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iUS, AD*
LIBRARY
NO. 3822.
,nu*dW;roo3P^Cw- NEW YORK, SEPTEMBER 24, 1938
VOL. 147.
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
NATIONAL BANK
OF
Chartered 1866
George V. McLaughlin
,
President
NEW YORK
:
NEW
BROOKLYN
Member Federal
CITY
The
OF
NEW
YORK
YORK
'
chase is
tra-
ditionally a bankers' bank.
For
Deposit Insurance
Corporation
THE
OF
many
served
years
it has
large number
a
of banks and bankers
)
as
New York
correspondent
and
depository.
reserve
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
BANK
AND
INVESTORS
INC.
INSURANCE
★
STOCKS
United States
Government
Prospectus available from
Securities
local dealers
The
'
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
BOSTON
NEW YORK
Hallgarten Si Co.
SAN FRANCISCO
PHILADELPHIA
AND OTHER
Established 18S0
Chicago
Philadelphia
Boston
Washington
San Francisco
CHICAGO
Representatives in other leading Cities
PRINCIPAL CITIES
NEW YORK
London
Chicago
City of
.
•
:
1
"
...
"
.
'
'
The
f
Philadelphia
New\orkTrust
BEAR, STEARNS & CO.
Commonwealth of
Pennsylvania
Company
ONE WALL STREET
Bonds
NEW YORK
Capital Funds
♦
♦
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
BROADWAY
ST. &
FIFTH
MADISON AVE.
AVE. & 57TH
ST.
HOMER & CO., INC.
NEW YORK
40
J
Service
to
Banks and
Dealers since
Exchange Place, New York
1888
■
European Representative's Office:
8
CarlM.Loeb,Rhoades&Co.
KING WILLIAM STREET
HORNBLOWER
&
40
London
Paris
Amsterdam
„
NEW YORK
Chicago,
Member of the Federal Reserve System,
Berlin
|
j
Wall Street
Members New York, Boston,
NEW YORK
I
WEEKS
Established 1888
LONDON, E. C. 4
*
BROADWAY
61
-«■-
—
Detroit Stock Exchanges
j
Cleveland, Philadelphia and
the New York Clearing House Association
and of the Federal Deposit Insurance
Corporation
{
,/
Financial
Sept. 24, 1938
Chronicle
/
CHIND
YOUR
GOOD
TELEPHONE
SERVICE
Leading Out-of-Town
Investment Bankers & Brokers
ST. LOUIS
/ IS
THE
St/x
Co.
a
BAINT LOU IB
509 OLIVE St
Members St. Louis Stock
/
THE
VOICE
WITH
A
'
Exchange
.
SMILE
BIRMINGHAM
MARX & CO.
BIRMINGHAM, ALABAMA
SOUTHERN
THE
MAN
ON
THE
MUNICIPAL
AND
CORPORATION BONDS
JOB
MILWAUKEE
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
THE
MEN
AND
WOMEN
EDGAR, RICKER A CO,
750 North Water Street
Milwaukee
IN
THE
TELEPHONE
Wit.
OFFICE
HARTFORD
Specialists in Connecticut
Securities
PUTNAM & CO.
Members New York Stock Exchange
6 CENTRAL ROW
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
■-.titled
This country
had
at
A
lowest
great
g
DETROIT
gervice
DETROIT REAL
P0f bnleaCc°cSompllshing this is the
facto
real spirit o
and
good times
in
posstoie
the best
to
the
enutted
ts
^ %ag
_
^
s
■
one
el p
and efficiency
Bell System.
become a
roen
dition among
Charles A. Parcells & Co.
tra-
Members of Detroit Stock Exchange
and women,
important
ESTATEJBONDS
PENOBSCOT BUILDING, DETROIT, MICH.
words
Courtesy
in the
BEtL
Dividends
SYSTHM
tlltPBONt
PACIFIC GAS AND ELECTRIC CO.
DIVIDEND NOTICE
Dividends
Dividends
AMERICAN
The Garlock
declared
on
the
common
ROBERT
26
1938
Waples, Secretary
of this
.
_
...
of
dividend
record
of
ELECTRIC STORAGE
The
NEW
YORK TRUST COMPANY
.
Broadway
The Board of Trustees has this day declared a
of
THE
R„FA8T, Secretary.
1, 1938, to stockholders or record at the close of
business on September 24, 1938.
The transfer
books will not close.
MANICE
deP.
LOCKWOOD, JR.
*
CLARKSON, Treasurer.
close
dividend of Jive per cent (5%)_on the
able
Capital Stock of the Company, payab:le October
mailed.
R.
the
qui.
uarterly
twenty-five cents (25c) per share on the Common
Stock, payable October 28, 1938, to all holders
of record October
10, 1938.
Cheques will be
E.
at
from
THE
100
Pittsburgh, Pa., September 19, 1938.
a
California.
Company, payable November 15,
stockholders
to
business October 21, 1938.
STORES, Inc.
declared
San Francisco,
September 13, 1938
A dividend of Twenty (20) Cents per share has
declared on the Capita] Stock ($10.00 par
value)
Common Dividend No. 72
have
be closed.
been
KAUFMANN DEPARTMENT
Directors
*
Broadway,
New York
J.
The
not
foote, Secretary-Treasurer.
INDIANA PIPE LINE COMPANY
.
stock
Company, payable September 30,
1938, to stockholders,of record at the
close of business
September 24, 1938.
r
The Transfer Books will
BROWN, Treasurer.
D. H.
of the
R. M.
B.
..
the quarter
The Board of Directors of the American Manu¬
special meeting of the Board of
Directors, held in Palmyra, N. Y., this
day, a quarterly dividend of 25 $ per
was
by the Board
on September 14,1938, for
ending September 30,1938,
equal to 2% of its par value, will be paid
upon the Common Capital Stock of this
Company by check on October 15,
1938, to shareholders of record at the
close of business on September 30,1938.
of Directors
facturing Company has declared the regular quar¬
terly dividend of $1.25 per share on the Preferred
Stock of the Company payable October 1, 1938 to
Stockholders of record September 15,1938.
September 20, 19i8
a
share
A cash dividend declared
COMPANY
Brooklyn, New York
COMMON DIVIDEND NO. 249
At
MANUFACTURING
Noble and West Streets
Packing Com pan y
3
Common Stock 'Dividend No. 91
New
York, September 21, 1938.
Q APTAf.U
FtT
Stock
and
Directors
the
BATTERY
have
CO.
declared
Accumulated
Sur¬
plus of the Company a divi¬
dend of Fifty Cents
($.50)
per
share
on
the Common
the Preferred
Stock, payable
September 30, 1938, to stockholders of rec¬
of both of these classes of stock at the
close of business on
September 19, 1938.
Checks will he mailed.
H. C. Allan, Secretary.
ord
Philadelphia, September 9, 1938.
Vol.147
SEPTEMBER 24, 1938
No. 3822.
CONTENTS
Editorials
page
The Financial Situation..
The
1820
Railway Wages Dispute
Hitler's
Victory
1833
1834
.
Comment and Review
The Business Man's Bookshelf
Week
on
...1836
.
the European Stock Exchanges
Foreign Political and Economic Situation
....1824
Course of the Bond Market-—.
1825
......
Foreign Exchange Rates and Comment
.
.1830 & 1871
-.1836
------
Indications of Business Activity.—
1837
....
Week
on
the New York Stock
Week
on
the New York Curb Exchange.
Exchange.
1822
..1870
'
News
Current Events and Discussions
Bank and Trust
1849
------
Company Items-
1869
General Corporation and Investment News.-......... 1914
Dry Goods Trade
—-1951
—
State and Municipal Department.
. — —
....
—1952
Stocks and Bonds
Foreign Stock Exchange Quotations..
Bonds Called and
1871 & 1881
Sinking Fund Notices
Dividends Declared
1873
1874
...........
Auction Sales
1873
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. 1882 & 1892
.....1882
.
Quotations'
New York Curb
Exchange—Stock
New York Curb
Exchange—Bond Quotations
.....1898
1902
-
Other Exchanges—Stock and Bond Quotations1904
Canadian Markets—Stock and Bond Quotations.
.
..1908
Over-the-Counter Securities—Stock & Bond Quotations. 1911
Reports
Foreign Bank Statements
..1829
Course of Bank Clearings....
__.......
_......
Federal Reserve Bank Statements
General
1871
-----1879
Corporation and Investment News..—.
.1914
Commodities
The Commercial Markets and the
Cotton.
Breadstu ffs
Crops————.—-.1942
1944
...
'
1949
Phblished Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City.
Herbert D. Selbert, Chairman of the Board and Editor: William Dana Seibert. President and Treasurer: William D. Biggs. Business
Manager.
Other offices: Chicago—In cnarge of Fred H. Gray. Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. U.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 0 months; In Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 0 months; Great Britain, Continental Europe
(Except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 0 months.
Transient display advertising matter, 45 cents
NOTE: On account of the fluctuations in the rates of exchange, remittances
made In New York funds.
per agat'e line.
Contract and card rates on request
for foreign subscriptions and advertisements must be
The Financial Situation
IF, situation has yesterday's is passing into a less to gauge the rate atinwhich the spending program
DESPITE passed
events, the European Treasury statement
order, among other things,
or
acute
better
opportunity
domestic
own
fore conditions
before, pouring out funds
left
is
be done in Europe
to
be¬
Debt and Debt
In the
reasonably
Until
there.
derstandings
and
reached
are
derstandings
in
out
un¬
principle
in
the
un¬
one
be
and
Atlantic,
find
to
here
progress
tarded
in
re¬
In defense of
for
stake will be
at
hostilities
without
reasonable period to
a
least, there is no
at
come
why
reason
domestic
tion.
If,
during the past few weeks
"taken the
certain
edge off"
of
type
lative optimism
to
specu¬
is
desired is
rush
long
not
Washington.
head¬
a
for not being
hazardous
ditions,
a
neither
ideas
may
existing
ap¬
To
con¬
for
"inflationary"
time,
some
safely be said,
most
observers
have
various
business
been
Scanned
and
whether
the
trade
that
under
to
had
at
a
a
the Government persists
market in such a way as
to corporate indebtedness
as
diminution of it.
industry
in
predicted for this
for
the
this
do
we
very
far
the
for
reason
of
failure
look
series
of
to
enter
more
definitely into current esti¬
mates of
There
prospects.
several reasons, in fact.
season
of their
was
or
usual
easy
close
due in
conditions
eye
upon
of
world
war.
Then, unhappily, the pri¬
mary
for
candidates marked
have not
slaughter
always been
of
calibre
a
inspire great enthusiasm,
and on
more
than one
to
occasion
where
White
House favorites have gone
to
they have
opponents
with
quantities.
needless
wind,
have
we
been too closely
who otherwise are largely
If affairs take their normal
Congress next winter, the Presi¬
panaceas
unknown
yet all pointing clearly in the same
the
perhaps,
down to defeat
and
dent
in
fact which may well be
is
of the Pres¬
Probably
not have to
lost
upsurge
a
purge program
ident.
outbreak
money
additions
rather than
straws
keeping
outlook,
term
the defeat of the so-called
occupied with worries
about the possibility of an
likewise be in¬
it would
searchingly analyzed to determine
been
the
as
con¬
closely
These
are
long
rigging the
to invite
least to the unsettled
Many, too,
all
of
expected
are not
direction,
lines
so
so
way.
say,
part
in
of actual operations
the
to
by
private indebtedness.
Finally, the Commissioner ought to explain
how headway can be made in the direction he
it
suggests as
in
troublesome
so
incurred
stantly reiterated Washington exhortations
to
business to increase its existing load of
day to day reports of the
course
known
is
First,
teresting to know how this general line of
reasoning can be reconciled with the con¬
defeatist gloom.
nor
particularly
recently
industry,
the
country can be saved and industry rendered
more
stable by a Government policy which
piles up mountainous debt.
judgment colored
by
Not
calm
upon
of
praisal
and
when
cerned
upward movement
resting
ap¬
the business
of
of
praisals
fully
in
outlook,
are
he may be excused
able to understand how, if an
unduly large mass of fixed indebtedness is so
activity, but a.well con¬
sidered
calculations
more
As for the average man,
business
into
into
machine
acutely aware of some of their implications.
If so, he certainly has an excellent oppor¬
tunity
to
do
some
missionary
work at
What
entered
ently invincible New Deal
is
country, perhaps we shall
have
reversals of the once apar-
strong
management one is led to wonder whether he
these questions in their full setting, and
beginning
all be well served.
effects of over-in¬
ground, but in
of his close association with New Deal
on
sees
evident in this
be
the
of
discussion
debtedness is often
doubtless
would
stances
longer
.
.
.
,
his
in
view
a
one
under different circum¬
what
which
might otherwise be restricted in scope,
rapidly and disastrously.
.
.
.
The
creditor is, seemingly, victimized by interest,
and the entire economy suffers from tragically
serious spasms."
Obviously the Commissioner here raises
some
large and significant questions, and
place in Europe
has
happens
bankruptcy, not
industry, but in numerous in¬
And thus
a
depression,
grows
asserting, what
has taken
paralysis
only by
which
situa¬
have been
business
overcome
dustries.
observers
as some
of
be
only in
ceed largely in response to
own
ing recent weeks, and what
can
and trade should not pro¬
our
bcth
What has occurred dur¬
kind
industry
our
"Purge"
The
,
that the issues now imme¬
diately
conjecture and
priori reasoning.
corporations and those who provide the
capital, and then added these observations
concerning the effect of over-indebtedness
upon the general situation!
"When a dpression comes, then simulta¬
neously, or almost simultaneously, the earn¬
ings of most industries begin to shrink to
the point where interest charges cannot be
met, and where defaults, over a wide area,
accordingly occur.
As a consequence, the
reasonably clear, however,
settled
a
affirmative answer to these
questions he cited certain advantages to
measure
some
an
a
in
measure
fixed intervals, re¬
of interest at
gardless of earnings?"
payment
Once it becomes
at least.
perhaps be stockholders, entitled
payable out of earnings, rather
creditors legally entitled to
demand
than
of
matter
the
of
still
is
considerable
dividends
to
contin¬
"drive"
Administration
industries
must be prepared
ues, we
actual effect of the latest
recovery
by borrowing through the issuance of longterm bonds?
Should not investors in such
long as
as
unsettlement
this
nat¬
are
getting under steam. | The
one point asked:
perhaps not desirable that the bulk
of long-time financing of our major American
industries should hereafter be done through
the issuance of shares of stock, rather than
apprehension in
degree or another must
expected across the
are
prime the
urally much slower] in
"Is it
applied,
ideas)
to
effectively
pump
on
mission, at
and
detail
some
member of
destined
Thursday, Jerome N. Frank,
the Securities and Exchange Com¬
City
Deal
New
to
scholarly, thoughtful and
a
respects
some
Kansas
worked
are
of
course
agencies which (according
rather admirable address
prepared for delivery before the National
Association of Securities Commissioners in
in
settled
but' the other
recklessly,
be said
can
to have become
our
at the
Naturally,
affairs.
of
state
and appraise
examine
to
much
best,
very
of the Government is actually getting under way.
Here also the situation has not yet fully unfolded
itself. The Works Progress Administration is, as
the business community will have a
stage,
some
abroad,
the daily
can
course
hardly be expected to have an
time
no way
elections
are
altogether
certain types of ^programs
statute book, but there is abso-
forcing
in
through to the
lutely
in
own
of knowing (particularly since actual
still in the
future) just what may
Volume
Financial
t47
be the output of a
The
Congress composed
truth,
winter will
be
small
According to the President's estimates issued in
fiscal
current
not include outlays of the Reconstruction Finance
weeks.
To
date the
measure
"rebellion"
Corporation, the Export-Import Bank and the Com-
largely to have been directed at his
seems
modity Credit Corporation, at least two of which,
measures
bill
reorganization
some
no
against the
efforts to have such
as
the court bill and
enacted, the
in
opposition
having been further greatly strengthened
cases
according to plans,
States
bursed in
with such
connection
life.
If the
matter
dates who
are
managed
economy
proposed by the
take
courage to
elected
circle"
More
private
here, and candi-
and so-called reform legislation
President,
have
else
or
the
not
position in opposition thereto, are
a
office,
on
great assurance that the so-called "inner
at
there
the
in
can
the
of
nature
general
since
so
prosperity
probably
well
may
occur—the
substantial part of
very
a
Congresses have had
past
less head-
a
in trying to legislate the country into a
of
more
and
measures,
great faith in what
no
doing at the command of the White House,
were
But this is not
sideration
Congress of
even
influence
the
enough,
of
if
we
leave out of
possible membership in
figures with plans fully
new
con-
wild
as
those of the New Deal.
Constructive
It is not
one
to
a
are
another, and which cannot be put off
even
not
convenient
more
temporarily by
season,
mere
or
be disposed
obstructive tactics.
number of other situations that cry
of
It is
enough also by reason of the fact that there
out most
the
of
suffering.
general
an
Congress will
mind
belief
exert
but it would not be
no
stone
to make certain that the next
now
in
constructive
as
a
frame of
that
the
country
demands
and
expects
constructive
leadership in its
own
right.
thoughtful and influential elements
more
population need, first of all, to make
minds
a
only to resist Executive unsurpation but to
a
The
the
President.
the
possible, and be thoroughly impressed with
as
it not
toward
easy way,
convene
precisely what they would like to
representatives do when they arrive at
next
January.
who
have
Doubtless there
reached
rather
Be Sure
are
definite
in
winter is the
budget.
Washington
the
as
Washington,
a
good many
conclusions
on
to question whether
One of the major issues
come
before Congress next
While Congress
is
at work in
according to
scheduled
plans, will be in the midst of the greatest peace-time
spending
orgy
ever
prospec-
ended June 30
year
at
if
members
Washington
having it impressed
their minds that the
willing to
indeed
assemble
to
were
very
condone
a
of
next
firmly
people of this country
approve or
upon
are not
continuance of this
financial madness, no matter what conditions are at
the time.
It may
fully under
SUch
way
be that the spending when it gets
will fail miserably to produce
superficial
results
apparently
as
Such
widely expected of it.
make certain
even
are
now
eventuality would,
an
known in the United
a
reversal of
policy.
States,
or
On the contrary,
^ js af least conceivable that if the state of business
losophy underlying the pump-priming program,
or
early next spring the difficulties to be encountered
jn
reducing* public
other
hand
expenditures
might
be
business
even
If
on
activity has meanwhile
markedly increased, and at least the superficial
pearance
ap-
of relative prosperity exists at that time,
there doubtless will be those who will fear to reduce
public outlays lest another depression be induced,
The fact of the matter
business
whole
is
largely irrelevant to the
question of public expenditures of the sort
in
n0w
is, of course, that the state of
winter
next
Continuance
question.
of
extended
employment would doubtless make it
necessary
un-
to
spend larger sums for relief than otherwise would
be the case,
any
but prosperous
or poor,
Such
a
literally to spend
policy would if
us poor,
money
cannot by
we
stretch of reason afford to continue
poorer.
certain general aspects
open
country,
Congress
wrinter without
their
great searching of souls has taken place gener-
necessity
a
Congressmen Understand!
unfortunate
be
see
any
of
would
tainly make
subject at least
ally, and it is time for it.
it
their
concerned, but it is
which will
faced with
are
last.
up
are
far
we
$3,985,000,000, which is $3,035,-
000,000 greater than that of the
almost
this
so
Thus
some
corn-
ended
year
the
the basis
on
There is need, urgent need, that
out.
be left unturned
a
June 30, 1938.
tive deficit of
during the
as
ur-
It will not do, therefore, to permit
antagonism
That would be
way
with $6,242,000,000
for the
revenues
$5,000,000,000
over
greater than otherwise would be the case.
not well
can
coming elections to proceed merely
a
Meantime, the President has
fiscal year to slightly
pared
dis-
another between September
or
are
gently for early attention and constructive action,
failing which the business community
avoid
way
seems
be
to
losophy underlying the pump-priming program,
thing, because there
number of matters which should be attended to in
way or
one
This
$7,000,000,000
unfortunately, not automatically condemn the phi-
Leadership Needed
enough, for
approximately
been obliged to reduce estimated
Washington will be balked next winter.
pace
state
leave
during
sums
Through September 20 only
20 and June 30 next.
bargaining, probably greater modification of
long
they
rest
sympathetic with most of the
Presidentially sponsored
a
to
to
be
case
left
heart
at
be retired to
matters
is
to expend large
about $1,986,000,000 had been expended.
to
asking that legislators who opposed him in
are
the period in question.
by the President's tactics in going into individual
one
$1,285,000,000
some
greater than last year, and the figures as given do
President
a
which is
year,
by
six
as
$8,-
some
985,000,000 exclusive of debt retirement during the
they hear from the voters during the next month
what
the
and Senate next
House
determined in
of
attitude
the
that
is
suspect,
we
1821
4
July the Federal Government will spend
"
individual members of the
or
the next
as
likely to be.
appears
Chronicle
as a
nation
like drunken sailors.
we are prosperous most cer-
and if
we are poor
make
us
The next Congress ought to be sent to
Washington with
a
mandate to
to work intelli-
go
gently, fearlessly and constructively
upon
the fiscal
situation.
The
tions
the
existing tax law, the National Labor RelaAct, and the agrarian legislation
statute
book
likewise
constitute
now
upon
problems
which urgently call for immediate action of a constructive
sort.
It
may
later
Congress to do nothing about
appear
some
better
for
of these matters
than to follow the lead of the New Deal managers,
but
bad
mere
balking would leave the situation in
state.
Positive
action
in
a very
regard to them is
Financial
1822
Representatives at Washington
impressed with this truth, and informed as
urgently indicated.
should be
to the nature of
It is
constructive action in the premises.
task to which we might
a
without
delay.
This leaves whatever program
well set ourselves
V-,V'
the New Deal man¬
It may be taken
themselves bring forward.
agers
granted that they will have a number of mea¬
which will sooner or later find their way to
for
sures
the
"must"
course,
An expansion of the soin¬
and more expensive seems to be scheduled.
the so-called monopoly inquiry will bring
cannot be foretold.
called social
clusive
What
forth is
as
for
taken
Precisely what they will be, of
list.
security program to make it more
yet far from clear, but it may
granted that legislation of a
demanded.
nature will be
almost be
sweeping
The whole agrarian pro¬
is now in a most de¬
It is quite possible that demand
of the Administration
gram
plorable state.
will arise for some
modification of it—again at the
Here mere obstruction
may or may not be of some avail, but by what rea¬
soning may we feel assured that real opposition
will arise, particularly if proposals are cunningly
made to involve many large "pork barrels"?
Only,
of the tax-payer.
expense
apparently, by sending men to Washington who
hoodwinked into support of
know better than to be
Alice-in-Wonderland panaceas.
these
steps toward this end is
take
The time to
before, not after, the
The results of the
the whole
on
than has
so-called purge campaign are
encouraging, but much more is
needed
in the primaries. The
business community would do
yet been in evidence
rank and file of the
well to bear this fact in
mind as the actual elections
approach. :V;
.y ;■/
Federal Reserve Bank Statement
THE officialeffects of the large Treasury financial
banking statistics reveal, this week,
the full
operations on the September quarter-date.
They
also disclose a further variation in Treasury practice
with respect to
are
last
current.
the large gold acquisitions
Since all inactive
April 16, the Treasury
gold
was
that now
"cashed"
until the last week fol¬
practice of paying for new
without reimbursing itself through deposits of
lowed consistently the
metal
gold certificates with the 12
It
was
Federal Reserve Banks.
generally accepted that this was a mere matter
reversion to the
gold acquisitions. To a
degree the Treasury now confirms this view, for in the
week to Sept. 21 the regional banks report an in¬
crease
of $90,008,000 in gold certificate holdings.
of
floated
by the
expediency and did not represent a
Treasury paid for the obligations
largely with cash, rather than
by the deposit-credit
Together with the heavy tax payments
method.
of
quarter-date, this made for an increase of the
Treasury general account with the regional banks of
no less than $570,773,000.
Member bank reserve
the
deposits fell $411,800,000. Excess reserves of mem¬
decreased $390,000,000 in the statement
ber banks
week, to
an
estimated total of $2,740,000,000. It is
that the excess reserve
somewhat alarming to note
figure could be
increased close to $4,300,000,000 if
up its gold and its cash balance
used
the Treasury
with the 12 Federal Reserve
As it happens,
Banks.
still no indication of any real de¬
credit accommodation.
Although the re¬
however, there is
mand for
porting member banks in 101 cities have managed to
a small gain in commercial loans of late, the
show
still is downward in New
trend of such business loans
reporting member banks
The
York.
enced
a
decline of $18,000,000 in
Sept. 21.
the week to
loans
on
here experi¬
these loans during
In the same period brokers
security collateral fell
The condition statement
$60,000,000.
of the 12 Federal Reserve
gold certificate holdings
deposit of $90,008,000. Other cash increased moderately, and total
reserves of the regional institutions advanced $93,193,000 to $11,111,770,000.
Federal Reserve notes
in actual circulation increased $340,000 to $4,201,Banks, combined, indicates
of
$10,719,741,000, after the Treasury
169,000.
elections.
Sept. 24, 1938
Chronicle
Total deposits with the 12
banks increased
with the account
variations consisting of a decrease of member bank
deposits by $411,800,000 to $8,013,536,000; an in¬
crease of the Treasury general account by $570,773,000 to $917,078,000; an increase of foreign bank
deposits by $28,839,000 to $195,499,000, and a
decline of other deposits by $103,318,000 to $146,010,000. The reserve ratio improved to 82.5% from
82.3%.
Discounts by the regional banks increased
$1,258,000 to $8,212,000.
Industrial advances fell
$164,000 to $15,683,000, while commitments to make
$84,494,000
such
to
advances
Open market
$9,272,123,000,
increased
$72,000
to
$13,553,000.
holdings of bankers bills were un¬
Holdings of United States
unchanged in total at
$2,564,015,000, but the quarter-date • operations of
the Treasury, which included refunding of notes due
in December, are reflected in a heavy increase of
Treasury bond holdings, which are offset by decreases
of holdings of Treasury notes and discount bills.
changed at $540,000.
Treasury securities also were
policy of sterilizing fresh
The New York
Stock Market
THREATS to the peace of Europe and perhaps
world remained the all-important influ¬
of the
encing factor for price movements on the New York
stock market this week.
The situation represented
this action neces¬
the regional banks
merely a continuance of the hopes and anxieties that
is huge.
Greater assurance in official Washington
prevailed all of last week, as the German-Czech
with respect to the general European situation pos¬
crisis began to come to a head.
In the early ses¬
sibly is indicated by the resumption of the ordinary f
The Treasury
sary,
position did not make
for the cash balance with
reimbursement
procedure.
It is noteworthy, more¬
"cashing" all the
gold under acquisition. In the statement week, the
gold stock increased $167,000,000, to a fresh record
at $13,588,000,000. ^Gold acquisitions since midApril amount to $763,000,000, and the $90,008,000
deposit of certificates leaves the unofficial "inactive"
over,
that the Treasury is not yet
fund of the metal at
The banking
approximately $673,000,000.
statistics confirm that fiduciary
scribers to the $803,000,000
of
new money
sub¬
securities
sions of the current
week the political news from
the maintenance of peace,
Czechoslovakian dismember¬
Stock prices climbed in our market while
linings rimmed the war clouds. But a down¬
Europe seemed to favor
at the
ment.
silver
frightful cost of
ward drift
started
on
Wednesday when saber-rat¬
occasioned renewed apprehen¬
that might involve almost all of
tling all over Europe
sions
of
Europe
a
clash
and
possibly the United States as well.
advances were canceled in this
Most of the earlier
Volume
and
reverse,
yesterday showed only
prices
changes from those current
adverse
was
the havoc wrought
Atlantic States
by
caused
New
and the lower
of
absurdities
the
overwhelming
attention
Even
mounting hourly.
Administration
the
policy
at
seemed minor when contrasted with
Washington
such
England States, with the toll
destruction
and
throughout the north
storm of hurricane proportions
a
damage in New Jersey, New York
enormous
of death
Also
Driving winds and incessant rains
Wednesday.
on
small
week earlier.
a
and relatively little
matters,
paid to internal political affairs.
was
upswing in the early sessions of this week
The
aided, to a degree, by somewhat more optimistic
was
reports as to the business situation in the
Trade reports were more
States.
the indications
sonal
point
United
hopeful, although
yet only to a modest sea-
as
Buying was done more freely,
improvement.
expectation of good automobile sales of
and
the
new
models
influence
also
proved a factor.
Offsetting this
reports of strikes in various areas
were
The railroad situation lacked im-
and industries.
problem in general.
the
situation
In the public utility field
Tradipg in stocks
unchanged.
was
revolved
Atlantic
trifle.
On Tuesday much strength was
number of shares, gains approximating eight points
the
and the
a
the New York Stock
appointment of a committee to study the
and
rail
news
prices
reports of storm damage in the north
pressing question of wage adjustments,
thus
,
the sales last Saturday were 89,650 shares; on Monday, 101,730 shares; on Tuesday, 117,685 shares; on
Wednesday, 124,380 shares; on Thursday, 67,370
shares, and on Friday, 98,820 shares,
Weakness was present from the start on Saturday
of last week, but little time elapsed before the market began to bear witness to the nervousness of
traders over the foreign political situation. Heavy
liquidation appeared early in the first hour which
reduced the level of leading issues from one to three
points. Subsequent efforts to restore the ground
lost were in the main fruitless. The market on Monday chose to look with favor on the Anglo-French
plan offered as a solution to the Czech-German dispute and equities moved forward with much celerity
from the opening bell. All the losses of the previous
session were erased. Caution, however, was at no
time cast to the four winds, and the success of the
above plan was not accepted by the trading cornmunity as a foregone conclusion. This resulted in
some uneasiness in the afternoon which shaded
manifest from the outset, partially from the good
tone of foreign markets and optimism over the ultimate solution of the European crisis. Sales volume
advanced to over 1,000,000 shares, and prices, in
turn, forged ahead in the early period to three
points, winding up the final session with gains of
four points over the previous day. In a limited
provement, save for a little Administration attention to the
1823
Chronicle
Financial
147
largely around the
Turnover
area.
on
European war
half
week, but fell under the 500,000-share mark
were
of the
days to rise sharply was not nearly so pronounced
in Wednesday's dealings, and at the close frac-
Thursday.
on
market, Czechoslovakian Gov-
In the listed bond
drastically day after day, as the
ernment issues fell
position of the Prague Government became ever
more
lower
tionally higher changes were the rule.
given
as
over
to the permanence of the measures being taken
to promote peace in Europe. After opening strong,
prices eased a bit, and then rallied on the strength
war
momentarily to clarify,
of the Czech capitulation to the German ultimatum
when the situation seemed
equities about two points, only
United
States Government securities receded frac-
to lift the level of
tionally
unfavorable reports from Europe, and
when the news improved.
New corporate
to recede later and close
rallied
on
financing
were
halted in this market pending devel-
was
speculative
Among
opments.
similar to those in
reflected
movements
stocks, with net changes
like-
apprehensions more than any
war
Grains
influence.
other
bonds,
The commodity markets
for the week small.
wise
and
agricultural
other
products improved in brief spurts, but followed a
Base metals
general downward tendency otherwise.
were
slightly
mained
and
demand
in
Foreign
higher.
nervous
most
and
items
marked
were
exchange
markets
re-
uncertain, with capital still
flowing in an enormous stream toward the United
States from many
European countries.
In France
hoarding of bank notes added to the difficulties.
On
the
touched
New
new
York
Stock
Exchange
stocks
new
low levels.
On the New York
Exchange 12 stocks touched new high levels
and 25 stocks touched new low
on
11
high levels for the year while seven
stocks touched
Curb
the
New
York
Stock
levels.
Call loans
Exchange remained
un-
On the New
York
Stock Exchange the sales at
half-day session on Saturday last were 743,790
shares;
on
Monday they were 825,400 shares; on
Tuesday, 1,198,310 shares; on Wednesday,
shares;
on
1,025,400
Thursday, 467,200 shares, and on Friday,
721,200 shares.
fractionally higher.
For-
eign developments took a serious turn on Thursday
and domestic markets, following the lead of European
exchanges, reflected weakness from the begin-
ning.v Prices for the day suffered reductions of from
one
to two points, and only a
dearth of sales pre-
The
vented equities from facing further declines.
pressure
of adverse news from abroad again had a
demoralizing effect
on
home markets yesterday,
Declines of the previous day were extended, and in
curtailed trading prices at the close were one to
General Electric closed yesterweek; Con¬
solidated Edison Co. of N. Y. at 24% against 24%;
Columbia Gas & Elec. at 5% against 5%; Public
Service of N. J. at 27 against 27%; J. I. Case Threshing Machine at 80% against 80%; International
Harvester at 57 against 58%; Sears, Roebuck & Co.
at 67% against 68%; Montgomery Ward & Co. at
43 against 44; Woolworth at 44 against 44%, and
four points lower.
day at 38% against 39 on Friday of last
American Tel. & Tel. at 138% against
ern
137%.
Union closed yesterday at 24% against
West¬
24%
On the New York Curb Exchange
on
176
136%
against 130;
National Cash Register at 23
against 23; National Dairy Products at 12 against
12; National Biscuit at 22% against 22%; Texas
Gulf Sulphur at 35% against 35; Continental Can
at 40 against 39; Eastman Kodak at 169 against
Friday of last week; Allied Chemical & Dye at
changed at 1%.
the
The day was
to stock-taking, and fresh doubts arose
Other foreign dollar bonds drifted
threatened, but improved moderately
precarious.
as
recorded.
The tendency of prices the past two
Exchange averaged 1,000,000 shares in the first
against 173 bid; E. I. du Pont de Nemours at
Financial Chronicle
1824
164%; Standard Brands at 6% against 6%; West-
inghouse Elec. & Mfg. at 06% against 99; Lorillard
18
at
14%
against 18%; Canada Dry at 14% against
Schenley Distillers at 15 against 15, and Na-
j
tional Distillers at
22% against 21%.
The steel stocks show mixed
United States Steel closed
55%
changes this week,
yesterday at 54% against
Friday of last week; Inland Steel at 74%
on
aginst 73; Bethlehem Steel at 54% against 55%,
and
at
Motors
43%
43%;
against
Chrysler
67%
at
against 67%, and Hupp Motors at 1% against 1%.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 25 against 25% on Friday of last week;
B. F. Goodrich at 20% against 20%, and United
States
Rubber at 42
against 42%.
shares show small net changes
The railroad
for the week.
Penn-
sylvania RR. closed yesterday at 17% against 17%
Friday of last week; Atchison Topeka & Santa Fe
on
30% against 31; New York
at
Central at 15%
against 15%; Union Pacific at 81% against 80%;
Pacific
Southern
at
14% against 14%;
Southern
Railway at 10% against 10%, and Northern Pacific
at
9% against 9%.
Among the oil stocks, Standard
Oil of N. J. closed
yesterday at 50% against 51
on
Friday of last week; Shell Union Oil at 13% against
13%, and Atlantic Refining at 21% against 20%.
In the copper group,
Anaconda Copper closed yester-
day at 31 against 31% on Friday of last week;
American
and
Smelting & Refining at 43% against 45%,
Phelps Dodge at 34% against 34%.
Trade and industrial indices
provement in
week
business.
ending today
Iron
a
estimated by the American
were
week
suggested modest im-
Steel operations for the
Institute
Steel
and
against 45.3%
ago,
at
trie energy
47.3%
42.8%
76.1% at this time last year.
the
and
Car loadings of
high for the
the
over
cars
of American Railroads.
and represents
year
under the
cars,
figure for the
indicating the
course
a
a
same
gain of 91,255
drop of 162,653
closed
as
against 65%c. the
The London market reflected cautiousness on Wed-
December
Chicago closed yesterday at 49%c.
on
Friday of last week.
Chicago closed yesterday at 25%c.
the close
The
on
yesterday
as
was
16.08c.
Friday of last week.
increased
% of
a
cent
similar increase
close
yesterday
close
on
19
at
against 51%c.
December oats at
as
against 25%c.
spot price for cotton here in New York closed
against 7.95c. the close
Friday of last week.
,
as
corn
Friday of last week.
yesterday at 8.25c.
on
was
The
as
spot
on
price for rubber
against 16.08c. the close
on
Domestic copper was again
on
Monday of this week after
Wednesday of last week.
The
at 10%c. as against 10%c. the
Friday of last week.
In London the price of bar silver yesterday was
3/16
pence per
ounce as
Gilt-edged issues recovered some of last
whole.
There was again good demand for most
foreign securities, with the exception of Czechs,
Friday of last week.
the close
Britain and France occasioned fresh interest in
securities.
Chicago
of the commodity mar-
yesterday at 65%c.
on
cumstances.
Dealings on the London Stock Exchange were
week's losses and industrial stocks were better as a
week of 1937.
kets, the December option for wheat in
close
INTERNATIONAL political developments, again
* overshadowed the securities markets in all important European financial centers, this week. Price
variations at London, Paris and Berlin depended entirely upon the nature of the news reports concerning the German-Czech crisis. During the early ses'sions a degree of optimism prevailed, for it seemed
that war might be avoided through the Anglo-French
agreement to back Chancellor Hitler's demands for
dismemberment of the small democratic State of
Czechoslovakia. But uncertainty again prevailed
in the mid-week session, when Prague reported internal unsettlement and demands from Poland and
Hungary for slices of Czech territory. Nor was
there much improvement in later sessions, as traders
and investors awaited the outcome of the momentous
Godesberg conversations between Prime Minister
Chamberlain and Chancellor Hitler. Fears of warfare were manifested again throughout the week in
capital movements from countries in the immediate
danger zones. Heavy gold shipments were reported
from England, not only to the United States, but also to Holland, Switzerland and other countries.
In France banknotes were hoarded on a huge scale
and currency in circulation showed a sharp increase.
Trade reports were of little moment, in these cir-
Government would meet the demands of Germany,
holiday,
freight for the week
preceding week, but
cars
As
revenue
Markets
This is
a
2,280,792,000 kilowatt hours at this time last
Sept. 17 amounted to 660,142
stock
European btock Markets
according
against 2.048,360,000 kilowatt hours
to the Association
FliynnMn
fairly active last Monday, owing to the AngloFrench agreement as to the German-Czech crisis,
The hope that war could be avoided resulted in
modest buying of gilt-edged issues and British industrial stocks.
Anglo-American favorites improved in the foreign section, but Czech bonds fell
sharply. Indications on Tuesday that the Czech
reported
was
preceding week, which contained
ended
a
and
at 2,214,775,000
year.
a
capacity
ago,
Production of elec-
for the week to Sept. 17
kilowatt hours
of
month
a
by the Edison Electric Institute
in
the close on Friday of last week, and spot
silver in New York closed yesterday at 423,4c., the
close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.79% as
against $4.80 the close on Friday of last week, and
cable transfers on Paris closed yesterday at 2.68%c.
as against 2.69 3/16c. the close on Friday of last
week.
Auburn Auto closed yesterday
3% against 3% on Friday of last week; General
at
Sept. 24, 1938
per ounce
Youngstown Sheet & Tube at 32% against 32%.
In the motor group,
♦
against 19 7/16 pence
nesday,
reports from Czechoslovakia became more
as
unsettling.
Gilt-edged issues drifted lower, while
Prices of Czech
industrial stocks hardly varied.
bonds fell drastically, but the foreign list otherwise
was well supported.
