feb
140
No par
1st preferred
48% June
Jan
3478
57%
6% Mar 31
...No par
Coast
Oct
7
95% Sept
35
Sept
41
14%
1334 Mar 25
Jan 14
122
Pacific Amer Fisheries Inc...5
Pacific
Oct
6%
1538
10634 Jan 17
25
No par
Owens-Illinois Glass C
Oct
%
Feb
Feb
Jan
76)2 Jan
434 Mar
26)2
.
Mar 29
6% Mar 31
1st pref.-No par
Outlet Co
30
1% Jan 11
934 Mar
180
57g Mar 30
No par
Steel..
$5.50
Jan 10
%
Jan 13
4534 Apr
Telegraph...50
Outboard Marine & Mfg
234 Jan 10
7% July 7
1% Jan 15
10% Jan 24
%June 16
June
3
87gSept 14
19%May 31
7% Mar 30
83% Apr 1
370
13%
113
.No par
2,100
4
25%
Apr 28
% Jan 10
61
Jan 18
1384 Mar 31
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
~6~, 166
7
4%
*584
111
1134 Mar
434 Mar 29
38
Mar 31
100
Preferred
4%
*11%
25%
Jan
9
Aug
l%Mar 30
10
67g
*5
135
1234 Mar 30
*114%
5
15
Oct
50
Otis
Jan
Oct
Norwalk Tire & Rubber No par
300
Jan
253g
5
% Jan
50
100
I27g
110
ligJune 10
1
preferred
Oct
1
2% Mar 30
50
Ohio Oil Co
234
Apr 25
% Mar 26
54 June
1
No par
Preferred
3178 Mar
120
110
North'n States Pow Co $5 pf. 1
Northwestern
Oct
5% Mar 26
Mar 30
75
300
19
73g
17%
Jan
3734 July 23
434 Jan 11
Northern Central Ry Co
6%
*4
17%
Mar
No pat
50
Otis Elevator...
43%
68
72
100
15
Mar 25
8,700
*17
6634
Oct
30)4 Nov
Mar 30
2,100
*36
69
14
38% Jan 12
2
8% preferred A
100
Oppenheim Coll & Co. .No par
50
18
*114%
Mar 25
18
Pacific
Jan
98)2 Feb
55% Mar
Nov
12% Mar 31
87%May
Northern
29
4134
Oct
Oct
No Amer Edison $6 pf. No par
16C
40
*114%
65%
10
*7
7
257g
46
*114
*115
13
*6
35%
*24
'
45
25)3
3%
36)2
~~8%
934
9%
10
9%
9%
87g
9%
9%
10
984
22
21%
21%
21%
20% 23)2
2234 25
25%
24% 25%
14)S
13%
1434
16
1334
12%
15%
1334
16%
15%
1634
109)2 109%
112lo *10912 111)2 *108% 111)2 *103
111)2 *109% 111%
67g
67g
67g
6%
67g
7%
734
8%
8%
*77g
8%
21
22
21%
2OS4
23
19%
20%
21% 24%
23%
2334
*134% 140
*134% 140
*134% 140
*134)2 140
*134% 140
140
9
9
9%
9%
10
7l2
97g
10%
934
10%
10%
*1934
*11
2)o
9%
9%
10%
*42
17%
10%
10
86
10)8
15%
100
81%
734
9
19% July 23
40
July 19
6434 Mar
21% July 25
22% Jan 10
No par
preferred
Sept
Mar
Co—100
INYNH & Hartford
100
Conv preferred
IOC
JN Y Ontario & Western.. 100
N Y Shipbldg Corp part stk.
7% preferred
100
6%
87
Jan
Feb
Feb
37
NYC Omnibus Corp..No par
North Amer Aviation
57%
6%
Oct
Nov
100
200
22% Dec
2
July 20
12% July 21
7
1,000
Oct
12%
13%
99% Apr 26
4%June 28
97g Mar 31
70
24,100
Dec
109
103
8
3
Oct
Dec
Dec
103
98
75
30
Dec
133
52%
Dec
99% Nov
100
734
80%
75
62
100
98
Dec
32
Southern
52%
26% Nov
63%
Jan 18
Mar 29
North American Co
Dec
Dec
17%
Jan 14
Mar 26
10% preferred
50
$N Y Investors Inc....No par
Oct
55
20%
7
July 25
Feb 23
July
Feb 11
tNorfolk
25,700
Oct
40
Norfolk & Western
18%
5
6178 Jan
1434 Jan
99% Aug
70
200
17%
Dec
12% Aug
10
pref
Jan
16%
•26
20
Adjust 4%
150
106
200
86
11%
21
7
I
9934
45
*4
20
50
July
Mar 31
28
156
*%
Jan
127
4% Jan 14
7% Mar 31
*140
*97
7
34%
37%
157
♦100% 103
19
18%
arl778
52)2
53% 352%
8
8%
8%
53)2
9
37%
*151
103
17)2
11%
37%
%
98
*1934
69%
155
*35
50
*%
98
*42
*115
%
19%
52
87g
9934
10%
*94%
3%
*40
50
*U
*103
187g
6%
*40
43
42
%
4,000
Mar
171
30
14% June 17
58
Apr 5
N Y Lack & West Ry
*1%
44
Oct
75
6% preferred series A... 100
123
18% Apr
Oct
1
N Y Chic & St Louis Co... 100
%
Oct
8% Jan 12
No par
preferred
4)2
18
153
66)2 June 30
Feb 25
No par
N Y & Harlem
Mar
144% Aug 29
25
July 25
1
New York Central
Dock
Mar
38
Aug 31
Mar 31
No par
35
15% Aug 25
July 7
82
..No par
Jan
Oct
Dec
17
23
Feb
May
1734
31
167
2%May 24
6,600
%
June
9
3
2078 July 26
1
Oct
13
16% July 27
N Y Air Brake
5%
6
30% July 29
Mar 30
70
6,000
150
Jan
167
July 25
63
Newport Industries
530
Jan
33% Mar
Dec
May
Jan
Mar
18%
Oct
6%
17
145
Mar
18
44-% Mar 31
13
Sept 14
21
Jan
4
25
187g
7%
24
13% Mar 29
5
Mar 29
1134
234
Oct
71
85
127
10
*
123
14
100
17%
105
8
6
1034 Jan 6
26
Aug 26
162
Sept 15
1484 Aug
Jan 17
4
18%
7%
47% Mar
17% Mar 29
154 June
3
10
2%
24%
Oct
26% Aug
1634
105
Oct
11% Apr
17
7%
Dec
5
10
17% Mar 31
700
3%
44
1078
18,100
105
July 29
12% Jan 10
18
July 21
54
Mar
90
108i2 Jan
2034 Feb
24% Mar
1534 122,600
7%
Oct
112
14%
*3
Apr
Oct
27%
105
Nov
3
Oct
15%
9%
7%
*
123
'■<
3%
50
Oct
5% pref series A
100
tNew Orl Texas & Mexico. 100
New York
36% Feb
4
15
200
99% Mar
Dec
5%
1334
5,800
Dec
978
104%
27%
3034
15)4 Aug
Oct
4%
50
Jan 13
634 July
28
30%
Mar
1034 July 19
*6%
32
51
3% Mar 30
6%
15%
30%
Dec
3% Mar 29
28
3034
3%
15%
Jan
3878 Feb
26% Feb
112% Mar
4%% conv serial pref...100
No par
100
9
Feb
21% Sept 14
12%Mar 31
Newberry Co (J J)
*102% 105
26
102
10%May 27
Mar 31
6%
14%
10%
18
18
13
1934
17%
*12%
*29
16-%
341-
1534
I6I2
31
19
"102)2 105
15%
29%
16%
12%
29%
13%
15%
31
*17%
Oct
65
Nelsner Bros Inc
42%
197g
8%
No par
Natoinas Co
*65
Jan
Aug 26
10% July 27
15% Mar 31
150
1
National Tea Co
600
*35
38)2
6
Apr
7% Mar 22
preferred-
2,700
75
Oct
Oct
Steel Corp
234
42%
Feb
12%
Mar 29
8% Mar 30
6
Mar 25
..10
10-%
*35
Mar
66)2
15% July 22
58
July 22
109
Sept 3
100
40
5Yi% prior preferred... 100
6% prior preferred
100
$2
69
46
Dec
64%
37% Mar 29
634 Mar 30
National Supply (The) Pa. .10
200
Oct
Dec
36)8
8% July 26
Mar 30
4
National Power & Light No par
24
30
21
Dec
7% preferred A
National
6
3
30% Aug 25
Mar 25
95
15,500
6,600
Jan
Aug
15
7
34% Mar 26
1,200
10,300
Oct
2234 July 25
Mar 31
9% Apr
6% preferred B
100
Nat Mall & St'l Cast Co No par
40
105
12
National Lead
167
4078
107% Aug
109
Sept
106)2
Gypsum Co
Nat
12,200
Nov
114% Sept 12
113
July 29
preferred
76,400
12% Mar
Oct
12% Dec
No par
Nat Distillers Prod
13%
34% Mar
6)4 Mar
x71
39% Jan 13
11% Mar 29
Nat Enam & Stamping. No par
23%
934 Mar
Oct
Dec
1%
11
__
Sept 14
50
Mar 31
4
Oct
1%
8
38% Aug
Mar 31
26
Dec
5%
99% Sept 13
117
Jan
5% Mar
6% Jan
34
Apr
117g Mar 31
106% Mar 30
105% Mar 30
7% pref class B
1278
2
1834 July 25
1C% Mar 31
No par
Nat Dept Stores
6%
15
2% Jan
3% Jan
22%May 27
Products—No par
7% pref class A,.
100
21%
*11
Jan113
'
5
8
78
3% Jan112
11% July 21
2
25
34
1734
2%
Dec
Dec
Oct
%
Jan 11
108
100
100
Nat Cash Register
50
*65
*20 )g
84 Jan110
1%
16% Mar
Aug
Oct
Dec
1% July'25
2
Jan
r
..10
15,200
20,800
734
Mar
50
May
25
5% pref series A w w
100
Nat Bond & Share Corp new No
60
124
Oct
98%
4%
67
.-.100
pref--
cum
Mar
July 21
111
Nat Bond & Invest Co.No par
22
66)2
72
7%
200
300
Corp
Biscuit
National
14
25
27g
Nat Aviation
*65
26
10
2,700
♦23%
*23
27g
11%
20)4
6,100
120
Aug 17
July 19
1
5
10
National Acme
Nov
8
Mar 30
—
Nashv Chatt & St Louis...
53
111
% Mar 30
1% Mar 25
conv
July 13
•
%June 22
10
Jan
Oct
87
% Mar 28
10%May 27
preferred—No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America... 10
Myers (F & E) Bros—No par
Nash-Kelvinator Corp
.5
$7
23%
1278
1534
*72
aril %
141% 141%
120
7%
*434
5%
18
*162
200
700
23%
12%
*112%
*108%
23
222
165
11*8
8
*12
17
12
20%
17,400
16,900
*21%
15%
143% 143%
7%
23
83%
2434
165
11%
*7
22)4
*7834
13%
169
127g
11
7%
162
2234
*165
77g
83%
23%
22
*10
18
190
49%
*11
23%
*14%
*7834
8%
7
5)2
5
200
32,000
11%
7%
222
22%
*47
127g
11
12%
7
8:
70
300
9%
12
8%
1234
3,900
6,300
517g
7%
8%
3,200
427«
11%
108
108
*108)2 112
*72
3
12
22%
*10)2
108
*112% 114
71
71
...
104
45%
9%
21
19
*18
19
*60
112
*141% 144% *141% 144%
19
1234
*10)2
534
*34
53%
1134
25
5%
6
41
18
169
II
26
534
14%
247g
1378
*165
169
7,500
12%
18%
12%
20
*18
14%
24%
24
177g
112
57g
23%
23
20
*18
19%
114% *112% 114
8%
884
8*4
23%
140
112
*112
...
8%
33%
114
...
*112
32%
2534
2334
"162
168%
168% *162
15
15
1134
12
*7834
83%
8134
8134
23
23
21% 22%
20 %
2434
23% 26%
12
123,i
1234
13
23
100
32
41
10
1334
8
2434
7%
8
8
168% *160% 168%
*15
1534
1578
*8134
83%
83%
23
23
23
25%
257g
26
1234
13
13
114% 114%
*165
*10%
1234
1284
7*4
24%
7%
24
97,700
*9
97g
13
117g
14
14
44%
36%
12%
108
7
48
8%
43%
*34%
45%
75g
9%
8%
48
9%
160
*116
54%
11%
*50
93%
93%
17%
39
*104
108
*105
9
54)4
834
8%
8%
*48
54%
56%
107
1234
54)2
*113l
1234
*1134
56
108
1,100
4,200
32
6%
39
39
39
47%
1,600
15
36%
*34%
19
13
26%
11%
600
1%
1%
*13%
45%
44
46
37
32%
1%
*1
134
Jan
91
106
72
lg Feb
—
122
Mar 31
35
'
Oct
Nov
Mar 26
4
48)2 Mar
15
July 28
126
94)2 Jan
88% Aug 31
49% Jan 28
100
Apr 1
pf—100
Minn-Honeywell Regu.No par
4% conv pref series B —100
Minn Mollne Power Impl....l
$6.50 preferred
No par
JMinn St Paul & S S M...100
7% preferred
100
4% leased line ctfs
100
Mission Corp
10
Feb
35% Mar
Oct
14
Jan
72% Mar
26)4
87
2878 July 25
111
1
7% preferred series A ..100
tMissouri Pacific
100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
$4.50 preferred
No par
Montg Ward & Co Inc. No par
Morrell (J) & Co..
No par
Morris & Essex.
50
Motor Products Corp..No par
Motor Wheel.;
-.5
Mueller Brass Co
1
Mulllns Mfg Co class B__ —
1
93
1914
100
Apr
8,600
96
*19
76
7%
1
41
Oct
4%
227g Jan 11
12% Mar 30
15%June 4
No par
7
15
94%
Dec
14
3334 Nov
12)4 July 25
734
1
4734 Mar
16)2 Jan 13
7
1%
*14%
Dec
47)2 July 25
l%Mar 26
92
48%
36%
35%
24% July 25
4% Mar 29
1%
16%
June 13
11
No par
1%
July 21
2634 Mar 30
534 Mar 31
Mo-Kan-Texas RR
15%
116
Feb
6)2 July 25
7%
13g
36%
*32%
Jan
16%
57% July 27
900
13
42%
86
Oct
68
1
2,400
*1
116
93% Aug
Dec
3
4
3% Mar 30
14
May 31
2
1%
17g
36%
34*4
Dec
37%
Jan
32% Apr
12
15
99%
4734
50
50
par
2
134
—
Dec
12
14%
9534
97
Jan
66%
2
2
14*4
96
95*4
*115%
*11511 118
46
45)2 467s
*34%
*3412 36*8
*32%
*3212 36
Jan
3434 Apr
101
Feb
14
16
95l2
80
19
112%
Dec
1%
*13
2
14*4
1
Oct
Dec
10
2
14
1%
534
2
2
%
%
12
1434
8*4
114
*1%
100
60
*51
61
*51
%
*%
2
8
50
1%
14%
15*4
2
11,100
4%
*%
1%
*14
59
*52
~5%
*%
'2
*)4
*%
"2",400
4%
*111
47g
6
78%
par
par
Milw El Ry & Lt 6%
747g
737g
77
*111
5
4%
60
60
65
*60
111
111
"5%
4%
76
78)2
73
84%
82
♦111
5%
6%
28% Dec
10% July 18
Apr 12
5
8% cum 1st pref
30
35% July 25
28% Jan
42% Jan
42)2 Mar
16% Mar
47% Jan
Mar 26
Apr
Copper..
5
Mid-Continent Petroleum.. 10
Midland Steel Prod
Oct
634 Mar 26
Miami
3,200
Dec
I8I2 Dec
5% Oct
55
par
Co No par
5
Co
Meet a Machine
92
81
Merch & Mln Trans
13,600
4,300
9)2
16
23%
*15
*1178
9%
16%
24
*86
1%
41
200
2,100
734
30 )8
18% Aug 24
5
1
50
320
13
37)2
128s July 27
4884 Aug 26
26% Jan 12
8% Jan 10
89% Sept 1
1534 July 22
72
Jan 25
Mengel Co (The)
5% conv 1st pref
2,000
106
2
67«
21%
*11
*101
1
2
*1734
11%
106
2)2
8I4
*1
4%
*101
14)2
8
4%
106
1%
*5g
5
500
*101
%
*2
47
9%
77
106
5h
14>2
80
*45l2
*101
65
*14
*%
*55
107
*111
*111
5)2
*65%
47
106
91
8U2
No
series A.No
$5.50 pref ser B w w.No
Melville Shoe
No
Mar 26
per
70
100
$6 preferred
77
80
37%
No par
1
Stores
6% conv preferred
Mead Corp
3,000
10*4
Mines..5
Tin Plate
10
Robbins
-.5
%3 conv preferred
McLellan
100
19
934
McKesson &
7,700
90
15
8%
McKeesport
3,200
10%
11%
Xl9
18%
17%
17
26)4
10%
11
412
4
10%
16%
*25
4434
734
7
Mclntyre Porcupine
1,500
*86
12%
77
75%
46%
46)2
16%
6
3l7g
7%—
10%
*65)2
*12
*60
534
8
90
12lg
12
81)2
15%
6%
'
9%
18,300
7,400
317g
17%
32%
90
19
*88l2
16%
534
32%
734
6%
32
*86
12
16)2
18
5%
44%
44
share
Jan3l
35% Mar 25
13%May 27
5% Mar 29
27 June 14
McGraw-Hill Pub Co ..No par
500
Highest
Lowest
$ per share $ per share
21
Sept
11
Dec
$ per share
10
$
1
McGraw Elec Co new
2,200
9%
9%
4534
90
19
10)8
44%
12
12%
77
80
45%
4-)j
40
33%
33%
*86
90
*62%
45)2
4%
6%
6)2
33 *8
*65)2
45%
1914
34
12)2
41%
Shares
16
*15%
97g
Par
Previous
Year 1937
Highest
Lowest
Week
? per share
16
*9
4434
6'2
34
*86
9
9)2
46%
19
6%
6%
9
9%
46)2
45
19
157g
10%
15%
912
912
Range for
EXCHANGE
the
Friday
Sept. 16
$ per share
$ per share
$ per share
17
17%
$ per share
*17
18
$ per share
10
,
Thursday
Sept. 15
Wednesday,
Sept. 14
Tuesday
Sept. 13
Sept. 12
On Basis of
YORK STOCK
NEW
for
1
IW-Share Lots
Range Since Jan.
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
AND
LOW
1938
17
Sept.
New York Stock Record—Continued—Page 7
1740
9% Mar 26
z2234 Mar 30
x
Ex-div.
115
Apr 19
125
6%
Nov
Oct
140
Feb
24% Mar
Mar
Jan
10334 Aug
23
Jan
74% July 29
51% Nov
11% Jan 17
*9%
Dec
5% Jan 11
July 28
2)2
Oct
15%
7%
Oct
40
9% July 19
4
Oct
27'4
Feb
20
Feb
Mar
15% July 23
10)2
Dec
3234
Jan
293, jtilv
22
Oct
38
Jan
y Ex-rights.
1
1 Called for redemption.
New York Stock Record—Continued—Page 8
Volume 147
LOW
AND HIGH
SALE PRICES—PER SHARE,
Sales
NOT PER CENT
for
Saturday
Tuesday
Sept. 13
Wednesday
Sept.10
Monday
Sept. 12
$ per share
$ per share
f per share
$ per share
*36%
37%
*14%
15
37%
14%
37
37%
14%
37
Sept. 16
$ per share
36
36
Shares
*144
146
*144
146
*144
146
*144
*21
25
*21
25
*21
25
21
*11%
4%
*67*
12%
1%
46%
1%
500
4%
38,700
Packard Motor Car....No par
Pan-Amer Petrol & Transp..5
3% Mar 30
7%
7
Mar 29
1%
17,400
Panhandle Prod & Ref
1
1
Sept
44%
*95
100%
9%
9%
700
Paraffine Co Inc......No par
29
1%
*95
1%
43
43
42%
*95
100%
10%
11
10
11%
8%
83%
9%
25
25
24
24
22
90
43
100%
10
9%
10%
1%
44%
86
*82
10%
23%
*22
82
24
2%
39%
85%
11
25%
2%
2%
2%
2%
39%
40%
16%
1%
40%
16%
1%
16%
1%
16%
39%
16%
1%
*1%
9%
9%
9%
9%i
8
*10%
6%
10%
10%
6%
10%
6%
10%
*55
57
57
58
55
58
55
55
82%
81%
1%
83
78%
1%
3%
81%
19
20
*19
22
13%
18%
24%
*12
13%
18%
*12
2%
.
*40
82
*17S
6%
82%
2%
4
*1%
4
20
'82%
23
*13%
187«
*25%
*111
*13%
19
19%
26%
30%
*3%
32%
27%
*15%
9%
7%
34%
35%
7%
25%
32
25
25%
32
27%
20
21
16
14%
6%
31%
*35%
14%
9%
6%
35%
357$
"l%
65%
1%
9%
9%
7%
7
35%
35%
65%
*
33%
*35%
*
%
124
124
*126
130
130
130
*5
7
*5
7
"38%
39%
7%
55
♦
2
3
*2%
%
*5
114
*
•
55
"37%
*2%
6%
23
23
23
23
*31
40
*32
40
*27
*91
115
*91
115
*91
*57
*5
6%
*5
*23
25%
6%
23
6%
69
*154%
7%
*12%
7%
12%
*6%
*51
*154%
7%
5%
69
*51
*155%
-
7%
Penney (J C)
No par
Penn Coal & Coke Corp.
10
Penn Dixie Cement...No par
55
Mar 31
57 conv pref ser A. ..No par
Penn G1 Sand Corp v t c No par
24
Pennsylvania
Peoples Drug Stores...No par
2,000
6% cum preferred...... 100
People'sGL&C (Chic)... 100
*••>•••.
100
134 Mar 26
27
120
5% prior preferred
100
100
5i2 Mar 26
1738 Mar 26
22%
16%
150
5%
100
15
6%
35%
35%
h
Pet Milk..
Petroleum Corp of Amer..._6
1,700
33,200
Pfeiffer Brewing Co...No par
300
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
{Phila Rapid Trans Co....50
....
86
•
80
234
%
7%
Phila & Read C & I
800
600
6
100
*35
38
"37"
3734
3634
*2%
3%
38%
*2%
*36%
59
37
Phoenix
3%
90
*6
"7"
900
Pleice Oil 8% oonv pref...100
23%
800
Pillsbury Flour Mills
40
*33
40
*33
40
115
*91
115
*91
115
*5
*5
*21%
*4%
6%
25%
5%
*21%
69
*52
69
*51
~
-
*4%
*155
*155
-
7-
7
M
-
—
200
69
41
41
*38
42
*38
*
25
*15
27
*15
*32
36%
*28
36
*28
35%
*30
35
30
8
*3
8
*3
8
11%
%
11
11
10
11
*%
22%
22%
*%
22%
%
22%
22
22%
*8%
10
10
*8%
10
9
*8%
*8%
1%
*%
2%
7%
*7%
9
*7
8
24
*23%
25
23
24
9
9
*2
2%
*%
%
2%
2%
8%
7%
*7%
24
*53% 54
*117% 118
28% 28%
997# 99%
*111
115
*121% 126
*140%
*115% 120
29
*111
12
2%
7%
7%
100
85
*85%
88
81
21% 21%
52% 5384
116% 117%
26% 27%
96% 96%
100
112%
*85
81
11%
12%
11%
15%
*20%
23
*16
20%
*5
5%
*50
69%
*50%
9
*7
10
*9%
10%
*10
13%
1%
*75
56%
2%
54%
2
19%
17
18
13
10%
117g
19%
18%
18%
15
13
1334
*20
23
*20
22
22
*16
18%
♦16
18
*16
*5
5%
5
*4
*50
*18
11%
19%
14
5%
69%
*50%
9
9%
13
*10
14%
*50
69%
*6
*4%
13%
*5
*18
11
*18%
1434
69%
*6
10
9%
9%
12%
14%
*8%
11
*9%
*8%
12%
1334
13%
9%
*75
55
100
*17%
53%
2%
19%
1834
15%
11%
18%
*13%
117$
18%
14%
22
*20
22
17%
5%
16
16
69%
*50
52%
2
2%
1834
1134
*4%
*6
9
10
9%
*8%
1234
534
9%
7%
8%
50
Pub Ser
8,400
«.
100
mm
800
*66
*56
68
17%
17%
mrnmmmm
11,200
70
68
15%
*55%
60
*54
60
53
53
*52%
57%
13%
*26%
33
*69
78
14
15
*26%
35
*70%
71
59
12%
53
95
10
41%
40%
41%
55
55
55
9%
55
*52%
*50
56
13
14
10,900
*22%
30
71
10
10%
11
1,400
95
♦897$
8%
95
100
9
5,300
40%
41
8,300
58
1,040
14%
25
*26
1434
31%
71
*67
71
58
*
58
*92%
8%
40%
53
12%
96%
10%
41%
"l6"
53
"12%
*53
12
92%
92%
7%
9%
4034
40
58
13%
*
58
"l6%
*85
8%
4034
*53
9%
41%
58
*
58
*53
*7%
7%
7%
7%
*10%
*15%
10%
16%
28%
*10%
15%
27%
*1%
10%
28
*1
1%
41
41%
*%
1%
%
1%
*1%
6%
*6%
*
41
%
*1%
*1%
*6%
15%
28%
7
7%
10%
*13
10%
25%
28%
1
1
38%
40%
%
%
%
6%
*1%
*17$
6%
1%
41
2
*6%
6%
*7%
*14
15
24%
I
2
36
*%
1%
*17$
*8
67g
10%
*8
1584
1534
*13%
15%
400
25%
25
26
24%
24%
1%
4,900
39
7,300
1
38%
7g
17g
97$
*6%
Bid and asked prices; no sales on this day.
6%
*1
387g
«4
1%
*17$
*6%
1%
41
84
1%
97$
6%
♦I
39
♦%
1%
*17$
*6%
J In receivership,
634
18,200
10
14%
07$
-.100
prior pref ser A. 100
Copper & Brass
5
6 % conv
Revere
Class
A
.—
—
10
.-—100
-100
Reynolds Metals Co—No par
5*4 % conv preferred
100
Reynolds Spring......
1
Reynolds (R J) Tob class B. 10
7% preferred.
5*4,% preferred
10
& Pow.
Richfield Oil Corp
-No par
Ritter Dental Mfg..—No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
Common-
Rhine Westphalia Elec
*5
10
100
*4
1%
97$
500
400
1,500
112
132
8
Mar 29
112
Jan 12
Apr
21%May 27
8%May 26
Apr 19
74% June 18
7
Mar 29
9
June 16
1434June20
Sis May 26
18
Mar 30
10%June 17
18
Mar 22
9
6% conv preferred
mmmmrnm
86% Mar 31
10178 Apr 23
5% Mar 30
Hosiery-
Reliance Mfg Co
100
71
11%
25
*66%
15%
8
Mar 25
Reliable Stores Corp—No par
500
71
Aug
30
25
25
30
31
13%June 21
284 Mar 25
34% Mar 29
5
Apr 1
60
5484
*69%
10
96%
9%
40%
60
*50
33
*
12%
*92%
*92%
*52%
51
*25
58
"i2%
60
51
53%
13%
10
*52%
58
*54
l%Mar
434 Mar
4i2 Mar
1334 Mar
39i2Mar
5
Preferred
-100
Rels (Robt) & Co 1st pref. 100
Real Silk
Republic Steel Corp—No par
73
*56
16
—
68,300
*66
56
17%
1
26
Reading
60
4% 1st preferred-.---—-50
4% 2d preferred
-.50
16%
73
56
14%
par
Rayonler Inc
82 preferred—
15%
*65
58
18%
par
17%
63
*56
17%
par
9,200
*75
58
1%
par
134
73
2
17g
par
1%
*65
1%
12
Jan 13
Jan
8
{Rutland RR 7% pref
100
—10
St Joseph Lead.
{St Louis-San Francisco.-.100
6% preferred
100
mmmmmm
mrnmmmm
a Def. delivery,
{St Louis Southwestern—100
5% preferred
100
n
New stock,
r
Cash sale,
Dec
% Nov
8
Dec
%
4% Mar 31
6014 Jan 31
37% Mar 31
178June 2
•
400
mm mm
Oct
48% Dec
97% Apr
4% Oct
8%
Amer—No
85 preferred B
No
83.50 conv 1st pref—No
{ Radlo-Keith-Orpheum No
Raybestos Manhattan. No
preferred
Radio Corp of
3,500
21,500
100
4%
16% Jan 10
.100
5 % conv preferred.
100
Purity Bakeries
—No par
Quaker State Oil Ref Corp.. 10
600
1,500
Aug
Mar 29
81
6%
12,200
600
No par
Pure Oil (The)—.
mm
4,400
...No par
Pullman Inc
27,200
>
No par
100
...100
100
El & Gas pf 15.No par
preferred—
preferred
preferred
preferred
17g
11%
13%
*56
*12%
85
6%
—10
Remington-Rand— . -1
Preferred with warrants..25
Rensselaer <fe Sar RR Co—100
Reo Motor Car
5
11%
1334
2
2
1
5
...50
No par
Procter & Gamble
100
9
73
*
{Postal Tel & Cable 7% pf-100
100
69%
58
1%
...No par
...
Pressed Steel Car Co Inc
6% 150,600
2
14%
Class B
200
*56
17%
Plymouth Oil Co..
25
100
117
% Mar 31
6
115
*66
2%
6
5% pf (ser of Feb 1 '29). 100
10
53%
100
100
preferred
Pub Serv Corp of N J-.No par
7984
1134
Oct
Dec
30
Jan
1% Mar 26
%June 6
10
Oct
36
1
%June
Sis Mar 29
11%
Oct
4
20%
45
1
Porto Ric-Am Tob cl A. No par
12
Oct
17$ Dec
27
9
May 28
Corp.—
Poor & Co class B.....No par
10
Oct
Nov
30%
May 21
100
*9
50
23
Pitts Term Coal
800
11%
Oot
5%
Oct
350
6%
Mar 14
900
12
65
Dec
5,300
1,200
634
174
134
10
6%
712 Jan 17
77g
10
534
67$
*56% 100
Aug
Aug
11
10%
6%
*56% 100
56
58%
2
2%
Oct
Oct
3
136
3
8i4 July 23
50% Mar 9
44% July 19
37s July 20
43
July 19
9
July 7
25
July 7
52 May 10
90
July 12
133
Dec
28
79%
Dec
%
Mar 28
80
Oct
1%
8
12%
11%
7%
Oct
18% Nov
34% Nov
62
Dec
2%
Mar
Pond Creek Pocahontas No par
81
Oct
9%
3
8
6%
m
11
7
1
100
mm
"
30% Dec
4i2 Jan 12
Mar 31
m
Oct
23
117
82
Dec
32
4,000
*79
Oct
30
Oct
5
52
5134
116% 117%
2734
27%
97%
97%
98%
*10834 111
*10834 111
121
*120
121
122%
142
142
142
142
81
9
3
Aug
5% conv 2d pref
'
22
1784 July 25
43
July 25
3818 Jan 15
1534Sept 12
13i8 Jan 11
8i4 July 13
38
Aug 26
3712 Jan 12
67
July 12
234 July 26
15
86
Dec
3612 July 20
6i4 July 22
-.5
53
Oct
27
110% Sept
July 29
10
*83
9
52
600
86
4
30
22%
*83
31
Oct
13% Dec
9*4 July 25
5% conv 1st pref-.--
88
Feb
112% Feb
15
20
1634 Jan 12
4,700
11%
*10
7%
*78% 100
58% 58%
2%
2%
*17
19%
13
12%
19%
19%
15
15%
*20% 24%
*16
18%
*5
*83
88
July 25
15i2 Jan 11
24i2 Jan 15
Oct
57% Nov
1% Oct
2% Oct
June 21
100
52%
2i2 Jan 10
5% July 25
30
Oct
Nov
37
7*2 Mar 29
20i2 Apr 7
11% Apr 8
3,400
9,300
27%
97%
585s Aug 25
85i2 July 25
2%
478May 26
7
117
8
145
20%
*19
Oct
13i2July23
8% Aug 24
gtd pf 100
8
225$
Oct
4
Oct
634
*19
Oct
IOI2 Aug 26
% Jan 19
25% July 25
2*
Oct
1%
25s July 19
Mar 30
Pittsburgh & West Va
2
8
Oct
12
41
*634
*7
Oct
1
28
No par
preferred
Pittston Co (The)...—No par
81
*15
13
6
Oct
Dec
100
*115% 120
*115% 120
*115% 120
*115% 120
30
29
28
26% 287g
27% 28
27% 30%
10%
9%
9%
9%
10%
9%
934
9%
8%
20%
10%
734
6
Oct
8
18%
4
840
*%
80%
No par
mmm
10
Oct
32% Nov
295
Sept
8% Oct
25
84
*7%
1-%
8%
17g
%
3% Mar 31
May 5
378 Mar 30
13i2 July 20
July 29
3i4 Jan 10
41
July 27
2034 Feb 23
30
Jan
Jan
Oct
7
Jan 17
*8
7%
2
57g
100
July 12
9912 Aug 25
1314 July 19
July 19
100
4
7i2July25
67
July 20
20%
2
6%
2
110
8
conv
40
July 22
53%
447g
lis4 Dec
Pittsburgh Steel Co
No par
7% pref class B._
100
5% pref class A........100
5*4 1st ser conv prior pref 100
80
*115% 120
12%
*19%
14
*%
17g
8%
142
*18
*9%
17g
%
142
59%
2%
19%
13%
178
%
150
7
*11%
8
*1%
*142
7%
*6
8
1%
%
2%
8%
Mar 29
50
Oct
Oct
35
par
*%
*8%
%
21%
10%
9%
*142
7
12%
*8
*3
8
10
834
111
10
100
%
z20%
4
914 Feb 25
2
Aug 3
10%
20
Corp No
Pitts Screw & Bolt
1,600
84
100
100
preferred
Pitts Ft W & Ch 7%
6%
IO84
*%
34
8%
125
*10
2%
834
22
20
111
12%
11%
58%
8%
7g
*121
*10
*75
*%
54
54%
117% 117%
27
28%
114% *111
*3
8
7
*121% 125
29
81
*80
*%
2%
*%
%
*121% 125
10%
88
8%
1%
%
54%
53%
116% 117%
28% 28%
99% 99%
30
10%
*85
9
2
*3
%
*%
28
%
10%
Mar 31
90
6%
6,000
30
28
%
11%
2
30i4 Jan 18
8
Pitts Coke & Iron
27
10%
9%
June 25
Jan
-«,-»
44
*12
114
3
Pittsburgh Coal of Pa.
700
— w — ^
43
6%
Apr 12
114 Apr 25
2i4 Mar 26
i4 Mar 26
7514 Mar 29
20*2 Jan
200
27
6%
60
-.26
Pirelli Co of Italy "Am shares"
«.«•
6%
*12
6%
9
Mar 28
Pitts C C & St L RR Co... 100
*»
23%
5%
43
*3
100
23
27
11%
5
Hosiery
Preferred
23
5
30
27% Mar 31
6%
22%
5%
8I2 Mar 29
734 Mar 30
434 Jan 3
175s Mar 31
..100
*22%
6%
Mar 23
No par
7% preferred...
Phillips Petroleum
13,600
2218 Mar 26
4i8 Mar 30
38 May 4
227$
*156
7%
*%
No par
5 % conv pref series A... 100
Phillips Jones Corp....No par
126
*5
43
%
50
Philip Morris & Co Ltd.... 10
*20
*%
preferred......
8,500
43
%
..No par
120
27
*%
preferred
119
*21
12%
No par
3,200
2
*40%
12%
preferred
120
65
2%
200
9
6%
*11%
40%
12
Mar 29
Peoria & Eastern
*51
69
110
Pere Marquette
"~0~
5
6%
Mar 30
14% Mar 31
19% Mar 28
100
*21%
5%
6%
23
10
800
*119
38
l%June 13
2% Mar 30
10% Mar 30
434
6
_
50
400
127
♦
RR.
*91
115
6%
Mar 30
*32
40
23%
41
6
23
*5
No par
Penick & Ford
22%
23
23%
*6%
200
*5
*38
"f
Mar 26
11%
"*1%
2
2%
%
%
118
121%
38%
3%
♦2%
4
22,300
*120
59
~36~
800
Mar 31
29%
*
65
2%
5%
*
39%
3%
*38
7%
125
5%
800
13
6%
34%
35%
36%
357$
"*!%
1*2 Mar 30
31% Mar 31
22%
*14%
87g
6%
*
Mar 29
27
9
6%
3434
*35%
No par
65s Mar 31
16
29%
*3%
11%
29%
434
11%
27%
227$
16%
9
122
124
7
27%
22%
*14%
27$
%
%
128%
126% 126%
38
6%
65%
120
3%
*2%
38
36%
35%
*%
123% 127
8%
7
"*i%
%
*
9%
;
*2%
*%
3%
*22%
...1
Parke Davis & Co
900
*111
-
*3%
11%
30
15%
25
29%
35
25%
*14%
4,200
"
30
27%
434
334
20%
13%
1734
3%
10
32%
4,800
17%
Park Utah C M_.
Mar 26
834 Mar 31
78%
2%
17%
*2334
1
65
Patlno Mines & Enterpr No par
Peerless Corp.
3
78
3%
10
8884June21
534 Mar 31
1% Mar 29
3*2 Mar 30
79
*134
100
Mar 31
Parmelee Transporta'n.No par
Pathe Film Corp
No par
55
184
37g
1
6 % 1st preferred
6 % 2d preferred
Park & Tilford Inc
1
Parker Rust Proof Co....2.50
55
*111
10
*2%
*7%
24
*111
12%
*2%
40
-
-
12
2
*2%
-
*3%
3
*38
«
13%
16%
,
100
Paramount Pictures Ino
10
900
56
1%
334
3%
30%
~*ih
39%
3%
14%
19%
25%
*15%
*78%
2%
4%
2
59
1%
17
9,400
1,600
56
13%
3
"39"
5
33%
~*i%
♦
984
5%
4%
*111
7%
34%
*35%
9%
*%
10%
57$
9%
23
17
15%
9%
16
35%
35%
6584
8%
*27
32%
27%
4,000
8,400
87$
*32
4%
97$
57$
I84
*3%
*12%
13
97$
5%
1%
*31
31%
13
*25%
*111
10%
534
1%
10%
6%
21%
*13%
14%
19%
27%
8%
16%
4
14%
....
*
4
23
8%
16
2%
39
600
new..
4% conv preferred
m
8%
16%
1%
2%
2:39%
16%
9%
~
1,100
10,800
39%
1%
7%
»
85,200
1,200
7,400
1%
*22
39%
2%
m
97$
237$
2%
39%
16%
1%
9%
10%
40
5%
2%
4
*21%
2
2%
*97$
...No par
.
100
82
*18
10%
25%
1578 Jan 10
578 July 7
11%
4
*6%
1
85
Mar 18
*10%
7%
1%
7%
1%
*98% 100%
9%
11%
Jan
4%
10%
4%
*6%
10%
149
10%
10%
3%
8%
90
Apr
4%
*6%
5
10%
133
June27
10%
12
4%
*6%
1%
*86
Aug 11
30
25
*10%
*99% 100%
Jan
147
146
*21
8%
1%
87
152
*144
4%
*86
Nov
25
12%
*99% 100%
10%
110
146
Mills
Pacific Telep & Teleg
100
6% preferred
__100
Pacific Tin CorpOspstk) No par
Pac Western Oil Corp
10
Highest
$ per share $ per share
334%
*21
11%
share
4112 July 7
197s Julyl9
116i2 Aug 17
*144
11%
per
32% Mar 31
91* Mar 30
87
Apr 1
cl32% Mar 30
18%Junel8
21
4%
46
No par
114
*6%
1%
46
Pacific'
*100
*11%
48
Pacific Ltg Corp
114
8%
*46
1,200
1,900
2,000
$
13% *12
111% *100
13
Lowest
Highest
$ per share
146
11%
ill
4%
46%
of 100-Share Lots
Lowest
Par
1
Range for Previous
Year 1937
Range Since Jan. 1
On Basis
Week
$ per share
35S4 36
36
35%
14
13%
*111% 114
EXCHANGE
Thursday
Sept. 15
Sept. 14
*111% 121% *111% 120
STOCKS
NEW YORK STOCK
the
Friday
1741
June 10
95s Mar 30
49%May
2
Oct
Oct
13
Oct
5
9
Dec
121a July 21
3% Jan 13
1% Jan 22
4% Jan 17
10% July 21
10% July 25
31% Jan 17
57% Aug 6
122% May 18
35% Jan 13
100
Sept 13
11134 Aug 25
123% Jan 13
7
Oct
1%
%
Oct
Oct
Oct
Jan
2%
5%
5%
20
Oct
Oct
Oct
43% Oct
114% Mar
30% Oct
91
103%
Oct
Oct
117
Oct
Jan 14
132
Sept
116% Aug 25
367s Jan 17
13% July 20
110
June
85
8
18
19
29
14
Aug 25
80
May 11
143
98%
88%
14%
16%
Jan
July
July
Jan
25%
8%
Oct
Oct
Oct
5% Oct
13% Dec
4% Oct
96% Dec
Dec
62% Aug 25
5% Jan 11
24
July 21
44
24% Jan 11
29% Jan 18
20
Dec
26
D6c
22
Jan 13
2% Oct
19% Dec
18% Dec
30% Jan 15
27% Jan 25
6% July 19
30
Dec
23
Dec
July 26
Jan 1C
39
58
11
11% July 20
13% July 13
'17% July 25
74
July 22
Aug 16
Jan 10
3%
Oct
Dec
7% Dec
7% Dec
9% Oct
8% Oct
61% Nov
69
Dec
40
68
ll%May 31
39i2 Mar 29
38 May 26
2078 July 25
75% Jan 15
65
Dec
Jan 13
60
Dec
Apr 28
1*8 Mar 30
77a Mar 30
17% Mar 30
Apr 27
62i2 Feb 24
10
Sept 14
65
843s Apr 25
4% Mar 30
3384 Mar 30
5114 Jan 31
5
Aug 23
5
Mar 25
7% Apr 11
14t8 Mar 30
13
Mar 31
1
Sept 13
25i2May 27
*8 June 13
Us Mar 25
2
Mar 26
6
May 28
t Ex-div.
3
73
1
%
12%
Oct
Oct
18% July
7
9
Oct
37
Jan
8
26
Dec
85
Jan 21
76% Dec
64% Jan 21
17% Jan 7
60
94
80
9
12% July 26
46% Jan 8
58% Jan 11
8% Jan 7
872 July 30
13% July 21
20% Jan 19
29% Aug 24
2% Jan 10
46% July 25
1% July 20
3% July 20
5% Jan 26
7% July 12
Sept
y Ex-rights.
12%
Nov
Oct
Nov
57$ Dec
40% Dec
55
Oct
10% Nov
4% Oct
8% Dec
18% Dec
17% Oct
1
Oct
26% Nov
1
1%
3%
10
Oct
Oct
Oct
Nov
^ Called for redemption.
HOW
AND
Saturday
$
Sept. 12
18
lb%
17
76
*65
76
*86
90
*85
90
85
102
101
*101
12*8
17*4
12*8
1714
7512
*73
17*2
16
73
100
15*4
*97% 100
12
*11%
15
15%
*71
12
%
47*«
46%
12
*8
%
2*8
1%
18*8
20%
4
»3i2
3*4
71
69
71
66*4
70
15
15*8
14*4
71%
16%
65
J 5*8
1334
15%
157g
15 ig
16
12
47%
47i2
2014
3*4
69%
1514
4712
1512
16
16
*
60's
*.50
60 ig
4%
*38'g
42
*4i2
*38%
10
10
10i8
*
46%
1*4
19
15
500
4584
890
%
*%
%
1,200
1%
*1%
2%
700
I884
4,700
3%
400
68%
24,000
17,600
46%
45%
19
69%
18%
*3%
67%
15
14
14%
13%
14
3%
15
*51
59%
10ig
9*4
10%
27
27
*26*4
15*8
14*4
14*4
1414
*105i4 106% ♦10414 105*8
6I4
6I4
6*8
6*8
30
3U2
29*4 30*8
26%
26*4
26
26%
26
26
14
15
12%
14
14%
*2 7g
*18*4
90
1%
17»
20
140
21*8
17*8
17
12U
12%
1714
17*4
*35
3i«
*36
12
*35
40
312
*3*8
9%
*778
22
22
23*4
24*8
*21*4
24
*15
19
500
90
*75
90
99
*91
99
10
18
*17%
18
1,100
2I84
310
*18%
134
I934
140
*135
18%
20
135
135
3i2
914
225g
24*4
♦35
3%
8
*2%
3%
27g
40%
3%
36
36
*2%
40
*36
20*4
21*4
2278
25%
2*4
3%
2%
3
234
2%
7,200
6%
8
7%
*7%
8
6%
6%
400
23
*20
23
*20
24%
14
300
23
*20
2484
24%
24%
11%
62%
57
58%
58%
60
27%
58%
25%
61*4
27
28%
7%
24%
26
25%
26
25%
13
62
27
22*4
34,500
9%
7
7
7
6%
714
7%
7'4
105%
*104*8 105% *10414 105*8 *104% 1C5% *104
2
2
1%
134
*1*4
17g
178
*1*4
3
3
2%
3*8
3*8
3%
3*8
3i2
634
5%
7%
6%
7*8
7*4
7%
7%
*15
16
17
13%
10%
14%
14%
*14*4
18
19
*19
18
20
13*4
19%
20%
*%
%
%
%
*l2
*%
%
*8
28
28%
92%
29*4 30
29-*g 2978
30%
29
29
29
27
28%
27%
2912
29%
42
42
*32
61*4
627g
51*8
52*4
50
*26i2
27%
»2612
28l2
*68
6812
67
68
*6i2
*26i2
6i2
514
2412
318
18
28
13i2
17*4
2714
6
50
26%
27
67
9,600
6%
12,600
12%
14
13
13
1,100
16%
1734
16
17
5,600
23%
65%
51%
*23%
26
2384
2334
66%
67
67
67%
2,200
9
9%
13,100
6%
6%
3,000
67
4%
5%
57g
4334
5%
39%
3%
43
36
36*2
10lg
834
10*4
9%
10%
9%
87«
8%
9%
8%
40
3*4
36
37
34%
*19
2112
19%
20
2:19
20
*18%
22
18%
60
*5812
60
*58%
60
*58%
*16
6%
'384
35
35%
34%
9%
8%
8%
*9378
I4I4
13l2
14*4
13
941:
147g
47
477g
48
49lg
45%
49
10
10
10
9%
10
12*8
97g
7
*8*8
378
*76i2
*45))
*85g
2514
714
91j
378
97%
5
12l2
12*4
94
94
7
7*4
*3i2
12*8
*90
4
16%
2%
*10%
200
*384
4%
500
16%
2,800
100
11,700
12
14%
13%
14
12%
13%
45
47
46%
47%
46%
47
9%
934
9%
3'2
4%
*7%
23%
10%
26%
21%
32%
33%
*31%
*3
28
*26%
10
9%
2
*178
2
28
50%
12%
59
59
12l2
13
3%
28
10%
378
*7
3
28
7
4%
97%
"I'
*7
24
24%
33
31%
31%
3
28
9%
3
25
8%
3%
25
8%
50
8%
9,900
400
Jan
13ig
Oct
215a
Feb
98
July 13
72
Dec
16
Aug 24
Mar 31
Mar 30 i
25ig Mar 25
2*8 Mar 29
Jan
Mar 25
12
July 25
7
Oct
25
Mar
78
7934
18,200
20%
84
17% Mar 31
65*8 Mar 31
59*4 Apr 20
20*
*20
21
21
20
20
*20
20%
*20
23%
7%
10
26%
23%
25%
9
7%
*8%
8%
10
9
Bid and asked prices: no sales on this day.
25
734
*9
25%
8%
10
..No par
19%
3,300
Union Oil California..
81
4,500
Union Pacific
*69
73
700
*20
20%
700
24%
24
7%
734
9
9
t In receivership,
a
Def
21,800
18,900
400
delivery
25
...100
100
4% preferred
Union Tank Car
Bosch
New stock,
r
Mar 30
6
-.6
19% Mar 30
6
Mar 30
No par
Cash sale,
r
Ex-div
r
2*4
15% Aug
6
87
July 25
22l2 July 21
1% Oct
46% Nov
87g Dec
61f4 Nov
17% Oct
93
Aug 10
80
Nov
6
78
Oct
23% Jan 12
30% July 25
II *8 July 19
22
Nov
2*s July 26
66
July 23
81
Jan
6*4 Mar 31
Un Air Lines Transport..
»
20
.No par
United Aircraft Corp
United Amer
Mar
6
80
20*8
50
1
Preferred
Twin Coach Co
19%
80%
Nov
17%
83
73
25
Mar
94
7834
♦69
26*8 Mar
407a Mar
Oct
80%
19%
84%
74%
Oct
Dec
76%
73%
12
Dec
39
7*a Mar 30
57
Mar 31
76*4
Oct
7
Jan 11
Union Bag A Pap new. No par
Union Carbide A Carb.No par
895S
4%
18%
Jan 13
Under Elliott Fisher Co No par
757S
Oct
Dec
Dec
6
600
76
5%
3%
82
44
13,800
76
8*4 July 12
Mar 30
11%
76
Aug
22*8 Jan
27*8 Jan
11*8 Mar
109% Jan
16
5434
76
Feb
17
Oct
8*4
100
Ulen A Co
*19%
79
Oct
4
6*8 Jan 10
10*g Jan 11
27% Sept 2
38
July 19
10%
19%
Oct
10
3*s Mar 28
*1%
80
36
12*4
6
4% July 19
87% July 2 >
54%
20
Oct
8
Jan 12
52*4 Aug
113s Aug
5% Mar 31
16>g Mar 29
10
Jan
6812 Aug
287S Feb
47g Apr
1
2*g Mar 30
77
June 27
1%
84%
Feb
15*4 July 25
11%
19%
8% Jan
15% Mar
287g
10%
57%
78
26%
8
Oct
40*4
4
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rap Trans.-No par
*20
Oct
Dec
Jan
Feb
Sept
Oct
1%
83
•
800
1,300
U2
4
10
40
Oct
11%
88
9*8
3%
3%
Oct
Sept
93%
13ia
lig
*50%
20
13
33
*32
2ig
36
Nov
6ig
1%
83**
257*
Truscon Steel
65
July 25
58%
12%
86*4
8%
1,600
20,900
Jan
13*4 Mar
July 25
1*4
10
20
25l2
4%
10%
64
Oct
4
8
Transcont A West'n Air Inc. 5
200
Feb
Oct
3%
19
31U Mar 30
8
Mar 30
2
97%
48
65
771* Apr 29
Transue A Williams 8t*l No par
24
5% July 19
Aug 9
Jan
155s Nov
18% Dec
10ig Mar 29
Tri-Contlnental Corp..No par
$6 preferred
.No par
Truax Traer Coal
No par
*7
2*s Jan 13
20
Mar
15*8 Jan
5414 Mar
28
1 >2 Mar
10
6,200
Mar 24
Oct
5*4 Mar 30
TlmXen Roller Bearing. No par
Transamerica Corp
Jan 13
5*8 July 25
54%
80*4
*11
Tlmken Detroit Axle
8,600
2.000
23%
57g July 13
56
178
20
9*>
No par
pref
3%
"_4%
'
24*8 July 25
July 26
3ig Mar 30
10
Tide Water Assoc Oil
conv
July 22
Mar 31
3,600
7,600
Mar 30
8ig Mar 28
$4.50
6
6
Feb 10
26
59%
13%
81%
13
16*8
17g
59%
11%
871.
2614
44
Oct
Oct
II4 Mar 26
41
Mar 31
87l2
9ig
Oct
5%
5*8
6
11
134
20
26
23*4
3712 Aug
12l2 Aug
1
100
25
6%
7%
*
4%
10
10%
25%
15*8 Mar
65ig Apr
9*8 Mar
Thompson Prods Inc.-No par
Thornpson-Starrett Co.No par
$3 .50 cum pref
No par
3%
334
97i2
9%
6
8
*7612
Oct
15
10
*7%
6%
*33
9,500
94%
3%
4%
500
12%
8
4*4
3,200
*88%
6%
10i2
257S
34%
3l2
2%
11%
1234
8
97g
*10
2%
94%
3%
♦712
1%
*9%
2%
13
6%
Oct
Mar 24
Thompson (J R)
16%
Jan
2
Jan 11
5% July 29
15
1
*1%
Jan
Feb
Jan
514
34*4
8
49% Aug
59
conv
17*8
15*4
67i2
8*g
Oct
5312June 23
27g Apr 13
35
Apr 12
2*g Mar 31
100
1%
6
*45g
$3 dlv
Oct
4
15
Thermold Co
Oct
6% Dec
397g Jan
20% Jan
28*8 Mar
337g Mar
23*4 Jan
5i2June 29
378 Mar 30
No par
4%
17
3%
25
5,100
4ig
Oct
Oct
Dec
32*8 Mar 30
25s Mar 29
100
pref
Third Avenue Ry
9
2512
3%
18
*11%
15U
22%
4*4
41
No par
Preferred
w
Oct
Jan
JaD
20% July
61*4 Feb
7*4 Mar
47% Mar
4
Apr
No par
The Fair
5
6934
Oct
17i2 Dec
7*4 Oct
125
Jan
414 Mar 31
Texas Gulf Produc'g Co No par
$3 .60 conv pref
12%
*
preferred
li2
8
77%
7*4 July 25
47
Jan 10
Mar 31
Thatcher Mfg
*88%
934
5 4%
Inc (James)
Texas A Pacific Ry Co
12%
12%
81
Mar 30
Mar 30
3%
3%
4
10
12l2
8U2
*1%
International Ltd
Without warrants
Jul) 20
15l2 Aug 9
19% July 19
29% July 25
10% Jan 11
8% Jan 11
Mar 30
*45
18
7%
10
*57
1%
4%
17
984
81
16
25
Swift A Co
32
6*sJune 13
7
*4
5
358
97%
4% Aug
1
I97g Aug 26
6*4 Mar 31
13
Mar 31
16%
6934
6%
85g
29
7g
*4
*45
9
29
*1
5
3*4
*80
30% July 25
1*4 Mar 26
8*4 Mar 31
17% Mar 30
26
300
2%
57g
Oct
17i8 Mar 31
Texas Pacific Land Trust..-1
18%
9*4
9%
18
Aug
1
Superior Steel
Texas Gulf Sulphur
No par
Texas Paciflo Coal A Oil...10
60
94
Oct
9,000
17%
2
11%
*88%
Aug
9
7,000
7,200
*57
3*4
10%
35t
2*4
11%
12*4
118
984
*17
20
9
33 Jg
33 ig
2%
8
14*8 Mar 10
126
8
100
Sutherland Paper Co
10
Sweets Co of Amer (The)—.60
Superheater Co (The).-No par
Superior Oil.........
44i2 Dec
978 Mar 31
11912 Feb
8%
35
18%
3%
10%
100
10
6% preferred
Sunshine Mining Co
Mar 29
8%
8%
60
*11%
27g
1334
12*8
94%
14*8
45
No par
984
10
*57%
4
2%
Feb
5
..25
*17
18
15
20
Tennessee Corp
Texas Corp (The).
*1684
234
*11
Jan
Oct
4,000
29,900
7,700
60
*11%
*2*4
19i2 Dec
53% Dec
Mar
Oct
5
18%
4%
1%
Mar
48
3
1
Telautograph Corp
20
20%
15%
76
6%
No par
(The).
300
400
3%
*4
6
42%
*11%
*1%
2
1
3%
4*4
4%
6
6%
40
4%
*4%
41%
2018
17%
4%
384
4i8
*lli4
1*8
4%
Dec
Nov
Sept 15
58*8 July 25
Jan
July 25
Talcott
43
42%
2018
17
43
42
34
*4lg
*lll4
518
30*8 May
60
*4
18i2
Feb
5
♦45
18%
*2*4
Feb
60
378May 27
5
*410
60
Oct
9
70
5*8
Dec
26i2
Jan 13
I
22ig Mar 30
4*4 Mar 30
*4
18*8
Jan
4
1
*45
18
Jan
72*8
Swift
6
10
6934
65
Dec
Symington-Gould Corp ww_.l
5
*4
Oct
Oct
*2
27 ig
1,000
70
*45
10
14
3,100
*4
5
2
7
4,600
*40%
Oct
July
6%
43
Jan
5
July
484
7
Deo
14*8 Mar
32*8 Mar
23
26%
*584
123s
Oct
Oct
.28
6
7
Oct 107i2
2i2
2i2
Mar 29
484
26%
Jan 12
11 .g
Oct
7%
101
Feb
48*8 Mar
16% Jan
10% Sept 14
13
5%
41%
3%
36%
9»4 Jan 10
107% Feb 5
3i2 Jan 10
6i* Jan 12
Mar 31
6%
*40%
*4%
4
31
Mar 18
26%
*45
69*4
Nov
6%
5%
42%
4%
5*4
4278
414
16
4%
*5%
5
*4%
Apr
26%
6%
26%
4%
28*4
95i2
87g July 29
59
July 20
56
4*8
70% July 1»
July 25
Nov
8%
12
*52
41%
Jan
Dec
49
Jan
3% Mar 30
Studebaker Corp
Sun Oil
*5%
60
512 Mar 29
Stone A Webster
41
Dec
Jan
36,100
5*4
39
Feb
25,300
4%
4212 Aug 25
15U July 19
Mar 30
Jan
Aug
17%
33*8
7%
26
35
21
8%
6%
23*4
Dec
76
8
6%
Oct
10
Oct
684
26*4
10
1714 July 25
Dec
8%
"
25*4 July 26
Feb
5%
7%
6
36
6*8
8%
634
26'*
31
19U Dec
Jan 13
7%
3,900
li2 Oct
5*8 Dec
Mar 14
11
834
700
July 19
4*a July 25
June 17
5*4
2,100
Jan
11
24
5
7
4,900
9i2
Mar 26
1
8
15,600
Mar 25
Jan
11% Mar
Stokely Bros A Co Inc
934
40
77*8 Mar
Jan 21
30l2 Aug 27
69i2 Aug 27
1218 July 26
7
12,100
65%
Oct
Oct
Mar 29
8*8
51%
Dec
U2
36I4
May 28
7
*52
Oct
27
6
634
51%
15
Aug 23
37g J uiy 21
49
7
*126% 129
12578 126
*126% 129
*126% 129
11
11
11%
11%
11%
11%
117S
10%
26
21
23%
23
23%
25%
23%
24%
3
3
234
2%
2*4
234
2%
2%
16
17
17
16
15%
16%
18*4
14%
29
*25
27
27
2784
28%
26%
2784
13%
*11%
13%
13%
13%
*11%
*11%
*11%
17
17%
17%
17%
17%
17%
17*8
16*4
60i2 Mar
Jan
6
6%
700
Oct
10
8
52
9
Stewart-Warner
Sterling Products Inc
7;%
53
July 25
65*8 Mar
43*8 Mar
Oct
21*4 Jan 10
41* Mar 30
Starrett Co (The) L 8. .No par
10%
23
*10i2
400
9»4
52
Oct
46
2
Standard Oil of New Jersey.25
103s
5
1%
27,300
Jan
17
16
l%June 13
10
5O84
Jan
2218 Jan 12
42
Standard Oil of Kansas
52%
Feb
42%
155
32i2
3212 Apr 8
39*4 Mar 31
1712 Mar 29
42
Aug
June
6*8
Oct
347g July 26
35% Jan 7
50%
23U
115
17*4
25is Mar 31
24*4 Mar 30
41
Oct
Oct
130
%Juue 21
52%
23%
300
Jan 10
Mar 30
94
25
48
28
48igMay 26
1212 Mar 31
6i8 Mar 31
Standard Oil of Calif..NO par
*38
Mar
Ha
20i2
Feb
140% Mar 26
25
July
7
4
6I4 Mar 31
No par
prior pref
Standard OH of Indiana!
4*8
2
cum
Oct
110
.
Jan 13
Stand Investing Corp..No par
8%
8%
207g
*1*8
*412
%
%
$7
13
9
Aug
3ig
36
29
No par
13,300
7%
4%
%
%
800
54 60 preferred
15,500
43%
10*4
2%
6%
Jan
Jan 10
16*8
114
Oct
9*4
7*4 Mar 31
JStand Co mm Tobacco
1
istand Gas A El Co
No par
S4 preferred
No par
$6 cum prior pref
No par
11%
7
4*4
2%
7%
Feb
137g Jan 15
40ig
29*4
16*8 Mar 30
Standard Brands......No par
9%
5*4
6*8
3
6%
Dec
4
1
28%
♦6%
4%
35%
*10l2
*18i2
*58l2
1%
2%
10
2
Conv |4.60 preferred.No par
Square D Co class B
28%
♦39*4
6%
200
1,200
19*4 Aug 26
19*4 Mar 26
No par
1
Spencer Kellogg A Sons No par
8perry Corp (The) V t c
1
Spicer Mfg Co
..No par
53 oonv preferred A..No par
Spiegel Inc
2
Sparks Wlthlngton..
Spear A Co....
28
7'2
43%
21,800
1%
Jan
Mar 31
29
100
2734
43i2
4%
35'g
10%
8*4
6%
104
Mar
54i2
Aug
81* Mar 30
17%June 17
2i2 Mar 29
100
29%
*6i2
427|
4,000
1%
No par
28%
*4118
*4*8
4*8
25%
Mar
120
18%May 24
27%
7%
*4*8
1%
180
60
6%
104
42,100
197
Oct
128
28%
4312
*41
7
104
70
Nov
June
1*2 Mar 29
42
*32
53%
67
1034
10*4
7*4
7*8
914
9*8
712
7%
56
*5114
1257g 126
12ig
*11%
6%
104
1,400
Feb
13
914 Mar 31
5i2 Mar 30
1st preferred
102%
96
July
24
10*4 Mar 31
Apr 14
Mobile A Ohio Stk tr ctfs 100
70
Oct
Apr
Nov
88
8*s Mar 29
Spalding (A G) A Bros .No par
36
36
Apr
60*8
67
100
5% preferred
Mar
414
7
102
111
300
68
26
8
10
100
3%
*2%
3%
1
34*4 Feb
105*8 Feb
17% Mar
June 30
98
2
8
Apr
Pacific Co
12,700
2*4
36
Feb
93
1
19>4 Mar 31
15
314
14»4
*28
5
Calif Edison.....25
10%
10%
16
33*8 Aug 26
3% Jan1 17
Mar 28
May
13
100
11%
11%
Apr
91
No par
8% preferred
Southern Railway.
10%
*57
5%
So Porto Rico Sugar
28,500
12
6*4
45
$6 preferred
9
11
26*4
Sloss Sheff Steel A Iron... 100
Smith (A O) Corp
13
36
Oct
x84
Southern
14%
512
Jan II
9»g
Nov
25
100
6% preferred
3,600
10*4
Feb
14% Nov
91
26i2 Dec
76,700
*28
1
34*4 Jan 10
14%
16
Feb
18*2 Mar 31
20%
11*4
Jan
17*8
44
Jan1 13
14%
3234
Feb
22
20%
12%
14
65
14% Mar 30
16
32*4
Oct
Dec
Slmonds Saw A Steel..No par
20%
17%
Mar
17% Oct
2% Nov
15*4 Dec
Skeily Oil Co
Feb
42% Mar
Oct
1
4*4 Mar 31
12% Mar 30
2% Apt
34
120
Dec
100
Mines.6
10
14%
36
Dec
3*4
105*4 Sept; 13
Slmms Petroleum
20%
14%
12*4
6i2
Mar 30
No par
16%
*33
49*4 Nov
24 %
Mar 20
preferred.
Oct
64ig Apr
llU Mar
98*8 Aug
11*8 July 25
10
20% Apr
Oct
Oct
3i2
48
03
Simmons Co
20*4
117g
2614
6*4
6I4
conv
Aug 11
6*4 Mar 12
Co.No par
Silver King Coalition
12%
12*4
17i2
6H%
Mar 30
li2
16
27*4 Jan 27
l8*s July'20
Union Oil
20%
1712
3
No par
Sheaffer (W A) Pen
Shell
Jan
36
G.)._No par
18
1214
*5812
18
Shattuck (Frank
21%
13%
18
44
.......No par
No par
pref
*3.60 oonv pref ser A .No par
14%
42
*11%. 13i2
6% July 19
Jan 14
S5 oonv
Sharpe A Dob me
20*4
*12%
17*8
*27i2
♦IDs
Dec
900
1%
19%
140
*35
17*8
2812
60
I884
17g
1%
40%
17%
Jan 14
South Am Gold A Platinum. 1
40%
28
Oct
66
Soivay Am Corp 6H% pref 100
14%
3
15
45% M*r 31
Sooony Vacuum Oil Co Inc. 16
40
24l2
18
July 19
20*4 Jan 11
200
13
3ig
9% Mar 30
Mar 26
8,700
40
25
Mar 30
10
36,500
19
Jan
47
No par
1%
*135
Jan
Sharon Steel Corp
13%
17g
2%
8%
Oct
*4
June 16
12%
19%
Feb
Jan
3
13
16
3
15i2 Mar 29
12%
140
Feb
23*8
45U
No par
Sears, Roebuck A Co.-No par
Servei Inc
1
Beagrave Corp
13
42%
13%
26
Seaboard Oil Co of Del.No par
117g
1%
3U
3i2 Oct
84ij Nov
7g Jan 3
3
July 22
27i2 Feb 25
5i2 Jan 14
7512 July 25
No par
*112%
Jan 11
Oct
i2
4
6
Snider Packing Corp
*112%
7*4
%
Smith A Cor Typewr
-
Jan
1% Mar 29
500
«r
1
100
1,400
*112%
85
No par
No par
10%
15
912
7*2
7*8
5D2
5U2
*125*4 12578
12*8
12l2
98I4 Mar
16
42%
10%
8
61*4 Mar
Dec
10%
15
*7i2
0i4
Dec
71
15%
42l2
10*4
22
16
15
10i2
6
Feb 23
June 14
*s Feb 10
3
Mar 30
62
10%
4212
1214
*32
27% Jan
14%June 10
6
100
1
100
10%
15
42
27% Mar
16
42D
*32
Oct
11
*40
*58l2
26*4
11
14%
23%
13%
15
Feb
4
jSeaboard Air Line
4-2% preferred
17i2
4012
3*8
*812
113
Jan
48l2 Aug 23
2118
36
*27g
Dec
19
34*4 Mar 28
Southern
12*2
I6I4
*32
36
3'8
21'g
16*4
Jan
*98
8*4 Mar 29
10
13%
*19
*135
113
Feb 11
14%
114
178
140
Deo
105
11%
12I2
19*4
*19%
*135
86
Mar 26
18
1058
114
4,200
17
21%
18
15%
19%
*15i2
2
July 28
78
No par
10
No par
997g
18^%
113
113
3
*91
99%
13
13*8
114
3
*85
90%
1H2
1318
3
100
85
997g
18
28%
5,100
*91
1U2
27%
9134
95
*16
18
11*4
800
3034
2284
*75
1012
130
8,100
2,900
*90
19i2
19%
26%
1484
13%
*90
91*4
99%
3,800
22%
9134
19%
95
9%
9%
*26
1734
*89%
*90
2118
23
300
22,800
*16
91*4
*93l2
1%
17
23%
997g
20
17
1,000
105% *105% 105%
6
6%
6%
*2%
2U2
9412
*135
3%
*80I2
*9312
*18U
13
♦2%
9134
*85l2
♦113
6%
28%
22*4
2234
227g
90
11*4
6%
30%
*88
22
*16
57g
24*4
18
*2%
17*4
19
*18
20
28
3I8
*27g
3ig
105%
6%
32%
3%
6I4
'
300
4%
37%
*4%
*37
934
934
105
105
10514 105*4
4%
38
3,400
58
*51
1484
4%
*36
9*4
Jan 20
94
Scott Paper Co
4
4%
81
Mar 24
Jbchulte Retail Stores
8% preferred....
13%
51
235g Jan 12
Mar 29
bH% preferred
5,200
68
37
Mar 30
68
Scbenley D la till era Corp
%
37
*26*4
400
4%
4*8
9%
9,600
%
38%
-
70
*3%
4'2
5
39*41
15%
70
%
38ig
4l2
800
12
*11
12
68
No par
3%
*14
15%
51
290
18%
*3%
3*4
3%
60%
....
47%
18
98
6% preferred
7% preferred
Savage Arms Corp
%
4
4
98
Highest
$ per share $ per share
46
Jan
18
Dec
103
Mar
70
Dec
share
per
100
—.100
100
—
3%
4534
*%
1%
%
214
2012
%
*1*4
%
*1*4
2014
*3*4
5i2
4
5l2
110
$
share
No par
Safeway Stores
5% preferred
92
73%
%
214
2OI4
3*4
*4J2
*4
3,200
$ per
Lowest
Highest
Lowest
Par
Shares
76
*83%
92
*83%
17
16%
*60
74
14%
*7C
$ per share
17%
76
%
4%
47%
%
%
h
*2
*1*4
$ per share
85
107g
73
*8
Week
*16%
99
17%
75
17%
Sept. 16
*60
85
86
100%
11%
11*8
13*2
*1U2
*73%
%
Sept. 16
167g
*60
100
101
the
76
15*4
18%
76
*65
Friday
$ per share
$ per share
18lg
*65
Thursday
J
Sept. 14
13
Sept
$ per share
share
per
18%
|
Range for Previous
Year 1937
100-Share Lou
EXCHANGE
.
Wednesday
Tuesday
Monday
Sept. 10
On Boris of
STOCK
YORK
NEW
for
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
1938
17
Sept.
New York Stock Record—Continued—Page 9
1742
Ex rights,
6%
Jan
Jan
100% Jan
18*8 Sept
111
28%
Feb
Feb
148*4 Mar
99%
Jan
10*4
Oct
5*8
Oct
3D2 Feb
35is Mar
24*8 Jan
7
Oct
3U4
Feb
f Called for redemption
Volume
AND
SALE PRICES—PER
HIGH
Monday
Sept. 10
Sept. 12
Tuesday
Sept. 13
% per thare
$ per share
$ per share
*16%
*16%
17
59%
*15%
5912
16
17%
118
*117
118
*117
x59%
15%
16
*117
60
59%
*14%
2%
15%
2%
2%
2%
2%
30%
30%
30%
30%
5%
5%
5%
5%
7%
7434
8
8%
*7
74%
*73%
36%
7)8
36%
7
58
59
*73%
7
9%
*7%
*6%
8
8%
*75
h
6%
*8%
97%
9
98%
7%
*29%
*4%
20%
5%
*8%
9
20%
7
56%
7
*70
%
*7
8
9
*5
8%
33
21%
*64
40
5%
44%
5
86
87
*60
57%
112% 113% *113
*33
*33%
34%
*60%
54%
111
33
35
*46
♦46
4734
6)2
17%
4%
8
42)2
60
60%
63
59%
11334
6%
*6034
6%
|
2,500
35
12~, 800
35
I
1,600
96
18%
4)2
4%
*8
4734
89%
79%
57
*60
3834
38
4%
95
96
*167
6%
6)2
*28%
20
434
700
7%
7%
*60
80)2
80%
38%
4%
37%
42%
4
44%
83%
"9", 100
9,900
43% 158,100
8234 12,900
42%
8134
57
58
58
*56
61
61
60)2
60)2
52
57
55%
57)2
114%
110
111
400
63
63%
54%
5584 161,700
2,000
10934 10934
32%
*46
32%
112
*46
700
34
*32
34
4734
33)2
4734
800
57
*46
"1,700
20
100
162% Mar 28
4% Mar 29
13% Mar 31
3% Mar 30
6% Mar 26
preferred
.....100
Foundry
20
U 8 Realty A Imp
No par
U 8 Rubber
10
100
50
50
U S Smelting Ref A Mln
Preferred
21% Mar 30
25
1
4%
4%
4%
9
434
9%
4%
9
9
9
*834
9%
900
2
2
2%
1%
5,000
43
42%
2
41
1%
43
1%
*38%
*30
45
200
11%
*10
11
10
10
100
Universal-Cyclops Steel Corp 1
300
Universal Leaf Tob....No par
48
.100
134
*68
75
*151
161
151
*41
43
*41
*66%
%
*%
30
18%
*26%
18%
*104
28)2
106%
*3434
36
*15%
1534
334
3*4
24%
*23
155
151
40
37
4284
39%
*%
*19
66%
66%
151
%
1
%
*19
30
24%
104
34
14%
2%
30
104
17%
25%
*100
34%
34%
1434
334
*14
*119
124
124
*119
1%
*119
*2%
*2%
334
*2
334
*7
7%
16
16
*82%
86%
8%
*41%
8%
42%
19%
14%
2%
*19
14
*2%
39
*36
6%
*35
6%
41
*234
3
*4%
12
*25%
27
21
28%
*7
*19
7
86-%
234
35
2%
2%
*25%
x20%
28%
*2%
91
17%
334
3%
22
99
90%
36
*6
*34
*2
36
17%
17%
*17)2
*2934
30%
*2984
75
*60
22
22
2%
22
2%
*a4
*7)2
34
30
2%
2%
7)2
*23%
18%
10
25
19
2%
1
400
40
30
2%
3,300
7%
•
100
24%
400
*234
19
3,200
4,700
800
3%
1
20
31
*34
31
800
79%
79%
79
79
*73
80
200
89
87)2
87%
x88
88
*86%
250
96%
95
96
94%
90
89
89
87%
95
87%
*84%
91
96%
87%
1734
3)2
16%
3%
6
6%
16
6
1
3
1%
2
2)2
28
22
24%
20
23%
28)2
22%
1834
98% 105
139
15%
1%
26)2
21
14%
15%
36
*35)2
1634
17%
*15%
30
36
30%
*2834
*35)2
18%
30%
*60
75
20
2234
75
►
22%
*5
*4%
134
1%
24)2
19%
98%
134
800
6%
34
300
1%
1,600
400
99%
20,900
*130% 133
*130% 133
15
14)2
14% *12%
14%
*35%
36
*35)2
36
36
16
16
*14%
16
18%
*2812 30%
*287g
30%
30%
20
25
26%
19%
20%
98
101
6,400
135
20%
*40
18)2
70
*
1,200
20
600
,
20
19
19%
*80)8
95
*8c%
95
*80
95
*70
90
*70
90
*70
51
*50
53
47
50
*41
50
*447g
52
*44%
54
*11%
14%
12%
*11%
*11%
14%
*11
13
*11
13
*11
11
13%
*6%
7
*1%
1«4
"5~ 200
14%
2%
2%
*434
4%
14%
2%
2%
5
4%
12%
*6%
1%
14%
13
6%
7
1%
*13%
*2)2
2%
1%
1%
*41%
44
4134
42%
*1834
17%
19%
45
45%
20
45%
2012
*68%
43%
18%
*6834
4534
19%
20
45%
20%
—
21%
1%
2
3%
4%
37g
4
4%
4
3934
16%
4234
16%
6834
*38%
41%
41
41
51
♦48
49%
45
50%
42
92
92
*90%
92
71
71
3134
18%
41%
3134
18%
'105% 107
2234
2234
35%
17%
36%
80%
1734
20
*63%
41%
40)2
17%
44%
19%
6s34
41
42%
4
4%
1%
11%
6%
1%
50Ga
500
No par
2
Mar 26
100
6
No par
{Warren Bros
No par
33 convertible pref..No par
Warren Fdy A Pipe
No par
Waukesha Motor Co———6
Wayne Pump Co
1
Webster Eisenlohr
No par
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
34 conv pref erred... No par
West Penn El class A ..No par
7% preferred
—..100
6% preferred
100
West Penn Power 7% pref. 100
23
Class B
Preferred
87%
71
72
44%
18
1734
*39)2
*43i2
80%
*70%
19,600
9,600
20
41%
47
8H2
500
600
31%
31%
32%
28
18%
19%
*100% 107
22%
36%
*70
16%
♦102
19%
107
21%
24
37%
32
3734
80ls
*70
80%
23
17%
20%
1734
21%
334
*3%
334
♦Bid and asked prices
*65
80%
*65
80%
*65
17%
1734
15%
17%
16
16%
15%
18
22%
17%
21%
3%
19%
3%
20%
3%
19
3%
3%
no sales on
3
tbls day.
3%
{ In receivership,
80%
16
1934
3%
"2",700
25,000
3,000
58
Deo
48% Nov
100%
O0l
278
Oct
1
Oot
June 20
47% Sept
5*4 July
10% July
3% July
50
July
9
21
29
25
21
13% Jau 14
46
Oot
9%
Deo
Nov
6
47
153
Aug 30
135
Nov
54
Jan 12
29
Oot
Aug
1% Jan 7
1% Jan 10
25
Jan 17
*4
%
16
Oot
Oct
Oct
21*8 July 25
9%
30% Aug 11
14%
Oct
Oot
97
Oct
5% Jan
32% Jan
114
July
2
21
21
16
20
11
4% Jan
15*4 Jan
120% Feb 26
65% July 22
118% Mar 21
2% Jan 11
4% July 23
3*8 Feb 4
8% July 25
Jan 10
36% Nov
~2%
18%
Oct
Oot
105
June
3
Deo
8
Oot
113
Deo
50
Deo
117%
Feb
2
Oot
2%
2%
Oct
Oot
6%
Deo
20%
18
Oct
86% Aug 27
10% July 22
45
July 21
71%
Deo
3%
Oct
19% Aug 26
19% July 27
32
17
Oct
Oct
778
Oct
2
Oct
4
July 16
51
July 20
26%
Dec
8
July 19
4%
33
Deo
45
Aug
47gJuly 15
2%
Oct
Oot
22% Aug 26
31% July 25
3% Aug 5
11%
Oct
20
Oct
*4 Sept 1
25% Mar 31
71
Apr 8
70
Apr
1
82%May 28
1% Jan 28
39
July 30
82% July 29
102% Jan
102% Jan
3
3
2%
1
23%
Oct
July
Oct
73% Nov
84
88
Oot
Oct
74
Mar 29
76
Oct
116
Mar 31
122
July 19
117%
Oot
6
118
June 27
110%
Apr
12*4May 31
19
Feb 23
14%
2%
5%
Deo
111%
Jan
2% Mar 31
Mar 25
3
% Mar 23
1% Mar 18
16% Mar 31
15*4 Mar 31
61*4 Mar 31
103
9734
Jan
3
4% Jan 10
9
Jan 10
1
Oct
Oct
Oct
1% Jan 11
3% July 22
34% July 20
1%
Oot
22%
Deo
28*4 J uly 21
17%
Oot
1097,8 Jan 15
Mar 31
140
9% Mar 30
31% Mai 28
Jan 27
36
l*% July 23
Sept 10
87% Nov
113
Oot
10% Oct
31% Nov
10% Oct
21% Deo
Mar 31
20% July 25
Mar 31
30% Sept 13
Apr 12
14% Mar 26
27*4
Jan 12
19
Oot
100
75
Mar 29
95
Jan
4
75
Nov
pref-.-No par
Dent ) Mfg (The 8 8).20
Motor Co
1
Rock Mln Spr ctf No par
Sewing Mach...No par
42
May 27
59
Jan 14
65
Deo
12
Mar 26
prior
Wool worth
14%
Oct
6
Oct
1% Mat 31
3
Jan 22
8%
1%
Oct
Oct
3%June 16
Mar 24
Mar 30
10% Mar 29
10
10
36
r
Cash sale,
Mar 29
27
Mar2«
28% Mar 30
21% Jan 24
11
Oct
3% Aug
6
1%
Oct
3
7
2
Dec
4%
Dec
Jan
6% Jan 10
5% July 19
60% Jan 2 U
21 *4 July 25
48*4 July 13
22*4 Aug 26
9
41%Sept 12
5134 Aug 2 '
72% 'ulv
45g
49*4
Oct
Dec
10*2
Deo
34
Dec
12
Oct
64%
Oct
34
Dec
39%
Deo
38
Oct
65% Mar 30
102
61% Mar 31
20*4 Jan 31
8% Jan 3
72
Aug
1
68 %
Oct
39
July
5
21*4
Deo
2l% July 25
7%
71
Mar 30
107
July 20
Aue 24
68
Oct
Deo
Mar 30
43*4 Jan 12
Deo
34% Nov
62% Mar 31
11% Mar 29
80% July 20
9% Mar 31
24
9
No par
Corp
3
29
42
..100
Prior pref 4)4% series... 10
Prior pf 4 4 % conv series. 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach cl B ..1
Preferred
100
Young Spring A Wire—No par
Youngstown 8 A T....No par
5)4% preferred
...100
Youngst'wn Steel Door. No par
New stock,
Jan
11 % Mai
(Del) No par
Preferred a 7%
Zonlte Products
Dec
Jan 21
3
Radio Corp
90
11
32
(F W) Co
Worth 1 ngtonPAM
4
15% July '9
15% July 25
...—100
preferred
Jan
6% Mar 31
No par
Woodward Iron Co
90
6% Sept 16
preferred...No par
Gas
6
1
preferred.
10
6% conv
Co Inc
n
8
Oot
10
W ilson A
a Def. delivery.
36
Mar
3%
65
conv
Zenith
Oot
Oot
Msr 30
5,400
44 lg
24
Oot
Mar 30
1% Mar 26
3,300
*60
Deo
17
4
45
18%
65
11
4%
44)4
Oct
Oct
]%June 16
36
16%
3%
6%
Nov
Willys-Overland Motors
600
6% July 13
July 19
70% Aug 24
12
Oot
154% Nov
5% Deo
29% Deo
9
Wilcox OH A
3,600
10% July 19
35% Jan 12
24% July 20
Oot
16
8,600
17
2
86% Mar
Nov
63
16*4 July 15
2,100
4%
July
Mar
Oot
29% July 21
2%
4
172
63
Nov
•4
20
36 conv
34
100% Sept 13
70
5)4 conv pf 100
Steel Corp...No par
Wheeling
White
6
Aug 26
1% Jan 18
Feb
9% Mar
Oct
Deo
preferred......-30
5% conv
W hlte
Jan
3%
5%
Oct
Mar 31
5
2%
1634
72%
70%
30
—100
Co.—10
Maryland.....-.100
4% 2d preferred
...100
Western Pacific...—.----100
6% preferred
100
Western Union Telegraph. 100
Westingh'se Air Brake.No par
Westlnghouse El A Mfg
60
1st preferred
60
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod..No par
White
Jan
1137t
9% Aug
Deo
2%
16% Mur 31
2
17
47
preferred
6%
Mar 26
1*4 Mar 31
Western
800
17
41
20
33.85 oonv pref
Western Auto Supply
Mar 31
3*4 Mar 26
Bros Pictures
Warner
Mar 31
17*4 May 18
*2%
12
*40
41
4% Mar 30
8*4 Mar 31
1% Mar 30
12
40
*44
Mar 29
Mar 26
White
2l",600
40
1734
6% Mar 31
13*4June 10
8
pieferrel
43
*60
1% Apr 22
30
""206
82
280
83)2
87)2
800
7134
*70%
71)2
71)2
*26
29
28
29
2,100
2934
16%
17% 124,000
17%
177g
15%
18%
110
*100% 107
*100% 102
96% 102
20
4,600
20%
19
2034
21
21%
32%
3334 31,400
33%
34%
30%
35
87)2
71
71
20%
*3%
*1%
2%
*47
41%
6%
12)2
4%
18%
1034
6%
134
2
434
43
1%
117g
6%
2%
4%
18%
(
1034
12%
2%
4
434
4%
12%
13%
2-8
2%
11%
2%
2%
43
*67
*6%
13%
*13%
2%
2%
14)2
2%
2%
4%
4%
1%
6%
9%
Mar 2)
1% Mar 23
Wheeling A L E
13
12%
Co...
116% July 19
(H)Good A W Ltd No par
No par
Baking class A..No par
90
*49%
1% Apr 13
5% Mar 26
100
100
Preferred......
400
70
Mar 30
74
120
2,500
16,100
70
15%
s4
•
140
25
19)2
95)2 100%
135
139
3
1
100
3
*3
5%
*34
150
121
116% 116% *116% 117%
16%
1634
157g
16%
16%
3-%
5)4
«4
121
120% 120%
120% 120%
116% 116%
17%
3%
*95
2*4 Mar 29
16*4 Mar 30
105
4H% pref with warrants 100
Walworth Co
No par
3,300
44.000
27
26
26%
2%
*34
30
5%
80
2634
2134
99% 102%
*60
2%
35
5%
33
120% 120%
116% 116%
99% 101
*135
138
*130% 139
14%
15
15%
15%
36
*30
534
*79%
87%
96%
*84)2
11612 116)2
18%
*3%
27%
32
35
37
32%
120% 121
17«4
27
5%
17
Oct
Jan 22
No par
No par
Walgreen
1,100
Oot
18% Aug
9
1
-
Waldorf System..
11%
2%
Oct
9
101
42
Apr
..100
—100
100
Ward
52
5
14
{Wabash Railway
6% preferred A
5% preferred B
Walk
8
11*8 Jan
30% Mar 30
Mar 31
600
67% Aug
109% July 7
10% Aug 20
8
July
7
June 22
37
Detlnnlng
900
2,800
Oot
107
Mar 29
Preferred.
39", 500
24
June 19
97
100
600
11%
2%
19%
28
2%
-- 1
*30%
32
96%
22
*35
5%
20%
27%
91
2%
2%
35
37%
♦18%
19%
11%
2%
18%
95
*2
10%
2%
7%
40
24
90
1
8%
29%
89
6%
8
Mar 26
pref... 100
100
-.100
634
*80
39%
19%
11%
Virginia Iron Coal A Coke.
15%
86%
8
39%
19%
*15%
86%
21%
29
20
57
*6
6%
15%
*80
26%
88
*84
6%
pref...No par
Virginia Ry Co 6%
124
334
20
88
90
*52)2
*119
Works
Chem
Va EI A Pow 36
Vulcan
8
78
11% Mar 31
14% Mar 31
preferred.........-100
6%
Apr
Sept
37
Mar 31
16
—6
5
No par
5% preferred
""loo
*1
15%
Va-Carollna
3
%June 22
100
1st pref
-Vlck Chemical Co..
Victor Chem.
26%
106%
74
May 11
27% Mar 30
% Mar 30
{Utilities Pow A Light A
1
Vadsco Sales..
No par
Preferred
100
Vanadium Corp of Am .No par
Van Raalte Co Ino
5
7%
Feb
7% June 13
Universal Pictures 1st pref. 100
12%
113
900
27
1
40
3%
*8%
234
*24
80
*96
*2
*
*2%
25
3%
260
11334 11334
2%
334
20
3%
*34
600
5,200
preferred
8%
37
.....No par
36 conv pref A
3,600
""600
*6
*79%
*6
2%
3)2
20
1%
25
34
*116% 117%
2
800
1%
11%
*30%
121
32
35
3%
10
34%
14%
20
57
124
26
1
121
434
108
2,000
106%
14
16
*8%
34
80
3
2
♦30
6%
"7,800
34%
34%
26
*4
*2%
7%
17%
25
20
106% *100
11%
*8
*31%
*79%
28%
12%
258
35%
9^
18%
2534
1%
*1
19
10
534
21
2834
3%
34
33
20%
19
2%
41
*35
37
15%
*83
17%
24
*19
20
1,300
2%
7
19
16%
6,600
1%
334
42
35
6%
*52%
*119
15%
86%
8%
38%
12%
2%
108
1%
1%
19
37
6
6
124
38%
14
x37
*2
7
16%
*83%
734
16%
86%
9
41%
19%
*13)8
*2%
2%
334
*2
7%
16%
*83%
8%
41%
1%
1%
1%
2%
3
*2
*119
124
*1%
1%
1%
2%
*13|
%
%
%
%
334
22
II284 113%
*2%
3%
*8%
12%
113%
113% *113
*3%
4
*3%
4
*10%
*10%
16
15%
113
*111
112% *108
112% ♦1117s 112% *108
*56
60
5884
55%
*55%
55%
*55% 60
113
120
No par
United Stores class A ..No par
60
37%
%
3%
20%
22
113
113
*113
113%
4
*314
3%
3%
15%
*10%
*8%
12%
18%
71
153
*33
%
*19
183s
27
*61%
*147
37%
%
%
15%
19%
18%
16%
26
28
27%
*104
106%
106% *104
*3434
3484
3434
35%
15
*15%
1534
14%
3%
3%
3%
334
22
23
23%
23%
69%
153
3634
%
1
*19
30
18%
27%
*65
*147
37%
%
*%
%
*19
70
*151
151
Oot
6%
Jan
Jan
Jan 10
July 25
70% Mar 5
63% July 25
114% Jan 10
9
*10
Mar
Mar 31
2
11%
16
Mar 31
2%
70
Oct
38
Mar 31
9l%May 31
?9% Mar 30
40
A pr 26
3% Mar 30
9
Sept 13
1% Mar 26
9%
*10
5
*65
434
11%
74%
8%
467g
Oot
9%
*10
Oot
62% Nov
2
11*4
35
Oot
71
4%
*10
Mar
Deo
2
Deo
434
42%
17%
25%
43%
2%
*43
Feb
92% Aug 10
938
*43
91
45% Jan 3
z44% Mar 31
No par
100
U S Tobacco new....-No par
(70c)
Jan
Feb
Deo
20
2% Mar 31
21
Preferred
8tockyards Corp
share
36*4
44% July 25
7
Juiy 25
48
Aug 24
U 8 Steel Corp
new
Mar 29
50
U S Pipe A
1st preferred
June 20
24
No par
A.No par
Partlc A conv class
Mar 31
65
60
U 8 Leather
Conv pref
July 18
30%
117%
6%
5Hi% conv pref
United
8
Oct
12% July 25
2%
4%
Jan
July 20
Jan 12
Oct
6*4 Mar 30
434
484
19% Jan 10
3*4
34)4
7*g
10%
80%
8%
ver
15
110
4%
*9%
484
19% Jan 11
118% Aug 19
65% July 25
Highest
share %
per
9% July 23
U S Industrial Alcohol. No par
7% pref
%
No par
preferred
U 8 Hoffman Mach Corp...6
4734
share
per
81
preferred
8%
1
I
May 6
%May 16
3% Mar 26
62
100
Prior
63
4734
Conv
Mar 26
4% Apr
Lowest
No par
100
preferred
first
Mar 14
6% Sept 14
USA Foreign Secur—No par
U 8 Dlstrlb Corp
900
59%
33
3
300
484
4%
112
10
United Paperboard
U S Gypsum
9
39
81%
100
preferred-.
1,700
434
8*4 Mar 30
No par
United Mer & Manu Inc. vtc.l
$5
u S Freight
"l"300
Mar 31
60
United Gas Improvt—.No par
260
3,200
19
21% Mar 31
Eng & Fdy
--.5
United Fruit
......No par
7%
634
30
19
Mar 26
3
United
170
29%
100
United Electric Coal Cos....5
9,000
734
1
Mar 26
2
22% Mar 31
4%June 18
4% Mar 29
60
Apr 1
S3 preferred
$5
""266
1
6
734
43g
4434
85
|
78
*5%
8
170
6)2
29%
83
*%
%
6%
97%
*167
80%
3534
3%
39%
60
734
834
*55
53s
*534
6%
32
20
*70
83
*%
4
12% Apr
United Corp
Preferred
share
Sept 14
Jan
39
No par
No par
United Drug Ino
5
United Dyewood Corp
10
4,200
634
7434
634
6)2
6%
36
*70
s4
170
*29)2
9%
80)2
37
634
7484
*35
83
34
5
884
82%
*60 %
6%
14
No par
United Carbon
per
Year 1937
Lots
Highest
110% Jan 20
United Carr Fast Corp. No par
5,300
57%
57%
56)2
57%! 4,000
57)2
9%
9)2
9% 15,300
9)2
9%
500
108% *106% 107)2 *1067g 107%i
900
6%
6%
*6%
7
6%
6%
6
6
5%
2,800
534
5)2
5%
1,900
7%
7%
7%
7%
7%
7%
*167
5
634
5
100
Preferred
400
2%;
27%|
3
No par
United Biscuit
40,900
14%
2%
27
*6034
73%
7%
37
1,800
58%
9%
*70
170
58%
Par
10
107
7%
33
21%
.
8734
63
4734
6%
34)2
55)2
5
8)2
96
46%
58
*46
6
*6034
7%
92%
4434
60
5%
6%
6)2
4)2
41%
57
58%
5%
5
5
h
*29%
19%
5%
*60%
16%
23s
28%
2%
27%
1,900
153g
118
*13
2834
5)2
*167
40%
5%
45%
85%
*59%
14%
2%
*12
2
8%
9
94% 100%
5%
9%
70
634
6%
z97% 100
*7%
*29%
*20%
*58%
14%
8%
83
34
59%
27%
634
80%
40%
15
*115
7
5%
734
9%
80%
41%
*64
15
118
59
8
$ per share
15
*115
7%
9%
10%
*108% 109
83
Week
16
35%
7
*166% 170
7%
32
15%
2%
30%
5%
734
7434
6%
♦«4
$ per share
On Basis of 100-Short
Lowest
Shares
117
5534
STOCKS
EXCHANGE
Sept. 16
Sept. 15
14
60%
6%
734
Friday
117
16%
118
7
9
6%
170
*168
59%
10
108
*70
83
*%
108
Sept. 14
35
35
9%
8
6%
*74
7%
35
59
10
108% 108%
28%
5%
6%
% per share
Thursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
Range for Previous
Ranoe Since Jan. 1
Sales
for
LOW
Saturday
1743
New York Stock Record—Concluded—Page 10
147
Mar 31
2*4 Jen
1
t
Ex-dlv.
3
257g Aug 26
12%
70
Oct
7
IVs
Dec
7
2%
Oct
22% Jan 15
25*4 July
5*4 Mar
y Ex rights.
^ Called for redemption.
Sept.
1744
NEW
Friday, Weekly and Yearly
the only transactions of the week, and when selling outside
unless they are
Cash and deferred delivery sales are disregarded In the week's range,
of the regular weekly range are shown in a footnote in the week in which they
bonds.
NOTICE—PrlcesTare "and interest"—except for income and defaulted
computing the range for the year.
No account is taken of such sales in
occur.
Friday
Week's
Last
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
•Sc.
Week Ended Sept. 16
Bid
Price
&
Bonds Sold
Asked
Jan.
Week Ended Sept.
1
16
s
jfe
-ift.
Week's
Last
Friday
BONDS
N. Y. STOCK EXCHANGE
C9
1938
STOCK EXCHANGE
YORK
Bond Record,
17,
Range or
Sale
Friday's
Price
Range
Since
c
GC&2
No.
99M
&
Asked
High
Bid
44
94 3*
38
Jan.
1
\
Low
High
NO.
Low
1947-1952
1944-1954
1946-1956
Treasury 4s..
Treasury 3 %s
.
A
O
J
D
M
J
1941-1943
1943-1947
Treasury 3%s
M
8
D
1941
Treasury 3%s._...
118.22
44
113.10
113.22
113
111.22114.23
111*30
111.30
113
124
110.8
113.14
105.4
105.4
105.12
108
105.4
106.27
106.22
106.28
294
106.22108.2
1946-1949
1949-1952
210
J
D
F
A
107.5
O
108.18 108.18
108.26 108.26
107.5
1955-1960
1945-1947
Treasury 2%s_.........-1948-1951
Treasury 2 lis
1951-1954
Treasury 2 lis
1956-1959
-
109.26
O
J
D
D
107.6
D
106.15 106.15
♦Costa Rica (Rep of) 7s
110.5
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
Treasury 2%s
Federal Farm Mortgage Corp—
3s
3s
Jan
Mar
F
D
107
301
66
455
101.24104.15
Czechoslovak (Rep of) 8s
173
103.25106.23
Sinking fund 8s ser B
105.6
106.4
103.20
102.7
104.17
169
103
294
100.26103.27
102.15
108
100.14103.10
External gold 5 Ms
101.20
393
100.25102.19
External g 4 Ms
105
151
102.14106.7
.
S
101.22 101.22
D
100.29 100.25
D
104.29
S
103.12 103.12
104.6
69
J
D
100.20 100.13
101.9
1226
100.20 100.20
8
105.12 105.7
11
104.28
101
99.18102.11
100.20100.22
S
126
14
105.22
103.4
106.17
103.22106.18
102.13105.10
*103.30 104.20
Foreign
Govt
Antwerp (City) external 5s
19
Argentine (National Government)
S f external 4 %s
1971
1932
{♦Stamped extd to Sept 1 1935..
Dominican Rep Cust Ad 5 Ms.-1942
1st ser 5 Ms of 1926
1940
O
96%
96%
2
8%
8%
8%
9%
31
6
10
9%
17
6
10
8%
8%
*8%
9
22
6
"
8
6
4%
8%
g
5
5
8%
7
8
5
D
95
87
88%
79
100%
F
s
f 6%s
f 6%s of
100%
155
29%
11
98
z28%
*
22
S
73
"26
100%
105%
J
100%
100
103
18
D
108%
107%
110%
56
1952
1957
.1958
f 6s
♦Budapest (City of) 6s
♦Buenos Aires (Prov)
O
D
J
D
13%
A
O
11%
J
M
♦6s stamped
J
-
20
*.
O
5
14
19
11%
42
11
10%
11%
25
10%
11%
26
97%
15
99%
100%
100%
100%
100%
10%
A
D
M
M
1977
M
100
8%
8%
*70
S
"52%
65
55%
55
100
105%
23
108
100
107%
107% 115%
19%
23%
*
-
"l4
55
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Secured
8 f
-.1984 J
1967 J
7s
1968
Canada (Dom of) 30-yr 4s
5s. j
1952
5 Ms 2d series
55
67
65
55
63%
O
68
56
64
*57 %
65
55
*57
61 M
55%
62
O
*57
60
51
62
M N
20
20
19
22
7s—1945
A
stamped. 1941 J D
1941
1949 j"6
1949
*96 %
106
i
1967 J
1965
♦5Ms unstamped
1965
♦5 Ms stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped. 1949
♦7s unstamped
1949
♦5M8 of 1930 stamped
J
D
21
193*
23%
19
19
21
103
8%
78%
85
65
78%
79%
15 1960 J
♦68 July coupon on.
♦Farm Loan s f 6s. .Oct
..I960
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s...
♦Extl sinking fund 6s.-Feb
s
f 6s
J
15 1960 A
1958
♦(Cons Agric Loan) 6Ms
♦Greek Government
s
1968 F
Haiti (Republic) s f 6s ser A—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms '50
Helsingfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan
18M
103"
1960 A
..1945
.1946
♦Hungarian Land M Inst 7MS-1961
♦Sinking fund 7Ms ser B
1961
♦Hungary (Kingdom of) 7 Ms.-1944
♦Extended at 4 Ms to
1979
10
1960
MN
F
O
1942 M N
1960 A O
1961 F
„_Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961
M
A
J
Extl sinking fund 5 Ms
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7 Ms 1950
J
71%
51%
A
F
page
~6
14%
19%
54
14%
19%
15
19%
17%
18%
40
15
19%
17
18%
10
15
19%
Oriental Devel guar 6s
Extl deb 5 Ms
17%
18%
2
15
19%
Oslo
♦Panama (Rep) extl 5Ms
♦Extl s f 5s ser A
19%
O
15%
16%
10
12%
18%
18%
18
MN
15%
16%
10
13
18%
11%
16%
30
21%
15
O
18
17
18
16%
1961
J
J
1947
A
O
*24
1946T M N
1947 F A
*24
1749,
External sink fund 4 Ms
External s f 4 Ms
60
12%
12%
Oct 1961 A
Norway 20-year extl 6s
20-year external 6s
18%
*13
17%
16%
25%
2
15%
*
-«-
-
-
24%
18
87
-.
—
10
20%
49
18%
18%
25%
**
"6
18
28
-
10
16%
20%
25
25%
17
25
p.
«.
2
25
112% 117%
32
67%
80%
6S%
49
65%
61%
81
*21%
64%
45%
20%
36%
44
35
D
23
9
27%
6
*%
1%
1%
*1%
*1%
1%
1%
1%
17%
1%
1%
...
1%
J
J
A
O
2%
1%
2%
1%
51%
46%
...
3%
1
J
*%
2%
4
4%
4
3
1
"1%
J
11
17
.....
1958
1959
1952
M
M
J
S
52%
4s
s
f ext loan
105
46%
3%
3
67
(City)
8
♦Stamped
47
99 M
99%
99%
106%
7
15
47
100%
100%
6%
7
13
13
38%
61
37
....
57%
100
97% 104%
48
F
A
105%
12
98% 103%
103% 107%
1944 F
A
107
107%
26
104
101%
101%
106%
48
O
101
100%
104%
74
100%
1943
1956 M S
1965
1970
1952
1953
1958
1955
..1953
A
F
A
100%
102%
J
D
*102%
102%
A
18
18
18
21%
M
S
49
49%
15
43%
62%
43%
44
25
41
57%
11
96% 103%
86
104%
M N
A
O
J
D
93
1963 MN
*50
48
A
O
A
O
1947 A
101M
101%
1940
♦External sink fund g 8s
1950
J
J
102%
93
....
3
"28
6%
6%
2
8%
7%
7%
9
7%
8%
68
8%
48
7%
45
46
7
35
55%
32
50%
5%
7%
7%
7%
9%
11%
11%
11%
"l6
37
67%
49%
7
50%
"32%
102% 103%
40
58
50%
O
f 6s 2d ser..1961
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
49
107%
99% 107%
99% 104%
98% 103%
F
♦Pernambuco (State of) 7s
1947 M S
♦Peru (Rep of) external 7s
1959 M S
D
♦Nat Loan extl 8 f 6s 1st ser..1960 J
8
8%
50
47
1963 MN
f 4 Ms
♦Nat Loan extl
8%
*41
99%
105%
106%
...1963
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
8%
S
D
♦6s series A
1959 M N
New So Wales (State) extl 5s..1957 F A
External s f 5s_
Apr 1958 A O
18%
14%
♦Cologne (City) Germany 6 Ms. 1950 M 8
♦Sec extl s f 6 Ms
♦Sec extl s f 6Ms....
♦Montevideo (City) 7s
18%
S
7
Minas. Geraes (State)—
17%
D
56
19
18%
18
13%
59%
43
24%
A
J
K
O
1%
{♦Treas 6s of *13 assent (large) '33
{♦Small
Milan (City, Italy) extl 6 Ms -.1952
17%
4
1951 J
113
50%
A
MN
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
"l7"
10
1960 M
see
26%
22
♦Chilean Cons Munic 7s
For footnotes
27
34
15%
♦Chinese (Hukuang Ry) 5s
♦Sinking fund 7s of 1926.
32%
27
28
16%
1962
♦Sinking fund 7s of 1927
27%
18%
♦Guar sink fund 6s
♦6s extl s f gold of 1927. Jan
38
15%
A
♦Colombia Mtge Bank 6 Ms
34%
35%
17%
1961
32%
*104
MN
1954 J D
♦Mexican Irrig assenting 4MS-1943 M N
J
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q J
17%
17%
15%
11%
37
1
15%
1961 J
12%
10%
♦Medellin (Colombia) 6 Ms
"17%
17%
11%
35
D
D
♦Sink fund 6%s of 1926
♦Guar sink fund 6s
Colombia (Republic of)—
♦6s of 1928
29%
30
.
S
♦External sinking fund 6s...1962 A O
♦External sinking fund 6s.-.1963 MN
♦Chile Mtge Bank 6 Ms
.1957 J D
-
10
9%
14
43%
A
J
34%
15
.
10
235
A
F
104%
10%
*9
MN
1954
25%
30
102
♦7 Ms secured s f g
♦7s secured s f g
♦Assenting 4s of 1904..
3
29%
22%
16%
18
102
105%
*1
101%
98%
27%
85
18%
D
109% 113%
98
103%
98% 104%
97% 102%
92%
99%
20
62%
"28"
70
19%
1954 J
18
*
76%
21
♦4s of 1904....
32%
«
29
27
♦Assenting 5s small
79
-
22%
19%
♦Assenting 5s large
66
w
19%
72%
53
103%
-
30%
25
18%
A
...1968
70%
102%
J
29%
33
21
25
26M
70%
101%
^
24%
29%
23
75 M
D
1964
70%
111%
J
J
26 M
19%
J
f ser 7S..1964 M N
♦7s part paid
♦Sink fund secured 6s
53
102%
O
26M
German Prov & Communal Bks
52%
31%
2
27%
51
9
-
34%
22
23
36%
303
23
26
71
5
"
28%
24%
25 M
129
54%
27
19
30%
71%
5
-
19%
26
27
51
14
•
99% 103
21
O
51%
34%
-
99
108%
93% 102%
104% 114
22
A
50
34%
96
99
23
49
40
z27
3
Italian Public Utility extl 7s—1952 J
Japanese Govt 30-yr sf6Ms.-.1954 F
101
-
15
128
19%
19%
111
-
25
103
10%
10%
102%
^
113
103
68%
105% 110%
96%
112M
113"
30
100%
German Govt International—
70
57
<z 16
15
68%
109%
«
43
102
67%
101
J
S
19%
107
99
68 M
107%
J
J
M
21
•
102%
104
69%
34%
J
1954
1950
^
95
64
104% 108%
106%
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s ser B '47 M S
111
J
J
-
21%
21%
1948
1967
(Republic of) 7s
Irish Free State extl s f 5s
107%
A
1944
«.
100
62 M
*60%
*60%
24
34
"34%
O
J
-
"63"
8
1969
♦Dresden (City) external
83
*100
S
23
19%
60%
37%
J
1961
30-year 3s....
(
J
MN
...Aug 15 1945 F
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s.. July
♦Ry ref extl
"57%
M N
1960 A
3
57%
,
♦Stabilization loan 7%s
10-year 2%s
25-year 3%s
7-year 214 8
*
94% 102
O
M
'
Refunding s f 4%s-4%s
1976 F A
External re-adj 4%s-4%s—1970 A O
External s f 4%s-4%s
1975 M N
104
98
18%
12%
10%
64
«.
_
52
28
98
"l"
"65%
*60
98% 106%
96% 102%
9
-
65%
A
96%
78
88%
78%
88%
99
106%
96% 102
95
101%
21
101% 106%
87
2
10
8%
S
S
-
19
12%
10%
S
J
-
"l9"
-«.-„
D
1961 F
♦6%s stamped
External s f 4%-4%s
-
D
F
1962
1961
1961
extl 6s
♦
A
J
1950 J
Sinking fund gold 5s
5%
90% 100%
19%
"
J
1927---1957 A
♦7s (Central Ry)___
Brisbane (City) s f 5s
s
84
113
1955 J
♦External sinking fund 6s
20-year
185
80%
103%
103%
98
A
M
80%
78%
S
1945
1949
203
99%
100%
100%
♦Bavaria (Free State) 6 lis
89%
78
79%
J
J
s
8
95%
78
66
90
1940 A
♦6s part paid
1956 MN
♦Brazil (U 8 of) external 8s
♦External s f 6%s of 1926
6
7
J
♦External
»,
7
„
M
(Germany)
-
O
1957
♦Berlin
9
9%
9%
O
♦Austrian (Govt's) s f 7s
1955
1950
1958
1941
1957
94%
25%
25%
96%
96%
O
f 6s...
16%
17%
27
*24
A
s
10
25%
99 M
A
Customs Admins 5 Ms 2d ser. 1961 M S
5 Ms 1st series
1969 A O
7s unstamped
A
External
M
7 Ms unstamped
External 7s stamped.
25%
105%
101
Deutsche Bk Am part ctf 6s
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6 Ms—1953 MN
A
98 M
97 %
97 M
Estonia
J
External 30-year s f 7s
102
99 %
♦El Salvador 8s ctfs of dep
1972
Belgium 25-yr extl 6%s...
102
Apr 15 1962
104.15
1972 F
1928
105
103.13
loan 4s Feb
External g 4 Ms of
104
56
106.23
loan 4s Apr
78%
50
1
101.5
conv
62%
106
24
101.9
conv
52%
78
103.9
S f extl
96% 102
100
83 M
18
8 f extl
14
78
39
M N
27
77%
123
J
2
56%
103
78
103.24
_
100%
78
102.17
O
.54
O
105.21
J
♦External
100
100
O
105.4
♦External
♦External
*102%
56 M
A
103.4
J
102% 110%
A
102.2
1945 J
s f 7s series D
1945 J
s f 7s 1st series
1957 A
sec s f 7s 2d series-1957 A
sec s f 7s 3d series.1957 A
24
16%
101% 105
20%
105
62%
103.4
♦External s f 7s series C
♦External
105
38
102.8
Akershus (King of Norway) 4s.1968 M S
J
♦Antlociuia (Dept) coll 7s A—1945 J
J
♦External s f 7s series B
1945 J
90
67%
J
A
80
65 %
A
F
19
67
F
Municipal-
&
62%
81
M.
D
1942
1955
Denmark 20-year extl 6s
French Republic 7 Ms
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947
♦Gtd sink fund 6s_.
1948
43
*19M
J
J
1 1939-1949
1942-1944
103.28107.7
106
105.1
105.1
1 1944-1952 MN 105.4
2lis series G
100.22
*105.20 106.30
Aug
.
1951
—1952
80
"40
101.27105.7
102.6
S
May
2 li s series B
108.10
106.9
2 lis
Mar
1 1942-1947 M
Home Owners' Loan Corp—
3s series A
105.2
80
57
80
A
debt
1977 J
Sinking fund 5MS—.Jan 15 1953 J
♦Public wks 5 Ms.-.June 30 1945 J
4 Ms external
92% 100 %
55
54
M
S
External loan 4 Ms ser C
103.21
J
92% 101%
*53
A
105.27108.29
105.7
MN
M
105.19108.23
105.10 105.10
15 1942-1947 J
81
18
102.22 102.21
M
J
30
267
2d series sink fund 5 Ms
15 1944-1964
May 15 1944-1949
3 lis
J
107.24
8
S
"54
109.15
S
M
A
107.29
M
D
F
107.4
M
M
92 M
93 M
A
107.16
M
..1949-1953
1950-1
110.3
107
IVIN
F
108.19 108.19
J
..
1949
108.14
107.2
J
Treasury 2 %s
1949
F
95
96
M N
107.4
103.26106.26
J
D
1951
1944
41
109.4
S
M
J
1952
25 year gold 4 Ms
1953
{♦Cordoba (City) 7s unstamped 1957
{♦7s stamped
1957
Cordoba (Prov) Argentina 78—1942
Copenhagen (City) 5s
295
107.15
J
M
Treasury 2%s
Treasury 2 lis
High
107.18110.25
8
J
lis
Treasury 3%s
119.5
117.31
A
Treasury 3
116 4
117.31
A
Treasury 3%s
Low
Foreign Govt. & Mun. (Cont.
U. S. Government
Treasury 4%s
Low
High
82%
62
32%
Volume
New York Bond Record—Continued—Page 2
147
BONDS
N
STOCK
Y
EXCHANGE
Week Ended Sept.
£1
16
Last
♦
Low
1961 J
..I960 J
oP8s
♦Extl loan 7 Ha
Prague (Greater City) 7 Mb
D
7%
J
f 78..1941 A
O
1947 F
a
A
25-year external 6a
*
1954
103
103
105
105
1950 M S
♦Rio de Janeiro (City of* 8a
1946 A
O
.1953 F
A
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
1946 A
O
8
8
D
6
6 MB
sec
♦6a extl
-1968 J
f g
1
7%
28
72
11
20
70
♦Rhlne-Maln-Danube 7a A
♦Extl
No.
High
Low
....
20 H
6
10554
41
15
28
Last
EXCHANGE
7
7H
11H
10 54
1st A ref 5s series C
19
22H
23
31
25
♦Deb
3 Ha..1943
cons
sinking fund 6 Ha
5H
1054
3Ha
a
7H
13
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
1967 M
1054
554
1054
5
6 H
10 H
1952 A
O
45
73 54
♦Roumanla (Kingdom of) 7a... 1969 F
A
53J4
20H
1961 A
^♦Boston A N Y Air Line 1st 4s 1955 F
38
Brooklyn City RR 1st 5s
19
20 54
Bklyn Edison
21
22
♦February
1937 coupon paid..
♦Saarbruecken (City) 6a
1953
Sao Paulo (City of. Brasll)—
•8a extl secured
a
2054
.....
j"j
1967 M N
754
754
1936 J
J
1950 J
J
1956 M S
♦7s extl Water loan
1968 J
..1940 A
1945 J
•6a extl Dollar loan
f 7s
Mtge Inst 7a
♦Sinking fund
1946 J
6 Mb
g
15
854
854
754
.....
J
D
♦Sliesla (Prov of) extl 7s
1958 J
♦SUeslan Landowners Assn 6S..1947 F
Sydney (City) s f 5 Ha
....1965 F
Taiwan Elec Pow
s
Tokyo City 5« loan of 1912
External a f 6Mb guar
..1961 A
6a
a f
6
1354
17
7H
15
954
3
8
754
054
D
A
2354
26
1
Buff Nlag Elec
Buff Roch A Pitts consol 4 Ha.. 1957 IVI N
{(♦Burl C R A Nor 1st A coll 5e 1934 A O
25
33
3254
20
104
99 H 10454
38
50
26
42
0054
41
54 54
38 H
64
40H
63 54
3754
53
38
4554
41
2
38
47
4654
50
—
*
-
3
44
4854
external readjustment
41
1979 MN
4054
51
44
% ($ bonds of '37)
external conversion
3K-4K-4«i8% extl
1979
1978 J
1978 F
1984: J
Venetian Prov Mtge Bank 7a.. 1952 A
♦ Vienna
(City of) 6a
1952 M
♦Warsaw (City) external 7a....1958 F
Yokohama (City) extl 6a
1961 J
conv
4-4 54-4
H% extl read)
3 Ha extl readjustment
4054
4054
D
A
J
O
N
A
D
4054
2
"4354"
M N
44 H
15
*
4054
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59
,59
4054
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38
42
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19
19
20
3
18
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30 H
32
4
3054
62
4954
48
50
50
43 H
Ala Gt Sou 1st
cons
53
1st cons 4s series B
105
*,
m
Ma debentures
2030
Foreign Pow deb 5a
s f
«
M
A
debentures
conv
-
60
78
100
105
1981
..1966 J
deb. 1950 J
S
Anaconda Cop Mln s f deb 4 Mb 1960 A
a...
-
10554
60
-
22
10254
50
99
10554
95 H 103 H
54
35
42
35
67
1967
..
Guaranteed gold 5s
Guaranteed gold 5s
46
1980 J
1948 J
1965 J
Trans-Con Short L 1st 4a
1958 J
Cal-Arl* 1st A ref 4 Ha A
1962
M
1946 J
1944 J
Atl Knox A Nor 1st g 6s
Atl A Charl A L 1st 4 Ha A
43
48
90
10454
ioi
9454
4
79
109
9
01
94
109
117
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112H
M
J
J
M
6s equip trust ctfs
1944 J
Coll trust gold 5s
Deo 1 1964, J
Collateral trust 4Ha..
I960;J
{♦Car Cent let guar 4s
1949; J
Caro Clinch A Ohio 1st 6s ser A1962
J
12054
76
7654
S
J
90
112""
11154
11454
122 54
7754
9654
112
27
17
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28
111
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12054 12554
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89
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90
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111
114H
92
95
97 H
41
9154
J "92 ji
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J
121
120 H
110
11454 118H
112H 110H
19
9254
19
40
D
D
9354
4
79
95
92
90
115
5
32
112
4954
3
9754
10054
21
113
11254
11354
139
10254
10254
104
169
10354
1981 F
1947 J
40
1
106
13
105
10554
J
9854
10554
9854
105
5
10
9954
105
106
33 H
8
34
1
32
96 54
9654
J
95
9454
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96
97 54
18
10154
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228
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91H
8954
»
-
-
-
94
103
..........
27
100
38H
1948 J
{♦Central of Ga 1st g 6e__Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 6 Ha seriet B
1969
♦Ref A gen 6s series C
1959
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Dlv 1st g 6s
1940
♦Mid Ga A At Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s..
1940
1941
1941
Central Foundry mtge 6a
Gen mortgage 5s
F
*.
-
~
104
8654
99
35
47 H
D
9954
J
63
J
99 H
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84
101
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25H
37H
23
41
98
100
88
8054
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98 H 110H
75 H 103
J
*7854
8754 100 H
86
82
103 H
108
11254
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H
67
84
6454
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100
84
....
*76
64 H
104 H
79 H 101
105
5
17
6654
„
3 54
7 54
7
J
9
6
10
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M
S
M
99
9
10
9954
95
118
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78
70
S
A
11
98
S
107
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100
100 M
A
J
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27 H
25 H
2754
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2254
24
A
89
106
10654
10954
102
10554 110
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1987 J
1902
7
25
40
23
20
3
18
30H
10654
16
101
10654
6754
26
34 H
Cent Pacific 1st ref gu
gold 4s.. 1949 F
Through Short L lstgu 4s—1954 A
Guaranteed g 5s
1960 F
64 54
6454
65
65
47
5054
115
11554
A
97 H
6454
3554
74 H
8
11254
2
72
IVI N
(♦Cent RR A Bkg of Ga coll 5s 1937
6a extended to May 1 1942..
M N
1941
MN
8s
60
19
54
56
I deb 4Ha
s
f deb 454s
(1935 Issue)
(1938 issue)
1950
1950
M
M
1939 IVI
Chee A Onio 1st con g 6s
S
76
S
9954
99 H
4
97 54
9854
27
10254
10254
14
11654
11754
9354
23
92 H
4
Craig Valley la* 6s
May 1940
Potts Creek Branch 1st 4s... 1940 J
1989 J
99
11654
90
92
J
4s
04
117
3
95 H
97
80
100
99 H
10254 100
110H 121
85 H
97
85 H
97
100
106
100
J
10754
10754
10154 115
10454
104 54
10454 104 H
J
J
J
S
Chic A Alton RR ret g
A
O
J
J
Illinois Division 4s
J
J
1989
1941
62
49
106
IVI
4s
V 1st g 5s.
2d consol gold
Warm Spring
22
S
gold 4 Ha
.1992 M S
Ref A Imp mtge 3 Ha ser D..1990 M N
Ref A lmpt M 3 Ha ser E
1996 F A
RAA Dlv 1st con g
78
N
General
J
7554
10954
9954
64
10654
7
4
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354
Champion Paper A Fibre—
98 H
107
3H
J
1901
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1254
5H
13
10154
9954
105
50
8
10
*554
80
11254 11354
9954 10454
81
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35
*27
J
Certain-teed Prod 6 Ha A—..1948 IVI
1
106 54
105
D
63
A
"l"6
1554
Central Steel 1st g a f
5
1
20
J
105 H
9354
9154
D
1954
354
*854
100 H
9854
-
56
21
.....1987 J
Central N Y Power
92 H
88
*15
554
80 H
59
D
A
7
9454 108
35
84
*8*4
99 H
9854
D
30
91H
55
80
O
A
1900
3 Ha
*
"80 "
D
M N
95
75 H 103 54
82
102
8854
9354
9154
D
10554
87
A
s
90
105 U
deb 6s w w 1950 M N
97
104 54
20
69
94
7
53
77 H
3a......1949
3 H»-..1949
1949
General 4s
1958
1st A ref 4 Mb series B_.
1977
1st A ref 6s series A
1971
1654
18
9554
10154
17
85
107 H
10054
35
9054
111H
19
81H 109
1654
95
M
S
F
A
87 H
87 H
F
A
89
92
A
O
*75
90
{(♦Chicago A East 111 1st 0a...1934
M N
{♦C A E 111 Ry (new Co) gen 5s. 1961
♦Certificates of deposit—
gold 5s
1982
{♦Chicago Great West 1st 4s—1969
{♦Chic Ind A Loulsv ref 6s
1947
♦
Refunding g 5s series B
1947
♦
Refunding 4s series C
1947
♦1st A gen 5a series A
1960
♦
1st A gen 0s series B__May I960
Chic Ind A Sou 60-yr 4s._
1956
Chic L S A East 1st 4 Ha
-.1909
Chicago A Erie 1st
73
73
75
3
63
58
58
61
10
45
31
15
14H
35
28
2954
9
14
32H
50
5054
2
50
60
♦Gen g 3 H"
«P
15
30
85
11
11
*83
68
105
75
109 54
90 54
90
1354
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12H
2
8H
754
56 H
90
20 H
17H
16 H
108
22 H
M
8
J
1654
1154
1954
J
12
7
9
15
J
J
12
12
2
854
13
J
J
1154
12
24
9
14H
3
18
129
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4
4
1
J
J
4
4
2
J
J
J
D
♦Gen 4 Ha series
81 H
1154
1254
2
16
1154
6254
6254
15
*112
1554
754
7H
8554
11154 112
354
60
7654
29 H
92
90
IVI N
1969
28
-
-
_
-
„
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*
23
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«
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7954
88
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♦Gen 4s series A
St Paul—
-May 1 1989
J
21
series B._May 1 1989
C
May 1 1989
J
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23
2354
E—May 1 1989
♦GeD 4Ha series F
May 1 1989
{♦Chic Mllw 8t P A Pac 5s A..1975
♦Conv adj 6s
Jan 1 2000
J
22
22
J
22
22
Baldwin Loco Works 6s atmpd.1940 M N
July 1948 A
5s series A
1995 J
July 1948 A
Bait A Ohio 1st g 4s
*
O
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1654
1654
18
89
1554
42
4454
84
37
82 H
1754
17
1854
109
1554
45
35 H
37
16
2754
70
♦Gen 4*48
27
3154
69
19
69 H
♦Gen
M N
J
28
8
30
34
1654
16
17 54
13
11 54
14
1654
16 54
1754
1951
102 H
Bangor A Aroostook 1st 5s
Con ref 4s
4a stamped
1961
Battle Creek A Stur 1st gu 3s. .1989
Beech Creek ext 1st g 3 Mb
For footnotes see page
17H
46
41
1354
38 H
400
30
1154
34
70
14
39
109
—
«,*«-
103
102 54
*
4
105
23
95
106
105
-
109
106
26
99
108
40
48
44
54
99 54
1951
1749.
i
112H
100
{♦Chic A No West gen g
♦General 4s
3 Ha..1987
1987
stamped............1987
(♦Secured 6 Ha
1930
...May 1 2037
♦1st A ref 4H« atpd.May 1 2037
♦1st A ref 4 Ha ser C.May 1 2037
♦Conv 4448 series A
1949
♦4Ha
♦1st ref g 5s
6
15
1
854
106
35H
30
20 54
30
21
35H
34 H
19H
754
323
254
3
1454
1354
1254
18
1254
13
1254
13
13
13
1854
17.
1454
1454
22
*
"1454
"1454
M N
16 54
28
16 H
*15
1654
754
"17"
D
754
854
7
D
8
854
454
5
654
354
M N
J
J
*1654
*
D
M N
454
13H
454
354
1454
254
14
M N
22
14
254
M N
♦Stpd 4s non-p Fed inc tax 1987 M N
atpd Fed lnc tax__1987
5s stpd Fed Ino tax
1987
754
8
M N
2000
1960
1996
1943
F
O
42
Ref A gen 6s series
D
3454
D
Tol A Cin Dlv 1st ref 4s A...1959
4 Ha
74
A
O
—1995 J D
P L E A W Va Sys ref 4s
1941 M N
1950 J
43 54
102
78 H
39 H
40
41
C
Southwest Dlv 1st 3 Ha-5a
97 H
96
19H
20 54
2354
J
—
Ret A geD M 5« series
10
85 H
49 54
95 H
11054
169
-
{♦Auburn Auto conv deb 4548.1939
Austin A N W 1st gug 5s
1941
Conv
44
111
11554
114H 117H
74
Guaranteed gold 4Ha.-Sept 1951
Canadian Northern deb 0 Ha
1948
Canadian Pac Ry 4% deb stk perpet
Coll trust 4 Ha
1940
30
Second mortgage 4s
Ref A gen 6s series
107
43
1
Oct 1952 MN
J
1948 J
1948
Atl Gulf A W I 88 coll tr 5s
1st gold 5a
95 H
40
14
May 1 1945 M N
LAN coll gold 4s
Atl A Dan 1st g 4s
Refund A gen
11454
11654
11954
115
11654
11454
General 4s..
29
10354
m
70
«.
-
10054
J
1st 30-year 5s aeries B
1944 J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 Ha A
1964 J D
10-year coll tr 5s
11754
11254
11954
38
-
10254
~
10254
8
20 H
11954
1654
5954
-
100 54
-
1995 M N
Rocky Mtn Dlv 1st 4s
11254
"nm
Chic Burl A O—111 Dlv
Conv deb 4Mb..
9
116
24 H
-
Atchison Top A 8anta Fe—
Conv gold 4s of 1910
43
June 16 1965 J
Guaranteed gold 4 Ha
1956 F
Guaranteed gold 5a
Guar gold 4Ha
{♦Cent New Eng 1st gu 4s
Central of N J gen g 5s..
A
Conv 4s of 1905
40
40
J
J
41H
Armour A Co (Del) 4s Berlee B.1955 F
1st M s f 4a ser C (Del)
1967 J
Conv gold 4s of 1909
68 H
1957 J
July 1969 J
Oct 1969 A
1970 F
Canadian Nat gold 4 Ha
25
-
10354
D
Nov
69
74 H
1
32
1965 J
1965 J
*65
79
31
*61
1995
6H
3554
Cent Illinois Light
J
♦Adjustment gold 4s
♦Stamped 4s
9
8
Cent Hud O A E 1st A ref 3 Ha.1965 M
Cent 111 Elec A Gas 1st 5s
1951 F
108
102 %
O
7H
7
78
93 54
..
Jan
1995 A
1654
4
07 H
S
4s
"33
.25
87
44
.1905 Q
General
100
M
M
2754
854
78 H
106 H 108H
110
11154
88
45
Ark A Mem Bridge A Term 5s. 1964 M
{Ann Arbor 1st g 4s
8
55 54
15
7454
♦Anglo-Chilean Nitrate—
8 f Income deb._
5
87
21
91
-
O
O
23
108 H
95H 106 H
59 54
77
88
20
'!
Amer Wat Wks A Elec 6s ser A. 1975 M N
94
10754
11054
3954
100
55
57
32
D
Nj
10
87
69
*37 54
-
S
20-year sinking fund 6 H*---1943 M N
354 a debentures
•Am Type Founders
•
110
Amer Telep A Teleg—
8 He
2
10354
1963 J
deb 5a
-
Sm
Amer I G Chem conv 5 Ha
1949 M
Am Internat Corp conv 5 Ha...1949 J
74 H
"88"
5554
2154
—
1955 M
20
O
31
1952
"59" "86"
O
68
..1961
Alplne-Montan Steel 7s
American Ice
94
*70
1998
1942
1950
Allis-Chalmera Mfg conv 4a
Am A
9
*3754
»
56
1950
4s
4s
Allied Stores Corp deb 4 Mb
♦
86
101 54
1948
♦5a stamped
4
28
*40
1950
Allegb Val gen guar g
98
*104 54
1943
5a
AI legh A West 1st gu
8754 100
60
1946
Alleghany Corp coll trust 5a...1944
Coll A conv 5s
1949
conv
15
105
Alb A Susq 1st guar 3 Ha
♦Coll A
70
97
Albany Perfor Wrap Pap 6a...1948
6a with warr assented
37H
99
1943
A 5a
5
55 H
97 54
98
1952
Elec,,Go extl 7s
6
77
O
♦Cent Branch U P 1st g 4s
COMPANIES
Adriatic
70
1966 A
1962 A
Celotex Corp deb 4 Ha w w
10-year deb 4JO stamped...1946
12
06
100
INDUSTRIAL
t !♦ Abltlbl Pow A Paper let 5a. 1953 J D
Adams Express coll tr g is
1948 M 8
Coll trust 4s of 1907
1947 J D
8
O
J
54
41
101
1960 A
gu
Cart A Adlr 1st gu gold 4s
AND
26
*654
1955 J
Calif-Oregon Power 4s
Canada Sou cons gu 5« A
Carriers A Gen Corp
RAILROAD
*108
27%
deposit
.-
45 H
45
00
354-4-454% <$ bonds of '37)
3 54 -4-4 54
Como) 6s.
1954
2054
1854
5H
106H
73 H
35H
15
2054
6054
"42
21
20 H
A
105H
104
2354
1962
"12
10654
7054
9354
"94"
D
96 H
30
ft %/
103
11054
{Bush Terminal 1st 4s..
9
106
10754
33
40
44
7654
104
99 H
82
95
A
34H
24
30
30
A
1654
30
2754
60
F
of
134
9954 105H
92 H
104 H 10754
5454
1981 F
♦Certificates
9354
*25 H
1950
J
80
*35
Brown Shoe s f deb 3Ha
57
*
10454
Buffalo Gen Elec 4 Ha ser B
21
44 H
44
10554
5654
1154
3Hs series C..1967
"67
50
D
1957 M N
10454
s 3/
4754
17
35
*46
28
28
*
M N
1947 M N
20 54
45
O
29
A
1950 J
15
10154
F
Debenture gold 5s
1st Hen A ref 6s eerles B
2254
*
A
29H
28H
22 H
28H
23
8
83
*
1950
1946
1st Hen A ref 6s series A
13
21
*1854
gtd 58.1941 M N
J
1941 J
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
"29H
20 H
8
*104
J
mtge 3 HB—1966 M N
Bklyn Manhat Transit 4HS...1966 M N
con
2054
3
2554
A
17
1654
19%
1941 J
cons
1st 5s stamped
11554 119H
125H 12954
2754
97
O
1354
2054
...1964 M N
.
10 H
7 54
*
♦Uruguay (Republic) extl 8a...1946 F A
♦External s f 6s
1960 M N
♦External
11H
5H
2054
.....
D
.1971 J
J
1952 M S
f 6Ha
I
2354
1854
1962 IVI N
extl
sec
754
....
17
654
O
Serbs Croats A Slovenes (Kingdom
♦8s secured extl
1962 IVf N
♦7s Berlee B
1st g 4Hs series JJ
Bklyn Qu Co A Sub
854
§♦88 extl loan of 1921
♦Saxon State
1
25
*754
♦88 external
s
-
20 H
f._....... 1952 M N
♦0 Ha extl secured a f
San Pauk) (State of)—
Secured
-
"2754"
28
0
15
754
j--
1
High
23H
28
10
754
754
5354
58
2
90 H
D
S
7 54
6H
D
29
23
103""
1955 M N
6
1967 J
*20
11754
92 M
1966 M N
58
Low
12854
10354
97 54
♦7a extl loan of 1926
Rome (City) extl 6 Mb
Since
Jan.
"25H
1944 J
1st M 6s series II
No
117
I
1966
1952
f conv debs...
S3
12854
23 H
♦Berlin Elec El A Undergr 0 Hs 1956
Beth Steel cons M 4 Ha aer D..1960
Com mtge 3Mb series E
Asked
Hioh
I
1955
♦7a municipal loan
s
&
*100
1959
♦Debenture 6s
Ranoe
k2
Friday's
Bid
12854
♦Berlin City Elec Co deb 6 Ha._1951
19
102H 108H
103H 109H
Ranoe or
Sale
Price
117
....I960
.
Belvldere Delaware
•
12
5
fe
a.
Bell Telep of Pa 5e series B....1948
98 H
62
054
854
C
►n
16
Low
9
754
654
6%
8TOCK
Week Ended Sept.
16
754
.....
19
10654
Y.
1
High
554
70
Prussia (Free State) extl 6 Ha. 1951 M S
♦External a f 6s
1952 A O
Queensland (State) extl
Jan.
03
<5
«
N.
Since
Ask
-
..1952 IVI N
.
A
BONDS
Range
,
Friday's
Bid
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City
■a
Range or
Sale
Price
1745
Week's
Friday
Week's
Friday
12
15
7
1854
17H
1854
2254
12H
1154
11 54
754
New York Bond Record—Continued—Page 3
1746
Last
bonds
N.
Bennett 'Bros. & Johnson
{♦DeD A R G West gen 5s.Aug
♦
(subj
\ssented
1955
1978
{♦Des M A Ft Dodge 4* ctffl.—1935
{♦Des Pla'ne Val 1st gu 4 %s_..1947
Detroit Edison Co 4%s aer D..1961
MUNICIPAL "BONDS
Gen A ref M 4s ser F...
Gen A ref mtge 3 %s ser G
Chicago, III.
<Dlgby 4 5200
•jy. T. 1-761 -<•
%andolph 7711
"Bell System "Teletype •>- Cgo. 543
Lust
bonds
STOCK
Range or
Sale
EXCHANGE
Price
Week Ended Sept. 16
1934
(♦Refunding gold 4s
♦Certificates
deposit
of
(♦Secured 4%s series A...—1962
A
j
j
East Ry Minn Nor
J
3
3
*20%
-----
113%
1965 A o
..1966 M S
109%
O
m"s
Jan. 1
J
j
J
5s.. 1995 J
4a.... 1952 f
14%
22%
19%
10%
1941 hi N
Elgin Jollet A East 1st g 5s
D
El Paso Nat Gas 4 %s ser A... 1951
O
1965
El Paso A S W 1st 5s
14%
8
5%
6
7%
5
7
8
5%
8
5%
8%
3
5%
*5
D
70%
-.--June 16 1981
Memphis Dlv 1st g 4s
..1961
j
D
J
d
ChicT H & So'eastero 1st 5s.. 1960 J
d
.Dec 1 1960
5s.....
Electric Auto Lite conv
51
7%
j
11
3%
70%
*45""
55
71
65
t
.1963
3%s guaranteed...
.1943
Child* Co deb 6s
1st mtge 3 %s
Cln Leb A Nor 1st
4*.
86
86
Clearfield A Mah 1st
Apr a Col Dlv 1st g 4a
W W Val Dlv lit g 4h
Cleve-CIlffa Iron 1st mtge 4%s.
Cleve Elec Ilium 1st M 3*48...
107%
6
103
34
99
13
101
71
65
71
4
48%
5
14
30
107%
'
—
»
-
—
----
—
1
100%
109%
100
92%
,80
15%
102% 107%
106% 109%
100
102
28
65
107% 110%
41
107
72
102
108%
73
59
16
61
1953
o
13%
13%
14
12%
1963
o
*10%
19
36%
21%
4s series D
conv
s
f 6s.. 1957 J
1938 M
(♦3d mtge 4%s...
...
Ernesto
110
---
-
1st lien
8 f
1942
5s stamped
♦
82%
----
80
83
13
o
76%
76%
78%
39
let lien 6s stamped
o
70
70
71
13
100
loo
4
00
*55%
35
30-year deb 6s series B
Flat deb
s
Columbus A Tol 1st ext 4s
1955 F a
Columbus Ry Pow A Lt 4s
1965 M n
Commercial Credit deb 3%8__.l061 A O
2Mb debentures
...1942
Commercial Invest Tr deb 3 Mb 1951
Commonwealth Edison Co—
----
13
42%
40
49
j
105
1st mtge g 4s series F...
1981 n1 s
1st mtge 3%a series H....... 1965 a o
108
1st mtge 3%s series I.
Conv debs 3Mb..
38
2
86
98
30
85
96%
108%
1
107
1
109
J
109%
101%
102%
104%
31
110
103
73
105%
58
86
99
104% 112%
106% 109%
106
110
95% 101%
99% 103%
100
105%
83
105
108
68
102% 108%
104%
196
103% 105%
102
105%
373
102
110%
102
104%
541
102
105%
*00
j
107%
105%
103%
108%
105%
103%
102%
102%
D
1968 J
100
109%
debs 314s (Interest
Conn fly A List A ref 4 Hs
1951
♦,08
Conn Rlv Pow s f
3%s A.
Corisol Edison (N Y) deb 3%a
-
-
-
-
-
61
1966
103
.1958
102
♦Consolidated Hydro-Elec Works
of Upper
Wuertcmberg 7s....1956
D
conv deb 3%s.i
1951
{♦Consol Ry non-conv deb 4S..1954
•Debenture 4s
1955
♦Debenture 4s
1956
102%
j
207
102
14
-
-
-
-
-
-
-
106%
106%
103%
103%
95%
mtge 3 Mb
1970 M n
106%
105%
1st mtge 3His.
1966 M n
103%
103
Container Corp 1st 6s
1946 j
D
102
15-year deb 5s
Crane Co s f deb 3 Ha....
Crown Cork A Seal s f 4s
1943 j
D
95
A
-
-
-
-
2
108
100
May 1 1966 M N
..1967 M n
mtge 3%s....._.
-
10
108
1st
-
12
10%
48%
108%
1st
f
185
103
105%
108%
103
25
*10%
10%
40%
J
J
M N
102%
12
O
j
101%
*10%
J
»
229
102%
105%
103%
*
J
Consol OH
Crown Willamette Paper 6s
Cuba Nor Ry 1st 6%s
—
-
36
3%a
1946
Debenture 4s
1956
♦Consolidation Coal s f 5s..... 1960
Consumers Power 3%s.May 1 1965
-
105
104%
103%
debentures..
-
-
107%
104%
3 Mb debentures
...
106
1961
3 Mb debentures............1948
1st mtge 3 His
-
-
*i08
.....1951
4%s
U
19
6
13
8
105
15
104
105
31
105%
1942 j
D
105%
31%
Dayton Pow
30
35
3
20
d
44
46%
J
d
*30
1st A ref 4 %s
1st mortgage 4 Mb.
Den Gas A El 1st A ref
J
J
f 5s... 1951 ivi N
ivi N
j
J
1936 j
page
46%
j
1969 j
s
197! J
1969 j
(♦Consol gold 4His.
lor footnotes see
O
1943 ivi N
Stamped as to Peruia tax.... 1951
{(♦Den A R G 1st eons g 4s.... 1936
J
1749.
4
36
J
A Lt 1st A ref 3 Mb 1960 A
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4 %s
j
107
106%
......
1
f
1
1
1
----
80
59
104%
97
89%
89%
99%
84%
4
89%
100%
1
75
98%
95
98%
100
91%
7
93%
100%
----
35%
----
49
40
64%
8%
61
6%
{(♦Proof of claim filed by owner. M n
(Amended) 1st cons 2 4s
1982
{{♦Proof of claim filed by owner M N
7%
164
3%
6%
19
3%
8
2%
2%
1%
2%
*3%
*i%
♦Cert'flcatea of deposit
*1%
1941 j
Gas A El of Berg Co cons g 5s.. 1949 J
Gen Amer Investors deb 5s A..1962 f
Gen Cable 1st
s
J
*
A
107%
45%
108%
*104%
106%
106%
*106%
10%
*10
40
4
----
8
108%
103
51
1
108%
~
107
106%
-
3
4
12
12%
20
39
9
39
51
7
39
51
105
60
50
104%
104%
104%
67
38
37%
15
1
14%
16%
16%
5
13
25
30%
31%
22
34
97%
64
25%
78%
15
--
-----
96
96%
97
95%
104
17
97
1
85
-
97%
88%
*
74%
87%
78%
67%
*52
Feb
49
95% 111%
10
80
91%
99%
76%
74%
91%
69%
95
60
82
54
60
-
10
10%
11%
10%
40
17%
16%
11%
15%
66
Hudson Coal 1st
j
2
-
g
a
1
55
-
-
-
-
90%
93
-
-
-
-
91%
93
-
-
-
-
A.
1962
82
95%
76
53
99%
4
100%
106%
104%
2
106% 109
•>7
4lU
ill"
117
2
103
119%
66
8
62
81
29
38%
104%
U4~"
O
65
....
M n
*28
hi N
31
101%
Hudson Co Gas 1st g 5a._..
1949 M n
Hudson A Manhat 1st 5s ser A.1957 f A
ser
81
106%
103%
29
6s
10
55
104%
104%
106%
103%
D
s f
7
103% 103%
1
J
j
-
67%
94%
-----
j
J
-
73%
o
1949 j
--
7%
73%
-
-
7%
*103%
A
1952 J
103%
74
17
10
*84
4%s.„1999
Hoe (R) A Co 1st mtge
1944
{{♦Housatonlc Ry cons g 5s.-.1937
Houston Oil sink gund 5%s A. 1940
90%
89%
66
60
67%
68
80
o
Hackensack Water 1st 4a
1
68%
o
♦Harpen Mining 6s
Hocking Val 1st cons
104
64
1966 A
1946
71%
67
A
10-year deb 4 %s
"60% "77""
19
100
100
94%
106%
102
84%
*
Feb
1961
99
99%
106%
100
-----
4%s
74%
21
15
*45
t
84
101%
65
-
"67""
*45
a
100%
59
59
...—
1946
Gulf States Utll 4s series C_
89
...
"67""
A
3%s series I......1967
Gulf States Steel
--
104%
J
24%
20%
92% 104
71
92
92
*25
J
105%
9
104%
*104
1976
1977
1946
Stamped
101% 106%
101
105%
105%
15
Great Northern 4%s series A.. 1961
General 5%s series B
...1952
General 5a series C
1973
♦Green Bay A West deb ctls A
♦Debentures ctfs B
51
100%
56%
46
d
GeD mtge 4s series H
101%
100
51%
92
Gen mtge
105
100
104%
-----
—
85
201
51
50
50
-
63
20
50
-----
-
104%
100
51
99%
50%
j
General 4%s series D.__
General 4%s series E
2
103% 103%
34
49%
51
101%
100
..1952 J
103% 106
97% 103%
99% 102%
----
*119%
------
104
j
%
----
1
Gulf A S I 1st ref A ter 5a Feb 1952 J
28%
122
-
—
-
—
10
102%
30%
58
4
122
47
47
13%
12%
15
109%
109%
40
49%
♦Adjustment Income 58-Feb. 1957 A O
110
127
99% 103
13
35%
118% 122
40
11%
61%
24%
104% 109
101% 108
83
98
99% 105%
100
106%
102% 106%
30
43
Illinois Bell Telep 5'.%s ser
Illinois Central 1st gold 4s
1st gold 3%s
Extended
B..1970
1951
1951
1st gold 3%s
1951
1st gold 3s sterling
195f
Collateral trust gold 4s. ....1952
A
o
j
J
j
J
Purchased lines 3%s..
...
..1952
1953
31%
54%
41
58%
35
52
-
105% 109%
28
59
106% 108%
hi
S
a
O
43
n
48%
J
Loulsv*Dlv A Term g 3%s..l953 J
Omaha Dlv 1st golci 3s__
1951 F
St Louis Dlv A Term g 3s...1951 J
Gold 3%s
1951 J
105
Springfield Dlv 1st
108
Western Lines 1st
105% 108%
8%
15
9
16
g
g
3%*... 1951
1951
4a
*65
*61
*
—
—-
—
———
*
.
—
—
—
a
69
93
*45
*
55
*65%
J
F
-
-
—-
-
—-
95
60
-
85
98
93%
-
-
77%
37%
54
8
-
77%
7
34%
54
—
-
9
41%
47
31
48
39
60
123
23
45%
-
-
--
78
84
—
—
——
61
----
38%
59%
57%
59%
—
j
j
49
3i
J
-
50
42%
5%
—
34%
—
43
40
-
—
-
70
*
—
--
-
48%
d
j
—
*
41
a
a
-
43
j
J
——
100% 110%
88
93
*
-
23
89
—
M n
4%s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s...1951 j
103
,
O
1955 M n
106
-
*85
*80
—
a
.......1955 M
Refunding 4s..
Collateral trust gold 4s
Refunding 5s
107% 108%
106%
2%
1%
....
38
38
hi N
Grays Point Term 1st gu 5s... 1947 J
Gt Cons El Pow (Japan) 7s
1944 f
1st A gen s f 6%s
1950 J
17%
99%
------
D
f 5%s A
107% 108%
104% 108%
98% 105%
104
1952 J
g
1
2
107% 108%
10
J
7 His series A extended to 1946..
6s series B extended to 1946
101%
1
1952
40 year
Cuba RR 1st 5s
1
96
100% 101
15
1951 j
31%
97
1st gu 4a
1940 M n
Gulf Mob A Nor 1st 5%s B...1950 A o
1st mtge 5a series C
1950 A o
102% 106%
100% 106%
98% 103%
38
1950 M n
1961
51
104%
45
6%
Greenbrier Ry
waived to Sept 30 1938).-1958
Conn A Passum Rlv 1st 4s
1943
1
6
General mtge 4s aeries G
1968 j
36
*57%
1974 hi
♦1st A ref 5s series A...
Gotham Silk Hosiery deb 5s w w *46 ivi 8
Gouv A Oswegatchfe 1st 5s
1942 j D
65
30
93%
93%
100%
100%
102%
D
85
75
t
*35%
1st mtge 4%s..
....1956
Goodyear Tire A Rub 1st 53.-1957
107
j
1
99%
1946
f 7*
{♦Fla Cent A Penln 5s.
1943 j
{♦Florida East Coast 1st 4%s._ 1959 j
95% 103
73
93%
91%
92%
89%
108%
108%
30
----
99%
84%
1942
.1954
104%
77
105%
71
102%
65%
92%
106% 108
100
106%
D
92%
43
42%
105
96
j
1947 J
J
♦Gen Elec (Germany) 7s Jan 16 1945 J
d
♦Sinking fund deb 6%s_ —1940 J
♦20-year s f deb 6s
1948 hi N
Gen Motors Accept Corp deb 3s.'46 F a
15-year 3%s deb...
1951
Gen Pub Serv deb 5%s..
1939
Gen Steel Cast 5%s with warr.1949
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6s.. 1934
♦Good Hope Steel A Ir 9ec 7s. .1945
Goodrich (B F) conv deb 6s
1945
101% 101%
-----
80
Debenture 6s
..Apr 15 1952 a o
J
Debenture 5s
Jan 16 1961 j
Columbia A H V 1st ext g 4s... 1948 a o
38
91 %
97%
*101%
*101%
35
9%
9%
1
80
53
99
103% 106%
107% 112%
105% 106%
104% 108
O
87
96
70%
15
55
85
103%
91
93
O
1980 iv! N
12
85
*95%
97%
98
106%
J
1970
33%
----
12
42%
40%
*60
Francisco Sugar coll trust 6s.—1956 M n
o
Columbia G A E deb 5s...May 1952 ivi N
guar
*33%
Fairbanks Morse deb 4s
...1956 j
Federal Light A Traction let 5s 1942
58 International series
1942
78%
*106%
A
10%
10%
"85
103
100% 103%
2
76
61
O
1943
----
101
42%
—.1954 f
Breda 7s
Grand R A I ext 1st gu g 4%s..l941 J
Stamped
11
11
------
j
65
j
1946
*50
-----
S
Fort St U D Co 1st g 4%s
1965 J
Mb series C......... 1977
-----
13
57
1973
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen s f 6s..
♦5s Income mtge...;
Colo A South 4 Mb series A.-...
109%
-----
15
50
54%
1972
Cleve Union Term gu 5 Mb
1st« f 5s series B guar..
94% 108
106
102% 105%
23
60
*87
O
*50
—
1
29
15%
88
106%
109%
j
— —
23
107
106%
105%
79%
95%
90%
19%
99
a
Conv
» — —
105%
1
68%
100% 103%
131% 132%
13%
90%
73%
92%
41
73%
95
102%
*97%
A
f 4
105%
—
3
8
18%
*61
j
1940 J
1960 m n
105%
106%
-----
------
—
100%
132%
18%
13%
51%
98%
*50%
1940 m s
1977
s
------
—
75
74
100%
132%
♦Certificates of deposit
— — —
—
101
*100
J
*70
51%
j
1950
....
23
110
109%
97% 105%
32
14
*30
J
Gen A ref mtge 4 %b series B 1981
Cleve Short Line 1st gu 4 Mb... 1961
108
103%
O
♦Gen
102% 107%
1948 mn
Series D 3%s guar
Gen 4%s aeries A..
100
100%
1953
♦Conv 4s series A
♦Series B__
5
104%
107%
104%
89%
89%
68%
107%
106%
106%
J
D
1942 j
U0%
109%
5
1975 a O
j
1955 J
1942 A
Series A 4%s guar....
Series C 3%s guar
106
74
1967 hi N
14
D
Cleve A Pgh gen gu 414s ser B.
1942 A
Series B 3%s guar
14
24
109
11
♦Erie A Jersey 1st s f 6s
88
St L Dlv 1st col! tr g 4s..... 1990 m n
1st
109
102% 106
40
♦Ref A Impt 5s of 1927
45
66%
j
4
2
38
Fonda Johns A Glov 4%s
1977
Ref A Impt 4 %a series E
1939
Cairo Dlv 1st gold 4s..
Cln Wabash A M Dlv 1st 4s. 1991 J
39
14
38
♦Ref A Impt 5s of 1930
100%
Cleve Cln Chic a St L gen 4s... 1993
1993
General 5s series B...
102
14
J
67
106%
*109%
1943 j
100%
{♦Erie RR 1st cons g 4s prior.. 1996
♦
1996
1st consol gen lien g 4s
78%
D
5s...
gu
105%
100%
.mmmmrnrn
102
64%
59
100%
88%
88%
Cln Un Term 1st gu 6s ser C-. 1967 n N
1st mtge guar 3 Kb series D. .1971 ivi N
109
102
46
"88%
106%
33
88
*100
36
.1942 m n
.1967 j
con gu
20
23
j
63
102
a
{♦Choc Okla A Gulf cons 6s.. .1962 M N
Cincinnati Gas A Elec 314s... .1966 F a
40
32
96%
105%
95%
j
41
103
Chic A West Indiana con 4s.. .1962 J
1st A ref M 4%i series D... -1962 m
103% 109%
....
O
37%
104%
106%
.1963 J
.1961 m
8
....
32
mm
96
♦N Y A Erie RR ext 1st 4s.. 1947 hi N
E
42
111% 114%
107
112%
1940
♦Genessee River 1st
1st tntge 4b series D
4%
3
42
35
113%
111%
109%
1965
63
m s
.1944
Guaranteed 4s
26
8
7%
12
B... 1940
5s stamped
Erie A Pitta g gu 3%s ser
Series C 3%s..
9
Chicago Union Station-
1st mtge 3%s series
A
High
7%
1961
j
17%
3%
gu
2
----
42
*
.90 mm mm
Dlv 1st 4s.. 1948 a O
41
Low
6H
M N
Inc
No.
16%
1®60
Gold 3%s.
110%
108%
d
o
j
hi
High
*42%
16%
♦Certificates of deposit
♦Conv g 4%s
Cb St L A New Orleans 6s
113%
*30
East T Va A Ga Dlv 1st 5s.... 1956 M n
J
1939 j
Ed El III Bklyn 1st cons 4s
Since
Asked
dt
47
a
5%
S
Dow Chemical deb 3s...
1951 J
DulMlsaabeAIron RangeRy 3 %s.62 A
Range
Friday's
Bid
Low
f
4
3%
44
A
Ed El 111 (N Y) 1st cons g
{(♦Chicago Railways let 6s stpd
Feb 1 1938 26% part paid....
{♦Chic R I A P Ry gen 4s..... 1988
♦Certificates of deposit
16
45
9%
Weeks
Friday
Y.
4%
4
9
D
1
High
Low
4
9%
f
♦Second gold 4s
...1995 j D
Detroit Term A Tunnel 4%»..1961 ivi N
Since
Jan.
3%
4
m
j
No.
High
M
t(*Dul*Sou Shore A Atl g 5s.. 1937
Duquesne Light 1st M 3%s_._J965
N.
a
AO
♦Detroit A Mac 1st lien g 4s—1995 j
135 So. La Salle St.
One Wall Street
F
to plan).....
Ask
A
Low
♦Ref A Impt 5s ser B...Apr
GIstewYorkyCNkm.Y*
Bid
Range
ll
Friday's
Price
Week Ended Sept. 16
v
Range or
Sale
EXCHANGE
STOCK
Y.
17, 1938
Sept.
Week's
Friday
----
63
47
72
—
----
----
—
—
-
—
————-
-----
52
--- —
52
--
50
-----
75
Volume
New York Bond Record—Continued—Page 4
147
Friday
bonds
N.
Last
EXCHANGE
BTOOK
Y.
Rid
A
Low
III CeDt and Chic
bonds
Range
Bonds Sold
Friday's
Price
Asked
No.
Htoh
N
Since
Jan.
Low
39%
39%
29
49%
37%
39%
40%
29
37 Vi
9
28
46%
105%
10)%
24
30%
12
C
Illinois Steel deb 4 Vis
1910
Ilseder Steel Corp 6s
1948
105%
29
bloom A West 1st ext 4s__ 1940
III A Iowa 1st g 4s
29
*
1950
*55
1932
notes.-1932
*98
107%
A
O
O
Internat Paper 5s ser A
Ref
s
Conv deb 4 %•
Debenture 5s
3%
—
—
101% 108
39
67
42%
65
3
42%
63
10
34
60%
31%
42
53%
34
40
19
83%
18
65
102%
1
100
13%
22
3%
9
3%
13
19%
2%
Metrop Wat Sew A D 5 4s
1950 a
{•♦Met West Side El (Chic) 4s. 1938 F
5%
♦Mlag Mill Mach 1st s f 7s
1956 j
Michigan Central Detroit A Bay
City Air Line 4s.
1940 j
Ref A lmpt 4 Vis series
19
80%
51
88 Vi
88%
91%
16
80%
98
83%
82%
78%
85%
30
54
89%
1939
1939
{♦Mil Spar A N W 1st gu 4s...1947
{♦Mllw A State Line 1st 3 Vis-.1941
78%
1
77
82
{♦Minn A St Louis 6s ctfs
85%
5
75
94
66%
139
39%
74%
85%
55%
58 %
100
1955
99%
62 Vi
60
{♦Iowa Central Ry 1st A ret 4s. 1951
1%
74
100% 1060
♦1st ext 4 Vis
♦Con ext 4 Vis...
D
M
S
a
o
{•♦K C Ft 8 A M Ry ref g 4S.1936 A
♦Certificates of deposit
56
195
42%
77%
2%
46
1%
3%
O
4%s A.-1961
4S--1990
Kanawha A Mich 1st gu g
Kan
City Sou
Kansas Gas A Electric 4
♦Ctfs
w
w
107%
61
104%
105%
28
D
w
w
stmp (par
warr
$925)--1943
*37
M N
91
89%
102%
*
*
*50
84%
*50
91%
1st A ref 6 Vis
*150%
78
1951
Koppers Co 4s ser A
-.1947
-
-
-
-
-
-----
150
-
—
—
f
158
78%
4
71
90%
10
88
100%
4
100%
103%
95
95
99
96%
100
63
4
95
-
—
-
-
-
-
49%
16
16
j
*21
73
*8
16
S
3
-
-
77
52
60
13%
20
-
-
.
4
8%
1%
3
3%
1%
3
3
f
77
60
1
—
104%
104%
31%
-
-
19%
98%
-
-
9%
89%
97
2
32%
31%
*31%
-
103
14
2
32
S
j
ivi
s
j
3%
j
j
f
14
6%
9
5%
9%
7%
7%
13
7%
14%
*3%
3%
-
—
2%
-
-
*
------
68
3
-
6%
2%
5%
60%
70%
18%
-
34%
48
67
-
5
68
...
"26"
20
55
------
A
57%
7
36%
32%
38
O
1965
6%
7%
6
j
A
31
6%
-------
j
1978
Jan 1967
Prior lien 4 Vis series D
♦Cum adjust 5s ser A-
♦Certificates
ser
A
deposit
of
40%
25
35
*
28%
-
-
-
60
28
6
35
------
102%
103
10
95%
103%
12
85%
100
16
42%
25
45%
10
24
15%
25%
15%
-
23
1977 IVI
♦1st A ref 5s series F__
-
1978 MN
135
4
17%
134
15
25%
16%
16%
1
15
23
15%
17%
48
15
25%
"3%
"I"
45
15%
-
5%
15
-
17%
4%
17%
87
8
-
-
16
-
20
A
4%
-
17%
15%
15%
S
deposit
of
15
-----
1975' M~S
4s
-
16
-
-
—1949
1980
♦1st A ref g 5s series H
♦Certificates of deposit
MN
a
3%
O
16
1981
F~
A
♦Certificates of deposit
•♦Mo Pac 3d 7s ext at 4%-July 1938 MN
3
16
15
53
25%
23
14%
25%
23
85
60%
60%
98
50
17%
15%
*15
------
6%
15%
15%
*15
------
♦1st A ref 5a series I_.
8
15
...
*Conv gold 5 Vis
98%
99%
{♦Mobile A Ohio gen gold 4s..-1938 M
♦Montgomery D'v 1st g 6s._1947 f
♦Ref A
Coll tr 6s series A
1942
41%
53%
Coll tr 6s series B
-—1942
*
54
44
49%
to—1947
1941
*
85
70
90%
Montana Power 1st A ref
96%
Montreal Tram 1st A ref 6s
Coll A ref 6Vis series D
---
79%
60
-
*60%
96% 103%
103
A
1959 M, 8
58.1939 AO
1953
I960
-
14
j
1977
• ♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4a. 1991
Monougahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Vis.——
..—I960
6s debentures.—--.——1965
Coll A ref 6 Vis series C
-
—
——
103%
*
------
j
81%
96
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
Laclede Gas Light ref A ext
-
-
-
103%
(VI
♦Certificates of deposit
— —
100
j
—
-
102
------
------1962 j
40-year 4s series B
95
—
*94%
M n
-
102
D
♦1st A ref 6b series G
72
95
-
-
14
103
j
Mo Kan A Tex 1st gold 4s
1990 j
M-K-T RR pr lien 5s ser A_—-1962 j
♦Certificates
88
100 Vi
Kreege Foundation coll tr 4s.. 1945 J
3 Vis collateral trust notes.
——
5 Vis
♦General
100
......
195-'
194 l
Kinney (G R) 5Vi» ext to
166
91
72
-
70%
d
1949
1978
-----
82
1961
92
*65%
{1st Chicago Term s f 4s_._. 1941 M n
J
{♦Mo-Ill RR 1st 5s series A
1959 j
27%
99% 108%
1
102%
88
*90%
j
{♦Mo Pac 1st A ref 6s
25
27
unguaranteed
1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s.1941
Kings Co Lighting 1st 6s
1954
4 Vis
41
80
13
101
20%
23
91
92%
—
1961
-
-
—
*22
1946 MS
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4%s—1961
Plain
40
14%
41
*20
(par $925)-. 1943
Keith (B F) Corp 1st 6s
8 tamped
103% 108%
103% 106%
*18
...
*60
------
1946 j
74
16%
105%
j
26%
94
86
'
------
♦1st A ref 6s series A
44%
5
106%
Vis—1980 J
78%
60
24
67
6%
6%
24
j
♦25 year
23
104%
110%
99% 103%
1%
O
j
♦1st ref 5 Vis series B
70
91
103%
5
6%
*70
j
j
90
63%
4
10
101
6%
j
j
98%
63 Vi
12
109%
*
s
1938
1938
con
30%
27%
75%
J
--
103%
1934 M n
5s gu as to Int
cons
20%
J
97
-
D
g4a Int gu *38
{•♦MSt P A 83 M
• ♦1st cons 5s
78
-
J
stmp (par
♦Ctfs
88
-
95
72
......
j
13
J
1st 6s—1943 M n
$645) -.1943
♦Karstadt (Rudolph)
22
-
-
26%
67
o
Apr 1950
1960
City Term 1st 4s
♦Ctfs with
91%
*83%
20%
40
*20
1st gold 3s-.--.1950 a
Ref A lmpt 5s
Kansas
92
4
65
2
-
100%
67%
56%
94%
j
♦1st A ref gold 4s
-.1949 IVI
♦Ref A ext 60-yrAtser A....1962 q
• •1st
j
13%
1
74
99%
IVI N
{•♦Mil A No 1st ext 4 Vis(1880) 1934 D
12
48%
35%
------
13%
83%
109%
j
12
-
20
74
103
D
158
-
75
99
80
83%
a
1971 j
75%
-
*
74
O
1961 j
47%
-
M
.1940 a
{♦Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
45
______
deb g 4%s..l952
-—---.1939
James Frankl A Clear 1st 4b -.1959
1951
1952
.1979
C
67
14
70
85
68
60
80
79%
s
46
*10%
High
s
1st mtge 5s
19
1
Jan.
NO
High
------
j
1977 M
Jack I^ans A Sag 3 Vis
1st gold 3 Vis
89
12
j
Since
£
33
*81
80
O
♦4s (Sept 1914 coupon). —..1977 M
102%
U%
1
{♦Man G B A N W 1st 3 Vis...1941 j
Marlon Steam Shovel 8 f 6s....1947 A
ser A-.-April 1940 q
Market St Ry 7s
♦Mex Internat 1st 4s asstd
40
Asked
*99
1959 IVI N
1st 6s with warr.-1945 M N
Metrop Ed 1st 4 Vis ser D
1968 IVI S
55
&
Range
i®
Friday's
Bid
s f 5s...1953
Manila RR (South Lines) 4s..-1939 M N
1st ext 4s
00
Range or
Sale
Price
Low
69%
1955
Jones a Laughlin Steel
Last
<5
Mead Corp
18
100%
55%
13
B—1972 M N
1947 F A
1st lien A ref 6 Vis
—
90
12%
11%
12'
A B...1947
f 6s series A
Int Rys Cent Amer 1st 5s
Int Telep A Teleg
J
1941
6s
-
107%
81
1956
6s..1944
f
s
—
96
102%
1956
♦1st 5s series B
Marine
—
25%
N
Merc
-
-
SOU
1947 a
♦1st g 5s series C
-
-
-
47%
M s
stamped
1942 IVI
{♦Int Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A--July 1952
Intermit Hydro El deb
-
-
-
31%
-
53
Int Agric Corp 5s
Int
-
-
—
66%
72%
.
—
49
107%
53
♦Certificates of deposit
Interlake Iron conv de'u 4s
29
-
20.
*
------
------
{interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
•♦10-year 6s
105% 107%
99
------
{♦Ind A Louisville lstgu 4s
1956
Ind Union Ry 3%s series B..1986
Inland Steel 3%s series D
1961
7%
*
Manila Elec RR A Lt
1963
conv
o
EXCHANGE
High
8t L4 N
1963
•♦10-year
8TOCK
Week Ended Sept. 16
1st A ref 4 %s series
Ind
Y.
1
Joint 1st ref 5e series A
lud
Week's
Friday
Range or
Sale
Week Ended Sept. 16
1747
Week's
-
-
-
13%
31%
14%
23
80
83%
23
75
90%
51
53%
19
48
61%
8
47
60
13%
--
-
53%
51
-------
*49%
51%
53
-
-
—
—
*mpt 4Vis
M
*
90
A
17%
17
19%
23
13%
S
21%
20%
23%
167
8%
26
83
9
28%
M S
25%
22%
27%
io6%
100%
100%
105%
105%
97%
107
M
*
M N
28%
50%
67%
98% 107%
64
1
20
99
98%
13
85
99
93%
95%
91
84
96
99
99
;
107%
Lake Erie A Western RR—
6s 1937 extended at 3%
2d gold 5sLake 8h A Mich So g 3%«
*
90
1997
85%
29%
1st A ref.
1st A ref
•
f 5s
f 5s
s
J
57%
M
O
f 4 Vis series
Gen A ref
a
f 6s series D
1955
6
S
*
f
A
1941
Lex A
East
gu—1965
1st 50-yr 5s
1946
—1952
—
—
-
27
42%
Constr M 4 Vis series B
1955
97%
66
99%
43
45
32%
26%
18%
27%
79%
37%
41%
"ie"
62
50%
11%
6
l
o! to
32
14%
*13
"55
16%
16%
17
*13
13
-----
-
~
54
18
-
17
*45
-
18
*13%
*107
13
.
17
-----
45
-
—
105%
115
129%
124
18
108%
110%
100%
99
8
100
40
-----
54%
118
128% 131
121% 126
12
123%
33%
-----
-----
—
—
129%
22
112%
M n
m n
States T A T3%s.l968 j D
Mutual Fuel Gas 1st gu g 6s—1947 M n
Mut Un Tel gtd 6s ext at 6%—1941 M N
Mountain
1978 F
Nash Chatt A St L 4s ser A
74
74
47
80
71%
54%
21
34%
51
7
34%
102
102%
------
2
51%
50%
------
54%
50
50
*114%
*_.___
A
J
Nassau Elec gu g 4s stpd
1951 j
Nat Acme 4 Vis extended to
1946 J d
Nat Dairy Prod deb 3%s w W..1951 M N
ivi v
Nat Distillers Prod deb 4 Vis... 1945
Nat
Gypsum 4 Vis
s
f debs ....I960 MN
*55
30
29
75
102%
-
-
-
-
-
--
-
99%
82
55%
102
102%
112
114%
1
1
I
I
»
50
67%
14
33%
•
------
-
147
10'»%
102%
10 %
100%
100%
8
100%
-
-
-
---
-----
101
-
100%
94% 101%
on___..1957
I
1
1
•
»
20
68
18
39
96%
101
92%
104
100
107
100% 100%
*%
1914 coup on
1957
1914 coup off
1957
warr A rets No 4 on *57
*%
♦4 Vis Jan 1914 coup
♦4 Vis July
♦4 Vis July
♦Assent
*%
*1
1
1%
A
o
*%
♦4s April 1914 coupon off
1977 A
♦Assent warr A rets No 5 on '77
o
*%
*1
1%
J
*1%
*%
3
1977
♦4s April 1914 coupon on
Nat RR of Mex prior lien
♦4s April
----
►
-
-
-
-
-
-
-
2%
2%
2%
_____
%
2%
1%
3%
4 Vis—
onl926
1914 coupon on
1951
1914 coupon off.-.1951
•♦Assent warr A rets No 4
♦4s April
ioo
A
d
72%
69
National Rys ol Mexico-
j
f
J
75
72%
40
34
—
85
30
—'
-
■
A
a
39%
19%
72
2
-
41%
14%
A
A.-.1962
1955 M n
*30
.
Little Miami gen 4s series
Loews Inc s f deb 3 Vis
Constr M 5s series A
27%
Liggett A Myers Tobacco 7s—1944
6s
1951 F
Liquid Carbonic 4s conv debs. .1947
96
*73%
1940 J
J
4 Vis assented
1940 J
J
Lehigh Val (Pa) cons g 4s
2003 M N "is"
48 assented
2003' M N
General cons 4 Vis
2003 M N
15%
4 Vis assented.
2003; M N
General cons 6s
2003 M N
5s assented.-2003 MN
Leh Val Term Ry lstgug 6s—1^41 A
5s assented
65
*26%
1954
Leb Val Harbor Term gu 5s
*
71
78%
*32
Leh Val N Y 1st gu g 4 Vis
a
48
48
—
Vis.—2000
75
73
69
—
*79%
to.----1943
+
—
Morris A Essex 1st gu 3
84
------
-
84
40%
......
*
------
-
57%
*78%
96% 101
2
a
s
17
58%
57%
J
a
—1954
1964
1974
Sec 6% notes extend
a
Gen A ref
f 6s series A
Gen A ref s f 6s senes B
f 5s
s
1955
C—1966
34
s
------
a
24%
Ltd—
♦1st rntge Income reg
1st A ref
1941
Gen A ref
78
3
93%
1955
102
25
30 U
Lautaro Nitrate Co
95%
—
-
—
88
1975
Lehigh C A Nav s f 4 Vis A
1954
Cons sink fund 4 Vis ser C—1954
Lehigh A New Eng RR 4s A—1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 6s. 1944
-
3%s.1966
♦Assent warr A rets No
4 on
A
o
A
o
1%
%
54
*51
61
55
90
Nat Steel 1st coll a f 4s
1965 j
*82
83
80%
87
{♦Naugatuck RR 1st g 4s
1954 M N
stamped
1949
1949
1949
Lorlllard (P) Co deb 7s
1944
A
O
1951
F
a
2%
103
108%
-----
-----
1
%
63%
Long Dock Co 3Vis ext to—1950
1%
%
*%
51
Lombard Elec 7s ser A
♦
Long Island
Guar ref gold 4s
4s
—
-
Unified 4s
—
5b
54
54
80
*77
*127%
-
Louisiana A Ark 1st 5s ser A—1969 j
Louisville Gas A Elec 3 Vis
1966 M
s
M
-
-
-
S
1945
Louis A Jeff Bdge Co gu 4s
J
121
-
78
79%
105
------
*104%
55
3
80
83
73%
8
....
73%
126
129%
121
129%
115% 125
1
60
41
80%
88%
88%
84
-—1940
1st A ref 5s series B
2003
1st A ref 4 Vis series C
99
a
2003
2003
a
Paducah a Mem Div 4s
91
a
2003
98%
------
a
1st A ref 4s series D_
1st A ref 3%s series E
1946 f
St Louis Div 2d gold 3s
M
Mob A Montg 1st g 4 Vis
Atl
1980
1945
Ry JolDt Monon 4s.1952
Knox A Cln
—i-—
♦Lower Austria Hydro E16Vis. 1944
1
-
-
96
-
*50
75
-
—-
99
1955
D
97%
93%
90
New Orleans Term 1st gu 4s— 1953
1935 A
O
85
1954 a
o
♦1st 5s series C
1956
♦1st 4 Vis seFes D
1956
-
-
-
♦1st 5 Vis
1954 o
69
-
-
101%
-
-
a
O
j
D
105%
103%
*
73%
42%
.
25%
45
26%
24%
26%
23%
*11
29
26%
-
1749
103%
10-year 3
sec s
f
91%
Ref A imot 4 Vis ser'es
37
55
Ref A lmpt 6s series
3
20
31%
Conv secured 3Vis
17%
16%
34%
10
23%
47
5
21
-
104% 108%
38
34
67
50
100%
26
86%
99%
39
84% 100%
05
65
*
34%
1
-
---
-
-
101
47
76
23
35
22
38
*23
31
24
36
a
30
30
4
22
37
f
27
27
1
23
36%
A
30
30%
6
22
40
26%
35%
*
Newport A C Bdge gen gu 4 Vis 1945
N Y Cent RR 4s series A
1998
70
-
-
-
-
34
♦Certificates of deposit.—
2
-
46
97%
J
♦Certificates of deposit—
series A
8
10
65
98%
93%
48
-
111%
97% 106
3
105%
103%
103%
j
For footnote* see page
80
98
a
..I960
Feb 1 1957 M N
82
22
*98
108%
99
107%
31
A
O
112
32%
120% 124
New Orl Pub Serv 1st 6s ser A.. 1952
76
—
-
24%
24
-—-
14
*32
109
—
116% 121
123%
107%
62%
♦1st 5s series B_.
*
123
—J-
J
{•♦N O Tex A Mex n-c inc 6s..
-
122% 126
J
1st A ref 5s series B
-
-—
53
1952
4 Vis A
28
-
124%
O
107%
65
124
1983
New Or I Great Nor 5s A
46
107%
122
24%
—
1960
4 Vis
N J Pow A Light 1st
96
6
111
-
-
74
69
-
99
*81
d
{♦Manhat Ry (N Y) cons 4s.. 1990
♦Certificates of deposit
♦8econd 4s..
2013
78
*109
McCrory Stores Corp s f deb 58.1951 M N
Mc Reason A Robbing deb 5 Vis. 1950 M N
d
Maine CeDtral RR 4s ser A —1945 J
Gen mtge 4Vis ser A
88
f
-
75
15
91%
4s._ 1986
-
65
108
85
98%
S
J
F
100
86
*76%
1955 M N
Div 4s
Manatl Sugar 4s s f
RR guar 1st
*25
*
.
98% 105
83% 102
106
85
86%
M
Bouth
N J Junction
*119%
j
J
1961 M N
1st g 4 Vis series B
N O A N E 1st ref A imp
J
*55
D
Tel 6s A.
New England Tel A
101% 106%
10
Louisville A Nashville RR—
Unified gold 4s
1952 J
107%
d
102
105
D
Newark Consol Gas cons 6s— 1948 J
{♦New England RR guar 5s— 1945
1945 J
♦Consol guar 4s
32%
C
A
1946
2013
...2013
1952
J
A
*110
73
110% 111%
48%
82
57%
63
69
75%
76
62
91%
o
49%
49%
53%
100
38%
85%
o
52%
51%
56
124
42
73
M N
61%
61%
66%
47
51
84
57%
O
New York Bond Record—Continued—Page 5
1748
Friday
Range or
Range
Sale
EXCHANGE
Week:*
Last
BONDS
N. Y- STOCK
Friday'*
hid
A
Asked
Since
Price
Week Ended Sept. 16
Low
Hud River 3)4«—1997
J
J
79)4
1942
J
J
76
Ref & lmpt 4)4s »er
A
2013
sold 3)4»—1998
Mich Cent coll gold 3 mb
1998
Y Chic & St Louis—
A
O
Lake Shore coll
F
A
F
A
1974
A
N Y Cent &
Debenture 4s
N
serlea A
♦lie! 4 Mb series C
Kef 6Mb
------}978
Oct 1 1938
1946
1st mtge 3Ma extended to—1947
N Y Connect 1st gu 4Mb A—1953
1st guar 68 Berles B
1963
N Y Dock let gold 4s
1961
Conv 6% notes
1947
N Y Edison 3Mb ser D
1966
1st lien A rer 3)4» ser E
1966
3-year 6s
4b collateral trust
High
No
Low
9
67
94 H
Penn-Dlxle Cement 1st 6s
76
4
64
98 m
Penn Glass Sand 1st M
05)4
82)4
48)4
52)4
87
38
63)4
1
63
*
58 h
65
176
84-
30
74s
31)4
40
M
31
38
321
26)4
62'
A
55
40
55
377
30
77
61
58
A
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F
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65
75
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39)4
66)4
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7
46
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40
101
105
15
50 M
gold 4s——1949
123)4
F
Greenwood Lake 6s—1946
2000
1973
IVI N
1J73
IVI N
Coal A RR 5)4»1942
♦NYLEAW Dock A Impt 68 1943
N Y A Long Branch gen 48—1941
IVI N
gold 3 Mb
Lack A West 4s ser A
N Y A Harlem
N Y
4Mb series B..
♦N Y L E A W
{♦N Y A N E (Bost Term) 4s.. 1939
{♦N YNHAHn-C deb 4s
1947
♦Non-conv debenture 3)48—1947
♦Non-conv debenture 3)48—1964
♦Non-conv debenture 4s_—»1966
O
J ♦Harlem R A Pt
Chea 1st 4sl954
IVI N
M
86
96)4
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—1940
J
F
A
F
A
1943
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Ref mtge 3Mb ser
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B
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J
M
A
1947 M S
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April 1990 Apr
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Pere Marquette 1st ser A 5s— 1956 J
1956 J
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Peoria A Pekln Un
1980
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Phelps Dodge conv 3 Ms deb— 1952 J
Phlla Bait A Wash 1st g
O
A
O
F
A
1974 F
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General 4 Mb series
C
17)4
1981 J
D
Phlla Co
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12
23
59
10
51
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4
8
49
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106
109
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16)4
45
45
43)4
Aug 15 1963
Deb 6b series C
Nov 15 1969
North Cent gen A ref 6s——1974
Gen A ref 4Mb series A
1974
♦{ Northern Ohio Ry 1st guar 5s—
♦Apr 1 1936 A sub coupons. 1945
♦Oct 1938 and sub coupons.. 1945
♦Ctfs of dep stamped
Apr '33 to Oct '34 coups... 1945
North Pacific prior Hen 4s
1997
Gen Hen ry A Id g 3s Jan——2047
Ref A lmpt 4 Mb series A
2047
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
Nor Ry of Calif guar g 6s
1938
Northern State Powef 3)4a—1967
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Deb 5)48 serlea
B
F
A
MN
111
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35
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103
103
104
22
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1967
1972
1966
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let mtge
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101
107
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107
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23
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82
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1962
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1977
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J
6s.. 1942
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12)4
105)4
80)4
1951
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{♦Providence Sec guar deb 4s. .1957
{♦Providence Term 1st 4s
1956
1948
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)—
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4Mb series A
1997
Gen A ref 4Mb series B
1997
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IW
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66
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68
58
85
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60
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7
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100)4
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32
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75
42
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75
58
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93
76
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58
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60
91
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60
80
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102
105
100
1941
s
M
S
Republic Steel Corp 4Mb ser A.1950
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1961 F A
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1956 IW N
4 Hs. 1956
1946
101
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85
84
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86
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108
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105
54
98
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103
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82
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15
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17
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94)4 112
72
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92
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.1955
A
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1952
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32
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1952
1953
25
21
38
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87)4
108)4
25
98)4
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MN
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118)4
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84
100
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107
115
115
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1961 J
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1962
J
J
1946
62
S
101)4
110
113
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1952
J
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103
110
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14
109
100)4
1946 J
74
D
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16
116)4
110)4 118)4
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78 M
69
45
54
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D
109
108
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50
H... 1961 J
1966 J
I
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105
103)4
102)4
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52
D
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1938
J
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1966 J
1955 J
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102)4
65
103)4
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1955
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D
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1949 A
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60
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Safeway Stores
16
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100)4 100)4
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St Jos A Grand Island 1st 4s
1947 J
J
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St Lawr A Adlr 1st g 6s
1996 J
1966 A
J
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98
104
1947
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s
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2d gold 6s
A
S
O
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118)4 121
109)4
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Corp—
1956
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1948 A
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14
41
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41
4s stmp
1949 J
{♦Rutla. i RR 1st con 4)4s..l941 J
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105)4
20)4
20)4
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1977
1962
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89)4 107
104
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103
16
103
103)4
67
106)4 111)4
102)4 108)4
69
70
65
D
S
103
*60
36
102
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lol"
Richfield Oil Corp—
Gen mtge 6s series E
1st M s f g 3s loan ctfs
7
6)4
31
105)4 106
F
46
J
Paramount Broadway
122
94)4
s
M N
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106
20
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40
53)4
67
60
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8
51
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1946
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109)4
78)4
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D
115
97)4 110)4
M N
41
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Paducah A 111 1st
104
99
106
105
35
115
1st A ref mtge 3)is ser
105)4 HO
*108
50
114
Pacific Coast Co 1st g 6s
70
112
*108
81
*108
4Mb
75)4
50
99)4 115
109
IW N
78
A
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49)4
60
111
J
91
J
1943
Oregon RR A Nav con g 4s
80)4
104M
A
J
47
J
53)4
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M S
8)4
68
96)4 104)4
8
Ontario Transmission 1st 6s—1945 IVI N
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~~58~~
58
60
107
62
65)4
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J
D
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1946 J
3)48
Oklahoma Gas A Elec 3)48
J
100
104
113
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Revere Cop A Br 1st mtge
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Ohio Connecting Ry 1st 4a_—1943
Ohio Edison 1st mtge 4s
1965
*102
4
A
106
8
103)4
40
A
119)4
99)4 104
IVI
65
107
4
6)4
M N
1940
1942
1942
Series D 4s guar
1945
Series E 3 Mb guar gold
1949
Series F 4s guar gold
1963
Series G 4s guar
1957
Series H cons guar 4s
1960
Series I cons 4 Ms
1963
Series J cons guar 4Mb
1964
Gen mtge 6s series A
—1970
Gen mtge 5s series B
1975
Gen 4Mb series C
1977
Pitts Va A Char 1st 4s guar.-.1943
Pitts A W Va 1st 4 Mb ser A—1958
1st mtge 4Mb series B
1959
1st mtge 4Mb series C
1960
Porto Rlcan Am Tob
IVI
79
46
49 M
*5)4
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Port Gen Elec 1st 4 Mb
116)4
104)4
111)4
40
89
113)4 117
107)4 108)4
95~"
105
111 M
65)4
101)4
Series C 4Mb guar
7
95)4
116)4
3
40
1949 IW
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13
6
8)4
15)4
95)4
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{ {♦Norfolk A South 1st g 6s—1941
Norl A W Ry 1st cons g 4s
1996 O A
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44
115)4
75
111)4
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1977 J
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23)4
92
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115)4
1943 M N
4s
1937
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1948
Phillips Petrol conv 3s
f PUlsbury Flour Mills 20-yr 6s. 1943
1952
Pirelli Co (Italy) conv 7s
Pitts Coke A Iron conv 4Mb A. 1952
107)4
deposit
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76 M
O
13
3)4
107)4
107)4
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91
O
32
69
J
106
A
16)4
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67
1943 A
1984
1952
E
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18)4
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104
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89)4 1UJ4
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J
J
82
52
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11
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71
48
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11
14
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42
12)4
*
M N
4)48—1939
1967
1946
68 stamped
—1946
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Niagara Falls Power 3Mb
1966
Nlag Lock A O Pow 1st 6s A—1966
Niagara Share (Mo) deb 6)48.1960
Nord Ry ext sink fund 6 Ms—1960
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"I'm
103)4 111)4
74
95)4
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91
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3
31
89 M
1967 J
sec 6s series A
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78
87 M
115
89 M
19
51
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115
91
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1937
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1961
J
1968 J
1970
1981
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109
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109
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20
A
Boston 4s. 1942
4s.-1993
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{N Y Rys prior lien 6s stamp..1968
109
A
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75
75
104)4
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57
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109
12
23)4
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101
109
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8
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2
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94
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General 4)4s series D
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O
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105)4
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1992
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J
A
12
J
.—1966
J
12)4
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ref g 4s
93
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of 1927—1967
♦General 4s
80
76
12
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{♦N Y Ont A West
60
70
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70
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A
103
75
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22
96
19)4
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O
1966
1966
1948
1940
4s
3 Mb
♦Conv debenture 6s
♦Collateral trust 6s
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16
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112)4 116
♦
M S
A
121)4 125
19
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J
J
4
115)4
*
IW N
A
123)4
115)4
115)4
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A
1981
Pennsylvania PAL 1st 4)4s—1981
Pennsylvania RR cons g 4s
1943
ConsoHd gold 4a.
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3)4s series C
1970
Consol sinking fund 4Mb
1960
General 4Mb series A
1965
4Mb series B
91
91
D
Pa Ohio A Det 1st A ref 4 Ms A. 1977
Peop Gas L A C 1st cons 6s
Erie RR
J
N Y Gas El Lt H A Pow g 5«-1948
N Y A Erie— See
Purchase money
A...1941 M S
4)4s._1960 J
101m 106)4
106
Jan. 1
But
Low
High
82%
63)4
49
Price
Week Ended Sept. 16
Jan. 1
Range
Friday'*
A
Asked
Sale
EXCHANGE
17, 1938
Range or
Last
BONDS
N. Y. STOCK
38)4
36)4
F
Sept.
Week's
Friday
63
61
62
5
Pictures deb 6s— 1955
J
17
81
8
93)4
75)4
95
1947
80
16
67
83 M
Paris-Orleans RR ext 5 Mb
1968 IVI
Si
82)4
85
6
1944 A O
88)4
8t Louis iron Mm A Southern—
92)4
Parmelee Trans deb 6s
78)4
31)4
109
94
O
Paramount
3)4s conv debentures
93)4
*40
45
66)4
100
50
Pat A Passaic G A E cons 6s... 1949 IW
8
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S
119)4
71)4
121)4
1942 M
71)4
1
Penn Co gu 3Mb coll tr ser B.. 1941
A
101)4
101)4
Guar 3)48 trust ctfs C
1942
D
*99)4
97)4 103 H
99)4 103)4
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1944 J
D
*97
90
1952 IW N
96
96
88)4 104
1963 F
92)4
93)4
83
♦Paullsta Ry 1st ref s f 7s
Guar 4*
ser
D
E truBt ctfs
2»-yeat 4s
A
118)4 121)4
60
72
103)4
100)4
♦{Rlv A G Dlv 1st g 4s
♦Certificates ol deposit
55
IW N
{♦S L Peoi a N W 1st gu 6s—1948 J
J
J
J
1955
14)4
""9)4
8)4
02
14)4
56
9
8)4
10
2
12
18)
1
50
69
10)4
45
8)4
16
9)4
52
7)4
13)
10)4
26
8)4
16)
7
13)
9
IW
s
1989
1989
9
8)4
8)4
1978
♦Ctfs of deposit stamped
{♦8t L 8W 1st 4s bond ctfs
04
40
14
•Certificates of deposit
♦Con M 4Mb series A
42)4
56
J
{♦St L-San Fran or Hen 4s A..1950 J
♦Certificate^ of deposit
♦Prior Hen 6s series B
1950
St L Rocky Mt A P 5s stpd
55
65
1933
7
47)4
M N
*28
10
8)4
50
"67
35
10
7)4
14
0)4
38
11)
67)
J
J
20
38
{♦1st terminal A unifying 58.1952 J
♦Gen A ret g 5s series A
1990 J
J
19
18)4
19
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13
27)
J
.13
12)4
14
8
9
18)
♦2d g 4s lnc bond ctfs...Nov
For footnotes see page
1749.
34
New York Bond Record—concluded—Page 6
147
Volume
BONDS
N
Last
Y. STOCK EXCHANGE
Week Ended Sept.
Price
Bid
Friday's
A
Ashed
Low
St Paul A Duluth 1st con g 4s—1968 J
D
J
{♦St Paul A K C Sh L gu 4H8-1941 F
St Paul Minn A Man—
A
J
J
J
J
1940
1972
tPaclflc ext gu 4s (large)
St Paul Un Dep 6 e guar
J
High
♦88
{♦St Paul E Gr Trk 1st 4 H8—1947 J
Range
No.
J
52
J
fSan Antonio Pub Serv 1st 6s._1952 J
San Diego Consol G A E 4a
1965 (VI N
1111
111"J2
1943
109H
Santa Fe Pres A Phen 1st 6s
1942 M S
{♦Schulco Co guar 6 Ha
♦Stamped
1946
♦Guar
s
*109
45
1939 M N
J
*13 H
28
15
15H
15H
12
O
26
26
24
30
24
31
1946
A O
♦Stamped
1989 M N
{{♦Seaboard Air Line 1st g 4s__1950 A O
{♦Gold 4s stamped
1950 A O
24
24
Scioto V A N E 1st gu 4s
11
3H
2H
5
4
A
*2H
1959
A
O
4H
♦Certificates of deposit...
cons 6s series A
1945 M S
6H
5H
♦Certificates of deposit
5H
5H
*14H
1933
1935
{♦Alt A Blrm 1st gu 4s
*4
M~S
♦Series B certificates
F
T"
A
1935 F
{♦Seaboard All Fla 6s A ctfs
A
M
S
Shlnyetsu El Pow 1st 6 Ha
1951
1952
J
2H
*2%
D
{♦Siemens A Halske s f 7s
1935
J
♦Debenture
s
103
12 H
gen 5Ha A.1975 M
♦Ref A gen 5s series B
...1976 F
4H
8H
3*8
Southern Call! Gas 4^8
1st mtge A ref 4s
1951
1950
1963
1962
1961
1965
Southern Colo Power 6s A
1947 J
Southern Kraft Corp 4Ha
1946 J D
*26"
10 H
5H
9H
13
3H
"35
22
2H
5H
2H
3H
103 H
87
4H
96H 104H
48
70«
81H
28
54
61H
20 H
82
77
28
64
94 H
13
79 H
77 H
98
~75H
103 H
104
102 H
103 H
55
104
106 H
207
92
7%
106
104H
M
S
F
1951
coll)._1949
1st 4Ha (Oregon Lines) A...1977
Gold 4 Ha
1968
Gold 4 Ha
1969
Gold 4 Ms
1981
10-year secured 3%a
1946
A
108 H
104H
106 H
108 H
109
J04H
J
A
""42
18
21
97 %
98 H
8
89
~89~"
O
J
4 Ha
D
8H
106 H
106H
O
62
65
O
76
76
68 H
72
74H
63 H
73
73
73
73
S
28
34 H
28
48
A
*20
D
1941 M
F
Wash Term 1st gu 3 Hs
1st 40-year guar 4s
1945 F
1945 F
1939 J
J
Westchester Ltg 5s stpd gtd
Gen mtge 3 Ha
1950 J
1967 J
D
M
S
4s
O
J
90 H
24
108
101H 105
105 H 108 H
106 H 109 H
109K
106 H 110
D
109H
106 H
165"
105
83 H
104H
M
S
20 H
20 H
22 H
S
20H
20
22
65H
67 X
ifH
"67 H
67
71
48 H
77 H
66H
165
S 23
70 H
23 H
47 H
77
20 H
24
30-year 5s
1960 M
S
1953 J
J
2361 J
J
..2361 J
J
*40
1966 M S
1949 M S
100 H
Westphalia Un El Power 6s
West Shore 1st 4s guar
Wheeling A L E Ry 4s ser D
Wheeling Steel 4H8 series A
1966 F
White Sew Mach deb 6s
91
35H
69H
49
22
41
76
{{♦Wllkes-Barre A East
43
Wilson A Co 1st M 4s series A..1955 J
46 M
31H
63 H
38 H
46
144
30
40
45
129
30 H
63
54
57 H
95
43 H
83 H
86 H
62
65
77
52
1960 J
J
{♦Wis Cent 50-yr 1st
1949 J
J
45 H
83
gen 4s
"~68H
40 H
39 H
A
52
49
43 H
56
A
55
54
60 H
*46
74 H
J
J
68 H
45
64
....
58M
23 H
49 H
26
28
"I04H
M N
100 H
1st mtge s f 4s ser C
e
110
100 H
100
101
98
106 H 110
101
100
105
33
J
F
1961 J
D
J
J
J
J
104H
12 H
'I6§"
103H
*123
99 H
100 %
213
8H
107 H
104
5H
5
100%
100
158
96
•
102H
week,
a Deferred delivery sale; only
Odd lot sale,
not Included In year's range,
Cash sale; only transaction during current
r
15
105
transaction
100
103 H
99
H 100H
{ Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
81H "44
46 H
85
22
week,
current
n
Exchange bond Issues which have
t The following Is a list of the New York Stock
105 H 108
1
during
Ex-Interest.
exchange rate of 34.8484
102
95
106
x
119H 125
121
101
~90H
"91H "34
"70H "94"
{ Companies reported as being In
Section 77 of the Bankruptcy Act, or
114*"
103 H 106 H
109 H 114
M
90 H
O
3
♦103H
F
A
J
J
102
F
A
J
D
85 H
105
J
D
*113
J
J
1980 J
A...1964
106H
102
95
been called in their entirety:
Pills bury Flour Mills 6s 1943, Oct. 1 at 102 H.
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at
H
S
D
A
1977 A O
1979 A O
D
101
85 H
1960
86 H
106
113 H
113H
15
70
133
104 H
79
69
4
71H
97
13
90
36 H
37 H
48
24H
5H
1937
70
7
79 H
97
5H
4
82
77%
'~77X
81
82
79
7H
83
103 H
103
81H
H6H
88 H
!!*
104
"70
Deferred delivery sales transacted during
week.
Bonds selling flat.
s
In
Friday's bid and asked price.
No sales transacted during current
the current week and not Included
the yearly range:
15 at 27.
Carlsbad 8s 1954, Sept. 16 at 16.
Austrian 7s 1957, Sept.
Hungary 7Hs 1979, Sept. 15 at 30H
•
87
104
3H
Transactions
39H
9
71
*86 H
*
103 H 107 H
81H
""~8
110.
bankruptcy, receivership, or reorganized under
securities assumed by such companies.
♦
108 H
90
99
21
95
37
1952
102
104
r
'II3H
M S
Jan 1960
Tide Water Asso Oil 3Hs
67
9
101
13H
101
Gen A ref 5s series D
{♦Third Ave RR 1st g 6s
72
•
J
Gen A ref 6s series C
Third Ave Ry 1st ref 4s.
*103H
101
No sales.
S
4H8—1939
1944
1953
Texarkana A Ft S gu 534s A...1950
Texas Corp deb 3 Ha
1951
TexA N O con gold 6s
1943
Texas A Pac 1st gold 5s
2000
98
York
New
the
at
Exchange,
Stock
Daily, Weekly and Yearly
90
105
Stocks,
HaUrouU dc
State,
Unuea
Total
Number 0/
Miscell.
Bond
Shares
Municipal <Sc
For'n Bonds
Stales
Bonds
Bonds
Tokyo Elec Light Co Ltd—
1953
1st 6s dollar series
J
J
Tol A Ohio Cent ref A Imp 3 Ha
1960
Tol St Louis A West 1st 4a
1950 A
D
4a_.1946
1949
Trenton G A El lBt g 5s
1953
♦Tyrol Hydro-Elec Pow 7 Ha.-1955
Tri-Cont Corp 5s conv deb A..
J
49 H
50 H
D
88
O
t
D
*95
S
J
J
106
♦
J
108 H
{{♦Union Elev Ry (Chic) 58—1945 A
Union Oil of Calif 6s series A...1942 F
O
8H
{♦Debenture 5s
108H
101H
110H
89
104M
105%
69
112
112
113H
24
89 H
M
S
M
6
J
J
Vandalla cons g 4s series A
Cons s f 4s series B...
1955
1957
74
73 X
*12
14
119
116
113H
8
102 H
37
103 %
40
394
37H
37H
89
89 H
90
107 X
97
F
A
Week Ended Sept.
1937
1938
7,352,070
8,319,420
188,020,038
285,929,375
$5,435,000
5,365,000
24,094,000
$6,246 000
$98,062,000
$308,270,000
5,964,000
33,424,000
168,188,000
254,643,000
962,470,000
1,551,668,000
$34,894,000
96
$45,634,000
$1,228,720,000
$2,114,581,000
GovernmentState and foreign
60
16
Jan. 1 to Sept.
16
1937
1938
Bonds
95H
107 %
77 H
69H
Railroad and
Industrial
Total
109 H
27
116H
107
102 H 103 %
27 H
11
27 H
40
37H
40
32
27H
41
88 H
91H
12
88H
94
89 H
91
20
73
92 H
89 H
45H
91H
51
78 H
94 H
47
25
45
55H
45H
46 %
36
45
55
93
93
94
6
77
99 H
*104
107
Stock and Bond Averages
41
39 H
Below
are
stocks and bonds
as
daily closing averages
the
listed
on
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocks
10
104H 105H
H
*1
Date
2H
10
Total
*1
12
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
66
Indus¬
Qrade
Grade
Utili¬
40
trials
104
104
M N
J
$34,894,000
Stocks—No. of shares.
82
45 H
O
4,506,000
7,352,070
83 H
71
46
A
352,000
$5,435,000
Exchange
109 H 116
19H
22%
726,000
$5,365,000
New York Stock
104 H 113H
107 H 114H
107
110
3,428,000
$24,094,000
Sales at
103
37H
J
1955
1949
2003
1958
22
110H
J
Va Iron Coal A Coke 1st g 6s...
29
92 %
102 %
37
{♦Vera Cruz A P 1st gu 4 Ha—1934 J
{♦July coupon off
Virginia El A Pow 4s ser A
92 H
108
671,580
Total
7
1
601,960
110H
105
1
110
O
58.1941
Friday...
8
1947
1959
4,998,000
80
J
1944
400,000
96
M
A
{♦Utll Pow A Light 5 Ha
7,182,000
10,850,000
3,779,000
18
J
88 H
Utah Power A Light 1st 5s
995,000
2,581,000
1,142,300
1,457,000
819,000
59 H
20
1944
1,083,000
6,812,000
Thursday
107 H
♦107H
70 H
73 H
71
72 H
108 H
*20 H
Utah Lt A Trac 1st A ref 6s
800,000
5,104,000
2,819,070
97
9
663,000
2,929,000
Wednesday
20
116 H
O
416,480
$2,966,000
4,392,000
1,700,680
...
110
25
Sales
$444,000
$480,000
$2,042,000
Tuesday
Monday
103
107 H
O
5s—1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s
1944
{{♦United Rys St L 1st g 4s...1934
U S Pipe A Fdy conv deb 3H8-1946
U S Steel Corp 3Ha debs
1948
♦Un Steel Works Corp 6Ha A..1951
♦Sec s f 6 Ha series C
1951
♦Sink fund deb 6H« ser A—1947
United Stockyards 4Ha w w.. 1951
109"
J
M N
United Clgar-Whelan Sts
Sept. 16, 1938
Saturday
103H
117H 120
A
A
Ended
Week
80
95
97H
J
1950 A
United Biscuit of Am deb 6s
84 H 102
50
109H
8%
116M
M 8
63H
26 H
25
A
UJlgawa Elec Power s f 7s
1945
Union Electric (Mo) 3Ha—1962 J
..1952
4s—1947
June 2008
1st lien A ref 5s
June 2008
34-year 3 Ha deb
1970
35-year 3Hs debenture
1971
40H
73 H
M N
S
debentures.
2
120H
M
1st lien A ref 4a
54
60
M
1952 F
Union Pac RR 1st A Id gr
50 H
88
*104"
1942 M S
Tol W V A Ohio 4s ser C
"i§
9%
week and not Included In the yearly
Cash sales transacted during the current
M
4s
1st cons 5s
5H
106
104
*
14H
8H
5
range
J
1st cons gold 5s
Va A Southwest 1st gu 6s
1961
106 H
121
Term Assn of St L 1st g
Gen A ref 5s series B
99 %
"74H
WIN
1947 J
Tenn Elec Pow 1st 6s ser A
34
*104H
102 H
D
J
*
"13H
A
1953
Vanadium Corp of Am conv
6H
17
7
106
1943
deb 6s. 1945
Swift A Co 1st M 3^8
.1950
Tenn Coal Iron A RR gen 6s...1951
Tenn Cop A Cbem deb 6s B
1944
Tennessee Corp deb 6s ser C
1944
3Ha
5H
65
108 H
1946
f 7s
5
*4%
c Service 4s...1961 j~D
J
{♦Wor A Conn East 1st 4 Ha
1943 J
Youngstown Sheet A Tube—
61
105H 109 H
8
15H
1
9
69 H
64
96 H 101H
94 H
71
"5
"16""
9
5
7H
4
15
94
9H
110H
79 H
94H
91H 100H
1
*106 H
♦Certificates of deposit
65
109 H
♦Studebaker Corp conv
s
31
♦Certificates of deposit
35
170
101H
93 H
9
Wlsoonsln Pubi
A
5
"9H
63
105 H
105
6
4 Vb
94
93
"71H "36
~68H
87 H
99 H
100 %
Took
75H
46 H
4%
J
74 H
48
86 H
99H
O
104 H
5
53
83
83 H
5s. .1942
gu
Conv deb 3Ha
25
100
4
D
1947 A
63 H
H
53
48
107%
A
J
26
16
107 H
Winston-Salem S B 1st 4s
38H
42
"53" #51H
1940 M N
16
24
"si"
97 H 108 H
*100
Ha
Registered
94 H
83
98H
103H
aer A
*79
93
73«
103 H
J
25- year gold 5s..
♦
68 H
80
76 H
O
O
47 H
52 H
62
Staten Island Ry 1st 4Hs
♦Guar sec
J01H 106H
A
1977 J
1950 M N
D
1951 J
87 H 100
J
♦{Spokane Internat 1st g 5s...1955 J
Toronto Bam A Buff 1st g
120 H
116
J
1943
1946
♦5s assented
120H
1968 J
♦AdJ Income 5s
98 H 103 H
120
.1946 M
{♦Western Pac 1st 5s
Western Union g 4
J
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
Tex Pac Mo Pac Ter 6Hs
121H 123
103H
119H
100 H
So'weatern Gas A Elec 4s ser D.1960 M N
s t g
103 H 105 H
S
1952 A
West N Y A Pa gen gold 4s
90H 103 H
104
56
J
Southern Ry 1st cons g 5s
Gen refund
107 H 110
103H
1952 J
West Va Pulp A Paper 4 Ha
1st A ref 6 Ha series A....
41H
M N
J
1955
1955
1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel A gen 6H8
1956
Mem Dlv 1st g 6s
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3Hsser B..1964
108H
104
109 H
*122H
102 H
102H
85 H
1966 J
1st mtge 3 Ha series I—
Western Maryland 1st 4s
42 H
M N
1st 4s stamped
105
*11111
D
82
91
105"
*
A
100
50
I
A
{♦Sup A Dul dlv A term 1st 4s '36 M N
15 yr2Hs debs
13
107H
55H
71
43
S
1950 A
C
13
6H
8%
14H
13H
7
8K
8H
100
100
M
J
ser
30
8H
6H
9
8H
7H
Warren RR 1st ref gu g 3 Ha—2000
24
110
*100
So Pac coll 4s (Cent Pac
1st A ref M 3s
15H
"42" *42*"
91H
1939 M S
RR 1st consol 4s...
San Fran Term 1st 4s
"38" "45"
S
1955 A
Certificates of deposit ...
{♦Warren Bros Co deb 6s
Southern Natural Gas—
So Pac RR 1st ref guar
35
27H
A
Wash Water Power a f 5s
5H
16
22
*
Skelly Oil deb 4s
1st mtge pipe line
67H
16H
24 %
I
Washington Cent 1st gold 4s—1948 Q M
107
7
75H
92 %
1952
South Bell Tel A Tel
32
48
*
1980
6s debentures
8
4
5
6H
*_____
A
1946
1941
South A North Ala RR gu 5s
12
1978
{♦Wabash Ry ref A
♦Ref A gen 4 Ha series C
♦Ref A gen 5s series D
99 H 105H
8
23
High
44 X
J
J
O
1941
1941 M S
Warner Bros Plct deb 6s
17 H
9
12 H
102 H
*51
S
F
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
Socony-Vacuum Oil 3 Ha
41
41
Lojd
J
1951 M
f 0Hs
103H
*38"
1941
West Penn Power 1st 5s ser E..1963 M
Shell Union Oil deb 3Hs
No.
*
1939
Walker (Hiram) GAW deb 4 Ha. 1945 J
Walworth Co 1st M 4s
1955 A
109 H 116
20
11H
115H
F
♦1st A
26
115H
12H
10H
Oct 1949
♦Adjustment 5s
{♦Refunding 4s
High
20
1
Jan.
Asked
23
A
22
J
1954
♦Toledo A Chic Dlv g 4s
20
J
A
102 M
41
A
♦Det A Chic Ext 1st 5s
112H
J
1939 F
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 Ha
111H
108
104
J
f 63^3 series B
♦2d gold 5s
♦1st Hen g term 4s
81H
109 H H3i|i
109H
110
S
1966
{{♦Wabash RR 1st gold 6s
98
102H
109H 118H
52 H
S A & Ar Pass 1st gu g 4s
M
Virginian Ry 3Ha series A
Since
Friday's
Bid
Low
9H
11
7H
6H
Range
Range or
Sale
Price
98
88
98 H
H6H
*98
♦115H
Last
Week Ended Sept. 16
High
Low
15H
7H
7
N. Y. 8TOCK EXCHANGE
Jan. 1
aj&a
93
♦7 H
BONDS
Since
Range or
Sale
16
1749
Week's
Friday
Week's
Friday
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
105 H 109H
M N
103 H
35
45
134.85
24.67
17.94
43.05
47.80
104.05
86.69
Sept.
89.56
*20
38
105.34
MS
75
75
136.22
25.19
18.23
43.60
105.94
104.03
86.95
Sept.
47.94
*50
102
89.89
J
39
61
132.93
24.22
17-50
42.37
105.70
89-57
47.51
103.96
86.68
134.19
24.91
18.05
43.00
106.12
90.51
48.59
104.11
87.33
140.19
26.65
18.73
45.09
106.08
90.95
48.93
104.36
87.58
138.29
26.63
18.60
44.61
106.10
90.95
49.40
104.60
87.76
A
J
O
*45
105H
57 H
16
15
Sept. 14
Sept. 13
Sept. 12
Sept. 10
•
New York Curb Exchange—Weekly and Yearly Record
1750
sePt. n, ma
the only transactions of the week and when selling outside
No account Is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery Bales are disregarded In the week's range unless they are
of the regular weekly range are
shown In a footnote In the week In which they occur.
furnish a complete record of the transactions on the New York Curb Exchange for the
Saturday last (Sept. 10, 1938) and ending the present Friday (Sept. 16.1938). 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:
<
v.
In the following extensive list we
week beginning on
Last
Price
17% June
34
18%
100
14%
Feb
19%
800
2%
Apr
4%
Jan
Air Devices
pref
Sept
Blue Ridge
1%
Jan
$3 opt
%
400
2%
200
1
Co common..'
preference
lw
Aluminum Goods Mfg--.
6%
10
55
68%
May
May
Bowman-Biltmore
10%
11
18%
105 %
102
97
113
5,500
58
Mar
102
106
800
93
Apr
300
14%
14% *15
~3~250
Sept
June
67
Mar
100
105
105
105%
60
Inc—if'
American Beverage oom. 1
American Book Co
10»
Amer Box Board Co com.'
American Capital—
Class A common
id'
Common class B
10'
S3 preferred
$5.60 prior pref-.
'
Amet Centrifugal Corp-.i
Am Cities Power A l*-~ni
12
11
14%
2,700
117
Mar
8
Feb
15%
July
%
56
20
56
8%
9%
Mar
Mar
56
Mar
12%
2
%
X
23
23
800
200
Mar
66
1%
1%
1%
1%
1,100
Mar
Mar
%
24%
3%
warrants .2;
B
Cyanamld cLrfs A-l«
*'
Class B
50
25%
375
16%
Apr
Apr
1X
900
1%
Mar
3%
July
X21%
~24%
lUOO
27%
26%
25
*22%
10%
'
23%
r-^~-z-n'
114%
4%
Amer Gas A Elec oom
Preferred
Corp 10'
$2 preferred
1
$2.60 preferred--------1
Amer Hard Rubber Co..50
American General
23%
20
8%
Mar
19%
Mar
12%
31%
200
3%
4%
104
24%
25%
250
Apr
28%
30%
23%
July
Mar
2%
2%
100
18
*
Bunker Hill A Sullivan 2.50
'«t
preferred
4
"10%
'
Fost Fence——'
100%
Anchor
Wupperman.-l
Apex Eler Mfg Co com.— "
Appalachian El Pow pre!."
| A-cttime Radio Tube—1
ArKSDsas Nat Gas com—*
'it
Preferred
*
Arkansas P A L $7 pref-
—
deposit rets
Amer
Assoc Gas
A
25c
Jan
400
3
Mar
7%
Jan
nit
63
9,900
%
Mar
1%
Jan
Carnegie Metals
June
Jan
Carolina P A L $7
10%
12
1%
-
300
1%
M
3
Aug
4
—
-
'""ioo
101%
70
%
%
2%
2%
1,700
2,000
2%
3
7,100
5%
2%
2%
5%
800
x6
0%
500
4
X4%
3,600
ai
76
19%
4
2%
Jan
£1
:
16%
Feb
104%
July
I
'is
Feb
i
2%
2%
4%
Mar
4%
Mar
4%
Jan
Mar
7%
Jan
7% 1st partlc prel...100
Celluloid Corp common. 16
$7 dlv preferred..
1st preferred
2%
Apr
10
7%
Feb
4%
Aug
2%
10
9
Conv preferred
100
Conv pref opt ser '29.100
3%
3%
50
3%
700
Mar
6%
July
*
Strip Co
8
Charts Corp
Jan
Cherry Burrell com
5
Chesebrough Mfg
..25
Chicago Flexible Shaft Co 5
1%
Sept
Jan
8
8
Mar
%
2%
9%
July
6
4
Mar
8%
6% preferred w w
25
16
Apr
0% pref xw_
25
Jan
3%
—5
Jan
30
Mar
Mar
3%
6%
113% 113%
61
100
34%
Cities Service common—10
6%
5%
30%
17%
2%
Jan
2%
July
Mar
36%
June
30%
July
June
Aug
preferred
*
8%
%
33%
25%
32%
34
22%
25%
850
2,700
13%
19
Baldwin Locomotive—
warrants for com.
Bardstown Distill Inc...
1
Stainless Steel
250
2%
11%
6X
7%
400
4%
2%
i
Bailum
Barlow A Seellg Mfg A.-.5
3X
14%
3,400
13%
preferred.0
Rubber Co onm.l
Baldwin
1
1
June
300
5%
%
20%
34
Mar
53
July
7%
3,800
5%
Sept
11
May
21%
Mar
47%
2
Mar
5
20
Mar
46
Feb
72
43
43
25
20
Feb
67
7
1,200
4
Mar
8%
Aug
2%
Mar
4%
June
13%
June
29
5
June
6%
July
5%
7
3,400
4%
May
July
9%
4%
July
July
61
Mar
63%
Mar
6
6
100
3
May
0%
Jan
12
July
Co com..*
4%
100
20
l
1%
Bell Aircraft Corp com__.l
IX
11
1
oom
Cleveland Tractor
800
Beauntt Mills Inc com.. 10
5%
100
163
BeU Tel of Pa 6% % Pf-100
1%
11%
"200
6%
3,900
163
600
20
116% 116%
100
Benson A Hedges com
12
July
7%
Aug
Apr
166%
Aug
July
119%
Feb
5%
Berkey A Gay Furniture. 1
hi
Purchase warrants
11%
*
For footnote" see page 1755
Mar
18
Aug
Mar
29%
Aug
%
May
1%
Jan
900
%
Bickfords Inc common.—•
pref
%
%
600
11%
11%
200
%
Jan
Mar
11%
Sept
Mar
34%
July
•is May
9%
30
Cleveland
Elec
1%
4
4%
300
1%
1%
2
400
9
9
2
2%
1%
Cockshutt Plow Co com..*
"2"
Colon Deveiopmen lord
conv
pref
""306
34
—
6%
1,100
*
com
34
Jan
Feb
20
Jan
2%
Jan
4
Mar
39
Aug
0%
Feb
3%
Jan
2,700
1
Mar
2%
Aug
7
Mar
12%
Aug
June
3%
4%
1,300
4%
4%
700
5%
1,200
50%
4%
warr
1
2% Mar
Feb
30%
3% Mar
1% June
Feb
50
1%
4%
£1
-
Colorado Fuel A Iron
1%
*
Ilium
50%
3
50
1%
3%
3%
45
Colt's Patent Fire Arms.25
Conv 6% preferred.. 100
Columbia Oil A Gas
1
Mar
113%
5%
May
May
May
Mar
Mar
Mar
7%
61
Jan
Aug
June
Feb
Columbia Gas A Elec—
2%
16
14%
pref
6%
-.1
Jan
Mar
Mar
Controller Co
Jan
2%
1%
8%
147
*
Cllnehfield Coal Corp.. 100
Club Alum Utensil Co.
*
Jan
5
iron Works Corp. —1
$6 preferred
City Auto Stamping
*
City A Suburban Homes. 10
Jan
10
Jan
60
Jar
Mar
July
100
1%
2%
June
**16
1,600
Clark
June
July
9%
100
Clayton A I.ambert Mfg--*
1
79%
40
100
2%
Claude Neon Lights Inc.. 1
7
Jan
Mar
450
34%
Jan
200
Basic Dolomite Inc com..l
Corp
%
300
Aug
28
July
3,200
113%
23
July
IX
Jan
Mar
30%
2%
9%
8%
5%
Jan
Jan
*
5%
1%
7%
*
BB
18%
8
8%
21
Preferred
Mar
1%
June
Prelerred B
Apr
Mar
8
12%
%
Cities 8erv P A L $7 pref. *
*
Apr
8%
66
Child? Co preferred
Tobacco—
1C
Jan
July
43%
61
Jan
Mar
Mar
97
""%
Mar
June
5
50
1
May
5
150
-.4
1%
100
6%
13%
13
Jan
21
400
6%
10
Chic Rivet A Mach
Chief Consul Mining
1%
Babcock A Wilcox On
%
June
May
Chamberlin Metal Weather
Mar
oonv
1
7%
Sept
Mar
$2.60
64
100
89
%
8%
Conv
25
600
3%
Sept
Mar
13
20
3
Mar
67
48
100
warr
Sept
%
Bellanca Aircraft
6% pref without
7% preferred
Centrifugal Pipe
1,800
Bell Tel of Canada
May
Mar
Jan
Mar
6,200
pref
Jar
%
7%
Mar
48
1
com
2
2,700
conv
2%
3%
Mar
%
$1.50
Mar
Sept
3
%
*16
Mar
%
1%
Beech Aircraft
Jan
June
17
%
7% 1st pref
Mar
8%
83
Mar
1%
Baumann (L) A
June
0
Jan
1
Bath
Feb
92
400
'is
6
Purch
14
84
Apr
Mar
Mines
7%
Mar
May
75%
4%
3
July
Products
A common
10%
68%
50
1,025
10
17%
Class
1,100
5,800
%
6%
Axton-Flsher
JaD
7i«
%
2,600
69
%
2
1%
Sept
%
*
IX
Feb
48
1,000
Assoc Laundries of Amer.*
Warrants
Feb
23%
6%
80%
1%
1
Jan* Cent Ohio Steel Prod
Cent Pow A Lt 7% pref 100
Jan
Aviation A Trans Corn—.1
Sept
4%
Mar
6%
80%
1%
11%
*»i
Avery (BF)
83%
Mar
6%
Mar
17,100
400
June
3
14
12%
hi
Automatic Voting Mach.i*
50
82
>»
17
Aug
12
Mar
12%
Jan
3%
80%
3%
Silver
25
Apr
12
2,900
Automatic
Aug
82
6X
Austin
1%
Aug
23%
*
com
3%
*
17
7%
Mar
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
*
Atlas
300
Jan
May
Apr
4%
6%
Cent Hud G A E
$5
60
200
3%
Jan
32
Aug
Cent States Elec
1,200
3,100
82%
3%
CentA South West Utll 50c
3.100
100
3%
Jan
80
July
Jan
l5u
2%
1,000
85
Mar
Sept
4%
Jan
3%
100
6
Mar
17
9
1%
22
65%
Jan
Jan
Mar
1
**16
1%
Mar
Apr
2X
May
5
Aug
22
%
Apr
July
3%
%
%
18%
1,700
35
73
73
•
%
Corp warrants
Plywood Corp
10
78
1,40u
Atlantic Coast Line Co..60
Feb
Apr
*
1,900
Atlantic Coast Fisheries..*
Jan
Aug
17%
4,900
20
»i.
Atlas
%
2
3%
24%
81%
20
1
**ie
10
July
""l"66
Celanese Corp of America
%
89
1%
Apr
Jan
60
10
com
Catalln Corn of Amer
%
89
July
Jan
22%
17%
1
100
Jan
1%
10%
17
6
1
Atlanta Gas Lt 6% pref
3%
Mar
Elec—
Common vtc
4%
Mar
80
18
13
Class A
Assoc Tel & Tel class A.. *
Sept
Sept
**16
May
Aug
8%
%
%
1
Common
preferred
Option warrants
2%
1%
200
24
%
%
Jan
300
4,400
1
*
common.
Casco Products
Castle (A M)
Apr
Apr
Mar
*
*
-
Carter (J W)Co
July
23%
prel—*
Carrier Corp
Feb
Aug
15
1
$6 preferred
July
%
7%
90
59
4%
%
"2% "2%
*
com
Jan
29
6,600
1%
1
*
Class B
22
7
Carnation Co common—*
*
1
Carlb Syndicate...
Carman A Co class A
""260
*
Industries
Elec
Associated
Capital City Products
Aug
101
Art Metal Works com——f
Ashland Oil A Ref Co
Jan
Aug
.....
-10
—
**16
11%
Mar
100
"2% ""2%
1%
47%
6
Apr
Mar
4%
21
1
26%
Apr
18
19
21
*
Jan
Sept
18%
Ltd—
Apr
1%
Angostura
Common class A
Wireless
Mar
3%
Mar
Jan
5
8%
10
15%
Jan
July
30
55%
1,400
Aug
July
July
150
100
Mar
101%
%
6,100
700
22%
Apr
B non voting
Canadian Marconi
Jan
400
Apr
88
14
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Sept
3%
18%
250
101
3%
9%
3%
3X
400
100
3%
63
"
Preferred—-
American Thread pref
20%
*20
July
Jan
May
""%
39
Aug
24%
3%
%
15
Sept
Mar
June
1
Am Superpower Corp com "
1st preferred
——*
May
26
1%
22
Seal-Kap com
6
100
2%
23%
Amer
400
100
July
200
Aug
5,200
11%
27%
300
16
8
5%
5%
10
2%
Mar
1
Apr
Jan
May
2%
10
Mar
2%
Jan
40
2%
17%
70
May
3%
2%
14
23
May
Burry Biscuit Corp.. 12%c
Cable Elec Prods v t c.—*
13%
Apr
1 %
26
26
Amer dep rets pref shs.£l
Calamba Sugar Estate.-20
8%
200
Burma Corp Am dep rets.
Cables A
American
24
40
6
50
Nlag A East Pr pref25
Aug
Apr
Apr
8
Aug
%
19
41%
300
22
July
%
17%
24%
Apr
14%
40
23%
18%
20
11%
July
33
25
64
21
Jan
Mar
Chemical-•
Republics.---11
200
5
Mar
Amer Potash A
19%
14
June
Amer Meter Co
21% June
Mar
$5
Aug
600
18
Jan
15%
8
20
May
100
14%
125
Aug
30
700
21
300
9
Mar
6%
100
15%
Mar
5%
18%
150
70
Apr
6%
28%
*
400
24%
15
100
Jan
11
13%
150
8%
Sept
23
70
20%
8%
%
17
--10<
Amer Maracalbo Co
J
Jan
July
10
Preferred
Jan
%
23
1,600
2%
4%
27%
Apr
26%
-20
Amer Lt A Trac com
2;
6% preferred
2.'
Amer Mfg Co common 10<
Mach
Laundry
Mar
2
Sept
Amer Invest of 111 com,..
Amer
Jan
%
300
300
23%
Buff
July
Mar
Jan
Mar
%
27%
Bruce 'E L) Co com
Sept
July
23
10%
88
Mar
Buckeye Pipe I.lne
May
5%
Sept
May
June
22%
Class A pref
Feb
114%
Jan
May
1%
19%
reg—10s
IBrown Co 6% pref
100
Jan
Apr
70
Am dep rets ord
Feb
Mar
2%
2.000
5
40
27%
British Celaneee Ltd—
July
25
113% 114%
3,700
Apr
June
7
Mar
July
July
7%
3%
20
$6 preferred
.*
Brown Rubber Co com.—1
2U0
6%
77
14
Apr
Apr
Jan
8,500
10%
Aug
Jan
Feb
July
2%
8%
Brown Forman Distillery. 1
2
Mar
4%
Jan
7%
3%
2%
1%
19%
July
Mar
1%
600
4%
17
*
29
Mar
Jan
Tobacco-
Amer
July
15%
Apr
Mar
1%
100
30%
%
Pow warr..
Amer Fork A Hoe com.-.'
Amer Foreign
Aug
bearer£l
Amer dep rets reg
£1
Mar
22%
21%
2IX
13
7
700
Am dep rets ord
Aug
Sept
76
2%
Brown Fence A Wire com. 1
10
Mar
1,200
3,100
-.*
-----
Registered
Apr
July
70%
July
%
British Amer Oil coupon..*
Aug
Apr
%
10%
4%
1%
with
Jan
British
21%
-
7% preferred
July
1%
5%
5
5%
76
Brlllo Mfg Co common...*
July
0%
44
1,300
Jan
17%
25
*
Class A
5
*
Class A.
Aug
2%
Mar
*
Brill Corp class B
Aug
Mar
94%
100
Bright Star Elec cl B
Feb
127%
107%
5
Aeronautical.—1
Preferred
Jan
2%
10%
4%
July
Mar
%
300
9%
3%
12%
Jan
Mar
500
2%
July
2%
100
1%
3%
10%
1
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Aug
106%
16%
6%
Brewster
4
13%
1
July
42
Apr
1
500
4
Aug
Mar
4%
1,600
10%
Feb
12%
21%
1%
% June
34
10
*
Breeze Corp
Aug
9
2
11
Mar
Mar
10%
100
100
Brazilian Tr Lt A Pow.,.*
Jan
Aug
Mar
3
common
American Airlines
Amer
Feb
7
9
Mar
4%
600
400
2
7%
com..*
1st preferred
2d preferred
July
%
May
6
105% 118%
Class
Apr
Aug
1%
39
26
7%
Jan
12%
109
Class A
Aug
2%
1%
1%
38%
*
Borne Scrymser Co.
July
Sept
6
300
7300
100
Bourjols Inc
63
Mar
Jan
High
Low
11
1
(8) A Co
Mar
%
1, 1938
Range Since Jan
10
*
1st preferred
Mar
2
Industries com
A
7%
6
"9% "l"2%
C) Co com...*
Bohack (H
44%
%
%
8%
2%
*
Class
Blumenthal
Jan
July
53
if'
Products com
6% preferred
2
16%
60%
55
Class A conv com.----*'
Aluminium Ltd
Mar
6
10%I
6
pref
conv
Mar
Apr
%
33%
S3 conv pref
Aluminum
Mar
1
com
Aug
10%
-
Fisher Inc
Aluminum
Corp
10%
Mar
for
♦
com
Mar
June
200
*
——
common
Laugblln
Bliss A
%
%
com—"
Alliance Invest com
•
Allied Internet Invest com"
Allied
W)
Bliss (E
July
Price
Sales
of Prices
| Week
Low
High Shares
Foundry a
com
com
5%
7%
1
.|
preferred—
16
37
Machine Co
Blauner's
200
7%
11%
Southern—60
Ala Power »7
Jan
Feb
300
1
—-—
Gt
23
700
preferred
Warrants
A lies A
400
9
common—
Air Investors
75
H
6%
8%
%
6%
com—1
Corp com
1
Air Associates Inc
J
Birds boro Steel
Sept
3%
33
.Week's Range
Sale
Par
25%
30
Last
High
18%
Agfa Ansco Corp com—'.1
A in? worth Mfg common. .6
Alabama
Low
Shares
20%
„
,
STOCKS
(Continued)
Range Since Jan. 1, 1938
for
Week
A.*
B
Coriv
Range
oom——20
Supply Mfg da*
Class
of Prices
Low
High
2%
Acme wire v t c
Aero
Weeft
Sale
Par
Friday
Sales
Friday
STOCKS
2%
5,000
*16
Warrants
Commonw Dlstrlbut
26
17%
July
*16
Mar
*16
2,800
%
200
27%
225
16
Mar
300
17%
%
Sept
%
1
Community P A L $6 pref •
Community Pub Service 25*
Community Water Serv—1
June
13%
2%
Columbia Pictures Corp..*
Commonwealth A Southern
47%
2%
25
17%
%
21
%
100
%
60
Apr
Jan
Aug
%
J*n
28%
25%
Sept
AUg
Feb
Jan
4%
16
1
1
July
May
Jan
Volume
New York Curb
147
Friday
stocks
Last
(Continued)
Sale
Par
of Prices
High
Price
Exchange—Continued—Page
Sales
Week's Range
Low
for
Range Since Jan. 1, 1938
Consol Biscuit Co
144
ex
1
Coaxtl Copper Mines
5
5%
72 H
Consol G E L P Bait com *
6% pref class A
Consol Gas Utilities
170
X
52
80
150
3X
10
Par
x70
X
X
ex
*
54
~5X
2X
IX
R900
2X
Mar
e7X
Apr
£1
May
May
X
1044
Jan
July
ex
Mar
11X
Sept
Arp
64X
Mar
Mar
9X
204
Jan
100
54
4X
3,000
14
4X
May
8
18X
June
30
200
IX
Mar
May
IX
4,800
X
June
7X
ex
200
4X
100
194
4,900
1SX
6
20X
44
6
Tj,
3X
9
9
Crown Drug
Preferred
1
IX
*
13*4
Jan
ex
Sept
12
Jan
6% preferred A
Gen Water G A E
x
nx
May
IX
*16
Mar
11X
July
Mar
114
Jan
June
5X
3X
25
June
400
5X
June
100
10X
IX
Mar
Mar
24
May
May
3 4
Edison Bros 8toree
24
224
2X
Mar
Mar
ex
84
ix
11
ex
IOX
ix
25 4
11X
184
24
ex
15 preferred
*
*
49 x
1
i'_"_
Class A
1
pref ww
*
Elec Shovel Coal J4 pref..*
ix
conv
Electrographic Corp
54
494
~~2X
1
750
24
500
11
July
14
13
2X
Jan
7
48,400
Mar
104
July
July
July
July
July
500
36
Mar
554
42
Mar
614
300
2
Mar
44
3
200
2
Mar
44
300
16 H
Mar
34
900
2 >4
Mar
54
July
IX
300
14
Apr
Apr
24
July
July
60
2X
1
»16
16
114
50
104
19X
*
Feb
Jan
28
Jan
66
Feb
May
May
1
84
3,100
57
450
1214
125
2
24
124
404
5,500
Aug
Jan
Jan
65
July
Apr
125
Aug
Apr
33
44
4
Mar
84
Mar
3
200
364
104
Mar
2,700
*16
Mar
1174
254
200
104
30
204
14
9 4
Jan
Mar
1,200
84 May
Feb
*t«
33
Mar
Jan
Aug
Jan
124
Aug
X June
48 X
July
Mar
Mar
12
Jan
64
July
1
1
900
1
Apr
Apr
X
24
24
24
600
*
1
1
1
800
Hat
1
24
3 4
300
Corp of Am cl B
6%
00m.
Corp.
preferred
Hecla Mining Co
Helena Rubensteln
Class
600
64
50
8
9
34
74
Mar
May
9
Apr
30
Jan
104
Jan
preferred
Hubbell (Harvey)
3 4
100
74
100
24
54
54
Apr
74
Mar
64
beb
Mar
214
June
6
Mar
114
Sept
Mar
374
Mar
52
Mar
134
11
300
*
Humble Oil A
.100
Inc
Ref
84
84
12
100
54
600
114
Jan
Sept
leb
July
July
144
124 2:134
64
64
194 20
200
18
24
194
102
Aug
4
Feb
475
214
Jan
32
Aug
io
984
Jan
102
314
102
154
May
164
July
54
100
Mar
9
200
5
Mar
64
Sept
June
204
Aug
Aug
1024
May
July
8
"624 "66"
...*
34
114
*
-
7
Mar
294
.
Hummel-Ross Fibre Corp 6
Hussmann-Ligonler Co..
Jan
May
40
104
*
5%
Aug
64
10
Hardart
A
194
27
common. .5
Hormel (Geo A) A Co com*
Jan
Jan
4 4
20
Horn (A C) Co common.. 1
Horn
Jan
14
0
June
3,400
25
Chemical
14
Mar
Aug
18
*
ww
24
July
134
1,600
244
*
Hewitt Rubber
19
44
2
common...
Preferred
Heyden
18
244
25c
A
14
34
Apr
50
3",200
Mar
114
56
Mar
724
64
July
12
July
44
200
24
Mar
114
100
114
Sept
Jan
JHuylers of Del Lne—
Common
4
44
Hygrade Food
6
Prod
6%
Div
preferred
arrear
Illinois
50
14
194
500
100
15
June
24
1,300
2
Mar
124
124
134
900
12
Feb
9
500
64
Mar
104
Feb
Indiana Pipe Line
»
3,100
X
Mar
Jan
Indiana Service 6%
11X
20X
6,000
May
"»•
13
Jan
Sept
31
Jan
"l5X
7% preferred
100
Indpls P A L64% Pf-.IOO
Registered.
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain
A
9
34
10
500
400
Indus..£1
May
May
Ireland
'l54 *164
2",700
154
164
300
144
15
300
14. June
34
54
74
Mar
Sept
Mar
July
184
July
6
Jan
Jan
15
Mar
154
Sept
19
Mar
July
Feb
Jan
Jan
Mar
Mar
154
Mar
134
374
Jan
94
16
Mar
74
74
"""lOO
64
Jan
84
104
104
50
84
Sept
104
10
10
May
964
964
25
82
Apr
14
74
pf.100
Jan
33 4
4 4
134
84
194
32
£1
10
July
24
34
Imperial Oil (Can) coup..*
July
54
24
Mar
14
184
"9"
Chem
Jan
9
Mar
24
ctfs
Zinc
4
Mar
3
7% pref stamped
100
Hydro Electric Securities
22
*11
July
54
July
5
2,000
2
Mar
7
7
200
ex
Mar
10
104
Apr
xnx
4X
i9x
700
Mar
204
Jao
4X
200
4
Mar
04
July
ex
44
ex
17X
100
4X
Mar
8 4
Jan
14X
June
17X
*16
16
55
-74
544
7X
69
X48X
3%
19
..*
Amer dep rets... 100 frcs
14
100
1
194
98
Aug
May
Aug
300
23
Jan
Non voting class A
*
Class
•
B
Vtc common
7%
preferred
1
Mar
Sept
rt«
Jan
350
39X
Apr
60 X
Jan
9X
14,800
4X
484
Mar
94
70
Sept
Sept
Internat Paper A Pow wan-
26
Mar
544
3X
19
19X
100
4
Mar
F'eb
X
114
June
1,500
484
Mar
674
June
21
200
104
Mar
22
154
174
900
84
Apr
204
Aug
4
75
Sept
3X
21x
19 X
800
3X
Sept
1,400
144
15
Mar
54
214
Mar
22
14
Mar
25
Jan
Sept
Sept
7
July
Jan
Internat Hydro Elec—
Pref 83.50 series
A stock
50
purth warrants.
International Petroleum..*
*
....
.1
Internat Safety Razor B
2
4
24
234
234
254
4,100
4,700
23
23
254
200
"16"
24
94
*
Feb
Apr
84
May
Aug
14
Mar
Mar
34
314
July
Mar
Sept
31
.....
25
2
International Products—*
Internat Radio Corp
34
11
400
2,600
4
1,500
23
23
Mar
24
Mar
44
Feb
5
Mar
114
Sept
Jan
4
June
500
4
4
6
4
International Utility—
24
Apr
8
*
Class
A
B
1
81.76 prefened
*
*
83.50 prior pref..
Warrants series of 1940.
International
8
200
Vitamin... 1
6
Mar
34
Mar
May
244
800
4
74
X
_
Interstate Home Equip.. 1
1755,
4
10
644
4
Internat Metal Indus cl A *
Mar
550
Feb
194
144
*16
54
Jan
.14
10
"614
International Cigar Mach
Mar
2,100
75
14
M»r
61
4
100
Insurance Co of No Am. 10
x
57 X
70
June
14
Industrial 1 inanoe—
Class
Mar
Hartford Rayon vtc.
Hart man Tobacco Co
Harvard Brewing Co
Registered
«ee oa**
Mar
4
64
34
14
58
France—
For footnotes
134
200
Aug
July
9
Jan
Co Ltd—
reg..£l
700
2,300
74
•
50
Jan
4
•
Ford Motor of Can cl A._*
24
100
May
Mar
100
Florida P A L $7 pref
Apr
100
wx
(Phlla).lO
3
*
Indian Ter Ilium Oil—
1
Corp...
Feb
10
10
17*4
7
'16
2
100
Jan
59
50
19X
7
Feb
June
*w
10
554
674
250
174
95
59
Illinois Iowa Power Co...*
May
Sept
Apr
*ia May
300
3
7
24
Hygrade Sylvanla Corp.
14
94
Jan
5
Jan
65
28
2,900
July
25
Elec Light
Jan
Jan
32
1
B
Hall
6
24
100
700
4
7
35
Jan
13
Jan
'""350
104
Jan
May
Mar
26
Aug
July
Sept
June
19X
5
Motor of
76
Jan
250
44
3,900
Feb
64
7
Mar
10
44
10c
Am dep rets ord
35
6
Jan
41
June
5
Jan
Apr
80
Holt (Henry) A Co cl A..*
July
June
33
120
*384
Holophane Co common..*
14
Aug
June
64
5
Holllnger Consol G M
164
77
62
Mar
Gypsum Lime A Alabast.*
Jan
14
Apr
May
94
Jan
Jan
June
June
Feb
Jan
Apr
44
1-ldelio Brewery
Fire Association
44
Mar
19X
8X
*
24
Jan
6
314
58
5
184
10
X
4X
39
Fansteel Metallurgical
26
Mar
June
88
Jan
Hires (Chss E) Co cl A
Hoe (R) A Co class A
13
43
Fedders Mfg Co
Mar
July
72
Jan
10X
100
Ferro Enamel Corp
Flat Amer dep tights
14
28
Falstaff Brewing
1
Fanny Farmer Candy coml
Class
Jan
12
72
81
Imperial
European Electric Corp—
Option warrants
Fairchlid Aviation
1
Ford
31
Apr
Mar
100
...
Jan
May
Jan
Sept
100
*16
Feb
34
Jan
48
64
6
Jan
62
14
14
Mar
314
48
494
Apr
June
50
25
Aug
July
July
Mar
30
204
5
Sept
50
94
18
Aug
84
Mar
*M
40
140
54
120
*
Jan
764
74
Hearn Dept Store com...5
X
50
10
71«
Jan
164
Emsco Derrick A Equip..5
Motor
IX
87
74
Feb
134
800
300
16
July
Mar
100
May
"2^366
48
194
3
May
13
53
89
65
100
42X
Mar
4
24
Jan
1,300
42X
30
"94
Sept
81X
100
20
31
Hazeltlne
7
300
41
54
Mar
6
1
80
64
July
300
1
60
Feb
31
2
5,000
100
Apr
May
65
44
Mar
X
4
57
23
64
94
600
Apr
50
*734
110
700
X
4
70
87
Mar
200
2
J&n
Aug
July
48
June
X
3X
15
Empire Power part stock
Ford
Corp.
Lamp Co
Haloid Co.
July
July
10
15
1
preferred
Hartford
34
2X
Mar
9
600
*
86
Jan
164
10
900
4
Gulf States Util 85.50 pref *
Jan
644
Empire Gas A Fuel Co—
Rubber
Jan
Mar
125
14
"i04 "12"
114
Gulf OU
1
62
July
194
*
Investors
Feb
464
IX
24
Mar
1
July
Sept
1,000
26
Mar
104
39
11
9
pf.100
ffi preferred.
7% 1st preferred
100
Gt Northern Paper.....25
34
13
52 4
2 4
14
100
*a«
Grumman Aircraft Engr.-I
47
M00
*
stock
Aug
June
700
41
Guardian
80
114
com
Jao
12
14
Great Atl A Pac Tea—
Non-vot
87
834
184
Rapids Varnish
*
Gray Telep Pay Station..*
244
Mar
3
61 X
1
Electrol Inc
144
25
2X
Electric Shareholding—
Common
Flsk
6
3
*
Option warrants
134
45
1
Elec P A L 2d pref A
3
14
144
X
13 X
16 preferred
Elec Power Assoc com
184
184
A or
68
July
Jan
eX
17
75
14
2
2,200
"moo
1
X
1
Eureka Pipe Line com
34
500
5
10
4
Grocery Ste Prod com..25c
400
4
81
13
July
Mar
100
Aug
Mar
Jan
Sept
Sept
Aug
184
July
3
24
11
81
Greenfield Tap A Die
100
IX
2
Equity Corp com
Esquire-Coronet
15
Feb
3x
~~9X
*
Eisler Electric Corp
0% preferred
64% preferred
7% preferred
R% preferred
94
Jan-
Aug
44
Elec Bond A Share com..5
El 6%
58
Jan
Jan
Sept
64
J6 preferred series B—*
Economy Grocery Stores.*
Dlst
3X
164
.i*
103
..*
Easy Washing Mach B
Empire
74
40
334
*
Elgin Nat Watch Co
Mar
Aug
Iron.25
Eastern States Corp
t c
Mar
IX
Mar
16X
38
(Grand Natlon'l Films Inc 1
May
*164
Mar
Grand
11
""x "I"
28
*
Aug
25
12X
250
*
Mar
900
60
preferred
July
200
60
87
14
2%
9X
34
Aug
254
74
*
134
lex
9
Mar
Goldfleld Consol Mines. 10
Heller Co
44% prior preferrd-100
6% preferred.
100
Coal
22 4
9X
*
v
Alden
Godchaux Sugars class A.*
Class B
*
Apr
Apr
30 X
*
Common
$6
Aug
3X
"H'x
1
17 preferred series A
Mar
July
iex
3X
100
Malleable
Feb
Glen
May
54
400
IX
24
28
East Gas A Fuel Assoc—
Eastern
18
Jan
Jan
IX
2X
18
*
Aug
X
7
Durham Hosiery cl B com *
10
Gilchrist Co
37 X
7% preferred
100
Dublller Condenser Corp. 1
Eagle Picher Lead
Jan
10
*
10
Duval Texas Sulphur
6
104
1
Duke Power Co
Aug
17
28
25
80
*
Mar
com..l
Duro-Test Corp com
Jan
Gorham Inc class A
400
21
34
"34""
83 preferred
*
Gorham Mfg Co—
Vtc agreement extend. *
IX
194
150
*
Aug
9X
14 X
IX
Mar
Aug
19
*
common
July
8X
144
11
21
*
preferred
6
1
1,800
Dominion Steel A Coal B 25
Driver Harris Co
85
Sept
£1
Diaper Corp
Georgia Power 16 pref
Jan
8X
800
Detroit Gray Iron Fdy.-.l
Det Mich Stove Co com_.l
com
July
5*4
10
Divco Twin Truck
Jan
Jan
X
3
100
Dobeckmun Co
8 4
36X
2
174
300
Apr
108 4
44
Jan
Mar
9
Mar
Jan
31
144
64
64
July
4 4
May
2
Distillers Co Ltd
27 X
Mar
Gilbert (A C)
Preferred
2X
31
400
64
264
25
*
164
June
Apr
1
102
Derby Oil A Ref Corp com*
84
104
•
10
13X
Mar
Jan
164
"if"
100
00m
preferred
"250
Dennlson Mfg 7% pref. 100
Diamond Shoe Corp com.*
Distilled Liquors Corp...6
Mar
Aug
3
83
~36X
4
Detroit Paper Prod
..1
Detroit Steel Products...*
Feb
108
1
ww
July
100
10X
64
Warrants
100
104
200
9
Gen Outdoor Adv 6% pflOO
Gen Pub Serv S6 pref
*
Gen Rayon Co A stock...*
X
...35
74
*
June
1,200
sx
400
14
~32~
1
20
164
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
General Investment com.l
preferred
High
44
Gen Electric Co Ltd—
General Telephone com.20
$3 conv preferred
*
600
7X
Low
74
24
General Tire A Rubber—
900
74
Range Since Jan. I, 1938
74
164
100
17X
Davenport Hosiery Mills.*
6% pref
5% preferred
General Alloys Co
108
*
Detroit Gasket A Mfg
4% conv preferred
100
Gamewell Co Sfl conv pf
*
Gatineau Power Co com..*
S6
for
Week
Shares
3X
*
X
64% preferred
100
Darby Petroleum com...5
Preferred
1
preferred
conv
of Prices
High
Low
1
17X
10
vtc.*
Dejay Stores
Fruehauf Trailer Co
Fuller (Geo A) Co com
Jan
200
25
Class A...
Franklin Rayon Corp
1
Froedtert Grain A Malt—
Common
1
Conv preferred
15
S3
Week's Range
Price
5
Jan
72
14
com..25c
Dayton Rubber Mfg com.*
Brew Co
3
3
Cuneo Press Inc
3 X
July
July
Aug
(Peter)
2X
2,400
7„
Crown Cent Petrol (Md)-6
Crown Cork Internat A..*
com
Mar
100
300
2X
1
Jan
*16
ex
ex
ex
5X
80
Jan
Jan
July
4X
53 X
50
May
July
814
1
..5
com
6
July
2X
1
*
Crystal OH Ref
Jan
June
Crowley, Mllner A Co...*
6% preferred
Cuban Tobacco
64 X
100
16
Cramp (Wm) A Sons com.l
Co
June
Apr
lieX
IX
Mar
70
200
26
*
Crocker Wheeler Elec
July
1,500
7%
54
25X
1
Croft Brewing Co
July
X
10
16
Copper Range Co
*
Copperweld Steel com..10
Creole Petroleum
ex
74
Apr
*!•
4814
61
*
5% conv preferred
Courtaulds Ltd
Sept
74
7
9
*
18 preferred A._
CosdeD Petroleum com
Aug
Feb
7X
25
~~3X "1%
•
Corroon A Reynolds—
Common
Mar
400
80
x70
*
preference
55
1,300
15
Jan
Mar
IX
Cont G A E 7% prior pf 100
Continental Oil of Mex_..l
prior
500
ui«
3X
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com...*
S3
18,300
57 X
52
1
com
Mar
3X
3X
113
Consol Min <fc Smelt Ltd.5
14 preferred
2,300
72X
1
Cont Roll A Steel Fdy
Cook Paint A Varnish
11
200
7x
6
100
Consol Retail Stores
144
5
1751
Sales
Sale
High
Fox
V t o ext to 1948
Last
(Continued)
Low
Compo Shoe Mach—
Cooper Bessemer
stocks
Week
Shares
2
Friday
>i«
9
Jan
1
Jan
Apr
94
304
July
Feb
4
Jan
44
July
5
JuJv
34
4
1,000
24
Mar
34
34
1,000
24
June
Jan
New York Curb Exchange—Continued—Page
1752
Last
(Continued)
Sale
of Prices
Low
High
Par
Price
""250
1434
1,300
%
y»
3 54
IX
4 34
134
454
IX
7,600
600
26
31
500
26
25
26
"~4X "~4X
-6
A *
Kimberly-Clark 6% pf-100
Kennedy's Inc
Ken-Rad Tube A Lamp
11
1134
"500
200
10
47
47
"~2~X ~~2X
I"500
3%
100
3X
Jan
Jan
Jan
Mar
X
May
IX
Sept
7X
3X
Apr
07X
Aug
Apr
75
Aug
08
Apr
85
Jan
21
Mar
24
Aug
May
4
Mar
ox
Apr
Aug
Jan
Aug
32X
July
111
7X
Mar
11X
Jan
Aug
106
Jan
1
Sept
10234
Jan
12
100
5X
200
37X June
11X June
39
Mar
11
May
Sept
49
Aug
Feb
6X
38
Sept
1234
Jan
6,000
900
IX
Mar
5834
334
63 X
50X
2X
Feb
July
8534
44 X
May
Apr
14
Jan
Jan
May
534
May
134
July
200
12 X
Jan
Feb
1,900
2X
May
534
July
1,500
X
Mar
"i#
Jan
X
1354
434
54
1334
1
354
6ie
300
23
2134
G) Inc..l
13
Mar
13
13
13
50
11X
June
21
5
*
19
22
4,800
16X
Mar
July
15
29
Aug
14
July
Jan
2534
10
Sept
14
Feb
19
200
10
10
A...1
25
Sept
25
Jan
"~2X "234 "*"100
*
Loblaw Groceterias cl A__*
Locke Steel Chain
5
Lockheed Aircraft
1
Lone Star Gas Corp
*
Lit Brothers common
1
Mar
75
19
Mar
8X
2234
1234
1134
834
1454
14
934
Ix)ng Island Lighting—
34
100
100
30
3354
2534
134
*
1
28
1
*
Louisiana Land A Explor. 1
Louisiana P A L $6 pref--*
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio A Tel
1
7X
800
7X
Mar
2234
1034
12,100
6,300
5X
Mar
1634
Aug
6X
Mar
1034
July
X
Sept
Jan
170
28 X
Aug
42
Jan
23 X
Aug
Sept
34 34
IX
8,400
Jan
Jan
Jan
54
54
Mar
July
100
500
36
X
24
234
934
88
July
34
Jan
134
July
July
Mar
Mar
39
500
1
X
X
Mar
Aug
34
July
"""300
1
IX
Apr
334
Jan
.....
"IX
1
15 conv preferred
*
Ma pea Consol Mfg Co...*
134
500
OX
29X
June
45
Feb
15
May
1934
Mar
6X
June
3
Sept
IX
Mar
10
July
1634
Aug
Feb
99
17X
14X
15
3%
Memphis Nat Gas com...6
Mercantile Stores com...*
4,200
550
125
118
118
3X
16X
3X
16X
IX
7X
55
July
Aug
47
9934
334
2034
Aug
Jan
Aug
Sept
Mar
Mar
Mar
90
80
3X
Mar
150
13X
Mar
1,500
5
Mar
28
Mar
5
25c
Partlclpat preferred.. 15
Mar
July
Aug
Aug
July
Class B
Midland Oil
$2
conv
12
May
May
July
1#u
Jan
th June
34
634
Jan
Jan
Sept
Sept
May
34
Mar
May
9
6
100
134
Mar
1234
1534
2734
734
1,300
534
Mar
150
100
4
1534
10
9,600
7
Jan
July
434
5
Class B common
1,000
5
3854
2,600
134
134
800
1
4
454
1,600
1
1
134
*
5
Noma Electric
3634
35
1
Apr
10
12
100
7X
June
*1434
225
59 X
May
8034
134
934
1334
Jan
IX
IX
100
X
June
7X
10X
8X
700
OX
Mar
10X
100
100
8H
IX
Mar
Mar
200
2434
Feb
Common
Class B
434
31
Mar
300
1234
1154
Mar
29
Aug
200
2734
Aug
50
Securities.*
43
43
Mar
Apr
6% prior prefened
Nor Central Texas Oil
5
354
1
pf-100
European Oil com
54
300
'is
20
8
28
1,200
25
175
111
40u
400
Ohio Edison $6 pref
*
Ohio OU 6% pref
100
Ohio Power 6% pre!
100
Ohio P S 7% 1st pref...100
6% 1st preferred
100
111
Jan
Mar
12X
Mar
Monogram Pictures com.l
IX
2
IX
Mar
Monroe Loan Soc A
1
2X
2X
200
IX
June
Montana Dakota Utll...10
5X
5X
100
4X
Apr
122
Mar
28
Apr
1134
634
17
334
234
6
15934
31
May
2934
3634
2834
May
X
4X
600
X
June
4X
100
3%
Feb
434
4X
ox
8,400
1,400
334
May
434
Mar
934
534
X
J Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs.
6X
5X
5
5X
114X 115
Mountain Sts Tel A Tel 100
8X
Murray Ohio Mfg Co...
9X
Muskegon Piston Ring.2}$
8X
934
2834
l06~
*
10
40
100
Mar
121
Jan
6
Mar
12
July
6
June
1234
Jan
Aug
1034
Aug
June
834
Aug
300
7
1755
May
3454
9734
113
Jan
July
July
Apr
11334
June
10454
July
Apr
9434
July
July
1034
Aug
Mar
9
1,800
054
Mar
31
200
2134
Jan
35
July
98
May
100
July
* 125
89
1034
Jan
134
134
700
154
Mar
254
Jan
354
300
254
June
434
July
834
934
300
4J4
Mar
934
Sept
Mar
2934
2534
1,500
2734
100
2534
Apr
10634
350
9834
Mar
6234
10
2834
6234
106
6234
534
300
6
46
Apr
354
Mar
July
31
2754
10834
Jan
July
July
65
734
July
Apr
19
July
87
June
90
Aug
1234
354
May
May
W
334
June
454
1634
12 34
*
334
1434
1,300
354
434
17,400
Jan
Feb
Jan
15
14
15
120
14
Feb
10
1354
12
1534
900
12
Sept
19
13
May
23
Jan
18
Mar
3534
Aug
Mar
034
Aug
*
534
534
200
2234
534
2234
50
234
21
July
Jan
10734
100
$2.80 preferred.......*
20
Apr
110
24
26
100
*
$5 preferred
Jan
Jan
$0 prefened
*
*
Co
134
154
134
434
*8434
8434
Feb
Conv pref series A
200
"6634
65
Feb
June
Sept
234
Mar
134
154
434
Mar
254
Jan
100
May
834
July
8934
325
7934
Mar
9334
July
Aug
50
12134
157
6634
72
"166
400
654
554
5
7
554
600
200
Mar
May
Aug
59
Mir
5454
234
234
2X
1,000
3,300
8454
100
19
7234
July
Aug
Jan
354
454
234
Apr
80
July
Mar
11254
2934
28
Aug
Aug
854
754
May
Feb
11734
July
Mar
3134
Feb
Sept
454
July
454
July
Apr
July
3
334
154
Mar
15
15
1534
300
1034
Mar
23
July
1534
1434
1834
1.600
*1054
Mar
2134
Aug
54
Sept
134
Jan
254
Mar
334
Jan
334
Pines Wlnterfront Co
Pioneer Gold Mines Ltd-.l
134
24
1
1
834
3.000
*
10
July
Apr
2
2
434
Phila Elec Co $5 pref
Common
50
July
Aug
19
100
Pierce Governor common *
July
74
155
50
com
2634
1
Pennsylvania Sugar com20
Pa Water A Power Co
•
Philadelphia
Mar
254
2.50
Pa Pr & Lt $7 pref
24
45
26
Phoenix Securities—
July
May
9334
i*
Aug
Jan
June
10934
2534
25
Mar
Jan
2034
100
354
134
*
*
Phila Elec Pow 8% pref 25
Phillips Packing Co
*
Sep
Sept
Penn Edison Co—
Pharls Tire A Rubber
100
1034
*
N achman-Sprlngfllled ...
2
28
93
*
Sept
Feb
Mar
854
10
July
Sept
July
30
Page-Hersey Tubes com..*
Pepperell Mfg Co
Perfect Circle Co
Aug
Jan
1534
60
1
July
Aug
1434
Mar
11234
*
Aug
Feb
6
Mar
*10134
834
Pacific P A L 7% pref. 100
Pacific Public Service
*
Penn Salt Mfg Co
634
3X
Apr
Mar
30
31
50
100
Penn Mex Fuel Co..
July
July
July
034
834
18
85
1st pf.25
Peninsular Telph com
Jan
74
80
112
5
$1.30 1st prefened
ht
Apr
47
99
11234
Oklahoma Nat Gas com. 15
Pacific Ltg $6 pref
July
87
25
23
"25"
Ohio Brass Co cl B com..*
$3 preferred
July
200
1034
1254
1,600
1154
Engineering..*
Novadel-Agene Corp
*
Olistocks Ltd com
134
454
Mar
Mar
hi June
50
5
5
9
Aug
54
334
1,300
75
5
4354
42
200
68
75
100
7% prefened
Northern Pipe Line
10
Nor St- Pow com cl A..100
50
434
54
334
hi
64
Penn Gas A Elec cl A
June
45
600
2334
Pennroad Corp vtc
1
Penn Cent Airlines com__l
110
May
Sept
20
Penn Traffic Co
May
July
234
43
Feb
103
434
Mar
19
Aug
Mock,
Mar
X
3
20
Aug
Miss River Power pref. 100
Feb
42
July
Aug
234
*
com
234
June
Aug
Sept
cl A..*
$6 prefened
North Amer Rayon
3934
69
Mar
Jan
Jan
42 X
Nor Amer Lt A Pow—
Pantepec Oil of Veneas
1
Paramount Motors Corp.l
Feb
734
8934
Apr
2434
134
2,000
*
Nlplsslng Mines
Mar
July
354
80
100
Class A pref
Nlles-Bement Pond-
Jan
62
2034
July
Niagara Share—
Feb
12
Moody Investors pref...
Moore Corp Ltd com
July
June
Preferred
400
July
154
Patchogue-Plymouth Mills*
Pender (D) Grocery A
♦
15934
Mar
63<
Apr
July
June
151
Jan
July
X
Apr
*
4 34
2054
1,300
May
1,200
Jan
Jan
Mar
4
1034
134
5X
3,300
Sept
934
IX
600
1
98
Class B opt wan
OX
Monarch Machine Tool..*
Apr
Mar
50
*ii
Parkersburg Rig A Reel-.l
100
81
98
Jan
Sept
Parker Pen Co
iox
5X
Jan
Aug
li«
July
iox
4X
10
100
9134
200
July
2X
30
Apr
Apr
034
10
34
IX
734
»
Mar
20
1,000
103
ht
434
Jud, Voehringer—
Common
$2.50
July
70
Apr
2
2034
934
8934
Mar
36 X
Jan
2
Mar
X
2
Jan
July
May
IX
35
254
7734
70
Pan-Amer Airways
6034
For footnotes see page
IX
Jan
Mar
Mar
134
42
60
800
100
Muskogee Co com
2,800
1,000
4534
25
5X
10
134
7134
134
*10
50
1,200
78
Mountain Producers
July
7234
950
7834
X
Mountaln City Cop com 5c
14
Mar
'"206
6334
6354
Pacific G A E 0%
Mar
Montgomery Ward A
Montreal Lt Ht A Pow.
Jan
Sept
*1034
634
X
Mining Corp of Canada..*
Minnesota Mining A Mfg.*
Corp
10
77
Feb
85
*
Missouri Pub Serv com
Jan
July
Mar
6334
3X
Midwest Piping A Sup...*
July
10
5% 1st pref
5% 2d preferred
X
IX
1234
62
108
100
100
Common
3X
10
51
Mar
4
3X
50c
June
Jan
Apr
July
85
1534
pf.100
Niagara Hudson Power—
N Y Water Serv 6%
2934
*
•New York Transit Co
1
5
Apr
#ie
Midwest Oil Co...
Molybdenum
Founders shares
IX
3X
Mid-West Abrasive
534
*93
*93
*
$6 preferred
Class B
dlv shs
Aug
Mar
N Y Shipbuilding Corp—
X
Co
Jan
754
54
70
101
7
*
3X
6
Aug
103
Pacific Can Co com
200
334 June
434 June
Apr
27
27
pref-100
Feb
Corp—
Minnesota P A L 7% pf
NYPrdtLt 7%
134
*
July
5
Rosarlo 10
10
N Y Merchandise
Jan
»t«
5
pref
non-cum
N Y A Honduras
X
Midland Steel Products—
Mid vale
1334
100
50
74 X
*
v t c__
Middle West Corp com
Warrants
79
Omnibus—
Warrants
634% 1st preferred
*
July
July
IX
*
Apr
Middle States Petrol—
Class Avtc
Jan
5034
Mar
67
Overseas Securities
10
Mar
111
Mar
36
134
6734
N Y Auction Co com
X
Feb
May
2934
45
1
10
•
Newmont Mining Corp.
July
25
61
New Mex A Arl* Land
17
200
6134
0% conv pref
Oldetyme Distillers
5
105
400
Jan
July
5134
*l6~
*
Jan
500
20
40
Jan
154
4834
2o
Zinc
July
8X
May
434
July
IX
Mar
109
100
100
34
1,100
X
10
34
4,600
800
934
3
Jan
50
Mar
2X
9
X
54
134
*
Mar
X
7
700
1 600
4834
100
0% preferred
100
New England Tel A Tel 100
New Haven Clock Co
*
X
IX
Jan
734
5
30X
_*
1834
54
200
Metropolitan Edison—
Michigan Bumper Corp__l
Michigan Gas A Oil
1
Michigan Steel Tube. .2.60
Michigan Sugar Co
*
May
Sept
200
1,900
*
1054
79
hi
25
Aug
*1.
40X
IX
Metal Textile Corp
6554
Nevada Calif Elec com. 100
New Idea Inc com
Feb
Aug
Mar
*
*
New Engl Pow Assoc
Feb
2
1
2
3734
X
X
Jan
Aug
ht
32
134
109
40X
X
July
454
734
Mar
100
pref
*
Nelson (Herman) Corp...5
N Y City
6434
234
1st
New Jersey
Mar
May
3834
'2~666
•
pref-100
*
7% preferred
July
1234
134
34
Nehl Corp common
Nestle Le Mur Co cl A
Sept
38
1
7
*
Nat Union Radio Corp—1
Navarro Oil Co
*
3X
J
034% A preferred...100
1
Preferred
20
Mar
2
"~4X "ox
1
Nat Tunnel A Mines
Neptune Meter class A
Jan
354
Mar
Mar
12.50
National Transit
1454
Mar
3
2X
Mesabl Iron Co
Oil
434
3
Participating preferred.*
Merrltt Chapman A Scott *
Mexico-Ohio
125
21
Merchants A Mfg cl A...1
Sept
2
300
July
Mar
Mar
400
1134
100
1434
234
4X
UX
2X
2,400
55
Nor ind Pub Ser 0%
100
IX
Sept
1434
Noi
1,400
*
100
*
McWilliams Dredging...*
Mead Johnson A Co
*
i
Jan
254
.
534
300
60
60
534
Northwest
McCord Rad A Mfg B
9
Jan
Feb
4734
Mar
5X
15X
May Hosiery Mills Inc—
37
15
Ltd—*
Refining.*
July
5X
14
Jan
Apr
25
50
National Sugar
834
254
Massey Harris common..*
Master Electric Co
1
SO pref
734
24
1,600
100
4X
3
*
1
Warrants
Aug
10
*
1134
National Steel Car
No Am Utility
Marconi Intl Marine
Communlca'ns ord reg £1
Apr
Class A opt wan-
734
7
3134
Stores
Aug
700
88
Manati Sugar opt warr
May
154
*30
Packing—
July
2,700
2134
1254
3
X
ox
100
Nebraska Pow 7%
09 X
12
334
1134
Jan
1
2,200
700
6
334
preferred—*
Nebel (Oscar) Co com
12
Lehigh Coal & Nav
*
Leonard Oil Develop...25
|4 preierred w w
McColl-Frontenac Oil.
Conv part
Feb
n
UX
4
National P A L $0 pref—*
National Refining Co—25
Nat Rubber Macb
*
Nat Service common
1
Jan
325
1
Mass Utll Assoc v t c
com—•
Jan
J
3234
534
July
754
Mar
National Oil Products
134
14
Margay Oil Corp...
Marlon Steam Shovel
Nat Mfg A Stores
July
3
preferred
National Fuel Gas
7
3234
July
10
Mar
June
4
100
nit
7
(Del).l
*
6
.....
0% pref class B
$3 conv pref
National Container
3X
75
234
Common
National City Lines
33
July
34
1
com.l
50
Nat Bellas Hess com
Mar
July
44 X
preferred
200
High
1
334
3.100
June
1434
234
Llpton (Thos J) class
9
5
June
1534
834
4734
Lion Oil Refining
734
IX
Mar
Low
Shares
5
1
Co com.l
3
Mar
High
Low
National Baking
Sept
Mar
4X
Price
Nat Auto Fibre com
47
May
A
Le Tourneau (R
Par
Mar
6X
Ltd—1
Line Material Co
Week
28 X
22
z5H
Mach-.l
Preferred
for
of Prices
Feb
700
7% pref. .100
B
43 X
6954
70
100
Lefcourt Realty common.
Mangel
X
2
1254
Langendorf United Bak-
7%
Sept
13X
Co
10
Kreuger Brewing Co
1
Lackawanna RR (N J)-100
Loudon
14X
100
Kress (SH) A
0%
Mar
Aug
10
1
Co 0% pref—100
Kresge Dept Stores
Class
19
»u
Knott Corp common
Class
I Week's Range
Sale
X
Breweries...
Kings Co Ltg 7% pf B 100
6% preferre
D
100
Kingston Products
1
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd 1
Klein (D Emll) Co com..*
KJelnert (1B) Rubber ColO
Lane Bryant
Jan
Mar
106
Kingsbury
Lakey Foundry A
July
X
UX
734
106
Steel. 100
Julian A Kokenge com...*
Kansas G A E 7% pref-100
Lake Shores Mines
7X
52X
8034
Last
High
Mar
May
61
20
80X
Jones A Laughlin
4% conv 1st pref
234
200
12
*
Jacobs (F L) Co
1
Jeannette Glass Co
*
Jersey Central Pow A Lt—
634% preferred
100
6% preferred
100
7% preferred
100
Koppers
60
"1734 "l7X
A
Italian Superpower
Low
Shares
4 34
434
17 pref..*
Investors Royalty
-1
Iron Fireman Mfg v t c—10
Irving Aur Chute
1
Interstate Power
1, 1938
Range Since Jan.
STOCKS
(Continued)
Range Since Jan. 1,1938
for
Week
Week's Range
Sales
Friday \
Sales
Friday
STOCKS
Sept. 17, 1938
3
254
234
3
2,200
Volume
New York Curb
147
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
6%
Pitts Bess ALE RR
50
High
Powdrell & Alexander
6%
Shares
6%
52
7%
95%
7%
99
X6%
2%
%
7%
2%
%
3%
4%
7%
40%
900
4%
Mar
10
July
34%
Mar
4%
Mar
8%
Aug
Mar
106%
July
June
200
200
6
June
1%
8%
400
2%
%
Feb
3%
Sept
2%
Mar
1%
5%
16%
Aug
95
Feb
97
Xl9% £19%
2%
2
2%
June
24
100
2,500
*
17
1%
33
"l8~
Common
$1.60
"WO
9%
5%
1,600
3%
hi
Prosperity Co class B—
4%
*
7%
25
100
100
95
33
10
16%
*
19
170
6% prior lien pref.-.lOO
7% prior Hen pref---100
I Pub Utll Secur $7 pt pf—*
%
100
Pyrene Manufacturing-.10
"T%
35
40%
17
13%
Feb
11%
Jan
24
Aug
Standard Steel Spring
Standard Tube cl B
Apr
86
May
95
%
July
Mar
47%
775
10%
Mar
May
May
23%
4%
300
7
1
7%
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
1
150%
Aug
Aug
13%
7%
Mar
17%
Sept
Sullivan Machinery......*
Mar
10%
Aug
%
Feb
%
Feb
Sunray Drug Co
Sunray Oil
700
1%
5%
1,500
3%
30
34
1,400
Reeves (Daniel) common.*
4%
4%
100
*18
*18
10%
700
19
100
Reliance Elec A Eng'g—5
Reynolds Investing
1
1
Rice Stlx Dry Goods
*
Richmond
1
10
Reybarn Co Inc
Radiator
8%
2%
102
Jan
200
3%
Mar
5
July
1,250
0%
Mar
21
July
10%
700
7%
Mar
11%
July
3%
% June
1%
Jan
Texon Oil <fe Land Co..
Thew Shovel Co com
%
Aug
90%
Feb
Tobacco Allied Stocks
11%
Apr
17
Aug
Tobacco Prod Exports.»-■- *
Tobacco Secur Tr—
4
9%
July
300
1
Jan
2%
July
1,000
1%
Mar
3%
Jan
4%.
5%
200
3%
Mar
9%
Jan
*
200
%
June
718
Feb
"2%
8%
11%
3,600
5%
29
32%
200
3
3%
1,600
Trl-Contlnental warrants..
Jan
Trunz Pork
June
6
12%
Apr
July
July
2%
25
18%
Mar
4%
Jan
Mar
65%
July
80c div.
1%
Mar
3%
Aug
Ulen A Co
1%
100
1%
May
2%
Jan
21%
700
75
2%
42
June
29%
113%
25
6%
6
7
%
1%
30
%
1%
30
%
2%
*
*
400
13
1,300
»100
100
"16
3%
13%
1,400
26%
9%
Jan
16%
3%
Mar
%
Mar
1
1%
1%
Mar
29%
%
1%
4%
May
1,900
2
Mar
200
11
June
Jan
17
%
%
6
$5.50 prior stock
25
Allotment certificates.
1
68%
70
73
1
__
%
7,000
7%
600
5
48%
50
49%
1
500
%
3
%
3
1
300
Mar
3
Investment
1%
Mar
Aircraft
June
June
Mar
75%
Aug
United
1%
Feb
United
5%
$0
Sherwin-Williams of Can
A.*
dep rets ord
3%
Jan
Apr
*22%
July
United Shipyards cl A
Class B
115
July
United Shoe Mach
114%
Aug
66
Apr
107
Jan
12
25
12
"233""
233
4%
2
800
3%
200
235
4%
30
100
12
Sept
Sept
*16 May
Jan
5%
1 %
2%
Jan
13%
July
Mar
2%
Aug
212
4%
13
Mar
„
Mar
July
Mar
5H
254
5%
16
Jan
July
Jan
Aug
Solar Mfg. Co
Sonotone Corj
1
1%
1%
5%
6%
Mar
7
Aug
South Coast Corp com
Southern Calif Edison—
1
5%
2%
1%
3%
Jan
1
1,100
1,100
1%
Soss Mfg com.
2%
1,100
2%
Mar
3%
37%
38%
90
Apr
27%
25%
28
700
Mar
28%
25%
100
34%
25%
23%
Mar
26%
1%
Mar
2%
3
1
5% original preferred .25
6% preferred B
25
25
Southern Colo Pow cl A.25
100
1755
3%
1%
800
%
16
1 %
30
Mar
Mar
June
4%
39
45
Aug
Jan
May
Aug
Aug
July
May
Preferred
"i'%
Mar
Mar
14%
4%
Mar
34
%
%
2%
69
"7,400
1#i«
Mar
%
Mar
Mar
Aug
Feb
Mar
5%
100
July
Jan
Jan
Jan
•11
Mar
1%
1%
13%
Mar
3%
Sept
4%
Jan
Mar
28%
Apr
1%
77
Jan
Jan
Jan
16
2%
2%
19%
*
24
24
50
17%
Jan
24
July
Aug
68%
69
50
05
Apr
70
May
300
3,400
100
1
212
July
230
'""266
%
Sept
1
100
9%
1%
73%
9%
3,500
8%
2%
July
"9%
1%
2.800
%
50%
May
1
1%
74%
1st pre? with warr
U S Lines pref
80
1,400
39
2%
July
3%
June
6%
8%
%
Mar
1%
59%
1%
250
42
Mar
1%
1,600
1
Mar
1st pref
United Stores v t c_,
com
1
*
900
%
%
%
2
1%
6%
Mar
%
1
2%
5,100
3%
"3% "2,100
Jan
31
Jan
Aug
Aug
Aug
%
Jan
0%
Aug
%
Feb
hi
Mar
%
1%
Sept
1%
2%
July
Mar
Jan
1%
June
7
2%
Jan
July
Jan
200
14,200
July
Aug
Feb
3
7
1
Utah-Idaho Sugar
5
Utah Pow & Lt $7 pref...*
Feb
Mar
1%
Aug
July
1%
2
%
40
8
Universal Products Co
4
10
Universal Pictures
2%
4
•
United Verde Exten...60c
Universal Corp vtc
Universal Insurance
1,100
2%
*
United Wall Paper
Universal Consol Oil
62
22
5
Sept
Feb
43
100
4
U S Rubber Reclaiming.-*
U S Stores Corp com
conv
3
81%
400
6
59
"i%
.1
com
Jan
1,500
5
5
10
U S Radiator
Mar
Jan
8%
10%
%
4%
5%
1*
U 8 Playing Card
Jan
Jan
Jun
%
1
*
6%
%
25
United Specialties com
Sept
%
com.25
U 8 Foil Co class B
.1
U S and Int'l Securities.-*
4%
%
10
Preferred
$7
4%
700
3% 22,500
400
93%
2,300
reg
10%
50
July
Jan
•
Products
Jan
1,450
July
1%
16
Molasses Co—
Mar
103k
1%
3%
"l%
United Profit Sharing..25c
1%
5%
18%
14%
02
'id"
Aug
Apr
%
1%
2%
92%
1%
preferred...
Am
Jan
Jan
10
4,400
United N J RR & Canal 100
25
com
July
112%
*
6,900
7% pref. 100
7%
Shreveport El Dorado Pipe
Simmons H'ware A Paint.*
%
%
4
loo"
12
8%
%
1st preferred
Milk
6%
Mar
2
5%
Corp warrants
Aug
112
ioTk
AAA 100
l"20o
Mar
Mar
30
Mar
3,300
Shawlnlgan Wat A Pow..*
Sherwin-WllUams com..25
"ii% "12%
*
com
3
2~600
6%
11%
%
11%
3%
200
'
Common class B
Aug
% June
13
Jan
July
July
Mar
Transport
United Lt & Pow
75%
7
6%
12
Option warrants
M&r
"*2%
2%
nav-
*
United Gas Corp com
1st $7 pref non-voting.*
10
hi May
10
com..*
4
100
*
Mining..5
<ee
2
*
$3 cum «fc part pref...
Sept
150
73
2
For footnnr.«»
3%
7%
3%
Warrants
$3
£1
1
1
1
preferred
Mar
United Chemicals
Mar
Selfridge Prov Stores—
7%
Apr
1%
United G & E
1
July
4%
United
Jan
Mar
500
200
Un Clgar-Whelan Sts.. 10c
Jan
2
7
3
July
June
Aug
7
Union Premier Foods Sts. 1
United
Aug
Aug
35%
2%
Mar
35
June
Aug
12%
June
*
Unexcelled Mfg Co
July
8
Mar
18
*
Union Gas of Canada
Feb
July
3%
Jan
7%
Jan
.1% June
A pref
Jan
Union
Mar
7
9%
Series B pref
Sept
2
preferred
ser
Jan
15
Mar
15%
1,000
2%
»
Tung-Sol Lamp Works.-.1
800
6,500
Stores Inc
Tublze Chatlllon Corp
Class A
3
3
55%
8
*
C
June
100
20
5
series
%
700
%
Jab
92
Selected Industries Inc—
5% % pref
4%
5%
2
Mar
1%
*
Simplicity Pattern com
1
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Smith (H) Paper Mills.
Jan
June
%
*
Line stamped
Silex Co common
1%
5%
Common
2%
Segal Lock A Hardware. .1
ser
Aug
Mar
Mar
54
Securities Corp general...*
5% cum pref
Aug
Aug
%
Screen—
4%
Warrants
Denn
107%
%
14
July
*90%
2%
14
Sept
Jan
10
1%
Jan
2
63
Apr
Transwestern Oil Co
48
16%
Feb
Mar
Jan
1,100
Aug
July
85%
Fel
%
Feb
5
%
10
4
Plot
5
62%
hi
96
38
Lux
Feb
Jan
98%
£96
Mar
Scranton Spring Brook
Shattuck
44
Mar
Trans
Mar
%
1%
Jan
26% July
70% June
Mar
1%
53
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev,
1
Seversky Aircraft Corp
200
15%
55%
Jan
June
Serrlck Corp (The)
Seton Leather common
55%
2%
9%
15
Sentry Safety Control
1,100
8%
Scran ton Lace common..*
Amer dep rets reg
4%
Mar
July
Common
4%
Apr
Mar
Mar
110
Convertible stock
3
50
5
*
com
9%
4%
*
Selberllng Rubber
Selby Shoe Co
10
Def registered 5s
July
Mar
Mar
Aug
July
Sept
Feb
Jan
Sept
6% July
31% June
Mar
Sept
it*
43
Mar
90
ABr
%
.25
Seeman Bros Inc
Mar
35
pref A
pref
%
14%
30%
2%
1
com
8
25
Safety Car Heat A Lt...
St Lawrence Corp Ltd—*
Water Service
12
..£1
reg
11
500
500
Scullln Steel Co
Ordinary
Apr
May
51
2%
common
4%
*
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Sept
5%
2%
28%
%
43
$2.50 conv pref
*
Ryan Consol Petrol
*
Ryerson A Hay nee com_.l
Schiff Co
Mar
8
42%
200
Scran ton Elec $0 pref
100
200
39%
43
1,000
Scovlll Mfg
25
100
Tishman Realty & Constr*
Apr
H
"700
50
St Regis Paper com
5
7% preferred
100
Samson United Corp com 1
Savoy Oil Co
5
1
Roofing Inc
Mar
""406
44
"90"
6
90
200
1%
conv
18%
2
Tlio
2%
$2
10%
Tenn El Pow 7% 1st pf.100
Texas P4L7% pref...100
Aug
7%
Sept
"""26
July
Mar
6%
39%
4%
16%
4
1
6%
Jan
Aug
"96"
Mar
Taylor Distilling Co
1
Technicolor Inc common.*
July
500
6%
Feb
3%
8,600
13
2%
.....
13%
39
20%
May
Th
1
Apr
1,300
June
July
42 %
Mar
%
%
Aug
hi
1%
2%
"39% "39%
2%
29%
%
%
16%
Swan Finch Oil Corp
July
5%
2
Rustless Iron A Steel
Mar
100
35
May
*18 June
2%
1%
Russeks Fifth Ave
8
3,100
3,700
6
*16
10%
2%
2%
5%
29%
2
*
*
Jan
4%
29%
Mar
Rossla International-..-.*
7
Taggart Corp com
.1
Tampa Electric Co com..*
Tasty east inc class A
1
1
Royal Typewriter
600
May
5
Royalite OH Co Ltd
Aug
10%
8
4
20
11%
10
Aug
Jan
Root Petroleum Co
pref
July
9%
10%
6%
Roosevelt Field Inc
conv
2%
6% % conv pref
50
Superior Oil Co vCalif)._25
Rio Grande Valley Gas
11.20
Feb
13
1%
7%
1%
6%
100
"7%
2
Mar
5%
100
400
7%
Jan
15
300
"7"
Mar
Jan
200
10
Jan
Superior Ptld Cement B._*
1,000
Rome Cable Corp com...5
Mar
July
%
Roeser A Pendleton Inc..*
Aug
2
May
July
3%
100
2%
10%
10%
Jan
600
600
2%
5
4%
%
Apr
Jan
July
20
*18
94
3%
June
Jan
Sept
34
3%
%
6
Mar
12%
4%
30%
7%
7%
4%
3%
Feb
4%
2%
94
Apr
Mar
3%
CoVoting trust ctfs
1
Rochester GAE6%pfD 100
2%
24%
Mar
2%
4%
*
2
Relter-Foster Oil—.—50c
5%
*
1
Apr
July
Apr
Feb
10%
29
*
6%
9%
109
May
550
2%
1%
Mar
136
19
Jan
June
1,400
6%
2%
*
*
Jan
90
30
15%
6%
"2%
5
7
20
16%
2%
"166
Stroock (S) Co
200
Raymond Concrete Pile—
600
3%
7
Stetson (J B) Co com
Stlnnea (Hugo) Corp
5
"2%
July
Apr
62
60
108
*
69
2
10%
147
100
Jan
Apr
Jan
July
Sept
1,500
July
10%
Jan
Jan
July
•is
4%
20
25
17%
4%
6%
3%
2d
Sept
1%
1%
Mar
Sterchl Bros Stores
3%
Jan
July
Aug
Mar
4
3%
103
Aug
*16
Starrett (The) Corp v t o.l
Steel Co of Can Ltd
*
*
Aug
6%
Stein (A) & Co common.
preferred
% Sept
% June
17% June
3% Mar
5
600
500
July
June
90
% June
%
Jan
6,000
3%
147
17%
1,500
*16
16
3
108
17%
13%
3
June
9
Mar
9
*16
13%
1
6% preferred
Quebec Power Co
4%
7%
1
6
Quaker Oats common
*
100
.*
Ry & Light Secur com—»
Railway & Utll Invest A..1
50
Aug
23%
7
103
July
275
4%
7
"20%
103
*
July
June
L500
Mar
Mar
%
39%
22%
Apr
Mar
...*
100
Feb
July
2
6%
10%
2,700
Jan
2%
14%
14%
18%
8%
Jan
15
"26"
25
Preferred
Aug
18
1,700
U18
July
Jan
18%
23%
Mar
Apr
%
103
%
Mar
Mar
18
Jan
July
3
5
1
17%
Jan
Mar
22%
%
12%
200
100
17%
7%
39
Jan
Apr
Aug
Feb
Aug
11
9%
14%
%
*16
""250
5% preferred
Standard Pow & Lt
com
Apr
2%
Jan
Jan
Mar
May
11%
July
7%
7%
88
Jan
%
15%
Reed Roller Bit Co
300
Standard Oil (Ohio)
22
75%
*
*
Puget Sound Pulp & Tim.*
Pyle-Nattonal Co com—5
Red Bank Oil Co
22%
1
1st preferred
50c
20
"406
preferred..20
Standard Products Co
Standard Silver Lead
87
preferred
$3 conv preferred
Raytheon Mfg com
""400
Jan
Puget Sound I' & L—
*
16%
Jan
Public Service of Okla—
Common
14
•is
Mar
103%
33
preferred
200
6%
Public Service of Indiana—
$6
%
Apr
Aug
July
5%
Mar
Mar
5%
3
19
%
14%
Mar
Mar
28%
Standard Invest $5% pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Mar
Aug
3%
200
Aug
6%
83
151
2
200
19%
Aug
conv
High
June
400
6%
£33
19%
40
Mar
3%
7%
*
$6 preferred...
*
Public Service of Colorado-
$7 prior preferred
$6 preferred
1,000
22%
June
~18~
1
Prudential Investors
2%
6
32
Standard Brewing Co
*
Standard Cap k Seal com. 1
Conv preferred
10
Standard Dredging Corp—
July
July
Aug
300
3%
2%
Common class B
Pressed Metals of Amer..*
Gas.
Mar
6
Am dep rcta ord bearer £1
Spencer Shoe Co
._.*
Jan
Low
10
Spanish <fc Gen Corp—
Am dep rets ord reg.—£1
Jan
Range Since Jan. 1, 1938
Shares
25
25
So West Pa Pipe Line. .60
Aug
June
High
3%
2%
*
South Perm Oil
Mar
500
Low
135
10
...
Southland Royalty Co
Aug
2,300
Price
100
Preferred A
Jan
65
10
1
Corp
62%
1,900
%
*
Premier Gold Mining
Prentice-Hall Inc com
<5
Week
Southern Pipe Line
Southern Union Gas
July
Aug
80
7%
51
97
5
Pratt & Lambert Co
6% 1st preferred
7% 1st preferred
for
of Prices
Par
Jan
Corp of Canada...*
100
Providence
Week's Range
Sale
High
Mar
1st preferred
Producers
Low
Last
1938
5%
37%
1,200
Sales
STOCKS
{Continued)
Range Since Jan. 1,
50
6%
40
1753
Friday
Week
40
1
Forglngs
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
...—*
Polaris Mining Co
25c
Potrero Sugar common—5
6%
for
of Prices
South New Engl Tel
Meter
Power
Week's Range
Low
Postage
Pitney-Bowes
Pittsburgh
Exchange—Continued—Page 4
Sales
Way
19
Aug
Aug
3% Sept
8% June
38
T.666
3
Mar
14
16
300
9
May
16%
Feb
1
5%
.....
1
200
1
Mar
Jan
38
39
200
31
Mar
1%
44%
5%
5%
8
Jan
Aug
Sales
Friday
STOCKS
Last
Week's
(Concluded)
Sale
of Prices
Low
High
Par
Price
Range
2*4
40 X
...
preferred
1*4
IX
X
—
*4
Class B
100
"
7% preferred..
Valspar Corp com
14 conv pref
10H
2
1*4
pref—100
Vogt Manufacturing—.
1,600
*4
45*4
July
*4
2*4
Jan
Jan
*i«
Jan
Mar
X
1,000
*4
Sept
7
2
10 X
200
2X
1,400
1 H
Mar
75
20*4
June
36
Mar
25
200
4*4
X
300
4*4
1
Mar
11
80
500
2X
Co..
July
Eastern Gas A Fuel 4s. 1956
Aug
Edison EI 111 (Bost) 3*4« 65
4*4
July
Elec Power A Light
1*4
July
Elmlra Wat Lt A RR 5s
77*4
Jan
4*4
1*4
Apr
June
Mar
Mar
10*4
July
Jan
Jan
Apr
7
1
July
100
1*4
July
800
6
Mar
9
Sept
Finland
5h
100
4*4
Apr
8
Aug
3*4
3h
3*4
Sept
6*4
Jan
3
3
3
1,000
1,800
1,000
1%
Mar
3*4
1*4
Sept
4*4
40X
40X
50
30*4
13X
13X
50
13*4
67*4
Sept
22*4
Mar
"i'x "ix
""400
*4
Mar
Mar
75
West Texas Utll *8
5
3*4
3*4
8
8
5*4
14*4
6c
dep rets—
Radiator 4Hs—1947
5*4
10*4
9*4
July
July
Jan
Georgia Power ref 5s.. 1967
70
July
♦Gesfurel
Grand Trunk West 4s
2,900
104
Mar
16*4
Jan
6*4
Mar
8*4
Feb
1
Sept
2*4
Jan
9,000
Jan
103*4
89
Jan
101
{55
78
77 X
May
106
97 x
Hamburg Elec 7s
70*4
Apr
65
Jan
90*4
83*4
t
78%
7,000
22,000
104*4
106
Sept
Apr
58 X
Mar
107*4
109*4
90
Apr
Aug
July
111 IT A Lt 1st 6s ser A. 1953
107 X
9,000
97 X
117
102
1,000
27*4
1,000
27
93*4
93*4
103*4 103*4
ie'ooo
83 H
Feb
10,000
97 X
90
Apr
104
Apr
103 X
Aug
Apr
108*4
Sept
21*4
Feb
28
June
97
Aug
Feb
101
2,000
3,000
103
12 X
May
15
June
2,000
43
Mar
68
July
43
Mar
07*4
106
June
{
58
40
58
58
{58
63
107*4 108
98*4
96*4
"7,060
110
Aug
Feb
98*4
14,000
85*4
Apr
101*4
July
79
Apr
98*4
Aug
92*4
95*4
89
88*4
70
Mar
94
July
80
91X
80*4
57.000
79*4
22,\)<j0
68
Mar
80*4
July
96 X
Apr
103
July
86
Jan
99
Aug
6sseries A...
1947
93*4
94*4
8,000
79
Mar
95*4
Aug
30
Mar
46
July
6 Hs series B
1953
93
96
2,000
84
Apr
97 X
July
1951
81
83
4,000
64
Apr
86
July
107
107
Jan
99
Sept
Mar
34
July
Indiana Hydro Elec 5s 1958
66,000
20*4
Mar
32*4
July
Indiana A Mlcb Elec 6s '55
41,000
21*4
Mar
35
July
21
Mar
33*4
July
99
2034
5,000
24
26%
29*4
27X
30 X
27h
26 X
28%
21,000
25,000
62
33 X
35
7,000
23
Apr
68%
33h
74
15,000
62
Apr
80 X
Jan
14,000
92*4
Feb
101*4
Sept
16,000
96 X
Apr
101*4
5s
41
91*4
*82
91*4
2,000
Feb
90
95
Mar
—.1957
-
1st lien A ref 5s
July
1950
1983
110*4
6 Hs series
7s series E
110*4 110*4
107
Aug
75
Mar
Aug
Jan
9,000
Apr
111*4
Jan
45 H
Mar
03 H
May
Mar
61*4
May
74
July
48
48
48
2.000
43
65
68
7,000
49*4
Jan
46
5,000
41*4
Sept
58 X
Mar
June
48
•»
»
Sept
65 X
48 *4
56
54
Mar
107*4
11,000
1952
88
Apr
50
41*4
{45
{45
109*4
104*4
109*4
47
1957
7s series F
2,000
22.000
49
1955
C
2,000
85*4
106*4
85*4
106
♦Indianapolis Gas 5s A 1952
International Power fcec—
•
91x
-
Indiana Servloe 5s
Aug
100 X 101*4
100 X 101*4
93*4
Indiana Gen Serv 5s.. 1948
20*4
94
26 X
99
Corp—
Electric
Indiana
Sept
00*4 June
73
72
79*4
is'ooo
107
Interstate Power 5s.—1957
52*4
51*4
Mar
58 X
Aug
31*4
30
104.000
54
33*4 35,000
35
1952
18*4
Mar
37*4
July
77
75*4
79
13,000
64
Mar
83
July
70
73
16,000
76 X
July
98*4
67 X
90
Mar
13,000
Mar
99 X
Aug
98
19.000
6s
Debenture
53.000
67
Mar
89*4
110
Sept
114*4
Jan
5s series D
Apr
Sept
122 X
Feb
4 Hs series F
May
140
July
Interstate Publl
120
136
140
4,000
85
17,000
70
Apr
70
74
26,000
55 H
Jan
81
""72"
120
23,000
14,000
1,000
82
"ho"
81
6,000
117*4
120
,
129
122*4 June
87 X
76
87
Mar
July
Sept
Jan
c
100h
1956
1958
Iowa-Neb LAP 5s_—1957
1901
6s series B
Iowa Pow A Lt 4 Hs
Iowa Pub Serv 5s
90 h
96*4
1957
Isarco Hydro Elec 7s. 1952
71H
29,000
101*4
Mar
104*4
Mar
102
81,000
100 H
Mar
108*4
Jan
93
31,000
Jan
Jacksonville
3,000
90
Mar
73
112*4
Sept
98
115*4
May
Isotta
Fraschlnl
7s...1942
98*4
90*4
Apr
91
June
98%
Aug
12,000
105 H
Mar
108
Aug
15,000
98 X
Jan
105
July
48*4
15.000
45*4
Sept
63
45*4
Italian Superpower 6s. 1963
100*4
109
106*4 107*4
104
104*4
1958
Mar
102 *4 103*4
Jan
Service—
i
112*4 113
"103"
108*4 108*4
International Salt 5s—1951
90
Jan
77
77
1,000
77
Sept
85
Feb
38*4
"77"
40*4
7.000
38*4
Sept
53
July
44
45
6.000
32
Feb
50
July
3,000
100
Apr
106
Apr
105*4
Gas—
5s stamped
1942
44
Jersey Central Pow A Lt—
104
<95*4
101*4
103*4 104
98*4
95*4
101*4 103
98*4
*95
9,000
80,000
17,000
94*4
Mar
86 H
Apr
105
July
Aug
5s series B
103*4 104*4
1947
4Hs series C
92
Apr
July
...1961
Kansas Elec Pow 3 Hs. 1966
85
Mar
99
July
"104*4
Kansas Gas A Elec 6s.2022
99*4
103*4
Kansas Power 6s
Cent Pow A Lt 1st 58.1956
Cent States Elec 5s... 1948
26 H
25
27*4
30..0c0
23%
Mar
41
Jan
6 Hs series D
6Ha ex-warrants...1954
26 X
23*4
28
23
Sept
41
Jan
6Hs series F
Cent States P A L 5Hs '53
Chic Dist Elec Gen 4Hs'70
40
49
32X
58 series
106*4 106*4
8,000
105*4
104
8,000
104
106%
1961
104*4
Mar
57*4
July
Jan
107*4
May
Sept
107*4
Jan
I
95
Ry 4Hs A
.1956
Chic Jet Ry A Union Stock
96*4
9,000
105*4 105*4
42*4
44*4
142*4 44
2,000
84
Apr
Aug
Lexington Utilities 5s. 1952
100*4
Jan
100*4
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 5 Hs A '82
101 x
Apr
Louisiana Pow A Lt 5s 1957
99
{*5
96*4
July
52*4
July
87
Jan
104*4
74
2~66O
71
Sept
91*4
Feb
♦7s without warr'ts.1941
1958
58 X
Registered
1969
101 x
5,000
47*4
Mar
70
July
43 X
Mar
67*4
July
Marion Res Pow 4H8.1954
McCord Rad A Mfg 6s 45
{103
62*4 178,000
57*4
61
22,000
60
1,000
62
102%
58
1949
"69X
100
100*4 101*4
102*4 102*4
57*4
61*4
57*4
61 *4
69
100
71*4
100
42 X
Mar
07
July
60
Sept
65
July
24,000
43
Mar
67*4
July
71,000
86*4
Apr
102*4
July
Aug
90*4
July
6,000
65
Mar
84
July
6,000
93
99*4
July
60.000
84
Apr
103
Mar
28
98
84
Apr
29.000
98*4
Jan
Aug
Sept
86
Apr
105
1.000
70
Apr
100
Feb
52 000
100
Mar
106
July
7,000
24*4
91
1905
108
4s series G
Apr
28%
Sept
June
97
80
95
1,000
89*4
93
40,000
Jan
104
55
105X
89*4
Memphis P A L 5s A..1948
Mengel Co conv 4*4s.l947
Metropolitan Ed 4s E.1971
101
Apr
83
87
Apr
95 X
Aug
94*4
Sept
07 X
70
89*4
3,000
105*4 105*4
8,000
100
107*4 108
8,000
101*4
75 H
Feb
June
93
July
Jan
Jan
Apr
107*4
July
Mar
108*4
July
July
65
July
Middle States Pet 6Hs '45
84*4
88*4
7,000
Jan
95
65
July
Midland Valley RR 5s
61
61X
8,000
50
Apr
64*4
Aug
17,000
62
88 X
Jan
99 *4
July
Mar
75*4
June
8,000
94 X
Jan
100*4
Aug
2,000
125 X
Apr
129
July
6,000
103*4
3,000
103*4
Aug
120*4
1943
Mllw Gas Light 4*48—1967
MlnnP AL4*4s
1978
110
Aug
"98*4
75*4
Miss Power A Lt 5s...1957
84*4
Feb
106*4
124
Jan
May
Missouri
61*4
17,000
75%
74*4
77*4
86,000
1940
97*4
70
54
03*4
100 X
87*4
96 X
5,000
95*4
41,000
83
Apr
97 X
13,000
87*4
Apr
103*4
75*4
77*4
15,000
61*4
Mar
81
May
84*4
85
27,000
70
Mar
89
May
108
4,000
108
*69*4
68*4
69*4
96
74
Aug
86
Apr
109
July
1*4 June
81H May
95
97*4
7,000
Jan
♦Munson 89 6*4s ctfs.1937
4
4*4
22,000
Nassau A Suffolk Ltg 5s '45
{82
83*4
Apr
100
Mar
72*4
July
90*4
Mar
99
Sept
Apr
Apr
July
Jan
110*4
64
83*4
Jan
Aug
Aug
9,000
Mar
103
107*4
July
Montana Dakota Power—
85 *4
May
Apr
98*4 101*4
Apr
47
15,000
Pub 8erv 5s.1960
96
93 X
96
1955
1st A ref 5s
5Hs
57*4
98*4
Jan
103
{123*4 126
1755.
100*4
Mar
108*4 108*4
{60
97*4
July
Apr
Mar
Jan
{96
84
Mar
57 X
97X
July
Mar
40
91*4
Consol Gas Utll Co—
1944
102*4
65
Mar
95
Memphis Com ml Appeal—
Deb 4 Hs
1952
Miss River Pow 1st 5s. 1951
Cuban Telephone 7Hs 1941
Apr
95*4
40
7,000
103*4 103*4
1954
Aug
35,000
Consol Gas (Bait City)—
1939
117*4
61,000
Consol Gas El Lt A Power
108 X
Mar
78
{65
Mississippi Power 5s_.1955
127*4 127*4
Conn Lt A Pr 7s A... 1951
Sept
84*4
—
{15
66
57*4
58
59 X
Jan
103
25
98*4
100*4
104*4 104*4
60
1950
7,000
97X
104*4 105
86
'lolx
66
71
1955
1966
Jan
Mar
Mansfield Mln A Smelt—
41
Jan
71
11,000
"
""96*4
Long Island Ltg 6s.—1945
97
LIbby McN A Libby 5s '42
105X
80
98
Lake Sup Dist Pow 3 Hs '6«
Lehtgb Pow Secur 6s. .2026
90
14,000
80*4
79
♦Leonard Tletz 7*4s__1946
Chicago A Illinois Midland
79*4
{94
{85
80*4
98*4
97
112
1,000
117
101*4 102
1947
22.000
103
{112
1969
X
104*4 105
103
1948
1955
46 X
72,000
61.000
May
1st A ref 5s ser C...1956
Kentucky Utilities Co—
1st mtge 58 ser H...1961
For footnotes see page
Aug
34*4
1st A ref 5H8 ser B.1954
Aug
6sl
Mar
Jan
Sept
97 *4
Sf deb 5 *4s—May 1957
Aug
Cudahy Packing 3*4»-19C5
98
Jan
Feb
July
Aug
July
Cuban Tobacco
102H
Mar
July
Sept
95*4
Crucible Steel 5s
69
*
Sept
94
1958
05
98*4
118*4
99
Cont'l Gas A El 5s
103
108
Jan
Jan
6s ser A stamped...1943
62
93*4
Jan
Apr
Feb
Aug
79
Apr
Gen mtge 4 Hs
8lJ< June
107
Feb
107 *4
104
Mar
(B vlt) 3 He ser N...1971
July
23.000
79 X
5s
60
94
66 X
1960
Apr
Jan
106*4 108
III Northern Utll 6s... 1957
88
Community P S 5s
July
76 H
101
♦Hungarian Ital Bk 7*4s'63
Hygrade Food 6s A... 1949
6s series B.
1949
July
38,000
49,000
Community Pr A Lt 5s '67
75
33*4
27X
27*4
1938
Ry 5*48.
A St
"5", 000
..—1943
68
Feb
14.000
96*4
96*4
Houston Gulf Gas 8s..1943
93
Line 6s
June
Sept
62
107*4
87*4
5Hs__
49*4
Sept
1947
1935
99
Cities Serv P A L 5 Hs. 1952
May
60*4
{102*4 102*4
Hackensack Water 5s. 1977
90
Debenture 5s_
94
42*4
83*4
Cities Service Gas 5*4s '42
Cities
Service
Gas
Pipe
4,000
Mar
Mar
98*4
Debenture 5s
6,000
71*4
60
Apr
78
53
87 000
July
June
91
Conv deb 5s
July
77
86
61
83 X
6s series B
83
Jan
Apr
29
11,000
35,000
102
Ha series H
1981
Cent Ohio Lt A Pr 6s-.1950
Cities Servloe 5s
Mar
75
65*4
30
-
8,000
8.000
86
116
4
1940
Aug
12,000
0H» ex-warrants... 1943
Central 111 Public Service—
Yards 5s
90
5s series C
106
Cedar Rapids M A P 5s '53
6s series B
Apr
53*4
Houston Lt A Pr 3 Hs. 1966
1957
D..1957
62
July
36 X
May
July
119
ser
80
82*4
88*4
57*4
Feb
81
34
May
112
Cent Power 5s
104*4
75 X
Aug
95%
Apr
Apr
53
96*4
118*4
1st A ret 4Hsser F.1967
6s series G
1968
Apr
63
34
94
110
1956
78
102
53
Apr
U8X
68 series E
4,000
66,000
Guardian Investor* 5s. 1948
Apr
110*4
Canadian Pac Ry 6s—1942
Carolina Pr A Lt 5s —1958
Aug
40
70*4
{55
Grocery Store Prod 6s. 1945
76 X
1st M 6s series A—.1955
Broad River Pow 5s.. 1954
93 X
1,000
78
106 X 108h 117,000
Bell Telep of Canada—
Canada Northern Pr 6s '63
Mar
5,000
Feb
Works—
Birmingham Elec 4>4sl968
74
87
1,000
104h
wartant8l947
Birmingham Gas 5s... 1959
68,000
♦Hamburg El Underground
Avery A Sons (B F)—
1998
92*4
107
2,000
100*4
City Elec 4 lis '64
6s series C. .......I960
July
87
2
80
Assoc TAT deb 514s.A'55
Bethlehem Steel 6s
87*4
107
90
105
Atlanta Gas Lt 414s..1956
1st M 6s series B
Jan
84*4
Apr
1950
♦
102
99X 100 %
78 X
1968
1950
{
(Adolf) 4*4s—1941
July
12,600
85x
"26""
♦Convertible 6s
87
55
1953
6s.._
July
79h
104h
1948
1949
warrants... 1947
"88*4
Georgia Pow A Lt 5s.. 1978
7*4
1%
90
—1950
locom
{72
80*4
Glen Alden Coal 4s...1965
7*4
14*4
Jan
76
10,000
76
76*4
Rayon 6s A. 1948
Mar
200
Feb
95
3,000
77
Associated Gas A El Co—
without
105*4
Sept
102*4 103*4
102*4
Gen Wat Wks A El 5s. 1943
May
25,000
6s with
105
Jul J
1,660
5*4
42
5s
Sept
101*4
81
3*4
98
Baldwin
101
85
Gobel
97
Atlantic
18,000
20,000
2,000
52
52
85
May
39
1977
52
{79
June
97
Conv deb 614s
July
Bronze 6s....1940
6*4
40*4
Debenture 6s
Aug
78*4
General Pub Serv 5s..1953
General
GeD Pub Utll 6 Hs A. 1956
Associated Elec4M»s—1953
Conv deb 5s
107*4
Apr
Jan
♦General
Arkansas Pr A Lt 6s.. 1956
Conv deb 414s
104
Feb
56
Feb
68
2*4
600
14*4
101"u Aug
17,000
81 X
Jan
13,000
15,000
56,000
C
102H
77
92
Aug
7*4
91
stp—1946
Conv deb 514s.....1938
14,000
73
Heller (W E) 4s w w ..1946
Appalac Power Deb 6s 2024
Ark-Louisiana Gas 4s. 1951
Conv deb 4 Hs
106
91*4
7*4
7
*103
100*4
...1956
Amer Seating 6s
Apr
Sept
stamped.1944
Hm1! Print 6s stpd
*8t A ref 6s.......1968
Amer
71*4
Gary Electric A Gas—
6*4
1
7X
1942
Am Pow A Lt deb 6s..2016
July
Mar
July
Alabama Power Co—
1967
Aluminium Ltd debt6sl948
Amei G A El debt 6s. 2028
98
42 X
89*4
Sold
1st A ref 4Hs
Mar
1.000
83*4
Bonds
6s.......1946
A ret 5s.......1951
83 H
17,000
90x
1,300
BONDS
1st A ref
July
Guantanamo A West 6s '68
Yukon-Pacific Mining Co.5
Abott's Dairy 6s
Aug
104
42*4 42*4
105*4 106
84*4
500
6*4
6*4
107
Mar
101*4 101 »u
Jan
Jan
July
Apr
98
Gatlneau Power 1st 5s. 1956
3*4
Mar
97 H
2.000
101*4
Florida Power 4s ser C 1966
Apr
Apr
63 H
2,000
39.000
102*4 103*4
Apr
Mar
30.000
96*4
101
Wool worth
6% preferred—
£1
Wright Hargreaves Ltd..*
May
Gt Nor Pow 5s stpd.. 1950
6
1
Petroleum
(F W) Ltd—
May
109*4
79*4
103*4 104
94*4
Apr
81X
Apr
52
4*4
2
Jar
June
103
4*4
2*4
68*4
%
65
106
101
50
Apr
2,000
Feb
5.000
First Bohemian < Oass 7s '57
100
3X
8*4
May
109
Aug
400
5*4
534
July
1*4
1*4
Mtge
6
5*4
2
Wolverine Tube com
Residential
6s ex-warr
Vot tr ctfs com
5*4
4,OCX)
5sstpd...l96l
Jan
5*4
Sept
78,000
Firestone Cot Mills 5s. 1948
Banks 6s
*4
1
Florida Power A Lt 5s. 1954
100
pre!—*
West Va Coal A Coke....*
Weyenberg Shoe Mfg
1
Williams (R C) A Co
*
Williams Oll-O-Mat Ht—*
WUson Jones Co.
—*
Wlllson Products Inc
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
1953
1967
6Hs series A
IX
2X
Sept
Elec Mfg
0
IX
Aug
105*4
72
63
67*4
106*4 107
56
IX
Ry-
7% 1st preferred
MareUl
109
1952
Empire Dist El 5s
Ercoie
3
1
1950
5*4
334
l*i« June
May
100*4
Aug
3
4,000
1
69*4
5s.2030
Paso Elec 5s A
t Empire Oil A Ref 5Hsl942
Jan
Apr
Ei
9.000
3
1
♦Certificates of deposit
July
3*4
3
1952
Jan
3*4
Western Tab A Stat—
1st A ref 6s
♦Deb 7s ——Aug 1
17*4
k
1
3*4
3*4
♦Certificates of deposit
Erie Lighting 5s
Federal Wat Serv 5*4« 1954
Mills—6
Brower..l
Wellington OH Co
1
Wentwortb Mfg
-.1.25
Western Air Express
1
1st
1952
Aug 1
♦6Hs
Jan
3*4
11*4
July
110
Aug
91
Mar
*4
Walker Mining Co
Ainer
12,000
Mar
6
A...
Welsbaum Bros
Woodley
104*4 104*4
104
Detroit Internat Bridge—
*4
59
Class B.............
Western Maryland
104*4 105*4
1950
93
Aug
Mai
107*4
{107*4 109
Mai
Mai
97H
Det City Gas 6a ser A. 1947
5s 1st series B
High
Low
Sold
7,66c
2*4
2,000
68*4
Wagner Baking v t c
Wayne Knitting
Mar
I
21
67
Va Pub Serv 7%
Waltt A Bond class
July
5*4
4h
1
Petroleum..
Waco Aircraft
3*4
June
29
2.00C
Denver Gas A Elec 5s.l949
>4
20
Co.-10
Venezuela Mex Oil
1*4
31*4
500
1X
103*4 103*4
1938
Bonds
Delaware El Pow5*is.l959
Apr
June
27
Van Norman Macb Tool.
Venezuelan
10
June
175
6
X
X
|Utli Pow A Lt common..
2
500
42 X
«!•
Utility A ind Corp com—
600
2*4
of Prices
Low
Big I
Price
High
1*4 June
Utility Equities Corp
Conv
Low
Week's Itano t
Sate
(Continued)
1.
Range Since Jan
Last
BONOS
Range Since Jan. 1.1938
I
Shares
Utah Radio Products
Priority stock
|
for
Week
1938
17
Sept.
New York Curb Exchange—Continued—Page 5
1754
1944
5*4
Feb
Jan
Volume
New York Curb Exchange—Concluded—Page 6
147
Friday
BONDS
Last
(Continued)
Week's
Range
of Prices
Sale
Low
Price
5
Deb 5s series B
July
Tletz
Aug
H Toledo Edison 5s
80
12,000
3.000
40,000
37
Apr
Sept
83 ?4
38
44?*
Jan
108
Mar
110)4
May
2
2,000
111
120
June
115
8
...
6
115
93
8
96 X
6.000
77)4
.
77)4
80)*
31.000
117)4 118)4
7
52
62)*
58)4
7.000
Mar
Apr
92
(L)
1962
Apr
96X
Sept
Apr
85X
Jan
118)4
July
Sept
Mar
61)4
July
♦United Industrial 0Xa '41
♦1st s f 6s
1945
104)4
59 X
July
United Lt A Pow 6s.-.1975
60
July
6Xs
1974
July
6)48
1959
H
t-.-L.
8
86)4
4
87)4
78,000
40
50
51X
8,000
21,000
12,000
102
Feb
105?*
32,000
70
Mar
89 X
July
Un Lt A Rys
(Del) 5Xs '52
74
Mar
91)4
July
United Lt A Rys (Me)—
6s series A
1952
108
89)4
Apr
Mar
New Oneana Pub Serv1
2
93)4
9
93)4
3,000
86)4
80 X
81
0
82
6,000
63 X
*103)4
93
Feb
Mar
June
•
94
Sept
84X
July
101
6s series A
70
4)48
0
72
72
7
106)*
0
95)4
106
3,000
107)4
25,000
95)4
95)4
104)* 104)4
45
105
May
Apr
88
Apr
39,000
Feb
84
lds?4
1st ref 5s series B
6s
Aug
5s
4
114
3
Nippon El Pow 6XB-No Amer Lt <k Power-
*49
88)4
45)*
109
109
2,000
112?*
517A
8
2
103?*
45
105?*
114
Aug
Sept
82 X
Mar
6
109
9
0
105
5
7
Apr
109)4
Aug
West Texas Utll 6s A
15,000
93
Feb
105
July
Feb
90
Aug
75
Apr
92
July
7,000
89 H
75
Apr
87
July
65
Apr
8b X
July
84
18,000
93?*
Apr
104)4
July
Wheeling Elec Co 5s..1941
15.000
86)4
Apr
100
July
Wlso-Mlnn Lt A Pow 5s '44
Feb
105)4
May
3,000
13.000
80)4
Apr
95)4
July
Jan
107?4
July
♦York Rys Co 5s
8,000
103?*
103?4
16,000
102?*
Pacific Ltg & Pow 5s.
96
83
96
82
83
Jan
Apr
107
Wise Pow A Lt 4s
Jan
106J*
Aug
99?*
July
83
Sept
7.000
69
Apr
2,000
100
Mar
103)4
114)* 114)4
91X
93)4
20,000
114
Mar
11654
12,000
79
Apr
94
115
FOREIGN
AND
Sept
May
*113)* 114)4
74
76)4
74
28
4
Aug
7
84)*
84)*
86?*
113
Apr
55
Mar
77)4
5,000
28
Mar
34 X
Jan
90X
July
74 X
Mar
9
91X
94
7.000
78
Mar
98
89)4
90?*
7,000
76
Apr
94)4
0
95?*
97
16.000
82
Apr
99)*
88
91
17,000
75
Mar
7
104)4 104)4
104)4
2,000
99
Mar
96
92
97
Feb
102?*
AUg
1.000
96
Mar
108)4
95
July
Aug
55
June
80)4
80
25)4
1
93
♦6sctfsofdep
Antloqula
(Dept
Apr '48
*24
ser
♦7s
♦7s
$7
B ctfs of dep. 1945
*7
C ctfs of dep. 1945
*7
D ctfs of dep. 1945
*7
ctfs of dep.'57
1,000
106 X
Apr
11.000
78 H
Mar
107?*
109
Jan
*106
9
108
90 X
93
8
ctfs of dep.'57
ser
♦Baden 7s
Feb
May
82?*
July
7,000
Jan
25X
Sept
4,000
20
Jan
25)4
Sept
Aug
96
24
Aug
Aug
Buenos Aires
7
Aug
8)4
Aug
7
Aug
Aug
7
Aug
7
Aug
6
July
7
July
18
Sept
21)4
Feb
May
Apr
76
Feb
80X
Jan
6?4
Apr
11X
Aug
35
22)4
Apr
27
Jan
35
25
Jan
28
Mar
21
18)4
14)4
18)4
14)4
Aug
July
8)4
8)4
"2",000
18
*10)4
16
Bogota (see Mtge Bank of)
Jan
May
79
Feb
43
Sept
61
Feb
June
108
Feb
Aug
100
113)4
8)4
8)4
18
Aug
Ill
104?*
July
85
11)4
*6)4
*6)4
*6)4
1951
Mar
(Provlnce)-
♦7s stamped
1952
*65
74
68
♦7)48 stamped
1947
*82
*9)*
86
65
♦Caldas 7)48 ctfs of dep.'46
♦Cauca Valley 7s
1948
27,000
86
19
Jan
22
Apr
9,000
48
Jan
69?*
July
17,000
108)4
Sept
♦Prov Banks 6s B..1951
1
Apr
Apr
109
July
7
*26
34?*
29?*
June
65
Jan
*98
99)4
98)*
20 H
June
103
10)4
12 X
12,000
Cent Bk of German State A
108?4
108)4 108)4
14
8)4
$8
♦7)48 ctfs of dep...1946
62)4
3
*
61X
0
PowerOorp(Can)4XsB
9
4
6% perpetual certifies
Pub Serv of Nor Bllnols-
23
61)*
108
6
♦Prussian Electric 6s..11
Public Her vice of N J—
93
94)4
65
39,000
105)4
Apr
May
11)4
ctfs of dep.'57
ser
47 X
97 X
Feb
11)4
ser
ser
43
46
0
Apr
72
9)4
ser
♦7s 3d
Mar
58)4
24
ser
♦7s 1st
82?*
96
13,000
of) Co¬
♦7s 2d
1,000
11,000
July
May
July
107 X
Jan
17?*
A ctfs of dep. 1945
Feb
24,000
12.000
105)4
86 X
108
lumbia-—
♦7s
Sept
93
~~9~6o6
105?*
26
May
93
106
30
105
111)* 112)4
*68)4
71)*
2
Apr
June
Jan
30
108 X
92
June
103
25)4
$24
Mar
93
Mar
32
20,000
30
30
J24
$24
Sept
1,000
74 X
51.000
20,000
80?*
t24)4
'46
105 X
89)4
2
8
21
-
1,000
------
21
2,000
105)4
107
Jan
25)4
Jan
♦7s ctfs of dep
♦6h series A
♦6s ctfs of dep..July '61
130
Jan
145
Aug
6,000
110
Apr
113
Feb
6
1,000
103)4
Apr
107
Mar
8
101
2,000
101
Sept
105
July
6)48 ctfs of dep
Danish
0
102)4
1
196 I)
Pub Serv of Oklahoma—
4s series A
.196 5
102X 102X
101
102?*
103)4 104)*
1,000
38,000
5,000
01 x
Apr
104?*
101
Sept
105
103)4
Sept
106)*
May
July
Feb
104
104)4
3,000
98 X
Mar
60 X
Mar
69)*
0
74)4
78?*
36.000
74
76)*
9
[)
74?*
8.000
59
68)4
72)4
25,000
53
Apr
104)4
Aug
80
July
75 s*
July
1
-
3
-
108 ?4
14
)
7
2
5
......
-
52
w
*125)4
*107)4 108
*16
28
28)4
28)4
101)*.102
52
54)*
*107)4
?
External 6)4s
m
?
♦Secured 6s
1947
(City) 7s...1939
(Prov) 6)48.1949
Jan
40)4
20%
20)4
20 X
39
June
59 X
Mar
10 s-*
11)4
9)4
21
5,000
73?*
July
.1954
*8
♦Mendoza 4s stamped. 1951
79
80
25)4
Feb
May
Mar
28 X
107
June
110)4
9?4
Apr
15
128 X
Feb
131 X
\07X
Aug
112
July
Aug
♦Issue of
Mar
_______
10,000
38 X
106)4
Apr
6! X
Apr
107 X
101)*
Mar
6s stamped
1931
Sept
Aug
12)4
Apr
17X
June
102X
Feb
Jan
Jan
Mar
Mar
16)4
*12
July
♦7s ctfs of dep
1947
*24
*24
Aug
♦6)48 ctfa of dep...1947
(State)
♦Rio
Jan
♦Russian Govt 6 )4s.
de
30
.
30
30
4.000
96
Apr
10
3.000
7
Mar
10X
7
1919
99)4
10
.....
Janeiro 6)4s_1959
7
1 000
0
Apr
10 X
H
XX
tX
XX
59?*
60
Mar
84
July
Mar
97)4
JuJv
♦5 J4s
103)4 103)4
104)4 106?4
30,000
101 X
Apr
107
May
26,000
102?*
Apr
July
♦Santiago 7s
102?*
Apr
106 ?4
Apr
111
103 X
Apr
106)4
35)4
103)4
42
2,000
98)4 100
22,000
85
Feb
93
Apr
103
*75
77
103)4 103)4
55)4
3,000
Apr
56 »*
Mar
85 X
July
93
Mar
105 X
♦No par value,
Sept
54 X
~~48X
48X
Sept
54
50
47.000
37X
Mar
57
July
47)4
47
49?*
26.000
36 X
Mar
56?*
July
76
76
1.000
64
Apr
79
July
45)4
44)4
48
56.000
36
Mar
55 X
July
33
31
34
72,000
18X
Mar
35
a
1
Mar
65
11X
Jan
16
11)*
Jan
X
~4~o66
16)*
14)4
45
"5", 000
Aug
Bonds
In
year's range,
r
45
51
55
6.000
43
Jan
58
45
49
5,000
39
Jan
55
July
105?* 105?*
106
1,000
104
Apr
106)4
17,000
103 X
Apr
107)4
31,000
65 X
Feb
91 X
Mav
In
Feb
104'..
Sent
5,000
57
44
48
20,000
44
Sept
90
93 X
34,000
82 ?4
Mar
100)4
99
95
94
Mar
104)4
Mav
2022
99
99
99
5,000
90 X
Mar
101 x
Aug
83
83
1,000
75)4
Apr
86X
Jan
102?* 113,000
June
61
n
Under
year's
No sales were traasacted during current week
called
entirety:
Sauda Falls
e
5s
1955. Oct.
1
at
107)4-
1970. Oct.
Cash
sales
transacted
during
4 at 104.
tne current
'
/
week and not Included In weekly or
yearly range:
/
No sales.
y
Under-the-rule sales transacted during the current week and not Included in
weekly or yearly range:
Jan
Texas Power A Lt 58..1956
X
16X
receivership.
Tenn. Public Service 5s,
Jan
"~90 x
......
July
Empire Oil A Ref. 5)4s 1942, Oct. 5 at 101.
Pub. Serv. of Nor. 111. 5s 1956, Oct. 1, at 110.
Aug
83 X
84
104S« 104*i«
Feb
Jan
X
! The following Is a list of the New York Curb bond Issues which have bee
In their
Aug
105)4
Super Power of 111 4 Ms
Mar
X
Cash sales not Included In
Toledo Edison 5s 1912, Oct. 13 at 105.
...
X
being traded flat.
I Reported
Corp—
..
<
Deferred delivery sales not included In year's range,
Included
not
* Friday's bid and asked price.
Aug
48
9,000
Jan
Jan
Ex-dividend.
z
range,
Aug
104s
sales
the rule
Jan
46 X
1951
49)4
Jan
X
Jan
Aug
♦
16.000
*13)4
14)4
1961
♦7s..
Sept
X
46)4
48)4
47)4
50
1949
X
Jan
X
2.000
'A
Aug
100
11,000
July
1921
Mar
IStandard Gas A Elec
(stpd)
H
♦6)4s certificates.-.1919
71X
X
%
X
1
♦Santa Fe 7s stamped. 1945
—
70
42,000
6,000
15,000
99
99)4
..1958
7s
Apr
87)4
15,000
Feb
21
3,000
20
*24
Mtge Bk of Denmark 5s '72
108)4
108)4
June
Sept
.1946
♦Parana
63?*
80X
25 X
♦7s ctfs of dep
Mar
Sept
Feb
Mtge Bank of Columbia—
Aug
May
X
Aug
10
Sept
30
105?*
5
9
64
24X
16
105?4
42
Aug
24?*
*24
Mar
103
100)4 103
99
Jan
Feb
10 X
7)4
Jan
*24
July
Jan
Apr
18,000
18 X
Jan
10
T660
Sept
♦7s ctfs of dep.Oct '47
105
106
13 X
16)4
♦Mtge Bk of Chile 6s. 1931
Mpr
105
July
Mar
Apr
July
24 X
Feb
Mar
104?* 105)*
22 X
9X
i2j)66
25)4
July
102
108X 110
......
Jan
26
25)4
♦Issue of Oct 1927
Sou Calif Edison Ltd—
! 'iol'x
Mar
19
1
30
28
21?*
96 X
1,000
1
25
*24
May 1927
♦78 ctfs of dep. May '47
May
31)4
1,000
9,000
......
•
Sept
23
Jan
Mtge Bk of Bogota 78.1947
102
80
!
Jan
Jan
23
19?4
19?*
13
*8
5.000
*78
85)4
Aug
102
Apr
20
10?*
Jan
24)4
......
---
1 J"*!-$5° 0001OOOi0O1O
«
93 X
29 X
♦5)48 certificates... 1921
85)4
98 X
Jan
12,000
53)*
100 X
♦Lima (City) Peru 6)48 '58
♦Maranhao 7s
1958
24,000
53)*
May
*9?4
*9)4
9)4
♦German Con Munlo 7s '47
♦Hanover
104)4
103?* 104)4
104
98
June
24.000
......
103
99
40)4
20 %
20)4
20 X
20)*
*....
1952
103 X
103
7
13
100
99
99
♦Medellln 7s stamped. 1951
♦7s ctfs of dep...
1951
21
108 ?4
14)4
*9
1953
72V
78
Aug
July
100
1955
♦6)4s ctfs of dep
*73
*20
*20
21
Danzig Port A Waterways
Queens Boro Gas A Eleo—
2
*16
*16
1959
5)4s
5s
♦Hanover
104
1952
♦6s ctfs of dep..Oct *61
Cundlnamarca (Dept of)
7.000
10
ts
$._._
$.,..
Columbia (Republic of)—
Apr
139)4 140 X
101
1948
June
110)4 110*3*
104)4 104)4
139)4
6
12,000
Bogota (City) 8s ctfs..1945
1
Tide Water Power 5s__1979
106
Jan 1947
14,000
103
Peoples Gas L & Coke—
So'west Pub Serv Os..
Apr
Apr 1946
108)4 108)4
lflf 8
Pittsburgh Coal 6s_.
Pittsburgh Steel 6s.
7s
105)* 105?*
103
105)4
99?*
'47
June
195 4
20.000
July
MUNICIPALITIES—
♦7s
D
%
Aug '47
July
Penn Water A Pow 5s. 194 0
July
Apr
GOVERNMENT
♦7s ctfs of dep. Jan
Penn Ohio Edison—
88
109
♦6s ctfs of dep
July
9
Aug
June
1947
♦7sctfsof dep.Apr
July
1
Oh series A__
96)4
102)4
1937
♦20 year 7s
Sept
23,000
107)4
106)4
Agricultural Mtge Bk (Coll
Feb
52.000
28
1966
Stamped 5s
♦20 year
2
5.000
20.000
26
Jan
105)*
103)* 103)*
5
90
48)4
105)4
Yadkin River Power 6s '41
2,000
94)4
114)*
1957
95)4
Aug
Sept
Mar
102)* 102)4
107)4 107)4
89)4 92
46)4 52
105
105)4
}106
107)*
106)4 106)4
97
96)*
102 X 103)4
79?*
81)*
107)4
West Newspaper Un 6s '44
West United G A E 5)48*56
102
Aug
75
li'ooo
90
105
West Penn Elec 5s...2030
24.000
83
1
A...
82 X
105
West Penn Traction 5s '60
21,000
95
8
series
80
Feb
12)4
103)4
-'ower 5s 1960
July
102?* 103?*
102)4 103)4
103
8
Os
Jan
64
109
July
105)4
0
(Hugo)
53 X
3,000
107
Pacific Gas <fe Eleo Co—
Stmnes
July
July
July
2,000
77
109
54
105
1
(stpd)
109
107
90
105
6
Debenture 6s
83
Feb
Wash Gas A Light 6s. 1958
Wash Ry A Elec 4s...1951
Apr
107
e
Conv 6s
Feb
96
1,000
Mar
107
2
6s
64 X
10,000
79
36,000
10>)*
95
95
5
414s series 1
105)4
83)4
70
105)4
July
July
Aug
82 X
Feb
21)*
30
6,000
80?*
Apr
18
2.000
104)4 104?*
103?* 104)4
99)4 100
Mar
Hotel—
deb
4,000
88)4
47X
Mar
94 X
83)4
♦5s Income
June
28
57)4
1954
Waldorf-Astoria
Apr
Northern Indiana P 8—
4 Xi series B.
80)4
27X
Jan
7,000
186?*
86)4
80 X
1946
July
98
Jan
Jan
8,000
114
6
68 series
1950
Apr
Feb
13,000
38,000
77
"86)4
62
56
39,000
Wash Water
4
Debenture
72
116)4
Sept
30
72)*
108)4
69)4 69)4
1944
Va Pub Serv 5Xs A..1946
47 X
Apr
49 X
24
70)*
74?*
~77~~
July
Sept
Mar
112X
23
108
1973
July
104)4
101
Utah Pow A Lt 6s A..2022
Aug
69)4
71?*
Jan
65)4
1,000
30
75
45,000
87
40
39)*
108 X
3,000
2,000
50
35
t
53)4
104)4 105?*
86)4
88)4
40
49
44
Sept
Mar
105»u
3,000
30,000
115 H 115?*
115?*
49
49
1
High
Low
Sold
55 H
40
Conv 6s 4th stamp. 1950
United Elec N J 4s
1949
United El Serv 7s
1956
80)4
52
54)4
49
0
High
105«i» 105*u
Twin City Rap Tr 5Xs *52
Ulen Co—
52
8
Bonds
of Prices
Low
see Leonard
69
115)4
Range Since Jan. 1. 1938
Week's Range
Sale
Price
37
14.000
109)4 109)4
Last
High
90
8
109)4
BONDS
(Concluded)
Low
Sold
78)4
0
5s.
1, 1938
Range Since Jan
Bonds
High
87 X
87?*
1
1755
Friday
No sales.
Feb
z
In
Deferred
delivery sales
weekly or yearly
transacted
during the current
week
and
not Included
range:
No sales.
,,,
Abbreviations
Used
Above—"cod."
certificates of deposit;
"v t c."
voting trust certi"* tes; "w I," when Issued: "w w." with warrant*-
without warrant*.
A
"cons." consolidated
•cum," cumulative: "conv," convertible; "M," mortgage: "n-v." non-voting
stork'x-w
Financial
1756
1938
17
Sept.
Chronicle
US
Other Stock Exchanges
Estate Securities Exchange
Real
New York
Unlisted Bonds
A 8k
Bid
Unlisted Bonds
75
Bryant Park Bldg 6 56s '45
11 West 42d St Bldg—
24
tnternat Commerce Bldg—
656s
1943
4
1945
40
Park Place Dodge Corp—
Income 5s 1952 v t c
Listed and Unlisted
Ask
Bid
B'way 38th St Bldg 7a 1945
6
6 56s unstamped
...
10 East 40th St Bldg 5s '53
(250
West 39th St Bldg 6s'37
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, Sept. 16
Paal H.Davis & Go.
Members
—
New York Stock
83
Chicago Stock Exchange
Chicago Board of Trade
Exchange
New York Curb (Associate)
9
10 S. La Salle St.,
Baltimore Stock
Range Since Jan. 1, 1938
Week's Range
for
of Prices
Sale
High
Low
Shares
Sales
Friday
High
Week's Range
Last
Sale
16 56
Bait Transit Co com v t c.*
m
*
1st pref v t 0
Black A Decker com
Consol Gas E L A Pow.
—
Mat"*.
r'jm
-
-
—
—
56
7
156
1956
156
m'mm
mm
m.mmm
Mar
1256
July
173
1
Jan
Mar
956
Mar
59
5556
Mar
zll356 115
56
11254
Apr
7
50
456
Mar
256
2056
7356
June
116
1056
July
m.m'm
Finance Co of Am A com.6
m
m
mm
m
mm mm
17
25
11
Mar
19
July
33
7556
Mar
112
Aug
30
213
10
10
12
9
m
20
Fidelity A Guar FireCorplO
10456 108
2956
-—-1
Fidelity A Deposit
9
84
17
2756 June
956 May
Abbott
Apr
Aug
July
17
—
Mfrs Finance 1st pref...25
Mar Tex Oil
m
16 56
m
mm
m
Ww.
*
Second pref...
«*'«»-*»
m
W
1
Martin (Glen L) Co com—1
mm
Merch A Miners Tramp—*
m
mmmmm
7%pf25
m
mmm m m
Monon W Penn P 8
m
mm
m
56
156
1,250
1856
2256
11
12
26 ?6
*2456
156
6
1156
Jan
3556
10
Sept
1
156
6
June
56
8
July
Aug
56
Jan
3
Jan
130
156
1856
Sept
2656
July
145
10
Mar
1656
Jan
190
21
Apr
2556
Sept
Aug
Jan
100
156
554
756
Mar
1256
Aug
1,855
1
June
Jan
8156
20
72
June
156
9456
22c
24c
2,600
22c
m
m
m
6756
6756
12
m
m
1256
1256
30
13
1456
2,363
Apr
59 54
m mm m
Ownings Mills Distillery..1
Penna Water A Pow com.*
Seaboard Comrn'I com..10
1856
May
156
156
8156
Mar
1156
3
Jan
Common (new)
56
Jan
1356
Aug
1756
July
Sept
52 K
*
—
High
52
Shares
j.
9
"9 K
*
Advanced Alum Castings.5
6
856
10
.