With the Godesberg conversations in
progress on
changed
in
a
Thursday, levels were not much
quiet London
market.
Gilt-edged
stocks again receded, while British industrial shares
were
idle and unchanged.
International issues were
weak, with Czech bonds leading the downward procession.
while
Prices slowly eased at London yesterday,
news
of the Godesberg talks was awaited,
The growing nervousness caused modest selling,
Prices
were
marked higher on the Paris Bourse,
Monday, owing to the conviction that a peaceful
ending of the German-Czech crisis could be arranged.
Volume
Financial
147
Rentes
improved
showed
larger gains.
keen
demand
was
tive
Commodity shares were in
that
The upward movement
throughout.
pronounced
more
Tuesday, but it is indica¬
on
with
rentes
exchange guarantee 'did
an
better than franc-anchored issues.
Sharp advances
registered in equities and in almost all inter¬
were
securities.
national
Bourse
The
the Czech situation.
dsiquieting developments in
Rentes of all
descriptions
liquidation also
lower, and modest
were
the rule in French equities and
was
The tone
international securities.
Thursday,
into
relapsed
uncertainty, Wednesday, owing to
quietness and
was
irregular
on
apprehensions still prevailed regard¬
as
Rentes weakened,
ing the international picture.
and
equities
while French
slightly,
a
rally.
The tone
French securities.
was
soft yesterday, on
Small losses
developments.
On the Berlin Boerse
trading
was
quiet last Mon¬
day, but the tone was good in most departments.
Gains
ranged to 6 points in various stocks that pre¬
sumably might benefit from the anticipated absorp¬
by the Reich of the Sudeten German area of
Czechoslovakia.
But
mained idle and little
has been
inestimably the gainer thereby.
imagine the result if
cine had tried to
for the sole
his country," the
or
half the
stage where yellow fever was a threat to
world, and where typhus plagues swept re¬
Yet
currently over all countries.
we
commerce,
exclusive policies should be carried out
with the aim of
preventing the natural exchange of
goods and services, of engineering skill and of man¬
agement ideas, across national lines."
European Crisis
NEW European arrangements week from thefarreaching order resulted this of the most in¬
most
German list
of the
re¬
With international
changed.
pressure
of the German Nazi authorities
the democratic nations and especially upon
Czechoslovakia.
The small democratic bulwark in
upon
#the heart of Europe seems destined for partition-
ment, not merely with the consent but with the aid
of the French and British Governments.
This is
to be
accomplished through inclusion of the Sudeten
areas of Czechoslovakia within the.Reich.
German
Only for a brief period was there any doubt con¬
The upswing was general,
leading stocks up 3 to 4 points, and some issues
by England's Prime Minister, Neville Chamberlain,
to Chancellor Adolf Hitler's mountain retreat in
Czechoslovakia lessened,
over
aggressive Tuesday.
Fixed-income obliga¬
showing gains to 6 points.
tions
were
were
certainty
a
declined
Nazi
demands,
prices
and
Advances of 2 to 3 points
Losses were
few issues, while most German stocks
demand.
Fixed-interest issues
After
an
at
yesterday,
improved
changes
good deal of
place Thursday, on growing un¬
3 to 4 points.
modest
a
to international affairs.
as
sharp in
still
and a few larger gains appeared.
took
reverse
levels
at
slightly higher.
numerous,
a
was
Berlin, Wednesday, over the Anglo-
connivance
French
moved
There
quiet.
enthusiasm in
the German
of
tives
demands, and the Prague representa¬
two
the
Government cede to
Czech
"recommend" that the
the Reich the Sudeten
minority and the territory occupied by the 3,500,000
Germans.
After a brief play for time, the Czech
sorrowfully
regime
accepted
the
inaugurated.
net
It is
a
exaggeration.
reasonable surmise that only a portion
Chamberlain and Herr Hitler so
far has been dis¬
TRADE problems continued to occupy the respon¬
of governments this week, in the
closed, through the diplomatic rush
few moments
two
they could spare from the overwhelm¬
ing crisis presented by the German-Czech imbroglio.
Washington reports it was indicated that British
stantial
the
now
have reached sub¬
agreement on concessions to be made under
proposed Anglo-American reciprocal tariff pact.
remain to be
Some details
matters
some
which
still
are
adjusted, however, and
said
to
be under
dispute
only the highest authorities can settle.
In
meantime, Secretary of State Cordell Hull is
the
continuing his campaign for general lowering of
trade barriers
throughout the world.
Mr. Hull
pre¬
powerful plea which he intended to present
pared
a
at the
opening of the seventh International Manage¬
ment
Congress in Washington, last Monday, but the
incidents made his presence else¬
save
in the game being played,
Europe obviously at
cident
a
The
represents merely one
that Czechoslovakia
pawn
in
of events.
spokesmen kept their own counsels this week,
for the actions taken.
It is fairly clear, how¬
ever,
all
of
understanding reached at Berchtesgaden by Mr.
the
sible heads
on
thus was
The consequences of this action are
great as to defy
so
negotiators
inevitable,
opening,
International Trade
American
democracies
European
great
promptly were instructed to
and
small.
were
capitulated to
that Great Britain and France had
Wednesday, and a new European order
uncertain
Berlin,
were
By Monday it became known
Bavaria, last week.
»
and
hear it seri¬
ously urged that, in the fields of production and
cerning the results of the highly sensational visit
more
with
In
Man¬
"We should still
agement Congress was informed.
be in the
can
keep the fruits of his discoveries
of himself
use
"One
research scholar in medi¬
every
buying became
tension
in
promptly are made
throughout the world and medical science
sistent
appeared in all sections.
But
ideas and discoveries
new
available
International issues did better than
further fears of martial
tion
ters
few equities regained all their losses in a
only
late
1825
Chronicle
safely
on
the way
with the future^ of
stake. With the Czech in¬
toward settlement, at least
diplomatic sense, Mr. Chamberlain journeyed
again to the Reich on Thursday, for conferences
with Ilerr Hitler at Godesberg, near Cologne. Long
discussions folloAved late
To all intents
were
was
Thursday and yesterday.
and purposes, the new
arrangements
designed to insure peace for Europe,
bitter resentment in
criticism in
mains of
but there
Czech circles and harsh
England and France.
The danger re¬
"incidents" that might set all the world
The
Czech Cabinet fell soon
German-Czech
ablaze.
where necessary
after it ac¬
cepted the ultimatum presented, and
S.
and the address was read by George
Messersmith, Assistant Secretary of State.
this
speech much was made of the mutual
ment that trade
enrich¬
brings to nations that permit easy
exchanges across their borders.
illustration,'
In
As an appropriate
it was pointed out that in medical mat¬
the successor
In France, three
regime may be less conciliatory.
members of the Cabinet were reported opposed to
the sacrifice
tlement
of the little ally of Paris.
claims were
Fresh unset-
and Hungarian
voiced regarding the respective minori-
developed
when
Polish
Financial
1826
ties in Czechoslovakia.
The
menacing voice of Pre-
mier Mussolini rumbled out of
Italy
on
several
occa-
a
tion
anything but a secret, and the only question
that remained related to the steps that might be
explanation of the extraordinary
the Sudeten territory in the Reich.
What Chancel-
lor Hitler told Prime Minister Chamberlain, in this
connection, has not been revealed officially. There
have been some fairly reliable accounts, however, to
the effect that the German Fueher declared himself
irrevocably bound to take action. Mr. Chamberlain
awaited,
was
was
make
conceivable explana-
invoked by observers here and in Europe
situation
to
full
were
Sept. 24, ms
taken in Berlin to achieve the aim of incorporating
sions, with the usual martial overtones.
While
Chronicle
every
plausible the step with regard to CzechoThe
Slovakia.
assumption
was
general that Chan-
cellor Hitler convinced Mr. Chamberlain of his fanatic insistence upon
conquest of the Sudeten area,
regardless of opposition or consequences.
The Brit-
returned to London on Sept. 16, and after long conferences with his Cabinet associates, preparations
made for a visit to London by the French Pre-
ish Prime Minister laid the matter before the French
were
Premier, Edouard Daladier, in a protracted
mier, Edouard Daladier, and his Foreign Minister,
ference at
ances
only by sacrifice of Czechoslovakia could
for 13
tinued
hours,
until just after midnight,
Czech authorities meanwhile maintained rigid order,
however bleak and drastic, represents at
and increased to 866,000 men their armed forces,
Martial law in modified form was applied through
much of the country. The German press continued
rectification
a
The French spokesmen arrived in
Georges Bonnet.
London early last Sunday, and conversations con-
In London it was argued that
be preserved.
the move,
least
con-
appear-
the British and French reached the conelu-
sion that
peace
London, last Sunday, and to all
of
some
of the
dangers and
absurdities of the World War settlements.
There
conjectures here and there that Mr. Cham-
its emphatic campaign against Czechoslovakia, and
berlain and his Conservative associates feel sympa-
reported that tens of thousands of Sudeten Germans
thetic to the German
fleeing across the border into the Reich,
Notwithstanding many rumors that Prime Minister Chamberlain was prepared to grant flerr Hitler almost any demand, in order to keep the peace,
dark
were
Nazis, and
more
realistic
rea- *
sonings that the British leader prefers some concessions to the Reich in order to
alternative of
Berlin.
at
avoid the
possible
overturn and a communist
an
The
seasoned observers
more
clined to counsel
regime
were
in-
were
the world
not quite prepared
was
for the events
delay in judgment until the facts
of last Monday., Soon after the Anglo-French con-
are
fully disclosed, and in such quarters sympathy
ference ended, it was made known that the Prague
was
expressed with the plight of British and French
leaders which
slovakian
In
of Czecho'
pass
dismemberment.
the
of these
representatives
countries had been in-
strueted to support every demand made by Chancel"Recommendations"
lor Hitler.
were
transmitted
to
conse-
to Prague for unconditional surrender of the Sude-
of the developments will be in evidence for
quences
years
brought them to the
ten German areas without so much as a plebiscite,
Essentially, the German Nazis have
and with the sole reservation of an exchange of pop-
meantime, it is evident that the
come.
gained their aim of controlling the Czech plateau,
illations to protect the Czech and non-Nazi Ger-
which often has
been described
mans
Central
The Hitlerite agitation regarding
Europe.
the Sudeten Germans
a
mere
usually has been accepted
as
the Sudeten Mountains, for
apparently attract
But the Czech
to
of
German minorities in many other eoun-
are
tries that
the
the bastion
camouflage for the Nazi desire to obtain
the forts and slopes of
there
as
qotice in Berlin,
no
highlands threaten the route down
Danube, and the proclaimed aim of Herr Hitler
penetrate Southeastern Europe and make it
German economic
the bastion.
province required the capture of
Hungary already is considered within
the orbit of the
were
said to be
and
the
These
Reich, and the Germans this week
looking toward the oil of Rumania
fruitful
are
some
fields
of
of the
the
Russian
Ukraine,
Germany, and there
well be others, involving colonial arrangements
between Herr Hitler
and
Mr.
Chamberlain, pacts
hand, and
The Czech Government also was urged
the other.
to adopt a "Cantonal" system of government similar
to that in Switzerland, and it was demanded further
that Prague "neutralize" its foreign policy through
abandonment of her alliances in return for a guaranty
of
her
new
frontiers
a
hard
one
by Germany,
Great
This decision admittedly
Britain and France.
was
to make, especially for the French, who
long have regarded their Czech allies as one of their
strongest supports in international affairs.
the terms
When
made known, much of Europe rang
were
with denunciations
of the "capitulation"
by the
democracies to the Nazi leader.
In Czechoslovakia these demands occasioned
larger implications of the
surrender of Czechoslovakia to
may
a
in the Sudeten sections on the one
the Germans in the interior of Czechoslovakia on
sternation and at first a popular disbelief.
con-
Presi-
dent Edouard Benes and Premier Hodza conferred
at
length
in
Prague
regarding the stand to be
covering all of Western Europe, policies in Spain
adopted, and the latter urged his countrymen over
and
the radio to remain calm and dispassionate.
the
Far
dreadful
the
East, and other matters.
immediate
However
Pre-
plight of Czechoslovakia,
mier Mussolini indulged in one of his war-like ad-
country represents at present only the focal
point for world ambitions and problems, embracing
territorial, nationalistic, military, racial and ideo-
dresses at Trieste, and to all intents and purposes
logical aspects.
side.
that
c zee i
backed tip Herr Hitler to the hilt, for he asserted
that in the event of hostilities, Italy had chosen her
deal of anxiety was manifested, which was not hid-
os i ova ,.
la
den
TF THE speed made this week toward
partitioning
*
Czechoslovakia is any reflection of the crisis
that provoked the
been
day.
on
decision, then Europe must have
the brink of general warfare until last Mon-
The intentions
L
of
the
German
In British and French official circles a good
authorities
by confident declarations that the settlement
would be
meetings
acclaimed
were
on
all
sides.
Long Cabinet
held in London and Paris, Monday,
and the impression was permitted to prevail that
the
Ministerial
unanimously.
councils
There
favored
were
the
reports
proposals,
of
clashes
Volume
Chronicle
Financial
147
between Germans and Czechs in the Sudeten
area,
were
to
steps.
point the need for quick adjustments.
Britain and France prayers were
The
usual
suggestions
In Great
but such
no
proposals
made in French and
were
seem
Chancellor Hitler and Premier Mussolini, but Brit-
ish and French circles
greater
a
fortunately to have aroused
irritated by the injec-
tion.
Late yesterday
Czech authorities attempted to move
were
tion of such further problems in the delicate situa-
peacemaker,
as
in Washington.
crisis that confronted
Such demands in behalf of the Polish and
Hungarian minorities reputedly had the support of
European affairs and act
response even
intimations that Hungary would take similar
offered for peace.
British circles that the United States take
interest in
1827
slowly in the
pean
them, but the efforts at delay
a
rapid deterioration of the Euro-
situation appeared to be in progress, although
clarifying official statements still
were
lacking.
At
merely increased the Anglo-French pressure for im-
Godesberg, Mr. Chamberlain and Herr Hitler spent
mediate
The Prague Government was
most of the day in separate seclusion, writing notes
Monday to be sounding out its French
to each other which swiftly were taken to the oppo-
capitulation.
reported
ally
on
to the attitude of Paris in the event of
as
a
sad
site sides of the Rhine for study and answer.
All indications point to
rejection of the demands.
rejoinder by the French Government.
On
however, with the results not yet
ference again,
Tuesday the Czech Government made a formal re-
clear.
ply to the demarche, and again the intention was to
Hitler demanded
The proposal
delay the matter.
declared
was
and the counter
tire
suggestion
made that the
was
en-
question of the Sudeten German minority be
submitted to the World Court at The
in
resulted
heightening
a
during
of
This
Hague.
Anglo-French
the
of
area near
were
a
the German border and disbandment
of the contingents.
ing that the
unofficial intimations that Herr
withdrawal of Czech troops from
new
He also
was
reported as insist-
Syrovy regime resign and be re¬
placed by a civilian government in Prague.
authorities admitted that they were aware
French
of the
contents of the notes exchanged by Herr Hitler and
Mr. Chamberlain, and Premier Daladier stated that
morning, and late the same day, after long hours of
France would observe her commitment to come to
the
hours
,
There
Wednesday
pressure
small
the
unac-
ceptable to Czechoslovakia in the form presented,
The
British and German spokesmen finally met in con-
agonizing discussion, the Czech Government capitulated to the demands.
with
the
brief official statement,
a
Cabinet admitted
Czech
the
In
its
inability to
cope
requirements of Germany, reinforced by
Great Britain and France.
sentatives
The
Anglo-French
repre-
declared, according to this communica-
tion, that "only by sacrifices of territory on our
part could security and peace be assured."
Exter-
nal aid could not be extended if Czechoslovakia
attacked, it
belief that
met
not
was
left
Governments
French
and
war
were
further indicated, and the British
was
no
of
doubt
would follow if the demands
occasioned in
much
of
Czechoslovakia
man
deaths
resulted.
Approximately at midnight in
mobiliza2,000,000
Czech soldiers will be under arms this morning,
The American Minister in Prague warned AmerPrague, orders were issued for a general
tion within six hours, which means that
there
icans
to be ready to
would
terminate
were
Russian-Polish
treaty
of non-aggression,
by the
plane to Godesberg
on
conversations
the Rhine, Thursday, for
with
Chancellor
templated.
tions that Mr. Chamberlain
to take immediate
regarding
the
urged Herr Hitler not
military steps, little
discussions.
The
revealed
of
war
considered still pressing, however, for
was
British
precautions against air raids
ties relaxed
was
danger
plainly
strengthened
none
Czechoslovakia
suddenly
were
Thursday, and the French authori-
on
of their border
the
resentment
vigilance.
over
the
Within
surrender
resignation of the Hodza Cabinet, Thurs-
day, and President Benes called upon General Jan
Syrovy, Inspector General of the Czech army, to
a new
This
regime.
was
accomplished readily
by the Czech military leader, who is known to be
inclined toward friendliness with Soviet
a
Russia, and
degree of uneasiness as to Czech policies thus was
introduced.
to
President Benes appealed to his people
remain calm, and
changes
of
great
he declared incidentally that
importance
were
taking place
throughout Europe, and not merely in Czechoslovakia.: The situation was
by
a
sion
complicated additionally
virtual Polish ultimatum demanding the cesby Czechoslovakia of the distinctly Polish set-
tlements
of
the
eague
small
democratic country.
There
ssem y
l^VISCUSSIONS at the Assembly of the League of
Nations were only pale shadows, this
re-
Hitler, and
Beyond circumstantial indica-
long talks followed.
form
and the
Polish Government replied that no move was con-
acceptance of the demands in
hand, Prime Minister Chamberlain journeyed by air-
forced the
against
immediately ■ the
Czechoslovakia
.
With the Czech
newed
depart at short notice,
Poland was warned by Russia that any move
surrender.
.
Sudeten Ger-
sections of Czechoslovakia, and a number of
their
Heart-breaking brief
by Czechoslovakia.
the aid of Czechoslovakia in the event of aggression,
Fresh disorders were reported in the
week, of
place throughout the
world. The British spokesman, Earl De La Warr,
moved oyer the last week-end for modification of
the sanctions article of the Covenant, this step being
in line with the demands of small nations. In place
of the compulsory acceptance of sanctions, the British delegate proposed that such League endeavors
remain provisionally optional. By this means the
trend of smaller countries away from the League
doubtless will be countered, to some degree. There
the momentous events taking
were
occasional references in the
Assembly debates
German-Czech crisis, but the only prominent
spokesman to take the rostrum in behalf of the small
State was Maxim Litvinoff, Foreign Commissar of
Soviet Russia. M. Litvinoff declared on Wednesday
that his country was prepared to fulfill its obligations and come to the aid of Czechoslovakia, provided France took the first step in that direction,
But even as the Russian spoke the fate of CzechoSlovakia already had been decided by Germany,
Great Britain and France.
The League Assembly received its expected appeal
to the
application of sanctions against
unquestioned aggressor in the Far
conflict.
In pursuance of its usual pre
from China for
Japan, as the
Eastern
Financial
1828
Sept. 24, 1938
Chronicle
cedure, the Assembly promptly invited Japan to a
stituted
tion, which leaves the next move up to the League.
Geneva the
Dr.
raid
Spokesmen of the duly con¬
verify the withdrawals.
hearing, and Japan on Thursday rejected the invita¬
that
are
that
more
than
addressed the
that
Assembly
Juan
or
Negrin, of Spain,
the
in
results
effected
on
to the
as
means
to remove any
purely national character of the
for which the
cause
By this
Government sought
Barcelona
doubts
non-Spanish combatants would be
the Government side.
Republican
is fighting, he
army
The League was asked to supervise this
asserted.-
unilateral withdrawal of
foreign "volunteers" from
be
taken
halt
to
such
the Spanish
authorities merely reported that in more than 1.000
insurgent air raids, 7,000 civilians had been killed,
11,000 wounded, and 10,000 buildings destroyed.
China and Japan
THERE were numerous indications this week
Japanese invaders of China have in¬
that the
tensified their drive toward the former
provisional
capital of Hankow, with the aim of taking that im¬
portant center before wintry weather hampers mili¬
A degree of success certainly at¬
tary operations.
the efforts of the aggressors in
tended
of
stubbornly, and the sanguine expectations
invaders
the
this unde¬
of conquest, but the Chinese continued
war
to resist
Spain
will
raids while the civil war is in progress,
clared
loyalist Spanish forces.
at
Without hope that any
war.
action
international
Wednesday, and startled
on
presented
also
Government
heartrending statistics of insurgent air
body by declaring that immediate and complete
withdrawal of all
the
30,000,000 others wounded
Premier
homeless.
made
Chinese .soil, and he added
on
1,000,000 Chinese have been killed
conflict and
the
Chinese representative,
the
than 1,000,000 Japanese soldiers
more
operating
now
in
Koo,
Wellington
stated
Spanish
destined
seem
for
another
disap¬
At the start of September the Japanese
pointment.
MILITARY movementsthis Spain againthe lines
is week, and were of
variety
confidently predicted that Hankow would fall by
of
Oct.
the minor
the
loyalist and
Franco
forces
the
Early in
changed.
insurgent
General
week
his insurgent
sent
attack the advanced
brigades
little
were
Francisco
once
again to
loyalist trenches along the Ebro
River, but the maneuver was even less successful
than
its
On Wednesday the
predecessors.
many
loyalists assumed the offensive on the Teruel front
in the Manzanera
a
few
ticular
sector, and apparently they gained
But these
hilltops.
moves were
significance, and the civil
of
par¬
no
bids fair to
war
drag through the winter unless a truce is arranged
by
one means or
The possibility of
another.
rela¬
a
1, but that date now seems to reflect little more
than the
hopes of the Nipponese.
advance of the
up
the Yangtze only small gains were claimed.
at
servers
Shanghai
a
reports
even
suggested that General Franco will relinquish the
of the assortment of civil
command
guards,
mon¬
archists, fascists and others who comprise the in¬
But
surgent strength.
of these reports
none
far has received confirmation of any
flict started
sults still
uncertain,
ing and losses inflicted
It is
man
fair
a
The
con¬
July 18, 1936, and the ultimate re¬
on
are
kind.
so
save
on
for the dreadful suffer¬
the Spanish people.
in the
Yangtze area since mid-July.
regarding
Czechoslovakia
lor Hitler has
once
developed,
probable that the stalemate in Spain
is due to such external affairs.
regimes
various
their
in
column
It is
Hankow.
already clear,
the Chinese will
*
Now that Chancel¬
quite possible that the fascist
again will turn to Spain and endeavor
also be,
tude toward
aggression
week
on
summarized at Geneva late last
were
in
that
killed since the war
July, 1937, while 30,000,000 others had
made homeless.
or
Discount Rates of
Foreign Central Banks
THERE have been noofchanges during the week in
discount
of the foreign central
the
banks.
rates
Present
any
the
at
rates
leading
on
of the insurgents.
the other hand, that
Spain will develop
as one
a new
atti-
result of the
Effect
Date
vious
Sept 23
Established,
Rate
Effect
Sept 23
Country
regime moved
on
Adolf
4
4~X
India
3
4
Ireland
3
7
Italy
4H
May
18 1936
3.29
Apr.
6 1936
Jan.
14 1937
Mar.
1
1936
4
July
1
1935
Belgium
3
May 30 1938
Bulgaria...
6
Aug. 15 1935
Canada
2X
Mar. 11
4
Jan.
24 1935
4H
Java
Colombia..
4
July
18 1933
5
Jugoslavia
Japan
1935
Hitler.
The
loyalist
Wednesday to give effect, unilat¬
erally, to the British plan for withdrawal of for¬
eign "volunteers" from Spain, and since the insur¬
1936
_
Jan.
1
4
.
3
II?
Aug. 24 1935
4H
Nov. 29 1935
.
3H
Jone 30 1932
3X
5
3.65
4
5
Feb.
1 1935
6H
Lithuania..
.
3
vakia
Denmark
Date
Established
Hungary...
3^
Argentina..
Danzig.
Fuehrer
are
Rate in
Pre¬
Rate in
Country
^
Batavla
success
centers
shown in the table which follows:
5X
July
1 1936
6
3H
Morocco
6M
May 28 1935
5
Norway
3H
Jan.
51938
3H
Poland
4H
Dec.
17 1937
Czechoslo¬
and
declared
who
Chineser spokesmen,
by
started
the other hand, that
Some effects of the Japanese
1,000,000 Chinese had been
conversations between Prime Minister Neville Cham-,
berlain
on
merely continue to fight if Hankow
falls to the invaders.
gained his desires in Central Europe,
seems
promote the eventual
It may
reported
was
Thursday to have penetrated to within 55 miles of
Chile
to
with highly
drives
overland
One
units.
assumption that the Italian and Ger¬
which makes it
however, it
It is conceded,
however, that the invaders lately have made prog¬
been wounded
posed to send him additional aid while the Euro¬
crisis
the
that
Japanese have suffered mohe than 70,000 casualties
allies of General Franco have been little dis¬
pean
claimed
commanders
Chinese
mechanized
some
considerable
river craft to that city for
number of disabled
repairs.
ress
and
Ob¬
under the impression that
shore batteries displayed
the Chinese
have been many rumors
of negotiations between the
were
efficiency in their gunning, for the attackers towed
tively early peace is not to be discounted, for there
loyalists and insurgents,
In the combined
Japanese naval and military forces
Jan.
21937
4
Oct.
19 1936
.
4H
4
5
4H
4
Aug. 11 1937
4H
Dec.
7 1934
6
3X
May 15 1933
4
England
2
June 30 1932
2H
Portugal
Estonia
5
«ept.25 1934
5H
Rumania
Finland
4
Dec.
4 1934
4X
South Africa
France
2M
May
12 1938
3
Spain
5
July
Germany
4
Sept. 30 1932
5
Sweden
2H
Dec.
1933
3
Greece
6
Jan.
4 1937
7
Switzerland
1H
Not. 25 1936
2
Holland
2
Dec.
2 1936
2H
..
_.
10 1935
1
5M
gents rejected the plan this may be an excellent
Premier
maneuver.
Juan
Negrin
Geneva that the
loyalists had decided
ate withdrawal
of all
Government
asked
to
forces.
appoint
upon
at
immedi¬
foreigners fighting with the
The
an
announced
League of Nations
international
was
committee
to
Foreign Money Rates
^
IN ^bills~on Friday market»,5-16@l%,%"asl'against
LONDON open
discount rates for short
were
15-16® 1%
on
Friday of last week, and 1 1-16®
l3/8% formthree-monthsfcbills, as against 15-16@1%
Volume
Financial
147
on
Friday of last week.
on
Friday
Y%.
was
remains at
Money
call at London
on
At Paris the
market rate
open
Chronicle
standing
up
francs.
to a new all-time high of 108,185,702,935
Circulation
a
year
572,545 francs and the
2%% and in Switzerland at 1%.
francs.
Bank of
1829
England Statement
Increases also
bought
abroad of
before 83,764,538,875
appeared in French
cial bills discounted of
THE statement forof £38,236 ended Sept. 21 showed
slight increase the week in gold holdings which
aggregated 88,839,-
ago
year
commer¬
2,386,000,000 francs, in bills
78,000,000 francs,
in
advances
a
brought the total
£328,031,623
attended
by
As the gain in gold was
ago.
increase of £632,000 in note circula7
an
tion, the loss
Public
to £327,923,372 compared with
up
a year
in
amounted
reserves
£594,000.
to
deposits fell off £3,138,000 while other de¬
The latter consists of
posits increased £4,314,899.
"bankers' accounts" and "other accounts" which
£1,267,566
serve
and
week ago,
on
£3,047,333
ratio fell off
those
re¬
current
The Bank's
the
reserve
furnish
previous
the
various
£2,492,963.
unchanged at 2%.
items
with
Below
comparisons for
last year
The
43.69% compared with 51.81%
and 57.42% the previous
different items with
Below
year.
we
comparisons for pre¬
vious years:
BANK
OF FRANCE'S COMPARATIVE
STATEMENT
Changes
for Week
Sept. 15, 1938
Sept. 16, 1937
Sept. 18, 1936
Francs
■
Gold holdings
Francs
Francs
Francs
No
55,808,328,520 55,805,022,113 52,691,761,885
14,596,184
153,505,680
19,054,581
change
Credit bals. abroad,
-
French commercial
bills
discounted.,
+ 2,386,000,00(
b Bills bought abr'd
11,806,000,000
+ 78,000,001
Adv. against secure.
+ 162,000,000
8,723,100,570
6,781,432,902
808,653,421
1,236,601,131
828,000,000
3,943,661,789
3,568,051,458
+ 6,285,000,001 108185,702,030 88,839,572.545 83,764,538,875
accts
+ 827,000,000 19,541,533,109 18,864,437,492
8,007,974,833
3,878,007,41(
Note circulation
Credit, current
c
Temp, ad vs. with¬
+ 3,000,000,000
hand to sight liab.
COMPARATIVE STATEMENT
13,133,974,773 26,008,455,160 14,583,423,000
Sept. 21,
Sept. 22,
Sept. 23,
Sept. 25,
Sept. 26,
1938
1937
1936
1935
1934
£
£
51.81%
57.42%
Includes bills
francs have been taken.
479,224, 000 485 969,669 445,104,282 398,164,188 377,028,060
18,431, 000
43.6° %
—2.20%
purchased In France,
b Includes bills discounted abroad,
c Au¬
thorized by convention of June 18, 1936, laws of June 23, 1936, convention of
June 30, 1937, and decree of June 29, 1938.
The last increased tie June 30, 1937,
allowance of 20,000,000,000 francs to 30,000,000,000 francs, of which 18,050,000,000
a
Other deposits
change,
no
Proport'n of gold on
BANK OF ENGLAND'S
Circulation
ratio fell off to
out int. to State..
years:
Public deposits
gold holdings again showed
remaining at 55,808,328,520 francs.
show the
a
we
total
The
£2,703,462.
latter amount consists of increases to discounts and
The discount rate remains
and in tem¬
Loans
year.
advances of £210,499 and to securities of
of 827,000,000 francs
accounts
advances to State of 3,U60,000,000 francs.
porary
£925,000 while
declined
securities
other securities increased
on
The
respectively.
slightly to 30.6% from 31.2% a
compared with 26.7% last
government
rose
against securities of 162,000,000 francs, in creditor
140.284, 547 141 844,311
Since the statement of June 29,
1937, gold valuation has been at rate of 43 mg.
37,858,169
gold. 0.9 fine, per franc; previous to that time and subseouent to Fept. 26, 1936,
146.776,519 126,197,209 118.807,780
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
15 663,878
19,491,362
10,441,666
Bankers' accounts. 100.860, 610 105 601,370 107,981,795
87,241,298
82,039,899
Other accounts
38,794,724
83,663,337
38,955,911
24,602,053
17,801,208
7,880,969
12,411,483
the franc.
81,634,164
28,218.423
of gold to
36,767,881
83,164,999
7,203,539
39,423, 937 36 242,941
97,606, 000 106 867,977
26 849,060
30 652, 933
Govt, securities
Other securities
Disct. & advances.
5 208,031
6,090, 28
,
24.562, 652
Reserve notes & coin
Coin and bullion
21 641,029
20.337,454
12,190,570
42 061,954
63,601,937
56,195,877
75,497,868
Money Market
10,597,779
48 696, 000
Securities
New York
327,923, 372 328 ,031,623 248,706,219 194,360,065 192,525,928
Proportion of reserve
to liabilities
26.7%
30.6%
2%
Bank rate....
38.57%
2%
48.18%
2%
40.40%
2%
MONEY market conditions remained unchanged
this week, with the supply of
New York
in
2%
idle funds far in
excess
of any
structure
or
respects.
Bankers' bill and commercial
THE statement for the second quarter of Septem¬
showed
23,000,-
ings
small,
000 marks,
Monday
ber
to
a
Germany Statement
loss in note circulation of
which brought the total outstanding down
marks.
6,666,000,000
Circulation
a
aggregated 4,763,213,000 marks and the
4,300,768,000 marks.
silver and other coin,
registered increases,
marks,
549,000
Bank's
Reserves in foreign
ago
before
currency,
advances, and other liabilities
namely,
13,319,000
marks, respectively.
year
year
marks,
147,000
and
marks
No change
was
18,-
7,122,000
were
bills
A decline
and
101,000 marks, in other assets of 45,003,000
marks, and in other daily maturing obligations of
The
45,784,000 marks.
compared with
furnish
1.58%
different
the
reserve
a
year
items
ratio is
ago.
with
an
annual
bank
discount
for all transactions
Exchange, while time loans
unchanged at 1%% for maturities to 90 days,
1%% for four to six months' datings.
New York
now
1.14%,
Following
comparisons
Money Rates
ex¬
change and checks of 49,166,000 marks, in invest¬
ments of
on
shown in the
recorded in bills of
was
days, and awards were at 0.106%
the New York Stock
were
gold holdings, the total remaining at 70,773,-
000 marks.
The Treasury sold last
Call loans held to 1%
basis.
on
91
computed
average,
deal¬
further issue of $100,000,000 discount
in
clue
paper
the supply of such instruments
as
long has been subnormal.
a
was
potential
unaltered in all
The
Bank pf
rate
visible
demand.
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
""Stock
ruling quotation all through the
and renewals.
loans
quiet, no transactions having been
continues
we
this week.
for
90
REICHSBANK'S COMPARATIVE STATEMENT
money
reported
Rates continued nominal at l%% up to
days arid 1%% for four to six months maturities.
The
previous years:
week for both new
The market for time
market
for
prime commercial paper has been
Paper has been in
moderately active this week.
-
fair
Changes
for Week
Sept. 15, 1938 Sept. 15, 1937 Sept. 15, 1936
are
Relchsmarks
Assets—
Relchsmarks
Relchsmarks
supply and the demand has been good.
Rates
unchanged at %%@%% for all maturities.
Relchsmarks
No change
70.773,000
70,006.000
65,978,000
Of which depos. abr'd
No change
10,587,000
20.055,0C0
22,528,000
Res've in for'n currency
+ 147,000
5,545,000
5.636,000
5.555.000
Gold and bullion
Bills of exch. & checks
.
Silver and other coin—
—49,166,000 6,328,933,000 1,825,0S'>,000 4,467,79°,000
188,746,000 M60,6n0.000
+ 18,549,000
151,886,000
+ 13,319,000
41,861,000
J33.006,000
—101,000
847,789,000
403,686,000
527,464,000
—45,003,000 1,104,358,000
Advances
796.415,000
561,971,000
Investments
Other assets
«
Liabilities—
Notes in circulation
Oth. daily matur.
41,423 000
obllg.
Other liabilities
—23,000,000 6,666,000,000 1,763,213 000 4,300,768,000
649.410 000
66°,473,000
903,218,000
—45,784,000
266,984,000
237,059,000
318,380,000
+ 7.122,000
Propor'n of gold & for'n
curr. to note ciroul'n.
1.14%
1.58%
1.66%
Bankers' Acceptances
THE market for prime bankers' acceptances re¬
extremely dull this week.
The volume
mains
of business has been very
light and the demand has
been far in excess
of the supply.
change in rates.
Dealers' rates
There has been
as
no
reported by the
Federal Reserve Bank of New York for bills up to
Bank of France Statement
and
including 90
asked;
for
days
are
y2% bid and 7-16%
bills running for four
months, 9-16%
THE statement for the week ended Sept. 15 showed
large increase in note circulation, namely
bid and
Yi% asked; for five and six months, %%
5,285,000,000 francs, which brought the total out-
bid and
9-16% asked.
a
The bill-buying rate of the
Financial
1830
lA% for bills running
New York Reserve Bank, is
from
1
90
to
The Federal Reserve Bank's
days.
Chronicle
Sept. 24, 1938
pensated by the redemption of its sterling in gold
by the British fund.
As
holdings of acceptances remain unchanged at $540,000
evidence of the spreading confidence in gold
an
and the waning
Discount Rates of the Federal Reserve Banks
confidence in bond-backed fiat
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
effect that the currency
the
to
rates
The
following is the schedule of rates now in effect
the
for
of
classes
various
the different
at
paper
Reserve banks:
"
.i"
formed
market
by selling
The
securities.
securities
part of the backing of Eire currency and
a
replaced by the purchase of £2,000,000 in gold
($9,600,000),
•
committee of Eire
London
the
British
of
£2,250,000
were
DISCOUN^ RATES OF FEDERAL RESERVE BANKS
,
shocked
(Ireland)
money
London cable of Sept. 21
it is of interest to note a
of which had already been sent to
some
Rate In
Federal Reserve Bank
Boston..—..
IX
IX
\x
IX
IX
.
...........
Rate
IX
......
...
Chicago
St. Louis....—.
Minneapolis
Aug, 27.
Aug. 21.
Aug. 21.
Sept. 2,
IX
Richmond.
Atlanta............
Aug. 24.
IX
Kansas City
Dallas.....
San Francisco
...
.....
3.
Sept.
IX
IX
....
...
Sept.
IX
2
2
Aug. 31.
3.
2
which
currency,
2
2
British
2
2
2
Irish currency note circulation has been
Before the current
under entire foreign exchange of the
STERLING and the the adverse influence market
continue
than
stronger
While sterling is fractionally
week,
last
The range
the pound
everywhere in demand.
on
pressure
continues and the dollar is
for sterling this week has been between
$4.79J4 and $4.8334 for bankers' sight bills,
pared
with
a
$4.81 13-16 last week.
has been between
with
a
$4.79% an<^ $4.83 5-16, compared
of between $4.78% and
range
com¬
between $4.78 9-16 and
The range for cable transfers
of
range
$4.81%
German demands has lent
an
Whether Czechoslovakia's im¬
postponed.
loss of the State's sovereignty,
the
has been
war
or
complete
the easing of tension
exchange and banking situation is widely
believed to be at most only temporary.
There is
a
general belief that
"
complete and
even a
in London
an
Amsterdam bankers
that
there
will- be
are
generally of the opinion
unabated
an
United States until such time
peace
crisis
may
positive and lasting
as
is assured in Europe.
However, the present
be resolved, European capital will seek
A
Yhrk
on
The
new
first
private
United
movements
States,
of
gold will
but foreign
continue to build up
continue
to
governments will
balances
on
this side
as
the
also
per
successful formula for establishing
manent peace
in Europe is ultimately found can there
be any^expeetation of a
heavy return flow of gold and
foreign funds to - European centers.
"believed that if it
agreement
per¬
the
were
not for the
pound and the
It is generally
tripartite
franc
currency
would have
on
England
en
risk insurance
approved lines
the rate is double,
25 cents
or
The direction in which
a
vessel is headed makes
a
difference in the rates because in the first instance
it is
moving steadily away from the probable danger
while in the second it is heading into the
zones,
zones
several days after the insurance
was
which time conditions may have
changed for the worse.
Rates compare with the
during
2% cents rate for
until the
Tokio
risk which had been in effect
war
present crisis.
dispatches
decided
a
war
$100, and 25 cents going from New
On currency
have been
Only if
The rate for
$100 to New York and 50 cents from New York.
per
Great
.
$100 and is quoted for
coming to New York
12% cents
marine insurance
year.
gold coming to New York
Italian vessels do not stop at
route to New York.
securitise
governed
vessels except Germanand
passenger
Britain, Holland, Sweden, and other governments
doing during the past
are
down by Lloyds of London.
risk rate for
war
class
placed,
officially restricted
The New York rates
Sept. 19.
from London is 25 cents per
unless monetary movements are
It is quite probable that not only
—
schedule of rates went into effect in New
by the policies laid
refuge in the United States in increasing volume
prohibited.