"59"
100
Amer Tel A Tel Co cap. 100
Armour A Co common...5
436
200
4
Mar
150
7
June
1136
6
June
m
m
1356
2
Apr
1254 June
854
Mar
75
Jan
1236
150
856
18
80
m'm'm
4%.1947
mm
m'mm
m
1944
5%
1656
17
.$8,000
15
Mar
23
9456
9456
3,000
92
Apr
96
June
9956
3,000
9956
9956
Sept
Boston Stock
Sept
Jan
?6
Last
Sale
Par
Stocks—
Price
Week's Range
134J6
Sept
14636
336
Mar
636
Jan
536
Apr
836
Aug
1
950
36
Mar
136
Jan
33
34
300
27
Mar
400
1
Mar
3636
136
July
650
136
Mar
236
July
1136
July
156
8
Barlow & Seelig Mfg A com 5
Bastian-Blessing com....*
9
9
9
20 36
5
156
156
50
8
9
10
7
23
■
Mar
13
13
Jan
2436
Aug
836
May
High
Low
Shares
7%
756
456
1856
1,350
5
31%
29
35
5,750
536
common
..
.
.
.
-
Bruce Co (EL) com..
156
Amer Tel & Tel
11
..100
13756
Bigelow-Sanf Carpet com. *
Boston & Albany
..100
"72"
Boston Edison Co
100
124
Boston Elevated
100
49
100
156
15
11
1
Apr
11
Mar
136
16
Mar
May
Mar
14956
Jan
30
17
June
July
211
60
Mar
2736
10856
699
108
3,724
13456 14356
22 56
2256
79
70
1
—.10
11036
Jan
Prior pref
_....
—
10
July
Mar
2436
July
July
20
Aug
1956
22
350
14
Apr
25
Jan
5056
140
4136
Mar
56
400
36
Aug
136
July
336 June
736
July
236
50
July
150
6
156
110
40
Cent States Pow & Lt pf- *
356
1
2,800
*
Chain Belt Co com
.mm mm
5736 June
Preferred
156
356
14
356
90
June
Apr
,mrnmm
136
*
July
Chicago Electric Mfg A—*
Jan
5856
May
Chic Flexible Shaft com-.5
1356
Mar
2056
Jan
Chic ANorWest Ry comlOO
Chic Rivet & Mach cap. .4
45
156
May
256
Jan
Jan
Jan
97
12
Apr
536
July
Mar
236
20
50
14
Mar
2536
1636
July
JUDO
1256
50
1236
June
136
156
7,250
136
Mar
3236
50
2536
Mar
35
40
Jan
2136
236
3236
Cherry-Burrell Corp com.5
Chicago Corp common..*
4856
1256
Aug
16 56
18
1836
Feb
66 56
1,000
1636
3836
Apr
61
Jan
8036
July
56
150
36
Sept
136
Jan
856
150
536
Mar
1036
July-
5736
May
Chicago Towel-
1
Apr
156
I
134
■
956
155
556
2
215
156
Mar
456
July
.m
•
Chicago Yellow Cab cap.. *
123
156
June
436
July
Chrysler Corp com
356
July
m:mm
mmmm
.mm
July
56
mm
8
Cities Service Co—
4
156
Mar
136
75
156
Apr
256
225
156
Sept
517
856
536
Apr
Mar
11
367
Jan
12
61
10
5
*
100
56
Sept
36
June
468
4}6
May
736
Jan
175
11
29
1156
310
29
2936
40
13 J6
24
11
June
3
Jan
Sept
Sept
156
223
52
May
100
7
7
20
356
...100
2
2
130
136
Jan
Eastern Steamship L com
6
200
136
25
245-6
2456
2556
8,750
:
lie
.20
New
capital
Rights (Sept debs).
-
3056
Jan
Aug
Container Corp of Amer. 20
Continental Steel pref—10C
856
Aug
256
July
336
Jan
897
100
256
1536
Apr
Apr
20
Mar
25
2336
Apr
3056
July
Cudahy Packing pre?. .100
Cunningham Drug com236
Curtis Lighting Inc com..*
Feb
Dayton Rubbei Mfg com.*
Decker (Alf) & Cohn comlO
Jan
Deere & Co
Feb
Dexter Co
July
636
15
436
June
836
95
656
June
Gilchrist Co..
636
Gillette Safety Razor....*
8
156
756
11
56
1256
1036
Jan
2
28
756
,
27c
25
Mar
736
Feb
3 36
1,250
Sept
May
com
156
15
97
x97
4
20
1136
50C
36
Feb
360
1236
Sept
95
10
Aug
1656
13 K
2
1656
25
10
Mar
58
__.....*
Common...
806
156
10c
12
400
7
7
v t c pref part shares —50
Com ptshBvtC—. — *
33
356
5
Sept
May
Sept
May
Aug
Jan
Aug
Co—
1936
156
Jan
7536
Mar
22
22c 179,400
16
656
Consolidated Biscuit com.l
Consumers
10c
13
29
156
1236
Sept
Sept
450
156
19
356
June
70
Mar
8
6436
7
29
19
180
Commonwealth Edison—
56
156
3,420
156
Jan
536
25
300
7556
6
Club Aluminum Utensil—*
1056
756
156
1056
IK
10
(New) com
Jan
656
24
62
10
6456
..._.*
Common.
1256
56
436
736
Apr
Apr
Class A pref
Mar
16
9156
180
156
Employers Group
*
General Capital Corp..-.*
Georgian, Ind (The)—
536
1736
4056
156
309
10
100
n
Jan
215
91
2
..100
Preferred B
Aug
536
390
38
136
100
East Mass St Ry—
1st pref
1536
4,230
9156
Compressed Ind Gases cap*
—
Jan
May
856
38
*
136
25
36% prior pref
6% preferred
Mar
2236
1856
56
1556
East Gas A Fuel Assn—
4
Aug
•8
Apr
6
200
36
Sept
236 May
-
Mar
5
14
1,350
...*
7
_25
—
Copper Range
150
2156
656
6
-.--1
pref..
156
Class B 1st pref.....100
Class C 1st pref (stpd) 100
Cliff Mining Co.—
1636
300
1956
13 56
356
—
136
Boston Personal Prop Tr
Calumet A Hecla
25
956
1
.
$136 conv pref-.-.—--*
7
-.100
Jan
Jan
Central 111 Sec-
_
Class A 1st pref (stpd) 100
Class B 1st pref stp_.100
636
2236
48
19 K
Cent 111 Pub Ser $6 pref..*
136
100
Mar
Mar
1756
4956
125
.
Preferred (stpd)
4
20
49
122-
Boston & Maine-
Adjustment....
"7%
10
.
556
356
15
Boston Herald Traveler..*
Common..
~10%
5
Butler Brothers
5
1856
*
-...
Burd Piston Ring com
Prior lien
6% non-cum pref——.50
1st pre!
50
Mar
1236
100
Corp—
Preferred
American Pneumatic Ser-—
Mar
536
1,150
16
Common.
High
836
6,800
16 X
456
Jan
8
636 June
Bliss & Laughlin Inc com.5
4 36
Jan
250
9
1756
736 June
Aug
450
1056
Berghoff Brewing Co
1
Binks Mfg Co cap
..-.1
Central 8 W
Week
of Prices
Low
Range Since Jan. 1, 1938
for
Aug
July
250
Aviation A Trans C cap.l
Common
Sales
Friday
Aug
1936
62
1,505
V
156
Castle & Co (A M) com.
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Apr
Aug
1
5% conv pref
30
CampbellW yant&Can cap*
Exchange
Mar
July
4,050
556
456
*
Class A
99 56
Bait Transit 4s flat. 1975
Finance Co of Am
45
Jan
8
8
13456 14356
4 36
Automatic Products com.5
(New)
Bonda—
Baltimore City Bonds—
1236
150
Associates Invest com
Borg Warner
Mar
1236
Mar
59
8
com
Mar
2
10
8
1
1
Aviation
4%
250
58
Corp com
Asbestos Mfg Co com
Beiden M f g Co com
Sept
610
1756
25
Amer Pub Serv pref
Aro Equip
Sept
4136
1036
Sept
Jan
656
Aetna Ball Bearing com.. 1
Class A
5236
Sept
7%
256
256
Allied Laboratories com..*
Allied Products com
Apr
39 36
20
11
956
.....
36)6
55
9
Brown Fence & Wire com. 1
U 8 Fidelity A Guar
m
High
Low
1,250
5256
4156
4156
25
Adams Oil A Gas com
Bendlx
Range Since Jan. 1. 1938
for
Week
of Prices
Low
Adams (J D) Mfg com...*
Aug
9
1156
156
156
1156
North Amer Oil com
"~24c
Sept
10
New Amsterdam Casualty
50
115
7
56
156
Mt Vern-Wood Mis comlOO
Northern Central Ry
1,273
1756
7
9
Price
Laboratories—
Acme Steel Co com
,
Georgia 8 A Fla 1st pfd 100
Houston Oil pref
100
Par
Stocks-
Jan
Apr
H
56
28
362
7
1956
June
17
72
16 56
*69 56
Eastern Sugar Assoc com.l
Preferred
35
m
1656
*
*
100
5% preferred
+ m
505
2056
56
mmmrnmm
1756
2056
*
Arundel Corp
Atlantic Coast Line com 50
official sales lists
Sept. 10 to Sept. 16, both inclusive, compiled from
Week
Low
Price
Par
Stocks—
Chicago Stock Exchange
SaUs
Friday
Last
CHICAGO
Exchange
compiled from official sales lists
Sept. 10 to Sept. 16, both inclusive,
:
5856
60
48
May
50
1136
1356
2
1356
2
Apr
136 June
50
2
1736
98
July
July
July
Jan
1836
July
73
July
1636
July
336
14
Jan
1156
1156
1256
400
536
Mar
256
256
256
350
136
Mar
336
July
July
18
365
1636
Sept
2036
Aug
5
5
10
336
June
636
Jan
10
11
250
10
Sept
1636
30
3056
200
29
May
34
Jan
15
16
100
1036
Mar
21
Feb
236
Mar
1656
...
5
(The) com
Dixie-Vortex Co—
Hathaway Bakeries cl A..*
456
456
25
156
Feb
556
Aug
Common;
Isle Royal Copper Co...15
Maine Central com... 100
2
2 56
1,065
36
June
356
July
10
OI&85 A
5% cum pref
456
11
...100
Mass Utilities Assoc vto
2
Mergenthaler
2256
Linotype..*
Narragansett Racing Ass'n
456
11
236
24
30
20
456
11
Sept
9
Sept
22
121
156
Mar
18C
1856
Mar
256
28
Jan
Jan
Aug
July
Inc
456
5
1,450
356
Jan
6
July
23
Feb
Preferred
New England Tel A Tel 100
NYNH&HRR
North Butte
Old Colony
13
100
—
Old Dominion Co
Pacific Mills Co.
13
20
13
Sept
99
104
490
81
Mar
1
136
156
40c
100
55
48c
1,346
2
100
2.50
RR
—
Eddy Paper Corp (The) — *
Uttl cap.5
Elgin Natl Watch Co—15
Fitz Sim & Con D & D cm*
256
68
June
156
10956
July
256
Jan
_
Gen Finance Corp com
Mar
79c
JaD
2
Apr
5
Jan
June
Sept
2336
3036
Aug
Mar
036
Aug
1956
1,900
656
5
5
2456
June
456
Jan
Great Lakes D A D
156
Mar
256
Feb
Hall Printing Co com
Goodyear T & Rub com.
com.
.
_*
10
1756
7
Mar
21
Aug
Mar
10 36
July
Mar
636
Jan
5
Sept
836
736
June
Apr
8
Sept
12
July
Harmischfeger Corp com 10
5
556
50
28
July
Heileraan Brew Co G cap.l
656
656
600
July
Heln-Werner Motor Parts 3
8
350
Apr
Mar
Jan
8056
43
May
Hibb Spenc
656
8
1236
536
JaD
Mar
4
3456
Bart com—25
Jan
3
Mar
17
6
5
Hamilton Mfg cl A pt pf. 10
50
Jan
75
Aug
68
10
100
1136
1,049
3856
Jan
13
2536
656
May
156
100
Jan
1656
1356
25
4156
Jan
236
450
655
80
256
Sept
856
156
2436
1136 June
36
756
236
74
Mai
2,050
400
1956
4056
Mar
136
436
260
156
23
8
June
14
256
74
Mar
236
2856
GossardCo (HW) com...*
United Shoe Mach Corp.25
Preferred
25
636
550
13
Jan
Torrington Co (The)
Sept
July
2556
Goldblatt Bros Inc com..*
944
556
336
1036
156
I
256
Common
July
1,416
July
16
256
May
956
Jan
836
May
50
60c
756
Aug
Apr
836
956
256
1936
May
556
24
436
Mar
956
Jan
8
■
Jan
Gen Household Utll—
37o
General Candy clA
Mar
836
400
*
30c
23
350
2
*
—
236
Stone A Webster..
956
9
156
5
eonu
956
402
50
56
Gardner-Denver
216
1054
356
200
140
10
200
1156
55c
Shawmut Assn T C
856
Mar
15
300
1156
1456
Reece Folding Mach Co
1,900
356
956
17%
Qulucy Mining Co
456
20
8
com_5
48c
115-6
Pennsylvania RR
4
19
1
Fox (Peter) Brewing
1156
1656
25
.
4
19
Dr Auto cap 10
Fuller Mfg Co com
..*
...
w
Eiec Household
FourWhee
New England G & E Assn-
.—
3456
10
3436
Sept
100
16 K
Jan
4536
21
Feb
Jan
Utah Metal A Tunnel Co.l
66c
76c
900
55c
Mar
156
Jan
Hormel & Co (Geo) com A*
21
21
21
Venezuela Holding Corp.. 1
40c
40c
1C
40c
Sept
1.25
Feb
Houdallle-Hershey ci B..
15
14
17
7,250
536
Mar
1736
Sept
10
10
50
836
Mar
12
July
Waldorf System
Warren Bros
*
———*
656
7
2
256
55
115
556
Mar
856
Jan
2
Sept
336
Aug
Hubbell Harvey Inc com.5
Hupp Motors com..
Illinois Brick Co
Bonds—
Eastern Mass St Ry—
Series A 436s—
Series B 5s.
'
1
10
Illinois Central RR comlOO
Illinois Nor Utilities pf'I 100
.1948
72
72
$5,000
49
Mar
72
Aug
Indep Premier Tool v t c
.1948
70
70
100
50
Apr
75
Jan
Indiana Steel Prod com
For footnotes see page 1759.
"i'%
156
5
956
400
1.50
5
Mar
608
636
Mar
11056 11056
21
2156
4
36 June
156
556
1156
4
60
IOC
100
100
Mar
2
836
14
11036
Jan
Jan
July
Sept
Mar
29
Jan
336 June
7
Jan
1436
Volume
147
Chronicle
Financial
Filday
Sales
Last
Par
Week's Range
of Prices
Low
High
Wp/>b
Price
Sales
Friday
for
Sale
Stocks (Concluded)
1757
Range Since Jan. 1, 1938
Last
Week's
Sale
Shares
Low
Stocks
High
(Concluded)
Par
Range
Low
Price
Range Since Jan. 1, 1938
for
Week
of Prices
High
Low
Shares
High
I
Inland Steel Co cap
*
71%
78%
143
69%
July
International Harvest com*
56)4
61
458
Iron Fireman
17)4
14 %
17%
17%
300
55%
12%
10%
19%
20
200
36
36
50
Mfg v t
Jar vis (W B) Co cap
Jefferson Electric Co
c_
_*
.
1
*
com.
Joslyn Mfg & Supply com.5
Katz Drug Co com
1
Ken-RadTube&T'p
3%
1,650
10
11
24
24%
67)4
com
Kingsbury Breweries
67%
1
cap
La Salle Ext Univ com
1
5
19%
~~3 %
Lion Oil Ref Co
_20%
Jan
23%
July
40%
Jan
3
Jan
5%
Mar
com
Partic pref
53
Apr
%
Mar
1%
Feb
1%
May
16
100
2%
Mar
80
15%
Mar
9
Aug
Jan
4
200
Apr
4%
24%
Mar
31%
U S Printing
Wurlitzer
21%
750
16%
Mar
25%
1%
Apr
2%
5%
Mar
14%
5)4
2%
Mar
5%
27
20
19%
Mar
28%
Aug
1%
Mar
4%
14
16
16
29
28
30
86
1
1
1
227
1
Sept
7%
8
263
7%
Mar
7%
July
2
5%
4%
6%
5,350
4%
Mar
950
%
Mar
GILLIS
%
•
3%
5
1%
1%
%
350
%
Union
Jan
..*
6%
1%
Mar
%
Aug
%
Sept
5%
Aug
6
200
21
250
18
43%
48%
1,174
*
7%
7%
2
Jan
7
24%
No American Car com. .20
2
Nor 111 Finance
Northwest Eng Co
Nortbw Utll
7%
*
com..
Friday
"T%
Omnibus Corp v t c com.. *
Parker Pen Co com.
10
....
Peabody Coal Co cl B
Penn Elec Switch
10
26%
July
Cleve Cliffs Iron pref.....*
Cleve Elect 111 $4.50 pref.*
3%
July
Apr
Sept
5
13
Colonial Finance.
Mar
Apr
46
Aug
12
50
10
May
12
Sept
14%
50
14%
Sept
19%
July
15%
16%
250
13
July
17
June
%
20C
Apr
1
Jan
.550
11
Apr
16%
Aug
100
3
June
9%
Jan
Lamson & Sessions.
329
14%
Mar
Jan
McKee (A G) B.
423
24%
Mar
24%
36%
3%
13%
3%
19%
36%
3%
Mar
4%
Jan
%
%
340
%
Mar
1%
Jan
7%
%
18
7%
40
7%
Sept
12%
July
%
May
1%
10%
July
National Refining pref
110
16%
28%
%
7%
100
"2%
Sept
85
129
Mar
24%
2%
%
Sangamo Electric
23%
23%
100
15%
10
11
250
6%
64%
71
1,294
47%
Mar
July
500
10
May
13
Mar
75
July
65
60
Jan
85%
85%
4
84
Aug
85%
28%
28%
15
26
Apr
35
Haima (M A) $5 cum pfd_*
Harbauer Co..
*
93
93
20
88
Apr
97 %
July-
55
5
Jan
7%
Jan
Interlake Steamship
35
35%
90
27
Mar
44%
Jan
11
14
225
12
Sept
20
17
18
849
13
June
18%
Jan
393
3%
22%
Mar
6%
Jan
13
Mar
5%
.•_*
Jaeger Machine
*
.
Kelley Js Lime & Trail.._*
__*
5%
4%
4%
4%
28
*
Medusa Portland Cement *
28
60
2%
150
2%
7% cuin pref.
60
100
Murray Ohio Mfg......
60
8
8%
8%
National Acme
39
18%
18%
Metro Paving Brick
Apr
J
8%
330
June
Patterson-Sargent.
15%
16%
6%
Aug
2%
Seiberling Rubber
75
Sept
Mar
27%
July
May
13%
Jan
75%
July
33
_*
8% cum pref...
U pseu-Walton
.
.
Vlchek Tool....
June
Feb
June
3%
29
Jan
150
15
July
19%
Feb
4
Mar
8%
Aug
30
Mar
240
2
Mar
12
Apr
215
4
2%
6
_.._*
1%
uly
Sept
12%
60
60
3%
4
4
June
7
1%
June
3%
Apr
Mar
7%
July
6
.
2%
Apr
310
35
2%
1
.
Van Dorn Iron Works.... *
45
637
35
3%
32
100
Apr
Mar
Feb
5
July
■
3%
12
28
3
20%
Mar
4
_
Jan
5%
10
450
Peerless Corp
Richman Bros..
Jan
65
2
1%
Feb
Aug
27
11%
Mar
31
Mar
2%
60
27
1
July
1%
Jan
65
Jan
21
Nineteen Hundred Corp A*
Mar
Jan
12%
32
Mar
5
12%
May
11
National Tile
%
Mar
19
Aug
Aug
58
111%
107%
199
Aug
151
July
10
Jan
5
18
4
4%
150
Jan
12%
24%
2,950
64%
46
Jan
%
Jan
June
11
Mar
2
Jan
12%
46
1%
%
75
11%
Aug
2,441
22%
15%
Elect Controller & Mfg... *
Gen Tire & Rubber pref 100
Greif Bros Cooperage A.
Mar
41%
111
July
Sept
8
91
21%
16%
13
3%
8%
25
100
16%
75
*
Jan
50
St Louis Natl Stkyds
cap. *
Schwitzer Cummins cap..l
Sears Roebuck 6c Co com. *
July
400
3
1%
July
May
Mar
60
Raytheon Mfg
6
170
147
24%
3
325
146
1
100
%
6
5
%
15%
19%
111
10
1,1938
High
Low
674
52
1
Mar
146
Serrick Corp cl B
Jan
8%
Mar
52
Cleve Railway........ 100
Cliffs Corp vtc
*
8%
105
com
Aug
8%
Preferred
100
Rath Pecking Co com... 10
Rollins Hos Mills com
July
Apr
Mar
1%
Quaker Oats Co common.*
50c
25
9%
11%
7%
103% 108%
com v t c
9
8%
Range Since Jan.
Shares
8
9
City Ice & Fuel...
18%
3%
1
6% preferred vtc.
8
Amer Coach & Body.....5
July
%
l
com
Airway Elect pref.....100
July
10
.
Pressed Hteel Car...
Sept
30
11%
High
1%
14%
13
Low
7%
10C
4.50
Price
28%
14%
Pines Winterfront Co com!
Poor & Co class B ^
*
Potter Co
Par
Mar
200
13
Stocks—
12
"I s%
July
Week
Mar
12
1,350
for
of Prices
June
12
6%
Week's Rangs
Aug
40
Penn Gas & Elec A com..*
Pennsylvania RR cap...50
Peoples G Lt&Cokecar 100
Pictorial Paper Pkge com _5
1,100
Aug
9
2
11
5
com
com A.
13%
50
40
.2%
com.
300
20%
24%
6%
40
10%
Sales
Last
14%
100
Nunn-Bush Shoe
%
2
*
com
4
510
11%
7% pref--100
prior lien
20
50
1
20
*
com
Northwest Bancorp
70
5
18
21
Jan
Exchange
Sale
Apr
1
10
com..
3
Sept. 16, both inclusive, compiled from official sales lists
to
Jan
Sept
43%
5
Natl Pressure Cooker Co.2
Natl Rep Invest pfd stpd.*
Noblltt-Sparks Ind com..5
Jan
Aug
A. T. & T. OLEV. 565 & 566
Cleveland Stock
Sept. 10
July
27%
Apr
7
24%
7%
24%
200
*
Natl Battery Co pref
Jan
31%
July
30
20%
44
16
27
Commerce.Building, Cleveland
Montgomery Ward—
cm
June
13% June
Jan
21%
Jan
Feb
3
%
410
1
6
July
%
1,000
%
1
Common
8
9
Jan
AUg
RUSSELLco.
Telephone:CHerry 5050
*
6% preferred A.....100
National Standard
14
Jan
1
2
57%
July
Middle West Corp cap
5
Stock purchase warrants
Nachman-Springfllled
Mar
Members Cleveland Stock Exchange
Aug
1,750
27
Modine Mfg com.......,.*
Sept
July
4)4
4%
.100
Jan
%
39%
July
5,400
1
1,800
com
%
63
Ohio Listed and Unlisted Securities
Aug
400
12%
1%
9%
4
7% prior lien.
111
657
14
10
July
2
3
Minn Brew Co
%
1%
Aug
10
3%
Conv preferred A
Midland Utll—
Aug
Aug
4%
28
_.l
Midland United CoCommon
Sept
17%
28
*
Mlckelberry'g Food Prod—
Common
13%
Mar
54%
57%
Jan
Sept
July
23
Mar
6
58
289
28
Feb
3%
32
Mar
19
*
*
July
23%
13%
12%
10
Rapid
U S Playing Card
10
13%
17%
1
51%
8
23%
*
Jan
Jan
869
3%
1%
Mer «fe Mfrs Sec cl A com.l
*
12
Aug
16%
*
28%
70
24%
13%
16%
%
2.50
Moores-Coney A
Mar
6%
10%
com...
Maguavox
Procter & Gamble
Randall A
Mar
28
Loudon Packing com
Marshall Field
18%
Mar
May
June
5%
50
20
6
*
20
1,060
3
19%
*
Kroger
10
29%
3
Cumul preferred-_.___*
Libby McNeill <fe Libby.
Lincoln Printing com...
$3divpref
Jaeger
Aug
18%
30
1
29%
Sept
Aug
15%
110
2
2
Lawbeck 6% cum pref. 100
Leath & Co com...^
*
5
Sept
May
35
350
3%
A*
Kentucky Utll Jr cum pf 60
6% cumul pref
100
Hilton-Davis pref
78%
62%
1,009
25
1
2%
3
550
2
Mar
5%
Signode Steel Strap pref. 30
Singer Steel Castings com. *
334
24
30
20
June
28%
Jan
Warren Relinlng
2
Weinberger Drug Inc....*
1%
23%
293
11
13%
13%
11
50
10
May
14
Aug
55
55
So Bend Lathe Wks cap..5
Standard Dredge—
West Res Inv 6% pref. 100
16%
18%
400
13%
Mar
19%
900
1%
Mar
12%
150
7%
Mar
3%
14%
150
4
Mar
6%
Aug
Feb
July
5%
July
July
4%
Aug
2%
5
39
38
com..
.
_
Common
1
Convertible pref..
Storkline P'urn
2
20
12%
10
com
Sunstrand Mch Tool
5
com
Swift International
Swift A Co..
5
8
300
7%
Apr
13
Jan
449
22%
Mar
29
16%
1,325
15
Mar
19%
July
4%
4%
550
3%
Mar
5%
July
700
14%
Feb
17%
July
26
17 %
15
16
76%
U S Gypsum Co com ...20
Utah Radio Products com *
84%
1,197
63%
Mar
86%
9%
400
7%
Sept
9%
148
77%
June
2,200
%
Mar
com
1%
5
%
100
common
*
%
300
%
%
100
1%
Mar
2
100
1
Mar
1%
20%
Woodall Ind Inc com..
2
Zenith Radio Corp com..*
Jan
26
Sept
796
23%
Sept
2°%
30%
DETROIT
125
96%
100
Detroit Stock
Exchange
Aug
9%
10%
70
3%
4
700
4
3%
4
550
19
17%
22%
9,000'
13%
Aug
Sept
106%
Sept
12%
Jan
3%
May
5%
Jan
2%
Mar
5%
July
9%
May
25%
.Tulv
Last
Par
Stocks—
Allen Electric corn
for
of Prices
P/lce
..1
*
1%
400
^JDIXIE'TERMINAL BUILDTNG,
CINCINNATI, O.
Telephone: Main 4884
H
31%
2%
75c
Mar
9%
Jan
24%
530
12%
Mar
Aug
29%
35
7,311
13%
Mar
25%
37%
16%
2%
1%
64%
18
735
15%
June
21%
3%
July
1%
920
1
May
74%
5,479
36
Mar
76%
Aug
13
13%
550
12%
400
80c
15%
1%
Feb
80c
Aug
Sept
2%
1,550
95
95
1
2
2
2%
1,600
1
2%
2%
2%
*
Det-M ich Stove
Teletype: CIN 68
com
com
Ex-Cell-O Aircraft
Cincinnati Stock Exchange
Fed Motor Truck
Par
Aluminum Industries
Amer
for
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1938
Shares
*
4%
17%
4%
17%
30
*
19
23%
275
..100
97
97
Champ Paper 6c Fibre
*
94
94
Clnci Gas & Elec pref..100
96
97
Cburngold
-.3
com
*
Gemmpr Mfg A
10
6
20
com
High
General Motors
com... .10
43%
2%
Mar
5%
Feb
Goebel Brewing com... -.1
_.l
Grabam-Paige com
Mar
19%
Aug
Hoover Ball & Bear
.10
8%
Low
3%
15
18% May
31
94
10%
6%
June
Feb
10
Jan
Mar
com
..1
Houdallle-IIeishey B__
*
Hudson Motor Car
*
77
Mar
675
1%
3%
July
100
15%
30
Mar
30
Aug
15%
710
9
Mar
16
Aug
12%
820
6
Mar
14%
4%
100
2%
Mar
5%
Aug
1%
800
1
Mar
2
July
8%
300
5%
Mar
11
July
6%
1,148
24
2%
41%
2%
1%
4%
23
Apr
304
2
June
48%
7,162
25%
Mar
2%
807
2%
May
15
1%
640
70c June
8%
9%
500
6%
15%
17%
114
10,735
14
9
Jan
Mar
17%
Sept
9%
Jan
7%
7
2,070
5%
Jan
Hurd Lock <fc Mfg corn. -.1
50c
6Ic
1,500
37c
5
Jan
Kingston Prod com
-.1
2%
2%
2%
1,425
1
CincI Telephone
50
83
82%
35
75
Jan
85
July
Klnsel Drug com
-.1
46c
46c
54c
230
6
Mar
10%
July
2%
2%
6
6
20
6
Mar
7%
Jan
3%
4
100
3
May
5%
Jan
Masco Screw Prod
Eagle-Picher
Gibson Art
.....
.10
.*
For footnotes see page 1759.
9
26%
10%
310
7%
Mar
27%
100
22%
Apr
12%
28
Jan
July
McAleer Mfg com
McCIanahan Oil
com..
20
1
corn.
*
_-l
1
21
1%
Jau
6
100%
*
Jau
AUg
Apr
*
Jan
Aug
3%
1%
17%
May
Crystal Tissue
50
Feb
3
Dow Drug
4%
15
90
Lakey Fdy & Mach com ..1
*
Mahon (RC) A pref...
July
Mar
30
12%
50
8%
7%
Aug
Mar
433
8%
Mar
100
2%
3%
*
June
11%
4%
1%
8%
5%
3
Crosley Radio.
Jan
Jan
50
com
Jan
3%
Cinci Street
AUg
108
1% May
15%
*
llosklns Mfg com
230
24
..1
General Finance
20
Ldy Mach
Preferred.,
Week's Range
Sale
*
Fruehauf Trailer
101
2
Aug
July
July
13
12%
..1
Gar Wood Ind
Sales
Last
com
80c
1% June
30
..3
*
com..
Frankenmuth Brew
80c
—
com.
Federal Mogul com
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Friday
_
...
Jan
35c June
4%
100
com
Aug
300
2,645
13
Detroit Edison
1%
38c
Det Paper Prod com
New^York Stock Exchange
High
Jan
7%
Det Steel Prod
Cincinnati Stock_Exchange
i»ie
6%
Consolidated Paper corn .10
Det & Cleve Nav com.. .10
Members
Low
Shares
22
7
..5
com
High
38c
■
Brown McLaren
Chrysler Corp
Low
1%
*
12%
com
Range Since Jan. 1, 1938
Week
5
Burry Biscuit
w. p. gradison & co.
Week's Range
Sale
Briggs Mfg corn
Burroughs Add Mach..
Cincinnati Listed and Unlisted Securities
Sales
Friday
Aug
9%
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Bower Roller
Stocks—
Jan
Telephone: Randolph 5530
Auto City Brew com
..1
Baldwin Rubber com.. __1
^
Jan
2%
Feb
542
26
WisconsinBankshares com*
Buhl Building
July
June
Jan
16%
23%
W'house El & Mfg com
50
Wrieboldt Stores Inccom..*
Jan
60
June
1%
28%
28%
96% 102%
Wayne Pump Co cap
1
Western TTn Teleg com. 100
20
Mar
Chicago Stock Exchange
Exchange
July
1
15%
15%
Mar
Sept
New York Curb Associate
Exchange
Sept
3%
1%
7
com
Walgreen Co
2
1
Conv preferred
Detroit Stock
Sept
94% 100
1%
13%
45
Members
New York Stock
July
7%
"l%
30
watling, Lerchen & Hayes
July
26%
7%
Wahl Co
Jan
8%
26%
Union Carb A Carbon cap *
United Air Lines Tr cap..6
1%
Jan
26%
17%
16
Thompson (J R) com
25
Trane Co 'The) common.2
Utility & Ind Corp
Jan
Apr
Jau
Apr
%
%
Mar
3%
Jan
700
4Cc
Mar
75c
Jan
210
1%
Mar
3%
108
500
17
Mar
80c June
23
1%
Jan
JulyJan
1
1
1%
20
60c
Mar
1%
Jan
32c
29c
34c
5,100
25c
Mar
55c
Apr
Financial
1758
Week's Range
of Prices
Low
High
Week
Price
Mich Steel Tube Brod.2.50
m
m
~
Micromatlc Hone com.
—
Motor
3
«.
.16
Murray Corp corn
^
«
-
—
♦
m
75c
Jan
Packard Motor Car Co— *
4%
Feb
Paramount Pictures Inc.. 1
Radio Corp of Amer.——*
6
1%
1,200
20%
620
13%
793
7,383
2,09/
9%
4%
40%
2%
3
Mar
Mar
Mar
2,250
1%
May
1.50
4%
Mar
Mar
Mar
6%
2
3%
2%
1,41/
3%
2,92/
740
200
If
97
14%
3%
1,430
4,016
43c
*
June
3%
2%
-
Mar
8%
4%
31%
12%
*
11
1,64 J
97
1
87c June
50;
768
1%
2%
2
2.00
Jan
22%
July
Radlo-Kelth-Orpheum
*
15
Aug
Republic Steel Corp
*
Walker & Co B
Wolverine Brew com..
_
Wolverine Tube com...
100
59
67%
100
12%
Apr
15%
July
6%
200
6%
Sept
1
7%
7
7%
500
5
2%
2%
200
2% June
9%
8%
3%
July
43%
56%
43%
200
25% June
48
Sept
56%
300
38%
63%
July
6%
600
3%
Studebaker Corn.
3%
Jan
8%
July
(Del).*
2%
2%
Jan
U S Rubber Co——. 10
43%
4
Jan
U g
56%
Mar
4%
Jan
Apr
4%
.
United Corp (The)
—
steel Corp
*
Warner Bros Pictures....5
—
5
90
Jan
.100
8%
Mar
16
2%
5%
Aug
June
4%
1%
Jan
6%
Jan
Mar
3%
DeHaven & Townsend
Jan
Apr
440
1 %
66c
500
65c
Mar
1%
400
1%
June
3%
Jan
18c
100
18c
July
%
Jan
4F0
3%
Mav
7%
July
Members
New York Stock Exchange
Philadelphia Stock Exchange
Jan
2
%
.
July
8
Mar
Established 1874
■■<
■
Mar
4Gc June
1%
6
Ma
Jan
Aug
July
600
5%
Apr
July
1%
1%
2
July
12%
1%
18c
Jan
20%
65%
Jan
2%
13
6%
Jan
*
300
Aug
5%
May
June
1% June
100
17%
12%
5%
65c
2
15
65%
5
-1
—
2
2
17%
8
6%
May
2%
Mar
12%
June
2
July
5
1,000
65%
3%
-1
.
6
*
2%
2%
Wayne Screw Prod corn -4
11%
*
■immmmnm-
Warner Aircraft com..
6%
Mar
Apr
July
800
Standard Brands Inc
100
*
3%
11%
7%
9%
Socony-Vacuum Oil Co.. 15
300
*
—
July
4%
5%
Sears Roebuck & Co
430
*r
23%
Aug
3%
-r
t*
Mar
July
3%
m
15
July
2%
-
July
100
500
5%
3%
3%
»
♦
11
10%
41
2%
*
Universal Cooler A
Mar
July
2%
.
United Shirt Dlst corn-
6
18%
4
10
Hi gh
Low
Shares
1,100
8%
18%
4
Mar
2%
-
—
B
Sept
Range Since Jan. 1, 1938
for
Week
High
7%
18%
32c
2%
J. V
•
Tlmken-Det Axle com.. .10
1
Tivoli Brewing com
Union Investment com
*
2%
1%
m
—
North American Co
400
3
3
Standard Tube B com.. -1
Stearns (Fred'k) pref... 100
Tom Moore Dlst com..
Aug
8
Nor American Aviation._I
271
6%
*
River Raisin Paper com
Jan
50.
2
2
—2
.
1%
8%
3
7%
-5
Reo Motor com
May
39%
Penln Metal Prod com. -1
Pfelffer Brewing com...
5
4%
mrnm
4%
*
Rlckel (H W) com.
100
12
W'* l»
«*
*
Parke Davis com
8%
1%
-6
Packard Motor Car com
Sept
16%
»
—
Wheel com
60c
Low
Price
Par
32c
1
Mid-West Abrasive comSOc
Motor Broducts com
100
of Prices
2%
*
Mich Sugar com
60c
8%
-
Stocks (Concluded)
High
60c
1
—
Low
Shares
Week's Range
Sale
for
Sale
McClanahan Ref com..
iALSt
Range Since Jan. 1, 1938
Last
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
Sept. 17. 1938
Chronicle
Apr
3
July
New York Curb Exchange
(Associate)
PHILADELPHIA
NEW YORK
1613 Walnut Street
30 Broad Street
Philadelphia Stock Exchange
official sales lists
Sept. 10 to Sept. 16, both inclusive, compiled from
Sales
Friday
Last
Week's Range
Sale
Stocks—
Par
American Stores
American Tel & Tel.
"U6%
Los
Chrysler Corp.
Angeles Stock Exchange
Sales
Friday
Week's Range
Last
Sale
Low
High
5
4
4%
Bandlnl Petroleum Co—1
Week
of Prices
Price
Par
Stocks—
Range Since Jan. 1, 1938
for
Shares
High
Low
*2% May
5
Sept
Cons—1
25c
400
25c
Apr
45c
Berkey & Gay Furn Co— 1
Bolsa-Chlca Oil A com.. 10
70c
70c
75c
600
52 %c
Mar
1.00
Jan
3%
3
3%
1,900
1%
Mar
4%
Aug
Barn hart-Morrow
25c
25c
100
16
16
16
100
15%
15%
16%
Chapman's Ice Cream Co.*
Corp
5
1.25
1.25
69%
65%
Claude Venn Flee Prods..*
9%
9%
*
Byron Jackson Co
Central invest Corp
-
Chrysler
1.25
87
100
70
400
10%
700
15%
Apr
20%
10
Apr
18
1.10
Aug
Aug
Sept
10%
July
8
8%
400
7%
Mar
4%
4%
1,200
2%
Mar
8%
9
Creameries of Amer v t c—1
3%
8%
3%
Equip..5
8%
8%
Exeter oil Co A com
365
45
100
9%
1.10
42
com
8
200
3%
6%
7,400
30
385
365
10
General Motors
300
3%
92 %c
95c
1
....
Farmers & Merchs Natl 100
Globe Grain & Milling..2/
4%
4%
Goodyear Tire & Rub Co.*
Hancock OH Co A com—*
24%
24%
32%
30
Apr
July
6
11%
July
Mar
4%
Jau
Mar
10%
July
52c May
1.10
Aug
Apr
399
Mar
50
Aug
3%
Mai
7
July
102
July
119%
767
3%
Mar
6%
Jan
112
2%
Mar
5%
Aug
74%
2,126
36
Mar
70
Mar
244
4%
21%
77%
8%
Aug
6%
30%
48%
5%
Mar
31%
Mar
2,383
25%
Mar
July
Jan
110
1,815
3,433
1,330
59
Aug
3
Mar
4%
Mar
8%
1%
Mar
Mar
2%
30%
Jan
14%
F;eb
117%
Sept
Apr
Feb
July
Jan
112
Apr
2%
2%
10
2
Mar
5%
184
4%
Apr
7%
"14%
14%
17%
1,837
10%
Jan
44%
44%
47%
102
%
%
%
2%
2%
700
Jan
4%
5%
wm
770 preferred—.... —50
Philadelphia Traction. —50
—
mmimt*
.1
«.
^
m -
Transit Invest Corp pref-.
Union Traction.
—50
—
—
__*
1%
%
to -
2%
2%
2%
♦
100
29%
1%
Jan
27% May
35% Mar
% May
Aug
49
1%
Jau
281
%
Sept
2%
Mar
305
Jan
3%
Mar
435
1%
1%
Mar
20
22%
Mar
3%
33%
11%
July
Mar
29
29
United Gas Impr com. --.*
Preferred
136
30
29%
1%
■
Salt Dome Oil Corp.. ...1
*
Scott Paper
Aug
50%
7%
32%
2%
Phila Elec Power pref. -25
Phila Rapid Transit.. ..50
Jan
112%
5%
4%
6%
5%
1%
1%
16%
19%
116% 117%
17%
(
Jan
Jan
10%
108%
7,668
8%
313
99%
Mar
110%
Aug
8
8%
120
8
Mar
10%
May
5%
6
$6,000
5
Aug
9%
9%
107
107%
*
Westmoreland Coal
July
3%
Phlla Elec of Pa $5 pref—*
United Corp common.
Preferred
Jan
23%
59%
1%
—50
—
149%
Mar
29%
43%
-
....—
National Power & Light._*
Pennroad Corp vtc.. ...1
Tonopah Mining.....
111%
12%
Mar
45
Jan
25%
340
48%
4%
1,000
24%
33%
100
17
Apr
1,600
25
May
300
Mar
10%
4%
Emsco Derrick &
1.45
76%
Mar
8
*
Jau
Mai
—*
Preferred
July
6%
36
Consolidated Steel Corp..*
Consolidated Oil Corp
Jan
*
•
43%
—50
Lehigh Valley
715
19%
6
«•"«»
•
10
—
Pennsylvania RR.
6,100
67%
.100
.
11%
4%
—.5
.
Elec Storage Battery
General Motors
Aug
4
Curtis Pub Co common. .*
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
5
116% 117
4%
*
Jan
320
16%
Bell Tel Co of Pa pref. .100
Budd (E G) Mfg Co.. -_-*
High
Low
Shares
7%
143%
135
137%
10
Budd Wheel Co
High
7%
rioo
.
Barber Co
Week
of Prices
Low
Price
♦
Range Since Jan. I, 1938
for
29%
-41
Bonds-^-
Elec <fc Peoples tr ctfs 4s '45
Jan
7
Aug
Aug
Sept
1
1.20
1.20
5,400
65c
Mar
1.30
Hupp Motor Car Corp—.1
1%
1
1%
500
50c
June
1.50
Jau
Intercoa"t
45c
45c
45c
100
35c
Aug
57 %C
6c
6c
7c
2.000
5c
Jan
8c
Aug
2,900
Pittsburgh Stock Exchange
Apr
Holly Development Co
Petroleum
10c
Jade Oil Co
Lockheed
1.00
13
Aircraft Corp..1
11%
14
1,700
2%
2%
2%
4
4
4
1
2%
2%
2%
15%
3%
Last
July
80c
Mar
3%
Week's Range
Sale
Mar
6%
3c
3c
3c
55c
55c
55c
100
2
3c
9c May
Feb
52 %c May
70c
Jan
Stocks—
Par
Price
Lou)
Allegheny Ludlum Steel..*
Nordon Corp Ltd
1
10c
10c
10c
2,000
6c
May
21c
July
1
92 %c
90c
95c
600
75c
May
1.20
Jan
1
30c
32c
900
30c
Mar
49c
Jan
Blaw-Knox Co——
Pacific Gas & Elec com..25
25%
25%
25%
100
24
25%
300
Mar
28%
26%
July
24
23%
18%
Mar
Pacific Indemnity Co...10
5 % % preferred
3%
1
50
3%
3
36
30
7%
2,500
1%
6%
1%
Roberts Public Markets..2
3%
1%
100
3%
1%
1,000
3%
1%
1
1,500
35
Richfield Oil Corp com
*
Richfield Oil Corpwarrants
Ryan Aeronautical Co
4%
36%
6%
35
1%
Security On units ben Int.*
29
29
Shell Union Oil Corp
1,000
29
Ma-
Mar
5
Mai
1.10
Apr
3
July
31
July
Sept
17
July
13%
13%
100
13%
10c
14c
5.500
5c
*
25%
25%
28%
300
So Calif Gas Co 6% pf A.25
Southern Pacific Co....100
33%
Aug
14
~60c
1
...1
*95c
71%
Lone Star Gas Co
16%
515
38%
July
28%
July
Plymouth Oil Co
26%
Aug
500
Sept
30%
Aug
3,500
9%
Mar
21%
34%
Jau
28%
36%
35
2
9%
9
28%
30
2,700
2%
500
39%
2%
400
25%
2%
MH!
June
3%
July
Jau
10
2.100
8%
17%
"34%
July
19%
19%
20
3,600
Mar
14%
12%
15%
1,600
6%
.Inr
20%
3%
3%
200
3%
Sept
6%
Jan
24c
30c
5,100
12c
Mar
39c
9%C
20,000
16%c
Aug
Mar
3%
July
Mar
3
Jan
19%
Mar
30
July
4%
Mar
50
Jan
9%
Jan
22
Apr
106%
July
7%
706
4%
May
9%
July
15%
Mar
25%
July
8
56
22%
172
1<
800
lc
JaD
2%
e2%
975
1%
Apr
6%
100
6%
Sept
36%
138
22
430
26
34%
26%
28%
3c June
4
Jan
7% June
Mar
36%
Aug
July
"l9%
45
Jan
40=
500
35c
Sept
65c
Feb
19%
22%
95% 104%
1,274
15%
Mar
28%
July
315
62%
Mar
107%
Jan
60
Apr
112
Jan
June
3
Jan
Aug
6c
1%
2
Aug
3%
584
200
111% 111%
Westlnghouse EI & Mfg.50
25
...10
10%
6%
July
Apr
100
35c
26%
—
Victor Brewing Co.
Jan
Wellington Oil Co of Del-1
Mar
6%
6% preferred........10
United Eng & Fdiy.
...5
Vanadium Alloy Steel.
.*
1
Westinghouse Air Brake..*
12%
22%
July
Jan
105
6%
4%
lc
Mar
95c
Feb
Sept
Jan
14
Apr
70c
19%
2%
46
July
1,66k
1.907
8
70
95%
8
.5
Mar
26
290
6%
Shamrock OH & Gas
17%
2,16,
Jan
July
7%. July
Jan
9%
Jan
Mar
5
Sept
95%
San Toy Mining Co
27%
Sunray Oil Corp
..1
Superior Oil Co (The).-25
95c
72
24%
A pr
15
250
12
00c
70
24%
...
Jan
Jan
6
~~2X
Apr
July
1%
5%
Nat'l Fireproofing Corp..5
.Pittsburgh Brewing Co..*
23%
27%
Aug
July
13%
50c May
3%
9
35
15
10%
24%
Mai
Mar
300
4%
2%
2%
25%
Jan
Mar
Mai
47%
19%
July
10%
6%
775
4%
2%
2%
100
7%
19%
4
215
8%
700
100
300
9%
21
110
5%
1,195
Jan
Feb
Mar
60 c
4%
Preferred..
21%
2%
24%
11%
8%
.
174
Mar
50c
10
Mountain Fuel Supply.
25%
27%
2%
12%
9%
High
Low
11%
10 rl05
500
12
Duquesne Brewing Co...5
37%
27%
25%
37%
27%
"~5%
Koppers Gas & Ck prf.100
Fort Pitt Brewing
191
5%
_.*
com.
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
Pittsburgh Forgings
Pittsburgh Plate Glass—26
Pittsburgh Screw & Bolt- _*
9%
20%
37%
27%
25%
Standard OH Co of Calif—*
Transamerica Corp
Union Oil of Calif
Aug
*
27%
9%
20%
25
25
16c
May
18
ar
M
Byeis (A M)
Carnegie Mete Is Co
Shares
2% o 2%
30%
43%
13
*
Bo Calif Edison Co Ltd-26
.25
3%
Jau
Aug
Mar
10c
Original pref..
Juty
Mar
13%
6% pref B
5%% pref C—
8%
2%
2%
23%
*
Sontag Chain Stores
July
July
40
1.05
18
Sierra Trading Corp...25c
Signal OH & Gas Co A
Mar
0%
Aug
—
10%
.110
110
Armstrong Cork Co.....*
30c
High
16%
—100
Preferred..
Arkansas Natural Gas..
Oceanic Oil Co
Republic Petroleum com
Range Since Jan. 1, 1938
for
Week
of Prices
July
5c
Pacific Distillers Inc
lists
Sales
Fridag
Aug
Jan
June
Mt Diablo Oil M & Dev.. 1
Mid-Western Oil Co
Mar
3%
3,900
1,000
Menascn Mte Co—.
5%
100
Los Aug Industries Inc...2
Los Arig Investment Co. 10
Sept. 10 to Sept. 16, both inclusive, compiled from official sales
TTnivpr«nl Consol Oil
Lone Star Gas 6% % pf-100
Pennroad Corn v t c....
Mining—
Mammoth Cons MIOc
25c
Calumet Gold Mines.. 10c
*
9%c
Blk
Unlisted—
Cardinal Gold.,
Imperial Development.25c
ZendaGold
400
8c
8c
22c
2%
1,000
Sept
4%
Apr
1%C
l%c
19,000
lc
Mar
3%c
Apr
4c
4c
4C
2,000
3c
Mar
9c
Jan
2
1
8c
'
■'
6c June
1%
Last
Commonwealth
Stocks—
14%
14%
16
600
9%
Mar
16%
July
31%
28
33%
800
21%
May
3%
100
3
Mar
36%
4%
Aug
A S Aloe Co pref_—.100
34%
400
30
July
36
Aug
American Inv com
200
6
Aug
7%
July
7% preferred.
100
CO CO
Mar
46%
Sept
Boyd-Welsh Inc
200
1
1%
300
28
3%
34%
6
46%
3%
34
5%
46%
A' Sou...*
1
1
Continental OH Co (Del).5
Curfciss-W right Corp
.1
28
28
4
4
6
46%
1
28%
4
100
Pa
r
—
com
_.'—*
107
High
Low
22%
24%
27
22%
27
*
32%
103
Aug
109 %
746
20
June
25%
Aug
20
27
Sept
27%
July
Sept
2%
Sept
40%
25%
Aug
7%
June
35%
4%
July
25
2%
45
27%
May
Brown Shoe com...
32%
33%
28
Sept
Burkhart Mfg com
.1
19
24
145
6
July
Chic & Sou Air L pref
10
Coca-Cola Bottling com__ 1
6
6
5C
May
10% June
Apr
3%
70
26
700
8
Sept
13%
July
38
42
600
28
Mar
45%
Jan
Columbia Brew
47
300
47
Sept
51%
Jan
Ely & Walker D Gs com.2.'
Kennecott Copper Corp..*
39%
100
27%
Mar
42%
July
1st pref
Montgomery Ward & Co.*
43%
39%
43%
48%
39%
47%
40C
29
Mar
49
July
2nd pref
16%
15%
17%
400
10%
Mar
21%
July
com..
5
32%
32%
33
Aug
25
Mar
48%
107
Sept
Sept
40
1759.
Range Since Jan. 1,1938
for
Week
Shares
3%
*
*
High
2%
*
For footnotes see page
of Prices
Low
2%
*
New York Central RR
Range
"2%
Intl Nickel Co of Can
9%
Price
Week's
...25
_*
General Electric Co
8
1%
Jan
Electric Pow & Light
9%
108
Sales
Friday
'
Sale
*
Anaconda Copper...
50
Aviation Corp (The) (Del) 3
Borg-Warner Corp
5
Canadian Pacific Ry
25
Caterpillar Tractor Co.—*
76
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Unlisted—
Amer Rad A Std Sanitary
2
St. Louis Stock Exchange
Jan
1%
1%C
....1
Cons Ohoilar GA SMne.l
%c Maj
1%
Jan
.
Jan
Aug
425
2%
Jan
17
17
60
16%
July
21
Jan
3%
3%
100
120
121
53
107
June
121
Sept
.100
100
102
36
95
July
102
Sept
Emerson Electric pref. .100
81
81
10
60
May
81
Sept
Volume
Financial
14
1759
Chronicle
Sales
Friday
Range Since Jan. 1, 1938
Last
ST.
LOUIS MARKETS
Stocks
(Concluded)
Enquiries Invited
on
Week
Low
Price
113%
com
100
Paraffine Cos
com
*
Pig'n Whistle pref
Business Established 1874
for
of Prices
Par
Pac Tel & Tel
I. M. SIMON & CO.
Week's Range
Sale
48
1.50
Puget Sound P & T com,.*
Apr
29%
1.50
Mai
fC
July
Sept
2.75
July
7%
July
1.50
4%
200
4%
4%
525
4%
100
*
100
27
27
30
495
1
12
11%
12
260
8
18%
18
19%
730
Rayonier Inc
com
Preferred
New York Stock Exchange
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of Trade
4%
25
Republic Petrol Co com.-l
4%
4
36%
3%
36%
36%
Rheem Mf« Co
Chicago Stock Exchange
50
...1
11 %
11%
11%
6%
1.85
1.85
San J L & P 7% pr pref. 100
110%
110
110%
101%
101% 101%
4%
Shel"
Friday
Sales
Last
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Lov>
High
Range Since Jan. 1, 1938
Low
Shares
High
6%
pref„
_
Griesedieck-West Brw 001-"
Hamilton-Brown Shoe cm-*
Hussmann-Llgonier
6%
116
100
7
10
48
Hydraulic Pred Bk cm. 100
100
4%
International Shoe com.,"
31%
Preferred..
*
11
Key Co com
*
7%
Laclede-Chrlsty CI Pd cm-*
9%
Laclede Steel com
.20
-
National Oats Co com
9
Aug
Jan
50
14
June
20%
60
11%
Feb
May
Jan
13%
July
13%
July
30
Jan
5
Ma'
10
July
95
6
June
107
Sept
18%
50
15
Mar
19
Aug
84%
2/
84
Sepl
85
Aug
4
100
18
100
8%
107
June
8%
1?
July
15
18%
Scruggs-V-B Inc com
pref
■
9
A pi
84
*
Rice-Stix D Gs 2nd pf..100
1st
Jan
11
170
8%
Jan
13
Apr
17/
9%
105
July
36
Mai
May
11
*
100
6
May
6%
11
_
June
4%
25
1st pref
Feb
1/
10
Natl Candy com
Aug
1
17%
27%
17%
9%
50%
20
25
.
JaL
2%
25
*
Midwest Pip & Sup com.
Jan
28%
9%
39
Natl Bearing Metals com,*
Mo Portland Cemnt cm.21
Sept
7%
9%
26
*
McQuay-Norrls com
Sept
8%
14%
30c Juni
100
11
50
A pi
Sept
27
f
4%
32%
Johnson-S-S Shoe com
Jan
1
225
55c
Apr
Sept
11
100
49
55c
10
116
27%
3H
11
Mar
Sept
6%
116
1,84;
8%
11
Hyde Park Brew com
20
47
44%
8~
com,*
525
7%
116
55
55
400
4
Sepl
7
Aug
90
5%
55
Sept
62
Jan
59
260
*
6%
3%
Api
9%
July
70c
70c
100
45c
June
1.23
Jan
1
Scullin Steel com
6
6%
400
4%
June
7%
Jan
Warrants
Sterling Alum com,
Stix, Baer & Fuller com. 10
Wagner Electric com
15
6%
28%
6%
27
7%
7
28
6%
Sept
8%
Feb
410
30%
9%
Ma
14%
4%
2,146
100
Mar
1.05
Jan
8%
Aug
3
July
May
Apr
DO
Sept
122
50
101%
Sept
106
20
3
Apr
15%
15
July
244
'10
Aug
6%
18
Ap'
July
July
27
28
May
33%
19
16%
19%
11%
Mar
25%
Aug
86
86
86
10
60
Mar
93
Aug
28
28
28
30
28
Api
80%
22%
16%
June
36%
Aug
Ponds—
28
*
..
22
82,000
20
May
27
Jan
22
22
7,000
22
Sept
22
Sept
75
75
1.000
65
Apr
79
Jan
18
Aug
Aug
Jan
Pacific Co.-.100
15
12%
17%
5,863
9%
Mar
30
30
30
125
13c
May
Standard Oil Co of Calif..*
28
27%
30
3,417
25%
Mar
34%
July
Super Mold Corp cap... 10
19
19
21
435
13
Mar
Tidewater Ass'd Oil
10
12%
12
12%
791
10%
2
9%
9%
9%
10,378
Tread well Yuk Corp Ltd. 1
65c
65c
75c
3,706
45c
Feb
1,929
17%
Mar
com
Transamer'ca Corp
TTnlon Oil Co of Calif...25
Union Sugar com
25
United Air Lines Corp
1
38c
23%
June
Mar
15%
July
Mar
8
12%
22%
7%
Aug
2
Mar
7%
242
5%
Mar
10%
July
16%
3,675
6%
.Ian
29%
Aug
July
120
8
3%
3%
3%
540
2%
Mar
4%
7
7
7%
240
6
May
10%
28%
220
25
May
28
lua Agrlcul Co....20
Wells Fargo r>k <9 *T T.
Yellow Checker Cab
ser
27%
10o
280
280
280
5
160
27
27
28
120
.
Yosemite Ptld Cement pflO
July
7%
8
14
1
Preferred
Jan
83c June
5
Victor Equip Co com
May
12%
7%
10
20
19%
8
5
mvernal Gondii OH
Wai
20
3%
3%
%
Jan
Jan
July
May
32
June
2% June
4
Aug
22
212
3%
41%
2"
Ar>
257%
Unlisted—
Allegheny Corp com.....*
Am Rad & St Sntry
%
*
%
13%
14%
American Te] & Tel Co. 1U<>
137%
Amer Toll Bridge Glen
%
Sept
1%
Jan
725
10%
Mar
16%
July
163
111%
Apr
149%
100
%
16
136
142%
50
50
51
4,300
32
28%
33%
1,168
21
Anglo Nat Corp A com...*
14
14
14%
.
May
130
11
Arconaut Mining Co
r
3%
3%
4
400
2 00
Aviation Corp of Del
3
4
4
4
110
Corp
Jan
17
Apt
Ma-
6%
Aug
4%
Jan
5%
3%
5%
3%
5%
247
1
3%
3,676
18%
18%
18%
270
15
15
15
140
10%
7
11
13% June
100
Blair Corp.
Banrnmerica
Jan
Aug
3% May
5
Bait & Ohio RR com
Jan
70c
37%
42c Jun<
1
Anaconda Copper Min..50
B-'nker Hill A Snlllvan2.?P
22
315
1,260
So Pac Gold Gate Co B... *
Bendlx Aviation
t City & Subrn P S 5s, 193^
41
5
Signal Oil & Gas Co A
Soundvlew Pulp com
Southern
Fal.staff Brew corn
Globe-Democrat
July
Mar
4%
4%
16
Jan
6%
Feb
June
Soundvlew Pulp Co pf.100
80 Cai Gas Co frref ser A.25
Week
Price
nion Oil com
*
7
1.85
29%
Mar
2%
60
prior pf I OP
Schlesinger Co B F 7% pf25
v
6%
1
San JLAPfi °7r
Telephone Central 3350
*
25
June
30
200
Richfield Oil Corp com
Ryan Aeronautical Co
St., St. Louis, Mo.
6%
56%
Maj
17%
10
Feb
Sept
Sept
4%
330
4
5%% pref A
119%
Jun<
27
MEMBERS
315 North Fourth
3%
R E & R Co Ltd com
R E & R Co Ltd pref
all
Mid-Western and Southern Securities
Jan
87%
313
48
1.50
High
Low
10
113% 113%
48
*
Shares
High
4% June
July
24%
Aug
Aug
Ma-
3
1»
July
10%
May
5%
Ma-
75
1(JON
8 W Bell 3s new 68
100% IOC %
Francisco Stock
San
100%
3,000
Sept
Sept
Exchange
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Salts
Friday
Last
Sale
Par
Stock*—
Price
Week's
Range
of Prices
High
Low
270
7
Pept
1
1
1%
905
1
Sept
2%
Jan
Consolidated Oil Corp
*
8%
8%
8%
505
7%
Mar
10%
July
Curtis-Wright Corp
Dnmineuez Oil Co
1
4
4
4
255
*
40
40
40
10
An-
4* %
Feb
*
39
39
42
1,241
3%
3n%
32%
July
43%
July
Gt West El Chem com...*
100%
7
Claude Neon Lights com.l
General Electric Co
t5s C-D's
St Louis Car 6s, extd
59
59
60
110
44%
Apr
65
July
-10
21
Cities Service Co
Range Since Jan. 1. 1938
Week
7
Great West Elee Ch pref. 20
21%
21%
21%
Hawaiian Sugar Co
30
30
30
Idaho-Maryland
for
10
com...
20
Ttalo Pet of 4mer pom..
High
7%
2,850
4.95
39c
2,508
23c
2.70
2,743
8
Aue
2.10
2.50
30
Matson Navigation Co...*
30
30
4
Feb
Aug
50c
Jan
Mar
3%
Jan
Sept
34%
Jan
3%
Sept
5%
1.50
30
25
4
Aug
35%
Ma'
33c
July
23
n
6%
35c
1
Italo Pet Corp of Amer pfdl
Low
Shares
M
26% May
70
7
Mines.. I
6
Ma>
50
Jan
McBryde Sugar Co.
Alaska Juneau Gold Mln 10
10%
9%
20
14%
14%
Inc—10
4%
4%
Anglo-Calif Nat Bank
Assoc Insur Fund
Atlas Imp Diesel Engine.-5
7
6
Bank of California N A. .80
200
193
5
3%
3%
*
Bishop Oil Corp
Byron Jackson Co...
15%
15%
6
4
10%
615
9
Mar
13%
Feb
M J A M A M Cons
1
16c
16c
16c
5,200
15c
Mar
38c
15
250
12
Mar
19
Jan
Monolith Port Cem com..*
3%
3%
3%
40
3%
Aug
4
June
Aug
6%
6%
6%
40
3%
Aug
7%
May
4%
610
7%
930
47%
763
6%
5
6%
5,665
3%
May
Mar
North American Aviation. 1
8%
8%
8%
180
6%
Mar
11
July
July
1.80
1.80
1.80
100
1.60
Aug
2.50
Aug
Jan
Pacific Rort Cem com..100
Packard Motor Co com... *
Jan
Radio Corp of
13%
Mar
22
543
17
Mar
21
Ma»
21 %
6%
July
19%
20%
21%
21%
10
42
Sept
462
15%
21%
10
May
Mar
20
*
10
200
3%
20
Calif Art Tile A..
Jan
Mar
25
3
13
20
210
90
171
19%
3
8
5%
Sept
Jan
14%
July
42
,
4
4
4
330
3%
6%
6%
633
4%
6%
100
5
25%
25%
25%
4%
Mar
2.00
Feb
4%
7%
Apr
22%
Aug
25
21%
21%
21%
422
Mar
24%
July
pref...25
27%
27%
27%
19%
25%
Mar
28%
Aug
Mar
24
Jan
45%
Apr-
52
Julv
Caterpillar Trac Co com.. *
45%
45%
45%
439
30
Mar
57%
July
So Cai Ed Ltd com
Caterpillar Tractor pref 100
105%
105% 105%
100
99%
Mar
106%
July
South Cai Ed 6%
Central Eureka Mining— 1
2.55
2.30
2.70
4,975
1.65
Jan
2.85
Aug
2.55
2.40
2.70
2,100
1 65
Mar
2.80
64%
73%
4,485
37%
Mar
77%
Aug
Aug
US Petroleum Co
67%
9%
9%
9%
400
6%
Mar
10
Aug
Utah-Idaho Sugar Co com 5
1
1
Feb
West Coast Life Insurances
8
8
*
A
105
24%
Cream of Amer Inc v t c_.l
4
Crocker First Nat Bank 100
290
24%
3%
290
9%
105
24%
4
290
12%
25
136
325
5
11,277
5
10%
*
77
74%
79%
Giorgio Fruit Corp pf 100
20
19
22%
150
12%
11%
12%
541
30
30
31%
Crown Zellerbach com
Preferred
D1
105
....
Emporium Capwell Corp.*
Preferred (w w)
50
Emsco Dei Equip Co
/
8%
8%
9
38
101
Apr
22%
Mav
3%
Mar
290
7%
Pept
Mar
106%
33
4%
320
Jan
Jan
14%
July
56
Mar
82%
18%
Mar
28
9%
Mar
14%
26%
Mar
37
270
6%
Mar
10%
37
38
80
33
Mar
38
•
82%
195
62
Mar
88
Jii' e
2.00
170
10
10
10
10
44%
41
General Paint Corneom..*
7%
Gen Metals Corp cap..2%
General Motors com
Genl Paint Corp pref
*
Gladding McBean A Co..*
Golden State Co Ltd
*
Hale Bros Stores Inc
27%
10
4%
140
No par value
2.60
July
July
231
Mar
11%
49%
Aug
Before
Mar
10
July
Harris,
27%
27%
165
25
Mar
28
Mar
10
10%
385
6%
12%
Julv
4%
1,968
2%
5%
Pept
12%
12%
12%
209
11%
Apr
15
July
32%
34%
500
25%
Mar
39%
Haw aiian Pin Co Ltd
19
18%
19
898
18%
Sept
29%
Jan
1
*
10
1.20
21
1.50
95c
20%
1.50
1.20
21
1.50
7%
7%
Lancet d'fUtdBakA unstpd *
15
14%
16%
Langendorf pref
38
38
40
Hutchinson Sug Plant. .15
Class
*
B
7%
9%
8%
9%
3.925
13%
200
1.50
20
75
180
3%
125
32%
40
40
40
1
22
21
24%
2,134
13%
1,050
LeTourneau (R G) Inc
7%
12
35%
1,773
10
Leslie Salt Co
66c June
310
13
5%
1
12%
12%
Magnin & Co I com
*
11
11
11
600
7
Marehant Cai
5
13
13
14
615
8%
363
Lockheed Aj.reraft
Corp.
Machine.
Mar
Pept
Sept
APr
May
1
30
24
17
NOTICES
Spanier
Mr.
Williams
D.
Frank
and
Graham
10%
40
29%
16
Aug
Jan
Aug
Aug
Shields
with
was
&
Co.,
both
Jr.,
formerly with
under the
30 Broad Street, New York
offices at
The
will
firm
have
G.
—Brundagc,
13%
Jan
16%
.Tulv
10
July
1528
July
Waterworth
9%
7%
Mar
400
80c
Mar
9%
4,070
3%
Mar
10
11%
1,395
7%
Mar
12%
6%
170
3%
Ma'
8
J"iv
July
Aug
N Amer Invest 6% pref 100
32
32
32
30
23
Mar
43
Feb
No Am Invest 5%% pf 100
30
30
30
80
17
Apr
40
be under
Loans
eligible for
management of
the
investment counsel firm with headquarters
opening of an office in Philadelphia at
Street under the direction of Harold A. Waterworth.
Mr.
Walnut
& Rose,
Story
York,
New
Permanent
will
Office
Harbach.
Mar
in
Sstreet,
161st
Building and
Jamaica
The
Insurance.
Frank
90-04
announced the opening of a
Jamaica, L. I. This office
York,
New
of
Inc.,
handling
in
specialize
FHA
Co.,
office at
branch
June
3%
Donahue &
& Co., have formed a partnership
Co., with
Tyler &
Markel
A.
will
2.55
6%
Ex-dlvldend
x
conduct a general brokerage business.
on the New York Produce Exchange.
Jamaica
7%
6%
—J.
Jan
Aug
9%
N American Invest com 100
A.
to
Aug
2.30
10
N'T
connection
Tyler
and
Co.
O.
of
name
17%
7%
10
ft Ex-stoek dividend.
v Ex-rights
Endorsed.
Pay
membership
9%
*
A.
&
Redmond
City,
2.30
Natomas Co
of
July
1
10
Menasco Mfg Co com
Feb
Redmond & Co., in Chicago.
Ernst & Co. are
the New York Stock Exchange and other principal exchanges.
—Orville
Sept
National Auto Fibres com 1
Meier A Frank Co Inc
11%
Upham & Co. and
41
Apr
Mar
Dlv.
2.90 June
Apr
Mar
Jan
Spanier, for the past two years Secretary of
Milwaukee
his
members
July
...
1%
June
6%
July
Milwaukee, has joined the Chicago office of Ernst & Co.,
South La Salle Sheet, Willson G. Todd, resident manager, announced.
Mar
32%
Holly Develop Co
Honolulu fill Corn cap..
Jan
6^%
Mar
1
35
Aug
Mav
of
Inc.,
25%
«%
*
Hunt Brothers pref
2nd Liq
a
—Joseph John
Co.,
157
Hancock Oil Co of Cai A.*
.*
1.55
40
100
8
8 %
Mar
♦ in default.
C U R R E
5,661
Apr
1
-
MRr
75c
2,207
LiPted.
7%
June
59%
54
Cash sale—Not included In range tor year
48%
■r 4%
56%
r
7%
6
4
700
t
Sept
80
Mar
90c
Feb
2.00
1.25
7
90c
Aug
Jan
80%
2.00
6%
90c
*
.
7
1
United State* Steel com.
July
,
37
10
507
1,057
1
Rtudehaker Com com
July
150
July
Firemen's Fund Ins Co..2.r
.
*
Preferred
4
4%
Schumach Wall Bd com..*
July
Foster & Klelser com. .2%
Fireman's Fund Indem.
Aug
25%
295
15%
10
Tnd
30
47
205
918
Cons ChPm
July
Aug
July
20
18%
48%
C Neon El pf Corp (Del) .*
Coai-t Cos G & E 1st pf. 100
5%
18%
50
17%
48%
1
8
Apr
19
Santa Cruz Port com
18%
5
Jan
8%
Mar
6%
Aug
9%
Mar
6%
6%
48%
Preferred
50
June
America...*
—50
Chrysler Corp com
31
Riverside Cement Co A..*
Calif Packing Corp com..*
Preferred
Jan
8% pref
10
Montgomery Ward A Co. *
Mountain City Copper. ,6c
200
20
3
4H>
5%
4
Calamba Sugar pref
3
.
Jan
200
Calamba Sugar com
Calaveras Cement Co com*
2%
announces
been
has
the
associated
with
Scudder,
Stevens
&
Clark
for the
12 years.
past
—Federman
&
Filston,
members
of
the
York
New
Stock
Exchange,
Jan
North American OH ConslO
Oecidental Petroleum
1
Oliver Utd Filters A
*
*
B
Pacific Amer Fish com—5
*
Pacific Can Co com
10%
23c
22
10%
21c
22
10%
463
23c
200
22
175
9%
Mar
17c June
15
Mar
5
5
5%
633
3%
Mar
6%
6%
6%
150
6%
Sept
9%
7
9%
1.120
4%
Mar
13%
30c
24
7%
10
9%
announce
Feb
Astor
July
Jan
Sept
Paeifle Coast Aggregates 10
1.70
Jar
2 05
Jan
25%
25
25%
5,412
23
Mar
29%
28%
28%
29
1,796
27
Mar
30%
July
26%
25%
26%
459
25%
Mar
28
35%
35%
35%
490
32%
Mar
41%
106%
230
90
6%
1,335
under
5%% 1st pref
*
*
106
Pac Pub Ser non-v com.. *
6
Pac Light Corp com
$6 dividend
106
5%
2,671
1.40
3%
Mar
Mar
108
7%
Jan
J.
Federman
has
been admitted to the firm as a
The firm's mid-town office has been moved to the Hotel
Gerson and John J. Kehoe.
the co-management of Joseph
Morgan & Co., Philadelphia, general
L.
—W.
distributors of Wellington
mutual investment fund, announces the appointment of Williams,
Parmele & Co., Inc., East Orange, N. J. as district distributors in North¬
Fund,
a
July
25
—25
6% 1st pref
1.75
Marcus
special partner.
Jan
Aug
Pacific Gas A Elec com..25
1.65
that
ern
New
Jersey for the shares of Wellington
—Lockwood
and
members
July
James
H.
Towne,
President
of
the
Fund.
A.
L.
Hartridge
Co.,
Inc.,
the Adams Express Co. have been elected
of the Board of Directors of Ulen & Co., it was announced by
George
July
July
J.
M.
Gillies
Manning,
Jr.
of
President
Financial
1760
Sept. 17, 1938
Chronicle
Canadian Markets
LISTED AND UNLISTED
Provincial and
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Sept. 16
1 1948
-Jan
0a
59
Oct
5s
58
,56
/55
Oct
11956
Prov of British Columbia—
58———.July 121949
4 He.
...Oct
11953
Province of Manitoba—
4 Ha
Aug
1 1941
5s
June 15 1954
58.....—.Dec
2 J959
Prov of New Brunswick—
4Hs— ....Apr
10 1960
4H8— — Apr
15 1901
Province of Nova Scotia—
4 Ha
Sept 15 1952
08—.—.Mar
11900
4Hs~.
Province of Ontario—
Ask
Bid
Province of Alberta—
08
5«
99 H
95 H
4
97
96
95
4H8
109% 110H
115
117
120
107
108 H
114
116
108H 109H
4b
96
104
104 H
Feb
1 1958
107
108
May
1 1901
110
lllH
106
103
June 15 1943
84
86
5H»-
»09H
118H
116
Nov
Oct
15 1946
84
80
1 1951
78
81
4 He..
Bid
77
101
102
59
31
Mai
67
Aug
07
73
48
Mar
75X
Aug
25 H
28
150
155
23
Mar
31
150
Mar
86
Jan
45
Sept
Preferred
Ottawa LH& Power-. 100
78
113
4 Ha... ....Feb
11950
4Ha—. ...July
08—
—July
08..... ...Oct
1 1957
115% 116H
113H 113H
113% 113H
1 1909
115
11909
118
08..... ...Feb
1 1970
118
—
.
Ask
1 1940
121
122
Grand Trunk Pacific By—
4b
...Jan
11902
106
109
July
3s
Jan
1 1902
16H
Jan
11H
16H
Mar
20
July
54
34
Mar
55 H
July
15
17H
14
Mar
19
July
4
May
9%
Jan
Sept
17H
102 H
6H
20H
Aug
July
Aug
5
*
Saguenay Power pref. -100
St Lawrence Corp—.—*
preferred—
3H
12 H
50
Steel Co of Canada
Preferred
8H
5
11H
11H
11H
101H 103
3%
4%
10 H
10 H
95
Mar
2H
Mar
8H
18
18
17
40""
35
46
24
18H
*
Feb
18
20
17H
June
Apr
Mar
11
11
10
109
109
108
Aug
Mar
Feb
Feb
20
58H
July
23
July
17
June
108 H
*
Aug
—.25
11
Sept
15
June
66
11H
68 H
56
Mar
71
Aug
62 H
11H
66 H
65 H
54 H
11
Mar
68
Tooke Brothers pref.._ IOC
8
8
9
June
10 H
3H
5
3
Mar
7
July
Viau Biscuit
2%
2%
1H
Mar
3
May
Mar
*
Preferred.—
115H
118H
118H
Sept
12 H
United Steel Corp.—.—. *
Bid
0Hs
9
9
45
*
Sherwin Williams of Can,*
113H
45
AUg
45
100
..
.
ShawinlganW APow
Canadian Northern By—
1 1951
4Hfl—. ....Sept
4Hb... ....June 15 1955
45
Sept
Sept
5 % preferred
Quebec Power..——
Preferred........... 100
Canadian National By—
78
10 %
13
93
Ask
78
45
——*
Southern Canada Power..*
Bid
Feb
155H
Power Corp of Canada...*
Price Bros A Co Ltd
*
92
Dominion Government Guaranteed Bonds
July
45
11960
lllH 112H
Aug
43
27 H
St Lawrence Paper pref 100
July
43
69H
96
4 He.
Feb
Apr
Mar
38
34H
89
48H
*
100
1 1954
Dec
42
AUg
74 H
Ogilvle Flout Mills—
A
5s
High
Low
69H
41H
42
St Lawrence Flour Mills..*
1 1946
Week
lharet
National Steel Car Corp..*
Noranda Mines.————*
95H
Sept
Range Since Jan. 1,1938
for
•
38
39
*
25
93 H
95
4Hs
96 H
95
11944
July
08—
Aft
Canadian Pacific By—
76
perpetual debentures.
08—.—.Sept 15 1942
4 Ha
Dec 15 1944
Htg>>
69
.
Ask
Bid
4s
National Breweries.
Regent Knitting..
Rolland Paper v t_._
Railway Bonds
Canadian Pacific By—
Tjow
Price
Par
Ha ace
t>
)J Prices
Montreal Tramways—100
Penmans
Prov of Saskatchewan—
5b.—.
108
Stocks (Concluded)
Preferred-.......
4Hs
94
Sale
122
1 1902
Quebec—
Mar
2 1950
Sales
Week
Last
Ask
15 1965
Hs—.Jan
Province of
98
93
1942
I
June
4«
100H
Bid
Sept 15 1943
-May
1 1959
Exchange
Friday
....
46
12
90H
98
—
45
Apr
50
12
Sept
20
Jan
Apr
3
Jan
2
1.25
Mar
8
100
—
Apr
1.50
2H
1.75
*
Preferred.
12
1.75
Winnipeg Electric A—*
B
46
12
100
Wabasso Cotton
Aug
7
Mar
2H June
17
June
Banks—
160
175
175
160
Apr
178
Jan
.10(1
212
211
213
197
Mar
223
July
Nova Scotia......
.100
305
305
305
295
June
310H
Aug
Royal—.——.
.100
185
185
186H
170
Mar
191H
Jan
Week't Range
Sale
Par
of Prices
High
Price
Low
60
10
10%
Loto
60
45
106
10
------
3
3
------
13
15
390
Paper A *
7H
9H
350
*
Preferred...
100
Batburst Power A
-
-
Bawlf (N) Grain
*
Bell Telephone........100
-
«...
-
9%
British Col Power Corp A. *
------
*
B
*---
—100
.
Canada Steamship
..
7%
------
Class B—.....
...*
2,675
7
Apr
Sept
92 H
9
93
380
87
June
9
60
9
June
16X
17
280
7
9%
Mar
41
10
15H
12,930
25
------
m
-
rn
-
-
-
7
2
-
-
8
8H
-
Mar
18H
18H
1,715
Mar
30
July
July
Jan
88
Sept
106
Jan
90
8
Sept
10 H
108
Jan
6 % cum pref
100
Aluminium Ltd.————*
2%
5
99
Aug
9
Aug
1,295
1,75
Sept
2
580
1.50
Mar
8
75
6
8,765
5
Mar
8H
13H
64H
19 H
340
16
Mar
-
-
14
13
15
28 H
28
33
-------
10
64
140
4K
_*
Jan
Jan
Canada Bud Breweries...*
11
Mar
17 H
21
Mar
39
July
16
Mar
20
Jan
June
108
Jan
Feb
150
May
Canadian Marconi Co
10
96 %
145
9
Mar
10 H
4H
2,455
Sept
10
70
Jan
150
Feb
260
58
150
140
May
Sept
4
Mai
82
8H
Jan
Jan
1
Cndn Pow & Paper Inv... *
Can Vickere Ltd—*
12
7%
cum
Claude Neon Gen Adv...*
11H
Mar
17
July
Commercial
Mar
33
Aug
Preferred
———
—
—
—
2H
9
9H
—81
3H
6H
5%
2H
20
1H
Mar
12 H
885
8%
Mar
12H
1,041
84
Mar
13H
Aug
75
Mar
86 H
June
25
3
June
Aug
7%
3,450
5
Mar
July
115
45
Mar
5H
10H
80
July
EaKootenayP7%
56 H
Aug
Falrchlld Aircraft Ltd
7H
56 H
56 H
40
53
Mar
5%
5H
495
5
Mar
2,610
4
Mar
4H
4
------
5
5
190
5
12%
14%
13
13
50
91
25
27%
15%
26 H
28 H
15
16%
15
15
2,720
28
15 %
31
13 H
23
45
49
25
23 X
------
*
47
S
Ltd—..
23 %
Mar
Mar
15H
Mar
18
June
90
Mar
98
Feb
1,615
20H
Mar
6,376
15
Mar
31H
19H
15H
31H
52%
460
<
15,616
37
25
5
24
26
2,357
11
10 H
80
11%
8H June
Jan
8H
9H July
11H
10H
1,990
23H
Jan
Apr
Mar
Apr
Mar
International Power—
80
David A Frere Ltee A....*
Dom Eng Works Ltd.
*
50
930
74
10 H
May
27
31H
84
17H
Aug
Dominion Stores Ltd .....*
Donnacona Paper A
Donnacona Paper B.
cm
—
-
m
«•
—
-
^—
-
10H
July
5% cum pref
Intl Utilities B_
Aug
Feb
Lake Sulphite
Lake St John PAP......*
Jan
Mar
Mackenzie Air Service
*
Macl.aren Pow A Paper..*
10
Feb
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf.100
3
Sept
435
4H
9H
Mar
Sept
10H
July
14
Feb
112
Sept
112
112
10
112
Sept
97
97
25
95
28
30
5,573
27
Apr
Mar
31
60
15
56
Jan
62
Jan
Mar
0% cum 1st pref
Provincial Trans
—
•No par value.
295
29H
535
103
10
16
13H
25
1.00/1
1.05
1
8H
35
8
Jan
Jan
Sept
Apr
Jan
Jan
8
Jan
Feb
July
Aug
Jan
27%
Aug
36
Jan
110
Feb
16H
Feb
1,825
1.05
Sept
325
14H
13H
Apr
Sept
550
95c
Mar
1.65
225
1.00
Jan
2.00
Jan
2H June
22
June
Feb
15
July
1,200
3
Mar
11H
July
20
18
Mar
45
July
15c
15c
900
15c
Mar
35c
Jan
1.00
1.25
595
90c
Mar
1.85
July
4H
125
4
Mar
4H
Jan
27,547
3%
Mar
9H
July
9
Aug
4H
7H
7
34
34
4%
3%
3H
8
3H
5H
6
5H
8
15
3
25
21
230
3,325
070
Apr
May
4% June
3H
Mar
3
Mar
48 H
July
8%
8H
7%
July
75
8
Sept
5%
5,575
3
Mar
8
10%
1,080
Jan
15
21H
1,932
Mar
22
4H
14H
11
Jan
July
Aug
H
July
July
Sept
14 H
749
Mar
20
Aug
10 H
7,305
10
Mar
100
64
July
21H
65H
July
04H
2H
2H
260
10
11
150
75
9
2H
Sept
1.70
Mar
10
Sept
Sept
2H Sept
4H
15
July
Jan
50c
00c
895
50c
SeDt
1.00
Jan
2
3
3
995
2%
Mar
12H
Jan
18
15
25
230
Mar
34
-
—
-
70c
9H
43
100
1.00
725
13
Mar
7
Mar
17
Jan
Apr
63
July
Jan
101
July
528
53 H
992
32 H
250
87 H
100
-
15 H
1.45
1.50
1.50
5
1.50 May
2H
5%
5H
647
6H
13 H
18H
3,075
5H June
7H Mar
92
98 H 101
-
—
— —
105
—
15
90
June
40e
12
92
------
100
Sou Can Pow 6% cm pf 100
31H
19
11
Page-Hersey Tubes Ltd—*
Power Corp of Canada
Jan
60
98 %
23 H
1.55
2
2
Melchers Distillers Ltd pf*
Mitchell (Bobt) Co Ltd..*
Sept
6
950
14
2
1
3
10
4
Aug
91H AUg
4H June
10%
20
23
203
17
25
110
17%
2
...
Intl Paints (Can) Ltd A._*
3
00
5,275
July
June
1.27
04H
Aug
Feb
Melchera Distilleries Ltd.*
12H
2,290
1.05
7
12
*
Jan
4,665
%
Goodyear T A Bub of Can*
July
7H
—
Fraser Companies Ltd...*
May
9H
—
19
5
5
—
8
105
9H
—
4
Mar
Mar
—
4%
—
June
'
28H
-
-
3
5H
------
pf 100
3
21%
14 H
7
5%
-
1C0
5%
7%
Mar
5
r.oo
—
35
Sept
Sept
3
4%
21
29
4H
M
-
24
2%
4%
30
*
3H
102
June
1
w
"0
*
3
100
Lindsay (C W).
Mar
2
13H
17
5
Home Ind Prod
47
225
17
1.20
Fleet Aircraft Ltd....
*
Ford Motor Co of Can A. *
Voting trust ctfs
3,808
2%
14
"
Consol Paper Corp Ltd... *
July
1,391
75
5
July
3H
75
------
3H
16
85
110
«
M
5
------
Apr
23 H
29
29
Alcohols....*
24
Mar
83Hc
4
-
pref..——100
300
9H
45
12
*
"25
—
4%
8,247
2%
4%
»
Mar
22
18H
*
High
1.00
118
2%
Can Breweries Ltd-—*
Preferred.
878
118
"l9~~
-
Low
Shares
3
1H
13H
2
-
Range Since Jan. 1. 1938
for
Week
75
—
Cndn Light A Pow Co.. 100
July
20
Can Nor P 7% cum pf.100
Canada Vinegars Ltd...t*
370
_.
—
70"
Canada A Dom Sug (new) *
Canada Malting Co Ltd..*
15
Industrial Accept Corp.
Intl Nickel of Canada...*
Montreal Telegraph.
—
-
British Columbia Packers *
July
30
Imperial Oil Ltd
Imperial Tobacco of Can.
Intl Bronze Powder
-
Corp.—*
460
90
Preferred.....
Hudson Bay Mining..
Beauharrvois Pow
Brit Amer Oil Co Ltd—*
14
6
*
-
Brewers A Distill of Van..5
30
....100
Hamilton Bridge....
Jan
Jan
Mar
346
20,615
6
2%
15%
*
1,976
6H
66 H
Price
*
July
July
12H
140
Mar
Asbe8tos Corp Ltd.
Bathurst PAP Ltd B
-----
10 x
Holnnger Gold Mines
Howard Smith Paper.
4H
6%
Jan
Feb
------
Rights............
General Steel Wares.....*
Goodyear T pref Ine 192750
Gurd (Charles)......
Gypsum Lime A Alabas..*
147
4H
140
Dryden Paper.........
—100
102
9
5
%
17H
10H
100
147
------
4
10H
19
-
4H
Mar
18
-
19
6
Mar
-
of Prices
Low
High
Abltibl Pow A Paper Co-.*
47
-
Par
20
1%
,
Stock*—
Week's Range
Sale
June
8
7
Last
9
60
7
Sales
Friday
245
99 H
1.75
-
7H
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
90
90
7
------
-
88
99 H
---
-
Montreal Curb Market
July
1,520
*
Jan
Mar
28%
12%
330 Bay Street, Toronto
Sparks St., Ottawa
Jan
Mar
9
-
56
Aug
7
623
4,584
..
Feb
July
2
2%
9H
Foundation Co of Can..
Gatineau.
12 H
110
Established 1883
255 St. James St., Montreal
July
30
2
57%
Electrolux Corp
.1
English Electric A.
..*
Enamel & Heating Prod.
14H
33 H
5H
60
HANSON BROS., Inc.
Jan
200
---
Aug
5
....
166
245
2H
10H
48
Dominion Textile. ......*
Preferred
100
Internat Pet Co
Apr
Sept
5%
8H
100
Dominion Glass pref... 100
Dominion Steel A Coal B 25
Dom Tar A Chemical
*
Preferred....
38
Mar
52 H
Dominion Bridge..——*
Dominion Coal pref.....25
Preferred
680
7H
27%
3%
25
new
Crown Cork & Seal Co...*
Distillers Seagrams...-..*
Dominion Glass
10,516
Mar
..—..*
Cockshutt Plow
Con Mln A Smelt
147
U
-
10
Cndn Foreign Invest.....*
Canadian Indus Alcohol..*
Canadian Locomotive..
Canadian Pacific By——25
July
July
July
38 H
«
Canadian Celanese......*
100
July
11H
2%
Public Utility and Industrial Bonds
July
5
16
9H
36H
-
------
25
_....
107 H
Apr
6H June
1.00 Sept
Feb
16%
Jan
19H
4H June
16H July
-
...
Cndn Cottons pref
Aug
Mar
495
3H
52
Jan
2
135
30
11
25%
-
(new).*
Preferred 7%.
...100
Canadian Converters. .100
10H
Jan
Apr
12
•
Preferred..........—60
Canadian Bronze.
*
Canadian Car A Foundry.*
Preferred
8%
29 H
Canadian Government Municipal
82
11H
300
411
High
Sept
106
3,716
162
50
Canada Cement----.....*
Preferred
8%
1.25
3%
--
.*
Can Forgings class A..
*
Can Northern Power....'
7
160
Brazilian Tr Lt A Power.*
Building Products A
106
1.00
160
Aug
Week
Shares
Alberta Pacific Grain A..*
Associated Breweries
Jan
Range Since Jan. 1,1938
for
5
60
AcmeGloveWks6H % PflOO
Agnew-Surpass Shoe..... *
.100
...
Sales
Friday
Stocks-
103
163
.100
Montreal
Exchange
Sept. 10 to Sept* 16, both inclusive, compiled from official sales lists
Last
163
Commerce
Canadienne
Montreal Stock
78
92
21
Apr
90
Mar
100
6
6
300
6
Sept
105
105
78
104
June
7%
100
July
Feb
Jan
Aug
July
Aug
July
Aug
Volume
Financial
147
1761
Chronicle
•gc=
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Friday
Last
Par
Week's Range
of Prices
Low
High
Week
Price
United Securities Ltd. .100
Walkerville Brewery
8
8H
120
120
*
Range Since Jan. 1,1938
Shares
30
8H
Stocks [Continued)
High
Low
Sept
42H
Mar
Burt (FN)
Calgary & Edmonton
*
pre!
1.10
Apr
2
July
1,005
32 H
Mar
45
July
19
19
Beauior Gold
1
„
Bob jo Mines Ltd
1
19 H
1,695
17 H
May
19H
Aug
2.05
24,615
1.55
Sept
3.10
26c
7,1C0
19Hc
Sept
62c
75
3
May
7
July
50
45
45
66
40
June
50
Aug
Jan
67c
Jan
7
Mar
13
93 H
165
89
June
108
Jan
29 H
31H
410
29
36
Jan
.*
70
70
10
58
Apr
Mar
Canada Permanent
100
134
136
45
128
May
150
*
2
732
2
Mar
7H
34c
Sept
1,000
9c
Sept
24c
July
CanadaMaltlng
•
14c
3,100
14c
Sept
33c
Feb
Canada Packers
25c
25c
100
13c
July
6c
6c
1,500
13Hc
Feb
7He May
100
28 H
Jan
75c
85c
3,800
75c
Sept
1.27
Feb
Canada Wire A
4c
13.000
2 He
9HC
Jan
5c
5c
5Hc
2,700
5c
Aug
Jan
15c
Feb
1
22c
20c
26c
15,800
20c
Sept
1
2.20
Cons Chibougaraau Glfds. 1
30c
1,700
2.05
Sept
31c
6,720
20c
Mar
27 H
Junt
3Hc
1,117
14,700
3Hc
2.09
22,600
1.05
1.70
2.15
15,500
4.50
5.25
1,125
30c
8,000
"s'H'c
3Hc
1.83
1.70
1.83
4.60
25c
1
East Malartic Mines
1
Eldorado Gold M Ltd
1
Falconbridge Nickel
*
Francoeur Gold M Ltd—•
24 H June
2.25
20c
*
Duparquet Mining Co
Aug
33 H
2.05
29
Dome Mines Ltd
1,861
6c
25c
*29 H
11
68
Apr
16 H
July
49
85
47
July
67
Mar
16
50
15
June
22
Canadian
Breweries
Cndn Bk of Commeroe. 100
171
170
Canadian Canners 1st pf 20
2d prelerred
*
Can Car A Foundry
*
"Th
Aug
2.37
Aug
3.25
Mar
*
Preferred
Preferred
15HC May
Canadian
80c
1.00
27c
Canadian Oil
45
16
25
16
170
*
Canadian Oil pref
C P R
....
1H
Mar
Sept
170
Sept
1,260
1H
73c
2%
87c
20,875
12H
1,020
10
10
118
73c
Sept
Sept
Jan
18H
July
30
July
35
Jan
185
Aug
4H
Jan
1.28
Feb
May
16
Jan
110
Jan
123
Aug
5
Mar
8H
Apr
3H
July
Jan
2.60
July
July
900
99c
Mar
1.50
Jan
2,400
30c
Sept
32 He
Sept
50c
1,667
46 H
Mar
58 H
Feb
Canadian Wineries
5c
5c
3,000
5c
Sept
14c
Jan
Caribou Gold..
lHc
lHe
1,000
lMc Mar
2Hc
.
l
91c
10,300
Mar
1.19
4.05
4.80
3,850
3.50
Mar
5.50
Jan
Central Patricia
1
2.12
2.00
2.51
35,630
2.00
Sept
3.20
1.00
1.00
500
73o
June
1.27
July
Central Porcupine
1
7Hc
7HC
9Hc
27,850
7Hc
Sept
15c
45H
455
35H
Mar
48 H
Aug
Chartered Trust
95
95
95
Sept
50c
5,100
30He
Jar
82c
Aug
Chemical Research
1
^
Mines
Mackenzie-Red
1.10
1
_
Lee Gold
..1
Lake
4.15
1
Mclntyre-Porcupine
43
6
50c
McWatters Gold
2.10
Aug
100
5H
2T5
70c
—100
1.55
Mai
2.25
Feb
15,740
2.45
Sept
5.40
Jan
2.90
Mar
4.65
July
1
17c
15c
17c
5,700
15c
Sept
62c
2.30
2.50
1,050
1.55
Apr
1.40
1.65
2,400
1.00
1.40
14,500
1*56
Perron Gold Mines Ltd...l
1.20
*
1.37 May
1.00 Sept
Commoll Ltd
Jan
2.70
Jan
Coniagas Mines.
2.65
Jan
Conlaurum Mines
*
1.77
Feb
Consolidated
Aug
...5
Bakeries
4.25
4.95
5,650
3.90
Mar
5.25
1
15H
16H
3,825
13 H
Mar
17H
Feb
Cons
1
Tl2
1.06
1.43
1,000
72c
Mar
1.93
Aug
25c
May
75c
1.06
Sept
1.73
July
9H
30,000
1,185
75c
7H
7
Mar
13H
July
65c
3,800
50c
Sept
20 He
25c
6,300
20He Sept
43c
1.37
1.37
100
1.25 June
2.25
1.03
1.30
6,238
1.03
Sept
1.84
13H
14 H
75
11H
Mar
Mar
16
Read Authler Mine
l
3.25
2.75
3.85
24.600
2.50
Aug
4.50
Jan
Cosmos
Reward Mining Co
1
3 He
4Hc
2,700
3Hc
Apr
6HC
Feb
Darkwater
Feb
~
"30c
Consumers Gas..
Davles Petroleum
THc
1,000
lHc
Aug
3c
1
lHc
1.18
lHc
San Antonio Gold
1.18
100
1.18
Sept
1.48
Feb
Shawkey Gold
1
4c
4c
5c
8,700
4c
Sept
33c
Mar
..1
1.06
1.00
1.10
11,185
91 He
May
1.78
Jan
Slscoe Gold Mines Ltd
1
1.66
1.55
1.80
14,300
1,55
Sept
Sladen Mai
1
71c
85c
19,500
71c
Sept
33c
32c
42c
32,233
32o
Sept
Ritchie Gold
1
Sherrltt-Gordon
(new)
*
3.40
1.39
78o
Jan
Mar
May
1
83c
76c
95c
18,130
76c
Sept
1.23
Mar
...1
2.85
2.70
3.10
1,075
2.70
Mar
3.60
Feb
4.50
Sullivan Consolidated
Sylvanlte Gold
Gold
Cad
Towagmac
20c
Exploration.. 1
1
Preferred
100
(new)...
*
Dominion Bank
4.40
Apr
Jan
Dom Scot Inv pref
18c
Sept
38c
Jan
Dominion Steel Coal B..25
53c
Mai
60 He
Feb
Dominion
Dominion Tar
300
4.50
Sept
6.40
Aug
5.75
3,725
4.50
Sept
615
Sept
16 He
16c
20c
12,800
16o
Sept
43c
Jan
7.10
7.75
620
6.55
Mar
8.10
Jan
»
5
..*
Preferred...
...—
200
1.00
Sept
1.51
May
1.400
23 He
Sept
58He
Apr
1.855 Sept
3.10
Jan
70c
Jan
1.00
Oil.
1.85
Calgary & Edmonton Cp
Dalhousie Oil Co.
1
300
Co
»
Okalta Oils Ltd..
Royailte Oil Co
3c
Sept
245
25H
Jan
44
Apr
33
29
12H
5H
13,270
8H
665
4H
470
5
77
Sept
June
7c
Aug
16H
8H
5c
10
Jan
84
July
Aug
26c
Mar
5c
Sept
15c
1.05
Mar
2.39
25
2%
3.25
2.20
27H
Jan
Mar
8,500
1.67
July
May
4H
73
2.09 149,343
3
Feb
Mar
June
Jan
Aug
Feb
5
62,450
1.67
Mar
Sept
50
27H
Sept
32
Aug
Sept
10
July
8
Feb
6.95
7
100
7
6H
6H
125
5H
Mar
4.55
4.45
5.35
5,445
4.45
17H
17
19H
4,161
10
Mar
21H
Jan
Faulkenham Lake Gold—1
15c
15c
23c
15,665
Sept
26c
Aug
4Hc
4Hc
6c
15,300
1.06
13,550
Mar
1.45
Apr
1.13
900
1.00
Sept
2.20
Jan
Fanny Farmer
43H
2,365
33 H
Mar
July
2,000
Aug
Sept
19H
1
93c
49
34H
216
Jan
Mar
Sept
Equitable Life
Falconbridge
35
39
Sept
27 H June
7
2,500
95c
Aug
78
Ja»
3Hc
27H
*
17H
Apr
7Hc
L81
1.00
1.00
..*
66 H
460
Apr
1.65
*
Mar
73
8ept
Mar
10c
11
16
15
Feb
Sept
20
28,500
3
23HC
189
8 He
B
42c
Mar
-
Sept
55
5c
English Electric A..
5o
41
1.83
Eldorado
40c
40c
12,890
5c
East Crest Oil
Easy Washing
1.00
23 He 23 He
Anglo-Canadian
Brown Oil
5
77
4,505
*7Hc
Dorval Slscoe
East Malartic
Oil-
5
Aug
6H
SVs
5
100
%
30
30
"9H
Jan
24
17H
41
36
50
Stores
33
Jan
June
105
212
3c
36
100
5.10
75
1
Explorers
Dominion Foundry
525
4.50
75
16H
Feb
16
10,010
28 H
42c
64 H
47
30,650
208
Jan
Jan
Aug
199
31c
75
30H
Jan
Sept
10c 18Hc
20c
Mar
85c May
175
2,600
7c
15H
25
20c
46 H
60c June
90
13
100
Dominion Coal pref
38,570
4.55
17c
7,925
4,866
14
42c
1
Wright Hargreaves
1
23c
4.50
Cad
25c
Denlson Nickel Mines
35c
57 H
179
18H
7Hc
7c
Distillers Seagrams
Dominion
21c
47 H
175
18
4.70
5.60
52 H
177
...
18c
*
Ventures Ltd
Waite-Arnulet..
5
100
42c
1
Thompson
Chlbougama
Smelters
Dome Mines
Feb
•1,700
*
Consol
Feb
May
1.2
Commonwealth Pete
Preston-East Dome
4.30
100
45c
*
Placer Development
Pickle Crow Gd M Ltd—.1
54c
Jan
50c
Cockshutt Plow
9,480
1
5
1.65
85c
CheetervIlJe-Larder Lake
3.15
4.40
Pato Consol Gd Dredging 1
3,850
2
22c
100
2.45
3.75
Pend-Orellle MAM Co
70c
2.40
705
8
2.10
2.50
4.05
Cad
2.00
10,874
35c
35c
1
*
Pamour-Porcupine
6H
3H
5
3
~
1
Castle-Trethewey
118
118
25
—.1
Mining Corp of Canada..*
O'Brien Gold
Home Oil
July
9
47Hc
1
Lebel-Oro Mines
Wood
Jan
19
Apr
Mar
32 He 32 He
1
Lag una Gold
Lake Shore Mines
Teck-Hughes
177
Apr
6H
10H
Malartic
Feb
Mar
16
326
16
1M
Aug
157
82
7H
170
...»
Aug
29
18
7H
Cndn Industrial Alcohol A*
Sept
7H
18 H
Cndn General Electric. .50
7c
21H
650
Jan
6 He
Mar
6,668
Feb
1,415
14 H
15H
6.95
5,200
245
28H
55 He
9c
2.60 May
10
Sept
18c
Sept
24
Mar
7c
1.05
12
Mar
12c
4,465
25H
1.70
Jan
1.50
174
17H
25
Canadian Dredge
6H
19H
Feb
6 HO
June
16
3.20 .Mar
Jan
Jan
4H
10
17
Aug
Jan
72
49
17
41c
1,030
*
*
Aug
—
2%
1.05
62c May
9H
50
B__—
4.90
28c
7H
1.10
35
Klrkland Gold Rand Ltd.l
1.01
30
Jan
91
»
Preferred
6,600
11c
3Hc
Kirkland Lake Gold
Jan
4
27 H
Stadacona
May
4
1
Pandora
15
*
*
Macassa
Aug
1.85
12c
12c
Dredging.__5
J-M Consol Gold(New)
July
25
21H
1.88
Canada Bread
Cndn Malartic Gold
Central Patricia Gold
14H
19Hc
Capltol-Rouyn Gold
Central Cadillac Gold
High
Mar
21H
40c
6c
Cartler-Malartlc G M Ltd 1
170
9H
1
Canada Steamships
Preferred
Gold
24
Low
10
*
34c
1
Bouscadillac Gold...
12H
Range Since Jan. 1. 1938
Shares
25
C* nada Cement
35c
Amm Gold
Bulolo
Price
11c
*
Week
Calmont Oils
Mines—
Copper Corp
for
of Prices
Low
High
12 H
B
Aldennac
Week's Range
Burlington Steel
Walker Good <fc Worts(H) *
cum
far
15
935
155
39
(H) Walk-Gooder & Worts*
$1
Last
Sate
for
Sale
Stocks (Concluded)
Sales
Friday
Sales
25
Federal-Klrkland
15c
3 Ho May
14c
Jan
Jan
Fernland Gold
Toronto Stock
Range Since Jan. 1,1938
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Sept
30c May
6,200
11c
Sept
25c
..25c
Shares
Low
Fleury-Blssell pref
6%
_»
preferred
Acme Gas & Oil.
100
—
.
—
—
Atton Mines Ltd
Preferred
1%
14H
3
10,308
3 He
*
6,835
8H
4,500
7c
Mar
2Hc
4Hc
61,000
3H
100
2H
26
1
Aldermac Copper
Amm Gold Mines
*
38c
1
25
100
10H
"80*
2
Apr
10H
Jan
2Hc
2Hc
....*
37c
35c
44c
3,000
23,250
5 H
29
1
19c
19c
22c
21,100
35c
39c
2,COO
13c 16Hc
Sept
God's Lake
Auk
Goldale Mines
Aug
4Hc
Gold Belt
1
14c
13c 14 He
7,200
1
7c 10 He
10,200
1
2c
Goodyear Tire pref.
Jan
Graham-Bo usquet
1
13c
Sept
33c
Mar
Granada Mines...
1
6C
Mar
13Hc
Sept
Grandoro Mines
7c
Aug
Great Lakes Paper voting. *
19c
26c
31,800
19c
Sept
5Hc
6 He
1,500
5 He
Sept
12c
15c
1,400
39c
52c
29,500
210
214
16
44o
Feb
14c June
195
Sept
27c
Jan
1.03
Feb
303
2
285
June
308
238
25
227
May
249
Feb
Beatty Bros A
*
Beauharnols
1.05
22c
5H
Jan
Tftnde & Dauch
166H
Jan
Feb
50c
30c
54,500
29c
4,037
7
25
Sept
58c
Jan
Homestead Oil-.
Sept
11 %
Mar
10c
9 He
13c
68,900
7c
Mar
8.00
9.40
6.444
8.00
Mar
9H
10H
9,846
7H
Mar
Brewers & Distillers
5
5
*
Brit Col Power A._
20 H
5,424
29 H
25
3
*
B
6c
*
24c
Buffalo Ankerite
1
13 H
22c
28c
27,406
12H
15H
5,150
Building
Products
Hill
*
2c
2c
*
*
51
50
7 He
3c
9,200
260
14H
7H
July
4H
Sept
Mar
22
July
Apr
34
Jan
June
6c Sept
5
July
2H
22c
11c
20%
Imperial Bank
100
Preferred
Jan
Intl Milling pref
Jan
International Nickel
17Hc
Feb
International Pete..
Sept
Apr
6Ho May
60
22c
15H
505
13H
Apr
17H
July
13
12H
14H
7,470
20,830
Mar
15H
June
1.47
Apr
Aug
Jan
95c
5
74
Intl Utilities B
♦
No par
value.
100
*
*
1
5
74
100
12
11
85c
Sept
15c
May
Sept
37o
20c
20H
Mar
31H
Sept
10
5
57
Apr
9
207
15H
*
68 He
Sept
Jan
14H
100
*
5
Mar
14H
29H
Imperial Oil
Impcla! Tobacco
July
20c
2,925
100
...100
2.93
17c
Sept
26 H
Inter. Metals A
Mar
2c
37
15c
Feb
Huron & Erie
Jan
Feb
July
8c
...—*
Sept
7Hc
23,000
11c
53
July
10.25 June
16H
28
1,000
*
Brown Oil
30
3
6c
British Dominion Oil
Buffa lo-Canadlan
20
5
18H
29 H
19
*
14Hc
4
1,800
27 H
Hunts B
55
8c
4,900
Hudson Bay Min A Sm._*
1.50
July
8c
36,700
Jan
Jan
1.40
26c
Jan
8H
Sept
20c
5
Jan
Mar
May
1.06
34
Jan
10c
8c
20c
July
Jan
1.00
85c
Sept
Jan
Mar
1.09
Sept
Jan
Jan
1,000
15Hc
3
8.75
Sept
Aug
July
15,200
*23c
25
•
60c
50
Jan
Feb
1.15
1
50
1
Sept
Jan
June
9Hc
...1
Howey Gold
21
3H
26
*
British American Oil
Bunker
Feb
24c
7
20c
Mines
Bralorne
*
Holllnger Consolidated...5
Home Oil Co
*
Traction
Boblo Mines
Brazil
3H
*
100
4
Feb
8c
*
Mar
24c
50
Hlghwood Sarcee.
146 H
7.
Preferred
Jan
2H
Jan
1.04
1
Mar
*
Blue Ribbon.
Hed ley-Mascot
2
1
24c
Jan
Sept
1
1,00C
1 10
7
Bidgood Kirkland
2Ht
2Hc
1.98 162,460
55
Biltmore Hats..
9
1
1.35
Sept
lie
12
100
8c
Sept
14c
H Aug
2He Sept
50o Sept
10 H
10H
1.52
95c
9Hc
25
*
Harker
68
Sept
18
1
Sept
Big Missouri
1H
15
1
July
36c
532
100
Harding Carpets
5
Sept
12e
72 %
33
Hard Rock
July
May
40c
Sept
15
2H
June
Mar
2He Sept
75
2H
1,070
51 H
68
6H
2H
Apr
200
17He
165H
Sept
July
52
60c
50
2%
13c
3He
2H
66,800
160
161
Sept
54 H
9c
15
July
50c
384
1H
Apr
Mar
40Ho
13
18
July
Mar
60c
17Hc 32Hc
9H
1H
July
30c June
14c
Mar
18
Feb
68c
20
15
Apr
Aug
June
Mar
31c
2H
Preferred
5c
2c June
53 H
45c
1.45
4H
10H
32c
—100
6
Mar
19,300
Mar
Sept
Mar
2,339
Sept
1.20
June
5
5c
Sept
22,010
20c
95c
3H
86H
5c
63c
4H
11H
14
74H
Apr
Mar
4H
5H
100
3
7
4Hc
50C
225
7c
53c
99
4
Gold
Sept
500
58c
14,550
7
2H
Bell Tel Co of Canada. 100
—
24o
8
4H
28c
3
20c
16H
35
48,100
4Hc
5H
1
4H
Feb
5Hc lOHc
4He
"Th
Gypsum Lime A Alabaa..*
Hamilton Theatres.——1
Gunnar
20c
7Hc
*
»
Grull-Wlhksne
4H
July
1,000
*
Greening Wire.
222H
"~7c
40
3c
2Hc
50
Preferred—
Sept
236
25c
*
*
Voting pref
Great West Saddlery
Mar
12c
39c
303
*
4c
*
Sept
2c
1,000
236
Beattie Gold
56
Jan
303
*
56
1.65
100
B
60
56
4.15
100
Bear Exploration & Rad.. 1
254
Mar
Bank of Toronto
Bathurst Power A
11,000
17,500
65 H
June
Bank of Nova Scotia
*
4Hc
60
Mining
Goodyear Tire
2.90
95c
July
Sept
Base Metals Corp
3Hc
62
1
Ashley Gold—
100
"l5c
*
1
Goodflsh
Arntfield Gold..
Barkers Bread
50c
Gold Eagle..
2,292
160
56,400
2Hc
Jan
13,560
7H
1
......
Feb
Sept
5
4
7c 13 He
6
Glenora...
May
70c
1.30
Bank of Montreal
lHc June
14c
33c June
3.15
44c
115
4
36He
1.00
I
83 %
9c
Sept
3.15
__1
80
1
Sept
1.05
Cons
150
*
7c
3.15
BankfieJd
11H
Gillies Lake Gold
14c
*
Bagamac Mines
11,300
General Steel Wares
28c
♦
22c
30c
July
2,220
Anglo-Can Hold Dev
50c
24c
5
July
4H
29
67,325
30,000
Anglo-Huronian
Auglte-Porcupine Gold—_1
Sept
22c
*
16c
2c
22H
Aug
24c
43C
7c 10 He
Mar
8o
*
28c
9Hc
Sept
14 H
17,750
Francoeur
14c
A P Consolidated Oil.
Aztec Mining
Mar
8c
25
100
Astoria Quebec Mines
1.00
Mar
22
41
6,860
13c
11c
Preferred...
High
7Hc
*
1
Alberta Pacific Grain
2H
16
July
21H
12Hc
A
Rights
Abitlbl
41
18
19H
*
Ford
Apr
41
100
*
Gatlneau Power
Sales
Last
14c
13c
Foundation Petroluem
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
Friday
4,700
Firestone Pete
Exchange
14c 17Hc
12c
15H
9
10
203
212
34
190
Mar
15
Mar
15
16H
9,836
15
15H
655
5
73H
"47H
23 H
6
185
6H May
13 H
4H
Mar
Mar
33c
75
9H
215
19 H
15H
9H
81
Feb
Jan
Jan
Aug
Feb
Aug
Aug
Sept
May
July
Jan
Aug
73 H
73 H
101
101
70
65
June
35
98 H
May
102H
45
49 H
30,009
37
Mar
23 H
26
9,286
23
Mar
52 H
31H
Mar
Sept
1.00
Sept
40c
70c
1,030
40c
Mar
Feb
Financial
1762
Sept. 17, 1938
Chronicle
1
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
for
Scue
Pen
Stocks (Continued)
Jack
Price
o/ Prices
Low
High
Mines.—
1
Cons..
37c
27,700
15c
20,333
J Of
40c
77,745
26c
10c
3,380
1.65
Kirkland Lake........—1
—1
7c
7c
1
..1
M Consol (New
Kerr Addison
Laguua
.....
Gold
—--—'
Lake Shore
15
1.35
57c
1.90 151,105
57c
800
"i"6i
90c
1.19
92,380
29c
28c
34c
45,950
6,726
La pa
Cadillac.......
1
—*
"35c
28C
43c
41,100
10
90
B
United Steel
74c
Mar
65
Aug
Walte
Feb
Walkers
Mar
24
Jan
W est
18
Mar
21%
Jan
Westons
3.50
Mar
20 H
773
23,515
31c
43c
31,600
12c
12c
500
l%c
3%c
IHc
9,600
3 He
7
T%c
7
7
15
155
175
275
1,185
42 %
42
"98"
98
...*
9%
Toi
60c
Jan
White Eagle
Aug
Whitewater.
31c Sept
12c Sept
65c
Aug
27C
Jan
Wiltsey-Coghlan
Winnipeg Electric A
l%c Aug
3%c June
4c
Jan
1%
8c
4%
1,085
192
47 H
90c
1.12
15,847
35,800
McKlnley Mines
1
12c
10c 13%c
17,600
McWatters Gold....
*
58c
48c
61C
Mentor Exploration
Merland Oil
6
45c
50c
39,900
1,000
Mining
*
*
Preferred-
—
9c
Mar
7
July
Jan
7.40
Mar
1,900
Jan
26c
Sept
3
1.25
Jan
8.50
July
52c
Sept
1.02
Mar
30%
Mar
45
Mar
19%
2,459
12c
17
9,000
30%
310
5c
7%c
7%c
8%c
18,900
7%e
10%
10
12
670
37
May
1,000
July
Aug
20c June
8c June
28
7c
Aug
Jan
34c
Sept
Sept
14 %c
Apr
Mar
13%
July
Sept
9
74
88%
50
Apr
90
lc
lc
15,000
lc
Aug
3%c
3c
3c
500
3c
Sepi
8c
Jan
6%c
9%c
2%
1%
27,100
3c
Apr
18c
July
1% May
1% Mar
3%
Jan
2%
July-
88%
"~ic
*
1
7c
1
1%
»
*
—
Jan
4.00
5c
100
—....
__
15%
5,591
42%
19%
10c
30
Aug
1%
Wood (Alex) pref...... 100
65
260
45
65
Apr
93
Sept
Jan
3
4c
July
Apr
5
303
210
19
10c
*
July
7,125
9%
19
100
Jan
2.45
Mar
8,150
60c
66C
Jan
11
4,690
Jan
122
5.75 161,647
4.15
36%
July
Sept
Sept
30c
6,090
5.20
52c
4.55
37
t urner Petroleum 60c
67 c
6,400
100
11c
5
3%
4.00
Jan
18%
90c
"7c
4.45
9%C
7H
41%
Mines........6
4
4.35
1
5.55
B
9c
10c
*
.*
Preferred
Jan
Jan
54
8C
5
150
3,860
*
Mar
1.30
25c
3H
3
8c
5%
lc June
13%
11
2.90
Mar
108%
4,400
Aug
108
Sept
12
48,609
*
Amulet.
19%
4c
1.13
35c
Vulcan Oils.............I
1,053
80c
Feb
1 60
18
2.00
*
—...
109
30c
*
Ventures
July
13%
June
1.35
12
West flank Oil
33c
A.
Sept
Sept
Sept
Sept
United OH
Feb
Apr
Feb
20
1
28c
54
5c
65
6.00
1
McKenzle Red Lake
Jan
13
*
Gas..
Sept
3.35 123,918
44c
39,000
Mclntyre
Mar
Union
2.60
20
100
Mar
2%c Sept
55
Feb
Jan
1.68
Mar
100
290
"30c
1
49,210
23
100
2
58%
108%
5.70
June
15
2,420
15
1.50
tJchl Gold...
3.10
4.90
Preferred..
Sept
Jan
Mar
West Can Flour pref
34c
Preferred
45
1.50
590
Wendlgo
2.50
McColi ITontenac
Aug
Mortgage......50
Towagmac..
....1
Feb
21%
...1
.*
20c
Toronto
Aug
4.00
Mines
Jan
1.12
40c
Massey Harris....
1 50
90c
Aug
Sept
Mar
1.05
65
1.85
12
12
4.40
10
8,400
105
1.60
1
*
3%C
2.80
Maralgo
55c
1
Toronto Elevators
High
Low
26,290
1.35
11%
105
Tip Top Tailors pref... 100
Sept
Aug
Toburn
2.60
Mar
21%
Maple Leaf Milling
..*
Preferred
—.—.*
May
15
June
60c
2.60
McDougall-Segur.— —*
Manitoba & Eastern.—*
Manic 1 <eaf Gardens
*
Preferred...
10
16c
Jun«
1.25
1,000
4.15
Gold
Sept
10
4.75
1.16
11
1938
Rang• Since Jan. 1,
/or
Week
Shares
High
4.50
1.24
—.*
15,300
Mines—......1
Malartlc
Hughes
54,575
MacLeod Cockshutt.—1
Madsen Red Lake
1
Macassa
Tip Top Tailors.
2%C
80c
2.65
Low
Price
Par
Texas Canadian
5 He
*
*
*
a..—
Teck
Mar
Mar
60c
4c
5,800
of Prices
4.50
July
40c
82c
2%c
65c
Little lad# Lac—
7c
Sept
Sept
Sept
(Concluded)
82c
4c
Gold
8,500
28c
Stocks
High
80c
67c
Lee Gold.
250
3%c
62%
60
54
55
1
1
IAbel Oro...
Loblaw
2%C
62 %
1
...—.1
Cap Gold
Leitch
50%
3%
3
3c
Banking....-.100
Laura Secord
Lava
45
48
3
Lake3ulphite.
—
Lamaque Contact......
Landed
25
13
Kelvlnator
K Irk lurid -11 udson
Low
10c
stock).1
J
Shares
Week's Range
Sale
26c
28c
Sales
Last
Week
30c
34c
Exchange
Friday
Range Since Jan. 1, 1938
12%c
1
Waite
Jaoola
Jeillcoe
Toronto Stock
Exchange
Fritiat
7%
Sept
Wood-Cadillac
...1
17c
17c
20c
6,900
17c
Seot
43c
Jan
Mar
3%
July
Wright Hargreaves
*
7.25
7.00
7.80
28,650
6.50
Mar
8.20
Feb
6
May
Ymtr Yankee Girl
*
10c
10c 13 %c
1,500
10c
Sept
York Knitting
*
Apr
Sept
Mar
I9%c
Mar
10%
July
July
28
Mar
63
9%
86%
35%
Sept
Jan
Mar
101
69c
Mar
14
Aug
4
Toronto Stock
Feb
July
48%
65
50
4
300
MV
4%
Exchange—Curb Section
Sept. 10 to Sept. 16, both inclusive, compiled from official sales lists
1.29
July
Friduy
Sept
24c
Mar
Last
Jan
82c
Aug
Sale
45c
Sept
70c
July
10c
32c
Feb
30c
Sept
Par
Stock*—
5c
5c
3,000
5c
Sept
8c
2.15
21,670
1.45
Mar
2.49
Jan
Model Oils..........—1
20c
20c
1,300
20c
Jan
Bruck Silk
10c
lie
2.70C
10c
Sept
Sept
38c
......26c
20c
Apr
Canada Bud
1.12
Sept
Range
IJOW
Price
Range Since Jan. 1. 1938
for
Week
of Prices
Low
Shares
High
High
Apr
1.60
Sates
Week's
Corp
Monarch Oils;
Moneta Porcupine
1.75
1.25
l
1.12
32
32
157
160
....
Morrls-Klrkland
.....1
Murphy Gold..,
—.1
National Grocers
*
National Sewerpipe
Nay bob Gold.
4%
.*
New Golden Rose
25
Apr
40
143
Apt
!
6c
1,700
2c
9,000
H
13%
1,215
5
30
"35c
28c
4%c
4c
4%c
16,800
16c
6,506
1.65
1,725
14,814
1
Noranda Mines....
'
NordonOil.
"l~66
1.55
69%
.6
....
5%C
l%c
4%
13 %
345
.
14c
-.1
*
Newbec Mines
Nlplssing
55,720
37
157
Corp..
A
66 H
1
47c 203,100
73
8c
10c
4c
Norgold Mines—————1
5c
2.56
Mar
Canada
38
Aug
Sept
15c
July
Consolidated
July
12
June
19
79C
July
ll%c
38c
Mar
1.55
7c
6,100
Sept
2.15
Jan
Mar
48
75%
Aug
Apr
19c
juiy
July
5.100
2c
Mar
7%c
45c
Jan
27c
Sept
Apr
1.14
4,300
40c
8.00
8.00
8.50
910
7.50
May
8.95
July
Aug
1.00
Sept
1.50
Feb
"3%
90
Sept
3%
Aug
10
10
3.10
34,055
2 45
Sept
5.45
Jan
90s
Sept
2.30
Jan
Plata.......
*
1.00
1.00
100
1.06
90c
1.14
20,075
3c
2%c
3%C
28,500
50,594
3
2c June
5%c
Jan
Preferred
14%
Aug
71
July
28
33%
588
Mar
39
July
50c
3,500
28
40c
w---.
29
Mar
68c
Aug
Mar
2.00
July
Pawnee Kirkland
35c
Sept
1.46
Mar
Pend
6c
7,100
5o
Sept
140
78
Apr
17c
98
Feb
Aug
-
Cons
-
-
2.90
Mar
4.65
July
Rogers Majestic
7 %c
4%c
Jan
24%c
July
Shawlnlgan..
*
15,200
Sept
22o
Mar
S
39c
47c
79,900
28,700
20,205
Mar
690
Feb
Sept
23o
Mar
Feb
Walkerville Brew
Feb
Waterloo M fg A
1.20
1.02
Jai
1.76
Photo Engravers
*
16%
30
Pickle Crow........
1
4.20
4.10
5.00
30,190
3 80
Mar
5.30
1
2.70
2.67
2.91
4,480
2.67
Sept
3.30
99%
2.35
96
May
99%
69,620
10c June
100
6
Sept
19%
He June
24c
Jan
Jan
27
Mar
31
Mar
45
58%
6,175
32
Mar
67
Aug
2
3
9,000
Sept
4%
Apr
l%c
7,000
lc
July
2c
1.35
1.80
32,490
1.30
Mar
2.62
July
Jan
l%c
l%c
1,500
1%C
1,500
107% 112
3
3%
220
18
Temlskaraing Mines.. ...1
8c
8c
32
*
lc June
29
115
3
18
May
May
23
Apr
38
275
30
Auu
4%
Aug
July
Aug
Jan
25c
Sept
8c
6.600
10c
36
Feb
2%c
June
31
75
36
Jan
3c
l%c June
105
145
20
36
18%
2
43
Apr
July
1.25
1.50
3
0
1.25
Sept
2.15
July
1.50
1.25
1.50
415
1.00
May
2.50
July
Mar
98
500
Aug
Pioneer
July
1,500
579
Fnited Fuel prer
8o
2C
lc
13c
6
%c
*
880
Jan
29%
*
64,900
perte^t ord Inary
Jan
23C
1%C
64,230
8c 12%c
1.05
1.40
Feb
14
Sept
13c
l%c
11c
10c
50%
8ept
12c
27%
107%
6%c
43c
Sept
8
6
...1
8c
l
29
1,000
July
l%c
4%C
1
65
100
12c
.
1.60
9c
1
July
8
2%
1
4%c
Perron Gold
Mar
40
-
.
-
...1
Oreille
1
Payore Gold
5
48
Robt Simpson pref... .100
l
Apr
55
7
40c
28%
1
......
Gold
„
*
Oil Selections
Robb-Montbray
90c
20%
9%
12c
National Steel Car
1.00
Sept
Sept
8
„
21%
12
2
12
29
1
♦
11'
4.40
12
-
5%
*
21,025
95
40c
*
Montreal L H A P
50c
5c
Jari
Mar
%c
50c
3.75
69c
40c June
June
*
1.50
93
Aug
5
———
35c
5c
Jan
80
Feb
65
Mercury Mills pref... .100
38c
4.00
Jan
July
9%
Mar
10
...
1.50
93%
15
Sept
3%
115
Kirkland Townsite
40c
*
10
70
3 275
40C
July
10
.100
Honey Dew pref
42c
.*
*
Page-Hersey...
Porcupine..
Pamour
4
78
Feb
1.65
4.00
69
Rltcnie Gold
Pacalta Oils
5
15,227
7%
17%
June
2.00 June
10
*
1.50
31c
4%
78
*
Mandy
2.45
_*
Olga Gas.——————*
Omega Gold....
1
Orange Crush
Paymaster
650
Malrobic
3%
2.50
North Star Oil
North Star Oil pref
o
O'Brien Gold..
—.1
Okalta Oils.....
.*
Partanen-M al ar tic.
1,875
69
Hamilton Bridge
10,095
Northern Empires Mines. 1
Paul ore
100
1.05
2.00
5%
*
Fraser voting trust...
61c
90c
14%
Jan
*
Foothills
36c
Aug
9
100
Dominion Bridge
4%c
4%
Sept
Sept
90C
40c
45c
May
2.00
*
Preferred
35c
2%
3%
14%
385
10
*
Press—
DeHavllland
.*
Jan
80
3%
14%
Consol Sand & G pref. .100
July
12c
4
Jan
Apr
May
12c May
2c
Sept
90 c
1
Consol Ida ted Paper—
13 %c
l%c
2.00
Marconi...
3%c
7%
Feb
3%
3%
-
*
Vinegars
Aug
June
-
3%
Coaut Copper
l%c July
4%
-
-
Canadian
160
—.*
Normetal
Northern Canada
Oro
1.37
*
...100
Moore
'*
*
23,300
2
1%
Beath A
Gold.......
Porto Rico pref
Powell
16%
100
"l~85
Rouyn..
....1
Power Corp
Prairie Royalties
*
10
25c
Premier.....
i
1
Dome
"l.U
Prospectors Airways.....*
Quebec Mining.
Quemont Mines
Reno
*
l
....
Lao
1
100
2.60
6j
Aug
4.65
Sept
45c
Jan
25c June
55c
Jan
100
Aur
33c Sept
1%
"36c
33c
24
"7c
180
7c
180
1%
38c
24%
9 He
190
112
1
0
2,818
4%
16
1.00
1.22
13,507
19%
19
205
10
~4%c
3%o
4%C
80c
75c
86c
4,250
1.08
90c
1.15
62,340
3%
3%
270
8
9
.*
3
...100
45
75%
95
1
1.65
1.54
1.82
__i
70c
61c
85c
7c
9c
47,860
76,180
3,600
.1
*
»
...
Standard Chemical.
Steel of Canada
...»
Supers!!k A........
Sylvanite Gold—......
*
Tamblyns.
Mar
Feb
101
Maj
9c
3
Sept
Feb
27
Aug
24o
192
48%
112
20c
Mar
Sept
Jan
Sept
Mar
June
6%
July
12% Jun»
1.00 Sept
19c Sept
3%c Sept
19%
Aug
1.55
Jan
22c
Sept
75c
Sept
90c Sept
1%
May
Sept
3
May
70
Sept
1.54 Sept
61c Sew
8
70
Apr
34c
1.21
Mar
Feb
1.80
Jan
3%
Sept
18
8%
95
Mar
industrial and Public
3.40
Jan
1.38
Utility Bonds
Closing bid and asked quotations, Friday, Sept. 16
btd
A bltlbi P A
Ask
Hid
Ask
Pap ctfs 5s 1953
53
54%
MacLaren-Que Pr 5%s '61
100
AI berta Pac Grain 6s.. 1946
85
87
Manitoba Power 5%s.l951
72
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 6s. 1955
93%
Maple l^af Milling—
92%
2%s to '38-5%8 to '49...
101
44
42
110
111
1958
57
60
M assey
Calgary Power Co 5s..I960
98
99
Minn A Ont Paper 6s. 1945
/29
30
Montreal Island Pr 5 %s '57
103
104
Burns A Co 5s
Canada Bread 6s
.1941
106
Canada North Pow 5s. 1953
102% 103%
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%s 1961
5 %s
ex-stock
96%
97%
98%
110
Dom Gas A Elec 6%s.l945
Donnacona Paper Co—
82
-
-
-
1939
3%s
1956
3%s
1973
Montreal Tramway 5s 1941
par
71
72%
54
Eraser Co 6s
97%
1956;
1961
*
No par value.
99%
98%
49%
50%
100%
101 %
94%
95%
98%
99%
102%
86%
of Can 4 %s'59
-Dec
2nd
conv
deb
1
„
4s
1957
1957
1957
103%
-
93
101
103
93
95
90
92
Provincial Pap Ltd 5 %s '47
98%
103
87%
101
Saguenay Power 4%s A '66
103% 104%
4 %s
series B
1966
Shawlnlgan W&P4%s'67
Smith
100
H
Pa Mills 4%s '51
._
103
-
/Flat price,
n
92
-
94
United Securs Ltd 5%s '52
60
61
Winnipeg Elec 0s Oct 2 *54
90
60
-
103% 104
97%
91%
United Grain Grow 5s. 1948
88
58
5%s
3s
Price Brothers 1st 5s
97
52
Gt Lakes Pap Co 1st 5s *55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
value)
5s
95
Gatlneau Power 5s
1947
Montreal L H A P ($50
Power Corp
84
.1956
Jan 1 1950
—
Ottawa Valley Pow 5 %s *70
*
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
-
Harris Co 5s
44
43
52
4s
97%
100% 102
1961
Jan
Jan
73%
m
Nominal.
Mar
24c
Jan
26e
2.500
25c
Sept
70C
1,000
4c
July
25C
30o
43c
40,826
30c
Sept
NOTICES
Jan
32c
CURRENT
Jan
4c
6
6%
770
60
4
Ma*
8
64
68
650
56
Mar
71
65
66
65
20
54
Apr
7c
5c
8%c
45.900
2.10
2.00
2.38
4,875
11,200
1
l
Sept
64c
4c
_
Sullivan...
7c
34%
170
Feb
25c
*
*
Ap
2%
4c
Preferred...
26
Straw Lake Beach......
Sudbury Basin
Sudbury Contact
35
4
70
21
5,400
16
Tis
1%
45,500
6
9c 10 %C
3%
14,900
22
43%
111
Spy Hill Royalties...„25c
Stadacona
July
43,530
3.81
1
Southwest Petroleum
Jul J
15c
5%c
2,100
8,100
Slave Lake—
Mar
70C
Ma
40c
2,050
1,000
—
Sladen Malartlc.
98c
Sept
5,600
1,500
50r
pref
Slscoe Gold
Aug
2,200
3%
....1
Simpsons
Aug
1.90
6r
1
pref
23
26r
Simpsons A......
B._
Ma;
May
50c Sept
50
9c
...1
........
Aug
Mar
67c
6c
1
Sheep Creek
Sherritt-Gordon.
2.52
....
Apr
25c
*
Sbawkey Gold
52c
25c
...60
San Antonio—
Sand River Gold
Sept
Jan
100
.....
July
1.81
10
42c
35
Russell Motors pref
St Anthony
St Lawrence Corp.
11°
Sept
July
16%
2.65
*
Royal Bank
Royallte OH
Silver woods
1.46 402,762
50c
..____*
Gold
Rocne Long
2.29
18
1.02
*
Riverside Silk
9,900
1.95
2.65
Apt
3.30
.....l
Relnhardt Brew
3,400
19
Mai
9%
20%o
40c
*
Reeves-Macdonald
24c
1.37
13 He 13 He
.1
Read Authier...
Red Crest...
3
350
16%
*
Preston E
12
21c
2.15
Pressed Metals
1.75
10
15% June
10c 11 %c
'81%c
2%
5c
Sept
2.00
Mar
3.80
10c
Mar
19o
18,925
2%
2%
2.85
2.50
3.1
12
11
12
73o
2-r
1 %
2.50
15,595
330
68%
15%c
11
Sept
May
Aug
Aug
Aug
Jan
Jan
Mar
1.25
Aug
Mar
2%
Sept
Sept
3.60
Sept
Feb
16
Jan
—Allen
&
semi-annual
Co., 30
report
Broad
on
Street, New York City,
the leading
fire and
are
distributing their
casualty companies, in
which
they forecast results for the remainder of 1938.
—L.
nounce
Ralph
F.
Rothschild
&
the
opening of
Bettelheim.
a
W.
—Hugo Platte, who
become
a
Co.,
members
New
York
Stock
Exchange,
an¬
commodity department under the management of
was
formerly associated with Berdell Brothers, has
partner in Neelands & Platte.
Volume
147
Financial
Quotations
but
a 3s
Jan
1 1977
Over-the-Counter Securities-Friday Sept. 16
on
New York
New York Bank Stocks
City Bonds
Ask
9834
£934
a434sApr
113
11434
11434 11634
1 1968
1 1975
100
10>
04148 Apr 15 1972
a3 34s May
1 1954.
>02
104
04148 June
«3 34s Nov
1 1954
102
104
04148 Feb 15 1976
«3 34s Mar
1
102
104
a434s Jan
1
10234 104 34
0414 s Nov
15
a3 34s Jan
15 1976
«3348 July
—-
1 1975
As*
Bid
a3 34s July
1960
1763
Chronicle
1.7
115
1974
1
11534 11734
11534 11734
1977
78
18
116
i0534 10734
0414s Mar
1
1981
118
«4a
May
1 1957
107
109
04Hs May
1
1957
114
a4e
Nov
1
>07 34
109 34
a4 34s Nov
1
1957
May
1 1959
10734 10934
11034 H234
o4 34 s Mar
1
1963
o4HsJune 1
1965
11134 113 34
11. 34 11334
o4 34s July
1967
114
<z434s Dec
Ask
Bid
Far
1434
16
Merchants
.100
97
103
40
'
48
National Bronx Bank...50
35
40
National City
22
23 34
Yorktown.. 66 2 3
Beusonburst National.__50
75
Chase
2834
13.55
100
Bank
\2M
Commercial National.. 100
125
131
National Safety Bank. 12 34
Penn Exchange
10
Firth
710
740
Peoples National.
Avenue
11834 12114
123 34
121
112 34
A sk
Bid
Bank of
100
H434
2934
1134
1334
11
13
48
50
52
11734 11934
34s Dec 15 1971
112
Far
Bank of Manhattan Co. 10
a 4s
1958
a 4s
May 1 1977
a 4s
Oct
04
1
34s Sept
1980
o4 34 8 Mar
1 1960
1 1962
04
1 1964
34s Mar
a4
1
11934
11534
11434 1 '534
1.6
1 1979
1615
National... 100
65
Public National
.25
«*
2534
2734
sterling Nat Bank A Tr 25
21
23
Trade
Klngsboro
1534
1834
Bank
12 34
118
117
....
First National of N Y..100 1575
119
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
A Trust
Par
Ask
Bid
Harris Trust A Savings. 100
100
280
295
Northern Trust Cq
215
195
490
5l0
100
Continental Illinois Natl
Bank
New York State Bonds
3.8 1981
Canal
Bid
*•
62.50 less
li
3s 1974
World War Bonus—
1
6J.55 less
&
1
4s Mar A Sept 1958 to
'
.
-
-
»
-
Trust
33 1-3
100
61.75
'67
Highway Imp 4 34s Sept '63
134
Canal Imp 4s JAJ "60 to *67
Barge C T 4s J an '42 A '46.
112
13134
Barge CT 434s Jan 1 1945.
115
107
Banks—Insurance—Industrials—Utilities
All Over-the-Counter Securities
Eugene J. Hynes & Co.
Incorporated
61
Bid
10834
Cen & ref 2d ser 334 s '65
Ask
Broadway
New York City
Whitehall 4—3234-8
Bell Teletype N. Y. i—2345
-MAS 50.50 to 1 20%
MAS
11034 112
1939-1941...
10434 10534
Gen A ref 3d
10034 10134
3 34s
76
Gen A ref 4th ser 3s 1976
97
9834
Gen A ref 3148
9834
1942-1960.
Insurance
9934
1977
Inland Terminal 434s ser D
1939-1941...
Ms ser B 1940-53. MAN
10834
MAS 50 75 to
1942-1960
George Washington Bridge
4
4734
4534
Holland Tunnel 4>48 ser E
cen A ref 4s Mar 11975.
ser
FRANCISCO—
....
Authority Bonds
Ask
Port ot New York—
SAN
Bk of Amer NTASA 12 34
TRADING MARKETS
....
126
134
Bid
6434
215
....
126
Canal Imp 434s Jan 1964..
Can & High Imp 434s 1965
Port of New York
6234
210
Ask
Improvement—
Hlgnway
62.75
A
National
*
43isAprlJ 194Utol949._
Highway—
5s Jau & Mar 1964 to 71
First
Aik
MAS
Far
1.75%
10334 >08
Aetna Cas A Surety
Aetna
Par
Bid
Ask
88
92
Home Fire Security
10
10
4334
Homestead Fire
10
16
1634
10
2i34
4534
2234
Importers A Exporters...5
8
834
78
Ins Co of North Amer...10
.10
Aetna
10934
Companies
Ask
Bid
Life
134
234
Agricultural
Philippine Government-
Bid
4s 1946
100
5s
63.50
3.00
434s Oct
1959
104
105
U S Panama 3s June 1 1961
4 348 July
1952
104 34
105 34
Govt of Puerto Rico—
5s
Apr
1955
100 34
102
434s July 1952
113
lie
5a
Feb
1952
106
108
5s
111
11234
109
111
534s Aug
1941
109
Hawaii 434s Oct 1956-
11034
July
1948 opt 1243.
U 8 conversion 3s 1946
Conversion 3s 1947
11534 11734
20
2134
2534
634
2634
American of Newark...2 34
12
1334
Maryland Casualty
American
Re-Insurance. 10
32
34
47
50
American
Reserve
10
2634
28
Mass Bonding A Ins..1234
Merch Fire Assur com
6
46
49
American
Ask
Bid
10134
*75
10
Surety
...25
4534
4734
Mercli A Mfrs Fire New'k 5
8
29
3034
Merchants
5
American
Ask
Honolulu
26
American Alliance
United States Insular Bonds
12034 12134
10934 11134
American Home
National
Baltimore American
234
Bankers A Shippers
Boston
100 *560
Ask
Bid
4 s*
JAJ
103
10334
3348 1955 opt 1945...MAN
1045-4 10434
103
103 34
4s 1946 opt 1944
110
3s 1956opt 1946
103
10334
4 348
JAJ
1958 opt 1938.
84
25
8734
575
19
6
Fire
634
534
21
MAN
11034
10
National Liberty
National Union Fire
New Amsterdam Cas
20
10034 10034
2334
New Brunswick
1634
1834
2234
New
31
Northern
*21
29
5
234
134
234
......5
534
634
10
3834
4034
2
2
7
1134
2934
4334
North
2234
6134
734
834
122
118
...10
New York Fire
234
434
9
2034
5934
Hampshire Fire... 10
1234
3134
4534
1534
1634
12.50
92
9534
2.50
26
2734
5
River
Northwestern
47
Employers Re-Insurance 10
Excess..
334
National Fire.
2134
Eagle Fire..
12
1
(Providence)..5
Casualty
10
10
Continental Casualty
40
....5
10
Connecticut Gen Life... 10
6234
1034
234
5
Fire
City of New York
3s 1956 opt 1946.. ....JAJ
...
10
Lincoln
8
60
30 34
Insurance of N Y—
te.sey
Knickerbocker.
Carolina..
Federal Land Bank Bonds
Bid
10
Automobile
Camden
3s 1955 Opt 1945..
5
Equitable
National.25
Pacific Fire.--
25
Phoenix
10
11934 12534
11034 114
.
Federal
Fidelity A Dep of Md...20
Joint Stock Land
BUI
Atlanta 3s
Atlantic
99 34
3a
...........
Burlington 5s
Bank Bonds
32
32
Bid
Lafayette 5s
/30
S3 34
Chicago 4348 and 5s
Dallas 3s
33
5
100*4
88
5s
New York 5s
99 34
100 34
First
97 34
90
89
Lincoln 434s..
91
9934 100 34
9934 100 34
Ohio-Pennsylvania 5s
9934
10034
Oregon-Washington 5s
188
42
...
...
Carollnas 5s
First of Fort Wayne 434s..
100
99
Pacific Coast of Portland 5s
100
101
Pennsylvania 5s
100
101
102
First of Montgomery 5s...
First of New Orleans 5s
99 34
100 34
First Texas of Houston 58.
99*4
Fletcher
100 34
Phoenix
10534
107 34
10734
108 34
9934
10034
434s.
5s
...
5s
100
101
St Louis 5s
10234
San Antonio 3s
80
81
82
83
Southwest
/30
Illinois
3s
99 34
Midwest 5s
89
Iowa of Sioux City 434s...
93
10034
92
69
Southern Minnesota 5s
/1034
96
32
12
99
8334
General Reinsurance
Georgia
Corp 5
10
Home
Virginia-Carolina 3s
5
39
45
Dallas
95
100
34
38
50
60
4
8
Virginia
Fremont
2
3
Virginia-Carolina
Lincoln..
4
Bid
100
Atlantic
10
Moines
100
New York
Rhode Island..
6
Rossla
6
2234
St Paul Fire A Marine...25
4234
Seaboard Fire A Marine..5
034
14
2034
2234
3034
3034
3234
65
68
2434
Stuyvesant
834
Sun
22
934
2334
..10
*32
Carolina
100
FIC 134s—Feb
20
Potomac
100
100
58
U 8 Fidelity A Guar Co..2
1334
7434
U S
5134
5334
U 8 Guarantee
51
6334
5
2734
2834
Westchester
3134
3334
Home
Antonio
5
134
100
75
Bid
FI C
1%
FI C 1%
FIC 1%
Aug
Bid
Nat Union Mtge
Series A 3-6s
85
78
5534
'53
3-6s '53
3-6s
1953
'63
Empire Properties Corp
I I 1 1 «1
1 II
53
50
134
85
Broax
issues) 2-5s.
1
1
1
38
1
1
1
1
Mortgage Bond Co of Md
Inc 2-68
..1953
85
—
/2434
2734
48
Guaranty
100
212
217
Irving
Kings County
934
10
1034
1545
100 1510
32
28
25
.20
Hanover
Chemical Bank A Trust .10
Colonial Trust
78
*3734
55
7s—19i
9734
98
20
3434
90
49
1953
3-0s
Corp 5s 1955
57
4234
4434
Bid
Ask
New York City Park¬
Authority 3 348 '68
105
106
334s revenue
104
100.9
1944 b
2.40
less
1
334a revenue
3
1949 b
2.85
less
l
100.12
100.31 101.2
100.14 100.18
50
52
8134
1234
13 34
Title Guarantee A Tr
20
434
Is
July
9
2s
...Dec
Apr
1
0
102.7
3
4634
Underwriters
100
1434
1534
United States
100 1495
90
Dec 15 1938
34 % notes July 201941
100.4
Reynolds Invest'g 5s 1948
100.4
58
100.8
60
101.12 101.18
2s
102.11
Trlborough Bridge—
1
101.10 101.16
1
100.25 100.28
134s
June 1
100
1545
For footnote: see
4s 8 f revenue '77 AAO
10834
110
48 serial revenue..l942 b
Home Owners' L'n Corp
534
4534
Corp—
134%
Fed'l Home Loan Banks
3634
20
7834
Corn Excb Bk A Tr
Preferred
25
Continental Bank A Tr .10
1953
way
1
Manufacturers
New York
834
.20
65
Corp 3-0s
Potoihac Realty Atlantic
Deb Corp 3-6S.....1953
Ask
)
Ask
10
.25
Empire
Lawyers
Bid
81
3934
50
Reconstruction Finance
Par
328
Central
1953
Unified Deben
Companies
319
Clinton Trust
3 6s
deb
7734
Bid
100
7
6234
Realty Bond A Mortgage
/20
Nat Cons Bd Corp 2-5s *53
210
79
60
48
Potomac Franklin Deb Co
ture
Nat Bondholders part ctfs
6
100 *185
534
7734
1953
Potomac Maryland Deben¬
Bear-Mountal n-H udso n
Fulton
74
1953
Corp—
Miscellaneous Bonds
.50%
15 1939 b .50%
15 1939 6 .55%
102
100
78
Potomac Deb Corp 3-6s '53
1
b
90
County
1954
Ask
100
Brooklyn
58
(all
3-6s
61
51
15 1939 b .35%
Ask i
4134
1954
Series B2-5s
Potomac Cons Deb
7834
1945
2-3s
Ask
Corp—
Potomac Bond Corp
Interstate Deb Corp 2-6s'55
62"
Bid
3954
1434
»
I
—
25"
Par
Bankers
2.50
Fire
Ask
Bid
1953
All series 2 5s
.
Rank of New York
4
10
15 1939 b .40%
June 15 1939
July
Fire
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos Inc—
River Bridge
.
438
5134
Commodity Credit Corp
Banca Coram Itallana.
428
34
Central Funding
New York Trust
480
.100
Travelers
430
7234
Cont'l Inv DebCorp3-6s
80
San
FIC 134s..-Mar
FIC 134s—.Apr
15 1939 6 .35%
534
434
100
4934
Cont'l Inv Bd Corp 2-52 '63
60
100
Pennsylvania
Ask
15 1938 b 30%
15 1938 6 .30%
15 1938 6 .30%
16 1939 6 .35%
Oct
121
118
5
Life Assurance
834
10
Hanover
Hartford Fire
Nat Deben Corp 3-68.1953
F I C 1 34s
8
434
1234
2334
series A A D
F I C 1 34s...Nov
0
334
20634 21234
28
6
15
preferred
14
Federal Intermediate Credit Bank Debentures
FIC 134s—Dec
FIC 134s—Jan
2434
23
Great Amer Indemnity... 1
Halifax
10
Great American...
series B A C
Bid
2334
2134
Seaboard Surety
-.10
Security New Haven
10
Springfield Fire A Mar..25
-.5
Republic
Globe A Rutgers Fire...15
Ask
6
Des
10
10
(Paul) Fire.
22
4034
Globe A
Debenture
Denver
734
6
Corp (N Y)_2
Republic (Texas)
3534
Associated Mtge Cos Ino—
Far
40
First Carolinas
Reinsurance
9
2734
21
Glens Falls Fire
10034
9934 101
Ask
Atlanta
North
34
20
Arundel Bond Corp 2-5s
50
18
32
.
3334
Gibraltar Fire A Marlne.10
Arundel Deb Corp
Bid
7934
10
Providence-Washington 10
Revere
10034
99 34
5s
100
Joint Stock Land Bank Stocks
Fur
7534
5
Accident
73
9934
5s
Virginian
8134
734
Fire
10034 10134
58
Union of Detroit 4348
Greensboro
56
2534
Preferred
Hartford Steamboller__.10
Potomac 3s
101
Chicago 434s
334s
Fremont 434s
55
5
2d
100 34
First Trust of
99 34
106
Firemen's of Newark....5
Franklin
101
10134
Denver 5s
Ask
100
North Carolina 5s
Central Illinois 5s
10
Fireman's Fd of San Fr.25
Ask
100 34
0934 10034
/ 27
/27
434s
Fire Assn of Phlla
101
page
1765.
2.10
less
1
4s serial revenue_.1968 b
3.50
less
li{
Financial
1764
Chronicle
Sept. 17,
1938
Quotations on Over-the-Counter Securities—Friday Sept. 16-Continued
Railroad Bonds
Ashed
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngstown 5)4s
.1945
6s
.1945
93)4
95
.1939
35
36
.1943
70
.1940
30
34
.1944
27
30
.1955
93
95
.1956
64
68
...
.1951
70
80
...
.1961
Baltimore A Ohio 4)4s—
Boston A Albany 4Xs
Boston A Maine 5s
M.emhert New fork Stock Exchange
Dealers Is
120 Broadway
J
GUARANTEED
NEW YORK
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s..
2-6600
STOCKS
—
4)4
——Cambria A Clearfield 4s
Tel. REctor
Chicago Stock Yards 5s
...
...
Cleveland Terminal A Valley 4s
X
IV"
37
Florida Southern 4s
101
67
70
.1953
3)4 s
106 X
.1962
....
.1951
.1945
Duluth Mlssabe A Iron Range 1st
Railroad Stocks
ua ran teed
73
95X
.1995
Connecting Railway of Philadelphia 4s
G
31
.1939
Atlantic Coast Line 4s.
3oscpb Walkers Sons
31
/27
/2 7
50
56
162"
Illinois Central—
(Guarantor in Parentheses)
Louisville Div. A Terminal 334s
70
.1950
65
Kansas Oklahoma A Gulf 5s
.1978
91
Memphis Union Station 5s
.1959
109
111X
New London Northern 4s
.1940
99
99)4
New York A Harlem 3)48—.—
.2000
97
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4348
.1948
86
.1947
80
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s
.1939
50
54~"
.1941
103
103 X
114)4
Indiana Illinois A Iowa 4s
Dividend
Par in Dollars
Bid
Ashed
100
6.00
61X
66
Albany & Susquehanna (Delaware & Hudson).—...100
Allegheny & Western (Bull Roch & Pitts)
—
100
Beech Creek (New York Central)
60
10.50
106 X
40
113
6.00
2.00
26X
Boston & Albany
(New York Central)
100
Haven).....
100
Canada Southern (New York Central)
100
Carolina Clinchfleld A Ohio com (L A N-A C L) ....100
Cleve Clnn Chicago A St Louis pref (N Y Central)-.100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterment stock
50
Delaware (Pennsylvania)
25
Fort Wayne A Jackson pre! (N Y Central)
—.100
Georgia RR A Banking (L & N-A C L)..
—.100
Lackawanna RR of N J (Del Lack A Western).——100
Michigan Central (New York Central)—
100
Morris A Essex (Del Lack & Western)
...50
New York Lackawanna A Western (D L AW)
100
Northern Central (Pennsylvania)—.
60
Oswego A Syracuse (Del Lack & Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
..50
8.75
70X
29)4
74)4
Boston A Providence (New
8.50
20
25
Alabama A Vlcksburg (Illinois
Central)
44
......
Pittsburgh Bessemer A Lake Erie 5s
.1947
41X
45)4
Portland Terminal 4s
.1961
5.00
76
88
Providence A Worcester 4s.
.1947
65 a
Terre Haute A Pecoria 5s
.1942
100
2.85
3.50
74"
70X
2.00
42
2.00
3 QX
39 X
5.50
....
90"
68
5.00
92
51
55
151)4
42 X
4.00
46
800
600
50.00
Toledo Peoria A Western 4s
3.875
31X
56 X
Toronto Hamilton A Buffalo 4s
....
Canal 3Xs
United New Jersey Railroad A
106"
98
94
.1946
104 X
.1940
Washlngto
County Ry 3)4a
West Virginia A Pittsburgh 4s.
35
39
.1990
——
65
.1954
Vermont Valley 434b
38
43
60)4
82)4
104
.1951
....
102
88
.1957
...
34)4
5.00
84
.1967
Toledo Terminal 4)4s
146
9.00
—
4.00
78X
4.50
37 X
39
Railroad
41
1.50
42
83
Equipment Bonds
50
3.00
79
Pittsburgh Fort Wayne A Chicago (Pennsylvania)-.100
Preferred
———.100
7.00
140
7.00
156
160)4
Atlantic Coast Line 4Xs—
52.25
1.75
135X
141
Baltimore A Ohio 4)48
67.50
6.60
67.50
6.50
65.25
4.00
5s
65.25
4.00
3X8 Dec 1 1936-1944...
65.00
Canadian National 4Xs..
63.10
63.10
2.50
Canadian Pacific 4Xs
63.00
2.25
Cent RR New Jersey 4Xs.
65.50
4.50
Preferred
—
—
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson).
100
100
V. 82
—100
Second preferred
..........100
Tunnel RR St Louis (Terminal RR)
—100
United New Jersey RR A Canal (Pennsylvania)—.100
Utica Chenango & Susquehanna (DL& W)___
100
Valley (Delaware Lackawanna A Western)........ 100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
6.00
120
124
3.00
60
63
(Terminal RR).
St Louis Bridge 1st pref
59)4
121
125
10.00
211)4
50 X
54X
5.00
64
68
5.00
54)4
56)4
32)4
49)4
5s
——
Boston A Maine 4Xs.—.
100
5.00
Warren RR of N J (Del Lack A Western)—...
50
3.60
29
West Jersey A Seashore (Penn-Readlng)
50
3.00
47
5s
Par
Bid
Bid
Ash
64X
65
72X
74
Original preferred.——*
2
3
$6.50 preferred...—...*
3X
3X
4X
Mississippi Power 36 pref *
87 preferred
*
Mississippi P A L 36 pref.*
Miss Riv Pow 6% pref. 100
Missouri Kan Pipe Line—6
5
Monongahela
Associated
Gas A
Electric
$7 preferred
*
Atlantic City El 6% pref.*
Birmingham Elec $7 pref.*
110
112
.
6% preferred
*
4H
Penn
pref....25
24)4
26
22
107)4 110
72
Newark Consol Gas—.100
78 X
New EngG A E5)4% pf-*
New Eng Pub Serv Co—
11
76X
67X
79
3X
81
4X
47
92
94
9)4
12
12)4
29
31
*
New Orl Pub Serv 87 pf—*
82
83)4
New York Power A Light—
*91 J*
86 cum preferred—
*
93)4
7% cum preferred—100 *100)4 102)4
37 prior lien pref
Northern States Power—
70X
72 X
Derby Gas A El 57 pref..*
100
18
23" "
195
Corp—
56 cum preferred.......
17
19
56.50 cum preferred
*
57 cum preferred
*
Gas A Elec of Bergen.. 100
18
20
20
22X
Hudson County Gas... 100
129
195
mmm
Idaho Power—
*
103 X
m
(Del) 7%
pref
.100
(Minn) 5% pref
—*
Ohio Edison 36 pref.—.*
87 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G A E 7% pref.. KM
Pacific Pr A Lt 7% pf_.100
Penn Pow A Lt 87 pref—*
Queens Borough G A E—
6% preferred...
100
Republic Natural Gas....1
.
100
112
Gas..*
20
23
Interstate Power 57 pref.*
Iowa Southern Utilities—
3
5
7% preferred
.100
Jamaica Water Supply—
30
32
7X% preferred
..60
Jer Cent P A L 7% pf.. 100
Kan Gas A El 7% pref.100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pr.100
7% preferred
100
54
66 X
6% pref series B
25
South Jersey Gas A El. 100
79
81
111
113
47
49)4
93)4
94
92)4
98)4 100)4
112
113)4
95
96)4
100
101)4
99X 101)4
62
113X
6% conv partlc pref..60
Memphis Pr A Lt 57 pref.*
66.00
5.00
66.00
5.00
Northern Pacific 4Xs
62.50
1.75
19X
4X
6% preferred D
100
Sioux City G & E 87 pf.100
93
94
Tenn Eleo Pow 6%
7% preferred..
80
84 X
26X
27X
pf-100
100
44
25X
26X
Texas Pow A Lt 7% pf-100
Toledo Edison 7 % pf A. 100
29
31
51
53
58
60
88
90
United Gas A El (Conn)
7% preferred
100
25
27
Utah Pow A Lt 37 pref—*
65X
67 X
Virginian Ry
101X 103
38
70
62.75
2.10
62.60
2.00
5.00
67.00
6.00
6.00
39 X
Par
Borland Shoe Stores
7% preferred
B
/G Foods Inc
100
common *
conv
Bid
7
76
IX
Ask
9
---
*
Blokfords Inc
52.50
..*
pref
Bohack (H C) common
7% preferred
Dlamohd Shoe pref
11
2X
12X
*
34
36
*
1
2X
Par
Bid
5.25
5.25
66.25
5X8
66.25
66.25
Denver A R G West 4XS-.
5.25
94
98
90
Erie RR 6s.
95
75
11X
12 X
3
17
13
16
Reeves (Daniel) pref...100
98
101
106
United Cigar-Whelan Stores
85 preferred
*
24
7X
9X
3.50
3.60
63.25
2.75
4X8-
63.25
2.75
5s
62.25
1.50
61.25
0.50
1.25
61.75
Hocking Valley 5s.
1.00
Illinois Central 4X8
64.60
3.75
Internat Great Nor 4Xs.
65.00
4.00
Long Island 4Xs.
64.00
3.00
Virginia Ry 4Xs
64.00
3.00
Wabash Ry 4Xs.
5s—
64.40
Maine Central 5s
3.50
64.40
3.50
64.75
3.50
5s
64.75
3.50
5Xs
64.75
3.50
5Xs
-
Missouri Pacific 4Xs.
Public
Bid
Union Pacific 4X8.
61.70
5X8
6s——
5X8
68X
Corp—
3X3—1978
Income deb 3Xs—1978
Income deb
Income deb 4s
1978
45
47
21X
21X
23 X
22 X
22 X
Mortgage 3Xs._... 1968
iland Gas
Corp 6X8.1938
Kan City Pub Serv 4s,1957
Kan Pow A Lt 1st 4Xs '65
28
43
45
43
45X
Missouri Pr A Lt 3X8.1966
1973
47
49
Mtn States Pow 1st 6s. 1938
Conv deb 5Xs
1973
8-year 8s with warr.1940
53
56
82
84
8s without warrants. 1940
40 X
20
21X
108 X 109 X
69
ioi x 102 X
82
84
55X
84
25
N Y State Elec A Gas Corp
48—
1965
57 X
92X
93 X
99
25X
—
99X
Secured notes 3Xs—1947
105 X 106
bio Pub Service 4s..1962
.-
27
29
103 X 104
/37
104 X 105 X
23 X
23
Sink fund lnc 5Xs..
64
67
82
Sink fund lnc 5s
Ash
62 X
62
35X
102 X 103 X
27
4X3—1983
5.00
34X
24X
1973
4Xs
1.50
5.00
40
/37
104 X 105X
105X 105 X
103 X 103 X
Income deb 4Xs—1978
1973
deb
85
66.00
60X
.1957
Conv
Conv deb 4s
85
62.50
Bid
Ash
66X
Associated Electric 5s. 1961
85
66.00
Western Maryland 4Xs.
Western Pacific 5s
40
Amer Utility Serv 68.1964
Appalachian Elec Power—
1st mtge 4s
....1963
s f debenture 4X3—1948
1.00
85
75
75
-
75
75
—
Utility Bonds
38
103
104
'
memm
Old Dominion par 6s—1951
1961
Portland Elec Power 6s *50
52X
54X
71X
73 X
Peoples Light A Power
1st lien 3-6s.
27
Sink fund lnc 5-6s.
29
...
Pub Serv El A Gas 3 Xs *68
/11X
12X
J04X 105
Pub Util Cons 5X8—1948
109
86
87X
68
...
26
4.50
2.50
64.50
-
1.50
Texas Pacific 4s..
109
100
4.50
2.25
64.50
Southern Ry 4X8
23
104
95
65.25
63.00
5s
61.80
5s
6
6)4% preferred
100
Murphy (G C) 85 pref .100
94
63.50
25
67
2.00
90
65.25
5X8
23
7% preferred.
100
Kress (S H) 6% pref
Miller (I) Sons common..*
2.65
2.25
92
4XsSt Louis Southwestern 5s.
Southern Pacific 4Xa
62.00
Great Northern 4Xs.
Kobacker Stores
100
Flstaman (M H) Co Inc..*
Ash
Reading Co 4Xs
62.50
Assoc Gas A Eleo Co—
Chain Store Stocks
—
63.25
63.00
4X8
St Louis-San Fran 4s....
Sink fund lno
124X 130
Pere Marquette
84
Cons ref deb 4Xs—1'
Sink fund inc 4s
1
100
1.10
Dec 1 1937-50
81
Trustees' ctfs 3Xs
Conv deb 5s
68
;
Jan A July 1937-49
2X8 series G non-call
Assoc Gas A Elec
195
1.25
61.75
-
1.00
2.00
Amer Gas A Power 3-5s '53
17X
3X
5s
62.00
■
Pennsylvania RR 4Xs
Chicago R I A Pacific—
85)4
Rochester Gas A Elec—.
41X
Mass Utilities Associates—
NYNH AHartf4X8
5s-
2.50
5.00
65
84
Southern Calif Edison—
7% preferred
Interstate Natural
4.00
67.00
129
43
5.00
66.00
Chic Mllw A St Paul 4Xs.
24
SOX
68 X
5.00
66.00
61.50
4X8
70
7% preferred...— 100
115X
56 preferred
60)4
115
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref-100
100
Federal Water Serv
3X
Mountain States Power—.
Dallas Pr A Lt 7% pref. 100
Essex Hudson Gas
59
112
20X
Continental Gas A El—
7% preferred..
54
58
66X
.
Central Maine Power—
7% preferred
100
S3 preferred
100
Cent Pr A Lt 7% pref—100
Consol Elec A Gas 16 pref *
Consol Traction (N J). 100
Consumers Power $5 pref*
BOX
55
19X
78X
64X
Buffalo Niagara A Electern
J 1.60 preferred......25
Carolina Pr A Lt 87 pref. *
West
Pub Serv 7%
1.25
66 00
66.00
62.50
4X8
5s
Alabama Power $7 pref..*
Arkansas Pr A Lt 7% pref *
2.60
N Y Chic A St L 4X8
5s
5s—
4s series E due
58
Par
Ash
3.50
63.30
62 25
Chesapeake A Ohio—
Chicago A Nor West 4X8.
Utility Stocks
Ash
64.75
New Orl Tex A Mex 4Xs—
New York Central 4Xs—
—
5s
Public
Bid
Ash
215 X
6.00
6.00
50)4
52)4
Preferred
64)4
Bid
70X
75
77X
104X 105 X
70
72
Republic Service coll 5s '51
St Joseph Ry Lt Heat A Pow
65X
66 X
4X8
1947
103
—
San Antonio Pub Serv—
1963
Sioux City G A E 4s..1966
1st mtge 4s—
Central Public Utility-
100X 100X
100X 101 x
36 X
37X
/IX
Par
Bid
Ash
Preferred
_.l
1
10
6)4
16
For footnotes see page 1765.
11
ii*
68 X
196!
75X
77
Texas Public Serv 58—1961
196!
38 X
39 X
Toledo Edison 3Xs... 1968
B........196:
38 X
39X
37X
39X
Wisconsin G A E 3 Xs. 1966
105X 106X
101X 102 X
Wis Mich Pow 3X8—1961
105
Sou Cities Util 5s A-1958
Tel Bond A Share 5s.. 1958
5s
Par
Bid
Ash
Consol E A G 6s A
32
Crescent Public Service—
6s series
Cuoan Atlantic Sugar... 10
Eastern Sugar Assoc
2X
57 X
Sugar Stocks
Savannah Sug Ref com...1
West Indies Sugar Corp.. 1
30)4
2Jg
3)4
Utica Gas A El Co 5s. 1957
Western Pub Serv 5X8 '60
107X 108X
63
65
85X
87 X
A
101X 101X
122 X
81
83
106
Volume 147
Financial
Quotations
Chronicle
Over-the-Counter Securities—Friday Sept. 16—Continued
on
Water Bonds
Bid
Alabama Wat Serv 5s .1957
99
Ashtabula Wat Wks 5s '68
J01
Atlantic County Wat 5s '68
Birmingham Water Wks—
99
Bid
m
;
mm
101
1957
104}$
5s series B
1954
5}$8 series A
1954
103
...