$34.71
entirely feasible and profitable
-
new
danger
or
as
due to the increase and uncertainty in insurance
rates.
gold flow to the
low
The decline in market offerings of gold
$34.77.
all
as
whereas arbitrage transactions in the past
ounce,
York.
gold and dollars continues.
frequently quoted
was
have been considered
not
Hence the demand for
gold takings in the
sharply from recent
Arbitrage movements have been practically
have
impossible, although the dollar equivalent for gold
on
in Europe.
declined
weeks.
is
war
Currently the
market
peaceful surrender of Czechoslovakia to Germany will
entirely eliminate the danger of
increase
Aug. 31, bringing the total gold stock to $13,-
Italian.
'a
0
an
gold stock of the United States of $453,000,000
London
strength to sterling
some
actual outbreak of
purchase, gold holdings have been
As of Sept. 21 there has been
588,000,000.
a
Prague to the
posed capitulation is to result in partial
in
since
was
in the belief that
at least
in the
at
week ago.
The fact of the forced surrender of
backed by gold,
fairly steady at from $35,000,000 to $40,000,000.
negligible.
crisis.
legally be
can
sterling balances, and British Government
securities.
2
Course of Sterling Exchange
German-Czech
assumed that the
was
importance since the establishment of the national
2
1937
1937
1937
1937
1937
1937
1937
1937
circles it
purchase of gold by the Irish Currency Commission,
which is the note issuing authority, was the first of
2
Sept. 2. 1937
Aug. 27, 1937
Sept. 4,1937
May 11. 1935
l
...
Philadelphia,......;
In banking
Dublin.
Previous
Established
IX
.......
New York
Cleveland
Date
Effect on
Sept. 23
on
Sept. 19 stated that Japanese
companies at
an emergency
meeting
rate
im¬
mediately for vessels trading with Europe.
The
war
raise
the
risk
insurance
to
risk insurance rate
war
was
fixed at two yen per 100
vessels destined for European ports.
on
vessels bound to
one
on
carried in British, French, German and Italian
cargo
yen per
100.
On
cargo
carried
Japan from these ports the rate is
Rates applicable to vessels of other
declined precipitously during the past few weeks.
There is no means of knowing to exactly what
countries
extent the
shipment of South African gold to London.
exchange controls have intervened in the
market, but it is evident that the United States
Equalization
Fund
has
been
a
heavy
buyer
sterling, for which the United States fund is
of
com¬
The
from
are
war
one-half the above amounts.
risk
insurance
Johannesburg
on
rates
have
altered the
Advices
Saturday, Sept. 17, stated
that the Reserve Bank of South Africa had canceled
a
shipment of
£150,000 of gold which had been
Volume
Financial
147
scheduled to leave.
insurance
rates
It
indicated that if
was
continue
advance
to
is
probable that shipments from South Africa
postponed for
The
Union
of
South
Africa
of
the
exactly one-third
all
be
may
accounted
has
for
of gold into
As the situation
continue
to
purchase the output of the mines, but
will hold the metal instead of
Should the
usual.
sufficiently resolved in the
reduction in the
shipping it to London
European difficulties not be
risk insurance rates, it is
war
that arrangements can
possible
be made between the British
metal,
or
marked for
the
the
metal
in
Cape Town for the British
In that way
authorities.
the British fund would hold
gold there, while the Reserve Bank would be
given sterling in London with which to provide for
settlement of commercial and
week between
risk
war
insurance rates have
been
offer in the London open
dould
metal
the
of
assurance
As
activity.
day,
lid.
per
a
result, while gold
The
rate
this week to 143s. lid.
market
on
the
offer
all-time
arbitrage
no
Paris, the
MEAN
gold
shipment of gold by airplane to
Seven planes
Croydon airport for Basle, carrying approximately
£4,200,000, while other planes carried £242,000 to
This gold
Budapest.
It
date.
was
acquired at
was
some
understood that the gold
previous
represented
purchases made in the open market by Swiss and
for resale
Hungarian banks
hoarders in those
to
countries.
On
London
was a
decline in bill rates in the
market from
open
Monday's
quotations.
Call money against
bills continued at %%, two- and
three-months
were
1%
six-months
bills
bill
1 %%,
1%%.
rates
of
exodus
are
still firm,
LONDON
178.32
Thursday,
Sept. 22
178.32
Friday,
Sept. 23
178.43
LONDON OPEN
Saturday, Sept. 17
Monday, Sept. 19
Wednesday, Sept. 21
144s.
Thursday,
Sept. 22
143s. lid.
144s.
Friday,
Sept. 23..
FOR
GOLD
BY
THE
RESERVE
Saturday, Sept. 17
Monday, Sept. 19
Tuesday,
PRICE
144s. 7d.
Sept. 20
PAID
MARKET GOLD
.144s. 9^d.
UNITED
STATES
144s. 6d.
(FEDERAL
BANK)
,
35.00
Wednesday, Sept. 21
$35.00
Thursday,
Sept. 22_..__._ 35.00
35.00
Friday,
_$35.00
Sept. 20
Sept. 23
35.00
Referring to day-to day rates sterling exchange
Saturday last
was
fractionally
sight
On
advanced in active
for
$4.80 13-16
of
tone
$4.81
cable
The
the
pound
range was
and
$4.80 3-16@
On
sight
transfers.
Tuesday the
sterling again improved.
The
range
was
On Wednesday ster¬
@$4.82% for cable transfers.
$4.81
was
up
and
was
13-16@$4.83%
in demand.
for
bankers'
$4.81%@$4.83 5-16 for cable transfers.
hopes for
as
ling market
@$4.81%.
range
active and steady.
On Friday sterling
and
On Thurs¬
Bankers' sight
was
$4.81%
The
easier.
$4.79%@$4.80% for bankers' sight and
was
$4.79%@$4.80% for cable transfers.
Friday
on
range
in Europe increased the ster¬
peace
was
The
sight
$4.81 5-16@$4.81 13-16; cable transfers
tions
again
$4.80%
11-16@$4.82% for bankers' sight and $4.81%
ling again moved
day
on
from previous close.
Monday
trading.
bankers'
for
up
$4.79%@$4.80; cable transfers
was
were
at
London
PARIS
178.31
<
reflecting the large
CHECK RATE ON
178.32
Sept. 19
Tuesday, Sept. 20
Closing quota¬
$4.79% for demand and $4.79%
for cable transfers.
gold and funds from London in recent
London check
Monday,
and
C
Nevertheless informed quarters in
weeks.
are
quoted at 15-16% against
Monday, four-months bills at
on
The
bills
mean
Wednesday, Sept. 21
was
Tuesday there
discount of
a
market gold price, and the
open
$4.79%@$4.80%.
the
in
slightly
a
178.31
@$4.80%
development
ear¬
Saturday, Sept. 17.
Bankers'
Thursday of
on
%% and
following tables show the
on
Wednes¬
144s.
has been showing
discount of
a
of
on
high
Switzerland and Hungary on Sept. 21.
left
if
an ounce.
interesting
was
an
course,
imports
were no
change in gold held
or
price paid for gold by the United States:
shipment with
be
the rate dropped
ounce,
Another
for
could
there
profit
14 reached
Sept.
taken
be
not
market, and of
on
exports of
no
Montreal funds ranged during the
entirely
responsible for the drop, in the volume of gold
were
7-16%.
PRICE
The
on
foreign account.
tendency.
Tuesday,
capital obligations.
There
On Friday there
Canadian exchange
authorities and the Reserve Bank of South Africa to
earmark
ended
week
change in gold held earmarked for
exports of the metal
easier
for the
are
England.
or
foreign account.
future to justify a
near
figures
On Thursday $12,583,000 of gold was
received from
stands the Reserve Bank of South Africa will
now
above
Wednesday.
the
imports
Great Britain thus far this year.
as
quite
considerable period.
a
The
risk
war
it
1831
Chronicle
Commercial
sight bills finished
$4.79%, 60-day bills at $4.78%, 90-day bills at
$4.77%, documents for payment (60 days) at $4.78%,
and
seven-day grain bills at $4.78 13-16.
and grain for payment
Cotton
closed at $4.79%.
convinced that the Bank of England will not raise
its rate of rediscount unless war
actually breaks out.
The bank rate is still ineffective and it is
doubtful if raising
to stem
Gold
extremely
the rediscount rate would
serve
the flight from sterling or to accentuate it.
on
offer
in
London
the
at
hour
of
price
Continental and Other Foreign
THERE isexchange essentially new in the If any¬
nothing financial situation. French
foreign
or
thing the fiscal position of France is more clouded,
made difficult by political developments, while the
fixing each day was taken for unknown destination
commercial position shows no
in the
Labor unrest
following amounts;
Monday £44$,000,
day
£317,000,
on
on
On Saturday £570,000,
Tuesday £815,000,
Thursday
on
£962,000,
on
Wednes¬
and
on
Friday, £679,000.
gold movement for
Sept. 21, as reported by the Federal
Reserve Bank of New York was as follows:
GOLD
MOVEMENT AT NEW YORK, SEPT.
15-SEPT. 21, INCL.
$63,993,000 from England
None
7,665,000 from Canada
$1,050,000
Note—We have been notified that approximately $423,000
Francisco from
Currently the rates for the franc do not
of the adverse factors as the French
has for several weeks held the franc close to
arrange.
control
any
sterling at
around 178.32 francs to the pound.
in
the franc rate in terms of the
China.
of gold was
Any
dollar
merely reflects the sterling-dollar relationship.
The current Bank of France statement for the week
savings
Gold Earmarked for Foreign Account
Decrease
material improvement.
Money is firmer in Paris
accommodation is harder to
15 shows circulation at a new high of
108,185,000,000 francs.
$74,049,000 total
San
has spread.
short-term
ended Sept.
2,391,000 from Holland
received at
even
variation
Exports
Imports
Net Change in
and
reflect
At the Port of New York the
the week ended
Exchange
Frightended withdrawals of
bank deposits are blamed for the
record
expansion in the note circulation.
Meanwhile the
trend of individual bank deposits has been reversed.
The Government has had to borrow
reduced the ability of
bank
currency is also displaying weakness,
shown especially in the relationship of the Swedish
unit to sterling. The weakness is not so apparent in
this market owing to lack of business in Swedish
currency. Cables from abroad indicated that Swedish
of
excess
largely if
mobilization
caused the post-war depreciation
altogether to the covering of
and the heavy rearmament
not
19.3975
considered
one
of the
For
York market.
always
been
inactive units in the New
more
a
has
considerable period the Czech
been held relatively steady at
has
koruna
Czechoslovakia
53.76, against 53.81%
around
at 22.61 for checks and at 22.61 for cable transfers,
deposits
On
and
banks
all
for
torium
gibed at 21.40 and cable transfers at 21.40, against
companies,
insurance
21.43 and 21.43.
Only 3% of current account
immediately.
V
plans for the settlement of the
Czech-German issue may make it necessary to revise
public
a
report on trade between |his country
against 24.75 and
—•—
T^XCHANGE
between the United States and
The Commerce Secretary made
the trade agreement
Czechoslovakia.
Sweden closed at 24.71%
on
24.75; while checks on Norway finished at 24.09 and
cable transfers at 24.09, against 24.12 nad 24.12.
Sept. 21 United States Secretary of Commerce
Roper said that
Checks
and cable transfers at 24.71
be withdrawn per month.
can
Copenhagen checks fin-
against 22.56 and 22.56.
Czech Government had decreed a temporary mora-
effective
Swiss francs closed
sight bills at 53.70, against 53.76.
A London dis-
21 stated that the
Prague on Sept.
patch from
Friday of last week; cable
on
transfers at 53.76 against 53.81%; and commercial
Interest attaches to the unit at this time
3.45 cents.
because of the nation's extremity.
crowns
rate of 19.3945 which had been maintained by the
Swedish authorities,
Bankers' sight on Amsterdam finished on Friday at
program.
on
Wednesday were offered on the basis of
to the pound, compared with the
crowns on
expenses
Exchange
presents
The
and
the South American countries
on
no
features from
new
0f jaS£ week issued
decree appointing
a
^ve committee which will examine
half of this year
operations
while
value of$17,788,000,
a
same
shows the relation
formulate
Argentine
paper
a
representa-
closed
pesos
on
Friday at 31.97
last
b
c
...
.
Holland (guilder)
a
16.86
19.30
32.67
22.52)^ to 22.70
40.20
Switzerland (franc)
16.95
8.9i
68.06
53.74^ to 54.18
6.63
New dollar parity as before devaluation of the European
between
cOn May 5,
The London check r&te
at
on June 30,
on
Friday
Friday of last week,
on
the French center finished
on
against 2.69 3-16.
Antwerp belgas closed at 16.88
sight bills and at 16.88 for cable transfers,
against 16.90% and 16.90%.
Berlin marks
Final quotations for
39.95 for bankers' sight bills and
were
39.96 for cable transfers, in comparison with 40.04
,«c1/
7
,oc1/
t>
not
on
quoted;
on
n
,
Rates
on
u
are
Bucharest at, 0.74%, against 0.743%;
Greek exchange closed at
0.88, against 0.88,4.
vnuAATP-c
XCHANGE
war
weeks.
,,
on
has been
.
,
,
the countries neutral
during the
of
these units is softer in
comparison with the situation several weeks
but
ago,
quotable rates merely reflect the fluctuations in
sterling.
Amsterdam, however, reports
able demand for dollars and
and other Continental funds
a
a
consider-
movement of Holland
through Amsterdam to
New York, with a resultant weakening of the guilder,
trends
25.30@25.35,
Brazilian milreis
are
.
.
quoted
n
Chilean exchange
^
1Q
is
Pm-n
ia
rem
is
•
in
Sino-Japanese
On
the Far Eastern countries follows
evidence
since
the
outbreak
of
the
The Far Eastern currencies
war.
are
strongly inclined to follow the variations in sterling.
In the past
few days
a
delegation of Chinese financial
experts has been holding conversations in Washington
with the United States Treasury
believed the
conversations relate
Department.
It is
entirely to future
purchases of Chinese silver by the United States.
0n
Thursday, Secretary Morgenthau said that the
had
conversations
*
j.
u
,
not
proceeded far enough
for
*
.
,
,
'A
Closing quotations for yen checks yesterday were
a abst 28.00 on
Friday of last week. Hong-
rl
o
27 97
k
closed at
30%@30%, against 30 1.16@30 3-16;
against 17%; Manila at
shanghai at 17 5
49.85)
against 49.35;
Singapore at 55.85, against
at 35.80, against 35.82.
Gold Bullion in European Banks
extremely inactive in the past few
The undertone
was
55%; Bombay at, 35.80, against 35.82; and Calcutta
^
E
oArnrof
nir
CnfffriflB
^ 1Q
fit
I^XCHANGE
t
i
Czechoslovakia
Poland at 18.85, against 18.87; and on Finland at
2.12/2, against 2.12%.
v
'
sight bills and at 5.26% for cable transfers, against
5.26% and 5.26%.
.
quoted at o.iy \omciaij, against o.iy.
nominally quoted at 20%, against 20%.
Italian lire closed at 5.26 for bankers'
and 40.04.
,
1937.
2.68%, against 2.69%; cable transfers at 2.68%,
for bankers'
nnnfpd
JL
Paris closed
on
178.53, against 178.30
sight bills
.
-
gold and allowed to "float'.'
1938 the franc was devalued on a de facto basis of 179
In New York
.
currencies
francs to the pound, or 2.79 cents a franc.
at
.
free market close
at 5.90 (omcial), against 5.90.
5.26H
Sept. 30 and Oct. 3, 1936.
(b) Franc cut from
»
or
against 25.20@25.30.
to 16.90
5.26^ to
.
.
1 he unofficial
3.92
13.90
5.26
France (franc)
Belgium
Italy (lira)
a
Friday of
week; cable transfers at 31.97, against 31.98.
Range
This Week
Parity
seems
exchange.
dolto'
New Dollar
co-
relating
The object of the decree
for bankers' sight bills, against 31.98 on
Parity
the
for
measures
leading European currencies to the United States
Old Dollar
Thursday
exchange control
to be to establish a stricter control of
of the
on
system
a
adjustment of all
exchange control.
period amounted to $13,420,000.
table
following
and
ordination and
from Czechoslovakia to the United
exports
States in the
The
direct imports into Czechoslovakia
United States had
week?.
recent
Argentine Department of Finance
Czechoslovakia which showed that during the first
from the
active
an
as
The increased loans to the State are
of the franc.
due
francs in
supplying
is
The Swedish
individual banks to invest in
almost 5,000,000,000
are
the amount which
market
demand for gold coins for hoarding,
bank notes
Advances made by the central
Government paper.
Sept. 24, 1938
Amsterdam
The
directly from the
hoarding of
because
France
of
Bank
Chronicle
Financial
1832
r I TIE
following table indicates the amounts of gold
bullion (converted into pounds sterling at par
1
of exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the previous
four years:
us
are
Volume
Financial
147
1938
1937
1936
1935
£
£
£
ployees with higher
1934
£
Banks of—
£
the
England—
327.923.37f
328,031,623
248.706,219
194.360.065
192,525,928
France
293,728,20'
421.534.095
575,031.034
657,636.639
2,223,900
88,092,000
Italy
a25,232,000
293.710,642
2,494,800
87,323,000
25,232.000
Netherlands
123,419,001
Nat. Belg„_
Switzerland.
88.601.000
Germany b_
Spain
2,707.100
90.600.000
42,575.000
58.433,000
50.881.000
102.353.000
105.942.000
97,503,000
75.715.000
82,426,000
25,969,000
54,159.000
46.614,000
65.745.000
Sweden
Norway
24,128,000
20.149,000
6.552.000
6.555.000
7,397.000
6.602,000
6.604,^00
6.601.000
a Amount held Dec. 31.
1936. latest figures available,
b Gold holding of the
of which Is now
reported at £530.050.
c As of April 30, 1938, latest figure available.
Also first
report since Aug. 1, 1936.
The gold of the Bank of France was revalued on July 23, 1937. at 43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change In the gold's value
within less than a year, the previous revaluation took place on Sept. 26. 1936,
when the gold was given a value of 49 ralllgrams to the franc as compared with
65 5 mgs. previously.
On the basis of 65.5 mgs.. approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
promptly followed by
was
ments that the
connected
a
propo&ed
railway labor, and
controversy began, and still
a
railway
brought
the
directly
question
Roosevelt, it will be well to go
Roosevelt's
11
special
executives
railway
and
employees
divided
has sharply
cut which
and
President
back to President
before
to Congress, on April
message
last, regarding the general railroad situation.
The
object of the message, apparently, was to call
the attention of
would
Congress to the need of action that
prevent "serious bankruptcies among a large
number
of
railroad
have
the
Railway Labor Executives Association, in
been
resolution
vigorously presented.
preceded by
ases" which
elaborate
an
tions
specific
no
sugges¬
expressing his objection, which he
beyond
thought many others shared, to government subsi¬
for any purpose
dies
in favor of "the immediate
three
mission
full
so
of
members
the
Interstate
Commerce
Com¬
been requested, and the
report, with various other documents, was al¬
The fifth item in the summary
first
sioners
recommendations
of
set
was
"that
the
justified in expressing
reduction
in the
law
of railroad
in
reflected
"the absence of
ments and
the
an
the
does
opinion for
wages."
The
or
Commis¬
not
feel
against
reasons
given,
report itself, were "the present policy of the
as
No
of
Commission
of
the
full
a
hearing of both the manage¬
the men."
any
aroused in Congress by
Congress
and
message,
was
remedial
adjourned
legislation.
On
without
May
13,
riers' Joint Conference
that
notice
of
conference, to be held at Chicago
labor executives
the
June 21, for¬
dividual
a
joint
June 28.
The
had
roads
been
not
a
there
are
concluded
It
organization
finally agreed to begin negotiations at
was
Chicago
on
July 20.
The Brotherhood of Railroad
Trainmen, however, decided to act independently
of the other unions and to hold
'Chicago
July 18.
on
separate meeting
a
On July 6 Alexander F.
and
that
they were going into such matters
thirty days after the notification, conferences be¬
companies and their employees did not
as
"gambling in the stock market," expenditures for
propaganda,
The
"rebates
and
depressed
or
tariffs."
meeting with representatives of Class I rail¬
roads,
July 18, was fruitless, Mr. Whitney being
on
again quoted
declaring that "we will give
as
ground" and that "employees
ing wage
penny
even
if the railroads
of interest
on
entitled to
are
are
At the full conference
dividends."
tended by some
Chairman
unable to
a
on
no
liv¬
pay a
their bonded indebtedness
or
July 20, at¬
thousand employee representatives,
the
of
Carriers'
Joint
Conference
Committee, H. A. Enochs, stated frankly that the
railroad
managements
"absolutely will not
promise" the demand for
No
a wage
com¬
cut.
presentation of facts regarding the condition
the roads
was
effective in
The
Mr.
breaking the opposi¬
high-water mark of union
resistance and indifference
If, within
quoted
"prepared to .combat the carriers at every point,"
when
by the Railway Labor Act was taken.
was
saying at Washington that his union would be
as
tion of the unions.
in the procedure required
that
respecting representation and conferees."
intention to reduce basic wages
this notice the first step
and
details that must be worked out
many
of
railway employees' organizations. With
on
number of in¬
"under the laws and procedure of the
by 15%, effective July 1, was being sent to the
the
on
ground that conferences with
chairmen of
tween
on
sought to delay the conference
principal companies, announced
an
Committee,
mally proposed to the 19 railway unions
however, the Carriers' Joint Conference Committee,
representing the
com¬
panies having by this time failed of result, the Car¬
the
special interest
enacting
Railway Labor Act" and
and
manage
Whitney, President of the Brotherhood,
whose advice had
transmitted.
agencies to
The negotiations in individual
Abstracts, however, were
long term program, made by
a
the
of the rail¬
over
ways" of the country by the Federal Government
at
given of informal recommendations for immediate
con¬
whole, declared
as a
taking
a
of "where¬
array
government ownership or
or
operation of the roads.
relief, and also for
On June 20
bitterly denounced the financial
dition and control of the roads
companies, great and small,"
but Mr. Roosevelt himself made
par¬
ties
operate them.
understanding of the dispute over
wage
announce¬
proposed cut would be rejected by
and the creation of Federal
The Railway Wages Dispute
For
al¬
off than
at that time."
was
The notice
Bank of Germany a-e exclusive of gold held abroad, the amount
a
1932,
now worse
continues, in which the arguments of the two
1
week.
in
accepted
6.579,000
it
72.011.000
43,912.000
1.083.4^5.18' 1,066.181.065 1,058.949,214 1,135,793.199 1,254.738.667
OR** °00<f,4r 1,066.710.396 1.063.089.230 1,145,436.232 1.253.936.515
Total week.
rates than resulted from
wage
voluntarily
15,506.000
6.549,000
deduction
though the railroad industry is
68.577.000
114,036,000
29,^00.000
6,538.000
7,442.000
Denmark..
Prev
3.256.100
90.931.000
105.490.000
3.008.600
c63.667.0C0
...
1833
Chronicle
was
reached
on
Aug. 1
Whitney, replying to the statement of
Mr. Enochs that "we haven't the money to pay
the
present scale of wages," declared that "the fact
the
that
problem."
railroads
haven't the
money
is not
The negotiations ended without
our
agree¬
begin, the controversy would go to the National
ment, on Aug. 4, with a final declaration by George
Mediation Board;
M.
recourse
would
after that, failing
be
had
to
a
settlement,
arbitration.
The
an¬
nouncement, after reviewing the financial difficul¬
ties
of the
industry "due to the simple fact that
present costs of operation are higher than the in¬
dustry can
called
the
carry
under existing conditions,"
re¬
"great help" given by a voluntary ac¬
Harrison, Chairman of the Railway Labor Execu¬
tives
a
Association, that the unions would not accept
cut.
That sent the
ation Board,
on
the
rejection by the unions of
On the same
unions ordered
now
proposed "will leave the
em¬
Aug. 11, but
a
proposal, accepted
by the roads, to submit the dispute to arbitration.
that
was
on
Aug. 31 the attempt at settlement collapsed with
ceptance of a wage reduction in 1932, and asserted
what
question to the National Medi¬
which met at Chicago
day the official representatives of the
a
nation-wide strike vote.
On
Sept.
Financial
1834
9 the roads gave
notice that the 15% wage cut would
become effective
The next day a meet-
Oct. 1.
on
Chronicle
or
Sept. 24, 1938
government ownership or operation, and he has
since expressed a general opposition to wage cuts,
ing of the unions was announced for Sept. 26, at
When he sent his April message to Congress, he
Chicago, at about which time the results of the
stated his belief that "some immediate legislation"
strike
balloting
arbitration
and
roads
expected to be known.
were
the
unions, the dispute was taken to
Under the Railway Labor Act,
President Roosevelt.
at that session "in order to prevent
was necessary
serious financial and operating difficulties between
and the convening of the next Congress," but
now
he made
effort to
no
secure
such legislation when
duty under the circumstances to ap-
Congress, with no program before it and no knowl-
fact-finding committee, but on Tuesday he
edge of what Mr. Roosevelt wanted, let the matter
it became his
point
With
rejected by disagreement between the
a
until
action
deferred
week and appealed
next
to
representatives of the roads and the unions to get
His suggestion that the committee which he
slide.
convened on Tuesday should work out a comprehen-
together and work out a legislative program deal-
sive plan for the whole railway industry seems to
ing broadly with the railroad situation.
indicate that he does not now, more thamfive months
discussion
a
Wednesday, it was announced that
on
consideration
further
Following
of
the
question
would
be
postponed until after the result of the strike bal-
loting
known and the President had appointed
was
fact-finding committee.
a
Whether
a
cut of 15%
of
or
some
do for the railroads all that
apparently expected is a question on which opin-
ion
to run the full length of time that 4he Rail-
versy
Labor Act permits, to postpone
possibility that employees
The point which
stubbornly refused to consider
whatever, and have taken the
the relief to which they
any wage
their
necessary
operation,
stand,
nearer
and
railways' management.
The fact that the in-
of the roads is insufficient to
justify continued
payment of the present wage scales, or that the
securities
holders of railroad
their
on
impossible the finding
may
have been
structure
in
need
tion.
matters of Imam
burden from which the roads suffer
by the financial arrangements
representatives complain.
railway brotherhoods,
the rail
insisted
organized
highly
and
strangle hold
a
transportation of the country, that have
upon
such
concessions
as
relatively high
for short runs, extra pay for short
dental
It is
or
inci-
overtime, and preference rules which have
kept older employees
on pay
rolls while large num-
bers of younger men have been
dropped.
to the credit of the brotherhoods
condition
in
which
compromise
It is not
that, faced with
friendly ad-
and
justment
were clearly indicated, they have been
willing to meet management even halfway.
The
fundamental
trouble
with
the
as
everybody also knows but
un-
as
The lack of
many are un-
willing to- admit, is first of all the depression in
industry and business which began in 1929, and
then
the New
business
business
will
is
lie
be,
Deal
policies which have destroyed
confidence
recovery.
now
and
impeded
entirely uncertain.
come
to his
hands,
In his message of April 11
opposition
and
What Mr. Roosevelt's attitude
that the matter has
expressed
industrial
to
government
subsidies
effective
^
Jer's victory over Czechoslovakia has been thus far
curiously
with
mixed.
which
in
one
The
reality of the enthusiasm
the victory is
reported
Germany cannot easily
cannot
be
that
sure
the Government-controlled
the
to have
expressions of
represent
press
been
be appraised,
a
public opinion, but it is probably safe to
real
assume
that there is not enough popular dissent to occa-
sion the Government any concern.
In Italy, on the
other hand, where the highhanded methods of dic-
tatorsliip
are
at least
as
Germany, and where the
acceptable
press
they
as.
are
in
speaks only under
Government supervision, the gratification
over
Hit-
ler's victory appears to be considerably less than
would naturally have been looked for. Elsewhere,
opinion shows itself divided between sympathy for
a
a
small State which has been compelled to submit to
dismemberment which may turn out to end its'
existence, and
a
feeling that, regrettable
is, it is better than
come
a war
as
which there is
on
no
the out-
which, it is widely
believed, would otherwise have followed.
point
railroads,
everybody knows, is lack of traffic.
traffic,
a
of
New Deal policies prevail, to
as
American and European opinion regarding Hit-
since
sound basis, have only
disciplined and possessing almost
disordered financial
impossible
Hitler's Victorv
readjustment if the railroad in-
of which the union
a
or
appreciably
=======
of
The wage
wages
con-
ownership
be brought
situation,
long
as
greeted
upon a
government
may
drift.
banking control which, however
has not been created
on
remedy
It is notice-
remote relation to the present wage situa-
very
the
be.
inducement to moderate
by simply allowing
operating
or
dustry is to be put
a
pressure
that the rail-
means
money.
held, the employee representa-
tlves have laid much stress upon
much
less
a
upon
without
entitled, that the broth-
are
no
that
both,
some
that, in the reported discussion at such
as
and
or
investment, does not weigh with the
leaders; it is fbr the roads to find the
ferences
cial
entitled to
are
an
erhoods will be under
steps preliminary to a strike as a means of coercing
able
or
indefinite period, without
the
however
may agree
than 15% wage cut either with
This
unions have
union
possible strike
a
until after the November elections, with the further
from the White House.
reduction
return
safe
seems
roads will be left, for
public is not likely to lose sight of is that the
come
that it
to draw is that he hopes, by allowing the contro-
properly be reserved, although if the cut
not
ably would not have been ordered.
the
expect any early action,
message,
tentative conclusion
expected to be of substantial help it prob-
may
were
The only
way
wage
amount would
other
is
not
or
after his April
The
one
disagreement is that
Hitler laid down his terms, that Great Britain and
France, without
any
visible show of resistance, not
only accepted them but joined in demanding acceptance
from Czechoslovakia, and that Hitler, having
compelled the two great European democracies to
bow the knee and take whatever he
offer, will
without
now
much
opposition from either of the two
Powers to which,
more
than to
Czechoslovakia owed its existence
State.
disposed to
was
have his way with Czechoslovakia
any
or
as an
all others,
independent
Volume
The
historical
debacle
the
Financial
147
merits
background of the Czechoslovak
some
attention,
light it throws
partly because
past few
of the
events
upon
weeks, and partly because of its bearing
future.
ated
Czechoslovakia is
artificial
an
the
upon
State, ere-
by the Paris Peace Conference, under the in-
fiuence of Great Britain and
of the old
barrier
erecting
sea
insured
was
by
right, which Ger-
a
forced to concede, of transit by river
was
Germany to Hamburg and Stettin.
across
been, accordingly, from the beginning,
pected to be,
of
Germany
Rumania
block
warning that, in the
a
It has been the leading member
Entente, whose other two members,
and
Yugoslavia,
settlement vengeance
and reason,
it
as
allies, the eastern border of
also expected
were
German advance.
a
Born of
predominated
and without
availed nothing when Hitler made his demand.
sires
no
other Government head will lightly
was
face of German
a
over
tof
in whose
war
intelligence
than formal friend-
more
to
doomed to helplessness in the
aggression unless it received British
aid; and
Germany
once
from
Hitler, having emanci-
the
restrictions
of
the
treaty and absorbed Austria without the
least outside
opposition, found himself in
a
position
challenge Great Britain and France, the fate of
Czechoslovakia
was
sealed.
and
States
done at Paris have
pretation.
in Hitler's victory
see
resounding rebuke to the former allies
United
the
It
for
mischief
the
plenty of
that
lain at Berchtesgaden and later at Godesberg,
ports have it that Hitler's demands have
Not only does he insist
kind
some
and have
well have been in Hitler's
may very
Chamberlain at
such
no
Berchtesgaden.
There could have
large
over a
President
upon
There
to be
seems
principal objective, he should not attain whatever
others
appear
to him to have4
primary grounds, they
on
an
ones.
are
themselves
Germany
strong a Power to be attacked.
Germans
The
too
was
case
of the
troublesome and Hitler ob-
was
relation to it.
some
If Great Britain and France will not
or
cannot fight
not likely to fight on
They may, indeed, be able to
pre-
immediate German invasion of Czechoslo-
vakia, but unless something unforeseen happens, the
immediate future of Czechoslovakia will be determined by Hitler.
Having accepted amputation at
the demand of Germany, Great Britain and France
(a combination which would have been unthinkable
a
and
ago
year
which
even
'leaves
now
say
no
Europe
position to
how the patient shall be treated after the
opera-
tion has been performed.
The
expansion of
Hitler's
demands
emphasizes
the question whether, as a matter of fact, the action
of Great Britain and France represents
of the lesser of two evils; in other
if
Czechoslovakia had not
war.
a
choice
words, whether,
sacrificed,
been
pean
found
not
in the
no reason
Daladier
had
Benes
nature of things why, having obtained easily his
would in all probability have been
compelled to admit that Nazi
Sudeten
of punishment
rebuke, however, if Mr. Chamberlain
Premier
and
taking
upon
re-
grown,
voice in the government of what is left
a
of the country.
was
for their inter-
reason
mind when he laid down the law to Prime Minister
been
was
said in the interviews between Hitler and Chamber-
dazed), the Prague Government is in
>
Those, accordingly, who
another and
oppose,
While nothing is known officially of what
secondary
Versailles
By
British and French admission, the leading Power
in Europe is now Germany, and what Hitler de-
vent
France, it
pated
pro-
grams-in both countries for armament expansion
and
French
French
of
troops at the German frontier, and elaborate
ship anywhere in Europe outside of Great Britain
and
massing
population, but he also, it is reported, wants to visit
fixed.
was
great British naval
a
the
part of Czechoslovakia with its Sudeten German
one-time
Little
the
It has
Sea,
reminder to Germany of Germany's
a
the
force in the North
was ex-
defeat and humiliation and
view
Its
1835
The spectacular assembly of
permanent
a
against German expansion eastward.
outlet to the
many
France, out of a part
Austro-Hungarian Empire with the ex-
intention of thereby
press
of
of
Chronicle
a
there
general Euro-
Supporters of Mr. Chamberlain main-
tain that the alternatives
were
exactly such as the
question implies, and that while it
doubtless
was
extremely disagreeable to have to sacrifice
an
inde-
viously made the most of it, but the Sudeten parts
pendent State in order to gratify Hitler, it
was
of
better than to plunge all Europe into conflict.
Un-
Czechoslovakia
the
taken
not
were
from
Germany,
Prague Government, after long delay iLis true,
had
announced its readiness to
measure
of
autonomy, and
a
grant a very large
compromise far less
humiliating than abject surrender might conceiv-
til Mr. Chamberlain speaks, the question must
re-
main unanswered, since he alone is competent to
testify to
more
the motives that influenced him.
The
important question is whether, with Czecho-
ably have been reached if the German demands had
Slovakia
been flexible.
tinction, the prospect of peace has been brightened,
ler
insisted,
gaden,
of
as
upon
lihood of
war
From the
he apparently insisted at Berchtes-
having his
own way,
stopping him except by
on
Instead of
the
there
was no
like-,
save
no
that
reasonable
explanation of
they felt themselves unable
two
days, then, the whole face of the
political
which
the
situation
builders
State, hateful in the
almost every
State
too
mo-
Germans predominate, the delimitation of the new
frontiers and the necessary transfers of both Czech
and German populations will be
a
long
process,
with
increased Opportunity for the armed clashes which
of
was
the
jected had become the head of the
torial
Even if for the
tion of the parts of Czechoslovakia in which Sudeten
fight.
stone
There are several reasons why that question must
be answered in the negative.
part of Great Britain and France,
an
threatening, the two democratic Powers
the surrender
Between
and perhaps to ex-
ment Hitler demands nothing more than the annexa-
There is
European
doomed to partition
explicit threat
surrendered.
to
moment, however, that Hit-
eyes
changed.
new
Europe
corner.
powerful to
submission and
re-
A dicta-
of democracies from
point of view, suddenly emerged
Leader the two great
The
as a
on
in Czechoslovakia,
in which the transition was being effected.
Poland
and Hungary are already demanding the recovery
of their own
minorities in Czechoslovakia if 'the
Sudeten Germans are to be "liberated," and every
be resisted, and before its
other
democratic Powers bowed in
vakia
helped in the execution of his plans,
for weeks have been going
and for partisan and hostile claims about the way
as
important minority,
or
whether
elsewhere, has been stirred
the minorities problems is
on
in
Czechoslo-
up.
Insoluble
racial, linguistic
Financial
1836
national
or
lines, it is a perennial source of popu¬
political agitation in Eastern
and
discontent
lar
the Czechoslovak epi¬
greatest provocation to agitation and re¬
bellion that has been
given since the Paris treaties
and French Governments to alter their course.
What, meantime, is the outlook for Great
Czechoslovakia
With
consigned
to
dismember¬
ment, the whole minorities issue thrown wide open,
and Great Britain and France resting on their
arms
more
or
waiting for the time when they may have
and
better guns
and fighting planes than Ger¬
the most favorable opportunity for expansion
southeast that Hitler has ever had
many,
to the east and
would be
if he
and popular realization of the loss will in¬
mense,
He can accomplish much,
opened to him.
diplo¬
chooses, by war, he is also a master of
dealt
been
Britain
Their loss of prestige has been im¬
France?
and
creasingly color political action.
concluded.
were
political revolt forces the British
slovakia fail, or if
Europe and the Balkans, and
sode is the
Sept. 24, 1938
Chronicle
democratic
to
claims
A heavy blow has
and
pretensions
everywhere, and by so much as democracy has lost
Europe that can now count upon British
French
or
There is hardly a small
has gained.
autocracy
Power in
protection if it is attacked.
With dic¬
tatorship in the saddle and able to ride, the whole
government in the two great democracies
of
course
which have bowed to Hitler seems due for
It may
ment.
readjust¬
still be possible for Mr. Chamberlain
his policy of dealing with dictators, but
and intrigue, and he is ruthless in using his
resources.
]STot one of the Powers that lie in his
to
path, however, is likely to accept without fighting
such treatment as has been meted out to Czechoslo¬
greater influence in matters of war and peace.
macy
vakia, and any important further gains of territory
or
control would almost
With
for.
no
certainly have to be fought
evidence that the hope of a revival
Drang nach Osten has been abandoned, the
of the
chances of war would appear
by the program of aggression which the
increased
British and French
to carry
to have been markedly
Complete Breakdown of
William
J.
Bureau.
67
Baxt« fr.
International
pages.
Economic
New
Research
$1.50.
I^Mr. Baxter's conclusion is
less\minous than his title, but
analysis of the present AmericaBrsituation and the out¬
look is nevertheless depressing.
The primary difficulty, as
he sees it, is "that private capitalism cannot and never was
intended to function under any such environment as at
his
present exists in
ever
of the
desires.
this country."
A larger proportion than
population is unable to pay for the goods it
is in sight for the public
The end of free enterprise
utility industry, and private capital cannot
build the cheap
The "vacuum" that has been
created since 1929 in the utility, railroad equipment and
housing industries "has been greatly overemphasized by both
government authorities and private business."