104}$
104}$
Coil! Water Service 4a 1961
103
Chester Wat Serv 4}$8 '58
104}$
-
5}$s series A
1951
1941
New Jersey Water 5s 1950
New Rochelle Water—
101
102
103
...
..1951
78
—
5)$s
1951
New York Wat Serv 5s '51
83
86
88
92
Newport Water Co 5s 1953
98
74
101
1st 5s series C
1957
105
101
99
1948
100
1948
103
...
58
6s series A
1946
61
ConneLsvllle Water 5s 1939
99
17
American Mfg. 5% pref 100
Andlan National Corp...*
58
67
Scovlll Manufacturing..25
Singer Manufacturing..100
Singer Mfg Ltd
230
Skenandoa Rayon Corp..*
8
33
21
Belmont
*
"3M
2M
4M
53 M
54 M
Chlo Burl A Qulncy...100
38
42
3
Plalnfleld Union Wat 5s '61
...
4MB
1958
93
97
1st mtge 5s
1958
93
97
Co
Corp
.10
common
Columbia Baking com
$1 cum preferred
98
1952
99
1952
97
101
...
Scran ton-Spring Brook
Water Service 5s. 1981
Hackensack Wat Co 6s. '77
102
1977
108
1954
...
—
Huntington Water—
6s
1954
101}$
103}$
5s
1962
105
mm
mm
5M
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
100
30
18M
.*
16
17
105
102
104
104
5s series A
1960
102
5s series B
1960
105
106}$
Indianapolis W W Secure—
1958
85
Foundation Co For shs... *
...1955
Terre Haute Water 5s B '56
90
98}$ 100
101
MMM
1949
103}$
MM.
Texarkana Wat 1st 58.1958
102}$
mmm
Union Water Serv 5}$s '51
W Va Water Serv 4s.. 1961
101}$
mmm
99}$ 101}$
Western N Y Water Co—
1957
104 H
mmm
5s series B
..1950
104}$
103
Monmouth Conaol W 5s '66
92
Monongabela Valley Water
5 Ms
1950
Morgantown Water 6s 1965
107}$
mmm
105
mmm
95
mmm
104}$
Garloek Packing com
Gen Fire Extinguisher
Affiliated Fund Iuc
1H
♦Amerex Holding Corp..*
Amer
5M
5M
6M
61M
24 M
26}$
Great Northern Paper..25
Harrlsburg Steel Corp
5
Klldun Mining Corp
.1
King Seeley Corp com
1
28 M
30M
5M
M
6M
M
7M
3.47
3.85
8%
24
15
13 M
45
*
5e series B
1956
101}$
MMM
1960
104}$
mmm
6s series A
1949
104}$
mmm
102}$
...
Par Bid
Investors Fund C
1
10.04
Ask
10.72
Keystone Custodian Funds
24.87
27.24
Series B-2
20.80
22.78
Series B-3
12.64
13.92
12.87
Assoc. Stand OH Shares..2
5
5M
Series K-2
8.63
9.48
13.11
14.49
4.01
4.49
Series S- 2__
British Type Invest A
1
Broad St Invest Co Inc..5
Series S-4.
22.95
24.55
1
13M
14 M
3.70
4.05
Century Shares Trust—.*
21.37
22.78
Chemical Fund
1
9.54
10.32
Commonwealth Invest--.1
3.22
3.50
♦Continental Shares
pflOO
Corporate Trust Shares..1
Series A A
14.15
5.16
5.66
1
19.74
20.94
10
10.62
25c
3.01
Voting shares
National Investors Corp.l
1.22
5.43
5.78
6M
7
Common
New England Fund
1
12.28
13.20
N Y Stocks Ino—
Agriculture
7.34
7.95
i
6.27
6.80
2.19
Aviation,
2.15
Bank stock
6.88
7.45
2.15
Building supplies
7.59
8.22
2.58
Electrical equipment
Insurance stock
7.05
7.63
9.03
9.76
Machinery
7.51
8.13
Series ACC mod
1
2.58
10
com
23M
100
25M
116
10
♦7% preferred
100
Cumulative Trust Shares. *
.......
Metals
32
34
110
8.25
Oils
♦Crum A Forster insurance
♦Common B share
8.16
8.83
Railroad equipment
5.88
6.38
6.97
7.55
Steel....
4.34
—
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
Deposited Bank Shs
8.92
49 M
1.28
2.81
Series 1956
1
2.56
Series 1958
1
2.18
Bi
ser
D
Series 1955
3.45
1
5.30
25c
Dividend Shares
1.20
1
Plymouth Fund Inc.—10c
5.95
1.30
16.26
17.46
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
»
27.13
28.86
Republic Invest Fund.25c
17.66
19.01
First Mutual Trust Fund-
6.80
7.46
2.20
2.45
3.18
3.53
26
stock
Insurance stk series. 10c
Fixed Trust Shares A
29c
Selected Amer Shares..2M
8.71
9.50
Selected Income 8hares
3.92
*
Standard Am Trust Shares
Standard
♦State St Invest Corp..
Foreign Bd Associates Inc.
76.36
6.91
Foundation Trust Shs A.l
3.85
4.10
Inc.2
16.15
17.48
Fundamental Tr Shares A2
4.65
5.25
Utilities
Inc.50c
*
Super Corp of Am Tr ShsA
AA
"73c
15 39
2.90
38c
70
•
29.02
31.20
Investors Trust.*
4.52
1.13
41c
3.03
Group Securities—
B
Automobile shares
92c
1.01
Aviation shares
1.02
1.12
Building shares
1.39
1.51
Chemical shares
2 05
5.41
Investing shares.
9.21
10.01
Series C.
Series D__
1
1
2.26
Trustee Stand OH Shs A.l
5.85
Series B
)
4M
36 M
31
33
21
23
122
7% preferred
100
Muskegon Piston Ring.2 M
National
Casket
*
Preferred
*
Nat Paper A Type com
6%
---
*
preferred..
100
New Britain Machine
*
10
40 M
46
87
90
94
95
93
94
/67}$
/9
70
1948
Nat Radiator 5s
1946
N Y Shipbuilding 5s..1946
111
4
2M
1948
Conv. deb 6s
/18}$
90
17
20
20M
22 H
ScovlH Mfg 5}$s
1945
Wltherbee Sherman 6s 1963
71}$
11
80T|
21}$
...
PhlUlps Petroleum 3s.'1948 I
Woodward Iron—
New Haven Clock—
100
50
60
Norwich
6
35
38
Ohio Match Co
*
Preferred 6M%
Pharmacal
1940
Deep Rock Oil 7s
1937
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
92
108
1st convsf 6s_
4Ms
85$
...
Cont'l Roll A Steel Fdy—
Crown Cork A Seal 4 Ms '48
Crucible Steel of America
113
Mock Judson A Voehrlnger
1st 5s
2d
9'A
8M
1962
conv
Income 5s..1962
107
36}$
108}$
40
102
97}$ 100}$
60c
U 8 El Lt A Pr Shares A__
12}$
68c
75c
1.10
66c
73c
1.08
1.18
98c
1.07
Corp_..l
33c
63c
Investors..♦
16.57
18.82
Institutional Securities Ltd
B
Voting shares
Wellington Fund
Investm't Banking Corp
Cor pi
2J$
♦Class B
♦First Boston Corp
94e
1.04
1.26
1.40
*
10
32
2}$
17}$
13.49
4
35
5
18*$
♦Schoelkopf, Hutton A
Pomeroy Inc com
10c
B'way Barclay 1st 2s..1956
/20}$
1
Bid
6s
23}$
2
1947
91
95
63}$
65}$
23
25
Metropol Playhouses Inc—
B'way A 41st Street—
1st 3s
Ask
Metropolitan Corp (Can)—
mmm
S f deb 5s...
1944
31}$
Broadway Motors Bldg4-6s
...1948
60}$
63}$
Chanin Bldg inc 4s... 1945
50
53
Chesebrough Bldg 1st 6s '48
47}$
49}$
N Y Majestic Corp—
4s with stock stmp__1956
Colonade Constr'n 4s. 1948
34
38
N Y Title A Mtge Co—
...
2s
Court A Remsen St Off Bid
1950
29}$
33}$
25}$
28}$
3}$s
1946
5}$s series BK
Dorset 1st A fixed 2s.. 1957
1st
1945
N Y Athletic Club—
...
5}$ s series C-2
5}$s series F-l
Eastern Ambassador
5J$s series Q_.
48
51
47}$
26
29}$
m
/5 0
/33
/49J$
/38>$
51H
34}$
51
40 K
50}$
23
/6}$
19th A Walnut Sts (Phlla)
9}$
8
Hotel units
33}$
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
/19
/67}$
1 Park Avenue—
1st leasehold 3s. Jan 1 '52
36}$
2d mtge 6s
mm
-
1951
42}$
Film Center Bldg 1st 4s '43
37
40}$
103 E 57th St 1st 6s... 1941
16
19}$
40 Wall St Corp 6s
43}$
45
165 Bway Bldg 1st 5}$s '51
49}$
52
69}$
78}$
Prudence Co—
37
39}$
5}$s stamped.
1961
Realty Assoc Sec Corp—
1958
1939
42 Bway 1st 6s
1400
1st
Bldg—
Broadway
6Mb stamped..1948
5s
Fox Theatre A Off Bldg
.1957
/5
7
1944
31
35
1949
37
1st 2 >$-48
67}$
.1943
income
59}$
/46
48}$
39
1946
Income 3s.
Fuller Bldg deb 6s
(w-s)
Graybar Bldg 5s
Roxy Theatre—
mmm
Harrlman Bldg 1st 6s. 1951
28
29}$
35}$
39}$
Hotel
49}$
62
45
47}$
Hotel St George 4s...1950
55}$
58}$
27}$
29 >$
Savoy Plaza Corp—
'
Hearst Brisbane Prop 6s '42
Lexington units
1957
1st 4s
3s
with stock
1956
Sherneth Corp—
2s
with stock
1956
/19
21}$
60 Park Place (Newark)—
1st fee A leasehold
58>$
1947
40}$
3}$ s with stock
1950
Syracuse Hotel (Syracuse)
40}$
.1955
69}$
3}$s
MMM
61 Broadway Bldg—
1950
36
mmm
71
1963
Loew's Theatre Rlty Corp
68}$
1947
89}$
91
45
42 H
Textile Bldg—
42
Trinity Bidgs Corp—
Income 5}$s
w-s...
1st 3s
1947
1951
54}$
61}$
M
M
value,
par
n
51}$
54 M
Walbridge Bldg (Buffalo)—
m
3s
mm
a
with
1st 4}$s
17}$
22}$
24}$
Westlnghouse Bldg—
89
93
Interchangeable,
Nominal
w-s
quotation,
1st fee A leasehold 4s '48
b Basis price,
to i
When
v
68}$
e Ex-Interest.
w-s With stock.
7 ExEx-liquidatlng dividend.
d Coupon,
Issued,
Now selling on New York Curb Exchange,
t Now listed on New York Stock Exchange.
dividend.
1950
Corp—
1951
stock
Wall A Beaver St
8H
6}$
1948
6s
price,
54 H
2 Park Ave Bldg 1st 4s 1946
M
mmm
32
1st 3s 1957 w-s
No
43 H
'
Madison Ave Apt Hotel—
*
41}$
50}$
1st 5J$s
1st 5s (L I)
/Flat
1958
.1939
1st 4s (w-s)
1952
Metropolitan Chain Prop—
76c
12.39
♦Central Nat Corp clA..*
32}$
Majestic Apt Inc—
48 w-s 1948 stamped
1.51
1
♦Bancamerlca-Blalr
1957
Mortgage Certificates
Ask
Bid
Alden 1st 3s
1st 5s (Bklyn)
5.29
98 c
1.00
3
32
Ludwlg Baumann—
54c
Petroleum shares
Insurance Group Shares.
1
100
1st 6s
89c
1.10
Bank Group shares
100
90
•
1st A gen 3s w-s
Trusteed Industry Shares.
1.37
Tobacco shares
85
99}$
London Terrace Apts—
2.32
Trusteed Amer Bank 8hs B
1.26
Steel shares
76
99
Lincoln Building—
5.41
3
86c
1.00
Incorporated
Supervised Shares
1.34
Merchandise shares
♦Huron Holding
10
53}$
100
96
Macfadden Pub common.*
1st 4s
1.23
Mining shares
RR equipment shares...
48}$
8}$
50
85
Lewis Morris Apt Bldg—
78c
....
Food shares
43
..100
Chicago Stock Yds 5s_1961
1st 4-5s extended to 1948
3.17
BB
Trustee Stand Invest Shs—
Agrlculttiraf shares
100
Machinery.....*
100
Lefcourt Manhattan Bldg
4.92
1.03
3.40
74 M
2.05
D
General
11.06
103 M
14.49
C
4.19
Capital Corp
99
66c
Investors
Spencer Trask Fund
8.81
General
46c
14.65
9.70
6.89
B
40c
9.20
10
Fundamental Invest
22
108
43 M
52d A Madison Off Bldg—
726c
10
...
B
6}$
14
20
Am Wire Fabrics 7s..l942
500 Fifth Avenue 6 }$s. 1949
10.10
Sovereign
10c
series
5}$
11
5
American Tobacco 4s_1951
50 Bway Bldg 1st 3s inc '46
29
Fiscal Fund Inc—
Bank
2.53
13.70
♦Putnam (Geo) Fund
Quarterly Inc Shares.-10c
6% deb series A
Representative TrastShslO
Eaton & Howard Manage¬
ment Fund series A-l...
78
Atlantic Refining 3S..1953
Deb 5s 1952 legended..
2.48
Deposited Insur Shs
Diversified Trustee Shares
C
3.50
100
100
Equit Off Bldg deb 5s. 1952
2.11
A1
Deposited Insur Shs A...1
ser
95
Bonds—
Real Estate Bonds and Title Co.
1
♦8% preferred
14
91}$
160
1.35
Nation Wide Securities-
Series A A mod.
♦Crum & Foretef
16
12
11.60
Mutual Invest Fund
Accumulative series...1
1
46}$
14
39c
Canadian Inv Fund Ltd..l
Buliock Fund Ltd
Maryland Fund Inc...10c
Mass Investors Trust
24c
42}$
104
100
2d 8% preferred
6% preferred
Series B-l
6M
47
100
100
Lord A Taylor com
1st 6% preferred
Merck Co Inc common..1
60c
15~.87
45
100
$5 preferred
Wichita Water—
3.51
3.23
H
4
17M
12M
22 %
14.84
1H
>$
1%
preferred
Young (J S) Co com
7% preferred
22M
Series K-I
Basic Industry Shares..10
Boston Fund Inc
1 }$
3
17}$
7%
Long Bell Lumber
53c
5%
80
15}$
York Ice
Lawrence Portl Cement 100
20M
Corp
29}$
72
%
WJR The GoodwUl Sta
Worcester Salt
Landers Frary & CIark__25
5M
Invest
27}$
Wlckwire Spencer Steel..*
Wilcox A Glbbs com....50
99
5
♦Class A new
7}$
2}$
125
1
com v t c
$7 1st preferred
93
Corp*
Bankers Nat
.
$3 cum preferred
*
White Rock Min Spring—
39
102
3.18
Business Shares
Amer Gen Equities Inc 25c
Am Insurance Stock
12 26
37
96
Ask
11.52
West Dairies Ino
1
Corp
Marlin Rockwell Corp
Bid
3M
90
Investing Companies
fur
3M
Preferred
100
Great Lakes 83 Co com..*
Graton A Knight com
Preferred
Adminls'd Fund 2nd Inc.*
2M
11M
*
1%
119
*
2M
12M
6M
Good Humor
6
*
*
7% preferred
100
West Va Pulp A Pap com.*
Preferred
100
100
W'msport Water 5s—1952
mmm
*
7M
1951
1950
1st mtge 5}$s
5s series C
101H
shares
61
59
Westmoreland Water 5s *52
1st mtge 5s
Kokomo W W Co 5s. >1958
Long Island Wat 6Ms. 1955
Middlesex Wat Co 5Ms '57
90
American
common
$3 conv preferred
*
Welch Grape Juice com..5
24
1st mtge 5s
6)$
15}$
Veeder-Root Inc com
Warren (Northam)—
5M
3M
•
74}$
38 H
5}$
13}$
United Artists Theat com. *
United Piece Dye Works. *
Preferred
100
35M
*
6s series A
1966
36
31M
Federal
70}$
36}$
Trlco Products Corp
*
Tublze ChatUlon cum pf.10
1M
Draper Corp
mm mm
101H 103}$
32M
Fohs Oil Co
25
34
77
mmm
—
59
H
77
Sprlngf City Wat 4s A '56
Illinois Water Serv 5s A *52
56
30
116M
prior pref
32}$
Time Inc
100
Bake Shops
Preferred
4}$
9}$
29}$
Tennessee Products
108
(Jos) Crucible...100
Conv
238
4
20
8tee!
16
30
74
m
21}$
Stromberg-Carison Tel Mfg
Sylvania Indus Corp
*
8
14
27M
74
mm
3}$
19}$
Taylor Wharton Iron A
1967
1st A ref 5s A
9}$
Stanley Works Inc
Douglas (W L) Shoe—
100
3
standard Screw
5M
4
6
Preferred
Dixon
1958
*
*
4
Radio
Dictaphone Corp
4}$s
5s series B_.
...
•
Greenwich Water A Gas—
5s series A
107}$
Pollack Manufacturing
Remington Arms com
38
19
106}$
66
Consoi Water of Utlca—
Joplln W W Co 5s
26 M
St Joseph Wat 4s ser A.'66
Scranton Gas A Water Co
104
10}$
7}$
15
Devoe A Reynolds B com *
102
1
25
104}$
Pittsburgh Sub Wat 5s '58
Exploration
701
100}$
63
}$
4}$
11}$
*
Richmond WW Co 5s. 1957
101
m
2K
25
Hardware
Maize Products
*
Crowell Publishing com..*
$7 preferred...
100
Dennison Mfg class A
10
Dentist's Supply com
10
mmm
99
13
}$
100
American
Chilton
mmm
Ask
11}$
100
1
PUgrlm
Roch A L Ont Wat 5s.1938
1946
5s
107}$
pref
*
Petroleum Heat A Power. *
11M
11H
25
Pathe Film 7% pref
Petroleum Conversion
28
Beneficial Indus Loan pf.*
Bur dines Inc common
1
Peoria Water Works Co—
1950
10
Bid
Par
Pan Amer Match Corp
3M
X
Art Metal Construction. 10
Bankers Indus Service A.*
95}$
Pinellas Water Co 5 3$s. '59
6^8 series B
1st mtge 3 }$s
«...
84
1948
pref
cum
Amer
99}$
Phlla Suburb Wat 4s—1965
Community Water Service
Indianapolis Water
~~M
77
97}$
1st consol 4s
2
24 M
Cynamid—
conv
8%
81
94
Ask
Bid
American Hard Rubber—
Ohio Water Service 5s.1958
1st consol 5s
1954
.
105
Prior lien 5s
—
•
5%
83
1st coll trust 4}$s._1966
*
American
1st Aref 5s
101
5s series B
5s series B
Par
103
Alabama Mills Inc....
American Arch
mmm
Penna State Water—
City Water (Chattanooga)
6 Hs series B
Ask
Ore-Wash Wat Serv 5s 1957
104}$
City of New Castle Water
5s
105
Ohio Cities Water 5}$s *53
Ohio VaUey Water 58.1954
101
Citizens Wat Co (Waah)—
5s
1951
Muncie Water Works 5s '65
5s series B
5s series C
Butler Wat*"* Co 5s___1957
Industrial Stocks and Bonds
Ask
100
1765
t
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
♦
Quotation not furnished by sponsor or issuer.
Financial
1766
Sept. 17, 1938
Chronicle
Sept. 16—Concluded
Quotations on Over-the-Counter Securities—Friday
Foreign Unlisted Dollar Bonds
and Coupons
Foreign Stocks, Bonds
Inactive Exchanges
HoUBing A Real Imp 7a "46
Hungarian Cent Mut 7s *37
change Bank 7a..-.1936
& CO., INC.
BRAUNL
many) 7s
Prov
Prov
n
.........1941
ejg
Discount & Fx
Hungarian
(Ger¬
1946
Bk Westphalia 6a '33
Bk Westphalia 6a '30
Protestant Church
/91
/19M
P
Hungarian Ital Bk 7 Ha '32
Bid
Ask
Hid
1939
Hansa S8 6s
Rhine Westph Elec
/10
7% "36
1941
0a
1933
38
Rio de Janeiro 6%
Jugoslavia 2d aeries 5a. 1956
34
38
Rom Cath Church 6 Ms '46
/46
^aarbruecken M
/36
/20M
Salvador
Koholyt 6Ms-.——1943
Land M Bk Warsaw 8s '41
2-5422
34
Coupons—
Nov 1932 to May 1935
Tel. NAno.er
N. Y.
52 WiUHm St..
Jugoslavia 5a funding. 1956
/45
I^lpzig O'land Pr 0Ms '46
[22
/19M
Nov 1935 to May 1937
Foreign Unlisted Dollar Bonds
Antioquia 8a
Fiid
Dortmund Mun TJtll 68 '48
21
/18
[31
Anhalt 7s to
...
Duesseldorf 7s to.....1945
1945
Duisburg 7% to
/24M
/24 M
/20
[UH
7s
Bavarian
20 M
East Prussian Pow 6s. 1953
26 M
Klectric Pr (Cer'y) 0Ma '50
7M«
..I960
7 Ha income
'
-.194.'
[15
—
13 M
[12
8s.
/II M
1966
[3X
1967
7s
1907
7a Income
12 M
oliv
Ask
/ism
A3
Leipzig Trade Fair 7b. 1953
[3X
[3X
7s.
73.
f\8
1931-51
/14
funding scrip......
AX
Frankfurt 7s to
6M
P
Brandenburg Elec 68.-1953
[29
Brazil funding 5b..
Brazil
»
Muriic Bk
6b.
...
no
....19
Ind
Coal
...
1953
/95
/40
National
f20H
North German Lloyd 0a '47
n
f98H
1947
58M
1940
/18M
Bank
erman
1938
Conversion
[29
31
[25H
2 6M
Office
1946
11
Apr 15 '35 to Apr 15 *38.
no
1947
1944
ns
Callao (Peru) 7 Via
Cauca Valley 7 Ms
1946
no
1947
/2
Stinnes 7s unstamped. 1936
Certificates 4s...1936
1945
7s to
/6
/12
1952
5% scrip
1956
Poland 3s
.1936-1937
.1908
Coupons
!9H
nx
/44
/I9M
P2
/' 0
1946
Certificates 4a
/68
1946
7b unstamped
62 M
/56
58
Toho Electric 7a...-.1955
..1947
Tollma 7s
Panama City 6 Ms
Porto AJegre 7s
Dec 1 '35 stamped
Stettin Pub Util 7s...1946
n
Oldenburg-Free State
Voting coupons:
11
Ceara
(erman
1948
Oberpfai8 Elec 7s
Panama
Dec 1934 stamped
50
/60
Oct 1935 to April 1937
1962
Hungarian A Ind
4b
6X
Caldas (Colombia) 7 Ha *40
/90
/90
Mtge 7a
1948
—
1950
Coupons—
Nat Central Savings Bk of
& Land
Building
Central
48
...
6 Ms. 1946-1947
Hungary 7 Ms
bank 6M»---
50
1956
Oct 1932 to April 1935
French Nat Mail 89 6a '52
erman
Mtge Bk Jugoslavia
2d series 5s
D) 0 MS. 1948 1949
B)
1951
State Mtge 6s.. 1947
5s
German Atl Cable 78.-1945
[22
/43
Burmeister A Wain 03.1940 /no
State
m
Funding 3s
Corp—
0Ms
Buenos A ires scrip
fl9H
/24
-.1945
Agricultural 6s
Hungarian Bank
7M8-Brown
...
ns
n
100
/6 X
/2i
Hessen 7s to '45
Recklinghausen 7b.-1947
Nassau Landbank 6 Ha '38
6 Ms
Municipal Gas A Elec Corp
•
.1945
/21M
Saxon
/23
Siem A Halske deb 03.2930 /600
/l 4 H
[OH
A
68
/ I5M
m
/14M
1QH
(C A
/13
1945
Munich 7b to
(A
1947
Fe 7s
Saxon Pub Works 7s.
/ 35
Montevideo scrip.
Mtge 7a.'63
erman
[I A
[17
British
»
15M
65
62
1957
/5
/22
/21
(Brazil)
stamped. 1942
^>antander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.. 1943
/ 9H
Merldiouale Elec 7s
deposit. 1948
8anta Catharlna
Santa
Nat Bank Panama
AX
[10%
1948
88 ctfs of
/?0M
Mannheim A Palat 7a. 1941
AX
Farmers Natl
depo8lt_1957
7s ctfs of
8%
1948
Water 7s
/20
/19M
/12
Bk 6s '47
8a
Luneberg Power Light A
/18
/19M
[19H
/19H
Mortgage A
Euror»eari
vestment
Palatlnite Cons
Cities 7s to
1953
In
0M«
—
Welfare 7s '46
7%......*..1957
4s scrip
Ask
Bid
R C Church
/19M
/2l
/21
/ 8
/60
/22
[OX
/20M
/10M
Union of Soviet Soc Repub
/IS
f29
/30
f2 2
Conversion scrip
28
37
735
Unterelbe Electric6s..1953
7X
[6X
1943 J86.44
7% gold ruble
Uruguay
40
1947
1945
Vesten Elec Ry 7b
Wurtemberg 78 to
/35
A8
/IS
/18M
4
Call (Colombia)
7s
(Brazil) 8b
...
PH
6M
/23
July 1934 to Dec 1936
Jan to June 1937
/15
July to Dec 1937
/15
/02
Jan to
Central German Power
1934
Madgeburg 0s
Chile Govt 6s assented
7s assented
1968
Chilean Nitrate 5b
m
[38
/18
/17
/16M
Jan to June 1934
German Central Bk
65
/ Flat price.
f20
July to Dec 1933
Central Agrlc Bank
see
June 1 '35 to June '38
Telephone and Telegraph Stocks
23
Par
1953
Budapest 7s
[50
Costa Rica funding 5a. '51
/17
08.
/17
18
1949
/17
18
.1953
iox
.1938
[9X
31
91 X
94
OreantTclegraph._.100
65
70
Tel..100
113
117
REGISTRATION
it
reasons
However,
Gen Telep Allied
/18
$6
65
Int
/I9M
they
are
near
ACT
The total involved is
common
Sept.
(2-3812, Form A-l), of Wilmington,
registration statement covering 100,000 shares of $1 par
including 3,340 now outstanding, which may be
reacquired and offered publicly.
The offering price will be at the market.
Estimated cash proceeds of $1,083,100 will be used for investment, Mutual
Investors, Inc., was named underwriter.
Julius H. Moeller is President
of the company.
Filed Sept. 12, 1938.
stock, no par value,
stock,
previous list of registrator statements was given
Sept. 10 page 1630.
Abraham & Straus, Inc.-
-Earnings"
6 Months Ended July 31—
1937
1938
$9,800,031 $10,383,169
5,804 prof 70,943
Sales.
Net loss
After interest, depreciation and
100
118
116
taxes.—V. 147,
p.
on
for
&
$71,981
x$144,261
19,041
96,430
18,608
x$171,522
7.290
$122,290
208.787
$168,411
$162,869
$178,813
elevators
erecting
74,609
164",284
161,822
&
Prov. for bad & doubtful
10,000
accounts..
Bond int. & exchange—
inc. taxes
Bal.
"
Co., Inc.—Extra Dividend—
1,250
(est'd)
transf.
loss
regular quarterly dividend of 25 cents per
1,000
500
10,000
12,000
$12,415
sur$4,491
to
$51,160
surplus account
$135,807
provision for depreciation of fixed assets
and $352,614 in 1935.
Balance Sheet June 30
x
After
1938
1937
$5,268,066 $5,410,636
Assefs—
Property
606,958
759,390
Accts., Ac., rec...
on hand of
166,744
197,936
grain and coal..
85,746
207,381
27,147
93,826
Stocks
Govt,
38,756
28,070
p.
1937
Profit and loss
270,800
86,620
165,954
396.847
86,620
216.754
38,455
644,981
.
Investments
in
1938
on
Exchange
x
Liabilities—
7% pref. stock
$3,000,000 $3,000,000
800.000
y Common stock.
800,000
2,678,000
6% 1st mtge. bds. 2,678,000
Acer, taxes (partly
42,540
estimated)
17,527
Bond redemp. res.
re¬
Deferred charges.
644,883
$7,018,901
Total
of $351,332 In 1936
Sundry creditors..
Prov. of Alberta &
20.686
$7,220,7621
Total
$7,018,901 $7,220,762
depreciation of $2,399,982 In 1938 and $2,240,316
Represented by 80,000 no-par shares class A stock.—V. 146,
After reserve for
1937.
y
430.
Algoma Consolidated Corp.,
Ltd.—Winding Up—
Bankruptcy Court, Toronto, has granted leave to com¬
proceedings against the corporation under the Winding-up Act.
Leave was sought by A. Wonlng, a shareholder, represented by G. 8.
Justice Roach in
in
share on the
The directors have declared an extra dividend of 25 cents per share
"1,250
10,000
Directors' fees
Prov. for Dom. & Prov.
quarterly
of the corporation
payable Sept. 26 to holders of record Sept. 19. In addition, on account of
the operation of the undistributed profits tax, the Board declared the
regular quarterly dividend of 12 M cents per share, normally payable in
December, 1938, to be paid at the same time and to stockholders of the
same record date
as
the regular September dividend.
This action was
taken in order to include this distribution in the fiscal year of the cor¬
poration ending Sept. 30,1938. See also V. 146, p. 3943.
208,359
re-
moving
Memberships
Sept. 7 declared the regular September
1935
Cr36,586
Total income
Deprec. of fixed assets..
Prov.
Sask
Associates, Inc.—Dividends—
The board of directors
1936
1937
$103,249
Inc. from investments..
100.
dividend of 12 H cents per share on the common stock
15 to nolders of record
under-
deducting the
noted charges
lief
19
Co., Ltd.—Earninqs—
1938
Cash
to the
Wisconsin Telep 7% pf.
both payable Oct.
Alberta Pacific Grain
issue of
addition
115
14
148M 152M
1937; $1 on Oct. 15, 1936: 50 cents
July 15, 1936; $1.50 on Oct. 15, 1935; $1 on July 15, 1935; $1.50 on Oct.
$1.50 per share paid on Oct. 15,
a
Air Reduction
110
30.
Like payments were made on Jan. 15, last.
The following
dividends were previously paid; 75 cents on Oct. 15 and on July 15,
Years Ended June 30—
x
Air
100
25
Telep—100
Income from oper. before
Investment of America
& Manufacturing Corp. (2-3813, Form A-2),
of Farmingdale, N. Y., has filed a registration statement covering 25,000
shares of $1 par common stock.
Underwriter to be named by amendment.
Proceeds will be used for funded debt and working capital.
Charles B.
Kirkham is president of the company.
Filed Sept. 13, 1938.
x
Sou New Eng
15, 1934; 75 cents on Oct. 16, 1933, and
1931,1930 and 1929.—V. 147, p. 726.
Kirkham Engineering
x
Telephone—
56.50 1st pref
1937; 25 cents on April 15 and Jan. 15,
on
approximately $3,015,600.
Stores, Inc. (2-3811, Form A-2), of Minnaepolis, Minn., has
filed a registration statement covering
1,000 shares of common stock,
no par value.
The shares are being offered by two officers of the company,
and none of the proceeds will accrue to the company.
Four hundred shares
are optioned by Filbert Corp., at $1,750 each, and the remaining 600 shares
Will be offered publicly at $1,750 each, plus a maximum brokerage com¬
mission of 15%.
No underwriter is named.
B. C. Gamble is President
of the company.
Filed Sept. 10, 1938.
Gamble
our
Rochester
So A Atl Telegraph
arrange companies in exact alphabetical order.
alphabetical position as possible.
extra
following additional registration statements (Nos. 3811
3813, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The best
26
110M 115
possible to
always as
The
in
preferred
..100
Preferred A
UTILITY—INDUSTRIAL—MISCELLANEOUS
is not always
to
common
16
22
25
STATEMENTS UNDER
SECURITIES
Del., has filed
14
25
*
Corporation and Investment News
NOTE—For mechanical
Mutual
26
Telegraph
i765.
RAILROAD—PUBLIC
value
55
100
Corp—
*
107
Mtn States Tel A
General
OF
48
Franklin Telegraph
.1957
Costa Rica Pac Ry 7 Ma '49
FILING
Peninsular Telep com
40
105
18
For footnotes see page
116
30
Cuban Telep 7%
70
1959
113
Bell Telep
/20
1900 1990
55
/67
Cundlnamarca6Ms
Pac A Atl
/15
July to sept 1938
4s.
[7
1940
u
163
Bell Telep of Pa
Cordoba 7k stamped..1937
5s
of Canada —100
pref
100
pref--100
158
/ 16
1938
21
117M
Emp A Bay 8tate Tel..100
June
Ask
16
New York Mutual Tel. 100
88
114
Preferred.
City Savings Bank
Colombia 4a
93
Bid
Par
Ask
Bid
com.*
—100
Am DlstTeleg (N J)
mence
Volume
Saunderson,
Financial
147
also
Secretary-Treasurer
of
Corp.
Consolidated
Algoma
This step enables the corporation to go ahead with its plan for distribution
of assets as approved in April, 1937, by holder., of 5% income debenture
stock
and
bonds
issues.—V.
in
146,
p.
settlement
of all liabilities
in
connection with
these
270.
Aluminum Co. of America—Accumulated Dividend—
Directors have declared a dividend of $1.50 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 15.
Accruals after the current payment
will amount to $2.25 per share.—V. 146, p. 3657.
*
Aluminum Goods Mfg. Co.—15-Cent Dividend—
The directors
have
declared
dividend
15
of
cents
American Capital
per
15.
Like amount was paid on July 1, last.
A
dividend of 50 cents was paid on March 15, last; dividends of 75 cents were
paid on Dec. 24, Oct. 1, July 1 and April 1, 1937 and on Dec. 24, 1936;
50 cents paid on Sept. 30, June 30 and March 31, 1936; 25 cents paid on
Dec. 30, Oct. 1 and July 2, 1935, and with 75 cents paid on March 25,
1935; Dec. 24, Sept. 25, June 4 and March 15, 1934, and on Dec. 28, 1933.
The latter payment was the first made since Oct. 1, 1933.—V. 147, p. 727.
American
Sept.
Cities
Power
&
Corp.—Stockholders'
Light
Suit—
Supreme Court Justice Church of New York on Sept. 14 signed an order
directing Clinton M. Finney, Louis E. Kilmarx, directors of American
Cities Power & Light Corp., and Harrison Williams, one of its largest stock¬
holders, to appear on Sept. 23 for examination before trial of a stockholders'
suit alleging the defendants had filed a misleading Securities and Exchange
Commission report in connection with the purchase of Electric Shareholdings
Corp. stock.
The action is said to be the first filed in New York State under the
Securities and Exchange Act.—V. 147, p. 1477.
American
European
Value of Shares—
Co.—-To Reduce Slock
Securities
,
to an account
entitled "reserved for possible losses on sales of securities";
to charge this reserve and credit surplus with $2,020,128.09, heretofore
charged to surplus, representing cumulative losses from date of organization
to June 30, 1938, and to discontinue the reserve of $600,000 heretofore
carried for two years' dividend on preferred stock by restoring this amount
to surplus.—V.
147, p. 1026.
American Fork & Hoe Co.—To Pay
a
are
profits
statement
covering
500,000
shares
of
Lexington
no par value, payable Sept. 15 to holders of record Sept.
amount was paid on June 15, last and previously regular quarterly
10. Like
dividends
convertible
at
time into cash
any
their current asset
at
Corp.—Pays 10-Cent Dividend—
The company paid a dividend of 10 cents per share on the common
stock, par $10,on July 11 to holders of record June 30. This compares with
30 cents paid on Dec. 27, 1937; 10 cents paid on June 30,1937; 20 cents paid
on Dec. 26, 1936 and 10 cents
paid on June 30, 1936, Dec. 30, 1935, and on
June 10, 1935, this last being the initial dividend on the common stock.—
V. 146, p.2524.
American States Utilities Corp.—To
Sell Subsidiary—
Commission announced Sept. 14 that Ameri¬
value.
on
portfolio security transactions are distributed but accrue to the
The trustee receives all deposits under monthly
payment plans and reinvests all income each quarter.
American Trusteed Funds, Inc., which is both the
1938
consolidated
balance
current assets of $37,480,
—V. 146, p. 3172.
sheet
depositor and the
was organized under New York State
offices in New York City.
The July 1,
contained
in
the prospectus
shows total
compared with current liabilities of $3,463.
as
American Water Works
& Electric
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
for the week ending Sept. 10, 1938, totaled 38,807,000 kilowatt hours, a decrease of 15.9% under the output of 46,120,000
kilowatt hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows;
Works and Electric Co.
Week End.—
1938
1937
1936
Aug. 20--- 41,555,000
50,626,000
Aug. 27
41,344,000
50,740,000
Sept. 340,860,000
51,118,000
Sept. 10---*38,807,000 *46,120,000
-
*
-
1934
1935
47,032,000
38,696,000
47,441,000
39,774,000
48,272,000
39,805,000
47,899,000 *38,072,000
31,342,000
30,790,000
30,787,000
*29,154,000
Labor Day week.—V. 147, p. 1631.
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of August, 1938—
—In South
x
African Currency—
140,000
145,000
150,500
89,000
Declared
£253,129
289,870
305,107
128,945
£145,314
150,352
153,578
82,232
32,300
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs, Ltd.
Value of Gold
Milled
Companies—
49,814
54,527
Costs
Profit
£107,815
139,518
151,529
46,713
The South African Land &
Exploration Co., Ltd
x
loss 4,713
Each of which is
incorporated in the Union of South Africa.
basis of £7 2s. 0d.
1183.
Note—Revenue has been calculated on the
fine.—V.
147,
p.
Arnold Constable
$3,472,450
92,127
Sales
xNet loss
Nil
1937
$3,212,152
41,176
Nil
1936
1935
$3,112,592
prof26,987
$0.08
$2,746,784
79,963
x After deprec., Federal income taxes
min. int., &c.
capital stock (par $5).—V. 146, p. 3488.
Arkansas Power &
per ounce
Corp. (& Subs.)—Earnings—
1938
6 Mos. End. July 31—
yEarns. per share.
distributed.—V, 147, p. 101.
American Republics
Trust
asset value of the shares.
dividend of 15 cents per share on the common
The Securities and Exchange
registration
Plan holders may terminate their trusts at any time and receive the trust
shares credited to their accounts.
All income from the trust fund is placed in the distribution fund and dis¬
bursed in quarterly payments to certificate holders by the trustee.
No
15-Cent Dividend—
stock,
of 25 cents per share were
A
Fund has been filed with the Securities and Exchange Commission under
the Federal Securities Act of 1933 and a prospectus prepared
regarding tae
fund plans for their accumulation.
The shares have a par value of 25 cents
Tons
Stockholders at a special meeting on Nov. 2 wih consider a proposed re¬
duction of stated value of the outstanding comomn stock to $354,500, or
$1 per share.
In the event of such approval to authorize board of direc¬
tors to transfer balance of such stated value, amounting to $9,785,010.20,
Directors have declared
securities and obligations of more than 230 industrial, public utility and
railroad corporations listed in the prospectus.
Not more than 5% of the
fund's total assets may be placed in the securities of any one corporation.
sponsor under the trust agreement,
laws in April, 1933, and has its main
Corp.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $3 cum. pref. stock, no par value, payable Oct. 1
to holders of record
the opening of fully paid accounts,
Accounts as large as required will be
accepted under the plans, however.
The trust agreement provides that investment of portfolio funds
may be
made by the trustee in government bonds, in legal investments under New
York laws for trustees, savings banks and insurance companies, and in the
and
share on the
stock, no par value, payable Oct. 1 to holders of record Sept. 15.
Like amount was paid on July 1, last and compares with 25 cents paid on
April 1, last; 40 cents paid on Dec. 1, 1937; 25 cents paid on Oct. 1, July 1,
and on April 1, 1937; a special dividend of 30 cents paid on Dec. 15, 1936,
and a regular quarterly dividend of 15 cents paid on Oct. 1, 1936.
In ad¬
dition an extra dividend of 15 cents was paid on July 1, 1936, and an extra
of 10 cents was distributed on July 1,1935.—V. 146, p. 3657.
a
common
1767
Chronicle
y
Nil
On 337,109 shs.
Light Co .—Accumulated Dividends—
dividends of $1.75 per share on the $7 cumu¬
preferred stock, no par value, and $1.50 per share on the $6 cumula¬
tive preferred stock, no par value, both payable Oct. 1 to holders of record
Sept. 15. Similar payments were made in each of the 12 preceding quarters
and compare with $1.17 and $1 per share, respectively, previously dis¬
tributed each three months.
(For detailed dividend record see V. 140,
The directors have declared
lative
p.
1996.)—V. 147, p. 1478.
can
Corp. and its subsidiary Dearborn-Ripley Light & Power Co., have
filed an application (File 57-2) covering the sale of all the physical assets
of Dearborn-Ripley to Public Service Co. of Indiana at a price to net ap¬
proximately $61,250.
The proceeds of the sale together with all other
cash of
Dearborn-Ripley would be applied to the discharge of obligations
owed by it to American States.
Complete liquidation and dissolution of
Dearborn-Ripley is thus proposed.
The estimated loss to DearbornRipley would approximate $66,000, the application stated.—Y. 146, p.
4105.
Period. End. July 31—-
Operating
revenues.
Uncollectible oper.
rev..
1938—Month—1937
1938—7 Mos.—1937
$8,560,959 $59,655,090 $63,245,524
48,676
429,415
331,790
Net oper. revenues... $1,720,064
Operating taxes.
1,004,917
^
Net oper. income,...
Net income
$8,512,283 $59,225,675 $62,913,734
6,522,346
46,029,535
45,198,674
$1,989,937 $13,196,140 $17,715,060
730,138
7.523,834
5,818,874
$715,147
$1,259,799
$5,672,306
11,896,186
134,858
588,015
75,881,172
87,908,567
Dividends received from subsidiary and other companies, which con¬
stitute the major
of the company's income, are not accrued In the
accounts monthly but are included therein usually in the third month of the
calendar quarter, i. e., March, June, September and December.
These
dividends are included in "other income" in the month in which they are
part
taken into the accounts and accordingly the amount reported for any month
for net income does not reflect the rate of earnings of the company for that
month.
Acquisition—
The Maryland Public Service
Commission has authorized this company
acquire 100,000 additional shares of common stock of Chesapeake &
Potomac Telephone Co. (Bait.) of par value of $100 a share for aggregate
to
of $10,000,000.
Of this amount, A.
on or about Sept. 30 and the
T. & T. proposes to purchase
remaining 50,000 shares at such
issued.
The Commission also authorized Chesapeake & Potomac Telephone Co.
to issue and sell the additional stock for cash at par.
The purpose of the
sale of this stock is to provide the local company with additional working
sum
50,000 shares
time
as
the additional stock may be
capital.
American Telephone & Telegraph Co. owns all the $30,000,000 common
of the C. & P. Telephone Co. now outstanding.
The authorized
capital will be increased to $40,000,000, of which $35,000,000 will be out¬
stock
standing when the additional 50,000 shares are sold to the parent company
147, p. 1631.
at the end of this month.—V.
American Trusteed Funds,
Inc.—Offering—
What is said to be an innovation in the form of a true trust medium wnich
makes the complete trust service of the Trust Company of North America
available for accounts of moderate size was made public Sept. 9 with the
announcement
by American Trusteed Funds, Inc., as sponsor, of the origi¬
Fund Plans for the accumulation of Lexington
nation of Lexington Trust
Trust Fund shares.
Since the main feature of the new trust
in
the investment
of the
fund is that the sole discretion
portfolio funds lies with the
North America, as trustee, the small investor
Trust Company of
is said the given the opportunity
the broad investment experience of a bank's
trust department in the supervision of his money.
The Lexington Trust Fund Plans, which are of three types, provide for
the creation of actual individual crust fund accounts with the trust company,
as trustee, for the purpose of accumulating
the funds shares.
Accounts
may be opened under a monthly payment plan in denominations as small as
$1,200 with deposits of $10 per month over a 10-year peiod.
Another plan
provides a self-compieting feature under which the United States Life
Insurance Co."agrees in the event of death to complete the plan payments
for the first time of calling upon
,,
proposed to be paid by the
plan holder, while the third
Co.—Weekly Output—
week ended Sept. 9 Associated Gas & Eiectric System reports
electric
output
Gulf
West
&
Indies
Steamship
Lines
(& Subs.)—Earnings—
Co.—Earnings—
$8,181,169
57,503
Operating revenues... $8,123,666
Operating expenses
6,403.602
x
the
of 86,564,112 units (kwh.).
This is a decrease of
2,136,192 units, or 2.4%, below production of 88,700,304 units a year ago.
This is the smallest percentage dec.ine in comparison with a year ago
reported for any week this year.—V. 147. p. 1631.
net
Atlantic
American Telephone & Telegraph
x
Associated Gas & Electric
For
„
plan provides for
Period End. July 31—
1938—Month—1937
Operating revenues
$1,988,504 $2,191,722
Oper-exps. (incl. deprec)
1,900.725
2,042,896
$87,779
$403,557
54,231
307,239
367,426
$50,158
Operating income
$148,825
37,621
Net oper. revenue—.
Taxes.-.
$94,594
$96,318
$979,918
$1,347,343
3,819
Gross income
Interest, rentals &c_-_-_
-
~~
32,175
32,272
$97,755
110,512
$128,493
746,324
$1,012,190
108,604
—
3,161
$53,977
Other income
Net loss
1938—7 Mos.—1937
$14,094,161 $16,368,470
13,690,604 15,021,127
$54,626
$12,757
$617,830prof$232,208
779.982
—V. 147, P. 1027.
Atlantic Refining Co.—Debentures
Offered—Smith, Bar¬
& Co. headed a list of underwriters who on Sept. 15
offered $25,000,000 15-year 3% debentures, due Sept. 1,
1953, at 99 and interest.
ney
Dated Sept. 1, 1938, due Sept. 1, 1953.
Interest payable M. & S.
Coupon debentures, registerable as to principal, in denom. of $1,000, and
registered debentures without coupons in denom. of $1,000, $5,000, $10,000
and other authorized multiples of $1,000.
Redeemable at option of com¬
pany, as a whole at any time or in part from time to time, upon at least
30 days' notice, at the following prices plus accrued int.: to and incl. Sept. 1,
1941, 1033^%; thereafter to and incl. Sept. 1, 1944, 102J^%; thereafter
to and incl. Sept. 1, 1947, 1013^%; thereafter to and incl. Sept. 1, 1950,
101%; thereafter to and incl. Sept. 1,1951,100H%;and thereafter 100%.
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.
Purpose—Net proceeds after deducting estimated expenses in connection
with suchissue and sale, are estimated to amount to $24,177,425, exclusive
of accrued interest, and will be used as follows:
(1) $16,200,000 will lie used for the repayment of all present bank loans
at the principal amount thereof.
(2) The remainder of such net proceeds will be added to the cash funds
of the company, as were the proceeds of such bank loans.
Cash funds
have been, and may be called upon, among other things, for expenditures
to acquire and develop crude oil production and reserves and to improve,
extend and renew refining, marketing and transportation facilities, both by
pipe line and by tanker.
Expenditures for such capital purposes during the 12 months ended
June 30, 1938, totaled approximately $31,531,000, distributed as follows;
Crude oil production, $14,663,000; refining, $3,706,000; marketing, $6,514,000; pipe lines, $3,251,000; marine, $3,397,000.
History and Business—Company was incorp. April 29, 1870, in Penn¬
sylvania.
Control was held by the Standard Oil interests from 1874 to the
time of dissolution of the Standard Oil Group in 1911.
Company, directly or through its subsidiaries, is engaged principally
in substantially all branches of the petroleum business, including, among
other things, the acquisition and development of prospective and proven
oil and gas lands and leases; the production, purchase, sale, transportation
and refining of crude oil and its products; the transportation and whole¬
sale and retail marketing of the products of crude oil in the United States
Financial
1768
and certain foreign
countries; and the
Incidental sale, through certain dis¬
tribution outlets, of automobile accessories.
Crude oil production operations are conducted
also in New Mexico,
Kansas, Oklahoma,
principally in Texas and
Com
Louisiana and Arkansas.
j>any'a crude oil production in 1987 (excluding oil accruing to royalty hold ¬
ers and other outside interests)
was equivalent to approximately 84 ^ or
the total volume of crude oil refined by company in that year.
Approxi¬
mately one-fourth of such crude
produced m areas not
oil production was
by subsidiary-owned pipe lines and was sold in an unrefined state.
Company, with others in the industry, has conformed its crude oil pro¬
duction during the past five years to production schedules and drilling and
other regulations which have been prescribed from time to time under the
laws of certain States with the announced purpose of conserving reserves
through more orderly and efficient production.
Texas is the most impor
tant of these States to the company.
—
,,
^
The following table shows the approximate quantities (m 42-gallon bar
rels) of crude oil which respectively were produced, purchased, sold
refined by the company and subsidiaries during each of the five years ended
Dec. 31, 1937, and during the six months ended June 30, 1938:
served
193765
„
,
.
and
Year—
a
1933
2,889,000
4,178,000
6,351,000
6.953.O00
11,566,000
5,759,000
23,032,000
23,752,000
27,021,000
29,933,000
9,499,000
1934
Refined
26,780,000
29,101,000
30,2<>3,000
33,258,000
35,2/6,000
16,9^2,000
Sold as Crude
Purchased
Produced
7,552,000
b9,228,000
b9,836,000
36,166,000
1937
-cl2,406,000
15,597,000
1938 (6 mo8.)„
6,061,000
a Excluding oil accruing to royalty holders and other outside interests,
b Does not include approximately 246,000 barrels which had been pro¬
duced by others in 1935 and were acquired by the company in 1936 inci¬
dental to the acquisition of the property producing the same.
"
...
c Includes approximately 416,000 barrels which had been produced during
the years 1932 to 1986, inclusive, but were subject to title litigation during
those years and the income from the disposition of which was not entered
in the company's income account until 1937, when such litigation had been
favorably concluded.
The following table shows the approximate gailons of principal products
obtained from the crude oil refined:
1935
1936
--
—
Gasoline &
Lubricat'g
Naptilhas
Kerosene
Oil
—-560.294,000 62,802.000 39,457,000
587,725,000 65,795,000 50,234,000
626,662,000 60,642,000 33,885,000
-652,244,000 64,844,000 40,047,000
.712,646,000 66,927,000 47,035,000
mos.'38 346,160,000 29,236,000 17,617,000
Year—
1933--..
1934
—
company's equity in the earnings of Atlantic Pipe Line Co.,
the subsidiary owning the crude oil pipe line systems, amounted to approxi¬
mately $3,088,000, and its equity in the earnings of Keystone Pipe Line
Co. and Buffalo Pipe Line Corp., the subsidiaries owning the product
pipe lines, amounted to approximately 81,257,000.
Funded Deot and Capitalization—As of June 30, 1938, but after giving
effect to the issuance and sale of the 15-year 3% debentures due Sept. 1,
1953, and to the repayment of the $16,200,000 of bana loans, the funded
debt and capitalization of the company and its consolidated subsidiaries
as
follows:
Outstanding
Authorized
$25,000,000
$25,000,000
15-year 3% debs., due Sept. 1, 1953
period last year.
....
^
^
j
»„
Consolidated shipments, including Midvale, in August aggregated $2,051,840, as compared with $2,862,581 in August of last year
shipments for the first eight months of 1938 were
as
with $26,777,880 for the first eight months of 1937.
On Aug. 31, 1938, consolidated unfilled orders including
exclusive of orders on which perforirance has been suspended, amounted
the same
$27,148,991,
Consolidated
compared
Midvale. but
and with
$15,431,222, as compared with $23,7o7,714 on Jan. 1, 1938,
$29,520,443 on Aug. 31, 1937.
All figures are without intercompany eliminations.—V. 147,
to
p. 1479,
1183.
Co.—Accumulated Dividend—
Baltimore Brick
a dividend of $1.50 per share on account of
cumulative preferred stock, payable Sept. 27
17.
Accumulations after the payment of the
dividend will amount to $105 per share.—V. 146, p. 1702.
The directors have
declared
accumulations on the 5%
to holders of record Sept.
current
RR.—Hearing Set on Interest Reduction
Baltimore & Ohio
Plan—
The Interstate Commerce
at
Washington on the road's
Commission has called a hearing
plan to effect a reduction of over
charges. The hearing will be
Mahaffie and Finance Examiner Devoe. See also
in its annual fixed
tor Sept. 22
$11,000,000
held before^Commissioner
V. 147, p. 1632.
Electric Co.—Earnings-
Baton Rouge
1938—12 Mos.—1937
$2,147,642
$1,842,374
975,234
1,090,722
88,282
88,764
232,648
258,018
1938—Month—1937
$179,773
$148,355
Period End. July 31—
Operating revenues
Operation
89,425
7,447
23,850
459
$710,138
Dr23,874
$.546,210
19,021
$56,733
13,853
—
$42,572
$43,031
13,915
$686,264
165,080
$565,231
163,815
$42,879
Taxes
77,447
8,423
19,913
$59,050
Dr2,317
Maintenance
Products
60,902,000
53,125,000
58,100,000
4,,,369,000
43,365,000
18,092,000
carriers.
In 1937 the
was
Baldwin Locomotive Works—Bookings—;
of orders taken in August by the Baldwin Locomotive
subsidiary companies, including the Midva;e Co., was announced
on Sept. 12 as $3,621,775, as compared with $4,234,568 for August, 1937.
The month's bookings brought the tota. for the consolidatedgroup forthe
first eight months of 1938 to $18,663,790 as compared with $26,217,029 in
The dollar value
Works and
$29,116
$521,184
$401,416
Other
Gas Oil &
Fuel Oil
306,518,000
364,224,000
392,746,000
498,137,000
522,192,000
1st 6
263,736,000
Through a subsidiary, the Keystone Pipe Line Co., a pipe line for trans¬
porting gasoline and other oil products is owned and operated, originating
at Philadelphia,
Pa., and extending to Pittsburgh, Pa., with branches
extending to Wllkes-Barre, Aiientown and Wiliiamsport, Pa., and from
Williamsport, Pa., to the Pennsylvania-!*!ew York State boundary.
From
the Pennsylvania-New York State boundary to Buffalo, N. Y., and to
Rochester, N. Y., a pipe line for transporting gasoline and other oil products
is owned and operated through another subsidiary, the Buffalo Pipe Line
Corp.
These pipe lines qre operated, and subject to regulation, as common
.
17, 1938
Sept.
Chronicle
Minority interests in capital stock and sur¬
10,588
plus of subsidiaries
250,000 shs.
148,000 shs.
Cum.
148,000 shs.
Common stock ($25 par)
b4,000,000 shs. 2,663,999 shs.
b Of this number, 370,000 shares are issuable upon conversion of cumu¬
lative preferred stock, convertible 4% series A.
On Sept. 12, 1938 the
stockholders approved an amendment to the articles of incorporation by
which the amount of authorized common stock is increased from 4,000,000
Net oper. revenues
Non-oper. income (net).
Balance
Int. & arnortiz. (public).
Balance
Interest (Engineers
lic Service Co.)
Pub¬
5,229
682
$515,956
181,637
Balance for common
Note—On
dividends and surplus
1937
1,
Jan.
changes
were
hence the above 12 months' figures are
p.
$236,892
37,254
$297,065
Balance
Preferred dividend requirements.
$401,416
$334,319
37,254
$29,116
$42,198
Balance
Appropriations for retirement reserve.
$199,638
164,524
made in accounting procedure
not exactly
comparative.—V. 147
1480.
Bireley's, Inc.—Earnings—
1938
Earnings from May 1 to July 31,
Hollywood
Bottling
Plants
Factory
Operating profit
(net)
Other expense
$538,916
257,935
199,125
loss$l,715
59
1.421
$81,855
1,480
$83,511
goods flold
Sales, delivery, admin. & gen. exps._
$155,451
112,910
44,255
$83,570
Cost of
series), $100 par
pref. stockconv. 4% series A
Consolidated
$383,465
145,025
154,870
Sales (net) —_i
loss$3,136
$80,375
...
Pref. stock (issuable in
shares
Consolidated
Earnings for
a
b Depre-
Net
ciation
Income
Income
1935
1936
113,120,317
1934
a
61,980,525
(d)_.
11,802,745
13,073.260
21,057,267
24,480,504
10,482,556
1937 .....131,217,204
1938
105,209
d
Six
c
b
are as
follows:
Prin. Amount
Underwritten
Name—
Smith, Barney & Co., New York
Goldman, Sachs & Co., New York...
Mellon Securities Corp., Pittsburgh
Blyth & Co., Inc., New York
...
„
$4,750,000
2,000,000
2,000,000
1,250,000
1,250,000
1,250,000
Brown flarriman & Co., Inc., New York
New York..
...
900,000
900,000
900,000
650.000
500,000
500,000
500,000
500,000
Ilayden, Stone & Co., New York
Kidder, Peabody & Co., New York
Lee lligginson Corp., New York
W. E. Hutton & Co., New York
Biddle, Whelen
E.
W.
...
& Co., Philadelphia
Clark & Co., Philadelphia
Clark, Dodge & Co., New York
Graham, Parsons & Co., New York
Merrill, Lynch & Co., Inc., New York
W. H. Newbold's Son & Co., Philadelphia
White, Weld & Co., New York
Elkins, Morris & Co., Philadelphia
Janney & Co., Philadelphia
Yarnail & Co., Philadelphia
500,000
__
Morgan Stanley &
385,776
442,687
Trade accept, pay.
2,302
527,568
609,307
Fixed assets
Co.."inc., New York—III" —II—I
2
24,668
4,232
14,362
Accrued expenses
Other assets..
500,000
300,000
300,000
—
III
4,750^000
'J?' '000 an-d the balance will be added to working capital and will
company's capital program which is
for 1937.
Objectives of this program are
of operation and a closer balance between crude oil
described in its annual report
production and the marketing of refined products.
The directors have no present plans with respect to the additional
stock which has been authorized.—V. 147, p. 1632.
for
depreciation
13,941
200,000
380,000
380,000
363,552
333,569
$1,284,696 $1,522,598
($134,813 in 1937).—V»
Total
of $293,421
Dividends—
Birmingham Electric Co.—Accumulated
The directors have declared a
dividend of $1.75 per share on the $7 cum.
oth payable
Eref. stock, noOct. 1 to $1.50 per share on Sept. 14. Similarstock, no par,
par, and holders of record the $6 cum. pref. distributions
made in each of the 16 preceding quarters.
were
Effective with the current
per share
payments, arrears on the $7 pref. stock will amount to $3.50
and on the $6 pref. stock to $3 per share.—V. 147, p. 1331.
B-G
Foods, Inc. (& Subs.)—Earnings—
'37 Aug. 14, *36
$1,870,743
790,840
Aug. 9, *35
$1,566,858
672,523
$1,183,174
1,095,946
$1,079,902
1,008,871
$894,334
903.799
$54,890
5,065
$87,228
6,333
$71,031
11,057
loss$9,464
3,728
$49,825
4,820
$80,895
$59,974
4,676
loss$13,193
4,962
$54,645
$85,857
$64,650
loss$ 10,087
900
100
10,950
Drl7,300
£>r9,800
Aug. 12, *38 Aug. 13,
Weeks Ended—
32
Cost of sales
$2,054,324
837,815
$2,042,993
859,819
Operating expenses
$1,216,509
1,161,619
Net sales
Net profit from oper.
_
Other charges_„
Total profit.
Other income..
Adjust, of rentals applic.
to prior years
for
Fed.
&
$43,695
Net profit
Year
$55,750
$68,557
Although fiscal year ends Dec. 31, comparisons
12, 1938 and Aug. 13, 1937 are as follows:
loss$9,987
for the years ended Aug-
Aug. 12 *38 Aug. 13'37
Ending—
10,004,901
(including sales tax)
—
9,743,654
$3,394,303
$3,247,885
77,189
Guests
Sales
3,105
State
108,261
Profit
his resignation as president and director
Sept. 30, 1938.
Oct. 1, the directors elected G. L. Gillam of Chicago,
At the request of Paul Moore,
has been accepted to be effective
To be effective
as a
director, and the following
and Treasurer, J. N.
officers—President, R. C. Johns; Secretary
Charters.—V. 147, p. 1183.
common
Voting Machine Corp.—Special Dividend—
special dividend of 25 cents per share in
addition to the regular quarterly dividend of 12^ cents per share on the
common stock, no par
value, both payable Oct. 1 to holders of record
a
Sept. 20. Similar payments were made on July 1, last, Oct. 1 and July 1,
1937, Jan. 1, 1936 and on Aug. 1, 1935.—V. 146, p. 3946.
Capital stock..—
Capital surp. from
$1,284,696 $1,522,598
reserve
59,046
20,508
146, p. 4108.
Prov.
thus be available for continuance of the
The directors have declared
104,433
200,000
'
sale of stock
Profit
Stockholders, at a special meeting held Sept. 12 voted authority to the
increase the indebtedness of the company by not more than
$50,000,000, and also voted to increase the authorized common stock
from 4,000,000 to 5,000,000 shares.
The entire $50,000,000 debt authorization will not be taken advantage
of at this time.
Present plans call only for an offering of $25,000,000 of
15-year debentures when the registration statement already filed with the
Securities and Exchange Commission becomes effective.
Net proceeds of
first be used to pay off bank loans totaling approximately
Automatic
.
Def. inc. & res've.
Earned surplus
income taxes
increased efficiency
76,764
1,150
45,692
.
500,000
Stock Increase Voted—New Bonds Authorized—
if
property taxes.
12
24,668
98,772
expenses
After
299,659
Fed. inc. & undist.
Deferred charges..
a
$131,950
13,551
38,691
and cases)
Organiz. & recapltal.
$221,552j
payable./
Cust. deps.tbottles
trademarks
and goodwill—
Depre¬
months.
The First Boston Corp.,
Accounts
2,863,511
624,388
income taxes.
After deducting minority
Underwriters—The names of the several underwriters and the respective
by each of them
244,206
-
1937
1938
payl
contr.
$110,532
195,991
res)
Total
Before depreciation, depletion, &c., debt charges and
amounts underwritten
Notes
$45,324
Accts.rec. (less
a
<fe Foreign
c Net
Inc. Taxes
Income
of Debt
$698,939 $6,573,129
$724,321
882,801
5,523,357
725,916
3,968,169
586,219
734,400
1,038,017
7,342,197
874,308
9,935,046
300,614
1,171,584
0,889,448
31
Liabilities—
1937
1938
Assets—•
Cash
Pats.,
Fed'l, Stale
Amortiza'n
ciation, depletion, intangible development costs, &c.
interests,
Years
Interest &
Operating
—
Inventories
Calendar
$78,500,649 $18,690,839 $10,700,450
96,117,941
17.710,841
10,578,767
10,811,199
16,099,987
101,535,075
1933
—
Balance Sheet July
Advs. to officers..
($25 par) to 5,000,000 shares ($25 par).
Gross
Net profit.
Bornot, Inc.—Accumulated Dividend—
share on account of accumula¬
value, on Sept. 10 to holders of
paid on Dec. 20, 1937; one of $1 was
paid on Dec. 18, 1936 and on Juiy 31, 1936.
A dividend of 50 cents was
paid on Feb. 1, 1935, and one of 25 cents per share was distributed on Jan.
12, 1933, prior to which dividends were paid in full up to and including
a dividend of 50 cents per
the $2 cumul. class A stock, no par
Company paid
tions
on
record Sept. 10.
A dividend of $2 was
Dec. 31,1937.—V. 146, p.
1232.
Volume
147
Bowman
Financial
Biltmore Hotels
Period End. Aug. 31—
*Loss.__
*
1938—Month—1937
$5,888
1938—8 Mos.—1937
826,612
$17,368
prof$97,294
Corporations, Inc.—Minority
Management—
Stockholders
m
™
bill
Seek
of complaint
has been filed in Chancery Court of Newark by a
group of stockholders of the corporation,
seeking to wrest the management
from Joseph J. Mascuch,
President, and other officers and directors.
The bill asks appointment of a receiver and
removal of Mascuch and the
other
defendants as officers and directors
charging them with
tent, dishonest and negligent management" of the business.
Defendants named besides Mascuch are his
"incompe¬
$3,529,000
Increase
$3,060,000
$469,000
1636.
p.
Capital City Products Co.
Years End. June 30—
Mfg. profit after deduct¬
Earnings-
1938
1937
1936
$1,467,302
1$1,201,978
$1,211,068
830.710
653,000
$501,514
65,449
115,702
51,966
$371,268
54,653
98,691
33,662
$558,068
82,309
104,652
62,581
$268,397
75,000
$184,262
$308,525
1935
ing cost of goods sold,
but excl. of
deprec... $1,221,447
Selling, admin, and gen.
expenses
948,465
965,788 *
brother, John T. Mascuch,
Vice-Pres.
and
Sec.; A,
Langstaff, Jr. and Joseph T. Lucas, Vice-Pres.;
Operating profit before
Bergen, Clarence K. Pistell, Roy
The allegations set forth in the suit
investigation of the management of the company
Prov. for depreciation..
Prov. for Fed. iiic. tax..
Emil L. Beh, a director, and Melville C.
Healy, a former director.
The four minority directors are John J.
G.
147,
Ry.—Earnings—
Earnings for Week Ended Sept. 7
1938
1937
.
Traffic earnings
—V.
Ouster of Present
A
1769
Canadian Pacific
Corp.—Earnings—
After charges but before amortization and income
taxesV. 147, p. 1184.
Breeze
Chronicle
Bostwick and John
W.
are
depreciation
Young.
largely the result of an
by a special committee of the Board of Directors which included
Messrs. Bergen and Pistell.
This committee was appointed after Bergen
and Pistell were elected to the Board last
March.—V.
made
147, p. 1331.
Brewing Corp. of America—New Name—
See Peerless
Other
$272,982
54,927
109,693
deductions—net..
Net profit
x4,158
$104,205
...
Dividends paid......
60,000
30,000
Surplus
$44,205
$193,397
$154,262
$308,525
Dividends paid by the company during the
year exceeded its net tax¬
therefore no provision was made for Federal surtax on un¬
distributed profits.
Corp., below.
x
able income;
Briggs Mfg. Co.—To Pay 25-Cent Dividend—
Directors have declared
a dividend of 25 cents
per share on the common
value, payable Sept. 30 to holders of record Sept. 20.
A like
paid on June 30 last and compares with $1.50 paid on Dec. 23
last; $1 paid on Sept. 30 and June 25, 1937; 50 cents
paid on March 31,
1937; an extra dividend of $1 paid on Dec. 21, 1936, and an extra dividend
of 50 cents in addition to a regular
quarterly dividend of 50 cents paid on
Oct. 31, 1936.—V. 147. p. 1481.
stock,
Balance Sheet June 30
no par
Assets-
amount was
Briilo Mfg. Co.,
Inc.—Earnings—
y
Earns,
x
per
share.$0.37
$112,487
$0.60
$125,376
$0.70
$0.26
On 145,310 shares
y
stock.
securities held at
of $177,287) compared with current liabilities of
Earned surpuls at June 30, 1938 was $700,972. At June 30, 1937,
$159,937.
total
current
including cash of $328,935, amounted to $543,462
(not including company's own securities at cost of $159,771) and current
liabilities to $131,897.—V. 146, p. 3661.
Broad Street
dividend
a
of 14
cents
a
share
on
10 cents per share was paid on Jan. 1, 1936.—Y. 147, p. 414.
Goodwill,
mulae,
funds available for
new construction and reduces from
$66,000 to $33,000
the amount allowed for expenses in the flotation of theIssue.
The sale of the bonds is to realize $2,422,500.
The proceeds will refund
at their maturity on Feb. 1 next first
mortgage
5% bonds of the Buffalo
147,
p.
1634.
Burco, Inc.—Receiver Continued—
Vice-Chancellor Charles M. Egan, of New Jersey, handed down a de¬
cision, Sept. 15, continuing Daniel T. O'Regan as custodial receiver for the
assets in New Jersey of Burco, Inc., an investment
trust, which, it, is
alleged, was looted of $750,000. The receivership, under the Court's ruling,
continue until the stockholders
can
elect
"
a
proper or new board
of
directors."
Vice-Chancellor
Egan, denied a motion for dismissal
of the receiver whom he appointed after a con
plaint had been filed on
June 14, last, by Chester G. Bellenbach of
Bloomfield, N. J., a stockholder.
It was alleged in this complaint that early in the
year, with the aid of officers
and directors of Burco, a group of men in Boston and New York
extracted
$750,000 of marketable securities from Burco's portfolio, sold them, and,
with the proceeds, bought control of the
company.—V. 147, p. 264.
California Oregon Power
12 Months Ended July 31—
Co.—Earnings—
1938
Gross operating revenues
Net oper. rev. & other inc., before
retire, reserve & after taxes..
Net
Industrial
42,500
55,179
69,340
Unexpired insur'ce
inventory,
Total
y
..$2,782,974 $3,024,181'
Total
$2,782,974 $3,024,181
x After reserve for
depreciation of $993,808 in 1938 and $911,021 in 1937.
Represented by 100,000 no par shares.—V. 146, p. 1543.
Cariboo Gold Quartz Mining
an extra dividend of 1
y2 cents per share in
quarterly dividend of 2 M cents per share on the
stock, both payable Oct. 1 to holders of record Sept. 8.
Similar
were paid on July 2, April 1 and Jan. 3 last.—V.
147, p. 265.
the regular
to
Carrier
Corp. —Stockholders Approve Financing—
Approval of the new capital structure and new financing program in¬
volving an issue of $2,500,000 debentures was voted on Sept. 12 at a meet¬
ing of stockholders.
This clears the way for the registration with the Securities
Exchange
Commission of $2,500,000 of 10-year convertible debentures to retire
the
present bank loans of $1,500,000 and provide additional working capital.
It approves also the directors' recommendation that common stock
au¬
thorized be changed from 500,000 shares of no par value to
700,000 shares
of $1 par value.
This will save transfer taxes, as well, of course, as making
available the extra shares necessary in case of conversion later.
It causes,
too, the carrying down to surplus of $4,858,086 and the wiping out of the
$952,138 deficit which latter would have been a deterrent to dividends later
if and when earnings should otherwise warrant.
The underwriters will be Heinphiil Noyes & Co.;
Munds, Winslow &
Potter, ana Stern, Wampler & Co.—V. 147, p. 1332.
Carson Hill Gold Mining Corp.—Initial Dividend—
Directors have declared an initial dividend of two cents per share
common
on
the
stock, payable Sept. 20 to holders of record Sept. 12.'—V. 147,
p.
884.
Celotex Corp.—Extra into
the management
Roofing Field A nnounced—
had acted in good faith and in what they considered for
Celotex, and that the price had been arrived at upon a
the best interests of
Thereupon, the corporation registered the additonal 43,744 shares of its
stock and completed the purchase.
common
Alcohol
Co.,
Ltd.—Offers
to
desire to inform holders of 5% redeemable debentures that
has recently concluded with the largest individual holders of these
an arrangement whereby the company has
purchased its sub¬
stantial holdings, paying therefor 90% of the present face value of the de¬
bentures ($3.20 per unit) amounting to $2.88 per unit, plus accrued interest
Directors
to date of
company, in order to provide funds to meet
taxing authorities for income tax alleged to
paid upon the debenture stock of Robert
deductions
from
interest
payments
due
to
holders of such debenture stock.
The debenture holder having asserted a claim for refund of the deduc¬
tions, the company has agreed to pay and the holder to accept in full and
complete satisfaction of this claim 50% of the reductions made.
In order that every holder of the company's 5% redeemable debentures
may have an opportunity to dispose of his debentures upon terms as ad¬
vantageous as those agreed with the holder above referred to the company
advises all holders that;
now
(a) Any holders of 5% redeemable debentures, who surrender and deliver
their debentures, accompanied by appropriate documents of transfer to the
Crown Trust Co., 393 St. James St., West Montreal, on or before Oct.
15,
1938, will be entitled to receive in fuil payment and discharge of the prin¬
cipal moneys and interest represented by such debentures $2.88 per unit
of debentures, plus interest at rate of 5% per annum upon present face
value ($3.20 per unit) of such debentures from Aug. 15, 1938, to date of
such surrender and
delivery.
(b) Company will, without prejudice, and admitting no liability therefor,
pay in full and complete accord and satisfaction of claims for refund of de¬
to
from interest
payments to holders of
debenture stock of Robert McNish & Co., Ltd., 50% of the amount of such
deductions to any such holder who evidences willingnes., to accept the same
by letter signed by such holders addressed and delivered to Crown Trust
Co., Montreal, on or before Oct. 15.—V. 147, p. 1635.
Canadian National
Co., Ltd.—Extra Div.—
The directors have declared
fictir basis.
debentures
above referred
un-
amort. bond dis¬
negotiations were arranged with Certain-teed to make
the manufacturing facilities of Certain-teed upon a
Celotex.
quality asphalt roofing and
siding products for national distribution by Celotex.
Management believes
that (Motex is now well on the road toward a full and complete line of
general building materials."
Subsequently,
available
delivery.
During years 1935 and 1936
claims asserted by the British
be due in respect of interest
McNish & Co., Ltd., made
supply
prems.,
1,113,159
company
toga
$3,689,291
to
Celotex
basis advantageous to both Certain-teed and
The first important result is a full line of
Stock Dividend—
Directors
on
Sept. 8 declared
a
stock dividend
upon the shares of common
stock at the rate of one share of common stock for each share of
outstanding,
146, p. 4110.
stock
payable
Nov.
4,
to
holders
of record
Oct.
common
24.—V.
Central Maine Power Co.—Accumulated Dividends—
The directors have declared
the following dividends payable Oct.
1
to
holders of record Sept. 10.
$1.75 per share on the 7% cumulative preferred stock (par $100).
$1.50 per share on the 6% cumulative preferred stock (par $100).
$1.50 per share on the $6 cumulative preferred stock (par $100).
Similar distributions were made on July 1, April 1 and Jan. 1, last, Oct. 1,
July 1, April 1 and Jan. 1, 1937, and payments of one-half of the above
rates were made each of the nine preceding quarters.
Regular preferred
dividends had been paid quarterly from time of issuance up to and including
July 2, 1934.—V. 147, p. 1332.
Central Patricia Gold Mines, Ltd.—Extra Dividend—
have declared an extra dividend of two cents per share in
to a quarterly dividend of four cents per share on the common
stock, both payable Sept. 30 to holders of record Sept. 15.—V. 147, p. 265.
Directors
addition
Central RR of New Jersey-—Will Pay
President Edward W.
Scheer
Interest—
Sept. 16 announced that the company
5%
the
interest due Jan. 1, 1939 on the gen. mtge bonds.—V. 147, p. 1636.
on
would pay interest due Oct. 1, 1938, on the N. Y. & L. B. 4% and
bonds.
Mr. Scheer however refused to commit himself regarding
Central Tube Co.—Three-Cent Dividend—
Directors have declared a dividend of three cents per share on the common
stock, payable Sept. 26 to holders of record Sept.. 15.—V. 141, p. 742.
Chain Store Investors Trust—15-Cent Dividend—
Ry.—Earnings—
Directors have declared
Earnings of System for Week Ended Sept. 7
42,500
brands,
883,595
ings of such debentures and offers every other holder an opportunity to
the debentures on the same basis, namely, $2.88
per unit or de¬
bentures, plus interest.
The circular states:
Gross revenues.
1,005,086
the taking of voluminous testimony over a period of more than two months,
decided by Hon. Ferdinand I'ecora, one of the Justices of the Supreme
Court of New York, in favor of The Celotex Corp., the Court finding that
redeem
—V. 147, p. 1636.
737,430
1,037,456
2,760,651
The company, in a circular letter sent out Sept. 21 to holders of the
5%
redeemable debentures, announces that it has purchased substantial hold¬
as
891,063
$4,645,912
deduct., incl. rent for lease of
int. charges, amort, of debt disc'^s,
~
1184.
made
20,882
2,540,106
for
Purchase Debentures—
ductions
417,890
30,523
edness...
y
B. G. Dahlberg, President, in letter to the stockholders Sept. 9 says:
"The suit involving the Certain-teed Products transaction was, after
1937
income after
Canadian
417,890
553
68,000
indebt¬
$4,622,030
approp.
elec. props.,
& exps., &c
—V. 147, p.
102,500
1,000,000
Paid-in surplus...
Earned surplus...
&c
amounts
$2,375,000 gen. & ref. 3]4% series D bonds.
The amendment sets forth
changes to provide for the handling and accounting of a small amount of
decision
1,000,000
61,282
1st
trade marks, for¬
Sept. 14, a
corporation to issue
his
Common stock..
mm•-•w
18,105
on
bonds...
6)4% mtge. bonds
&c_._
buildings,
mach'y & equip.
common
In
Long-term
mtge.
Land,
Public Service Commission of New York announced
decision amending an order which authorized the
will
31,107
Accrued..
Accrued int.
Other assets
addition
Buffalo Niagara Electric Corp.-—Loan Authorized—
The
General Electric Co.—V.
751,318
miscell.
delvable,
capital
stock, payable Oct. 1 to stockholders of record Sept. 20.
This compares
with 15 cents paid on July 1 and April 1 last: 21 cents paid on Jan. 5 last;
14 cents on Dec. 24, 1937; 35 cents paid on Oct. 1, 1937; 30 cents
paid on
July 1, 1937; 25 cents paid on April 1, 1937; $1.65 paid on Dec. 18, 1936,
and regular quarterly dividends of 20 cents per share
paid from Jan. 3,
1933, to and including Oct. 1, 1936.
In addition, an extra dividend of
272,469
75,339
961,992
count & exp.,&c.
the
$350,000
180,917
771,767
notes & accts. re-
Investing Co., Inc.—Dividends—
Directors have declared
1937
•
$275,000
12,795
Invest'ts,
a cost
assets,
1938
Notes payable
Accounts payable.
620,161
(certified
ance
x
Note—No provision made for Federal surtaxes on undistributed profits.
At June 30, 1938, the company's balance sheet showed total current
assets, including cash of $351,107, of $562,670 (not including company's
own
Liabilities—
$80,674
accts.
rec., less reserve
Invent'y
1938—6 Mos.—1937
After all charges incl. deprec., Fed. & State taxes,
common
Customers'
Value of life insur¬
1938—3 Mos.—1937 11
$65,574
$50,148
Net earnings
1937
$212,595
by management)
Period End. June 30—
x
1938
Cash
iq37
$3,739,198
a dividend of 15 cents per share on the common
A dividend of 15 cents
paid on Oct. 15, last, and previously, regular quarterly dividends of
25 cents per share were distributed.
See V. 145, p. 4113, for detailed record
of previous dividend payments.—V. 147, p. 3949.
stock, payable Oct. 15 to holders of record Sept. 15.
Decrease
$49,907
was
I
Sept. 17, 1938
Chronicle
1770
Colonial Ice Co. —Earnings
COMPANY
SCOTT PAPER
CUMULATIVE PREFERRED
$4.50
Prospectus upon
Maintenance
Interest
Request
Amortization
.
Depreciation-
Teletype
—
Net
Phila. 22
income——
Central Vermont
** v*«
$3,197,796
3.111,773
$4,380;il9
$4,521
16,710
$86,023
217,602
$704,816
179,639
$4,697
29,847
x$12,189
42,073
x$131,578
276,015
$525,177
297,237
x$25,150
2,417
x$54,262
2,904
*$407,593
18,958
Ry. oper.
x$22,733
107,123
x$51,358
107,727
x$388,636
855,466
$246,682
867,235
$129,856
$159,084
$1,244,102
income
rents, &c.
Hire of equip.,
income-
Net ry. oper.
Other income
3,675,303
charges
Fixed charges
------.—
deficit-
Balance,
Loss.—V. 147, p.
x
Receivables—
—
p.
Investm'ts
35 cents per share on the capital
of record Sept. 20. Like amount was paid
regular quarterly dividends of 75 cents per
distributed.
V;:
Investments at
.
cost-
-y93,871,001
—
384,659
Capital stock
unadjusted payroll, &c_
payable
—
—
Dividends declared
Accrued interest payable
— - —
,11
Reserve for contingencies.— ——
Accounts payable & other accrued accounts
Reserve for Federal income tax
Paid-in surplus. - - — --------.
Earned surplus
74,242,040
44,503
1,312
31,312
5,567
Preferred stock—
a830,900
,'896,100
stock-
300,000
Capital surplus—
270,000
300,000
270,000
116,406
261,482
242,453
5,567
sees—
b Common
194
33
:
9*692
30,634
pref. stock
Earned surplus—
$2,211,1061
$2,274,529
~
Surpl. arising from
res. of series B
22,437
22,988
Total
96,187
$2,274,529 $2,211,106
—
Represented by 750 $7 series and 7.559 series B no
resented by 15,000 no par shares.—V..146, p. 3008.
a
par shares,
—Subscriptions—
Commonwealth Edison Co
totaled $10,business Sept. 9,
Stock¬
Weekly Electric Output—
of the Commonwealth
The electricity output
Edison Co. group (inter¬
week ended Sept. 10, 1938 was 123,551,000
128,314,000 kilowatt-hours in the corres¬
ponding period last year, a decrease of 3.7%.
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
sales deducted) for the
compared with
10
3
27
20-.--—V. 147, p. 1636.
Sept.
Sept.
Aug.
Aug.
.
Community Power &
„
—
—
Light Co. (&
$394,601
164,809
19,392
45,775
23,316
34,577
1938—12 Mos.—1937
$4,569,325 $4,162,495
1,988,982
1,889,638
251,062
469,141
252,001
385,037
$169,419
3,492
$171,898
$1,860,139
$1,635,819
1,687
8,744
3,573
$172,910
40,252
$173,585
23,615
$1,868,884
369,882
$1,639,392
$149,970
2,373
$1,499,002
$1,387,502
31,799
69,885
842,659
26,225
833,654
1,789
16,125
1,445
21,477
2,980
$408,999
174,413
-
Maintenance...
(net).
Non-oper. income
10,018
38,980
213,049
12,392,403
z5,349,134
Balance
——
_
.
Retirement accruals—_
70,522
244,937
12,392,403
15,665,537
94,910,020 108,090,807
Represented by 1,799,745 no par shares,
y Indicated market value of
investments, 2,359,480 shares common stock of O. & O. Ry., 60,490 shares
preferred stock, series A, of O. & O. Ry., 69,000 shares common
Erie Rlt., and 27,500 shares common stock of Pere Marquette
Ry., at
June 30, 1938, was $76,306,655, based upon closing bid prices on the New
York Stock Exchange on that date.
z The company has. by transfer from earned surplus, created this reserve
for contingencies.
While claims may be made against the company in
addition to the contingencies for which the reserve has been provided, the
company is of the opinion that no additional contingency reserves should
Gross income
$132,659
2,210
70,560
—
public
Interest to
Subs.)—Earnings-
1938—Month—1937
Period End. .July 31—
Net oper. revenues—
z2,obolooo
3.7
11.1
9.3
7.4
128.314.000
144,154,000
138,941,000
142,382,000
123,551,000
128,130,000
-.-126,059,000
— -131,901,000
-
-
629,910
.-
Int. to parent companyAmort. of debt disc't &
expense
280
872
$58,583
$75,050
Miscell. inc. deducts
251,890
x
stock of
be
this time.
The income account for the three
Net income.
paid & accrued on
To public.
To parent company
Divs.
published in V. 147, p.
and six months ended June
Co., Baltimore —
$500,619
& Telegraph Co.,
1938 Coupons—
Chicago & Erie RR.—May
Central Hanover Bank & Trust
above.—Y. 147, p. 265.
Co., trustee for the first mortgage
bonds
due May 1, 1982, has been advised by the company that
bondholders have not as yet presented coupons of these bonds for
payment of interest due May 1, 1938.
Payment of these coupons will be
made upon presentation at the office of Chicago & Erie RR., 50 Church St.,
New York.—V. 138, p. 4459.
of the company
many
Chrysler Corp.—Plymouth
new
car size
mean an
upward trend in prices were upset on Sept. 9 by announcement of 1939
Plymouth prices.
The lower prices show reductions from 1938 models up to $15 on some
body styles. They are:
Plymouth "Road King"—Coupe, $645; two-door sedan, $685; twodoor touring sedan (with trunk), $699; four-door sedan, $726; four-door
touring sedan, $740.
.
Plymouth Detuxe—Coupe, $725; coupe with rumble seat, $755; twodoor sedan, $761; two-door touring, $775; four-door sedan, $791; four-door
touring, $805.—V.
147, p. 1030.
Cincinnati & Lake Erie RR .—Abandonment—
line of the company between Columbus
and Dayton, effective Nov. 1, was approved recently by Federal Judge
Robert R. Nevin at Dayton, Ohio.
The application was made by coreceivers of the company, J. H. McClure and Thomas Conway, who told
the court that buses of the Lake Erie Bus Co. would replace the electric cars.
Judge Nevin consented to the abandonment of the electric line also be¬
tween Hamilton and Cincinnati after the receivers cited
'constant financial
losses."
Electric cars will remain only on the section between Dayton and
Hamilton while busses will be used on other stretches.—V. 137, p. 2100.
1
Abandonment of the interurban
City Ice & Fuel Co.—To Pay 30-Cent
Directors have declared a
Dividend—
earned
Preferred dividends...
Interest not
Other
was
paid on Dec. 15. 1937, and each three months
Coca-Cola Bottling Corp.
of 40 cents
cents were
previously.—Y. 147, p. 1030.
(Del.)—Extra Dividend—
dividend of $1.25 per share in addi¬
tion to the regular quarterly dividend of 62
cents per share on the class A
and class B common stocks, no par value, all payable Oct. 1 to holders of
record Sept. 15.
Similar distributions were made on Dec. 24 and Oct. 1,
1937, and on Dec. 28 and Oct. 1, 1936.—V. 146, p. 1870.
The directors have declared an extra
Commercial Banking Corp .—Earnings—
Earnings for 3 Months Ended June 30,
Net income after all charges
share on 68,472 common shares
—V. 146, p. 3950.
Earns, per
1938
I. "
$24,100
$0 12
73,117
Dr47
Common div. from
sub. companies
sub.—not consolidated
306
279
$1,540,310
$1,317,918
896,984
893,399
Other income-...
Total
—
-
Expenses, taxes & deductions
from gross income._
a$643,326
$424,518
Includes $186,443 representing amount assigned to 14,623 shares of
common stock of General Public Utilities, Inc., received as a dividend, in
available for divs. & surplus
Amount
a
lieu of cash, in
x
Cubana—Earnings—
Admin. &
$193,117
47,019
46,365
oper_loss$240,608
461,263
$264,353
440,974
$146,098
456,074
$64,150
480,483
$701,871
28,255
$176,621
97,747
$309,976
130,592
$416,333
$673,615
22,863
403,535
$78,874
$179,384
Cr7,595
653,733
$282,857
4,053
30——def$247,218
$403,535
profit from
—
Gross deficit
Income credits
Net deficit for year
Surplus charges (net)
Previous surplus.
Surplus June
After
depreciation of $338,437
Cr464
481,945
Com.
000
95,047
shares,
no
value)
5.977,604
5,977,604
7,463,127
7,300,028
709,331
371,237
36,356
22,748
29,521
19,082
274
6,634
509,625
6,589
506,601
def247,218
403,535
par
sugar
same
27,977
2,052
Accounts &
2,552
Accts. rec., &c.—
9,488
1 ,686,127
wages
payable.--- —
Accounts
payable
48,238
Sugar InventoriesMolasses Inventory
56,618
1,274,315
31,790
Adv. to colonos--.
190,438
293,446
Taxes payable
Instlm'ts receiv.__
104,570
105,694
Reserve
Mat'Is <fc
Cuba
supplies
39.540
.
Prepd. ins. prems.
Deferred charges-Total
for
doubtful
33,229
274,059
to affil. cos
298,895
accts.
of
col¬
lection
Deferred credits—
Co.—spec.
account
1
Accrued interest on
futures contra..
Breed cattle..
$
'
(320,-
Notes & loans pay.
557,886
70,718
on
554,957
stock
1937
$
Liabilities
inv—.10 ,804,084 11,126,321
Mtges. receivable,
Due from affil. co.
30
1938
$
Net prop.
incl.accrd.int-.
$481,944
$653,733
1937; $384,193 in
1937
$
Cash—_
940,643
in 1938; $340,927 in
Balance Sheet June
1938
Assets—
133,476
1935.
1936, and $391,167 in
a
$110,515
$308,860
44,507
Income charges
x
1935
1936
1937
1938
operations_loss$196,261
gen. expenses.
44,346
Prof, from
Net
1636.
December, 1937.—V. 147, p.
Compania
Deposit
dividend of 30 cents per share on the common
Sept. 30 to holders of record Sept. 23.
A dividend
paid on June 30 and on March 31, last, and dividends of 50
stock payable
825,113
8,541
5,831
6,952
a186,449
Interest named
Years End. June 30—
Cuts Prices—
engineering developments, increases in
and extensive alterations in the appearance of 1939 cars might
that
$398,132
830,290
12,369
3,653
6,623
To Increase Stock—
See American Telephone
99,203
5,831
.—
Miscellaneous earnings from
Chesapeake & Potomac Telephone
$503,166
102,701
3,653
applicable to parent company.
deducted in arriving at above:
Balance
30 was
1636.
$606,973
preferred stocks:
Earns, from sub. cos.
created at
Predictions
b Rep¬
Subscriptions for 3H% convertible debentures due 1958,
157,000, or 25.7% of the $39,467,000 issue at the close of
which marked the end of the first week of the subscription period.
holders still have until Sept. 21 before the expiration of the rights.
74,242,040
5,465",350
Bank loans
——
Dividend payable.
Taxes
-
Total
Unearned revenue-
15
'
*
Operating revenues
Operation
94,910,020 108,090,807
—
—
Liabilities—
Provision for
316
230
(cost)-
1.963,871
12,004
—~ - --
Total----—
x
81,313
16,163
15,983
650,360
2.000
2.001
— — -.
—
assets—
Other
106,001,473
—
—
Special deposi ts
—;
* - - ——
Deposits in closed banks, after reserve
Accrued dividends received
charges
1937
1938
■',•,
—— -----
Cash
Deferred
266,168
51,500
,
Balance Sheet June 30
■■
3,846
284,212
Ice coupons
Renewal
kilowatt-hours
declared a dividend of
stock, payable Oct. 3 to holders
on July 15, last, and previously
Assets—
2,624
reserves.
Mlscell. reserves—
Prepd. exps. & def.
charges
company
fay '35-Cent Dividend—
Chesapeake Corp.—To
share were
$76,065
19,283
44,483
Ins., &c„ deposits
Cash In closed bks.
$620,553
1186.
1332.
Directors have
1936
33,801
143,451
85,870
Inventories
Reacquired
Charleston Transit Co,—-Tenders—
The Kanawha Banking & Trust Co., will until 3 p. m. Sept. 16 receive
bids for the sale to it of sufficient first mortgage 10-year 5% bonds to
exhaust the sum of $5,719 at prices not exceeding 102 and interest.'—V.
147,
1937!4i
$91,658
accounts--
Liabilities—
49,590
88,125
Cash
Total
fixed
for
avail,
Inc.*
$150,009
154,586
-
$227,940
18,742
*
accruals
Ry. tax
1938—8 Mas —1937
$32,642
27,945
Ky. oper. expenses...-iv».
Ry., Inc.—Earnings—
$136,734
876
955
60.000
Dec. 31
Accr'd
2,500
51,500
14,641
691,044
74,533
32,716
1,750
:
1,831
55,000
12,000
Notes & accts. pay.
1936
eq.$l,901,912 $1,906,273
Notes receivable-
1938—Month—1937
$428,087
$491,679
395,445
487.158
31—
Ry. operating revenues.
—
1937
Assets—•
Plant, prop. &
Period End. Aug.
_
$167,289
692,531
60,740
35,690
2,843
2,200
60,000
13,831
Balance Sheet
Philadelphia
1528 Walnut St.
—
taxes-
Prov. for Fed. inc.
$1,018,884
$986,467
673,972
65,300
33,988
$1,035,124
$108,961
...
Taxes
YARNALL & CO.
A. T. & T.
$937,161
638,409
69,329
43,443
1,763
1,200
60,000
14,056
Operation
STOCK
Bought—Sold—Quoted
1934
1935
1936
1937
Calendar Years—
Gross revenue..——
150,000
Surplus
188,498
16,405
11,569
23,160
526,153
14,485,207
511,989
14,619,0371
1937^V die46UCpD33d3eiPreClatl0n °f
Total
14,485,207 14,619,037
$7'872'469 in 1938 and $7,562,192 in
Volume
Financial
147
Concord Gas Co.—Accumulated Dividend—
a dividend of 50 cents per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Nov. 15
to holders of record Oct. 31.
A like payment was made on Aug. 15, May 16
and Feb. 15, last; Nov. 15 and Aug. 14, 1936, and compares with 87 Hi cents
paid on May 15, and Feb. 15, 1937, and Nov. 15, Aug .15, April 1 and
1771
Chronicle
Balance Sheet July
1938
a
y
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals...
Railway
oper.
income.
Miscell. oper. income...
Non-operating income..
Gross income
Equipment rentals.....
Admin. & gen. expenses.
Amortiz. of debt discount
and expense
Int.
1936
$7,151,764
77,414
75,356
$1,576,851
£>rl0,181
251,502
$2,541,367
Drl4,113
215,642
$2,062,727
$2,742,896
106,920
18,833
$2,240,752
97,332
$2,363,939
78,781
25,941
26,746
23,932
26,627
2,155,135
2,761
89,699
17,378
26,627
2,161,088
12,897
134,236
18,372
17,800
2,153,223
Other interest
Other tax accruals
82",844
74,621
18,455
Miscellaneous
19,777
x
184,915
156,994
150,636
re¬
98,691
872,174
854,270
,392,145
1,247
surplus.Dr.89,737
153,578
19,046
12,752,988 13,309,476
Total
and depletion of $3,197,506 in 1938
No provision is made for amortization.—V.
for depreciation
$2,746,114 in 1937.
p. 3665.
74,135
200,359
deps.
rate
3,136
31,080
reserve
for
Capital surplus... 3,386,966
6,378
Paid-in surplus...
.12,752,988 13,309,476
After
93,596
916,682
Defd charges
Drl4,941
428,904
$1,818,173
126,753
6.395
393,232
trustee
$1,949,975
Drl4,318
192,344
5,023,353
65,684
Consumers'
Res.
Earned
Cash dep. held by
Current assets
$7,008,439
4,984,329
$7,731,106
5,114,383
52,699
Com. stk. (par $1)
3,756
3,231
Impounded funds.
Total
8 ,380,397
duction
trustee
1935
$7,313,883
5,659,618
27,424
2,153,040
funded debt
on
15,781
fund held by the
(& Subs.)—Earnings
Consolidated Railroads of Cuba
5,919
198
share on the common
8,167,154
11,480,538 11,499,925 Accounts payable.
835,862
842,002 Accrued liabilities.
5,682
$
$
Liabilities—
Funded debt
Dep. with trustee.
Cash in improve,
stock, payable Oct. 15 to holders of record Sept. 30.
Like amounts were
paid on April 1, last, and on Dec. 24, 1937, this latter being the initial
dividend on the issue.—V, 147, p. 1189.
Consolidated Income Account
Years End. June 30—
1938
1937
.
Intang. assets..
1937
1938
$
plant,
Miscell. invests...
Corp.—12 l/2-Cent Com. Div.
dividend of 12 H cents per
Property,
eqpt. & lsehlds
Feb. 15,1936.
A dividend of 87 cents per share was paid on Nov. 15,1935,
one of 87 H cents on Aug. 15. 1935, prior to which regular quarterly
dividends of $1.75 per share were distributed.—V. 146, p. 3950.
Consolidated Coppermines
non-re¬
31
1937
$
Assets—
x
and
Directors have declared
there is included $98,691
Note—In 12 months' figures for 1938
curring income.
The directors have declared
y
and
146,
Cuba Co.—Earnings—
During the fiscal year, reorganization proceedings under Section 77-B
S. Bankruptcy Act were initiated by the company and brought
to a conclusion by the confirmation and consummation of the company's
plan of reorganization dated March 28, 1938, as changed and modified.
Certain items in the financial statements of the company reflect action
taken pursuant to said plan.
Provisions of the plan were given in V. 147,
p.
568.
■
of the U.
Consolidated Income Account—Year Ended June 30
(Incl. Subsidiary and
Affiliated Companies)
1938
1937
1936
1935
$7,532,515
2,033,035
$7,910,517
2,683,118
$7,308,347
2,284,184
$7,387,436
2,260,539
$9,565,549 $10,593,635
$9,592,532
$9,647,975
Gross Revenues—
Railroad operations
Sugar mill operations...
Net loss transferred to
profit and loss
Credits to profit and loss
$174,119
92,539
$599,919prof$337,366
123,787
176,343
$94,809
96,108
Total
Expenses—*
operations....
5,152,186
Railroad
Total loss
Debits to profit and loss.
Deficit for the year
$476,132 sur$513,709
43,421
121,043
$81,580
49,554
$519,553 sur$392,666
$131,133
2,229,296
84,607
2,374,258
81,577
2,091,067
92,333
2,150,023
$1,377,681
30,450
19,261
$2,827,027
$2,250,703
20,179
$2,208,444
27,663
18,202
loss41,039
90,443
45,997
117,750
105,444
106,027
129,790
108,882
$1,476,795
$3,059,622
$2,465,780
$2,529,055
2,352,184
490,058
87,206
82,887
18,455
2,393,223
2,395,134
530,455
133,532
549,975
136,226
90,669
97,474
17,481
140,692
26,537
11,464
34,569
34,701
34,625
$1,565,457
$149,364
$765,212
$782,486
10,988
10,265
8,528
4,202
33,940
69,420
40,596
45,102
$49,958
Income Account for
Admin. & gen. expenses.
Interest
Year Ended June 30, 1938
Rentals from lands
$3,104; administrative and general
expenses, $17,800; miscellaneous tax accruals, $403; excess of non-operating
expenses over income, $15,099; surplus, June 30,1937, $10,948,243; surplus,
June 30, 1938, $10,933,145.
Non-operating income
5,310,772
Sugar mill operations
sur$ 1,298
51,256
5.873.966
(interest),
1938
1938
1937
prior years
Cash
Due
3,368,888
from
Consol.
10,000,000
RRs.
21,686
of Cuba...
30,307,563
30,307,563
121,574
xCommonstock
9,495,547
9,495,547
long-term debt 39,859,733
y863,276
26,979
30,188
sec.
Govt, of Cuba..
es¬
Accts. payable..
36,594
406,269
297,291
311,772
51,369
Traffic
36,594
290,743
crow
101,641
Notes and accts.
rec.
Int.
in
Depreciation
Net loss
1,409,622
ductors
ment of
8,932
605,135
622,012
1,952
Refdg. of
2,331
62,749
44,278
1,053,868
Mat'l & supplies
Cash and secure.
873,507
deposited
over
uncollectible
stock reacqu'd
of
Cuba
unclaimed...
11,737
Accrued taxes..
18,773
11,508
39,239
for
and
services
Mtges.
6,854,670
rec.
4,970,925
70,870
102,531
&
Res. for deprec.
Operating
341,132
exp.
26,293,454
2,453
43,313
& transports.
346,452
Res. on acct.
ages due from
Cuban
26,324,788
2,614
res...
64,269
Depos. of const.
On acct. of dam¬
damages
Govt.
Prepaid
Deficit
from
611,910
of
due
Cuban
Government
insur.
z2,072,223
65,801
94,673
Oth. def. credits
Oth. defd. assets
135,948
59,726
Earned surplus.
Other assets
386,893
412,773
Capital surplus.
611,910
3,105,718
6,771,025
.
53,545
premiums
130,545,357 130,224,533
45,011
x Represented
by 400,000 no par shares,
y Includes $90,645 instalment
15, 1937.
z Includes $1,460,312 previously applied as an offset
against corresponding debts.
Balance Sheet June 30, 1938 (Company
Only)
Assets—Stock owned—book values:
(Cuba RR.: 700,000 shares of com¬
mon stock of no par value, $31,877,729; Cuba Northern Rys.: 140,000
shares of common stock $100 par each, $18,617,793), $50,495,522; cash
(current), $75,447; cash (special deposits), $577; due from affiliated
company, $288,129; working funds and other advcnces, $2,000; furniture
and fixtures, $1,375; prepaid insurance premiums, $141; total, $50,863,194.
Liabilities—Capital stock: 6% cumul. preferred stock, $30,307,562;
common stock (no par), $9,495,547; general surplus, $4,815,422; capital
surplus, $6,117,723; due to affiliated company, $12,331; unclaimed divi¬
dends on preferred stock, $577: accrued taxes, $70; excess of par over cost
of preferred stock reacquired, $112,607; reserve for depreciation of property,
$1,351; total, $50,963,194.—V. 146, p. 3665.
Period End. July 31—
Operating revenues
released
Funds
been
had
86,585
98,691
65,803
$2,109,396
181,634
30,257
36,144
$2,206,607
23,668
845,033
68,768
151,973
$34,424
$156,498
485
$985,422
2,433
$1,117,165
209
Maintenance
Taxes...
from opers.
$34,633
155,639
$156,984
150,000
$987,855
611,678
$1,120,593
598,161
Other income
Total
Prov. for deprec. &
on
depl.
Consol.
Gas
3,428
Year Ended June 30, 1938 (Company Only)
Subsidiary and Affiliated Companies)
1938
Property
$
-
Other interest
Net loss
Loss per share
128,768
116,197
36,594
26,979
311,772
515,545
121,574
293,446
208,224
1,172,402
27,977
4,970,925
2,600
—
30,288
Remittances in transit
Traffic balances receivable
Materials and supplies..
406,269
417,769
121,574
190,438
17.5,440
1,327,927
Deposits on sugar futures contracts.
Due from Cuban Govt, for subsidies & services..
6,854,670
Sugar and molasses inventory
1,742,745
receivable, &c--
----
Investment at cost
-
Advances to colonos
Instalment receivable on town
"
lots sales..
'
Breed cattle
Mortgage receivable
Unamortized discounts
33,229
557,886
510,851
732,540
393,479
-
Operating expenses—sugar crop
Exp. on acct. of damages due to
Other deferred assets
1,306,105
39,540
554,957
44.5,750
.
611,910
689,908
416,495
672
revolution*
-119,471,854 119,590,320
Total
Capital stock—Cuba Co. preferred
Cuba Co. common stock (640,000 shs. no par).
Cuba RR. preferred
Minority interest in subsidiaries—.
Notes and loans payable
Audited vouchers, wages and accounts payable._
Instalment due Dec. 15, 1937, on loan payable to
Government of Cuba
Interest due and accrued
—
Accrued United States and Cuban taxes, &c
Excess of par value over cost of preferred stock
Consolidated RRs. of Cuba
2,500,000
9,142,400
9,999,000
132,930
1,872
7,059
115,741
'
465,446
474.264
3,492
3,058
1,726
5,143
4,064
1,670
16,445
13,554
10,353
23,366
17,409
7,300,028
326,781
90,645
1,314,466
19,117
993,250
45,954
Guarantee deposits receivable
$374,248
$0.43
$121,504
$0.14
$262,551
$0.01
...
112,608
506",651
650,535
11,508
46,907,393
64,268
2,600
348,033
772,631
2,614
1,409,622
8,653
670,952
8,630,606
$5,050
$0.30
Republic of Cuba —....
Operating reserves
9,999,000
30,307,563
7,46.3,127
344,580
112,608
1,500
509,625
Res. for extraord., retire., obsoles., conting., &c.
577,506
Preferred dividends unclaimed
11,736
Funded and other long-term debt
y46,430,403
Deposit for construction, transportation
43,313
loan
2,500,000
9,142,400
30,307,56.3
Other liabilities
Subord. liab. for accrued & unpd. int. on bank
Ordered by the Corporation
5,383
2,148,512
Deferred credits
Surplus
——
Total
Commission of Okla. for 15 distribution
towns—order appealed to Federal Court.
3,776,849
107,029
Deposits in escrow
Cash guarantee deposits.
Marketable securities
-
$
3,470,047
36,594
Cash
Notes and accounts
1937
102,531,827 103,891,351
investment
Reserve for doubtful accounts
Utilities
Co. 1st mtge. & coll.
6% bonds, series A.
Larutan Gas Corp. 1st
mtge. (extended) 5H %
sinking fund bonds .1.
5-year 6% notes
a
892,508
85,341
146,126
expired leased &
retirem't of cap. assets
Interest deductions:
96,108
from
Other assets
$411,593
4,590
183,898
21,303
45,305
Amt. of rate reduction
Operation
Loss
$752,734
Ijid f)i ti t %(y
$282,459
earns,
$694,871
Assets—
1938—12 Mos.—1937
$2,010,705
$2,140,804
impounded
Total
Net
$98,079
which
during rate litigation.
a
Corp,—Earnings—
1938—3 Mos.—1937
$282,459
$325,009
$1,298,130
Consolidated Balance Sheet June 30 (Incl.
6,771,025
due Dec.
Consolidated Gas Utilities
$848,841
3,625,271
130,545,357 130,224,533
Total
4,053
12,998
$825,329
130,458
plantation and other departmental operations, including
(before depreciation), $89,946; administrative and general
expenses, U. 8. and Cuban taxes, &c., $40,853; net profit, $49,094; income
credits, $2,812: gross income, $51,906: income charges, $342,443; net loss
before extraordinary expenses, $290,537; extraordinary expenses, $42,995;
net loss transferred to profit and loss, $333,532; profit and loss charge,
adjustment of compensation insurance (prior year), $492; gross deficit,
$334,024; profit and loss credits, $206,200; net deficit for the year, $127,824;
surplus, June 30, 1937, $5,204; deficit, June 30. 1938, $122,620.
Profit
x
Total
•
Statement of Income
10^992
$277,274
179,195
rentals of lands
of property
on
town lots sold
TJnamortiz. debt
disct.
Profit and loss credits
650,535
Pref. stock diva.
48*226'
47\699
$1,658,084
359,954
Total deficit
577,506
conting.,&c_.
107,029
accounts
Other P. & L. charges
112,607
retire., consol.,
in
escrow
subsidies
112,608
Res. for extraord.
Due from Govt.
_
charges
doubtful accounts
of
cost
excess
wTitten off. &c
Allocation of reserve for
'
vances
equipment
Add'l taxes prior years.
Excess of par val.
Work'g fund ad¬
18,372
Loss from sales & retire¬
9,127
debt
2.401,088
580,537
136,227
Profit & Loss Charges—
291,512
funded
waybills
'
Cuban
on
property owned
39,859,733
Excess chges. on
Agents and con¬
other indebt.
Miscellaneous.
balances
payable
receivable
Traffic bals.
296,919
on
Amort. of dt. disc. & exp.
Miscell. tax accruals
Fund, debt, <fcc.,
transit
from
Interest
10,000,000
33,028
in
Marketable
Income Charges—
on funded debt.
Interest
121,574
...
Remittances
rec.
CubaRR
3,449,014
Com-
pania Cubana
Investments
Gross income
1937
Preferred stock
Property invest.117,247,030 118,234,181
J
Miscellaneous (net)
S
Liabilities—
$
?
19,610
20,068
Net profit from sugar and
molasses
of crops
of
Consolidated Balance Sheet June 30
Assets—
48,670
95,062
x
in
-
y
119,471,854 119,590,320
in 1938 and $33,950,274
Bonds and debentures outstanding, $43,478,000; the Govern-
After reserve for depreciation of $34,300,644
1937.
7,332,475
Financial
1772
purchase of Jucaro to San Fernando RK., due Oct, 15, 1939,
$381,733; bank loans, $1,151,419; accrued interest on debentures (including
unpaid interest to Dec. 31, 193/, of $1,320,000), $1,399,144, and accrued
interest on bank loans, $20,107,
Sept. 17, 1938
Chronicle
Balance Sheet June 30
ment of Cuba
$17,398,735; property invest¬
ment, $1,055,345; current assets, $33,862; other assets (per contra), $1,500;
deferred debit items, $105,106; deficit, $122,620; total, $18,717,169.
Liabilities—7% cumulative preferred stock, $2,51)0,000; common stock,
$9,142,400; funded debt and other long term debt, $6,720,670; current
liabilities, $667; subordinated liability for accrued and unpaid interest on
bank loans at Dec. 31, 1937, $348,033; other liabilities (per contra), $1,500;
deferred credit Item—rentals collected in advance, $3,898; total, $18,717,168.—V.
147,
owned
book values,
at
1190.
p.
road A
Cash
—
41,556
89,436
235,608
261,553
balances..
395,822
Working fund adv.
Due from
Cuban
47,032
284,352
27,198
and service.
1938
1937
1936
1935
$2,397,349
1,303,137
$2,307,169
1,500,619
$2,246,408
1.479,867
Non-oper. income
$314,434
128,954
1,094,213
92,062
$806,550
80,311
Gross income
$443,388
$1,186,275
925,228
$886,861
14,415,000
7^8
3 ,285,000
3,285,000
1 ,012,000
1,012,000
4,000,000
4 ,000,000
Accts. payable—_
243,255
Traffic bal .payable
9,041
Int. on fund.debt470,182
4,456
485,188
34,638
Deprec., Ac., res.-18 ,380,503
Due to affil. cos—
929,440
18,706,411
910,284
rev.
from oper
Expenses, incl. taxes
Net
from oper...
rev.
3,405,606
on
and expenses
— — -
discount & exp_.
317,679
317.011
201.387
Other def'd Items.
120,434
53,224
386,893
412,773
$537,154 prof$196,223
$109,156
Net loss for the year..
11,159
v
Liabilities—
*
$
Prop, invest, (road
and equi pment). 46,367,446
46,457,925
121,574
..
12,332
6,392
Cuba RR. Co-*
641.310
614,930
1st mortgage 5H
121,574
and
Due from:
y
Compania
debt
Long-term
x
Loan payable-
Instal.
on
...80,476,701 79,371,319
Total
x
381,733
772,631
—
2,090,022
2,221,812
Accounts payable-
10,901
1,992
Traffic bals. pay'le
20,411
Int. on fund. debt-
134,953
36,594
36,594
Accrued taxes....
4.858
Traffic bal. rec—_
30,772
107,029
27,419
Accts. receivable--
55,135
Working fund adv.
13,717
Agts. A conductors
9,812
Materials A suppDue from Govt, of
177,070
164,109
Marketable
eecur.
from
escrow
rec.
Cash
on spec,
dep-
(current)
Excess
1,116,722
Operating reserves
1,455
1,328
Dep. for construe,
8,015
Reserve for deprec. 7,942,934
9,203
transportation
101,831
63,355
438,307
450,535
Consolidated Oil Corp.—Loan Carries
12-year loan
obtained from
a
1938
$21,683
*_
$0.22
1873.
Derby Oil & Refining Corp. (&
Subs.)—Earnings—
1938—6 Mos.—1937
loss$87,026
$343,946
Nil
$1.16
♦After taxes, depreciation, depletion, non-productive development ex¬
penses, and minority interest, &c.
Period End. June 30—
1938—3 Mos.—1937
$31,977
$203,468
$0.70
Nil
Earns, per share
Accumulated Dividend—
have declared a dividend of $1
per
share on account of
accumulations on the $4 preferred stock, no par value, payable Sept. 30 to
holders of record Sept. 15.
A like amount was paid on June 1 and on
dividend of $6 was paid on Dec. 24, last; one of $2 was paid
Dec. 15, 1936.—V. 146, p. 3666.
March 1, last; a
on
July 1, 1937 and one of $4 was paid on
Detroit Edison Co
-50,775,080 51,505.117
x To Government of Cuba,
y Purchase of Jucaro to San
due Oct. 15,1939.—V. 146, p. 3666.
$25,000,000
—V. 146, p.
7,585,699
43,902
41,473
Surplus..--------10 ,117,797 10,652,027
Total
Co.—Earnings—
share on 100,000 shares
The directors
conting., Ac—.
-50,775,080 51,505,117!
Delta Electric
extraord.
Def'd credit items.
items
The
530
12,205
1.565,319
York has been appointed sole transfer
capital $1 par stock of this company.—Y. 147, p. 1336.
♦Netincome
retir., obsoiesc.,
.
—
136,823
4,589
13,080
Total deferred deb.
Total
58,649
4,476
charges on
for
Records, Inc.—Transfer Agent—
Decca
The Guaranty Trust Co. of New
Earns, per
35.738
Res.
dividends of 37H cents per
July 27, last and previously quarterly
agent for
381,733
1.409,622
505
Cuba for subsid.
and services
16,766,000
way bills--——
A
on
Dividend—
share on the common
Like amount was
Earnings for § Months Ended June 30,
90,644
53,364
Remit, in transit--
3666.
19.
Net income after all charges.
17,168
Cash
paid
55,065
-.80,476,701 79,371,319
Total..
Represented by 700,000 no-par shares.—V. 146. p.
loan pay
28,319
bana........
653,302
Cunningham Drug Stores, Inc.—25-Cent
14,000,000
to Govt, of Cuba
Cu-
4,950,546
653,302
—
Donated props.sur.
'
to Govt, of Cuba
Consol. It Its. of
Cuba
16 766,000
35,298
4 980,322
trans¬
portation
%
bonds
613,019
fhare were distributed.—V. 147, p. 417.
$
$
Common stock-.,14 ,000,000
Investments
1937
1938
1937
1938
10,930
2 096,551
Items—
Deferred
Deps. for construc¬
stock, payable Sept. 27 to holders of record Sept.
■
Assets—
■
unclaimed-
Directors have declared a dividend of 25 cents per
Comparative Balance Sheet June 30
■
-
divs.
stock
Pref.
tion
$52,188
Miscellaneous.
—
—
Earned surplus.
11,098
49,934
22,074
3,916
11,099
Ac_
59,463
$766,542
29,786
200,000
retirement,
nary
Cuban Govt——
29,015
24,076
3,917
Equipment rentals
139,199
obsol., conting.,
Damages due from
Prepd. insur.prem.
Unamortized debt
6,149
30,631
24,107
3,936
5,988
27,051
18,689
3,770
—
Other tax accruals
1,801
1,125
Res. for extraordi¬
581,090
1,159
1,446
way bills
Operating reserves
102,531
Other assets--—.
925,045
funded debt
Amort, of debt discount
Int.
on
70,870
sold..
933.093
Years End. June 30—
Gross
cliarges
5,737,948
--
232,555
13,845
Accrued taxes
$967,929
927,140
—
receiv. on
town loss
1st mtge. bds.5%_14, 415.000
1st lien <fcref.6s-—
1st lien A ref.
Excess
sub.
for
Mtges.
[Incl. Compania de Fomento de Puerto Tarafa]
$1,972,626
1,658,192
4,518
4,709
-—
Agents A conduc..
Notes A accts. rec.
Traffic
19,800,000
Common stock
Impt. A equip. 5s.
Due from eomDania
Govt,
Cuba Northern Rys.—Earnings—
19,287
10,000,000
19 ,800,000
x
1,151,300
24,987
1,202,841
—
Remit. In transit--
Cubana
$
Preferred stock—10 ,000,000
equipment
70,990,209 71,886,881
709,398
Mat'l and supplies
870,797
{Company Only)
Balance Sheet June 30, 1938
Assets—Stocks
%
Liabilities—
$
Prop. Inv.
1937
1938
1937
1938
Assets—
Fernando RR.,
(& Subs.)—Earnings—
Subsidiaries)
Earnings for 12 Months Ended Aug. 31 {Including
1937
1938
3%% Interest—
Gross earnings from
$55,254,702 $58,256,161
...
42,325,691
41,373,127
utility operations
Utility expenses
private source by the
company at the end of August bears an interest rate of 3 % %, it is disclosed
in an amended registration statement filed with the Securities and Exchange
Balance, income from utility operations.
Other miscellaneous income
The company has made no specific allocation of the proceeds
which have been placed in the general fund of the corporation.—V. 147.
_.
.-—..$12,929,010 $16,883,034
Dr7,676
123,405
Commission.
....$12,921,334 $17,006,439
5,824,084
5,755,062
Cr76,309
273,311
268.332
Gross corporate income
on funded and unfunded debt
1484.
Interest
Consolidated Water Co. of Utica—Bonds Called—
p.
Interest charged to construction
Amortization of debt discount and expense
All of the outstanding refunding mortgage gold bonds 4 K % series due
1958 and first mortgage gold bonds 5% series due 1958 have been called for
redemption
on Nov. 1 at 102H and accrued interest.
made at the First Citizens Bank & Trust Co., Utica, N.
Payment will be
Y., or at the Grace
National Bank, N. Y. City.—V. 147, p. 1484.
Continental Baking
Net income
the capital stock,
15 to holders of record Sept. 27.
This compares
last; $1 paid on April 15, last; $2 paid on Jan. 15,
last, and previously regular quarterly dividends of $1 per share were dis¬
tributed.
In addition, an extra dividend of $1 was paid on July 15 and
Jan. 15, 1937 and 1936.
Directors have declared a dividend of $1 per share on
par $100, payable Oct.
with $2 paid on July 15,
Corp.—$2 Preferred Dividend—
The directors have declared a dividend of $2 per share on account of
accumulations on the 8% cum. pref. stock, par $100, payable Oct. 1, to
holders of record Sept. 20. A like amount was paid on July 1 and on April 1,
ast, and compares with $4.50 paid on Dec. 24, last; $2 paid on Oct. 1, July 1
and on April 1, 1937, as against a dividend of $4 paid on Dec. 24, 1936;
$2 paid on Oct. 1, 1936; dividends of $1 per share were paid in each of the
15 preceding quarters, $1.50 per share paid on July 1 and Oct. 1,1932. and
regular quarterly dividends of $2 per share previously.—V. 147, p. 1335.
ConstviictioTi Notes—
Company on July 5 sold $8,500,000 and on
a
special meeting
on
Sept. 23 will consider amending the
July 29 a total of $1,000J)00
of 3M% construction notes, all due July 1,1945, to the Bankers Trust Co.,
who in turn issued participations in the notes to 16 other commercial banks.
A total of $4,800,000 of the proceeds was used to retire current banks loans
maturing in July and $2,000,000 was placed in
p. 1190.
Crosley Radio Corp.—To Change Name—
Stockholders at
$6,900,248 $10,983,045
...
Dividend Halved—
Devoe &
the general fund.—V. 147,
Reynolds Co.—Dividends—
a dividend of 25 cents per share on the class A
payable Oct. 1 to holders of record Sept. 24.
paid on July 1, last, and previously, regular quarterly
dividends of 75 cents per share were distributed.—V. 147, p. 1034.
Directors have declared
articles of incorporation so as to increase and broaden the purpose of
company, and to change its name by deleting the word "radio" so that
and class B common shares,
company's
Like amounts
name
will
no
longer indicate
the
the
limited activity.—V. 147, p.1032.
a
Crown Drug Co.—Sales—
Di
Sales for the month of August were —J,233 as compared to
for August. 1937. a decrease of
2.1%.- -V. 147, p. 1032.
Cuba
$680,612,
were
Giorgio Fruit Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
a
RR.—Earnings—
1937
& allowances. $6,323,168
loading & other
Gross sales, less discounts, returns
Inc. from commissions, packing &
miscell. operations
...
260,241
273,488
$6,583,408
-
$4,584,750
3,496,083
195,775
171,405
500,597
17,455
Operating Statement for Fiscal Year Ended June 30
[Incl. Compania Industrial
Gross Earnings—
Passenger
1938
%-r
IKS1*
Sleeping
Other
$857,982
118.181
117,635
1936
174,318
105.166
117,034
130,796
109,126
90,382
3,659,014
50,978
32,382
15,565
3,268,227
216,230
car
198,761
223,493
39.081
transportation...
200.586
1935
$769,727
107,528
88,657
3,262.460
21,008
6,962
273,972
132,067
99,646
$815,744
3,589,678
^1',® terminal
Pastelilo terminal
Total...
Naviera Cubanal
1937
$882,374
Express and baggage-..
y
28,954
21,278
113.355
222,104
121.188
$5,341,257
$5,333,757
$4,844,595
$4,762,030
581.032
563.549
1,444,962
417,215
726,289
26,892
55,096
128.681
137,874
Cr3,450
525,273
471,538
1,386.730
418,433
749,886
26,698
676,270
808,941
1,280,914
433,285
686,187
833,032
1,284,140
388,367
30,824
income. $1,262,417
128,663
income...
Drl0.181
Miscellaneous
Total
Operating Expenses—
Maint. of way & struct
__
Maint. of equipment
Conducting transport'n_
General expenses
Depreciation
Traffic
Taxes
Antilla terminal
II
Pasteillio terminal
Transp. for investment.
Railway
Admin is.,
selling & general expenses
Provision for doubtful accounts—.
Income from operations
Other income...
Total income
Other income deductions.
Balance
51.772
128,839
134,953
07,521
171,551
145,666
02,299
$1,447,155
127,308
oper.
43.267
29,346
43,286
196,556
119,161
01,482
$1,256,176
121,579
Drl4.318
$1,183,434
234,380
Prl4,941
Drl4,113
on
undistributed profits
Proportion of earns, of subs, applic. to min. stkhldr.
Net income to surplus
Dividends declared
Gross income
expenses
Balance, loss
$1,380,899
1,428.566
$1,560,350
1,403,138
$47,667 prof$l57212
$1,363,437
1,405,440
$42,003
$1,402,872
1,421,905
$19,033
Ratio oper.fexp. to oper¬
ating
\3f3 \ \3 i
75.33%
,
171.90%
73.18%
74.21%
5,219,657
214,693
181,247
547,331
15,443
$405,037
414,236
$203,435
$819,273
658,917
$492,891
$160,357
21,448
6,656
$208,377
9,969
1,287
1,301
4.324
289,456
284,514
$127,929
$195,820
175,769
174,761
sales does not include $2,989 ($37,083 in 1936),
representing additional proceeds of wine pool sales, which amount was
withheld by Fruit Industries, Ltd., as a revolving fund.
This amount is
entered in the books as a deferred credit and will be transferred to income
a
The item
of
gross
account in the year
Assets—Cash
it is received.
Consolidated Balance Sheet Dec. 31,1937
hand and demand deposits in banks, $366,225; notes
on
&
(less—reserve for doubtful accounts of $9,089), $734,521;
employees, $8,373; inventories, $1,629,429; other
assets, $886,527; capital assets (less—reserves for depreciation & amortiza¬
tion of $3,953,188), $10,936,998; deferred charges, $369,423; total, $14,931,496.
Liabilities—Notes payable, due within one year, $649,656;
accounts
pa/able, trade & miscell., $504,658; customers' deposits, $39,056; wages
payable, $22,005; accrued interest, $32,487; accrued taxes (wine, property.
accounts receivable
due from
Non-oper.
—-
Provision for amortization of cultivations.
Normal income tax
Other-income..
Miscell. oper.
Cost of sales, incl. oper. expenses..
Provision for depreciation
Tax
1^6^
a$4,311,262
officers
and
Volume
147
Financial
&c.)„ $259,195; due to employee, $4,000; dividend payable Jan., 1938,
$87,849; prov. for est. add'l prior years' Fed. income taxes, $77,113; prov.
for normal Fed. income & undistributed
profits taxes 1937, $31,325; longterm debt. $2,838,113; Reserve for
contingencies, $70,735; deferred credits.
$135,205; capital stock & surplus of sub. company applicable to minority
interest, $14,573; $3 cum. partic. pref. stock (par $100), $5,981,100; 7%
preferred stock (par $100), $427,100; common stock (par $10), $1,608,080;
surplus arising from restatement & retire, of cap. stock, $2,199,223; earned
surplus, $150,783; treasury stock (1,890 shs. $3 cum. partic. pref. stock,
Dr.$189,000; and 1,176 shares com. stock, Dr.$ll,760); total. $14,931,495."
—V.
145, p. 2543.
Dictograph Products Co. (& Subs.)- -EarningsCalendar Years—
Gross prof, from sales
Direct oper. expenses....
1937
1936
$1,225,656
847,705
Admin. & gen. expenses.
Net profit from oper..
Oth. inc. & deduct, (net)
$94,195
16,031
$191,636
18,875
undist. profits taxes..
18,500
20,000
Net income for year..
$59,665
$152,761
Prov.
for
Fed.
inc.
S. G.; McAlister, Smith & Pate, Inc., Green¬
ville, S. C.; Milhous, Gaines & Mayes, Inc., Atlanta, Ga.; Scott, Horner
& Mason, Inc.,
Lynchburg, Va., and J. G. White & Co., Inc., New York.
Balance Sheet, June 18, 1938
.Assets—
loss$l 1,612
$150,286
Cr 12,275
Cr7,019
and
Accounts
Cash
on
601,442
Fixed assets
153,815
Deferred charges
Other assets
Total
—V. 147, p. 1034.
Trade accepts.pay.
25,797
704,885
550,985
Notes & loans pay.
Acer. int. on note
179,388
558.030
Adv. deposits, &c.
Cash for red. stock
2,250
Deferred billings
Accts.
43,207
Investments
«.
-
—
«.
»
50,000
38,468
385,213
31,754
100,981
comm., &c
20,000
Dep. by customers
50.000
361,197
Land, buildings,
equipment, &c.
Patents, goodwill,
a
for batteries
8,440
Prov. for damages
Other liabilities.
100,563
Deferred income._
and trademarks.
Other assets
59,158
1
27,242
74,304
Capital
m.
~
-
•>
-
-
19,551
Reserves
85,935
92,787
88,238
90,263
398,150
stock
398,150
($2
par)
Surplus
Total
a
917,928
951,058
Total
$2,270,984
After
reserve
1937
Greenville, S. C.—Stock OfferedOffering was made Sept. 12 of 74,802 shares ($1 par) common
stock by an underwriting
group headed by J. G. White &
Co., Inc., New York, and including Oscar Burnett & Co.,
Inc., Greensboro, N. C.; Frost, Read & Co., Inc., Charles¬
ton, S. C.; Kirchofer & Arnold, Inc., Raleigh, N. C.; McAlister, Smith & Pate, Inc., Greenville, S. C.; G. H. Crawford
Co., Inc., Columbia, S. C.; Kinloch, Huger & Co., Charles¬
ton, S. C.; V. M. Manning, Greenville, S. C.; Milhous,
Gaines & Mayes, Inc., Atlanta, Ga.; and Scott, Horner &
Mason, Inc., Lynchburg, Va.
At a price of $7.50 per share,
the offering is estimated to
yield a net amount, after under¬
writing discounts or commissions, of approximately $448,812.
The offering is being made for the account of
eight stock¬
holders and does not represent new
financing for the com¬
Business—Dixie-Home Stores comprises a chain of 175 retail
grocery
stores operated on a "cash and
carry' basis in the States of North Carolina
and South Carolina. These stores are
engaged in the sale of a wide variety
of groceries, meats, vegetables,
fruits, dairy products, sea food, tobacco and
various other foods and household
supplies. Approximately 60 of the stores
are "combination" units, each
handling fresh meat and sea foods as well as
groceries, dairy products, and other household supplies.
The stores are
located principally in the central section of South Carolina and
the Piedmont
sections of North and South Carolina.
116 of the stores
State of South Carolina, of which 25 are located in or
are
near
209,640
$2.54
209,640
$3.04
209,640
$2.45
209,640
$2.61,
per share
Assets—Cash, $719,529; scrip, $750; accounts receivable (customers),
reserves,
$251,674; miscellaneous accounts receivaole, $20,965; in¬
$20,757; employees' subscriptions to common stock, $4,954; fixed assets
(less depreciation), $2,866,559; leaseholds, at cost less amort., $86,954;
deposits on leaseholds, &c., $32,260; prepaid rentals, insur., &c., $120,346;
goodwill, $1; total, $8,777,530.
Liabilities—Notes payable to banks, $250,000; accounts payable and
accrued
expenses,
$944,989; dividends pavable, $161,566; reserve for
Federal income taxes, $139,661; managers'
security deposits, $24,625;
deposits on leases and subleases, $3,835; real estate mortgages
payable
(open), $540,750; 6)^% cumulative preferred stock (par $100), $1,435,600;
6% cumulative 2nd preferred stock (par $10), $1,100,000; common stock
(209,640 shares, no par), $913,650; paid-in and capital surplus, $592,139;
earned surplus, $2,670,716; total, $8,777,530.—V. 146,
p. 3952.
Dominion Electric
Operating
Operating
Net earnings
177,321
31,545
15,959
89,084
16,031
74.936
avge. sales per
store based on
Gross profit
Gross profit % of sales.
Total gross income
848
5,679
5,763
5,887
"8", 150
2,400
4,542
reserve prov
Fed. & Prov. income tax
7,253
Net income.
$24,780
1936
1937
Liabilities—
Plant, prop., &c..$2, 724,500 $2,646,363
7,194
20,680
8,895
8,895
Cash
13,426
30,983
Accounts receiv
__
inv. end of
Figures
June 18'38
$
'20.25% ~'20J)2%
105.990
124,822
167,385
83,731
2.34%
2.07%
2.32%
2.61%
0.53
Accrued interest on
Pref. stk. subscrips
16
367
...
31,022
30,476
Accrd. pref. divs..
Other misc. assets.
815
1,075
Other accrd. liabils
7,671
8,093
Consumers' deps__
25,245
23,060
416,445
Inventories
Unamort. debt dis¬
.
0.42
Total.
11.57
occupied either
All the leases
on
stores
expire within approximately three years with the exception of two which
expire in 1942. Several of the leases are subject to termination
exclusively
by the company upon relatively short notice, while others are not
subject to
cancellation by either party prior to the expiration of their terms.
Many
of the leases grant the company the right of renewal.
The principal warehouse of the
company located at 418 Hudson St.,
Greenville, South Carolina, is occupied under lease with an option to
pur¬
chase, which lease expires Dec. 31, 1947.
Directors—R. E. Ebert (Pres.), Columbia, S. C.; J. P.
Williamson,
(Executive V.-Pres.), Greenville, S. C.; H.-H. Harris,
(3d V.-Pres.),
Columbia, S. C.; M. S. Merritt (2d V.-Pres.), Greenville, S. C.; E. R;
Parker (Sec.), Greenville, S. C.; W. P. Newton
(Treas.), Columbia, S. C..
Louis Seel Jr., Belton, S.
C.; T. P. Bouchillon, Piedmont, S. C.
Underwriters—The names and addresses of the principal underwriters
Oscar Burnett & Co., Inc., Greensboro, N. C.; G. H. Crawford
Co.,
Inc., Columbia, S. C.; Frost, Read & Co., Inc., Charleston, S. C.;
Kinloch,
Huger & Co., Charleston, S. C.; Kirchofer & Arnold, Inc., Raleigh. N.
C.;
$2,965,088 $2,922,408
1,287
Total
16,523
1,287
60,153
84,498
...$2,965,088 $2,922,408
Dominion Foundries &
Steel, Ltd.—Listing—
Application for listing an additional 32,463 common shares on the Toronto
been granted, bringing total listed capital to 12,000
preferred shares
($100 par)
and
151,976 common shares (no par).
Of the additional common shares now listed, 2.313 shares were issued under
the employees' stock purchase plan, 29,950 shares upon exercise of rights
by shareholders of record on July 15 last, and 200 shares were issued on
May 20, last.—V. 147, p. 267.
Stock Exchange has
Dominion Rubber
Co., Ltd. (& Subs.)—Earnings—
Consolidated Income Account for the Year Ended Dec. 31
1937
y
^^nd
1935
1934
$9,121,233
$9,005,393
1936
..$12,873,460 $10,421,800
Sales
expenses^
12,146,346
9,557,096
8,155,637
7,783,158
Profit from opera
Income from Investm'ts.
$727,114
3,508
$864,704
13,260
$965,596
15,928
$1,222,235
18,282
11,394
12,771
692
67,400
7,736
12,519
3,272
37,818
general
Profit realized on invest¬
ments sold
Transf. from sundry res.
Total income
Int.
on
notes
payable—
Prov. for depreciation..
Executive remuneration.
Directors' remuneration.
10.75
are:
4,924
4,929
—V. 145, P. 277.
Interest on bonds
0.84
are
funded debt
Surplus
Bond disct. written off..
are
month to month rental basis.
17,939
Accounts payable-
947
Miscellaneous credits—
0.51
a
9,605
17,532
75,360
942
109,169
225,87!
period,
or on
14,534
14,293
84,710
21.01%
183,639
Property—All of the stores operated by the company
12.883
Transferred from res. for
doubtful accounts
for the 52-week periods ending on Dec. 29,
1934; Dec. 28,
1935; Jan. 2, 1937; and Jan. 1, 1938, respectively,
y Includes combined
earnings of constituent companies for 12 weeks to March
27, 1937 and
company earnings from March 29, 1937 to Jan. 1, 1938.
under leases
Munlc. debs. assd.
Notes receivable..
Ended
19.88%
annual rate
700,000
1,132,500
22,481
135,183
Indicated turnover based
$493,000
700,000
1,114,500
490,914
125,998
0.62
$493,200
Common stock
Funded debt
Depreciation res've
20.22%
1.89%
Preferred stock...
Other reserves
102,194
200,000 shares
1936
1937
Bad debt reserves-
37,500
36,000
41,000
43,000
3,499,380 4,078,798 5,280,272 5,763,242 2,532,119
887,129 1,011,795 1,341,235 1,443,123
673 624
inc. taxes—% of sales
Per sh. earns, based on
$6,498
$16,022
Comparative Balance Sheet Dec. 31
Assets—
5,294
$
Net inc. after prov. for
$26,727'
Cr919
4,972
117
164
162
174
175
4,386,509 5.090,592 6,621,508 7,206,365 3,205,743
for income taxes
66,075
96,996
yl937
Net inc. after prov. for
5,991
2,400
2,372
238
1,107
125
avge.
in operation
Cost of sales
$95,361
65,702
13,ol7
$107,801
1.17
365
funded debt.
14,570
62,074
3,768
operation?
end of period
Net sales.
$99,236
66,906
2,89.3
586
$103,277
65,063
Balance
Other interest
Loss on Canaaian exch__
Amortization
24 Weeks
1936
$
$94,231
1,130
$106,694
27.068
89,675
xApproximate Calendar Year
1935
$
$98,000
1,236
28,916
$360,020
162,077
count & expense
dividend rate
in
1934
$374,567
173,406
25,725
15,597
61,839
$100,375
2,902
Other income
Special
1935
$403,898
181,522
expense.
Taxes, other than income
Depreciation
on
1936
$418,485
revenues
Maintenance.-i
Int.
Power, Ltd.—Earnings1937
Deferred charges.
on the common stock is 60c. a
year payable
quarterly, the latest payment having been made July 15,
1938, to stock¬
July 5, 1938.
Summary of Operations—The
following is a summary of the combined
earnings of the constituent companies to the date of consolidation
(March 27,
1937) and of the company thereafter, together with other
operating data,
compiled from financial reports included in this prospectus:
$
299.829
Prepaid items....
holders of record
x
$421,534
located in the
Dividend Record—The company was organized
May 7, 1937, and three
dividends, each of 15c. a share, were paid on the common stock in 1937.
on
$346,086
Columbia and
Greenville; 59 are located in the State of North Carolina, of
which 13 are located in Ashevixle.
Company also operates a bakery, with a
capacity of approximately 15,000 loaves of bread per week, which are
distributed through the stores of the
company under its private brand.
Capitalization—
Authorized
Outstanding
Common stock ($1 par)
250,000 shs. 200,000 shs.
Approx.
$114,449
near
1934
1934
$721,363
Miscell. invests.
The current
1935
$686,918
340,832
Mortgages receiv.
pany.
Stores
1936
$807,716
693,266
$114,088
Calendar Years—
or
$923,281
Condensed Consolidated Balance Sheet Dec. 31, 1937
for depreciation.—V. 146, p. 4113.
Dixie-Home Stores,
16 in
85,989
Total
$695,351
581,263
Balance, surplus
$1,919,083
$2,270,984 $1,919,083
8,197
$4,577,607; cash surrender value of life insurance, $34,888;
miscellaneous investments, at cost (including $25,000 N. Y. World's Fair
1939. Inc., bonds), $40,286; due from employees and others, less
reserves,
6,682
Acer. Fed. taxes..
827,538
31,710
Capital stock (par $1)
200,000
Surplus—Paid in at organization 444,511
lass
Acer, sal., wages &
64,913
affil.
rec.
cos
37,314
Accrued expenses
Res. for current year's taxes
ventories,
payable
•
4,500
59,059
Accrued taxes
Corp.—Earnings—
Calendar Years—
Net prof, after Fed.taxes
54,469
$57,043
313,550
-
$56,500
Accounts payable
-
Diamond Shoe
$261,051
on deposit
Receivables
—
$923,281
Earnings
1936
$347,192
Mdse. inventories.
7,622
1,174
Notes payable—banks..
Shs. com. stk. outstand¬
1937
Accounts payable.
$21,655
21,783
ing (no par)
Liabilities—
hand and
2,325
Inventories..
$162,563
loss$4,593
29,861
1936
receivable
Notes receivable
Consolidated Balance Sheet Dec. 31
1937
$125,385
17,357
...
Dividends paid
Dividends
Assets—
Liabilities—
Cash & cash Items
Earned since organization
$854,576
633,905
232,284
$975,161
599,276
225,596
186,315
1773
V. M. Manning, Greenville,
1934
1935
$1,813,474
1,333,134
386,144
Chronicle
contingencies..
Amt. writ, off invest'ts.
100,000
33,669
$754,788
297,733
35,612
6,612
556,388
41,565
6,400
$946,056
346,162
26,220
2,444
"4",780
$218,187
>210,000
$21,617
210,000
$1,101,780
346,265
$1,315,277
372,398
"
6,800
"6,645
540.862
x574,018
47,184
42,365
28,103
495,172
"
6,439
Prov. for
Prov. for income taxes..
Net loss for the year..
Dividends on preferred..
x
Including
discount
and
20,265
6,399
25,000
34,960
46,465
prof$92,523prof$306,778
provision of $63,358 for Idle plants,
transportation.
a
I*
7,652
27,492
210,000
210,000
y
After ad allowances,
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $1,257,716; accounts receivable, less
reserve
for doubtful
accounts, $1,520,726; inventories, $3,130,638; marketable securities, $3,325;
securities and
$129,200; shares in and advances to subsidiary
and affiliated companies, $563,841: property and plants, at cost (less re¬
serve
for depreciation of $8,040,133), $7,168,957; prepaid and deferred
assets, $206,942; goodwill, patents and formulae, $4,214,053; total, $18.195,398.
,
Liabilities—Accounts payable, accrued wages, &c., $579,562; accrued
taxes, $38,130; accrued interest on notes payable, $25,000; note payable,
due Oct. 1, 1938, $250,000; loans payable, $2,370,724; 1st & ref. 5% gold
bonus, due Jan. 1, 1947, $4,000,000; 4% notes, $2,250,000: reserve for con¬
tingencies, $152,936; minority interest in capital stock of subsidiary,
$57,400; 7% preferred stock (par $100). $3,000,000: common stock (112,220
shares no par), $2,805,500; capital surplus. $1,506,240; earned surplus,
$1,159,906; total, $18,195,398 —V. 147, p. 268.
mortgages,
4
e/tn
Financial
1774
before the Securities
voiced
was
John Haskell, director
and Exchange Commission Sept.
,
,
,
_
„
enabled to utilize these
13 by
results:
reduced rate of interest, the bonds outstanding amounted to
By June 1, 1938 the bond issue was reduced to $4,260,000.
In'these four years, out of the savings in interest, the company has been
able to purchase in the open market at reduced prices and retire a total of
$1,030,000 in bonds.
shares from
of
Contending that the proposed withdrawal of the common
Exchange listing was not in accordance with the established practice
the
Exchange, Mr. Haskell urged the commission to deny the company s request.
this common
stock from trading on an American ex¬
1937
upon
(3)
1934
1935
1936
$1.380,589
Years End. Dec. 31—
Premium
paid on coup..
------
$1,155,764
277.177
10,010
Prov. for
depreciation--
346,906
352,419
2,650
2,710
3,640
$628,097
$384,167
$243,563
loss$64,022
206,325
—
Net profit-
r.
pref. shs. of Al¬
berta Wood Preserving
Co., Ltd
Divs.
\-
Co., Ltd___—
1,0
a
as
1937
■
;
The maturity of the bonds is to be extended from Nov. 1, 1945 to
1, 1953.
(3) The fixed sinking fund requirements are to be waived.
(4) The bondholders receive no compensation for these substantial con¬
cessions requested by the company.
(5) The bondholders are to have no representation upon the board of
directors, and no voice in the management of the company.
Nothing is offered under the plan by the company to the bondholders for
exclusive
$
1,490,112
1,478,681
1,033,868
1,013,632
Taxes payable, incl.
Accr'd int.
Accts. A bills rec.,
prov.
Cash on hand and
21,699
12,360
deferred charges
Fixed
on
3,360,000
Total income—
Pension fund contrib—
Provision for prems.
on securities
in
—
subsidiary co_
stock
sink.
11,194
7,857
67.065
fund res. of subs.
108,203
100,180
3,823,283
3,823,283
Gen. & contingent
53,605
53,605
reserves
5pref.stock..
686,078
861,839
-
Earned surplus
After
x
1936.
reserve
Total
12.643,679
12,629,694
Total.
for depreciation
—
—
debt, &c
x
xl 937
$30,416,330
„
Operating Subsidiaries of—
I71CT(s(L$@
1937
1938
Amount
American Power & Light Co
110,178,000 116,227,000
Electric Power & Light Corp.— 58,282,000
60,484,000
National Power & Light Co
77,021,000
78,893,000
6,049,000*
2,202,000*
1,872,000*
-
hand and in banks, $916,869; marketable
on
'• ''-."im-nm ■'rrr
'
%
5.2*
3.6*
2.4*
Street, Inc.- ■Committee Objects to Company1 s
Modification Plan—
A bondholders' committee for the first mortgage leasehold 6H% bonds,
consisting of Hubert F. Young (Vice-Pres., Fidel Association of New York,
j'U -Albert J. Courtney (Vice-Pres., Cross & Brown Co., New York),
and Raymond T.
Cragin (Pres., Cragin, Morris & Co.), announced that the
plan for the
first mortgage leasehold bonds outstanding in the amount of $4,260,000.
i he committee considers such
proposed modification plan to be unfair and
inequitable to the first mortgage bondholders and have agreed to act as a
committee for the purpose of protecting the interests of the bondholders.
committee is opposed to the company's proposed modification
Property Involved-—The building known
as 11-27 West 42d St. and 18-30
30-story office and store building in the heart of the 42nd
West 43rd St., is a
Street zone in New York
City and contains a rentable area of about 576,000
This building was erected in 1926 upon a plot of 38,200 square
leased from two
separate owners.
first
company issued $6,500,000 of first
mortgage lease¬
maturing Nov. 1, 1945, bearing interest at 6^%; secured by a
$7,181,047
mortgage upon the two leasehold estates, executed to Central Hanover
Bank &
Trust Co. as successor trustee for the bondholders.
At the time
issuance, payment of the principal of and interest on the bonds was
guaranteed by Walter J. Salmon, President and owner of all the common
stock of the company, but apparently his
guarantee was to be in effect only
Gross income
chargedconstr
Balance
Preferred divs. to public
applic.
Portion
Gross income
exps.,
12,616,617
12,892,006
530.384
1.988.168
176,273
al ,552,276
Cr23,073
Crll2,196
2,160,557
650,856
089,890
$3,277,910
1,971,618
$4,695,243 $17,076,979 $20,314,785
1,983,627
7.896,850
7,934.507
210,480
1,237,441
...
„on
$1,244,406
$2,614,823
$8,969,649 $11,142,837
$1.244,406
——454
$2.614,823
$8,969,649 $11,142,837
1,065
993
$1,244,860
$2,614,823
$8,970,714 $11,143,830
of Electric
in income of subs—
Elec. Pow. A Lt.
Corp.
n^uSidiariS.1——
Other income
Total
-
—
Expenses, including tax.
Interest & other deduc-
72,475
.
1
414,943
397,243
1,629,092
$757,442
$2,178,233
$7,110,092
Balance carried to consolid, earned surplus
Includes $418,505
ended Dec. 31, 1937
a
—
..
ioo'nS?
1,588,974
-n
o
$9,347,350
representing non-recurring charges during the quarter
for reorganization expenses of certain subsidiaries.
Statement of Income
fl&ures show the operations of the company for the past
Oper.
3,248.732
96,793
From subsidiaries.---
1935
$8,627,559 $33,121,844 $35,928,314
61,886
Period End. June 30—
1936
496,528
285,908
CY29.925
ority interests
Net equity
$8,674,123 $33,308,010 $36,018,683
94,153
684,564
793,300
140,717
870,730
883,669
min-
to
^Principal amount of the bonds outstanding remained above
1937
$7,134,172
3,103.751
Dr3,400
3,588
(notes,
interest
Mr. Salmon states that his guarantee is no longer in effect,
because of the reduction of the bond issue to $4,260,000 as of June 1, 1938.
four years-
91,156
138,031
Other income
Int. on long-term debt-
13.544,952
_
Other income deductions
Less int.
15,756,819
Dr2,374
Operating income
of such
$4,500,000.
3.344,990
(net)-- — ——
loans, &c.)
Other deductions
Nov. 1, 1925 the
Corp. (& Subs.)—Earnings—
1938—12 Mos.—1937
1938—3 Mos.—1937
$8,676,497 $33,304,422 $36,022,083
11 West 42d
hold bonds
^
$7,181,047
Net oper. revenues—
Rent from lease of plants
Other
«
securities,
$26,066,268 $107722,370 $104751,972
14,044,781 58,661,129 55,184,937
Decrease.—V. 147, p. 1638.
feet; this plot is not owned by the company but has been
50,000
62,047
Inc.—Weekly Input—
1
feet.
203,227
Operating revenues
$25,196,302
Oper. exps., incl. taxes. 14,093,418
Property retirement and
depletion res. approp.
3,921,837
input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
^ouare
11,053
23,261
262,388
10,399,602
9,014,509
adjusted to reflect $200,295 of additional
1936 included therein paid in 1937 and
1638.
.
For the week ended Sept. 8, 1938 the kilowatt-hour system
*
591
39,409
229,000
8,000
profits
Period End. June 30—
The figures for 1937 have been
Ebasco Services,
2,047
Electric Power & Light
16,392,929
taxes applicable to the period of
charged to surplus.—Y. 147, p.
960
^
for lease
of electric properties, Interest on funded
8,476
1,569
8,875
Assets—Cash
and after
Net income after deductions includ. rents
„
1,924
$1,776,344; accounts and notes receivable (less reserves of $478,747),
$3,973,718; inventories, $3,794,884; other assets, $35,431; deferred charges,
$17,209; capital assets (less reserve for depreciation of $4,187,159), $4,200,790; total, $14,715,245.
J
,
_t
Liabilities—Accounts payable, trade, $368,239; accrued salaries, wages
and compensation, $520,838; Accrued Federal capital stock, Ac. taxes,
$188,578; reserve for Federal normal income tax and surtax on undistri¬
buted profits, $237,000; general reserves, $1,500,000; capital stock (par $15),
$6,000,000; capital surplus, $4,000,000; earned surplus, $1,900,589; total,
$14,715,245.—V. 146, p. 1397.
Duquesne Light Co.—Earnings—
14,861,783
19,520
„
1,025
for year... $1,396,084
$1,381,457 $1,071,655
$736,358
1,200,000
1,000,000
400,000
persh. on400,000
•
/
_
shares capital stock..
$3.49
$3.45
$2.68
$1.84
x After providing for depreciation of $271,390 in 1937; $267,958 in 1936,
$265,978 in 1935 and $261,165 in 1934.
.
Balance Sheet Dec. 31, 1937
-
for retirement reserve
36,654
„
capital
merchandise
Dividends..
Duff-Norton Mfp. Co.—-2^-Cent Dividend—■'
appropriation
18,680
234
Earns,
Company paid a dividend of 25 cents per share on the common stock,
no par value, on Sept. 10 to holders of record Sept. 6.
Similar amount
was paid on June 11 last; a dividend of 40 cents was paid on March
18
last; dividends of 50 cents per share were paid on Dec. 28, Sept. 15, and
on June 15, 1937, and a dividend of 40 cents was paid no March 15, 1937.
In addition an extra dividend of 25 cents per share was paid on Sept. 15,
1937.—V. 146, p. 3952.
taxes..
4,672
V..
Net profit
12.643,67
.12,629,694
12 Months Ended July 31—
1938
Gross operating revenues.
l
$29,569,283
Net operating revenue and other income, before
$937,769
121,367
572
Surtax on undistr.
of $3,213,970 In 1937 and $2,867,158 in
2544.
shares in 1936.—V. 145, p.
$1,449,958
124,482
Prov. for Fed. inc. tax-
Represented by 373,884 no par shares in 1937 and 273,184 no par
y
$1,904,015
152,999
Miscell. deductions
245,200
711,253
1,000,454
.
$1,881,701
194,854
paid
scrapped
232.f00
S'^rvV 7% p'.«tk.
Com mon stock
&
assets
5,035~0()0
Alberta Wood Pre-
y
1934
$776,895
160,874
expense- —
Loss on sales of
5.035,000
6Yi% pref. stock..
1935
$1,309,448
140,509
Elgin Watchmakers' College loss
Employees' gymnasium
I'ref.
102,500
deben.
1936
$1,751,366
152,649
operations $1,805,841
Other income.
1.600,000
3.300,000
5,265,160
——
Discount
3^8— 1,400,000
52,430
75,860
1937
127,800
85,200
deb.
int.
Profit from
at the pres¬
proposed bv
Co.—Earnings—
Elgin National Watch
Calendar Years—
x
5,602,988
39,370
—...
assets
Goodwill
4,291
152,344
of life ins. policies
Investments
73,300
pref. stocks—:
pay'le.
Minority
value of
surr.
26,125
132,864
on
15-yr. deb. 4j^s„
35,182
at market value.
25,025
224,664
debs.
Serial notes
Serlal
Market, securlities
on
for inc.tax
declared
Divs.
421,401
778,010
Unexpired insur. &
Cash
the
402,846
309,297
accept or consent to the neAv modification plan
company.—V. 147, p. 1487.
ent ti ne not to
$
S
Liabilities—
Accounts payable.
in banks.------
,
the very substantial concessions requested of them .
Under the circumstances, the .committee advises bondholders
1930
1937
1930
S
less reserves-—-
is to be reduced to 4lA% per annum for five
1938); 4.%% for the next five years, and 5% for
The interest on bonds
(2)
Consolidated Iialance Sheet Dec. 31
Inventory
collected 5%
$204,437.
follows;
(1)
276,925
operating, management and selling expenses,
applicable to minority interests.
Assets—
fees aggregating
years (beginning May 1,
the remaining 5H years
21,456
19.692
18,116
16,860
-
:
organization during these past four years
The Salmon
Company's New Modification Plan—On June 1, 1938 the company issued
new modification plan, some of the objectionable features of which are
Nov.
After deducting
a
of the earnings
x
72,630
129,281
on
Dom. Tar & Chemical
.
„
196,611
accr'd-
Inc. taxes paid &
Directors' fees
$966,012
292,771
3,192
350,214
his guarantee.
in management
$553,629
304,050
3,118
301,801
5,221
3,460
Net operating profit..
Interest on debentures..
a
With the bond issue now reduced below $4,500,000, Walter J. Salmon
he is no longer under any personal liability to the bondholders
states that
-Earns.
Chemical Co., Ltd. (& Subs.)
Dominion Tar &
(2)
191.
change market.—V. 147, p.
accept a
$5 290 000.
pleas by officials of the
however, were strong
Opposed to this objection,
company to remove
bondholders
1934, when the company first requested
(1) On May 31,
to
-
,
_
the company has been
substantial savings in interest with the following
of about 80% of the bondholders,
interest on the part
of stocks lists of the New York
of the department
Stock Exchange.
result of this voluntary reduction in
During the past four years, as a
Ltd.—Delisting Opposed—
of the de-listing application of the company
Dominion Stores,
Opposition to the granting
Sept. 17, 1938
Chronicle
{Company Only)
1938—3 Mos.—1937
1938—12 Mos.—1937
$425,055
$2,072,803
1,065
$1,825,331
993
$541,783
$425,055
$2,073,868
$1,826,324
72,475
Other
$541,329
454
39,347
231,530
207,506
1934
$1,066,338
$998,395
$1,015,530
$1,049,810
707.950
707,466
687,754
694,238
358,387
290,929
327,775
355,571
and other deduct'ns
$469,308
$385,708
$1,842,338
$1,618,818
*8.06%
6.13%
7.14%
7.48%
In5gdue 203?-
387,500
387.500
1,550.000
1,550.000
ground rent
and taxes
Total
Expenses, incl.
taxes
Net, before depreciation
and
amortization
Percentage
earned
on
bonds—.
*
This
is
based
on
the
At the present time the
amount 'of bonds now outstanding
building is about 80% rented.
Prior Concessions to Company—On May 31, 1934 the company
Interest on Power Securi¬
ties Corp.
requested
bondholders to accept 4 % interest on their bonds, in lieu of 6 3^ %, for a two-
Period beginning with the coupon due Nov. 1, 1934.
On April 21,
1936, the company requested bondholders to extend this 4% interest rate
for an additional two years up to and including the coupon due May 1,
1938.
Approximately 80% of the bondholders agreed to this adjustment,
with the result that they have received only 4% interest during the past
four years.
The remaining 20% of the bondholders who declined to accept
the reduced interest have received their full interest of 6
% during the
past four years.
year
collat. trust
gold bonds, American
6% series
t
,>
of debt discount
*
Amort,
and
on
expense
debentures
r
39,632
17,421
gold
on
00
9w43
38,974
38,974
279
—
——
4S6
$54,365
loss$ll,535
$213,246
9,743
Premium and expense on
Power Securities Corp.
bonds retired
Net income
_
—
*
„
$29,844
Volume
Financial
147
Sxcmmary of Earned Surplus for the 12 Months Ended June 30,
Earned surplus, July 1, 1937
Adjustment upon liquidation of subsidiary
1938
$3,513,358
839,448
213.246
*
Net income for the 12 months ended June 30, 1938
Earned surplus, June 30, 1938
$4,566,052
Notes—Suit (for which no provision has been made in the accompanying
statement)
was Drought on March 18. 1938, in Kennebec County, Maine,
by holders of 301 shares of the preferred stoctc of Utah Power & Light Co.,
a subsidiary,
against Electric Power & Light Corp. and that company,
demanding, among other things, either cancelation of the common stock of
Utah Power & Light Co., all of which is owned by Electric Power & Light
Corp., and repayment of all dividends on such stock, with interest, or payr
ment by Electric Power & Light Corp. to Utah Power & Light Co. of
$30,000,000, representing the par value of such common stock, as originally
issued, together with interest thereon from the date of issuance of such
stock.
Counsel for the corporation is of the opinion that the suit is without
merit and the corporation intends to take all steps possible to protect its
legal rights.
No provision has been made in the above statement for undeclared cumu¬
lative dividends on preferred stocks.
Assets—
S
184,662,226
182,806,255
4,322,011
32,954
3,876,220
6,015
-
33,786
Cash
Spec, cash deps_
Accts.
recelv'le.
Dlvs. rec.
ciated
Liabilities—
$
Investments
a
Cap. stk.
155,044,139
allotm't
1,500
1,500
Long-term debt.
32,035,500
526
Accts. payable..
32,024
751,328
31,000,000
19,485
certificates
Subs, to $7 pref.
stock allotm't
Accrued
Other
certificates
1,581
103,002
103,002
3,569,377
bReacq.cap.stk.
1,581
accts..
curr.
liab
694,328
143,892
.
156,336
156,386
Surplus
4,566,053
3,513,358
Total
192,730,773
190,429,196
3,608,351
Reserve
debt
disct. & exp__
Total
192,730,773 190,429,196
a Represented by:
(a) $7 pref. cum. (entitled upon liquidation to $100 a
share), pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 snares; (b) $6 pref. cum. (entitled upon liquidation to $100 a
share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000 shares;
issued and outstanding, 255,430 2-3 shares; (c) 2nd pref. -series A ($7),
cum. (entitled upon liquidation to $100 a share), pari passu with 2nd pref*
series AA ($7); authorized, 120,000 shares; issued and outstanding, 82,914
shares in 1938 (82,964 shares in 1937); (d) common, authorized, 4,000,000
shares; issued, 3,422,289 shares in 1938 (3,422.089 shares in 1937).
b Represented by 972 shares $7 pref. and 893^ shares common in 1938
(972 shares $7 pref. and 892 H shares common stock in 1937).—V. 147,
p. 268.
El Paso Electric Co.
$2,336,425
342,664
513,901
Depreciation
Prov. for contingencies.
Prov. for income taxes.
Amortization of leases,
fees
Prior years' adjustment.
Loss of sub. company
Applicable to interest of
Period End. July 31—
1938—Month—1937
Maintenance
Taxes
Net oper. revenues—
1938—12 Afos.—1937
$237,572
102,349
16,007
28,458
$2,896,501
1,203,840
172,622
332,937
$2,778,810
$92,002
Dr3,002
$90,758
Drl,176
$1,187,102
Dr50,615
$1,059,989
Dr4,004
192,172
311,499
$89,001
36,112
$89,583
36,147
$1,136,488
436,711
$1,055,985
$53,435
$699,776
$619,496
2,083
25,000
25,000
$51,352
$674,776
333,836
$594,496
320,291
-
436,490
(El Paso Elec. Co.,
Del.)
Balance.
Appropriations for retirement
reserve.
$340,941
46,710
Balance
Preferred dividend requirements (public)
Balance applic. to El Paso Electric Co. (Del.).
$274,204
46,710
$294,231
$227,494
Earnings of El Paso Electric Co. {Del.)
Period Ended July 31—
Earnings of El Paso Electric Co. (Texas)
1938-
Earnings of other subsidiary companies applicable
to El Paso Electric Co. (Del.)
Miscellaneous
Expenses,
$227,494
25,000
82,114
79,938
15
revenue
taxes
12 Mos.—1937
$294,231
25,000
Note interest deducted from above earnings
$401,359
27,587
$332,432
$373,772
182,972
and interest.
50,222
52,891
$576,240
238,514
397,524
$1.45
$335,266
189,395
397,524
$0.84
Balance for
common
dividends and surplus
$308,340
182,972
(due
after
one year), $68,156; investment in shares and advances to
subsidiary
companies (50% to 85% owned), $888,475; investment in shares and ad¬
vances to affiliated companies
(50% and less owned), $1,121,034;
land,
$5,448,273; buildings, improvements and equipment, (after reserves for
depreciation of $6,117,786), $5,471,237; sound equipment and installation
costs (after reserves for depreciation of $1,399,430), $50,346;
francnises,
leaseholds, &c. (less amounts written off), $373,689; deferred charges.
$32,533; expenditures in connection with reorganization of funded debt
(less amounts written off), $694,515; premiums paid for capital stocks of
subsidiary companies consolidated (less amounts written off), $146,537;
total, $16,214,954.
Liabilities—Accounts
payable,
$216,080; sundry
taxes
payable and
accrued, $18,009; accrued interest, rents, &c., $72,290; reserve for Dominion
and Provincial income taxes, $205,000; notes
payable and equipment
contracts due within one year, $26,370; notes payable, due after one
year,
$153,000; 1st mtge. <fc coll. trust bonds, $7,050,000; mortgages, &c., on
theater properties,
$735,408; advance payments, &c. (self-liquidating),
$8,872; reserve for contingencies. $145,000; interest of minority stockholders
in capital and surplus of subsidiary companies, $749,967; capital stock
(408,524 no-par shares), $4,118,240; earned surplus, $2,716,717; total.
$16.214,954.—V. 146, p. 3668.
Fansteel
Metallurgical
Corp.—Earnings—
of America,
Tantalum Corp.
of America,
$190,800
$125,368
$408,989
214,434
...
Selling, general and administrative
expenses
Net profit from operations.
$194,555
29,412
Miscellaneous income..
Net income before interest,
depreciation, &c--6% 1st mtge. and collateral bonds
disposition of fixed assets...
8pecial tantalum ore investigation expense
Expense in connection with strike (less insurance recovery)
Net premium paid on inusrance policies under agreement of
Interest
on
on
.....
...
Ry.—Abandonment—
1,129
30,664
748
...
36,780
22,808
—
Balance of income
$120,044
Consolidated Balance Sheet Dec. 31, 1937
%
Assets—Cash, $54,720; accounts and notes receivable (net), $81,034;
inventories, $431,819; investments, $363,872; fixed assets (after reserve
for depreciation of $551,964), $812,908; prepaid expenses, $5,904; goodwill,
trade names, trademarks, patents, patent rights, and Ramet development
costs, $915,722; deferred charges, $57,904; total, $2,723,885.