This unhappy situation, Mr. Baxter points out, is in part
due to the industrial crisis which followed the World War,
the changed position of nations, the development of "mass
production-collectivism" in Soviet Russia, the evolution of
the corporative State in Italy, the creation of a "supereconomic machinery" by Germany, and the appearance of
Japan as a new dominant Power which industrially is func¬
tioning "smoothly."
Great Britain, on the contrary, has
lagged behind, only reluctantly planning for central control
and with the "four horsemen" of government, capital,
management and labor "riding in different directions." As
for France, its machinery needs overhauling, and in many
other countries the breakdown of private capitalism has
resulted in something like national receiverships.
International as well as domestic conditions, accordingly,
Mr. Baxter believes, called for major readjustments in the
American economy.
In comparison with his former opinion
of President Roosevelt, his present opinion is low,
and
houses
that
acute
are
required.
he does not hesitate to declare that
"it is
common
knowl¬
edge that the vast majority of thinking people have a very
opinion of the character of the man." What also bodes
ill for America is the habits of the crowd, the expense of all
of which must be borne by industry.
Our youth societies
breed leftists, we have a mania for new public buildings,
highways and golf courses, we spend prodigious sums on
gambling and drink, the veterans' demands are a racket,
relief is becoming a habit, and labor unions champion a
low
philosophy of less production. At the crucial point of low
production, notably in agriculture, we have failed.
cost
What Mr. Baxter advocates is what he calls "mass-pro¬
duction collectivism."
As America produces
more
than it
needs for its domestic use, it must have a foreign outlet, and
largely influenced by the ability of foreign
countries to undersell it in world markets^
Unfortunately,
its future will be
The
with Italy may or may
but it is symptomatic of an
in both countries that the tables
awareness
have been
turned, that the political center of grav¬
ity is in the Reich, and that unless Hitler can be
blocked
by diplomacy and detached from his Italian
ally, it is very doubtful that he can be blocked at
prevent a German invasion of Czecho¬
Government ohd Business
York:
to cement cordial relations
for
a
dictators, apparently, that will have the
•not be well founded,
The whole
all.
America Faces
By
the
report that Great Britain and France will now seek
They will be materially increased if
out.
the efforts to
governments have helped Hitler
pursue
it is
political stage of Europe is
open
resetting.
a
of the "four
horsemen," government lacks a definite program,
capital lacks confidence to make long-term commitments,
labor thinks that the New Deal is its friend, while manage¬
ment, which Mr. Baxter thinks has on the whole done its
job well, finds itself being legislated out of existence by th*
"crowd" influence in politics and regarded as a criminal if it
introduces "a mass-production distributing system."
The great trusts, on the other hand, represent a first move
toward collectivism, and Mr. Baxter expects that the new
governmental system, if it comes, will among other things Iget more production from farmer and labor groups, exercise
more control over labor policies, prices and plant expansion,
nationalize the railroads, public utilities, coal mines, &c.,
increase the use of "hard money," favor a decline in the size
and influence of large cities, encourage militarism and terri¬
torial expansion (the latter as far as the Panama Canal),
and create "a better moral atmosphere in public and private
life."
The change from present conditions to those which
he believes to be necessary is regarded by Mr. Baxter as
normal.
If it can be accomplished peacefully, all may be
well, but if not, the "dying and rotten civilization" of
which "the very habits of the population" afford "the brutal
evidence" must, apparently, run its course.
Mr. Baxter makes it clear that, in his opinion, it is a
system and not its incidents that is breaking down, and that
it is idle
here
trust
to
to
incidental revivals
that
may
appear
there, for example in the stock market.
It is to be
regretted that, having voiced his pessimistic impressions and
convictions, he has not gone farther into his reasons for
or
thinking that the better system which he outlines could under
any circumstances be attained, or that it would in fact be as
beneficent
as
he
seems
to think.
The Course of the Bond Market
After
fears,
Monday's low
bond
the
which coincided with
point,
has
market
rallied
moderately.
war
While
weakness, particularly in rails, has developed intermittently,
the market
than last
as
a
whole has closed the week at -levels higher
Foreign developments have had con¬
Friday's.
siderable influence, the market's progress
to the
news
being susceptible
of the Chamberlin-Hitler conference
on
the sub¬
high-grade corporates
have firmed up, United States Governments have made
progress, the average price of 8 issues scoring a gain of Yl
ject
of
Whereas
Czechoclovakia.
point to 111.37 in
a
week's time.
High-grade railroad bonds displayed buoyancy in the mid¬
dle of the week
but lost
ground toward the close, leaving
prices virtually unchanged.
3Ks, 1962, at 101
were up
/
Duluth Missabe & Iron Range
Y\ Union Pacific 1st 5s, 2008,
Volume
were
% at 112%; Norfolk & Western 4s, 1996, remained
up
unchanged
staged
Financial
147
116%.
at
bonds
railroad
speculative
More
rally and in spite of falling prices toward the close
a
managed
record
to
gains
over
week.
last
Southern 5s, 1950, lost 34 at 63%;
City
Kansas
Atlantic Coast Line 4%s,
1837
Chronicle
60
at
are
Certain financing originally scheduled
1 %.
up
for this week has been
postponed.
Industrial bond prices have
higer levels than
week
a
standing rise has been
ago.
closed this week at slightly
In the steel
group,
the out¬
of 2 points to 87 by the Republic
one
1964, at 66 gained 134 points: Delaware & Hudson 4s, 1943,
Steel 434s, 1961.
advanced
high-grade Socony Vacuum 334s, 1950, gaining % at 104%.
Defaulted railroad bonds have been
% to 47%.
The announcement of
fractionally higher in dull trading.
Oct.
Baltimore &
the
default
interest
1
Ohio
Baltimore
&
Alton 3s,
1949, a
subsidiary, introduces another angle to
Ohio's
&
Chicago
on
plan for modification of interest
Although not especially active lower-grade utility bonds
have recovered
good portion of the losses suffered last week.
a
High grades have advanced
rather steadily in fractional
Carolina Power & Light 5s, 1956, have
amounts.
California
Nevada
94;
at
Electric 5s,
added 314
1956, have
advanced 2% to 79%; West Texas
risen
a
better tone, the
bonds have been fractionally higher
issues.
food
Among
issues,
as
National
have
Dairy
Products 3%s, 1951, are up 1 at 102.
The foreign
bond market has been irregular with Japanese
obligations extending their advance while European issues
charges.
points
Tire company
amusement
Oil bonds have shown
2%
to
Utilities 5s, 1957, have
92%; International Tel. & Tel. 4%s, 1952,
MOODY'S
BOND
PRICES
(REVISED)
have exhibited continued
points, but Italians have
gains of several points.
U.
120 Domestic Corporate *
120
ill
S.
MOODY'S BOND
t
120 Domestic
Baa
RR,
76.17
81.74
96.61
76.17
96.61
76.29
96.28
75.58
106.92
96.11
115.14
107.11
Aa
Aaa
("orp.*
All
120
1938
P.
U.
Averages
Indus
Corp.
81.87
103.38
109.64
82.13
103.20
109.44
81.61
103.02
108.85
75.01
81.35
102.48
108.66
19..
96.28
75.12
81.35
102.66
109.05
17
4.20^
107.30
96.28
111.54
97.28
115.35
107.49
111.45
97.28
115.35
107.30
111.26
96.78
115.14
107.11
110.85
96.44
114.93
110.80
96.61
averages
AVERAGES
(REVISED)
t
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
tic
109.44
115.14
YIELD
Domes
103.38
97.11
with
(Based on Individual Closing Prices)
tic
111.37
strong
given in the following tables:
forpirate by Groups *
by Ratings
Domes¬
been exceptionally
South American loans have been
Moody's computed bond prices and bond yield
are
Daily
Govt.
dropping 20 and 26
generally weak.
(Based on A verage Yields)
Bonds
Czech bonds have
nervousness.
suffered the greatest loss, the two loans
Aaa
Aa
Bad
A
RR.
P.
U.
4.17
3.21
3.60
4.22
5.66
22...
4.16
3.20
3.59
4.20
5.66
3.81
21-
4.16
3.20
3.60
4.20
5.65
20
4.19,
3.21
3.61
4.22
5.71
3.83
4.21\
3.22
3.62
4.23
5.76
3.86
3.21
3.61
4.22
5.75
Indus
3.81
3.85
Sept. 23
3.82
110.91
96.78
114.93
107.11
96.28
75.47
81.61
102.84
108.85
16
4.19
4.22
5.72
3.84
96.94
115.35
107.11
96.44
75.58
81.74
102.84
109.05
15
4.18
V 3.22
\3.20
3.61
111.06
3.61
4.21
5.71
3.84
110.99
96.61
114.51
106.92
96.44
75 47
81.74
102.66
108.66
14.
4.20
3^3
3.62
4.21
5.72
3.85
111.13
97.61
115.78
107.69
98.94
76.88
82.79
103.38
109.64
13
4.14
3.18*
3.58
4.18
^
5.60
3.81
111.28
97.78
115.78
107.69
97.28
77.12
83.19
103.56
109.64
12
4.13
3.18
3.58
4.16
^5.58
3.80
111.69
97.95
115.78
107.69
97.28
77.36
83.33
103.74
109.84
10
4.12
3.18
3.58
4.16
5.66^
3.79
111.85
97.95
115.78
107.69
97.45
77.36
83.33
103.74
109.84
9
4.12
3.18
3.58
4.15
5.56
3.79
111.93
98.11
115.78
107.69
97.78
77.72
83.60
103.93
110.04
8
4.11
3.18
3.58
4.13
5.53
3.78
112.08
98.28
115.57
107.88
97.78
77.84
83.60
103.93
110.04
7
4.10
3.19
3.57
4.13
6.52
3.78
112.01
98.11
115.57
107.69
97.61
77.84
83.46
103.74
110.04
6
4.11
3.19
3.58
4.14
5.62
5.79
5
tock
4.11
3.19
3.58
4.14
5.52
3.78
98.11
Clofi ed
107.69
115.57
97.61
77.83
112.07
98.11
115.57
107.69
97.61
112.07
98.11
115.57
107.69
97.78
Stock
Exchan ge
112.08
^
Exchan ge
Clos ed
83.33
103.93
110.24
3
77.72
83.19
103.93
110.24
2
4.11
3.19
3.58
4.14
5.53
3.78
77.48
83.06
103.93
110.24
1
4.11
3.19
3.58
4.13
5.55
3.78
104.30
98.80
116.00
107.88
98.28
78.70
84.01
110.83
Aug. 26
4.07
3.17
3.57
4.10
5.45
3.76
112.39
98.28
115.57
107.69
97.95
77.84
83.06
104.30
110.43
19
4.10
3.19
3.58
4.12
5.52
3.76
112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
110.63
12
4.10
3.18
3.58
4.14
5.51
3.76
112.16
98.45
115.78
108.08
97.61
78.58
83.46
104.30
110.83
5
4.09
3.18
3.56
4.14
5.46
4.09
3.19
8.67
4.15
5.44
5.01
112.38
3.76
wecKiy
112.17
98.45
115.57
107.88
97.45
78.82
83.46
104.30
110.83
112.04
97.95
115.35
106.92
97.11
78.08
82.70
104.11
109.84
22
4.12
3.20
3.62
4.17
5.50
6.13^
112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
8
4.22
3.24
3.63
4.25
6.75
6.37
v3.81
111.96
95.29
114.09
105.98
94.97
73.76
78.20
103.02
109.05
1
4.28
3.26
3.67
4.30
.5.87
5.49
lll.M)
y3.86
114.09
105.22
93.21
71.36
76.82
192.12
108.46
June 24
4.37
3.26
3.71
4.41
6 09
6.69
3.81
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.69
17
4.53
3.31
3.75
4.53
6.52
6.09
3.91
114.72
July
29
3.76
3.77
*3
112.05
93.69
106.54
93.37
69.89
75.82
101.94
108.46
10
4.38
3.23
3.64
4.40
6.23
5.69
3.89
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
108.66
3
4.36
3.22
3.62
4.36
6.24
5.65
3.90
111.77
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
May 27
4.37
3.23
3.60
4.37
6.28
5.63
3.93
108.08
3.88
102.12
95.46
115.35
95.62
71.68
78.70
109.44
20
4.27
3.20
3.56
4.26
6.06
5.45
111.82
96.44
115.14
108.46
96.44
73.76
81.22
102.12
109.24
13
4.21
3.21
3.54
4.21
5.87
5.25
111.64
95.29
114.51
107.69
95.13
72.11
79.07
101.76
108.85
6
4.28
3.24
3.58
4.29
6.02
5.42
3.90
111.42
93.69
114.09
106.92
93.85
69.37
76.76
100.35
108.27
April 29
4.38
3.26
3.62
4.37
6.28
5.61
3.98
92.90
113.89
5.69
4.03
111.94
3.88
105.79
92.90
68.97
75.82
99.48
108.08
22
4.43
3.27
3.68
4.43
6.32
110.08
91.20
112.66
104.30
91.05
66.99
74.21
97.78
106.17
14...
4.54
3.33
3.76
4.55
6.52
5.83
109.69
91.05
112.66
103.74
91.05
66.89
75.12
96.94
105.04
8
4.55
3.33
3.79
4.55
6.53
5.75
4.18
109.58
88.80
112.45
102.66
89.10
63.28
71.15
96.11
104.30
1
4.70
3.34
3.86
4.68
6.92
6.11
4.23
110.84
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
Mar. 25
4.49
3.27
3.62
4.46
6.62
6.76
4.69
109.97
99.14
111.48
4.13
93.21
114.72
107.11
93.37
68.17
107.88
18
4.41
3.23
3.61
4.40
6.40
5.61
110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
11
4.31
3.20
3.51
4.27
6.24
5.34
4.03
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
4
4.18
3.18
3.49
4.17
5.88
6.01
4.00
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
25
4.16
3.18
3.49
4.17
5.81
4.92
4.03
76.76
Feb.
4.05
110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
108.08
18
4.21
3.19
3.50
4.22
5.92
5.00
4.07
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
107.69
11-
4.23
3.18
3.51
4.24
5.99
5.03
4.08
110.16
94.81
81.61
4.31
3.24
3.55
5.22
4.09
114.51
108.27
94.49
71.15
98.45
106.92
4.33
6.11
11007
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
28
4.34
3.23
3.59
4.31
6.23
5.37
4.08
110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
109.05
21
4.20
3.17
3.51
4.19
5.91
5.09
3.99
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.24
14
4.12
3.14
3.47
4.14
5.72
.4.89
3.97
4.14
3.16
4
Jan.
109.97
97.61
116.21
110 04
97.28
74.89
86.50
90.66
108 46
4.16
5.77
112.42
98.80
116.64
110.24
98.28
78.82
87.21
104.48
111.03
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
109.68
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
4.07
3.14
3.45
4.10
6.44
4.81
3.75
112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
7
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
100.18
113.68
110.24
99.48
81.74
92.43
100.53
108.27
Sept. 23, 1937..
110.82
104.11
116.00
111.03
101.41
90.75
99.14
103.20
110.43
Sept. 23, 1936-
2
*
4.86
4.02
3.64
107.01
108.66
1
3.46
1937.
3.07
3.27
3.74
4.46
3.92
3.66
3.99
3.28
3.45
4.03
5.21
4.46
3.97
3.77
3.17
3.41
3.92
4.57
4.05
3.82
Year Ago—
Years Ago—
yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
These prices are computed from average
t The latest complete list of bonds used In
STATE
THE
OF
computing these Indexes was published In the Issue of July 23, 1938, page 488.
TRADE—COMMERCIAL
EPITOME
Friday Night, Sept. 23, 1938.
The
week
fraught
was
with
startling
occurrences,
far
business and financial world.
The
rapid and ominous developments in Europe with the con¬
stant threat of a gigantic upheaval, together with the hurri¬
cane which swept New York and New England, taking toll
of hundreds of lives and many millions in property, had a
from
helpful
profoundly
was
to
the
in many quarters, and this
the action of the security markets.
Yet
depressing
reflected
in
effect
of the week's developments was not altogether
Business activity more than recovered the holiday
the picture
gloomy.
17, and rose to a new peak
1938, according to the "Journal of Commerce" weekly
index of business activity, which advanced to 84.2 and com¬
drop for the week ended Sept.
for
pares
with a revised figure of 77.4 for the previous week,
which
contained Labor Day,
and 103.2 for the correspond¬
ing wek of 1937.
Car loadings, electric output, steel ingot
production and automotive activity operated at peak levels.
Lumber gained and petroleum runs-to-stills rose fraction¬
ally, while bituminous coal production showed a slight set¬
back.
Whether the crucial international situation and the
delay in announcing steel prices for the fourth quarter have
been factors
discussed
by
causing a degre of hesitancy among buyers, is
"Iron Age" in its current summary of the
It points out that reaffirmation of current prices
fourth-quarter, except on rails and track accessories,
which were reduced, had been a foregone conclusion in in¬
formed circles.
The European crisis has not had a marked
effect on iron and' steel exports, although shipments are
hampered by advances in war risk insurance rates.
Rus¬
sia, meanwhile, has purchased a fairly large quantity of
industry.
for
Financial
1838
and
here
sheets
received
sizable export order
a
by fear of inability to obtain Euro¬
has not been stimulated
the
Germany,
deliveries.
pean
magazine
reports, has
larger order
few months ago. Non-
bought 40 tons of steel scrap in addition to a
it
States a
the United
in
placed
metals
ferrous
affected
been
have
45.5%, but observes at the same time that "the disappoint¬
ingly slow improvement in new business in September
tends to make the trade cautious in its expectations for the
near future.
Much depends on the automotive industry as
Production by the electric light and power-
so."
or
Sept. 17 rose to 2,214,775,000
decrease of omy 2.9% from the total in
industry for the week ended
kilowatt
hours,
the
1937
like
a
the largest output since the week
week and
it stood at 2,224,213,000 kilowatt
hours, the Edison Electric Institute reported.
Continuing
Nov.
of
uptrend, production this week was 166,415,000
kilowatt hours above the previous week's total of 2,048,its seasonal
but was still 66,017,000 kilowatt
below the total of 2,280,792,000 kilowatt hours in the
hours
hours,
kilowatt
last year.
Engineering construction
awards for the week, $82,252,000, are the highest since the
week of June 24, 1037, and exceed their 1937 values as
week
corresponding
reported by "Engineering
Awards
secutive week.
News-liecord" for. the tenth
are
Public
construction, at its highest level since Jan. 9, 1936, is 58%
higher
than
week
last
35%
was
177%
higher than last year.
week.
The Association
of American
today 660,142 cars of revenue freight
loaded during the week ending last Saturday.
This
an
increase of 91,255 cars, or 16%, compared with
Railroads
were
1937
the
below
and
is 30% above the preceding week, but
Private construction
reported
the preceding
week;
a
142.8
143.2
191.6
228.1
144.6
152.9
130-1
—
143.7:1938 High—Jan. 10
143.8'
Low—June l._
-
Freight Cars
railroads
I
Order Total 8,892
on
Sept. 1
on
this year, had 8,892 new
1,
Sept.
on
announced
On the
19.
Sept.
on
31,419
were
and
order,
on
date in 1937 there
same
1936, there
1,
Sept.
on
were
On Aug. 1, this- year, 10,234 new freight cars were
order.
The Association further announced:
22,354.
on
New
252
order
on
43
last year, and
1,
had
26
Sept.
on
totaled
1
Diesel locomotives
The
year.
totaled 26
com¬
on
order
Sept.
on
1
The railroads
order.
1, 1936.
1, 1937, and 17 on Sept.
pared with 37 on Sept.
compared with
14
the same date two years ago.
on order on Aug.
1, this
cn
locomotives
steam
new
and
electric
New
locomotives
steam
Sept.
on
railroads
Aug. 1, this year, had 23 new electric and Diesel locomotives on
on
7,502
1937 and
in
The
months
eight
the first
in
and
locomotives
installed
New
this
installed
year
in
period
same
eight months of 1938 also put in service 148
new
electric and Diesel locomotives, com¬
92
Diesel locomotives installed in
period last year, and 20 steam and 17 electric and Diesel locomo¬
same
tives
of
49,327 in the
compared with
cars,
with 226 steam and 38 electric and
pared
the
first
the
freight
new
20,588 in the same period in 1936.
railroads
steam
now
in
railroads
I
Class
service
the
in
freight
locomotives leased or otherwise acquired are not
and
cars
1936.
period in
same
included in the above figures.
53% above last week and 95%
corresponding 1937 week.
Cumulative construc¬
volume for 1938 to date, $1,955,031,000, is 6% ahead of
$1,843,514,000 for the 38-week period last year.
the
follows:
as
was
143.7 Two Weeks Ago, Sept. 9
No Index Month Ago, Aug. 23
144.5 Year Ago, Sept. 23
144.211937 High—April 5
143.3
Low—Nov. 24
con¬
above the
tion
16
17
19
20
21
22
23
freight cars on order, the Association of American Railroads
1937, when
20,
360,000
New
Class
further rise in operations over the next
to the extent of the
month
Sept.
Sept.
Mon.
Sept.
Tues.
Sept.
Wed.
Sept.
Thurs. Sept.
Fri.
Sept.
by the war-scare, price
quotations the highest since mid-January.
The maga¬
estimates steel ingot output for the current week at
zine
Fri.
Sat.
having occurred in copper, lead and zinc, with cur¬
advances
rent
The movement of the Index
for wire has been
another country, but generally export trade
from
Sept. 24, 1938
Chronicle
decrease of 162,653 cars, or 19.8%,
compared with a year ago, and a decrease of 305,671 cars,
or 31.6%, compared
with 1930.
Retail trade, lacking the
Revenue
Freight Car Loadings in Week Ended Sept. 17
Total 660,142 Cars
Loadings of revenue freight for the week ended Sept. 17,
1938, totaled 660,142 cars, a gain of 91,255 cars, or 16%,
the
ovei
preceding week,
a
decrease of 162,653
the total for the like week
from
129,715
cars
of 19.8%
and a drop of
16.4%, from the total loadings fcr the cor¬
cars, cr
a
year ago,
responding week two years ago.
For the week ended Sept.
10, 1938, loadings were 19.7% below these for the like week
of 1937, and 18.7% below those fcr the corresponding
week of 1936.
Loadings for the week ended Sept. 3, 1938,
showed a loss of 19.2% when compared with 1937 and a
drop of 15.3% when comparison is made with the same
prop
week of 1936.
weeks,
The first 18 major railroads to report for the week ended
Sept. 17, 1938, loaded a total of 309,227 cars of revenue
freight on their own lines, compared with 269,225 cars ih
the preceding week and 378,129 cars in the seven days ended
Sept. 18, 1937.
A comparative table follows:
afforded by heavy pre-school shopping in preceding
and beset by rain storms and labor difficulties,
failed this week to equal the volume of the second week
in
September,
General
Dun & Bradstreet, Inc., reported today.
sentiment, though, was reported more
several trade divisions buying activity was
business
cheerful.
In
represented as directly reflecting the backlog of require¬
ments developed recently.
Commitments withheld during
the
CONNECTIONS
RECEIVED FROM
REVENUE FREIGHT LOADED AND
(Number of Cars)
height of the European crisis were released, and once
more favorable trend in domestic business was
Loaded on Own Hues
again the
Received from Connections
Weeks Ended—
Weeks Ended—
allowed to dictate purchasing policies.
Industry, according
to Bradstreet, Inc., continued its advance.
For all dis¬
tricts combined, sales were off 3% to 14% compared with
the corresponding 1937 week, this authority states.
All
other weather developments of the week were completely
overshadowed by the terrible catastrophe that befell New
York, New England and surrounding areas.
One of the
most savage hurricanes that ever struck the Atlantic Coast
took a toll of close to 500 lives and property damage ap¬
proximating $200,000,000.
The aftermath of this terrific
windstorm is appalling.
The danger of floods, hunger and
Sept. 17 Sept. 10 Sept. 18 Sept. 17 Sept. 10 Sept. 18
1937
1938
1938
1938
1938
1937
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
20,277
18,067
25,035
5,365
4,874
27,312
24,182
36,182
14,998
12,790
18,578
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Mllw. St. Paul & Pac.Ry
Chicago & North Western Ry
23,151
20,501
25,857
10,633
8,353
6,989
12,406
6,428
15,565
18,023
7,741
15,762
22,609
7,584
7,315
9,238
8,758
14,379
Gulf Coast Lines
13,159
18,871
12,050
17,262
9,976
8,499
11,619
2,816
1,162
1,511
2,271
1,122
2,261
2,200
International Great Northern RR
2,065
2,220
2,756
1,659
Missouri-Kansas-Texas
4,928
4,822
6,428
2,930
RR.
1,677
■
2,593
2,983
Missouri Pacific RR
15,297
13,194
17,631
8,007
7,171
9,059
New York Central Lines
35,011
29,951
44,032
37,982
31,454
45,770
5,146
4,431
5,271
9,356
f7,850
10,317
N. Y. Chicago & St. Louis Ry..
Norfolk & Western Ry
22,587
20,070
25,493
4,528
3,681
4,686
York, New Jersey and New England.
Figures
prepared by the Associated Press, the Rhode Island State
Pennsylvania RR
56,214
48,271
30,417
46,706
4,205
72,784
6,237
36,414
4,842
4,755
3,967
5,220
Superintendent of Police, and other authorities, show the
following loss of life:
Rhode Island, 250; Massachusetts,
112; Connecticut, 57; New York, 48; New Hampshire, 13;
Southern Pacific Lines
disease
inflicted
new
suffering
on
the hurricane-battered
of New
areas
Pere
Marquette Ry
Pittsburgh & Lake Erie RR..
Wabash Ry
Total
New Jersey, 2;
Vermont, 2.
The Red Cross authorized a
national appeal for relief funds after estimating 10,000
families in distress.
Governor Robert E. «Q'uinn of Rhode
the
New
York
City
area
the storm did much
damage,
uprooting hundreds of trees and causing much havoc in
Bay and on the shore-front.
All week the weather in
the
this
area
first
has been
clear
here,
with
day of the week.
temperatures
The forecast
was
ranging from
53
to
67
partly cloudy tonight, Saturday, and
Warmer Saturday.
Overnight at Boston
56 to 70 degrees; Baltimore, 54 to 66; Pittsburgh, 50
Portland, Me., 52 to 66; Chicago, 56 to 76; Cincinnati,
54 to 66; Cleveland, 52 to 62; Detroit, 50 to 68; Charleston,
62 to 78; Milwaukee, 60 to 78; Savannah, 60 to 80; Dallas,
62 to 88; Kansas City, 54 to 88; Springfield, Mo., 58 to 84;
Oklahoma City, 60 to 92;
56 to
Salt Lake City, 54 to 84; Seattle,
74; Montreal, 52 to 60, and Winnipeg, 56 to 90.
Slightly
Higher
Moody's Commodity Index has continued within a narrow
range, and was 143.8 this Friday, as compared with 143.7 a
week ago.
Silk, cocoa, copper, lead, cotton, wool and coffee
were
higher, while wheat,
There
were
no
net
silver and sugar.
corn,
hogs and'steel
scrap
declined.
changes in the prices of hides, rubber,
7,158
6,935
9,105
4,327
5,958
7,420
6,591
8,491
LOADINGS AND
RECEIPTS FROM
CONNECTIONS
Week Ended—
Sept. 10, 1938
Chicago Rock Island & Pacific Ry_
23,808
21,426
27,179
Illinois Central System
31,612
28,146
37,570
St. Louis-San Francisco Ry
13,548
11,607
16,091
68,968
61,179
80,840
Total
Sept. 18, 1937
The Association of American Railroads, in reviewing the
week ended
Loading of
Labor
cars,
Sept. 10, reported
as follows:
freight for the week ended Sept. 10, which included.
revenue
Day holiday, totaled 568,887
19.7%
or
decrease
of
below
287,762
the
cars,
cars.
corresponding
or
This
was
holiday
33.6% below the
same
Loading of revenue freight for the week of Sept.
79,152 cars, or 12.2% below the preceding week.
Miscellaneous
below
cars
the
freight loading totaled
preceding
week, and
a
a
decrease of 139,315
week
in
1937, and
a
holiday week in 1930.
10 was a decresae of
232,801 cars, a decrease of 25,064
decrease of
49,526 cars below the
corresponding week in 1937.
Loading of
of
Commodity Index
4,464
7,577
Sept. 17, 1938
cars,
Moody's
5,792
1
was
to 56 ;
7,466
36,289
(Number of Cars)
degrees.
for
probably Sunday.
it
Thursday was the
Today it was fair and cool
rainy and unpleasant.
3,954
27,859
309,227 269,225 378,129 183,839 156,782 220,304
TOTAL
Island, the only Governor to pick the dollars and cents
figure, said the loss in his State would run to $100,000,000.
In
5,065
31,209
5,047
merchandise
decrease of
a
12^80
Coal
cars
20,692
in
the
carload
lot freight
below the preceding
totaled
week, and
below the corresponding week in 1937.
to 99,863 cars, a decrease of
16,713
a
134,451
decrease
cars
below
decrease of 18,492 care below the corresponding
1937.
Grain
11,496
cars
than
loading amounted
the preceding week, and a
week
less
and
care
grain
products
loading
below the preceding week,
totaled
and
a
30,526 cars,
a
decrease of 1,174
decrease
cars
of
below
corresponding week in 1937.
In the Western districts alone, grain and
products loading for the week of Sept. 10 totaled 20,166 cars, a
grain
decrease of
cars
8,945
care
below the preceding week, and a decrease of 2,136
below the corresponding week in
1937.
Volume
I
Live
above
the
above
loading
week
in
1937.
the week of
the
amounted
week, and
preceding
sponding
stock for
Financial
147
stock
cars,
increase
of
but
decrease
a
cars,
of
of
increase
an
468
districts
Sept. 10 totaled 11,096
week,
preceding
14,667
to
an
Ip the Western
cars
22
above the
cars
increase of 335 cars
an
cars
below
the
corre¬
Forest
below
products
the
Ore
loading totaled
preceding week,
loading
and
a
26,634
cars,
decrease
a
7,022
decrease of
cars
of 3,459
cars
below the corre¬
24,995
to
a
cars,
decrease of
a
decrease of 46,591
cars
1,598
cars
below
a
cars,
decrease of 4,398
decrease of 152
a
below the
cars
beolw the corresponding week
cars
1937.
All
in
districts
1937
and
reported
decreases compared with the corresponding weeks
Freight Loaded
Railroads
1937
1938
4 weeks in June
2.392,040
473
456
901
1,053
815
895
971
175
253
6,221
1,464
7,166
1,440
7,201
7,494
1,686
7,938
2,024
1,525
18
Detroit A Mackinac-
30
49
85
1,179
1,209
1,511
4,518
7,083
4,809
8,319
5,680
4,900
1,660
6,083
5,985
387
Delaware A Hudson
23
1,091
3,312
6,953
Delaware Lackawanna A West.
437
293
127
136
1,047
2,350
12,515
6,376
1,592
149
210
301
11,435
2,862
11,270
1,948
9,599
5,203
1,464
1,752
1,277
Detroit A Toledo Shore Line...
....u
Grand Trunk Western
2,461
168
_.
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western*
N. Y.
Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
152
1,493
6,987
1,416
7,386
2,712
4,311
2,410
36,732
9,147
1,018
4,613
6,029
4,848
2,650
3,894
197
Maine Central..
Monongahela
178
1,448
6,503
2,261
2,698
1,662
29,951
7,451
1,348
4,431
3,996
4,205
Lehlgb A Hudson River
Lehigh A New England
Lehigh Valley
Montour..
2,017
764
9,640
2,580
Detroit Toledo A Ironton
344
820
293
23
36
31,454
9,282
6,650
177
2,350
36,634
958
5,682
1,542
36,582
9,270
4,799
8,447
1,705
7,850
4,422
3,967
305
1,923
22
1,567
4,822
following we undertake to show also the loadings
for separate roads and systems for the week ended Sept. 10,
1938.
During this period only 12 roads showed increases
compared with the
7,068
19
303
401
189
249
1,073
1,326
1,074
1,434
571
557
745
851
4,782
4,377
5,440
4,504
6,591
2,412
7,557
3,491
109,674
131,401
135,415
118,623
139,214
385
402
475
584
668
24,182
3,140
Baltimore A Ohio
Bessemer A Lake Erie
30,991
30,835
5,931
12,790
1,257
15,205
6,157
2,363
257
408
295
7
7
1,080
Buffalo Creek A GauJey
Cambria A Indiana
1,171
5,733
1,246
5,670
11
25
4,335
1937
10
Total Loads Received
from Connections
1936
1937
1938
1,968
2,473
1,199
1,614
2,445
1,077
1,995
2,711
1,055
1,866
2,092
1,023
1,582
1,946
1,107
379
996
995
326
320
358
7,856
18,312
7,650
2,563
3,275
11,993
2,610
3,505
19,101
7,649
19,597
Tennessee Central
379
414
436
597
Winston-Salem
153
185
170
760
89,277
97,816
100,199
53,709
58,644
13,337
2,198
15,567
2,959
6,916
19,167
2,457
18,385
18,397
2,225
19,433
3,509
15,292
8,499
2,506
7,315
3,210
10,427
2,973
7,822
3,685
144
207
865
268
391
6,888
Piedmont Northern
327
337
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
Southbound...
Total.
13,326
653
>
840
Northwestern District—
Chicago A North Western
Chicago Great Western
Chicago Milw. 8t. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Mlssabe A I. R
3,690
4,613
21,529
1,464
7,920
6,998
3,184
365
397
384
144
177
14,598
27,427
20,364
2,441
3,072
523
513
534
531
599
1,286
1,410
4,423
8,661
3,574
699
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
2,644
95
69
1,757
1,689
7,039
11,329
5,876
1,576
1,994
2,956
1,963
2,551
3,505
9,695
281
433
483
1,668
1,250
1,450
128,756
110,797
36,546
46,262
18,067
2,595
21,956
2,733
20,377
3,080
4,874
1,841
5,413
2,105
325
581
353
67
133
13,159
1,576
10,428
1,999
14,769
1,896
11,706
2,386
15,496
1,459
11,256
2,404
6,989
8,286
582
840
742
841
946
6,838
1,981
1,325
2,577
7,174
2,200
1,573
3,575
Total.
326
1,763
79,432
Spokane Portland A Seattle...
345
1,596
Spokane International
Central Western District—
Atch. Top. A Santa Fe System
Alton..
.
Alleghany District—
Akron Canton A Youngstown..
year.
District—{Concl.)
Mobile & Ohio
Nashville Chattanooga A St. L_
Norfolk Southern
Green Bay A Western..
4,327
2,898
Total
week last
Freight Loaded
Great Northern
537
Wheeling A Lake Erie
same
Total Revenue
1,404
884
Wabash
32.284.664
In the
8,516
6,462
4,422
290
Rutland
26.642.409
.
1938
512
Central Vermont
856,649
_
Week of Sept.
3
Week of Sept. 10
'
984,510
708,202
20,112,166
_
Railroads
Bangor A Aroostook
Central Indiana.
801,539
568,887
_
1937
1938
Ann Arbor
Chicago Indianapolis A Louis__
648,039
2,861.762
August
Southern
MrJne
2.962,219
3,794,249
3,100,590
2.170,984
5 weeks in July..
from Connections
1936
3,347,717
3,506.236
3,529,907
4,504,284
3,733,385
3,642,357
4,492,300
3,687,319
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT.
Eastern District—
Central RR
3,712,906
3,098.632
May
Total Loads Received
Total Revenue
Erie
2,986,166
2,185,822
when
1930.
REVENUE FREIGHT LOADED AND RECEIVED FROM
Boston A
2,763,457
2,222,864
Total..
loading amounted to 4,950
preceding week, and
in
2,155,451
4 weeks in March
below the corresponding
week in 1937.
Coke
2,714,449
4 weeks In
amounted
week, and
2,256,423
4 weeks in
sponding week in 1937.
the preceding
4 weeks in January
4 weeks in February
5 weeks in April
sponding week in 1937.
1930
1937
1938
corre¬
alone# loading of live
95
1839
Chronicle
Bingham A Garfield..
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
Colorado A Southern
8,539
9,263
Cornwall
577
550
761
35
87
4,136
3,630
Cumberland A Pennsylvania
191
230
300
35
47
Denver A Salt Lake
749
777
892
14
99
95
107
41
21
880
885
982
702
830
564
567
723
1,939
1,761
1,050
1,589
1,215
62,258
1,572
62,448
1,874
1,352
39,972
1,630
1,157
48,271
9,770
5,492
2,220
1,501
30,417
Fort Worth A Denver City
Illinois Terminal
275
338
Nevada Northern
11,421
12,386
2,162
13,790
North Western Pacific
14,268
12,477
14,254
12
32
48
0
0
of New Jersey
Llgonler Valley
Long Island
Penn-Readlng Seashore Lines..
Pennsylvania System
Reading Co
Union
(Pittsburgh)
West Virginia Northern..
Western Maryland
5,986
2,758
3,006
3,321
4,339
5,057
102,270
138,504
140,453
76,324
95,717
Denver A Rio Grande Western
Missouri-Illinois
18
(Pacific)
Toledo Peoria A Western
Union Pacific System
"M81
89
101
759
780
378
454
190
126
0
33
22,520
24,034
2,0973
4,045
193
213
227
13,031
Peoria A Pekln Union
610
1,023
637
17
....
248
967
........... .
Southern Pacific
3,230
14,417
14,330
1,050
7,433
4,988
1,189
8,844
258
577
535
6
14
1,625
1,727
1,696
2,256
2,558
95,221
108,155
102,784
44,372
51,910
Burlington-Rock Island
Total
137
219
198
261
325
Fort Smith A Western
129
178
195
172
205
2,200
2,220
2,550
2,184
2,351
1,162
1,677
1,371
1,843
1,050
2,084
1,035
Utah
Western Pacific
Pocahontas District—
23,263
3,644
22,340
22,258
4,162
44,215
Chesapeake A Ohio
Norfolk A Western
48,760
51,730
20,501
20,070
Virginian
Total
8,353
3,681
9,395
4,048
844
959
12,878
23,480
4,055
14,402
Total.
Southwestern District—
Gulf Coast Lines
International-Great Northern.
Southern District—
237
296
149
159
Atl. A W. P.—W. RR. of Ala..
703
771
800
1,176
1,230
Atlanta Birmingham A Coast..
Atlantic Coast Line
594
675
753
674
590
Louisiana A Arkansas
8,020
3,585
9,603
4,243
8,981
4,121
3,833
2,321
4,105
2,438
Louisiana Arkansas A
190
Alabama Tennessee A Northern
Central of Georgia
Charleston A Western Carolina
417
424
450
784
985
1,039
Cllnchfleld
1,281
1,237
1,390
1,544
Kaasas Oklahoma A Gulf
Kansas
City Southern..
233
.^14
778
1,817
1,411
"1,969
1,613
1,652
1,166
431
188
333
299
402
180
255
239
753
848
Midland
636
701
778
259
241
231
223
206
405
410
4,822
13,220
5,182
14,888
5,296
15,948
2,593
2,638
8,511
Texas..
Valley
Missouri A Arkansas
Columbus A Greenville
387
424
524
303
297
Missouri-Kansas-Texas Lines.
146
135
155
551
435
Missouri Pacific
Florida East Coast..
382
7,171
Georgia
88
89
95
58
109
37
93
85
St. Louis-San Francisco
1,111
1,336
1,381
St. Louis Southwestern
6,962
2; 845
6,735
4,385
8.036
3,040
7,868
3,667
1,820
2,363
3,132
3,822
2,184
5,189
8,819
2,965
7,664
5,024
210
301
256
53
61
29
34
19
28
23
56,070
29,572
33,082
463
487
473
360
Macon Dublin A Savannah
474
530
389
431
1,750
21,512
20,695
2,071
923
1,016
22,691
21,170
8,974
4,459
11,472
4,733
128
Louisville A Nashville
218
175
377
Note—Previous year's figures
Texas A New Orleans
296
339
261
355
Texas A Pacific
......
Wichita Falls A Southern
Wetherford M. W. A N. W...
48,798
Total
Index
for
of
Wholesale
Fifth
Commodity
Consecutive
Week
hand was weak, with prices
War threats dominated the commodity markets during the
ended Sept. 17, and prices moved divergently, ac¬
cording to an announcement issued by the "Annalist"
Sept. 19.
Those items which would benefit from an out¬
break of war naturally moved upward while those com¬
which
might be adversely affected lost ground.
Largely because of plus signs in the grains and metals, the
"Annalist" Weekly Index of Wholesale Commodity Prices
advanced for the fifth consecutive week.
On Saturday,
Sept. 17, the index was 80.8, as compared with 80.6 in the
preceding week and the 1938 low of 79.3 on Aug. 13. The
announcement wTent on to say:
advanced briskly last week to the highest point since the
Domestic copper was boosted H cent to 10H cents
a
pound, the highest since January.
Lead went over the five-cent level for
1937. Increases were also made in tin and
the first time since December,
Wheat and other grains benefited by the war clouds.
Cotton, on the other
COMMODITY PRICES
(1926=100)
Sept. 17,
week
early part of July.
weeks.
declining to the year's worst level.
THE ANNALIST WEEKLY INDEX OF WHOLESALE
During Week Ended Sept. 17
Metal prices
54,810
* Previous figures.
revised.
cereal touched the highest price in about six
Weekly
Advanced
2,718
3,173
316
169
Mississippi Central
Prices
Quanah Acme A Pacific
40
938
1,652
19,790
18,307
Georgia A Florida
Gulf Mobile A Northern.
Illinois Central System
"Annalist"
508
35
874
Galnsvllle Midland
zinc.
197
1,645
1,739
Litchfield A Madison
Durham A Southern
modities
2,263
The major
1938 Sept. 10, 1938 Sept. 14, 1937
(Wednesday)
(Saturday)
(Saturday)
78.8
78.8
100.7
73.5
73.4
88.2
*58.3
58.3
Fuels
86.3
x86.2
90.8
Metals
96.7
96.4
109.2
Building materials
Farm
products
Food products
Textile products
70.7
65.5
65.5
69.9
Chemicals
87.1
87.1
90.0
Miscellaneous—
71.4
71.3
79.5
All commodities
80.8
X80.6
94.7
*
Preliminary,
x
Revised.
Further Recovery During August Noted in
4.2 Points in "Annalist" Monthly Index
Advance of
of Business
Activity
Reflecting
further domestic recovery, the "Annalist'
Activity advanced 4.2 points in August*
Index of Business
Financial
1840
according to the monthly survey of domestic business condi¬
tions by H. E. Hansen in the Sept. 21 issue of the ''Annalist"
(New York). The index rose to 83.0 (preliminary) in August,
from 78.8 (revised) in July and a low for the present depres¬
sion of 73.8 in May.
A year ago it stood at 111.2, the high
The "Annalist"
mark for the 1933-37 recovery.
non-durable goods industries shared in the improve¬
ment, the most important single factor in the rise of the combined index
being a further sharp increase in the seasonally adjusted index of cotton
consumption.
Of nearly equal importance was a marked rise in the electric
power output index.
The steel and iron industries again showed a sharp
increase in activity, although operations still stood at a comparatively low
level.
Shipments of miscellaneous freight continued to advance but all
other loadings were unchanged, after allowance for seasonal fluctuations.
Further substantial improvement occurred in lumber production but new
orders came in at a slightly slower rate than in July.
The adjusted index
turned upward for the first time this year.
Silk con¬
expanding during the closing weeks as
manufacturers prepared to turn out new models.
Rayon consumption was
the only other component for which August figures are available to record
Sept. 1.
June 1,
July 1,
Aug. 1,
Sept. 1.
1937
1938
1938
1938
1938
69.4
96.6
89.5
89.2
89.0
89.0
Piece goods
65.1
89.2
84.9
84.9
84.8
84.5
Men's apparel.--.
70.7
91.4
89.6
89.4
88.9
89.0
95.1
89.8
89.4
89.3
89.0
Infants' wear
76.4
96.9
97.0
96.9
96.8
96.6
Home furnishings
70.2
98.1
92.7
91.9
91.5
91.3
Piece goods:
Silks
for July,
attributable to the
It is largely
action of two components, automobile production and
July.
Production figures during the present change-over period are a none too
following the record rise in
They merely
the automobile industry.
reliable indicator of conditions in
assembly lines and do not reflect the activity
reveal the rate of operations on
of plants where thousands of workers are busy pro¬
in other departments
In the last few weeks,
while production has remained at a low level, automobile employment has
increased sharply and a large volume of raw materials and semi-manufac¬
tured products is being processed.
A number of companies have started
assembling 1939 cars and a few models have been shown to the public,
which, we are told, has received them favorably.
New-car sales in August,
materials for new models.
ducing parts and other
by
declined
estimated,
less
than
the already low
85.5
85.5
85.5
85.3
115.5
105.0
105.0
104.8
104.1
65.0
308.2
95.6
94.2
93.5
93.5
72.9
111.3
106.2
105.5
105.0
105.0
Domestics:
Sheets
-
-
-
-
Blankets & comfortable:
Women's apparel:
59.2
76.8
74.3
74.0
74.0
74.0
Aprons and house dresses
75 5
108.7
105.9
105.0
104.4
104.4
Corsets and
83.6
93.3
92.7
92.5
92.5
66.8
118.2
93.3
92.0
90.4
93.0
85.6
85.4
Hosiery
-
brassieres ..
Furs—
92.5
Underwear
BUSINESS^ACTIVITY AND
OF
INDEX
"ANNALIST"
COMPONENT GROUPS
74.4
72.9
67.8
65.8
83.1
X94.3
85.8
76.5
87.1
87.7
87.4
87.2
87.2
64.9
89.2
88.3
88.3
87.8
87.8
apparel:
Underwear
69.6
93.4
91.8
91.5
91.1
91.1
Shirts and neckwear
74.3
88.4
86.6
86.0
86.0
86.0
Hats and caps..
69.7
84.5
82.1
82.0
81.7
82.1
Clothing, incl. overalls.-
70.1
96.8
92.0
91.4
90.7
90.7
Shoes.
76.3
96.0
96.6
96.4
96.2
96.2
Socks
74.0
100.7
100.6
100.6
100.6
100.4
Underwear
74.3
95.0
94.4
94.0
94.0
95.8
95.4
Infants' wear:
59.5
80.9
95.0
96.0
Furniture
69.4
101.6
96.5
95.5
94.8
95.0
Floor coverings-
79.9
124.0
113.8
113.1
112.0
111.0
Musical Instruments
50.6
61.4
58.5
57.3
57 3
57.3
60.1
80.4
77.0
75.7
75.5
72.5
83.0
83.0
83.0
83.0
82.9
China.
81.5
97.0
95.0
94.5
94.5
94.2
Luggave
-----
Wholesale Commodity Prices
A
slight advance
Cotton consumption
nouncement
went
on
36.8
37.5
88.7
for
the
upturn
105.0
94.4
but
the
effect
grain
97.9
87.8
73.2
71.9
71.3
120.8
123.8
72.8
X115.3
X99.7
*30.0
X40.8
44.2
group
72.4
Rayon consumption
Boot and shoe production
—
Automobile production
66.0
61.5
The
Lumber production
-
-
mixed,
were
55.2
average,
57.4
silk.
67.9
75.8
X78.8
74.3
INDEX SINCE JANUARY,
II—THE COMBINED
the
this
the
farm
as
was
largely
moved
were
Cotton
group
was
offset
Trends in foodstuff prices during
many
declining
items
for non-ferrous
prices
indexes
quotations
lower
reflecting
as
advancing,
the week
but
the
for cotton, cotton goods, wool, and
metals resulted in an upturn in the
Slight increases during the week were also recorded
price average.
the
representing the prices of building materials, fertilizers,
commodities, while the fuel and farm machinery indexes
miscellaneous
and
1933
about
index.
product
average
responsible
downward,
by higher
alsov slightly higher, rising
foods
and
products
all-commodity
in
The livestock
with
Higher
metal
by
19,
Sept.
of
index advanced moderately, to the highest point reached since July.
consecutive weekly decline was recorded by the textile price
63.5
*83.0
date
sixth
57.0
Lead production
Combined index
farm
for
in
of
quotations.
60.6
--
59.6
Zinc production
prices
for the third consecutive week.
60.3
Cement production
Mining
ended
say:
42.8
Higher
under
Association,
the
by
to
48.4
Silk consumption
by the
Sept. 17. Based on the 1926-28 average of 100%, the index
rose to 73.8% from 73.6% in the previous week, the highest
X102.6
Wool consumption
the general level of wholesale com¬
on
modity prices was recorded by the index compiled
National
Fertilizer
Association
during the week
122.1
.......
Advanced Slightly During
17, According to National
Week Ended Sept.
Fertilizer Association
the
52.8
58.2
Textiles
"
75.5
Elec. household appliance:
*115.1
Steel Ingot production
Pig iron production
94.0
Shoes
96.0
91.7
69.2
...
production
TABLE
80.3
83.1
*97.2
*78.1
Other
Manufacturing
86.8
Shoes.
Men's
point reached since the first of August.
A month ago the
index stood at 72.9%, and a year ago at 87.6%.
The an¬
70.6
70.1
Miscellaneous
Electric power
June, 1938
July, 1938
Aug., 1938
loadings..
69.2
85.6
further reduction in
inventories.
1—THE
car
86.9
68.6
usual seasonal amount and
the
remained above the level of production, indicating a
Freight
69.2
Cotton wash goods
but this was not of great significance.
consumption: the former dropped more sharply than in July to the
lowest level since November, 1933, while the latter declined moderately,
TABLE
64.0
64.0
64.1
64.1
65.3
57.4
-
Woolens
the combined index for August was slightly smaller
rayon
is
71.8
Women's apparel
Hosiery
The rate of gain in
it
PRICE INDEX—(JAN. 3, 1931=100)
1933
decrease.
that
which had
several items
in
May 1,
production, but employment was
than
improvement
sharply.
Copyright 1938, Fairchild News Service
greater than seasonal increase.
The
largest decline for the month occurred in the adjusted index of automobile
a
slight
possible
very
FAIRCHILD PUBLICATIONS RETAIL
day again showed a
per
reduced
Composite index
•
Leading durable and
sumption
and
tendencies
been
announce¬
ment went on to say:
of zinc production
Sept. 24,
Chronicle
registered fractional declines.
1933
1934
1938
1937
1936
1935
January..
79.5
104.2
92.3
87.2
79.6
67.5
Twenty-eight
week
February
78.4
105.7
89.0
86.7
83.2
66.1
March
77.4
106.9
89.5
84.4
84.6
62.5
April
74.1«
and
and
24
and
26
94.1
82.8
85.9
73.8
109.0
95.9
81.8
86.4
77.3
June
74.3
107.8
97.6
82.0
83.8
87.5
July
X78.8
108.9
August
*82.0
series
price
in
declined;
declines;
69.2
107.1
May
21
in
the
in the index advanced during the
preceding week there were 16 advances
included
the
second
preceding
week
there were
23
advances
declines.
WEEKLY WHOLESALE COMMODITY PRICE
Compiled by the National Fertilizer Association.
INDEX
(1926 1928=100)
94.0
78.0
102.4
82,7
111.2
102.5
84.9
75.1
87.5
Per Cent
106.5
102.9
86.1
71.4
82.0
Each Group
October
98.4
103.3
89.1
74.6
78.5
Bears to the
November
87.8
107.1
92.0
76.0
75.3
Total Index
December
81.3
110.5
96.7
82.4
77.5
September..
Latest
Preliminary,
x
1938
1938
1937
73.1
71.1
87.9
59.1
58.3
59.3
70.7
76.3
73.9
77.5
70.7
66.0
65.5
64.0
85.5
Cotton
45.0
45.8
46.3
48.9
Grains
51.8
49.1
52.0
89.2
Livestock
Revised
75,3
75.1
71.3
94.1
78.0
78.2
78.9
77.0
76.8
77.1
86.0
58.1
58.4
58.8
*0.7
89.3
89.0
89.0
106.0
87.8
Fats and oils
Farm products
23.0
Publications
Price Index Failed to
First Time Since Oct. 1,
RetaiJ
Decline During August for
1937
17.3
the
time
first
since
Oct.
prices
showed no decline, according to the Fairchild Publications
retail price index.
Prices on Sept. 1, while showing no
change as compared with Aug. 1, nevertheless showed a
1, last year, retail
Fuels
10.8
For
Miscellaneous
Textiles
8.2
7.1
commodities..
*
.
.
Metals
Building materials
80.5
80.3
79.1
1.3
Chemicals and
94.2
94.2
94.2
69.5
69.5
69.7
72.6
78.1
78.0
78.0
80.4
97.3
97.6
97.6
96.4
73.8
73.6
72.9
87.6
drugs
Fertilizer materials
.3
Fertilizers..
repre¬
.3
Farm machinery
sented the high.
The current index, at 89.0 (Jan. 3, 1931,
equals 100), is only 1.2% above the 1936 low, said an an¬
100.0
of
7.9%
under
nouncement issued
Sept.
1
year
a
which
ago,
to say:
on
subdivisions,
piece
goods,
declined
fractionally,
while
women's
infants'
wear
apparel
and
and
gained
apparel
men's
As compared with a year ago, all groups declined, with
furnishings, women's apparel and piece goods showing the greatest
reactions.
The
changes during the month were comparatively nominal.
The only
showing changes include woolen piece goods and cotton wash goods,
women's
underwear,
furniture, floor coverings,
greatest
change
as
men's
hats
electrical
compared
with
and
caps,
household
last
infants'
stocks
appliances
month
in
and
shoes,
and
china.
The
This com¬
modity, after declining sharply, reversed its trend and gained 2.8%.
As
compared
floor
and
the
with
coverings
furniture
first
The
whose
year
in
ago,
however,
showing
the
following.
It
fractional
present
advance
a
second
furs
show
greatest
might be
noted
was
a
supervision
furg.
decline
decline
that
of
and
21.3%, with
men's
furniture
clothing
also
showed
-
.
prices,
the
according
index
is
A.
W.
compiled.
It
to
The United States
Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices rose 0.5%
during the week ended Sept. 17 largely because of continued
advances in market prices of farm products and foods,
Commissioner Liibin announced on Sept. 22.
"The ad¬
vance," Mr. Lubin said, "brought the all-commodity index
of over 800 price series to 78.3% of the 1926 average, the
highest point reached since early in August.
It is 1.2%
above the mid-August level and 10.4% below the index
for the corresponding week of September,
1937.
"The
Commissioner added:
improvement in months.
halt in the decline does not imply
retail
/»nmhliPf1.
Prices of United States
Department of Labor Increased 0.5% During Week
Ended Sept. 17
furnishings,
home
fractionally.
items
"roups
95.6
Index of Wholesale Commodity
Three
furs,
411
..
Sept. 13 by Fairchild Publications, New
York, which went
home
86.6
6.1
.3
decline
Year
73.5
Cottonseed oil
Fairchild
Month
1938
Foods
25.3
*
Preced'g
Week
Wiek
Ago
Ago
Sept. 17. Sept. 10, Aua. 20, Sept. 18
Group
a
6harp and continued
Zelomek,
does
economist,
indicate
some
under
firmer
In addition to the farm products and foods groups, minor increases were
registered
and
for the fuel and lighting materials, metals and metal products,
building materials
groups.
Hides and leather products and miscel-
Volume
Financial Chronicle
147
1841
laneous commodities declined fractionally and textile products, chemicals
1932.
and drugs, and housefurnishing goods remained unchanged at the
the preceding week.
lower for eveiy commodity
group.
The
level of
sharp advance of farm products, together with higher prices for
beans,
cocoa
and raw silk, largely accounted for an increase of
pepper,
1.0%
in the
was a
month ago.
materials group index, which is now 2.6%
raw
Compared with
14.8%.
higher than It
the group index is lower by
a year ago,
and
peanut oils, sole leather, print cloth, tire fabric,
of the 13 items included in the
group.
price reductions in 29 cities.
Meat costs declined
advance which bad amounted to 9.6%
were
a
0.3%
higher than it
Notwithstanding the decline, the group
.
month ago.
was a
that of
a
in
7.9% below that of
Non-agricultural commodities prices,
commodities
other
than
0.5%
to the highest point
This week's index, 82.3, is 0-7%
August.
month ago and
index is 0.6%
farm
a year ago.
with
decreases of 4.2%
Reductions
for loin roast.
Roasting chicken
while the cost of salmon dropped 2.9%
,
for beef
principally because of
,
.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
The
0.4%.
advanced
Pork costs fell off 1.7%
for chops and 5.4%
prices declined 4.1%
steady
a
between Feb. 15 and July 12. Prices
in costs, reported for each of the
sub-groups, ranged from 0.2%
by the index for "all
as measured
products,"
above
■
Three Year Average 1923-25=100
group
Compared with
higher than it was at this time last month.
non-agricultural commodities prices are lower by 8.1%
year ago,
1.3% during the current month, following
lower for 15 of the 21 meat items; for six they were higher.
products to 4.2% for lamb.
of finished products rose
reached since early
a
It is 13.2% lower than it
year ago.
Wholesale prices
•
in the price of white bread
Memphis and 0.6 cent for Detroit. In the New England
price decreases for bread were reported from five of the seven cities.
area,
hosiery yarn,
China-wood oil, and turpentine, caused the index for semi-manufactured
was
Wheat flour dropped 1.8%
A decline of 0.6%
the result of decreases reported from 10 cities, the largest being 1.7
was
commodities prices to fall
index is 0.3%
considerably
are
cents per pound for
•
Lower prices for partially processed commodities, including raw sugar,
corn
Compared with August, 1929, current food costs
The cost of cereals and bakery products declined 0.5% and reached the
lowest level since the sum of 1936. Price decreases were
reported for seven
July 12
June 14
Aug. 17
1938(
1938
1938
1937
Aug. 15
1932
.V.
78.4
80.0
80.2
85.5
67.1
Cereals & bakery products
MeatSi...
91.0
91.4
91.8
95.6
74.7
98.7
98.0
99.3
96.9
111.6
76.7
125.9
76.1
76.2
76.0
81.9
65.0
101.9
*Aug. 16
Ac¬
.
Commodity Group
Aug. 15
1929
cording to the index for "all commodities other than farm products and
foods." industrial commodities prices rose 0.1%
month ago.
They are 5.0%
lower than they
to equal the level of
a
were a year ago.
The announcement, issued
Sept. 22 by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
Prices of farm products in the
1.6%
and
wholesale markets of the country advanced
during the week principally because of increases of 3.1%
2.0%
oats,
for livestock and poultry.
wheat,
rye,
flaxseed,
were
for grains,
higher for
corn,
steers, hogs, live poultry, eggs, apples, oranges,
cows,
leaf tobacco,
Quotations
onions,
white potatoes.
and
Lower prices
were
reported for barley, cotton, lemons, alfalfa seed, and sweet potatoes.
The
68.8, is the highest since early in August and is 4.4%
group index,
the level for the
corresponding week of last month.
Primarily
as a
prices
lower
result of increases of 2.6%
vegetables,
for fruits and vegetables 2.5%
for dairy products and cereal products, wholesale food
(Chicago), flour,
butter, cheese
beef, lamb,
fresh
cured
corn
fresh
and
Higher prices
were
meal, fresh fruits and
veal,
pork,
cured fish, lard, pepper, and coconut and cottonseed oils.
beans,
cocoa
Quotations
were
corn
higher than it
The current food index, 74.8, is 3.9%
and peanut oils.
month
was a
ago
and 16.5%
lower than it
was a year ago.
Advancing prices for bituminous coal and Pennsylvania fuel oil and gaso¬
line caused the fuel and lighting materials group index to rise 0.6%
An¬
.
metal
metals and
advanced
0.1%
products and building materials group indexes
Certain paint materials, yellow pine timbers, cypress
.
shingles, sand, and gravel prices
common
fractionally higher while prices of
were
building brick, yellow pine lath and flooring, Chinawood oil, aDd
turpentine
No changes
lower.
were
were
reported in prices of iron and steel
items, nonferrous metals, structural steel, and plumbing and heating fixtures
Weakening prices for sole leather, calfekisn, and cowhides caused
index for the hides and leather products groups to drop 0.4%
.
the
Wholesale
Wholesale
prices
of cattle
The
index
week'8 level.
cipally
raw
feed
during
the
An increase of 1.4%
silk and silk
week.
of the 1926
last
78.0
78.2
82.7
70.1
98.6
59.2
59.0
75.0
54.8
104.6
66.5
66.7
66.8
70.7
73.7
110.4
Fats and oils
68.1
67.7
67.4
79.9
50.8
93.6
Suear and sweets...
62.0
63.3
63.8
64.8
57.7
75.0
*
Preliminary.
.
A decline of
0.2%
raw
reductions reported for fresh milk were
jute, and cotton twine, as well as
an
the chemi¬
For the fifth consecutive week it has remained at
and 0.4%
amounted to.
1.9 cents a quart in Springfield,
0.8%
Other price decreases
for evaporated milk, 0.6%
Egg prices continued their seasonal advance with
for cheese,
increase of 6.7%.
an
Higher prices were reported in 49 cities and lower prices in two.
The decline of 10.4% in the cost of fruits and vegetables reflected a more
than seasonal
price decrease for such staple items as potatoes, cabbage,
All other fresh items in the group contributed to this cost
onions and apples.
declines amounted to
The index for
been unchanged at 87.8 since mid-
August.
The following table shows index nuDcibers for the main groups of com¬
for the past five weeks and for Sept.
18, 1937, Sept. 19, 1936,
Prices of all of the fresh
year ago.
Sept
10
AUQ.
27
Auq.
17
18
19
1938
1938
1938
1938
1938
1937
1936
1936
1934
78.3
"11A
77.8
77.8
77.4
87.4
81.4
81.0
and beans
were
respectively.
products, except spinach, fell to levels below a
for canned peaches.
Price decreases
.
Higher prices for dried peas
almost entirely responsible for a 0.6%
The decline of 0.2%
a
increase in the cost
in the cost of beverages and chocolate was chiefly
further decrease of 0.6% in the price of coffee.
dropped 0.3%
,
while the price of tea rose 0.5%
The cost of fats and oils advanced 0.5%
68.8
67.3
Sept
Sept.
Sept.
21
22
67.7
67.1
86.,'
84.8
81.3
74.8
73.7
73.0
73.1
72.0
88.(
83.1
86.2
ber, 1937.
Prices
were
lard increasing 1.4%
showed little
or no
.
as a
costs
were
92.4
92.8
92.1
92.4
92 J
108.3
95.4
91.8
5.0%
were
products
Fuel and lighting materials..
65.3
65.3
65.4
65.3
65.3
75.1
70.6
71.3
70.8
77.6
77.1
77.5
77.6
77.6
79.4
76/
74.8
95.1
95.4
95.4
95.4
95.6
96/
85/
86,3
85.7
Decreases
for
In each of these cities,
than twice as great as the
a
of
A re¬
quart in the price of fresh milk contributed to the
increased
costs
An advance of 1.3% in Dallas was chiefly
every major commodity group except
for
Increases reported for the other four cities
negligible.
INDEX NUMBERS OF RETAIL COSTS OF
FOOD BY REGIONAL AREAS
Three Year Average 1923-25=100
75.5
Metals and metal products..
of 2.0% for all cities combined.
reported for four cities, ranging from 5.1%
for Minneapolis and Rochester.
decline shown for that group for the 51 cities combined.
result
84.9
Textile
Other items In the group
reported for 46 of the 51 reporting cities, which
cereals and bakery products.
were
Sugar fell off 1.0% arid
declined 0.7%.
group,
change.
the drop in fruit and vegetable costs was more
average
which began in Septem¬
higher for four of the seven items in the group, with
accounted for the general decline
of more than
Cocoa and chocolate
.
This is the second advance for
reached its lowest, level since the spring of 1933.
76.7
Hides and leather products..
.
this group following a steady downward movement
77.5
20
.
reported for nine of the 10 items in this group, ranging from 0.2% for
were
canned tomatoes to 4.1%
the
3
for
Oranges advanced 4.9%,
28.4% and 10.4%
The cost of the canned goods dropped 0.8%
drop of 5.4% in Salt Lake City.
(1926=100)
Sept.
Price
for apples, 18.7%
for potatoes, 14.5%
and prices of spinach and green beans rose
duction of 0.9 cent
Sept. 21, 1935, and Sept. 22, 1934.
Sept.
17.2%
for lettuce, and 7.4% for cabbage.
onions, 18.4%
St. Paul to 5.9%
_
average
The largest price
.
for cream.
Lower food
Sept.
0.2%
0.9 cent in Salt Lake City, and 0.7 cent in Peoria.
for the group
The
The average price of fresh milk, which has
tended downward since last January decreased
average.
the housefurnishing goods group has
All commodities_
in the cost of dairy products was the result of price
for four of the five items in the group.
price of butter did not change.
Sugar and sweets,
Commodity Groups
112.6
59.6
in the silk and rayon subgroup, prin¬
counterbalanced by decreases of 0.3%
yarns, was
Wholesale prices of furniture and furnishings were steady.
modities
111.0
55.1
77 A
due to
Minor fluctuations in prices of oils did not affect the index for
77.1%
99.5
56.2
58.0
■_
for clothing.
cals and drugs group.
56.7
61.0
65.2
Canned.
Dried-
Crude
other textile products such as broadcloth, osnabrug,
print, cloth, sheeting, tire fabric,
71.9
66.0
60.3
Beverages and chocolate..,
.
textile products group remained unchanged at
for cotton goods and
0.2%
1.7%
rose
and paper and pulp prices fell 0.5%
the
for
63.4
61.7
of dried foods.
prices of shoes and other leather manufacturers were firm.
rubber declined 0.6%
68.0
53.0
...
decrease, with the exception of oranges, green beans, and spinach.
thracite and coke prices were steady.
The
72.5
...
lower for dried peaches, raisins, canned tomatoes, coffee, raw sugar, edible
tallow, and
108.1
55.3
Fruits and vegetables
Fresh
decreases reported
the highest level reached since January.
rose to
reported for
Dairy products
Eggs....
above
It is 20.5%
than it was at this time last year.
for meats, and 0.3%
AH foods.
Farm products.
Foods
...
—
65/
73.6
89.6
89.1
89.4
89.3
89.3
96.3
87.0
86.3
85.4
Chemicals and drugs
77.1
77.1
77.1
77.1
77.1
81.5
81.6
79.2
76.8
House-furnishing goods.....
87.8
87.8
87.8
87.8
87.8
92.8
83.1
81.7
83.1
Miscellaneous
72.1
72.5
72.3
72.3
72.1
76/
71.5
67.0
70.4
72.1
71A
71.0
71.2
70.3
84.6
82.1
*
*
#
*
Building
materials.
Raw materials
.........
Semi-manufactured articles...
74.3
74 .1
74.4
74.1
74.1
85.6
76.2
*
Finished products
82.3
81/
81/
81/
81.7
89.4
82.2
*
80.f
80.5
80.5
80.2
80.0
87.6
80.7
All
commodities
.....
other
farm products.
All
commodities
other
.
June 14
1938
1938
Aug. 17
1937
Aug. 15
1932
United States
78.4
80.0
80.2
85.5
67.1
108.1
New
78.0
79.3
78.4
84.4
68.1
108.7
79.5
80.9
80.8
85.9
69.1
108.2
78.2
80.8
82.0
86.5
66.3
West North Central
79.8
82.6
83.7
88.1
65.2
108.0
South Atlantic
77.3
77.9
77.6
85.2
66.6
107.3
East South Central
72.8
73.7
73.5
82.5
62.6
107.3
England
Middle Atlantic
East North
Central-
•.
West South Central.:
77.8
77.6
76.2
83.5
63.1
104.6
80.1
83.8
83.5
87.5
65.5
105.9
76.5
77.0
77.2
81.8
64.3
104.2
*
81.6
81.6
81.6
81.6
81.6
85.9
79.6
78.2
Preliminary.
78.4
United States Department
of Labor Reports Decline of
2% in Retail Costs of Food Between July 12 and
Aug. 16
Retail food costs declined
2% between July 12 and Aug.
16, Commissioner Lubin of the Bureau of Labor Statistics
of * the United States
Department of Labor announced
"Lower food costs were reported from 46 of the
Bureau's index. Prices of 55 of the
84 items decreased, 25 increased, and four showed no
change," Mr. Lubin said. "Continued decreases in prices
of fruits and vegetables were chiefly responsible for this
decline." Commissioner Lubin continued:
Sept. 13.
51 cities included in the
The food cost index for Aug. 16 was
78.4% of the 1923-25 average.
lower than for any August since 1934.
below the level of one year ago. but it is
Horwath &
10% Below Year
Trend of Business in Hotels, According to
Horwath—Total Sales in August
now
110.1
78.3
•Not imputed.
Is
1929
Pacific
80S
than
farm product* and foods.
July 12
1938
Mountain.
than
:...
Aug. 15
*Aug. 16
Regional Area
It
The current index is 8.3%
still 16.9% higher than in August.
Ago
Horwath & Horwath in their monthly survey of the trend
of business in hotels state that "there was no definite change
While the
for the group 'all others' and the
total for the country were slightly (about 1 point) smaller
than those of the preceding month, the best that can be said
is that business did not get worse.
While it appears to be
'scraping bottom' there is no indication of how fixed the socalled bottom will be," the firm said, adding:
in
the
trend of hotel business during August.
decreases from
a
year ago
Restaurant sales made a
better comparison with a year ago than room
sales, and more hotels had actual increases in restaurant
sales.
August occupancy at 57%
had
a
sales than in room
sharper decrease from the corre¬
sponding month of 1937 than that for the year to date,
better seasonal increase over July than those of
but it showed a
Room
the past two years.
Financial
1842
practically unchanged
from a year ago in spite of an 8% drop in room sales, indicating that lower
occupancy alone was the cause of the smaller volume of business.
The only
really sharp drop In rates was in Cleveland where there was a poor com¬
parison because of the Great Lakes Exposition during August, 1937, and
only 1%
was
Rates in the group "all others'* were
.
hacC'the sharpest declines
hotels
In New York City, the large transient
the
year
the
of
100
with
in
115.6 cents
.\:,.Y:'V
Item
Contrary to the new York City trend,
hotels showed a smaller percentage of decrease
Detroit hotels were not yet affected by the im¬
business
in transient
than In the residentials.
proved outlook in the automobile business and the august sales were only
three-fourths of those in August, 1937.
Rates, however, were down only
Indexes of the
Relative
1937,
(—)
from July,
August, 1938
81.7
—2.0
1938
33
1938,to
1938
Budget
July,
August,
80.1
...
Dec.
or
In
Family
Food *
% of Inc. (+)
Cost of
Living, 1923=100
Importance
sales and a slightly larger
proportion increases in occupancy.
the
August, 1938, as
112.4 cents tn August,
1938,
July,
1923.
in
cents
Many residential hotels actually
In Chicago, about one-fourth
1937.
7.4% higher than at
1933.
had increases in room and restaurant sales.
of the hotels had increases in room and restaurant
tobacco, and drugs and
only 0.1% lower than a
purchasing value of the dollar was 116.4 cents in
The
and
July to August because of
from
furnishings,
house
of
prices
The cost of sundries in August was
and 2.2% lower than in August, 1929, but
ago,
low
0.5%
declined
sundries
of
in
decreases
toilet articles.
compared
less convention business in August of this year.
in sales and occupancy from August,
index
The
showed a decrease, but it
ratas for the first time Id four and one-half years
Sept. 24, 1938
Chronicle
'
0
Housing!
20
86.6
86 6
Clothing
12
73.4
73.5
—0.1
79.3
—0.3
67.0
3%.
Men's
79.1
_
,
,:v
'
Room
Sales
Res¬
Month
of
(+)
or
Last Year Dec.
(—)
—10
57
64
—3
—3
—4
64
66
0
—15
—12
—18
36
40
+1
—11
—11
New York City
Chicago.-.-.
Philadelphia-
....
—1
8
44
64
—3
1—19
66
83
—9
28
61
65
—3
—12
—8
66
74
—2
—14
—17
—9
56
64
—4
—9
—8
——9
56
60
0
—10
—10
—9
57
63
.-S —i
—7
—6
—7
62
67
+2
Washington
—16
—23
Cleveland
—25
—28
Detroit
—25
—24
Pacific Coast
—11
Texas....-
All others.--.--,
kfc W'
Total
—
—
86.5
0
30
96.9
97.4
—0.5
100
85.9
86.5
—0.7
116 4
115.6
+0.7
316957—CPMRADhtcilamdgeo.nps
5
and electricity
Sundries
Weighted avge. of all items.
inc.
Month
This
taurant
86.5
+
Purchasing value of dollar..
age
Rooms
+0.4
82.9
___
and light....
Percent¬
Percentage
Same
Total
-—0.1
84.1
84.3
Women's.
Fuel
Rale
Occupancy
Percentage of increase (+)
or Decrease (—)
67.7
84.4
Coal
Gas
IN AUGUST, 1938, COMPARED WITH
AUGUST, 1937
-r.
TREND OF BUSINESS IN HOTELS
+0.6
of the United States Bureau of Labor
for Aug. 16, 1938, and July 12, 1938.
*
Based
on
food price indexes
Eighteen Per Cent Decrease Noted in
Statistics
Bank Debits
reported by banks in
leading cities for the week ended Sept. 14, aggregated
$7,733,000,000, or 26% above the total reported for the
preceding week, which included only five^ business days,
and 18% below the total for the corresponding week of last
Debits
individual accounts,
to
as
year.
V.
f
Year to date—
which
Aggregate debits for the 141 cities for
total has been maintained since January,
separate
a
1919 amounted to
$7,102,000,000, compared with $5,633,000,000 the preceding
week and $8,711,000,000 the week ended Sept. 15 of last year.
Electric
Output for Week Ended Sept. 17, 1938, 2.9%
Below
The Edison Electric
Year
a
Ago
Institute, in its current weekly re¬
of electricity by the electric
light and power industry of the United States for the week
ended Sept. 17, 1938, was 2,214,775,000 kwh.
This is a
decrease of 2.9% from the output for the corresponding
week of 1937, when production totaled 2,280,792,000 kwh.
The output for the week ended Sept. 10, 1938, was estimated
to be 2,048,360,000 kwh., a decrease of 4.9% from the like
port, estimated that production
week
a
year ago.
New England
Middle Atlantic
Week Ended
Sept. 17, 1938 Sept. 10, 1938
Week Ended
Aug. 27, 1938
4.8
2.8
1.8
....
7.8
xl.6
2.4
6.2
Central Industrial
8.1
9.9
13.8
12.9
West Central
3.0
9.3
9.1
Southern States
1.1
2.0
0.1
1.7
19.6
18.7
20.7
19.2
0.1
0.5
1.7
3.9
2.9
4.9
7.4
7.0
Pacific Coast
4.9
Sept. 14
$412,021,000
$340,012,000
$449,809,000
15
3.527.682,000
356,064,000
2,590,933,000
306,153,000
395,900,000
245,028,000
4,298,961,000
18
2—New York
25
474,156,000
24
4—Cle vel and
278,017,000
x
226,214,000
192,948.000
254,541,000
41
1,013.258,000
213,274,000
862,982,000
172,516,000
1,346,157,000
16
198,366,000
312,631,000
17
171,905,000
262,067,000
18
196,224,000
202,416 000
161,264,000
29
601,769,000
540.183,000
762,618,000
274
12—San Francisco
$7,732,651,000
$6,155,973,000
$9,4*3.346,000
—
July Reported by National Industrial
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
National
occurred
land.
Change
1938
1937
1929
1932
1936
1938
from
1937
Losses
July
July
2,134,057
2,148,954
16
2,014,702
1,881,298
2,084,457
2,084,763
July
23-
July
30——.
Aug.
2,238,268
2,096,266
2,298,005
2,258,776
2,256,335
2,261,725
2,133,641
2,138,517
9
6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
2,048,360
Sept. 17
Sept. 24
2,214,775
Oct.
8.---
Oct
—10.3
—9.3
—7.7
15.
1,456,961
1,341,730
1,415,704
1,433,993
—7.2
2,088,284
1,440,386
—6.4
2,079,137
2,300,547
2,304,032
—7.3
2,079,149
1,426,986
1,415,122
—7.2
2,093,928
1,431,910
2,294,713
2,320,982
2,154,276
2,280,792
—7.0
2,125,502
—7.4
2,135.598
—4.9
2,098,924
—2.9
2,028,563
1,436,440
1,464,700
1,423,977
1,476,442
2,170,807
2,265,748
2,275,724
2,280,065
2,276,123
1
Oct.
2,029,639
1,956,230
2,029,704
2,099,712
-10.0
2,093,907
2,115,847
2
2,157,278
2,169,442
2,168,487
1,490,863
1,499,459
1,506,219
1,507,503
1,723,428
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
Living Costs of Wage Earners in United States Declined
0.7% from July to August, Reports National
reported in Great Britain, France, Italy,
were
Belgium and the Scandinavian countries.
In a statement
issued Sept. 16 bearing on its study the Conference Board
■:;vV'v':
Marked
wage
by
sharp drop in food prices, the cost of living
in the United States declined 0.7% from
a
earners
July to August,
according
to
monthly
the
National Industrial Conference Board.
of
seasonal increase in coal
a
survey
of the
With the exception
prices, the cost of each major
negligible,
proved
which
brought them to
lower
than
in
August,
more
a
than seasonally,
2.0%, from July to August,
level 8.2% below that of August, 1937, and 27.4%
1929.
They
however, 31.1%
were,
higher than in
the spring of 1933.
Rents averaged
lower than
higher
a
than
year
at
the
same
ago,
the
in August
and 5.9%
beginning
of
as
in July.
August rents
were
1.4%
20.9%
1934.
and
Stocks of raw materials and finished goods have
in
an
as
to
from
effort
The
76
to
permit
of
textile
been
gold
avert
materials
commodities
leading
industries
in
France
indicate
a
at
rates
which
would
not exceed
regular pay by
(2) improvement of industrial equipment, and (3) reduc¬
;
to
permit greater profits.
world trade, seasonally adjusted, showed no change
as compared with May.
World prices of leading
value of
countries
but there has been a decline in
The metal industries, construc¬
showing decreased activity.
Premier Daladier has made the following proposals
a
crisis:
(1) Modification of the 40-hour week so
overtime
10%
are
of
number
a
taxation
a
industry
production.
than
more
tion
expenditures have increased,
the
Reports
for
June
foodstuffs
and
except
marked
advanced
and
tea
wheat
5.4%
sharing
during July, with all major
in
the
rise.
Rubber prices
gain.
leading exchanges registered a 4% los6
from
the beginning of
August to Sept. 10.