Liabilities—Accounts payable (trade), $29,629; accrued payrolls and
commissions, $12,051; accrued taxes (State, local, and capital stock),
$8,045; accrued Federal income taxes (current), $22,808; social security tax,
$11,376; accrued interest on 1st mtge. bonds, $3,950; accrued royalties and
sundry accruals, $6,310; customers 'credit balances, $1,239; sinking fund
requirement re funded debt, $39,600; bonded indebtedness, $139,000;
preferred stock, no par (7,546 shares!, $679,140; common stock, no par
(196,434 shares), $984,770;surplus, $785,964; total, $2,723,885.—V. 146,
p. 750.
Years End. Dec. 31—
sales
Net
Operating charges
Earnings—
1936
1937
1935
1934
1,713,602
*
$5,716,602
$4,995,550
$3,461,301
5,832,687
412,590
4,938,423
374,077
4,343,614
3,078,064
209,821
$404,102
$370,994
Cr96,553
206,486
26,648
$173,417
050,663
121,188
$88,503
415,190
D/T.269
$502,423
(inch
deprec. and amortiz.).
Admin., sell. & ship, exp
Net profit from sales.
.
Prov. for Fed. inc. tax_.
$468,324
Crl42,499
202,436
x64,791
280,942
0131,7j.8
186,682
46,989
249,644
$234,414
602,423
Dr 14,075
62,444
Surplus Dec. 31
RR.—Reorganization—
$302,150
Dividends declared.
$343,596
812,823
Crl0,673
277,982
$889,111
$812,823
$760,318
Previous surplus.
x
Equipment Trust Payments—
The trustees have been authorized to pay
instalment of equipment trust
dividends of $1,800 falling due Aug. 15, 1938,
order of Federal Judge Paul Jones at Cleveland. The order also calls
for making future payments on subsequent instalments running until
1941.—V. 147, p. 1337.
series "MM" of $12,000 plus
760,318
—
—
«.
„
.
14,389
Including surtax on undistributed profits.
Interstate Commerce Commission
granted permission on Sept. 12
to a group of holders of refunding and improvement mortgage bonds to
intervene in the reorganization proceedings.
Wilfred Kurth, chairman of
the Home Insurance Co. of New York, is chairman of the group, which is
composed principally of banks and insurance companies owning, it is said,
$11,395,000 of the bonds.
The Bankers Trust Co., New York, trustee under the refunding & impt.
mtge., also has been permitted by the ICC to intervene in the reorganization
proceedings.
f
by
$223,967
10,237
1,556
canceled debentures
Provision for depreciation
Federal income taxes accrued—
Other deductions
The Interstate Commerce Commission on Aug. 31 issued a certificate
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad extending from Palisade to Eureka
with a branch line from the latter point to Ruby Hill, 3.5 miles, a total
distance of approximately 88 miles, all in Eureka County, Nev.—V. 139,
p. 2970.
Erie
and
Corp.]
Gross profit on sales
1487.
The
378,790
$0.80
24,092
Note—Effective Jan. 1, 1937 the subsidiary companies adopted the new
system of accounts prescribed by the Federal Power Commission, hence
the above 12 months' figures are not exactly comparative.—V. 147, p.
Eureka-Nevada
$302,626
Assets—Cash, $676,324; call loans, $315,000; Dominion and Provincial
$301,550; accounts receivable (net), $220,851; prepaid
Fedders Mfg. Co., Inc.Preferred dividend requirements.
"5", 065
1,215,150
$50,805
Balance
Int.
9,424
Earnings for Year Ended Dec. 31, 1937
2,083
.
132,647
50,390
Fansteel Mining
$52,888
Balance
Int. and amort, (public).
"5",066
137,375
1,955
57.900
168,465
40,000
3,874
5,450
government bonds,
Net loss
Non-oper. income (net).
"4,350
150,710
4,085
11,155
245,114
408,524
$2.13
_
[Including Ramet Corp.
(Del.) (& Subs.)—Earnings—
$235,087
95,854
17,939
29,291
revenues.
Operation.
149,432
46,795
$869,197
share
Earnings of El Paso Electric Co. {Texas)
Operating
8l"666
170,426
40,000
4,900
4,450
130", 660,
minority stockholders.
per
98 '35 Dec. °9 *34
$1,788,394
522,334
674,972
435,057
471,020
10,000
133,795
50,500
Directors' fees
Officers' salaries & legal
Net profit
Divs. on capital stock.
Dec.
$2,009,077
449,603
462,455
205,676
franchises, &c
Amort, of expend., &c_.
Foreign exchange
Earnings
Jan. 2 '37
Jan. 1 '38
_
expenses, $263,149; Deposits to secure contracts, $93,814; cash in hands
of trustee for bondholders, $49,469; notes and mortgages receivable
33,080
Other cur. ass'ts
Interest.
$
(no
Subs, to $7 pref.
stock
Famous Players Canadian Corp., Ltd. (& Subs.)Years Ended—
Operating profit
Consolidated Balance Sheet at Jan. 1, 1938
value)...155,044,139
par
(asso¬
cos.)..
Unamort.
1937
1938
1937
1775
Shs. cap. stock (no par).
Balance Sheet June 30 (Company Only)
1938
Chronicle
Condensed Balance. Sheet Dec. 31, 1937
Assets—Cash, $340,753; customers' notes and accounts receivable
(less
for doubtful accounts, $5,500), $229,436; cash value of life
$1,750; inventories, $1,252,816; other assets, $19,860; land,
$70,503; buildings, machinery, &c. (after provision for depreciation of
$1,587,189), $977,187; patent rights, &c., $1; deferred charges, $46,759;
total, $2,939,067.
provision
insurance,
Liabilities—Notes payable to banks, $400,000; accounts payable, $34,794;
accrued accounts, $25,902; provision for Federal income and surtax on
undistributed profits, $67,341; capital stock ($5 par) $1,200,000; paid-in
surplus, $321,919; earned surplus, $889,111; total, $2,939,067.—V. 147, p.
1192.
an
Fairbanks, Morse & Co.—Calls Preferred Stock—
Company has made arrangements to borrow funds necessary to take
care of the redemption of its preferred stock on Nov. 15 although it is hope¬
ful preferred stockholders will exercise their privilage, which expires Oct. 16,
Feltman & Curme Shoe Stores Co. (&
Earnings for
Net
Year
Ended
Dec.
31,
Subs.)—Earnings
1937
sales...............—.................—...........
Cost of goods sold
Gross profit on
sales
Selling and general
$5,225,025
3,412,119
$1,812,906
1,680,043
— .—
expenses
to convert their stock into common.
Profit from operations
Company currently has no bank indebtedness, according to an official,
having repaid some months ago bank loan of $1,000,000 shown on its
Dec. 31, 1937 balance sheet.
The $100 par 6% preferred, of which 10,958 shares are outstanding, is
callable at $105 plus accrued dividends of $1.25.
It Is convertible into
common, until Oct. 16, on the oasis of 2H common shares for eacn preferred.
Federal income taxes..
On the basis of the preferred call price, commoo conversion price is $42.50
share compared with the Sept. 12 closing price of approximately $37.
Losses on
$132,863
7,290
a
Notice has been received by the New York Stock Exchange that com¬
pany's 6% cumulative convertible shares,
day preceding the redemption date, have
shares, were called 8ept. 9 for redemption
share plus accrued dividends.—V. 147, p.
which shall not, up to the 30
been converted into common
on Nov. 15, 1938 at $105 per
1487.
Other income credits (incl. discounts on purchases, $5,564)
Gross income
Interest
Rents on
Other
Net
abandoned locations.
disposals of fixtures and equipment, &c. (net)
i.
$140,153
6,604
15,348
22,800
2,559
charges
1,510
income
$91,332
dividends.
47,696
Common dividends..
22.788
Preferred
Financial
1776
Sept.
$395,419; deferred
31, 1937
Consolidated Balance Sheet Dec.
Chronicle
Assets—Cash, $137,619; claims, &c., receivable (less reserve of $6,751),
$262; merchandise inventories, $1,067,148; cash surrender value of life
insurance, $19,761; accounts receivable (enployees , $1,257; fixtures and
equipment (after reserve for depreciation of $398,812), $150,050; alterations
to leased buildings, $105,385: automobile (l<s» reserve of $54 for depre¬
ciation), $589; sundry store equipment and fixture materials not in use,
$1,448; deferred charges, $17,945; leaseholds, $1; total, $1,501,466.
Liabilities—Notes payable (banks), $300,000; accounts payable (trade),
$137,216; dividend payable Jan, 3, 1938 (preferred stock), $11,869; accrued
accounts, $68,621; reserve for possible obsolescence of merdhandise inven¬
tories, $200,000; $3.50-$7 preferred stock (13,690 shares
no par; statwi
value $25 per share), $342,250; less 125 shares in treasury, $3,125), $339,125;
common stock ($1 par), $91,152; capital surplus, $276,709; earned surplus,
$76,773; total, $1,501.466.—V. 145. p. 3344.
&
charges
prepayments,
1938
17,
$11,637; trademarks,
$584;
total, $496,135.
payable, $10,187; notes payable for equipment pur¬
chased under conditional sales contract, $2,941: accounts payable (trade),
Liabilities—Notes
$30,044; accruals, $6,285; real estate taxes, $1,725; customers' deposits on
containers, $9,878; mtge. instalment (current), $2,250; Advances from
shareholders, $4,943; 6% 1st mtge. payable (non-current), $72,000; common
stock ($2 par),
$381,140; deficit, $25,258; total, $496,135.—V. 145, p. 607.
Inc.—Dividends—
Fiscal Fund,
the following dividends:
Deposited Bank. Shares N. Y. , Series A—A cash distribution is
payable Oct. 1, to holders of record of Sept. 1, at the rate of four cents per
Directors declared
On
the
Bank Shares, Series N. Y.—A cash distribution is payable
of Sept. 1, at the rate of 2M cents per share.
On the Deposited
Oct. 1, to holders of record
Federal Bake Shops,
Inc.—Earnings—
xl937
$3,358,347
Calendar Years—
Sal^__
1,655,941
Cost of goods sold
—V.
yl934
yl935
yl936
$3,102,003
1,529,784
1192.
p.
Florida Portland Cement
$2,869,252
1,497,076
$2,825,987
1,497,088
147,
Co.—Earnings—
Gross profit from
1,413,967
$1,328,899
1,221,423
$1,372,176
1,261,303
$288,438
Operating expenses
operations
Profit from
$1,572,219
1,319,461
$252,758
$107,476
$110,873
sales $1,702,405
Other income—interest,
14,693
9,503
10,706
11,836
$303,132
11,939
$262,261
16,493
$11§,1§2
yl937_
118,592
3,019
..
Int. and other charges._
114,791
20,240
$110,737
Net sales
deprec'n..
Prov. for Fed. inc. tax__
6,300
20,809
112,965
8,098
loss$15,565
$1,243,713
...
...
sales.
Selling, general and administrative expenses
Mill overhead applic. to non-oper. periods, &c
-
17,858
credit
Net income..
13,255
other
x
loss$14,549
Including operations of two subsidiaries for periods Jan. 1, 1937 to
1937.
y Includes subsidiary companies.
Condensed Balance Sheet, Dec. 31, 1937
Assets—Cash $247,055; notes and accounts receivable (less reserves,
$1,620) $5,853; Inventories, $85,841; other assets, $30,965; land, buildings
and equipment
(after reserves for depreciation of $350,031), 585,118;
leasehold improvements (unamortized cost), $146,352; patents, $1; deferred
charges, $11,386: total, $1,112,572.
Liabilities—Accounts payable, $16,585; accrued interest, taxes, etc.,
$21,204; real estate mortgages payable (payable in 1938, $l,000r 1939,
$1,000; 1940 and subsequently, $80,000), $82,000;. reserves, $26,570; re¬
serve for contingencies created from capital surplus arising from recapital¬
ization (charged in 1937 with $28,861 resulting from liquidation of a sub¬
sidiary company), $104,940; 5% cum. pref. stock (redeemable at and en¬
titled in liquidation to $30 per share, plus accrued dividends) $30 par,
$287*760; common stock (106,770 shares no par), $320,310; surplus, $253,204; total, $1,112,572—V. 145, P. 2074.
Filtrol Co. of
California—Earnings—
1935
1936
1937
13,737
$175,524
41,623
$244,397
$339,067
55,501
147,397
1,101
Total income
$170,660
60,000
5,524
Adminis. and miscell. expenses
Federal
income
taxes
on
current
20,551
30,248
$168,344
297.107
$161,421
operations
Interest
——
Assets—Cash, $114,974; accounts receivable, $1,535; inventories, $52,896;
patents, $1; deferred charges, $75,907; total, $1,217,548.
Liabilities—Accounts payable, $1,337; taxes payable, $4,663; interest
accrued on debentures, $2,083; purchase contract Olancha clay deposit,
$4,200; debentures outstanding, $500,000; reserves for contingencies,
$20,248: common stock (221,044 shares), $663,132; earned surplus, $21,884;
total, $1,217,548.—V. 147, p. 571.
Finance Co. of Pa.—Smaller Dividend—
Directors have declared
a dividend of $2 per share on the common stock
payable Oct. 1 to holders of record Sept. 17.
Regular quarterly dividend
of $2.50 per share was paid on July 1, last.—V. 146, p. 440.
(M. H.) Fishman Co., Inc.—Earnings—
Year Ended Dec. 31—
1937
$4,085,421
1936
$3,929,872
234,351
42,850
232,258
$191,501
22,776
$190,871
24,902
Profit after deducting stores,' general and adminis¬
trative expenses and depreciation charges
Provision for Federal income and surtax
Net profit..
on
Florida Power & Light Co .—Preferred
The directors have declared
$7 pref. stock and
a
preferred stock.
a
Earnings
x
and
—
per share on common stock
Earnings
on
.
share on 149,120 shares of
per
880 shares of
shares of old stock,
y
new
common
Earnings
per
new common
stock reserved
share
$168,725
x$1.12
41,386
on
for
'
$165,969
y$2.21
both payable Oct. 1 to holders
of record Sept. 17.
stock outstanding
1936
1935
1934
2,701,066
338,227
$2,125,676
93,324
1,551,669
244,148
$1,598,170
71,381
1,201,671
227,669
Cost of goods
$342,146
12,651
$299,627
11,330
$236,534
5,898
$97,448
6,253
$354,797
$310,957
$242,432
$103,701
x49,511
x31,830
21,443
64,320
76,670
65,976
77,876
$240,966
144,000
$202,457
144,000
$155,012
144,000
$25,825
$96,966
$58,457
$11,012
$25,825
$1.34
$1.12
$0.86
$0.14
sold
Gen. & adminis. expenses
Profit from operations
Other income (net)
Federal income tax
Deprec. of plant & equip.
profit
Dividends...
<
Surplus
Earns, per sh. on 180,000
shs. cap. stk. (no par)
x
Including
tax on
undistributed profits.
Balance Sheet at Dec. 31,1937
Assets—Cash, $25,333; United States securities (at cost) (market value,
$50,687), $49,656; accounts receivable, $384,4^9; notes receivable, $715;
inventories, $548,964; fixed assets (after reserve for depreciation of $480,081)
$747,414; factory supplies and prepaid expenses, $14,784; formulae, pro¬
cesses, &c., $1; total, $1,771,297.
Liabilities—Accounts payable, $75,038; accrued payroll, $13,762; Federal
income and undistributed profits tax, $49,511; accrued real estate and
other taxes, $14,762; common stock (180,000 shares no par), $600,000;
surplus, $1,018,225; total, $1,771,297.—V. 147, p. 1192.
Fruit Growers Express
Co.—Earnings—
1936
....
$442,245
348,558
$62,067
94,321
income
$1,994
Crl,929
Cr2,512
5 342
Other deductions
Extraordinary deductions
depreciation
8 671
_
Provision for
5 071
6 151
21,206
Net loss
$65,461
(after
allowance
for
losses
&
deterioration
of
$25,619), $42,883; fixed assets (after allowance for depreciation of $92,485),
8,228,655
$725,563
97,885
$858,940
79,761
3,000
89,139
3,000
$589,813
$766,801
319,765
304,610
$909,578
$1,071,411
223,249
286,585
209,652
341,435
210,179
29,493
29,494
29,493
$251,778
Operating income
Other income
$672,574
208,773
...
3,000
$713,293
...
Rental
on cars
Amort, of discount
on
equip, trusts—
Net income
Accrual for Federal income tax
$383,848
50,684
$490,302
63,979
Balance transf. to profit & loss
$251,778
Credit balance Jan. 1
RR. retire, tax accrued in 1936
Adjust Fed. income
Prof.
on
tax
-----
$426,323
2,750,144
2,678,926
—-
------
875
—
61,206
$2,929,727
328,424
$3,177,305
328,424
$3,166,666
328,424
19,536
22,362
19,375
Miscellaneous
210
92,097
9,479
-
property retired
1,900
32,726
property sold & retired
Miscellaneous.
on
$333,164
2,547,545
52,000
44,803
281,800
65,734
$2,572,448
$2,547,545
$2,750,144
Condensed General Balance Sheet Dec. 31, 1937
Assets—Equipment, $33,057,735; miscell. property, $1,993,807; invest, in
cos.,
$203,500; cash, $686,010; other current assets, $1,708,386;
$38,471,767.
Liabilities—Capital stock, $8,210,600; premium on capital stock, $493,050; equipment obligations, $4,344,000; current liabilities, $1,207,628;
deferred liabilities, $697,628; operating & deprec. reserves, $20,946,412;
profit and loss (surplus), $2,572,448; total, $38,471,767.—V. 145, p. 435.
affil.
deferred assets, $822,329; total
$11,287
Balance Sheet, Dec. 31, 1937
Assets—Cash, $7,303; accounts receivable, $7,988; inventories, $24,412;
u- S. revenue & Pennsylvania beverage tax
stamps, $2,721; claims for
containers
$9,087,596
8,446,361
88,615
Uncollectible accounts
$93,687
95,681
$32,253
Operating loss
Other
$9,118,936
$624,678
Net operating revenue
■—
Tax accruals, other than income tax.
Loss
$373,528
311,460
expenses
1935
$9,706,573
8,981,010
Operating revenue
Operating expenses
Cash dividends
1937
& adminis.
1936
1937
Calendar Years—
Credit balance Dec. 31
exps.
1874, for
$2,660,410
130,835
1,941,421
288,527
Total
Brewing Co.—Earnings-
Grossprofit
Selling & delivery
P.
1937
Interest.
Balance Sheet Dec. 31, 1937
Assehs—Cash, $268,278; merchandise inventory, $557,515; merchandise
transit, $4,569; accounts receivable (sundry), $5,797; prepaid rent,
$5,993; cash surrender value, life insurance, $2,125; claim receivable, fire
insurance companies, $19,681; fixed assets (less reserve for depreciation),
$594,778; miscellaneous and deferred assets, $30 ,<77; total, $1,489,714.
Liabilities—Accounts
payable,
$76,963,;
accrued
dividends,
$4,537;
accrued interest on mortgage, $442; Federal income, surtax and capital
stock taxes, $46,049; miscellaneous taxed, $313, mortgage payment, $1,000;
mortgage payable (due on demand), $25,500; preferred stock ($100 par)
(new), $196,700; 7% preferred stock ($100 par) (old), $170,600; common
stock ($1 par), $149,120; common stock (no par) (old) 440 shares of assigned
value of $880; surplus, $817,611; total, $1,489,714.—V. 147, p. 1638.
Cost of beer and ale sold...
146,
$3,519,926
138,486
Calendar Years—
Gross income
in
Flock
stock,
On July 1, last, 87 cents
$7 pref., and 75 cents on $6 pref. were paid.
See V.
record of previous dividend payments.—V. 147, p. 1487.
on
conversion of 440
75,000 common shares.
Years Ended Dec. 31—
Sales of beer and ale, net
Dividends—
dividend of $1.31 per share on the cum.
_
Balance
inventories,
dividend of $1.12 per share 011 the cum, $6 pref.
Net
investment in and advances to Filtrol Corp., $395,530; investment in and
advances to Metallytic Corp., $38,553; property (less reserves), $538,153;
Net sales
$108,615;
(net),
receivables
Assets—Cash,; $204,529;
$411,167; investment in stock of related company (at cost), $2,050; plant,
properties and quarry lands (net), $3,935,509; prepaid insurance and other
expenses, $19,004; discount and commission in connection with preferred
stock, &c. (not being amortized), $691,929; total, $5,372,803.
Liabilities—Bank loans, $100,000; accounts payable, trade, $67,203;
accruals, $33,653; provision for returnable sacks, $14,414; preferred stock,
$100 par (callable at $110 per share; dividends cumulative at 7% and
participating non-cumulatively up to $3 per share), $5,000,000; common
stock (no par) 75,000 shares, $1,100; earned surplus, $159,333; treasury
stock (29 shares preferred and 14K shares common), Dr.$2,900; total,
$5,372,803.—V. 147, P. 890.
Total profit
$101,881
154,731
Condensed Balance Sheet Dec. 31, 1937
Dividends
charges for deprecia¬
$163,306 in 1937 and $126,123 in 1936.
Deductions from sales..
5,919
Net income.
Dividends paid
above profit and loss account includes
tion and depletion of
Net sales.
25,000
Amortiz. of debt disc, and expense
°°Note—The
$119,696
$148,351
y Includes subsidiary
—
undistributed profits,
Includes $2,000 surtax on
x
Formica Insulation Co.—Earnings—
$339,067
$170,000
Gross profit from sales
Dividends from Filtrol Corp
Other income
80,997
19,086
Consolidated Balance Sheet, Dec. 31, 1937
dates of liquidation in Oct.,
Calendar Years—
$248,434
44,361
x21,000
deductions
Net profit....
04,614
Crl,757
14,301
$185,056
Net profit
Interest and
...
7,197
63,285
14,388
53,277
$234,133
$171,801
operations
Other income
Drl0,263
loss$24,071
$111,365
$187,438
...
Pref. divs. paid
Com. divs. paid
.
^
_
Drl,777
2,404
sub. cos.
Extraordinary
.
_
664,457
$451,598
208,447
9,019
loss$19,163
16,958
110,488
Provision for Federal normal income taxes
Net income
Applic. to min. stks. of
1936
805,374
Gross profit on
Net profit from
^
$1,116,055
$438,338
233,675
32,862
Cost of goods sold
$122,709
---
Total income.
Amortiz. and
„
_
$169,580
discount, &c.
1936
yl937
Years Ended Dec. 31—
Fuller Brush Co. (&
Years Ended Dec. 31—
Subs.)—Earnings—
1937
1936
1935
1934
$188,903
$246,479
$133,889
Net income after reserves
for
depreciation and
provision for taxes
$208,028
Volume
147
Financial
Chronicle
Consolidated Balance Sheet Dec. .31
Assets—
1S37
Cash
1936
$212,637
Liabilities—
policies
ance
Accounts payable-
$157,810
$84,520
500,000
400,000
35,147
Notes payable
Accrued commis's,
42,186
27,088
12,605
288,447
261,924
2,113,232
1,838,092
985,731
825,461
Reserves
106,500
100,000
25
1
Common stock
852,565
840.000
Preferred stock
588,200
1,375,938
1,286,133
-
Accts. receivable..
Inventories
Plant &
equipm't."
Goodwill,
patents
and trade-marks
Investments
8,684
8,955
53,059
26,048
bonuses & wages
4,732
Dividends
stock
Other assets
85,485
42,000
33.950
payable._
20,465 telephones
-V.
$3,757,138 $3,330,179
145,
Total
$3,757,138 $3,330,179
Operating
Years Ended Dec. 31—
Corp.
1937
-Earnings1936
Sell. & adminis. expenses
Loss from oper. of scaffold
$118,458
115,035
division
$112,150
124,431
$125,422
118,949
8.7!5
$125,167
x
~
Other deductions
Dr493
,
Net sales
"17,741
taxes
Co.—Earnings—
Gross profit
Expenses
$4,783,843
3,345,268
Profit from operations
18,540
value of securities
Income credits
Cr6,627
at
on
$1,525,354
47,779
advances to related oil company
on
Provision for loss
abandonments
36 000
Interest-
Net loss
Dividends paid
Adj. of prior
yrs.,
$25,580
5,720
$7,394
177,786
$31,300
209,086
$20,243
229,329
229,780
$170,392
$177,786
$209,086
$229,329
$8,465 prof$l 1,664
15,058
11,778
02,943
deprec.
Balance deficit
-
Previous surplus
$451
Provision for Federal and State taxes
a
on
6 896
II-IIIII
income
Net income..
Earned surplus, Jan. 1, 1937
Gross surplus
-
_•
b Dividends paid
Balance, Dec. 31
~
_
$7,394
$1,438,575
86,780
(divs., int., discts., & other miscellaneous inc.)
Gross income
Provision for loss
143
12%
-
Cost of 133 shares of company's stock
purchased
Z
Balance Sheet Dec. 31,1937
Assets—Cash,
$15,264; U.
S.
treasury
bond
listed
&
&c.,. sundry, $2,242; notes & accts. receiv. from officers & employees,
$1,591; partic. certificates (less reserve), $400; portable steel scaffolding
(after res. for deprec. of $6,940), $62,462; prop., plant & equipment (after
res.
for deprec. of $97,830), $89,148; dies in vendor's plant, $62,501;
deferred charges, $18,594; total, $388,700.
Liabilities—Notes payable (trade), $11,781; accounts payable, $16,560;
accrued real est. & other taxes, $1,299; capital stock (19,905 no par shares)t
$225,000; capital surplus, $12,067; earned surplus, $170,392; 4,963 treas.
shares (at cost), Dr$48,399; total, $388,700.—V. 145, p. 760.
Fuller Manufacturing
Gross
Co.—Earnings—
Earnings for Year Ended Dec. 31, 1937
operating profit
General expenses
Net operating profit
$154,893
529
28,982
Miscellaneous charges (net)
x Provision for Federal income taxes
Net income
$125,381
60,000
Common dividends
Balance, surplus
x
$372,246
217,353
$65,381
Includes $9,087 surtax on undistributed profits.
a
195
Assets—Cash, $93,062; U. S. Government securities (at cost), $10,000;
notes and accounts receivable (after reserve for bad debts of
$6,055), $122,089; other notes and accounts receivable, $15,810; inventories,
$333,428; prepaid expenses, $15,684; investments, $68,830; property, plant
and
equipment (after reserve for depreciation of $762,608), $637,123;
patents, $1; total, $1,296,027.
Liabilities—Notes payable (banks!, $125,000; accounts payable (trade),
$29,544; accrued salaries, wages and other expenses, $22,680; dividends
payable, $3,210; provision for income and capital stock, taxes, $34,682;
common stock ($1 par), $300,000; capital
surplus, $488,943; earned surplus,
$291,967; total, $1,296,027.—V. 147, p. 1638.
Gamble Stores, Inc.—Registers with
See list given on first page
SEC—
of this department.
Gatineau Power Co, (& Subs,)—Earnings—
Period End. June 30—
Operating
1938—3 Mos.—1937
$2,120,245
32,221
exchange
Dr20,607
revenue
Other income
Profit
or
loss
on
Total
Oper., admin. & generalMaintenance
$2,131,859
216,196
54,891
$2,124,221
22,648
CV229
1938—12 Mos.—1937
$8,602,139
$8,178,521
147,324
64,322
Dr22,510
Dr'SlQ
$2,147,098
204,184
49,842
$8,726,952
914,616
276,358
$8,242,527
74,861
405,597
y270,008
$1,818,211
859,558
308,888
$7,130,382
3,428,604
888,088
$6,905,742
3,446,124
1,259,746
154,771
83,951
665,579
341,948
656,597
338,389
823,923
242,854
Taxes—incl. prov. for in¬
come taxes
105,451
inc. before int.,
deprec. & dividends $1,755,321
Int.—bonds & prior liens
855,278
Int.—debs. & other
202,703
Deprec. & amort, of stor¬
age works--;
157,957
Amortiz. of disct. & exp88,740
Net
Balance before divs--
$411,042
502,883
General Baking Co.—Extra and
Directors
on
$1,806,163
Larger Common Dividend
Sept. 8 declared an extra dividend of 10 cents per share in
addition to a dividend of 15 cents per share on the common stock, par $5
payable Oct. 1 to holders of record Sept. 17.
Dividends of 10 cents
were paid on July 1 and on May 2, last, and previously regular quarterly
dividends of 15 cents per share were distributed.
See also V. 147, p. 1193.
both
General
Electric
Co.—20-Cent Dividend—
dividend of 20 cents per share on the
value, payable Oct. 25 to holders of record Sept. 23.
A like amount was paid on July 25 last and compares with 30 cents paid on
April 25 last; $1 paid on Dec. 20, 1937; 40 cents paid on Oct. 25, July 26 and
April 26, 1937, and an extra dividend of 50 cents in addition to a regular
quarterly dividend of 25 cents paid on Dec. 21, 1936.
A dividend of 25
cents was paid on Oct. 26,1936, and each three months previously.—V. 147.
p. 890.
The directors on Sept. 9 declared a
common
stock,
no par
J
General Motors
as
to
Corp.—Stockholders Number 399,255—
preferred stockholders
of 1938 was 399,255 compared with 403,282 for the
second quarter of 1938 and with 363,675 for the third quarter of 1937.
There were 378,150 holders of common stoek and the balance of 21,105
represents holders of preferred stock.
These figures compare with 382,325
common stockholders and 20,957 preferred for the second quarter of 1938.
—147, p. 1638.
The total number of General Motors common and
for the third quarter
which
on
$1,946,329
1,002,183
'
1,966
$942,180
undistributed profits, $8,833.
shareholders
exercised
their
b Including $303,option to receive the com¬
share.
a
Balance Sheet Dec. 31, 1937
$868,669; marketable securities, $19,594; accounts and
(less reserves), $658,213; petroleum products, $545,597;
merchandise and supplies, $119,752; cash surrender value of life insurance
policies. $92,836; investments in and advances to related oil companies
(less reserve), $91,801; miscellaneous investments (less reserves), $14,181;
property (after reserves for depreciation, abandonments, &c., of $2,745,925), $2,665,507; contracts and goodwill (company's valuation), $250,000;
prepaid insurance, taxes, and rent, $99,380; miscellaneous assets, $64,137;
total, $5,489,667.
Liabilities—Accounts payable, $1,024,313; taxes payable and accrued
(including Federal and State taxes on income), $469,921; purchase money
obligations, $70,901; capital stock, 283,935 shares, $2,938,568; paid-in
surplus, $43,784; earned surplus, $942,180; total, $5,489,667.
Note—No provision has been made in the above balance sheet for
possible
additional Federal and State taxes on income for prior years, amounting to
approximately $38,500.—V. 146, p. 3954.
receivable
Globe Steel Tubes
Co.—Earnings—
Earnings Year Ended Dec. 31, 1937
Earnings from operations,
after
deducting manufacturing
selling, and administrative expenses
Sundry income, interest and discount
Total income.
Federal and State taxes
on income
Discount and miscellaneous charges
Reserves for
'
$672,747
9,693
$682,440
24,440
84,799
113,502
178,375
—
Bond interest.
depreciation
Net profitDividends paid
$281,323
136,042
Balance Sheet Dec. 31, 1937
Assets—Cash, $227,145; accounts and notes receivable, less reserve,
$253,588; inventories, $659,525; notes receivable, $10,500; land, $185,639;
buildings, machinery, equipment, &c. (after depreciation reserve of $1,824,525), $2,29J,934; patents and development (after amortization of
$71,435), $119,720; sundry assets and deferred charges, $61,363; total,
$3,817,414.
Liabilities—Accounts payable, $52,837; accrued payroll, $18,869; taxes
general, $31,478; Federal and State taxes on income, $84,804; capital
stock (272,084
no par shares),
$3,017,852; earned surplus, $611,575;
total, $3,817,414.—V. 146, p. 109.
Graham-Paige Motors Corp.—Working Capital Position
Improved RFC Loan—Agreement with Creditors—
The corporation has
signed agreements with the Reconstruction Finance
Corporation, a committee of trade creditors and with noteholders which
will allow the company to get underway a campaign for its share of the
1939 automobile business and to expand its tractor production program.
An RFC loan of $750,000 together with subordination of creditors'
claims of $1,394,791 and noteholders' claims of $154,000 for principal and
interest has provided company with net working capital of $1,186,473.
This figure
Dec. 31,
with net working capital deficit of $807,683 as of
Before reflecting the current adjustments, the net work¬
compares
1937.
ing capital deficit was $1,112,000 as of July 31, last.
The RFC loan is due $75,000 in 1939, $137,500 in 1940, $162,500 in 1941.
in
1942
and $200,000 in 1943.
The vendors' claims are ex¬
with payments to be made from future increases in
tended for five years,
working capital.
Current notes and interest amounting to $154,000 have
been deferred, and the company's debt of $560,000 to J. B. Graham, presi¬
dent, has been made
claims.
The company
gram for
its
subordinate to the RFC loan and to the creditors*
will immediately launch an aggressive merchandising
1939 line of automobiles, Mr.
Graham said.
pro¬
"Operating
have been drastically reduced and idle plant cost has been virtually
eliminated.
We are in good position to move vigorously ahead," he doexpenses
cl^r6(i
Company's tractor program, which is being expanded with the addition
a new lower priced unit to sell in the $500-$600 class, has served to absorb
company's manufacturing burden to such an extent that the 1939 line
of cars, now almost ready for the shows, will be able to carry highly com¬
petitive prices, Mr. Graham said.
Robert C. Graham, Executive Vice-President, anticipates that the com¬
pany next year will produce and sell in excess of 5,000 tractor units, includ¬
ing the two-plow size now being marketed and the one-plow tractor which
will be ready for spring introduction selling.
of
the
Pro
Forma
Balance Sheet
pro-forma balance sheet as of July 31, 1938, after giving effect to
$750,000 new money, less payment of $244,711 of immediate current
liabilities, the extension agreement on-the notes and interest payable of
$714,000 and accounts payable of $1,394,701, and the balance sheet of
Dec. 31, 1937 compare as follows;
Assets—
July 31, 38 Dec. 31, 37
Cash
a$548,421
$130,187
Drafts and receivables, less reserve
123,631
319,019
Tractor expenses recoverable from customers
160,297
118.501
Inventories.--951,587
1,730,791
The
the
—
Total current assets
Other assets
General Outdoor Advertising Co., Inc.—Listing—
The Chicago Stock Exchange approved the company's listing application
of 642,385 shares of common stock, no par value, and 100,000 shares class A
stock, $4 cumulative, no par value.—Y. 147, p. 891.
$1,098,633
847,696
Assets—Cash,
notes
$175,000
$1,204,885
x Balance before divs—
1,862,130
1,544,531
x As adjusted to reflect the effect of amalgamation of the company with
Canadian Hydro-Electric Corp., Ltd. for the full periods indicated, y After
deducting $56,949 income taxes overprovided in prior years.—V. 147,
p. 1035.
$450,643
450,643
Including surtax
pany's stock at $15
Balance Sheet Dec. 31, 1937
customers'
336,047
Earned surplus, Dec. 31, 1937
stocks, $13,144;
trade receivables, (less reserve of $6,239), $40,955; inventories, $78,323;
cash surrender value of life insurance, $4,075; note & accts. receivable,
7—•
1937
$947,968
C/3,058
with closed banks
Provision for decrease in
Fed.
Sept.
to
$11,780,386
6,996,543
Cr801
Write-down of accounts
for
1
1938
$774,669
Cost of sales
15,739
Dr4,585
Jan.
$22,725
Earnings for the Year Ended Dec. 31, 1937
—.—
86,764
10.325
See
Depreciation
current of
$17,625
Gilmore Oil
1934
1935
„
Manufacturing profit
Prov.
Week Ended Sept. 7
1938
1937
revenues
—V. 147, p. 1488.
Fostoria Pressed Steel
include the subsidiaries of the
Georgia & Florida RR.—Earnings—
1738.
p.
now
Corporation (successor to Indiana Central
telephone Co. pursuant to the reorganizatgn plan of the latter
copany).
I he subsidiary
companies now have in operation a total of 453,806 companyowned telephones.—V.
147, p. 1036.
—
Total
or 4.99% for the corresponding period
General Telephone Corp. subsidiaries
General Telephone Tri
new
32,295
485,000
Telephone Corp.—Gain in Phones—
n
1937
pref.
on
Surplus
charges
15,092
129.393
Accrued taxes
1777
Corporation reports for its subsidiaries a gain of 1,370
company-owned
telephones for the month of August, 1938 as compared with a
gain of 1,779
telephones for the month of August, 1937.
The gain for the first eight
months of 1938 totals 8,832
(exclusive of purchases) or 2.00% as compared
44,263
Prepaid expenses &
deferred
1936
1937
$271,436
Value of life insur¬
Loans receivable.
General
Plant and equipment
Prepaid expenses, &c
Total
less res., prop., &c
—___
$1,783,936
30,158
4,808,208
$2,298,498
142,576
5,320,167
188,671
185,454
$6,810,972
$7,946,696
Financial
1778
Consolidated Balance Sheet Dec. 31,
To Be Paid
Immediately July 31 '38 Dec, 31 '37
d$120,356
$149,500
$6,500
Liabilities—
Notes
payable
245,000
'
Other loans
Obligations of
l",200
subsidiaries
payable
Merchandise credit balances
Accrd. payrolls, tax, int., &c_.
Bonds not depsoited under extn.
Operating reserves
30,450
95,657
201,067
92,458
Accounts
56,088
b$244,711
......
754,500
Contingent
«560,000
2.477,898
3,526,014
$6,810,972
$7,946,696
...
Total liabilities
refinancing, $43.131, plus new cash of $750,000 less $244,711
liabilities paid upon refinancing,
b Immediate liabilities
upon refinancing,
c Bonds due Feb. 1, 1938,
1943, less $2,500 in treasury July 31. last, and $100,000 in treasury
31, last,
d Secured bond note,
e Due January and
but subordinated to RFC loan and vendors' deferred claims.
a
Cash before
paid
but extended to Feb. 1,
Dec.
Febraury, 1939,
of Immediate
Period Ended June 30 (Jncl. Subs.)
1938—3 Mos.—1937
1938—6 Mos.—1937
Earnings for
Period End. June 30—rNet loss after deprec. <x
other charges..,
...
—V. 146, p. 3954.
$891,126
$493,511
$441,144
$4,844,130; trade notes and accounts receivable (less
$1,451,161; other accounts receivable, $46,148; inventories,
investments in and advances to controlled and affiliated
companies, $391,895; loans receivable from officers and employees under
stock purchase agreements, subject to cancelation at their option (secured
by 6,217 shares of capital stock of Great Northern Paper Co. held as
collateral), $201,463; non-current notes and accounts receivable, &c.,
$107,927; miscellaneous investments, &c., $94,370; Great Northern Paper
Co. capital stock held in treasury for corporate purposes (750 shares, at
cost), $40,072; timberlands, plants, townsites, dams, river improvements,
&c. (less reserves for depletion and depreciation), $24,588,050; mill sites
Assets—Cash,
reserve),
$8,403,281;
premiums, prepaid
$43,593,883.
interest, payrolls and
expenses, $203,453; timberland purchase obligations maturing in 1938,
$185,832; provision for purchased stumpage cut, not yet due, $212,000;
provision for Federal taxes, $399,736; timberland purchase obligations,
maturing subsequent to 1938, $557,724; capital stock ($25 par), $24,958,250; premium on sale of capital stock, $685,050; earned surplus,
$16,085,764: total, $43,593,883.—V. 147, p. 1036.
and
powers,
water
$3,305,101; unexpired insurance
and other deferred charges, $120,284; total,
Liabilities—Accounts payable, $306,073; accrued
140.000
560,000
14,000
82,930
--
$482,620
Varnish Corp.—Smaller Dividend—
Directors have declared a dividend of 5 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 20.
This compares with
12 ^ cents paid on June 30 and March ,31 last and previously regular
quarterly dividends of 25 cents per share were distributed.—V. 146, p. 1877.
Saddlery Co., Ltd.—Earnings—
Great West
Years Ended Dec. 31
Subs.)—Earnings—
Knight Co, (&
[Exclusive of Graton
& Knight, Ltd.] End.
Year
Year End.
$273,290
profit from operations
Miscellaneous income less deductions
Net
Net
Jan. 2 '37
Jan. 1 '38
Period—
x
profit
bank loans, &c
$400,400
246
$400,647
5?<£26
26,000
Interest on 1st mtge.
28 '35
$332,752
4,796
Dec.
69,908
33,235
$258,066
15,224
1,367
Interest on
bonds & amort.
and expense
Federal income tax
of bond discount
Provision for
Year End.
$337,548
2,823
y66,668
40,320
$227,737
London, of $23,737 in
$296,137
$187,764
Including net profit of Graton & Knight, Ltd .
the year ended Jan. 1, 1938, $18,434 in year ended Jan. 2, 1937, and
$4,544 in year ended Dec. 28, 1935, reflected on books of parent company,
After deducting excess of par value over cost of bonds purchased and held
treasury in anticipation of sinking fund requirements of $5,640.
Note—The provision for depreciation of plant and equipment charged
to costs and expenses for the year ended Dec. 28, 1935, amounted to $67,169
and for the year ended Jan. 2, 1937, amounted to $64,395 and year ended
Net
profit for the year
x
y
in
Jan.
1, 1938,
amounted to $69,904.
Consolidated Balance Sheet Jan.
operations
....
Additional non-recurring revenue—
1, 1938
depreciation
Provincial income tax.
Provision for
Dominion and
Net
London (a wholly-owned
buildings, machinery,
145, p. 3345.
total, $5,165,404.—V.
& Pacific Tea
Great Atlantic
Co .—Launches Campaign
Measure Is
full details
Against Chain Store Bill—Says Proposed Patman
Designed to Wipe Out This Type of Company—For
see under "Current Events and Discussions" on a
preceding
$808,286; deferred charges, $3,898;
(net), $1,755; goodwill, $1; total, $2,119,300.
Liabilities—Bank loan (secured), $320,000; bank overdraft, $26,756;
accounts payable, $47,437; Dominion and provincial taxes payable, $2,122;
estimated income taxes, $9,638; bond interest payable and accrued,
$8,580; 1st mortgage 20-year 6% sinking fund gold bonds, $408,000; reserve
for sundry contingencies, $17,637; reserve for depreciation, $24,000; 6%
cumulative redemption 1st preference stock (6,992 shares), $349,600; 6%
cumulative redemption second preference stock (1,158 shares), $57,900;
common stock (39,871 shares), $806,016; surplus account, $41,613; total,
$2,119,300.—V. 146, p. 1877.
Greif Bros. Cooperage
$645,351
Inc.—Earnings-
dividends, &c
—
Crl6,238
$565,631
346,125
$999,340
129,433
$497,711
91,149
$219,506
45,917
$1,128,773
$588,861
$265,423
185,000
48,261
112,072
185,000
4,176
108,790
Depreciation
— — T
„ - - -—-
Administration expenses
reserves
x29~, 000
xl34,000
75,000
$30,129
1,841,171
$513,869
1,485,483
$333,725
$1,871,300
$1,999,352
$1,328,832
102,400
313,600
80,000
$933,107
48,000
$1,768,900
$243,528
330,000
630,000
loss$32,543
$86,472
$673,072
Dividend..
Balance July
$1,685,752
$1,248,832
$885,107
$0.47
$8.03
$5.21
$3.61
-
-
Balance Sheet
Assets—Steamers
equipment
and
31
amount
year,
y
a
and equip.,
less
&c.,
365,619
290,197
143,113
Marketable secure.
sur$43,072
$152,243
744,769
2,727,394
31,085
21,911
27.447
Accrued
of life insurance.
(after reserve for
depreciation of
$5,600,000; cash, $1,002,203; accounts receivable, $90,528;
bonds, $6,603; U. S. govt, securities (at cost), $799,731;
securities, at cost, (market value, $1,034,967), $1,200,758;
cash in suspended bank, in liquidation, (after reserve of $121,618),
prepaid expenses, $3,599; total, $9,016,156.
Liabilities—Common stock (120,000 shares, no par value), $6,000,000;
accounts payable, $3,415; accrued taxes, $138,173; surplus,
total, $9,016,156—V. 146, p. 2043.
other marketable
$312,733;
$2,874,568;
Paper Co. (&
Subs.)—Earnings—
1937
1936
$3,569,234 $2,723,214
Operating profit-. — .-.
Provision for depletion and depreciation
Losses from replace, of fixed assets result,
obsolence, &c
1,252,107
1,457,238
from
242,152
546,478
187,474
$2,630,828
$1,453,450
54,086
y399,087
51,855
202,850
$2,177,654
15,903,271
$1,198,745
15,821,815
Miscellaneous charges.
Consolidated earned
Cash dividends
surplus balance, Dec. 31
$18,080,924 $17,020,560
1,117,290
1,995,160
paid-
x
Including
balance, Dec. 31, 1936--$16,085,764
997,580 shs. capital stock
$2.18
$319,687 profit on sale of marketable
$15,190 surtax on
undistributed profits.
367.264
283,957
(affll.
companies)
Timber properties.
559,347
1
Deferred charges.
a
1
54,993
_
58,850
$5,851,680 $6,492,266
—$5,851,680 $6,492,266
Total--.
class A stock and 54,000 shares class B
value, b Note payable to officer on or before July 30,
Represented by 64,000 shares
Class A Dividend—
The
directors
have declared a
dividend of 40 cents per
securities.
$15,903,271
$1.20
y
Includes
share on the
stock, no par value, payable Oct. 1 to holders
amount was paid on July 1 and April 1 last
and compares with 80 cents paid on Dec. 21, Oct. 1 and July 1, 1937;
$1.30 paid on April 1, 1937; $2.80 paid on Dec. 22, 1936; dividends of 50
cents were paid on Act. 1, July 1 and April 1, 1936, and dividends of 25
cents paid in each of the eight preceding quarters and on Dec. 20, 1933.
Quarterly distributions of 40 cents per share were made from Jan. 2, 1931
$3.20
class A common
Sept. 17.
A like
cum.
of record
April 1, 1932, as
to and incl.
80 cents per share
Gruen Watch
quarterly dividends of
3805.
compared with regular
previously paid.—V. 146, p.
Co.—Earnings—
yl938
Years Ended March 31—
operation
— -
—-—-----
Total income
..
.
foreign taxes on income
Net income
x
—
-----
class A
preferred stock
$890,068
84,198
1937
$773,425
xl02,505
$974,267
97,117
151,007
— - —
Prov. for domestic &
$875,930
$726,142
21,825
$606,686
146,674
122,569
21,825
non-recurring gain arising from adjustments due to
rate of foreign exchange,
y Includes subsidiary companies.
Consolidated Balance Sheet March 31,1938
Includes $57,204
reduction in
$195,341; notes &
$1,266,823; cash surrender
Assets—Cash,
ventories,
Consol. earned surplus
Earnings per share on
407,961
in & ad vs.
&c.
Dividends paid on
.
221.573
500,000
134,884
Other deductions
.
141,466
debt.
conting.,
$1,265,976
x414,386
.
.
for
&c
148,604
Other income--
$2,216,441
.
interest,
to subs, not con-
sol.
Profit from
100,685
Operating profit.
226,564
23,139
—
taxes, &c
Res.
receivable
1.500,000
to an
sub
b Long-term
21,911
and
notes
pay
unconsol.
Cash surrender val.
accts.
&c
stock, both of no par
1943 with interest at 3% per annum.
Dec. 31, 1937
Years Ended Dec. 31—
Acct.
575,121
2,436,003
Miscell. securities-
400,000
119,101
money
Accts. pay. for pur.
153,873
expenses,
receivable
1937
—$4,260,013 $4,176,864
payable for
borrowed
Notes
depreciat'n.$1,362,021 $1,414,214
;
stock and
surplus
Cash
misc.
Com.
profits as the
for the entire
1938
Liabilities—
1937
1938
Assets—
Land, bldgs .mach.
$231,429
701,678
995,107
provision has been made for surtax on undistributed
thereof depends upon the profits and dividends paid
Interest earned only.
Consolidated Balance Sheet, July 31
No
119,700
accrued interest on
Great Northern
A corn-
Earns, per sh. on 64,000
sh. cl. A stk. (no par).
Total
Deficit
$3,345,976),
Total surplus
Divs. paid on cl.
Goodwill
it
yCr4,132
Cr24,938
36,000
mT
of
marketable secur..
Net profit
Balance Oct. 31--
x
12,073
CY245
Cr4,193
yCr2,823
earned
Officers, employ. &
131,608
395,840
8,197
Divs. received & interest
Elimination
Invest,
-
Taxes
1935
1936
$1,356,063
858,352
185,000
139,093
grain
Total
156,066
447,274
12,680
Cr68,417
_
$748,008
142,561
355,260
$943,432
137,687
$1,195,474
193,781
4^8,680
mfg. exp. & depletion.
....
Depreciation _;
Sell., gen. adm. exps
Interest paid
Sundry deductions—net;
935
'936
1937
Mfg. profit after deduct,
materials used, labor,
Inventories
1937
$2,964,566
1,965,226
31—
.
Interest and
Corp. (& Subs.)—Earnings—
1938
9 Mos. End. July 3
accts.
Steamship Co.,
Great Lakes
Years Ended Dec.
Transporting ore, coal and
Expenses of operation.
$13,882
supplies,
$9,348;
fixed assets,
equity in reciprocal insurance exchanges
Customers' notes &
page.—V. 147, p. 1036.
2,484
$2,753
$518,998; raw materials, goods in process, finished stock and
$/68,162; mortgages, agreements for sale, and sundry securities,
properties acquired through liquidation of collateral, $6,200;
Prov. for est. Fed. taxes-
subsidiary not consolidated herein)
equipment, &c. (after reserve for
$1,649,784), $1,391,490; bonds discount and expense in
process of amortization, $70,872; total, $5,165,404.
Liabilities—Accounts payable and accrued expenses, $163,845; provision
for Federal income tax, $26,000; 1st mtge. sinking fund 4%% bonds, $1,137,000; prior preferred stock (20,501 no par shares), $205,Old; 7% cumula¬
tive preferred stock (par $100), $1,930,860; common stock (83,030 no par
shares), $1,037,875; capital surplus, $320,179; earned surplus, $344,634;
Knight, Ltd..
54,039
(after reserve of $23,235),
accounts receivable
$2,652;
33,619
44,490
1937
Balance Sheet Dec. 31,
Assets—Cash,
$137,386
25,665
35,742
3,459
$41,613
profit.
Assets—Cash, $315,415;
$56,169; land,
depreciation of
.
—_ . -
$99,037
20,289
$117,781
21,000
24,630
24,000
6,538
salaries
—
$135,994
1,392
$99,037
...
Total income
Executive
Bond interest
Dec. 31,'35
1936
1937
$117,781
Period Ended—
Profit from
on
accounts and notes receivable (after reserves for
cash discounts and doubtful accounts and notes of $58,173), $370,762;
inventories, $2,868,896; prepaid insurance, advances to salesmen, &c.,
$34,029; other assets, $57,771; investment in and advances to Graton &
18 Months
—Years Ended Dec. SI—
Grand Rapids
Graton &
1937
taxes
1,394,701
—
reserves.....
Capital ana surplus
$3,106,182
794,000
750,000
15,694
be paid immed..
bonds c
—
Vendors' accounts extended
Bank loans, deferred
President's note, deferred
Interest on note, deferred
119,778
469,941
105,500
100,097
63.500
Total cur. liabs. to
6 % first mortgage
RFC loan
1,945*510
$597,463
130,059
plan.
Sept. 17, 1938
Chronicle
buildings,
accounts receivable, $1,104,520; in¬
value of life insurance policies, $5,859;
receivable, $2,124; sundry investments, $788; land,
& equipment (after allowance for depreciation of $299,374),
other notes
& accts.
$543,253; prepaid & deferred items,
rights, watch models & goodwill, $1;
$47,946; patents, trademarks, copy¬
totai, $3 166,656.
Financial
Volume 147
Liabilities—Notes payable (banks),
$113,491; notes payable (trade),
$58,441; registered debs., payable on or before June 1, 1938, $286,064;
payable, $97,164; accrued expenses, $115,490; prov. for domestic
& foreign income taxes, $155,875; mortgage payable of subsidiary company,
$55,485; unrealized profics on conversion of net assets of foreign subsidiary
■companies, $4,939; class A pref. stock ($100 par), $727,500: class B con¬
vertible non-voting pref. stock ($1 par), $267,253; class C pref. stock
($25 par), $489,375; common stock ($1 par), $211,382; earned surplus,
$665,056; net excess of cost of shares of suds., acquired in prior years, over
equities in net worth at dates of acquisition, Dr$80,862; total, $3,166,656,
—V. 146, p. 3669.
accounts
193567
Griesedieck Western
Brewery Co.—Additional Data—
In connection with the
offering of 30,000 shares of blA%
preferred stock at par ($25 per share)
on Sept. 8 by Edward D. Jones & Co., St.
Louis, Mo., a
prospectus dated Sept. 6 affords the following:
cumulative convertible
established in 1857 and has
Present company was in¬
corporated in Illinois on Feb. 23,1904.
Company from its inception until
the advent of prohibition manufactured and sold beer, its products enjoy¬
ing high popular favor, and also manufactured and sold ice.
During pro¬
hibition years, non-alcoholic malt beverages, sodas, mineral waters and ice
Company—Griesedieck Western Brewery was
been in continuous operation since that time.
were
produced and sold.
,
.
1933, the company has continued the manu¬
principally engaged in the manufacture and
beer, which is marketed under the name of "Griesedieck Stag Beer,
ly in the States of Illinois, Missouri, Oklahoma, Arkansas and
Since legalization of beer in
facture and sale of ice, but is
sale of
1779
Chronicle
for
payment—contra funds on deposit, $2,669; common stock (par $5),
$707,750; earned surplus, $61,202; paid-in surplus, $423,324; appreciation
of plant and equipment, $75,949; total, $1,414,483.—V. 147, p. 1037.
Hamilton Brown Shoe
Years Ended Nov. 30—
Deficit before depreciation..
Depreciation, maintenance, Ac.
Deficit for the year
Profits
*
Sales
1933 (approximately eight
1934-...
64)834
$140,043
U3.U7
90,389
156,881
236,702
118,320
133,676
52,107
212,766
347,915
231,962
months)
——
-
-
1938 (first six months)
—
to
_
Consolidated Income Account
6 Mos. End.
Calendar Years
1937
1936
1935
$1,872,486
$3,743,857
$2,386,197
$1,195,291
1,121,581
2,391,410
1,562,854
847,612
June 30 '38
Sales
(net)
Cost of goods sold-.--..
Sell., gen. & admin, exp.
(including deprecia'n)
461,125
887,970
567,552
$289,780
$255,791
165
$464,477
1,269
2,315
$59,039
1,568
Total income
Income deductions
$289,945
4,501
$465,746
18,374
$258,106
8,745
$60,608
143
8,357
Federal income &
excess
53,480
72,193
27,238
36,576
1
profits taxes
Federal surtax-.
Missouri
26
operations, $70,375; total, $2,540,011.
$176,029; due to employees, $905;
$231,962
30,000
are outstanding—at stated value, $2,945,619; deficit, $665.132; total, $2,540.011.—V. 147, p. 891.
Hamilton Cotton Co., Ltd. (&
Years Ended-
$347,915
150,000
$212,766
75,000
180,000
In 5% deb. notes..
Consolidated
Balance
June 30 '38 xDec. 31 '37
Assets—
Depreciationfor
Notes & accts. rec
142
-
Inventories (cost).
Revenue stamps..
Life ins. policies..
Fixed assets
(less
667/
$168,690
175,441
20,395
4,118
286 413
13, 609
4, 118
-
$161,332
$146,159
30,000
——
122,853
102,892
180,000
180,000
Cust. deps. for con¬
tainers
...
15,985
Capital stock (60,000 shs.. stated
360,000
xNot consolidated.—V. 147, p.
Grumman Aircraft
360,000
522,862
Surplus.$1,377,047 $1,108,547
—
319,495
$1,377,047 $1,108,547
Total
1639.
Engineering Corp.—Dividend—
The directors have declared a dividend of 25 cents per
Gulf States Utilities Co.Period End. July 31—
•Operating revenues.
Operation—
p.
421.
-Earnings-
1938—Month—1937
$638,044
$646,730
-
Net oper. revenues—
Non-oper. income (net).
$109,138
38,024
297
$85,841
28,518
1,219
$118,916
$70,816
421,625
2,346
$56,104
366,055
535
$113,083
282,375
$559,037
Income tax (prev. year).
Balance
Previous surplus
$490,096
$421,625
$366,055
2.676
....
Miscell. deductions.
....
Total surplus
,
1938—12 Mos.—1937
$6,668,110
$6,115,639
2,579,280
2,529,092
341,138
287,155
750,346 •
554,001
215,771
223,363
22,172
63,334
$327,064
Drl,802
$337,861
8,011
$2,997,346
Dr12,332
$2,745,390
85,251
$325,263
80,689
$345,872
81,469
$2,985,014
970,005
$2,830,641
1,088,192
Balance
...
$244,574
$264,403
$2,015,009
752,754
$1,742,449
758,592
$1,262,256
567,184
$983,857
567,183
$695,072
$416,674
Appropriations for retirement reserve
Balance
-
-
Preferred dividend reuiqrements
—
Balance for common dividends and surplus....
1937, the company adopted the new system of
prescribed by the Federal Power Commission, which differs in
•certain respects from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 1639.
Note—Effective Jan. 1,
accounts
Haloid Co. (&
Subs.)—Earnings—
1937
$194,849
Cr 14,083
Years Ended Dec. 31—
Income from operations
Other income less other deductions
x
Write-off cost of development of
chine-
:
Provision for Federal income,
State franchise taxes
—
Drl6,588
—
capital stock and
43,700
1,300
Net profit-..
Cash divs. paid: On 7% pref. stock for period
Jan. 1,1936, to date of redemption July 1 1936
Common stock
............
x
After deducting
1936
$258,177
06,026
Photo Copy Ma¬
Provision for surtax on undistributed profits
52,900
1,900
$163,931
141,550
11,946
166,787
Hammermill Paper Co.
(& Subs.)
-Earnings—
Calendar Years—
Profit & inc. from oper—
Prov. for depl. & deprec.
1937
$1,273,259
563,268
1936
1935
$1,362,922
563,435
$1,285,531
525,815
$997,281
513,033
Net operating income.
$709,991
$799,487
18,264
147,766
130,000
23,631
$759,715
33,453
$484,248
41,938
24,353
89,000
Other income
Other deductions
Provision for taxes;
—
207,020
$559,894
242,175
90,000
$412,833
$1.77
$0.91
stock.
540,000
Earns, per sh. on 180,000
shs. com. stk. ($10 par)
$1.25
26,255
$1.46
on
Divs.
on common
pref. stock
1934
82,643
a244,494
$495,980
233,755
135.000
$450,489
225,051
Including $41,500 provision for Federal surtax
249,438
45,000
undistributed profits.
Consolidated Balance Sheet Dec. 31, 1937
on
Assets—Cash, $2,701,547; XI. S. Treasury notes, $99,937; accounts and
receivable (net), $420,590; inventories, $2,138,630; pulpwood cut
notes
for shipment to paper mill plant and advances on contracts, $333,652;
advances and non-current accounts and notes receivable, $46,428; invest¬
ments, $354,319; timberlands and improvements (after reserves for deple¬
tion and depreciation of $1,129,178), $722,962; paper mill plant (after
for depreciation and for dismantlements and abandonments of
$6,175,597), $5,282,789; deferred charges, $331,656; total, $12,432,511.
Liabilities—Accounts payable, $165,939; dividend on preferred stock,
$55,962; accrued payrolls, $33,248; accrued taxes. Federal and other,
$424,414; 1st & ret. 6% gold bonds, $269,500; reserves, $75,327; 6% cum.
pref. stock ($100 par), $3,739,300; common stock ($10 par), $1,800,000;
capital surplus, $187,361; earned surplus, $5,681,458; total, $12,432,511.—
V. 145, p. 3346.
Harrisburg Steel Corp,-—Earnings—
Income Account for
the Calendar Year 1937
Gross profit from operations—
patents and formula (at cost less amortization of $8,784), $25,435; deferred
•charges to future operations, $5,456; total, $1,414,483.
Liabilities—Accounts payable and accruals (including provision for Fed¬
eral and State taxes amounting to $45,000), $143,589; liability for 25 shares
July 1, 1936—not presented
$888,307
...
...
;
-
90,370
$519,959
3,180
.
Total income
Interest on notes payable
U. S. social security taxes
—.
a Federal & State of Pennsylvania taxes, estimated
$523,139
9,525
55,643
137,660
----$320,312
164,610
—
Dividends paid
a
—
277,977
Operating profit
Other income (net)—
Including undistributed profits tax $31,005
Condensed Balance Sheet, Dec. 31,1937
Assets—Cash, $265,752; notes & trade acceptances receivable, customers,
$28,985; accounts receivable, $144,952; inventories, $530,2o3; accrued
interest on notes & trade acceptances receivable, $271; cash surrender
value of life insurance, $2,431; advances to employees, $100; deposits with
insurance companies, $500; stocks & bonds owned, $4,334; land, bldgs. &
equipment, $l,182,li2; prepaid insurance, interest on notes payable, &c.,
$12,614; deferred Federal capital stock tax, $1,062; total, $2,173,366.
Liabilities—Notes payable, bank, $150,000; accounts payable, $62,698;
accrued & unclaimed wages, State & Federal income, capital stock & un¬
distributed profits taxes, int. on notbs & trade acceptances payable, &c.,
$203,556; common stock ($5 par), $916,500: earned surplus, $842,612;
400 shares treasury stock
(at par), Dr$2,000; total, $2,173,366.—V.
147, p. 891.
Hecla Mining
Co.—Earnings—
1937
Calendar Years—
Gross revenue
Operating expenses
Depreciation
Taxes
Income deductions.
-—
——
1936
1935
1934
z$3,227,112 *$2,319,979 z$l ,959,324 y$l,469,109
*991,357
*914,783
860,480
xl ,369,026
144,315
92,295
127,456
81,257
115,277
77,434
83,245
98,021
272,333
bl82,269
155,465
Net income
Dividends
——
$1,343,021
950,000
$924,604
600,000
$713,537
200,000
$429,352
400,000
$393,021
$324,604
$513,537
$29,352
1,000,000
Surplus...—-----stk. out. (par
1,000.000
$0.92
1,000.000
1,000,000
$0.43
Shs. cap.
25c.)
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $146,514; accounts and notes receivable (after reserve of
$11,388), $251,558; inventory. $257,569; investment—marketable securities,
$66,999; funds on deposit for retirement of preferred stock, $2,669; pant
and equipment (after reserve for depreciation of $310,982), $658,281;
29,402
Balance Sheet Dec. 24, 1937
$192,815
$43,557 in 1937 and $35,537 in 1936 for depreciation
preferred stock called for redemption as of
"£833
Assets—Cash, $93,439; accounts receivable (net), $189,297: deposit with
$15,211; inventories, $575,804; deferred expense,
$6,779; real estate, buildings, machinery and equipment (after reserve for
depreciation of $1,230,383), $1,760,524; total, $2,641,054.
Liabilities—Accounts payable, $55,918; accrued wages and expenses,
$21,755; accrued bond interest, $9,186; provision for Federal and other
taxes (est.), $25,157; secured notes, Trent Cotton
Qo., Ltd., $85,000;
1st mtge. sinking fund goid bonds, series A, $724,000; cumulative convertible
sinking fund preferred shares (18,700 shares), $561,000; common shares
(20,000 shs.), $600,000; capital surplus, $153,745; distributable surplus,
$405,292; total, $2,641,054.—V. 147, p. 1037. •
And amortization.
of
1,400
fire insurance company,
Net income
Balance
Interest and amortizat'n
.
Depreciation of plant and equipment,
Selling, administrative and general expenses
29,940
65,268
Maintenance
"Taxes
147,
25,000
1,400
22,000
1,400
$111,779
38,024
....
share on the com¬
Like amounts were paid on June 27, last, and on Dec, 27, 1937,
this latter being the initial dividend.—V.
22,000
$71,078
490,096
2,137
Net profit
dividends....
stock, payable Sept. 27 to holders of record at the close of business on
Sept. 23.
46,420
102.413
reserves
value $6 per sh.)
Total
44,715
99,325
24,200
1,400
Preferred
&
5% deb. notes..
723,917
805,233
8,531
deprec. res've).
-Deferred charges--
payable
$291,149
Cr55
40,590
122,281
and
other taxes
a
accrued taxes...
$256,281
Cr86
...
Federal
June 30 '38 xDec. 31 '37
Dividends declared
$295,354
39,725
121,510
Income from invest'ts
Bond inter est—
Sheet
Liabilities—
Accts.
$116, 476\
•Cash & dem. deps_
mon
$298,527
N et profit.
$52,108
45,000
—
—
Prov.
Subs.)—Earnings
Dec. 24, '37 Dec. 26, '36 Dec. 28, '35 Dec. 31, '34
Operating profit-
Divs.
Net income..
Dividends paid—Cash-.
cus¬
196,501 shares
19
.—
tax
$195,131
Liabilities-^-Accounts payable,
288,640
Income from oper...
Other income--.
69,841
$323,099
—
tomers' credit balances, $8,696; accruals, $73,894; capital stock—200,000
shares of no par value stock, of which 3,499 shares are neld in
treasury and
*
Beginning with 1935 the profits of Griesedieck Western Brewery Co.
of Missouri (wholly-owned subsidiary) are included.
An expansion program now contemplated will increase the capacity of
the plant to approximately 400,000 barrels per year.
Purpose—Net proceeds will amount to approximately $669,000.
The
proceeds will be used for the following purposes: Retirement of 5% deben¬
ture notes, $180,000; construction and equipment of new five-story brew
house, $280,000; additional storage and fermenting cellars, $235,000.
1936
$125,290
66,741
Balance Sheet Nov. 30,1937
Assets—Cash, $43,194; notes receivable, $1,449; accounts receivable
(net), $522,804; inventories, $634,312; miscellaneous assets, $5,956; property
(after reserve for depreciation of $997,924), $1,261,921; deferred charges
Net
Profits
in Barrels
1937
$256,357
—
— — —
Directors' fees
Sales and Net
Co.-—Earnings...
Earns.per sh.on cap. stk.
$1.34
$6.71
Includes $62,680 metal Inventory decrease,
y Includes non-operating
of $51,994 and after loss of Union Mine operations of $9,446.
Includes other income of $327,720 in 1935 and $233,070 in 1936 and $201,x
income
z
a Less metal inventory increase of $102,064 m 1935 and
580 in 1938.
$34,631 in 1936. b Includes $1,683 for Federal undistributed profits tax.
Balance Sheet, Dec. 31, 1937
Assets—Mining property,
for
$1,317,100; plant & equipment (after reserve
depreciation of $2,133,784), $553,010; Outside property investments.
Financial
1780
$4,712,211: cash, $969,268; accounts receivable, $94*915; ore
$203,345; metal Inventory, $46,740; government securities,
Chronicle
$161,123:
.
««a7nnn
$69,000
$50,558
—
$0.50
Earnings per share
146, p. 1076.
1036
$771,767
647,810
548,065
432,114
Provision for loss on hop
11,500
contracts
Net loss from
not used
prop.
of
oper.
fn bus.,
4,272
08,467
&C_--
■
03,765
Prov.
for
Fed.
xl27,707
102,632
79,554
$252,794
$237,838
$403,194
$349,456
300,000
Net profit
Cash dividends paid
Earns, per sh. on300,000
375,000
120,000
„
01
t
unexpired insurance, supplies, &c, $55,837; balance of advances in con¬
nection with officers' and employees' stock purchase plan (collateralized
by 940 shares of the company's capital stock) $6,113; kegs, cases and bottles,
$229,677; properties not used in operations, $77,018; plant properties (net)
$1,311,472; total $2,476,631.
,
*
Liabilities—Accounts payable,
$40,586; customers' credit balances,
$784; accruals. $62,323; provision for Federal and State income taxes for
current and prior years $104,967; liability for containers held by customers,
$265,236; capital stock ($1 par) $300,000; paid-in surplus, $1,243,102;
earned surplus, $459,634; total, $2,476,631.—V. 147,, p. 1195.
.
Co .—Extra Dividend—
(Walter E.) Heller &
The directors have declared an extra
$152,381; reserve for contingencies, $25,000; preferred stock of subsidiary
corporation (held by public), $3,300; 7% cum. preferred stock ($100 par)*
$310,000; common stock, 150,000 shares of $10 each (including 357 3-5
shares reserved for conversion), $1,500,000; paid-in surplus, $526,633;
$89; total, $4,894,742.—V. 147, p. 1038.
(Charles E.) Hires Co.—Extra Dividend—
dividend of 15 cents per share in
to the regular quarterly dividend of 10 cents per share on the
stock, both payable Sept. 30 to holders of record Sept. 20.
Pre¬
vious extra distributions were as follows: 15 cents on Dec. 27, 1937; 5 cents
regular monthly meeting of the Board of Directors held Sept. 8,
dividend of $1 per share was declared on the class A common stock,:
stock and management stock, payable Sept. 26, to holders
of record at the close of business Sept. 16.
See also V. 147, p. 1038.
an extra
class B
common
Holeproof Hosiery Co.—Earnings—
1937
Calendar Years—
Gross profit on sales
Other operating income.
Total
Sell., gen. & admin, exp.
Other charges.
Sept. 30, 1937, 10 cents on June 30, 1937 and
Sept. 30, 1&36.—-V. 147, p. 573.
on
5 cents on Dec. 28 and
Hershey Creamery Co. (& Subs,).—Earnings—
1934
1937
$4,793,819
3,177,342
Calendar Years—
-
Cost of sales....
Gross profit
Operating expense.....
Delivery expense
Selling expense........
...
1936
$4,110,880
2,843,718
1935
$3,527,683
2,457,776
$3,315,737
2,318,461
$1,616,477
383,750
265,620
297,539
$1,267,162
299,559
174,773
215,175
$1,069,907
269,450
161,673
197,799
$997,276
289,557
147,877
162,251
16,370
178,528
20,776
37,065
115,004
7,473
40,304
95,609
3,978
Interest
Administrative expense.
Miscellaneous bad debts
111,881
2,128
—
.
193,885
Operating profit
178,552
176,120
180,050
$278,657
Deprec. & amortization-
$195,077
$105,320
$77,648
Hinde & Dauch
(Edward) Hines Lumber Co. (& Subs.)—jEarnings—
1937
J
VIA JL v
V JJL
1935
1936
$11,815,233 $10,024,150
7,929,228
6,878,141
Cost of goods sold..
OU/lVlJ
«
•
conting.
provided
prior years
gen.
$3,146,009
$2,468,486
98,912
71,899
57,898
$3,984,917
2,225,173
$3,217,908
1,916,055
368,613
111,691
Depreciation
Amortization of camps, spurs, &c
251,822
355,512
63,641
$2,526,383
1,555,320
315,019
285,491
77,491
$1,059,842
Other deductions less other income.
Federal and State taxes
on
income
369,633
$630,878
393,015
$293,061
401,112
59,374
-
.
172,844
285",626
Cr33,775
$6,010
Holland Land
loss$38,801
$3,397 loss$330.106
Co.—Earnings-
Profit
$26,879
1,399
2,520
$41,517
19,635
$30,798
38,929
1,658
land sales (net)
land sales contr's
on
on
1935
1936
1937
Lease rentals
$64,917
54,239
2,351
1934
$26,604
38,636
10,202
$25,822
76,352
24,931
$75,443
34,772
2,399
24,403
3,764
$127,563
41,097
2,444
17,814
458
Miscellaneous income—
Total
Depreciation
Other expenses
z045
Int., loss on equip.sales,
&c. (net)
yDr721
01,492
01,006
02,557
loss$10,464
x$9,818
x$14,874
x$68,765
Before Federal income taxes of $925 in 1936, $1,924 in 1935 and $9,305
x
in 1934.
y
Loss
on
abandonment of capital assets,
Bad debt recoveries.
z
Balance Sheet Dec. 31. 1937
&
improvements,
$97,371;
bldg. improvements
(less
$2,623;
general
equipment
(less
depreciation),
$3,413;
capital stock of California Bean Growers Warehouse Corp.,
$6,933; land sales contracts & mortgages receivable, $37,761; cash, $47,790;
account., receivable (less reserve), $121; inventory, $1,941; total, $197,954.
Liabilities—Capital stock (30,000 no par shares), $30,000; accounts
payable, $842; Federal capital stock tax for 1937, $589; deferred liability
for title insurance, $49; deferred profits on land sales, $5,014; special
surplus, $163,584; deficit, $2,124; total, $197,954.
investment in
Liquidating Dividend—
The directors have declared
the
223
20
a
liquidating dividend of 50 cents per share on
stock, par $25, payable Sept. 25 to holders of record Sept. 11.
paid on Dec. 24 and Sept. 20, 1937: 50 cents paid
Feb. 24, 1937 and Dec. 22, 1936; $1 paid on June 3, 1936; $2.50 paid
Feb. 6, 1936; $1 paid on Nov. 4, July 15 and April 23, 1935; 50 cents paid
common
This compares with $1
on
April 1 and $1 per share distributed on Feb. 26, 1935; $2 on Dec. 29,
on Oct. 13, 50 cents on July 31, $1 on April 27, 50 cents on March 31
Feb. 23, 1934.—V. 145, p. 3974.
$3.25
and $1 per share on
Holly Oil Co.—Earnings—
1938
1935
$97,467
96,293
$53,928
46,717
$39,103
$1,173
9,218
$7,210
11,711
$70,476
$82,097
25,020
x5,855
$10,391
15,547
$18,921
y20,672
655
$40,298
Operating profit
1936
$98,852
$27,645
42,831
revenues
Taxes, exps., insur., &c_
1937
$68,998
41,353
Years End. June 30—
Other income, int., &c_.
Net profit before
185,766
in
Calendar Years
Total
Operating profit
$984,637
1,029,118
8,667
Balance Sheet Dec. 31, 1937
on
& admin, expense
$1,291,397
1,093,566
Assets—Cash, $25,653; receivables (net;, $890,178: inventories, $1,827,918; prepaid expenses & supply inventories, $66,864; investments in &
advances to affiliated companies, $110,815; treasury stock (preferred, 41
shares—at cost), $1,488; other stock investment (at nominal value), $1;
plant & equipment (net), $1,501,708; trademarks & patents (in process of
amortization), $10,09 ; goodwill, $1; total, $4,434,723.
Liabilities—Notes payable, bank, $575,000; accounts payable, $66,457;
accrued liabilities, $118,844; div. on pref. stock, $10,583; 6 2-3% cum. pref.
stock ($60 par), $1,272,540; common stock (70,697 no par shares), $1,573,282; capital surplus, $669,104: earned surplus, $148,911; total, $4,434,723.
—V. 146, p. 2537.
on
Selling,
$1,253,236
1,116,546
2,596
172,895
53,505
Net profit..
$6,943,186
4,474,700
$3,886,005
<««m «> ■
Commissions, gross prof, on land sales
& oper. inc. of railroads, exclusive
of depreciation
$1,346,889
1,148,306
depreciation),
dividend
normally due at this time.
A dividend of 25 cents was paid on June 30,
last, and previously regular quarterly dividends of 50 cents per share were
distributed.—V. 147, p. 1195.—V. 146, p. 3955.
Years Ended Dec. 31—
1934
$940,477
44,160
Assets—Land
Paper Co .—Dividend Omitted—
Directors at their recent meeting took no action on the common
Net sales
1935
$1,243,354
48,043
Adm. oper., &c., exp
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $218,131; marketable securities, $46,951; notes receivable,
$29,093; accounts receivable, $126,352; inventories, $99,837; prepaid ex¬
penses,
$29,750; land, buildings, machinery, delivery equipment and
cabinets (after reserve for depreciation of $1,034,894), $1,747,739; invest¬
ments, $36,596; deferred charges, $112,353; total, $2,446,804.
Liabilities—Accounts payable, $167,718; reserve for Federal and State
taxes, $40,050; bank loans, $500,000; Smith & Clark mortgage bonds,
$84,200; preferred stock (8,512 shares), $851,2u0; common stock and surplus
(88,818shares—no par value), $8u3,636; total, $2,446,804.—V. 146, p. 4116.
•
$1,202,918
50,318
Prov. for depreciation ..
of res. for
Int.
71,368
Flood & other losses....
1936
$1,256,729
90,160
Cancellation
common
j
$4.07
$141,739; plant, property and equipment (after reserve for depreciation of
>$1,149,944), $2,902,704; patents, processes, formulae, &c., $510,000; de¬
ferred charges and prepaid items, $87,592; development expenses, $30,806;
total, $4,894,742.
Liabilities—Accounts payable and accrued items, $246,652 reserve for
Federal normal income tax and Federal surtax on undistributed profits,
addition
VwK>
$261,711
$3.22
Assets—Cash, $352,354; notes, trade acceptances and accounts receivable
(after reserve for doubtful items of $41,671), $220,393; inventories, $649,-
$311,152; inventories, $272,935;
Assets—Cash, $212,427;receivables (net)
*
$296,094
$3.56
153; investments in and receivables from affiliated and other companies,
At the
for depreciation deducted in arriving at the net profit
amounted to $198,035 in 1937. $192,385 in 1936, $189,126 in 1935 and
$165,951 in 1934.
Balance Sheet Dec. 31, 1937
Sales
$197,167
62,498
$1 par.
VV<Note—Trovisions
i
$482,646
199,235
21,700
111,280
100,190
26,289
earned surplus, $2,130,864; treasury stock (3 2-5 common shares, at cost)
$0.79
$1.34
$1.16
$0.84
$1,377 in 1937 and $6,608 in 1936 for surtax on undistributed
shs*.of cap.stk,
Includes
012,736
State
&
income taxes
x
010,205
x75,330
Other income
$504,832
187,035
21,700
49,272
Consolidated Balance Sheet Dec. 31, 1937
$987,418
753,853
& gen. exps
$555,540
336,674
21,700
$3.94
....
Common stock divs
Preferred dividends
1934
$1,168,506
profit from sales.. $1,063,256
Shipping, advg,, selling
Gross
78,573
$612,324
374,096
21,700
Prov. for Fed. surtax
Earns, per sh. on 150,000
shs. com.stk.(par $10)
1935
^
$623,715
80,400
$793,300
Total income..
Balance, surplus
1937
$668,523
83,291
$915,759
157,249
112,916
33,270
-
$0.6y
(G.) Heileman Brewing Co.—Earnings
■
$570,479
53,245
$744,028
Other deductions, &c...
Prov. for Fed. inc. taxes.
—V.
Calendar Years—
$636,089
32,434
$216,528
Other income—
Net income
6 Months Ended June 30—
1938
1934
1935
1936
$877,666
38,093
Operating profit
Hein-Werner Motor Parts Corp .—Earnings—
Net income
1937
Calendar Years—
17,
-Earnings—
Heyden Chemical Corp. (& Subs.)
in transit,
$717,844; supply Inventory, $190,763; prepaid & deferred
charges, $20,959; total, $8,987,279.
Liabilities—Capital stock (par $0.25), $250,000; accounts payable (trade),
$37,306; wages payable, $40,148; taxes accrued, $301,487; personal injury
awards, $26,420; other liabilities, $8,845; reserve for additional taxes,
$131,330; reserve for contingencies, $625,000; surplus, $7,566,742; total,
$8,987,279.—V. 147, p. 1340.
notes receivable,
Sept.
$51,223
loss$5,155
loss$ 1,751
59,748
42,994
special charges &
,
$630,834
0113,352
$237,641 loss$108,071
Dr74,668
Dr310,116
Total income
Total credit surplus
$744,186
and Hines Land &
Co., (holding company).
This has now been made unnecessary
due to the merging (Oct. 31,1937) of Edward Hines Lumber Co. into Hines
Land & Timber Co. and thereafter changing the name of Hines Land &
Timber
Timber Co. to Edward Hines Lumber Co.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $725,099; U. S. treasury notes, $250,000; notes and ac¬
receivable, $826,944; inventories, $2,803,937: advance payments on
government timber, $25,110; investments in and accounts with subsidiaries
not consolidated (after valuation reserves of $2,821,216), $873,374; interest
in escrow agreement, $244,475; investments and miscellaneous assets
(net),
$1,594,369; property, plant and equipment (net), $5,608,487; construction
of camps, roads and spurs (pledged), $55,876; supplies,
prepaid insurance,
&c.. $194,777; total, $13,202,448.
Mobilities—Accounts payable, $494,404; accrued liabilities, $368,950;
Federal and State taxes on income, $59,354; purchase
money obligations,
$63,477; 1st mortgage and collateral trust 6% sinking fund bonds, $3,$63,472; 1st mortgage and collateral trust 6% sinking fund bonds, $3,738,600; purchase money obligations (non-current installments) $3,348; cmexchanged obligations of dissolved subsidiary, $8,538; accrued and unpaid
interest on bonds, $747,791; contingency reserves, $66,520; deferred in¬
come,
$440,298; common stock ($10 par), $4,101,533; capital surplus,
$3,139,985; deficit, $30,345; total, $13,202,448.—V. 145, p. 3010.
income.
on
$162,973 def$418,187
Each of prior year reports has included a consolidated balance sheet of
both Edward Hines Lumber Co., (operating company)
counts
29,523
Deprec. & deplet., &c__
Federal taxes
Net profit
x Includes
$771 surtax on undistributed profits
income taxes of $1,845 applicable to prior years,
y
U. S. Treasury bonds.
of current year, and
includes loss on sale of
Balance Sheet June 30
Assets—
Oil
reserves,
1938
&c.
Capital stock...
$182,000
$182,000
Accounts payable.
10,945
4,026
2,053
5,511
of
capital stocks.
281,463
y281,463
Earned surplus—
521
5,722
x
$136,852
$138,552
265,411
equipment,
Cash
Accounts receiv...
265,690
14,941
11,603
Accrued taxes
Surp. from reduct.
in
Inv. in Socal Oil &
49,274
&
Deferred charges..
Total
6,877
$478,723
value
6,519
&
supplies
par
4,690
$476,981
material
51,668
3,627
Refining Co
Oil
1937
1938
Liabilities—
1937
field
Represented by shares of $1 par.
$446,537.—V. 145, p. 1903.
x
Total
y
$476,981
$478,723
After deficit to June 30, 1936,
Holophane Co., Incer—25-Cent Dividend—
The directors
common
stock,
have
no par
a dividend of 25 cents per share on the
value, payable Oct. 1 to holders or record Sept. 10.
paid on June 23, last; 30 cents paid on March 1*
declared
This compares with 20 cents
Volume
147
Financial
last; 50 cents paid on Dec. 1 and on Sept. 1, 1937; 20 cents
paid on June 28,
1937; 50 cents paid on June 1 and on March 1, 1937; 25 cents on Dec. 15,
1936; 40 cents on Oct. 1, 1936, and 25 cents paid on April
1, 1936, this latter
being the first payment made on the common stock since
April 1, 1932,
when a semi-annual dividend of 25 cents was
paid.—V. 147, p. 1195.
Honolulu Oil
Corp., Ltd. (& Subs.)
Calendar Years—
1937
Costs,
oper.
& gen. exp.
Taxqs.
1936
1935
1934
$3,406,269
1,335,333
217,363
$2,918,482
1,260,859
146,117
533,033
486,707
509,053
$2,816,543
1,133,341
138,012
305,224
339.471
545.472
220,555
538,953
_.
Intangible develop, costs
Depletion
Deprec. and retirement.
475,184
471,138
417,747
550,477
436,629
Net operating income,
Non-operating income.
$396,758
784,702
$470,621
599,891
loss$l7,287
382,174
$355,024
614,565
Net inc. for the year..
Earned surplus Jan. l._
$1,181,460
3,321,775
$1,070,512
3,118,436
$364,886
3,466,733
353,368
99,594
2,102
$4,856,604
937,743
,288,542
$3,833,721
703,157
Adj. of prior
years earns.
Total...
Cash dividends paid....
Adj. of depl. & depr., &c
Approp. for conting
Ad j. of prior years earns
Net earnings of insurance
fund, &c—
937,743
Income
12,127
9,895
$3,321,775
$3,118,436
$3,466,733
937,743
937,743
$1.26
$1.14
$0.39
$1.03
Earnings per share on
capital stock (no par).
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $811,789; accounts receivable (net), $419,557; crude oil,
$47,005; materials and supplies, $127,241; accrued interest receivable,
$9,626; investments and advances—non-affiliated companies (50% owned),
$7,944,549; deferred accounts receivable, $155,850; insurance fund and
service deposits, $58,265; properties, plant, equipment, and
processes
(after reserves for depletion, depreciation, amortization, and intangible
development costs of $17,017,613), $6,263,729; prepaid and deferred
charges, &c., $131,065; total, $15,968,678.
Liabilities—Accounts
payable,
$132,164;
accrued
taxes,
including
estimated Federal income tax, $136,526; accrued royalties and
wages,
$70,447; minority interests in subsidiary companies, $161,700; long-term
obligations, $1,725,000; reserve for self-carried insurance, $353,831; capital
stock (937,743 no par shares), $9,285,945; capital surplus,
$47,500; earned
surplus, $4,056,064; total, $15,968,678.—V. 145, p. 115.
x
Net profit.
Other income-
1936
1935
1934
$3,295,237
3,040,935
$3,898,651
3,242,833
$2,886,667
2,929,492
$2,804,893
2,751,371
$254,302
286,577
$655,818
107,166
loss$42,825
y502,643
$53,522
118,759
$540,879
42,677
67,940
$459,818
$172,281
42.639
22,900
$762,984
76,843
93,418
37,662
$407,361
450,000
$555,061
575,000
.
.
Total income.
-
Other deduc. (incl. tax)
Federal income tax
_
Income from ry. oper'n
Excess
of
Territorial income tax.
.
expenses
$3,592,657
12,099
$3,661,815
11,572
$277,892
_
$228,057
$3,604,756
$3,673,387
Indiana Harbor Belt
Period Ended July 31—
Railway
Railway
RR.—Earnings—
1938—Month—1937
$708,206
$856,810
450,994
527,872
oper. revenues.
oper. expenses.
Netrev. from ry. oper.
Railway tax accruals...
1938—7 Mos.—1937
$4,788,738
3,482,219
$6,223,640
3,957,535
$257,212
72,210
66,316
$328,938
85,834
94,241
$1,306,519
410,069
462,089
$2,266,105
611,527
618,404
$118,686
1,844
$148,863
2,163
$434,361
18,796
$1,036,174
14,058
rents
Net ry. oper. income.
Other income
63,188
'
$129,641
487,500
$52,639
$19,939
$53,371
$357,859
x After
deducting molasses sales of $22,479 in 1927, $24,185 in 1936,
$22,305 in 1935 and $10,998 in 1934.
y Including amounts received from
Secretary of Agriculture, net of $324,847.
Balance Sheet Dec. 31, 1937
Assets—Cash, $594,553; certificate of deposit, $50,000; accounts receiv¬
$5,812; sales in suspense, $124,404; inventories, $163,599; accrued
$2,478; estimated accrual under sugar Act of 1937, $138,495; soil conserva¬
tion, $12,468; investments, $306,836; growing crops, $667,326; land, build¬
ings and equipment (net), $3,464,521; deferred assets, $13,783; total,
$5,544,276.
able,
Liabilities—Honolulu drafts outstanding, $885; accrued wages, $72,305;
payable, $79,941; unsettled labor, $16,326; marketing charges on
$453,157
3,157
38,562
21,979
260,430
$1,050,232
22,523
262,438
$109,307
$170,748
$765,271
$1.06
$1.44
$2.25
$10.07
inc.
Net income after fixed
charges
Net income per share of
stock
—V.
147,
1038.
p.
Indiana Pipe Line Co.—20-Cent Dividend—
The
directors have declared a dividend of 20 cents
per share on the capital
par $10, payable Nov. 15 to holders of record Oct. 21.
This compares
witn 30 cents paid on May
14, last, 50 cents
stock,
paid
on
paid
Nov. 15, 1937; 30 cents
on May 15, 1937, and a dividend of 20 cents paid on Dec.
17, 1936.
Semi-annual dividends of 20 cents per share were
paid on Nov. 14 and
May 15, 1936, prior to which semi-annual dividends of 15 cents per share
were
distributed.
on
addition,
an extra dividend of 20 cents was paid on Nov.
of 5 cents on Nov. 15, 1935, and on Nov.
extra
of 10 cents per share was distributed
14, 1936;
15, 1934, and an extra
on
International Power Co.,
Nov. 15, 1933.—V. 146, p. 2044.
Ltd.—$1.50 Preferred Div.—
The directors have declared a dividend of $1.50
per share on account of
on the 7% cum. 1st pref.
stock, par $100, payable Oct. 1
to holders of record Sept. 15.
A like payment was made in each of the
10 preceding quarters and compares with $1
per share paid on Nov. 1,
accumulations
July 2 and April 3, 1935, this latter being the first payment made since
Oct. 1, 1931, when a regular quarterly dividend of
$1.75 per share was
paid.—V. 146,
$396,629
450,000
$151,026
3,347
36,920
$80,263
Miscell. deduc. from
Total fixed charges
p.
4119.
Control Taken Over■
Control
Balance, deficit
$226,953
1,104
over
International
Net profit.---Dividends paid—....
$276,501
1,391
revs,
operating
an
1937
Cost, depreciation, &c
expenses
Non-operating
In
Honolulu Plantation Co.—Earnings—
Calendar Years—
Gross proceeds
1938—Month—1937
1938—12 Mos.—1937
$1,486,445
$1,346,580 $18,021,887 $14,921,537
1,209,944
1,119,627
14,429,230
11.259,723
revenues
937.143
in
treasury
cents per share on the common
Independent (Subway) System of N. Y. City.—Earns.
Period End. June 30—
Operating
Operating
Equip. & joint fac.
937,743
held
dividend of 1
,^ot^1^ncIome5 —$120,530
9,024
Consol. earned surplus
Dec. 31
$3,907,138
Shs. cap. stk. outstand.
shares
a
—V. 147, p. 1038.
$5,154,641
937,143
572,862
150,000
18,008
_
excl.
Foundation Fund, Inc.—Dividends Resumed—
stock, payable Sept. 20 to holders of record Sept. 10.
This will be the first
dividend paid since March 21
last, when a regular quarterly dividend of
1M cents per share was distributed.
See also V. 145, p. 4118.
4,185,053
~20",000
11,722
RR.—Obituary—
Jerome J. Hanauer, a director of this
company died on Sept. 3, last.
See "Chronicle" of Sept.
10, page 1581 for further details.—V. 147, p. 1341.
$969,588
.
1781
Illinois Central
Directors have declared
Earnings
$3,673,438
1,548,948
Gross operating income.
Chronicle
of
Power
& Paper Co. of Nfld.,
by Bowater-Lloyds on Aug. 15—
International
Power
Ltd.—
&
Paper Co., of Newfoundland, was
formally taken over by Bowater-Lloyds Newfoundland on Aug. 15.
At the special meeting the following were elected officeis of the
company:
Eric V. Bowater, President; George S. Currie, 1st
Vice-Pres.; Major T.
Stanley Howard, Sec.-Treas.; H. M. S. Lewin, Resident Director and
General Manager; Frank P. Silver was appointed Mill
Manager.—V. 147,
p. 742.
International Products
6 Mos. End. June 30—
Gross sales less discounts
Corp.—Earnings—
1938
& allowances
1937
1936
$1,107,527
838,642
$268,884
5,598
Cost of goods sold
;$1,231,750
1935
821,640
$822,957
443,081
$1,211,868
820,830
$410,110
36,339
$379,875
30,107
$391,037
15,295
$409,982
$406,332
6,622
44,727
64,220
2,895
60,640
49,127
accounts
sales
in
$17,168; bango and tool deposits, $2,832; CaliforniaHawaiian Sugar Refining Corp., $17,105; Western
Sugar refinery, $10,274;
Federal excise tax on refined sugar accrued, $50,542; Federal income tax
accrued, $72,225; Federal capital stock tax accrued, $6,590; territorial
income tax accrued, $22,900; Federal social
security and unemployment
taxes, $1,286; Hawaiian unemployment relief tax, $469; capital stock
(par
$20), $5,000,000; surplus, $174,426; total, $5,544,276—V. 147, p. 1340.
suspense,,
Houston Oil Field Material
Total
income
.
$274,483
$446,449
Taxes (other than income
taxes)
Selling expenses
6,627
48,846
57,300
Gen. & adminis. exps—
Exchange.
Exps. of packing house
Co., Inc.—Earnings—
Period Ended June 30, 1938—
Profit
Other operating income.
6,178
46,352
64,965
161
6 Months
12 Months
$3,636,736
3,199,091
$8,282,453
7,269,170
Prov. for doubtful accts.
$437,645
178,524
$1,013,283
368,365
Other income.
$161,549
4,836
$328,955
Other operating income
615
$294,414
3,517
$291,171
3,712
Other operating expenses-
$616,169
509,463
$1,381,648
999,161
Deprec. & depletion
$166,384
114,435
$329,569
127,759
$297,931
124,182
$294,883
152,852
$106,706
64,990
$382,487
Gross sales, less discounts, returns and allowances.
Cost of goods sold.
Gross profit on sales
...
Net income from operations
income—
Other
...
107,321
while idle
Prov. for inc. taxes (Fed.
& foreign)...
.$171,696
48,283
21,870
$489,808
86,800
77,830
$101,542
—
Provision for Federal income taxes.
$325,178
Net income
Balance Sheet
Assets—
Cash
on
1938
Notes
Liabilities—
1938
Notes payable
$1,884,696 $1,129,668
trade.
842,827
981,629
$85,150
$113,343
3,351,166
2,620,670
Acceptances
able, trade
912,279
1,036,545
Acer,
liabilities
4,473
15,849
Other
curr.
354,058
13,122
260,770
9,301
&
6,724
accts.
receivable
Inventories
Other curr. assets,
b Prop., plant and
equipment
Prepaid expenses..
Other assets
Accts. pay.,
Prov.
13,097
31,790
Treasury stock...
for
Income
pay¬
500,000
184,520
182,320
1,063,714
$4,761,339 $4,067,000
(George A.) Hormel & Co.—Dividend Date Advanced—
a dividend of 37 M cents per share on the
com¬
stock, payable Oct. 15 to holders of record Oct. 1.
Regular dividend
of like amounts were paid on Aug. 15, May 16 and on Feb. 15, last, and
previously regular quarterly dividends of 25 cents per share were distributed.
Payment was advanced to the October date from the heretofore customary
November time because the company, whose fiscal year ends Oct. 29, is
still subject to the undistributed profits tax provision.
The 1938 Revenue
Act is effective only on companies whose fiscal year begins on or after
Jan. 1, 1938.—V. 146, p. 2538.
Hudson & Manhattan RR.will
be j
paid
on
•
"
1938,
"
on
—
the 5%
JU
adjustment
„
"1.—"V. 147, p. 1490.
income bonds, due 1957, on presentation of coupon No. 51
—in
on
Ltd.
liquidation,
liquid, val
Res.
8,594
1,650,690
1.394,533
129,064
in Co¬
85,852
107,065
62,271
125,016
41,316
pref. stock
for
37,525
contin¬
gencies, &c
6%
cum.
(par $100)
254,232
306,909
2,075,700
2,083,600
pref.
Common stock
Surplus—earned..
4,358,177 y4,358,276
Co
281,031
438,707
Fixed
281,702
assets
3,663,258 x3,780,610
18.529
Deferred charges..
15,240
$7,171,735 $7.479,2971
Total
Total
$7,171,735 $7,479,297
x After reserve for depreciation and
depletion of $3,036,887 in 1938 and
$2,862,945 in 1937. y Represented by 435,818 (435,828 in 1937) no par
shares.—V. 146, p. 4119.
International Radio
Corp.—Listing—
The Board of Governors of the New York Curb Exchange has approved
the application of corporation to list 9,000 additional shares of common
stock (par $1), upon official notice of issuance.—V. 147, p. 270.
International Telephone &
cial Transactions
Telegraph Corp.—Finan¬
Reported—Subsidiary Buys Three Units—
Sosthenes Behn, President in
a report to stockholders states in part:
Standard Electric Corp. a wholly
controls the majority of the manufacturing and
sales subsidiaries, authorized and sold an issue of 15 year 4% debentures
During
June,
1938,
International
owned subsidiary which
-Interest—
Oct. 1,
accr.
1937
$18,409
lombia Products
1,178,807
Total
ucts Corp.,
Investment
97.562
stock
Div.
&
liabilities..
payable July 15,
Federal taxes (est.)
accts. receivable
478,000
Common
232,547
re¬
344,306
1938
$16,947
BiHs payable
Accts. payable
Paraguayan cash &
The directors have declared
,v
bills
Inventories
mon
"
&
Liabilities—
498,173
International Prod¬
37,466
After reserve for doubtful notes and accounts of $113,701 in 1938 and
$26,397 in 1937.
b After reserve for depreciation of $55,107 in 1938 and
$27,507 in 1937—V. 147, p. 1490.
"
$1,488,952 $1,138,773
143,350
a
Interest of
Cash
25,933
Federal
190,089
1937
U. S. Tress. bills..
28,853
taxes
Surplus
22,225
$119,806
1938
50,275
liab...
24,900
$148,848
202,644
at est,
18,718
Preferred stock
$4,761,339 $4,067,0001
Total
1937
29,125
$172,686
Comparative Balance Sheet June 30
Assets—
Accts.
June 30
pref. stock
ceivable—trade.
1937
hand and
in bank
a
on
8,575
$43,374
249,345
Net income
Divs.
Income deductions—
1,042
1,454
(to be retired by 15 equal annual lots) payable in Swiss francs and Dutch
guilders in the aggregate principal amount equivalent to approximately
Financial
1782
$15,000,000.
The Swiss issue is in the principal amount of Swiss francs
36,000,000, the principal and interest being payable in Swiss francs or, at
the option of the holder, either in Dutch guilders at a fixed rate of exchange
or in Swiss francs equivalent to the amount of such Dutch gilders.
The
Dutch issue is in the
guilders 12,300,000, the
principal amount of Dutch
principal and interest Being payable in Dutch guilders.
Out of the proceeds of the issue, International Standard Electric Corp.
purchased from the International Telephone & Telegraph Corp. its con¬
trol ing interest in Compagnie des Telephones Thomson-Houston, Paris,
France, and Creed & Co., Ltd., Croydon, Eng., and its minority interest
in L. M. Ericsson Telephone Co., Ltd., Stockholm, Sweden.
These invest¬
ments were sold for an amount of $12,963,000 from which the amount of
$3.963.000 owing on current account as of Dec. 31,1937 by the International
and the balance of $9,-
Telephone and Telegraph Corp. was deducted
000,000 was received in cash.
During July, 1938 the corporation sold in London
Six Months Ended June 30
losses of Spanish subsidiaries and is
respects and is subject to year end
Consolidated Income Account for
[Does not include any income or
upon estimates in important
adjustments]
Sales of
lg3g
manufacturing and sales
goods sold
------
$11,059,143
and radiotelephone operating revenues. 16.918,542
radiotelegraph operating revenues
2,374,853
Gross profit on
Telephone
Cable and
sales
interest, royalties,
operating income, net
Dividends,
Total gross
$9,263,696
15,797,344
2,577,455
miscell. and non-
2,440,111
earnings
2,433,478
$32,792,649 $30,071,973
10,932,127 11,603,421
2,451,777
2,351,479
4,503,022
3,478,823
:
Operating, selling
and general expenses
Maintenance and
repairs
$78,553
37,688
Maintenance----------
Taxes.
-
Net oper. revenues—
$28,660
$27,035
Non-oper. income (net).
390
394
$371,836
6,056
$352,649
10,565
$29,049
7,500
$27,429
7,500
$377,892
90,000
$363,214
90,000
$21,549
8,363
$19,929
8,880
$287,892
103,454.
$273,214
104,059
$13,186
$11,049
$184,437
$169,155
31,479
21,993
31,479
21,993
Balance
Retirement accruals
Gross income
Net
income
Dividends declared:
J. P. S. Co., Ltd.- -Preference.
B_
-Preference
-
78,751
78,751
Note—In August, 1938 the Jamaican Income Tax Law was amended,
retroactive to Jan. 1, 1937, the tax being approximately doubled.
Be¬
ginning with July, 1938, the monthly figures include the monthly pro rata
portion of the estimated 1938 tax on the new basis.
An additional amount
of $12,390 applicable to the six months ended June, 1938, is included in the
current 12 months' figures.
The additional tax of $23,606 applicable to
the year 1937 has been charged to earned surplus.—V. 147, p. 894.
Ltd.—Capital
J. P. S.
Kelvinator of Canada, Ltd.—Smaller Common Dividend
directors have declared a dividend of 75 cents per share on the
stock, payable Sept. 29 to holders of record Sept. 16.
This com¬
pares with $1 paid on Sept. 29, 1937 and an initial dividend of $1.25 paid
on Sept. 25. 1936.—V. 146, p. 280.
,
The
common
of Clarksville, Tenn., has announced the purchase
Mayor W. D. Hudson
the company in Montgomery, Cheatham and Robertson
counties, Tenn., for $260,000.
The city, it is stated, will distribute Ten¬
of the properties of
Valley Authority power under a 20-year contract.
The purchase
rural lines, which the City of Clarksville expects to
includes 112 miles of
sell to TVA.
The company is a
subsidiary of Associated Gas & Electric Co, R. H.
has stated that company probably would sell all
properties in Tennessee, including plants at Paris, McKenzie,
Gallatin and Ridgely. Negotiations, it is stated, now are under way for the
sale of the Gallatin, Tenn., plant for which the city has offered $94,000.
Ferguson, Vice-Pres.,
its electric
originally asked $198,000.—V. 142, p. 2999.
The power company
Key West Electric Co.—Earnings—
Period End.
1938—12 Mos.—1937
1938—Month--1937
July 31—
depreciation (other than depreciation
included in cost of goods sold, above)
Loss on foreign exchange, net.
$166,710
54,673
$148,314
57,215
11,198
al8,9/9
21,798
-——
$6l,9o9
Dr3,888
$60,849
3,966
$5,298
2,214
$78,021
24,044
$64,815
25,794
4,222,390
895,241
4,065,267
Cr385,516
$9,788,092
$9,058,499
Charges of Subsidiaries—
Interest on funded debt
,
Amortization of bond discount and expense
_Other interest charges
—
--Dividends declared or accrued on preferred stock of
subsidiaries outstanding in hands of public.—Minority
stockholders'
common
equity
$3,084
$53,977
$39,021
$11,851
994
520
1,729
1,766
$7,720
$5,303
Non-oper. income (net).
Dr 388
Drb
Operating revenues
OperationMaintenance
Provision for
Net earnings
$15,221
4,778
Net oper. revenues—
Taxes----------
„
Taxes
.
1,242,356
94,103
276,426
564,057
34,712
544,525
Interest and amortizat'n
349,322
349,651
113,685
139,153
$7,712,200
4,262
Appropriations for retirement reserve
$7,332
2,098
—-
,/>
$5,234
Balance
W
—
Mr 4.
19,724
tm
W
....
-
Interest
on
Company—
o„r
debenture bonds
Amortization of bond discount
and expense-
Other interest..--
Net income.
.-
—
2,864,965
253,071
214,407
2,884,875
255,619
53
$4,379,757 „ $4,285,854
$0.68
$0.67
in 1938 and $1,b Before deducting interest charges of parent company,
_—
Earnings i>er share on 6,329,002 shs. of cap. stocka Including
provision for depreciation of $1,468,989
214,918 for 1937.
International Telephone & Telegraph Corp.
Note—Most of the operations are carried on
in currencies other than
United States dollars, and in preparing the foregoing income statements,
all items of revenue and expenses in foreign currencies have been translated
into United States dollars at average rates of exchange for the period
except that depreciation and certain other expenses have been translated
at rates of exchange applicable to the related property and other asset
accounts.
The amount of consolidated net income should not be under¬
stood to represent United States dollars actually received by or available
to
the corporation.
appropriation of $6,500,000 was made during 1936 from the reserve
&c. to the reserve for foreign exchange to provide
for losses in foreign exchange due to extraordinary or unusual events.
This
reserve was charged with the losses resulting from reduction in the value of
net current assets of French subsidiaries to Dec. 31, 1937, arising from the
devaluations of the French franc since Oct., 1936 by the result of official
actions.
In the quarter ended March 31, 1938 a further loss was charged
to the reserve in the amount of $725,151 arising from the translation of net
current assets of such subsidiaries at $0.0279 per French franc, the United
States dollar equivalent of the lower limit of the rate for the franc fixed by
the French Government on May 5,1938.
Losses resulting from fluctuations
from such rate subsequent to March 31, 1938 have been treated as a charge
to income account.
During the six months ended June 30, 1938 there was
a net exchange loss of $1,062,469 arising from the translation of net current
assets of German subsidiaries.
Of this amount $535,964 was charged to
income and the balance of $526,505 was charged to the reserve for foreign
exchange to apply against a corresponding credit of the same amount to the
reserve during 1937.
All other profits or losses on foreign exchange, arising
mainly from the translation of net current assets of foreign subsidiaries from
foreign currencies into terms of United States dollars, have been included in
the income accounts in accordance with the policy adopted as of Jan. 1,1936.
No adjustments have been made with respect to the amounts at which the
investments in and advances to Spanish subsidiaries are carried on the books
of the corporation and its subsidiaries.—V. 147, p. 1639.
An
for revaluation of assets,
Interstate Department
Period End. Aug. 31—
Stores, Inc.-—Sales—
1938—Month—1937
1938—7 Mos.—1937
$1,903,417 $12,474,544 $15,369,767
$1,774,116
Sales.
—V. 147, p. 423.
Co. of America—Smaller Dividend—
share on the common
stock, payable Oct. 1 to holders of record Sept. 16.
Dividend of 50 cents
was paid on June 30 last and one of 60 cents was paid on April 1 last.—
Investment
Directors have declared a dividend of 25 cents per
V. 147, P. 575.
Investment Foundation,
v
Ltd*—Accumulated Dividend—
Directors have declared a dividend
accumulations
on
of 75 cents per share on account of
payable Oct. 15 to holders of
the 6% conv. pref. stock,
A dividend of $1.50 was paid on July 15, last, and one
share was paid on April 15, last.—V. 146, p. 4120.
record Sept. 30.
$2 per
of
Iowa-Nebraska Light & Power Co.—Sale Report Denied
dispatch from Omaha, Neb. stated that the properties of the
Hydro network for $21,465,000.
President of the company on being
informed of the reported sale as follows: "Other than that I am getting
rather weary of issuing denials of the sale of the company,
I have no com¬
A press
company has been sold to the Nebraska
The same dispatch quoted L. It. King,
ment to
Earnings per share on
—V. 147, p. 115.
122,918 common shares
$19,021
24,374
$9,879
def$5,353
and surplus
Includes $5,499 Federal income taxes, of which $2,164 is Federal surtax
on undistributed profits applying to the year ended Dec. 31, 1937.
Note—On Jan. 1, 1937 changes were made in accounting procedure,
a
hence the above 12 months' figures are not
p.1491.
...
vv \
■
y.\'
-
exactly comparative.—V. 147,
'V ■.'V J
-V
Kentucky Utilities Co.—Hearing on Merger—
The Securities and Exchange
Commission announced Sept. 9 that a hear¬
ing has been set for Sept. 27 in the Commission's Washington offices on the
joint applications and declarations (Files 32-100, 46-109 and 34-26) of
Kentucky Utilities Co. and Lexington Utilities Co., with reference to their
proposed consolidation into a corporation to be known as Kentucky Utili¬
ties Co.
outstanding and
The following table compares the securities
those to be issued or assumed under the consolt
tion:
Securities
Securities
Now Out-
to Be
standing
Outstanding
Titles of Issues—
Not to exceed:
Kentucky Utilities Co.:
76,011 shs.
108,196 shs.
99,946 shs.
108,196 shs.
102,946 shs.
102,946 shs.
6% cum. pref. stock ($100 par)
7% cum. junior pref. stock ($50 par)
stated value $35 per
Common stock (no par,
share)
(now 1st mtge. g. bds.):
D, 6M%, due Sept. 1, 1948
$4,062,100
Series F, 5lA%, due Oct. 1, 1955
1,922,500
Series G. 5%, due Feb. 1, 1961
3,823,000
First mortgage gold bonds:
5,992,500
Series H, 5%, due Feb. 1, 1961
9,914,000
Series I, 5%, due Feb. 1, 1969
1,055,300
Series J, 7%, due Feb. 1, 1957.
849,500
Series K, 6%, due March 1,1957
Lexington Utilities Co.:
$6.50 cum. pref. stock ($25 par)
*23,935 shs.
1st mtge. lien gold bonds
Series
Common stock
$4,062,100
102,575 shs.
($1 par)
1938
t1937
$156,239
$0.18
$1.12
5,992,500
9,914,000
1,055,300
849,500
None
None
Feb. 1, 1952
$4,203,500
$4,203,500
Liability in respect of 1st mtge. 5% gold bonds
of Lexington Ry. Co., due June 1,1949
379,584.40
379,584.40
*
Exclusive of 821 shares owned by applicants.
According to applicants and declarants, the terms of the consolidation
or reorganization are as follows:
(a) The outstanding shares of preferred stock, junior preferred stock
and common stock, respectively, of Kentucky Utilities Co., shall, upon
this agreement of consolidation becoming effective, become shares of pre¬
ferred stock, junior preferred stock and common stock of the consolidated
corporation.
(») To the holders of each
outstanding share of $6.50 preferred stock of
Lexington Utilities Co. the consolidated corporation shall issue and shall
deliver and exchange for and upon surrender for cancellation of said share
one share of $6 preferred stock of the consolidated corporation and $8.33 1-3
in cash.
No rights shall attach to the preferred stock of Lexington Utilities
Co., except the right to make such exchange, or to any share of stock of
Kentucky Utilities Co. except the rights that attach to said stock as stock
of the consolidated corporation, except, in each case, such right as may be
conferred upon the holders of such stock by the statutes and laws of the
Commonwealth of Kentucky in case of consolidation.
Common stock of
Lexington Utiliteis Co., all owned by Kentucky Utilities Co., will be can(c)
All assets of the applicants and declarants
shall become vested in the
consolidating companies
consolidated corporation and all liabilities of the
will be assumed by the consolidated corporation.
two-thirds of the holders of the capital stock
companies is required that if any stockholder
corporation objects in writing, and, within 20 days
It is stated that consent of
of each of the consolidating
in either consolidating
of consolidation has been recorded, makes
writing, the consolidated corporation shall, within three months
$40,022
1,922,500
3,823,000
1st & ref. mtge. 5s, due
after the agreement
make."—Y. 146, p. 601.
(John) Irving Shoe Corp.—Earnings—
6 Months Ended July 31—
Consolidated net profit after taxes, deprec., exps.
and other charges
—
Balance for common dividends
20.0o0
$34,253
24,374
4* .
Preferred dividend requirements
b Net income
8,451
$7,426,401
Balance
Balance
in net
income, net
Interest Charges of Parent
Co.—Sells
Power
&
Light
Tennessee
Properties—
Kentucky
Tennessee
nessee
193?
$42,481,325 535,750,179
31,422,182 26,486,483
subsidiaries
Cost of
a
Ltd. (& Subs.)—Earnings—
1938—12 Mos.—1937
$72,117
$919,967
*878,759
34,833
415,986
408,869
6,750
7,444
82,080
84,383
5,455
2,805
50,065
32,858
1938—Month—1937
of £400,000
£1,785,000 of bV2% preference stock of the
Co., Ltd. and during August, 1938 sold in
Buenos Aires, an amount of Argentine pesos 2,275,000 principal amount of
its holdings of Argentine pesos 5,000,000 of 25 year floating charge deben¬
ture bonds of the United liiver Plate Telephone Co., Ltd.
On June 30, 1938 the corporation entered into an agreement with certain
New York banks providing that, subject to the corporation having on or
before Dec. 15, 1938, funds which, when added to the amounts to be
loaned as provided in the agreement, will be sufficient to provide for the
purchase or retirement of the 4y2% convertible debentures due Jan. 1,
1939, the banks will agree (a) to extend their existing loans to the corpora¬
tion, in the amount of approximately $9,269,000, for a period of five years
from Jan. 1, 1939, at 5% interest, with provision for annual sinking fund
commencing Oct. 1, 1939, based on earnings, and (b) to lend to the corpora¬
tion on similar terms such additional amount, not in excess of approximately
$3 309,000, as the corporation may require to complete arrangements
for the payment of the debentures due Jan. 1, 1939.
At Sept. 14, 1938 the balance of cash set aside (not held in trust) for the
acquisition or retirement of the 4H% convertible debentures due on
Jan. 1, 1939 amounted to $18,533,161 and the principal amount of such
debentures outstanding in the hands of the public had been reduced to
$30,892,800 from the amount of $37,511,100 outstanding on Jan. 1, 1938.
17, 1938
Jamaica Public Service
Period End. July 31—
Operating revenues
Operation.---—-------
Interest & amortization.
an amount
par value of its holdings of
United River Plate Telephone
based
Sept.
Chronicle
demand in
thereafter,
further stated market value
of incorporation of Lexington Utilities
Say to him the that the articlesof stock at the date of consolidation. Co.,
It
amended, provide that in such case the market value of tis shares of
i
as
preferred stock shall conclusively be deemed to be $107.50 per share plus
any accrued and unpaid dividends.
It is further stated that the resolutions
of the boards of directors of the respective applicants approving and direct-
Volume
Financial
147
Ing the submission of the agreement of the consolidation to the stockholders
provide that the notice and form of consent shall contain a provision that the
consolidation may not be effective if the amount of stock held by objecting
stockholders is such as to make such consolidation inadvisable in the opin¬
ion of such boards.—V. 147, p. 1491.
Langendorf United Bakeries, Inc.- —Earnings—
4
Years Ended—
Operating profit.
Miscellaneous charges
1937
1936
$6,663,997
6,453,676
$7,725,435
7,329,774
$6,776,797
$210,321
33,975
27,990
$395,661
99,918
106,721
130,764
$267,556
51,736
39,955
50,712
(net)
Interest
Taxes, &c
x Depreciatioh
and amortization
Net loss
123,523
$7.5,085 prof$82,763
-------
6,509,241
45,503
29,910
116,211
prof$8,942
Including expenditures on lasts, patterns and dies written off in lieu
depreciation.—V. 147, p. 1039.
x
Kirkham Engineering & Mfg. Corp.—Registers with
department.—V. 145, p. 1745.
of
SEC
See list given on first page of this
311.681
10,733
10,730
14,325
Dr 342
14,189
5,243
8,507
7.991
"5",363
$326,131
8,084
162,100
55,500
$117,541
loss$44,524
loss$29,035
$100,447
$75,541
$44,524
$71,255
79,387
$3.97
84,000
84,000
84.029
Interest
Federal income taxes...
Amortiz.
of
bond
dis¬
34,387
351,865
259,509
Cr91,204
37,598
z63,700
y3,500
10,750
and
count
Gain
247.151
expenses
the 6% pre¬
cap.
disposition of
assets, net of gains
expenses.
Net profit
Preferred dividends
Class A dividends
Class B dividends-
Balance, deficit
Shares class
a
stock, payable Oct. 1 to holders of record Sept. 16.
Previously
regular quarterly dividends of $1.50 per share were distributed.
J. T. Tierney, President, stated that the company's net earnings for the
first seven months of 1938 were $1,076,000 less than those of the like 1937
3 621
■
—
—
•»
-
42,220
.42,000
stock out¬
per share
diiiuinz-ttoiuii
01
on
Nil
Nil
$1.39
leasenoia
Includes $7,970 for surtax
ferred
38,841
6,700
on
Miscellaneous
z
268,895
bonds
on
Loss
Earnings
dividend of 75 cents per share on
a
220,742
281,738
Cr78,446
37,495
Cr98,02l
Depreciation
standing (no par)
Koppers Co.—Preferred Dividend Halved—
Directors have declared
25,* 38 June 26, *37 June 27, '36 June 29, *35
$6,636,432
$5,991,420
$7,717,648
$8,487,406
589,461
Non-operating income..
1938
Costs and operating expenses.
June
Total net sales
Gross profit
x
(G. R.) Kinney Co., Inc. (& Subs.)- -Earnings—
6 Mos. Ended June 30—
Net sales...
1783
Chronicle
y
improvements,
Estimated.
undistributed profits.
Comparative Consolidated Balance Sheet
Assets—
June 25,'38
Cash
June 25,'38
Liabilities—
June 26,'37
$198,477
$137,537
Accts. receivable..
188,438
182,076
accrued expenses
Inventories
399,194
660,655
1197.
Bond interest fund
10,333
12,089
June 26,'37
Accts. payable and
period and that full dividend requirements had not been earned.
He said
that the board of directors also felt that it was necessary to conserve cash
until the
company's business shows signs of improvement.—V. 147, p.
■Earnings-
(G.) Krueger Brewing Co.6 Mos. End. July 31—
Income from sales after
loss$72,961
250,000
Nil
$191,907
250,000
$0.77
$408,885
200,000
$2.04
Prov. for Fed. inc. taxes
Prov. for contingencies_
Shs. cap. stk. (par $1)_.
share
51,935,703
1,125,838
$2,903,654
1,586,460
723,646
16,869
$2,366,836
1,357,097
653,032
10,203
95,712
39,411
19,475
$1,758,956
978,264
Sell., delivery &adm.exp
699,359
Deductions from inc.,net
27,979
Pro v. for depreciation..
109,446
per
482,551
24,327
12,643
59,150
84,473
28,397
49,560
35,164
16,128
$202,131
200,000
$1.01
Assets—
in
Accts.
in
$190,745
33,820
39,440
hand.
boxes &
return'le
bottles
623,715
577,564
z
Inventories
389,895
367,189
y
448,755
398,831
$493,046
$557,958
.
94,414
137,929
to customers
Due fr. customers,
after reserve, Ac
boxes & bottles)
Ld., bldgs.,mach.
equip., furn. and
33,174
124,451
Capltal'stock
250,000
250,000
Capital surplus
Co ntai ners (barrels,
x
A ac¬
expenses
Deps. on
Unused rev.stamps
on
pay.
crued
$576,174
1937
1938
Liabilities—
1937
1938
banks,
trans. & on hand
2,357,702
1,199,796
2,357,702
45,876
24,496
Res. for inc. taxes
Earned surplus
Res. for contlngs..
fixtures
Sundry assets
1,292,129
2,624,535
2,819,943
38,000
x
y
$4,582,435 $4,636,2391
After
reserve
on
$4,582,435 $4,636,239
Total
$584,015 in 1938 and $458,015 in 1937 .
for Federal surtax
for depreciation of
Includes $5,455 ($27,715 in 1937)
undistributed profits.—V. 147, p. 1492.
Par value $1.
z
Lake Shore Mines,
Years End. June 30—
Bullion production
Interest
n
1938
$15,030,273
31,784
1937
1936
1935
$15,692,653 $16,361,530 $14,578,936
59,410
169,746
157,579
$15,062,057 $15,752,063 $16,531,275 $14,736,515
5,433,357
4,810.516
4,483,326
Operating expenses
5,459,281
Administration expenses
92,377
97,056
97.720
101,593
Prov. for depr. on bldgs.,
•877,551
257,289
structure & equipment
297,956
361,466
1,040,025
1,691,014
Provision for taxes
1,627,316
1,407,300
_
Profit for period
" $7,732,417
Dividends and bonuses. 10,000,000
Balance, deficit
Shs. cap.stk.out.(par $1)
per
share
$2,267,583
2,000,000
$3.86
$9,675,401
8,000.000
$8,301,056
12,000,000
$8,237,891
8,000,000
$3,698.944sur$1675,401 sur$237,891
2,000,000
2,000,000
2,000,000
$4.11
$4.16
$4.84
Balance Sheet, June 30
1938
x
$
698,634
equipment.
764,051
>
$
Capital stock
2,000,000
Accounts payable,
including
Mining prop., dev.
2,000,000
Los
at
1
1
sion for tax.....
Cash A bank bals.
5,586,632
4,534
7,999,136
5,805
1,987,244
Insurance reserve.
or
2,104,832
671,601
Goodwill
$3,312,010 $3,392,978'
Total
worth at June 25, 1938.
Changes in Capital Resulting from Recapitalization Effective,
Balances, June 26, 1937:
Earned surplus
$2,458,154
assigned to capital stocks after recapitalization
$2,339,488
During the year a plan of recapitalization was entered into and given
as of June 26, 1937 whereby the old class A stockholders were offered
the following
6,905,080
-Issued in
79,124
Class A
263
613
263
79,124
11,077 18-50
613
848,896
646,924
262,111
108,078
2,922
a Exclusive of 900 shares of class
B stock, acquired since recapitaliza¬
tion, which was charged to earned surplus,
b With notation as to dividends.
213,754
—V.
Lane-Wells Co. (&
Total
9,296,342 11,656.836
($5,796,304
in 1937) reserve for depre¬
Dec.
31,''37 June 30/38
and allowances)--- $1,382,357
—
—
operations
950,876
$431,481
6,980
Miscellaneous deductions—
$1,250,418
852,136
$398,281
17,823
61,071
57,Q9Q
—
Balance Sheet June 30,
$310,459
235,854
Net profit for period
70,000
$3u6,341
profits taxes
undistributed profits
Normal income and excess
Advances for working funds.
Accounts and notes receivable
Inventories
Field service equipment
120,798
1938
Fixed assets, at cost (net)
Intangible assets
Deferred charges
Instalment obligations
1939..
•
,
RR.—Note—
Commerce Commission
bonds.
Lawyers Title Corp.—Balance
In banks..
47,181
156,929
.
(contra)
U. S. direct or
(1941)
116,000
90,000
(contra)
741,549
1,961,137
city
(other than nrop.taxes)
Fed.,
Accrued
taxes
State
52,440
95,750
Res.
Accounts receivable
52,884
&
accrued int. receivable
Stock investments.
5,000
600,000
Title plant-.
for
$4,225,819
29,620
1,360,000
Common stock
600,000
Preferred stock
Total
.9
25,843
uncollectible interest
and doubtful accounts
Surplus-.
Total
16,558
71,775
Title insurance reserve
Real estate owned, cost-
$81,262
189
Accrued real estate taxes
fully guaranteed
obligations
1938
Liabilities—
$635,797 Escrow accts. payable
81,262 Accounts payable
Assets—
Cash on hand and
-—-
due in
—
Instalment obligations
$250,000
80,305
39,607
Sheet—
Condensed Balance Sheet Aug. 1,
Due A
Federal Income taxes
Jan..
.
First mortgage investments
$93,903 Notes payable to banks
6,767 Accts. pay. and sundry accr.
361,731 Accrued wages
147,422 Accr. taxes, other than Fed.
465,400
825,203
342,223
51,251
1492
on
Sept.
3
authorized the
cancellation of a note issued without
a demand promissory note in the
face amount of not exceeding $6,000 to be delivered to the payee to evidence
a loan in a like amount made in connection with the retirement of certain
Escrow cash
Liabilities—
Assets—
Cash
D.
Interstate
The
7 Mos. End. 6 Mos. End.
Dividends
147.
Laurinburg & Southern
company to issue, upon surrender for
the authorization of this Commission,
Subs.)—Earnings—
Income (less discounts, returns
Costs and expenses
alll.OOO
Class B
11,656,836
deducting $6,135,801
ciation.—V. 146, p. 2697.
on
Not
Exchanged
.
613
After
Surtax
79.124
263
9,296,342
Profit from
b New
Class A
A and B
Preferred
11,077 18-50
212,322
671,601
prepaid expenses
ExchangeNew Class
Old
16,806
Sundry assets and
Total
while each holder of
B stock, resulting in
exchanges in number of shares:
359,625
848,896
_
of new class A stock
for each share of class A stock a share
in exchange
80,000
fund
50,000
25,000
43,666
effect
Shs. in other min¬
reserve
June 26, 193/
$2,100,000
316,357
41,796
Deduct, adjustments of total capital incident to plan of recapita¬
lization effective June 26, 1937:
Provisions for additional assessments of Federal and State
taxes for prior years and for possible losses on claims for
processing taxes
— —
Provision for estimated recapitalization expenses—
Purchase cost of 4,000 shares of class A stock
196,241
ing companies.
Capital stocks
Capital surplus
38,531
Bonds
However, 613
25, 1938, while
shares the holders
have their certifi¬
cates endorsed with a notation that dividends in the sum of $7 per share
accrued from Oct. 15, 1933 to June 19, 1937.
Accumulated dividends on
the aggregate of the 263 shares so endorsed and the unexchanged 613 clasA shares amounted to $6,132.
Including such $6,132, the liquidatin"
included in the 79,387 shares of new class A stock are 263
of which elected, in place of receiving preferred stock, to
367,163
.
...S3,312,010 $3,392,978
Total
Represented by 84,000 shares class A stock and 111,900 shares class B
stock, both of no par value.
1
b The outstanding bonds were called for redemption on Sept. 1, 1938
at 102, such redemption to be financed by a payment of $10,000 from
company's funds plus a proposed 5% loan of $500,000 [from Equitable
Life Assurance Society of the United States] which will be payable in
quarterly instalments of $10,625 commencing Jan. 1, 1939, with the
balance of principal and interest payable Oct. 1, 19,50.
Funds for the
redemption, which were deposited with the trustee on Aug. 1, 1938, were
derived from a 35-day unsecured bank loan of $500,000.
At Sept. 1, 1938
the redemption premium and the unamortized balance of bond discount
and expense will be charged to earned surplus (since June 26, 1937.)
c Of the amount of $2,339,488, directors assigned $560,000 to the pre¬
ferred stock, representing the par value of the entire authorized issue of
11,200 shares wnich would be outstanding had all the old class A stock been
646,924
4,637,497
Profit and loss
589,515
621,999
in trans.
Supplies on hand.
x
1
693
46,243
Stock
Accts. receivable-.
Insur.
2,173,216
30,000
Plant A equipment
Deferred charges-
Bullion product on
hand
2,348,259
39,751
Ang.
not in use
Bond red. fund...
together with 7-50 of a shart of a new preferred stock
the old class B stock was offered a share of new class
provi¬
A organiz. exps.
Loans secured
1937
$
Liabilities—
Bldgs., structures
and
Land
94,712
Earned surplus
S.
Government
316,357
41,797
surplus
Paid-in
flour
U.
c2,339,488 a2,100,000
Capital stock
Amount
1938
1937
$
Assets—
93,000
-
Ereferences and redemption rights of the preferred and class of the nei
A stock
olders amounted to $3,387,693, which was $953,493 in excess
Ltd.—Earnings—
Total income
Earnings
56,594
1
and
58,717
Mlscell. reserves.-
shares of old class A stock had not been exchanged at June
52,505
37,561
Total.
11,790
exchanged in accordance with the plan of recapitalization.
Prepd. Ins., taxes,
licenses, &c
mills
21,387
insurance.
45,679
15,082
a
Balance Sheet July 31
Cash
55,880
Claims agst.
excise taxes, discounts
and allowances
Earnings
&c
21,267
580,000
12,473
Long-term llabil..
Reserve
for
self-
Cash surrender val.
life insurance
Cost of goods sold
Net profit for period.
taxes,
1935
1936
1937
1938
63,700
b500,000
Federal taxes
Prepaid insurance,
$312,169
$242,920
-
2,040,573
$4,225,819
-V. 147, P. 895.
Capital—
Capital stock (par $1)
Capital surplus
Earned surplus
$2,293,900
Total
-V.
147,
p.
1640.
Total
301,994
951,735
260,147
$2,293,900
Lehigh Valley RR.—Listing—
New York Stock Exchange lias authorized the continuation of
The
trading in all bonds listed on the New York Stock Exchange which are
affected by the company's plan and agreement dated Aug. 25, 1938, as and
when the Exchange is officially notified by the company from time to time
of the assent to
said plan by the bonds affected
thereby.
1784
Financial
The bonds listed
Chronicle
Sept.
the New York Stock Exchange which are affected
on
by the company's plan and agreement dated Aug. 25, 1938, are:
(1) Lehigh Valley RK., general consol. mtge. bonds due 2003,
!
4% bonds, principal amount listed $39,630,000,
4k% bonds, principal amount listed $20,697,000,
5% bonds, principalamountlisted $12,000,000.
(2) The Lehigh Valley Iiy. 1st mtge. 4H% bonds due July 1, 1940.
1937
,
,
,
$
Invest. In affil. cos
Other
Pref.
investments
90,202
90,323
517,801
896,251
debits 1,710,674
Common
Stock
1,376,309
Assets—
1938
IAabilities—
1938
Notes
1937
$23,468
$29,634
3,500,000
8,298,300
stock
3,500,000
8,298,800
for
liabil.
500
debt..
5,992,000
7,129,500
Current liabilities-
611,220
235,234
1,717
2,090,422
Unadjusted credits 2,291,767
Prof. & loss surplus
21,696 def360,632
981
accr'd expenses-
1,310
2.000
$19,493
Federal and State
secured
rec..
1937
$13,819
Accts. payable and
1,015
-
334
321
10,653
13,459
Acc'd int. receiv—
3.707
tax reserve
5,093
Capital stock
90,000
60,189
$160,714
ture & auto eqt-
93,552
101,772
1
1
$160,714
$174,776
Subs.)—Earnings—
$174,776
21,569
Goodwfll & leases-
20.,716,753 20,895,041
-
Earnings for 6 Months Ended June 30 (.Incl. Subsidiaries)
1938
1937
1936
1935
Net sales..
$81,971,079 $84,042,716 S71.448.627 $63,296,723
Costs and expenses
79.923,181
81.219,475
69.219,714
61,905,722
Depreciation
271,437
238,847
229,694
210,794
3,263
3,161
1,525
25,695
—
1,269
119.
McKesson & Robbins, Inc. (&
90,000
53,188
Total.-
20,716,753 20,895.041
Total----.
—V. 145, p.
Surplus..
Inventories
Prep'd lnsur.,rent,
$
5%
conversion
Long-term
Lessings, Inc.—Balance Sheet June 30—
Accts. receivable.
1936
$
stock,
cumulative
1
Current assets
Unadjusted
_
Liabilities—
equlpm't.18,398,074 18,532,157
Deferred liabilities
Cash
1938
1937
1936
$
Road &
principal amount listed $15,000,000.
(3) Lehigh Valley Terminal Ky. 1st mtge. 5% bonds due Oct. 1, 1941,
principal amount listed $10,000,000.—V. 147, p. 1640.
_
17,
Consolidated Balance Sheet Dec. 31
taxes,
Notes
rec., not cur.
Marketable
securs.
1,775
xLand, bldgs,, fix¬
Total
x
After
Total income
for depreciation of $134,248 in 1938 and $126,486 in 1937.
for the six months ended June 30, were published in V. 147,
reserve
1641.
Lexington
InterestFederal taxes, &c
Foundation,
Plan Sale—Court
Inc.—Agrees to Modify
Signs Injunction—
Thrift
Net profit
The company operating a "thrift plan," on Sept. 12 consented without
admitting guilt, to a permanent injunction restraining it from violations
of the Securities Act of 1933 in the marketing of its certificates.
The
decree, signed by Judge Samuel Mandelbaum in the Federal court, New
York does not prohibit the company from further operation of the plan,
providing it is able to do so without violating Sections 5b and 17a of the
Act.
These prohibit sales without a prospectus and the making of mis¬
Earnings
meets the
requirements of the Securities Act.
against mailing
Market Street
Ry.—Earnings—
[Including South San Francisco RR. & Power Co.]
Years Ended July 31—
Total gross revenues
Operating
.*■
x
expenses,
1937
1938
_
-
-
-
—
-
--
Net operating revenue
—
$1,037,220
7,148
$1,044,368
500,000
$544,368
469,650
23,743
3,590
$455,891
-
—
Other income
$506,937
7,684
-
--
$7,338,801
6,301,581
$514,621
500,000
--
$6,860,286
6,353,349
444,077
21,645
4,790
■—'
maintenance and taxes.-
prof$47,384
-
-------
x Net oper. revenue & other income-Appropriation for retirement reserve-
—
Gross incomeInterest charges.
Other income deductions.
Net loss--.
x
-2-_,
;—.—,
Before appropriation for retirement reserve.
-V.147,p.1347.
Marshall Field & Co—Notes Paid—
O.i
Aug. 28, company pain in anticipation of the due dates in 193 J, 1940
1941 all the remaining principal of the serial notes totaling $$1,750,000
19 the current maturity of $500,000 was paid and on June 30
one-half of each remaining note or a total of $1,750,000 was paid in an¬
ticipation of maturity.—V. 147, p. 896.
ana
On
June
Maud Muller Candy
Co.—Earnings—
Earnings for 12 Months Ended June 30, 1938
Gross profit---
-
$250,578
229,680
-
Expenses
Operating profit.
$20,899
2,190
Other income
The Foundation was
$23,088
Operating profit and other income
Other deductions
Merger—
797
Net profit for year (before Federal income tax)
$22,291
Comparative Balance Sheet June 30
Assets—
Cash
special year-end dividend of 25 cents per share
the capital stock, payable Sept. 26 to holders of record
Sept. 19.
A
on
1938
Aug. 10, Phoenix Securities Corp. exercised
option for 25,000 shares of stock at $1.50 a share or a total of $37,500.
This leaves 375,000 shares still
subject to the option of Phoenix Securities
on
$3,026
496
614
Accts. rec., tradeInventories & tax
stamps
Bonus
$1,173
423
$1,148
payable
29,191
1,023
1,028
41,042
42,614
5,871
$79,179
323
1,342
1,156
Income tax. pay..
3,391
2,029
Common stock..
32,000
Acer, county taxes
32,000
2,706
$89,667
275
Social security pay.
15,326
Deferred charges.
1937
1938
Liabilities—
Accounts payable .
$25,910
Other assets (net)
x Fixed assets
Loft, Inc.—Option—
1937
hand and
in banks
a
dividend of 20 cents per share which had been
recently declared will also
be paid on Sept. 26 to holders of record
Sept. 19.
See also V. 147, p. 1345.
Company reports that
Reduce Stock—
capital of the corporation from $3,380,596 to $2,861,737.—V. 147, p. 1198.
company's
Liquid Carbonic Corp.—Special Dividend—
on
$0.04
directors
See Kentucky Utilities Co. above.—Y. 147, p. 1492.
Directors have declared
$0.35
on
stock
Madison Square Garden Corp.—To
the circum¬
allowing its salesmen to make the mis¬
leading statements outlined in the preceding paragraph.—V. 145, p. 612.
on
$0.74
218,674
Stockholders at their annual meeting on Sept. 27*will consider eliminating
and retiring 49,860 shares of capital stock without par value and reduce the
or
Lexington Utilities Co.—Hearing
$789,826
t
sales
which
$1,250,703
have declared a dividend of 25 cents per share on the
stock, payable Oct, 1 to holders of record Sept. 22.
Like amount
on July 1 and compares with 50 cents paiad on April 1 and Jan. 3
last, and a dividend of 75 cents per share was paid on Oct. 1, 1937, and
each three months previously.
In addition, an extra dividend of 25 cents
per share was paid on Dec. 22, 1936.—V. 147, p. 1493.
of untrue statements of material facts and omissions to state material facts
further enjoined
$1,750,272
42,284
105,118
554,394
paid
was
complaint asserted that Lexington Foundation sells in New
guaranteeing pay¬
ments under it; to have asserted that money paid in
might be with drawn
in full at any time- to have said that for each $1,200 paid the
purchaser
would receive $2,000 at the end of 10 years, and to have
misrepresented
the insurance features of the plan.
The SEC's complaint contradicted
these statements, emphasizing that the
Pennsylvania Co. was merely a
trustee and that the plan was merely a medium for
investing in an invest¬
ment trust based on com. stocks and
fluctuating in value as they fluctuated.
The perpetual injunction signed by Judge Mandelbaum restrained the
company from sending through the mails for purpose of sale or delivery
after sale any security unless accompanied or
preceded by a prospectus
$1,710,296
McQuay-Norris Mfg. Co.—25-Cent Dividend—
The
Six companies have been
The first was the Benjamin Franklin Foundation, Inc., with
contracts for $4,000,000.
Others were Income Estates of America, Inc.,
$20,000,000; Capital Savings Flans, Inc., $25,000,000; Financial Indepen¬
dence Founders, Inc., $19,000,000, and Continental Guaranteed
Deposits
Co. Inc., $110,000. Lexington Foundation contracts total about $6,000,000.
persorinel is alleged to have compared its certificates to a savings
bank account; to have declared the Pennsylvania Co. for Insurance on Lives
and Granting Annuties to be "in back of" the plan and
$2,273,847
42,573
156,541
571,850
252,180
common
have covered rousrhly 25% of the "thrift plans."
necessary in order to make the statements made, in the light of
stances under which they were made, not
misleading." The
$2,885,385
45,239
39,500
625,874
424,500
.
enjoined.
...
$1,180,207
530,089
Note—No deduction has been made for the surtax on undistributed profits
—V. 147, P. 424.
Officials of the SEC believe that their activities in the last several months
The bill of
share
per
common
leading statements.
York, Pennsylvania, Connecticut and New Jersey Lexington Foundation
plan contract certificates, which are participations in an investment trust
known as Trusteed Industry Shares.
The contract certificates were de¬
scribed as being in three series, with Series K being currently offered.
Like other "thirft plans," Lexington Foundation's "trusted property
accounts," according to the bill of complaint, "are primarily periodic-pay¬
ment plans in unit denominations of $1,200, providing for payment by each
purchaser of the equivalent of $10 a month
for a period of 10
years." Schedules attached to the bill of complaint showed that the com¬
pany deducted a "service charge" of $73.20 from the first $100 paid in,
plus trustee's fees of $.3, insurance fees of $12.26 and a loading charge on
the Trusteed Industry Shares of $3.3895 in the first year, so that, of the
first $120 paid only $28.15 was and is invested.
If the investor wishes the
Insurance feature (which guarantees that his payments will be completed
in case of his death) 25% of what he pays in is deducted in one way or
another.
If he does without the insurance charges, 18.4% is deducted.
There figures all relate to Series K and KN, now being marketed.
The complaint of the SEC alleged that Lexington Foundation plan
contract certificates were sent through the mails for the purpose of sale and
for delivery after sale "without in many instances being
accompanied or
preceded by a prospectus." Moreover, said the complaint, the company
used the instruments of interstate commerce to obtain
money "by means
—.
$1,999,220
274,627
$0.09
-
$2,584,394
300,991
$1,018,995
—
Minority interest
Other charges
The earnings
p.
$1,776,461
212,221
$1,988,682
47,807
71,289
583,663
266,928
Profit on sales
Other income
Total
-
-
y
Surplus
42,075
51,511
-
.
;
1
1
an
Corp.—V. 147,
1345.
p.
Lion Oil Refining
y
Co.—Co-registrar—
The Central Hanover Bank & Trust Co. has been
appointed co-registrar
for 580,000 shares capital stock no
par of this company.—V. 147,
p.
Lit
Total
1197.
Brothers, Philadelphia—Accumulated Dividend—
The directors have declared a dividend of $2
per share on account of
accumulations on the 6% cum. pref. stock, par
$100, payable Oct. 1 to
holders of record Sept. 21.
This compares with $4 paid on Jan. 28 last;
,
Louisville
Calendar Years—
Revenue from transp
xl937
*
V/VMfl
Operating
«
iv*
xl936
uuuvo.
expenses
1935
x
$3,309,592
85,420
$3,076,164
70,065
$3,395,012
2,301,180
$3,146,228
2,192,359
$3,219,663
2,244,769
July 31—
rev.
from oper
exps.
& deprec
Net earnings
1938—Month—1937
$612,004
$745,740
488,942
551,505
$123,062
$953,869
319,000
$974,894
308,500
Renewal and replacement reserve
$713,902
$634,869
30,787
$666,394
Other income
$727,421
315,620
349,665
$665,656
441,750
$719,295
486,750
on
7,419
15,921
Net operating revenues
fund.
debt
Miscellaneous debits
Net income
x
Includes Kentucky
$294,148
Carriers, inc.
$361,836
Interest
$219 716
$2,503,474
1936
$7,865,523
5,089,776
699,935
37,745
(net)
income
on
$232,545
:
mortgage bonds
-
Other interest and deductions
Net income
4,196
___
$8,737,885
5,511,910
appropriations.722,501
$2,075,811
41,297
$2,541,219
737,375
39,030
$2,117,108
737,375
42,221
$1,764,813
$1,337,512
52,902
Gross
Amort, of disc,
$1,389,387
1937
$617,187
Interest said..
$1,295,524
Operating revenues
Operating expenses, including taxes
$1,093,832
379,930
13,519
$5,125,575
3,736,188
Memphis Power & Light Co.—Earnings—
Calendar Years—
$578,197
38,990
Net oper. income
Non-oper. income
$194,235
1938—7 Mos.—1937
$4,932,128
3,636,604
-V. 147, P. 1199.
$956,297
378,100
Taxes
Ltd.—Earnings—
[Canadian Currency I
Period End. July 31—
Gross earns, from oper._
x
Net
1938
1937
$101,018,557 $106,819,500
y4,441,080
6,308,416
Profit
Mexican Light & Power Co.,
$3,137,021
82,642
$3,278,036
2.321,739
$79,179
x After
changes, but before provision for Federal income taxes,
y In¬
cludes a non-recurring item of other income of $298,242.—V. 146, p. 2541.
1934
$3,220,268
57,768
Other oper. revenues
$89,667
May Department Stores Co. (& Subs.)—-Earnings—
Oper.
Ry.—Earnings—
-
x After reserve for
depreciation of $71,811 in 1938 and $66,252 in 1937.
Represented by 32,000 no par shares.—V. 132, p. 4425.
12 Months Ended
Net sales
$2 paid
on Oct. 28, 1937; $4 paid on Jan. 25,
1937.and $2 paid on Oct. 10,
1936, this latter being the first payment made since Jan. 2, 1933, when
$1.50 per share was distributed.
The last regular quarterly dividend of
$1.50 per share was paid on April 1, 1932.—V.
146, p. 3191.
Total
-
x Includes
provisions of $70,000 and $46,198 for Federal surtax on undis¬
tributed profits for the year ended Dec. 31, 1937 and 1936,
respectively.
Note—The above statement does not reflect results of operations of the
Memphis Street Railway Co., operated by a non-affiliated voting trusteeship.
Volume
Financial
147
Chronicle
1785
Balance Sheet Dec. 31
1937
Assets—
b Invest, in Mem¬
phis Street Ry__ 2 ,662,500
Other spec, funds.
Cash In banks (on
5.653
demand)
385,338
777,155
376,032
114,842
Accounts receivable
Materials & suppl.
14 058,159 14,058,159
debt..15 ,275,000 15,275,000
Prepayments
Temp, cash invest.
352,257
299,981
189,653
165,015
3,388
992,812
121,644
253,068
708,934
1 ,912,881
1,422,482
2,852,231
3,205,069
1,361,773
703,462
317,130
9,358
Miscell. curr, liab.
_
Capital surplus
2, 852,231
Earned surplus
497,280
(cur.)
Accrued accounts.
Reserves.
A
15,250
3 ,775,549
22,420
b
Accts.
375,344
&
356,398
647,208
449,357
179,205
435,427
notes
receivable......
Mdse. & supplies.
Other assets
Advs.
1937
Liabilities—
(net) 28 ,243,622 28,788,149 6%
on gas
901,069
176,091
pur¬
chase contract..
$
1,773,900
(par.SlOO)
5,959,260 5,959.260
Common stk. (par
6,795,592
$10)
6,766,580
Long-term debt...13,315,507 13,505,708
66,124
95,372
Instal. of long-term
debt due curr..
305,501
86,384
79,664
Prepaid Insurance.
21,247
Notes payable.
Accounts payable.
143,917
gas royalties
Unamort. debt dis¬
Misc.
count & expense
212,732
285,336
43,970
49.653
1,337,912
curr.
58,217
liab...
Accrued liabilities
1,037,703
240,107
34,102
39,684
577,119
244,308
49,928
.
Consumers' deps..
Miscell. reserves..
565,917
222,586
113,294
Deferred credits..
Reacquired cap¬
ital cstock
40,864
258,721
2,800
2,800
581,141
7,500
Earned surplus...
40,864
253,388
Special deposits
Notes recelv. (not
current)
1936
$
pref. stk.
(par $100)
1,773,900
5% cum. pref. stk.
cum.
& lease rentals..
Prepd.
Miscell. def'd chgs.
13,611
1 ,780,318
Miscell. assets
$
.
Cash......
250
Mis cel. cur. assets
c o/>/o.,„,
Fixed capital
Capital stock (no
par)
Long-term
1936
S
$
2,662,500 Accounts payable.
Customers' deposit
Matur.
long-term
50,698
c
a
1937
1936
$
Liabilities—
debt and interest
Injuries & damages
rec.
1937
$
Plant, prop., fran¬
chises, dec
..31 ,982,565 30,938,948
Notes
Consolidated Balance Sheet Dec. 31
1936
$
608,280
...
Total
and expense
Total
...30,325,194 31,167,059.
b Less reserves of $61,846 in 1937 and
$64,579 in 1936.
Unamort. debt dis.
Other def. charges
30,325,194 31,167,059
5,992
912,898
1,091,272
Common Dividend—
The directors have declared
7,000
a
dividend
of six
cents
per
share
on
the
common
Total
a
39,533,575 38,262,360
Total...
39,533,575 38,262,360
a
Represented by cumulative preferred (entitled upon liquidation to $100
snare); authorized, 150,000 shares; $7 series; pari passu with $6 series:
issued and outstanding, 30,000 shares, $6 series;
pari passu with $7 series;
issued,
32,000 shares,
less
in
treasury, 736 shares; outstanding, 31,264
1,000,000 shares; issued and outstanding,
400,000 shares,
b Represented by voting trust certificates for all of the
common stock and for 6,656 shares preferred stock of the
Memphis Street
Railway Co., operated by a non-affiliated voting trusteeship,
c 218 shares
preferred $7 series and 197 shares preferred $6 series.—Y. 147, p. 1347.
shares
authoried,
common;
Michigan Consolidated Gas Co.-
■Underwriters of
stock, payable Oct. 1 to holders of record Sept. 15.
This compares
July 1 and on April 1, last and an initial dividend of
like amount paid on Dec. 23, 1937.—V.
146, p. 1882.
with 10 cents paid on
Montgomery Ward & Co., Inc.—Earnings—
6 Mos. End. July 31—
1938
1937
1936
Net sales... .........$182,534,888 $195746,755 $153277,168
Cost of goods sold, sell
_
1935
$128137,884
& other than inc. taxesl74,601,596 181,760,910 141,735,532 121,294,198
Deprec. of fixed props..
Amort, of leasehold im¬
1,497,433
1,606,368
1,667,008
1,558,909
149,715
124,014
138,296
152,903
provements....
Bond
Net operating profit..
Other income (net)
$6,177,209 $12,194,823
87,317
154,821
$9,844,430
57,426
$5,193,349
The company has filed an amendment with the Securities and Exchange
Commission naming underwriters of its $34,000,000 issue of 4% first mort¬
gage bonds, due 1963, and $8,000,000 issue of 4% serial notes, due 1939-
Net profit before prov.
for inc.taxes.
Prov. for Fed. & State
$6,264,526 $12,349,644
and
i
«7TO
Note Issues Named—
«
Underwriters for the bonds are: Dillon, Read & Co. and Mellon Securities
Corp., $4,000,000 each; Glore, Forgan & Co., $2,550,000; First Boston
Corp., Halsey, Stuart & Co., Inc., and Otis & Co., $2,500,000 each; Bonbright & Co., Inc., $1,250,000; Blyth & Co., Inc
Brown Harriman &
Co., Inc., and Smith, Barney & Co., $1,000,000 each; Goldman, Sachs &
Co., Kidder, Peabody & Co., Lazard Freres & Co., Lee, Higginson Corp.,
Lehman Brothers and Shields & Co., $500,000 each; Riter & Co., $400,000.
Estabrook & Co., Hemphill, Noyes & Co., Ladenburg, Thalmann &
Co., F. S. 2Vioselev & Co., E. H. Rollins & Sons, Inc., Watling, Lerchen &
S^ei^I1(U[->ean witter & Co., $325,000 each; First of Michigan Corp.,
$300,000; Dick & Me.le-Smith, W. E. Hutton & Co. and Securities Co. of
Milwaukee, Inc., $275,000 each.
Bancamerica-Blair Corp., Central Republic Co., Eastman, Dillon &
Co., Graham, Parsons & Co., Hallgarten & Co., W. C. Langley & Co.,
Laurence M. Marks & Co., L. F. Rothschild & Co. and Whiting, Weeks
& Knowles, Inc., $225,000 each; Paine, WebDer & Co. and
Tucker, Anthony
■& Co., $200,000 each.
A. G. Baker & Co., Inc., and Starkweather & Co., $150,000 each;
Bacon, Whipple & Co., Blair, Bonner & Co., E. W. Clark & Co., Hayden,
MUler & Co., and W. H. Newbold's Son & Co., $125,000 each; J. E. Baker
& Co., Campbell, McCarty & Co.,
Gray, McFawn & Petter, Crouse & Co.,
Equitable Securities Corp., Farwell, Chapman & Co., Illinois Co. of
Chicago, Moore, Leonard & Lynch, G. M.-P. Murphy & Co., Arthur
Perry & Co., Inc., Schwabacher & Co., Singer, Deane & Scribner, William
R. Staats Co., Stroud & Co., Inc., and Wertheim & Co.,
$100,000 each,
and Aldrich & Co., $50,000.
Underwriters of the notes will be: Dillon, Read & Co. and Mellon Se¬
curities Corp., $1,372,000 each; Glore, Forgan Co., $873,000; First Boston
Corp., Halsey, Stuart & Co., Inc., and Otis & Co., $858,000 each; Bonbright & Co., Inc., $429,000; Blyth & Co., Inc., Brown, Harriman & Co.,
Inc., and Smith, Barney & Co., $343,000 each; Riter & Co., $137,000;
Watling,
income taxes
Prov. for Fed. surtax
undistributed
Lerchen^Hayes, $111,000, and First of Michigan Corp., $103,-
on
1,800,000
926,500
45,000
1,000,000
1,000,000
$5,139,526
705,439
3,912,860
$0.85
$9,049,644
xl,058,159
x7,813,218
$1.60
$7,101,856
705,439
2,739,002
$1.40
on
to
class A stock...
Divs. on com. stock
Earns, per sh. on com...
x
$5,276,266
2,300,000
profits.
profit carried
surplus
Divs.
$9,901,856
1,080,000
Net
,
Sales—
(J-ohn) Morrell & Co.—To Pay 50-Cent Common Dividend
Directors have declared a dividend of 50 cents per share on the common
stock, payable Oct. 24 to holders of record Sept. 26.
This compares with
60 cents paid on May 3 and on Feb. 3, last, this latter being the initial
distribution on the issue.—V. 146, p. 1718.
Motor Transit Co. (&
Subs.)- -Earnings—
Month
Period Ended Aug. 31, 1938—
Operating
Expense
.....
$69,822
118,206
$7,172
Balance
Income deductions.
$56,563
13,259
$7,493
14,665
Income...
$552,088
$5,610
1,882
Balance.
$48,383
495,525
Moxie Co.—Initial
Preferred Dividend—
the
20 to holders of
Directors have declared an initial dividend of 12 H cents per share on
cumulative
convertible
preferred stock,
record Sept. 19.—V. 147, p. 122.
payable
Sept.
Mutual Investment Co. of America—Registers
with SEC
See list given on first page of this department.
Nachman
Springfilled Corp.—To Pay 2b-Cent Dividend.
Directors have declared a dividend of 25 cents per share on the common
Sept. 20.
This will be the first
since Sept. 15, 1937, when 37H
See also V. 145, p. 3977.
stock payable Oct. 1 to holders of record
dividend to be paid on the common stock
cents per
share was distributed.
National Bond & Investment Co.—Listing—company's listing applica¬
and 60,000 shares 5%
with and without com¬
1348.
Minnesota Power & Light Co.—Dividends—
declared dividends of $1.75
8 Mos.
$69,333
63,723
revenue
-V. 147, P. 1041.
Corporation has granted to its president, Owen M. Mason, an option to
purchase 15,000 shares of common stock at $3.75 per share, the option to
expire three years from Aug. 5, 1938.
Mr. Mason, as an individual, has
partially assigned said option to D. A. Keeler & Co., Inc. (now Keeler,
Baker & Co., Inc.), assigning a maximum of 5,000 shares of his option in
consideration of the performance by Keeler, Baker & Co., Inc. of their
underwriting agreement with Michigan Gas & Oil Corp. in connection with
the sale of 100,000 shares of the 5% Cumulative convertible preferred stock
of the corporation proposed to be offered to the public.
In no event may
any part of either of said options be exercised during the distribution of the
100,000 shares of 5% convertible preferred stock under the underwriting
agreement between Michigan Gas & Oil Corp. and Keeler, Baker & Co.,
Inc.—Y. 147. p. 1642.
•
have
"$0.85
Includes third quarter dividend.
Net loss
directors
$4,349,766
1,763,598
Company's gross sales for August, 1938, were $32,848,752 compared
with $29,679,028 a year ago, an increase of $3,169,724 or 10.68%.
For
the seven months to Aug. 31, $223,442,490 compared with $233,504,800, a
decrease of $10,062,310 or 4.31%.—V. 147, p. 1495.
Michigan Gas & Oil Corp.—Option—
The
82,916
The Chicago Stock Exchange approved the
share on the 7%
cum. pref. stock, par $100; $1.50 per share on the 6% cum. pref. stock, par
$100, and $1.50 per share on the no par $6 cum. pref. stock, all on account
of accumulations and all payable Oct. 1 to holders of record Sept. 15.
Like
amounts were paid on July 1 and on April 1, last.
See v. 145, p. 3822 for
record of previous dividend payments.—V. 147, p. 1494.
per
tion of 672,200 shares common stock, no par value,
cumulative preferred stock, series A, $100 par value,
mon stock purchase warrants attached.—V. 147, p.
Nstional Cash Register Co.—Purchase
of Debs.—
of tne $6,000,000 3 H %
sold by the company, Aug. 2, according to statement field
with Securities and Exchange Commission. Net proceeds to the company
were $5,948,888.
Funds were used to pay off $5,211,319 in bank loans and
notes and $737,568 was added to working capital.—V. 147, p. 1201.
The Prudential Insurance Co. was the purchaser
debentures
Monsanto Chemical Co .—New Unit—
The
Fiberloid
Division of this company henceforth will be known as
Division, Monsanto Chemical Co., according to announcement
Sept. 14 by John C. Brooks, Vice-President in charge,
Fiberloid was acquired by Monsanto on April 1, its former management
and.personnel being continued without change by Monsanto.
"The growing importance of the Indian Orchard plant as a supplier of
plastics to the automotive, radio and other important industries warrants
the change to a name of broader coverage," Mr. Brooks said.—V. 147,
P. 747.
Plastics
made
on
Montana-Dakota
Utilities
Calendar Years—
(& Subs.)-—Earnings—
1936
1935
1934
$4,586,794
1,564,530
Total oper. revenues—
$4,421,206
$4,095,276
1,480,916
193,016
11,779
-
&c but before uh-
National Gas & Electric Corp. (&
Subs.)—Earnings—
After Interest, depreciation,
Period End. July 31—
Operating revenues
Operation
326,593
570,144
463,606
$1,731,673
$1,678,450
14,501
$1,512,825
15,201
$1,252,428
16,388
Retirement accruals
$1,692,951
758,294
65,432
$1,528,026
805,718
$1,268,816
854,171
Int. & amort.,
-
Taxes (other than inc.).
Prov. for retirements and|
depletion
Net earns, from oper.
.
Total income
$1,731,673
601,018
Other i ntereet charges..
172,678
Int. charged to constr'n.
Interest on funded debt.
1,524,938
250,108
6,431
346,333
78,553
80,112
Cr2,710
Amort. of debt discount
and expense
Miscell. deductions-
....
Prov. for income taxes
income
Minority int. in earnings %,
78.532
8,115
[31,000
66,388
2,209
40,899
66,659
5,891
38,243
78,650
$840,330
$759,729
$532,960
$236,821
4,916
16,855
*
of subsidiaries.
**——
JDr3,401
Dr77,062
Dr42,034
Net incomeTor period
$840,330
$756,328
$455,898
$194,787
Maintenance.--------Taxes-.. -----------
1938—Month-—*1937
$104,433
$84,679
59,623
49,951
5,243
5,268
8.857
7,282
1938—12 Mos.—1937
$1,298,080
727il26
71,808
104,023
$1,114,448
611,181
57,494
86,687
Dr656
$359,086
11,668
$22,618
9,190
$394,466
158,891
$370,754
125,622
$18,465
8,431
$13,428
6,161
$235,575
$245,132
73,984
$10,034
&c
$395,123
439
$30,285
11,820
Gross income
$22,179
Dr425
Balance
Net income.Dividends declared—
147,
$30,710
Net oper. revenues.
Non-oper. inc. (net)-.
$7,266
$135,564
46,549
$0.44
..
Earnings per outstanding share
100,011
$171,148
82.598
Note—The operating results of subsidiaries sold during November, 1936,
have been eliminated from this statement.
Operating results of new prop¬
erties acquired on Aug.
—V. 147, p. 1642.
19, 1937 are included only since date of acquisition.
National Grocers Co., Ltd.—To Pay
Directors
„
Federal income
p. 1495.
x
distributed profits tax.—V.
614,946
262,736
5,928
407,560
1937
1936
1638
—$17,850,956 $22,003,788 $20,390,180
269,070
293,165
loss697,432
Net earnings
614,366
Uncollectible accounts
Net
x
$3,487,928
1,229,764
181,040
16,020
345,068
Operating expenses
Maintenance
Other income
Co.
1937
National Department Stores Corp, -—Earnings—
6 Months Ended July 31—
Total sales
Preferred Dividend—
have declared a dividend of $1.75 per share on account of
cumulative preferred stock, par $100, payable
accumulations on the 7%
Financial Chronicle*
1786
£i»S£SSS
—V. 148. p. 3962.
being.—V. 147. p. 1349.
National Public Service Corp.—Sale Postponed—
The sale at Dublic auction by the New York Trust Co. as trustee tinder the
indenture
dated Feb.
1. 1928*. of 712,411 sham* of common stock of
ift'Hi•M&a&78onTuS^ at 75 Mont
iBilx°^bLbeea adJourned ui,tu °ct- "•1938> at ,he
Auction
•
Until Sept. 27—
Utility Hearing Put Off
Commission has postponed until
Sept. 27 a hearing
investigation it instituted on July 5 into the acquisition by the
New Jersey Power & Light Co. on March 14 of 341,350 shares of common
stock of the Jersey Central Power & Light Co.
_
On June 7 the Commission ordered New Jersey Power & Light to submit full information concerning the transaction.
In its reply, the company
said the Jersey Central Power & Light stock was acquired after obtaining
consent of the New Jersey State Board of Public Utility Commissioners and
v
an
Seeks to Acquire
Qweqo Gas Co. Stock—
The corporation haa filed an
btockof
The Federal Power
on
^ppIc^ to Acnuire-
rftrrk
New York State Electric & Gas Corp.
application under the Holding Company
announced.thAl?of tl«nOTmpani^aret67bs1diariesClnath^reg?stered holding
The transaction is a
N. Y. State Electric
company system of the Associated Gas & Electric Co.
step in the contemplated merger of Owego Gas Co. and
& Gas Corp.—Y. 147, p. 1201.
.
Tt
mT>
D
~
_
Niagara Hudson Power
n7„„4
r
„„
Corp.—Buys Large Plant—
industrial future of New York State will
to brin„ jncreased demands for electric power services in the
ahead, Alfred H. Schoellkopf, President of this corporation.
Expressing the belief that the
^ guch M
years
just
Power & Light contended also that Jersey Central Power &
Lightwasnot a public utility asdefined by the Federal Power Act;that no
approval by the Federal Power Commission was required by law for the
acquisition of the stock, and that it had therefore not violated any provision
of the Federal Power Act.—V. 147, p. 1042.
announced on Sept. 8 the purchase of the largest steam-driven turbinegenerator acquired by the electric utility industry since 1931.
The turbine-generator will be built by the General Electric Co. at its
Schenectady plant, and the accompanying steam-generating boiler will be
budfc by the pabcock & Wilcox Co. The equipment will be erected in the
large new steam electric Station of the Central New York Power Corp. at
National Steel Corp.—-Yew
President of the Weirton Steel Co. was on Sept. 13
of this corporation at a meeting of the
board of directors, it was announced by Ernest T. Weir, Board Chairman.
Other members of the Executive Committee are George M. Humphrey,
President of the Hanna Iron Ore Co., Chairman; George R. Fink, President
of the Great Lakes Steel Corp. and Mr. Weir,—V. 147, p. 748.
that the major contracts had been let and work already
on the initial equipment, Mr. Schoellkopf pointed out that by
augmenting the other power-generating sources of the Niagara Hudson
system, the new plant will be an important factor in continuing to provide
abundant and low-cost power to the people of New York State served by
Niagara Hudson companies
"The work of erecting this $9,500,000 plant and building and installing
in compliance with all conditions
New Jersey
contained in the Board sdecteion
Thomas E. Millsop,
elected to the Executive Committee
i
xt
"Pwit tt
TV,
•
Nehi Corp.—-/ 0
Pay
the equipment will create more than a million
IMmflortfl
rnavfmrt'n
jbl Common lJwiaena
dividend of $1 per share on the common stock,
Directors have declared a
payable Oct. 1 to holders of record Sept. 15.