The dollar continued to
advance sharply in terms of the leading foreign currencies.
The French
franc, the Netherlands guilder and the Japanese yen recorded new lows for
the year.
The pound sterling fell to the lowest level since April, 1935.
Common
New
low
point
in
1933.
prices increased seasonally, 0.6%, in the month interval.
They
0.2% higher than last year, but 7.3% lower than in August, 1929.
*
receded during July, with steel ingot production
stock
prices
10
on
lower than in August, 1929, but 38.1%
higher than at the
Coal
were
recent months, however, conditions in many foreign
in
steadily deteriorated.
capital invested in private enterprise.
decline in
Clothing prices declined only slightly, 0.1% from the July level, which
5.7% lower than a year ago, 26.2% lower than in August,
but
have
Rearmament
York State
from
made l3them
1929,
that the
generally
is
falling off sharply.
6howed
prices declined
indicate
appreciably reduced in? recent months, according to "The Economist."
Although an increase in orders is expected in the autumn, as yet there
are few indications of such a movement.
Export business has not improved.
raw
Food
production
May and June.
it
British business activity
in
continued:
and
materially
countries
lower than
August, 1929, but 19.8% higher than at the
low point of 1933. The Board's announcement of Sept. 14
industrial
The rise since then, however, has been
believed that, aside from the increased
industrial activity which might result from war preparations,
material
improvement is unlikely until the danger of an international conflagration
subsides.
The depression abroad has been much less severe than that
experienced in the United States.
While the domestic outlook has im¬
rarily checked in
gropp of expenditures declined. In August of this year the
cost of living" was 3.5% lower than a year ago, and 15.0%
in
foreign
of
sharp contraction that commenced in December, 1937, was at least tempo¬
tion,
of
indexes
Composite
new
Industrial Conference Board
Improvement
States, Germany, Canada and Hol¬
United
the
in
also said:
July
During
Conference
moderately during July,
Division of the
recent study by the Statistical
Industrial
Conference
Board.
a
Percent
Week Ended
225,301,000
-Si-.
according to
RECENT
250,096,000
145,648,000
28
10—Kansas City
Moderate Rise in World Industrial Production
Increase.
FOR
395,606,000
634,522,000
324,738,000
26
-
...
World industrial production rose
DATA
Sept. 15, 1937
1938
Sept. 7
1938
17
Board
Total United States.
Week Ended—
of
Incl.
.
Total
3.1
Rocky Mountain
No.
Centers
Federal Reserve District
1—Boston
by the
FEDERAL RESERVE DISTRICTS
SUMMARY BY
8—St. Louis
Sept. 3, 1938
Week Ended
Week Ended
Major Geographic
Regions
PREVIOUS YEAR
DECREASE FROM
PERCENTAGE
These figures are as reported on Sept. 19, 1938
Board of Governors of the Federal Reserve System.
July
Factory Employment Increased .5.2%
to
The net increase in
reported
and
were
in
New
August—Payrolls
Up
7.3%
employment and payrolls which were
York
State
factories in
considerably greater in August.
July continued
According to a
Volume
Financial
147
statement issued Sept. 9 by Industrial Commissioner Frieda
S. Miller, employment increased 5.2% from the middle of
the
Payrolls rose 7.3%.
These
percentage changes were derived from preliminary tabula¬
tions, based on reports from 1,999 representative factories
throughout the State.
The following is also from Com¬
substantial part of these percentage gains
corresponding week of last
by seasonal expansions in the clothing and millinary factories, but
The metal and machinery
in
many
months.
a
sharp
net
time
had
groups
seasonal
reductions
in
factories
going
back
drop,
which
hand,
and
preserving
June,
food
and
shipments;
that
the
feet
following
July
average
Index
reports
tion
for
100,
week
of
average
the
three
are
the
under
direction
E.
Dr.
of
B.
Patton.
The
and
considerably
were
employment
was
in
up
Although the shoe industry
were
clothing
factories
and
also
net
increase
the
Schenectady-Troy,
hours.
City
women's
made
substantial
gains
occurred
clothing
factories
manufactures
knit
goods
mills
of
and
group,
a
Syracuse
Most
but
the
in
locomotive
and
industry.
steel
seasonal
Varied changes occurred
clothing
ployment,
showed
large percentage net
fall,
for
iron
in
and
Buffalo's
steel,
equipment
and
and
the
wood
normal
more
mills
feet,
occurred in the
and
iron
-
July to August, 1938
Employment
Payrolls
+ 10.6
+ 11.6
—0.9
+ 8.8
New York City__
City.
Binghamton-Endicott-Johnson
-
-
+6.4
Syracuse..
.
-
-
+ 5.0
+1.4
.
+ 7.4
+5.1
+2.0
Buffalo
Last
feet and
Factory
These gains exceeded seasonal expectations.
The
most
pronounced improvement over July occurred at plants
turning out textiles, clothing, transportation equipment,
stone, clay and glass products.
In its advices issued
establishments
from
and
roducing consumers'
85%
that
of
of
wage
index
the
the
of
1923-25
average
from
payments
wage
goods
payments
79
the
in
to
increased
index of
July
86.
from
to
employment
nearly
90
that
but
was
In durable
52
to
56
employment
of
close to
goods
this
in
the highest level
in recent years.
follow¬
marked downward tendency since March.
Working time averaged 33
per week, compared with
31 during June and July and about 39
in August, 1937.
Average hourly earnings decreased slightly further
August to 68c.
A year ago earnings averaged 72c. per hour, the highest
Delaware factories,
the Philadelphia
Reserve Bank stated:
Delaware
production of 416
year ago
feet
it
factories
than
the number
of
workers
employed in August
was
year
were
Mill
6,153,000 feet.
was
Reports
identical softwood mills
was
190,019,000
progress has been made towards completion of
harvesting operations in the Prairie Provinces of Canada,
despite delays caused by heavy rains over a wide area in
Saskatchewan and in parts of Alberta," according to the
current crop report of the Bank of Montreal, issued
Sept.
22.
"Threshing is virtually finished in Manitoba and is
approaching completion in Saskatchewan.
In Alberta oper¬
are
well
Manitoba
advanced.
Report
of
Lumber
lumber
industry
during
Movement—Week
the
holiday
Ended
week
ended
Sept. 10, 1938, stood at 60% of the 1929 weekly average
of production and 57% of average 1929 shipments.
Pro¬
duction was about 63% of the corresponding week of 1929;
shipments, about 67% of that week's shipments; new orders,
58% of that week's orders, according to reports to
Lumber
Manufacturers Association
from
National
regional associations covering the operations of important
softwood and hardwood mills.
Due partly to Labor Day
holiday, reported production and shipments and new orders
in the week ended Sept. 10, 1938, were all appreciably below
The
wheat
yields
Dominion
Government's
but
vary
slightly from last year and the
Wheat yields in Saskatchewan show
the whole is of good grade.
on
wide variation and rust
Alberta
being
a
damage has affected the weight and quality.
In
wheat crop of good yield and grade is
Quebec, the continuance over most sections of the
generally satisfactory
harvested.
In
Province of
heavy rainfalls during the past fortnight has retarded harvest¬
estimates, which earlier in the season pointed to an abund¬
harvest, have been revised downward owing to damage from ex¬
ant
cessive
the
crop
moisture.
cereal
affected
An
have
crops
by
poor
with
color,
yield
average
been
yield,
above
harvesting
expected
however,
average
conditions.
somewhat
in
indicated.
is
yield,
Apples
In
but the
are
of
Ontario
quality
was
size
and
good
below
average.
Other crops are
heavy, including that of tobacco, which is of good quality.
In the Mari¬
time Provinces,
while further damage to grain and potatoes from ex¬
cessive moisture has occurred,
prospects as to the yield and quality of
crop
continue to be good.
In British
Columbia
garnered under ideal conditions and yields generally
are
crops
are
being
satisfactory.
1938-39 Beet Sugar
Crop in Czechoslovakia Estimated at
601,000 Long Tons—Decrease of 17.7% from Last
Season
1938-39 beet sugar crop, harvesting of
begin, is estimated at 601,000 long tons,
raw sugar, according to advices received by Lamborn & Co.,
New York.
This compares with 730,000 tons produced last
season, a decrease of 129,000 tons, or approximately 17.7%.
Czechoslovakia's
is about
which
The
will
current
be
balance
current
to
season's
the smallest
crop
of
crop,
since
consumes
its
year
should the output approximate the forecast,
1935-36, when
a
little
over
production is marketed
starting
563,000 tons
400,000
were
tons of
produced.
sugar
annually.
in the world market.
For the
Sept. 1, Czechoslovakia's export quota for the
at 267,700 long tons by the International Sugar
Council.
ago,
Sept. 10, 1938
the
feet,
week
189,710,000
Automobile Financing in July
The dollar volume of retail
financing for July, 1938, for
amounted to $82,633,277, a decrease
of 11 % when compared with June, 1938; a, decrease of 52.6%
as compared with July,
1937; and a decrease of 53.1% as
compared with July, 1936.
The volume of wholesale finan¬
cing for July, 1938 amounted to $61,279,684, a decrease of
17.4% when compared with June, 1938; a decrease of 64.4%
compared with July, 1937, and a decrease of 61.1% as com¬
pared with July , 1936.
The volume of retail automobile receivables outstanding
at the end of July, 1938, as reported by the 224 organizations,
amounted to $838,516,497.
These 224 organizations ac¬
counted for 93.7% of the total volume of retail financing
($82,633,277) reported for that month by the 456 organi¬
the 456 organizations
about
Production
5,809,000
same
4%, and
in
employment and working time declined 23% and payrolls nearly 31%.
The
as
216,368,000 feet; shipments were, respectively,
feet, and orders received, 147,703,000
was
and
world market has been set
July.
Wage payments showed a gain of
employee-hours increased 9% in this period.
Compared with a
greater
Weekly
192,167,000 feet.
business
reported for the
as
1% below production.
or
Czechoslovakia
reported in recent years.
As to conditions in
In
Shipments
was
new
of Canada
The
13%
give
"Good
showed little
number of employee-hours increased sharply in August,
The total
rate
mills
in
change over the past two
months.
The composite index of employment for all reporting industries
was 72
in August, 69 in July, and 92 a year ago.
The index of payrolls
advanced from 61 to 67 and compared with nearly 104 in August, 1937,
in
Production
hardwood
Reports Good Progress Made Toward
Completion of Crop Harvesting in Prairie Provinces
the apple
Sept. 19 the Bank also had the following to say:
hours
81
165,001,000 feet.
ing, and
disbursements 9% from July to August, according
delphia.
hours
but
Bank of Montreal
In
figures released by the Federal Reserve Bank of Phila¬
a
a
177,223,000
+ 4.3
Factory employment in Pennsylvania increased nearly 4%
and wage
ing
regions
All
output.
Saskatchewan for 143,000,000 bushels and Alberta for 141,The bank added :
Delaware Factories
it
week's
feet, and
a
when
below
000,000 bushels."
Employment and Payrolls In¬
creased from July to August—Gains Also Noted in
Pennsylvania
period,
226,-
produc¬
All regions but Southern Pine and
shipments
Identical
crop
industries
from
6,114,000 feet,
ations
+ 5.2
+ 2.8
_
—
August,
below
orders
preliminary estimate places wheat production at 334,000,000
bushels, with Manitoba accounting for 50,000,000 bushels,
+ 4.8
bany-Schenectady-Troy
Rochester
Utlca
advanced
shipments,
feet;
new
feet;
preceding
the
totaled
6% below production.
or
in
gains
net
City
At
Sept. 10, 1938.
reported
7% below production.
or
Reports
and
and small seasonal gains were reported in the men's clothing
group,
and
reported
for
10, 1938, by 431
149,487,000 feet, or. 22% below the production of
Shipments as reported for the same week were 179,312,000
mills.
6ame
sub¬
seasonal
groups,
comparatively large net gain
a
with
machinery
industries,
electrical
sharp net drop in the automobile and repair
industries reported slight net changes in em¬
group.
to
Hardwood
185,426,000
figures
Lumber orders reported for the week ended Sept.
the
ma¬
The large men's
due to
shipped
Revised
and
Albany-
in
electrical
in
feet.
outstanding
An
increases,
gains
women's
Expansion in practically all of the cotton and
Utica resulted in net gains in both payrolls and
increases
net
apparatus,
the
had
also
City.
495 mills produced 198,320,000
1938,
combined;
two concerns.
employment.
stantial
Rochester
in
group
and
industry
groups.
in the week ended
Hardwood
forces,
in
expansions
concerns.
brush
chinery and apparatus and in the iron and steel
activity in
men's
seasonal
the
by
net drop
a
regions but Northern
softwood
August
in
155,296,000
Pine
,
districts
Most
millinery
reported
was
and
industrial
Binghamton-Endicott-Johnson
greater
York
of
forces
but
all
to
New
in
majority
in
all
in this district showed
due
higher
payrolls
higher in
10,
hardwoods
Northern Hardwood reported orders below those of
corresponding week of 1937; all regions but Southern Pine and Northern
Hemlock reported shipments, and all but Southern
Cypress and Northern
Hemlock reported production below the 1937 week.
workers and had a total weekly payroll
Payrolls Higher in All Industrial Districts in August
of
Southern
factories
reporting
and
Northern
$9,182,115.
Payrolls
A1
tion
years
75.9 for employment and 69.5 for payrolls.
during August employed 349,346
of
the
on
softwoods
orders
were:
All
based
August,
were
The Association further reported:
Mills, 550; production, 230,955,000
017,000 feet; orders, 201,001,000 feet.
to
These
collected and analyzed in the Division of Statistics and Informa¬
as
of
booked
1.6% in total payrolls.
numbers
1925-1927
new
During the week ended Sept.
August movements are increases of about 0.5% in the number of employees
and about
14% below the output (revised figure) of
shipments were 18% below that week's
orders were 23% below the orders of the
was
previous week.
tobacco
by the usual
factories,
mills,
the preceding week;
fixed list of representative
a
indicate
1914,
fewer
net gain for the
a
the
primarily
caused
was
Monthly reports from
to
showed
group
other
canning
many
great activity in July.
the
On
New business was 22%
year.
were, respectively, 12% and 7% lower than during corre¬
sponding week of 1937. National production (softwood and
hardwood) reported for the week ended Sept. 10, by 10%
in forces and payrolls was
when the data pertaining to clothing and millinery are omitted, both
employment and payrolls show net gains.
The wood manufactures, textile
and fur, leather and rubber goods groups reported substantial increases in
first
bein^ the
shipments
and
the week ended Sept. 10; shipments were
7% below production.
Softwood production and shipments
even
employment.
production
below output in
missioner Miller's statement of -Sept. 9:
A
preceding week,
lowest reported since the week ended July 9 and new orders
lowest since April.
Softwood orders were 10% below the
July to the middle of August.
caused
1843
Chronicle
zations.
Financial
1844
Figures of automobile financing for the month of June
published in the Aug. 13,1938, issue of the "Chronicle,"
page 957.
The following tabulations show the volume of financing
in June and July, and the first seven months of 1938, 1937,
and 1936, and the amount of automobile receivables out¬
standing at the close of each month, January, 1937, to July,
1938, inclusive.
These figures are as reported to the Bureau
of the Census of the Department of Commerce.
automobile financing
Identioal Organizations (a)
Retail Financing
Wholesale
Used and
Financ¬
New Cars
Total
Year
ing
and
Month
in
Unclassified Cars
Volume
Volume
Volume
Volume
Number
in
Number
in
Number
in
of
Thou¬
of
Thou
of
Thou¬
Cars
Thousand
sand
Cars
sand
Cars
sand
Dollars
Dollars
the 1938 sugar
Sept. 9 by the Sugar Section of the
Agricultural Adjustment Administration. The report shows
that the quantity of sugar charged against the quotas for
all offshore areas, including the full-duty countries, during
the period January-August, amounted to 3,576,008 short
tons, raw value.
For the corresponding period last year
charges against the offshore areas totaled 4,032,157 short
tons, raw value, the Sugar Section said, adding:
The report includes sugar from all areas recorded as entered or certified
for entry before Sept. X, 1938.
Statistics for foreign countries other than
eighth monthly report on the status of
The
quotas was issued on
Cuba
include
also
Sept.
on
244,142
74,212
61.279 b218,947
92,818
72,969
46,202
171,173
64,500
40,880
154,447
41,753
562.542 1,562,869
598,834
469,482
193,728
200,000 118,322
July
7
in transit
the
against
seven
quantities charged against the offshore areas during the
The
of the year
months
first eight
follows:
as
are
1938 Sugar Quotas
180,318
July
172,145
181,139 106,865
174.155
421,035
269.482
239,896
Charged
the Latest
75,405
Amounts
Established Under
1937—
Against
Area
67,291
Regulations
7 mos.
ended July 1,213,440 2.757,368 1,123,894 1,162,229 679,100 1,595,139 444,794
Cuba
-
Philippines
Quotas
1,939,546
1,044,903
Total
1,436,730
53,883
Less amount realloted on June 9.
1936—
June
177,448
July
166,018
223,864 129,693
194,968
480.330
436,223
200,903 116,065
176,201
256,466
235,320
65,274
991,020
7 mos.
—--
704.113
951,753
Puerto Rico
Hawaii
804,312
809,649
60.137
ended July 1,121,799 2,677,165 1,072,479 1,216,160 698,862 1,461,005 373,617
593.850
9,046
2,399
80,683
34,604
4,781.697
3,576,008
Virgin Islands
Foreign countries other than
discontinued automobile financing.
bOf this
cars, 69.9% were used cars, and 0.6% unclassified.
Cuba.
Of these organizations, 37 have
number 29.6% were new
RETAIL AUTOMOBILE RECEIVABLES
as REPORTED
1938
1937
1938
May
June
1,266,953,395
September..
1,056,017.095
932.526.760 1,106,521,475
904.154.673 1.164,568,870
867,737,238 1.217.156.358
967.096 723
Direct
I
838,516,497 1.248,800.302
1,027.526,044 July
February ...1,012.305,492 1,019,141.962 August.
April
..
-
Direct
1937
$
$
S
March
Total
OUTSTANDING END OF MONTH
BY 224 IDENTICAL ORGANIZATIONS
January ....1,064,815,488
October
........
November..
December..
1,253,926,346
1,212,121.145
1,172,679,716
1,120.226.647
consumption
the various
against
included
quotas
Indicated
in
Analysis
Sugar to Year End Stocks
by B. W. Dyer & Co.
If
some
way
indicated
by
disinclined
recent
Government, it
the trade
would
consumption
The unsold
cane
supply is largely in the hands of Cuba.
outturn
States.
It
has
been suggested
even
work out some such
arrangement.
that the
United
Cuban Government would
The negative to this, however, is that
the Cuban Government would be acting for the benefit of a small minority.
Nevertheless, something
may
nized that a surplus exists.
corrective
measures
taken
be done but certainly not until it is recog¬
Unless this is recognized by the Cubans and
before it is
and polarization
weight
for each cargo of
Quantity Ch'ged Against Quota
Sugar
Total
Balance
Polarizing
Polarizing
Charges
Remaining
99.8 Degrees
Less Than
and Above
99.8 Degrees
Sugar
1938
Area
Quota
*350,430
111.562
8,624
*120,186
5.847
29,616
6,384
2,233
*8,617
20,999
Philippines
80,214
49,787
3,333
*53,120
27,094
610,863
498,967
33,386
532,353
78,510
Puerto
Rico..
Total
*
331.234
Does not include sugars certified for arrival after Aug.
a
The
Quotas for Full-Duty Countries
other
countries
Cuba
than
of the
eight months
is
the
total
of
charges made
amounts
period,
August
and
charged
the
against
amounts
which
the
quotas
Charged
Quota Deficits
Sept. 8 the Agricultural Adjustment Administration
the
deficiencies
in
supplies of
foreign, full-duty paying, countries which had not filled
their quotas by the first day of September.
This reallot¬
ment was made in accordance with Section 204(b) of the
Sugar Act of 1037, which provides that if on the first day
of September in any calendar year the so-called full-duty
countries have not filled their quotas in effect on July 1 of
{Pounds)
v
calendar year,
other
such
these deficiencies may be pro-rated to
full-duty countries which have filled the quota
by the first of September.
was made by the Secretary
in
our
year* such a reallocation
Sept. 9, 1937 (as was noted
Last
on
issue of Sept. 11, page 1661).
The changes in the 1938 quotas for the full-duty coun¬
tries, as established by the above-mentioned quota regula¬
tions, are as follows in pounds (raw value):
Countries Which Have Filled
-.
Their Quota, Sept. 1
Deficiency
1938 Reused
Allotment
Quota
Belgium
2,061,750
3,019,051
Czechoslovakia
1,844,537
2,200,983
Netherlands East Indies
1,480.834
2,168,407
Haiti
Peru
United Kingdom
6,456,292
9,454,044
77,858,902
114,009,942
2,456.571
3,597,193
92,158,886
134,949,620
Balance
Remaining
{Pounds)
{Pounds)
0
Belgium
957.301
957.301
China and Hongkong
937,155
15.062
Czechoslo vakia
856,446
856.446
0
21,690,690
12,336,500
9,354,190
687.573
687,573
0
4,551
Netherlands East Indies
922.093
1,089.345
—
—
Netherlands
0
244.814
19,375,185
708,656
Mexico--
2,997,752
19,619,999
—
Haiti
1,084,794
2,997,752
Guatemala
220.777
487,879
22,335,948
—
33,246,049
10,910,101
———-——...
36,151,040
36,151,040
0
26,700.078
1,210,177
25,489,901
1,140,622
1,140,622
0
14,083,294
0
14.083,294
500,000
394,155
105,845
161,366.000
69.207,114
92,158,886
Nicaragua
Peru
Salvador...
—
——_
United Kingdom
Quotas not used to date.x
Unallotted reserve
Total
In accordance with
Sec.
212 of the Sugar Act of 1937 the first 10 short tons
Imported from any foreign country other than Cuba have not
for that country.
Australia, 663; Brazil, 3,893; British Malay, 85; Canada,
1,835,199; Colombia, 866; Costa Rica. 66,997; Netherlands West Indies, 21: France,
570; Germany, 379; Honduras, 11,165,179; Italy, 5,695: Japan, 13,039; Venezuela,
943,293.
414 pounds have been imported from Canada, 1,138 pounds from Bar¬
bados, 2,358 pounds from France, and 231 pounds from Costa Rica but, under
the provisions of Sec. 212 of the Sugar Act, referred to in *, these Importations
have not been charged against the quota for foreign countries other than Cuba. 4)
of sugar, raw value,
been charged against the quota
x
Argentine,
47,415;
Statement of Sugar
Statistics of AAA for Seven Months
Below Year Ago
of 1938—Total Deliveries Declined
The
Sugar
ministration
ment
Section
on
of
the Agricultural
Adjustment Ad¬
Sept. 7 issued its monthly statistical state¬
covering the first seven months of 1938, consolidating
reports obtained from cane refiners, beet sugar processors,
importers, and others.
Total
Against
Quota *
*
any
first
may
1938 Quota
Dominican Republic
AAA Reallots Foreign Sugar
of
the
during the Januarybe admitted during the
remainder of the year.
(The table represents the situation bewore reallot¬
ment, Sept. 8, of full-duty countries' quota deficiencies):
the
countries,
Area
♦
reallotment
during
the individual
full-duty
in pounds, the 1938 quotas for those
against the quotas for
year
The following table shows,
countries.
generally recognized by the sugar
Dyer report concludes with the statement that "this
analysis considers the sugar situation without reference to
the possibility of war.
Should war result, we look for higher
prices."
• .-v'>
a
31, 1938.
34,604 short tons, raw value, charged against the quota for foreign
The
On
24.570
19,196
126.033
Hawaii
375.000
Cuba
trade, it would seem that the market must decline.
announced
direct
entered against the quotas:
sugar
be
It is, of course,
true that the Cubans could fill their quota by storing sugar in the
charged
(In Short Tons—96-Degree Equivalent)
On the contrary, after using their
purchases, they would probably buy on a day to day basis only.
amounts
The separation of sugars into polarization groups is based on
of the
reports
10 points of the objective
would seem that
surplus stocks.
carry
above
the
izing 99.8 degrees and above and sugar polarizing less than 99.8 degrees.
shows the balance available for entry during the remainder
could be found to build up invisibles the picture would
the
to
in
The last column
is indicated
change, but as the refined price is now within
included
since the direct consumption sugar quota is
quota for each area.
The following tabulation indi¬
consumption sugar quotas and charges against 6ueh
during the period January-August, showing separately sugar polar¬
An addition to the year
end sugar stocks of 306,000 tons
by a recent analysis of B. W. Dyer & Co., New
York, sugar economists and brokers, who base their figures
on the average September-December delivery figures for the
past six years.
The action of the Administration in issuing
proportionate shares to farmers for 1,030,000 acres Of beets,
will, according to this firm, encourage beet producers to
extend their territory eastward this year, and thus displace
cane sugar which in turn will result in an unsound statistical
position. The report says:
is
sugar
direct
1938
Consumption Sugars
quotas,
the total
in
the
cates
of the year.
Addition of 306,000 Tons of
.
was
(Tons of 2,000 Pounds—96 Degrees)
June.——
a
which
sugar
for the
mos.
ended July
Total
of
entry
476,722 300,413 1.086,147 298,421
June---
Total
for
The figures are subject to change after final outturn
continental sugar cane areas and 607,900 short tons, raw
the quota for the continental sugar beet area during the
months of this year.
Data for August are not yet available.
quota
46,616
82,633
certifications
1938.
1,
weight and polarization data for all importations are available.
There were 164,184 short tons of sugar, raw value, charged against
first
1938—
Eight
First
During
Areas
Months
value,
Dollars
Dollars
Received by United
Sugar
Offshore
from
States
of
Tons
Short
3,576,008
were
Summary for 456
Sept. 24. 1938
Chronicle
Section said:
In issuing the statement, the Sugar
Volume
Financial
147
Total deliveries of sugar during the first seven months of
to
3,529,822
last year,
total
to
refined
tons,
in terms of
refiners'
verted
and
short
raw
deliveries
value
raw
by
produced
sugar
sugar
using
the
of
same
1938
during
which
is
sugar
during
the
raw
con¬
are
of
1936
years
1937.)
Distribution
consumption,
of
the
in
sugar
during the period January-July,
beet
factories,
sugar
351,793 short tons
1938,
was
in
for
form
By
follows:
as
(deliveries shown in Table 2, less exports);
refiners, 2,344,981 short tons
by
States,
United
continental
568,131
6hort
2)
(Table
tons
by
;
importers,
58,101
total
3,529,822 short tons.
The distribution of sugar for local consumption in
the Territory of Hawaii for the first seven months of 1938 was 17,636
short
tons
and
tons,
Stocks
short
for
of
refiners,
(Table 3), and by continental cane sugar mills,
(Table
4).
Puerto
sugar
Rico
it
35,641
was
hand July 31
on
short
280,943
deliveries,
These
tons
value,
raw
sugar
held
by
415,112
refiners,
The
data
which
of
tary
quotas
Agriculture
for
first
seven
months
consumption
short
468,002
factories,
1938
of
Sugar Act of 1937 which
tons,
obtained
were
requires the Secre¬
requirements and establish
The statement of charges
quotas during the period January-July was released
producing
sugar
against the 1938 sugar
957-958.
—Ed.)
TABLE 1—RAW SUGAR:
AND
DELIVERIES
STOCKS,
REFINERS'
RECEIPTS, MELTINGS
CONSUMPTION
DIRECT
FOR
JANUARY"
FOR
It
establish
to
appropriate
an
beet
of
inventory
the 1939 crop, which will form the basis for
establishing proportionate share for growers for that crop,
for
will be
1,030,000
allowance
an
which figure, it is stated, includes
acres,
for
in
planted, expected to result in the
other
actual
shrinkage
total acreage to growers.
sugar-producing
Similar estimates
for
areas
1938
the
of
number
acres
of distributing the
process
made for
were
last
crop
year,
the AAA, as provided for in the Sugar Act.
From the announcement of the AAA we also quote:
says
Under the Sugar Act the
a
"proportionate
share"
Secretary of Agriculture is required to establish
with
made under the Act for each
Growers
receive
sugar in
their beets
(expressed
things,
in
that
the
the
to
(a)
to
in
acres
be
base
conditional
producing
sugar
provided for in the Act on
payments
each
area
are
year.
the recoverable
not "in excess" of their "proportionate shares"
the
of
case
sugar
provided,
beets),
marketed,
their respective
exceeded
apply to the 1937
not
the estimated quota for
will
which
each
in
among
other
shares.
planted prior
of the Act.)
Under the Sugar Act the Secretary is
the proportionate shares of growers on the sum of:
did
enactment
required
cane
to
respect
farm
payments
or
they have not
(This condition
the
(b)
and
year
the
crop
proportionate
which
was
during which the bulk of the crop
for
requirements
normal
a
carryover
inventory.
In
the 1939 total
among producers, the Act provides that the Secretary may consider prin¬
cipally past producing and ability to produce.
A conference will be held
soon
with growers and processors at which officials of the department
determining
present
different
(In Short Tons, Raw Sugar Value)
and
also announced that the estimated total sugar beet
was
acreage
will
JULY, 1938 *
quota (for the year during which the bulk of tne crop
marketed),
taking into account past experience of the sugar beet industry with
respect to meeting the quotas established under sugar legislation.
areas.
(This statement given in "Chronicle" of Aug. 13, pages
Aug. 8.
on
beet
determine
to
various
the
the
of
by
the
cover
the administration
in
held
sugar
be
sugar,
Raw sugar held by
follows:
and
direct consumption sugar held by importers (in terms of refined 6ugar),
160,459 short tons.
These stocks, converted to raw value, equal 1,393,000
short" tons as compared with 1,344,043 short tons on the same date last
year.
Such stocks do not include raws for processing held by importers
other than refiners, or stocks of sugar held by continental cane factories.
tons; refined
will
(Table 5).
as
were
refined
tons;
to
converted
to fill the estimated
the ratio
1.059,
factor
meltings
to
the
during
domestic 'consumption
for
1938 amounted,
period
value, totaled 3,934,811 short tons.
(The
Deliveries
value.
raw
1845
Chionicle
a
the
"proportionate
tentative distribution
share"
of
division
of the total
1939 acreage among the
producing districts.
Planting for harvest in the 1939 crop will begin soon in California.
Slocks
Source of Supply
Meltings
Receipts
by Fire, July
for Direct
1938
Stocks
Lost
Deliveries
on
Jan. 1,
1938
&c.
Consumption
on
31,
Cuba
41,607
877.581
839,203
1,143
625
78,217
Hawaii
28.747
516,253
496,658
2,485
0
45,857
Puerto Rico
54,296
514,122
467,404
1,706
699
98,609
3,878
629,696
580,821
260
0
52,493
57,060
102,387
158,072
371
0
1,004
Philippines
Continental
0
1,021
439
0
0
582
10,627
44,703
51,149
0
0
4,181
0
496
496
0
0
0
196,215 2,686.259 2,594,242
5,965
1,324
280,943
Virgin Islands
Other countries
Misc. (s weepings, &c)
Total
*
Compiled in the AAA Sugar Section, from reports submitted on Forms SS-15A
The companies are:
American Sugar
by 18 companies representing 23 refineries.
Refining Co.; Arbuckel Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
son;
Sugar Refining Co. of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Sugar Refinery; South Coast Corp.; Savannah Sugar Refining Corp.; Sterling Sugars,
Inc.: Sucrest Corp.. and Western Sugar Refinery
TABLE 2—STOCKS, PRODUCTION, AND DISTRIBUTION OF CANE AND
BEET
SUGAR
BY UNITED
JANUARY-JULY,
PROCESSORS,
STATES REFINERS AND
1938
(In Terms of Short Tons Refined Sugar as Produced)
Domestic
•
Beet
Refiners and
Factories
Beet Factories
1,007,951
Refiners
354,810
2.437,248
28.182
a2,376,946
415,112
Deliveries
Final stocks of refined, July 31, 1938
b568,131
2,945.077
468.002
883,114
during the first
The Department
31,965 short tons
small amount representing losses In transit;
b Larger than actual deliveries by a
Census
announced
Sept.
on
21
employment" provides for a maximum of 88 hours for a
two-shift week beginning with November, 1938, and of 80
hours within two years thereafter.
the cotton textile associations the
the
After consultation with
methods of calculating
monthly percentage of activity will be changed to meet
new conditions.
Computed on the basis of 80 hours
percentage compares, on the same basis, with 70.2 for July,
60.8 for June, 59.4 for May, 59.5 for April, 66.8 for March,
February, 65.1 for January, and 85.2 for August,
average number of active spindle hours per
spindle in place for the month was 280,
The total number
of cotton spinning spindles in place, the number active, the
number of active spindle hours, and the average hours per
spindle in place, by States, are shown in the following
66.6 for
1937.
months of 1938.
seven
the
of
week, the cotton spindles in the United States were
operated during August, 1938, at 76.2% capacity.
This
factories.
Deliveries Include sugar delivered against sales for export.
of Commerce reports that exports of refined sugar amounted to
a
Bureau
26,312,694
cotton
spinning
spindles
were
in
place in the United States on Aug. 31, 1938, of which
22,152,526 were operated at some time during the month,
compared with 21,916,166 for July, 21,143,988 for June,
21,341,750 for May, 21,786,054 for April, 22,288,098 for
March, 22,356,638 for February, and 24,341,192 for August,
1937.1 The aggregate number of active spindle hours re¬
ported for the month was 7,374,791,306.
Since the inaugu¬
ration of this inquiry in 1921, the weighted average hours
of operation for the day shift for all of the mills was used in
conputing the monthly percentage of activity.
The Act,
approved June 25, 1938, regulating "wages and hours of
per
Compiled by the AAA, Sugar Section, from reports submitted by refiners and beet
sugar
The
that
the
1,362.761
2,465.430
Initial stocks of refined, Jan. 1, 1938-Productlon
Activity in the Cotton Spinning Industry for August,
1938—Percentage Basis to Be Changed
through reprocessing, &c.
3—STOCKS, RECEIPTS. AND DELIVERIES OF DIRECT-CON¬
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY-JULY, 1938
TABLE
(In Terms of Short Tons of Refined Sugar)
The
statement:
Stocks
Source of
Deliveries
on
Jan. 1,
Supply
Receipts
or
Usage
1938
*30,708
Cuba
304,900
219,050
Stocks
on
July 31,
1938
*116,558
0
6,846
6,846
96,786
82,072
29,422
35,049
29,279
11,897
342
49
391
0
0
14
14
0
.
-
-
Philippines
England
China and
Hongkong
*7,428
Total---A———
—
9,295
14,141
*2,582
59,313
Other foreign areas
452,939
351,793
160,459
Compiled in the AAA Sugar Section from reports and information submitted on
and distributors of direct-consumption sugar.
Forms 8S-15B and SS-3 by importers
*
Includes sugar in bond and
In
0
14,708
6,127
Hawaii
Puerto Rico
Active Spindle
4—DELIVERIES
OF
DIRECT-CONSUMPTION
CONTINENTAL
SUGAR
FROM
CANE SUGAR MILLS
Florida mills amounted
58,101 short tons, In terms of refined sugar, during the first seven months of 1928.
to
26,312.694
22,152,526
7,374,791,306
280
18,778,166
16,783,514
4,755,728
308
613,284
5.789,659,507
1,445,904,718
139,227,081
1,453,464
486,186,655
258
New
England States.
All other States
1,886,654
Alabama
17,636
35,641
Territory of Hawaii
Puerto Rico
-
Announces
for
Policy
on
Proportionate
Shares
for
Sugar Beets in 1938 and 1939
Adjustment Administration
Agricultural
number of acres of sugar beets
of sugar, as was
announced
planted for the production
the case for the 1937 crop.
The Sugar Act
requires establishment of these proportionate shares as a
basis for making payments under the sugar program.
The
AAA continued:
It
is
the
value.
estimated
present
174
194
594,564
-- -- -
New Hampshire—...
New York-
115,539,216
970,676,641
299
704,924
-
2,883,608
616,644
219,072,612
311
3,753,316
Massachusetts-
485,082
3,245,898
Connecticut.-
2,414,486
714,827,442
56,344,964
124,302,558
205
209,016
139,640
607,652
372,384
190
270
196
355,388
274,654
69,712,111
6,015,012
5,383,788
1,686,735,919
280
974,488
790,156
242,766,506
249
5,741,244
-
Rhode Island
that
It is not,
the current
beet
crop
will be somewhat in excess
1,572,559 6hort tons of sugar, raw
however, expected to be in excess of the quantity required
sugar
beet quota
of
5,422,030
544,944
2,032.609,348
354
600,118
213,655,928
356
253,304
218,044
87,801,080
347
Virginia
634,256
736,860
208,235,184
146,325.142
328
All other States
589,136
564,466
South Carolina
199
Continue WeekOctober—October Crude Oil
Demand Seen Lower—Texas Posts New Prices in
Louisiana—Petroleum Output Gains in Week
Petroleum and Its Products—Texas to
End Shutdown During
Sept. 16 that for the 1938 sugar beet crop new being har¬
vested the so-called "proportionate share" for the 1938 crop
for each farm in the sugar beet area would again be the
of
215
Texas
(Short Tons, Raw Value)
The
6.733,456
801,072
Tennessee—
JULY, 1938
AAA
Spindle in Place
United States
North Carolina.,
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
THE
TERRITORY OF HAWAII AND
PUERTO RICO, JANUARY-
TABLE
Total
Cotton growing States
Mississippi
Deliveries of direct-consumption sugar by Louisiana and
Average per
Active Dur¬
ing August
Maine
TABLE
Place
Aug. 31
Georgia
in customs' custody and control.
Hours
for August
Spinning Spindles
Slate
The five-day
production week, which shuts down all wells
Saturday and Sunday of each week, will be con¬
tinued during October, according to the new proration orders
of the Texas Railroad Commission covering October issued at
in Texas on
Austin
on
Sept. 19.
The shut-down order, however, will
the fifth week-end, ending on Oct. 23.
The order establishes a net allowable for Texas of
not affect
barrels
during
October,
1,275,122
which compares with a total of
1,359,000 barrels daily estimated for Texas
this period by
Financial
1846
Sept. 24, 1938
Chronicle
'
the United
States Bureau of Mines.
The
new
barrels under its
September forecast.
It is considered extremely likely that this move on the
part of the Texas Railroad Commission will result in further
substantial inroads into holdings of domestic and foreign
crude in the United States, which already are at a 16.-year
low.
Under-production of crude oil has brought a steady
drain upon these inventories in recent months and con¬
tinuation of this process is seen almost a certainty.
During
the September 10 week, stocks were off 2,462,000 barrels
to 282,457,000 barrels.
Along with the new proration orders, the Commission
announced the election or Ernest O. Thompson as Chairman
of the Commission, succeeding C. V. Terrell, who will retire
from the body on Jan. 1.
A few days before he was made
head of the Commission, Mr. Thompson, who also heads
the Interstate Oil Compact Commission, issued his second
plea to the oil refiners of the Nation to cooperate with the
various State regulatory bodies in maintaining a stable oil
industry.
"In the face of the drastic steps," he pointed out, "which
the Texas Railroad Commission has taken to prevent excess
current production, steps taken solely in the interest of
preserving the prosperity of an industry which is the key¬
stone to the State's prosperity—the latest figures show
refinerv runs were up 40,000 barrels last week.