Like amount was
Aug, 1 last, Dec. 22, Oct. 1 and on July 31, 1937, this latter being
dividend paid since 1931.—V. 147, p.* 1348.
n;i
17,,0.1
?T
V
,
,
-
paid on
the first
A nnnf
Trnnttfor
Cn
,%
,
i
y
,
„
2,
„
m
appointed Transfer
147, p. 123.
Bank of Jersey City has been
National
First
The
Agent and Registrar for this company.—V.
England Telephone & Telegraph Co.—Earnings—
New
1938—Month—1937
1938—7 Mas.—1937
$6,193,121
$6,331,212 $42,942,689 $43,333,692
25,933
19,703
184,922
111,838
Period End. July 31—
Operating revenues
Uncollectible opcr. rev.-
Operating revenues-..
4,469,259
Net oper. revenues...
"TTTrTTTTI
,,,0 ™,
$6,311,5)9 $42,757,767 $43,221,854
'."."7,
$6,167,188
Operating expenses.....
$1,697,929
631,870
^
Operating taxes
.......
30,633,528
4,663,797
*1,647,712 $12,124,239 $12,383,487
669,293
4,386,921
4.753,086
$978,419
$7,737,318
573,629
4,973,657
New Orleans Public Service
declared
have
a
147
iSfi
n
Q'T 1/
tipr
87 H
wh^H
'
'
P
shaffl
was
Jilsrt Hisfrihlltpd
distributed.
J;
r,
e
1
T"v •
"7
t
England Power Association—Preferred Dividends—•
have declared a dividend of $1 per share on tne 6% pref.
shares and of 33 1-3 cents per share on the $2 pref. shares, both payable
Oct. 1 to holders of record Sept. 21.
8imilar amounts were paid on
July 1 and April 1, last.
Dividends are in arrears on both issues.—V. 147,
.
.
,
New
1043.
•
ivt
1
v
r*
1
..
n
r»r»
York Central RR.
New
Earnings
[Including all Leased Lines]
Period End. July 31—
1938—Month—1937
1938—7 Mos.—1937
Railway oper. revenues.$22,891,310 $30,720,572 $161833,749 $217552,526
Railway oper. expenses. 18,393,988
23,671,897 133,604,993 163,471,075
_<
Net
from ry. oper.
rev.
Railway tax accruals...
Rquip. & jt. facil. rents.
Total income
deducts
Net
after
York
138 969
984 960
1 009 251
4,113',856
4,349',372
28,353,146
31.335,889
Brooke, President, made the following announcement
|)^sible to declare the plan operative shortly.
It would be a great misfortune if a few individuals,
.
their
be, should fail to deposit their notes and thus endanger the
f
JNickel Plate securities.
New
York &
—V.
Honduras
whatever
nhTfi4a?d8 °f holders °f these and
147, p. 1643.
Rosario Mining
Co.—Interim
'
Tianarlovt,1
iaena
The directors have declared
on
an interim dividend of 90 cents per share
the capital stock, par $10, payable Sept. 30 to holders of record Sept. 20
Dividends of 75 cents
paid on June 30 and on March 26 last; $1.65
paid on Dec. 24, 1937; $1.15 paid on Sept. 30, 1937; 87^ cents paid on
June-26, 1937, and 75 cents paid on March 27, 1937.
See V. 144, p. 1794,
for detailed record of previous dividend payments on this stock.—V. 147,
P'1201'
New
York
were
Ontario
^
Western
Pimp
Rv
« western Ky.
Extended--
fnv
Plrun
Lime Jor Plan
Federal Judge Murray Hulbert, on the petition of Charles E. Simmons,
Vice-President,
Federal Judge John M. Woolsey on Aug. 31 ruled that ^he
l7vSEf n°
SJLt?SFSiShnot
scljlb'ed ^^ by Noi&ld££wnnisevfinrt
*n.Jw d001;s'°O'
on
Sept. 14 extended to Jan. 11, 1939 from Sept. 20 the
file a plan of reorganization under Section 77
The
nromfsHorv
North American agreed, however that in case it was decided by judicial
determination or otherwise, that it is obligated to purchase the stock
°£fere£ \n, PIace of the notes held against North American Light, it would
then hold interest of 5% annually paid by North American Light on the
.
York
New
Haven
&
Hartford
RR.—Hearing
for surrender and cancellation of $4,000,000 in notes.—V. 147, p. 1202.
—See North American Co —V
r ui American vaj.
Notes
899
D
North Star Oil, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 8% cents per share on account
and in the case of non-residents is subject to a 5% tax.
A similar payment
was made on July 2, April 1, and on Jan. 2 last; Oct. 1, July 2, and on
April 1, 1937, as against 17}^ cents paid on Jan. 12, 1937; 8H cents per
share paid on Oct. 1, July 2, and April 1,1936, and dividends or 17
cents
per share paid on Dec. 20 and on March 1,1935.
The last regular quarterly
dividend paid on this issue was the 8^-cent payment made on Oct. 2,1933.
—V. 146, p. 3963.
.
,
_
.
,,
^
Northern States Power Co. (Del.)—Weekly
Commerce Commission has assigned oral argument for
Oct. 21 in connection with the company's reorganization case.
The arguwill center around a recent report in the proceeding submitted by
ment
'
Output—
week
ended Sept. 10, 1938, totaled 24,899,696 kwh., an increase of 2.4% comv 147 n 1643
Electric output of the
Northern States Power Oo. system for the
nared with thft mrrflRnnnrtinir wmk ia«t, vnar
P 6(1 itn the COrrespondmg weeK ia8t year' V* 147' P* ib4d*
Northwestern Electric Co .—Accumulated Dividends—
The
directorg have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cum. 1st pref. stock, par $100, payable
to holders of record Sept. 17. A similar payment was made on
and on
Oct. 1
July 1
April 1, 1937, and on
April 1 last, Dec. 24, Oct. 1, July 1, and on
D00- 24, 1936, as against $5.25 paid on Oct. 1, 1936, this latter being the
first dividend paid since Jan. 3, 1933, when 88 cents per share was distributed; prior to Jan. 3, 1933, regular quarterly payments of $1.75 per
share W0r0 made.—V. 147, p. 1498.
rr
^
Oklahoma Gas & Electric Co.—Earnings—
Operating revenues
—
-__$13,29l,321 $12,882,696
7,557,131
Operating expenses, maintenance and taxes.
Net operating revenueOther income (net)
*
XT
..
-
—
6,801,050
$5,734,189
2,092
$6,081,645
2,340
no.
,
Gross income
1937
1938
Years Ended July 31—
Interest-charges (net)
Interstate
147
v.±*/,p. otn*.
rt00
no*
OQQ
9a
no;
$5,736,281 $6,083,986
1,200,000
1,200,000
on
.
filed
preferred stock holder
against North American Co. by John H. Murphy, a
x
_T
New
twr$
$10,000,000 of North American Light's stock, North American contracted
to purchase sufficient common from North American Light each year to
enable North American Light to retire $2,000,000 annually in serial notes
held by North American.
1
North American complied with this agreement in 1932, 1933, and 1934,
but in 1935 notified North American Light that, pending a determination
of the constitutionality of the Public Utility Act of 1935, it took the position
an offering of common stock by North American Light to provide
funds to retire these notes pursuant to terms of the 1931 agreement could
not be justified, and North American Light's common stock.
accordingly North American was unwilling to underwrite the offering of
Net oper. rev. «Sc other income
Appropriation for retirement reserve--
of the National Bankruptcy Act.—V. 147, p. 1349.
pinrt
mor
COUTTACt/» 3*11(1 HllOu t/il0 C01Hp3fly IHlXSt) 8Urr6Bd.0P "W0 prOIBlSSOry
nQte8 totaling $4 000,000 signed by North American Light to that company, and that North American must accept in exchange 2,666,667 shares
of North American Light's common stock.
Under the 1931 agreement, the basis of which was the promotion of
T»I10
time in which company must
rian
Int
AmpHran had broken
that North
North American Light & Power Co.—Decision on
$2,088,l09prof$253,505 $19,636,506pf$6,748,629
Nil
$0.04
Nil
$1.05
Chicago
George D.
may
Clnerfitina
01 North American Light
Mr. Murphy sought to compel North American
t0 purchase such shares of North American Light s common stock as had
not been subscribed to by North American Light's common stockholders
pleased to state that the response to our request for the extension
of the Nickel Plate 6% notes due Oct. 1 has been very encouraging.
During
the past fortnight we have received deposits of approximately 10% of the
notes, making the total deposited approximately 85%.
•
"The company has extended to ana including 8ept. 30, 1938, tne time
for depositing the notes under the plan dated July 23,1938, for the extension
of the maturity of the notes to Oct. 1, 1941.
It is hoped that those who
deposited their notes will do so in the next few days, making
otner
amth
$9,701,600 $39,093,769
am
reasons
Pn-nimM
$4,741,846
pt, 15 regarding the notes maturing Oct. 1.
it
Pm^hn*o
i
note* to be returned to that company.
_
Thesuitupon which Judge Wwlsey rendered his decision ™
& St. Louis RR.—85% of Notes
Deposited-Time far Further Deposits Extended to Sept. 30"I
.
North American Co.—I urchase Contract with Operating
:
•' Y '
$1,079,071 $25,779,620
8,622,529
13,314,149
fixed
charges
Mr.
hospdax^on Sept. 11 after several weeks illness. He *as 60 years oici.
$3,204,426
1,537,420
133 688
Net inc. per sh. of stock.
—V. 147, p. 1643.
New
„
$970,884
1,188,551
from
charges." Ill
def.
$7,048,675. $28,228,756 $54,081,451
2,889,034
20,172,649
19,669,004
955,215
6,977,036
8,632,827
$4,497,322
2,703.614
822,824
'
income
Total fixed
?
$2,159,435
Net ry. oper. income.
Other income
Miscell.
distributed.—V. 146, p. 4126.
Norfolk Sc. ^Vcstcrn Ry.—Ohituarv—
Inc.—Preferred ^Dividend—
Directors
p.
^
dividend of $1.75 per share on account of
payable Oct. 1 to holders of
July 1, last and a dividend of
April 1, last, this latter being the first dividend
87cents was paid on
mfn c]iinp A nriT 1
'
quarterly dividends of 50 cents per share were
Unit Stands—
accumulations on the $7 cum. pref. stock,
record Sept. 22.
A like amount was paid on
~v
Reduced,—
Niagara Wire Weaving Co.—Dividend
Directors have declared a dividend of 25 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 20.' Previously regular
4,809,086
.—V. 147, p. 1043.
Directors
in the world and is expected,
hydros011 cooled. V. 147, p. 749.
$7,630,401
678,192
Net
man-hours of direct labor
"The plant will be one of the most efficient
when under full load,
to produce a kilowatt-hour of electric energy for each 0.85 pounds of coal
burned.
Twenty years ago the average steam electric generating station
required 3.3 pounds of coal to produce the same quantity of electricity."
An important feature of the 80,000 kilowatt turbine is that it will be
the first large condensing unit built in a single casting and using steam at
1,250 pounds per square inch pressure. Steam will be delivered to the turbines
at 900 degrees Fahrenheit. To improve its efficiency the generator will be
alone/* Mr. Schoellkopf said.
steam electric stations
30,838,367
$1,066,059
Net oper. income....
income..
Iifannouncing
started
Amortization of debt discount and expenseAmortization of limited-term electric investments.
Other income deductions
$4,536,281
$4,883,986
270,541
19,195
43,074
309,049
11,178
33,115
$2,475,467
—
w
$2,636,554
1,728,004
.
1,894,089
Examiner H. H.
not be
Wilkinson in which he recommended that reorganization
attempted at this time in view of low rail earnings and business un-
certainties.
Net income.-.-.-.--x
Before appropriation for retirement
reserve.—V. 147, p. 1643.
Volume
147
Financial
Omaha & Council Bluffs
Street Ry. Co.—Tenders—
?v?rVlty.xTrus,t Co. of N. Y. Will until 10 o'clock a. m. Sept. 28.
»1(iB for the
r
sale to it of sufficient
first consolidated mortgage
gold
190,2- to exhaust the sum of $150,326 at pricesfnot
£?
exceeding prevailing market price.—V.
Oregon-American
7 Months Ended
July 31—
147, p. 899.
Lumber^Corp.—Earnings—
1038"*
N^loss^aftCTaH charges
$30,847
cents
paid
__
on
Public Service Electric &
(Minn.) —Accumulated Dividend—
dividend of $1.50 per share on the account
of accumulations on the
$6 cum. pref. stock and a dividend of
$1.37 M
per share on the S5.50
pref. stock, both payable Oct. 1 to holders of record
Sept. 15.
Like amounts were
paid on July 1 and on April 1, last.
fSe«
also Y. 145, p. 4123—V.
146, p. 4127.
District Court in
San
t0 re^UIJd to gas customers
193b in excess
mission in 1933.
Court ordered
leased
since
company and Commission to work out plan of distribution
inorf011^ approval.
Case was taken to United States Supreme Court in
1937 and remanded in
special district court for rehearing last Jan. 3.
Company has 90 days to appeal to the Supreme Court but officials state
whatever
the decision.—V. 147,
*
Pacific Tin Corp.—2o-Cent Dividend—
Pamour
Porcupine Mines, Ltd.—Initial Dividend—
Directors have declared an initial dividend of
12 cents per share on the
8t0c^> payable Nov. lr-fo holders of record Oct. 14.—V.
147, p.
1045.
rto
Peerless Corp.—Nam& CI
Changed-
At
147, p. 1203.
Pennsylvania Gas
Directors passed
& Electric Corp.—Divs. Omitted—
the dividend which ordinarily would have been
paid
the 7% cum. pref. and $7 cum.
pref. stocks.
Dividedns of
cents ere paid on both issues on
July 1 last, prior to which $1.75
1
on
87^
quarterly
147,
p.
1204.
Philadelphia Acceptance Corp.—Initial Dividend—
Directors
on
the
system
of the proposed
mergers, the commission held, will tend
integrity and continuity of the Public Service Electric &
consolidating its operating properties under common
by
control, thus making the
a
have
declared
the $5 preferred
effecting the merger with the Bordentown
company, Public Service
exchange at par its $5 cumulative preferred
stock, callable after 30
days notice at 110, for the 1,000 shares of
Bordentown's $50-par common
stock now
outstanding, and, in effecting the merger with the Cinnaminson
company, Public Service Electric will
exchange at par its $5 cumulative
preferred stock for the 400 shares
outstanding of Cinnaminson common
having a par value of $20,000.
st<*k
JvL
? Service Electric & Gas is also to
initial
an
semi-annual
dividend
of
$2.50
per
Excluding Pittsburgh Rys. Co.
Jersey.
The
commission
dismissed
operating
revenue
&
Subsidiary & Affiliated Street Ry. &
1938
other
income
deplet. res. & after taxes
on pref. and com. stock
public, minority interests of sub. cos., &c
Net income before divs.
18,827,987
21,401,486
6,726,401
9,116,974
1937 figures have been adjusted to reflect
$200,295 of additional taxes
applicable to the period of 1936 included therein, paid
by Duquesne Light
Co. in 1937 aad
charged to surplus.—V. 147 p, 1204
x
Philadelphia & Reading Coal & Iron Co.—Plan
Disposing of 75% of Acreage—
Favors
dependent
reorganization
the
report
in
Special Master consolidated a previously issued in¬
which he had approved the company's petition to
working capital.
This latter petition was
$2,500,000 additional
greatly in
bination
of
excess
tax
a
of $4,000,000. This saving would result from a com¬
of more than $1,000,000, lower operating
reduction
expenses, maintenance
charges and savings
on
leases.—V. 147, p. 1046.
Manufacturers Trust Co. is trustee for
$25,000,000
debentures due Sept. 1, 1948.—V. 147, p. 1644.
convertible
3%
Pittsburgh Bessemer & Lake Erie RR.—Exchange Offer
137, p. 1577.
Pittsburgh & Lake Erie RR.—Earnings—
Net
July 31—
oper. revenuesoper. expenses.
from
rev.
Railway tax accruals
Equip. & jt. facil. rents.
r
1938—Month—1937
$1,139,888
$2,133,410
1.001,153
1.640,823
1938—'7 Mos.—1937
$6,927,657 $14,576,793
,6.923.808
$138,735
109,559
Crl51,427
Net ry. oper. income-
$492,587
$3,849
$2,608,730
163,229
792,384
1,241,221
Cr176,904 Crl ,204,204 Crl ,221,821
Total income
Miscell. deducts, fr. inc.
Total fixed charges
$180,603
lo,714
$506,262
13,961
$415,669
95,277
$2,589,330
247,353
$194,317
32,526
3,725
$520,223
43,085
3.964
$510,946
$2,836,683
308,023
36,557
$158,066
Other income
$473,174
$0.18
$0.55
$o92,523
$0.45
93.267
25,156
Net income after fixed
charges
Net inc. per sh. of stock.
to
There
still are
pending before the commission applications by the Public
Service Electric & Gas to
merge into it the South Jersey Gas, Electric &
Traction Co. the Paterson &
Passaic Gas & Electric Co. and the Gas &
Electric Co. of Bergen
County, all three of which are underlying com¬
panies in the system of the Public
Service Corp. of New Jersey.
The
facilities of South
Jersey and of Paterson and Passaic companies are operated
by Public Service Electric under
900-year leases, and the facilities of the
Gas & Electric Co. of
Bergen County
999-year lease.—V. 147, p. 1205.
Puget Sound Power
Period End. July 31—
Operating
revenues
Operation.
Maintenance
Taxes
&
are operated
by the applicant under
a
Light Co. (& Subs.)—Earnings
1938—Month—1937
1938—12 Mos.—1937
$1,290,819
$1,341,699 $16,326,629 $15,941,069
439,620
473,635
5,782,852
6,154,782
88,485
112,397
1,200,752
1,037,336
175,547
170,227
2,238,358
1,922,069
Net oper. revenues..-
$587,167
Non-oper. income (net).
I>rl0,307
$585,440
22,336
$7,104,667
Dr348,768
$6,826,882
376,426
Balance
Interest and amortization
$576,859
320,092
$607,775
320,836
$6,755,899
3,850,393
$7,203,308
3,855,046
$256,767
$286,939
$2,905,506
1,473,892
$3,348,262
1,496,960
$1,431,613
550,000
$1,851,302
550,000
$881,613
1,583,970
$1,301,302
1,583,970
$702,357
$282,668
Balance
reserve
Prior preference dividend
requirements
-
Balance
...
Preferred dividend requirements
Balance deficit.
Note- -Effective Jan.,1, 1937, the
company adopted the new system of
prescribed by the Federal Power Commission, which differs in
certain respects from the
system the company previously followed, hence
accounts
the above 12 months'
Railroad
figures
are not
exactly comparative.—Y. 147, p. 1501.
Employees Corp.—Smaller Dividend—
Directors have declared
a dividend of 15 cents
per share on the class A
both payable Oct. 20 to holders of record Sept. 30.
Dividends of 25 cents were paid on these issues on
July 20, last and dividends
of 15 cents were paid on April 20, last.—V.
class
B
stocks
147, p. 1351.
Rapid Transit in New York—City Considers $827,102,344
Subway Building Program—
The Board of Transportation has submitted to the City Planning Com¬
mission
a program of future
subway construction totaling $827,102,344.
Chairman John H. Delaney, in presenting the schedule, called it "a
comprehensive outline of what this board deems to be the most useful
development of transit facilities during the coming years."
He added that
it might be necessary to revise the program if unification negotiations fail
or if changes in the city's financial position or the volume of
passenger
traffic
warrant.
subway line at a
$218,000,000, building of a Staten Island subway tunnel from
Independent System to carry trains under
Queens, extensions on all existing lines of
the Independent System and extension to the Flushing and Nostrand Ave.
lines of the I. R. T. system.—V. 147, p. 279.
Brooklyn, two new tunnels of the
the East River to Brooklyn and
R. C. A.
Communications, Inc.—Earnings—
Period End. July 31—
Tel. & cable oper. revs.
Deprec. & amortization.
Relief depts. & pensions.
All other general & mis¬
1938—Month—1937
$366,300
$443,584
51,885
63,009
2,900
2,900
1938—7 Mos.—1937
$2,651,927
$3,029,421
380,346
440,427
20,300
20,300
$2,492,103
cellaneous expenses—
304,978
305,619
2,092,991
1,981,282
Nettel.&cableop.rev.
$6,537
$158,290
$587,412
Other oper. revenues—
Other oper. expenses—
29,719
38,325
1,000
19,740
213,317
277,606
7,000
171,036
226.523
Uncollec. oper. revenues
Taxes assign, to oper—
$72,056
32,362
37,398
6,000
40,596
Operating loss
Non-oper. income
$22,809
58,341
x$20,424
78,998
$84,035
429,385
x$300,553
536,658
Gross income
11,968,063
railway
operations
application
The program includes construction of a Second Avenue
The company has announced that the
privilege of exchanging the 5%
first mortgage 50-year gold bonds, due Oct.
1, 1940, of Pittsburgh Shenango & Lake Erie RR. for first mortgage 5s, due Jan. 1, 1947, of P. B. &
L. E. will remain in effect only until Dec.
20, 1938.—V.
Period End.
an
cost of over
Phillips Petroleum Co.—Trustee—
Railway
Railway
jurisdiction
The commission found it
lacked jurisdiction because the New Brunswick
Light owned no electric facilities, its sole
asset being its ownership of the
capital stock of Gas Light Co. of the
City of New Brunswick, which is
engaged solely in the manufacture and distribution of
gas.
proceedings under
approved on condition that the U. S. District Court grant the
company
leave to execute the recommendations
just made by the Special Master.
Mr. Lewis estimates in the
report that the totai approximate annual
savings to the company as the result of his recommendations will be a
sum
of
Co., the Hudson County Gas Co. and the Newark
Consolidated Gas Co. into Public
Service Electric & Gas.
and
The company's
petition to abandon 123,000 acres of its land, discontinue
two company-owned
mines, terminate the so-called Shaefer leases and
other leases was
approved, Sept. 15, in a report made public by Special
Master Howard Benton Lewis in the
Section 77-B.
In the report
lack
before
approp. for retire. &
held by
xl937
-$40,880,742 $42,617,241
_
and
for
merge the New Brunswick
Light, Heat & Power Co. into the Public Service
Electric & Gas and
permitted the withdrawal of applications to
merge the
Essex & Hudson Gas
Balance
Transportation Cos.]
.
Period Ended July 31—
Gross operating revenues
borrow
discharge the bonded
All of the common
stock of the Bordentown and Cinaminson
companies,
38 weB as the
bonds of the Cinnaminson
company, are owned by the River¬
side Traction
Co., which is a subsidiary of Public Service Corp. of New
Appropriations for retirement
Philadelphia Co. (& Subs.)—Earnings—
Net
assume and
indebtedness of the Cinaminson
company, in the principal amount of $40,000
stock, payable to holders of record Sept. 1.—V.
146, p. 924.
_
mergers consistent with public
In
disbursed.
was
The company stated:
"Preferred stockholders were advised on June 30
a substantial
decrease in revenues from industrial consumers and
decline in current net income of
Pennsylvania Gas & Electric Corp. and
its subsidiaries.
Since that time the situation has become even less satis¬
factory, and in the face of these circumstances the directors voted to
pass
the quarterly dividends
payable Oct. 1, 1938.
Di-vidends on these preferred
shares are cumulative and must be
declared before any distribution can be
made in the future to common
stockholders."—V.
last of
share
were,
will
,
a recent
special stockholders meeting held in Richmond, Va., a plan
approved to change the name of the
company to Brewing Corp. of
America, the name of a wholly-owned
subsidiary which has been operating
company's brewing business.
Plan also provides for transferring assets of
the subsidiary to the
parent company on Oct. 1,1938.—V.
was
Oct.
companies
bearing 6% interest.
Directors have declared a dividend of
25 cents per share on the common
stock, payable Sept. 28 to holders of record
Sept. 20.
Dike amount was
paid on June 24 last and
previously regular quarterly dividends of 50
cents per share were
distributed.
See V. 145, p. 3664, for record of extra
dividends also
previously distributed.—V. 146, p. 3675.
on
Cinnaminson
"8 paper corP°rations only, performing no public service functions
Consummation
t^as
and
(Public Service company on April 1, 1914, and
time, according to the commission, the "lessor
companies have
to preserve
•
ion? decision has been reached pending study of
I?* 1203
p.
Gas
properties of the Bordentown
for 46 years
by the
that
interest01
Francisco has ordered this
$5,980,000 impounded from 1933 to
of reduced gas rates ordered
by the California Railroad Com¬
the year 1936.—V. 146,
all expire unless acted
y.
a
Pacific Gas & Electric Co.—To
Pay'Refund—
Three judge Federal
April 1, 1937, and dividends
Co. has been authorized by the
The commission stipulated, however, that*
on within 90 days.
federal Power Commission.
An
Otter Tail Power Co.
cents paid on
Public Service Electric & Gas
Co.—Merger—
4^A?i-order-autbc£iz*n£ tbe merger of the Bordentown Electric Co. and
f^,1v?nai?1,i?,s-0no Ie<r1 r J cLi gh t, Power & Heating Co. of Riverton, N. J.,
mto the
All
The directors have declared
1787
July 1, 1937; 15
C6ntS ^ Share distributed during
4128
1937
$98,067
Chronicle
$35,532
22,402
$99,422
27,857
$345,350
165,520
$837,211
199,674
$13,130
147, p. 1047.
$71,565
$179,830
$637,537
Deduc's from gross inc..
Net income
x
Profit—V.
Ronltv
$2.89
EminrlaHnn.
Inc.—Third.
264,450
12,000
236,932
Distribution
—V. 147. p. 1500.
Portland Gas & Coke
Co.—Preferred Dividends—
UUb
V txi
klliai
VlU.t>JU<A
Ol
a
.
i7UOoOt /o
**
v*
,
V
.
share on the $7
Surety Co. that a third distribution representing this dividend is being
ith payable on Oct. 1 to holders of
Keferred stock and a dividend of $1.07record Sept. 17. $6 preferred stock,
per share on the Similar payments
effected at the office of the bank, 30 Broad St., New York City, in the
respective amounts listed below per each $500 face amount bond:
Series B, $7.40; series C, $8.38; series D, $8.50; series E, $8.70.—V. 143,
The
were
directors
made
on
have
declared
Dec. 24 and
on
a
dividend
of $1.25
Feb. 1, 1937.—v.
per
147,
p.
1500.
p.2222.
Prudential Investing
The
directors
have declared
Corp.—Larger Dividend—
a
dividend
of four
cents
per
recor d S
stock, par $1, payable Oct. 1 to holders of
compares with three cents paid on July 1, last; five cents
last; six cents paid on Dec. 28, 1937; 7H cents paid on
common
share
ct.
on
20.
1.
the
This
pril 1.
1937; 10
Reed Drug
Co.—Earnings-
Earnings for 12 Months Ended June 30, 1938
profit after all taxes
—V. 146, p. 3966.
Net
—--
$95,793
Reed Roller Bit Co.—Extra Dividend—
declared an extra dividend of 50 cents and a quarterly
dividend of 20 cents per share on the no-par common stock, both payable
Sept. 30 to holders of record Sept. 20.
See V. 146, p. 3966, for record
of previous dividend payments.—V. 147, p. 583.
The directors have
dividends of 25 cents per
V. 146, p. 3818.
Stock Purchase Plan—
During August, under the terms of the employees'
2,744 shares were paid for and delivered under plan
share on the common
record Sept. 20. This compares with
share previously distributed each three months.—
fpQyp. tiif) terms
Plan—
on
;•
Securities and Exchange
hearing has been set for Sept. 23, 1938 in the
declaration and application (Files
43-103 and 47-19) in connection with the proposed reorganization and
recapitalization of the company.
.The plan provides for the divestment
of the Republic Electric Power of securities and other assets of its subs.,
for territorial integration, for the simplification of the corporate structure,
and the eventual dissolution of the Repubic Electric Power Co. of Dei.
and the Republic Mutual Service Co. of Calif., with the object of meeting
the requirements of Section 11 (b) of the Holding Company Act.—V.
Commission's Washington offices on the
purchased, 683
were
1206.
Sherwin-Williams Co. of Canada, Ltd.—Accum. Div.—
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Oct. 1
Sept. 15.
A similar payment was made on July 2,
April 1, and Jan. 3 last; Oct. 1, July 2, April 1, March 1, and Jan. 2, 1937;
Oct. 1, July 1, April 1, and Jan. 2, 1936, and on Oct. 1, July 2, April 1,
and Jan. 2, 1935, this latter being the first dividend paid on the pref. tsock
since the regular quarterly dividend of $1.75 per share was paid on Dec. 31,
1932.—V. 146, p. 3203.
to holders of record
Singer Mfg. Co.—Extra Dividend—
The directors have declared an extra
146,p. 1415.
to the
Republic Investors Fund, Inc.—Dividend—
dividend of one-half cent per share on the
common stock (25 cents par value), payable Oct. 1 to holders of record
Sept. 17.
Similar payments was made on July 1, last and dividends of
one cent per share were paid on Dec. 24 and on July 1,
1937.—V. 146,
p. 4129.
Directors have declared
a
Subs.)—Earnings
Republic Natural Gas Co. (Del.) (&
Years End. June 30—
1938
Rervs.—Natural gas sales $1,168,964
1936
1937
$1,258,154
1,961,398
1,388,497
Oil production
Other
xl935
$1,058,194
556,464
$1,149,242
438,643
325,833
309,776
282,589
$3,456,195
Total
346,179
$2,992,831
1,149,630
741,513
313,451
$1,924,434
813,906
502,814
310,668
$1,870,474
Expenses
Prov. for
under plan 2 some 41,22 shares were paid
released and 137,308 were still subject
15,783 shares under plan B 5,177 were
released and 9,923 were still outstanding.—V. 147,
Of the original 200,000 shares
and delivered, 12,097 shares were
to the agreements' terms.
Of the
p.
(Del.)—Hearing
Corp.
Power
Electric
Republic
deplet. & depr.
1,334,887
932,399
332,448
Int. & amortization
x
1938
Properties
in
Invest,
^
Earns, per sh. on corn.,
Solar Aircraft
Co.—Earnings—
;
Oblig.
Prov.
Cash in banks and
260,015
14,435
Prepaid
expenses
.
33,971
11,772,091
-V. 146, p.
659.034
Total
10,933,507
.
—
11,772.091
10,933,507
company
Ltd.—$1.50 Dividend—
dividend of $1.50 per share on the common
a
r-
Railway oper. revenuesRailway oper. expensesNet
rev.
Net ry. oper. income-
Other income
Total income
Miscell. deduc. fr.
1938—Month—1937
$235,673
$300,074
247,843
272,455
1938—7 Mos.—1937
$1,635,171
$2,096,336
1,838,425
1,908,156
759
x$203,254
201,835
6,635
$188,180
162,881
Cr8,162
x$40,551
5,697
$3,431
4,092
x$411,724
30,384
$33,461
26,323
$7,523
341
395
33,895
Equip. & joint fac. rents
33,902
x$381,340
2,730
237,313
$59,784
2,673
238,595
x$12,170
26,399
1,982
$27,619
23,429
income0
Total fixed charges
8 Months Ended Aug. 31—
Earnings per share—
$69,090
$181,484
$621,383
$26,774
Deficit.
x
Note—The month and seven months ended July 31,
corporate and receiver transactions.—V. 147,
San Antonio Public Service
p.
1938, include both
1502.
p.
After
Taxes
expenses,
y
$0.90
and other
On 448,250
Southern Canada Power Co.,
Period End. Aug.
31—
Ltd.—Earnings—
1938—Month—1937
$196,403
$190,376
1938—11 Mos—1937
$2,157,550
$2,104,564
76,796
907,346
872,481
$109,234
$113,590
$1,250,204
$1,232,083
108,755
108,518
1,203,665
1,201,571
$479
Net earnings
deprec., amort.
87,169
$5,062
$46,539
$30,512
-
&
dividends
Surplus
-V. 147, p. 1207.
Southern Kraft
Corp.—Notes Increased—
During August last the corporation increased the 6% notes, due Dec. 31,
1940, by issuing for cash $300,000 additional to the International Paper
Co., with which it is affiliated. This brings the total amount of notes out¬
standing to $9,700,000 as of Aug. 31. The proceeds were used to reimburse
Southern for expenditures in connection with the Springhill, La., kraft
boaru and sulphate pulp mill.—V. 147, p. 1207.
Southern Natural Gas Co.—25-Cent Dividend—
the class A
A like amount was paid
31, last, and previously regular quarterly dividends of 50 cents
March
on
per
share were distributed.—V. 146, p. 2386.
Southern
Ry.—Earnings—
—First
Week
of Sept.
1938
^
Gross earnings (est.)
—V. 147, p. 1503.
1937
$2,355,559
Jan. 1 to Sept. 7
1937
1938
$2,380,237 $77,431,976 $92,004,397
Southwestern Bell Telephone
Co.—Chairman to Retire
retire
147, p. 1646.
A. B. Elias, Chairman of the Board, announced that he plans to
effective Oct. 31 under the company's retirement plan.—-V.
Standard Gas & Electric
Co.—Weekly Output—
the public operating companies in the Standard Gas &
103,180,482
kwh., a decrease of 9.8% compared with the corresponding week last year.
Electric output of the public utility operating companies in the system
for the week ended Sept. 10, 1938, totaled 99,519,324 kwh., a decrease of
5.2% compared with the corresponding week last year.
Electric Co. system for the week ended Sept. 3, 1938, totaled
Reorganization Fees Prote tied—
available
Stockholders and bondholders of the company have protested by letter
Judge John P. Nields of the U. S. District Court at Wilmington, Del.,
against the $1,500,000 fees being asked by attorneys who figured in the
reorganization of the company.
Judge Nields on Sept. 14 started hearing testimony by attorneys on the
details of the expenses incurred by them during the reorganization of the
Savannah Electric & Power Co.
Operating revenues
Operation
Maintenance
$2.42
Federal income taxes, depreciation
charges, but before Federal surtax on undistributed profits,
shares common stock.—V. 147, p. 431.
Co.—Definitive Bonds Ready
1206.
Period End. July 31—
oper.
1936
$366,234
1937
$1,208,634
$0.51
—
outstanding temporary bonds.—V.
Definitive first mortgage bonds, 4% series due 1963, are now
at Bankers Trust Co. in exchange for
147,
1938
$345,893
Net income-
Electric output of
Net deficit after fixed
charges
Pulp Co.—Earnings—
stock, payable Oct. 1 to holders of record Sept. 20.
x$34,854
fr. ry. opers.
Railway tax accruals—
Federal income taxes
On 129,640 shares.—V. 147,
z
Directors have declared a dividend of 25 cents per share on
RR.—Earnings—
Period End. July 31—
On 130,125 shares,
x
stock, payable Sept. 30 to holders of record Sept. 15. Similar payment was
made on June 30 and on March 31. last.—V. 146, p. 1726.
Rutland
y
;
Soundview
x
y$0.17
z$0.10
y$0.06
share
charges,
431.
p.
Int.,
Russell Industries,
16 Wks. End
After deductions for operating expenses, normal
Operating expenses
Fredericksburg & Potomac RR.—Equip.—
Directors have declared
per
____
Gross earn ngs
has filed an application with the Interstate Commerce
Commission for authority to issue $740,000 2H% equipment trust cer¬
tificates in connection with the purchase of six steam locomotives and six
combined baggage express cars at a total cost of $1,100,000. The company
has made arrangements, subject to Commission approval, to sell the cer¬
tificates to the First Boston Corp. at 103.3887% of par and accrued divs.
See V. 147, p. 1645.
The
x
and other
2,434,223
765.
Richmond
Net income
Earnings
.
Aug. 20, *38 June 25, *38 Aug. 20' 38
$8,389
$13,300
$21,589
1,543,753
2,418,103
1,183,568
Earned surplus
Other assets...
42,652
39,814
1,539,308
45,582
36,615
19,749
fund trustees.
338,129
634,084
claims,
litig. exps., &c--
2,736
Funds with sinking
Total
for
Capital stock
Capital surplus.—
166,989
345,141
446,464
onhand
Other curr. assets-
in
production..
15,000
15,000
subs, not consol.
179,714
payable
March 31
$3.25
$i.70
and surtax on un¬
8 Weeks Ended
,
y
Current liabil
wholly-
5,697,500
218,215
5,777,500
Long-term debt
(net).-10,982,457 10,321,441
inactive
owned
$3.90
$1.43
x After interest, depreciation. Federal income taxes
distributed profits.—V. 146, p. 3203.
$
Liabilities—
on
(L. C.) Smith & Corona Typewriters, Inc. (& Subs.)—
Earnings—
Years End. June 30—
1938
1937
1936
.1935
x Net profit
$473,211
$1,096,297
$709,279
5428,645
1937
1938
1937
^
II[T
An extra
10.
x
$118,397
taxe?, &c., charges.
$856,460
$788,235
$297,045
Figures for the year ended June 30, 1935, are the combined results of
predecessor companies.
Consolidated Balance Sheet June 30
the capital stock,
last, and in each of the 15 preceding quarters, while on March 31, 1934, an
extra dividend of $1 per share was distributed.
In addition a special
dividend of $15 per share was paid on Dec. 31, 1935.—V. 146, p. 3971.
Period—
the
dividend of $1 per share in addition
regular quarterly dividend of $1.50 per share on
par $100, both payable Sept, 30 to holders of record Sept.
of $1.50 was paid on June 30 last, and an extra of $2.50 was paid
837.374
579,059
335,643
Net inc. before income
stock purchase plans
1, also 2,816 shares
plan 2 and 337 shares under plan B.
On Affig. 31 of the original
150,000 shares under plan 1 a total of 147,798 shares were paid for and
delivered, 1,964 were still subject to the agreement and 238 shares were
under
Co.—Dividend Halved
Reliance Electric & Engineering
Directors have declared a dividend of 12 ]/-> cents per
stock, payable Sept. 30 to holders of
A
Sept. 17, 1938
Financial Chronicle
1788
Earnings—
1938—12 Mos.—1937
1938—Month—1937
$181,630
$175,888
66,852
71,956
14,674
9,062
25,204
19,278
267,136
$2,082,515
795,251
114,010
216,599
$2,229,925
856,616
122,817
Net oper. revenues.
$74,899
$75,593
Non-oper. income (net).
Dr 1,33 6
4,333
$983,356
£>r3,188
$79,926
31,572
$980,168
378,824
$972,585
378,974
$42,142
Appropriations for retirement reserve
$48,354
$601,344
248,667
$593,611
237,000
$352,677
149,115
$356,611
149,115
$203,563
$207,496
60,000
$143,563
$147,496
utility company.
Prior to hearing testimony the Judge cited the letters he had received and
of which called the fees "shocking" and
suggested "if they are allowed, it would take three years of the company's
present earnings to pay them-off."
read several excerpts from them, one
$956,655
15,930
$73,564
31,422
to
Balance.
Interest and amortization
Balance
Balance
Debenture dividend requirements
Standard
Investing
Corp.—Exchange Recommends De¬
listing of Stocks—
The Board of Governors of the New York Stock Exchange at a meeting
Sept. 14 aproved the recommendation of the Committee on Stock List that
application be made to the Securities and Exchange Commission to strike
the common stock of the corporation from the list at such date as may be
fixed by the Commission.
The stock will not be suspended from dealings
pending action by the Commission.
The Committee on Stock List in its recommendation pointed out that,
so far as its investigation has been pursued, "no information has been
developed which reflects against the character or integrity of the. present
management, but, in view of the small aggregate market value of the stock
remaining outstanding in the hands of the public and its continued sub¬
stantial minus net asset value, the Committee on Stock List is of the opinion
that it is desirable to terminate the listing of the common stock on the New
York Stock Exchange."
The statement made by the Committee on Stock List to the Board of
in
Balance for common dividends and
Note—On Jan.
1,
1937, changes
surplus
were
made in
accounting procedure,
hence the above 12 months' figures are not exactly comparative.—V.
p.
147,
1502.
Governors
Schiff Co.—SalesSales for the month of August,
1938,
were
$791,831,
as
compared with
sales for August, 1937, if $884,125.
This was a loss of 10.44%.
Sales for the eight months period this year were $7,494,020, as compared
with last year of $8,294,085.
This
was a loss of
9.64%.—V. 147, p. 1048.
Sears, Roebuck & Co.—Sales—
Period End. Sept. 10—
1938—4 Wks.—1937
1938—32 Wits-.—1937
Sales$37,524,471 $39,937,242 $295657,282 $331585,878
a
.
follows:
"Corporation
conducts
was
incorp.
in
Maryland,"Jan. 31, 1927.
Corporation
general type, investing in
Lately it has acquired,
other investment trusts
management investment trust of the
corporate, municipal and government securities.
either directly or indirectly, substantial interests in
and real
estate
enterprises.
"As of June 30, 1938 the
corporation had outstanding $2,297,000 10-year
debs, due Aug. 15, 1939 (exclusive of debentures held in
treasury), 55.156 shares (no par) pref. stock, $5.50 dividend series cumul.
and entitled on liquidation to $100 per share plus accrued dividends, and
5H%
conv.
Volume
Financial
147
394,591 shares (no par) common stock.
The common stock is the only
security of the company listed on the New York Stock Exchange.
''The cumul. dividend arrears on the pref. stock amounted to $2,323,447,
or $42.12
H per share, as of June 30, 1938.
"It appears from the company's annual reports for the last seven years
and from statistical sources believed to be reliable that there has been a
minus net asset value for the common stock at the end of each of these
years.
Calculated on the basis of market values and other information
contained in these reports, without reference to possible additional values
as a result of
pending litigation described in the reports, it appears that,
after provision for unpaid accrued dividends on the pref. stock, the minus
net asset value of the
common
Dec. 31, 1931
1932
1933
Dec. 31,
Dec. 31,
Dec. 31.
Dec. 31,
1934---.
1935-
—
—
———
1936
1937---.—
1938
1938--
—
Net oper. revenues—_
Other income.
Other income deductions
Interest
Int.
on
$2,572,644
65,752
126,297
$3,603,135 $13,189,054 $15,974,625
74,665
575,568
699,240
123,065
705,536
798,129
on
$2,512,099
101,835
$3,554,735 $13,059,086 $15,875,736
147,212
480,162
632,914
57,313
202,519
229,250
405,063
1,620,250
1,537,375
mtge. bonds.
coll. trust bonds-
Interest
debentures.
on
Other int.
11.12
50.000
405,063
.
(notes, loans,
&c.)
198,039.
These had an indicated market value as of the last sale
(Sept. 8—%) of $123,774.
Market quotations for the common stock from 1929 to June 30, 1938
ranged from a high of 48 in 1929 to a low of
in 1932.—"V. 147, p. 1050.
(& Subs.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$10,198,130 $11,242,921 $44,293,874 $44,687,868
Oper. exps., incl. taxes.
5,448,081
5,735,452
22,295,770
21,096.557
Property retirement and
depletion res. approp2,177,405
1,904,334
8,809,050
7,616,686
Operating revenues
Gross income
$6.96
18.97
21.35
18.48
"Of the corporation's 394,591 shares of common stock outstanding as of
Dec. 31, 1937, 196,552 shares represented a concentrated holding.
The
balance of shares available foy public trading amounted, therefore, to
Stedman Bros.,
United Gas Corp.
Period End. June 30—
stock has been approximately as follows:
—.$14.07 Dec. 31,
15.39 Dec. 31,
15.40 Mar. 31,
14.39 June 30,
1789
Chronicle
482,029
14,027
08,142
475,816
6,774
Cr4,616
$1,467,287
$2,467,173
Other deductions
Int. charged to construe.
Balance.
to public
—Subsidiaries——.
Portion applic. to min¬
ority interests----..-
212
12,220
11,224
48,881
27,378
5,686
79,009
62,097
Balance carried to consol, earned surplus.
$1,439,697
$2,449,267
1937
$174,106
1938
$179,963
—V. 146, p. 3972.
$8,342,530 $1L515,007
Preferred divs.
Ltd.—Earnings—-
32 Weeks Ended Aug. 18—
Net income before Federal taxes
1,987,992
28,827
055,629
1,938,681
a508,765
Cr33,821
$8,252,297 $11,404,029
Includes
$418,505
representing non-recurring charges
during* the
Dec. 31, 1937 for reorganization expenses of subsidiaries.
Note—Figures previously published for prior periods have in certain
cases been rearranged in the above statement.
a
quarter ended
Stokely Bros. & Co.—Preferred Dividends Deferred—
Directors voted to defer payment of the quarterly dividend on the
cumulative non-convertible and 7% cumulative preferred stocks both
7%
$25
value for tne quarter ended Oct. 1.
Regular quarterly dividends of
43M cents per share were paid on these issues on July 1, last.
In a letter to preferred stockholders W. B. Stokely Jr., President, stated,
"While sales volume for the current fiscal year is above that for the same
Statement of Income (Company Only)
Period Ended Jun. 30— 1938—3 Mos.—1937
1938—12 Mos.—1937
par
period in preceding year and while better results for the full year are antici¬
pated, large inventory carryover and the resulting increase in bank loans
make it advisable at tne present time to conserve cash.
Consideration will
be given to payment of preferred dividends as soon as conditions permit."—
V. 147, p. 1646.
Studebaker Corp.—Sales—
Sales of Studebaker passenger cars and trucks in August totaled 2,458,
according to Paul G. Hoffman, President of the corporation.
This com¬
pares with 2,772 in August, 1937.
This brings sales for the year to date
to 26,392 compared with 63,797 for the first eight months of 1937.—V.
147, p. 1050.
Superior Oil Co. (Calif.)—Earnings—
Net loss-—V. 147, p. 1050.
......
——
a$7,978,824
a6,299,807
a574,100
Net oper. revenues, na¬
tural gas.
$80,174
Total other income
Other income deductions
—
—
1,519,049
95,493
$1,503,730
501,525
438,696
Other interest
6,623
Other deductions
1,360
Less int. charged to constr.
a$l ,104,917
1,609,572
97,787
$1,511,785
Gross income
Interest
on
on
potes & loans
7,040,783
736,388
$6,528,666
debentures-
Interest
6.003,950
580,201
$6,304,395
bl ,309,538
438,696
Net income
Superior Steel Corp.—May Increase Funded Debt—
special meeting of stockholders has been called for Oct. 10 for the pur¬
of approving an increase in the bonded indebtedness to $2,000,000.
new issue will be sold and the proceeds used to
now outstanding and $500,000 in notes.
The re¬
mainder will be for additional working capital.
Company has requested the New York Stock Exchange to ask members
pose
It is probable that a
retire $963,000 of bonds
to transfer all of the stock in Street names to owners' names and
willingness to pay for the cost of such transfer and
tax.—V. 147, p. 1208.
Symington-Gould Corp.—To Vote
on
as
well
as
expressed
the transfer
The announcement says that such properties now can be acquired for a
price which does not involve the issuance of any capital stock or warrants
of Symington, and calls for an immediate cash payment of $100,000 by
Symington, to be replenished at once by the payment to Symington of
$300,000 in cash and cancellation of the McConway purchase money mort¬
gage of $475,000.
The balance of the
purchase price is to be paid in cash, but only on the
basis of business actually done by Symington after acquisition of the
properties.
Under the terms of the plan, Symington wiU pay to McCon¬
way & Torley $3 per ton of castings shipped until a sum of $1,000,000 has
been paid.
Donald Symington, President and a director of McConway, and J. E.
Symington, a director, have agreed not to engage in a competing business
for 20 years, and further have agreed to render service in the interest of
Symington at whatever rate of compensation, if any, may be agreed upon.
—V. 147, p. 1355.
Tennessee RR.—Bond
additions
and
betterments
not
$555,526
yet capitalized.—Y.
146,
$1,073,089
$3,423,835
Summary of Surplus for 12 Moiths Ended June 30, 1938
Total
152,844
13,544
—
Balance..—
Broadway, Inc. (Harriman Bldg. Corp.)—Protective
Total
Dividends
on
3,423,835
3,423,835
—
—$41,788,934 $14,467,819 $27,321,116
$7 preferred stock
3,148,754
3,148,754
Surplus, June 30, 1938— ——$38,640.180 $14,467,819 $24,172,362
Balance Sheet June 30, 1938 (Company Only) •
TAnhilitlpQ—
Assets—
property and equip¬
(Incl. Intangibles)-. 824,665,130
Investments.223,729,454
Cash In banks (on demand)
2,173,478
Plant,
ment
-
41,079
Notes and loans receivableAccounts
44,315
receivable.--.
Materials and
1,256,900
supplies..-.
a
21,668
Prepayments—
$7 cumul. pref. stock.... $44,982,200
2nd pref. stock
88,468,000
b $7 cumul.
Common ($1 par) stock
33,435,000
28,925,000
296,211
c
c
Pref. stocks called for re-
60,157
48,348
Customers'deposits-
Contra assets.
34,564
Taxes accrued
curr.
—
Toledo Walhonding Valley & Ohio 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 $8,260 at prices not exceeding par and interest.
Customers'
Reserves
—
1938—4 Wks.—1937
1938—36 Wks.—1937
$1,349,226
$1,003,886 $11,782,786
$8,813,019
Specialties Cd.—Earnings—-
x
Period End. June 30—
Net loss------
y
Earns per share:
7,302
34,564
——■
14,467,819
24,172,362
Capital surplus
Earned surplus
Total
——
Total——..
$252,384,032
$252,384,032
Represented by 449,822 no par shares,
b Represented by 884,680
no par shares,
c Dissolved subsidiaries (cash on special deposits).—V.
147, p. 758.
a
United Gas Improvement
Co.—Weekly Output—
Week Ended—
Sept. 10 '38
83,261,282
Electric output of system
—V. 147, p.
(kwh.)
Sept. 3 '38 Sept. 11 '37
88,167,334
83,875,853
1647.
United States Steel Corp,—Number of
Stockholders—
United States Steel Corp. preferred stockholders of record July 28, 1938,
1938.
totaled 66,213, an increase of 1,025 since April 28,
August Shipments—
Nil
1938—6 Mos.—1937
$56,705 prf$154,463
Nil
$1.08
$0.42
depreciation, interest, Sec.
common stock.—V. 146, p. 3205.
y
On
143,000 shares of $1
Period End. June 30—
1938—3 Mos.—1937
1938—6 Mos.—1937
Gross—
$8,074,227 $10,079,085 $15,351,650 $20,918,238
8,029,785
9,898.547
15,341,350
20,683,878
$44,442
$180,538
2,069
68,409
77,217
$10,300
115.267
145,694
$234,360
4,088
131,036
155,501
$86,297 prof$32,843
$251,388
$56,265
279
Interest
Depreciation
Federal income taxes, Sec
Net loss
3361.
57,614
72,846
of
Business
Activity'
on
a
preceding
page.
Vapor Car Heating Co., Inc.—Common Dividend Passed
of
Directors at their recent meeting took no action with regard to payment
a dividend on the common shares at this time.
A dividend of 25 cents
on
Operating profit
"Indications
1053.
paid on June 10, last; one of 50 cents was paid on March 10, last; $3
Dec. 10, 1937; $1 on Sept. 10 and June 10, 1937 and a dividend of 50
was
United States Freight Co. (& Subs.)—Earnings—
Expenses
under
-V. 147, p.
1938—3 Mos.—1937
$37,162 prof$60.013
taxes,
—V. 146, p.
6,925,746
—
Contrib. in aid of construe..
See
par
78,022
Contra liabilities
—V. 147, p. 1647.
After
for
numbered 171,705, an increase of 249 since May 31, 1938.
Union Premier Food Stores, Inc.—Sales—
x
11,339
advances
construction
United States Steel Corp. common stockholders of record Aug. 26, 1938,
Period End. Sept. 10—
United
110,919
accrued
and
current
liabilities
—V. 92. p. 1702.
Sales
17,373
619,255
1,990,256
Interest accrued
Tintic Standard Mining Co .-Five-Cent Dividend—
.
23,706
dempt'n and divs. thereon
Matured long-term debt
(Incl. prem.) and interest
& accrued assets
Other
Other
a dividend of 5 cents per share on the com¬
stock, par $1, payable Sept. 30 to holders of record Sept. 15.
A like
amount was paid on June 30 last, and
compares with 10 cents paid on March
21 last; 25 cents paid on Dec. 23 last; 15 cents paid on Sept. 30, 1937,
25 cents on June 30, 1937, and 18 cents paid on March 31, 1937.
For
detailed record of previous dividend payments see V. 146, p. 3972.
7,818,959
Long-term debtNotes payable
Accounts payable
308,938
recently made of the formation of a bondholders'
committee covering the first 6% loan certificates outstanding in the amount
or $4,595,500.
The members of the committee are Lee 8. Buckingham,
President of Clinton Trust Co.; Albert J. Courtney, V.-Pres. of Cross &
Brown Co., and Tracy A. Williams, Amott. Baker & Co., Inc.
The conwi
mittee states that it considers the modification plan
proposed by the owner
to be unfair to the bondholders and it is
advising bondholders not to consent
to the modification plan.—Y. 135, p. 3370.
The directors have declared
152,844
13,544
------
...
$38,365,099 $14,467,819 $23,897,281
—
June 30, 1938—
was
mon
14,633,313
4,650
Net income for the 12 months ended
Committee—
Announcement
Earned
$9,425,705
$38,531,487 $14,467,819 $24,063,669
—
Reduction in ledger value of miscel¬
laneous investments
Miscellaneous
Deferred debits..—....—
3360.
$4,473,678
Total
Capital
Surplus, July 1, 1937
$22,866,096 $13,440,391
Adjustment upon liquidation of sub¬
sidiaries (net)
15,646,008
1,012,695
Miscellaneous
19,383
14,733
Special deposits—
Application—•
The company has asked the Interstate Commerce Commission for
authority to issue $200,000 first-mortgage 5% bonds, to be sold at par and
proceeds used to partially reimburse the company's treasury for expendi¬
39
280
Cr95
a Items so marked
represent operations of natural gas distribution proper¬
ties acquired on and subsequent to July 28, 1937.
b Represents interest
on United Gas Public Service Co.
6% debentures from Nov. 5, 1937, on
which date said debentures were assumed by this company.
Acquisition—
A special meeting of stockholders has been called for
Sept. 29 to vote on
the proposed acquisition of the business, goodwill and certain assets of the
McConway & Torley Corp.
p.
1,830",437
1,759,604
32,514
3,270
$670,572
A
made for
—
-
Earnings for 8 Months Ended April 30, 1938
tures
Operating revenues, naturalgas
$1,683,272
Oper. exps., incl. taxes.
1,462,298
Property retirement re¬
serve appropriations—
140,800
727
cents was
paid on March 10,1937.—V. 146,
p.
3682.
Virginian Ry.—New Chairman—
William Robertson Coe has been elected to the newly created
position of
Chairman of the Executive Committee.—V. 147, p. 1509.
Warner Bros. Pictures, Inc.—Time Extended—
With approximately 57% of the 6% debentures deposited under the
exchange plan for the new 10-year 6% debentures due In 1948, the company
has extended the time for such deposits until Oct. 1.
At least 75% of the
bonds must be deposited to have the plan become effective by vote of
directors.—V. 147, p. 1648.
■
Financial
1790
Virginia Electric & Power Co.—EarningsPeriod Ended July 31—
1938
Mon^—1937
—193812 Mos.—1937
Operating re venues
$1,494,772 51.499,764 517,972,394 $17,255,710
Operating
581,701
620,465
6,937,153
6,563,679
MXtenfn^";:::::::::
123:421
111.224
1.454.014
1.349,834
Taxes
194,968
180.707
2,271,863
2,lo5,252
$594,682
Z>rl0,l24
Net operating revs
Non-operating income.Balance
$584,558
145.599
—
Interest & amortization.
$438,959
Balance
$7,186,944
I>r 16,561
$7,299,364
Drl 44,158
$570,808
$7,155,205
$7,117,829
144,697
1,745,055
Preferred dividends requirements
xDr69,115
$5,410,150
$3,356,212
1.171,426
..
2,023.333
$3,335,620
1,171,620
—
—
P.epaid
exps.
Investments &
—
and
15,922
hence
1647.
.$37,500,000 Issue with SEC—
subsidiary of Engineers Public Service Co., has filed
registration statement with the Securities and Exchange Commission under
the Securities Act of 1933 seeking to issue $37,500,000 of 3M% first and
refunding mortgage bonds, series B, due 1968.
Proceeds from the sale of the bonds, together with the net proceeds of
bank loans to be evidenced by $4,000,000 of 3% notes ($1,600,000 of which
will be received on Oct. 10, 1938, and the balance of which will be received
in instalments over a period of one year) and the $1,500,000 cash contribu¬
tion by Engineers Public Service Co. to capital of the company in respect
of common stock, will be used as follows:
To redeem at 105, the $37,488,000 4% first and refunding mortgage
bonds, series A, due 1955,
'
To repay $800,000 of notes to banks, the proceeds of which were used to
reimburse treasury for construction expenditures.
To pay capital additions and improvements .increasing electric generating
capacity in its 12th Street Power Station in Richmond, Va., estimated to
cost $3,350,000. Construction is expected to be completed in 1940.
Principal underwriters for the new bonds wid be Stone & Webster and
Blodget, Inc.; First Boston Corp., and Brown Harriman & Co., Inc.
Names of other underwriters, together with offering price, will be filed by
company,
,
,,
.
,
&e—-
10,533
-—
-
1,282,000
1,251,970
1
1
.....
provides for the usual stabilizing operations
"out" clause in the case of "any major catas¬
of war, national calamity or act of God, which,
in the judgment of a majority in interest of the underwriters, materially
disrupts the financial markets of the United States."
The company made application to the Commission for an exemption
from the declaration requirements of the Utility Act regarding the issuance
contains
Fed'l capital stock tax..
Federal income tax
Dr 16,264
—
.$5,015,637 $4,834,432
Total,
1,135 in 1938 and $91,246
(& Subs.)—Earnings52 Weeks
52 Weeks
Ended
Ended
Dec. 28 '35
Dec. 29 '34
$350,677
4,938
163,893
6,720
33,507
$546,279
4,758
169,681
4,800
50,126
158",012
21,593
$306,894
710,750
14,792
$393,036
672,615
$141,618
705,443
$316,914
564,765
36,360
$1,065,650
$847,061
$918,039
25,105
10,151
3,128
1,340
2,639
82,377
18,213
162,710
20,572
9,735
89,789
26,612
218,613
$720,818
$710,751
$672,615
104,681
88,681
$705,443
104,681
$2.77
$0.27
$2.21
.
Total surplus
capital
assets
disposed of
Add'l Fed. & State taxes
on
prior years
on 7% pref. stock.
on 2d pref, stock..
Divs,
Divs.
Divs.
stock.
on common
deductions
Miscell.
Earned surplus end of
97", 164
ibo",i3i
20,346
53,808
y59,030
$1.97
Earnings per share
35.873
.16,223
of $7,168.
income
other
'38
$223,013
I
25,962
N. Y. World's Fair
West Kootenay
Power & Light Co., Ltd. (& Subs.)—
Earnings for Year Ended Dec. 31, 1937
Operating revenues
Operating expenses
Selling, general and administrative expenses
...
$3,488,397
1,111,070
138,856
2,468
Provision for doubtful accounts
33,944
general expenses
$2,202,059
Operating income
39,549
Other income
$2,241,608
254,995
3,624
20,286
Total income
funded debt
Amortization of debt discount and expenses.
Premium on bonds redeemed
3
Other interest
526,034
Provision for income taxes
$1,436,664
Net income
35,000
611,200
Preferred dividends
Common dividends
Consolidated Balance Sheet Dec. 31, 1937
32,478
58,988
72,497
7% cum. pf. stk. 1,171,000
a 2d pref. stock.
230,760
b Common stock
104,681
1,195.000
c262,880
104,681
Capital surplus-
175.255
177,023
Earned surplus—
105.954
720,819
710,751
Res.
31,350
Inventories
153,181
34,598
deposits—
47,754
132,729
47,355
Notes receivable..
dividend of 15 cents per share on the common
a
25,962
162,526
Drivers' security
& held for empls.
stk. option plan.
Accts. receivable..
Directors have declared
$173,124
24,902
income tax
Co.'scom.stk.pur.
announced later.—V. 146, p. 1898.
stock, par $1, payable Sept. 15 to holders of record Sept. 13.
This com¬
pares with 20 cents paid on June 28 and on March 31 last, and previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition an extra dividend of 10 cents was paid on Dec. 30 and on Sept. 30,
1937; an extra of 40 cents was paid on June 30, 1937, and extra dividends
of 10 cents were paid on March 31,1937, and on Dec. 30 and Sept. 30, 1936.
—V. 146, p. 1575.
payable
Dividends payable
Accruals, lncl. Fed.
5,000
debentures
'38 Jan. 2 '3-*
$161,106
176,000
payable.
Notes
for
reserve
Accounts
1
Jan.
Liabilities—
Jan. 2 *37
$195,956
Jan.
application with the San Francisco Stock Exchange for listing of
stock. The listing committee of the exchange has
approved the application, and the 19,696 shares ($100 par) common stock
covered by the application will be admitted to the list at a date to be
15-Cent Dividend—
88,681
y
Comparative Consolidated Balance Sheet
the company s common
Wellington Fund, Inc.—To Pay
—
Includes cumulative dividends
for period from July 1, 1932 to Dec. 29, 1934.
z Includes refund of proces¬
sing taxes paid in prior years amounting to $15,914.
Includes
x
Cash
have filed
„„„
„
_
period...
Shares common stock
divs. payable...
606~877
825,488
......
Bal. due under stk.
purchase plan..
Mtge. & sales con¬
24,813
40,962
tract receivable.
2,155
'
31,350
1,707,226
61,423
13,913
for contlng—
Capital stock—
1,739,504
a
Property,
plant
and equipment.
Prepaid expenses.
Cash. val. life Ins.
48,892
10,534
Total
$3,020,635 $2,907,576
Total
a
After depreciation of $1,398,977 in
b Represented by 104,681 % no par shares,
no par
$3,020,635 $2,907,576
1938 and $1,462,256 in 1937.
Represented by 5,879 shares,
in 1937), after deducting 110 shares (6 shares in 1937),
c
(6,578 shares
$4,400 ($240 in 1937).—V. 146, p. 1898.
at cost of
Western Public Service Co,
Operating
Operation
(& Subs.)—Earnings—
1938—Month—1937
$194,325
$193,250
89,415
93,262
10,151
13,058
16,147
15,834
Period End. July 31—
revenues
Maintenance
Taxes
1938—\2'Mos.—1937
$2,228,751
$2,157,633
1,059,789
1,097,219
138,557
142,799
189,953
198,744
$718,870
1,077
$78,611
Dr4,963
$71,095
^$840,451
Z>r885
Dr67,950
$73,649
30,864
$70,210
30,928
$772,501
349,071
$707,793
350,386
Balance
$42,784
Appropriations for retirement reserve
$39,282
$423,429
223,599
$357,407
226,727
$199,830
119,452
$130,680
119,451
Net oper. revenues
Non-oper. inc. (net)
Balance
Interest and amortization
Drl
Liabilities—
Assets—
$24,632
Cash...
receivable....
4,,250,645
Inventories
570,766
$41,218
Accounts payable, trade...
Accrued payrolls...
14,061
Interest
526,034
21,130
6,351,000
5,000
...
Debt discount and expenses.
65,844
bonds redeemed...
368,804
Capital stock Issued:
b Common stock
....$17,900,241
...
6,112,000
4,244,817
$17,900,241
Total
b 61,120 shares
for depreciation of $9,150,016.
reserve
500,000
7% cumul. pref. stock...
Earned surplus..
Total
($100).
-V. 147, p. 136.
Western Maryland
Ry.—Earnings—
—Week Ended Sept. 7—
,
x
Gross earnings (est.)--—V. 147, P. 164S.
1938
$248,914
Western Grocer Co. Iowa
July 2 '38
.....
Cost of goods sold
(less discounts and allowances).
Selling, jobbing-branch & administrative expenses.
Net profit from operations
Miscellaneous non-operating income
bank loans
Western Union
Telegraph Co., Inc.—Earnings—
1938—Month—1937
1938—7 Mas.—1937
,342,377 $52,222,867 $59,265,512
$7,450,399
578,547
3,651,795
4,135,110
553,093
440,728
4,803,915
3,620,379
685,688
506,654
3,227,021
3,098.566
All other maintenance—
431,808
5,508,011
32,889,038 36,781,746
4,742,509
Conducting operations—
180,693
1,228,132
1,230,125
Relief depts. & pensions.
175,830
Period End. July 31—
Tel. & cable oper. revs—
Repairs
Deprec. & amortiza'n—
...
$42,704
27,551
All other general & mis¬
cellaneous expenses
177,235
190,817
1,315,181
1,350,344
$684,236
29,801
495,492
$936,927
33,369
390,641
$5,107,785
208,891
3,451,284
$9,049,242
287,985
3.182,586
Operating income
Non-oper. income
$158,943
104,743
$512,917
171,153
$1,447,610
863,697
$5,578,671
923,846
Gross income-..
$263,686
593,926
$684,070
611,405
$2,311,307
4,160,248
$6,502,517
4,297.619
$330,240
x$72.665
$1,848,941
$2,204,898
July 1*36 to
June 26 '37
$15,041,098 $15,577,223
13.527,054
13.805,777
1,471,340
1,388,599
$382,847
28,162
$411,009
18,385
4,885
x71,840
—
Deduc'ns from gross inc.
Net
—V.
26,643
$70,255
on
Provision for Federal income taxes.
loss.
147,
p.
1211
Westinghouse Air Brake
The dividend payable Oct.
25.9169 cents instead of
Net profit
Preferred dividends
Common dividends
$38,727
63,329
52,500
Earnings per share on 105,000 common shares
Nil
x Includes $7,900 for surtax on undistributed profits.
'
$11,229
$80,378
.
Jan. 1, 1937, the companies adopted the new system of
prescribed by the Federal Power Commission which differs in
certain respects from the system the companies previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 1510.
^Balance for common dividends and surplus
""Note—Effective
accounts
Uncollectible oper. revs.
Taxes assign, to oper—
(& Subs.)—Earnings—
Period—
...
Preferred dividend requirements
Net tel.&cable op.revs.
Jan. 1 to Sept. 7
1938
1937
$8,824,644 $12,405,507
1937
$295,620
June 27'37 to
Net sales.
Balance
84,982
Investments
3,577 Provision for Income taxes.
a Property, plant and equip.
12 ,614,158 Deferred income
Long-term debt
Prepaid expenses and deferred
charges.
1,814 Reserve
Interest
181,506
Earned surplus...
Treasury stock
J
Adj. affecting prior yrs.
Francisco department store,
After
104,404
Capital surplus...
$1,032,437
Previous earned surplus
Cash
(Raphael) Weill & Co., San Francisco—Listing—
a
2,100,000
300,003
46,500
\
Profit for period
Assets—
Company, operator of the White House, San
on
2,100,000
301,452
$4,834,4321
——$5,015,637
Securities Act of 1933 in view of
Prein.
90,258
928,200
Prov. for contingencies—
an
bonds and notes. The notes were not registered under the
the fact that no public offering is to be
and sale of the new
Accounts
20,398
896,10$
(Formerly Pie Bakeries, Inc.)
52 Weeks
53 Weeks
Ended
Ended
Jan. 1 1938 Jan. 2 1937
Period—
x$651,389
z$549,463
Income from operations
1,099
3,196
Interest paid
177,650
192,872
Depreciation
made.—V, 147, p. 1647.
on
Pro v. for Fed. tax.
Common stock...
Wagner Baking Corp.
The underwriting agreement
trophe, such as the outbreak
Interest
153,929
102,223
rolls, &c
'
;
.
and in addition
Other
928.177
Accrued taxes,pay¬
doubtful receivables of
1937.—V. 146. p..774.
Doss
$5,029
400,000
675,508
550,000
——
payable.
After reserve for
a
in
Bank loans—.
1937
7% pref.stock....
51,061
In proc.of amort.
Goodwill
ters of credit,—
;
,
54,721
"
Plant & equipment
.
amendment.
-——
mis-
1938
$29,14$
let¬
Accept, under
Accounts
cellaneous assets
Total.
from the system the company previously followed,
the above 12 months' figures are not exactly comparative.—V. 147, p.
The
Receivables
$305,139
582,639
2,633,088
$391,991
621,076
2,649,926
—
Inventories
dividends & surplus—_—
certain respects
Files
a
$5,358,954
2,053,938
$426,111
$2,184,786 $2,164,000
x Includes $13,333 interest on funds for construction purposes.
Note—Effective Jan. 1, 1937. the company adopted the new system of
accounts prescribed by the Federal Power Commission, which differs in
Balance for common
Cash.
Sheet June 30
Liabilities—
1937
1938
\AssetS—
Leasehold Improv.
—
—
Condensed Consolidated Balance
f
deferred charges
Appropriations for retirement reserve
Balance.
Note—The net profit shown above is after deducting provisions' JorMepreciation as follows: Period from June 27, 1937, to July 2, 1938, $95,830!
period from July 1# 1936, to June 26, 1937, $85,320.
1,758.876
$587,369
Sept. 17, 1938
Chronicle
$320,784
98,490
153,896
$2.44
an
disbursement is the final one
Co.—Dividend—
31 to holders of record Sept. 30 will amount to
25 cents as previously announced.
The
to be made from paid-in surplus as authorized
even
in November, 1937.
dividends of 25 cents per share were dis¬
1732 for record of previous dividend payments.
Previously regular quarterly
tributed.
See also V. 146, p.
—V. 147, p. 1055.
'
Volume
Financial
147
Chronicle
Westinghouse Electric & Mfg. Co.—Obituary—
Youngstown Sheet & Tube Co. (& Subs.)—Bal. Shee
Jerome J. Hapauer, a director of this company died on Sept. 3.
See/'Chronicle" of Sept. 10, page 1581 for further details.
last.
Consolidated Balance Sheet
.
.
Cash
,
;
,
'
.
.,
.
,
-
,
Directors
InventoriesBalance receivable
made
this issue.
Directors took no action
p.
on
Property accounts
158,025
200,978
231,209
3,324,947
Total.
tn
hmir,
SS-
OnrrpnH
r> nnn nnn
-"-:--::--"---"--- 4"'®
- --
OreH^iv^Inexoess ofpaymente
625,374
1.402,787
3,841,096
1.112.104
33,867
33,655
3,270,283
-
,
v
_
Minority shareholders'equity in subsidiaries-----Reserve for relining, rebuilding furnaces, &c
.
Willys-Overland Motors, Inc. (& Subs.)—Earnings
Reserve for insurance
^
9 Months—
3 Months
June 30'3& Mar. Z.1*38 June 30'38
Period\
$505,619
xNet loss
•»
x
30
™
31
----------
4% 1st mortgage sinking fund bonds
.
-
5H % cumulative preferred shares
a<w
taxps
Src
After dunrppiaHoTi taxes, &c.
depreciation,
a
prCurrent assets, at the close of business on June 30, 1938, the end of the
third quarter of the current fiscal year, totaled $3,314,534 with current
liabilities amounting to $420,189 giving a ratio of current assets oyer
current liabilities of 7.89 to one.
This compares with a ratio of 2 1-3
to one at the close of the first fiscal year on Sept. 30, 1937 and a ratio of
3 3-10 to one at the close of the second quarter of the current fiscal year
on March 31, 1938.
The company has no bank loans.
NCurrent assets consisted of cash, $1,125,062; receivables, $135,431;
Inventory, $2,054,041.
Net working capital was $2,894,345.
Total assets
at the.close of the third quarter were $14,057,998.—V. 147, p. 589.
Common
shares
3,045,600
288,354
—
Reserve for commitments
Notes payable to banks (non-curr.)
$693,841prof$554,770
$203,246
'SI
Accrued taxes-3,454,945
Other accrued liabilities
1,938,518
of 36.3%.—
t
_
902,506
227,262,472 220,641,266
Company reports sales for the month of August, 1938, of $87,300, com-
pared with $1 107.225 for the same period last year, a decrease
158,025
8,041,992
1,156.860
613,736
135,226,312 134.280,672
-
Deferred charges
thT?touS« ftr\Vee3Ight months ended Aug. 31.1938, were 8704,597. com-
20,723,854
53,702
49,272,509
483,463
advances:
_
dividend payment on
761.
$'
4,653,875
68,862
8,327,685
752,593
608,973
-
notes and
Mining and affiliated companies—------——_
Public utility, oil, &c., companies.
Bank stocks and .partic ctfs. In bank securs
Company s shares held in treasury
Willson Products, Inc.—Sales—
V.1147, p. 1357.
-_
purchase contracts
Investment—Stocks, bonds,
en
on
on
Investment of insurance fund
Sept. 13 declared a dividend of 50 cents per share on the $5
cumulative prior preferred stock, payable Oct. 1 to holders of record
Sept. 23.
Heretofore, regular quarterly distributions of $1.25 per share
were
*
$
10,090,824
10,265
21,840.588
56,037
46,220,063
445,172
.
Accounts and notes receivable, less reserve
Due from officers and employees
Smaller Preferred Dividend—
omauer rrejerrea utvvaeaa
old£6%fpreferred stock.—V. 147,
-
Restrictelcash balances
..
P'Frank B. Williams Jr. was elected Vice-PresidentiB charge of the merchandising division of this company, to succeed Arthur E. Allen, who has
resigned.—V. 147, p. 1055.
WheelinirSteel Corn
w
neeungfOteei v_orp.
.
Assets—
New Vice-President—
„
1791
—
158,025
100,000
200,000
12,500,000
58,065,000
58,500,000
15,000,000
15,000,000
---
——105,046,389 105,039,670
——
Earned surplus
—
—
23,138,498
20,993,897
—
—-.227,262,472 220,641,266
Total
a
Represented by 1,675,008 no par shares,
TAztinn
rnu'trlL
v
-v
rwa on
The New York sJj*>ck
w
to timeuponconvOTsionofdeben^
1
68 ^or which
'
nnn
a^^^authoriz^ the listing of 480,000
listing has been applied,
J*tntfinf 9nna
of2,155,008 common
V. 147, p. 1648.
The Commercial Markets and the Crops
COTTON—SUGAR—-COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Sept. 16, 1938.
Coffee—On the 12th inst. futures closed 7 to 9 points net
lower in the Santos contract, with the September delivery
only 1 point lower.
The
14 lots.
Foreign markets were easier.
Havre closed off 2 to 1%
francs and the spot price of Santos hard 4s in Brazil was off
Sales of Santos totaled 152 lots.
Rio contract closed 1 to 3 points lower on sales of
100 at 17.900.
were
Rio 5s
were
100 lower at 15.800 and Rio 7s
200 lower at 14.400.
On the 13th inst. futures closed 19 to 25
points net lower
in the Santos contract, while Rio closed 11 to 15 points
lower.
Sales of Santos totaled 261 lots, while transactions
in Rio totaled 27 lots.
Increasing tension in the European
political situation influenced heavy selling and liquidation in
the coffee futures market here and prices closed at the lows
of the day, evidencing one of the severest drops in some time.
Early selling, which was entered from Europe, eased the
market about 10 points from the previous finals.
In a mild
way today's market was reminiscent of the days in 1914 when
coffee prices broke sharply.
Havre closed 1% to 1% francs
lower on a turnover of 12,500 bags.
Brazil spot prices were
100 reis lower, with Santos 4s quoted at 20.300 and Rio 5s at
15.700.
On the 14th inst. futures closed 12 to 23 points net
the Santos contract, with sales totaling 372 lots.
lower
Rio
contracts closed 14 to 17 points net lower, with sales of only
16 lots.
This market had another sharp shakeout in the
heaviest trading session of the year today (Wednesday).
Opening 6 to 16 points higher on new buying and short
covering, the market failed to hold its gains.
Thereafter,
the trend was definitely lower, and prices dropped 32 to 39
points from the early highs.
Spot prices in Brazil eased in
sympathy with the market here and Havre was lower.
The
in
latter closed 4 to 5 francs off.
Soft Santos 4s were 100 reis
lower at 20.200, hard 4s 300 off at 17.600 and Rio 7s 200
lower at 14.200.
On the 15th inst. futures closed 21 to 37
points net higher
the^ Santos contract, with sales totaling 205 contracts.
The Rio contract closed 24 to 27 points net higher, with sales
totaling only 6 contracts.
The coffee market responded to
the improved sentiment in regard to foreign news with sharp
gains and a large volume. Only a few sellers were accepting
lower prices for actuals, most were refusing bids. Santos was
11 to 21 points better, with May at 6.58, up 21 points, and
Rio was 16 to 19 points improved in the early afternoon.
The general tone was firm, with reports of large buying orders
just under the market.
Eight transferable notices were
posted against Santos contracts, which with one yesterday,
represents the total so far.
Yesterday some Brazilian
shippers were reported to have accepted bids 10 to 15 points
under the market.
Brazilian si>ot prices were off 100 reis
per 10 kilos, equal to about 3 points in this market.
Today
futures closed 7 to 13 points down in the Santos contract,
with sales totaling 91 lots. - The Rio contract closed 22 to 4
points off, with sales totaling 14 lots. The European news
in
was disappointing to the coffee trade, with the result that
gains recorded yesterday were partly lost today.
In the
early afternoon Santos contracts were 12 to 24 points lower,
with May at 6.59, off 15 points, but 8 above the extreme
low.
Rios were 14 to 24 points lower.
The spot month in
both contracts was off 24 points, possibly due to issuance of
four Santos and one "A" notice.
Brazilian selling was
reported.
Cost and freight offers from Brazil held fairly
steady.
In Havre futures were % to 1M francs higher.
Rio coffee prices
closed as follows:
4.28 May...
September
December-
March
—:
—
.
Santos coffee prices
September
-
—-4.38 July
4.41
as follows:
6.391 May-
4.46
4.49
closed
December_i
6.52 July--——
March...
.6.61
.6.63
6.581
Cocoa—On the 12th inst. futures closed 3
points lower to
Transactions totaled only 65 lots, or 871 tons.
London was unchanged to 3d. higher on the outside. Futures
on the Terminal Cocoa Market there ranged 3d. to 43^d.
higher, with only 250 tons trading. There appeared to be
no inclination to operate on either side of the market pending
the outcome of the latest European crisis.
Local closing:
Sept., 5.11; Oct., 5.11; Dec., 5.25; Jan., 5.29; March, 5.38;
May, 5.48. On the 13th inst. futures closed 34 to 37 points
net lower. Sliding steadily until the final hour on the gloomy
action of securities, the cocoa market broke wide open today
in a wild closing 60 minutes following the confirmation of the
serious turn of affairs in Czechoslovakia. Liquidating orders
poured into the ring to bring the closing prices substantially
below last night's finals. The trading volume stepped up to
821 lots, or 11,001 tons, of which more than half was worked
in the hour between 2 and 3 o'clock. London, closing before
the Sudeten ultimatum news came out, ran unchanged to
3d. lower on the outside, but wavered on the Terminal
Cocoa Market, closing 3d. to 7Hd. lower. Trading on the
London futures market was at a virtual standstill.
Local
unchanged.
closing:
Sept.,
4.76;
Oct.,
4.76;
Dec., 4.90; Jan.,
4.95;
March, 5.02; May, 5.11. On the 14th inst. futures closed
7
to 15 points net higher.
Transactions totaled 532 lots,
or 7,129 tons.
The opening range was 8 to 15 points advance.
London outside prices ran 3d. lower to unchanged, wnile
futures
on
the Terminal Cocoa Maiket ranged 4 J^d. higher
lower, with 710 tons trading. Local closing: Sept.,
4.92; Oct., 4.93; Dec., 5.06; Jan., 5.10; March, 5.17; May,
5.27; June, 5.31; July, 5.36.
On the 15th inst. futures closed 1 point down to 2 points
to 3d.
Transactions totaled 333 contracts. After registering
early gains of 6 to 7 points, the cocoa market lost all the
recovery on liquidation by nervous holders pending develop¬
ments abroad.
Warehouse stocks decreased 3,300 bags over¬
night. The total now is 899,766 bags compared with 1,365,824 bags a year ago. Afloats total only 78,200 bags, all from
Brazil. A year ago afloats from Brazil alone totaled 155,200
bags, while 119,500 bags additional were afloat from West
Africa.
Local closing: Sept., 4.92; Oct., 4.92; Dec., 5.06;
Jan., 5.11; March, 5.19; May, 5.28; July, 5.37.
Today
up.
Financial
1792
futures closed unchanged from previous closing quotations.
Transactions totaled 193 contracts.
Cocoa was steady in
The market sold off about 5 points early,
the early
Interest
was small, volume totaling only 130 lots.
Warehouse stocks
decreased 400 bags overnight.
They now total 899,354
bags, against 1,363,795 bags a year ago.
An Accra cable
said that marketing of the new main crop has begun. Exports
of cocoa from the Gold Coast in the first 15 days of the current
month were 10,233 tons, against 2,729 tons in the comparable
period of last year.
Local closing: Dec., 5.06; Jan., 5.11;
March, 5.19; May, 5.28; July, 5.37.
irregular trading.
back later, standing 1 to 2 points lower in
afternoon.
At that time Dec. was quoted at 5.04c.
but
came
Sugar—On the 12th inst. futures closed 2 to 3 points
higher in the domestic contract. With attention riveted on
European political conditions, the sugar market was dull
today, but the und ;rtone was firm. Only a limited amount
of sugar was offered in the market for raws, at 2.95c., and a
further buying interest at the last price, 2.90c., prevailed.
The world sugar contract is much more active, due of course
to the grave political developments in Europe.
Transactions
in this contract today totaled 67 lots, or 3,350 tons.
The
world contract closed 134 t o 2 points net higher.
London
futures were %d. to l)4d. higher, with raws there at 5s. 6d.,
equal to 1.01 34?* f« °« b. Cuba.
On the 13th inst. futures
closed 2 to 5 points net higher.
With the receipt of the war
scare
news
flashes from Europe around 2 o'clock today,
domestic sugar futures, which had been well on the way toward
establishing a record for the year for quiet trading, became
active as prices jumped forward sharply.
Sales totaled 82
lots.
The demand came largely from a rather heavy short
interest, which apparently became jittery over the threatened
outbreak of war on the other side. Sugar is highly susceptible
to war news because production of beets is heavy in the
area of the present political tension, and the
commodity is
one of the major food necessities of a
war, the trade points
out.
In the market for raws, while National admitted paying
2.02c., cost and freight, or 2.92c. delivered for raw sugar
today (Tuesday), establishing a new spot price, that com¬
pany
m
withheld the details of the transactions.
Europe where 25% of the world's
found reflection in
sugar
Fear of war
supply is produced,
advances of 4 34
to 534 points in the
Transactions in this contract
world sugar contract today.
totaled 230 lots, or 11,500 tons.
London futures
were
un¬
changed to Id. higher. Sales of raws there were effected at
5s. 6%d., equal to 1.03c. f. o. b. Cuba.
On the 14th inst.
futures closed 3 to 4 points net higher.
Prices and volume
expanded sharply in the domestic sugar contract today
(Wednesday) as the war clouds in Europe gathered. Although
the market declined 2 to 4 points at the opening on new
selling and profit taking, it was quick to reflect the increased
tension abroad, and from their lows prices rallied 6 to 8
points. Sales in the domestic contract totaled 531 lots, or
■21,550 tons.
Sales of
raws
to National and American
were
estimated at 25,000 tons today, at the price of 3c. delivered,
and under, but the details were withheld.
The spot price,
it was reported, was
definitely established at the 3c. level.
The world sugar contract closed
34 to
The opening range in this contract
234 points net lower.
234 to 4 points
lower.
Transactions totaled 400 lots, or 20,000 tons.
London futures closed 34d. to Id.
higher, with sales of raws
there effected at 5s. 834d., equal to 1.05c. f. o. b. Cuba.
On the
15tji inst. futures closed 4 to 7 points net lower in
the domestic contract, with sales of 387 contracts.
The
world sugar contract closed
334.to 5 points lower, with sales
totaling 180 contracts. On easing of the tension in
Europe
sugar futures broke sharply on heavy trading around the
opening. Later the market was steady and quiet at slightly
better prices.
Domestic contracts opened 4 to 9 points
lower, with active selling of May a feature.
In the market
for raws nearby sugars were held at
3.05c., while new crops
were at 3c.
Refiners were reported to have
paid 3c. for raws.
Withdrawals of refined sugar were
reported to be the best of
the year.
In the world contract sugar futures opened 434 to
6 points lower.
London futures were 1 to 2 pence lower,
while raws were nominally
quoted at a decline of 134d.
To¬
day futures closed 1 point down to 2 points up in the domestic
contract, with sales totaling 94 contracts.
The world sugar
contract closed 2 to 3 points
up, with sales totaling 220 con¬
Both
tracts.
advanced
on
the
the
foreign crisis
contracts
March
this
far
was
selling at 2.06,
raw
and
up
the
news,
from
afternoon
summated in the
sellers
domestic
European
2
world
sugar
markets
which indicated that the
settled
stood
was
to
yesterday.
Domestic
3 points higher, with
3 points. Further sales were con¬
market at 3c. a pound, with
sugar
asking 3.05c.
Warid. sugar contracts stood at
3 to 334 points higher, with March
selling at 1.1c., up
3 points.
Trading was active. London futures also were
higher.
now
Prices
were as
follows:
September
January (new)
March (new)
Lard—On the
2.00 May
2.01 July
2.04
12th inst.
futures closed
2.07
1
12
to
2.09
15
points
net higher. Prices advanced 15 to 20
points during the early
part of the day on speculative covering influenced by the
upturn in hogs and cotton oil.
Lard clearances from the
Port
of New York
over
the past week-end totaled 22,500
pounds, destined for Hamburg. Liverpool lard futures were
unchanged from Saturday's final quotations. Chicago hog
Chronicle
Sept. 17, 1938
prices closed 15c. higher. Sales ranged from $8.40 to $9.45.
hog receipts were moderate and totaled 57,000
head, against 43,200 for the same day last year, but at Chi¬
cago 3,000 head
below expectations. On the 13th inst.
futures closed 2 to 7 points net lower. This market was de¬
Western
pressed during today's (Tuesday) session, due to scattered
selling influenced by the decline in hog prices. Opening quo¬
tations were 12 to 17 points lower as a result of the above
mentioned pressure.
There was a rally shortly before the
early losses were recovered. Export
close and much of the
clearances of lard
from the Port of New York
were
very
heavy, totaling 310,960 pounds, destined for United King¬
dom ports and Antwerp. Liverpool futures were unchanged
to 3a. higher.
Chicago hog quotations were 15c. to 25c.
lower.
Sales of hogs ranged from $7.75 to $9.10. Western
hog receipts were heavy and this was no doubt the principal
reason for the break in prices.
Marketings totaled €0,800
head, against 42,360 head for the same day last year. On
the 14th inst. futures closed 22 to 30 points net higher. The
opening range was 5 to 7 points higher. Scarcity of offerings
from packers and the gravity of European news had their
influence in lifting lard values 27 to 35 points over the pre¬
vious finals.
Clearances of lard from the Port of New York
quite heavy today, totaling 109,200 pounds, destined
for London.
Liverpool lard futures were 3d to 9d. higher.
Hog prices at Chicago were up 10c. Hog sales ranged today
from $7.85 to $9.25. Western hog markets were moderately
heavy and totaled 50,800 head against 43,100 head for the
same day last year.
■444-;'-:7 (y\.J
On the 15th inst. futures closed 10 to 20 points net lower.
Weakness in grains and other outside markets and the less
tense political situation in Europe influenced considerable
profit-taking in lard futures, and as a result the market was
depressed during most of the session, showing substantial
losses at the close.
The Chicago lard stocks report issued
after the close of the market, showed that supplies at the
leading Midwest packing center decreased 3,690,230 pounds
during the first half of September.
Stocks now total 71,094,716 pounds, against 74,784,946 pounds on September 1st.
Liverpool lard futures ruled dull and prices at the end were
3d. higher.
Lard exports from New York today totaled
32,750 pounds destined for Glasgow.
Chicago hog prices
finished steady.
Sales ranged from $8.75 to $9.30. Chicago
hog receipts totaled 14,000 head.
Today futures closed 10
to 7 points net higher.
The firmness of lard was influenced
in no small measure by the firmness of wheat and corn and
prospects for substantial exports of lard.
were
DAILY
CLOSING
PRICES
OF
LARD
FUTURES
CHICAGO
Thurs.
Fri.
Tues.
7.65
7.57
7.60
7.87
October
7.55
7.72
December
7.75
7.87
7.65
7.85
7.97
8.15
7.77
7.97
7.85
7.85
8.07
January
7.85
8.00
7.95
8.25
8.05
8.15
Sat.
Wed.
IN
Mori.
September
Pork—(export), mess, $26.3734 per barrel (per 200
pounds); family, $23.25 (40-50 pieces to barrel) nominal, per
barrel.
Beef: (export), steady.
Family (export), $22 per
barrel (200 pounds), nominal.
Cut Meats: Quiet. Pickled
JIams: Picnic, Loose, c.a.f.—4 to 6 lbs., 1434c.; 6 to 8 lbs.,
H3%c.; 8 to 10 lbs., 1234c. Skinned, Loose, c.a.f.—14 to 16
lbs., 2234c.; 18 to 20 lbs., 19c.
Bellies: Clear, f.o.b. New
York—6 to 8 lbs., 1634c.; 8 to 10 lbs., 1634c.; 10 to 12 lbs.,
163!c. Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18
lbs., 1234c.: 18 to 20 lbs., 1234c.; 20 to 25 lbs., 1134c.; 25 to
30 lbs., 1134c.
Butter: Creamery, First to Higher than
Extra and Premium Marks: 2534 to 2634c.
Cheese: State,
Held '37,19c. to 21c. Eggs: Mixed Colors: Checks to Special
Packs: 2034c. to 2734c.
Oils—The Linseed Oil market remains firm, with prices
ranging from 7.7c. to 8.1c. a pound, according to seller.
Quotations: China Wood: Tanks, nearby—12 to 12.5;
Drums, L.C.L.—12.7 to 12.8.
Coconut: Crude, Tanks—
.0334; Pacific Coast—.0234 to .0234Corn: Crude, West,
Tanks, nearby—.07 nominal. Olive: Denatured, Spot, drums
—9.2 to 9.3. Soy Bean: Crude, tanks, West—.0534; L.C.L.
N. Y.—7.0.
Edible: Coconut, 76 degrees—934*
Lard:
Prime—9; Ex. winter strained—834Cod: Crude, Nor¬
wegian, light filtered—no quotation.
Turpentine, 2734 to
2934- Rosins: $4.90 to $7.55.
Cottonseed Oil
Crude, S. E., 634c.
sales, including switches, 394 contracts,
Prices closed as follows:
October
7.99©
November
7.98©
December
8.00©
8.04©
January
| February
n
I March
8.04 @
n
8.10©
8.07 April
8.10©
8.071Aiay
8.13© 8.18
n
Rubber—On the 12th inst. futures closed bl to 71 points
net
higher.
news
This spectacuiar rLe was due largely to the
from the International Ruboer Regulation
received
Committee and the August consumption
Saturday.
Transaction
figuie released on
totaled 2,980 tons.
Spot standard
No. 1 ribbed smoked sheets in the outside market closed at
16 9-16c.
up ll-16c. from Friday's close.
Crude rubber
prices both here and in London advanced sharply today on
the decision of the International Rubber Regulation Com¬
mittee to leave the expoit quota fo. rubber unchanged at 45%
the fourth quarter of the year.
Local closing: Sept.
for
16.48; Dec.
July, 16.87.
16.63; Jan., 16.67; March, 16.73; May, 16.84;
On the 13tn inst. futures closed 39 to 54
The market
points net lower.
opened moderately lower and a fair amount of
factory buying was witnessed. However, in the later
trading prices went into a tail spin and the buying of actuals
Volume
dried up.
was
the
147
Financial
Tne chief influence operating against values todaynews
concerning the European political
grave
situation.
Volume of transac ions
4,260 tons.
on the exchange totaled
Spot standard No. 1 ribbed smoked sheets in
the actual market dropped 7-16c. to 1634c.
Opening prices
ruled unchanged to 10 points lower.
Factories transferred
futures for
actual rubber, while the trade bought against
shipment offerings in the actual market.
On the release of
the ominous news from Prague, commission hou; es began to
liquidate, sending prices to lows for the day.
Local closing:
Sept., 16.05; Oct., 16.09; Dec., 16.16; Jan., 16.22; March,
16.26; May, 16.39.
On the 14th inst. futures closed 8 to It* points net higher.
The rubber markets both here and abroad followed closely
the run of European news. making for a highly nervous and
erratic market.
Crude rubber futures here opened 5 points
off to 27 points up.
Following the opening additional gains
were registered.
Towards the close, however, the market
declined somewhat from the highs of the day.
The market
was
fairly active, totaling 3,300 tons.
Prices in the outside
market closed at 1634c. per pound for standard ribs, up 34c.
for the day.
An interesting item of news was to the effect
that the Netherlands East Indies Government has decided
to increase rubber
acreages for 1939-40 by 4%%.
Local
closing: Sept., 16.20; Dec., 16.31; Jan., 16.38; March, 16.38;
May, lo.43; July, 16.47.
On the 15th inst. futures closed 5 points down to 4 point
up.
There was general buying of rubber futures on the
opening, which caused a strong bulge in prices, but gains
were
completely lost later on liquidation based apparently
on the
European news. Trading was active, reaching a total
of 5,820 tons to early afternoon.
At that time Dec. stood
at 16.27, off 1 point; May at 16.46, off 3
points.
In the
trading, exchanges of 130 tons of futures for actual rubber
were reported.
London closed quiet, 1-16d. to 1 l-32d. higher.
Singapore reported similar gains. C. i. f. offerings were high
and light.
Local closing: Sept., 16.18; Dec., 16.30; Jan.,
16.33; March, 16.40; May, 16.46; July, 16.51. Today futures
closed 13 to 20 points net lower.
Trading in rubber futures
was
exceptionally small and prices were lower. Selling and
liquidation on the opening caused an initial decline of 6 to
18 points.
The market rallied somewhat from that level but
regain all of its losses.
In early afternoon Dec.
was selling at 16.24, off
6 points.
March at 16.33, was
points lower.
Sales to that time totaled only 430 tons.
failed
to
Both London and Singapore were lower, showing losses of
1-16
to
34d.
Local
closing: Sept., 16.05;
March, 16.20; May, 16.30; July, 16.33.
Dec.,
16.13;
Hides—On the 12th inst. futures closed 15 to 17 points
higher in the old contract, and 15 to 19 points higher in the
new contract.
The tone of the market improved steadily
during the later dealings. Opening prices ranged from un¬
changed to 5 points higher in the old contract and 2 points
lower to 5 points higher in the new contract. Transactions
totaled 920,000 pounds in the old contract, while business
in the new contract totaled 1,160,000 pounds. Local closing:
Old contract—Sept., 10.55; Dec.,
10.76; March, 10.97;
June, 11.00.
New contract—Dec., 11.37; March, 11.62;
June, 11.94. On the 13th inst. futures closed 15 to 27 points
off in the old contract, while the new contract closed 1 to 22
points lower.
Trading around the ring totaled 8,280,000
pounds, of which 5,200,000 pounds were in the old contract.
Hide futures were irregular at the start of the session. Sub¬
sequently prices broke badly under a wave of liquidation
influenced by the tense situation in Europe. No change of
importance was noted in the condition of the domestic spot
hide market.
Local closing: Old contract—Sept.
10.40;
Dec.
10.57; March
11.20; March
10.70; June
11.40; June
10.73.. New contract—
11.72; Sept. 11.94. On
the 14th inst. futures closed 15 to 21 points up on the old
contract
while the new contract closed 17 to 21 points up.
The tone of the market was firm throughout the session
despite the weakened condition of the stock market and the
Dec.
ominous
news
from Europe.
Trading
was
fairly active with
transactions totaling 3,400,000 pounds in the old contract
while sales in the new contract totaled 2,400,000 pounds.
Local
closing:
Old contract—Sept.
10.55; Dec.
10.74;
10.91; June
10.94.
New contract—Dec.
11.37;
11.61; June 11.90; Sept. 12.14.
On the 15th inst. futures closed unchanged to 6 points off
in the old contract, while the new contract closed 11 to 8
March
March
points net lower, with sales of 51 contracts.
Transactions
Liquidation in the Dec.
new contract was a feature of the trading in raw hide futures.
That position declined 15 points to 11.22c., while Dec. old
sold down 12 points to 10.62c.
March new declined 11
points to 11.50c.
In the domestic spot hide market sales
totaled 29,800 pieces, with light native cows selling at 1134c.
Local closing: old contract: Sept., 10.55; Dec., 10.68; June,
10.94.
New contract: Dec., 11.26; March, 11.53; June,
11.81.
Today futures closed 8 to 5 points off on the old
contract, with sales totaling 10 contracts.
The new contract
closed 8 to 5 points net lower, with sales totaling 25 contracts.
Raw hide futures were 5 to 14 points lower on the opening,
but improved somewhat in the later trading, although failing
to recover all losses. This afternoon Dec. old stood at 10.65c.,
off 3 points.
Dec. new was at 11.25, off 1 point, and March
new at
11.47, off 3 points.
Transactions in old contracts
to that time totaled 200,000 pounds, while trades in new
in the old contract totaled 31 lots.
Chronicle
contracts
trade
1793
amounted
to
spot hides this week.
10.60; March, 10.80.
11.45; Sept., 12.00.
Ocean
880,000
pounds.
Reports in the
principal buyers of
Local closing: Old contract: Dec.,
New contract: Dec., 11.20; March,
that tanners have been the
were
Freights—Chartering interest
was
unusually light
the past week.
The majority of shippers appear unwilling
to make further commitments until the
European political
situation is clarified somewhat.
Charters included:
Grain:
Lake Superior to
Europe direct, 25c.; fill out from Montreal
at 18c.; September.
United Kingdom, end September—
early October, basis 3s. 3d.
St. Lawrence or Albany to
Antwerp or Rotterdam, option picked ports United King¬
dom, September, 19 lay days, basis 2s. 9d. Grain Booked:
Ten loads New York to
Copenhagen, September, 12c.
Scrap: Pacific Coast to Japan, October 15-31, $3.45 f. i. o.
two ports discharge.
Atlantic range to Germany, early
October, no rate given.
Charters: Round trip, Canada,
North of Hatteras, continuation, prompt, $1.60.
Coal—Latest reports indicate that the demand for whole¬
sale anthracite coal around the New York
area
has shown
a
slight improvement so far this month. Retail sales are also
moving out slightly better.
Interests in the field expect a
gradual increase in volume as the month progresses, depend¬
ing of course on weather conditions. It is stated that most
of the improvement in the retail field seems to be centered
in the New
Jersey area.
Retail prices remain unchanged
despite the three advances in wholesale coal quotations.
Stocks in the hands of consumers are still small, and with
colder weather, factors' hold that business should show
further gains.
Shipments of anthracite for the month of
August, 1938, as reported to the Anthracite Institute,
amounted to 2,336,498 tons.
This is a decrease as compared
with shipments during the preceding month of
July of 24,266
1.03%, and when compared with August, 1937,
decrease of 100,43? net tons, or 4.12%.
net tons, or
shows
a
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—Relatively quiet conditions continue to prevail in
the wool markets, with prices on finer wools sagging some¬
what.
Most other sorts however, are reported as holding
Business in territory wool is chiefly in original bag, the
good French combing from 63c. to 65c.
Twelve months'
Texas is in moderate call at 65c. to 67c.
French combing
eight months' wool is slow at 60c. to 62c., while the fall wool,
a woolen proposition, is steady at 56c. to 58c.
Demand is in
such narrow limits that buyers are able to secure slight con¬
cessions, though any volume demand would be met with firm
prices.
Growers are generally holding for higher prices.
Dealers are not buying much because they regard prices as
too high.
Growers decline to accept the offers made by a
small number of buyers, reported to be considerably under
growers' ideas.
It is reported that small lots of wool are
bought in the Southwest occasionally on the low side of
prices, but if large lots should be wanted, it would be necesaary to pay, the rates which have prevailed for a number of
weeks.
A cable from Brisbane states that Germany and
France continued to dominate activity on the third day of
the wool sales there.
Yorkshire was less active and Japan
did not operate.
Greasy merinos were sold at 1634d and
scoured wools up to 27d. Offerings of 14,855 bales met with
good clearance, the cable states.
firm.
Silk—On the
12th inst. futures closed 34 to 234c. net
New long buying, Japanese short covering and
scattered selling were the features of the trading.
Volume
of transactions totaled 580 bales, including 520 bales on the
old contract, 60 bales on No. 1 contract and none on No. 2
contract.
Yokohama came through unchanged to 4 yen
higher, while Kobe was unchanged to 5 yen better.
Grade
D remained the same at 785 yen in both markets.
Spot
higher.
amounted
bales, while futures transactions
Local closing: Old Contract—Sept.,
1.71; Oct., 1.7134; Nov., 1.70; Dec., 1.6934; Jan., 1.69;
Feb., 1.67.
No. 1 Contract—March, 1.6734; April, 1.6734No. 2 Contract—March, 1.63; April, 1.63.
On the 13th inst. futures closed. 134 to 5c. net lower.
The
futures market broke this afternoon on the discouraging
news
from Central Europe.
Importer selling and some
Japanese buying were witnessed in the final hour.
Earlier
in the session commission houses bought in the nearbys on
higher stocks and better Japanese markets.
Volume for the
day totaled 570 bales, including 220 bales on the old contract.
sales
totaled
2,400
350 bales
on
Yokohama
to
575
bales.
No.
came
1 contract and
through 3 to 6
none
yen
on
No. 2 contract.
better, and Kobe
was
2 to 4 yen up.
Grade D advanced 5 yen in both markets to
790 yen.
Spot sales amounted to 1,275 bales, while futures
transactions totaled 2,927 bales in these Japanese markets.
Local closing: Old Contract—Sept., 1.6834; Oct., 1.6834;
Nov., 1.67; Dec., 1.67; Jan., 1.6534; Feb., 1.6534No. 1
Contract—March, 1.63; April, 1.63.
No. 2 Contract—
March, 1.50; April, 1.58.
On the 14th inst. futures closed 34c. lower to 3c. higher.
The market's strength was attributed largely to trade and
speculative short covering.
Despite the weakness in se¬
curities markets, new long buying was witnessed in the far
forward months today.
The outside spot market uptown
Financial
1794
was
Volume on the ex¬
active and about lc. lower.
very
change totaled 780 bales, including 400 bales on the old
contract, 380 bales on No. 1 contract, and none on No. 2
contract.
Yokohama lost 20 to 26 yen, while Kobe was 18
Grade D dropped 20 yen in both cities to
totaled 375 bales while futures trans¬
bales.
Local closing: Old Contract—
Sept., 1.68lA; Oct., 1.68; Nov., 1.67H; Dec., 1.66H; Jan.,
1.6H; Feb., 1.65.
No. 1 Contract—March, 1.64H; April,
to 21
yen
off.
770 yen.
Spot sales
actions totaled 7,900
1.64.
Sept.
Chronicle
1,232 to Japan, and 13,793 to other destinations.
In the
corresponding week last year total exports were 153,873
bales.
For the season to date aggregate exports have been
407,154 bales, against 513,498 bales in the same period of
the previous season.
Below are the exports for the week:
Sept. 16,
1938
Ger¬
Great
Exports from—
France
Britain
higher at $1.76.
Yokohama closed 5 to 10 yen
Grade D silk advanced 5 yen to 775 yen a bale.
higher.
Corpus Christi-.
VAc. up to 1 cent down in the old contract, with
sales totaling 21 contracts.
The No. 1 contract closed lc.
to He. lower, with sales of 15 contracts.
Raw silk futures
were steady at small declines.
In early afternoon December
old stood at $1.67H» off He.
March No. 1 was at S1.66H*
off He., and April No. 1 at $1.65, off He.
Trading was
slow, aggregating altogether only 240 bales to that time.
It was reported that demand for spot silk uptown was good,
the price of crack double extra silk advancing He. to $1.76.
Trade estimates indicate smaller mill takings of silk this
month than last.
Yokohama Bourse prices were 1 to 4 yen
6,375
23,902
925
5,719
"640
786
1,826
1,339
1,148
•
400
"4C0
1,232
"335
1,869
1,592
7,778
1,232
13,793
55,174
13,301
10,597
4,033
23.165 153,873
7,284
46,304
100
14,94° 178.548
1,869
Savannah......
■
"21
Angeles
14,064
14,756
3,551
Total
Total
1937-....
54,158
20,939
27,680
Total
1936.....
56,0'>2
32,227
21,592
Local
closing: Old Contract: Dec., 1.68H; Jan., 1.68; Feb., 1.67H;
No. 1 contract: March, 1.66H; April, 1.66.
Today futures
18,927
5,985
2,465
Lake Charles...
Exported to—
From
Aug. 1,1938/0
Exports from—
Ger¬
Great
16, 1938
Sept.
France
Britain
many
Italy
Other
China
Japan
closed
lower, but grade "D" silk advanced 5 yen to 780 yen a bale.
Local closing: Old Contract: Sept., 1.70H; Dec., 1.67H;
Jan., 1.67; Feb., 166HNo. 1 Contract: March, 1.65H;
April, 1.65H.
6,930
8.416
28,479
13,591
2,497
10,533
GalvestonHouston
Corpus Christi
Brownsville..
11,255
Orleans.
14,817
326
14,001
7,310
29,040
86,981
130,542
4,667
25,300
9,342
47,052
1,856
21,938
19,850
13,629
15,921
4.417
400
2,449
60,081
20,552
4,235
38,537
121
New
Lake Charles.
Mobile
Jacksonville...
200
4,882
5,166
8~428
1,130
"233
476
18
258
285
285
2,459
Savannah
Charleston.
"33
63
90
3,792
Total—
47,469
62,994
85,755
131.240
87,980
116,515
137,541
80.205
76,846
54,265
22.530
1,507
§74
31,838
10
13,0.50
98,842
181
72,261
407,154
32,299
4,233
86,966
513,498
115,912
855
60,086
493.984
39,652
Total 1937...
'"94
181
550
Angeles..
San
26,641
Francisco
Total
1930
—
13,040
never been our practice to Include in the
shipments to Canada, the reason being that virtually
destined to the Dominion comes overland and It Is
returns concerning the same from week to week, while reports
districts on the Canadian border are always very slow In coming
all the cotton
COTTON
Friday Night, Sevt. 16, 1938 11
Crop, as indicated by our tele¬
the
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 227,732
bales, against 195,347 bales last week and 144,055 bales
the previous week, making the total receipts since Aug. 1,
1938, 797,702 bales, against 1,463,902 bales for the same
period of 1937, showing a decrease since Aug. 1, 1938, of
666,200 bales.
grams
In addition to above exports, our
give
us
Tues.
10,073
8,439
1,845
18,038
10,632
2,884
10,891
9,907
7,297
2,382
4,994
2,466
17,705
7,886
1,139
5",406
8",016
635
12,803
367
3,941
685
Galveston
Houston
Corpus Christ!
_
_
929
9,785
38,663
1,046
68,874
80,521
16,677
On
8,904
5",006
476
1,014
44,076
4,106
Mobile.
"293
76
238
706
706
Beaumont
New Orleans
_
Jacksonville
"397
Charleston
"750
79
"238
"606
135
Savannah—
214
Leaving
Ger¬
85
The
27,787
41,034
42,297
15,035
37.326
1, 1938
Week
Beaumont
706
New Orleans
44,076
4,106
Mobile
Pensacola, &c
165,630 96,805
248,065 108,441
202,212 25,360
3,053
121,418 56",057
13,896 10,248
5,032
1,408
"76
197
Savannah
2,522.
Charleston
1,718
6,711
Jacksonville
Wilmington
236
Norfolk
179
11,261
4,162
17,127
1,198
1,610
1,330
293
6,465
Lake
Charles
14,621
23,040
6,214
264
565
545
6,474
350
3,741
554,345
513,472
170,227
15,732
350,406
61,525
16,362
2,507
147,098
61.815
45,349
8,035
19,887
100
Totals
227,732
In order that
3,284
875
950
797,702 347,270 1,463,902 2,603,354 1,971,094
n
may
be made with other years,
1
l
_.
I*
_
_ _
19.900
205
725
14,210
12,908
"45
"72
"831
Total 1938--
903
666,894
748,301
640,513
152,660
34,329
.70,705
28,275
213,711
5,389
16,324
5,955
26,214
8,820
19.349
8,386
29,679
2,704
25,261
21,169
37,728
2,975
1,941
2,000
47,966 2,555,388
95,327 1,875.767
70,601 1,609,211
Speculation in cotton for future delivery during the past
was
quite active, with operations largely against
values.
The war scare, together with the generally bearish
outlook for cotton, especially as concerns its statistical
position, left little or no incentive to take the upper side
of the market.
The foreign political situation is expected
to be an overshadowing influence for some time.
week
prices closed 6 to 11 points net lower.
proved to be about the lows of the day, the entire list
being under the 8c. level and at the lowest point since early
in June.
The gravity of the foreign political situation was
the principal disturbing influence.
Very few were inclined
to take the buying side and prices eased under liquidation and
hedge selling.
A show of firmness in Liverpool failed to
affect prices here, as it seemed to be the prevailing impression
that hostilities in Europe might result in a further widening
of the differences between New York and the Liverpool
market.
Trade houses took advantage of the decline to fix
This
prices.
"
This demand
was
about the only support during the
October liquidation was again in evidence.
There
evidences of improvement in the demand for spot
cotton either from domestic mills or from exporters.
The
session.
were
no
average
comparison
Kaiaw
m vrn
100
3,072
Boston
A
1937
686,794
762,511
143,017
19,371
653,421
71,608
6,266
1,784
152,660
34,374
25,795
13,431
28,275
New York
Baltimore
2,000
1,330
64,253 227,732
1938
325,302
400,185
340,813
2,691
175,583
32,982
16,278
1,110
56,270
58,042
43,866
13,600
5,596
5,993
On the 10th inst.
1, 1937
68,874
80,521
16,677
Corpus Christi
2,000
4,229
2,157
Other ports
Total 1937
Since Aug
Week
Galveston
Houston
This
Total
Norfolk
Total 1936
Stock
Since Aug
1,600
1,756
2,033
2.424
2.000
Savannah
179
1937
1938
_
Mobile.
236
following table shows the week's total receipts, the
1938, and the stocks tonight, compared
This
wise
Stock
Coast-
Foreign
Charleston
29
20
total since Aug. 1,
with last year:
Receipts to
Sept. 16
Orleans.
2,522
1,718
6,711
807
_
Other
many
"45
Houston
523
45
Norfolk
France
700
Galveston
1,093
6,711
167
Wilmington
Totals this week.
Biitain
69
197
Lake Charles
Baltimore.
76
shipboard, not
Shipboard Not Cleared for—
Sept. 16 at—
New
telegrams tonight also
the following amounts of cotton on
Total
Fri.
Thurs.
Wed.
Mon.
Sat.
Impossible to give
from the customs
to hand. In view
however, of the numerous inquiries we are receiving regarding 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.
Great
Receipts at—
4,884
56
56
__
Norfolk
Los
21
700
468
1,227
1,236
above table reports of cotton
of
3,464
98
160
Peasacola, &c.
6,842
Total
13,097
11,384
NOTE—Exports to Canada—It has
.
The Movement
Total
Other
4,433
8,182
2.016
New Orleans—.
Los
China
Japan
1,153
939
5,159
7,181
1,630
On the 15th inst. futures
Italy
many
1~,896
Galveston..
closed 2 to 2 He. up in the old
contract, with sales totaling 22 contracts.
The No. 1 Con¬
tract closed 2 to IHc. net higher, with sales of 7 contracts.
Silk futures were firm in light trading.
During early after¬
noon December old was up H cent at $1.67, while March
No. 1 stood at 1 cent higher at $1.65H»
The price of crack
double extra silk in the New York spot market was 1 cent
17, 1938
spot price at the 10
designated spot markets eased
still further under the 8.30c. loan basis.
It
was
quoted at
...
against 8.09 on Friday.
On the 12th inst. prices
closed 3 to 7 points up.
The market moved nervously
throughout the session today (Monday). Fluctuations were
8.05c.
1
«
1938
f Receipts at—
1937
1933
1935
1934
68,874
80,521
44,076
4,106
2,522
96,805
108,441
56,057
10.248
14,621
105,238
71,929
81,594
12,190
13,211
46,118
43,810
55,998
22,166
25,231
46,577
79,592
33,857
13,484
7,772
82,331
125,274
37,659
6,313
16,713
1,718
23,040
16*433
11,633
13,387
ll",815
Wilmington
236
264
310
61
120
Norfolk
179
545
834
1,396
1,813
Galveston
Houston
New
Orleans-
Mobile
Savannah
1936
Brunswick
Charleston
321
Newport News
25",500
37.249
39,076
40,604
34",980
45,431
Total this wk_
227,732
347,270
340,815
265,021
230,070
328,745
Since Aug. 1
797,702 1,463.902 1,118,883 1,053,229
All others
The
_
_
876,252 1,357.037
for the week ending this evening reach a
total of 55,174 bales, of which 3,551 were to Great Britain,
14,756 to France, 14,064 to Germany, 7,778 to Italy,
exports
confined within
a
narrow range,
ana were
slightly
on
the
upside, but in the last hour hedge selling and liquidation
forced new lows for the movement in all active months.
However, in the last five minutes of trading prices firmed up
quickly when details of the Hitler speech in Germany failed
to show any indications of an immediate outbreak of war.
Liverpool was 3 to 9 American points higher than due.
Bombay narrowed against New York, with the spread now
at 80 points.
There was active trade price fixing and buying
by spot interests in the October and some in the December
early, while Liverpool, Bombay and commission houses took
contracts.
Hedge selling persisted, however, and came in
in lots of 100 to 1,000 bales steadily throughout the day. New
Orleans sold here and there were offerings through wire
Volume
147
Financial
Chronicle
houses.
On the 13th inst. prices closed 13 to 18
points net
lower.
The gravity of the situation abroad and weakness in
stocks were the influences
largely
responsible for the heavy
Prices at
unchanged to 2 points lower, and after giving
way gradually under October liquidation and hedge selling,
held fairly steady around
midday.
Aside from trade price
fixing and some foreign buying of the late positions on
differences, demand was slow. Buyers generally were not
inclined to take chances in the face of
possible hostilitie*.
abroad, which they argued, would further complicate an
already unfavorable export situation. Consequently, when
the more sensational news was received and
selling became
heavy and general, the market gave way with comparatively
little resistance, although the decline carried prices to more
than $2.50 a bale under the average government loan price
of 8.30c.
The average price of middling at the 10 designated
spot markets declined 17 points to 7.93c.
This compared
declines in cotton values
the start
during today's session.
were
with the average government loan of 8.30c.
inst. prices closed 3 to 8 points net higher.
a
of 11 to 12 points.
range
diverted into the loan, and with
no
Hedge selling from the
cumbersome long interest
Trade houses were
Shortly before the end of the trading
period the list was 6 to 10 points above the previous finals.
October changed hands at 7.89c., a gain of 6 points, and
December
attributed
to
heavy
and
trade
buying by
Bombay, Liverpool, shorts,
Spot houses sold moderately.
The distant options were sold by
Wall
Street.
Hedge selling was light.
local professionals.
April-May
Broach
Bombay
at 5 p. m. was equal to 7.00c., or 100
points under New
York March and 96 points under New York May.
This was
based
on
the
points
political situation.
Today prices closed
sales.
cotton
exchange of 35.95.
rupee
advanced 2 to 5
futures
in
Liverpool futures
the
cheerful outlook of the
more
were
unchanged to 3 points under the closing levels
day.
October sold at 7.87, unchanged,
while December was 1 point lower at 7.93.
The market
opened active, with futures 1 point below to 3 points above
the previous finals.
Heavy price-fixing was in evidence in
of
the
the
previous
October
and
December
further
with
hedging
also
positions.
accumulation
brokers
of the May
Bombay connections.
was
professionals
turned
a
a
were
little
feature
of
There
and
A
July
also
was
by
contracts
moderate
a
volume of
the
early dealings.
Local
sellers.
After the call, prices
Nervous shorts in futures in the
heavy
easier.
Liverpool market covered their nearby holdings in view of
European conditions and the increase in war risk insurance
rates.
ings
There
were
was some speculative
buying, although offer¬
light, with closing prices 1 to 3 points higher.
The official quotation for
New York market each
10 to Sept. 16—
Middling upland-
middling upland
cotton in the
day for the past week has been:
Sat.
Mon.
Tues.
Wed.
8,06
7.88
7.95
8.01
Thurs.
7.99
10
1933
1932
1931
——
10.95c.
1922
21.50c.
1914
1929
18.70c.
17.65c.
21.25c.
17.25c.
1921
19.20c.
1913
1920
1919
31.00c.
1912
30.60c.
1911 ——11.75c.
1910
13.90c.
1928
1927
1926
1918
35.10c.
1925
24.70c.
1917
21.45c.
1924
22.15c.
1916
15.55c.
1908
1923
28.90c.
1915
10.80c.
13.35c.
11.75c.
1907
Market and
1909
12.80c.
9.50c.
12.20c.
Salesjat New YorkJjJ
The total sales of cotton on the
spot each day
week at New York are indicated in the
during the
following statement.
For
the convenience of the reader, we also
which show at a glance how the market for
add columns
spot and futures
closed
on same
days.
Futures
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
..
SALES
Market
_
Closed
Contr'ct
Spot
Barely stdy
Steady, 5 pts. adv
Very steady
Quiet, 18 pts. dec
Easy
Steady, 7 pts. adv__ Steady
Steady, 4 pts. adv„ Steady
Steady, 4 pts. doel__ Steady
"200
Futures—The
highest," lowest
300
500
1,000
5,09/
Total week.
Since Aug. 1
"200
300
500
1,000
5,690
and ^closing" prices
New York for the past week have been
as
Saturday
Sept. 10
Monday
Tuesday
Sept. 13
Sept. 12
Wednesday
Thursday
Friday
Sept. 15
Sept. 16
Sept. 14
Sept. (1938)
Range
—
Closing
7.86 n
7.91n
8.73n
Eange—
7.89- 7.98
7.86- 7.96
7.76-
Closing
7.89- 7.90
7.94- 7.95
7.91n
7.91- 8.00
.
7.80 n
7.84n
7.75- 7.87
7.86- 7.94
7.82- 7.90
7.76- 7.77
7.83
7.87
7.83
7.95n
7.78 n
7.85n
7.90n
7.85 n
7.90- 7.99
7.80- 7.96
7.80-
7.91
7.92- 7.99
7.86- 7.97
7.80-
Oct.—
_
7.93
—
—
Nov.—
Range—
Closing
_
Range..
Closing
/an.(1939)
7.93
7.96
7.81
7.88- 7.89
7.94- 7.95
7.87
Range—
7.89- 7.96
7.92- 7.96
7.76- 7.93
7.77- 7.89
7.89- 7.96
7.87- 7.93
Closing
7.90n
7.94- 7.96
7.76n
7.82- 7.83
7.92
7.87
.
_
—
—
—
Feb.—
Range..
Closing
7.89 n
7.95 n
7.77 n
7.84»
7.94»
7.88n
Range—
7.88- 7.95
7.87- 7.96
7.78- 7.95
7.79- 7.91
7.92- 8.00
7.89-
Closing
7.88
7.95
7.78- 7.80
7.86- 7.87
7.96- 7.97
7.89
Mar.—
—
—
1 in. &
Inch
Longer
H
St. Good Mid..
Range..
Closing
7.85n
7.92n
7.77 n
Range..
7.83- 7.94
7.81- 7.91
7.75-
7.83- 7.84
7.90- 7.91
7.75- 7.76
.
7.83n
7.93 n
7.87 n
7.73- 7.84
7.86- 7.94
7.83- 7.90
7.81
7.90
7.85
May—
_
7.91
—
—
June—
Range..
7.83n
7.89n
7.75 n
7.80»
7.89n
7.84n
Range—
7.83- 7.93
7.81- 7.90
7.75- 7.88
7.73- 7.85
7.86- 7.93
7.81- 7.89
Closing
7.83
7.89- 7.90
7.76
7.79
7.89
7.83- 7.84
Closing
.
July—
.
—
Aug.—
Range—
Closing.
Nominal.
»
Range for future prices at New York for week ending
Sept. 16,1938, and since trading began on each option:
Range for Week
Option for—
Range Since Beginning of Option
Sept. 1938—
Oct.
1938—
Nov
8.31
~7~7~5~~Sept."i4 ~7~98 ~Sept.~Io
May 25 1938
9.39
Feb.
18 1938
7.70 May 31 1938
9.48
Feb.
23 1938
1938
1938—
7.80
Sept. 13
8.00
Sept. 10
Jan.
1939—
7.76
Sept. 13
7.96
Sept. 10
Feb.
1939..
Dec.
7.73
9.50
Feb.
23 1938
7.74
May 31 1938
9.51
Feb.
23 1938
8.18
June
3 1938
8.74
June 28 1938
May 31 1938
7.78
Sept. 13
8.00
Sept. 10
7.77 May 31 1938
8.34 May 25 1938
8.37
Aug. 23 1938
May 1938—
7.73
Sept. 14
7.94
Sept. 10
7.81
May 31 1938
9.27
July,
1939-
7.75
Sept. 13
7.93
Sept. 10
7.93
Sept.
9.05 July
Mar. 1939-
1939
Apr
July
9 1938
9.25 July
.56
on
.82
on
.98
on
Good Mid
.76
on
.92
on
on
.70
on
.86
on
on
.53
on
.69 on
♦St. Low Mid—
Baals
.19
on
.34
♦Low Mid
.58 off
.4! off
on
,50
on
St. Mid
.33
on
Mid
Even
.19
St. Low Mid
.58 off
.41
off
.29 off
.70
.53
on
.86
on
.69
on
on
.34
on
on
Low Mid
1.34 off 1.28 off 1.23 off
•St. Good Ord. 2.09 off 2.05 off 2.02 off
•Good Ord
Mid
.29 off
Low Mid
1.34 off 1.28 off 1.23 off
•St. Good Ord. 2.09 off 2.05 off 2.02 off
•Good Ord
2.71 off 2.68 off 2.66 off
Extra White—
Good Mid
St. Mid
2.71 off 2.68 of! 2.66 off
future contract.
on
.38
on
.10
on
.23
on
.65 off
.50 off
.34 off
1.44 off 1.38 off 1.33 off
2.19 off 2.14 off 2.12 off
Open
Contracts
October
Sept.
(1938)
9 Sept. 10 Sept. 12 Sept. 13 Sept. 14 Sept. 15
32,400
21,100
26,000
39,000
47,000
29,500
39,000
69,300
47,200
6,000
38,300
2,300
58,200
1,800
6,700
4,000
9,700
134,200
19,400
23,300
38,800
37.000
38,400
27,700
548,800
May
26,700
25,400
25,200
26,200
31,000
26,900
21,200
380,900
19,300
29,500
31,900
21,800
12,700
188,100
(1939),
July
Inactive
.37 off
.24 off
.71 off
.60 off
.
154,200 133,900 161,100 203,800 207,400 148,000 2,309,800
.49 off
1.45 off 1.39 off 1.35 off
♦St. Low Mid— 2.16 off 2.11 off 2.08 off
♦Low Mid
2.77 off 2.74 off 2.73 off
Yet. Stained—
Good Mid
•Mid
—
1.20 off 1.12 off 1.05 off
1.69 off 1.65 off 1.61 off
2.32 off 2.31 off
Gray—
Good Mid
Mid
.63 off
.50 off
.40 off
.86 off
73 off
.63 off
1.41 off 1.35 off 1.30 off
672,100
months—
Total all futures
.47 oft
385,700
April (1939)
Open
♦Mid
•St. Mid
Sept. 15
48,500
December.
Tinged—
Good Mid
♦Mid
on
.25
St. Mid
St
•Not deliverable
—
7 1938
22 1938
March
on
.05 off
on
.50
.33
St. Low Mid
Longer
.10
Good Mid
Mid
1 in. <t
inch
Spotted—
.62
7 1938
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the Now 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.
January
St
Mid
15-16
Inch
While—
Mid. Fair
7.97
April—
New York
15-16
'■
Dec.—
Aug. 1939-
7.95
average quotations
markets, designated by the Secretary of Agriculture,
J4
at
follows:
and staple premiums represent
60% of the average premiums
over J^-inch cotton at the 10 markets on
Sept. 15.
Inch
Total
Quiet,7pts. dec
Fri.
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. 22, 1938.
Premiums and
discounts for grades and staples are the
of
1934
1930
Closing
on
4 to 7 points net lower.
Cotton
turned slightly easier today in a
heavy volume of
A short time before the close of business active
po¬
sitions
1935
8 points higher at 7.96c.
was
The market opened
strong, with futures registering advances of 10 to 14 points
over the previous closing levels.
The initial strength was
the
9.09c.
12.37c.
10.65c.
12.70c,
9.70c.
7.05c.
6.60c.
scarce.
On the 15th inst. prices closed 4 to 10 points net higher.
The market again displayed a firm tone today in a moderate
of business.
7.95c.
1937
Closed
good buyers and there was fair commission house buying. On
the whole, there was an absence of selling pressure and many
market observers expressed the opinion that the market was
in a position to counteract the disturbed conditions abroad.
volume
1938
1936
Spot Market
South was small.
This was believed to show that the recent
decline in the price of cotton to around 7%c. a pound had
checked selling by producers.
Cotton was evidently being
in the market, contracts became
quotations for middling upland at New York on
Sept. 16 for each of the past 32 years have been as follows:
The market
Price changes at times were feverish and fluctuated
over
Quotations for 32 Years
The
On the 14th
today reflected the stabilizing influence of the government
loan.j In the face of disquieting news from Europe and
weakness in stocks, the cotton market held surprisingly
well.
1795
New York
Contracts
New Orleans
October
(1938)
7 Sept.
& Sept.
(1939)
8,400
9,0.50
17,100
December
January
March
Sept.
21,800
2,000
9 Sept. 10 Sept. 12 Sept. 13
800
6,950
12,650
Sept. 13
5,600
4,350
6,950
122,300
7.150
8,700
12,550
146,750
250
1,050
6,850
5,350
7,950
8", 100
4,400
3,150
5,450
68,900
May
4,500
5,400
3,100
4,100
2,950
2,400
6,950
3,900
3,800
2,200
41,4.50
July
2,900
2,450
100
150
150
1,400
100
1,900
40,400
47,550
33.200
25,800
31,300
404,500
October
Total all
futures—
28,250
16,350
Financial
1796
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
The Visible
cable and
as
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
bales. 1,034,000
_
130,000
Stock at Manchester
Stock at Havre,—
Stock at Rotterdam
Stock at Barcelona-.
Stock at Trieste
Total Continental stocks
795,000
49,000
215,000
144,000
75,000
480,000
1,605,613
1,414.604
12,913
176,000
138,000
77,000
117,000
634,000
654,000
2,603,354 1,971,094 1,679,812
2,198,739 1,050,914 1,499,275
11,678
35,279
28,380
Stock in U. 8. ports
Stock in U. S. interior towns
today---—
8,017,771 5,168,287 5,541,467 4,791,130
visible'supply
Of the above,
346,000
363,000
943,000 1,099,000
47,000
55,000
272,000
233,000
stocks
1,739,000
for Europe—59,000
American cotton afloat for Europe
181,000
Egypt, Brazil,&c.,afi t for Europe
186,000
Stock in Alexandria, Egypt
202,000
Stock in Bombay, India.837,000
Total European
Total
52,000
38,000
7,000
6,000
253,000
India cotton afloat
U. S, exports
449,000
163,000
62,000
14,000
30,000
61,000
10,000
6,000
141.000
112,000
7,000
6,000
4,000
575,000
—
403,000
46,000
736,000
18*665
49,000
23,000
14,000
Stock at Genoa
Stock at Venice and Mestre
662,000
74,000
690,000
93,000
124,000
8,000
1,164,000
228,000
250,000
11,000
Total Great Britain
Stock at Bremen
1935
1936
1937
595,000
95,000
1938
Sept. 16—
Stock at Liverpool.
totals of American and other
follows:
as
descriptions are
American—
196,000
108,000
34,000
12,000
88,000
83,000
Bremen stock
—--—
127,000
69,000 •
40,000
Havre stock—
170,000
57,000
38,000
Other Continental stock—
56,000
233,000
215,000
American afloat for Europe
181,000
U. S, port stock.
2,603,354 1,971,094 1,679,812 1,605,613
1,414,604
U. S. interior stock-------——2,198,739 1,050,914 1,499,275
12,913
28,380
35,279
U. S. exports today11,678
0(r nrTn
79,000
.5,970,771 3,695,287 3,860,467 3,553,130
Total American
East Indian, Brazil,
&c.—
51,000
101,000
80,000
41,000
59,000
186,000
202,000
837,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt—.
Stock in Bombay, India
fiivArnnfil
4..K1d_
4.81d.
43,000
71,000
55,000
176,000
117.000
654,000
75,000
480,000
Peruvian Tanguis, g'd fair,
C.P.Oomra
.
3.88d.
Liverpool
Liverpool
L'pool
No.l staple, s'fine.Liv
fi.ASd
6.98d.
fi.Qkfl.
5.33d.
9.05c.
lO.lOd.
7.95c.
9.05d.
3.91d,
5,66d.
Broach, fine,
34,000
75,000
22,000
64,000
49,000
144,000
-8,017,771 5,168,287 5,541,467 4,791,130
6.53d.
supply--
Middling uplands, Liverpool—
Middling uplands, New York.—„
Egypt, good Sakel,
40,000
59,000
12.38c.
4.53d.
6.53d.
4.63d.
8.87d.
5.52d.
Continental imports for past week have been 67,000 bales.
The above figures for 1938 shows an .Increase over last
bales, a gain of 2,849,484 over 1937, an
2,476,304 bales over 1936, and a gain of
3,226.641 bales from 1935.
week
of
241,250
reports Friday night.
The results for the
Aug. 1 in the iast two years are as follows:
Towns
Interior
the
the
week and since
1937
1938Since
Sept. 16—*
Week
Via St. Louis
1,534
2,650
&C-_
Island--.—
Via Louisville
Via Mounds,
Since
Week
Aug. 1
Shipped—
Aug. 1
16,904
13,271
296
7,539
7,370
1,362
1,250
100
•"
Via Rock
168
70
170
601
3,485
2,000
28,042
61,955
4,220
24,697
18,846
10,584
10,584
121,840
10,587
59,221
1,330
6,756
1,466
57,528
350
7,438
5,322
3.741
1,367
25,701
8,974
65,750
5,879
30,809
1,610
1,610
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_.
1,372
4,330
56,090
4,708
28,412
206
Between interior towns-
Total to be deducted
Leaving total net overland *
*
207
Canada.
Including movement by rail to
overland movement
1,610 bales, against 4,708 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
foregoing shows the week's net
The
this
been
has
year
tales.
of 27,678
1937
1033
■
'
In
Since
Since
Sight and Spinners'
Week
Aug. 1
Week
Takings
16.——227,732
Receipts at ports to Sept.
130,000
~L633,792
344,342
—154,123
244,616
mill takings
consumption to Sept. 1
—*185,015
Total marketed
Interior stocks in excess—
Excess
over
2,367,314
200,941
Southern
of
Came into sight during
Total in sight Sept. 16
*305.739
614,714
498,465
week
2.262.516
1,693,393
North, spinn's'takings to
*
1,463,902
28,412
875,000
481,978
132,736
56,090
780,000
16.115,000
South'n consumption to Sept.
.Aug. 1
347,270
4,708
797,702
1,610
Net overland to Sept. 16—
127,887
Sept. 16 25,333
116,037
20,937
Decrease.
sight in previous years:
644.778 1936
479,854 1935——
405,834 1934—
18
20
21
1936—Sept.
1935—Sept.
1934—Sept.
Bales
2,177,761
1,773,533
1.564,610
Since Aug. 1—
Bales
Week—
-
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week.:.
A-.'AVv Av
AVVA'-Tv;
Below
.
Closing Quotations for Middling Cotton on
Week Ended
Saturday Monday
Sept. 16
movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
Friday
Wed'day Thursday
Tuesday
7.87
7.89
7.94
7.82
7.86
7.88
7.92
7.88
7.91
7.75
7.83
7.94
7.84
7.98
Galveston
New Orleans
At
and Since Aug. 1—
Overland Movement for the Week
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
of
increase
been 18,907 bales more than
10.9oc.
10.58d.
5.76d.
7.78d.
5.77d.
1938
period last year. The
1,147,825 bales more than at the same
receipts of all the towns have
the same week last year.
Movement into
Total American
ntilanflfl
295,000
2,047,000 1,473,000 1,681,000 1,238,000
5,970,771 3,695,287 3,860,467 3,553,130
Total East India, &c
IddHncr
466,000
414,000
67,000
33,000
39,000
24,000
47,000
138,000
77,000
634,000
490,000
Liverpool stock
Manchester stock.
Bremen stock.--.--———-.
Havre stock-Other Continental stock
Indian afloat for Europe
Total visible
181.000
28,000
61,000
85,000
11,000
272,000
—-
544,000
Liverpool stock——
Manchester stock
17,
Sept.
Chronicle
7.80
7.99
Savannah
7.94
8.28
7.81
8.31
8.15
8.23
8.34
Norfolk
8.25
8.30
8.15
8.25
8.10
8.15
7.96
8.08
8.30
8.12
Mobile
—
Montgomery
Augusta
8.27
8.25
8.w8
8.58
to
Movement
Sept.
16
447
602
67
3,841
19,634
960
8,684
Eufaula
17,
Sept.
1937
Ship¬
Receipts
Week
Season
Sept.
Week
17
8.69
8.51
8.58
8.62
8.00
8.05
7.95
7.85
7.80
7.95
7.95
7.86
7.91
7.80
7.94
7.75
7.85
7.90
Dallas
7.66
7.71
7.53
7.60
7.64
7.95
7.85
7.85
7.60
Fort Worth..--
7.66
7.71
7.53
7.60
7.64
7.60
-
Stocks
ments
16
1,752
Ala., Blrm'am
to
Sept.
Week
Season
Stocks
ments
Week
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton
the past week have been as follows:
for
17,034
7,677
84
980
109
13,186
857
2,959
498
6,968
market for
Forest
26,751
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
4,270
7,385
407
36,960
Sept. 10
Sept. 12
Sept. 13
Sept. 14
Sept. 15
Sept. 16
28,631
1,242
10,556
68
37,210
4,618
7,909
142
11,539
27,266
3,087
4,297
279
7,868
8.03
7.99
7.85
7.99
470
7.92
4,460
713
23,232
253
317
4,561
6,710
803
December.
8.03
8.03
7.90
7.97
7.96
98,312
8.04
14,369
7,764
35,517
19,398
2,210
7,315
Jan. (1939)
8.02
7.88
8.01
7.04
1,211
13,002
7.93
1,161
Rock
16,380
636
1,676
31,486
6,459
99,257
5,780
Jonesboro—
10,203
63,139
884
690
-
4,266
500
15,441
4,556
3,201
City
Helena
Hope
62,710
11,708
5,323
Selma.
1,321
4,000
10,13*
3,207
Montgom'y
Ark.,Blythev.
Little
Ship¬
Receipts
Towns
Movement
1938
8.64
7.90
Little Rock
detail below:
Memphis.Houston
in
corresponding period of the previous year—is set out
472
69,111
7,631
7.98
37
196
'
.
3,862
1,453
Sept(1938)
October
7.91
November
Bluft.
6,370
15,140
February
Walnut Rge
2,064
100
31,534
10,897
March—.
Ga., Albany—
1,209
2,552
4,381
1,517
5,018
1,277
499
15,643
919
3,973
568
12,766
685
944
415
23,816
4,325
9,233
820
17,450
May
June
8005- 801a
April
Newport.
Pine
—
Athens
1,450
1,178
'
_
.
——
Atlanta
7,485
14.C66
2,734
129,237
2,372
11,586
1,746
Augusta
8,685
30,960
1,839
139,231
14,884
3,857
81,218
92,741
4C0
200
34,800
800
600
33,400
2,868
2,100
8,488
41,569
4,700
378
33,697
3,664
9,308
1,555
21,609
110
166
4C
22.138
145
146
300
14,753
10,480
24,593
1,455
71,863
12,056
27,254
2,346
23,101
Options.
Miss., Clarksd
6,876
16,287
761
57,336
11,289
27,477
1,489
7.1
7.97
8.06
7.94
7.81
7.89
7995- 800a
7.93
7.96
8.82
7.89
8.00
7.91
7.98
Spot-....
La., Sbrevep't
8.00
7945- 795a
7.93
_
ColumbusMacon
Rome
1,394
Jackson
Natchez..
65
25,705
1,751
3,614
45,062
2,196
90,536
15,853
986
26,587
4,952
41,954
13,285
3,506
6,213
1,653
12,840
174
.
Greenwood.
3,318
20,013
3,855
Columbus.
190
27,968
14,107
42,622
380
11
10,415
481
752
70
1,352
_
r_
July.
August
Tone—
-■-■
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Barely stdy
Steady.
Barely stdy
Steady.
Steady.
Steady
Census
Report
on
Cottonseed Oil Production—-On
Sept. Kithe Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed and on hand,
and cottonseed products manufactured, shipped out, cm
hand, and exported for the month of August, 1938, and 1937;
1,110
1,777
63
13,069
1,490
2,274
12
3,047
Yazoo City.
6,082
12,336
206
35,389
6,413
15,079
214
16,127
Mo., St. Louis
N.C., Gr'boro
2,204
17,657
1,534
4,017
1,357
6,655
1,362
1,660
36
390
136
1,559
51
366
608
1,589
15 towns *_
8,894
2,302
2,982
16,827
10,562
18,956
1,290
70,004
1,381
50,296
3,204
16,811
13,701
123,432
3,318
4,974
4,455
14,110
141,192
C„ Gr'ville
68,602
2,472
10,918
2,505
52,918
541,877
13,056
247,385
Received at Mill?*
Crushed
8,362
32,829
1,410
70,969
2.359
4,161
Aug. 1 to Aug. 31
2,469
2,000
7,421
1,217
1,237
Aug. 1 to Aug. 31
2,011
1,631
2,000
1,341
4,449
3,740
36,540
1,114
7,178
1,148
9,610
25,546
5,790
16,508
5,653
27,534
7,357
13,598
4,140
6,010
676
3,916
497
15,273
2,056
2,727
11,580
7,239
4,233
6,442
1,360
2,236
t379
15,791
1712
+1,022
3,147
19,605
273
21,309
1,504
2,233
478
3,833
6,371
21,413
10,368
34,542
6,247
10,986
Vlcksburg.
_
Oklahoma—
S.
Tenn., Mem's
Texas, Abilene
Austin
Brenbam
_
2,373
1,821
5,942
5,694
_
Dallas
Paris
Robstown-
85
.
San Marcos
Texarkana
.
1,471
2,118
9,557
Waco
COTTONSEED RECEIVED.
*
524.27*
Includes the combined totals
The
above
increased
totals
65,197 2198,739 200,413
ol 15 towns in Oklahoma,
show
during the week
that
the
154,123
505,695
67,677 1050,914
t San Antonio.
interior
bales and
stocks
are
1938
have
31,487
6,717
5,822
Arkansas
1937
Another States.-
Aug. 31
1938
16,699
1937
14,379
22,405
17,503
17,389
2,560
9,422
3,646
25,437
28,449
13,160
25,959
51,349
27,921
25,228
17,472
-
41,056
10,194
15,301
20,885
—.
36,885
30.299
22,664
33,087
22,506
134,372
Mississippi
*
1938
38,443
Georgia,
Louisiana
1937
26,882
Alabama
United State*
tonight
On Hand at Mills
Stale
Texas
Total, 56 towns 210.320
CRUSHED, AND ON HAND (TONS)
218,785
89,374
91,960
221,214
149,697
17,075
7,238
25.300
7,311
51,888
7,967
261,846
392,622
222,996
182,413
370,907
252,603
mills but not 332.057 tons and 42,394 tons on hand
11.034 tons reshlpped for 1938 and 1937, respectively.
Includes seed destroyed at
Aug. 1 nor 2,777 tons and
Volume
147
Financial
COTTONSEED PRODUCTS
MANUFACTURED.
SHIPPED OUT AND
ON
HAND
Produced
On Hand
Season
Aug. 1 to
Shipped Out
Aug. 1 to
Aug. 31
Aug. 31
1938-39
67,603,021
48,913,874
1937-38
11.141,266
52,711,650
Refined oil, lbs.
39,286,313
1938-39
C486.474.233
553,996,158
0409,780,845
1937-38
441,052,343
27,381,161
meal.i
342,368.430
1938-39
216,503
99,884
99,508
1
1937-38
41,952
79,974
87,676
34,250
1938-39
131,156
57,202
54,151
134,207
1937-38
43,422
49,155
47,601
44,976
1938 39
tons
Hulls, tons
Llnters,
running]
*34,203,058
*46,381,823
31,926,253
479,564
49,142
39,693
115,636
23,479
413,070
61,547
500-1
1938-39
30,792
1,122
957
1
fiber,
30,957
1937-38
1,828
1,019
786
2,061
lb. bales
Grab bots,
&c..
77,761
motes,]
500-1b.
bales
distribution
for
August,
1938
follows:
United
WORLD
STATISTICS
The estimated world's
production of commercial cotton, exclusive of
linters, 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 lint, while the
consumption of
cotton (exclusive of linters in the
United
States) for the year ended July 31, 1937,
30,820,000 bales.
The total number of
spinning cotton spindles, both active
and idle, is about
149,000,000.
was
Cotton Exchange Fixes Limitation
of Interest—The
Board of Managers of the New York Cotton
Exchange voted
on
Sept. 9 to set the maximum limit of interest on future
contracts
firm,
or
for delivery in any
corporation, and his
one
month by any member,
its
or
affiliations, at 250,000
bales for
1938-39
36,443
2,921
7,311
32,053
1937-38
i
The
216,879
1937-38
bales
Hull
1797
270,400 bales in 1937.
On Hand
Aug. 31
Crude oil, lbs...
Cake and
and
Kingdom, 5,213: France, 110; Belgium, 65; Germany,
3,157; Italy, 1,774; Nether¬
lands, 277; Canada, 858; Japan, 3,136; South Africa, 150.
Aug. 1
Item
Chronicle
7,379
1,756
1,836
7.299
delivery in September, 1938, and in
including August, 1939.
to and
all months up
*
Includes 11,605,555 and 6,110,993
pounds held by refining and manufactuilng
establishments and 12,875,220 and 11,859,400
pounds In transit to refiners and
consumers Aug. 1, 1938, and
Aug. 31, 1938, respectively.
Includes 5,215,296 and 2,049,265 pounds held
by refiners, brokers, agents, and
warehousemen at places other than refineries and
manufacturing establishments and
7,602,095 and 10,357,515 pounds in transit to manufacturers of
shortening, oleo¬
margarine, soap, &c., Aug. 1, 1938. and Aug. 31, 1938,
Poland
will
be
respectively.
6 Produced from
ENDED
JULY
31
Item
1938
Exports—Oil, crude, pounds
599,617
2,906,645
96,404
Linters. running bales
4,411
274,957
270,400
*42,912
*64,468,462
24,259,245
185,813,667
5,184
29,564
18,130
Imports—OH, crude, pounds..
Oil, refined, pounds
47,633
Cake and meal, tons of 2.000 pounds
Linters, bales of 500 pounds
for August
1937
2,497,027
4,923,641
Oil. refined, pounds
Cake and meal, tons of 2,000 pounds
Amounts
are
5,537,925 pounds refined "entered directly for con¬
sumption," 2,3)1,863 refined, "withdrawn from warehouse for
consumption," and
3,426,572 refined, "entered directly into warehouse."
Census Report on Cotton Consumed and on
Hand,
&c., in August—Under date of Sept. 14, 1938, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton
spindles and
imports and exports of cotton for the month of August, 1938
and 1937.
which is
EXPORTED,
CONSUMED,
ON
HAND,
Gdynia the Polish seaport
large extent
a
cover
Returns by
Telegraph—Telegraphic advices to us this
evening denote that complaints of shedding have been re¬
ceived largely from the northwest, where the
dry spell had
caused plant to lose a great deal of its fruit.
Weevils con-,
tinue to damage the crop in most of the eastern
States,
especially in Georgia and South Carolina.
Rain
Rainfall
Days
Inches
High
4
4.90
90
72
Texas—Galveston
Amarillo-
dry
Thermometer
Low
Mean
81
90
46
Austin
68
1
1.36
96
64
Abilene
80
2
0.16
54
75
Brenhain
3
0.70
96
98
60
Brownsville
79
4
1.62
92
70
81
Corpus Christi
3
0.25
90
81
Dallas
1
0.01
96
72
58
El Paso
1
0.12
90
66
Kerr vi lie
4
1.20
2
4
3
0.12
3
1.38
96
96
98
96
94
56
Lampasas
Luling.
Nacogdoches
.
COTTON
in
large volume of cotton import trade.
amount, loans of $6,926,211.79 have been
completed on
38,471,518 pounds of wool, the remainder being in process.
The loans average 17.51 cents
per grease pound.
is the statement:
OF
Exchange—A cotton exchange
84,841,930 Pounds of Wool Appraised for Loans of
$14,852,640 by CCC Through Sept. 8—The
Commodity
Credit Corporation announced on
Sept. 9 that through
Sept. 8, 1938, 84,841,930 net grease pounds of wool had been
appraised for loans aggregating $14,852,639.64.
Of this
Cotton consumed amounted to 561,406 bales of
REPORT
a
requirements in Gdynia.
449,511 bales
July, 1938, and 603,617
bales of lint and 72,088 bales of linters in August, 1937.
It
will be seen that there is a decrease in
August, 1938, when
compared with the previous year, in the total lint and
linters combined of 44,081 bales, or
6.5%.
The following
AND
attracting
It is expected that the Polish mills will to
their raw cotton
Jint and 70,218 bales of linters, compared with
of lint and 61,805 bales of linters in
AUGUST
Have Cotton
59,812,393 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR 12
MONTHS
*
to
opened next month
a
__
Palestine.,
IMPORTED
-
Paris.
AND ACTIVE COTTON SPINDLES
San Antonio
2.64
0.46
77
78
76
74
52
62
80
60
78
62
78
3
2
1.18
56
76
1.32
94
66
3
2.50
100
96
58
96
3
0.84
54
80
79
75
Oklahoma—Oklahoma City—
(Cotton In running bales, counting round
3
0.80
98
54
76
Arkansas—Fort Smith
2
1.90
1.49
98
96
62
2
64
80
3
2.92
90
70
80
4
2
2
0.56
96
64
80
0.06
94
62
78
0.03
94
62
78
2
82
half bales, except foreign, which Is in
500-pound bales)
as
Cotton Consumed
Cotton
During—
on
Hand
Year
In Con¬
In
Public
Spindles
Months
United States.
Storage
A aire
Estab'ish-
& at Com¬
During
July 31
ments
presses
(bales)
(bales)
(Number)
1938 561,406 5,756.096 1,052,631 9,825,616 22,152,526
1937 603,617 7,950,079
958,887 3,500,711 24,341,192
1938 472,693 4,884,881
1937 505,365 6,625,813
Cotton-growing States..
New England States
1938
1937
15,843
1937
17,623
851,213 9,757,377 16,783,514
733,266 3,432,201 17,763,478
72,870
713,974
80,629 1,072,883
1938
All other States
73
92
62
94
64
79
Florida—Jacksonville
3
0.49
90
68
79
2
0.06
81
81
81
Miami
1
•
1
11,712
613,284
South
44,860
11,086
724,324
North Carolina—Asheville
Carolina—Charleston.
22.06'?
5A75
12,220
1938
6,687
84,713
15,868
104,240
34,968
26,995
710
6,164
3,875
3,981
1937
769
20,097
3,639
0.04
90
60
75
94
68
86
94
68
68
81
dry
dry
-
2
94
86
58
72
62
77
2
1
3
2
0.05
0.04
1.29
92
92
92
95
56
74
62
63
77
80
0.20
94
66
80
3
0.92
92
62
77
971
Nashville
Not Included Above—
1938
70,218
712,320
270,281
72,088
818,885
189,043
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
96,249
1937
81
0.03
dry
-
Raleigh-—Wilmington
Tennessee—Memphis
Chattanooga
37,521
11,524
79
0.12
Macon
Charlotte
25,005
67
1
47,448
77,858
92
95 '
2
Atlanta
157,241
56,588
0.01
0.14
77
74
70
70
Augusta
251,383
5,714
0.02
88
88
1
Pensacola
Tampa
Georgia—Savannah—.
5,853,390
1938
j
92
1.58
0.16
4,755,728
1937
Linters.....
0.71
2
3
57,424
4,638
80
Birmingham
Montgomery
56,527
1937
Other foreign cotton
Alabama—Mobile
153,970
1938
Amer.-Egyptian cotton.
—
180,761
Included Above—
Egyptian cotton
Rock
Shreveport
Mississippi—Meridian
Vicksburg
August
(bales)
(bales)
suming
Ended
August
.
Louisiana—New Orleans
Cotton
Twelve
—
Weatherford
Little
August 31—
__
Taylor
46,563
Imports of Foreign Cotton (500-lb. Bales)
Sept. 16, 9138
1938
1937
1938
zero
Above
zero
of gauge.
Above
zero
of gauge.
New
Orleans.—
Above zero of
..Above zero of
Shreveport
Egypt
4,095
2,935
256
43,499
74*4
75,268
42
4,892
1,010
16,491
51,438
Peru
China
Feet
of gauge.
Nashville—.
1937
Above
Memphis.
12 Mos. End. July 31
Sept. 17, 1937
Feel
August
Country of Production
Vicksburg
2.6
7.8
9.3
2.3
gauge.
gauge.
1.9
7.2
9.4
4.9
J.8
1,740
4.6
Mexico
7,211
43,598
27,391
British India.
1,990
3*668
48,040
79,115
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
41
589
6,643
18,082
tions.
18,271
8.458
159,015
253,034
All other
Total.
Linters imported during 12 months ending
18,130 equivalent 500-pound bales.
July 31. 1938. amounted
to
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
The
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Southern
Week
Receipts at Ports
1938
Country to Which Exported
August
12
Mos.
End.
Slocks at Interior Toums
Receipts from Plantations
End.
1937
1936
1938
1937
1936
1938
1937
1936
July 31
June
1937
1938
1938
1937
17.
27,019
15,944
39,972 2119,356
998,705 1465,362
7,966
Nil
Nil
21.
24,113
19,653
21,698 2100,775
964,392 1424,612
5,532
Nil
Nil
22,893
15,752
930.969 1384,154
3,282
Nil
Nil
17,059
21,952 2081,164
13,381 3053.620
Nil
Nil
16,973
903,027 1349,502
873,772 1301,765
Nil
17,371
3,438
Nil
Nil
United Kingdom
24,033
47,982
1,551,843
1,144,362
France
21,833
29,585
715.850
655,248
14,209
24,439
505.454
397,636
8.
17,684
25,649
50,011
655,894
649,647
15-
32,676
22.
43,924
28,601
17,198
3,764
Nil
53.593
55,199
28,419 1997,556
39,742 1978.400
848,935 1255,364
29.
828,147 1206,417
44,437
34,411
Nil
68,215
38,915 1951,616
811,182 1167,401
796,150 1144,650
788,408 1132,176
22,595
39.236
33,753
79,061
806,649 1140,781
83.722 239,811 149,970
....-
Italy.
—
Germany
Spain...-
1,015
Belgium
Other Europe.
—
1.260
279
4,560
—
Japan
China
Canada
All other
Total
8,398
189.524
153.959
38,339
34,168
744.568
508,443
17,049
690,513
52,589
'
-
15,128
^
-
5.709
1.
2024,282
Aug.
1,550.499
5.
49,379
22,786
13,957
12.
51,885
245,955
306.640
19.
3,496
3,074
274,768
59,374
200.851
220,415
5,598,415
5,440,044
26.
94,093
52,891 1933,484
76,336 1927.836
73,033 149,210
78,102 221,570 141,365 1922,216
67.385 141,468
Nil
30,140
63,862
Sept.
Note—Linters exported, not included above, were 14,740 bales during August In
1938 and 24,779 bales in 1937; 274,957 bales for 12 months ended July 31 In 1938
July
144,055 300,222 201,842 1949,655
9. 195,347 309,808 271,456 2044.616
2.
16
227.732 347,270 340.8L'
2198 739
836,739 1219,831 171,494 330,292 280,892
918,178 1339,682 290,308 361,614 391,307
1059,914
1499,275 381 855 180.006 "00,408
Financial
1798
shows:
(1) That the total receipts
jilantatioiis since Aug. 1, 1938, are 1,042,318 bales;
in 1937 were 1,664,813 bales and in
1936 were 956,024
bales.
(2) That, although the receipts at the outports the
past week were 227,732 bales, the actual movement from
plantations was 381,855 bales, stock at interior towns
having increased 154,123 bales during the week.
Sept. 17, 1938
Chronicle
This
Exports {Bales)—
Since
This
Since
This
Since
Week
The above statement
from the
Aug. 1
Week
Aug. 1
Week
Aug. 1
3,000
8.800
4.000
3,000
7.788
lf.660
38,988
7,000
1,000
9.796
62,525
2,350
8.423
6.974
10". 000
31.478
1,051
14.000
83,471
15,000
10,000
45,318
Egyptian bales weigh about 750 lbs.
This statement shows that tne receipts for the week ended Sept.
60,000 cantars and the foreign shipments were 14,000 bales.
14 were
Liverpool
To
&c— —
and India.
To Manchester,
To Continent
To America
Total exports
5,001
400
54,785
Note—A cantar Is 99 lbs.
Cotton—The follow¬
and Takings of
World's Supply
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons
the takings or
obtainable; also
are
which statistics
amounts gone out of
from all sources from
period:
sight for the like
1937
1938
Cotton Takings,
Week and Season
193768
Visible supply Aug. 1
—
4,339~,022
7,858",941
498",465
1,693,393
614",714
19,000
17,000
12,000
7.000
119.000
68,000
22,800
54,000
10.000
1,000
31,000
5.000
8,329,986
9,816,134
5.473.409
6,839,738
8,017,771
8,017,771
5,168,287
5,168,287
312.215
1,798,363
1.186,763
611,600
305,122
235,122
70,000
1.671,451
984,651
686,800
Bombay receipts to Sept. 15—
Other India ship'ts to Sept. 15
Alexandria receipts to Sept. 14
Sept. 14 ♦ 6—
Total supply-Deduct—
16
Visible supply to Sept.
16 a—
Total takings to Sept.
Of which American
Of which other
208,215
104,000
Embraces receipts
This total embraces
not
foreign spinners,
b Estimated.
bales American,
from All Ports—The
India Cotton Movement
of Indian cotton at
ports for the
bales in 1937. of which
1,018,363 bales in 1938 and 796,451
406,763 bales and 109.651
receipts
India
Bombay and the shipments from all
cabled,
week and for the season from Aug. 1 as
have been as follows:
for three years,
1938
Week
19,000
Week
Aug. 1
Aug. 1
nent
China
96,000
I
Great
Total
Conti¬
Japan &
Britain
Jap'nA
Britain
Bombay
Conti¬
Aug. 1
5,000
Since Aug
For the Week
Great
Week
59,000
10,000
119,000
Exports
from—
Since
Since
Since
—
1936
1937
Sept. 16
Receipts—
Bombay
nent
China
Total
—
2,000
1,000
19,000
19,000
10,000
13,000
151,000
21,000
36,000
3,000
4,000
123,000
89,000
128,000
18,000
7,000
11,000
2,000
l'ooo
17,000
7,000
1938
5,305
102,000
124,000
Other India:
8.000
.17,000
26,000
42,000
68,000
1.000
13,000
38,000
1938
9.000
10,000
17,000
36,000
33,000
63,000
123,000
2,000
3,000
7,000
11,000
20,000
16,000
73,000
89,000
13,000
10,000
26,000
26.000
56,000
102.000
1936
show an
compared with last year in the week's receipts of
9,000 bales.
Exports from all India ports record an increase
of 16,000 bales during the week, and since Aug. 1 show an
increase of 41,000 bales.
in both yarns
in cloths is quiet.
Demand for cloth is impro/ing.
give prices today below and leave those for previous
night from Manchester states that the market
and
We
weeks of this and last year for
comparison:
400
.—
gg 1
789
62
4,606
553
300
853
2,465
1,498
2,328
248
398
6,505
495
1,664
395
100
1,350
546
1 *570
676
3,141
492
13
17
400
100
300
25
30
25
100
100
106
150
490
489
400
450
591
1,039
1,148
150
250
200
2,016
5
270
50
1,726
143
25
1,232
210
125
____
_
_
To Liverpool, Sept. 10, Mathias Stinnes,
To Bremen, Sept. 14, Aachen, 1,148
1,039
To Oporto, Sept. 14, Aachen, 150
To Ghent, Sept. 10, Narbor, 250--To Antwerp, Sept. 10, Narbor, 200
— -
—
To Havre, Sept. 10, Narbor, 2,016
To Rotterdam, Sept. 10, Narbor, 5
—
—
To Enschede, Sept. 10, Narbor, 270
To Lisbon, Sept. 10, Narbor, 50
SAVANNAH—To Bremen, Sept. 12, Talra, 1,726
To Hamburg, Sept. 12, Talra, 143
—
LOS ANGELES—To Liverpool, (?), Delfdijk, 25—
------
To Japan, (?), Manto Maru, 1,232
To Sydney, (?), Manto Maru, 210
To Melbourne, (?), Manto
Market—Our report received by cable to¬
Manchester
200
125
300
—
12, Simon von Utrecht, 62
To Havre, Sept. 14, San Mateo, 2,457; Sept. 15, Ostende, 2,149
To Dunkirk, Sept. 14, San Mateo, 488; Sept. 15, Ostende, 65—
To Venice, Sept. 14, Maria, 300—
— — To Trieste, Sept. 14, Maria, 853
HOUSTON—To Bremen, Sept. 13, Simon von Utrecht, 2,465To Trieste, Sept. 13, Maria, 984; Sept. 12, Cardonia, 514
To Venice, Sept. 13, Maria, 843; Sept. 12, Cardonia, 1,485---To Antwerp, Sept. 13, Narbor, 43; Sept. 12, Ostende, 205
To Ghent, Sept. 13, Narbor, 223; Sept. 10, San Mateo, 22;
Sept. 12, Ostende, 48; Sept. 10, Leerdam, 100
To Havre, Sept. 13, Narbor, 2,807; Sept. 10, San Mateo, 3,297;
Sept. 12, Ostende, 401
To Rotterdam, Sept. 13, Narbor, 145; Sept. 10, Leerdam, 350-To Genoa, Sept. 12, Cardonia, 1,664
To Constanza, Sept. 12, Cardonia, 395
To Galatz, Sept. 12, Cardonia, 100
To Liverpool, Sept. 9, Mathias Stinnes, 1,350
;—
To Manchester, Sept. 9, Mathias Stinnes, 546
To Copenhagen, Sept. 12, Toledo, 848; Sept. 14, Vasaholm,
328' Delaware
400
To Dunkirk, Sept! 10, San Mateo, 200; Sept. 12, Ostende, 476To Gdynia, Sept. 12, Toledo, 2,491; Sept. 15, Vasaholm, 500;
Sept. 12, Delaware, 150
—
To Gothenburg, Sept. 12, Toledo, 350; Sept. 15, Vasaholm, 142
To Reval, Sept. 10, Leerdam, 13
To Oslo, Sept. 15, Vasaholm, 17
—
NEW ORLEANS—To Bremen, Sept. 7, Liberator, 400
To San Felipe, Sept. 6, Taloa, 100To Havana, Sept. 9, Santa Marta, 300
To Guatemala City, Sept. 6, Sixola, 25—
To Gdynia, Sept. 9, Vasaholm, 30
—
— —
To Stockholm, Sept. 9, Vasaholm, 25
—
To Gothemburg, Sept. 9, Vasaholm, 100—
To Abo, Sept. 9, Vasaholm, 100
—
To Wasa, Sept. 9, Vasaholm, 106
To Trieste, Sept. 9, Maria, 150-.——
——
To Venice, Sept. 9, Maria, 490—
LAKE CHARLES—To Ghent, Sept. 13, Dryden, 489-- —-----To Havre, Sept. 13, Dryden, 400
To Rotterdam, Sept. 13, Dryden, 450
CORPUS CHRISTI—To Manchester, Sept. 10, Mathias Stinnes,
According to the foregoing, Bombay appears to
increase
553
To Hamburg, Sept.
178,000
184,000
all—
12, Leerdam, 200
Colombia, Sept. 10, Stella Lykes, 125—
Sept. 10, Stella Lykes, 300-
To Sydney, Sept. 8. Goslar, 400
To Melbourne, Sept. 8, Goslar, 789
219,000
1937
Total
700
8,120
To Buena Ventura,
60,000
1,000
764
-
To Puerto
50,000
11", 000
13,000
22,000
37,000
2,000
9,000
1937
212
390
To Rotterdam, Sept.