"Refiners are not subject to any regulatory agency; yet
it is a well-known fact that the men who control production
and who have laid before this Commission evidence upon
which to base our proration orders, likewise control refinery
operations to a very great degree.
The least the refining
end of the industry can do is to cooperate with the producing
end in maintenance of the present stability of the industry."
Also acting in his capacity as head of the Interstate Oil
Compact Commission, Mr. Thompson on Sept. 18 announced
in Austin that a meeting of the Commission would be held in
Tulsa on Sept. 29 to start a campaign for legislation by the
various States which are members of this group, and ratifi¬
cation by Congress to renew the compact ana prevent its
expiration in 1939.
Incidentally, an attempt to insert a
plank into the Texas Democratic party platform which
would create a new oil and gas commission, which would
assume the authority now held by the Railroad Commission
over these industries, failed.
Trial of the State of Texas' anti-trust suit against 15 oil
companies, charging violation of the Texas anti-trust laws,
is scheduled to start "on its merits" in State District Court
in Austin
The State is asking penalties totaling
injunction to prevent further infractions
and the forfeiture of the charters of domestic companies and
permits of foreign corporations.
The leading oil companies in the United States are listed
among the defendants, as follows: Standard Oil Co. of New
Jersey; Socony-Vacuum Oil Corp • Standard Oil Co. of
California; Shell Union Oil Corp.; Humble Oil & Refining;
Texas Co.; Gulf Refining Co.; Pasotex Petroleum Co.;
Continental Oil Co.; Sinclair Refining; Magnolia Petroleum;
Simms Oil; Shell Petroleum; Cities Service Oil; Texas Pacific
Coal & Oil; and the Texas Petroleum Marketers Association,
on
$17,850,000,
Oct. 3.
an
and American Petroleum Association.
The
of
monthly market forecast of the United States Bureau
Mines, released in Washington on Sept. 20, placed in¬
dicated market demand for crude oil in the United States
during October at 3,366,800 barrels, a reduction of 77,500
barrels from the September estimate and
7% below the
actual market demand for crude oil during the corresponding
period a year ago. The Bureau explained the decline from
1937 on the grounds That a substantial
slump in gasoline
stocks is expected this October whereas a year ago stocks
in response to excessive crude oil runs.
Effective Sept. 17, the Texas Co. posted a new gravity
schedule for the Gulf Coast fields of Louisiana.
The new
rose
posting began with below 21 gravity at below 95 cents,
against previous below 18 gravity of 90 cents.
The schedule
a top of $1.29 for 34
gravity and above, with a
3-cent differential for each degree of gravity up to and in¬
is set with
cluding 26.-26.9 and
34 and above.
a 2-cent differential for each degree to
The differential had been 2 cents for each
degree above 18
up to
and including 20 gravity and above.
it had
price cut in the
Smackover field of 15 cents to 75 cents, making the new
price retroactive to Sept. 16. On Sept. 19, the Humble Oil
& Refining Co. announced that the failure of the other
purchasing companies to meet the higher gravity scale and
consequently higher prices in the west Central Texas, Pan¬
The Texas Co. also announced that as of
Sept: 17
met the Standard Oil Co. of Louisiana's
handle und certain Gulf Coast districts made it
necessary
to rescind the increases posted last week. With the
excep¬
tion of the southwest area of Texas, where the increases were
met, the former tables of prices again became effective.
Daily average production of crude oil in the United States
during the week ended Sept. 17 of 3,329,052 barrels repre¬
sented an increase of 32,152 barrels over the
previous week
but
still
than 115,000 barrels below the estimated
market demand as forecast by the Bureau of Mines,
was
more
daily
the American Petroleum Institute report disclosed. Okla¬
homa and Louisiana were the
only members of the major
oil-producing States to show lower production totals.
The broadest increase in
State al¬
lowable is 36,000 barrels less than the current total, while the
Bureau's estimate of market demand is approximately 40,000
fornia where the total
rose
production was shown in Cali¬
18,800 barrels to a daily average
output of 683,400, or potentially nearly 70,000 barrels a
day above estimated requirements. Texas gained 4,100
barrels to hit a total of 1,214,750 while Kansas gained 12,750
barrels to a daily average of 167,050 barrels.
Oklahoma
was off 700 barrels to 446,800 barrels, and Louisiana dipped
4,600 barrels to 266,500 barrels.
Scheduled for the next meeting of the Independent Petro¬
leum Association of America, which will be held in Tulsa
Oct. 19 to 21, inclusive, will be discussions on the protection
of the domestic oil producers' rights, limitations on the
imports of crude petroleum and refined products, renewal
and strengthening of the Interstate Oil Compact Commis¬
sion under which production quantity is limited and taxa¬
.
was announced.
Skelly Oil Co. won the right to produce its full allow¬
able in the Pitts field of Pontotoc County, and was cleared
of accusations that it had padded the potentials of its rich
Park College leases there in a decision handed down by the
Oklahoma Supreme Court in Tulsa on Oct. 20.
The high
court's ruling reversed the decision of the Corporation Com¬
tion, it
The
mission.
The National Petroleum Administration, which is
handling
the business of the expropriated oil
companies for the Mexican
Government, has no intention of monopolizing the oil in¬
dustry, or of harming the independent oil companies in
Mexico, according to the Mexican Supreme Court which
made this statement in connection with the complaint of the
American Petroleum Co., one of the few companies which
complied in full with the workers' demands, that it had no
protection against the government's oil group's monopolistic
tendencies.
Price changes follow:
Sept. 17—Texas Co. met the cot in the price of Smackover crude to 75
cents, retroactive to
the previous morning.
Sept. 19—Texas Co. established a new price of $1.29 for 34 gravity and
above in the Gulf Coast fields of Louisiana.
Sept. 20—Humble Oil and Refining rescinded the new gravity schedule it
had established
a
week previous for West
Cental Texas, the Panhandle and
certain Gulf Coast areas due to the failure of other purchasing companies
to fall in line with the revised
price schedule thus established.
Prices of Typical Crude* per Barrel at
Wella
(All gravities where A. P. I. degrees are not shown)
$1.27
Bradford, Pa
$1.80 Eldorado. Ark., 40.——.—.
Lima (Ohio Oil Co.)
1.25 Rusk, Texas, 40 and over.——1.20-1.20
1.09
Corning, Pa.
................
1,17 Darst Creek
1.42
Illinois...
1.35 Central Field, Mich
1.30 Sunburst. Mont
Western Kentucky
1.22
Mod-Cont't, Okia., 40 and above.. 1.30 Huntington, Calif., 30 and over... 1.22
Rodessa, Ark., 40 and above...... 1.25 Kettieman Hills. 39 and over...... 1.42
.
—
—
—
....
.75 Petroiia. Canada
Smackover. Ark., 24 and over....
PRODUCTS
REFINED
—
SLUMP—REFINERV
2.15
{STOCKS
GASOLINE
SHOW
GAIN—GAS
OPERATIONS
SHARP
AND
FUEL
OIL HOLDINGS AT NEW PEAK—MOTOR FUEL DEMAND
IN
OCTOBER ABOVE 1937—GASOLINE EXPORTS SPURT
.m
j*. Stocks
of finished and unfinished gasoline
were
off 1,616,-
000 barrels
during the Sept. 17 period, dropping to 69,244,000
barrels, or only 3^ million barrels above last year, the Ameri¬
can Petroleum Institute report disclosed in mid-week.
Re¬
finery stocks were off 331,000 barrels while bulk terminal
holdings eased 1,140,000 barrels. Inventories of unfinished
gasoline were off 145,000 barrels.
The sharp slump in holdings of gasoline were all the more
notable in view of the fact that daily average runs of crude
oil to stills gained 10,000 barrels to 3,245,000 barrels.
Refinery operations showed a fractional increase, rising 0.1
point to 81.4% of capacity. The heavy rains over a major
part of the country over last week-end, however, probably
will be felt badly in this week's gasoline figures, oil men
expect.
Slackening of the rate of increase in
laid
was
to
increased
gas
and fuel oil stocks
seasonal interest in these products
but, despite this,
a gain of 284,OCX) barrels was registered.
holdings to another high of 149,388,000
barrels.
Daily average production of gasoline was down
146,000 barrels to a total of 9,871,000 barrels, the trade
organization's report showed.
Domestic market demand for motor fuel during October
was estimated by the United
States Bureau of Mines at
45,800,000 barrels, a gain of 1% over the like 1937 month.
This
lifted
total
Total domestic demand for the first
seven
months of 1938
slightly below the corresponding period last year but
this was due to the poor showing made in July with demand
picking up again in August. Export demand was estimated
ran
at
4,400,000 barrels.
The
during the first seven
of gasoline rise 39%
28,194,000 barrels, against
37,974,000 for all of 1937 and the record high, set in 1930,
of 65,575,000 barrels.
Kerosene shipments for the same
period were off 16%, and those of lubricating oil off 10%.*4
While there was uneasiness reported in Atlantic seaboard
bulk gasoline markets, there were no definite price breaks
during the week. Gas and heating oils firmed somewhat in
response to seasonal quickening in interest.
export market for gasoline
months of 1938
over
saw
off-shore shipments
the like period last year to
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
Socony-Vacuum..
.07*4
Tide Water Oil Co .08*4
Richfield Oil(Cal.) .07*4
Warner-Quinlaii—
Other CUiee—
New York—
Stand. Oil N. J—$.07*4
.07*4
•
Texas
Gulf
Shell Eastern
$.07*4
.08*4
07 *4
Chicago
New
Orleans.
Gulf ports...
Tulsa
$.05
-.05*4
.06 *4-.07
.05*4
.04*4-.04 *4
Volume
Financial
147
bB&se allowable effective Sept.
Kerosene, 41*43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas
(Bayonne)
Fuel OU,
N. Y. (Bayonne)—
.03H-.05
F.O.B. Refinery
|Tulsa
03%-. 04
$0.90
0.95
New Orleans C
i
Phlla., Bunker C
$1.00-1.25
$0.95
1.751
Diesel
|New Orleans.$.05%-.05H
Terminal
or
California 24 plus D
i
Bunker C
$.04
| Los -Angeles..
$.04J*
I
throughout
month.
i
k 27 plus
Chicago—
|
$.04%
28-30 D
Note—The figures indicated above do not Include any estimate of any
might have been surreptitiously produced.
New York
$.195,Newark
.1951
z_Brooklyn
__$.02%-.03
Tulsa
I
.1851 Philadelphia
of
Poten¬
East Coast.
Aver¬
and
natural
gas
717,900 in July, 1938] as compared with $54,001,000 for the
corresponding month of 1937, a decrease of 2.4%.
from industrial and commercial
a
year
ago
domestic
refrigeration, &c.,
such
uses
were
as
Revenues
fell from $20,007,000
loss of 11.8%.
cooking, water heat¬
$17,640,600 in July, 1938,
to
Revenues from
ing,
users
615
_
a
$35,077,300 for July, 1938, as
compared with $33,904,000 a year ago, an increase of 3.2%.
The
manufactured gas
industry reported revenues of
$27,731,500 for the month, a slight increase from the same
month of the preceding year.
Revenues from industrial
and commercial sales of manufactured gas declined 7.9%.
Revenues from domestic uses were 2.3% more than for the
P.
Oper¬
At Re¬
age
ated
fineries
P. C.
Total
149
128
546
486
103
89.0
419
342
81.6
Okla.,
.
77.6
80.5
939
90.9
5,638
994
11,859
1,661
4,100
2,511
5,649
Fuel
Oil
Distil.
&c.
442
85.9
Ind., 111., Ky
and
Terms., Nap'tha
477
615 100.0
Gas
in
C.
Daily
Reporting
Appalachian.
of
utilities amounted to $52,-
Stocks
Unfin'd
Finished
tial
July Summary of Gas Company Statistics
and
Unfinished Gasoline
to Stills
District
Rate
The American Gas Association reported that revenues
Stocks of Finished
Crude Runs
Daily Refining
Capacuty
$.17
.1*
xNot including 2% city sales tax.
manufactured
1938
(Figures in Thousands of Barrels of 42 Gallons Each)
$.159,Bu falo
Boston
oil which
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Gasoline, Service Station, Tax Included
z
net
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED SEPT. 17,
i
$.053
Calculated
Saturday and Sunday shut-downs effective
7-day allowable for week ended Saturday
1.
moining. Sept. 10. approximately 1,233,248 barrels dally,
c Recommendation of Central Committee of California Oil Producers.
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
1847
Chronicle
15,388
295
975
652
9,350
Kan.,
78.1
3,162
450
4,508
Inland Texas
316
159
50.3
120
75.5
1,329
87
256
Texas Gulf..
943
838
88.9
737
87.9
294
1,949
2,020
13,474
145
7,945
1,132
585
451
3,308
175
56
Mo
267
La. Gulf
149
97.3
125
86.2
No. La.-Ark.
100
55
55.0
36
65 5
302
Rocky
Mtn.
118
64
54.2
48
75.0
California.-.
828
745
90.0
555
74.5
1,085
8,580
3,577
85.5
2,910
81.4
888
97
2",264
844
1,197
95,493
6,397 146,248
200
3,140
335
35,761
2,730
3,245
3,235
38,491
38,822
24,156
25,296
6,597 149,388
6,742 149,104
z3,490
Est. unreptd.
23,536
606
Reported
35,284
23,349
7,343 114,443
,f
620
xEst.tot.U.S.
Sept.17 '38
4,183
4,183
Sept.10 *38
4,183
4,183
U.S. B. of M.
xSept.17 '37
Estimated Bureau of Mines' basis,
x
z
Sept., 1937 dally average.
corresponding period of 1937.
The natural gas utilities reported revenues of $24,986,400
for the month, or
5.5% less than for July, 1937.
17.5%,
from
while revenues
3.6%.
sales
for
domestic purposes
increased
Daily
The
Oil
Crude
Average
Ended
During
Produ/Ction
Week
Sept. 17, 1938, Placed at 3,239,050 Barrels
Petroleum
American
Weekly Coal Production Statistics
Revenues
for industrial purposes decreased
from sales of natural gas
Institute
that
estimates
the
daily average gross crude oil production for the week ended
Sept. 17, 1938, was 3,239,050 barrels.
This was a gain of
32,150 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
to be the total of the restrictions imposed by
Daily
oil-producing States during September.
the Interior
the various
average pro¬
duction for the four weeks ended Sept. 17, 1938, is
estimated
3,295,900 barrels. The daily average output for the week
ended Sept. 18, 1937, totaled 3,671,200 barrels.
Further
details, as reported by the Institute, follow:
at
The National Bituminous Coal Commission, in its current
weekly report stated that the total production of soft coal
in the week ended Sept. 10 is estimated at 6,392,000 net
tons.
The decrease from the preceding week—483,000 tons,
or 7.0%—was due to the Labor Day holiday.
Production in
the corresponding week last year was 7,776,000 tons.
The cumulative production of soft coal in the year 1938
to date stands 29.5% below that in the corresponding period
of 1937; the cumulation of both hard and soft coal, 28.0%
Delow 1937.
The United States Bureau of Mines, in its current
weekly
due principally to the observance of Labor
Day on Monday (Sept. 5) the production of Pennsylvania
anthracite for the week ended Sept. 10, amounting to 510,000
tons, declined 415,000 tons from the week of Sept. 3.
The
daily rate of output for the five days of the week was 102,000
tons, a decrease of 34% in comparison with the rate obtained
in the six-day week of Sept. 3, and was 15% less than daily
output in the corresponding week of 1937.
report, stated that
ESTIMATED UNITED STATES PRODUCTION OF SOFT
Imports of petroleum for domestic use and receipts in bond at principal
United States ports
a
for the week ended Sept. 17 totaled 1,327,000 barrels,
daily average of 189,571 barrels, compared with a daily average
barrels for the week ended Sept.
weeks ended
of 96,429
10 and 135.929 barrels daily for the four
Sept. 10 Sept. 3
and 15,036 barrels
Sept. 10
daily in the four weeks ended Sept. 17.
of the United States,
indicate that the industry as a
whole ran to stills, on a Bureau of Mines'
basis, 3,245,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
a
Total gasoline
production by companies owning 84.6% of the total daily
DAILY
AVERAGE
barrels.
1929
1937
1,146
production
b
lignite,
of
7,776 221,948 300,538 355,166
998
1,555
1,670
1,415
and statistical convenience the
semi-anthracite and anthracite outside of Pennsylvania,
c Sum of 36 full weeks ended Sept. 10, 1938, and
d Total for 1938 Is subject to current
Average of five active days,
corresponding 36 weeks In 1937 and 1929.
revision.
the week, 69,244,000 barrels of finished and
149,388,000 barrels of gas and fuel oil.
refinery capacity of the country amounted to 9,781,000
6,875
Includes for purposes of historical comparison
pipe lines as of the end of
unfinished gasoline and
6,392
bl,278
Daily average.
85.5% of the 4,183,000
estimated daily potential refining capacity
1938d
1937
Bituminous Coal a—
Total, including mine fuel
Reports received from refining companies owning
barrel
c
Sept. 11
1938
1938
Sept. 17 totaled 148,000 barrels, a daily average of 21,143 barrels
compared with a daily average of 9,714 barrels for the week ended
"
Cal. Year to Date
Week Ended
Sept. 17.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
COAL
(In Thousands of Net Tons)
WEEKLY PRODUCTION OF COAL, BY
ESTIMATED
STATES
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadlngs and river ship¬
receipt of monthly tonnage reports from district
from the operators.]
ments and are subject to revision on
and State sources or of final annual returns
CRUDE OIL PRODUCTION
(Figures in Barrels)
Week Ended
Four
B.
of M.,
Dept. of
State
Week
Interior
Allowable
Ended
Calcu¬
Sept. 1
Sept. 17
1938
Sept.
State
Change
Weeks
from
Ended
Ended
Previous
Sept. 17
1938
1937
Sept. 5
Aug. 31
Avge.
1937r
1936r
1929
1923e
s
s
Sept. 18
Week
Aug. 27 Sept. 4
Sept. 3
Week
1938p
1938p
2
2
4
4
189
200
247
235
345
Arkansas and Oklahoma
lations
73
60
91
80
100
92
76
113
129
176
1
1
Alaska
Alabama
(Sept.)
Oklahoma.
528,300
428,000
Kansas
168,000
165,500
—700
446,800
167,050 + 12,750
440,950
609,150
Colorado
162,000
195,450
Georgia and North Carolina
770
666
951
868
1,189
1,587
224
282
300
3.54
550
50
48
61
61
72
Kansas and Missouri
124
133
114
113
126
168
Kentucky—Eastern
712
677
806
771
978
713
150
126
160
162
290
248
25
27
30
64,150
+ 2,850
67,000
82,300
North Texas
+ 800
71,450
73,600
—
Indiana
70,350
Iowa.
28,150
West Texas
+500
28,450
33,500
187,600
West Central Texas—
+ 1,250
203,400
223,700
90,050
—800
116,1001
96
214
s
s
235
Illinois
Panhandle Texas..
....
*
*
406
—
-
—--
117
East Texas
368,500
+ 150
93,650
404,900
476,750
Maryland
45
40
Southwest Texas
209,500
+ 1,550
223,950
268,350
Michigan
2
2
2
7
17
27
196,450
—2,200
209,150
216,100
Montana
50
48
54
53
74
New Mexico.
23
21
35
27
50
56
North and South Dakota
23
21
21
22
816
827
334
319
467
450
498
861
East Central Texas
Coastal Texas
Total Texas.
•
--
1,398,600 bl 649493 1,214,750
+4,100 1,301,950 1.490,400
Western
Ohio
26
-
-
68
Total Louisiana
255,300
260.260
—4,750
78,350
+ 150
189,500
266,500
—4,600
267,850
88,100
173,200
261,300
1,493
1,355
2,111
2,221
2,867
3,585
Tennessee
85
84
99
103
106
119
Texas
75,600
190,900
North Louisiana.
Coastal Louisiana
18
18
26
15
26
56
49
75
63
84
103
281
277
277
227
261
245
Pennsylvania bituminous
Utah
Virginia
53,700
Eastern
51,900
—6,450
56,050
35,850
149,300
Arkansas
172,150
—1,750
169,200
137,500
29
Michigan
57,000
53,950
65,600
60,600
+ 7,250
51,150
55,650
52,500
Wyoming
57,700
Wyoming
Montana
14,000
12,500
—100
12,650
18,050
Other Western States.c
3,500
4,600
New Mexico.
111,600
106,000
3,550
106,450
114,600
3,444,300
a
c615,000
683,400 + 18,800
668,450
694,200
3,239,0.50 +32,150 3,295,900 3,671,200
These are Bureau of Mines' calculations of the demand for domestic crude oil
certain premises outlined in its detailed forecast for the month of Septem¬
demand may be supplied either from stocks, or from new production,
based upon
ber.
As
contemplated withdrawals from crude oil stocks must be deducted from tne Bureau's
estimate of demand to determine the amount of new crude oil to be produced.
58
2,276
1,474
490
752
857
101
129
165
95
120
*
Total
bituminotis coal
6,875
*
107
*
*
86
6,476
8,500
8,380
84
10,886
11,814
925
688
845
738
1,613
714
7,800
Pennsylvania anthracite.d
California
49
1,807
513
7,164
9,345
9,118
12,499
12,528
2,555.650 + 13,350 2,627,450 2,977,000
Total east of Calif.. 2,806,000
638,300
41
1,819
419
4,500
105,950
38
1,502
416
Virginia—Southern, a
Northern, b
+ 2,850
Colorado
28
1,521
Washington
West
26
Total, all coal
a
Includes operations on the N. &
and on the B. & O. in Kanawha,
W.; C. & O.; Virginian; K. & M.; B. C. & G.;
b Rest of State, in¬
Mason and Clay counties,
cluding the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from
published records of the Bureau of Mines,
e Average weekly rate
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina
Western States."
* Less than 1,000 tons.
for entire month,
and South Dakota included with "other
Financial
1848
PRODUCTION
ESTIMATED
PENNSYLVANIA
OF
ANTHRACITE AND
COKE
BEEHIVE
.
(In Net Tons)
Calendar Year to Date
Week, Ended,
Sent. 11
Sept. 10 Sept. 3
1937
1938
1937
1938
1938
1929
c
c
Penna. Anthracite—
Total, Including colliery
fuel.a
510,000 925,000 599.000 30,138,000 34,257,000 47,590,000
225,000
162,000
142,500
Dally average....... 102,000 154,200 119,800
Commercial productionb 485,000 879,000 569,000 28,674,000 32,544,000 44,164,000
...
Sept. 24, 1938
Chronicle
ended Sept.17. are: Domestic copper f.o.b.
refinery. 9.073c,: export copper, 9.996c.; Straits tin, 43,108c.; New York lead,
4.942c.; St. Louis lead, 4.792c.; St. Louis zinc, 4.792c.; and silver, 42.750c.
The above quotations are "M. & M. M.*s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
prices for calendar week
Average
deliveries; tin quotations are for prompt delivery only
In the trade, domestic copper prices are quoted on a
delivered at consumers' plants.
As delivery charges vary
•
.
.
delivered basis; that te,
with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sear
board.
On foreign business in copper sellers usually name a c.l.f. price—Hamburg,
Havre, and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery
quotation.
Beehive Coke-"
United States total-.—-
11,900
Dally average.......
1,983
1,800
2,456,600
11,373
615,000
59,200
9,867
10,800
2,847
4,793,100
22,190
Zinc
Lead
Tin, Std.
Copper
Copper, Std.
Electro.
c
operations,
b Excludes colliery fuel,
of working days In the three years.
Adjusted to make comparable the number
Spot
Sept.
Metals—Copper, Lead, and Zinc Prices
Advance Moderately on Heavy Buying Movement
"Metal
Sept. 22,
Markets," in its issue of
Mineral
and
reported that producers of non-ferrous metals booked a sub¬
tonnage during the last
week and moderately
(Bid)
Spot
42»u
42%
195%
196
42"Je
42»»
3M
15%
Spot
3M
1515i»
Spot
14%,
14%
15»n
16%
141Jjl
15»x«
43®i«
194%
196%
195%
43
197
16%
16%
48
195%
196%
16
16%
14%
14%
15
42 »ie
42
Sept. 19—
Sept. 20.—
Sept. 21..——
47%
47%
48%
42»j«
15
16
Sept.
Non-Ferrous
3M
3M
42"j«
48
195%
196
15%
16
14»h
14'i8
%
14%
for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
prices.
All are in pounds sterling per long ton (2.240 lb.).
Prices for lead and zinc are the official buyers' prices
stantial
higher prices were named for copper, lead and zinc.
The
buying was inspired by the uncertainties that surrounded
the European situation, rising London quotations, and en¬
couraging news here on the trend of business.
Steel opera¬
tions increased to 47.3% of capacity.
Yesterday (Sept. 21)
tension over the Czechoslovakian question eased abroad
Producers
demand for metals subsided.
and
prepared
are
face
to
a quiet period and show little or no concern
over
stability of prices on major metals.
The publication
the
further
reported:
//v j-vt;;/; Copper
:
■
v;V
Improved markets here and abroad during the last week brought another
increase in price for domestic copper.
The Valley basis rose from 10%c.
to
10%c.
Sept. 19, with all open market business on that day virtually
on
Fabricators and wire mills announced
going at the higher level.
of
an advance
Sales for the seven-day
one-eighth cent in wire and copper products.
period
in good volume, totaling 42,013 tons against 6,259 tons in the
were
previous week.
the
in
trade
situation
Total sales for the month to date are 51.182 tons.
the
believe
the
of
stocks
is
will
month
anticipated
at 10 %c.
those
exceed
of
September.
for
-r"'-h
lead
in
yesterday,
sales
total
advances
On
European
Producers believe
deliveries
here and
in
far
at
this
level
amounting
week
brought
the
out
15
substantial tonnage
a
sold before the first
was
about equally divided between the old and the
price
announced.
was
accounts
for
the
occurred
on
Sept,
in
range
19,
fact,
shown
prices
for
and
said
be
far
consumption
be
about
for
tonnage
that
day.
well
was
sold
10-point
during the
The
second
distributed
still
is
than
the price
that
now
pointing
first
upward.
repre¬
situation
The
has
statistics
are
85% covered against September requirements, and
75%
of
the
improved
step up operations from
of
out
its
1938
for lead,
St.
Joseph
Lead
Co.
will
production.
Morning Mine of Federated Mining & Smelting resumed operations
21.
The American Smelting & Refining Co.V published quota¬
tion was advanced to 5c., New York, on Sept. 15, and to 5.10c. on
Sept. 19.
Sept.
The
London
market
turned
easier yesterday
be followed by
Zinc
profit-taking,
on
Price reductions
occasions
during the last week. On Sept. 15 the increase was from 4.75c. to 4.85c.
on
Sept. 19 from 4.85c. to 4.95c., St. Louis.
Sales on both of those
days, however, were in sufficient volume at both levels to quote a split
Sept. 17 sales of the
common
grades of
totaled
zinc
steel companies
having large capacity in those products.
While the re¬
possibilities for profit in steel making, this is
lines for some months, and any tonnage
have
The
also
increased.
The
quotation
closed
firm
At the moment the only important
is that recently
during
the
were
last
week.
reduced
The
figures
new
during
the month
show
to
that
141,997
4,211 tons, instead of 2,831 tons as first reported.
to
4.95c.,
stocks,
tons, a
were
revised
covering
all
reduction
other roads may buy to take advantage
no
Production for August
was
a
fair
demand
for
the
previous
period.
seven-day
announcement
that
the
business during September tends to make the trade cautious
new
year's
tin
Sept,
early in the week, but the market
Prices averaged a little higher than in
The trade was disappointed over the
on
month
16,
tin,
99%,
42.100c.;
was
Sept.
nominally
17,
Much depends on the automobile
or so.
Whether the crucial international situation has been a factor in a degree of
The delay in the
an¬
nouncing of fourth quarter prices does not appear to have been an important
influence because continuance of present prices on
most products
was
as
42.100c.;
follows:
Sept.
Sept
42.300c.;
19,
15,
42.000c.;
Sept.
20,
here, and
a
sizable export order for wire has been received from another
country, but generally export trade has not been stimulated by fear of in¬
ability to obtain European deliveries.
steel scrap, which is an
a
few
months
ago.
Germany has bought 40,000 tons of
addition to a larger order placed in the United States
Non-ferrous metals have been affected by the war
price advances having occurred in copper, lead and zinc, current
quotations being the highest since mid-January.
After
weeks
Chicago
of comparative
down 17c.
inactivity,
domestic
scrap
markets have
Chicago, Detroit and Cleveland, but the undertone at
Steel-making grades have declined 50c.
a
ton to $14.25.
The "Iron Age" finished steel composite price has declined
a
lb.
a ton at
mill purchases, bringing the "Iron Age" scrap composite price
on
The only component of the index on which
to 2.286c.
there has been
a
price
Rivet prices have been reaffirmed for the fourth
rails.
Topping
new
business in the week was a 50,000-ton order for fabricated
structural steel placed, with
the Bethlehem Steel Co. by the Metropolitan
Life Insurance Co. for its housing project in the Bronx.
This brought
fabricated structural steel awards in the week up to 66,600 tons.
vated highway in
were
Queens takes 7,000 tons.
13,700 tons.
An ele¬
New projects out for bids
Reinforcing bar lettings of about 18,000 tons
unusually large and included 5,000 tons for the Red Hook housing
project in Brooklyn and 3.750 tons for the Hansen Dam near Los Angeles.
Inquiries
42.225c.; Sept. 21, 42.300c.
are out
for 5,300 tons for the Queensbridge housing project in
Queens and 4,700 tons for an aqueduct in the Colorado River project^
The Kansas Pipe Line & Gas Co., Norton, Kan., which is
Electrolytic Copper
Straits
a
The European crisis has not had a marked effect on
and steel exports, though shipments are hampered by advances in war
insurance rates.
Russia has bought a fairly large quantity of sheets
foregone conclusion.
total about
business.
Chinese
for the near future.
industry as to the extent of the further rise in operations over the next
quarter.
tin-plate would not be disturbed in the
However, operators expect some revision on next
price
last quarter of this year.
gain, having risen two points this week
of the country's capacity, but the disappointingly slow improve¬
to 47.5%
ment in
reduction is heavy
Tin
There
While
of the lower prices, there are as yet
definite signs.
Steel ingot production continues to
of
32t296 tons against the previous figure of 33,676 tons.
quieted down in the last few days.
railroad track material buying in sight
announced by the New York Central, whose inquiries for
28,600 tons of rails and track accessories may be expected soon.
Pittsburgh is still strong.
August zinc statistics of the American Zinc Institute
amounted
at
.
grades,
received will aid pi leveling out
general overhead costs.
turned weaker at
zinc
been made as an Inducement to railroad
theoretical than actual as there has been virtually no business in these
Grade
Louis. ;
$43 a net ton; track bolts, $4 to $83 a net ton;
ductions tend to restrict the
scare,
St.
railroad materials were $2.50 a gross ton on heavy
on
buying, without which there can be no approach to profitable operations by
15,904 tons.
Shipments for the week were in good volume,
4,485 tons.
Reports by galvanizers indicate continued good
business, With operations at about 60% of capacity.
Shipments of High
involving
announcement
splice bars, $2 to $54 a ton, cut spikes, $3 to $60 a ton; screw spikes $5 to $91
a ton.
''W";
:"-
risk
two
on
and
For the week ended
The
Prices of wire products and
other producers.
rails to $40; tie plates, $3 to
iron
•
Higher prices abroad moved quotations for zinc here
quotation.
expected.
been continued through the coming
quarter by the American Steel & Wire Co.
Although no
specific mention of tin plate was made in the CarnegieIllinois statement, buyers have been informed that the present
price of $5.35 per base box, Pittsburgh and Gary, will be
unchanged.
A reduction has been looked for, but the in¬
ternational crisis may have influenced the decision, as war
in Europe would undoubtedly bring soaring tin prices.
The
"Iron Age" further reported:
'
;
generally
hesistancy among buyers is not clearly indicated.
,
The
on
was
Sept. 20 by the Carnegie-Illinois Steel Corp. will
on
in its expectations
demand
three-day basis to four days a week.
The heavy
buying of the last two weeks has absorbed all of St. Joe's accumulations
a
major steel products, ex¬
cold rolled strip have
for
Consumers
indicated.
reports
rise
among
October is concerned.
as
Because
issued
basis, which
new
Some of the buying, it was thought,
better
even
the
lead
replenishing of low inventories,
may
so
In
Demand
important consuming outlets.
August
reductions,
more
in
improved
two
ended
largest
10-point
on
cepting rails and track accessories, on which there were
These lower prices may have
that
tons,
16,906
to
buying
The
year.
the
in
Few
with
it issue of Sept. 22 reported that re¬
The "Iron Age" in
affirmation of current prices
V,
;
high
a
period
the
for
so
Lead
continued
quotations.
Sept.
to
in
firm
Prices
Up—Current
Output
Ingot
Exceptions Reaffirmed
for
decrease
The quotation yesterday was
day
sented
consump¬
abroad
August, and another
advance
was
Some
political
Valley.
Activity
weekly
the
over
heavy recent demand.
is steadily increasing and
copper
current
tension
of
result in a period of quiet abroad and buying here should
may
moderate in view of the
tion
easing
Steel
Tin
Lead
'
Zinc
.
applying for a
$20,000,000 Reconstruction Finance Corporation loan, contemplates a pipe
line from Kansas to the Mesabe Iron Range which would take about 150,000
Dom.,Refy. Exp., Refy.
New York
New York
St. Louis
St. Louis
4.90a5.00
4.75a4.85
4.75a4.85
Sept. 15
Sept. 16——
10.025
10.000
43.350
10.025
10.100
43.500
5.00
17—
10.025
10.125
43.500
5.00'
4.85
4.85
Sept. 19——
Sept. 20——
10.150
10.175
43.700
5.10
4.95
10.225
43.625
6.10
4.95
4.95
Sept. 21
10.150
10.200
43.700
5.10
4.95
4.95
10.088
10.138
43.563
5.042
4.892
4.883
but orders for the steel are possibly a long way off.
Sept.
Average
.
_
4.85
4.85
The
Texas Co. has placed 3,500 tons of 8- and 10-in. pipe for a 75-mile line.
4.85a4.95
10.150
tons of pipe,
THE -IRON
AGE" COMPOSITE PRICES
Finished
Sept 20. 1938, 2.286e.
a
One week ago
One month ago--.--.—.-
One year ago—.—
Steel
(Based
Lb.
2.300c.(
2.300c. I
2.512c. I
.......
on steel bars, beams, tank plates.
wire, rails, black pipe, sheet"! and hot
rolled strips.
These products represent
85% of the United States output.
^
Volume
Financial
147
shortage of bodies
Low
High
}938
2.512c.
May ,17
2.300c.
July
6
2.512c.
Mar.
9
2.249c.
Mar.
2
1936
2 249c.
Dec. 28
2.016c.
Mar. 10
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
24
Jan.
2
2
1937
1.953c.
Apr
Oct.
3
1.945c
1.792c.
1932...
1.915c.
Sept.
6
1.870c.
2.192c.
Jan.
7
1.962c.
Oct.
operations
1927
2.402c.
Jan.
May
29
Nov.
1
2.212c.
4
for
turned
out
from
Sept 20.1938, $19.61
a Gross Ton
One week ago
One month ago
fBased
of basic Iron at Valley
Chicago,
on average
furnace and foundry Irons at
.61
$19.61
Buffalo, *
19 .61
23 .251
One year ago
Philadelphia,
Southern Iron at Cincinnati.
and
Valley,
$23.25
1937
23.25
Mar.
9
$19.61
20.25
1936
June 21
6
Feb.
16
and
engineering construction.
for
routine
repairs
11
carriers
Purchases
Track
bolts
Nov. 24
18.73
Aug.
Nov.
5
17.83
May
14
been
1
16.90
Jan.
27
have
been
1933
5
13.56
Jan.
3
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
1927
19.71
Jan.
4
Dec. 16
Nov.
1
Steel
Sept 20, 1938, $14.25
One week ago
One month ago
steel
melting
heavy
1
14.50i
June
7
1938
$14.83
9
$11.00
1937
21.92
Mar. 30
12.92
Nov. 16
1936
17.75
Dec. 21
12.67
June
9
Apr.
23
Aug.
13.42
Deo.
10
10.33
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
.
for
steel
Insurance
8
12
6.75
Jan.
S
between
6.43
July
5
The
Feb.
18
11.25
Dec.
9
Jan.
17
15.25
Nov. 22
13.08
nounced tliat telegraphic reports
cated that the operating rate
the
of
Institute
19
Sept.
on
which it had received indi¬
of steel companies having 98%
steel
week ago, 42.8% one month ago, and 76.1% one
This represents an increase of 2.0 points, or
4.4% from the estimate for the week end<h Sept. 13, 1938.
one
Weekly indicated
1937, follow:
1937—
Sept.
of
rates
71.6%
Dec.
Dec.
27
Sept. 20
76.1%
Sept 27
Oct.
4
74.4%
66.1%
Oct.
11
63.6%
Oct,
18—...55.8%
Oct.
25
July
11
18
32.3%
July
July
1
48.6%
8
41.0%
32.6%
1938—
Apr. 11
32.7%,
Jan.
3
25.6% Apr. 18
32.4%
Jan.
10.
27.8% Apr. 25. —.32.0%
Jan.
17
29.8% May
2
30.7%
Jan. 24
32.7% May
9
30.4%
Jan. 31—.30.5% May 16
30.7%
Feb.
7
30.7% May 23
29.0%
Feb. 14—..31.0% May 31
.26.1%
Nov. 15
36.4%
Feb.
21
30.4% June
Nov. 22
31.0%
Feb.
28
Nov. 29
29.6%
27.5%
27.4%
29.3% June 13.
29.9% June 20
Mar. 14
Dec.
6
Dec.
13
7
Mar.
Mar. 21.
6
—.33.7% July
25
37 0%
Aug.
1
Aug.
8
39 8%
39 4%
Aug. 15
Aug. 22
Sept. 12
40 4%
-42.8%
44.0%,
39.9%
45 3%
Sept. 19
473%
Aug. 29
6
Sept.
26.2%
...27.1%
28.7%
Despite
steady
Sept. 19 stated:
on
hesitancy
some
heavier,
or
close
line
in
latter
of
rate
with
during
dictated
in
steel
improvement
the
actual
business
demand,
most products
in
46%,
reached
earlier
a
harmed
new
markets.
purchases,
further
in
actual
For
high
for
is
the
contrast
Subsequent
for the coming
operations
of
the
week
last
placing
of
the
were
50,000
having
largest
the
for
tons
in more than a
Metropolitan Life
are
up
Mesaha
lines into
iron
Minnesota.
in
range
intervening States.
steel-making
in
rise
elevated
an
the
and
branch
4.5-point
largely
aftermath
the
was
At 46%, operations
however.
Pittsburgh,
4 points, while Chicago gained 3.5 points to 41.5% and
the preceding week.
interruption
Day
points
was
Kansas
includes
ahead
pre-holiday
the
of
period,
Pennsylvania increased 2 points to 33%.
Other districts to increase
up 1 point
Cleveland, up 5 points
48.5%.