85,200
44,000
Southern mills,
the past week have
in detail, as made
mail and telegraphic reports, are as follows: Bties
GALVESTON—To Copenhagen, Sept. 13, Toledo, 212
To Gdynia, Sept. 13, Toledo, 764
—
To Gothenburg, Sept. 13, Toledo, 390
; —
To Antwerp, Sept. 12, Leerdam, 200; Sept. 14, San Mateo, 500
To Ghent, Sept. 12, Leerdam, 165; Sept. 14, San Mateo, 129;
Sept. 15, Ostende, 259
— ■
To Bremen, Sept. 12, Simon von Utrecht, 2,815; Kelkheim,
2,262.516
in Europe from Brazil, Smyrna, West Indies, &c.
since Aug. 1 the total estimated consumption by
7^0,000 bales in 1938 and 875,000 bales in 1937—takings
being available—and the aggregate amount taken by Northern and
*
a
from
up
59.000
50.000
Sept. 16-
American in sight to
Other supply to
4,811,695
7,776,521
9
Visible supply Sept.
Season
Week
Season
Week
shown on a previous page, the
News—As
Shipping
exports of cotton from the United States
reached 55,174 bales.
The shipments
Maru, 125
.-—
Total...
55,174
— .
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
High
Stand¬
High
Stand¬
High
Stand-
ard
Density
ard
Density
ard
Density
.
8^ Lbs. Shirt¬
Middl'g
Upl'ds
d.
Upl'ds
Twist
d.
Middl'g
to Finest
32s Cop
Twist
Cotton
8H Lbs. Shirt¬
ings, Common
Cotton
ings, Common
to Finest
.67c.
Trieste
d.45c.
.60c.
Piraeus
.85c.
1.00
Manchester.52c.
32s Cop
.52c.
.67c.
Flume
d.45c.
.60c.
Salonfca
.85c.
1.00
d.85c.
1.00
Liverpool
1937
1938
Antwerp
.52c.
.67c.
.52c.
.67c.
Japan
Rotterdam .52c.
.67c.
Shanghai
d.
d.
s.
d.
B.
d.
s.
d.
d.
10
6
@10
9
6.92
10
6
@10
9
6
@10
9
6.87
5.16
1334@14H 10
6
@10
9
6.98
4.88
13H@14 H 10
13 J4@14 J4 10
6
@10
9
6
@10
9
6.60
4H
4.99
12*4@14>4 10
4>4@10
7H
6.12
4K
4.89
12H@14
10
6.20
4.78
12H@13 H 10
6
5.93
12K@13K 10
4J4 @ 10
3
@10
3
@10
7H
3
6
5.78
9
3
4.69
9
1H@
9
414
4.83
1-
9H@10M
9
1K@
9
4
4.96
13K@14*4
8-
9H@10H
9*@10 H
9
3
@
9
6
9
9
9
9
4
9H@10H
9H@10H
1H@
1M@
4
9
1H@ 9
9X@10H
9
9
9
1H@ 9
@ 9
@ 9
3
4.78
13J4 @15
13)4 @15
v
uiy
15..
22—
29—
Aug.
19..
9
@10
@10
26—
9
@10
9
9
@
9
3
4.74
11
J4@13J4 10
1 J4@10
4H
5.63
9%
9
@
3
4.85
1H@10
4X
5.56
9
@
3
4.71
1194@13
11 J4@13
10
9
9
9
10
1H@10
4H
5.46
9H
9
@
9
3
4.81
1194 @ 13
10
1H@10
4 H
*
No
Bremen
.52c.
.67c.
.52c.
.67c.
.78c.
,63c.
Hamburg
SH@
9„
16—
8%@
Alexandria
*
.65c.
quotation.
x
Only
Sept. 9
Sept. 16
Aug. 26
Sept. 2
34,000
36,000
37,000
35,000
1,156,000 1,162,000 1,158,000 1.164,000
648,000
650,000
636,000
623,000
Forwarded
Total stocks.
Total
Receipts
and
Shipments—We
34,000
Of which American
33,000
44,000
15,000
149,000
5,000
134,000
24,000
25,000
7,000
134,000
22.000
Liverpool market for spots and futures
The tone of the
each
42,000
5,000
136,000
26.000
imports
Of which American
Amount afloat
day of the past week and the daily
closing prices of
spot cotton have been as follows:
now
re¬
Monday
Tuesday
Moderate
Qule!
Quiet
Friday
More
Wednesday
Thursday
Moderate
demand
Saturday
Spot
demand
Market,
dria, Egypt.
The following
are
the receipts and shipments
the past week and for the corresponding week
of the
12:15
Futures
1938
Alexandria, Egypt,
Sept. 14
1937
1936
opened
Market,
Receipts (centars)—
60,000
This week
1_
Market
— -
113,269
155,000
425,011
270,000
555,468
Quiet
demand
P.M.
[
Quiet, st'y
1 to 3 pts.
[
decline
decline
(
Steady at
Quiet at
4
I
P. M.
(
2
to
nt«.
3
adv.
pt. Quiet, st'y, Quiet, st'y. Quiet, st'y.
1
to
2
2
to
4
3 pts. decl.
decl. to
pts. adv.
pts. adv.
2 pts. adv. 1
pt. adv.
1
Quiet, st'y, St'y,
■!
2 to 5 pts.
4
Pts.
to
6
decl.
4.81d.
4.79d.
4.77d.
4.75d.
4.71d.
4.75d.
Mld.upl'df
previous two years:
Since Aug.
.72c.
d Direct steamer.
small lots,
cable of the movements of cotton at Alexan¬
ceive weekly a
for
.60c.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
5.33
Sept.
2--
.60c.
Bombay x
.73c.
Of which American
5—
12..
Leghorn
d.45c.
Gothenb'g .57c.
.60c.
6 85
5.06
@
24„
Till
v
.72c.
.58c.
Oslo
_
6.95
9
8K@ m
9
@10
9
17—
Copenhag'n.57c.
Naples
d.45c.
*
*
.50c.
Stockholm
June
Venice
*
d.45c.
Genoa
8.
*
*
Barcelona
Havre
Steady at
1
to
nts.
2
adv.
Steady at
1
pts.
to
4
decl.
Steady at
2
to
pts.
5
adv.
Steady at
1
pts.
to
2
adv.
Volume
Financial
147
Prices of futures at Liverpool for each day are given
below:
1799Jl
Chronicle
Late downturns were attrib¬
largely to assertions that a broad settlement of Ger¬
many's claims, not confined to Czechoslovakia, was believed
to be under negotiation by Prime Minister Chamberlain and
Chancellor Hitler.
One version was, that Mr. Chamberlain
would attempt to bring England, "Germany, France and
Italy into an agreement. The improved outlook had a bear¬
ish effect on most commodity markets, and especially on
wheat values.
An extreme drop of 334c. on the Chicago
Board was witnessed at the outset, with action of the Liv¬
erpool wheat market as well as of the British pound and of
securities everywhere lending support to peace hopes.
Today prices closed 34 to lc. net higher.
Higher prices
ruled in the Chicago wheat market today, although late
reactions from top quotations implied hopes of peace had
not been abandoned.
One stimulus to price upturns came
from big takings of Canadian wheat for export to Europe.
Fully 1,250,000 bushels were estimated to have been bought
ranged decidedly lower today.
uted
Sat.
Sept. 14
Mon.
Fri.
Thurs.
Wed.
Tues.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Sept. 16
New Contract
October
d.
1938...
d.
d.
4.55
4.64
January 1939...
d.
4.54
4,59
December.
4.58
-
d.
d.
4.61
4.58
4.59
4.56
4.61
4.62
d.
d.
d.
d.
d.
4.57
4.57
;
4.60
4.61
4.67
4.64
-
4.67
4.63
4.62
4.64
4.64
4.64
4.63
4.67
4.66
4.69
4.69
March
4.70
4.65
4.65
4.66
4.66
4.64
4.64
4.68
4.68
4.70
4.70
May
4.72
4.67
4.66
4.68
4.68
4.64
4.65
4.70
4.69
4.71
4.71
July
4.73
4.68
4.67
4.69
4.69
4.64
4.66
4.71
4.70
4.71
4,71
October....
4.71
4.66
4.64
....
4.ey
4.70
December.
4.73
4.68
4.70
4.66
....
4.71
4.72
January 1940...
4.74
4.69
4.71
4.67
4.72
4.73
-
-
-
4.68
-
........
-
-
BREADSTUFFS
Friday Night, Sept. 16, 1938
Flour—During several days of this week
in
flour
sale
of
prices fluctu¬
the flour trade, and with wheat
on
good
The crisis in Europe naturally had
family flour.
its effect
good business
a
The Southwest also reported a
worked.
was
ating violently, at times soaring to spectacular proportions,
it
should become
flour consumers
that
natural
only
was
Any renemal of the war scare promises to
apprehensive.
Stocks.
bring in further moderate accumulation of flour
Wheat—On the 10th inst. prices
The wheat market's
higher.
levels
abroad.
tions
much
rose as
cent
as a
of uneasiness
result
a
from five-year-low
recovery
continued during the session today
was
Prices
as
closed unchanged to lAo.
bushel at
a
(Saturday).
2c.
higher at
one
as
much
as
In
Chicago values the last two days.
Scattered profit-taking and hedging sales kept the upturn
shown
in
DAILY
CLOSING PRICES OP WHEAT IN NEW YORK
Sat.
Mon.
Tues.
Wed. Thurs.
DAILY
...—
CLOSING
Although financial circles
European politics, the Liverpool
market continued to advance,
as
much
gaining %e. to J^c.,
or
With the attention of the trade focused on
Europe,, trading in wheat turned stagnant today.
the undertone
interest
showed
a
nervous,
there
tendency to
sag
of their
own
moderately higher, based
run
While
was too
little
Values
Liverpool
weight.
another demonstration of the jitters.
gave
to
proved extremely
either side to exert much price influence.
on
about
On the 12th inst. prices closed 34c. to
expected.
as
34c. net lower.
Prices
were
due
North American action
on
Saturday, but closed 34c- higher to 134c. lower after starting
out
act
34c.
Buenos Aires, which closed late enough to
up.
most of Adolf Hitler's
on
speech, moved 134c. to 134c.
higher, apparently influenced by the militant tone of the
address.
bushels
Wheat exports
of Manitobas
failed to improve.
believed
are
No United States wheat sales
inst.
to
334c.
a
that
wildfire
buying
developments
were
were
on
reached
were
as
An¬
the Czech Government set ablaze
made
that
prices
apparent likelihood
Speculators
soar.
that fresh warlike
pending, with actual big military
possible before tomorrow.
jumps
On the 13th
lYantic sudden efforts
up.
six-hour ultimatum from Sudeten Ger¬
a
acted instantly on
tions
been worked.
reported.
huge scale whirled Chicago wheat prices
had been served
mans
About 200,000
have
bushel in the last minute of trading today.
nouncement
the
on a
to
were
prices closed 2^c. to 334c.
buy wheat
up
opera¬
Highest prices of the session
the market closed.
Accelerating the market
assertions that the United States Government
export subsidy on wheat shipments overseas via the Gulf of
Mexico had been hoisted 3c.
a
stampede to buy, wheat values
bushel.
on
Preceding the late
the Chicago Board tended
downward most of the time, and in some cases fell about
cent.
to
On
The general
disposition shown
was to
a
14th
inst.
OP
prices closed
%o. to 134c- net higher.
WHEAT
May
Season's HiQh
September
and
92%
84%
73%
74%
May.
Mon.
bottom
Extreme
levels.
above recent five-year
upswings
after reports of
came
clashes between Sudetens and Czech soldiers.
outright battle
were
not until wheat
trading in Chicago had closed.
taking, however,
backward from
Reports of an
later denied officially from Prague, but
Lively profit-
forced Chicago wheat prices materially
the
day's top.
On the other hand, the
Winnipeg market hit the upward limit of 5c. a bushel, and
held that position until the
close.
Trading
characterized the Chicago wheat market,
outset and
near
on a
huge scale
especially at the
the close.
On the 15th inst. prices closed 1% to 2%c. net lower.
Despite transient moderate recoveries, Chicago wheat prices
66%
67%
67%
68%
64%
64%
66%
When
65%
65%
66%
66%
Made
Sept.
Sept.
7, 1938
7,1938
Sept.
8,1938
Sept.
7,1938
WHEAT IN WINNIPEG J
Tues.
Wee. Thurs. 1 Fri.
October
61%
61%
December..
61%
65%
61%
65%
61%
61%
65
66%
66%
69%
64
63%
67
65%
64%
67%
Corn—On]the 10th inst. prices closed 34 to 34c. lower.
spite of the precarious condition of corn in not a few areas
as a result of a rather prolonged dry spell, damage
apparently
was not regarded as substantial enough to warrant
aggres¬
siveness on the upward side of the market.
Besides the
bearish reports coming in from Argentina and the highly
critical state of political affairs in Europe, played their part
as conflicting influences.
On the 12th inst. prices closed 34 to /4c. lower.
The
extremely grave political situation abroad and the lack of
any stimulating news were factors responsible for the heavi¬
ness and inactivity in the corn market during today's session.
There is so much uncertainty in the air that traders generally
are loath to take on any heavy committments either way.
On the 13th inst. prices closed 34 to 34c. net gain.
This
In
firmness in
values
corn
was
influenced in
no
small
measure
by the rather spectacular strength in wheat.
The circum¬
stance was ignored that foreign buyers were neglecting United
States corn in favor of lower priced Argentine corn.
On the 14th inst. prices closed % to 134c. higher.
There
was very little to
this market, attention appearing to be
focused largely on the spectacular wheat trading.
The
firmness of corn was due largely to the bullish influence of a
pronouncedly strong wheat market.
On tbe 15th inst. prices closed 134 to l%c. net lower.
The improved political outlook abroad had its bearish effect
also
values, and this grain followed wheat in its
corn
on
downward
course.
Reports of
wet weather delaying the
maturity of corn were virtually ignored.
Today prices
closed 34 to lc. net higher.
Trading was relatively light
in this
the
grain, with news devoid of anything stimulating to
market, corn futures being influenced almost entirely
Open interest in corn tonight
35,491,000 bushels.
by the firmness of wheat.
was
reported
as
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat.
Mon.
Tues.
Wed. Thurs.
No. 2 yellow
DAILY
67%
CLOSING
PRICES
OP
67%
May
Season's High
September
—
December
March
-
52
and
64
63%
56
60%
May..—
When
Mar.
July
July
July
69%
FUTURES IN
Mon.
Tues.
Wed.
51%
49%
December
68%
CORN
Sat.
September-
734e.
65%
65%
...
March
soaring
Tues.
61%
62%
IN ♦CHICAGO
Wed. Thurs. Fri.
—64%
64%
67%
I
Season's Low and
When Made
Feb.
9, 1938 September
59%
61%
June 15, 1938 Decemoer
July 23, 1938 March
62%
July 23, 19o8 May
62%
May
Fri.
80%
79%
FUTURES
DAILY CLOSING PRICES OP BONDED
Sat. Mon.
today,
prices
81%
.
Excitement continued to prevail in the Chicago wheat pit
with
80%
77
62%
63%
—
December
March—
give attention
big surplus supplies in North America and elsewhere.
the
PRICES
77%
Sat.
September
March
higher throughout the session.
United
the
were far-reaching.
Open interest
tonight aggregated 108,723,000 bushels.
No. 2 red
houses with Eastern connections held the market
fractionally
from
amounts
differences which
in wheat
December
over
indefinite
dealings, the wheat market here climbed
rapidly l*J4c. at times.
Selling volume broadened on ad¬
vances, and moderate reactions from early top prices were
witnessed.
Reports that Europe bought 750,000 bushels of
Canadian wheat were noted, and assertions were current
that Russia had decided to make no further offering of
shipments to other countries for at least the time being.
Particular significance in various quarters was given to
British reports that the Chamberlain-Hitler conference had
check, however, while short covering and buying through
reported less tension
and
brisk
time, also attracted attention,
especially in view of the fact that Canadian prices have
gained twice
Canada
States.
stage, largely
one
regarding the political situation
Independent strength at Winnipeg, where quota¬
were
from
Made
25,1938
13,1938
28, 1938
23.1938
51%
49%
50%
51%
52%
50%
....
52%
53%
51%
67%
53%
Low and
September.— 49%
December.... 46%
March
,
49
May
49%
68%
CHICAGO
Thurs.
62%
50%
—!
Season's
Fri.
Fri.
52%
51
52%
52%
When
Aug.
Aug.
Aug.
Aug,
53%
Made
11,1938
11, 1938
11, 1938
16, 1938
Oats—On the 10th inst.
prices closed unchanged to 34c.
There was very little to this market, trading being
almost entirely routine. On the 12th inst. prices closed %q.
higher to unchanged. There was very little of interest in this
higher.
market.
higher.
On the
higher.
prices closed Ho. to 34c. net
light and without par¬
Ho. to lc.
This firmness of oats was due largely to the
ticular feature.
net
13th inst.
Trading in this
gram
was
On the 14th inst. prices closed
firmness of wheat and
corn.
Financial
1800
closed % to %c. off.
On the 15th inst. prices
This market
yielded in sympathy with wheat and corn declines.
Today
prices closed %c. lower to ^c. higher.
Trading in this
market contained little of interest, there being no response
of
prices
closing
oats futures in Chicago
24%
Wed.
Tuts.
Mon.
Sat.
25
25%
25%
26%
26%
26%
~
December..
May
—
Mm.
Sat.
May
13,000
25,000
220,000
153.000
16.0C0
201,COO
32.000
New Orl'tts*
Montreal
26%
6,1938
Thurs.
Fri.
27%
27%
31%
29%
30
28%
30%
29%
30
29%
31%
30%
\io. to
fie.
net higher.
was
attributed
The independent strength of rye
of commit¬
up
by the short element, traders apparently being appre¬
over the gravity of the European political situation.
ments
hensive
closed Mo. to %o. net higher. The
from abroad concerning the threatened war and the
On the 13th inst. prices
news
spectacular action of the wheat market confirming the gravity
of the foreign situation, naturally had a strengthening in¬
fluence on rye, though the response of the latter grain was
relatively light. On the 14th inst. prices closed 2>£c. to 2}4c.
net highejv This strength in rye was a good response to the
outstandingly strong action of the'Avheat market. There was
some substantial new buying in rye, and
this with heavy
short covering made for substantial gains in prices.
On the loth inst. prices closed 2% to 2y2c, net lower.
Influenced by the favorable news from abroad and the
sharp slump in wheat values, rye futures fell off sharply
liquidation of discouraged holders.
under rather heavy
The
pronounced at the close than in
wheat.
Today prices closed % to %c. net higher.
This
was hardly a full response to the advances in wheat and
corn, the backwardness of rye being attributed to profittaking and some short selling.
declines in rye were more
OF
PRICES
CLOSING
DAILY
December
September
—
56 %
December
53 %
May
CLOSING
When
Made
Feb.
1938
9
September
RYE
OF
PRICES
-
winnipeg
IN
Wed.
Fri.
Thurs.
38%
38 %
41%
42%
39%
39%
40%
40%
41%
45%
41%
43%
OF BARLEY FUTURES IN winnipeg
Mon.
Sat.
October.
Tuts.
6, 1938
7. 1938
7, 1938
41%
41%
December
Fri.
37%
38%
-
May
FUTURES
Man.
Sat.
38%
DAILY CLOSING PRICES
Thurs.
Sept.
Sept.
Sept.
39%
39%
41%
14,1938
25, 1938 May...
July
July
chicago
IN
Wed.
42%
43%
45
December
October.
December
Tues.
41%
,
—
and
69%
High
Season's
DAILY
Mon.
44%
42%
42%
42%
43
45%
43%
43%
44%
44%
47%
45
45%
I
Season's Low and When Made
-
May—
FUTURES
RYE
Sal.
41 %
September
—
——.
34%
34%
36%
May
Tues.
34%
34%
Wed.
36%
37%
34
34%
36
36%
Fri.
Thurs.
35%
36
35
35%
37%
36%
39
1,1~24~6C6
2.641 000
116,000
'38
9,629,000
76.616,000
78,321,000
4,428,000
Week 1937.
248,000
1,051,000
348,000
78,000
112,000
686,000
9,677.000
57,181.000
27,489 000
3.872.000
3.213 000
2,873.000
Oats
Jan. 1
Jan.
*
on
1 '37
from the several seaboard ports for the week
1938, a re shown below:
The exports
ended Saturday, S pt. 10.
Wheat
Rye
Barley
Bushels
Bushels
Bushels
25,000
627,000
673,000
..
Orleans
New
743,000
_
Albany
1.069,COO
920,000
Halifax
1,124,66c
2,000
,
Three Rivers
l°37.-_-
Since
Week
Since
Week
Since
July 1 to—
Sept. 10
July 1
Sept. 10
July 1
Sept. 10
July 1
1938
1938
1938
1938
1938
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
52,445
369,218
1,573,000
18,177.000 1.849,000 21.064,000
2,23
9,500
100,646
679,000
13,291,000 1,914,000 18,620.000
21,500
249,000
2,000
Kingdom.
11.00C
Continent
So.&Cent. Amer.
West Indies
Brit. No. Am. Col.
1,000
62X00
109,000
"Y,666
7,000
100,000
3,360
28,664
91,040
867,527
2.253.00C
31,537.000 3,763,000 39,785,000
97.34?
907,997
l,289,00f
23.970 000
Other countries...
Total 1938
81.000
the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 10, were as follows:
visible
The
of grain,
supply
GRAIN
comprising
STOCKS
Oats
Corn
Wheat
Barley
Rye
Bushels
Bushels
Bushels
Bushels
Bushels
United States—
'
Boston
•
■
w-m,
~
-
*
55,000
12,000
11,000
339,000
90X00
14,000
1,758,000
Fort Worth
127,000
8,106,000
...
....
Wichita.--.-,
148,000
40,066
148,000
(
"4,655
17,000
2,coo
2,396,000
....
—
3,000
30,000
56,000
.
2,000
17,000
1,519,000
...
Galveston
6,307,000
Hutchinson
St.Joseph...
140,000
3,586X00
...
7,000
177,000
33,564,000
62,000
947,000
268,000
64,000
6,918,0C0
Kansas City—
Sioux
38,000
13,000
Orleans
Omaha
"3'. odd
14,000
348,000
afloat
Baltimore
New
1,000
J
-
26,000
New York
"
*
Philadelphia
119.0C0
1,346,000
243,000
410,000
—
...
6,329,000
...
137,000
286,000
284,000
24,000
4,000
820,000
443,000
110,000
1,063,000
...
259,000
100,000
605,000
City..
73,000
264,000
Chicago
4,846,000
4,875,0C0
803,000
74,000
15,114,000
...
afloat.-.
193,000
137,000
901,000
..
442,000
Lakes..
26,000
1,378,000
934,000
410,000
9,311,000
18,000
4,906,000
3,137,000
4,545,000
16,521,000
233.000
6,090,000
2,247,000
1,727X00
160.000
2,000
5,000
2,000
2,918,000
170,000
4,478,000
...
1,628,000
853,C00
244X00
289,000
300X66
75X00
Detroit
On
...
85,000
574.00C
82,000
166,000
Canal.
No. 2 white
37%
Rye, No. 2 f.o.b. bond N. Y._ 68%
Barley, New York—
47% lbs. malting
53%
Chicago, cash
62-66
regarding the movement of grain
—receipts, exports, risible 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
7,734,000 10,615,000
6,871,000 10,167,000
199,000 "bushels
tota
199,000 bushels, against 7.000 bushels in 1937.
Barley—On Lakes, 838,000
bushels: total, 838,000 bushels, against 1.194,000 bushels in 1937.
Wheat—New
York. 134,000 bushels; New York afloat, 158.000; Buffalo, 129,000; Buffalo afloat,
151.000; on Lakes, 3,407,000; on Canal, 288,000; total, 4,267,000 bushels, against
1938.-123,741,000 10,079,000 21,707,000
3.1938..119.757X00
9,743,000 20,086,000
Total Sept. 10,
Total Sept,
Note—Bonded
grain
not
'ncluded
above: Oats—On
4,7^9,000 bushels in 1937.
Wheat
Bushels
Canadian—
Corn
Oats
Rye
Bushels
Bushels
Bushels
Oats
Rye
Barley
Barley
Bushels
823.00C
208,000
1,513,000
24,601.000
539,000
799,000
3,962,000
54,551.000
2.125,000
795,000
3,786,000
1938.. 84,768,000
3,1938.- 62.381.000
3,487,000
1,802,000
9,261.000
2.877,000
1,604X00
7,547.000
123,741,000 10,07£,000 21,707,000
7,734,000
10,615,000
Lake, bay, river & seab'd
5,616.000
Ft. William & Pt. Arthur
Total Sept. 10,
Corn
Lakes,
,
Other C8n. & other elev.
of the last three years:
Wheat
Corn
Wheal
Flour
Week
afloat
All the statements below
Flour
379,000
684,000
and Since
Buffalo
Receipts at—
28.f 0r
Exports for Week
grain
Oats, New York—
9,000
61.000
9,000
91,040
07.34
July 1, 1938, is as below:
...
Fancy pearl,Nos.2.4&7-4.00@4.50
280,000
2,253,000 3,763,000
1.28°,000
Total week 1938-.
Same week
99,000
9,000
9,000
52,COO
108,000
246.000
Montreal
....
4.65@4.85
37.040
21,000
178,000
66,000
216,000
York
New
Duluth..--..
4.00@4.20
68%
Oats
Barrels
Milwaukee
3.00
Hard winter patents
Cora, New York—
No. 2 yellow all rail———
Flour
Bushels
1.90
-
Barley goods—
Hard winter clears..
80%
76%
Corn
Bushels
Exports from—
On
Coarse
Wheat, New York—
No. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b. N. Y-
grain passing through New Orleans for foreign ports
Receipts uo not include
through bills of lading.
Minneapolis
Corn flour
2,651.000 13,481 000
Since
2.30
good
280,000
381,000
Since
Peoria
Ryeflour patents
-_3.65@3.80
Seminola, bbi., Nos. l-3--5.50@5.65
18,000
246,000
Indianapolis
FLOUR
Spring oats, high protein.5.10@5.30
Spring patents
--_4.50@4.70
Clears, first spring
4.20@4.40
Soft winter straights
3.35@3.85
Hard winter straights
4.45@4.65
1,000
1,798,000
St. Louis--.
Closing quotations were as follows:
9,000
278,000
Total wk '38
31
largely to evening
99,000
9,000
2 ,000
Riv'f
many
futures
2X00
1,069,000
Halifax
traders
await
6 ,000
2,000
28,000
~
Three
conflicting influences in the grain markets,
generally were inclined to take to the sidelines and
further developments. On the 12th inst. prices closed
the
'
"
"
108,000
920,000
52.000
..
8.1938
28%
28%
—
159,000
Galveston..
26%
Rye—On the 10th inst. prices closed unchanged to 'Mo.
firmer.
In view of the gravity of the piolitical situation
abroad and the general uncertainty that prevails as a resull
of
28,000
9.000
Boston
29%
December
9,000
45,000
2.000
48,000
4.00C
15.000
-
Sorel.
29%
28%
October
137.000
25,000
25%
Aug. 16, 1938
Wed.
Tues.
131,000
IN winnipeg
CLOSING PRICES OF OATS FUTURES
DAILY
York.
New
25%
Aug.
Barley
bush.50lbs. bush.48lbs.
Phlladel'la.
25%
23%. Sept.
23. 1938 May
July
28
May
Fri.
17, 1938
Rye
Oats
Corn
bush. 56 lbs. bush. 32 lbs
bbls. 196 lbs bush. 60 lbs
25%
When Made
When Made
I
Season s Low and
Jan, 10.1938 September
22
July 13. 1938 December-— 28
High and
September--- 30%
December
26%
Season's
Thurs.
26%
26%
27
25%
25%
September
Wheat
Flour
Receipts at-
Baltimore-
apparently to the firmness of wheat and corn.
daily
Sept.
Chronicle
Total Sept.
-
Summary—
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
Duluth
Milwaukee.
203,000
1,681,000
192,000
297,000
3,235,000
85,000
341,000
319,000
68,000
1,084,000
614,000
538,000
Total Sep
25,000
1.000
796,000
Total Sept.
21,COO
St.
408,000
5.000
238,000
4.0C0
1,802,000
9,261,000
9.536,000
19,876,000
8.475,000
17,714,000
84,768,000
Canadian
10, 1938-.208,509,000
.
shipment of wheat and corn, as furnished by
the New York Produce Exchange, for the week
The world's
215,000
66.00C
66,000
4,000
6,000
10,000
271.000
28,000
18,000
49,000
12,000
931,000
36,000
32,000
54.000
136,000
61,000
11,000
Joseph-
Sioux
9,000
40,000
180,000
119,000
41,000
Omaha
Wichita
259,000
60,000
539,000
Louis
Kansas City
St.
413,000
144,000
Toledo
Indianapolis
Peoria
3,487,000
10X79.000 25,194.000
3, 1938.-182,138,C0C
9,743,000 22,963,000
899,000
3,981,000
Chicago
Minneapolis
218.000
AmeiicanA
226.000
...
3~f, 000
V, 000
6,000
22,000
2,760,000
Buffalo
Corn
Wheat
65,000
"
17,000
City.
Broomhall to
444,COO
685,000
130,000
39,000
Week
Exports
Sept. 9,
1938
Total wk '38
411,000
12,407.000
3,226,000
3,513,000
1,293.000
350,000
10,556,000
5,121,000
990 000
3 504 000
1,291,000
3,126.000
323.000
2,294,000
1,007,000
555,000
1,888.000
July
1,
1938
Since
July
1.
1937
Since
Week
Sep
.
9,
•
1938
July
1,
1938
2,646,000
Same wk '37
Same wk *36
Since
Bushels
Bushels
Bushels
Bushels
Bushels
Since
July
1,
1937
Bushels
42,392.000
60,000
1.020,000
4,245,000
2,621,000
31.934,000
76.255,000
43,275,000
26.536,000
29,314,000
Black Sea.
Argentina-
Since Aug. 1
3,416,000
4,416,00C
768,000
9.747.00C
1,450,000
14,719,000
24,048,000
15,236.000
240,000
7,080,000
6,840,000
184,000
2,976,000
4,256,000
1,405,000
10,269,000
16,042,000
76,361.000
9,642,000
85,615,000
94,978.000
No, Amer.
1938
2,435,000
32,448,000
9,331,000 22,493,000
Australia
2,258,000
90,652,000
92.C08,COO
24,975,000
1937
9,839,000
32,990,000
8,805,000 17,753.000
India
A.
ou
1936
2,920 \J\j\r
000
yj
65.3^0.000
'.'j
U'Vbo
27,284.000
26.729.000
dt54o,UUU
3,848.000
25,001.00C,
60,U(jI.Uljij
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 10, 1938, follow:
.
10,968,000
3,992,000
Other
countries
Tota!
__
10,474,000 118,634,000
Volume
Corn
147
Loans
$22,708,935
made
Financial
of
CCC
Through
46,789,320
on
Sept. 8 Aggregated
Bushels—Announcement was
September 9 by the Commodity Credit Corpo¬
ration
that
"Advices
of
Corn
Loans" received
by it
through Sept. 8, 1938, showed loans disbursed by the Cor¬
poration and held by lending agencies on 46,789,320 bushels
of corn.
Such loans aggregated $22,708,934.69, based on a
loan rate of 50 cents per bushel, of
2^2 cubic feet of ear corn
testing up to 14h£% moisture, the average amount loaned
per bushel determined in this manner thus far has been
on
48.53 cents.
Figures showing the number of bushels
on
which loans
Stale—
Bushels
2,327
Illinois
Bushels
....
7,900,335
Iowa
Nebraska...........
1,052,089
Indiana
Ohio
...27,642,380
Kansas
26,237
Minnesota
1,524,228
3,545,888
99,612
South Dakota
'1,250,388
Wisconsin^.4,203
3,741,633
Agricultural Department's Official Report on Grains,
The Crop Reporting Board of the United States De¬
partment of Agriculture made public late Friday afternoon,
Sept. 9, its forecasts and estimates of the grain crops of the
United States as of Sept. 1, based on reports and data fur¬
nished by crop correspondents, field statisticians and co¬
operating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 688,458,000
bushels, the same as the Depart¬
&c.
ment's estimate
a
month ago, and
yield per
offset
comparing with
a
harvest
acre.
decreases
The increased yield indicated for North Dakota more than
of one-half bushel yield per acre in South Dakota and
Minnesota.
The
preliminary
estimate
of winter
bushels published in the
August report,
estimate in December.
Corn—Production of
for
all
wheat
production of 688,458,000
will be unchanged until the final
in the United States in 1938 on
acreage grown
hogging and grazing—is estimated to be
decrease of nearly 112 million bushels, or over 4%,
estimate of 2,566,221,000 bushels, but still 148 million
corn
purposes—grain, silage,
2,454,526,000 bushels,
from the
a
Aug. 1
above the 10-year (1927-36) average of
2,306,157,000 bushels.
goodly part of the decline in prospects during August was due to dry
weather, hot winds, and grasshopper infestation in South Dakota, Nebraska
and Kansas, and to lack of moisture in Missouri.
The decline in the
bushels
A
Nebraska
belt
Slate—»
Missouri
1801
Aug. 1 in the leading durum wheat States of North Dakota where
threshing returns indicate an increase of one-half bushel in the average
over
Centra]
have been made by States are given below:
Colorado
Chronicle
crop alone was 90 million bushels.
Though the East North
States reflected substantial improvement, the net loss to the corn
was
over 100 million bushels.
Compared with Aug. 1, prospects declined about 1% in the North
Atlantic States, about 2% in the South Atlantic
group, less than 1% in
the South Central group, and
14% in the Western States.
Of the corn planted late a considerable
proportion is still sufficiently
immature to be seriously affected
by early frosts.
The average yield of 26.6 bushels compares with 27.8 bushels
estimated
Aug. 1, with the 28.2 bushels realized last year, and the 10-year (1927-36)
harvested average of 22.9 bushels.
Yields are above the average but below
last year in all groups of States except the Western.
Oats—Oats production is estimated at 1,034,347,000 bushels, which is
6,662,000 bushels less than the indicated production on Aug. 1.
This com¬
pares
with the 1937 production of 1,146,258,000 bushels and the 10-year
(1927-36)
average of 1,042,461,000 bushels.
While oats prospects for the entire
country declined less than 1
the month, there was a decline of about
and
% during
3% in the cast North Central area
change in the West North Central area.
In the less important
prospects improved enough to nearly offset the decline in the East
no
areas
North Central States.
The lower
Central States was caused primarily
indicated
production
in
the
North
by damago in the shock and low test
weights.
Indications
acre.
1937
now point to an average yield this
year of 29.1 bushels per
This compares with the Aug. 1 indicated yield of 29.3
bushels, the
of 32.7 bushels, and the 10-year (1927-36) average of 27.1
of 685,102,000 bushels in 1937, 519,013,000 bushels harvested
in 1936, and a 10-year (1927-36) average production of
yield
bushels.
546,396,000 bushels.
and yield reports as of Sept. 1.
The indicated production for the country
as a whole is only slightly more than that indicated a month
earlier, but is
about 14% more than the 1937 production of 219,635,000 bushels and about
The
production of spring wheat is
Sept. 1 to be 251,514,000 bushels, which
compares with a production of 267,531,000 bushels in 1937
and a 10-year (1927-36) average production of 206,494,000
bushels.
Comments concerning the report were given in
our
editorial department last week.
We give below the
estimated
as
of
report:
Crop prospects in the United States declined about 2% during August.
Hot weather, lack of rainfall over several extensive areas, heavy infestation
of grasshoppers in the Northern Plains area, and other local factors com¬
bined to
decrease of almost 112,000,000 bushels or more than 4%
in the indicated production of corn, a decrease of 17,000,000 bushels, or
14%, in prospects for grain sorghums, a decrease of 10,000,000 bushels,
cause
a
or 6%, in spring wheat, and smaller decreases of 3
% or iess in the production
indications for oats, cotton buckwheat, flaxseed, potatoes, sweetpotatoes,
tobacco,
wild hay, sugar beets and apples.
Small increases of around
2% are indicated for barley, rice, tame hay, and grapes.
Although the nearly 50% reduction during August in the production of
corn
indicated for Nebraska and South Dakota and the heavy declines
shown in parts of Kansas and Missouri represent a sharp reversal of pros¬
pects in those States, the national crop situation does not appear to have
been fundamentally changed.
With the exception of winter wheat, all the
important field crops are still expected to give larger yields per acre than
the average during the 1927-36 period.
On a composite basis the crop
yields secured or in prospect for 1938 are above yields in all recent seasons
except 1937 and 1920, and are about 8% above the average during the
1923-32 period that preceded the more severe of recent droughts.
Considering both acreages and yields per acre, practically all of this
year's crops will be above the 1927-36 average, the exceptions being a barely
average crop of oats, a moderately light crop of apples, and quite small
crops of buckwheat and flaxseed, which are less extensively grown than
formerly.
The areas pinched by the drought in August quite generally report the
production of feed crops to be substantially4>elow normal, but total supplies
in the country as a whole are unusually large and allowing for the reduction
in livestock in the Great Plains as a result of droughts in recent years,
supplies of hay and feed grain seem to be adequate for present number of
livestock in nearly all areas except in the worst sections of the Dakotas.
The condition of pastures declined sharply in some areas in August, but
on Sept.
1 both pastures and ranges were still generally above average in
condition and in some areas they ar# showing substantial recovery from the
cumulative effects of past droughts.
The principal food crops are quite generally large.
For wheat, rice,
peanuts, and sugar beets, and fall vegetables in the Northern States present
production indications are 25% or more above the 10-year (1927-36)
average.
The tonnage of the four principal canning crops will be nerhans
20% over average and beans and sweetpotatoes will be up 18 and 14%.
Truck crops already harvested have totaled about 9%
above average.
Deciduous fruits as a group and potatoes are expected to be about 2% above
average.
The production of citrus fruits from this year's bloom has not
yet been estimated but the condition of the new orange and grapefruit
crops is above average in the principal producing States and the acreages in
bearing have been increasing rapidly.
Current reports indicate that with
market prices low compared with shipping costs some northwestern pears
may not be harvested and some Idaho potatoes and northern cabbage may
1
or
be left unharvested
or
used for
feed.
While the August drought has not greatly changed the volume of crops
produced in the country as a whole, it has markedly affected general condi¬
tions
in
farmers
some
States.
In
some
Great
Plains
States,
where
a
month
ago
expecting the first good crops after several years of drought,
damaged.
The effects of the drought
appear to have been most severe in several large areas.
One of these
centered in South Dakota and extended into surrounding States; a second
covered most of northern and eastern Texas, New Mexico, and southern
Oklahoma.
Smaller areas of importance includei one that extended across
South Carolina and Georgia; another centered in southwestern Missouri;
a third extended along the northern Pacific Coast.
A considerable portion
of these droughty areas received good rains in early September, and in some
areas
pastures and sorghum and other late crops may still show partial
were
all late crops have been extensively
recovery.
•
in the prospective production of durum and other spring wheat, is
8% above the 1937 production of 873.993,000 bushels and 25% above
10-year (1927-36) average production of 752,891,000 bushels.
The
1938 crop will be about 7% smaller than the record crop of 1915.
The prospective production of spring wheat, other than durum, decreased
during August and is now indicated to be 209,503,000 bushels.
Such a
production, however, would be 30% larger than the 1937 crop of 161,100,000 bushels and 26% larger than the 10-year (1927-36) average crop of
166,410,000 bushels.
The large crop is a result of an increase in acreage
over the 10-year average, as well as higher yields per acre.
The yield per
acre now indicated for 1938 is 11.9 bushels as compared with 10.9 bushels
in 1937 and 11.3 bushels as the 10-year (1927-36) average.
The decrease in prospective production as compared with the Aug. 1
estimate is a result of lower yields now indicated in all of the major spring
wheat States where the greater effects of drought, grasshoppers and rust
became apparent as threshing returns became available.
Decreases in
these States were partially offset by higher yields in most of the minor
producing States along the southern border of the spring wheat belt where
threshing returns were more favorable than had been previously expected.
The production of durum wheat is indicated to be 42,011,000 bushels,
prospects having improved slightly during the past month.
This produc¬
tion is 51 % larger than the relatively small production of 27,791,000 bushels
in 1937 but only 5% larger than the 10-year (1927-36) average production of
40,085.000 bushels.
There has been an increase in the prospective yield
tions
the
crop
of 250,360,000 bushels is indicated by condition
7 % above the 19*7-36 average production of 234,895,000 bushels. Prospects
are the same as last month in the
important States of Minnesota, Iowa,
North Dakota, Nebraska, and California, but are somewhat better in
Wisconsin and South Dakota.
The yield per acre is now indicated to be 23.5 bushels.
The 1937 yield
was 22.1 bushels per acre and the 10-year (1927-36)
average is 21.0 bushels.
Buckwheat—Buckwheat production in 1938 is now indicated to be 7,This is an increase of 6% over the 1937 crop, but is 16%
194,000 bushels.
less than the
10-year (1927-36) average production of 8,569,000 bushels.
Hot dry weather during the last three weeks of August caused considerable
blasting of blossoms in some areas and reduced yield irospects.
Yield per acre is now indicated at 16.9 bushels, which is 0.5 bushel lower
than indicated on Aug. 1 but 1.0 bushel per acre higher than the
10-year
average yield.
Potatoes—Conditions on Sept. 1 indicate a total potato production of
377,875,000 bushels.
This is 4% smaller than the 1937 crop of 393,289,000
bushels, but 2% larger than the 10-year (1927-36) average of 369,693,000
bushels.
An average yield of 123.6 bushels per acre is indicated by Sept. 1
conditions, compared with the 1937 yield of 123.8 bushels, and the 1927-36
average
of 110.6 bushels per acre.
In Maine, heavy rains during July and August resulted in the develop
late blight on a widespread basis.
At the end of August,
meat of early and
the
majority of potato fields in Aroostook County were practically dead
although growth normally continues for almost another month.
Blight is
present in New York and Pennsylvania although the hot dry weather auring
August has checked its spread somewhat.
Kainfall and temperatures have favored the potato crop in most of the
mid-western States, and better than average yields are reported.
In the
Dakotas, however, insect damage and dry weather has resulted in a sharp
drop in yield prospects.
The crop is progressing very well in Idaho although thin stands in many
fields will prevent the harvest of unusually high yields,
in Colorado, the
condition of the crop declined sharply since Aug. 1.
Frosts in the San Luis
Valley caused considerable damage, and low yields are in prospect in
northern Colorado.
The Pacific Coast States report mcderatly yavorable
yield prospects, with the exception of Washington, where dry weather
during July and August injured the crop in the area west of the Cascades.
Tobacco—The total production of tobacco is now indicated as 1,470,224,000 pounds compared with 1,553,405,000 pounds harvested in 1937.
10-year (1927-36) average crop of 1,325,243,000 pounds.
The production of the Flue-cured tobacco is indicated at 786,860,000
pounds which is 8.0% below the 854,882,000 pounds harvested in 1937,
but 14.0%
above the 10-year 10-year (1927-36) average production of
690,051,000 pounds.
The indicated production of Fire-cured types of tobacco at 98,908,000
pounds is 15.7% below the 117,380,000 pounds harvested in 1937, and
40,565,000 pounds less than the 10-year (1927-36) average production of
139,473,000 pounds.
The prospective production of Burley tobacco showed very little change
from that harvested in ly37.
The production is indicated at 402,( 29,000
and the
pounds for mis year compared with 402,731,000 pounds in 1637, and a
10-year (1927-36) average production of 293,070,000 pounds.
The production of Maryland tobacco indicated at 30,030,000 pounds is
19.2% above the 25,200,000 pounds harvested in 1937, and 17.5% above
the 10-year (1927-3o) average production of 25,560,000 pounds.
The dark air-ci red tobacco prouuction is indicated at 36,752,000 pounds,
and is about 22.5% oeiow the 47,400,000 pounds harvested in 1937.
The production of cigar types is indicated at 115,645,000 pounds on
Sept. 1, co.i pared with 105,812,000 pounds harvested in 1937, and the
10-year (1927-36) average production of 132,925,000 pounds.
-
SPRING
WHEAT
(OTHPR THAN
Yield per Acre <.Bushels)
DURUM)
Production (Thousand Bushels)
Indi¬
Stale
Average
1937
Indi¬
cated
Average
1938
19*7-36
1927 30
cated
1937
1938
,
Wheat—The production of all wheat in 1938 is estimated at 939,972,000
bushels.
This estimate, differing from the Aug. 1 estimate only by varia¬
about
Barley—A barley
Maine
20.4
19.0
18.0
94
New York
16.8
18.5
19.5
Pennsyl vauia
17.0
19.0
19.0
Ohio
18.2
10.0
17.0
Indiana
15.4
14.0
16.0
185
126
80
Illinois
16.8
14.0
17.5
1,789
574
612
Michigan..
16.5
15.5
19.0
251
232
247
17.3
90
158
92
117
197
209
171
212
80
68
North Dakota..
._
Nebraska
1,296
819
980
14.5
14,336
28,224
31,465
14.5
607
288
319
11.0
12.5
111
110
6.9
8.2
51,970
34,990
50,028
8.6
5.2
9.0
16,870
10,676
24,597
10.5
Missouri
South Dakota
17,5
16.0
16.0
8.7
—
—
Iowa
13.0
12.4
*
—.
12.1
14.0
Wisconsin
Minnesota
76
4.5
10.0
2,355
1,530
88
3,130
Idaho
...
6.0
7.0
225
12
42
7.6
13.2
31,940
15,527
48,866
25.2
......
Montana
8.3
10.6
Kansas......
28.0
27.5
12,381
13,972
1,668
13,585
4,706
4,928
11.8
11.5
12.0
Colorado..
13.5
13.0
14.0
1,721
4,162
Nex Mexico
13.0
13.5
12.0
362
310
276
28.2
29.0
29.0
2,099
2,610
2,349
24.6
25.0
23.0
294
325
368
Wyoming...
.........
Utah.
Nevada
—
1,920
Washington..
15.9
20.0
18.0
17,732
32,100
17,910
Oregon
20.0
21.0
21.5
5,041
11,844
7,267
11.3
10.9
11.9
166,410
161.100
209.503
United States
1802
Financial
DURUM
Chronicle
WHEAT
Sept. 17, 1938
GENERAL CROP
REPORT AS OF
SEPT.
1,
1938
The
Yield per Acre (JBushels)
1937
State
Production (.Thousand Bushels)
Indi¬
1937
Average
Minnesota
Indi¬
cated
Average
1938
1927-36
1927-36
12.8
14.5
15.5
Noith Dakota
9.7
11.0
12.0
South Dakota
8.8
6.0
11.5
9.8
10.1
12.0
CLASSES)
FOR
—_
Three States
WHEAT
(PRODUCTION BY
Crop Reporting Board of the Bureau of Agricultural Economics
following report from data furnished by crop correspondents,
field statisticians, and cooperating State agencies.
makes the
2,148
29,420
1937
UNITED
cated
Yield per Acre
1,348
23,023
1,395
31,404
8,516
3,420
9,212
40,085
27,791
UNITED
_
Soft Red
Hard Red
Durum
a
313,347
182,188
256,552
129,332
102,408
41,972
375,164
386,460
240,161
167,711
43,56.?
13.6
13.2
14.6
13.8
10.8
11.9
206,494
188,891
267,531
9.8
10.1
12.0
40,085
27,791
41,148
42,011
11.3
10.9
11.9
166,410
161,100
226,383
209,503
28,749
86.052
111,120
102,077
752,891
Oats, bush.——.
27.1
32.7
29.1
873,993
Barley, bush
Rye, bush_——_
21.0
22.1
23.5
11.3
12.9
13.4
939.972
bush
Grain
Indi¬
1937
Indi¬
cated
1938
1927-36
Average
1927-36
1937
cated
37.0
40.0
503
333
400
42.0
42.0
594
630
630
39.8
40.0
42.0
3,108
41.2
41.0
43.0
2,761
1,627
2,960
Massachusetts
1,640
1,720
Rhode Island—
39.3
40.0
39.0
338
400
351
Connecticut
38.4
39.0
39.0
1,985
New York.-.—
33.6
35.5
37.5
20.808
1,989
23,856
New Jersey
38.2
41.0
39.0
7,049
8,528
Pennsylvania
38.2
46.0
44.0
Ohio,.
35.6
43.0
44.0
':1,950
25,688
*
7,800
49,431
,
62,928
60.808
127,177
163,228
211,770
153,648
163,904
IlllnoLs
32.2
45.0
40.5
143.334
32,2
—
47.0
43.0
444,197
361,673
55,650
35.0
37.0
31.4
31.5
35.0
68,846
28.6
36.0
34.0
131,370
172,368
-
34.5
45.0
43.0
381,704
503,505
437,826
—
2C.0
27.0
25.0
117,242
115,020
Wisconsin
.—
Iowa
Missouri
14.3
19.0
16.0
16,593
17,252
South Dakota..
14.0
14.0
9.5
64,920
44,170
32,034
Nebraska
18.9
10.5
12.5
180.280
82,992
97,812
—
7,992
54,018
12.4
13.2
13.5
89,331
97,097
126,498
109,265
1.35
1.42
69,754
73,785
80,315
81,750
.79
.81
.90
9,979
9,302
10,643
10,490
1.11
1.25
1.30
28,333
24,335
27,717
28,424
29,628
Clover and
timothy
b
—
1.97
1.96
2.17
23,948
27,056
29,361
c699
c920
c840
12,053
15,839
14,252
694
781
732
bush_.
110.6
123.8
123.6
Sweetpotatoes, bu
86.1
89.4
89.8
792
897
875
Beans, dry edible,
100-lb.
bag
—
.
14,209
Peanuts (for nuts)
pound-
—
Potatoes,
Tobacco, lb
1.039,469 1,291,655
369,693
393,289
70,274
75,393
1,321,050
385,515
377,875
82,743
80,055
1,325,243 1,553,405 1,478,851 1,470,224
Sugarcane for
21.5
dl6.0
ton
sugar,
23.2
d3,355
5,874
11.0
11.6
11.8
8,383
8,749
7,156
11,138
10,823
1,195
1,302
1,160
e32,753
e44,399
37,920
37,805
el50,728
e210,673
134,867
132,231
92.821
115,501
Sugar beets, ton.
Hope, lb
7,156
'
105,000
16,896
North Dakota
8,185
53,595
1.25
-
83,160
151,402
Michigan.--—
Minnesota--.
7,194
6,974
53,004
58,830
76,356
28.2
289,731
40,862
7,406
13,751
42,304
sorghums,
Alfalfa
38.7
41.0
Vermont
6,777
8.0
50.0
Wild
1938
New Hampshire--
8,569
7.5
48.5
Hay, tons—
All tame
State
16.9
6.0
bush
Production (Thousand Bushels)
15.9
15.9
1,042,461 1,146.258 1,041,009 1,034,347
234,895
219,635
248,283
250,360
36,454
49,449
52,500
52,500
46.8
—
Rice, bush
Yield per Acre [.Bushels)
251,514
Other spring,
Flaxseed,
Indiana
a
11.1
Buckwheat, bush.
-
1938
2,306,157 2,644,995 2,566,221 2,454,526
752,891
873,993
955,989
939,972
685,102
546,396
688.458
688,458
Durum, bush
CORN, ALL
—
26.6
Sept. 1,
1938
14.5
Total
Spring)
b Indicated 1938.
Maine
28.2
1937
13.5
bush
Average
1927-36
Aug. 1,
Winter, bush-.
(Winter &
1938 b
Average
All spring, bush
White
Spring
Year
Average 1927-36--.
Indicated
Sept. 1
1938a
22.9
.
Wheat, all, bushWinter
Hard Red
1937
1927-36
Corn, all, bush
(Thousand Bushels)
(In Thousands)
dicated
42,011
STATES
Total Production
In¬
Crop
Average
THE
STATES
1938
Condition Sept. 1
■
....
PerCt.
Per Ct.
PerCt.
Apples, bush.—
Total crop—
Com'l crop
52
73
49
82,187
Peaches, total
crop,
56
67
60
e52,498
59,724
53,140
52,780
61
bush
67
71
e24,326
e29,54S
31,662
31,779
14.7
11.5
19.0
94,639
28,244
47,139
Delaware
27.3
29.0
28.0
3.838
4,147
3,976
Maryland
30.6
36.0
36.0
15,477
18,576
18,216
21.7
83
25.5
80
23.0
e2,197
e2,777
32,199
37,740
2,490
33,350
48
52
38
26.0
12,104
14,245
Grapes, ton f—.
Pecans,lb
71
Virginia
West Virginia
61,274
76,893
12.116
54,201
Pasture
63
68
76
45,357
Soybeans
75
83
87
Cowpeas
69
75
74
Kansas
—
—
24.6
27.5
North Carolina-.-
18.0
19.5
18.5
40,787
South Carolina..
13.3
15.0
14.5
21,161
24,945
43,475
27,014
Georgia
9.8
11.5
12.0
38,453
48,334
9.4
10.0
11.5
6,587
7,890
9,074
21.3
bush
.
2,521
50,832
■
'
55,476
Florida...
Pears, total crop,
a
For certain crops, figures are not based on current indications,
26.0
26.0
61,768
75,556
73,294
24.0
24.0
60,058
66,528
65,208
d Short-time
12.6
14.5
14.5
17.5
16.0
14.4
20.0
18.0
40,640
50,068
46,464
38,772
14.2
17.5
16.5
29,649
19,467
24,885
18.0
19.5
40,123
78,002
1,362
1,256
2,112
30,960
33,208
80,376
carried
26,400
13.8
are
includes all grapes for fresh fruit, juice, wine, and raisins.
14.5
38,654
34,920
46,792
Mississippi
Arkansas..
but
forward from previous reports,
20.7
Alabama
Kentucky
Tennessee
-
Louisiana
Oklahoma
—
16.0
Texas
16.0
17.0
9.8
9.0
13.5
34.3
Montana
37.0
37.0
45,378
72,048
1,251
average,
e
b Excludes sweetclover and lespedeza. c Pounds,
Includes some quantities not harvested,
f Production
UNITED
STATES
Acreage
9.5
12.0
2,480
2,430
1,184
3,132
11,4
8.0
11.0
11,737
Average
13.5
12.5
17,039
2,909
8,536
13.7
-
Idaho
2,740
2,412
1927-36
11.3
Wyoming
Colorado
—
New Mexico
'v-'
1,332
Arizona
16.4
15.0
15.0
533
495
24.6
27.0
27.0
431
594
594
Nevada
25.6
30.0
29.0
48
60
58
34.6
37.0
33.0
30.2
33.0
28.0
1,184
2,178
924
Oregon
1,568
California
31.8
34.0
32.0
1,161
1,872
2,405
2,108
For
1,696
1938
Harvest,
1937
Per Cent
1938
1937
525
Utah
Harvested
Crop
Corn, all
-
Wheat, all
—-
Winter
-
——_
100,259 ,000
55,325 ,000
37,281 ,000
18,044 ,000
—
All spring
-A
States
22.9
28.2
26.6
2,306.157 2,644,995 2,454.526
Production (Thousand Bushels)
Indi¬
Average
1937
Indi¬
cated
Average
1938
1927-36
1927-36
1937
21,154,000
120.8
3,508,000
127.3
17,646,000
119.6
35.079,000
35,540,000
101.3
9,959,000
10,668,000
107.1
3,140 .000
3,839,000
427,000
3,914,000
426,000
102.0
542 000
2,218 000
924,000
995,000
107.7
905 ,000
1,093,000
1,080 000
98.8
7,246 ,000
35,496 000
7,379,000
8,097,000
26,449,000
109.7
34,001,000
55,815 ,000
54,792,000
57,576,000
105.1
12,462 ,000
11,552,000
11,676,000
101.1
25,189 ,000
19,481,000
21,870,000
112.3
12,197 ,000
13,787,000
13,675,000
1,731 ,000
1,721,000
6,139,000
1,691,000
98.3
3,834 ,000
6,743,000
109.8
2,223 ,000
3.448,000
3,333,000
96.7
1,497 ,000
1,653,000
94 ,000
120,000
1,806,000
128,000
106.7
3,343 .000
3,177,000
3,056.000
96.2
824 ,000
1,681 .000
Flaxseed
Grain sorghums
—
Hay, all tame
1938
Hay, wild
Hay, clover and timothy
Hay, alfalfa
Beans, dry edible
______
Maine...
36.
Massachusetts
-
Rhode Island--
-
—-----
Connecticut
New York
—
New Jersey
35.0
35.0
37.0
289
280
333
28.0
31.0
1,906
1,540
1,705
30.0
33.0
172
150
165
31,
30.0
31.0
64
60
62
{29.
J28.
—
31.
32,
Vermont..
35.0
37.
New Hampshire
29.0
28.0
206
174
196
25.0
34.0
24,060
18.800
26,588
4,387
3,955
3,745
Soybeans b-V,
-
Peanuts (for nuts)
____
843,000
891,000
105.7
1,732,000
1,681,000
Velvetbeans b._
29,
3C.0
26.0
1,322
1,530
1,274
28,
27.0
32.5
26,702
24,705
29,738
Ohio
30
28.5
33.0
51,072
35,511
36,993
S weetpotatoes
Tobacco
Sorgo
Indiana
-------
Michigan
26
31.0
26.0
49,379
45,973
36,634
29,
45.5
30.5
118,709
40,642
162,2C8
108,732
29,
—
Illinois
-
Minneapolis
Iowa
M issourt—---—
-—
North Dakota.
28.0
34.0
31
32.0
31.0
78,558
79,360
76,880
29
39.0
32.0
129,211
165,321
123,424
30
Wisconsin
45.0
32.0
186,336
258,975
28.0
24.0
32,757
43,400
43,152
32,032
34,272
40,800
-
Kansas
Delaware..-
22.5
31,996
29,902
21.0
31.0
45,786
31,269
51,491
21.0
29.0
56,086
24.0
23.0
52,829
31.597
35,637
22
Nebraska
18
21
22
—
South Dakota
35,376
33,235
22.0
29
Maryland
—
Virginia
...
29.0
31.0
87
93
28
28.5
30.0
1,407
1,083
1,170
19
21.0
21.5
1,680
1,892
1,520
1,596
4,830
5.0GC
90
19
20.0
21.0
North Carolina
18
21.0
22.0
South Carolina
2,389
2,366
3,682
21
22.0
22.8
8,316
10.076
10.648
Georgia
18
19.5
22.5
Florida...
6,025
8,658
14
9,585
14.5
15.5
110
130
155
Kentucky.--.
Tennessee-—-.
15
21.0
19.5
2,164
1,848
West
Virginia-
—
.—
1,306
15
18.5
19.0
Alabama
1,598
1,480
1,615
17
21.0
23.0
1,806
Mississippi-.-
2,646
3,197
20
28.0
27.5
838
Arkansas
1,428
1,540
18
22.0
19.0
Louisiana
2,456
3,300
22
2,565
31.0
27.0
596
Oklahoma.
20
1,350
Texas
28,100
20.5
21.5
24,442
1,395
27,347
23
24.0
25.0
Montana
34,971
30,432
23
34,875
24.0
34.0
Idaho
7,275
4,296
35
9,656
40.0
39.0
4,804
24
4,960
4,914
25.5
26.5
3,004
27
2,652
31.0
30.0
4,600
4,433
2,888
4,800
596
600
—;
Wyoming
Colorado
-
New Mexico..
'
22
25.0
21.0
Arizona
27
26.0
26.0
301
234
Utah.—.
260
36
38.0
39 0
Nevada.
35
1,451
1,170
35.0
40.0
92
Washington
1,140
10'
48
52.0
42.0
7,723
31
8,060
6,300
37.0
23.0
10.360
26
6.440
28 0
27.0
8,51°
2,851
3,080
3,267
27.1
32,7
20.1
1.042.461
Orpc on
...
—.
California
United States.
Potatoes.
___
------
99.8
77.8
99.2
109.3
97.1
213 .000
193,000
198,000
102.6
c206 ,000
for sirup
Sugarcane for sugar.--—
273,000
308,000
112.8
186,016
20
a
Cowpeas b
Pennsylvania
—
17,514,000
10,967 ,000
-
—-
'Cotton
cated
106.3
2,756,000
RiceStale
110.3
37,961 ,000
Rye
(Bushels)
71,069,000
49,915,000
14,758,000
Buckwheat----.
Yield per Acre
98.2
64,460,000
46,946,000
3,620 ,000
Oats
Barley.-.-
OATS
92,146,000
14,424 ,000
Durum-,Other spring
United
93,810,000
504
120
1.146,258 I 034,347
126 ,000
146,000
143,000
97.9
760 ,000
752,000
918,000
122.1
28 ,oco
34,000
33,000
95.6
333,162 000 330.131.000 332 821000
100.8
Sugarcane for sirup
Sugar beets..
Hops
Total 'excl.dupl.)
a
Excludes sweetclover and lespedeza.
time
b Grown alone for all purposes,
c
Short-
average.
Weather
general
Report for the Week Ended Sept. 14—The
summary
of
the weather
bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended
Sept. 14, follows:
Temperatures continued relatively high for the season in Southern Spates
interior sections, except for a brief reaction to cooler in northcentral portions on the 8-9th.
Rainfall was generally showery in cnaracter, although fairly general amounts occurred in the Northeast on the
8th and in parts of the Northwest and central areas on the £M1 th.
The week was abnormally warm in the central Mississippi and lower
Missouri Valleys where the departures from normal ranged from 12 de¬
grees to 15 degrees, and rather warm weather for the season was general
over
practically all central and northwestern portions of the country.
Somewhat subnormal temperatures were reported from the Northeast,
the middle Atlantic coast and locally in the Northwest, ranging from 6
degrees to 8 degrees below the seasonal average in northern New England.
The maximum temperatures were close to 100 degrees in the central Missis¬
sippi and lower Missouri Valleys, while they were from 90 degrees to 95
degrees throughout most of the central portions of the country.
The
highest temperature reported in this area for the week was 100 degrees
and many
at two stations in Missouri.
•.
Precipitation was moderate to heavy in the Southeast, much of the upper
Mississippi Valley and the north-central Great Plains, as well as locally
in the eastern Ohio Valley, the Northeast, and the eastern Texas coast.
Portions of the Rocky Mountains had moderate falls, while locally Deneficial amounts occurred in the southern Great Plains.
Except for purely
local showers, the remainder of the country had rather light rainfall, the
Volume
147
Financial
Chronicle
1803
amounts
being particularly negligible in portions of the Southern States
generally in far western districts
and
THE
The beneficial feature of the week's weather was the
extension of the
of moderate to heavy rainfall eastward over
the Ohio Valley and the
continuance of adequate rains over mucn of the
H
DRY GOODS TRADE
area
Mississippi Valley
and north-central Great Plains.
Throughout this area the weekly totals
were
generally sufficient to moisten the ground for fall plowing and to re¬
vive pastures and late fall
crops.
In the Great Plains area, from South
Dakota southward to northern
Oklahoma, the soil is now generally ade¬
quately moist and seeding of winter grains is progressing in most portions.
The only areas of the
country that are now reporting seriously deficient
moisture are the Pacific Northwest and most of Missouri and
adjacent
sections.
In these areas the soil is
generally too dry for fall plowing and
seeding, while in the latter locality heavy soaking rains are needed to
restore adequate soil moisture.
Other portions of the country, notably
the Southeast and some middle Atlantic
sections, would be benefited by
additional rainfall and similar conditions
prevail in portions of the South¬
New York,
Friday Night, Sept. 16, 1938
during the first part of the period under
upper
west
and the Great Basin.
work in general made
Fall
good advance during the week, with
many late crops being harvested under satisfactory conditions and out¬
side operations, such its silo
filling and fruit harvesting, progressing sat¬
isfactorily.
Light frosts were reported from portions of the Northeast
and in higher localities of the extreme
Northwest, but there was no ser¬
ious damage noted and in the
major agricultural sections no severe frost
has been reported as yet.
very
Small Grains—Although dry ground
delayed plowing in several Cen¬
and Eastern States, considerable soil was
prepared for fall seeding
during the week.
In the Plains States and most central-valley areas the
soil is now in good to excellent condition with considerable
seeding already
done and early wheat and rye up to good stands in several Northern States.
Winter wheat sowing is nearly half done in western counties of Kansas
with generally ample soil moisture for germination;
early sown fields are
growing rapidly in Nebraska.
Seeding rye and winter wheat will become general in South Dakota
when the ground dries enough to work.
In most Western States rains
conditioned the soil for seeding, but it is still too dry in portions of the far
Northwest.
These rains delayed late harvests from the Rockies westward,
but this work had been practically completed.
The rice harvest made
generally good progress in Arkansas and Louisiana, but dry weather is
tral
needed in Texas.
Retail
review, owing to cooler temperatures and under the con¬
tinued impulse of the back-to-school
movement, made a
gratifying showing, with
substantial
Practically all early corn has matured in Missouri and the crop is safe
Kansas.
Rains were of some benefit to the corn that sur¬
vived the previous drought in Nebraska, but they were too late to benefit
In Iowa corn made good progress as the result of better weather con¬
ditions, and from one-fourth to three-fourths is now safe from frost dam¬
age, although some late planted in the northern portion of this State is
only in hard roasting ears; silo filling made good progress, except where
it was delayed by frequent rains and excessive heat.
Cotton—Cotton is opening rapidly in practically all parts of the belt
picking and ginning advanced with no serious interruption from ad¬
and
weather conditions.
In Texas picking and ginning made rapid prog¬
and the average condition of the early crop is
generally good, but the
verse
ress
in
the
sales for {the week ended
Sept. 3,
Reserve Board,
1937.
rapidly, but prematurely
good advance.
made mostly
For stores in New York and
Reserve
Bank
of
New
to
Bureau furnished the following resume of
conditions in the different States:
North
Carolina—Raleigh;
Generally
favorable
for
crops,
farm
0.6%.
South Carolina—Columbia:
Warm, except 9-11th; local rains helped
Sweet potato yield fair to good.
Condition of cotton poor to
fairly good; continues to open freely; picking good and ginning fair prog¬
ress; about all open i i some southern areas.
late truck.
Georgia—Atlanta: Cotton picking nearing end in south; rapid open¬
ing into extreme north; condition still only poor to fair.
Corn mostly
matured; «ome harvesting; gathering fodder in north and central.
Sweet
potatoes mostly good; some being dug.
Pastures dry but improved.
Cane
fair to good in north.
Florida—Jacksonville: Normal warmth and rains.
Condition of cotton
fair; picking over locally.
Marketing good sweet potato crop
Field work
favored; planting beans and some celery, cabbage, broccoli, peppers and
tomatoes set out.
Cultivating citrus groves; new fruit fair size and matur¬
ing rapidly.
Setting out strawberries.
Good pecan crop ripening.
Alabama—Montgomery: Mosoly light rains.
to
extreme
Cotton picking extending
fairly good to good.
Weather favorable for
Crops good, except late corn.
Fall potatoes and
nortn; condition
harvesting and haying.
truck need rain.
Mississippi—Vicksburg: Rainfall spotted; warm.
Cotton opening rapid¬
ly and locally prematurely on north uplands and sandy lowlands; picking
good and ginning fair progress.
Early planted corn being housed in south;
progress of late planted mostly fair; much forage saved.
Miscellaneous
crops fair to good progress.
Louisiana—New
Orleans:
Normal
warmth;
widespread, locally heavy,
rains.
Condition of cotton generally good; fair to good advance picking
and ginning, except poor locally because of rain: mostly favorable for
checking weevil; no reports of top crop or late bloom.
Generally good
progress harvesting rice, corn and sweet potatoes, and planting fall crops.
Cane well advanced; condition generally good.
decline
of
1.9%,
limited
was
During the month of August, department store
registered
a
compilation
decrease of 6%.
largest loss
was established in the Cleveland
district,
15%, while three districts, namely Atlanta, Boston
and
Minneapolis, showed gains amounting to 2%.
In
the New York area a loss of 7% was recorded.
with
Trading in the wholesale
dry goods markets improved
merchants, due to the better flow of goods
in retail channels, showed more
willingness to add to their
considerably,
as
in a number of staple items, such as wash
goods, brown sheetings, flannels and blankets.
Prices ruled
commitments
steady, with
sheets
quiet
were
of impending slight advances
rumors
being circulated.
heard that
the
moderately,
forthcoming
silk
wide
partlyPn
promotion
week.
continued active, and predictions
yarns
September shipments will closely approach,
the record August figures.
however,
largely
on
Business in silk goods remained
although inquiries increased
cloth,
The demand for
as a
were
to
work,
fall plowing, and saving forage.
Progress of cotton fair; heavy shedding
due to previous unfavorable weather.
Late truck improved.
a
sales the country over,
according to the usual
of the Federal Reserve Board,
pean
The Weather
Brooklyn the Federal
York reported
while in Newark stores the loss in sales volume
In
picking made rapid advange generally.
according to the Federal
3% below the corresponding week of
were
if not reach,
and
last
warmer
attention, with
but there is much premature opening.
quite general
of
of
improvement being reported from the industrial centers
owing to better employment conditions.
Department store
rayon
was
period
return
some
Trading in
the eastern States opening has become rather general to northern por¬
tions, but condition of the crop varies from poor to fair in most sections;
the
to
situation, sales slackened somewhat, and volume gains
last year narrowed
perceptibly.
Apparel lines, notably
in the children's divisions, attracted most
for
locally, and picking
due
over
preparation
In the central States of the belt cotton opened
week,
corresponding
weather and partly under the influence of the tense
Euro¬
from poor to only fair in northern districts, with much poor
fruiting and considerable shedding reported in north-central and westcentral areas, although general condition was good elsewhere.
In Okla¬
homa progress and condition were poor In extreme southern and eastern
portions, but good elsewhere; picking and ginning made good advance,
late ranged
sections registering the first
many
the
over
pean
from frost in
the crop in South Dakota.
Maturity was considerably delayed in Min¬
nesota and little progress was made in Wisconsin where much is down,
and warm, dry weather is needed.
gains
Later
year.
The
Corn—Progress and conditions of corn varied from fair to very good in
the Ohio Valley, except in some local western areas where it deteriorated,
and considerable is now safe from frost, with the bulk
expected to be
safe in 10 days to 2 weeks; silo filling
progressed rapidly in practically all
portions, with considerable of the early crop in shock in eastern sections.
trade
war
remained
somewhat
below
expectations,
result of the unsettlement caused by the Euro¬
scare.
Surplus yarn stocks, on the other hand,
reported to have been further reduced,
approximately
Domestic
one
now
amounting
month's supply.
Cotton
Goods—Trading in the
gray
cloths
markets continued quiet during the major part of the
week,
chiefly owing to the anxiety caused by the
grave
European
situation, the unsettlement in the security markets, and the
further recession in
as
cotton
prices.
Later in the week,
lessening of the European ten¬
moderate pickup in trading developed reflecting the
raw
cable advices indicated
sion,
a
a
improvement in retail sales and the resulting eagerness of
converters to replensih their dwindling supplies.
Business
fine
in
goods
expanded
moderately
as
buyers
numerous
entered the market for small lots of combed lawns.
broadcloths continued to
yarn
move
in fair volume.
Slub
Closing
prices in print cloths
were as follows:
39-inch, 80s, 6 34c.;
5% to 6c.; 39-inch 68-72s, 5c.; 3834-inch
64-60s, 434c.; 3834-inch 60-48s, 3% to 3J4c.
39-inch
72-76s,
Woolen
Goods—Trading
somewhat
retarded
situation.
A
by
growing
the
in
men's
wear
unsettlement
demand
on
the
fabrics
in
part
the
of
was
foreign
clothing
manufacturers for spot shipments of popular materials made
itself felt, however, with attention centering on pencil and
Texas—Houston: About normal warmth in south and extreme west,
but much above elsewhere; good rains general in east, bqt mostly light and
scattered in west.
Good progress preparing land for winter-wheat seed¬
chalk striped worsteds, staple serges and coverts.
but little seeding done.
Harvesting Tate corn nearly over; much
burned by continued heat in west-central areas; otherwise mostly fair to
good.
Cotton picking and ginning made rapid progress; average condi¬
tion early planted generally good, but late planted ranges from poor to
fair in north; much poor fruiting and considerable shedding reported in
north-central and west-central.
Ranges and truck deteriorated in northcentral and west-central, but good elsewhere.
Cattle good.
Dry weather
lines of men's suitings are
ing,
needed
for
rice
harvest.
Oklahoma—Oklahoma
City: Hot, with light to moderate and locally
Some barley, rye, and wheat planted, but too dry many
Progress and condition of co ton poor in extreme south and east,
but good elsewhere; picking and ginning good progress; much premature
opening.
Early corn being gathered; progress and condition of late drop
poor in many areas.
Livestock good.
Pastures need rain; stock water
scarce in southwest and extreme south-central, except where recent
heavy
excessive rains.
areas.
rains.
and
Progress of cotton poor to good due to warm,
dry weather; picking excellent progress; nearly all open in many areas
and opening rapidly elsewhere, considerable prematurely; few young bolls,
except on some eastern lowlands.
Progress of late corn mostly poor;
harvesting early corn and rice favored.
Weather mostly unfavorable for
pastures, late potatoes, sweet potatoes and truck.
Tennessee—Nashville;
Progress and condition of early corn good to ex¬
of late poor, except fair to good in many central coun¬
opening rapidly; picking good progress; general condition
fairly good, but late rather poor, due to drought.
Tobacco curing satis¬
factorily. Cutting hay nearly over; much saved in fine condition.
Pota¬
toes and truck good, but short in dry areas.
Considerable plowing in
cellent;
progress
Cotton
central.
gabardines continued to
middle of next month.
made
move in fair volume.
Spring
expected to be opened around the
Reports from retail clothing centers
improved showing, chiefly due to cooler tempera¬
tures prevailing during most
of the week.
Business in
women's wear goods improved moderately.
Garment manu¬
facturers reentered the market for dress materials, in view
of the better flow of goods in distributive channels.
as
Arkansas—Little Rock:
ties.
A slightly
improved call existed for top coatings, and tropical worsteds
an
Foreign Dry Goods—Trading in linens improved slightly
additional fair-sized orders for dress goods and household
items
into the market.
As
whole, however, no im¬
the conclusion of the
British-American trade agreement.
Business in burlap re¬
mained quiet although prices ruled steadier under the
influence of the higher United States consumption figures
for August, and further reports from Calcutta concerning
the introduction of a compulsory maximum 45-hour week
among Indian mills.
Domestically lightweights were quoted
at 3.65c., heavies at 4.85c.
came
change occurred,
portant
t
a
pending
Financial
1804
SeDt.
Chronicle
Addresses scheduled for
17,
1938
general sessions of the forum include those on the
possible effects of Federal taxation of municipal bonds and salaries, what
financial problems, and the distribution of roaduser revenues for city street improvement.
Round-table discussions will include such topics as municipal insurance,
home rule, tax limitation and homestead exemptions, housing,'and muni¬
cipal legal problems.
Leonard C. Calhoun, attorney for the Federal Social Security-Board,
will address the forum on possibilities for extending social security benefits
to municipal and State employees. Airport development under the recentlyestablished Civil Aeronautics Authority will be discussed by a^member
of the Authority.
John W. Studebaker, United States Commissioner of Education, will
address a luncheon meeting of the forum on the subject of "Development of
Public Service Training." Other speakers already scheduled include Carl H.
Chatters, Executive Director of the Municipal finance Officers' Asso¬
ciation of the United States and
Canada; and Franklin B.
Holmes,
director of the New York State Retirement System.
Morton L. Wallerstein, Executive Secretary of the Virginia League of
cities can do about their
Specialists in
Illinois & Missouri Bonds
Inc.
STIFEL, NICOLAUS &, CO.,
105 W. Adams St.
DIRECT
CHICAGO
314 N. Broadway
ST. LOUIS
WIRE
•
Municipalities, is President of the American Municipal Association.
Proposed Changes
Financing-—At the general election in November the
voters of the State will pass on two proposed constitutional
amendments affecting the State's future financing policy.
New York State—Voters to Pass on Two
News Items
in
California—Improvement Bonds Affected by Court Ruling—
is the text of a letter and its accompanying
The following
Gatzert Co., investment
opinion, furnished to us by the
dealers of Los Angeles:
California Supreme Court decision and a resolution passed by
Angeles County Board of Supervisors have both given concern to
of thousands of investors owning district obligation
A recent
the Los
and affect the holdings
bonds.
his general tax
separate from his tax levied for payment of principal and interest on Ac¬
quisition and Improvement District bonds.
According to a letter received
from the county counsel's office of Los Angeles County (copy of which is
attached hereto) the same ruling may apply to property owners in municipal
improvement districts, road improvement districts, elementary and high
school districts, flood control districts, water works districts and sanitation
The
decision permits a property owner to
Court
pay
district/S
j
Property
take advantage of this court decision by not
may
owners
paying the tax levied for district obligation bonds which will result in
tax delinquencies and may
mean in some cases a default in
payment of principal and /or interest on the bonds.
Bondholders may
then be willing to listen to and perhaps accept a refunding of the bonds.
A municipal improvement district in the city close to Los Angeles suc¬
ceeded in forcing bondholders to turn in ther bonds, which when issued
were non-callable.
A group of property owners got together and decided
not to pay their taxes—the delinquency jumped from 18.80% for 1936-37
to 58.57% for 1937-38.
For the past three years the Los Angeles County Board of Supervisors
allocated over $4,000,000 to aid in the payment of principal and interest on
district obligation bonds, to buy in bonds at discount prices or to aid
districts in refunding its bonded debt.
This year the Board decided not to
give this aid to the districts. This should result in increased tax delinquencies
for the 1938-39 tax period on all issued which heretofore have received
the gas tax allocations.
increased
OF THE
OFFICE
County Counsel.
Calif, Sept. 1, 1938
Gatzert Co.,
215 West 7th St.,
Los Angeles,
Calif.
Gentlemen—The Supreme Court of this State, on Aug.
5, 1938, declared
of a property owner owning property in an Acquisition and
Improvement Act of 1925 District to pay the taxes upon the property with¬
out a special assessment levy on account of the district (Loew's, Inc. v.
Byram, 96 Cal. Dec. 212).
You inquire whether the owner of property in other like districts would
have the same right.
The provision of the Acquisition and Improvement
Act of 1925, declares as to levies thereunder that "Such special assessment
taxes shall be in addition to all other taxes levied for State and county
right
purposes, or for municipal pur posse (as the case may
levied, computed, entered, collected and enforced in
and by the same persons, and at the same time, and with
and interest as are other taxes
be), and shall be
the same manner
the same penalties
for State and County purposes, or for muni¬
cipal purposes.
..."
The language in the following Special Assessment District Acts is similar
to the foregoing provision of the Acquisition and Improvement District
Act of 1925, and under the decision, we believe, would equally permit a
payment of the taxes separately from special assessments: Koad Improve¬
ment
Districts (Deering's General Laws Act 3276, Sec. 26, Sec. 26a),
Municipal Improvement Districts (ib. Act 5184a, Sec. 9); Los Angeles
County Flood Control District (ib. Act. 4463, Sec. 10); Sanitation Districts
(ib. Act. 7106, Sec. 14); Water Works Districts (ib. Act 9123, Sec. 9);
Elementary and High School Districts (School Code, Sec. 4690).
J.
H.
O'CONNOR, County Counsel,
By GORDON BOLLER,
.
The second
of bonds.
United
States—Forty-sixth^ State to Adopt Direct Primary
Method—-Voters of New Mexico will
join those of 45 other
candidates for public offices by direct
primary in its elections of 1940, the Council of State Goverments reported on Sept. 12.
Action of the New Mexico
special legislative session, just adjourned, leaves Con¬
States
in choosing
and
necticut
Rhode Island the two States
candidates by party
This year
that select
all
convention.
is the 35th anniversary of the first adoption of the mandatory,
primary was first used in Crawford County, Pa., in the late 1860's.
By 1917 all but four of the States had adopted some form of direct primary,
although the laws were not at all uniform. Many of the States have revised
or amended their primary laws since that time.
Direct primary laws are mandatory in four States. In Alabama, Arkansas,
Delaware, Georgia and Virginia political parties are allowed the option
of its use.
New York employs the primary only for candidates for United
States representative and State legislative seats,
nominating for other
State offices and for United States Senate by party convention,
Indiana
likewise requires the nomination of United States senators and State
officers by convention.
Arizona and Washington, in addition to other
offices, nominate Supreme and Superior Court judges by party primary.
Nebraska and North Dakota include States Superintendents of Schools on
the primary slate.
Although 40 of the 45 direct primary States have "closed" primaries
under which the voter must declare his party affiliation, the stringency of
party membership proof varies. In North Dakota, Iowa, Georgia, Vermont.
Delaware and Maine, the voter may ask for the ballot of aliy party, and his
membership in it is assumed.
Several other States prohibit voting in a
party primary unless the voter's name appeared on the enrollment list of
the same political party in the previous primary.
The "open" primary,
existing in Idaho, Minnesota, Montana, Washington and Wisconsin, asks
test of party affiliation.
Washington's primary is unique in offering a
blanket ballot that does not even show the candidates' political affiliations.
Under the new Idaho law names of candidates for all partia. are printed
on one ballot and the voter designates his party in the privacy of a voting
no
booth.
Proposals and Negotiations
Deputy County Counsel.
ALASKA
Revised—A
new
book entitled "Yields of Bonds and Stocks," has just
been
Manual
of
Stock
Bond
and
Yields
published by Prentice-Hall, Inc., 70 Fifth Ave., New York.
This new and enlarged edition of the popular manual now
tables showing interest rates of 3%, 3}Y% and
3%%, thereby including virtually all issues other tfian the
United States Government bonds, which ordinarily are
dealt in on a dollar price base.
embraces
„
yield. 5
:
; ,
proposal would enable the State to issue notes in anticipa Such authority would give the State Comptroller more
latitude in timing his bond sales.
Ordinarily bond anticipation notes are not looked upon with favor by
the investment fraternity because they have in past occasions caused some
cities to increase their short term debt to
unwieldy proportions.
New
York State's financing record, however, has never been such as to cause
worr/ to bondholders, and sensible usage of the bond anticipation note au¬
thority would more likely be an advantage rather than a disavantage to
the State.
Bond anticipation notes would provide
the State with cash
during the interim between initial expenditure and sale of long term obli¬
gations.
■
that they will provide a higher
tion
Bond
Yours very truly,
-
The 50-year bonds are always the slowest moving of the new issues and
dealers in recent years have found it necessary to price such maturities so
The
J. II. O'Connor,
the
would limit the life of State bonds to 40 years maturity,
limit.
Bond
issues for housing purposes
would, however, be exempt from the provision.
Investment dealers will find no objection to the shortening of maturities.
complete State primary, which occurred in Wisconsin and Oregon in 1904.
COUNTY COUNSEL
Los Angeles,
One provision
instead of the present 50-year
ANCHORAGE, Alaska—BOND SALE—Thrall, West & Co. and the
Allison-Williams Co., both of Minneapolis, jointly, purchased $192,500
bonds, including $137,500 school construction and $55,000 paving and
conduit system issues.
The former is dated Jan. 1, 1938, in denoins. of
$1,000, $500 and $100, and mature in 30 years, redeemable after 15 years.
Principal and interest payable in Anchorage.
Legal opinion of A. G.
Thompson of Anchorage.
"Yields of Bonds and Stocks" is the work of four men: David C. John¬
Vice-President of the Consolidated Edison Company of New York and
ARKANSAS BONDS
son,
President of the New York Steam Corp.; Caleb Stone, 2nd Vice-President,
Prudential Insurance Co. of America, and Milton C. Cross, Asst. Vice-
President, and Dr. Edward A.
Kircher,
both
Markets in all State,
of Brown Harriman & Co.,
County & Town Issues
of New York.
As revised,
"Yields of Bonds and Stocks"
now
carries coupon rates from
intervals of M%, and from 4 MS % to 8% at intervals of Yt % .given from 45 to 130; maturities from M-year to 36 years.
The book is available in two editions: the regular large type edition
3 % to 4 Mi % at
Prices
are
SCHERCK, RICHTER COMPANY
(4% x7H inches) selling for $8.00; the vest pocket edition (3x5 inches)
selling for $5.00.
Forum in
city officials,
throughout the country
LANDRETH BUILDING, ST.
Municipal Officials to Hold National
October—With invitations extended to 4,500
representatives
will
hold
the
of
15th
municipalities
annual
National
Forum
on
Problems in Chicago, Oct. 5 to 7, the American
Association announced
on
MuniciDal
Municipal
Sept. 14.
Although fiscal problems, including the financing of relief, will receive
foremost attention of the city officials, the three-day forum will also deal
other major municipal problems.
Representatives of between
15 and 20 cities in as many States will present brief statements on "The
Biggest fToblem of Cities in My State,
at the opening session.
Mayor
Edward J. Kelly of Chicago will welcome the officials at a luncheon on the
opening day.
with
ARKANSAS
CLARENDON,
Ark.—BOND
recorder that an election
')
ELECTION—It is stated by the Town
the issuance of
used in connection with Public Works
will be held on Sept. 28 to vote on
$27,500 in paving bonds, to be
Administration grant of $22,500.
,*t.
MARIANNA, Ark.—BONDS DEFEATED—At an election held on
6 the voters defeated the proposal to issue $50,000 in city hall bondi.
many
LOUIS, MO.
WEST
Sept
MEMPHIS, Ark.—BONDS VOTED—At the election held on
147, p. 1070—the voters approved the issuance of the $50,000
city hall bonds by a count of 180 to 25. according to the City
7—V
street and
Clerk.
Sept.
Volume 147
Financial
Aug.
CALIFORNIA
CALIFORNIA, State of—MUNICIPAL
—California
municipal bond prices again reflected the burden of fear of
3.33 % yield of the preceding week, according to William R. Staats Co. index.
The market was off 7.20
points from the high before the break that
Aug.
12.
The current sell-off has carried prices 1 M points lower than during the
1934 which was brought about by a similar political situation.
break in
"Following the sharp 1934 decline the situation
by about the first of October," the Staats review
under present conditions the market is faced with
and more hoeral political tondencies and two
very
seemed to correct itself
points out.
"However,
the obstacles of greater
dangerous amendments
"During the last week there were some apparent signs of an improved
tone.
This undoubtedly was due to Eastern
buying of bonds with general
appeal,
the same time, a certain amount of liquidation
continued to appear from Eastern markets.
"Ail new issues offered by California municipalities during the week
were met with Did3 which reflected the general condition,
it is estimated
that municipalities as a whole were penalized on an
average of three-quar¬
ters of 1 % in yield by the present state of affairs.
yet,
at
"Issues wnich were re-offered were well received considering the general
apathy on the part of buyers.
While it is true the offerings were made at
the current low levels, it is distinctly optimistic to note that some of the
issues traded outright."
CALIFORNIA,
336.97 registered
State
of— WARRANTS SOLD—An issue of $2,812,-
general
fund warrants
offered for sale
Sept. 14
awarded to the Bankamerica Co. of San Francisco, at 3%, plus a
premium of 83,052.06, according to Harry B. Riley, State Controller.
Dated Sept. 16, 1938.
To be payable on or about Feo. 27, 1939. j ^
a
and
was
on
was
IMPERIAL COUNTY SCHOOL DISTRICTS (P. O. EI Centre), Calif.
NOT SOLD—The two issues of not to exceed 5% semi-ann.
—BONDS
school
bonds aggregating 850.000, offered on
Sept.
The issues
not sold as no bids were received.
were
12—V.
147, p. 1522—
follows:
are as
832,000 Imperial Valley Union High School District bonds.
Due from
Aug. zu, 19o9 to 19<±3, incl.
18,000 Imperial Valley Union School District bonds.
Due from Aug. 20,
1939 to 1944.
It is stated by the County Clerk that the sale was ordered to be continued
without
sale
as
date,
Board reserving the right to sell the bonds at private
the
may hereafter be determined.
order
Sept. 12—V. 147,
Taft, as 3 Ms, at par:
on
p.
1225—were awarded to the State Bank of
813,700 Arvin School District bonds.
Due from Aug. 8, 1941 to 1949 incl.
2,000 West Antelope School District bonds.
Due 81,000 on Aug. 8.
1939 and 1940.
The $30,000 issue of Aztec School District bonds offered at that time,
awarded to Dean Witter & Co. of San Francisco, as 3 Ms. paying
premium of $32.00, equal to 100.106, a basis of about 3.21%.
Due
were
a
$6,000 from Aug. 8, 1939 to 19i3 incl.
LOS
ANGELES
COUNTY SCHOOL
DISTRICTS (P. O. Los An¬
BOND SALE—The $30,000 issue
on Sept.
13—V. 147,
p. 1522—was purchased by the Security-First National Bank of Los Angeles,
as 4s, paying a premium of $159, equal to 105.30, a basis of
about 3.48%.
Dated July 1, 1938.
Due $2,000 from July 1, 1944 to 1958 incl.
geles),
Calif.—ROSEMEAD SCHOOL
of Rosemead School
District bonds offered for sale
BONDS NOT SOLD—The $12,500 issue of not to exceed 5% semi-ann.
Palmdale School District bonds offered
not sold as no bids were received.
on
Dated
1941 to 1953.
Sept. 13—V. 147, p. 1663—was
Sept. 1, 1938. Due from Sept. 1;
MONTEREY COUNTY (P. O. Salinas), Calif.—GONZALES SCHOOL
BOND OFFERING—Sealed bids will be received until 10
a.
m.
on
Sept. 19
by C. F. Joy, County Clerk, for the purchase of
Union School District bonds.
A. & O.
Dated Oct. 1, 1938.
a $20,000 issue of Gonzales
Interest rate is not to exceed
5%, payable
Denom. $1,000.
Due $1,000 Oct. 1, 1939
bid different rates for different
will be furnished the purchaser.
Principal and interest payable at the County Treasury's office.
Enclose a
certified check for 10% of the bonds bid for, payable to the
Clerk, Board of
to
1958.
maturities.
Bidders will be permitted to
A satisfactory legal opinion
Supervisors.
The
Gonzales
Union
School District
has been acting as
a
union school
district under the laws of this State continuously since July 1, 1917.
assessed valuation of the taxable property in said school district is
The
$2,973,250
Only
and the total amount of outstanding bonded indebtedness is $24,000.
a
portion of said school district is liable for said outstanding bonded in¬
debtedness
and
the
total
assessed
valuation
of
the
property
assessable
therefore is $2,865,255.
SACRAMENTO, Calif.—BOND SALE—An issue of $590,000 munici¬
pal improvement,
Series B and C bonds offered for sale on Sept.
13
awarded to the First Boston Corp., New York, Weeden &
Co., and
Heller, Bruce & Co., both of San Francisco, jointly, as 3s, at a price of
100.27, a basis of about 2.98%.
Denom. $1,900.
Dated July 1, 1938.
was
Due
on
July 1
as
follows: $20,000, 1939 to 1965; $19,000 in 1966; $18,000
in 1967, and $13,000 in 1968.
to have
school
SACRAMENTO COUNTY (P. O. Sacramento), Calif.—SAN
JUAN
BONDS SOLD—We are informed by the
County Clerk that
$125,000 San Juan Union High School District bonds have been purchased
by Ii. H. Moulton & Co. of San Francisco as 3Ms. paying a premium of
$1,881, equal to 101.5048.
SACRAMENTO
COUNTY
SCHOOL
DISTRICTS
(P. O. Sacra¬
mento), Calif.—BOND SALE—The $150,000 issue of Grant Union High
School District bonds offered for sale on Sept. 12—V. 147,
p. 1522—was
awarded to the Bankamerica Co. of San Francisco,
paying a premium of
$1,221.00, equal to 100.814.
Dated Sept. 1, 1938.
Due $6,000 from
Sept. 1, 1939 to 1963 incl.
the
voters
BONDS NOT SOLD—The $18,000 issue of Carmichael School
District
bonds offered at that time was not sold as no bids were received.
Dated
Due $1,000 from Oct. 1, 1939 to 1956 incl.
COUNTY
(P.
O.
Santa Barbara), Calif.—
WASIOJA SCHOOL BOND SALE— The $8,000 issue of
Wasioja School
District bonds offered for sale on Sept. 6—V. 147, p.
1369—wasjpurchased
by the Union Safe Deposit Bank of Stockton as 4s, at a price or
100.32, a
basis of about 3.97%.
Dated Aug. 1, 1938.
Due $400 from Aug. 1,
1940 to 1959, inclusive.
SAN BERNARDINO COUNTY (P. O. San
Bernardino), Calif.—
PIEDMONT SCHOOL BOND SALE— The $14,090 issue of Piedmont Ele¬
School District bonds offered for sale on Sept. 12—V. 147; p.
purchased by the county.
No other bid was received, it is
Dated Oct. 1, 1938.
Due $1,000 from Oct. 1, 1939 to 1952 incl.
1522—was
stated.
SAN
LEANDRO, Calif.—BONDS SOLD—An issue of $185,000
munici-
Eal Schwabacher & Co. is reported to haveCo., both of SanonFrancisco,
improvement bonds and Donnellan & been purchased
Sept. 12
y
jointly, paying a price of 100.04
as 2Ms and $120,000 as 3s.
on
the bonds divided
as
follows: $65,000
SONOMA
COUNTY (P. O. Santa Rosa), Calif.—SCHOOL
BOND
$165,000 issue of Santa Rosa Junior College District oonds
offered for sale on Sept. 12—V. 147, p. 1663—was awarded
jointly to the
Bankamerica Co., and Dean Witter & Co., both of San Francisco, as
2Ms,
at a price of 100.14, a basis of about 2.73%.
Dated Aug. 20, 1938.
Due
$15,000 from 1943 to 1953 incl.
SALE—The
COLORADO
COLLBRAN, Colo.—BOND SALE—The $10,000 issue of 4% coupon
works extension bonds offered for sale on Aug. 13—V. 147, p. 1070—
purchased by the Stockmen's Bank of Coll bran at a price of 100.50,
according to the Town Clerk and Treasurer.
Denom. $1,000.
Dated
water
was
the issuance of
pass on
a
total of
$3,761,000 in
building construction bonds.
the approval of the issue by voters on
Sept. 29.
The city plans to use the funds in connection with
Public Works Ad¬
ministration building program which is to total
approximately $6,500,000.
The election and sale of the bonds has been
advanced to the current month
to
meet requirements
LARIMER
of the PWA.
COUNTY
SCHOOL DISTRICT
NO.
10
(P. O. Fort
SOLD—An issue of $4,600 3M% school building
purchased by Oswald F. Benwell of Denver.
Denom.
$500, one for $100.
Dated Sept. 1, 1938.
Due on Sept. 1 as follows:
$500, 1942 rdr 1949, and $600 in 1950.
Prin. and int. (M. & S.) payable
Collins), Colo.—BONDS
bonds
has
been
at the office of the
County Treaurer.
CONNECTICUT
CONNECTICUT (State of)—URGES DETAIL FACTUAL DATA IN
DEBT STATEMENTS—iThe
following is taken from the
Sept. 1 issue of the New England Municipal News
Bulletin, published by
MUNICIPAL
F. W. Home & Co. of Hartford:
"A town report is prepared
principally for the use of voters, yet many
copies find their way to banks, investment dealers and financial
services,
The
manner
in
which financial information is presented matters little to
townspeople who, if a question arises concerning some particular item, can
telephone the selectmen's office and get the matter straightened out.
How¬
ever, the way financial information is presented is important to the
recipi¬
ents of annual reports rasiding outside the town.
The information tells a
story of governmental efficiency and economy of
operation, or one of debt
accumulation, extravagance and waste.
14
"Municipal bankers and financial services will have a better basis on
which to
compute a town's credit rating, and towns will be able to obtain
better rates of interest on their offerings of notes and
bonds when annual
reports are made up to include complete information on
property valua¬
tion, indebtedness, tax rate, tax assessments, etc.
An approved form of
debt statement to be included in your annual
report will be supplied by
writing
Tax Commissioner
request."
your
same
or,
if you wish, we will be glad to supply
upon
NAUGATUCK, Conn.—PLANS BOND ISSUE—Citizens
to apprpve an
issue of $240,000 bonds for construction of
plans for which have already been completed.
will be asked
a new
high school,
NEW
HAVEN, Conn .—PROPOSED FINANCING—The city is expected
to announce an offering of between
$1,000,000 and $1,300,000 bonds for
public improvements.
NEW LONDON, Conn.—BONDED DEBT CUT
$1,005,000 IN LAST
FIVE YEARS—Carey Congdon, Director of
Finance, recently stated that
the
city's bonded debt will be $2,262,000 on Sept. 30, 1938, as contrasted
with $3,267,000 on Sept. 30, 1933, or a reduction of
$1,005,000 during the
five-year period.
The report sets forth that tax delinquencies have been
reduced to $261,801.90.
Collections on the 1937 levy to Sept. 1, last, were
$808,272.10
The per capita tax was $40.26, and the per capita
debt, $36.30.
Tax anticipation notes due Sept. 30,
1938, total $500,000, discounted
at 34-100 of 1%, but this will be offset by collections on the
current levy.
Cash on hand as of Aug. 31, 1938, is set at $330,726.84.
Surpluses were created from current operations during five fiscal years.
The first of these, ending Sept. 30, 1933, showed a
surplus of $100,614.98.
Other surpluses were as follows: Ending Sept. 30, 1934,
$66,333.98; ending
Sept. 30, 1935, $102,775.01; ending Sept. 30, 1936, $89,017.32; ending
Sept. 30, 1937, $63,692.39.
*
"This has been reflected in the payments of all
outstanding tax antici¬
pation notes at the close of the fiscal year and has resulted in a reduction
of $153,920.84 in the tax levy for financing the current
budget."
The tax levy of 1938 was at the rate of $30 per
$1,000, and was in the
amount of $1,585,586.49.
The tax levy of 1937 was in the amount of
$1,328,665.65 and the rate was $26 per $1,000.
This was accomplished notwithstanding the restoration of
salary and
wage cuts made in 1933 and the establishment of compensation insurance
for all city employees, the report says.
Comment by the Director of Finance is that by Jan.
1, 1945, the entire
long term serial bonds of the city, amounting to $325,000, will be extin¬
guished and serial bonds will be reduced from $922,000 to $275,000, with
corresponding reduction in interest charges.
NORWICH, Conn.—BOND SALE—The $604,000 coupon bonds of¬
Sept. 14—V. 147, p. 1664—were awarded to Estabrook & Co. of
Boston, and Putman & Co. of Hartford, jointly, as 2s, at a price of 100.52,
a basis of about 1.94 %.
The sale consisted of:
fered
Due Oct. 1 as follows: $20,000 from 1939
to 1953 incl. and $19,000 from 1954 to 1958 incl.
125,000 refunding bonds.
Due Oct. 1, as follows: $7,000 from 1939 to
1943 incl. and $6,000 from 1944 to 1958 incl.
84,000 floating debt bonds.
Due Oct. 1 as follows: $4,000, 1939 to 1943
incl.; $5,000 from 1944 to 1947 incl. and $4,000 from 1948 to 1858
$395,000 refunding water bonds.
All of the bonds are dated Oct.
1, 1938.
The First Boston Corp. and
Cooley & Co. of Hartford, joined in making the only other bid, an offer of
100.30 for 2s.
STAMFORD
(Town of), Conn.—BOND SALE—The $152,779
coupon
New Willard coupon or registered school bonds offered Sept. 16 were awarded
Phelps, Fenn & Co., New York, as 2Ms, at a price of 101.33, a basis of
about 2.09%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $11,779 in
to
1940; $11,000 in 1941, and $10,000 from 1942 to 1954 incl.
Principal and
(M. & S.) payable at the First National Bank, Boston. One bond
others $1,000 each. Legality approved by Ropes, Gray, Boyden
& Perkins of Boston.
interest
for $779,
WEST HAVEN, Conn.—BOND ELECTION— On Sept. 19 the voters
be asked to authorize an issue of $75,000 bonds for various
public
will
improvements.
DELAWARE
Oct. 1, 1938.
mentary
optional in 10 years.
Sept. 16:
Denver, Colorado, plans to offer at competitive bidding on Sept. 30,
$3,761,000 school district bonds.
The offering is to be made subject to
SCHOOL
BARBARA
Interest payable
incl.
BONDS OFFERED FOR INVESTMENT—It was announced on
Sept. 14
that the above bonds, which had been offered for public
subscription at
prices to yield from 0.75% to 3.10%, were all sold.
SANTA
15 years,
In connection with the above notice we
give herewith the text of a report
that appeared in the "Wall Street Journal" of
the
KERN COUNTY SCHOOL DISTRICTS (P. O.
Bakersfield), Calif*
—BOND SALES—The following bonds aggregating $15,7uu, offered for
sale
1805
Due in
DENVER (City and County), Colo.—BOND ELECTION—We are
informed by the City Clerk that an election will be held on
Sept. 29 in
to the constitution on the November ballot.
market
1, 1938.
F. & A.
PRICES AGAIN DECLINE
the political situation by sinking to still lower levels last week, the aver¬
ages closing at 115.889 with a 3.40% yield, compared with 116.780 and a
started
Chronicle
REHOBOTH SCHOOL DISTRICT NO. Ill (P. O. Rehoboth
Beach),
OFFERING—Charles Mills, Chairman of Hoard of School
Del.—BOND
Trustees, will receive sealed bids until 2 p. m.
(Eastern Standard Time),
Sept. 23 for the purchase of $160,000 not to exceed 4% interest coupon
Dated Oct. 1, 1938.
Denom. $1,000.
The
bonds will be retired at par by equal payments and will be called for re¬
on
school bonds, series of 1938.
demption in equal numbers each year, on Oct. 1 of each year, over a period
of 20 years from date; provided, that the bonds to be retired shall be as¬
certained each year by lot or otherwise.
Prin. and
Farmers Bank of the State of Delaware, Georgetown.
int. payable at the
The faith and credit
of the district shall be deemed to be pledged for the payment of the prin.
and int. of the bonds when due.
Rate of int. to be in multiples of M or 1
%,
and must be the same for all of the bonds.
The bonds are issued pursuant
to the provisions of Article II, Chapter 71, Revised Code of Delaware,
1935.
The approving opinon of Houston Wilson, Esq., of Georgetown,
Enclose a certified check for 3%, payable to the Chair¬
of School Trustees.
will be furnished.
man
Board
WILMINGTON,
Del.—BOND SALE—The $120,000
1M%
incinerator
bonds offered Sept. 16—V. 147, p. 1664—were awarded to Francis 1. du Pont
York, at 100.17, a basis of about 1.47%. Due $12,0du yearly
& Co. of New
from 1939 to 1948 incl.
FLORIDA
DADE
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO.
14
(P. O. Miami), Fla.—BOND OFFERING—Sealed bids will be received until
3 p. m. on Oct. 10 by James T. Wilson, Secretary of the Board of Public
Instruction, for thepurchase of a $33,000 issue of 4% site and building bonds
Denom. $1,000.
Dated Sept. 1, 1934.
Due
on
Sept. 1
as
follows: $10,000
1957 and $23,000 in 1958.
Bids to be on blanks furnished by the above
Board.
Prin. and int. (M. & 8.) payable at the Chase National Bank in
in
New York.
A certified check for 2% of the bid is required.
Financial
1806
Sept. 17, 1938
Chronicle
certified check for 2% of the issue and, moreover, successful bidder will be
required to post a certified check equal to an additional 3% of the proposed
5 days after notification of acceptance of bid^by the Village.
Checks to be made payabie to the order of the village.
issue within
BONDS
FLORIDA
SCHOOL DISTRICT, III.—BOND SALE DETAILS—
$65,000 school construction bonds reported soid in V. 147. p. 1664,
purchased by Bartlett, Knight & Co. of Chicago, as 2s, at par plus a
small premium.
Denom. $1,000.
Due in 15 years.
Int. F. & A.
BELVIDERE
The
were
Clyde C. Pierce Corporation
First National
Bank
Building
BYRON
Bank Building
Barnett National
JACKSONVILLE.
Branch Office: TAMPA
FLORIDA
H FLORIDA
(State
of)—BOND TENDERS INVITED—The State
Board of Administration will receive until 10 a. m. on Sept. 30, at the
Governor's office in Tallahassee, sealed offerings of matured or unmatured
original or refunding road and bridge, or highway bonds, time warrants,
certificates of indebtedness and negotiable notes of the Florida Counties,
and
Special Road and Bridge
Districts therein as follows
^
Fellsmere
jointly, at par plus a premium of $4,175.25, equal to 102.087, a basis of
about 1.99%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $20,000.
1939; $40,000, 1940 and 1941; $20,000 from 1942 to 1944 incl. and $10,000
from 1945 to 1948 incl.
Second high bid of 102.079 was submitted jointly
by T. E. Joiner & Co. and the Channer
and must state full name, description,
rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked.
Bonds
that are in default of interest must be offered at a fiat price which price
shall be understood to bo the price asked for such bonds with all maturities
of opening, 1. e., through Oct. 10,
and serial numbers of bonds, interest
of past due defaulted or unpaid coupons attached, and notice is hereby
given that if any such coupons have been detached prior to delivery of any
bonds accepted and (or) purchased hereunder, the face value of such mis¬
coupons will be deducted from
submitted on this basis.
EAST ELDORADO TOWNSHIP
bonds aggregating $2,002,000, will be submitted
to be held on Sept. 20—V. 147, p. 1664—is
at an election
to the voters
confirmed by
$110,000:
Pace, City Auditor: Auditorium, $605,000; yacht basin,
incinerator, $50,000; fire station, $17,000; viaduct, $384,000; viaduct ana
subway, $50,000; park improvements, $83,000; airport improvements,
J.
E.
$55,000; sewers and drains, $220,000; street
Dated Dec. 15, 1938.
Denom. $1,000.
paving improvements, $428,000.
Due Dec. 15, 1939.
PENSACOLA, Fla.—BOND ELECTION— It is reported that an elec¬
tion will be held on Sept. 30 in order to have the voters pass on the pro¬
posed issuance of $1,499,000 in eivicjuoprovement bonds.
COUNTY (R. O. Bushnell), Fla.—BONDS NOT PUR¬
CHASED—In connection with the call for tenders up to Sept. 6. of road
and bridge refunding bonds, dated July 1, 1932, reported in our issue of
Aug. 27—V. 147, p. 1370—it is stated by C. M. Winton, Chairman of the
Board of County Commissioners, that no bonds were purchased because
SUMTER
of
a
temporary
He says^that tenders were
injunction.
ranging from 79.00 to 85.00.
WINTER HAVEN,
offered at*prices
^
Fla.—CERTIFICATE?ELECTION—It isfstated!by
Manager, that an election will be held on Sept. 27 in
order to have the voters pass on the issuance of $100,000 in sewer revenue
certificates, to be used with a Public Works Administration allotment.
BLAKELY, Ga.—BONDS SOLD—It is stated by the City Clerk that
$30,000 334% semi-annual public improvement bonds approved by the
voters on Aug. 29 have since been sold.
Dated Oct. 1, 1938. Due from
*
1961.
ELBERTON
>ated Sept. 1, 1938.
Erovement bonds was Denom, $1,000. outcome of election on from 1940
sold subject to Due $1,000 on Sept. 1 Sept. 28.
incl.
to 1961
FORRESTON SCHOOL DISTRICT,
111.—BOND SALE DETAILS—
to the H. C. Speer & Sons Co. of Chicago—
interest and were sold at par and accrued
1938.
Denom. $1,000.
Due in from 1 to 10
The $22,000 school bonds sold
V. 147, p. 1664—bear 3>4%
interest.
years.
Dated July
15,
!
Interest (M. & S.).
GALESBURG SCHOOL DISTRICT NO. 104, III.—BOND SALE—
$425,000 coupon school building bonds offered Sept. 9—V. 147, p.
1523—were awarded to the First National Bank of Chicago, as 234s, for a
1
The
premium of $9,670, equal to 102.27, a basis of about 2.04%.
Dated
Sept. 15, 1938 and due Sept. 15 as follows: $15,000, 1941; $20,000, 1942
to 1947, incl.; $25,000 from 1948 to 1955, incl. and $30,000 from 1956 to
1958, incl.
Among other bids were these:
Premium
Int. Rate
Bidder—
Co., Inc.; John Nuveen & Co.
& Co
234%
$5,958.78
Northern Trust Co. of Chicago
234%
5,818.25
First Boston Corp.; Goldman, Sachs & Co. and
First of Michigan Corp
234%
5,014.58
in addition to the foregoing, the following other offers were submitted:
Brown Harriman &
and Bacon, Whipple
'
Int. Rate
Mercantile Commerce
Bidder—
Lazard Freres & Co. and the
Halsey, Stuart & Co., Inc., and the BancamericaBlair Corp., jointly
—
Harris Trust & Savings Bank and the First Galesburg
Bank & Trust Co., jointly
GALENA
SCHOOL
101.14
2)4%
101.07
234%
101.05
234%
100.82
Central Republic Co.,
BJyth & Co., Inc., and the
jointly
'
wid receive sealed
DISTRICT NO. 120 (P. O. Galena), III.—
Hollander, Secretary of the Board of Education,
bids until 7 p. m. on Sept.
i6 for the purchase of $20,000
1938. Due $2,000 on Jan. 1 from 1940
Prin. and semi-annual int. payable at
A certified check for $400, payable to the order
3% school bonds.
Dated July 1,
1949 incl.
Denom. $1,000.
to
the City Treasurer's office.
of the City Treasurer, must accompany
each proposal. Legal opinion of
will be furnished the successful bidder. All
,
GALVA
SCHOOL DISTRICT NO. 31, 111.—BONDS SOLD—Th
White-Phillips Corp. of Davenport purchased an issue of $25,000 254%
school bonds at a price of 101.92.
Due serially in 20 years.
Financial Statement
$1,725,000
None
Assessed value
(P. O. Elberton), Ga .—BONDS
$10,000 school bonds were purchased by a local
SCHOOL DISTRICT
SOLD—It is reported that
bank.
Ga .—BOND
PINEHURST
reported at 96%.
111.—BOND ELECTION—A proposal to issue $7,500
will be considered by the voters on Sept. 27.
Average tax collections
flood wail bonds
GRAFTON,
SCHOOL DISTRICT
OFFERED—Sealed bids were received by
(P. O. Vienna). Ga.—BONDS
Roy B. Friedin, Attorney for the
$r,000, 1944 to 1954, and $1,500, 1955 to
1960.
SYLVESTjER CONSOLIDATED SCHOOL DISTRICT (P. O. SylVeater), Ga.—PRE-ELECTION SALE—It is reported by the Secretary
of the Board of School Directors that $30,000 building bonds have been
sold as 334s, at par, subject to an election to be held on Sept. 27.
IDAHO
111.—BOND SALE CONTRACT—Lewis, Pickett & Co..
contracted to purchase an issue of $17,000 4% gen¬
Inc., of Chicago, have
eral obligation bonds.
sealed bids until noon (Daylight Saving Time) on Sept. 19
purchase of $425,000 3% water revenue bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due Sept. 1 as follows: $10,000, 1942; $11,000,
1943 to 1945 incl.: $12,000, 1946 to 1948 incl.; $13,000, 1949 and 1950:
$14,000, 1951 to 1953 incl.; $15,000, 1954 and 1955; $16,000, 1956 and
1957; $17,000, 1958 and 1959; $18,000, 1960 and 1961; $19,000, 1962 and
1963; $20,000, 1964; $21,000, 1965 and 1966; $22,000 in 1967, and $24,000
in 1968.
Principal and semi-annual interest payable at the Harris Trust &
Savings Bank, Chicago. Proceeds of the issue will be applied to the purchase
of, and the construction of improvements to the present privately owned
water works system of the Public Service Co. of Northern Illinois.
Legal
opinion of Chapman & Cutler of Chicago will be furnished the successful
bidder.
Latter will be required to print the bonds.
A certified check for
$4,000, payable to the order of the Village Treasurer, is required. Delivery
of bonds will be made on Oct. 1, 1938.
Tne net earnings of the existing waterworks plant for the last preceding
the
reported to the village by the company aggregates
(P. O. Preston), Idaho—BOND SALE—The
$55,000 issue of coupon court house and jail bonds offered for sale on Sept.
10—V. 147, p. 1664—was awarded to Murphey, Favre & Co. of Spokane,
as 3.20s, according to the County Clerk.
Dated July 1, 1938.
Due in
from two to 20 years after date.
fiscal year as
INDEPENDENT SCHOOL DISTRICT NO. 11
(P. O. Clifton), Idaho—BOND OFFERING—Sealed bids will be received
until 6 p. m. on Sept. 24, by Orson Koford, District Clerk, for the purchase
of a $19,250 issue of not to exceed 4% semi-ann. gymnasium and auditorium
bonds.
Due in from two to 20 years.
A certified check for $1,000 must
223 Sunset Ave., La Grange,
FRANKLIN COUNTY
OFFERING—H. H. Mitchell, Village Clerk,
LaGRANGE. III.—BOND
will receive
for
district, until 10 a. m. on Sept. 17 for the purchase of a $20,000 issue of 5%
semi-annual building bonds.
Denom. $500.
Due on Jan. 1 as follows:
issue)
for past six years
Bonded debt (excluding this
GOLCONDA,
SALE DETAILS—It is stated by the
City Clerk that the $35,000 334% semi-ann. water works bonds sold re¬
cently, as noted here—V. 147, p. 1664—wrere awarded to a group com¬
posed of J. H. Hilsman & Co. of Atlanta, Johnson, Lane, Space & Co. of
Savannah, Milhous, Gaines & Mayes, and the Robinson-Humphrey Co.,
both of Atlanta, paying a price of 101.60.
Due on Jan. 1 as follows;
$3,000, 1954 to 1964, and $2,000 in 1965, giving a basis of about 3.14%.
GREENSBORO,
Rate Bid
234%
Bank & Trusc Co., jointly—
Chapman & Cutler of Chicago
bids must be unconditional.
GEORGIA
to
Due in 1949.
FAIRBURY, 111.—BOND SALE—An issue of $22,000 354% water im-
BOND OFFERING—H. N.
W. W. Jamison, City
1945
(P. East Eldorado), 111.—BONDS
earlier in the year to
SOLD—An issue of $30,000 4% road bonds was sold
C. P. Burnett & Sons of Eldorado, at a price of 103.
purchase price, and offerings must
JACKSONVILLE, Fla.—CONFIRMATION OF ELECTION—The re¬
port given in our issue of Sept. 10, that the following not to exceed 6%
semi-ann.
Securities Co.
GROVE COMMUNITY HIGH SCHOOL DISTRICT
NO. 99, III.—BOND ELECTION—On Sept. 17 the voters will be asked to
authorize an issue of $66,000 gymnasium bonds.
DOWNERS
Dists.
be
Public
_
Brevard, Broward, Charlotte (except McCall S. R, & B. Dist.), Desoto,
Glades, Hardee, Hernando, Indian River (except Atlantic-Gulf,
& Vero Bridge Dists.), Jensen R. & B. District, Levy District 7, Martin,
Monroe, Okaloosa, Okeechobee, Osceola and Palm Beach S. Ii. & B.
Nos. 8, 17, 21, and Cross State Highway Bridge District
All offerings submitted must be firm for 10 days subsequent to the date
sing
VOTED—An issue of
111.—BONDS
DEKALB COUNTY (P. O. Sycamore), 111.—BOND SALE—The $200,000 2 34% road bonds offered Sept. 13—v. 147, p. 1523—were awarded to
John Nuveen & Co. of Chicago, and the White-Phillips Corp., Davenport,
Manager
T. S. Pierce, Resident
DISTRICT,
SCHOOL
$50,000 high school building bonds, to be sold in conjunction with
Works Administration grant, was authorized at a recent election.
FLORIDA
the sum of
plant
under
$16,700 and it is expected that the net earnings of the waterworks
upon completion of the improvements and extensions contemplated
municipal ownership will aggregate $27,000 annually.
Any inquiries
regarding the existing water plant or earnings should be
W. Brooks, Chairman, Special Water Committee,
directed to Mr. George
FRANKLIN COUNTY
accompany
the bid.
111.
SCHOOL DISTRICT NO. 27, 111.—BOND SALE—The
issue of $95,000 school bonds offered Sept. 12—V. 147, p. 1664—was
awarded to Dean J. Harris of Lincoln, as 233s, at par plus a premium of
LINCOLN
$1,092.50, equal to
101.15.
Other bids:
Int. Rate
234%
Bidder—
SCHOOL DISTRICT (P. O. Fruitland), Idaho—
BONDS SOLD—It is reported that $63,000 4% semi-ann. gymnasium and
addition bonds approved by the voters on July 16, have been sold.
FRUITLAND
Adams & Co. and C.
hall building
Sept. 1.
111.—BOND ELECTION—An issue of $25,000 3% sewage
disposal plant construction bonds will be submitted for consideration of
the voters on Oct. 11.
Dated Oct. 1, 1938 and due Oct. 1 from 1939 to
AMBOY,
1953 incl.
SCHOOL
DISTRICT
NO.
214
(P.
O.
Arlington Heights), III.—BOND SALE CONTRACT— H. L. Harker &
Co., Inc. of Chicago have contracted to purchase the $95,000 school con
struction bond issue which was submitted for consideration of the voters
on Sept. 10.
BARTONVILLE, 111.—BOND OFFERING—L. G. Fishel, Village Clerk,
bids until Sept. 17 for the purchase of $61,000 334%
sewer
system bonds.
Dated Sept. 1, 1938.
Due Dec. 30 as follows:
$3,000 from 1939 to 1953 incl. and $4,000 from 1954 to 1957 incl.
The
offering is being made subject to result of election on Sept. 28.
Prin. and
int. (J. & D.) payable at the Continental Illinois National Bank & Trust
Co., Chicago.
Bids to include cost of legal opinion and printing of bonds
and interest coupons.
Award of the bonds will be made at meeting of
the Village Board on Sept. 22.
Each proposal must be accompanied by a
will receive sealed
and Ballman &
Main—3%
Premium
$1,077.30
280.25
266.00
1,515.15
LITCHFIELD, 111.—BOND SALE NOT CONSUMMATED—Defeat of
at the Sept. 12 election resulted in cancellation of the sale of
bonds to the Municipal Bond Corp. of Chicago.—V. 147,
1226.
j
the issue
ALTAMONT, III.—BONDS DEFEATED—The $6,000 city
was rejected by the voters at the special election on
HEIGHTS
234%
Northern Trust Co
>
bond issue
ARLINGTON
2M %
Halsey, Stuart & Co., Inc
John Nuveen & Co.
ILLINOIS
F. Childs & Co
$25,000 city hall
p.
LOGAN COUNTY ELEMENTARY SCHOOL DISTRICT NO. 27
(P. O. Lincoln), 111.—BOND SALE—An issue of $95,000 school
was
on Sept. 12 to Dean J. Harris of Lincoln, as 234s, for a premium
of $1,092.50, equal to 101.15, a basis of about 2.36%.
Due serially from
1940 to 1955 incl.
Interest M. & N. Legal opinion of Chapman & Cutler
bonds
awarded
of
Ch^go
Second high bid of 101.134
C. F. Childs & Co.
for 234s was made by jointly
Adams & Co. and
TOWNSHIP SCHOOL DISTRICT (P. O.
BONDS SOLD—An issue of $50,000 school construction
sold, according to the Clerk of the Board of Education.
MARISSA
Marissa), III.—
bonds has been
OFFERING—H. C. Schubkegel, City Clerk,
22. for the purchase of $28^000
1, 1938. Denom. $500. Due
D& 1 as follows $1,500, 1941 to 1950, incl.; $2,000 from 1951 to 1956,
incl. and $1,000 in 1957.
Bond? Nos. 25 to 56, incl. are redeemable at
city's option in numerical order at par and accrued interest at any interest
paying period after Sept. 1, 1948.
A certified check for 10% of the amount
bid must accompany each proposal.
This issue was approved by a vote of
MASCOUTH,
111.—BOND
bids until 2 p.m. on Sept.
building bonds.
Dated Sept.
will receive sealed
4%
city hall
393 to 44 at the Aug.
23 election.
Volume
MONMOUTH,
construction
Financial
147
111.—
BONDS DETOV
nA
lssuelof $50,000 hospital
bonds carried at
a
MORRISON, 111.—BOND SALE DETAILS—The $60,000 3% sewage
treatment plant bonds purchased by the White-Phillips Corp., Davenport—
V. 147, p. 1523—were sold at a price of 96.10, a basis of about 3.39%.
Due Oct. 15 as follows:
$1,000, 1939 to 1941 incl.; $2,000, 1942 to 1953
incl.; 13,000 from 1954 to 1960 incl. and $4,000from 1961 to 1963 incl.
(P. O. Nelson), III.—BONDS VOTED—At an
election on Aug. 29 the voters approved an issue of $30,000 road improve¬
ment bonds.
They will be issued in connection with Public Works^Adgrant.
on
all of the
'8 taxable property.
Legal opinion of Matson, Ross, McCord
Clifford, of Indianapolis, will be furnished the successful bidder.
No
&
conditional bids will be considered.
MADISON
COUNTY
(P.
O.
-
Anderson),
Ind.—BOND SALE—'The
$100,000 advancement fund (poor relief) bonds offered Sept. 12—V. 147,
p. 1371—were awarded to Halsey, Stuart & Co., Inc., Chicago, as 1 Ms, at a
Price of ioo.388, a basis of about 1.36%.
Dated Sept. 1, 1938 and due
$10,000 on June 1 and Dec. 1 from 1939 to 1943 incl.
Other bids:
^.Sidfar—
,
_
,
Fletcher Trust Co. and
NELSON TOWNSHIP
ministration
1807
will be payable out of unlimited ad valorem taxes to be levied
recent election.
MONMOUTH SCHOOL DISTRICT, III.—BONDS VOTED—An Issue
of $130,363 high school building addition bonds canried by a vote of 1,062
to 261 at the Aug. 30 election.
They have already been sold as 2Ms, to
mature in 1958.
f
Chronicle
Int. Rate
Indianapolis Bond & Share
^orp-' W ----Anderson
(P.
O.
Indianapolis),
$300
2%
Banking Co..
COUNTY
Premium
2%
a
Par
Ind.—PLANS BOND
ELECTION—An issue of $60,000
sewage
subject of a vote at an election on Oct. 15.
PAWNEE TOWNSHIP (P. O. Pawnee), 111.—BONDS DEFEATED—
r
ISSUE—The county has announced its determination to issue
$738,000
bonds and advance the proceeds to its
townships for poor relief purposes.
They will mature in 20 substantially equal semi-annual instalments, be-
gi^ning on June 1, 1940. County reports an assessed valuation of $606,388,480 and current volume of bonded debt, not including proposed loan,
OGLESBY,
.
111.—BOND
treatment bonds will be the
The proposal to issue $22,000 community
the voters
building bonds
was
defeated by
Aug. 27.
on
PEKIN,
III.—BOND SALE—The $47,500 special assessment^ bonds
Sept, 8 were awarded at par to the American National Bank, of
Pekin, the only bidder.
ottered
111.—BOND SELECTION—At the November general
election the voters will be asked to authorize an issue of $10,00b fire^equipment bonds, to mature $2,000 annually,
PRINCETON,
ROCKFORD SCHOOL DISTRICT NO. 205, III.—BONDS VOTED
—An issue of $1,800,000 not to exceed 3% Interest construction bonds,was
approved by
a
in amount of
favorable vote of two to one at the Sept. 8 election..i
ROCKY RUN TOWNSHIP (P. O. West Point), 111.—BONDS VOTED
a recent election the voters authorized an issue^of $26,000 road im¬
provement bonds.4i
•
1371—were awarded to Raffensperger, Hughes & Co.,
Inc.,
2Ms, at par
.
WATERMAN,
111.—BONDS AUTHORIZED—Authority for the
issi?
ance of $16,000 3M% sewer system bonds is contained in an ordinance
recently passed by (Council.
Dated Oct. 1, 1938. Denom. $1,000./ Due
Dec. 1 as follows: $1,000 from 1940 to 1953 incl. and $2,000 in 1954.^Prin¬
cipal and interest payable at the First National
Bank of Chicago.g
SCHOOL DISTRICT,
111.—BONDS VOTED—An
issue of $47,000 building bonds carried at the election on Sept. 3. A grant
will be obtained from the Public Works Administration.
SALEM
WEST
HALL, 111.—BOND SALE—Lewis, Pickett & Co., Inc. of
Chicago purchased $19,000 4M% water revenue and $30,000 4% general
obligation sewer bonds,
WHITE
WOODSTOCK
COMMUNITY
HIGH
SCHOOL
DISTRICT,
III.—
BOND ELECTION—An issue of $100,000 school building bonds will be
considered by the voters on Sept. 20.
Public Works Administration will
be asked to furnish a grant in event voters approve the project.
INDIANA
CRAWFORDSVILLE,
Ind.—BOND
OFFERING—Clark
D.
Jones,
City Clark-Treasurer, will receive sealed bids until 2 p. m. (Central Standard
Time) on Sept. 26, for the purchase of $100,000 not to exceed 4% interest
sewage
treatment works construction bonds.
Dated Aug. 15, 1938.
Denom. $1,000.
Due $4,000 Jan. 1 and July 1 from 1940 to 1951, incl. and
$4,000 Jan. 1, 1952.
Bidder to name a single rate of interest, expressed in
a multiple of M
of 1%.
Interest J. & J.
A certified check for $3,000,
payable to the order of the city, must accompany each proposal. The bonds
direct obligations of the city, payable out of unlimited ad valorem taxes
to be levied on all of its taxable property.
Legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished the successful bidder.
No conditional bids will be considered.
are
EAST
CHICAGO,
Ind.—BOND
SALE—The
$39,000
series
equal to 100.79, a basis of about 2.88%.
due $3,000 on Jan. 1 from 1940 to 1952 incl.
to 1951 incl.; $2,000, Jan. 1 and $2,500
Second high bid of 101.299 for 2Ms
V>*952.
apolis Bond & Share Corp., Indianapolis.
was
made by the
Indian,
r,,lPE3ES,£!i£?L C1TY (p- °- P«ru), Ind .—BOND SALE DETAILS—
The $122,428 3% school construction bonds sold to John Nuveen & Co. of
Chicago—V, 147, p. 1524—were purchased by the bankers at a price of
105.608, a basis of about 2.22%.
SILVER
were
CREEK
TOWNSHIP (P. O. Sellersburg), Ind.—BOND
$55,000 school bonds offered Sept. 12—V. 147, p. 1524—
awarded
as
follows:
$15,000 school township bonds were awarded to the City Securities Corp.,
Indianapolis.
Due as follows: $500 July 1, 1939; $500 Jan. 1 and
1 from 1940 t0 1952 incL; $500 Jan. 1 and $1,000 July 1, 1953.
40,000 civil township bonds were awarded to the Fletcher Trust Co. of
Indianapolis.
Due as follows: $1,000 July 1, 1939; $1,000 Jan. 1
and July 1 from 1940 to 1958 incl. and $1,000 Jan. 1959.
Each issue is dated Aug. 15, 1938.
■.
,
VANDERBURGH COUNTY (P. O. Evansville). Ind.—BOND SALE
DETAILS—The $220,000 1M % poor relief bonds sold to the Harris Trust
& Savings Bank of Chicago, at 100.28, a basis of about
1.70%—V. 147,
p. 1665—will be Issued in coupon form and approved as to legality by
Matson, Ross, McCord & Clifford and Davis, Pantzer, Baltzell & Sparks,
both of Indianapolis.
VERMILLION COUNTY (P. O. Newport), Ind.—BOND OFFERING
CANCELED—C.
B. Cooper, County Auditor, reports that the offering
announced for Sept. 16 of $105,000 not to exceed 6% interest advancement
fund (poor relief) bpnds—V. 147, p. 1665—was canceled, and the matter
dropped for the present year. This action resulted from refusal of attorneys
to approve the loan as "withdrawals from remonstrance" were not filed
in the required time.
WEST LAFAYETTE, Ind.—BOND SALE— The $50,000 school aid
bonds offered Sept. 10—V. 147, p. 1524—were awarded to the City Securities
Corp., Indianapolis, as 2s, at par plus a premium of $72, equal to 100.14,
a basis of about 1.98%.
Dated Sept. 1, 1938 and due $2,000 Jan. 15 and
$3,000 July 15 from 1940 to 1949 incl.
WEST-LAFAYETTE SCHOOL CITY (P. O. West Lafayette), Ind.—
BOND SALE—The $57,300 school building bonds offered Sept. 9—V. 147.
p. 1524—were awarded to the Fletcher Trust Co. of Indianapolis as 2s,
at par
plus a premium of $151, equal to 100.26, a basis of about 1.89%.
Sept. 1, 1938 and due as follows: $9,000, July 15. 1944; $8,000,
15,1945; $8,000 Jan. 15 and $10,000 July 15,1946;
$9,000 Jan. 15 and $3,300 July 15, 1947.
Dated
Jan. 15 and $10,000 July
IOWA
A
construction bonds of 1938 offered Aug. 29—V. 147, p. 1370—were awarded
to McNurlen & Huncilman of Indianapolis, as 3s, at par plus a premium
of $310,
Indianapolis,
plus a premium of $418.68, equal to 100.76, a basis of about
Sept. 1, 1938 and due as follows: $2,000 July 1, 1939;
Dated
$2,000 Jan. 1 and July 1 from 1940
SALE—The
111.—BOND ELECTION—The voters will be asked on
Oct. 17 to authorize an issue of $152,000 bonds to supplement a $123,000
Public Works Administration grant for a, sewage disposal plant and in¬
tercepting sewers.
iSf3
A "-*m
STERLING,
(P. O. Beech Grove), Ind.—BOND
12—V. 147, p.
§ALE—The $54,000 school building bonds offered Sept.
as
—At
7
$7,969,330.
r PERRY SCHOOL TOWNSHIP
Dated Aug. 16, 1938 and
BLACK HAWK COUNTY (P. O.
Waterloo), Iowa —LIST OF BIDS—
The following is an official list of the other bids received for the $100,000
2M% coupon funding bonds that were awarded
detail in our issue of Sept. 10—V. 147, p. 1665:
on
Names of Other Bidders—
FRANKLIN SCHOOL TOWNSHIP (P. O. Stilesville), Ind.—BOND
OFFERING—Andy Dunivan, Trustee, will receive sealed bids until 10:30
a. m. on Sept. 30, for the purchase of $24,000 not to exceed 4M% interest
school building bonds.
Dated Oct. 1, 1938. Denom. $500. Due $2,000
Jan. 1 and $1,000 July 1, 1941: $1,000 Jan. 1 and July 1 from 1942 to 1950,
incl. and $1,000 Jan. 1, 1951.
Bidder to name a single rate of interest,
expressed in a multiple of H of 1%. Interest J. & J. The bonds are direct
obligations of the township, payable out of unlimited ad valorem taxes to
be levied on all of its taxable property.
Legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished the successful bidder.
No conditional bids will be considered.
r
Shaw, McDermott & Sparks, Des Moines
Carlton D. Beh & Co., Des Moines
GREEN SCHOOL TOWNSHIP (P. O. R. R. 1, Martinsville), Ind.
SALE—The $12,100 school building bonds offered Sept. 10—
147, p. 1370—were awarded to the National Bank of Martinsville, as
2Ms, at a price of 100.08, a basis of about 2.74%.
Dated Aug. 1, 1938
and due as follows: $500 July 1, 1939; $500 Jan. 1 and July 1 from 1940
to 1950 incl. and $600 Jan. 1, 1951.
Second high bid of 100.34 for 3 Ms
was made by McNurlen & Huncilman of Indianapolis.
.
reported in
as
...
Premium
2M %
2M%
$375.00
550.00
Jackley & Co. and Central National Bank & Trust
Co., Des Moines,
2M%
Iowa Des Moines Nat. Bank & Trust Co., Des
Moines, and White Phillips Co., Davenport
2H%
Leo Mak Corp.,
Waterloo
Polk, Peterson Corp.,
Waterloo
575.00
600.00
825.00
850.00
2M%
2M%
BLENCOE CONSOLIDATED SCHOOL DISTRICT (P. O.
Blencoe),
Iowa—BOND SALE—The $12,000 issue of building bonds offered for sale
12—V. 147, p. 1665—was awarded to the White-Phillips Corp.
of Davenport, according to the District Secretary.
Dated Oct. 1, 1938.
Due $4,000 from 1947 to 1949 incl.
Sept.
on
—BOND
Sept. 6,
Int. Rate
V.
GRIFFITH SCHOOL TOWN, Ind.—BOND SALE—The $37,000 4%
bonds offered Sept. 12—v. 147, p. 1665—were awarded to A. 8.
school
Huyck & Co. of Chicago, and Charles A. Hinsch & Co., Cincinnati, jointly,
plus a premium of $270, equal to 100.45, a basis of about 3.93%.
Successful bidder will pay the cost of printing the bonds.
Dated Aug. 20,
1938, and 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.
Second high bid of 100.45 was made by the City Securities Corp.,
Indianapolis.
CERRO GORDO COUNTY (P. O. Mason City), Iowa—BONDS DE¬
FEATED—At an election held on Sept. 6 the voters defeated the proposal
calling for the issuance of $262,000 in court house bonds.
DELMAR, Iowa—BOND OFFERING—Bids will be received until 7 p. m
Sept. 20 by John A. Fitzpatrick, Town Clerk, for the purchase of a
$3,500 issue of 3% semi-annual water works bonds.
Due from 1943 to
1949; optional in 1945.
on
at par
INDIANAPOLIS, Ind.—BOND SALE—Tne Fletcher Trust Co. and
Corp., both of Indianapolis, jointly purchased an issue
of $85,000 improvement bonds as 2at a price of 100.048.
Due serially
from 1940 to 1959 incl.
the City Securities
DUBUQUE,
Iowa —ADDITIONAL
INFORMATION—In connection
with the $35,000 3M% semi-annual funding bonds offered by the Harris
Trust & Savings Bank of Chicago for public subscription, as noted here
Sept. 10—V. 147. p. 1665—it is stated by the City Treasurer that the
bonds were issued originally in the amount of $55,000 and were purchased
on
at the time
by the White-Phillips Corp. of Davenport.
DUBUQUE INDEPENDENT SCHOOL DISTRICT (P. O. Dubuque),
ELECTION—A special election is reported to have been
called for Sept. 26 to vote on the proposed Issuance of $420,000 in school
Iowa—BOND
building bonds.
INDIANAPOLIS, Ind.—NOTE SALE—The $100,000 Sanitary District
Sept. 9—V. 147, p. 1370—were awarded as lMs, at par, to
the following group of Indianapolis institutions:
Fletcher Trust Co.;
Union Trust Co.; Indiana National Bank; Merchants National Bank;
American National Bank, Indiana Trust Co. and the Fidelity Trust Co.
This was the only bid received.
Notes are dated Sept. 10,1938, and mature
$50,000 each on Oct. 11, and Nov. 10, 1938.
$15,000 issue of 5% semi-annual water revenue bonds.
Bids may be for a
lower rate of interest than that stated above. The bonds will not be a general
LAFAYETTE, Ind.—BOND
OFFERING—Hazel M. Schilling, City
Comptroller, will receive sealed bids until 10 a. m. (Central Standard Time)
Sept. 24, for the purchase of $75,000 not to exceed 4% interest swimming
pool construction bonds.
Dated Sept. 1, 1938.
Due $4,000 on Jan. I
and July 1 from 1940 to 1948, incl. and $3,000 Jan. 1, 1949.
Bidder to
name a single rate of interest, expressed in a multiple of H of 1%.
Prin¬
cipal and interest (J. & J.) payable at the Lafayette National Bank,
Lafayette.
A certified check for $500, payable to the order of the city,
must accompany each proposal.
The bonds are direct obligations of the
city, payable out of unlimited ad valorem taxes to be levied on ail of its
Sept. 12—V. 147, p. 1665—was purchased by the Carleton D. Beh Co.
of Des Moines as 2Ms, paying a price of 100.72, it is reported,
notes offered
FAIRFIELD, Iowa—BOND OFFERING—Sealed bids will be received
4 by R. H. Spence, City Clerk, for the purchase of a
until 7:30 p. m. on Oct.
obligation of the city nor secured or payable in any manner by taxation,
but shall be payable solely from the future net revenues of the water works
and secured by a pledge of the proposed improvement and net earnings.
The bonds are subject to a prior issue of water revenue bonds dated Sept. 1,
1936, of which $7,500 are now outstanding.
on
taxable property.
Legal opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the
will be considered.
successful bidder.
LAPORTE SCHOOL CITY, Ind.—BOND
No conditional bids
Junction)*
IOWA COUNTY (P. O. Marengo),
Iowa—MATURITY—It Is stated
by the County Treasurer that the $62,000 refunding bonds purchased by the
White-Phillips Corp. of Davenport, and associates as
at a price of
100.10, as noted here—V. 147, p. 1665—are due on Sept. 1 as follows:
$10,000,1942 to 1945, and $11,000 in 1946 and 1947, giving a basis of about
1.73%,
OFFERING—A. T. Dester,
Board of School Trustees, will receive sealed bids until
10 a. m, (Central Standard Time) on Sept. 24 for the purchase of $50,000
not to exceed 4%
interest school improvement bonds of 1938.
Dated
July 1, 1938.
Denom. $1,000.
Due as follows: $7,000, Jan. 1 and $8,000
July 1, 1943; $5,000 Jan. 1 and July 1, 1944, $12,000 Jan. 1 and $13,000
July 1
1945.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of M of 1%.
Interest J. & J.
A certified check for $1,000, payable
to the order of the School City, must accompany each proposal.
The bonds
Secretary of the
GRAND JUNCTION SCHOOL DISTRICT (P. O. Grand
Iowa—BOND SALE—The $22,000 issue of school bonds offered for sale
on
LIBERTY TOWNSHIP
CONSOLIDATED SCHOOL DISTRICT
O. Little Cedar), Iowa—BOND SALE—The $7,000 issue of building
147, p. 1524—was
3%st paying a pre¬
mium of $85.00, equal to 101.21, according to the District Secretary.
(P
and equipment bonds offered for sale on Sept. 8—V.
awarded to the Carlton D. Beh Co. of Des Moines as
MAXWELL, Iowa—BONDS SOLD—It is stated by F. F. Foster, City
that *4,500 city hall bonds were sold on Sept. 12 to the Carleton D.
of Des Moines, as 3Ms, paying a price of 100.377, a basis of
Clerk
Beh Co.
Financial
1808
3.46%.
Due on Nov. 1 as follows:
1948, 1950, 1952, 1953 and 1955.
about
$500 in 1941; 1943, 1945, 1947,
MELBOURNE, Iowa—BOND OFFERING—Sealed bids will be received
by 11. M. Hessenius, Town Treasurer, for the pur¬
of water system bonds.
Chronicle
Road and
until 8 p. m. on Sept. 20
chase of a $21,000 issue
These bonds were
193 to 100.
approved by the voters at an election held on Sept. 1,
BURLINGTON
INDEPENDENT
SCHOOL
DISTRICT
(P. O. West Burlington), Iowa—BOND SALE—The $40,000 issue of
coupon building bonds offered for sale on Sept. 12—V. 147, p. 1665—was
awarded to W. D. Hanna & Co. of Burlington, as 2 Ah, paying a premium
of $477, equal to 101.192, according to the Secretary of the Board of Edu¬
WEST
cation.
WOODBURY COUNTY (P. O. Sioux City), Iowa—BOND OFFERING
received until 2 p. m. on Sept. 19, by Van W. Hammerstrom, County Treasurer, for the purchase of an issue of $150,000 fund¬
ing bonds.
After the receipt of sealed bids and the consideration of open
bids, the award will be made.
Dated Sept. 1, 1938.
Due as follows:
$60,000 on April 1 and Oct. 1, 1939, and $30,000 on Dec. 1,1939.
Interest
payable on the same dates.
Boh principal and interest will be payable at
the office of the County Treasurer.
Bidders should specify the rate of
interest, but no award will be made on any bid of leis than par and accrued
Interest.
All other things being equal, preference will be given to the bid
—Sealed bids will be
of par and accrued interest or
interest rate.
Tne County will
(as
of
Sept.
Del. Tax
Uncollected Dec. 31
193476
1934
1935
1936
1937
Taxes
Levied
118,962,621
$4,814,364.30
E
ch
Year
193,686.95
653,941.86
442,494.83
231,931.45
301,064.79
6%
145,553.34
(Aug.31, 1938)
2,485,002.78—51.
Collectible general revenues for 1937—.0395%
Indirect income, $150,000 per annum.
98% plus, un¬
,
of assessed value.
payable in two instalments—delinquent April
1 and Oct. 1.
Tax sale first Monday in December.
County operates on budget plan and has for 10 years or more prior to
enactment of State Law compelling budgeted operation.
Cash on hand Sept. 1, 1938—$1,021,498.98 less $20,135.80 in'banks in
receivership and operating under conservators all guaranteed by the State
Sinking Fund.
Levies for 1938 collectible in 1939 contemplate a balanced budget.
KANSAS
CHEROKEE COUNTY (P. O. Columbus). Kan.—BONDS OFFERED
TO PUBLIC—The Kanson-Davison Co. of Wichita, is offering for public
subscription two issues of 2 A% bonds aggregating $38,000, at prices to
yield from 0.50% to 2.15%, according to maturity.
The bonds are as
follows:
Due $1,000 from Aug. 1, 1939 to 1946
$8,000 public work relief bonds.
incl.
Due $3,000 from Aug. 1, 1939 to 1948 incl.
Denom. $1,000.
Dated Sept. 1, 1938.
Prin. and int. (F. & A.) payable
at the office of the State Treasurer.
Legal approval by Long, Depew,
Stanley, Weigand and Hook, of Wichita.
30,000 public assistance
-
60
prin
Bell
Interest..
Breathitt
Int.
Butler
.
and prin..
None
75
70
Carlisle
None
85
Carlisle j
Interest
Carroll
Principal
None
90
Carroll
Principal———
75
Clay
Inter est.
Clay
Principal
...
.
—
.
......
.
.
70
60
30
60
60
80
40
55
Estill
Int. and prin—
65
Estill
Interest..
Fulton
Int. and prin_—
None
;
None
75
Fulton
Int.
80
Knott
Interest
86
Lee
Int. and prin..
65
60
65
Letcher
Interest..
60
Magoffin
None..—_—_
55
Marshall
Principal
70
70
70
McLean
None————
70
Morgan
Perry
Int. and prin
Principal
Principal.
Int. and prin
Principal
Int. and prin
80
Morgan
Perry
Int.
Pulaski
I nterest
74
Pulaski
Int.
Rockcastle
None
Rockcastle
Knott
—
Lee
_
—
Letcher
Magoffin
Marshall
McLean
...
.....
.
and prin
.
30
40
and prin...
and prin
60
88
70
45
Rowan
None
90
Rowan
Int. and prin...
Interest.
Trigg
Whitley
Principal
Int. and prin
Int. and prin
94
75
75
Trigg
Whitley
Int. and prin...
Int. and prin...
40
None—.—
50
Wolfe
100
—_
.
Wolfe
40
50
LAWRENCEBURG. Ky.—BONDS SOLD—We are informed that $44,000 water revenue bonds were awarded recently to a group composed of the
Bankers Bond Co., Inc., Almstedt Bros., both of Louisville, and the Se¬
curity & Bond Co., of Lexington, at a rate of 3.08%.
These bonds mature
Other bids for the bonds were as follows:
Rale Bid
Blyth & Co.; Granberry & Co.; Dering & Co.; J. J. B. Hilliard
& Son
—-3.10
Stein Bros, & Boyce——
-3.15
W. L. Lyons & Co....
—3.26
::
..V.;—w
——• w——
— — — — —
—
—
3.28 and 3.33
J. D. Van Hooser & Co
—3.36
Hoi ton, Foster & Co—...
NICHOLASVILLE,
T,823,119.88
2,567,876.59
Dec. 31, 1937 collections for years 1929 to 1937 average
collected delinquent taxas being approximately 1.82%.
Taxes
Butler
Interest
Collected
$69,561.00— 1.489%
95,045.94— 1.899%
109,661.63— 2.163%
240,524.31— 5.110%
800,889.31—17. 92%
428.514.15—IP. 23%
218.216.16— 5.
4%
326,022.00— 7. 27%
279,442.09— 5. 97%
5,003,215.54
5,069,222.04
4.705.843.78
4.459.822.79
3.816,179.51
4,043,884.86
4,438,236.88
4,683,261.34
$40,938,932.78-
1938
\
$4,669,266.04
$147,282,992
149,653,376
150,329,676
146,991,772
144.322,532
119,538,369
118,562,181
118,443,562
118,512,119
None——
Ballard
Bidder—
876 square miles—561,000 acres.
Population, 101,669—1930
Assessed value—real estate, personal, public utilities, $118,962,621.
1 mill levy produces approximately, $118,962. in 1938.
$107,594—
Moneys and credits—$11,015,474—subject to 6 mill levy,
subject to 2 mill levy.
Area,
Value
Int.
1)
census.
1929
95
and
Counties
bid Price
Breathitt
Funding Bond July 1 '38
Default Status Bid Price
'38
July
None
in from one to 20 years.
Official Financial Statement
1931
1932
1933
Default
Status
Ballard
better which specifies the lowest coupon
furnish the approving opinion of Chapman
Cutler, Chicago, and all bids must be so conditioned.
A certified check
on a State or National
bank for 2% of the principal amount of bonds bid
for, must be furnished by bidders.
County will furnish and print bonds.
1930
Bond
Counlies
Bell
'
ALTO COUNTY (P. O. Emmetsburgj, Iowa—BOND SALE
POSTPONED—It is reported that the sale of the $15,000 funding bonds
which had been scheduled for Sept. 12—V. 147, p. 166,5—was postponed.
PALO
Assessed
Sept. 17, 1938
KENTUCKY, State of—COUNTIES IN DEFAULT—'The following
was prereport on counties within the State in default as of July 1, 1938
pared by the Bankers Bond Co., Inc., Louisville:
bonds.
Ky.—BOND SALE—The $39,000 issue of coupon
electric light revenue bonds offered for sale on Sept. 2—V. 14/, p. 1524—
was awarded
to a syndicate composed of Holton, Foster & Co., J. D.
Van Hooser & Co., both of Lexington, and Chas. A. Hinsch & Co. of Cin¬
cinnati, according to report.
Dated Oct. 1, 1938. Due from 1939 to 1948
inclusive.
'
.
ADDITIONAL SALE—It
chased at the same time a
UNIVERSITY
OF
is
said
that
the
above syndicate
also pur¬
block of $101,000 sewer revenue bonds.
KENTUCKY—BONDS
OFFERED
TO
PUBLIC—
Bond Co. of Louisville is offering for public subscription a
$316,000 issue of 3% semi-ann. building revenue bonds.
Dated Sept. 1,
1938.
Due $3,000 March and Sept. 1, 1940 and 1941, $4,000 March and
The Bankers
Sept.
1,
1942 to
March and Sept.
1949, $4,000 March and $5,000 Sept. 1, 1950, $5,000
1, 1951 to 1955, $6,000 March and $7,000 Sept. 1, 1956,
$7,000 March and Sept. 1, 1957 to 1961, $8,000 March and Sept. 1, 1962
to 1964, $8,000 March and $7,000 Sept. 1, 1965, $7,000 March and Sept. 1,
1966, $6,000 March and $5,000-Sept. 1, 1967 and $5,000 March and Sept. 1,
1968.
The bonds are issued pursuant to Chapter 72 of the Acts of the Gen¬
eral Assembly of the State, 1934, for the purpose of providing funds to
supplement a 45% grant by the Public Works Administration to pay for the
cost of constructing an addition to the Women's Dormitory known as Boyd
Hall for the completion of the Biological Science Building, a building to
house the Department of Home Economics of the College of Agriculture,
and a co-operative home for the women in the Department of Home Econo¬
mics in the College of Agriculture.
These bonds will be statutory mortgage
lien on the buildings.
The bonds will be payable solely out of the gross
revenue to be derived from the ownership and operation of the buildings.
The University convenants th t during the life of these bonds it will con¬
tinuously operate the said buildings and will fix, collect and account for
such rates and charges as will be sufficient in each fiscal year to pay interest
and principal on these bonds and provide for operation and maintenance.
No
part or the gross revenues from such buildings in any month shall be
used for any other purpose until there shall first have been paid into the
bond fund the installments required.
Prin. and int. payable at the Treas¬
ury of the University of Kentucky in Lexington, or at the Chemical Bank
& Trust Co., of New York.
The bonds are offered subject to the approving
opinion of Chapman & Cutler of Chicago, and Miller & Grafton of Louisville.
Louisiana
IOLA, Kan.—BONDS NOT SOLD—It is stated by f. E. Shanahan,
City Clerk, that $45,000 park improvement bonds were offered for sale on
Sept. 14, but all bids received were rejected.
He says that the city is purchasing the bonds as lMs, at par.
Municipal Bonds
Bought and Sold
WICHITA, Kan.—BONDS OFFERED TO PUBLIC—In connection with
$230,000 2A% semi-ann. Sanitary Sewer No. 20, series
National Bank of Chicago, at 102.65, a basis
and the $119,500 2% semi-ann. refunding, series No. 445
the Ranson-Davidson Co. or Wichita, at 102.24, a basis of about
the sale of the
Whitney National Bank
No. 444 bonds to the First
of about 1.95%,
bonds to
of New Orleans
1.57%, as noted in our issue of Sept. 10—V. 147, p. 1666—we are informed
that the latter issue was offered by the said company for public subscription
at
prices to yield from 0.30% to 1.80%, according to maturity.
as of Sept. 1, 1938
(65% of actual) real and personal
Intangible-.
Total bonded debt (including this issue)
Population (1930) —
$117,077,027.00
26,659,604.00
5,663,403.51
111,110
CADDO PARISH SCHOOL DISTRICT NO. 5 (P. O. Rodessa), La.—
BOND OFFERING—Sealed bids will be received until 1:30 p. m. on Oct. 12
by E. W. Jones, Superintendent, in the office of the Parish School Board,
Shreveport, for the purchase of an issue of $125,000 school improvement
The interest rate will be determined when bids are received.
De¬
bonds.
Tax Data
Levy
Year-
1932
1935-
LOUISIANA
Financial Statement
Assessed valuation
$1,274,432.08
1,161,486.40
1,185,933.91
1,173,561.42
1,242.598.31
1,280,710.07
1,191,542.93
——
—
——.
Total Collected
.—$1,301,379.45
1,204,680.32
1,217,789.80
1,220,141.87
1,129,191.22
96.41%
97.39%
97.18%
95.89%
88.16%
These bonds, issued to refund presently outstanding indebtedness here¬
tofore legally created by the City, are a direct obligation of the entire City
of Wichita, payable from ad valorem taxes levied without limit
gible taxable property within the City.
on
all tan¬
KENTUCKY
COVINGTON, Ky.—BOND SALE DETAILS— It is stated by the City
Solicitor that the $85,000 water works bonds purchased by Nelson, Brown¬
ing & Co. of Cincinnati as noted here on Sept. 3—V. 147, p. 1524—were
sold as 2%b at a price of 101.16 and mature on Oct. 1 as follows: $4,000
from 1942 to 1956 and $5,000 1957 to 1961, giving a basis of about 2.65%.
PADUCAH, Ky.—BONDS SOLD—A syndicate composed of Stein
Bros. & Boyce, ALnstedt Bros., the Bankers Bond Co., W. L. Lyons
Co., all of Louisville, and the Security Trust Co. of Lexington, is said to
have purchased the $200,000 issue of SA% semi-annual flood wall protec¬
tion bonds which was originally purchased on May 28 by a syndicate headed
by Nelson, Browning & Co. of Cincinnati, the sale being canceled later.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $5,000 in
1939, $3,000 in 1940, $1,000 in 1941, $15,000 in 1942, $10,000 in 1943
to 1945, $1,000 in 1946, $3,000 in 1947, $1,000 in 1948 to 1950, $15,000 in
1951 to 1953, $14,000 in 1954 and 1955, $1,000 in 1956, $25,000 in 1957
and $40,000 in 1958.
Prin. and int. payable at the City Treasurer's office.
These bonds, authorized at the general election in November, 1937, are,
in the opinion of counsel, direct general obligations of the city, payable
from ad valorem taxes levied against all the taxable property in the city
without limitation as to rate or amount.
They are being issued for the
purpose of purchasing the right of way for the construction of a flood wall
which is to be erected by the Federal Government at an estimated cost of
$5,000,000.
Legality approved by Chapman & Cutler of Chicago and
Woodward, Dawson & Hobson of L ouisville.
Dated Sept. 1, 1938.
Due on Sept. 1 as follows:
Prin. and
payable at the Chase National Bank in N. Y. City.
The expense of printing bonds and securing attorney's approval will be
borne by the said School Board.
Bonds will be approved by Chapman &
Cutler of Chicago.
A certified check for $1,000 must accompany the bid.
These bonds were approved by the voters at an election held on Aug. 9.
The district has an assessment of $6,000,000; population estimated at
5,000; five miles of Kansas City Southern RR.; includes the town of Rodessa and 15,000 acres of the surrounding territory, embracing all of that
portion of the Rodessa oil field located in Louisiana.
The district has never defaulted in any payment, no litigation or contest
has been raised on the issue, which is incontestable after 60 days under the
Louisiana law.
A tax has been levied to pay principal and interest when
due.
The bonds voted for will be used strictly for purchasing and improving
lands, erecting, equipping and maintaining school buildings in the district.
nomination
% Total Collected
97.93%
,
$1,000.
$36,000, 1939 and 1940; $37,000 in 1941, and $16,000 in 1942.
semi-annual interest
CONCORDIA PARISH SCHOOL DISTRICTS (P.
—BOND OFFERING—Sealed bids will be received until
O. Vidalia), La.
10 a. m. on Oct. 5,
by J. S. Burris, Secretary of the Parish School Board, for the purchase of
two issues of bonds aggregating $17,500, divided as follows:
$2,000 School District No. 1 bonds. Denom. $50. Due within seven years.
15,500 School District No. 4 bonds.
Denom. $250.
Due within 15 years.
Int. rate is not to exceed 5%, payable semi-annually.
DE SOTO PARISH, WARD 3 SCHOOL DISTRICT (P. O. Mansfield),
La.—BONDS OFFERED—It is reported that sealed bids were received
until 2 p. m. on
Sept. 16, by S. M. Shaw, Secretary of the Parish School
Board, for the purchase of a $10,000 issue of not to exceed
the voters on July 5.
6% semi-ann.
gymnasium bonds, approved by
La .—BOND OFFERING— Sealed
Oct. 13 by Marcus De Blanc, Secretary
of an issue of $180,000 public improve¬
exceed 6%, payable A. & O.
Dated
Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1, as follows: $15,000 in 1939
and 1940, $16,000 in 1941, $17,000 in 1942 and 1943, $18,000 in 1944,
$19,000 in 1945, $20,000 in 1946, $21,000 in 1947, and $22,000 in 1948.
The bonds are issued under the authority of Article XIV, Section 14 (e),
of the State Constitution for the year 1921, as amended, and Act 40 of the
State Legislature for the year 1922, and which bonds were specially au¬
thorized by resolution duly and legally adopted by the governing authority
IBERIA
PARISH
(P.
bids will be received until 9
O.
Iberia),
a. m. on
of the Police Jury, for the purchase
ment bonds.
Int. rate is not to
Volume
of the Parish
Financial
147
Sept. 8, 1938.
on
The approving opinion of B. A. Campbell,
Ju|y 1. 1938.
of New Orleans, and the transcript of record as passed upon will be furnished
the purchaser.
Enclose a certified check for $3,600, payable to the Parish
and
Treasurer.
amount
.
JEFFERSON
DAVIS PARISH
ROAD
DISTRICT NO.
5
JENNINGS,
La.—BOND OFFER ING—Sealed bids will be received
6 by R. Moses, City Clerk, for the purchase of two
aggregating $270,000, divided as follows:
*
until 2 p. m. on Oct.
$220,000 public improvement bonds.
Due from Nov. 1, 1941 to
50,000 street improvement bonds.
Due from. Nov. 1, 1941 to
Interest rate is not to exceed 6%, payable M. & N.
Denom.
1963.
1963.
$1,000.
The approving opinion of B. A. Campbell of New
Orleans will be furnished.
A certified check for $5,400, payable to the
city, must accompany the bid.
Dated Nov.
1, 1938.
LOUISIANA, State of—BOND OFFERING—It is reported by L. P.
Abernathy, Chairman of the State Highway Commission, that he will
11 a. m. (Central Standard Time) on Oct. 19 for
the purchase of two issues of not to exceed 4% semi-annual coupon or
registered bonds aggregating $5,000,000, divided as follows:
receive sealed bids until
$1,000,000 highway, State Highway Fund No. 2, series D, bonds.
Due
$50,000 from Oct. 1, 1942 to 1961, incl.
These bonds are to
be marked series D merely for the purposes of identification.
4,000,000 highway, series U, bonds.
Due on Oct. 1 as follows:
$77,000,
1942; $62,000, 1943; $52,000, 1944; $44,000, 1945; $35,000,
1946; $31,000, 1947; $20,000, 1948; $1,000, 1949; $170,000,
1950; $243,000, 1951; $240,000, 1952; $236,000, 1953; $235,000
1954; $233,000, 1955; $362,000, 1956; $517,000, 1957; $595,000,
1958; $630,000, 1959, and $217,000 in 1960.
Dated
Oct.
1,
1938.
$4,000 in
Treasurer
Due
as
follows: $2,000, 1939 to 1944; $3,000, 1945 to 1952,
1953.
Principal and interest payable at the office of the
Parish School Board.
A certified.check for. 1 % of the
of the
bid is required.
(P. O.
Jennings), La.—BOND OFFERING—Sealed bids will be received until
9 a. m. on Oct. 6 by John T. Hood Jr., Secretary of the Police Jury, for
the purchase of a $220,000 issue of road bonds.
Interest rate is not to
exceed 6%, payable M. & N.
Denom. $1,000.
Dated Nov. 1, 1938.
Due from Nov. 1, 1941 to 1963.
The approving opinion of B. A. Campbell
of New Orleans will be furnished.
A certified check for $4,400, payable
to the Parish Treasurer, must accompany the bid.
issues of bonds
1809
Chronicle
Denom. $1,000.
Principal and interest payable
fiscal agency in the City of New York or at
The bonds will be awarded to the bidder
in lawful money at the States'
the State Treasurer's office.
offering to pay not less than par and accrued interest, and to take the
bonds at the lowest interest cost to the State.
The amount of any premium
offered will be deducted from the total amount of interest to be paid by
the State at the rate or rates of interest specified in the bid, in deter¬
mining the best bid sub nitted.
No bid for less than the entire issue will
be considered, and no bidder will be allowed to designate more than three
coupon rates.
There is no controversy pending or threatening the title of
present officials to their respective offices or the validity of these bonds.
The opinion of Thomson, Wood & Hoffman of New York, approving the
validity of the bonds, will be furnished.
Referring to the issue of Series D bonds, the offering notice states:
The revenues dedicated under the provisions of Act 71 of the Regular
Session of 1936 to State Highway Fund No. 2, being a sum equal to 50% of
the licenses imposed and collected on farm trucks, and $7.50 per truck
on all other trucks, and a sum equal to 25c per horsepower on the rated
horsepower of all automobiles, shall be deducted and set aside out of the
funds collected undet the Constitution and Laws of the State from licenses
imposed and collected on motor vehicles in the Parishes of Orleans, Jefferson,
St. John The Baptist, St.' Charles, Tangipahoa and St. Tammany, and
Highway Fund No. 2, shall continue so long
as any of these bonds are outstanding and shall primarily be dedicted to
the retirement of the bonds and interest thereon subject always to the prior
charge on the tax of the bonds issued under the provisions of Act 18 of the
Extra Session of the Legislature of 1918, Act 179 of the Regular Session of
the Legislature of 1924, but if by reason of any emergency or exigency,
the funds specifically pledged for the retirement of the bonds should prove
insufficient, then the State Treasurer is directed and authorized by Act
71 of the Regular Session of the Legislature of 1936 to use such other reven¬
ues of the State Highway Commission as may be necessary to pay the bonds
and interest thereon.
In addition to the above, the full faith and credit of
the State are irrevocably pledged for the amount of the principal and in¬
terest on the bonds at maturity.
Enclose a certified check for $10,000,
payable to the State Highway Commission.
.
In connection with the Series U bonds, it is stated:
The tax now levied under the Constitution and Statutes of the State on
fuel, in the amount of 4c per gallon, shall continue so long as any of these
bonds are outstanding and shall primarily be dedicted to the retirement of
the bonds and interest thereon subject always to the prior charge on the
tax of the bonds issued under the provisions of Act 219 of the Regular
Session of the legislature of 1928, Act 3 of the Extra Session of the Legisla¬
ture of 1930, Act 2 of the Regular Session of the Legislature of 1934, and
of $5,500,000 Series "Q" bonds heretofore issued under Act 66 of the
Regular Session of the Legislature of 1936, but if by reason of any emergency
or exigency, the funds specifically pledged for the retirement of the bonds
should prove sufficient, then the State Treasurer is directed and authorized
by Act 66 of the Regular Session of the Legislature of 1936 to use such
other revenues of the State Highway Commission as may be necessary to
MAINE
SOUTH
DISTRICT (P. O. South Port¬
land), Me.—BOND OFFERING—Harry A. Brinkerhoff, District Treas¬
urer
,
PORTLAND
SEWERAGE
w.ll receive sealed bids until
noon
(Eastern Standard Time)
the above, the full
the amount of the
principal and interest on the bonds at maturity.
Enclose a
for $40,000, payable to the State Highway Commission.
certified check
(P. O. Tallulah), La.—BOND OFFERING—
It is stated by P. O. Benjamin, Secretary of the Police Jury, that he will
receive sealed bids until 1:30 p. m. on Oct. 10 for the purchase of a $60,000
issue of court house and jail bonds.
PARISH
MADISON
DISTRICT NO. 2 (P. O. Tallulah),
La.—BOND OFFERING— Sealed bids wdl be received until 10 a. m. on
Oct. 6, by James R. Linton, Secretary of the Parish School Bord, for the
purchase of a $50,000 issue of 4% semi-ann. school bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due Sept. 1, as follows: $5,000 in 1939 and 1940,
$6,000 in 1941 and 1942, and $7,000 in 1943 to 1946.
The approving
opinion of Chapman & Cutler, of Chicago, will be furnished.
Enclose
a
certified check for $500 payable to A. T. Palmer, President Parish
MADISON PARISH SCHOOL
Sept. 23
coupon sewerage district bonds.
Dated Oct. 1.
Due $5,000 on Oct. 1 from 1953 to 1957 incl.
Bidder to name the rate of interest, expressed in a multiple of J4 of 1%.
Principal and interest (A. & O.) payable at the National Bank of Commerce
of Portland.
rl'he district, a body pontic and corporate, was organized by
an Act of the State Legislature for the purpose of
providing sewerage and
drainage facilities within its limits. These bonds are exempt from taxation
Denom.
Maine
in
$1,000.
and from all
Federal income tax and will be issued under
the
supervision of and certified as to genuineness by National Bank of Com¬
merce of Portland,
Portland, and their legality approved by Carroll S.
Chaplin, Portland, whose opinion will be furnished the purchaser.
All
legal papers incident to this issue will be filed with said bank where they
may be inspected.
Bonds will be delivered to the purchaser on or about
Oct. 3, 1938, at National Bank of Commerce of Portland, Portland.
Financial Statement, Sept. 13, 1938
Assessed valuation City of South Portland for 1938_
Bonded indebtedness South Portland Sewerage District
including
-$12,957,005
(not
issue)
this
Bonded indebtedness City of South
No water bonds.
510,000
576,000
Portland
Population of South Portland Sewerage District,
14,000.
MARYLAND
ANNE ARUNDEL COUNTY (P. O. Annapolis), Md
OFFERIJ\G—The County Board of Education will receive sealed bids until Sept. 27
for the purchase of $198,000 school bonds dated Sept. 1, 1938, and due
serially from 1940 to 1955, incl.
Bidder to name the rate of interest, ex¬
pressed in multiples of \i of 1 %.
FREDERICK COUNTY (P. O.
Sealed
bids
Frederick), Md.—BOND OFFERING—
be received by the Clerk of the
will
Board of County Com¬
Sept. 28 for the purchase of $300,000 not to exceed
3% interest school bonds.
Dated July 1, 1937.
Denom. $1,000.
missioners until
noon on
MASSACHUSETTS
AMHERST,
Mass.—BOND
SALE—The $80,000 sewer construction
bonds offered Sept. 14—V. 147, p. 1666—were awarded to Newton, Abbe
& Co. of Boston, as l%s, at a price of 100.275, a basis of about 1.72%.
Dated Sept. 1, 1938 and due $4,000 on Sept. 1 from 1939 to 1958 incl.
Other bids:
*
Int. Rate
Bidder—
Goldman, Sachs & Co
;
^
Arthur Perry & Co_
F. S. Moseley & Co
Rate Bid
2%
2%
2H%
101.179
100.182
102.04
100.79
100.069
2M%
2M%
Tyler & Co
Estabrook & Co
dedicated and paid into State
pay the bonds and interest thereon.
In addition to
faith and credit of the State are irrevocably pledged for
on
purchase of $25,000
1938.
FRAMINGHAM, Mass.—NOTE SALE—The $100,000 notes offered
Sept. 16 were awarded to the Second National Bank of Boston, at 0.189%
Due $50,000 each on June 30, and July 31, 1939. Other bids:
discount.
Discount
Bidder—
Chace, Whiteside & Co
0.20%
Merchants National Bank of Boston
0.22%
0.368%
0.49%
Bancamerica-Blair Corp
Bank
Whiting, Weeks & Knowles
West Newton Savings
Leavitt & Co—
0.50%
0.51%
—
LEXINGTON, Mass.—LOAN AUTHORIZED—The State Emergency
Finance Board autnorized the town to borrow $80,000 in connection with
construction of a $154,000 sewer project.
Grant from the Public Works
Administration supply the rest of the required sum.
LEXINGTON, Mass.—NOTE SALE—The $13,000 unemployment relief
Sept. 13 were awarded to the Lexington Trust Co., as 0.50s,
100.12.
Dated Sept. 1, 1938 and due Sept. 1, 1939.
Other bids:
Bidder—
Int. Rate
Rate Bid
Second National Bank of Boston
1%
100.60
Merchants National Bank of Boston
1%
100.57
notes offered
at
MARSHFIELD, Mass.—NOTE SALE—The $100,000 coupon high school
notes offered Sept. 15—V. 147, p. 1666—were awarded to Tyler &
2s, at 100.79, a basis of about 1.92%.
Dated Sept. 15,
1938 and due $5,000 on Sept. 1 from 1939 to 1958 incl.
loan
Co. of Boston, as
(State of)—NOTE SALE—William E. Hurley,
award on Sept. 14 of $4,000,000 notes to the
0.14% interest, payable at maturity.
1938, and due Nov. 25, 1938.
The notes are general
State, issued under the provisions of Chapter 29, Section
Laws in anticipation of assessments for the Metropolitan
and int. payable in Boston or New York, at option of
MASSACHUSETTS
State Treasurer, reports the
Second National Bank of Boston, at
Dated Sept. 15,
obligations of the
47 of the General
Districts.
Prin.
Other bids:
purchaser.
Int. Rale
Bidder—
Prem.
0.148%
0.16%
Par
$60.00
Co., National Shawmut Bank,
Deposit & Trust Co., and Mer¬
chants National Bank.
;
National City Bank of New York.
Trust
Bankers
Safe
Boston
MICHIGAN MUNICIPALS
School Board.
NO. 1 (P. O. Marksville), La.—
BOND OFFERING DETAILS—In connection with the offering scheduled
for Oct. 4, of the $60,000 school bonds which were described in our issue of
Sept. 3—V. 147, p. 1525—we are advised that the legal approving opinion
of Chapman & Cutler of Chicago, will be furnished.
A certified check for
$3,000, payable to A. R. De Nux, President of the School Board, must
accompany the bid.
NEW BUNKIE SCHOOL DISTRICT
La.—BOND SALE CONTEMPLATED—Sale of an
issue of $1,5o0,000 of new sewerage, water and drainage serial bonds is
planned by the city. Preliminary details on the proposed issue have been
completed and an election formally authorizing the bonds has been set for
Nov. a. The bonds are to be dated Jan. 1, 1939, and mature serially over
a period not to exceed 12 years.
As no additional taxes are to be levied on account of the bonds, and
as no opposition to their issuance has developed, approval of the issue by
the voters is regarded practically certain, according to Jess S. Cave, Com¬
NEW
Cray, McFawn & Petter
GRAND RAPIDS
DETROIT
Telephone 9-8255
Telephone Cherry 6828
A.T.T. Tel. DET 540-541
A.T.T.
Tel.
Grps.
7
ORLEANS,
missioner of Public Finance.
"These bonds are short term
obligations, backed by the
MICHIGAN
ATLAS
TOWNSHIP
FRACTIONAL SCHOOL DISTRICT* NO. 4
(P. O. Goodrich), Mich.—BOND SALE—The $16,000 school bonds of¬
Sept. 14—V. 147, p. 1667—were awarded to Siier, Carpenter &
Roose of Toledo.
Dated Sept. 15, 1938 and due $3,200 on June 15 from
1939 to 1943 incl.
fered
faith a,nd credit
Bonds were sold as 3 %s.
Orleans and serviced by the Board of Liquidation of the
Debt," he added.
"They probably will l)e sold some time in the
latter part of November or December, and it is confidently expected that
they will be sold at a comparatively low rate of interest.'
—The
RICHLAND PARISH (P. O. Rayville), La.—BONDS DEFEATED—
The voters failed to give the required majority to the proposal calling for
the issuance of $185,000 court house bonds, at the election held on Sept. 6.
SCHOOL DISTRICT, Mich.—BONDS DEFEATED—
The proposed issue of $273,000 school building bonds was defeated at the
election on Sept. 9, having failed to receive the necessary two-thirds favor¬
La.—BOND OFFERING—Sealed bids will be
on Oct. 11 by James ri. Kilbourne, Town Clerk,
$25,000 issue of public improvement bonds.
Interest
6%, payable A. & O.
Denom. $500.
Dated Oct. 1,
1938.
Due from Oct. 1, 1940 to 1958.
The approving opinion of B. A.
Campbell of New Orleans will be furnished.
A $500 certified check, payable
to Mayor J. R. Matthews, must accompany the bid.
able vote.
of the city of New
BATTLE CREEK SCHOOL
City
ST.
FRANCISVILLE,
received until
11
a.
m.
for the purchase of a
rate is not to exceed
SUNSET
NO. 1, SECOND POLICE JURY
La .—BOND OFFERING—It is stated by W. B.
the Parish School Board, that he will receive
Oct. 20, for the purchase of a $40,000 issue of
6% semi-annual school bonds.
Denom. $1,000. Dated
SCHOOL
DISTRICT
WARD (P. O. Opelousas),
Prescott, Superintendent of
sealed bids until 10 a. m. on
not
to
exceed
DISTRICT, Mich.—BONDS' DEFEATED
construction bonds was rejected
proposed issue of $215,504 school
by the voters on
BAY
Aug. 29, the vote being 1,405 for to
1,867 against.
CITY
-
BROOKFIELD TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O.
Owendale), Mich.—BOND OFFERING—S. D. McGregor, District Sectrict Secretary, will receive sealed bids until 1 p. m. (Eastern Standard
Time) on Sept. 21 for the purchase of $12,000 not to exceed 4% interest
school bonds.
Dated Sept. 1, 1938.
Coupon bonds, in denoms. of $800
and registerable as to principal only.
Due $2,400 on June 1 from 1940 to
1944, incl.
Rate or rates of interest to be expressed in multiples of M of
1%.
Principal and Interest (J. & D.) payable at the
holder's option, at the National Bank of
office, or at
District Treasurer's
Detroit, in Detroit.
of the District
be conditioned
certified check for 2% of the bonds, payable to the order
Treasurer, must accompany each proposal.
Proposal will
A
Financial
1810
only in the opinion of Thomas R. McAllister, of Bad Axe, approving the
legality of the bonds.
Cost of opinion and printing of the bonds will be
.
{>ald for by the district. Bonds are payable from ad valorem taxes to be
evied
all of the district's taxable property within the limitation pre¬
on
scribed by the State Constitution.
An additional 7^-mlll.levy has. been
voted for a five-year period, 1939 to 1943, both incl.
CADILLAC
f
SCHOOL DISTRICT, Mich.—BONDS DEFEATED—
construction(.bondslwasfcdefeatedJby thejvotersiat^the
An issue of $137,600
election on Sept. 6.
EAST TAWAS, Mich.—BOND ISSUE APPROVED—'The State Public
Debt Commission issued a certificate of approval in connection with the
proposed issue of $33,000 general obligation water works system bonds, to
mature serially from 1939 to 1960 incl.
EATON
RAPIDS,
Mich.—BOiVDS DEFEATED—'The proposed issue
defeated by the voters on Aug. 29. favorable
against 366 in opposition. U
of $35,000 bridge bonds was
votes
numbering 92
as
GLADSTONE, Mich.—BOND SALE DETAILS—The $5,000 4% bath
Bank and the Gladstone Savings
101.—V.A147, p. 1667—mature on Aug.^1
house bonds sold to the First National
Bank, both of Gladstone, at
from 1940 to 1949 incl.
Chronicle
Sept.
$5,170, and $6,000 series D for $3,600.
V. 147, P. 1527.
1938
17
Notice of call for tenders appeared
in
ROYAL OAK TOWNSHIP SCHOOL DIST. NO. 8 (P. O. Hazel Park
Station), Mich.—TENDERS ACCEPTED—In response to the call for
tenders of refunding bonds, series A, dated April 1, 1936, a total of 37
bonds were purchased at a price of $25,613.40, according to Ralph Valom,
Secretary
of the Board of Education.
CERTIFICATES CALLED FOR PAYMENT—The following numbered
interest refunding certificates, dated April 1,1934, bearing 3% interest, due
Oct. 1, 1943, and optional, have been called for payment on Oct. 1, 1938,
at the Manufacturers National Bank of Detroit: Nos, 1, 16, 117, to 141
incl., 206, 208 to 211 incl.. 213. 214, 230, at $45.00 each; 299 to 328 incl.,
530 to 549 incl., 782, 834 to 837 incl.. 874 to 893 incl., 938 to 981 incl.,
1008, 1013 to 1020 incl.. at $47.50 each; 1165 to 1169 Incl., 1218, 1225 to
1228 incl., 1234 to 1246 incl., 1255 to 1257 incl., 1260 to 1265 Incl., at
$50.00 each; 1291 to 1296 incl., 1365 to 1373 Incl., 1392 to 1396 incl., at
$60.00 each.
The following account of the tenders of series A refunding bonds received
Sept. 10 and referred to above was compiled by Matthew Carey, refunding
agent, 2149 Union Guardian Bldg., Detroit:
Tenders Accepted
H. V. Sattley & Co
$5,000
®
68.41 A int.
$3,420.30
H. V. Sattley A Co
5,000
@
68.81 & int.
3,440.50
1,000
@
68.52 & int.
685.20
Rathbun & Co
10,000
@
69.00 A int.
6,900.00
Union Guardian Trust Co
H. V. Sattley A Co
5,000
<§ 69.41 & Int.
3,470.50
1,000
<| 69.67 & int.
696.70
Rathbun & Co
Detroit Trust Co—
10,000
@
70.00 A int.
7,000.00
.
HAVEN, Mich.—BOND SALE—Tne $55,000 hospital bond
12—V. 147, p. 1667—was awarded to the Grand Haven
State Bank, as 2s, for a premium of $72.50, equal to 100.13, a basis of about
1.98%.
Dated Sept. 15, 1938 and due Sept. 15, as follows: $3,000, 1941
and 1942; $4,000 in 1943, and 9,000 from 1944 to 1948 incl.
City reserved
the right to purchase $27,000 of the bonds on the same terms as named in
the successful bid.
GRAND
issue offered Sept.
GROSSE POINTE
PARK, Mich.—BOND SALE—The $737,000 general
obligation storm water sewer relief system bonds offered Sept. 12—V. 147,
g. 1667—were awardedCo., syndicate composed of Braun, Michigan Corp.,
to a Inc., both of Toledo; First Bosworth & Co.,
tranahan, Harris A
Watling, Lerchen A Hayes, McDonald, Moore & Hayes, Crouse & Co.,
Cray, McFawn & Petfcer, Shannon, Kenower A Co., all of Detroit; Ryan,
Sutherland & Co., Toledo, and Wright, Martin & Co. of Detroit.
The
successful bid was a price of par for the bonds to bear interest at ZH%
--
The bonds were re-offered by the syndicate to yield from 2%
to 3.60%.
according to interest rate and maturity.
Dated Sept. 1, 1938.
Invest¬
ment response to the offering resulted in the sale of about $500,000 bonds
up to close of business on the day of the award, according to maturity.
LINCOLN PARK. Mich .—TENDERS WANTED—John M. O'Connor,
City Clerk, will receive sealed tenders of 1935 certificates of indebtedness,
series A, B, C and D, dated May 1, 1937, until 7 p. m. (Eastern Standard
Time) on Sept. 26.
The amounts on hand in the various sinking funds as of Aug. 1, 1938,
Prescott, Coulter & Baxter,
Cont. 111. Bank & Trust Go
Freud, Markus A Stutz_.
1935 certificates of indebtedness, series A
...$5,283.75
1935 certificates of indebtedness, series B.
990.90
1935 certificates of Indebtedness, series C..
i*
2,231.69
1935 certificates of indebtedness, series D_
806.89
Tenders should fully describe the securities offered, including certificate
numbers, their par values, and the amount for which they will be sold to
the city.
The city reserves the right to purchase additional certificates sufficient
to exhaust the money available for that purpose on Sept. 26, 1938.
Offer¬
ings should be firm for five days.
....
FRACTIONAL
DETAILS—The
$44,000 2H% school bonds sold to Grouse & Co. of Detroit—V. 147,
p. 1667—were purchased by the bankers at a price of 100.62.
MARINE
AND
COTTRELLVILLE
TOWNSHIP
SCHOOL DISTRICT NO. 1, Mich.—BOND SALE
MICHIGAN (State ot)—TENDERS ASKED OF HIGHWAY REFUND¬
ING BONDS—Murray D. Van Wagoner, State Highway Commissioner,
will receive sealed tenders of assessment district highway refunding bonds
until 2 p. m. on Sept. 26, of the following described issues:
Road No.
Obligation of—
418
Monroe and Wayne counties, townships and districts.
449
Macomb and St. Olair counties, townships and district.
451
Macomb and St. Olair counties, townships and district.
462
Macomb and Oakland counties, townships and district.
463
Monroe and Wayne counties, townships and district.
467
Oakland and Wayne counties, townships and district.
471
Assessment district.
473
Sept. 30,1938, accrued interest being computed to and including that date.
michigan (State of)—BOND SALE—'The $58,000 Lenawee, Monroe
refunding road assessment district
147, p. 1526—were awarded to Mc¬
Donald, Moore A Hayes, of Detroit, at aprice of 100.105 for $9,000 3s,
due May 1, 1939, and $49,000 2 Ms, due $7T000 May 1 from 1940 to 1946
incl.
Net interest cost about 2.69%.
and
Washtenaw Counties highway
No. 484 bonds offered Sept. 12—V.
MUSKEGON SCHOOL DISTRICT, Mich.—BONDS DEFEATED—
An issue of $385,000 school construction bonds was turned down on
Sept. 9
of 330 for to 785 against.
Niles), Mich.—BOND OFFERING—J.
Wood,
Secretary
of the
Board
expressed in multip.es of M of 1%.. Principal and interest (J. & D. 15)
payable at the District Treasurer's office.
A certified check for 2% of the
bonds, payable to the order of the District Treasurer, must accompany
each proposal.
Purchaser to pay the cost of printing the bonds and legal
opinion.
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 two mill-levy has been voted for a
five-year period, 1938 to 1942, both inclusive.
OAKLAND COUNTY (P. O. Pontiac), Mich.—BONDS PURCHASED
—In response to the call for tenders until
a
Sept. 12—V. 147, p. 1526—the
total of $173,000 highway improvement
PONTIAC, Mich.—BONDS PURCHASED ON TENDER— Oscar EckFinance, reported the purchase by tender of $54,000 series
$50,000 series B bonds as of Sept. 7,
PORT HURON, Mich.—BONDS DEFEATED—At the Sept. 13 election
the voters defeated the proposed issue of $600,000 sewage
disposal plant
bonds by a count of 2,542 for to 3,109 against.
ROYAL OAK, Mich.—BONDS PURCHASED ON TENDER—'Tenders
of refunding bonds ware purchased on September as follows:
$26,000
eries A for $15,232.90; $48,000 series B at $28,223.60; $7,000 series C at
int.
$24,764.90
74.06
$50,378.30
Transfer of $14,039.11 from interest fund to sinking fund for series A
year
ending June 30,1938)
V
Funds will be available at the Detroit Trust Co. on Wednesday,
Sept. 14,
1938, and interest should be computed to that date.
SAULT STE.
MARIE, Mich.—BOND ISSUE APPROVED—'The State
Public Debt Commission has issued a certificate of approval covering the
$100,000 community building bonds authorized at the July 25 election.
They will mature serially from 1939 to 1948 incl.
SEBEWAING, Mich.—BOND ISSUE APPROVED—The State Public
a certificate of approval concerning the $55,000
bonds authorized at the July 19 election. Due serially from
Debt Commission has issued
1941 to 1968 incl.
approva1
SPARTA, Mich.—BOND ISSUE APPROVED—A. certificate of
covering the $10,000 improvement bonds authorized at an election on
July 5 has been issued by the State Public Debt Commission. Due serially
from
1939 to 1948 incl.
STURGIS, Mich.—BONDS DEFEATED—At the election
an
on
Aug. 29
issue of $69,300 municipal building bonds was defeated by the voters.
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Durand),
Mich .—TENDERS WANTED—Robert Kerr Jr., District Secretary, will
receive sealed tenders of 1937 refunding bonds of series C, dated Nov. 1,
1937, until 8 p. m. on Sept. 27.
Offering should be firm for five days and
should be plainly marked on outside sealed envelope.
Tenders should de¬
scribe securities offered giving series number and should state the sum for
which the bond with the Nov. 1,1938 and subsequent coupons attached will
be sold to the school district.
WHITE LAKE TOWNSHIP FRACTIONAL SCHOOL DISTRICT
NO. 1 AND 2, Oakland County, Mich.—BOND OFFERING—Carlos G.
Richardson, Secretatary of the School Board, will receive sealed bids until
1 p. m. (Eastern Standard Time) on Sept. 20, for the purchase of $5,000
not to exceed 4% interest school bonds.
Dated Sept. 15, 1938.
Denom.
$1,000.
Due $1,000 on Sept. 15 from 1940 to 1944. Incl.
Rate or rates of
interest to be expressed in a multiple of J4 of 1%.
Principal and interest
(M. A S. 15) payable at the Clarkston State Bank, Clarkston.
A certified
check for 2% of the bonds, payable to the order of the District Treasurer,
Must accompany each proposal.
Village Recorder.
Due $500 from 1940 to 1951 incl.
The only other bid received was submitted by the Geneva State Bank
of Geneva.
COSMOS,
Minn.—CERTIFICATE SALE—The
$6,000 issue
of
cer¬
tificates of indebtedness ottered tor sale
on Sept. 1—V. 147, p. 1527—was
purchased by M. H. Bishop A Oo. of Minneapolis, as 4s at par, according
to the Village Clerk.
Due from July 1, 1940 to 1959.
FRAZEE, Minn.—BOND OFFERING-—Sealed bids will be received until
Sept. 19, by J. M. Baldwin, Village Clerk, for the purchase of a
$50,000 issue of 4% semi-annual refunding bonds.
Dated Oct. 1, 1938.
Due on Oct. 1 as follows: $3,000, 1939 to 1948, and $5,000, 1949 to 1952:
bonds maturing in 1949 and thereafter to be subject to redemption on and
after Oct. 1, 1948, on any interest date.
noon on
GLENWOOD, Minn.—BOND OFFERING—It is reported that sealed
bids will be received until 8 p. m. on Oct. 4, by J. H. Thoreson, City Clerk,
for the purchase of a $45,000 issue of not to exceed 3 H % semi-ann. hospital
bonds.
KENSINGTON, Minn.—BOND OFFERING—Sealed bids will be
re¬
ceived until 8 p. m. on
purchase of
a
Sept. 23, by A. I. Osterberg, Village Clerk, for the
$12,000 issue of water works bonds.
Bidders to name the
rate of interest.
Walter
of Education, will receive sealed bids until 4 p. m. (Eastern Standard
Time) on Sept. 21 for the purchase of $65,000 not to exceed 3% interest
coupon school bonds.
Dated Sept.
15, 1938.
Denom. $1,000.
Due
June 15 as follows: $13,000 from 1939 to 1943, incl.
Rate or rates of int.
A and
int.
int.
79.88
bonds (recommended by Auditor in his report for
provided the additional funds which were used.
„niles city and township school district no. 1 (P. o.
county purchased for retirement
Covert refunding bonds.
$704.90
710.00
3,750.00
8,000.00
8,000.00
3,600.00
int.
water works bonds offered for sale on Sept. 12—V. 147, p. 1527—was
awarded to the State Bank of Clerks Grove, as 2%s, at par, according to the
Assessment district.
Assessment district.
Macomb County.
stipulate the price at which the owner will sell the bonds to the sinking fund,
a vote
@
@
@
int.
int.
MINNESOTA
with Nov. 1,1938, and subsequent coupons attached.
All bonds purchased
shall be delivered to the paying agent designated in the bond on or before
by
$25,613.40
A
A
A
A
A
A
CLARKS GROVE, Minn.—BOND SALE—The $6,000 issue of registered
Townships.
Macomb County.
481
491
Monroe, Washtenaw and Wayne counties, townships and district.
492
Townships.
492
Assessment district.
No tenders above
par and accrued interest will be considered and each
offer must fully describe the particular securities included in the tender and
..
@
70.49
71.00
75.00
80.00
80.00
90.00
—$68,000
Total tenders-
Assessment district.
Assessment district.
481
@
@
$31,000
Wayne County serials, dated May 1,1933.
473
473A
474
475
475
$1,000
1,000
5,000
10,000
10,000
4,000
water system
follows:
are as
Co——
Detroit Trust Co
and 3J4%, the net interest cost to the village being about 3.68%.
The
tot$l consists of $286,0003&S, due $26,000 on Sept. 1 from 1941 to 1951 incl.;
f182,000 3Hs, due on Sept.on Sept. 1 and $27,000 from 1960 and1968 incl.
_%b, due $26,000 $26,000 1, 1959, from 1952 to 1958incl., to $269,000
69.22
$37,000
Other Tenders
Rathbun & Co
A. H. Vogel &
Due from 1941 to 1957.
NORMAN COUNTY COMMON SCHOOL DISTRICT NO. 81 (P. O.
Shelly), Minn.—BOND SALE POSTPONED—It is stated by the District
Clerk that the sale of the $7,000 school bonds, originally set for Sept.
V.
147, p. 1527—has been postponed indefinitely.
10—
Dated Jan. 3, 1939.
Due $500 from Jan. 3, 1940 to 1953, incl.
NORTHFIELD, Minn.—BONDS DEFEATED—At an election held on
a proposal calling for the issuance of $195,800
Sept. 7 the voters defeated
in light plant bonds.
.
OTTER TAIL COUNTY INDEPENDENT
SCHOOL DISTRICT
NO. 21 (P. O. Fergus Falls), Minn.—BOND OFFERING—Sealed bids
will be received until 8 p. m. on Sept. 27, (Cental Standard Time), by
Myrtle R. Barnes, District Clerk, for the purchase of a $43,500 issue of
building bonds.
Interest rate is not to exceed 2H%. payable A. A O.
Dated Oct. 1, 1938.
Denom. $1,000 one for $500.
Due Oct. 1, as follows:
$3,500 in 1939 and $5,000 in 1940 to 1947.
Princ. and int. payable at
any bank in Fergus Falls to be designated by the purchaser.
The approving
opinion of Junell, Fletcher, Dorsey, Barker A Colman, of Minneapolis,
will be furnished.
Enclose a certified check for $1,000 payable to the
District.
PARK
RAPIDS
INDEPENDENT
SCHOOL DISTRICT NO.
1
(P. O. Park Rapids), Minn.—BOND OFFERING—Sealed and oral bids
will be received until Sept. 23, at 8 p. m., by J. A. Gutzler, District Clerk,
for the purchase of a $75,000 issue of building bonds.
Interest rate is not
to
exceed 4%. payable A. A O.
Dated Oct. 1, 1938.
Denom, $1,000.
Due Oct. V, as follows:
$3,000 in 1940 to 1942, $5,000 in 1943. $3,000 in
1944 to 1946, $4,000 in 1947, $6,000 in 1948 to 1950. $7,000 in 1951 to 1953,
$6,000 in 1954, and $3,000 in 1955. .Payable at any suitable bank or trust
company designated by the purchaser.
The purchaser to furnish bonds and
legal opinion at his cost.
Enclose a certified check for $1,500, payable to
the District.
y
Volume
Chronicle
Financial
147
GREAT FALLS, Mont.—PARTIAL BOND SALE— The three issues of
1374—
& Sav¬
/»REP^X°PD COUNTY independent school district NO. 1,
(P.
1811
O.
Redwood Falls), Minn.^-BOND SALE—'The $125,000 issue of
refunding bonds offered for sale on Sept. 12—V. 147, p. 1373—
awarded to a syndicate composed of the First National Bank of St.
Paul, the First National Bank or Minneapolis, the Allison-Williams Co.,
bonds aggregating $574,850, offered for sale on Sept. 12—V. 147, p.
awarded in part to a syndicate composed of the Harris Trust
coupon
were
was
ings
Bank of Chicago, the Northwestern National Bank & Trust Co.,
Bigelow, Webb & Co., both of Minneapolis, and Ferris & Hardgrove of
Spokane.
This group purchased a total of $198,100 bonds, divided as
the
Wells-Dickey Co., both of Minneapolis, and Mairs-Shaughnessy & Co.
St. Paul, as 2 Ms. at par.,
Dated Oct. 15, 1938.
Due from Jan. 1, 1940
1952; optional after Jan. 1, 1949.
of
to
THIEF
RIVER
FALLS.
coupon sewage treatment
follows:
$175,000 administration building and airport bonds as 3s, paying a premium of $1,750.00, equal to 101.00.
23,100 community hall and library bonds, as 3s, paying a premium of
$231.00, equal to 101.00.
Minn.—BOND SALE—The $80,000 issue of
on Sept. 13—V. 147,
plant bonds offered for sale
1373—was awarded to the First National Bank & Trust Co. of Minne¬
p.
All bids received for the $376,750 civic center bonds were
it is stated that they will be sold privately.
apolis, and associates, as 3s, paying a premium of $376.00- equal to 100.47,
a basis of about
2.95%.
Dated Oct. 1, 1938.
Due $5,000 from Oct. 1,
1941 to £956.
In
IHAVEN,
Miss.—BOND OFFERING—Sealed bids win be re¬
ceived until 7:30 p. m. on Sept. 20 by Eben M. Bee, City Clerk, for the
purchase of a $25,000 issue of 4% land, buildings and public park bonds.
Dated Aug. 15, 1938.
Due $1,000 from Aug. 15, 1939 to 1963, incl.
Outstanding bonds of this issue shall be callable as a whole on any interest
payment date at par and accrued interest.
Principal and interest (P. & A.
15) payable at the Chase National Bank in New York City.
The approv¬
ing opinion of Charles & Trauernicht of St. Louis, Mo., will be furnished to
the purchaser.
A certified check for $500 must accompany each bid.
Tne proceeds of said bonds are to be used in payment of the purchase
price or certain Whitworth College property having a conservative estimated
valuationin excess of $100,000, located in the heart of the city, purchased by
this city from the Mississippi Methodist Education Commission, which Com¬
mission has agreed to accept these bonds at par and accrued interest in the
event they are not sold on at least an equivalent basis to outside bidders.
On account of the nature of the purpose for which said bonds are issued, no
propositions will be considered for the issuance of non-callable bonds.
Said bonds were validated by a decree of the Chancery Court of Lincoln
County, Mississippi, rendered Sept. 3, 1938, and in the opinion of counsel
will constitute general full faith and credit obligations of the City of Brookhaven.
Net debt giving effect to this issue
above
statement
does
not
COUNTY HIGH
SCHOOL DISTRICT (P. O. Fairview), Mont.—BOND OFFERING—It is reported that sealed bids will be
Clerk, for the purchase of
a $27,500 issue of
gymnasium and auditorium bonds.
A certified check for
RICHLAND
received until 2 p. m. on Sept. 24, by the District
$1,375 must accompany the bid.
WHEATLAND COUNTY SCHOOL DISTRICT NO. 9 (P. O. Shawmut), Mont.—BOND SALE—The $2,500 school bonds offered for sale on
Sept. 3—V. 147, p. 1374—were purchased by the Commissioner of State
Lands and Investments as 4s at par, according to the
District Clerk.
Denom. $250. Dueonthe amortization plan up to Nov. 1, 1948; optional
prior to maturity.
Interest payable M. & N.
426,850
18,978
NEBRASKA
$432,872
include
the
nor
10 years.
in
DODGE, Neb.—BONDS SOLD—It is stated by A. J. Clement, Village
Clerk, that $20,000 municipal auditorium bonds have been purchased by
Wachob, Bender & Co. of Omaha, as 3 Ms.
Due $2,000 from 1945 to 1954
Estimated population, 6,000.
The
city's part of Brookhaven
debt of other political sub¬
inclusive.
divisions having power to levy taxes within the city.
GOSPER COUNTY (P. O. El wood),
The City of Brookhaven has
paid $24,650 bonds in cash during the current
fiscal year without refunding, operates on a current cash basis and has no
floating debt or tax anticipation obligations outstanding.
HERNANDO CONSOLIDATED SCHOOL DISTRICT
(P. O. Her¬
nando), Miss.—BONDS DEFEATED—It is stated by the Superintendent
on Aug. 30 the voters defeated the issuance of
$25,000 improvement bonds.|
p.
HOLDREGE, Neb.—BOND OFFERING—It is stated by I.
LAUDERDALE COUNTY (P. O. Meridian), Miss.—BOND OFFERING
reported that sealed bids will be received until Oct. 23, by Howard
Cameron, Clerk of the Board of Supervisors, for the purchase of an issue of
$140,000 court house and jail bonds.
—It is
8<lt0rfl3it6
|
NATCHEZ, Miss .—BRIDGE PLANS MAY BE DROPPED—Board
Aldermen mayabandon plan to construct a Mississippi River bridge,
of
for
approved grant of $1,853,000.
Board
has rejected offer of B. J. Van Ingen & Co. to purchase bonds of $2,100,000
and also defeated a resolution proposing a special election to determine
whether general property taxes may be imposed to meet bond principal and
Aug. 24, as noted here on
SCOTTSBLUFF, Neb.—BOND SALE DETAILS—It
City Clerk that the $25,000 refunding bonds purchased by
Pettis Co. of Omaha, as noted here on Sept. 3—V. 147, p.
as 2Ms, are dated June 1,
1938, and mature $5,000 from
Survey reports indicated that bridge tolls would not be sufficient
belief the project will be abandoned.
is stated by the
the Kirkpatrick1528—were sold
Dec. 1, 1939 to
1943; optional after five years.
(r^ O. New Albany), Miss.—BONDS SOLD—Itjis
reported that $25,000 3% semi-aim. jail and court house bonds were pur¬
chased jointly by the Union Planters National Bank & Trust Co., and the
WAHOO, Neb.—BONDS DEFEATED—It is stated by the City Clerk
of $30,000 in hospital bonds
that the voters rejected the proposed issuance
at an election held on Sept. 6.
Bank, both of Memphis, paying a premium of $130.00,
a basis of about 2.89%.
Due on March 1, 1948; callable
1, 1943.
equal to 100.52,
NEW
and after Sept.
on
Anderson,
bids
(These bonds were approved by the voters on
Sept. 10—V. 147, p. 1668.)
which Public Works Administration
First National
147,
City Clerk, that he will sell at public auction on Sept. 20, at 7:30 p. m., the
following bonds aggregating $101,750: $74,250 municipal building, and
$27,500 park bonds.
The city will ask bids on the following propositions:
That bonds be dated Nov. 1, 1938, with semi-ann. coupons; that no part
of the principal be paid for two years; that the park bonds fall due serially
thereafter for nine years without option; that the municipal building bonds
fall due serially after the two years, with option after five or ten years.
Bidder shall provide his own history and legal opinion and may submit
of Schools that at the election
for^^£v4ce^j3ityo^
V
Neb.—BOND SALE—The $42,000
court house and jail bonds offered for sale on Sept. 9—
1528—was awarded to the Kirkpatrick-Pettis Co. of Omaha,
paying.a premium of $375.00, equal to 100.89, a net interest cost of about
2.34% on the bonds divided as follows: $12,000 as 2s, due $3,000 from
Sept. 1, 1940 to 1943; the remaining $30,000 as 2Ms, maturing $3,000 from
Sept. 1, 1944 to 1953, incl.
issue of coupon
V.
CHARLESTON SCHOOL DISTRICT (P. O. Charleston),
Miss.—
BONDS SOLO—It is reported that $18,000 5% semi-ann. school bonds were
purchased on Sept. 9 by Leftwich & Ross of Memphis.
interest.
rejected and
bonds
$198,100
LAUREL, Mont.—BONDS PARTIALLY SOLD—Of the three issues of
$66,000, offered for sale on Sept. 8—V. 147, p. 1230—
only bid received was an offer of par for 4% interest, submitted by the
Yellowstone Bank of Laurel on the $40,000 water bonds, this bid being
accepted for the entire $40,000 or any portion thereof, as the City Council
may decide to issue.
The $20,000 street and the $6,000 sewer bonds were
not sold, according to Rosella Fritz, City Clerk.
Due in 20 years; optional
$407,872
25,000
-—.i
Municipal Separate School District debt
the
the
$3,691,972
$426,850
3,000
Net debt before this issue
Amount this issue
of
t
Assessed valuation
Special assessment
Less; Cash interest and sinking funds..
sale
these bonds and the interest thereon when due.
10, 1938
Total bonded debt—General
the
bonds aggregating
.j
Financial Statement Sept.
with
noted above, the
following information was furnished:
The bonds are dated July 1, 1938,
in denom. of $1,000, $300 and $200, and mature July 1, as follows: $10,200
in 1939 to 1957, and $4,300 in 1958, optional July 1, 1948. Net income basis
2.85%.
The bonds were issued in coupon form, principal and interest
payable at the City Treasurer's office. Legality to be approved by Chapman
& Cutler, of Chicago.
The bonds are direct general obligations of the
entire city and all the taxable property within the city is subject to the
levy of ad valorem taxes without legal limit, sufficient to pay principal of
MISSISSIPPI
BROO
connection
HUDSON
SCHOOL
HAMPSHIRE
DISTRICT,
N. H.—BONDS VOTED—On
Aug.
issue of $46,750 construction bonds was authorized by the electorate.
A Public Works Administration grant will be sought in connection with the
30
MISSOURI
an
program.
CARUTHERSVILLE, Mo.—BOND OFFERING— It is stated by Charles
W.
Shields, City Clerk, that he is authorized to receive bids to be sub¬
on or before the next Council meeting on Oct. 3, for the following
3M or 4% semi-annual bonds totaling $30,000.
NEW
mitted
$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.
election.
Dated Oct. 1, 1938.
These bonds were approved by the
the election held on July 6.
Payable at the office of the City
Legality to be approved by Charles & Trauernicht of St. Louis.
All bids shall be accompanied by a certified check for 2% of the tender.
(These are the bonds that were offered for sale without success on Sept.
5
no
bids
were
FERGUSON
SCHOOL
FRENCHTOWN SCHOOL DISTRICT, N. 3.—BOND OFFERING—
E. Snyder, Clerk of the Board of Education, will receive sealed
(Eastern Standard Time) on Sept. 26, for the purchase or
$36,000 3% coupon school bonds.
Dated Sept. 1, 193$. Denoms. $ 1,000
and $500.
Due Sept. 1 as follows:
$1,500 from 1939 to 1946, incl. and
bids until 2p.m.
DISTRICT
now
(P
.O.
Ferguson), Mo.—BOND
stated by the District Secretary that the $78,-
$2,000 from 1947 to 1958, incl.
Principal and interest (M.&
the Union National Bank, Frenchtown.
No more bonds
will produce the sum of $36,000 and an additional sum
000 2H % semi-ann. school bonds
purchased jointly by Fran cis Bro. & Co.,
and Crago, Hitchcock & Co., both of St. Louis, at 100.292, as noted here
Sept.
10—V.
CITY SCHOOL DISTRICT
SALE DETAILS—It is
reported
JEFFERSON
Mo.—BOND
(P.
O.
Jefferson
$1,000.
A certified
of the Board of Education, must; accomoany
by the District Secretary
$115,000 2%% semi-ann. school bonds purchased by the Central
147,
p. 1667—were sold at par, plus the cost of printing the bonds and the ap¬
Missouri Trust Co. of Jefferson City, as noted here on Sept. 10—V.
Due
on Feb.
$20,000, 1952, and $25,000 in 1953.
N.
15 as follows: $10,000, 1945 to 1951;
been made.
SPRINGFIELD, Mo.—BONDS DEFEATED—At an election held on
Sept. 6 the voters turned down a proposal to issue $220,135 in sanitary
sewer
bonds.
SCHOOL DISTRICT (P. O. Springfield), Mo.—
A. R. Stewart, Secretarybecause of unsettled market conditions the sale of the
$231,000 high school addition bonds, which had been scheduled for Sept. 14
—V. 147, p.
1527—was canceled and all bids received were returned
unopened.
It is said that a request for new bids was deferred until after a
bond election on Sept. 20.
SPRINGFIELD
BOND OFFERING CANCELED—It is stated by
Treasurer,
that
MONTANA
SCHOOL DISTRICT NO. 7 (P. O. Joliet).
Mont.—BOND SALE—The $16,000 issue of coupon school bonds offered
for sale on Sept. 7—V. 147, p. 1527—was purchased by the Yellowstone
Bank of Laurel, as 4s, maturing serially, according to the District Clerk.
No other bid was received.
The purchaser agreed to furnish the bonds.
CARBON
COUNTY
HILLSIDE TOWNSHIP SCHOOL DISTRICT (P.
J.—OFFERS TO SELL BOND ISSUES—The district
O. Hillside),
has offered to
Pension and Annuity Fund, as 4s, the $295,wo
school construction bonds authorized at the July11 election.
The Public
Works Administration will furnish a grant toward total cost of the project.
sell to the State Teachers'
■
MARSHALL, Mo.—BOND ELECTION—It is said that an election will
on Sept. 29 in order to vote on the issuance of $93,000 municipal
building, and $36,000 negro high school building bonds.
Conditional con¬
tracts for 45% Public Works Administration grants are reported to have
be held
each proposal.
DISTRICT (P. O. Tabor), N. J.
BONDS DEFEATED—An issue of $49,500 school construction bonds was
defeated at the Sept. 8 election by a vote of 213 to 69.
■ *
**4
HANOVER TOWNSHIP SCHOOL
City),
that the
proving legal opinion.
S.) payable
will be sold
of less than
check for 2% of the bonds bid for, payable to the order
at
than
147, p. 1667—are dated Sept. 1, 1938, and mature on
Feb. 1 as follows: $10,000 in 1951; $12,000, 1952; $13,000, 1953; $14,000,
1954 and 1955, and $15,000 in 1956, giving a basis of about 2.23%.
on
Linden
Harold
received.)
SALE DETAILS—It is
DISTRICT (P. O.
wold), N. J.—BONDS VOTED—An issue of $316,250 school construction
bonds carried by a vote of 1,592 to 918 at the election on Sept. 7.
at
Clerk.
when
TOWNSHIP, CHESILHURST, CLEMENTON, LINDENPINE HILL, WATERFORD TOWNSHIP AND WINDSOR
BERLIN
WOLD,
TOWNSHIP REGIONAL HIGH SCHOOL
Denom. $500.
voters
JERSEY
SCHOOL DISTRICT, N. J.—BONDS VOTED—
F. W. Constable, Clerk of the Board of Education, reports that the $318,000
school construction bond issue carried by a vote of 1,436 to 466 at the Sept. 8
BERGENFIELD
JERSEY CITY, N. 3.—BOND OFFERING—Raymond M. Greer, City
Comptroller, will receive sealed bids until 11 a. m. on Sept. 27 for purchase
of $250,000 not to exceed 6% interest coupon or registered street improve¬
ment
bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $25,CK)0 on
Oct. 1 from 1939 to 1948, incl.
Bidder to name a single rate of interest,
expressed in a multiple of X or 1-10th of 1 %.
The price for which the bonds
may be sold cannot exfeeed $250,000.
Principal and interest (A. <fc O.)
payable at the City Treasurer's office.
The Trust Co. of New Jersey, in
Jersey City, will supervise the preparation of bonds and certify as to their
genuineness.
is
required.
N. Y. City
A certified check for $5,000, payable to the order or the city,
Approving legal opinion of Reed, Hoyt, Washburn & Clay of
will be furnished the successful
bidder.
LINCOLN PARK, N. 3.—BOND ELECTION—It is reported that an
election will be held on Sept. 22 in connection with the proposed issuance of
$127,000 water system bonds in conjunction with Public Works Administra¬
tion grant.
J.—BOND OFFERING—
Township Treasurer, will receive sealed bids until 8 p. m.
MEDFORD TOWNSHIP (P. O. Medford), N.
Harry Brick,
(Eastern Standard Time) on 8eptfe27 for the purchase of $25,000 not to
exceed 6% interest coupon or registered sewer bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1939 to 1963 incl.
Bidder to name a single rate of interest, expressed in a multiple of X or
Financial
1812
l-10th of 1%.
Prin. and Int.
National Bank, Medford.
A
to the order or the
(M. & S.) payable at the Burlington County
certified check for 2% of the issue, payable
Township Treasurer, must accompany each proposal.
Legal opinion of Caldwell & Raymond of New York City will be furnished
Bonds will be delivered to the purchaser on or about
Sept. 30.
M1LLTOWN SCHOOL DISTRICT, N. J.—BOND ELECT ION—On
Chronicle
BROOKHAVEN,
Sept. 20 the voters will be asked to authorize an Issue of $96,250 school
If the proposal carries, a grant will be sought from the
being 40 in favor and 383 in opposition.
NEW MILFORD, N.
J.—CORRECTION—The report in V. 147, p. 1668
$25,000 not to exceed 6%
of the offering by the borough on Sept. 20 of
interest sewer bonds was Incorrectly captioned
O.
TOWNSHIP
(P.
BROWNVILLE
bid for 4Ms.
loan will be
RARITAN TOWNSHIP (P. O. Raritan), N. 3.—BOND ELECTION—
be considered by the voters on
If authorized, the Public Works Administration will be asked
grant in connection with the project.
READINGTON TOWNSHIP SCHOOL DISTRICT (P. O.^fETSS
Bridges), N. 3.—BOND ELECTION—A proposal to issue $60,000 building
will be con¬
bonds in connection with Public Works Administration grant
sidered by the voters on Oct. 1.
'
' TENAFLY, N. 3.—BOND OFFERING—Nathaniel M. P. Denrns
Borough Clerk, will receive sealed bids until 8:15 p. m. on Sept. 27 for the
purchase of $107,500 not to exceed 6% interest coupon or registered bonds,
divided
'
follows:
as
$12,500 sewer bonds, of 1938, due yearly from 1939 to 1946, inclusive.
95,000 incinerator bonds of 1938, due yearly from 1939 to 1948, inclusive.
All of the bonds will be dated Sept. 1, 1938.
One bond for $500, others
$1,000 each.
The bonds, authorized pursuant to the Local Bond Law,
have combined maturities with payments due each Sept. 1 as follows:
$10,500, 1939; $10,000, 1940 to 1944, incl.; $11,000 in 1945 and $12,000
from 1946 to i948, incl.
Rate of interest to be expressed in a multiple of
H of 1 %.
The sum required to be obtained at the sale of the bonds is
$107,500.
Principal and interest (M. & S.) payable at the Tenafly Trust
Co., Tenafly, or at the Irving Trust Co., N. Y. City.
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 bonds offered, payable
to the order of the borough, must accompany each proposal.
The approv¬
ing legal opinion of Hawkins, Delafield & Longfellow of N. Y. City will be
furnished the successful bidder.
<
UNION TOWNSHIP SCHOOL
DISTRICT
(P. O. Union), N. J.—
BOND ELECTION—The voters will be asked on Sept. 22 to authorize an
issue of $342,000 school construction bonds to supplement a grant from the
Public
Works
Administration.
NEW
ALBUQUERQUE,
MEXICO
Mex.—BONDS
N.
NOT
SOLD—It is stated
by
Ida V. Malone, City Clerk, that the $200,000 not to exceed 6% semi-ann.
coupon storm sewer bonds offered on Sept. 13.—V. 147, p. 1528—were
not sold as ah bids were rejected.
Dated July 1, 1938.
Due from July 1,
1941 to 1958.
BONDS TO BE REOFFERED—She states that the
offered for sale on Feb. 27,1939.
NEW
ALBANY,
Y.—BOND
N.
bonds
will
be
re-
YORK
_
_______
$32,295,700.00
_
Water debt-
$1,625,300.65
13,247,500.00
—_
14,872,800.65
:
Net debt
Water debt sinking fundNew water supply debt sinking fund
$17,422,899.35
8,156.39
10,000.00
228,929,245.00
7,084,168.00
_
__
Property values, 1938—Real property
Special franchises
__
$236,013,413 J30
10% margin of assessed values
Net debt
$23,601,341.30
17,422,899.35
_
_____
______
Margin for future bonding purposes
*
$6,178,441.95
The above funds not used as a deduction.
The above financial statement does not include the
$930,000 debt equal¬
ization bonds (to refund bonds
maturing in 1939) to be bid for as per this
Population,
1930
■
Census, 127,412.
Tax Collection Record
j50"6?*® State and county taxes, with city taxes, for
years of levy.
City budget is taken first from the total collections; as matter of revenue,
therefore, city taxes are practically always collected before end of year;
delinquent rolls are turned over to County Treasurer for collection.
City
CORNWALL
(P. O. Cornwall), N. Y.—BOND SALE—The $11,000
or registered Cornwall Sewer District bonds offered Sept. 12—
147, p. 1668—were awarded to the Newburgh Savings Bank, of Newburgh, as 2.10s, for a premium of $25, equal to 100.227, a basis of about
2.06%.
Dated April I, 1938 and due $1,000 on April 1 from 1939 to 1949
incl.
Second high bid of 100.14 for 2 Ms was made by the Marine Trust
Co. of Buffalo.
PITTSFIELD,
BOND
BURLINGTON
AND
NEW
SALE—The
Sept. 16—V. 147, p. 1668—were awarded to J. & W. Seligman & Co. of
New York City, as 2.60s, at a price of 100.55, a basis of about 2.55%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $6,000, 1941 to 1944 incl.;
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO.
County,
N.
6, Nassau
Y.—BONDS PUBLICLY OFFERED—Adams, McEntee &
Co., Inc., New York, are making public offering of $75,000 2M% coupon
bonds at prices to yield from 2.35% to 2.65%, according to maturity.
Dated Sept. 1, 1938, and due serially on Sept. 1 from 1954 to 1968 incl.
The bonds are legal investment for savings banks and trust funds in New
York State, according to the bankers.
MADISON, EATON AND
TRICT
NO.
1
(P.
AUGUSTA CENTRAL SCHOOL DIS¬
N. Y.—BOND OFFERING—Basii G.
O. Madison),
Ames, District Clerk, will receive sealed bids until 1:30 p. m. (Eastern Stand¬
ard Time) on Sept. 19 for the purchase of $25,000 not to exceed 6% interest
coupon
or
registered
building
Dated
bonds.
Sept.
1938.
1,
company each proposal.
Legal opinion of Reed, Hoyt, Washburn & Clay
of N. x. City will be furnished the successful bidder.
The bonds are pay¬
able from unlimited ad valorem taxes.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Marnaroneck). N. Y.—BONDS DEFEATED—On Sept. 10 the voters
authorize an issue of $148,000 school construction bonds, the
count being 503 in favor and 945 in opposition.
refused to
MIDDLETOWN, N. Y.—BOND OFFERING—P. E. Benedict, City
Clerk, will receive sealed bids until 1 p. m. (Eastern Standard Time)
Sept. 22 for the purchase of $75,000 not to exceed 5% interest coupon or
registered bonds, divided as follows:
on
$25,000 public welfare bonds.
Due Oct. 1 as follows: $2,000 from 1939 to
1943 incl. and $3,000 from 1944 to 1948 incl.
50,000 public works bonds.
Due $5,000 on Oct. 1 from 1939 to 1948 incl.
Each issue is dated Oct. 1, 1938.
Denom. $1,000.
Bidder to name a
single rate of interest, expressed in a multiple of M or l-10th of 1 %.
Prin.
and int. (A. & O.) payable at the Orange County Trust Co., Middletown.
The bonds are general obligations of the city, payable from unlimited taxes.
A certified check for $1,500, payable to the order of the city, must accom¬
pany each proposal.
The approving legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
MINDEN UNION FREE SCHOOL DISTRICT NO. 14 (P. O. Fort
Plain), N. Y.—BOND SALE—The $112,000 coupon or registered school
Sept. 13—V. 147, p. 1528—were awarded to Sherwood &
Reichard, of New York City, as 2.60s, at a price of 100.33, a basis of about
2.57%.
Dated July 1, 1938, and due $4,000 on July 1 from 1940 to
bonds offered
1967 incl.
Other bids:
Int. Rate
Bidder—
2M%
Marine Trust Co. and R. D. White & Co.,
Manufacturers & Traders Trust Co
jointly
NEWFANE WATER DISTRICT NO. 3 (P. O. Newfane), N. Y.—
BOND SALE—The Marine Trust Co. of Buffalo purchased on Sept. 8 an
issue of
$7,000 water bonds as 2Ms at a price of 100.20, a basis of about
Dated Sept. 1, 1938.
Denom. $500.
Due one bond annually.
Legality approved by Dillon, Vandewater & Moore of
New York City.
,
2.72%.
Interest M. & S.
■
NEW
YORK,
BORROWED ON TEMPORARY
obligations of the City totaling $36,000,000 were sold Sept. 14 by allotment to 26 banks and trust companies
by Comptroller Joseph D. McGoldrick.
The first was an offering of $20,000,000 of revenue bills dated Sept. 15, 1938 and payable Nov. 2, 1938.
The proceeds will be used for current payroll purposes.
The interest rate
was 0.40%. Second was an issue of $10,000,000 of special revenue bills for
unemployment relief, dated Sept. 15, 1938 and payable Jan. 20, 1939.
N.
Y.—$36,000,000
LOANS—Three issues of short term
The interest rate
was 0.40%.
The third was $6,000,000 of tax notes, dated
Sept. 15, 1938 and payable July 14, 1939.
The proceeds will be used for
City i mprovements.
The interest rate was 0.80 %
The total of the allotments of each bank
was as
follows: Bankers Trust
Co., $3,249,000; Bank of the Manhattan Co., i ,404,000; Bank of New York,
$432,000; Brooklyn Trust Co., $398,000; Central Hanover Bank and Trust
Co., $2,700,000; The Chase National Bank of the City of New York
$7,352,000; Chemical Bank & Trust Co., $1,404,000; The Commercial
National Bank and Trust Co. of New York, $72,000; The Continental
Bank & Trust Co. of New York, $180,000; Corn Exchange Bank Trust Co.,
$1,008,000; Empire Trust Co., $72,000; The Fifth Avenue Bank of N. Y.,
$252,000; The First National Bank of the City of New York, $2,031,000;
Fulton Trust Co. of New York, $72,000; Guaranty Trust Co. of New York
$2,620,000; Irving Trust Co., $1,800,000; Kings County Trust Co., $108,000; Lawyers Trust Co., $144,000; Manufacturers Trust Co., $1,548,000;
The Marine Midland Trust Co. of New York, $252,000; The National City
Bank of New York, $5,808,000; The New York Trust Co., $1,008,000;
The Public National Bank and Trust Co. of New York, $360,000; Yitle
Guarantee and Trust Co., $72,000; United States Trust Co. of New York,
288,000; J. P. Morgan & Co., $1,368,000.
NORTH HEMPSTEAD UNION
FREE SCHOOL
DISTRICT NO.
688,326
273,640
536,073
294,241 •
513,772
394,563
2,182,729
ALEXANDRIA BAY, N. Y.—BOND SAIjE—The
$9,500 coupon or
registered bonds offered Sept. 8—V. 147, p. 1528—were awarded to the
Redwood National Bank of Redwood as 3.40s for a
premium of $11.87,
? bas?8 of about 3.38%.
Sale consisted of:
Hijh S^reetjP^aving bonds. Due $700
Due Aug. 15
from 1941 to 1951, inclusive.
Each issue is dated Aug. 15, 1938.
Bidder—
as
on Aug. 15 from 1939 to
follows: $300 in 1940 and $200
Other bids:
Int. Rate
i08^, ?.on^ Inc
Keichard--
^
Sherwood &
3.40%
3.90%
$5.70
10.45
NET SCOTLAND "CENTR AL SCHOOL DIS¬
TRICT No. 6 (P.
p. Del mar), N. Y.—BONDS VOTED—James
Board of
construction bonds
Premium
on
H. Coates,
Education, reports approval of an issue of $210,000
Sept. 12 by a count of 214 to 93.
6
(P. O. Manhasset), N. Y.—BOND SALE—The $198,000 coupon or regis¬
15 were awarded to Halsey, Stuart &
Co., Inc., New York, as 2.40s, at 100.061, a basis of about 2.39%.
Dated
Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $10,000, 1941 to
1950 incl.; $15,000 from 1951 to 1956 incl. and $8,000 in 1957.
Prin. and
int. (A. & O.) payable at the Manhasset Branch of the Port Washington
National Bank & Trust Co., Manhasset.
The bonds are payable out of
tered building bonds offered Sept.
unlimited
ad
valorem
taxes
to
be levied
on
all
of the district's taxable
Toffievy (Cty. county and 1935
19^
1937
1938
TJn<SifeVt-ai^-ifa-ckl$7'95S'624 ,8'°93'32° $7-662-058 S8'180'239
2,500 public park bonds.
100.33
100.28
100.39
City.
.
100.14
3%
Bidder—
Int Rate
Port Washington National Bank_
-2.40 %
A. C. Allyn & Co., Inc. and E. H. Rollins & Sons, Inc— 2M%
Franklin Square National Bank
2.80%
tevy
Uncollected Sept. 1, 1938-.,,.
Rate Bid
2.90%
Legality approved by Hawkins,
year of
Denom.
$1,000.
Due $1,000 on March 1 from 1940 to 1964, incl.
Bidder to name
single rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal and interest (M. & S.) payable at the National Hamilton Bank,
Hamilton, or at the Irving Trust Co., N. Y. City.
A certified check for
$500, payable to the order of Willard Taylor, District Treasurer, must ac¬
a
New
Clerk of the
LISBON
SCHOOL DISTRICT NO. 1 (P. O. Edmeston), N. Y.—
$155,000 coupon or registered school bonds offered
CENTRAL
property.
££low- vera 1935, $6,501,692.70; 1936, $6,515,085.97;
SL*
1
V.
1937, $6,268,306.90, and 1938, $6,344,879.61.)
$7,000
NO.
current
Gross debt—
Less—General debt sinking fund
„
DISTRICT
SCHOOL
jointly.--.
OFFERING—Lawrence
__
*
PARK
Bancamerica-Blair Corp— —
2.60%
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc.,
J. Ehrhardt, City
Comptroller, will receive sealed bids until 1p.m. (Eastern Standard Time)
on Sept. 22 for the purchase of $930,000 not to exceed 4% interest coupon
or registered
debt equalization bonds.
Dated Sept. 1, 1938.
Denom.
$1,000.
Due Sept, 1 as follows: $1,000,1945; $55,000, 1946: $70,000, 1947;
$100,000, 1948; $135,000 from 1949 to 1952, incl., and $164,000 in 1953.
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 State Bank
of Albany, in Albany.
A certified check for $18,600, payable to the order
of the city, must accompany each proposal.
Successful bidder will be fur¬
nished with approving legal opinion of Hon. Joseph J. Casey, Corporation
Counsel of the city, and Sullivan, Donovan & Heenehan of N. Y. City.
The bonds are payable from unlimited taxes to be levied on all of the city's
taxable property.
1
'
Financial Statement Aug. 31,1938
City debt
$18,575,200.00
Water debt
13,247,500.00
Street improvement debt..
473,000.00
*
GLEN
coupon
An issue of $16,000 fire station bonds will
to furnish a
AND
$7,000 from 1945 to 1949 incl. and $8,000 from 1950 to 1961 incl.
POHATCONG TOWNSHIP SCHOOL DISTRICT (P. O. Springtown), N. J.—BOND SALE—The $29,150 coupon or registered school
bonds offered Sept. 14.—V. 147, p. 1668—were awarded to the Peoples
National Bank, of Hackettstown, as 3s, at par plus a premium of $159.50,
equal to 100.54, a basis of about 2.93%.
Dated Sept. 15, 1938 and due
as follows: $6,000, 1939; $1,000 from 1940 to 1962 incl. and $150 in 1963.
Sept. 29.
BONDS
DISTRICT
approved at the election on Aug. 31. Proceeds of
supplemented by a Public Works Administration grant.
EDMESTON,
New
FIRE
(P. O. Brownville), N. Y.—BONDS VOTED—An issue of $136,803 school
"Milford, N. J."
Market), N. J.—BOND
SALE—The $20,000 coupon or registered township hall bonds offered
Sept. 9—Y. 147, p. 1375—were awarded to the Peoples National Bank of
New Brunswick as 3.40s, at par.
Dated Sept. 1. 1938, and due $1,000 on
Sept. 1 from 1939 to 1958, incl.
H. L. Allen & Co. of New York City
PISCATAWAY
Y.—SETAXJKET
construction bonds was
construction bonds.
MORRIS PLAINS SCHOOL DISTRICT, N. J.—BONDS DEFEATED
—An issue of $24,000 construction bonds was defeated Aug. 31. the vote
N.
VOTED—Reginald A. Pfeiffer,, District Secretary, reports that an Issue of
$45,000 fire department addition bonds was approved by a vote of 109 to
61 at the Aug. 31 election.
the successful bidder.
Public Works Administration.
Sept. 17, 1938
York
Among other bids were
Marine Trust Co. and R. D. White & Co
Sherwood & Reichard and C. F. Childs & Co
Delafield &
the following:
Longfellow of
2.90%
2.90%
Rate Bid
Par
100.366
100.152
100.444
100.413
Y.—REFUNDING APPROVED—The Board of Water
Commissioners has authorized the refunding of $53,000 Florence Creek
bonds maturing Jan. 1, 1939, according to report.
OXFORD CENTRAL SCHOOL DISTRICT (P. O. Oxford), N. Y.—
BONDS APPROVED—A $12,000 school bus garage bond issue was approved
at a special meeting of taxpayers on Sept. 1.
Proceeds will be supple¬
mented by Public Works Administration grant.
r
ONEIDA,
N.
POUGHKEEPSIE, N. Y.—BOND OFFERING—LeGrande Crippen,
City Treasurer, will receive sealed bids until 11 a. m. (Daylight Saving
Time) on Sept. 19 for the purchase of $80,000 not to exceed 5% interest
coupon or registered home relief bonds of 1938.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $8,000 on Oct. 1 from 1939 to 1948, incl.
Bidder
to name a single rate of interest, expressed in a multiple of M or 1-I0th of
1%.
Prin. and int. (A. & O.) payable at the Fallkill National Bank &
Trust Co., Poughkeepsie, or at the Chase National Bank, N. Y. City.
The bonds will be payable out of unlimited ad valorem taxes to be levied on
Volume
Financial
147
Chronicle
1813
all of the city's taxable property.
A certified check for $1,600, payable to
the order of the city, must accompany each proposal.
The legal approving
of each rate.
opinion of Hawkins, Delafield &
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of ohe bonds until their respective maturities.
Prin. and int. payable in lawful money in New York City.
General obli¬
gations: unlimited tax. Bids must be on a form to be furnished by the above
Secretary.
The approving opinion of Reed, Hoyt, Washburn & Clay, of
New York, will be furnished.
Enclose a certified check for $4,000, payaDle
Longfellow of N. Y. City will be furnished
the successful bidder.
9
RENSSELAER, N. Y.—VOTES WATER SYSTEM PROJECT—On Sept.
the voters authorized the construction of a municipally owned water
cost of $1,151,000.
The Public Works Administration has
approved a grant of $517,738 for the project, leaving $633,262 to be raised
by the city.
The vote was 2,464 for the 320 against.
Water in the city is
now furnished by the Rensselaer Water Co.
system at a
DISTRICT
NO. 12 {P. O. Medina), N. Y.—BOND OFFERING—Arthur E. Trippensee. District Clerk, will receive sealed bids until 2p.m. (Eastern Stand¬
ard Time) on Sept. 19 for the purchase of $74,000 not to exceed 5% interest
coupon or registered school bonds.
Dated Oct. 1, 1938.
Denom. $1*000.
Due Dec. 1 as follows: $3,000 from 1939 to 1944, incl., and $4,000 from 1945
to 1958, incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of X or l-10th of 1 %.
Prin. and int. (A. & O.) payable at the Medina
Trust Co., Medina, with New York exchange.
The bonds are direct gen¬
eral obligations of the district, payable from unli i ited ad valorem taxes.
A certified check for $1,480, payable to the order of Clyde E. Walters,
District Treasurer, must accompany each proposal.
The legal approving
opinion of Dillon, Vandewater & Moore of N. Y. City will be furnished the
RIDGEWAY
AND
SHELBY
UNION
FREE
SCHOOL
successful bidder.
,
registered sewer improvement bonds.
Dated Oct. 1, 1938.
Denom.
$1,000.
Due $5,000 on Oct. 1 from 1940 to 1964 incl.
Bidder to name a
single rate of interest, expressed in a multiple of X or 1-1 Oth of 1% •
Prin.
or
payable at the Bank of Rockville Centre Trust Co.,
are general oil.gations of the village, payable
taxes.
A certified check for $2,500, payable to the order
of the village, must accompany each proposal.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
int.
(A. &
O.)
Rockville Centre.
to the State Treasurer.
Financial Statement Aug. 31,1938
The bonds
from unlimited
bidder.
1964-5
Population—1930 U. S. Census
Estimated present
Outstanding debt:
Water and sewer bonds (incl. $110,000 now offered)
Other bonds (incl. $90,000 now offered)
Tax anticipation note
Total
debt
—;
Sinking fund—Uninvested cash
Uncollected street assessment
Taxes—
1936-37
1935-36
Assessed
valuation
Uncollected tax
(Eastern Standard
exceed 6% interest
coupon or registered fire prevention bonds.
Dated Sept. 1,1938.
Denom.
$500.
Due Sept. 1 as follows: $1,000 from 1939 to 1943, incl., and $1,500
from 1944 to 1946, incl.
Bidder to name a single rate of interest, expressed
in a multiple of 14 or l-10th of 1%.
Prin. and int. (M. & S.) payable at
the First National Bank & Trust Co., Bay Shore, with New York exchange.
The bonds are general obligations of the village, payable from unlimited
taxes.
A certified check for $200, payable to the order of the village, must
accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore
of N. Y.. City will be furnished the
$6,250
1948-49
1939-40
25,250
70,250
1950-51
32,250
36,250
1952-53
1940-41
1941-42
1942-43
-
1955-56
1957-58
1965-66
1960-67
population.
Estimated popula¬
The bonded debt above stated does not
levy taxes upon
any or all of the property subject to the taxing power of the village.
The
fiscal year commences June 1.
The amount or taxes levied for the fiscal
years commencing June 1, 1935, June 1, 1936 and June 1, 1937, was re¬
spectively $28,438.77, $28,539.37 and $26,787.38.
The amount of such
taxes uncollected at the end of each of said fiscal years was respectively
$7,220.48, $6,707.90 and $5,921.59.
The amount of such taxes remaining
uncollected as of Sept. 12, 1938, is respectively $4,565.49, $4,989.85 and
$5,921.59.
The taxes of the fiscal year commencing June 1, 1938 amount to $27,128.87.
The tax collection period commences Sept. 10, 1938.
in
summer
months,
1,500.
include the debt of any other subdivision having power to
SARDINIA FIRE DISTRICT NO. 2
(P. O. Chafee), N. Y.—BOND
authorize two issues of
ELECTION—On Sept. 26 the voters will be asked to
$6,000 fire equipment and $6,000 f re station bonds.
SCHUYLERVILLE,
N.
Y.—BONDS
AUTHORIZED—An
issue
of
$90,000 sewer bonds was approved on Aug. 23, the vote being 112 to 20,
according to Louis E. Follette, Village Attorney.
Bonds will be issued to
mature in 30 years.
UNION FREE SCHOOL DISTRICT NO. 3 (P. O.
Y.—BOND OFFERING— Anna Ott, District Clerk, will
(Eastern Standard Time) on Sept. 27 for
exceed 6% interest coupon or registered
school bonds.
Dated Oct. 1, 1938.
One bond for $500, others $1,000 each.
Due Oct. 1 as follows:
$5,500, 1939; $5,000, 1940 to 1949 incl.; $6,000,
1950 to 1958 incl. and $7,000 from 1959 to 1968 incl.
Bidder to name a
single rate of interest, expressed in a multipl3 of X or l-10th of 1%. Prin.
and int. (A. & O.) payable at the Bank of Smithtown. The bonds are payable
from unlimited ad valorem taxes.
A certified check for $3,600, payable to
the order of Edna Bullock, District Treasurer, must accompany each
proposal.
Approving legal opinion of Reed, Hoyt, Washburn & Clay of
New York City will be furnished the successful bidder.
SMITHTOWN
St.
James), N.
receive sealed bids until 2 p. m.
the purchase of $179,500 not to
SOMERS (P. O.
Somers), N. Y.—BOND SALE—Sherwood & Reichard
of New York
purchased on Sept. 15 an issue of $9,000 highway bonds as
3.40s, at 100.10, a basis of about 3.36%.
Dated Sept. 1, 1938.
Denom.
$l,o60.
Due Sept. 1 as follows: $2,000 from 1939 to 1942 incl. and $1,000
in 1943.
Prin. and int. (M. & S.) payable at the Mount Kisco National
Bank & Trust Co.
Legality approved by Reed, Hoyt, Washburn & Clay
of New York City.
WAVERLY, N. Y.—BOND SALE—The $7,000 3
coupon or reg¬
fire
department equipment bonds offered Sept. 12—V. 147, p.
1529—were awarded to the Manufacturers & Traders Trust Co. of Buffalo,
istered
price of 100.759, a basis of about 3.20%. Dated July 1, 1938 and due
July 1 a» follows: $2,000 in 1939 and 1940, and $1,000 from 1941 to 1943
incl.
The Citizens National Bank of-Wave/ly, only other bidder, offered
to pay a price of par.
at a
WESTCHESTER
COUNTY
(P. O. White Plains). N. Y.—SEEKS
$1,800,000 LOAN FROM RFC—The Board of Supervisors unanimously
approved on Sept. 12 a resolution to apply to the Reconstruction Finance
Corporation for a loan of $1,800,000 to construct a new Fleetwood Bridge
and a new crossover at Dunwoodie to relieve traffic congestion on the Cross
County Parkway between Sawmill River Parkway and Hutchinson River
Parkway.
Tolls would be charged on the new Fleetwood Bridge to amortize
the loan.
YOkKTOWN
(P. O. Yorktown Heights). N. Y.—BOND OFFERING
will be received
Standard Time) on Sept. 20 for the purchase of $21,700 not to exceed 6% interest coupon Hanover Water District bonds.
Dated Oct. 1, 1938.
Denom. $700.
Due $700 on June 1 from 1940 to
1970 incl.
Rate of interest to be expressed in multiples of X or l-10th of
1%.
Prin. and int. (J. & D.) payable at the Westchester County National
Bank, Peekskill.
A certified check for $400, payable to the order of the
town, must accompany each proposal.
Legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
—Sealed oids addressed to Charles Curry, Jr., Town Clerk,
until 2 p. m. (Eastern
NORTH
CAROLINA
ASHEBORO, N. C.—BOND OFFERING—Sealed bids will be received
a. m. (Eastern Standard Time), on Sept. 20, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of three issues of coupon or registered not to exceed 6%
semi-ann. bonds aggregating $200,000, divided as follows:
until 11
$50,000 street improvement bonds.
Due on Sept. 15 as follows: $2,000
from 1941 to 1944, and $3,000, 1945 to 1958.
40,000 municipal building bonds.
Due on Sept. 15 as follows: $1,000,
1940 to 1945, and $2,000, 1946 to 1962.
110.000 water and sewer bonds. Due on Sept. 15 as follows: $2,000, 1941
to 1945, and $5,000,1946 to 1965.
Daced Sept. 15, 1938. Denom. $1,000. A separate bid for each issue (not
less than par and accrued interest) is required.
Bidders are requested to
name the interest rate or rates in multiples of X of 1 %; each bid may name
one rate for part of the bonds of any issue (having the earliest maturities)
and another rate for the balance; but no bid may name more thai two rates
for any issue, and each bidder must specify in his bid the amount of bonds
Total
Term bonds included in above:
$39,000 5% water and
1940; $20,000 5% water, due Jan. 1. 1944.
$15,000
15,000
15,000
15,000
13,000
8,000
8,000
3,000
3,000
1963-64
18,000
18,000
.
.-
1962-63
17,000
1956-57
20,250
1945-46
1945-55
—
1961-62
19,250
17,000
1953-54
-
$634,750.00
sewer
due Oct. 1,
FARMVILLE, N. C.—BOND OFFERING—Sealed bids will be received
Standard Time), on Sept. 20, by W. E. Easterling,
until 11 a. m. (Eastern
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of two issues of not to exceed 6% semi-ann. bonds aggre¬
gating $99,000, divided as follows:
$54,000 electric light system bonds.
Due on April 1 as follows: $2,000,
1941 to 1946: $3,000, 1947 to 1952, and $4,000,
1953 to 1958,
all incl.
valuation of the property
(1930 Census) was 64, which is the winter
tion
1938-39
1960-61
19,250
20,250
1944-45
1946-47
1951-52
1959-60
45,000 water and sewer bonds. Due on April 1 as follows:
1949, and $3,000. 1950 to 1958, all incl.
Statement
subject to the taxing power of
the village is $1,085,154.80.
The total bonded debt of the village, includ¬
ing the above mentioned bonds, is $69,000.
The population of the village
The assessed
24,610.35
36.090.37
1958-59
$19,250
19,250
19,250
19,250
1949-50
57,250
40,250
46,250
1943-44
successful bidder.
Financial
$642,250.00
Maturity of Bonds, Including Bonds Offered
1938-39
SALTAIRE, N. Y.—BOND OFFERING—May E. van Bokkelen, Village
Attorney, 39 Broadway, N. Y. City, until 11 a. m.
Time) on Sept. 26 for the purchase of $9,500 not to
$366,750.00
268,000.00
7,500.00
$4,140,918 $4,430,214 $5,289,653 $5,243,898
$1.43
$1.50
$1.48
$1.48
75,642
79,401
61,285
65,567
913
1,270
5,490
71,620
sale certificates—1927-36
8,233
1947-48
Clerk, will receive sealed bids at the office of LeRoy B. Iserman, Village
5,021
8,000
1937-38
Rate per hundred valua'nAmount of levy
Uncollected
ROCKVILLE CENTRE, N. Y .—BOND OFF ERIN C—James H. Patten,
Village Clerk, will receive sealed bids until 2p.m. (Eastern Standard Time)
on Sept. 28 for the purchase of $125,000 not to exceed 5% interest coupon
and
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the town, such cost to be determined
$2,000. 1941 to
$1,000; principal and interest (A. & O.) payable in New York
City in lawful money; general obligations; unlimited tax; coupon bonds
registerable as to principal only; delivery at place of purchaser's choice.
Denom.
There will be no auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of X of 1 %; each -»id may name one rate for part
of the bonds of either issue (having the earliest maturities) and another
balance, but no Did may name more than two rates for either
rate for the
issue, and each bidder must specify in his
The bonds will be awarded to the
rate.
bonds at the loweso interest cost to
by deducting the total amount
bid the amount of bonds of each
Didder offering to purchase the
the town, such cost to be determined
of the premium bid from the aggregate
all of the bonds until their respective maturities.
certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $1,980.
The approving opinion of Reed, Hoyt, Washburn &
Clay, New York City, will be furnished the purchaser.
amount of interest upon
be accompanied by a
Bids must
GOLDSBORO, N. C.—NOTE SALE— The $27,000 issue of bond antici¬
pation notes offered for sale on Sept. 13—V. 147, p. 1669—was purchased
Jointly by Kirchoefer & Arnold of Raleigh, and the Branch Banking &
Trust Co. of Wilson, at 2.35%, we are informed.
Dated Sept. 15, 1938.
Due on Sept. 15,1939.
NEW HANOVER
COUNTY (P. O. Wilmington) N. C.—NOTES
SOLD—It is reported that $21,100 notes were purchased by the Peoples
Savings Bank & Trust Co. of Wilmington, at 2%, plus a premium of $9.00.
NORTH CAROLINA,
State of—BOND AND NOTE ACTIVITIES—
dispatch from Raleigh co the "Wall Street Journal" of Sept. 15
reported as follows:
The North Carolina Local Government Commission has authorized three
municipalities to issue improvement bonds aggregating $215,000.
The town of Reidsville will sell $150,000 of water bonds subject to a
A special
.
vote of citizens.
City of Henderson was allowed to negotiate a $55,000 issue for sanitary
and Granite Falls was authorized to sell $10,000 of municipal build-
sewers
jng tx)ncis
#
Bond anticipation notes sold by the Commission were: New Hanover
County, $21,100, for $9 premium and 2% interest; Goldsboro, $27,000 at
with 2.35%; Wilmington,
par
$21,100 at $9 premium and 2%.
CAROLINA, State of—SINKING FUND BONDS SOLD—
It is reported by Charles M. Johnson, State Treasurer, that on Sept. 13 he
sold a total of $238,000 bonds from the sinking fund to Kirchofer & Arnold
of Raleigh, paying a premium of $25,578.70 for the aggregate amount,
equal to 110.747.
NORTH
COUNTY
ROWAN
(P.
O.
Salisbury),
N. C.—BOND SALE—The
$47,000 issue of coupon school bonds offered for sale on Sept. 13—V. 147,
n
1669—was awarded jointly to Kirchofer & Arnold of Raleigh, and the
Branch Banking & Trust Co. of Wilson, as 3s, paying a premium of $16.00,
equal to 100.03, a basis of about 2.995%.
June 1,1941 to 1957.
The following is an
Wm
Chas.
A.
$47,000.00
JFor the first $18,000 3^%
\For the balance
3X%
Co.;MiddenSeasongood & Mayer
&
Trust Co.;
Hinsch &
dorf & Co.;
0»y/w
—
47,282.85
3%%
Bank
John^Nuveen
&
47,048.00
47,034.25
Cto1—————J/For the first $33,666 3 vA
\ For the balance
3%
/For the first $30,000 3H%
\For the balance
3i%
%
R. S. Dickson & Co
Kirchofer & Arnold, Inc.*; Branch
Banking & Trust Co
—
Equitable Sec.Corp.; Vance Young J
& Hardin
*
Price
Rale
B. Greene Co-
Wachovia
Due from
Dated June l , 1938.
official list of the bids received:
Bidder—
47,048.00
J
3%
47,016.00
3^%
-
-
47,037.83
Successful bid.
Financial Statement June 30, 1938
Outstanding Debt—
Bonds for school purposes
Bonds for other purposes
School notes
Total debt,
Uncollected.
760,500
129,700
$1,517,200
including bonds now offered
Taxes—
1934-35
1935-36
Assessedval.$59,236,326.00 $58,866,867.00
Rate p. $100
.53
.53
Levy—
$627,000
(incl. $47,000 bonds now offered)—
(State of North Carolina loans)
352,181.19
20,912.14
350,449.93
36,787.63
1936-37
1937-38
$59,970,273.00 $61,922,368.00
_
*53
354,831.90
39,805.73
PeSS.
433,993.81
125,630.69
94.06
89.52
88.78
71.05
Population—1930 U. 8. Census, 56,665; estimated present, 70,000.
.
Maturities of Bonds Outstanding, Including Bonds Now Offered
1938-39-.$87,000
1939-40- 85,000
1940-41- 88 000
1941-42- 94,000
1942-43- 99,000
1943-44-. 58,000
„
1944-45-$70,000
69,000
75,000
75,000
75,000
1949-50— 74,000
194.5-461946-471947-481948-49—
1950-51. .$76,000
1951-52- 79,000
1952-53- 54,000
1953-54- 78,500
1954-55- 73,000
1955-56-$60,000
1956-57- 10,000
1957-58- 3,000
1958-59- 3,000
1959-60- 2.000
Financial
1814
Chronicle
UNIVERSITY OF NORTH CAROLINA—
—Sealed
bids will be received until 11 a. m. (Eastern Standard Time) on Sept. 21
by Charles M. Johnson, State Treasurer, at his office in Raleigh, for the
purchase of a $287,000 issue of coupon dining hall and dormitory building
revenue bonds.
I nterest rate Is not to exceed 4 % .payable M. & S.
Dated
Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows: $9,000 in 1940 to
1943, $11,000 in 1944, $12,000 in 1945, $13,000 in 1946 to 1948, $14,000
in 1949, $15,000 in 1950 and 1951, $16,000 in 1952 and 1953, $17,000 in
1954, $18,000 in 1955, $19,000 in 1956 and 1957 and $20,000 in 1958 and
1959.
Bidders are requested to name the interest rate or rates in multiples
•f yi of 1%.
Each bid may name one rate for part of the bonds (having
the earliest maturities) and another rate for the balance, but no bid may
name more than two rates, and each bidder must specify in his bid the
amount of bonds of each rate.
The bonds will be awarded to the bidder
Sept.
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CANTON
AKRON
WHITEVILLE, N. C.—BOND OFFERING—Sealed bids will be received
until 11 a. m. (E. S. T.), on Sept. 20, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of three issues of bonds aggregating $60,000, divided as follows:
$34,000 street improvement bonds.
Due on Sept. 1 as follows: $2,000,
1941 and 1942; $4,000,1943 to 1947. and $5,000 in 1948 and 1949.
10,000 water works extension bonds. Due $1,000 from 1941 to 1950 incl.,
on Sept. 1.
16,000 public improvement bonds.
(Consolidation of $5,000 sanitary
sewer, and $11,000 storm sewer bonds).
Due $1,000 from Sept. 1,
1941 to 1956 incl,
Denom. $1,000; principal and interest (M. & SI), payable in New York
City legal tender: general obligations; unlimited tax; coupon bonds registeras to principal alone; delivery on or about Oct. 3, at place of purchaser's
able
choice.
There will be no auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of H of 1%; each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
balance, but no bid may name more than two rates for any
issue, and each bidder must specify in his bid the amount of the bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase
rate for the
the bonds at the lowest interest cost to the town, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
amount of interest upon ah of the bonds until their respective maturities.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $1,200. The approving opinion of Masslich and Mitchell, New
York City, will be furnished the purchaser.
Financial Statement
Floating debt
Outstanding bonded debt:
Street improvement and sidewalk--Water and sewer
Water and power
.
Bonds
-
$13,500
—
-
offered-——...
now
$34,000
48,000
71,000
-----
Total
$226,500
Uncollected special assessments actually levied--.
Special assessments to be levied
OHIO
22,139
Net debt, including bonds now offered
$204,361
All outstanding bonds mature in annual series, with bond maturities for
the next 10 years as follows:
1938-39.
1939-40—
1940-41
1941-42—
1942-43
—
—
—
1943-44-. ———7,500
1944-45
—7,500
1945-46——7,500
1946-47———7,500
..-$13,000
8,500
6,500
7,500
7,600
-—
—
—
—
—
—
-
------
-$9,528,272
—
-----
23,735,225
—
-
2,039,100
The sinking fund for water debt will be $1,860,418, and the sinking fund
for debt other than water will be $585,830, making the net debt as of Dec. 31,
1938, $25,188,495.
A study of the debt structure of the City will disclose that future debt
service charges decrease each year.
Akron has no problem of term bonds,
the only term issues outstanding being waterworks bonds maturing in 1942,
for which the sinking fund at the present time is over $300,000 in excess of
actuarial requirements.
The special assessment debt is small, amounting to only a little more than
$2,000,000.
$5,000,000,
Against this debt assessments collectible are In excess of
that eventually the City will receive far more in assessment
so
collections than the assessment debt now outstanding.
These assessment
collections will be applicable to the payment of general limited tax maturities.
Since March, 1936, Akron has met all debt service promptly on the date
due.
In 1938, for the third successive year, the City is operating on a
balanced cash budget, showing surpluses at the end of each year.
Since June, 1937, the City has administered its own poor relief, and the
situation with respect to
relief is probably more favorable in Akron than in
the country.
Direct relief costs over a 17less than $40,Q00 monthly.
Direct relief
costs are paid as they are incurred and the City faces no relief emergency.
The City inaugurated a work relief program and has supplied the sponsor's
share of the cost of this program through the sale of bonds for which tax
any city of comparable size in
month period have averaged
levies
are to
be made outside of all tax limitations.
The work relief program
is
adequately financed through the winter of 1938.
including collection of prior delinquents, are running
slightly more than 100% of the current levy.
Based on the facts here disclosed, it is,the feeling of the City administra¬
tion that the City has demonstrated its willingness and ability to pay its
Tax collections,
debt service.
The administration faces, the outlook .with optimism and confidence and
believes that there should be no question of the soundness of the financial
future of the City,
DISTRICT, Ohio—BOND SALE—The issue
of $199,000 school bonds offered Sept. 10-—V. 147, p. 1377—was awarded
to the BancOhio Securities Co. of Columbus, as 2at par plus a premium
of $1,265, equal to 100.63.
Dated Nov. 1, 1938 and due semi-annually on
June 1 and Dec. 1 from 1940 to 1963 incl.
Other bids:
Premium
Int. Rate
v
,
Well, Toth & Irving, Cincinnati—
State Teachers' Retirement System, Columbus, O,
Assel, Goetz & Moerlein, Inc.; Middendorf & Co.
ana Bohmer-Reinhart & Co., Cincinnati--—
Prudden & Co. and Ryan, Sutherland & Co., Toledo
The Bank of Athens, and the Athens National Bank
3%
3%
$319,00
4,465.00
*
3%
2%%
1,250.00
1,155.00
»
1,115.00
.
census
Tax Data
as
1934-35
of June 30, 1938
1935-36
1936-37
1937-38
Assessedval-...$1,656,636.00 $1,690,641.00 $1,786,235.00 $1,964,822.00
27,963.96
27,121.96
29,358.28
28,407.67
Uncollected.,.-
842.00
950.71
Percent collected
97%
96%
30,170.78
28,746.95
1,423.83
95%
36,062.94
32,394.94
3,668.00
89%
There has been more than $300,000 spent on new construction in Whiteville during the past two years.
The Town has never defaulted in the
_
payment of its obligations.
The bonds now offered were approved by a vote of a majority of the
voters of said town voting at an election
duly called and held, 187 voting
for the ordinance authorizing the Street Improvement Bonds and 31 voting
against; 185 voting for the ordinance authorizing the Water Works Extension
Bonds and 31 against; 184 voting for the ordinance authorizingthe Sanitary
Sewer Bonds and 31 against; 184 voting for the Storm Sewer Bonds and 32
against.
is reported that^HoU
purchased recently by the Peoples Savings Bank & Trust Co. of
at 2%, plus a premium of $900.
WILMINGTON, N. C.—NOTES SOLD—It
notes were
—
Special assessment bonds.
CLEVELAND HEIGHTS, Ohio—BOND SALE—The $231,000 refund¬
ing bonds offered Sept. 10—V. 147, p. 1377—were awarded to Johnson,
Ease & Co. of Cleveland, as 1
for a premium of $1,458, equal to 100.63,
a basis of about 1.59%
The sale consisted of:
1930----.---———.2,204
Present estimated population..
2,750
Collected
:
The present debt is composed of:
Waterworks debt
General bonds
—
Population
Levied
and an issue of re
funding bonds for $373,000 has been sold and the proceeds are on hand.
In the year 1930 the City of Akron reached its peak of debt.
At that time
the gross debt amounted to $45,314,305.
As of Dec. 31, 1938, after giving
effect to the payment of bonds maturing during the remainder of the current
year, the gross debt of the City will be $35,302,597, —• a reduction of $10,011,708 from the peak.
This reduction, amounting to 22%, has been made
in the face of the most adverse economic conditions the country has ever
experienced.
■
Bidder—
$5,139
17,000
——
SPRINGFIELD
waterworks earnings all but $373,000 of this amount,
ATHENS CITY SCHOOL
153,000
60,000
——.
CLEVELAND
COLUMBUS
CINCINNATI
offering to purchase the bonds at the lowest interest cost to the University,
No bid for less than par and accrued interest will
be entertained.
The bonds are registerable as to principal only.
Prin.
and int. payable in lawful money at the State Treasurer's office, or at the
Chemical Bank & Trust Co., New York.
The bonds and interest thereon
are payable solely and exclusively from the revenues and receipts derived
from the operation of the dining hall and two dormitory buildings on the
campus of the University at Chapel Hill, including the necessary equip¬
ment and appurtenances, to be constructed from the proceeds of the bonds.
The bonds will be issued pursuant to Chapter 479 of the Public Laws of
1935, as amended.
The approving opinion of Reed, Hoyt, Washburn &
Clay of New York will be furnished.
Enclose a certified check for $5,740,
payable to the State Treasurer.
1938
MUNICIPALS
OHIO
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.
17,
Wilmington
$18,000 first series bonds, payable from taxes levied outside the 15-mill
limit.
Due Oct. 1 as follows:
$4,000, 1940; $3,000, 1941; $4,000,
1942; $3,000 in 1943, and $4,000 in 1944.
213,000 second series bonds, payable from taxes levied inside the 15-mill
limit.
Due Oct. 1 as follows;
$43,000, 1940; $42,000, 1941;
$43,000, 1942; $42,000 in 1943, and $43,000 in 1944.
All of the bonds will be dated Oct. 1,1938.
Bidder—
McDonald-Coolidge & Co
BancOhio
Co
Securities
Other bids.
Braun, Bosworth & Co
Mitchell, Herrick & Co——Field, Richards & Shepard, Inc
Provident Savings Bank & Trust Co.
—
—
-
$739.20
213.00
1,304.00
820.00
163.00
1,204.00
\%%
1 K%
2%
2%
2%
2H%
—-
-
—
Premium
Int. Rate
———
-
—
COLERAIN TOWNSHIP SCHOOL DISTRICT (P. O. Colerain),
Ohio—BOND ELECTION—An issue of $160,000 school improvement
bonds will be considered by the voters on Sept.
27.
,,
CUYAHOGA
FALLS,
Ohio—BOND SALE POSTPONED—J. E.
Preston, City Auditor, reports that the sale of $231,000 4% general and
special refunding bonds originally scheduled for Sept. 9—V. 147, p. 1377—
was indefinitely postponed.
CUYAHOGA
COUNTY
(P.
O.
Cleveland).
Ohio—FINANCIAL
STATEMENT—The following is given in connection with the offering of
NORTH
$6,120,000 refunding bonds on Sept. 22—V. 147, p. 1531:
DAKOTA
Financial Statistics as of Sept. 1,
BLAINE SCHOOL DISTRICT NO. 38 (P. O. Bottineau) N. Dak.—
CERTIFICATES OFFERED—Sealed and auction bids were received until
2 p. m. on Sept. 15, by O. R. Heinliein, District Clerk, for the purchase
of a$4,000 issue of not to exceed 7% certificates of indebtedness. Denom.
$500. Dated Sept. 18,1938. Due on Sept. 18,1939.
;
1938
y
Assessed valuation, 1936 real estate and public utilities and
estimated personal tangible——j
Assessed valuation 100%
$1,731,940,060
of actual valuation.
Funded Indebtedness
,
„
GRAFTON SPECIAL SCHOOL DISTRICT NO. 3 (P. O.
Gr^ft^T),
N. Dak.—BOND OFFERING—It is stated that Joel
Myers, District Clerk,
will receive both sealed and oral bids until Sept. 26, at 2
p. m., for the
purchase of a $20,000 issue of school bonds.
Interest rate is not to exceed
4%, payable J. & J.
Denom. $1,000.
Dated Sept. 1,1938.
Due $1,000
from Jan. 1, 1940 to 1959 incl.
No bid for less than par will be received
for consideration.
A certified check for 2%, payable to E. P. Schumacher,
District Treasurer, must accompany the bid.
} JAMESTOWN INDEPENDENT SCHOOL DISTRICT (P. O. James¬
town), N. Dak.—BONDS DEFEATED—We are informed by Bertha Ebel,
Secretary of Public Schools, that at the election held on Sept. 6 the voters
failed to approve the
proposed issuance of $143,000 in construction bonds.
WARD COUNTY (P. O. Minot), N. Dak.—BONDS NOT SOLD—It
is statedby Fred M. Brey,
County Auditor, that the $190,000 refunding
bonds offered on Sept. 7—V. 147,
p. 1530—-were not sold as no satisfactory
hid was received from H. E. Mueller of Hazen.
Mr. Midler's offer was on
4 H % bonds.
The Board of Commissioners rejected the bid and tabled
the proposition for the present,
reports Mr.
Brey.
Giving effect to the current offering of $6,120,000 refunding bonds.
(This issue does not change the debt status.)
Dated
1911-1932
—1912-1938
Purpose of Loan—
Buildings-
—
--.-
Bridges-
Poor relief.-------1931-1936
Roads (county portion) 1923-1934
—
AKRON,
Ohio
FINANCIAL DATA ILLUSTRATES STRONG
FISCAL POSITION—The following statement was issued under date of
Sept. 12 by Don H. Ebright, Director of Finance:
Arrangements have been completed for the payment of all debt charges
due in 1938, and funds for the payment of these charges are either actually
on hand or in process of collection.
The total debt service charges for the
year 1938 amount to $4,668,447, of which $2,990,778 is principal.
The
City will receive from the avails of tax collections, assessment collections, and
—
Due
1938-1956
1938-1963
1938-1944
Ami, Outst.
$2,632,000.00
10,344,500.00
3.361,000.00
1938-1943
761,682.40
4 M-6
4 H-6
1938-1952
702,717.60
4-6
1938-1950
4,364,900.00
—1931-1938
3-6
Tax antic, notes (scrip) .1933-1934
Tax anticipation notes1938
1H
1938-1952
1939 callable
1938
Roads (prop, portion).-1923-1931
Sewer and water.
-.1922-1935
Refunding-.-.
Gross funded indebtedness
Less poor relief bonds payable
—
21,954,750.00
1,590,879.00
1,490,000.00
—$47,202,429.00
from excise
public utilities
$3,071,000.00
Less bonds issued in anticipation of collec¬
tion of special assessments---20,196,917.60
Less tax anticipation notes
- - -—- - - —
1,490,000.00
Less notes issued in anticipation of collection
tax on
of delinquent taxes
OHIO
Rate %
4-6
4-6
l?i-6
(scrip)—-—
Net indebtedness,
1,590,879.00— 26,348,796.60
$20,853,632.40
Population: 1920 U. S. Census, 943,495; 1930 U. S. Census, 1,201,455.
—
__
DAYTON,
Ohio—PROPOSED
CHARTER CHANGES
WOULD
IN¬
CREASE FINANCING POWERS—City Commission has authorized the
submission to the voters at the November election of a proposed revision
of the municipal charter,
the effect of which would be to increase municipal
authority in the matter of issuing bonds and levying taxes.
This would
be achieved by permitting the issuance of bonds and the approval of tax
levies by a 50% majority vote, instead of the present requirement of 65%.
Volume
Financial
147
The proposal also permits the levying of 6 mills for operating purposes, as
contrasted with the current limit of 3.83 mills.
This marks the first at¬
tempt to amend the city charter since its adoption 25 years ago,
to
according
report.
DAYTON
CITY
SCHOOL DISTRICT. Ohio—NOTE SALE—Board
Sorrowing of 5256,520 in antici¬
of overdue State school foundation funds at 2 M % from the Dayton
of Education of this city has authorized the
pation
Clearing House Association.
The notes will mature in one year.1
PALESTINE,~Ohio—CALL^&eorge
EAST
for payment on
Oct. 1, 1938:
_
Archibald! 'City
5M% bonds have been called
Auditor, reports that the following described
j
^
$3,600.00 Refunding.
Dated Oct.""if 1934.
Denom. $400!
Due $406
Oct. 1, 1938 to 1946.
42,443.41 Refunding.
Dated Oct. 1, 1934.
Denoms.
$1,000, one for
$443.41.
Due Oct. 1, as follows:
$2,443.41 in 1938, $4000 in
1939 to 1943, and $5,000 in 1944 to 1947.
40,000.00 Refunding.
Dated Oct. 1, 1934.
Denom. $1,000.
Due Oct. 1,
as follows:
$4,000 in 1939 to 1943 and $5,000 in 1944 to 1947.
3,200.00 Refunding.
Dated Oct. 1,^1934.
Denom. $400.
Due $400
Oct. 1, 1939 to 1946.
1815
Chronicle
MILAN, Ohio—BOND SALE—Siier, Carpenter & Roose of Toledo have
purchased, subject to receipt of Public Works Administration grant, an
issue of $21,000 sewer and sewage disposal plane bonds as 2M8. at par.
Loan
was
authorized at the
Aug. 9 primary election.
MONROE
TOWNSHIP
R. R. No. 1,
Williamsport),
Clerk
of
SCHOOL
RURAL
DISTRICT
O.,
(P.
Ohio—BOND OFFERING—Fred H. Mitchell,
Education, will receive sealed bids until noon on
Sept. 23 for the purchase of $30,000 3% school bonds.
Dated Sept. 1,
1938.
Denom. $1,000 and $500.
Due $1,000 March 1 and $500 Sept. 1
from 1940 to 1959 incl. Interest M. & S. Bidder may name a different
rate of interest, provided that fractional rates are expressed in multiples
of M of 1%.
This issue was authorized at the Aug. 9 primary election.
A certified check for $300, payable to the order of the Board of Education,
must accompany each proposal.
the Board
or
(P. O.
MONTGOMERY TOWNSHIP RURAL SCHOOL DISTRICT
Ohio—BOND ELECTION—The proposal to issue $55,000
building bonds, defeated at the Aug. 9 primary election will be the subject
of another vote on Sept, 21.
Ashland),
^
ELECTION
—The $77,000 school building bond proposal that was defeated at the Aug.
9 primary election will be re-submitted to the voters on Sept. 27.
FREDERICKTOWN SCHOOL DISTRICT, Ohio—BOND
GALION SCHOOL DISTRICT, Ohio—BOND SALE DETAILS—The
$54,000 2M% building bonds sold to the BancOhio Securities Co., Colum¬
bus, at a price of 101.42—V. 147, p. 1531—mature $2,000 March 1 and
$3,000 Sept. 1 from 1940 to 1945 incl. and $3,000 March 1 and Sept. 1
from 1946 to 1949 incl.
GALION SCHOOL DISTRICT,
Ohio—BOND SALE DETAILS—The
$54,000 building bonds sold to the BancOhio Securities Co., Columbus, as
2Mb, at a price of 101.42—V. 147, p. 1531—are dated Sept. 1, 1938, and
seriallytuntil 1949.JUInterest^M. & S.A Coupon bonds in $1,000
mature
denominations.
GARRETTSVILLE SCHOOL DISTRICT, Ohio—BOND OFFERING
D. Hart, Clerk of the Board of Education, will receive sealed bids
noon on Sept. 23, for the purchase of $65,000 3% school bonds.
Dated
Oct. 1, 1938.
Denom. $1,300.
Due $1,300 on May 1 and Nov. 1 from 1940
to 1954, incl.
Bidder may name a different rate of interest, provided that
fractional rates are expressed in multiples of M of 1 %.
The Board reserves
the right to issue the bonds in such other denoms.
as deemed desirable.
Interest M. & N.
A certified check for $650, payable to the order of the
Board of Education, must accompany each proposal.
until
1934-756
GREENWICH, Ohio—BOND OFFERING— F. H. Daniels, Village
Clerk, will receive sealed bids until noon on Sept. 30 for the purchase of
$18,500 not to exceed 5% interest municipal building bonds. Dated Oct. 1,
1938.
Denoms. $500 aDd $250.
Due $500 April 1 and $250 Oct.l from
1940 to 1963 incl. and $500 April 1, 1964.
Interest A. & O.
A certified
check for $500, payable to the
order of the Village Treasurer, is required.
HARMONY RURAL SCHOOL DISTRICT (P. O. South Vienna),
Ohio—BOND OFFERING—W. C. Ray, Clerk of the Board of Education
will receive sealed bids until noon on Sept. 26 for che
purchase of $27,500
3% school bonds. Dated Oct. 1,1938. Due Oct. 1 as follows: $2,500,1940;
$2,000, 1941 to 1951 incl. and $1,000 from 1952 to 1954 incl. Bidder may
different rate of interest, provided that fractional rates are expressed
in multiples of M of 1%. Interest A. & O. This issue was authorized at the
Aug. 9 primary election. A certified check for 1% of the amount of bonds
bid for, payable to the order of the Board of Education, must accompany
each proposal.
name a
SCHOOL DISTRICT, Ohio—BOND OFFERING—Thora A.
Darsie, District Clerk, will receive sealed bi—s until noon on Sept. 28
for the purchase of $25,000 3 % school bonds. Dated Oct. 15,1938. Denom.
$625.
Due $625 May 15 and Nov. 15 from 1940 to 1959 incl.
Interest
M. & N.
Bidders may name a different rate of interest, provided that
fractional rates are expressed in multiples of M of 1 %. Issue was authorized
at the Aug. 9 election. A certified check for $250, payable to the order of the
Board of Education, is required.
HIRAM
Ohio—NOTE SALE—Ryan,
Sutherland &
Co.
of Toledo
purchased an issue of $30,000 3H% sewage treatment plant notes, dated
Sept. 15, 1938 and due Sept. 14, 1939.
IRONTON, Ohio—BOND SALE—The $29,158.15 funding bonds of¬
fered Sept. 8—V. 147, p. 1531—were awarded to MIddendorf & Co. of
Cincinnati, as 3M8, at par plus a premium of $322, equal to ql01.104, a
basis of about 3.13%.
Dated Oct. 1, 1938 and due Oct. 1 as follows:
$2,158.15 in 1944, and $3,000 from 1945 to 1953 incl.
Second high bid of
100.808 for 3 Ms was entered by Seasongood & Mayer of Cincinnati. A 4
KEENE
The
ELECTIONSR.
RURAL SCHOOL
$15,000 school addition
DISTRICT, Ohio—BOND
bond issue rejected at the Aug.
election will again be submitted to the voters on
LORAIN
COUNTY
Due Sept. 1 as follows: $1,000, 1940 to 1943, incl.; $2,000, 1944; $1,000,
1945 to 1948, incl.; $2,000, 1949; $1,000, 1950 to 1953, incl.: $2,000, 1954;
$1,000, 1955 to 1958, incl.; $2,000, 1959; $1,000, 1960 to 1963, incl., and
$2,000 in 1964.
Bidder may name a different rate of interest, provided
that fractional rates are expressed in multiples of M of 1%.
Interest
M. & S.
The bonds were authorized at the Aug. 9 election and are payable
out of unlimited ad valorem taxes, according to report.
A certified check
for 2% of the issue bid for, payable to the order of the Village Treasurer,
is required.
Legal opinion of Squire, Sanders & Dempsey of Cleveland
will be furnished the successful bidder.
9jprimary
Sept. 20.
O.
Elyria),
RURAL SCHOOL DISTRICT (P. O. HilOhio—BOND ELECTION—On Sept. 20 the voters will again
matter of issuing $27,500 school bonds, which was turned
the Aug. 9 primary.
NORWICH TOWNSHIP
liards),
doWn
the
at
'
PIONEER,
Ohio—BOND
ELECTION—An
of
issue
$20,000
water
works bonds will be submitted for consideration of the voters on Sept.
24.
O.
Ashtabula), Ohio—BOND SALE—The $35,000 coupon building bonds
1377—were awarded to the Citizens Banking
as 2Ms, at par plus a premium of $454.16,
equal to 101.297, a basis of about 2.61%.
Dated Aug. 15, 1938 and due
$875 on March 1 and Sept. 1 from 1940 to 1959 incl.
The State Teachers'
Retirement System, second high bidder, offered 101.47 for 3s.
PLYMOUTH
TOWNSHIP
RURAL
SCHOOL
(P.
DISTRICT
offered Sept. 10—V. 147, p.
& Savings Co. of Conneaut,
of Toledo
bonds, due in
ST. MARYS. Ohio—BOND SALE—Ryan, Sutherland & Co.
have
purchased $33,000 water works plant improvement
15 years, and $39,500 light plant bonds, due in two years.
SHEFFIELD
LAKE
SCHOOL
DISTRICT
(P. O. Lorain),
Ohio—
BOND SALE—The $40,000 school bonds offered Sept. 12—V. 147, p. 1531
awarded to the State Teachers' Retirement System, as 3s, at par
—were
a premium of $284, equal to 100.71, a basis of about 2.90%.
Dated
Oct. 1, 1938.
Due $1,000 April 1 and Oct. 1, 1940 to 1943 incl. and
$2,000 Apr. 1 and Oct. 1 from 1944 to 1951 incl.
Second high bid of 100.57
for 3 Ms was made by Ryan, Sutherland & Co. of Toledo.
plus
Other bids:
Premium
$208
75
Int. Rate
3 M %
3M%
Bidder—
Seufferle & Kountz
,
Fullerton & Co
20
4%
Johnson, Kase & Co
Ohio—BOND OFFERING—W. B.
Wynne, Clerk of the Board of County Commissioners, will receive sealed
bids until noon (Eastern Standard Time) on Sept. 30 for the purchase of
$330,000 not to exceed 6% interest refunding bonds.
Dated Oct. 1, 1938.
County Auditor to specify denominations.
Due $66,000 on Oct. i from
1943 to 1947, incl.
Principal and interest (A. & O.) payable at the County
Treasurer's office.
A certified check for 2 % of the bonds bid for is required.
Each bid to be on the basis of Akron delivery.
Final approving opinion
SUMMIT COUNTY (P. O. Akron),
will be furnished
issue
of
by the county.
mum
£
DISTRICT, Ohio—BOND ELECTION—An
$137,500 high school addition bonds will be submitted for con¬
SYLVANIA
SCHOOL
sideration of the voters on Sept. 27.
TOLEDO
CITY
SCHOOL
Ohio—BOND
DISTRICT,
^SALE-^fKe
$60,000 school building bonds offered Sept. 14—V. 147, p. 1670—were
awarded to Seufferle & Kountz, of Cincinnati, as 3 Ms, at par plus a prem¬
ium of $90,
equal to 100.15, a basis of about 3.48%.
Dated Sept. 1, 1938
1 from 1940 to 1959 incl.
Stranahan, Harris &
submitted the only other
and due $3,000 on Oct.
Co., Inc. and Ryan, Sutherland & Co., jointly,
bid,
(P.
offer of 100.36 for 3Ms.
an
Ohio—FINANCIAL STATE¬
in connection with the recent award to
Mitchell, Herrick & Co. of Cleveland, and associates, of $1,580,000 bridge
construction bonds as 2Hs, at 101.08, a basis of about 2.40%—V. 147,
MENT—The following is
p.
CARLISLE, Ohio—BOND OFFERING—W. T. Shroyer, Village
consider
—F.
HURON,
NEW
Clerk, will receive sealed bids until 7 p. m. on Oct. 3 for the purchase of
$30,000 4% sewerage bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
given
WALDO TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. Waldo),
improvement bonds will
27.
Ohio—BOND ELECTION—An issue of $31,000
be submitted for consideration of the voters on Sept.
1669:
WASHINGTON COUNTY
Financial Statement
[Officially Reported
of August 31,
as
1938]
$186,377,929
2,444,900
Assessed valuation
(1937-1938)
Total bonded debt (incl. this issue)
Less: Poor relief bonds...
$135,100
_
Sinking fund
215,100
80,000
...
Net bonded debt
— —
$2,229,800
as
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.
bonds
These
are
being issued
for
bridge construction
purposes,
were
voted, and, in opinion of counsel, constitute direct obligations of Lorain
County, payable from an unlimited tax which may be levied against all
the taxable property
therein.
*
Tax Collections
[As reported by Ohio Municipal Advisory
-
—
1937-1938 (first half)
*
Council]
Total Coll.
Year—
Levy
$572,059
371,319
357,410
Inc. Pr. Delqs.
$556,573
402,744
407,352
350,657
193,802
%
Coll. of
Curr.Levy*
97%
108%
114%
111%
Includes prior delinquencies.
1,
Ashviile),
by Arthur V. Katz & Co. of Cincinnati.
Other bids:
«
Int. Rate
Prem.
2M%
Ryan, Sutherland & Co., Toledo
State Teachers' Retirement System
Saunders, Stiver & Co., Cleveland
Pohl & Co., Inc.. Cincinnati
Seasongood & Mayer, Cincinnati
$57.00
2M%
45.00
3%
45.83
95.70
3%
67.88
WASHINGTON SCHOOL DISTRICT. Ohio—BOND SALE—Prudden & Co. of Toledo purchased an issue or $187,000 2H% unlimited tax
building addition bonds.
Dated Oct. 1, 1938.
Due $4,000, June 1 and
Dec. 1 from 1940 to 1959 incl.; $4,000, June 1 and $5,000. Dec. 1 from
1960 to 1962, incl.
Principal and interest (J. & D.) payable at the office
of the Board of Education.
This issue was authorized at the Aug. 9
primary election add is payable from unlimited ad valorem taxes on all
the district's taxable property.
Legality approved by 3quire, Sanders
Dempsey of Cleveland.
or
&
WEST LAFAYETTE, Ohio—BOND SALE—The $5,725 4% coupon
municipal building bonds offered Aug. 8—V. 147, p. 611—were awarded
Commercial National Bank of Coshocton.
Dated Aug. 1. 1938.
to the
MADISON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. R. F. D.
No.
Sept. 12—V. 147, p. 1377—
Co. of Columbus as 2Mb at
plus a premium of $15, equal to 100.09, a basis of about 2.23%.
Dated
Sept. 1, 1938 and due as follows:
$900 March 1 and Sept. 1, 1940 and
1941; $900 March 1 and $800 Sept. 1, 1942, and $800 March 1 and Sept. 1
from 1943 to 1949 incl.
Second high bid of 100.62 for 2Mb was entered
par
Bidder—
Population (1930 census) 109,206.
The above financial statement
(P. O. Marietta), Ohio—BOND SALE—
The $16,500 school building bonds offered
were awarded to the
BancOhio Securities
Ohio—BOND OFFERING—The
receive sealed bids until noon on
District
Clerk
wil[
Sept. 23 for the purchase of $5,000 4%
Denom. $500. Due $500 May 15 and Nov. 15 from 1940 to
1944 incl.
Bidder may name a different rate of interest, provided that
fractional rates are expressed in multiples of M of 1%.
Interest M. & N.
Bonds were authorized at the Aug. 9 election.
A certified check for $50,
school bonds.
payable to the order of the Board of Education, is
R. J. EDWARDS, Inc.
required.
Municipal Bonds Since 1892
MAHONING COUNTY (P. O. Youngstown). Ohio—SYNDICATE
$460,000 2M% refunding bonds sold in—V. 147, p.
MEMBERS—The
1669—were purchased by a syndicate composed of the Provident Savings
Bank & Trust Co. and Van Lahr, Doll & Isphording, both of Cincinnati,
Oklahoma City,
McDonald-Collidge & Co., Cleveland, and the Weil, Roth & Irving Co. of
Cincinnati.
CITY SCHOOL DISTRICT, Ohio—BOND SALE—
The $473,000 ouilding and equipment bonds offered Sept. 12—V. 147,
p. 1377—were awarded to Halsey, Stuart & Co., Inc., Chicago, as 2Mb
at a price of 100.27, a basis of about 2.47%.
Dated Oct. 1, 1938, and
due as follows:
$10,000, April 1 and Oct. 1, 1940 to 1944 incl.; $10,000,
April 1 and $11,000 Oct. 1, 1945; $11,000 April 1 and Oct. 1 from 1946
AT&T Ok Cy 19
Oklahoma
Long Distance 787
MASSILLON
to 1961
incl.
MIDDLETOWN,
Ohio—BONDS AUTHORIZED—'The City Com¬
mission recently adopted a resolution authorizing an issue of $1,400,000
electric light and power plant construction bonds.
OKLAHOMA
Okla.—BOND OFFERING—Sealed bids will be received until
2 p. m. on Sept. 20, by Albert Chamberlain, City Clerk, for the purchase
of a $39,050 issue of sewage disposal plant bonds, and $70,400 of storm
sewer bonds.
The former issue shall mature $3,000 from 1941 to 1952,
and $3,050 in 1953.
The latter issue will mature $5,000 from 1941 to 1953,
ADA,
and $5,400 in 1954.
Financial
1816
ALVA, Okla.—BOND SALE—The $20,000 Issue of park bonds offered
for sale on Sept. 12—V. 147, p. 1669—was awarded to Francis Bro. & Co.
of St. Louis, as 2.92s, paying a price of 100.044, a basis of about 2.91%.
Due $2,000 from 1941 to 1950, incl.
mm
*?l
AVANT, Okla.—BONDS OFFERED—Sealed bids were received until
14, by Zeb King, Clerk of the Board of Education, for the
purchase of a $22,000 issue of high school building bonds.
Dated Sept. 1,
1938.
Due $2,000 from Sept. I, 1943 to 1953, incl.
2 p. m. on Sept.
HOLLIS, Okla.—BOND SALE—The $13,000 issue of sewer bonds offered
for sale
about
Due $1,000 from 1948 to 1960,
according to report.
inclusive.
FLORE
SCHOOL
GRADED
UNION
COUNTY
DISTRICT
NO. 61 (P. O. Octavia), Okla.—BOND SALE—The $4,000 issue of
building bonds offered for sale on Aug. 29—V. 147 p. 1377—was purchased
by the J. E. Piersol Bond Co. of Oklahoma City as 534s at par, according
to report.
Due $500 from 1945 to 1952 inclusive.
Dated Oct. 1, 1938, and due Oct. 1 as follows: $4,000 from
Only other bidder
for 3s.
2.69%.
DISTRICT (P. O. Uniontown),
4% improvement and funding bonds
1234—were awarded to Singer, Deane &
Scribner of Pittsburgh, at a price of 104.17, a basis of about 3.15%.
Dated
Sept. 15, 1938. and due $3,000 on Nov. 1 from 1939 ot 1948, incl.
Second
high bid of 103.88 was made by Hemphill, Noyes & Co.
GEORGES TOWNSHIP SCHOOL
Pa.—BOND
offered
SALE—The
Sept.
12—V.
$30,000
147,
p.
GLASSPORT, Pa.—BOND SALE— The issue of $30,000 bonds offered
Sept. 12—V. 147, p. 1378—was awarded to Leach Bros., Inc., of Philadel¬
phia, as 334s, at par plus a premium of $195, equal to 100.65, a basis of
about 3.68%.
Dated Oct. 1, 1938, and due Oct. 1 as follows: $2,000 from
1941 to 1945, incl:, in 1947 and 1948, and from 1951 to 1958, incl.
The
Bank of Glassport, second high bidder, offered to pay 100.33 for 324s.
GREEN TOWNSHIP SCHOOL DISTRICT (P. O. Loganton), Pa.—
receive sealed
(Eastern Standard Time) on Sept. 23 for the purchase of
3%, 4, 434 or 434% coupon, registerable
BOND OFFERING—W. C. Wolfe, District Secretary, w»li
bids until 7 p. m.
'
OREGON
DISTRICT NO. 95 (P. O. Scio), Ore.—
Sept. 23, according
by the District Clerk, for the purchase of an issue of $10,400 3%
semi-ann. school bonds.
Dated Oct. 1, 1938.
Due in 20 years.
These
bonds were approved by the voters at an election on Sept. 6.
Interest rate to be specified by the bidder, also premium, if any.
A
certified check for $225 must accompany the bid.
Sept. 17, 1938
1941 to 1945. incl., and $5,000 from 1946 to 1948, incl.
Burr & Co., Inc., which offered a price of 100.209
was
Sept. 7—V. 147, p. 1532—was awarded to the First State Bank &
on
Trust Co. of Mollis,
LE
Chronicle
~
LINN COUNTY SCHOOL
BOND OFFERING—Sealed bids will be received until
to report,
1940 to 1957 incl. and $1,000 from
Bidder to name a
1958 to 1963 incl.
A certified check
single rate of interest, payable semi-annually M. & N.
for 2%, payable to the order of the District Treasurer, must accompany
each proposal.
Bonds will be issued subject to approving legal opinion of
Townsend, Elliott & Munson of Philadelphia.
(This is the issue for which all bids were rejected on May 31.-—V. 146,
p. 3701.)
>
WASHINGTON COUNTY UNION HIGH SCHOOL DISTRICT NO.
3 (P. O.
HARMONY
Hillsboro), Ore.— WARRANT SALE—'The $6,000 issue of 334%
offered for sale on Sept. 6—V. 147, p. 1233—was
price of 102.67, a basis of about 2.30%.
Dated April 1, 1938.
Due $1,500 from April 1, 1939 to 1942, incl.
semi-annual
awarded at
warrants
a
DISTRICT
(P.
O.
Ambridge),
1234—was awarded to a group composed of George G. Applegate,
Glover & MacGregor, and S. K. Cunningham & Co., all of Pittsburgh, as
224s, for a premium of $513, equal to 101.026, a basis of about 2.66%.
Dated Oct. 1, 1938, and due $2,000 on Oct. 1 from 1939 to 1963, incl.
Second high bid of 100.63 for 224s was made by Phillips, Schmertz & Co.
Other bids:
City of Philadelphia
.
....—
M. M. Freeman & Co
Singer, Deane & Scribner
Moncure Biddle & Co.
$259.03
79.00
224 %
3%
3 34 %
334 %
334%/
334%
.
Economy Bank of Ambridge.
Moore, Leonard & Lynch.
Leach Bros., Inc
109.741 & Interest to Net 2.75%
Premium
Int. Rate
Bidder—
Johnson & McLean, Inc
4% Bonds due July 1, 1947
Price:
SCHOOL
TOWNSHIP
Pa.—BOND SALE—The issue of $50,000 school bonds offered Sept. 12—
V. 147, p.
57.50
675.00
664.50
357.00
HAZELTON SCHOOL DISTRICT, Pa .—BOND SALE— The
1520 Locust St.. Philadelphia
$75,000
registerable as to principal, refunding bonds offered Sept. 13—
1378—were awarded to Suplee, Yeatman & Co. of Philadelphia,
as 2248« at a price of 100.649, a basis of about 2.62%.
Dated Sept. 15,
1938 and due Sept. 15, as follows: $7,000, 1939; $8,000, 1940; $7,000, 1941;
$8,000, 1942: $7,000, 1943; $8,000, 1944: $7,000, 1945; $8,000. 1946;
$7,000 in 1947, and $8,000 in 1948.
Other bids:
Bidder—
Int. Rate
Rate Bid
Hazelton National Bank
;
3%
100.769
Burr & Co., Inc
3%
100.759
Mackey, Dunn & Co., Inc
334%
100.39
Leach Bros., Inc
334%
100.13
coupon,
V. 147, p.
PENNSYLVANIA
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—BOND CALL—
Robert G. Woodside, County Controller, announces on page II that he
will redeem at his office on Nov. 1,1938, at par and accrued interest, 4%
uncollected tax bonds, series 1, dated Nov. 1, 1933, numbered 2,001 to
5,000, both incl., maturing on Nov. 1 in each of the years from 1938 to
1943 incl., and callable Nov. 1, 1938, or any subsequent interest date.
Coupon bonds must be accompanied by all coupons maturing on or after
Nov; 1, 1938.
BEAVER
FALLS, Pa.—BOND OFFERING—Sealed bids addressed to
William Anderton, City Clerk, will be received until 1 p. m. on Sept. 26,
for the purchase of $100,000 not to exceed 3% interest coupon bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $10,000 on Oct. 1 from 1942
to 1951, incl.
Bidder to name a single rate of interest, expressed in a
multiple of H of 1 %.
Interest A. & O.
Sale of issue is subject to approval
of the Pennsylvania Department of Internal Affairs.
A certified check for
$1,000, payable to the order of the City Treasurer, must accompany each
Proposal. will be furnished the successfulBurgwin, Scully & Churchill of
ittsburgh Approving legal opinion of
bidder,
~~BROOK VILLE SCHOOL." DISTRICT,
Sept. 6 election the voters authorized
an
Pa .—BONDS VOTED—At the
issue of $60,000 school building
bonds by a vote of 493 to 273.
They will be offered within the next two
months, to bear 3% interest and mature in 1952.
BROWNSVILLE
SCHOOL
DISTRICT,
Fat.—OTHER
BIDS—The
$20,000 school bonds awarded to S. K. Cunningham & Co. of Pittsburgh,
3s, at a price of 100.685, a basis of about 2.86%—V. 147, p. 1670—were
as
also bid for
as
follows:
Bidder—
Rate Bid
Int. Rate
Moore, Leonard & Lynch
3%
Singer, Deane & Scribner, Inc
National Deposit Bank of Brownsville
Burr & Co., Inc
-
100.651
3H%
33i%
*
Johnson & McLean, Inc
100.279
100.173
Par
100.529
3 34 %
-.4%
-
CENTRE COUNTY INSTITUTION DISTRICT
(P. O.
Bellefonte*
Pa.—BOND SALE—The $127,000 coupon, registerable as to principal,
building bonds offered Sept. 15.—V. 147, p. 1670—were awarded to Mackey,
Dunn & Co., Inc. and George E. Snyder & Co., both of Philadelphia,
as 2Mb, at a price of 101.086, a basis of about 2.01%.
Dated Oct. 1, 1938
and due Oct. 1 as follows: $15,000 from 1939 to 1946 incl. and $7,000 in
1947.
Other bids:
Bidder—
Int. Rale
Halsey, Stuart & Co., Inc
Stroud & Co
Glover & MacGregor
100.676
100.355
100.35
_.__2k%
—
—
—
Dougherty, Corkran & Co—
234%
SCHOOL DISTRICT
(P.
_2J4%
100.17
~2 34 %
— —
First National Bank, State College
DEEMSTON
Rate Bid
2K %
—
100.156
O.
Fredericktown),
Pa.—
SALE—The Citizens National Bank of Washington was awarded
Sept. 10 an issue of $23,000 school bonds as 3s, at a price of 101.50.
Although bids were asked for an issue of $18,000, the district exercised
its right to sell an additional $5,000 bonds.
Other bids:
BOND
on
Bidder—
Int. Rate
Peoples Bank & Trust Co., California, Pa
Burr & Co., Inc
Singer, Deane & Scribner
S. K. Cunningham & Co
3%
3%
3 34%
3
Fredericktown First National Bank
Rate Bid
101.00
100.375
100.57
100.21
4
34%
3 34%
DOWNINGTON, Pa.—OTHER BIDS—The $25,000 2% funding and
improvement bonds awarded to W. H. Newbold's Son & Co. of
Pittsburgh, for a premium of $487.50, equal to 101.95, a basis of about
1.47%—V. 147, p. 1671—were also bid for as follows:
street
_
Bidder—
Burr & Co
Premium
$379.75
*
Barclay, Moore & Co
Dougherty, Corkran & Co
Dowingtown National Bank
_
SCHOOL
Sept.
13
DISTRICT,
Pa.—BONDS
VOTED—An
bonds carried by a vote of 264 to 7 at the
election.
KUTZTOWN, Pa.—BOND OFFERING—Webster J. Frey, Borough
Secretary, will receive sealed bids until 4 p. m. on Oct. 3 for the purchase of
$40,000 2,234,234.224,3,33-4,333,324 or 4% coupon, registerable as to
principal only, improvement bonds.
Dated Oct. 1, 1938. Denom. $1,000.
Due $2,000 on Oct. 1 from 1939 to 1958 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 Borough Treasurer, must accompany each
proposal. Bonds will be issued subject to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
LITTLESTOWN SCHOOL DISTRICT, Pa .—BOND OFFERING—
Henry S. Stover, District Secretary, will receive sealed bids until 2 p. m.
Sept. 29 for the purchase of $14,000 3% school bonds.
Dated Oct. 1,
1938.
Denom. $500.
Due $1,000 on Oct. 1 from 1940 to 1953, incl.
Interest A. & O.
A certified check for 10% of the bonds bid for, payable
on
to the order of the district,
must
accompany each
sealed bids until 7 p. m. (Eastern Standard Time) on Sept. 23 for the pur¬
chase of $11,000 234, 234,3, 334 ,334. 394,4,434 or 434% coupon, registerable
as
to
principal only, Sugar Valley
176.50
SCHOOL
DISTRICT,
Pa .—BOND SALE—
The issue of $75,000 coupon school bonds offered Sept. 9—V.
147, p. 1234—
awarded to Halsey, Stuart & Co., Inc., as 234s, at par
plus a
of $140, equal to 100.18, a basis of about 2.48%.
and due Sept. 1 as follows: $3,000 from 1941 to 1953,
premium
Dated Sept. 1, 1938,
incl., and $4,000 from
1954 to 1962, incl.
Second high bid of 100.14 for 234s was made by the
First National Bank & Trust Co. of East Pittsburgh.
ELIZABETHVILLE SCHOOL DISTRICT, Pa.—BOND SALE—The
$26,500 school bonds offered Sept. 13—V. 147, p. 1532—were awarded to the
Capital Bank & Trust Co. of Harrisburg,
Due April l as follows: $1,000
from 1941 to 1956 incl. and $1,500 from 1957 to 1963 incl.
FOUNTAIN HILL, Pa.—BOND SALE—The $35,000 coupon or reg¬
istered refunding and sanitary sewer construction bonds offered Sept. 12—
V. 147, p. 1378—were awarded to the Allen town National Bank, of Allentown, as 2^s, at par plus a premium of $125, equal to 100.35, a basis of
Joint Vocational School Addition
bonds.
Dated Sent. 1, 1938. Denom. $500. Due $500 on Sept. 1 from 1941
Bidder to name a single rate of interest, payable M. & N. A
certified check for 2%, pqyable to the order of the District Treasurer, must
to 1962 incl.
accompany each proposal.
The bonds will be issued subject to approving
legal opinion of Townsend, Elliott & Munson of Philadelphia.
(This issue was not sold at a previous offering on May 31.)
LOGANTOWN
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
Grace W. Wren, District Secretary, will receive se/led bids until 7 p. m.
(Eastern Standard Time) on Sept. 23 for the purchase of $2,000 2 34. 2 94, 3,
334, 334, 394, 4, 4 34 or 434% Sugar Valley Joint Vocational School Ad¬
dition coupon bonds, registerable as to principal only. Dated Sept. 1, 1938.
Denom. $500.
Due $500 on Sept. 1 from 1941 to 1914 incl.
Bidder to
name a single rate of interest, payable semi-annually M. & N.
A certified
check for 2%, payable to the order of the District Treasurer, must ac¬
company each proposal.
Bonds will be issued subject to approving legal
opinion of Townsend, Elliott & Munson of Philadelphia.
(Above issue was previously offered May 31, at which time all bids
were rejected.—V. 146, p. 37ol.)
MOUNT CARMEL TOWNSHIP SCHOOL DISTRICT (P. O. Locust
Gap), Pa.—BOND OFFERING—Domenic Ficca, Secretary of the Board
of School Directors, will receive sealed bids until 10 a. m.
(Eastern Standard
Sept. 19 for the purchase of $205,000 not to exceed 434 % interest
to principal, Bradley High School Bldg. addition
bonds, series of 1938.
Dated Sept.
1, 1938.
Denom. $1,000.
Due
March 1 as follows: $11,000 from 1940 to 1944, incl. and $lO,0OO from
1945 to 1959, incl.
Bidder to name a single rate of interest.
Principal and
interest (M. & S.) payable at the Union National Bank, Mount Carmel,
The bonds and interest thereon will be payable without deductions for
Pennsylvania State taxes, except succession, gift or inheritance taxes.
A
certified check for $4,000, payable to the order of the District Treasurer,
Time)
on
coupon, registerable as
must
accompany each proposal.
The bonds will be issued subject to ap¬
of the Pennsylvania Department of Internal Affairs, and legal
opinion of Saul, Ewing, Remick & Saul of Philadelphia.
This issue was
proval
p.
197.50
proposal.
LOGAN TOWNSHIP SCHOOL DISTRICT (P. O. Loganton), Pa.—
BOND
OFFERING—Allen
C.
Sheats,
District Secretary, will receive
authorized by the voters on Aug. 31
25o!oO
I——I 147^65
was
193567
JAMESTOWN
issue of $16,000 construction
254.40
2
Bancamerica-Blair Corp
PITTSBURGH
—
——
357^0
.
First National Bank of West Chester
Geo. E. Synder & Co
EAST
_
-
by
a
count of 736 to 689.—V. 147,
1671.
Financial Statement (July 4, 1938)
-
Assessed valuation (1938-39)
Number of mills levied
Number assessed with per capita tax
Rate of per capita tax
Legal deDt limit of school district—7%
---$10,305,719.00
26.5
19.51
1.00
.
or
$721,400.33
,
Liabilities
Bonded indebtedness (not incl. current offering)
Temporary loans
Accounts payable
$328,000.00
55,000.00
—
18,540.86
--------
$401,540.86
Total liabilities
Tax Collection
Report
Uncollected
At End
Year—
-
Levy
$208,276.47
216.378.75
234,014.89
of
Fiscal Year
$2,224.90
1,946.69
54,847.27
Uncollected
Sept. 1,1938
$1,278.87
1,449.64
54,741.28
Volume
R.
F.
D.),
Pa .—BOND
SALE
Turtle Creek,
$57,000 school bonds
147, p. 1671—
bids:
Int. Rate
Rate Bid
3A%
100.96
3A%
100.65
(P. O.
DETAILS—The
Bidder—
Moore, Leonard & Lynch
Leach Bros., Inc
Glover & MacGregor, Inc
Singer, Deane & Scribner, Inc
Hemphill, Noyes & Co
Financial Statement (as of Aug. 26,
BRISTOL, R. I.—NOTE SALE—The $60,000 road and sidewalk notes
12—V. 147, p. 1671—were awarded to Kennedy, Spence &
Co. of Boston, as 2s, at a price of 100.419, a basis of about 1.92%.
Due
$6,000 each year from 1939 to 1948 incl.
Second high bid of 100.055 for
offered Sept.
2 As was made
100.27
3A %
3A %
3% %
CHARLESTON COUNTY SCHOOL DISTRICT NO. 4 (P. O. Charles¬
$2,905,269.00
ton), S. C.—BOND SALE—The $140,000 issue of school bonds offered for
on Sept. 9—V. 147, p. 1379^—was awarded jointly to R. S. Dickson &
of
$55.00, equal to 100.039, a net interest cost of about 3.17% on the bonds
divided as follows: $120,000 as 3Ms, maturing on Mar. 1—$5,000 in 1940
to 1947 and $10,000 in 1948 to 1955-—the remaining $20,000 as 3s, maturing
$10,000 in 1956 and 1957.
234,000.00
None
20,083.14
Floating debt
Sinking fund (cash)
sale
Co. of Charlotte and Seabrook & Karow of Charleston, paying a premium
175,968.21
Uncollected taxes and tax liens
M-J
$37,948.65
Net debt
1.27%.
ratio,
Population
(1930), 4,687; present estimate,
COLUMBIA,
C.—BONDS SOLD—A $29,000 issue of 4% coupon
revenue bonds was offered for sale on Sept. 12
Insurance and Inspection Fund of the
city, according to the City Clerk.
Denom. $1,000. Dated Aug. 15, 1938.
Due on Jan. 1 as follows:
$1,000, 1940 to 1948, and $2,000, 1949 to 1958,
5,000.
The school district has shown
an
semi-ann.
annual surplus for many years, amount¬
and
ing in 1934 to $6,200; 1935, $4,000; 1936, $1,000; and in 1937, $400.
The above statement does not include the debt of any other political
subdivision having the right to levy taxes within the school
Tax
district.
Collected
Percent
PENNSYLVANIA
(State
ISSUES
of)—LOCAL
noon
APPROVED—'The
Pennsylvania Department of Internal Affairs has approved the following
municipalities.
Information includes name of the borrower,
amount and purpose of issue and date approved:
issues of local
Date
Issue—
Approved
Luzerne Co. (funding floating
indebtedness)
Sept. 7
Downingtown Borough, Chester Co. (funding floating
indebtedness, $21,000; re pair streests, $4,000
Sept. 9
Dunmore Borough S. D., Lackawanna Co. (tax antici¬
pation note)
Sept. 9
Name and Purpose of
Amount
West Hazleton Borough,
$20,000
25,000
15,000
Pa.—BOND REFUNDING NOT POSSIBLE FOR
AT LEAST THREE YEARS—-Recall of city bonds and refunding of the
obligations at lower interest rates will not be possible for three more years,
the Bureau of Municipal Research stated on Sept. 11.
Failure by city authorities until 1921 to reserve the right to recall bonds
before maturity has resulted in denying any present chance of municipal
savings on interest charges, the bureau said.
Such savings will not be
possible before 1941 because the city limited its right of recall on bonds
issued after 1921 to bonds which had been outstanding for 20 years.
After 1941, however, bonds which will regularly become subject to
recall and refunding operations total $337,000,000 in the next 17 years.
Though interest rates and security market conditions cannot be predicted
three years ahead, the bureau estimated that the very first refinancing
operation—on 5A% bonds totaling $8,804,000 issued in October, 1921—
should save $142,000 in interest annually.
Comparable economies probably
PHILADELPHIA,
can
be effected
on
other issues
as
(P. O. York) S. C —BOND OFFERING— Sealed
received until noon on Sept. 30, by F. H. Wilson, County
Supervisor, for the purchase of an issue of $175,000 not to exceed 5% semiana.
coupon hospital aonds.
Denom. $1,000.
Due July 1, as follows:
$6,000 in 1939 to 1967, and $1,000 in 1968.
Rate of interest to be in a
multiple of A of 1 %, and must be the same for all of the bonds. Principal
and interest payable at the Chase National Bank, New York.
The bonds
are registerable as to priacipal only.
The opinion of Reed, Hoyt, Washburn
& Clay, of New York, tha„ the bonds are valid and oinding obligations of
the county, will be furnished.
Enclose a certified check for 2% of the
amount of bonds bid for, payable to the counoy.
YORK
bids
they come due.
When recall of the bonds is legally
S.
public market
awarded to the Firemen's
SOUTH CAROLINA, State of—BOND OFFERING—We are informed
by E. P. Miller, State Treasurer, that he will receive sealed bids until
(Eastern Standard Time) on Oct. 4 for the purchase of an issue of
$150,000 State certificates of indebtedness.
Dated Oct. 1, 1938.
Denom.
$1,000.
Due $10,000 Oct. 1, 1939 to 1953.
Bidders to name the rate of
Interest in multiples of A of 1 %, such rate to be the same for all of the cer¬
tificates.
Prin. and int. payable at the State Treasury in Columbia, or
at the agencies of the State in Charleston and New York.
The certificates
will be issued in coupon form with the privilege of registration as to principal
only or as to both prin. and int.
The certificates will be issued pursuant to
Act No. 1332 of the Acts of 1938 of the State, for the purpose of financing the
construction and equipment of a Clinical Building at the State Medical
College.
The statute pledges to the payment of the certificates and the
Interest thereon so much of the revenues derived from the tuition fees of
the State Medical College as may be necessary to pay the principal of and
interest on the certificates as such principal and interest become due.
In
addition, the full faith, credit and taxing power of the State are pledged to
the payment of such principal and interest.
The certificates will be deivered in Columbia or New York at the option of the purchaser.
The pur¬
chaser will be furnished with the opinion of the Attorney General without
cost or with the opinion of Reed, Hoyt, Washburn & Clay of New York,
that the certificates are vaiid obligations of the State, the latter opinion to
be paid for by the purchaser. Enclose a certified check for 1 % of the amount
of certificates bid for, payable to the State Treasurer.
-
as
was
all incl.
Collections
July 1 '34 July 1 '35 July 1 '36 July 1 '37
$76,087
$46,894
$54,790
$56,583
of June 30,193855,423
36,526
37,079
34,464
73%
75%
69%
61%
Fiscal Year Beginning—
Levy----
possible, the bureau adds, substitu¬
tion of serial bonds for the sinking fund system can also be effected,
thus elin inate all the uncertainties, mysteries, pitfalls and confusion
"and
inci¬
will
COUNTY
oe
dent to sinking funds."
Dak.—BONDS DEFEATED—At the election held
on Sept. 6—V. 147, p. 1080—the proposal to issue $295,000 in water system
improvement bonds failed to carry, the count being 535 "for" to 588
RAPID
TYNDALL
——
__
and Stroud & Co., Inc
2M%
3,175.00
3%
1,500.00
3%
;
160.00
Ii. W. Pressprich & Co.; Glover & MacGregor; Moore,
Leonard & Lynch; Harrison & Co. and Edward
Lowber, Stokes & Co
..
""EftUSEVILLE, Pa.—BOND ELECTION—At the Nov. 8 election the
voters will be asked to authorize an issue of
$20,000 water system bonds.
WATERTOWN,
DISTRICT,
SCHOOL
DISTRICT,
Pa.—BOND
SALE— The
issue
Tenn.—FINANCIAL
official statement is furnished to us
Resume of Gross
of
(Bond debt—Jan. 2,
R.
D.
2),
Pa .—BOND
Notes
Total outstanding Jan. 2
Retired during period Jan.
1938
Notes payable Board
OFFERING— Harry
A.
10,000.00
Increase in gross
Net
Increase in net debt in
-
20,205,670.80
-
$600,709.93
10 years nine months
Analysis of Net Debt Decrease—
Bonds issued Jan. 2, 1928 to Sept. 2, 1938
$17,141,000.00
Bonds retired Jan. 2, 1928 to Sept. 2, 1938
13,687,000.00
Excess of issued over retirements in 10 years and nine mos—
3,454,000.00
Increase in sinking funds.
$1,415,290.07
Increase in elec. plant bonds
3,000,000.00
nftnnn
Union-
town), Pa.—BOND OFFERING—Robert Hamer, District Secretary, will
(Eastern Standard Time) on Oct. 5 for the
-
_
$4,415,290.07
receive sealed bids until 5 p. m.
purchase of $34,000 coupon school bonds. Dated Oct.
$1,000. Due $2,000 on Oct. 1-5 from 1939 to 1955 incl.
$3,454,000.00
debt in 10 years nine months
1938—debt Jan. 2, 1928—-
Net debt Sept. 2,
bonds.
O.
^ ^
27,680,000.00
Outstanding Jan. 2, 1928
WASHINGTON, Pa.—BOND ELECTION—At the November general
election the voters will be asked to authorize an issue of $150,000 viaduct
DISTRICT (P.
$13,687,000.00
31,044,000 00
90,000.00
Outstanding Sept. 2, 1938—Bonds--Outstanding Sept. 2,1938—Notes
posal plant construction bonds.
TOWNSHIP SCHOOL
xl .000.00
Total retirements
Menk,
Pa.—BOND ELECTION—At the November general elec¬
issue of $250,000 sewage dis¬
WASHINGTON
of Education to general
1933—SJli outstanding
(P. O. New
tion the voters will be asked to authorize an
•
$13,676,000.00
city government
will receive sealed bids until 5 p. m. (Eastern Standard
Time) on Sept. 26 for the purchase of $19,000 2A, 3, 3 A, 3 A, 3 A or 4%
coupon, registerable as to principal, school bonds.
Dated Oct. 15, 1938.
Denom. $1,000.
Due $1,000 on Oct. 15 from 1940 to 1958 incl.
Interest
A. & O.
Bidder to name a single rate of interest.
A certified check for
$500, payable to the order of the District Treasurer, must accompany
each proposal.
_
$27,680,000.00
17,041,000.00
100,000.00
.$44,821,000.00
1928, plus new Issues
2,1928 to Sept. 2,
—
District Secretary,
WARREN,
1928 to Sept. 2, 1938, incl.)
Sept. 2, 1938
payable—Board of Education to general citj govt
Water bond matured
Kensington,
following
and Net Debt of the City
Outstanding, Jan. 2, 1928Issued during period Jan. 2, 1928 to
2.27%.
Dated Sept. 15, 1938 and due Sept. 15 as follows: $3,000, 1939;
$2,000,1940 to 1943, incl.; $3,000, 1944; $2,000, 1945 to 1949, incl.; $1,000,
1950 to 1952, incl., and $2,000 in 1953.
Second high bid of 101.39 for 2Ms
was made by E. A. Rollins & Sons, Inc., of Philadelphia.
Bidder—
Int. Rate
Premium
National Bank of Topton__
2%%
$379.90
Graham, Parsons & Co., Inc
2%%
168.20
Leach Bros., Inc
3%
101.50
SCHOOL DISTRICT
INFORMATION—The
in connection with the offering scheduled
6% coupon s.emi-ann. public
10—-V. 147. p. 1671.
Sept. 27. of the $342,000 not to exceed
works bonds, described in our issue of Sept.
for
refunding bonds offered Sept. 9—V. 147, p. 1378—was
as 2 As at 101.49, a basis of about
BURRELL TOWNSHIP
to 100.075, a basis
TENNESSEE
MEMPHIS,
awarded to Burr A; Co.. Inc., New York,
UPPER
issues of bonds
Due from June 1, 1940 to 1948.
Due from June 1, 1940 to 1948.
$58,000 auditorium bonds.
10,000 auditorium bonds.
$3,000 in 1943, $5,000 in 1945, 1947, 1949, 1951 and 1953.^
coupon
Dak.—BOND SALE—The two
S.
associates, as 2Ms, paying a premium of $51.00, equal
of about 2.74%. The issues are divided as follows:
SPRINGDALE, Pa.—BOND SALE—The $28,000 coupon borough bonds
offered Sept. 9—V. 147, p. 1378—were awarded to S. K. Cunningham &
Co. of Pittsburgh as 3 As at par plus a premium of $198.80, equal to 100.71,
a basis of about 3.42%.
Dated Sept. 1, 1938, and due Sept. 1 as follows:
TOPTON
(P. O. Tyndall)
will be received
aggregating $68,000, offered for sale on Sept. 12—V. 147, p. 1671—were
awarded to the First National Bank & Trust Co. of Minneapolis, and
Pa.—BOND OFFERING—
Stanley R. Cushman, District Secretary, will receive sealed bids until
7 p. m. on Sept. 22 for the purchase of $150,000 coupon school bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $7,000 from
1941 to 1952, incl., and $6,000 from 1953 to 1963, incl.
A certified check
for $3,000, payable to the order of the District Treasurer, is required.
SCHOOL
INDEPENDENT SCHOOL DISTRICT
by Henry Walla, District Clerk, until 2 p. in. on Sept. 20, for the purpchase
of a $70,000 issue of refunding bonds.
Interest rate is not to exceed 4%,
payable J. & J. Dated Oct. 1,1938. Denom. $1,000. Due Jan. 1, as follows:
$3,000 in 1941 to 1944; $4,000 in 1945 and 1946; $5,000 in 1947 to 1950 and
$10,000 in 1951 to 1953. All bonds maturing after Jan. 1, 1946 being sub¬
ject to redemption on said date and interest payment date thereafter.
Principal and interest payable at the First National Bank & Trust Co.,
Minneapolis. The approving opinion of Junell, Fletcher, Dorsey, Barker &
Colman, of Minneapolis', will be furnished.
Enclose a certified check for
$1,400 payable to the district.
Halsey, Stuart & Co., Inc. and Eastman, Dillon & Co.
2$5,500.00
Reading Trust Co
' 2A%
2,301.50
Moncure Biddle & Co. and Barclay, Moore & Co
E. H. Rollins & Sons, Inc.; Bancamerica-Blair Corp.
S.
Dak.—BOND OFFERING—Both sealed and oral bids
S.
Premium
Int. Rate
Bidder—
CITY,
"against."
Oct. 1 from 1939 to 1958 incl.
The bankers reoffered the issue at prices to
yield from 0.50% to 2.40%, according to maturity. Other bids:
$29,000
DAKOTA
SOUTH
Pa.-—BOND SALE—The issue of $500,000 improvement
bonds offered Sept. 14—V. 147, p. 1378—was awarded jointly to the First
Boston Corp. and Dougherty, Corkran & Co., Philadelphia, as 2 As, at
101.155, a basis of about 2.37%.
Dated Oct. 1, 1938 and due $25,000 on
READING,
RUSSELLTON
CAROLINA
SOUTH
101.82
1938)
valuation
debt
by Stephen W. Tourtellot of Providence.
102.07
Bonded debt, including this issue
Net
ISLAND
RHODE
awarded to Johnson & McLean, Inc., Pittsburgh, as 3 As—V.
were sold at a price of 101.18, a basis of about 3.37%.
Other
Assessed
1817
Chronicle
Financial
147
PATTON TOWNSHIP SCHOOL DISTRICT
1,562,000.00
Less—Decrease in water bonds
15, 1938. Denom.
Bidder to name the
2,853,290.07
rate of interest.
(Above issue is being offered for sale in place of that for
of which on Aug. 3 was canceled.)
WILLIAM TOWNSHIP SCHOOL DISTRICT (P. O.
Net decrease as shown
$40,000, offering
x
WUliam.town),
Net per
C. Miller, District Secretary, will re¬
Sept. 23 for the purchase of $24,000 2A,
2M, 3, 3M. 3 A. 3A, 4, 4M, 4 A, 4M or 5% coupon school building bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $1,000 from
1939 to 1954, incl., and $2,COO from 1955 to 1958, incl.
Bidder to name a
single rate of interest, payable A. & O.
A certified check for 2%, payable to
the order of the Treasurer, must accompany
each proposal.
as
retirement,
as
$600,709.93
cash
is in hands of fiscal agent and not
included in sinking fund assets.
Pa.—BOND OFFERING—Clayton
ceive sealed bids until noon on
Treated
above
capita debt, Jan. 2, 1928, $100.53
capita debt, Sept. 2,
per
*
.
(population, 201,000; net per
1938, $72.33 (population, 287,625*).
Decrease in net
capita debt in 10M years, $28.20.
Published by U. S. Census Bureau for 1937.
RUTHERFORD COUNTY (P. O. Murfreesboro), Tenn.—BONDS
DEFEATED—It is stated that at an election held on Sept. 8, the voters
defeated a proposal calling for the issuance of $204,356 in school bonds.
1818
Financial
TENNESSEE,
State
of—BOND
TENDERS
INVITED—We
informed by Grover Keaton, State Treasurer, that the Board of
of State Debt will receive tenders of the following bonds:
are
Liquidation
State of Tennessee highway notes, dated Jan. 1, 1930; due Jan. 1,
1939,
bearing the interest rate of 4 M % •
The State will purchase to the amount
of $500,000 of said bonds on a yield basis of Mof 1 %
State of Tennessee highway notes, dated Feb. 15, 1929, due Feb.
15,
•
•
1939, bearing the interest rate of 4M%.
The State will purchase to the
$750,000 of said bonds on a yield basis of M of 1%.
State of Tennessee highway notes, dated Jan. 1, 1930; due Jan.
1, 1939,
and bearing the interest rate of 4%%.
The State will purchase to the
amount of $500,000 of said bonds on a yield basis of M of 1%.
amount of
State of Tennessee highway notes, dated Jan. 1, 1930; due Dec. 1, 1939;
and
bearing the interest rate of 4%%.
The State will purchase to the
$1,000,000 of said bonds on a yield basis of M of 1 %.
a period of two days from the date of tender.
amount of
All tenders must be firm for
Immediate confirmation will be made of accepted tenders.
Bonds tendered must be described accurately as to designation.
The step is part of the debt reorganization begun by the State
or
two
to
the
ago, under which available funds are
retirement of outstanding obligations.
applied from time
For the fiscal
Chronicle
was
outstanding
on
1938
17
Andrews, City Comptroller, for the period ended Aug. 31.
While total
cash receipts are $80,185 below the revenues reported for the corresponding
period of last year, the apparent reduction in income is due partly to the
fact that $163,000 received by the city from the Virginia Alchoholic Beverage
Control Board as the city's share of liq uor sales, came too late to be included
in the August statement of income.
Last year the city received $146,000
from the ABC Board during August
Richmond started off the current fiscal year on Feb. 1 with a cash balance
of only $297,000, as compared with a cash balance of $624,000 on the first
of the previous fiscal year, so that collections are really better than the
Comptroller's report indicates.
On the other nand, the city has borrowed
$1,000,000 so far this year, exclusive of Public Works Administration com¬
mitments, as against only $500,000 for the first seven months of 1937.
.
SOUTH HILL, Va .—BOND ELECTION—It is stated by Mayor L. L.
Bean, confirming a recent report in these columns, that an election will be
on Sept. 27 in order to vote on the issuance of $103,500 in recreation
building and electric plant bonds.
held
a
year
to
time
WASHINGTON
ended
year
June 30, 1938, the State reported
of $16,986,133, leaving a surplus
There
Sept.
receipts of $17,522,691 and expenditures
for the period of $536,558.
June 30, 1938, total net debt of $114,595,424,
CLE ELUM, Wash.—BOND SALE—The $10,000 issue of city hall bonds
offered
for sale
investor,
of which $46,309,000 was road debt.
as
12—V. 147, p. 1380—was purchased by a local
6s at par, according to the City Clerk. Due in 1948; optional
Sept.
on
in 1942.
TEXAS
BEE COUNTY (P. O. Beeville), Texas—BOND SALE—The $275,000
issue of road bonds offered for sale on Sept. 12—V. 147,
p. 1379—was
awarded to a syndicate composed of the Brown-Orummer Co. of Wichita,
liauscher, Pierce & Co. and Donald O'Neil & Co., both of Dallas, paying
a
premium of $280, equal to 100.10, on the bonds divided as follows:
$205,000 as 3s, due from 1942 to 1955; the remaining $70,000 as 3Ms,
maturing in 1956 to 1958.
CENTER
INDEPENDENT
SCHOOL
DISTRICT
NO.
48
(P. O.
Center) Texas—BOND SALE—We are informed by the Superintendent
4% semi-ann. coupon school bonds offered for
on Aug. 16—V. 147, p. 123,5—were sold on
Sept. 2 to the State Per¬
manent School Fund, at par.
Due over a 25-year period, beginning in 1939;
optional after give years.
EAST WENATCHEE, Wash.—BOND SALE CANCELED—It is stated
by Lee L. Thulean, Town Clerk, that the sale of the $3,000 sewer bonds to
State, noted in our issue of July 9, has been canceled because of a legality
question.
the
LINCOLN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Davenport),
Wash.—BOND SALE—The $29,150 issue of school bonds offered for sale
on
Sept. 10—V. 147, p. 1534—was awarded to Ferris & Hardgrove of Spo¬
as 3s, paying a price of 100.41, according to the County Treasurer.
kane
METALINE FALLS SCHOOL DISTRICT NO. 2 (P. O. Newport),
Wash.—BOND SALE—The $15,500 issue of auditorium-gymnasium
of Schools that the $70,000
bonds offered for sale
sale
& Hardgrove of Spokane
County Treasurer.
EL PASO COUNTY (P. O. EI Paso), Texas—BOND SALE—The
$630,000 issue of refunding, series A bonds offered for sale on Sept. 12—
V. 147, p. 1080—was awarded to the State Investment Co. of Fort
Worth,
and associates, as 2 Ms, at par, less $24,219.36 for
expenses. Due oh Nov. 7
foUows: $35,000,
1939 and 1940; $36,000, 1941; $37,000, 1942; $38,000,
1943; $40,000, 1944; $41,000, 1945; $42,000, 1946; $43,000, 1947; $44,000,
1948; $45,000, 1949; $47,000, 1950; $48,000, 1951; $49,000, 1952, and $50,-
as
000 in 1953.
GILLESPIE COUNTY (P. O.
Fredericksburg) Texas—BONDS SOLD
—It is stated by the County Judge that $80,000 2M% court house bonds
approved by the voters at an election held on Aug. 22, have been sold.
GOLIAD INDEPENDENT SCHOOL DISTRICT
(P. O. Goliad)
Texas—BONDS OFFERED—Sealed bids were received until 7 p. m. on
Sept. 16, by John B. Hayes, Superintendent of Schools, for the purchase
of a $37,500 issue of school house bonds.
Maximum interest rate was jput
at
3M%, payable M. & S.
Dated Sept. 1, 1938.
Denom. $500.
Due
Sept. 1, as follows: $1,500 in 1939 to 1943, $2,000 in 1944 to 1950, $2,500
in 1951 to 1954, and $3,000 in 1955 and 1956.
Rate of interest to be in
multiples of M of 1%.
Prin. and int. will be made payable at the place
onds at by lowest interest
Ereferred the the purchaser. costis the will bring ofprice district to sell the
It that intention a the of approximately,
but not less than, par and accrued interest.
Bidders are required to name
the rate or combination of two rates with their bids which is closest
topar
and accrued interest.
These bonds
were
authorized at the election held on
Aug. 20, by a vote of 270 to 29. The district will furnish the printed bonds, a
of the legal proceedings, and the approving opinion of Gibson &
Gibson, of Austin, or of Chapman & Cutler, of Chicago.
(This notice supplements the offering report given on Sept. 10—V. 147,
copy
P.
1671.)
HARDIN COUNTY (P. O.
Kountze), Texas—ADDITIONAL IN¬
FORMATION—In connection with the report given here on Sept. 10,
that the Gregory-Eddleman Co. of
Houston, heading a syndicate, was
offering for public subscription a total of $932,000 4% and 4 M % road bonds
—V. 147, p. 1671—it is now reported that Chas. B. White &
Co., the Brown-
SEATTLE,
on
Wash.—BONDS
BOND
ELECTIONS—A
newspaper summarized as follows the bond questions to be
voters at
local
passed on by the
pending elections:
Houston Schools, election Oct. 1.
Buildings
SNOHOMISH
NO. 329 (P. O.
coupon
sold at
a
Storm
$500,000
500,000
500,000
100,000
sewers
Opening Texas Avenue
Macadam paving
Parks
Street opening, widening
Traffic signals.
200,000
100,000
__
50,000
$1,950,000
$1,000,000
4M%
COUNTY
CONSOLIDATED
DISTRICT
SCHOOL
Ms.
on the bonds divided as follows:
$20,000 as 3 Ms,
Due in from two to 21 years after date; callable after
WEST
VIRGINIA
HANCOCK
COUNTY (P. O. New Cumberland)
W. Va .—BOND
OFFERING—Sealed bids will be received until noon (Eastern Standard
Time),
on Sept. 24, by W. G. Phillips, President of the Board of Education,
school bonds. Interest rate
specified by the bidder, payable semi-annually. Dated Oct. 1, 1938.
Denom. $1,000. Due Sept. 1, as follows: $85,000 in 1939, $88,000 in 1940
and $92,000 in 1941.
The bonds may be registered as to principal only, as
provided by Section 17, Article 1, Chapter 13 of the Code of West Virginia.
for the purchase of a $265,000 issue of coupon
to be
Rate of interest to be in multiples of M of 1 % and must be the same for
Prin. and int. payable at the State Treasurer's office or at the
Chase National Bank, New York.
No bid for less than par and accrued
interest will be considered.
Legality to be approved by Caldwell & Ray¬
mond, of New York, at the purchaser's expense. Enclose a certified check
for 2%, payable to the Board of Education.
all the bonds.
WISCONSIN
DODGEVILLE, Wis.—BOND SALE—The $25,000 issue of 3% semiann.
road bonds offered for said
on Sept. 12—V. 147, p. 1534—was awarded
to the Milwaukee Co.
of Milwaukee, paying a premium of $1,078.00,
equal to 104.31, a basis of about 2.19%.
Dated Sept. 15, 1938.
Due
$2,500 from Sept. 15, 1939 to 1948 incl.
HAMMOND, Wis —BONDS NOT SOLD—An issue of $11,000 3 % semisewage
disposal plant bonds
offered
was
on
Sept. 14 but was not sold
bids wene received, according to the Village
as
no
1952 incl.
Clerk.
Due from 1942
MOUNT HOREB, Wis.—BOND OFFERING^!t is stated by the Village
Clerk that he will receive sealed bids until Sept. 26 for the purchase of an
$18,000 issue of
sewage
disposal plant bonds.
RACINE COUNTY (P. O. Racine), Wis.—BONDS NOT SOLD—
The $1,000,000 issue of not to exceed 4% s8mi-ann. relief, Second Series of
1938 bonds offered on Sept. 15—V. 147, p. 1534—was not sold as no bids
were
Total city
of
price of 100.15,
to
—$2,409,000
City of Houston, election Oct. 3.
Asphaltic street topping
issue
Everett) Wash.—BOND SALE—The $53,000 issue of
school bonds offered for sale on Sept. 10—V. 147, p. 1534—was
and $33,000 as 3
ann.
Total schools
SOLD—An
five years.
$2,189,000
220,000
Stadium
price of 100.243, according to the
tion work.
Dillingham & McClung, all of Houston, were associated with the above
named firm in the purchase and subsequent
reoffering of the said bonds.
OF
a
Corp., Ballman & Main, Chicago; Hartley Rogers & Co., Los Angeles,
Conrad, Bruce <fc Co., San Francisco; Bramhall & Stein, Seattle; Jaxtheimer
& Co., Portland; Murphey, Favre & Co., and Richards & Blum, Inc., both
of Spokane: Grande & Co., Inc., and Harold H. Huston & Co., both of
Seattle, paying a price of 93.75, a basis of about 4.74%. Dated Oct. 1,
1938.
Due $50,000 from Oct. 1, 1949 to 1968 incl.; optional in 1943.
Of the proceeds to the city $588,000 will be used for the Skagit construction
program and the balance on extension of city lines and other local construc¬
and
Texas—SUMMARY
3 Ms, paying
semi-ann. city light bonds was purchased on Sept. 13 by a syndicate com¬
posed of Drumheller, Ehrlichman Co. of Seattle, the Bancamerica-Blair
Crummer Co., Rauscher, Pierce & Co., Fenner &
Beane, all of Houston,
Mosle & Moreland of Galveston, George V. Rotan &
Co., Aves & Wymer,
HOUSTON,
Sept. 10—V. 147, p. 1534—was awarded to Ferris
as
to
accepted.
Dated Sept.
1. 1938.
Due $200,000 from Sept. 1, 1939
1943 incl
LOCKNEY,
Texas—BOND
TENDERS
RECEIVED—In
connection
with the call for tenders of
refunding bonds, dated Oct. 1, 1936, it is stated
by Mrs. Ellen Belyeu, City Secretary, that two tenders were received.
The Dunne-Israel Co. of Wichita is said to have offered
$9,000 in bonds and
accrued interest for $4,300 flat.
\j^,T,H pARK SCHOOL
BONDS SOLD—The State
$9,000 building bonds.
DISTRICT
(P.
O.
Abilene),
Texas—
Board of Education is said to have purchased
HELPER, Utah—BONDS SOLD TO PWA—It is stated by the City
Attorney that $63,000 4% semi-annual water revenue bonds were
pur¬
chased at par by the Public Works
Administration.
Due from Sept. 1,
1941 to 1961.
Prin. and int. (M. & S.) payable at
Helper.
VERMONT
SCHOOL
2>£%
coupon
semi-ann. school bonds on Sept. 7, reported in
our issue of Sept. 10—V. 147, p. 1672—the following official list
of the other bids received has been furnished to us:
Names of Other Bidders—
Lazard Freres & Co., Inc., Chicago
Northern Trust Co., Chicago
First National Bank of Chicago---A. G. Becker & Co., Chicago.
Securities Co. of Milwaukee;
UTAH
NORTHFIELD
SHEBOYGAN, Wis.—LIST OF BIDS—In connection with the sale of
the $100,000
detail in
DISTRICT,
Vt.—BONDS
An issue of $81,400 school construction bonds
210 to 60 at the Aug. 31 election.
was
DEFEATED—
defeated by a vote of
and
Price Bid
$105,088.00
104,885.00
104,520.00
104,270.00
of
104,132.00
104,060.00
103,928.00
103,655.00
-
Security
Nat.
Bank
Sheboygan
The Milwaukee Co. and Wells-Dickey Co. of Minneapolis
Blythe & Co., Inc., Chicago
Halsey, Stuart & Co., Chicago
TOMAH, Wis.—BOND SALE— The $70,850 issue of 3% semi-ann.
high school building bonds offered for sale on July 27—V. 147, p. 614—
was purchased
by Paine, Webber & Co. of Chicago, paying a premium of
$3,750, equal to 105.29, a basis of about 2.35%. Dated April 1, 1937.
Due from April 1, 1940 to 1954.
WYOMING
AFTON. Wyo.—BOND OFFERING—It is reported that sealed bids will
be received until 8 p. m. on Oct. 1 by L. C. Jensen, Town Clerk, for the
$14,000
>ated Oct.
Eurchase of1,a 1938.
$30,000 issue of coupon sewer bonds.
NORFOLK, VA. Imp. 4i/2s
Due March
15, 1946 at 2.60% basis
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phono 3-9137
A. T. T. Tel. Rich.Va. 83
VIRGINIA
RICHMOND,
enues
Va —REPORT
ON
collected by the city from all
fiscal year amounted to
REVENUE
sources
COLLECTIONS—Rev¬
for the first
$4,754,250, according to the
seven
months of the
report of T. Coleman
Denom. $1,000.
CARBON COUNTY (P. O. Rawlins) Wyo.—BOND OFFERING—It is
stated by Linda Felton, County Clerk, that she will offer for sale at public
auction on Sept. 21, at 2 p. m., an issue of $160,000 not to exceed 3H%,
semi-ann. court house and jail bonds. Denom. $1,000. Dated Oct. 1, 1938.
Due $16,000 from June 1, 1940 to 1949 incl. No bids will be considered for
less than par and accrued interest.
The approving opinion of Myles P.
Tallmadge of Denver, will be furnished.
A certified check for $3,000,
payable to the County Treasurer, must accompany the bid.
GOSHEN COUNTY SCHOOL DISTRICT NO. 2 (P. O. Lingle)
Wyo.—BOND SALE—The $46,000 issue of building bonds offered for sale
Sept. 12—V. 147, p. 1380—was purchased by the State of Wyoming,
as 3 Ms. at
par.
Dated July 1, 1938. Due $1,000 on Jan. and July 1, from
1939 to 1961; subject to option on any interest payment date.
on
@FedFRASER