Five centers were unchanged:
Buffalo at 49, New England
60, St. Louis at 42, Detroit at 67, and Youngstown at 46.
tip 7 points to 56%; Birmingham,
output included Wheeling,
to
57%;
to
at
Cincinnati,
points
5
up
65%,
to
and
Reflecting higher operations last month, finished steel shipments of the
United
Steel
States
subsidiaries
Corp.'s
totaled
558,634
gain of
Shipments
tons,
a
July, hut 549,224 tons less than a year ago.
117,064 tons
over
eight months of 4,010,558 tons compare with 9,908,084 tons
the
consequently,
gains,
will
the
providing
of the
war
scare
consumers
have
but
period.
In addition to the
by Italy, an order for 50,000 tons for
Germany is reported.
The scrap composite was unchanged last week at
$14.25.
The iron and steel composite held at $36.50, while the finished
steel composite was steady at $57.20.
recent
purchase
For the
dull, except for export business.
are
of
80,000
industry
tons
as a
whole, the rate of ingot production
for the week ended Sept. 19, according to the "Wall Street
Journal" of Sept. 22, is placed at 47% of capacity, compared
45% in the previous week, and 41% two weeks ago.
Subsidiaries of United States Steel are estimated to have run at a
4214%
,
51%
is apparent in
domestic
been
in
cautious
slight
opportunity
to
industry to
in the preceding week and 46%
The
following table
the nearest
their
restrict
assemblies
partially last week by the first strike of the 1939 model
stymied
were
Resultant
season.
51%
,
two weeks ago.
gives a comparison of the percentage
of production
corresponding week of previous years, together with the
approximate changes, in points, from the week immediately
U. S. Steel
Industry
47
-
preceding:
+2J4
51
78
—2
70
+2
76
+214
—1
40
—2
60
+2
21
1937
81
1936
7314+2J4
1935
51
1934
23
3914—
1714 + 214
1931
29
—1
60
+2
—214
+2
24
+114
37
14
1933
1932
1930
Independents
4214 + 414
85
+614
+2
4114+
—1
14
1714+314
1714 + 2
32
—1
66
+1
2714— 14
56
+4
79
82
1928
85
+5
85
1927
64
+2
+6
+4
62
6614+214
!•
—2
85
8514—214
1929
expand
rate of
Leading
compared with
in the week before and 35% two weeks ago.
against 38%
1938
demand to level off lately.
automotive
1937
Scrap markets
he
consuming industries.
by the unsettled European situation, but as
time
first
the
buying
it with early needs.
Nevertheless, the possibility
hostilities abroad is given a share of the responsibility for the
thereby
not
fairly
of
the excess
to
order to align
tendency for steel
Efforts
some
seen
have brought
in
in various steel
yet only small direct reflection
steel
is
output
days
90
past
months.
been
in steel
consumption,
largely by activities
Sentiment has
commodity
independents are credited with a slight shade under
production has
and
Developments
quarter.
of
36%,
with
slower
this
ton,
a
reduction.
Ferralloy prices generally
quarter, and pig iron business is being
The "Journal" further said:
22.4%
5
year.
A
at
with
28 0%
June 27
32.1%
36 4%
"Steel" of Cleveland, in its summary of the iron and steel
markets,
awards
the
also
Labor
eastern
in
35.7%
23.5% Mar. 28
4.
19.2% Apr.
20
80.4%
Nov.
7,
1938—
1937—
7
Nov.
$4
for
Sept. 13
52.1%
Sept.
operations since
steel
programs.
general
fourth
for
southwestern
1.5
were
ago.
year
by
week's
the
an-
capacity of the industry will be 47.3% of
capacity for the week beginning Sept. 19, compared with
45.3%
reduced
last
buying
equipment
major
housing project, Bronx, N. Y., with Bethlehem Steel Co.
other
orders
enliven
construction
markets.
Outstanding
latter
Last
of
Steel
and
in
equally scant.
are
highway and approaches,
Queens, New York ; 5,000 tone of reinforcing bars for the Red Hood hous¬
ing project, Brooklyn, and 3,000 tons of piling for a lake pier and jetties,
Chicago.
Prospective business in line pipe includes 80 miles of 8- and 10ineh pipe for a line in southern Illinois and a proposed line to be laid
Jan.
Iron
Central
purchases in Septem¬
Co.
Several
8.50
American
car
York
price reaffirmation.
shape
aided
year,
15.00
The
While freight
reopening
are
of the New
program
delivery next period at unchanged quotations.
In some instances
have been
booked
on
a
similar basis prior to official
announcement of
1930
1927
together with
products
1932
Aug.
the
7,000 tons of structural shapes for
Low
High
1935
taken
18.251
*
been
the
by
reaffirmed
Structural
No.
on
quotations at Pittsburgh, Philadelphia
and Chicago.
$14.42{
One year ago
17.54
Scrap
fBased
Gross Ton
a
"
week.
consumers,
railroad shops
number of
interest
material
have
affected
May
Dec.
little
track
17.90
18.21
A
equipment,
to
show
of
18.84
14.81
previous
shipments are increasing partially
promise of being the second or third largest for the year to date,
19.73
16.90
5,000
3,860 the
steel
being outstanding in thisi respect.
1935
1932
with
automotive
16,100.
General Motors
before; Chrysler dropped
to 515; while all other
to
week
by sustained demand from miscellaneous
1934__
1930
units
from
in Ford's
production reduced
model
new
the
2,625
slumped
compared
which
on
curtailment
further
the
start
17,485
from
against
Ford
4,960,
with
its
for
slight gain in railroad requirements and expanding activity in building
the
July
units
5,950;
produced
offset
ber give
Low
High
1938
to
and
interest
one
industry
4,675
Slowness
is
for
preparation
the
6,000
makers
a
Pig Iron
in
output
Mar. 15
1930
1933
1849
Chronicle
+2
Current Events and Discussions
The
with
Week
the
Federal
Reserve
During the week ended Sept. 21 member bank
balances
bank
decreased
reserves
$411,000,000.
arose
from
Increase
Banks
reserve
Reductions in member
of
increases
$571,000,000
in
Treasury deposits with Federal Reserve banks, $74,000,000
in Treasury
cash, and $2,000,000 in
offset in part by increases
$2,000,000 in
money
in circulation,
of $167,000,000 in gold stock and
Treasury currency and a decrease of $67,-
000,000 in non-member deposits and other Federal Reserve
Excess
accounts.
were
estimated to
crease
The
were
reserves
be
of
member
banks
Sept. 21
approximately $2,740,000,000,
a
de¬
—16,000,000
advances
(not
»..■—
+38,000,000
—2,000,000
including
—5,000,000
+4,000,000
16,000,000
$14,000,000 commltm'ts—Sept. 21
7,000,000
Other Reserve bank credit--
—2,000,000
13,588,000,000
+167,000,000
+18,000,000
+ 894,000,000
2,735,000,000
+2,000,000
+142,000,000
2,596,000,000
Total Reserve bank credit-......
Gold stock
Treasury currency
.-
—....
Member bank reserve balances
8,014,000,000 —411,000,000 +1,037,000,000
Money in circulation
6,522,000,000
+2,000,000
2,833,000.000. +74,000.000
917,000,000 +571,000,000
+23,000,000
—704,000,000
+724,000,000
—67,000,000
—25,000,000
Treasury cash
Treasury deposits with F. R. bank—
Non-member deposits and other Fed¬
603,000,000
eral Reserve accounts
of $390,000,000 for the week.
principal changes in holdings of bills and securities
an
increase of $45,000,000 in
United States Treasury
bonds and decreases of $31,000,000 in
notes and
on
$14,000,000 in United States Treasury bills.
pages
Sept. 21 will be
1880 and 1881.
Changes in the amount of Reserve bank credit outstanding
and related items
were as
follows:
Returns
of
Member
Banks
in
New
York
City
and
Chicago—Brokers' Loans
United States Treasury
The statement in full for the week ended
found
on
$
+1,000,000
2,664,000,000
U. S. Government securities
(—)
Sept. 22, \m
1,000,000
Bills bought
Industrial
or Decrease
SincQ
$
$
8,000,000
Bills discounted
(+)
Sept.l4,1938
Sept. 21,1938
Below is the statement of the Board
Federal
Reserve
of Governors of the
System for the New York City member
banks and also for the Chicago member banks
for the current
week, issued in advance of full statements of the
banks, which will not be available until the coming
member
Monday.
Chronicle
Financial
1850
assets and liabilities of weekly reporting member banks
League's
in central reserve cities
Dependent
(In Millions of Dollars)
Chicago
7,773
1,447
3,025
1,465
1,883
III
195
^agricultural loaM^I^..^?
1,899
525
Loans—total
8,165
4,000
ai96
525
1,857
526
343
346
495
i$l
32
w
48
243
67
67
Loanstobanks..'"."."."IIIII
9i
79
economic
economic survey by the League
128
128
100
■'»:«»
lift
2,III
III
IIS
SIS
57
76
453
63
74
471
55
64
459
34
212
50
34
210
54
24
134
60
deposits—adjusted....
6,394
6,474
5,965
1,580
1,585
1,495
uxstsgo'^t.'de^itelll
158
698
352
is2
lio
46i
—
Balances with domestic banks..
-
ments 111 the indices, other than those of the prices of shares and of primary
commodities> have not yet been very great.
Reaj improvement in building and in orders for capital equipment by
the public utilities and by the railways would be sufficient to sustain a
recovery; but such improvement has not yet made its appearance.
In the world as a whole, the survey finds, there are a
number of factors at work which tend to sustain the demand
inter-bank deposits:
fo^tsbax^'.'.r.iiiiiiii
393
531
8
—
....
----
....
....
straj!^s:;"::.\"::::::::
i,48i
1.II0
1.474
251
Borrowtngs—II.II..
370
for goods and services and which were absent in the post-
7
8
...
1929 depression.
....
from
in
Reserve
Federal
Member Banks of the
Returns of
University quotes there-
follows:
as
Government expenditure on rearmament is generally much higher than
^
^
Summarizing certain features of the sur-
vey, the press release of Columbia
244*
251
Revised figures.
Complete
F
United States has spread beyond the Stock Exchange.
in the
Recovery
But the todlca.ot economic activity remain at low levelo, and the iraprove-
ZAobUUies—
a
early to determine
too
is
ib * larger downward movement, it is observed, the survey
8H
m
391
Demand
It
Press.
University
Stating.
794
-
a
whether the recovery now under way in the United States
is iiermanent or whether it marks merely a temporary halt
2,7It»ll
803
United States Government...
Other assets—net
of
summary
of Nations, made
publicthrough thelnternational DocumentsServiceofthe
Obligations fully guaranteed by
Cash in vault-
according to a
situation,
world
2
68
9i
2,111
affecting the development Of the
world
Columbia
uTcovtdirVSVbV^tioM::: 3.00I
United States is the
"The future trend of events in the
m0S* kniKHtant
1,996
730
other loans for purchasing or
c^ry^ securities...
New
Capital Needs
^19384 ^i9372 ^9381 ^^38* ^937 2
7,865
2,945
on
Finds Considerable Accumulation of
Factors
New York City
Loans and Investments—total..
Sept. 24, 193s
Economic Recovery
United States—Among Favorable
World
Sees
Book
Year
_
System for the Preceding Week
and such expenditure shows
1930,
signs of
no
immediate reduction.
an
Tbe li<Iuid ,reeerveB of now banl?' greater than Unitf„ ®tate8 a"d,
the much »°tht in4he in 1930, with the
countries, are
other
that,
in
many
countries,
interest rates
and there
low
are
result
fear
1931.
is no
of
explained above, the statements of the New York and
the extensive banking and financial crisis which occurred in
There is, moreover, a much greater readiness among monetary authorities
Chicago member banks are given out on Thursday, simul-
and governments to adopt prompt measures of monetary expansion and
j
♦
i
t
As
„-i
st-
,i
i
vr««,
_
xi.
£
taneously with the figures
i
t>
tor the Reserve
l.
xr
.
of public expenditure to offset a recession; and in the absence of a gold
,,
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.
*
•
pi,
i
u
-ii
i,
.,
„
j
j
t,
Federal Reserve System respecting the
Of Governors Of the
entire body of reporting member banks of the
returns of the
Btandard
the
national
jn
^Jje
needs of
United
lated
public
section, must exert
•
.
,
,
,
.
,,
__t.
.
$53,000,000
reserve
"".I agrJ?^'^T'
loansto brokers and dealers in tecurttiea, $115,000,000 in
d
.n
balances
w
deposita^djusted and $55,000,000 In deposits credited to
1
foreign
net
at
increase
all
of the
,
districts, the aggregate
being $17,000,000.
reporting member
United
Holdings of
banks
$9,000,000 each in the New York and Cleveland district*, all report-
000 in the Chicago district
Uni^dBtatea Government increased $7,000,and $15,000,000 at all
reporting member banks.
deposite-adjuated
Increased
$93,000,000 in
York
City,
$21,000,000 in the Chicago district and $20,000,000 In the San Francisco
district,
declined
and
$21,000,000 in
the
Boston
district, all
reporting
member banks showing a net increase of $176,000,000 for the week.
Time
deposits increased $25,000,000 in New York City and $21,000,000 at all
reporting member banks.
Government deposits declined $10,000,000.
Deposits credited to domestic banks increased $25,000,000 in New York-
City and $33,000,000 at all reporting member banks.
to
Deposits credited
foreign banks increased $50,000,000 in New York City and $55,000,000
at all
reporting member banks.
Weekly reporting member banks reported
no
borrowings
on
Sept. 14.
....
A summary
Of the principal assets and liabilities Of
re-
porting member banks, together with changes for the week
+b£k
rato*.
and the year
i a
i ooo
£
#
moo
*
3nd Investments—^otal....20,964,000,000
Loans—total
Decrease
,
3,905,000,000
paper
Sept. 15, 1937
-j-17,000,000
+2 000 000
—134,000,000
+ 53,000,000
335,000,000
•—853,000,000
—603,000,000
Loans to brokers and dealers In
securities....
Other
723,000,000
for
loans
purchasing
or
•
th
th
the
f
trad_
1,164,000,000
114|ooo!oo0
Loans to banks
.rv^ber loans
__
fully
guaranteed
—24.000,000
+ 2,000,000
—328,000.000
1,670,000.000
+15 000,000
+542,000.000
+232,000,000
3,165,000,000
6,871,000,COO
r"■*
425,000,000
2,499,000,000
an
—
+11,000,000
+115,000,000 +1,580,000,000
+24,000,000
+32,000,000
+126,000,000
+724,000,000
deposits—adjusted
Time deposits.
15,443,000,000
5,238.000.000
+176,000.000
+ 21,000.000
397.000,000
—10,000,000
ime^ba^^SsIte:111116^deposlts
Domestic banks
6.138,000,000
Foreign banks
Borrowings.
•
......
are
liable
in
early recovery,
an
disordered
be
to
by the
1929, fixed interest pay-
since
have been
debts
and,
scaled
down
through
reduced an item o(
United
whosl
Statea
th
C0UntrieB> is based
favorable
upon
P
nrn'
thesemrral», and™iso
repayment,
t riidit
in
balance
of
trade
has
been
the liberalization of trade through
8
because of the increased reserves of many
Ttcm8' rcrassio" is ,e
^ UP0" !
t0 ^ in'<™"ied at PIeacnt fkrough
neS 7 S"
adTe™ m0Temento fa
S'S.
1 eir uamnces 01 Payments.
It is likewise pointed out in the release by Columbia Uni-
versity that the survey lists
v$„
4-or„
a
number of unfavorable fae-
.
,
...
u
x.
and ,oremo,st'
raaV be fen more difficult now than it was to
1930 ^ festore confidence among business men and so to stimulate private
e*pendit"re of
development. The international political situation
18 ™U(; more alarming, and this breeds an atmosphere of insecurity which
Utates against business commitments.
Closely allied to this are the adverse, as opposed to the stimulating,
effects of heavy rearmament expenditure; for it may react unfavorably
on Pnvate expenditure and private enterprise by underlining the sense
°! Polltical uncertainty and by holding out the prospect of heavy and
.
rising taxation, quite apart from the fact that it drains men and capital
into economically unproductive uses. Increased Government intervention
*n cconomic affairs may also restrain business enterprise in certain ways.
The prospect of policies which attempt to
cure
depressions through raising
waffe ™tes. ^ or,d€r t0 increase purchasing power may reduce the willingOther
higher operating costs.
of economic reform, such
measures
as
the control of the market
security issues in the United States,
new
restrain
may
activity
by
increasing the costs or the difficulties of obtaining new capital. Governnl€r!t inter^enti°n in economic affairs may also involve the possibility
of increased competition by Government
V,
in
as
reduce
the
Urivflte
^
case
of the public
£Xi>6iidittirp
concerns with private enterprise;
utilities in the United States, this may
CRoitnl
on
devploumpnti?
and
pxtprifiinnfi
expenamure on capital aeveiopmenm ana extensions.
In certain circumstances public works expenditure may lead to a
scarcity'of certain types of essential labor and so may react unfavorably
private
activity.
Moreover,
governments
as
become
more
and
more
liable to intervene in economic affairs, it is of increasing importance that
there should be good relations between governments and business in order
to avoid the growing uncertainty and suspicion which is bound otherwise
to appear
If
w
419,000,000
—
oflriprl
.
,'
individual
fear
countries
of
the
to
proceed
effects
on
with
their
measures
foreign
of
internal
exchange
expansion
position.
But
with
this
+616,000,000
—42,000,000
change- also has
—209,000,000
of export goods, but it also gives rise to large-scale speculative movements
' hot" money. Such movements themselves may intensify the foreign
exchange difficulties of certain countries, and by leading to greater de-
+33,000,COO +1,031,000,000
+ 55,000,000
jo
The abandonment of the gold standard and the consequent absence of
rigid exchange stability is in one sense a favorable factor, since it allows
kss
Liabilities—
Demand
of
this
program
earlier
by
Other securities
omes c
""+5,006*666
+12,000i000
Reserve with Fed. Res. banks.....
c,
+ 6,000!000
~105,000,000
1,517,000,000
United States Government
a
000 000
7,794,000.000
...
U. S. Govt, direct obligations
Obligations
Ts
economies
of such lending;
a£rrepmpnts
a»
on
•
ReC^t^ToC^.f-Y.".Y."I"
large
-
and,
cultur&l loftns
made
greatly increased by the more rapid decline in her prices and incomes than
for
_
Commercial, Industrial and agri-
Open market
the
been
Moreover, in 1930 the United States adopted a policy of high protection
at a timc whm the deepening depression was putting a strain on the
the commercial
(—)
+122 000 000 —1,268.000,000
+94i000!000 —1,714,000,000
8,335,000,000
—
of
of many countries.
prospects of
or
Sept.^7, 1938
$'
Assets—
Loans
tA
(+)
restrained
ness of Pnvate business to embark on capital extensions in view of the
ii
ended Sept. 14, 1938, follows:
Increase
whose
now
V.
New
with
influence towards
a very strong
international
on
Holdings of "other securities" increased $11,000,000.
Demand
equipment, combined
reference has
which
and thja
Holdings of obli-
gallons fulllOTtranteed.bythe
be
accumulation
considerable
a
the balance of payments
States Government direct obligations declined $13,-
000,000 in Chicago district and $7,000,000 in the Boston district, and ining member banks showing a net increase of $2,000,000.
now
conTerBion and defau]t
VnZlfne m'rrt^t!,'000'000111 NeW YOTk
creased
countries
no
,,
,
,
is
-dnamed
export markets of other countries, whereas at present
banks.
Commercial, industrial and agricultural loans declined slightly in New
.
,
,,
.T.
*
York City, but increased somewhat in most of the
..
to
51^ ZTtC
ments
.
s^ement of weekly reportlngmember tanks in 101 leadtog
there
of
abrupt cessation
m
States
needs of capital
expenditure to
are
The condition
liable
less
much
depression followed a period of great capital construction; these accumu-
Federal Reserve System tor the week ended With the close
cities shows the following principal changes for the week ended Sept. 14:
are
capital equipment in many directions, whereas the post-1929
new
of business
Sept. 14:
authorities
from 6Uch Policies by fears of their effect upon the balance of payments
—150,000,000 *
—8,000.000
an unfavorable aspect^ for the possibility of exchange
fluctuations not only increases the uncertainties of producers and traders
mands for liquid balances
on
the part of individuals and of banks may
in
•
Volume
hinder
countries
some
Financial
147
the
attainment
conditions
of
of
easy
prospects
of
bumper
and
money
credit.
cotton
in
and
the
United
States
there
are
of
crops
wheat; and if this should give rise again to serious surpluses,
farm products may exert an unfavorable influence on the
reduced prices of
economic
situation.
view
1929,
of
and
opposing
forces
which
in
described
since
conditions
economic
it is still
too early to answer the question whether the present
recovery is permanent
or
not.
But this question is of paramount importance and will in all
probability be answered by the events of the next few months.
The
edition
new
League
this series.
its
is
cost
Columbia
of the
Nations
of
of
of
is
It
is
are
World
the
of
bound in
abqve,
Economic
seventh
volume
a
$1.50;
244
Survey by the
annual
publication of
bound in paper,
pages;
cloth the price is $2.00.
The
University Press, International Documents Serv¬
ice, 2960 Broadway, New York, is the authorized agent for
publications of the League in the United States.
the
to
Anglo-American
Australian
Failure
Trade
Pact
Held
Cause
of
Revise
to
Agreement
with
Foreign Council Reviews
Great Britain—National
Empire Commerce
Delay
reduced
of
revision
be
the
Anglo-American
Australian
of
Australian
present
trade
negotiations
Ministers
trade
obtain
to
with
agreement
'Great Britain, in a statement issued Sept. 16 by the Na¬
tional
Foreign Trade Council.
The Council,
reviewing
Australia's trade policy, concluded that the Ottawa agree¬
ments
it
have
proved too rigid and that Australia
in
her
trade
aim
now
Canada
relations
said that
report
tries
join
to
necessary
in
be
payable
in
kroner,
or
provided in
taking, by
sl.-all
with
non-Empire
countries.
other
and
"a long-term
is
The
Empire
constructive
coun¬
overhaul
both their inter-imperial and foreign trade relations."
Council added, in part;
Australia
varies
In
being dependent chiefly
as
recent
The
the
less
and
exports,
Gold
rates.
exchange
to
payments
fell
restrict
discount
Britain
left
the
sterling
was
imports
sharp
by
increases
abandoned at the end of
were
30%
to
in
relation
1929
to
25%
discount
in
and,
sterling.
tariff
in
1931,
When
gold
standard
the
the
revise
to
which,
causes
normal
which
in
her
Dominions
have
agreements
and
Great
nations
circle of
the
it
on
long list
a
wool
the
for
the
other
of
both
policy,
it is
alone,
of
bilateral
wool
the
world.
formidable
is
at
and
from
the
the
offers
Australia's
the
to
rate
of
early
made
7% to
each
on
new
of Poland
bonds
of
any
loan
the
in
or
the
A
1927
originally
issued
florins,
bondholder
of
is
as
under¬
plan,
bonds,
be
by
per
bonds
by
by
1968,
interest
on
the
and
or
with
republic
the terms
dollar
the
established
bonds
default
default
At
$6.05
about
to
assented
future
Of the
bond.
$100
also will
all
the
of
each
amounts
a
the
and
1968,
the
republic further
on
a
of
effect.
dollar
as
Dutch
of
fund
retire
to
event
full force and
in
sinking
provisions
of
agreement
interest
francs,
provision, to provide that interest
annum
event' of
the
and
Swiss
The
interest
calculated
In
payment,
to
the
bond.
$100
per
this
payments
the maturity
option
the
currency
$5.50
rate,
Interest
annum;
per
be extended to
at
agreement.
multiple
a
by the Republic of
year.
4%%
sterling,
francs
loan
than
maturity.
principal
respect
pounds
French
this
conditions
shall
facto
ipso
$62,000,000 7% stabilization
$13,456,300
presently
are
out¬
standing.
According
Zoltowski's
Mr.
to
with
bonds
in
fiscal agent
Co.,
cash
April
annum
per
the
to
announcement,
holders
bonds
dollar
of
Bondholders who surrender their
detached will be entitled to receive
interest at the rate of % of 1%
coupons
of the interest
account
on
4^4%
republic.
equal to six months'
received
coupons
surrendered
paid in
full
In
1938,
15.
amount
an
of the
at
due
collection
on
the
on
such
of
April
15,
1938,
in addition
April
coupons.
surrender of
time of
bonds
in
1938,
15,
will
assent
be
provided in the plan.
as
dated Sept. 15, but released simultaneously
Republic of Poland's offer of definitive settlement,
Foreign Bondholders Protective Council, Inc., states
notice
a
with the
the
with respect to the plan:
After
careful
consideration
all
of
the
factors
the Council feels that in the circumstances
favorable
the
and
The
consideration
with
consistent
their
of
it
can
involved
bondholders
the
as
fair
issue,
reasonable
and
long view interests.
bond
other
offer,
this proposal
proposals made by the Republic of Poland
regarding
this
in
recommend
issues
noted
were
in
June 1
on
June
our
4
3591.
page
City of Copenhagen (Denmark) to Redeem Part
Loan of 1901
of
4%
Nov. 15
on
The
City of Copenhagen has called for redemption on
15, 1938, 613,808 Kr. principal amount of its 4% loan
of 1901, according to announcement by Heidelbach, Ickel-
her
of
the
for
the
Ottawa
with
Australia
foreign
countries
not
in
a
position
that
insist
is
long-term
a
was
of
trade
From
diversion
trade
maintenance
constructive
find
that
her
Ottawa
plan
lowering of the
a
is
proving
trade
which
self-interest
of
of trade with
policy
of
her
and
overhaul
The
emergency
considerations
Nations
Australia
relations.
short-term
a
to exchange
What
Securities
The
made
public
corrected
the
and
dealers
the New
rent
and
Commission
Exchange
figures
on
odd-lot
Sept.
transactions
22
Sept.
on
for the week ended
summary
a
of
17,
of
odd-lot
specialists in stocks, rights and warrants on
Stock Exchange, continuing a series of cur¬
York
figures being published weekly by the Commission.
figures for the weeks ended Sept. 3 and Sept. 10 were
The
given in our issue of Sept. 17, page 1708.
The
the
data
published
Commission
are
based
filed
reports
upon
with
by odd-lot dealers and specialists.
the rest
be
to
the
with
Co., 49 Wall Street, New York.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Sept. 17
European
been-broken.
has
heimer &
various
trade
Since
agreements
in
foreign
needs.
present
Commonwealth
obstacle
to
opportunities
of
basis.
Empire tariff walls is essential to greater freedom
of
the
much
result of
arises
non-Empire countries.
generally conceded,
the British
1932
connections
her
aim
now
their
considerably
the
as
Britain
multilateral
Australia
inter-imperial
serves
relation
Having made concessions to British manufacturers
of goods,
Dominions
longer
no
sell
herself
Great
to
a
on
Britain's
to
manufactures
their
Prior
was
in goods.
upon payment
with
multilateral
difficult
more
in
Unfavorable Factor
an
finds
now
reduced
trading.
Europe
finds
Trading
agreement
with
of
rate
Australia
combined,
multilateral
the
on
Nov.
Decline in Multilateral
failure
of
Great
established.
The situation
first
creditors
dollars,
favorable
Republic
to
upon
conditions,
leaving interest charges to be accounted for, which, before 1929, were met
by new loans financed in London.
After 1929 it became necessary to
stimulate
the
in
of
means
most
annum
of
primary production^ and in turn
yields vary considerably.
Wheat, * for example,
much as 87%, wool as much at 16%, and butter
nearly 40%.
years Australia's total exports have been balanced by imports,
climatic
upon
the
the original
be
not
present
finds
now
seeking greater flexibility
what Australia
at
from
Swedish
Trust
failure
for
of
in
American
the bonds assenting to'the offer will
will
bearing
announcement
as
desiring to assent to the plan should surrender their bonds to the Bankers
in completing
blamed
The
made public by Janusz Zoltowski, Financial
Embassy of Poland in the United States, follow generally
other
be reinstated
is
offer
forth
set
will
of
Delay in
the
the
pattern
Poland
important changes
many
the
terms
Counselor
the
America.
offering also said;
The
•
the
of
1851
standing in
new
Finally,
In
Chronicle
TRANSACTIONS
ODD-LOT
a
OF ODD-LOT
DEALERS
IN STOCKS, RIGHTS AND WARRANTS
United
EXCHANGE—WEEK ENDED SEPT.
SPECIALISTS
AND
ON THE NEW YORK STOCK
17, 1938
Kingdom and the expansion of her trade with foreign countries.
SALES
Buenos
mitted
a
No. Ord
project of law to the provincial legislature which
would authorize the exemption of all new industries estab¬
lished in that province from virtually all provincial taxes
for
period of 10
according to a report to the Depart¬
by the office of the American Commercial
Attache at Buenos Aires.
The Department's announce¬
ment, issued Sept. 16, continued:
a
years,
ment of Commerce
P*In
order to obtain the proposed exemption,
the industry must have ap¬
proximately $65,000 of capital investment, and at least 70% of its employees
must
and
be Argentines; the industry must be in operation
no
within 18 months
other similar industry shall exist in the province, the report stated.
Any industrial or commercial establishment already in operation which
wishes to extend the field of its activities would be entitled to the benefits
of the proposed
law.
Industries already in operation
on
the date of the
promulgation of the proposed law, as well as those industries which may be
established subsequently and are
not comprised in the provisions of the
proposed law, would have the right under such law of paying
tax for a
are
a
maximum
period of 10 years, it was stated.
The project was understood to
who
very
be advocated by officials of the province
desirous of encouraging the industrial development of the
Province of Buenos Aires, according to the report.
Settlement
Offer
to
Holders
of
(.Customers' Orders to Sell)
Trade Date
Aires Submitted
of the Province of Buenos Aires has sub¬
The executive
PURCHASES
(Customers' Orders to Buy)
Proposal to Exempt New Industries from Taxation in
Republic
of
Poland
Stabilization Loan of 1927—Would Reduce
Interest Rate to 4^%—Protective Council Recom¬
7%
Sept. 12, 13 and 14
Sept. 15, 16 and 17
Total for week...
Member
Trading
Curb
Shares
No. Ord.
799,952 124,712,254
12,411,167
16,166
48.70^
417,240
on
Value
906,328 m. 767,519
436.826
12,912,931
32,543
1,217.1°2 *37.1^3 421
15,384
44.734
Value
Shares
29,3*0
1.343
1*4 *3n 680.450
New York
New York Stock and
Exchanges During Week Ended Sept. 3
During the week ended Sept. 3 the percentage of trading
for
the
account
all
members
of
odd-lot dealers)
the
New
York
Stock
New York
and of the
Exchange to total transactions in each instance was
Curb
below the
bv
of
(except
Exchange
preceding week ended Aug. 27, it was made known
Securities
the
(Sept. 23).
Trading on
members
the
during
and
Exchange
Commission
yesterday
Stock Exchange for the account of all
week ended Sept. 3
(in round-lot
the
transactions)
totaled 1,589,600 shares, which amount was
19.66% of total transactions on the Exchange of 4,042,810
shares.
This
compares
member
with
trading
during
the
previous week ended Aug. 27 of 2,235,975 shares, or 22.00%
of total trading of 5,081,040 shares.
On the New York
Curb Exchange member trading during the week ended
Sept. 3 amounted to 184,475 shares, or
volume
on
that
Exchange,
of
18.13% of the total
508,635 shares;
during the
for adjusting its for¬
previous week trading for the account of Curb members of
210,240 shares was 18.60% of total trading of 565,095 shares.
The data issued by the SEC are in the series of current
eign indebtedness on a permanent basis is regarded as near-
figures being published weekly in accordance with its pro¬
ing completion with
gram
mends Favorable Consideration
The Republic
offer
of
bonds of
the
of Poland's
definitive
the announcement on Sept. 21 of
settlement
the Stabilization
largest
of
the
program
Polish
to
the
holders
Loan of 1927
of
the
an
7%
(Dollar Tranche),
issues originally
issued
or
out¬
embodied in its report to Congress in June, 1936 on
and Advisability of the Complete Segrega¬
the "Feasibility
tion
for
of the Functions of Broker
the
week
ended
Aug. 27
and Dealer."
were
given
in
The figures
these columns
Financial Chronicle
1852
the week
The
data
Sept. 3, the Commission said:
ended
published
are
members.
New
,
Number of reports received
New
Yor
Curb
Exchange
Reports showing transactions:
Night Clearing Branch
104
216
floor"252
24
51
570
657
-
....
0tIi5tiatedon floor**'!
Reports showing no transactions
a
number
The
than
may
registered
which
of
reports
of
number
the
in
reports
ACCOUNT OF MEMBERS*
Week Ended Sept. 3,
(SHARES)
Total for
(numter of shares involved in the balances) showed a figure of 42% in the
of the stock of Chrysler CorP- and 34% in the stock of General Motors
4,042,810
-
-
Through off-setting credits, the settlement of
29 9-10%
_...
_
Sold...
2.
889,130
—
—
Other transactions Initiated on the
floor—Bought--....
Other transactions Initiated off the
floor—Bought
with
of deliveries
the number
an average
5.49
provement of: (1)
in certifications obviated, and (2) 35%
12%
Ratio figures also show that the
drawn.
an
766,760
made to our Central Delivery Department, of which over 50% had been
822,840
delivered and passed out to
l
0
Transactions for the odd-lot accounts of
'
589 600
19 66
—I—
'
the
On
Term
Settlement
day of Sept.
the racks
~2i5
Total
92o
2 67
—
*-
;
—
1270.
^
York
New
1,278,223
Total
The
week Ended sept. 3,1938
Totalfor
Per
week
Total round-lot volume...
,
cent
■
508,6j5
Committee
Listing
of
Issues
Stock List of the New York Stock
Sept. 20, authorized the
Republic of Chile, assented bonds of the following issues:
dated Nov. 1, 1922,
66,670
^registered—Bought
35,069,500 Republic of Chile 6% external sinking fund bonds, dated
146,515
0t^®irdtranBact,onfl ,nltlated on the floor—Bought
-
Oct*# ■!». 1920f
'
.
Total..
*14.40
7,900
--
15,800
0t^1rdtran8actloDfl ,nlt,ated off the floor—Bought. ....
external sinking fund
bonds, dated
Republ'ic^f Chile railway refunding sinking fund 6%
external
bonds, dated Jan. 1, 1928,
13,026,000 Republic of Chile external loan sinking fund 6%
bonds, dated
Republk/of Chile external loan sinking fund 6%
bonds, dated
2.18
21,505,500 Republic of Chile external loan sinking fund 6%
bonds, dated
8.692,500
'
March 1
22,160
-
6%
1.55
^8,080
................
21,450,500 Republic of Chile
28,672,000
•
Total
...
on
a meeting held on
listing of the following securities:
Exchange at
specialists In stocks in which they are
Total
Authorizes
Chile Bonds of Several
$13,927,000 Republic of Chile 20-Year 7% external loan sinking fund bonds,
Round-lot transactions for account of members:
-
Exchange
Stock
Republic of
for
account of members* (shares)
of
page
♦
stock transactions on the new york curb exchange
Transactions
Aug. 27 issue,
622,099
-
marked for additional contribu-
A previous item bearing on the new system was given in
our
656,124
Sold
At
members for their representatives to make
tIon fc0 the Clearing Fund for $12,500 for next day or Term Settlement day.
—122^160
In odd lots—Bought
16,266 deliveries
the receiving members up to 12:00 noon.
of the receiving
On this last Term only one account was
In8roldnd l0te~B°
16 there were
2:17 p.m. there were very few securities in the Central Delivery Department
in
final pick-ups.
specialists and odd-
lot dealers:
*'
Term Settlement effected
in the matter of checks required.
56,300
_
2*
in the
obviation of bank clearances which may in part have been due to the fact
—
Sold
.
daily business of 1,706,000 shares
—
-
Total—Bought
1.
in
that some checks were redeposited in the banks upon which tbey were
140,760
Total—.
2.
Wednesday
14,064 showing average deliveries for 1,000
was
apparent improvement of 57%
4.
and
Ratio figures show that the Term Settlement effected an apparent im-
(
115,540
Sold
Tuesday
Monday,
shares of 8 or a saving of approximately 40%.
219,100
777717
444,170
Total
3.
1100
225,070
Sold
average
an
Term Settlement,
the
Total
for
August, 1938, under the old plan were 11,883 with average daily sales of
896,000 shares, or an average of 13 deliveries for every 1,000 shares. Under
432,120
457,010
_
.
deliveries
The
! A
$1,000,000 through Day
would have necessitated $343,800;
under the Term Settlement Plan it necessitates $241,000 or a saving of
.
Stered-Kht
operations under the old plan
Branch
Round-lot transactions for account of members (except transactions for the odd-lot accounts of specialists and odd-lot
dealers):
nr„„rh
Day Branch
Per
Cent*
Total round lot volume
14, the number of deliveries
In the case of both of these stocks an elimination of share balances
of 54%.
Corporation.
1938
elimination in deliveries of 53%
an
totaled 200, whereas on the Term Settlement of Sept. 16 for these three
trading days there were 91 deliveries, showing an elimination in deliveries
'
NEW YORK STOCKIEX CHANGE FOR
the same three days on Sept. 16, there were
stock for the contract dates of Sept. 12, 13 and
various classifications may total more
received because, at times, a single report
8TOCK TRANSACTIONS ON THE
thprphv showinc
splivpripg
86 deliveries, thereby snowing an elimination in deliveries or Od/o .
On a study made from the allotment sheets of General Motors Corp.
the
entries in more than one classification.
carry
meat of these transactions for
not strictly
are
of the Chrysler Corp. of the elimina-
Term Settlement of Sept. 16, 1938, shows
tion of deliveries effected by the
round-lot transactions of specialists
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
Night Branch analysis in the stock
that had there been separate clearances for contracts of Sept. 12, 13 and
14, the total deliveries would have been 183.
Because of the Term SettJe-
Note—On the New York Curb Exchange the
"In stocks
of which have shown and proven very favorable results.
hour trading, all
829
*
203
As specialists *
Initiated off
York
Stock
Exchange
1.086
,
*
Because of the interest being shown in the subject, I am summarizing,
for your information, some of the results of our experience with term settlements, based upon our observation since the plan was introduced on Sept. 1.
Since the inception of the plan, we have had five term settlements, one
comprising 10 hours trading, three of 12 hour trading each and one of 15
based upon weekly reports tiled with the New
and the New York Curb Exchange by their respecThese reports are classified as follows:
Stock Exchange
York
tive
members of the Exchange on Sept. 22 by Isaac
JUHalliday, President of the Stock Clearing Corporation:
was sent to
In making available the data for
Sept. 17, page 1707.
of
Sept. 24, 193s
1929
May ^ i93o,
4.
13,372,500 Caja de Credito Hipotecario, Chile guaranteed sinking fund
82,650
101,825
Total—Bought.
Sold
6M%
.
a
184(475
IotaI
Odd-lot transactions for account of specialists—Bought
46,812
Sold
The term
80403
•'members"
includes
all
partners, including special partners.
a Shares in members' transactions
Exchange members,
t
^
their firms and tbelr
^.
bonds, dated June 20, 1925,
8,338,500 Caja de Credito Hipotecario, Chile guaranteed sinking fund
6%%
bonds of 1926, dated June 30, 1926,
13,287,000 Caja de Credito Hipotecario, Chile guaranteed sinking fund
33,591
Total
*
18 13
6%
bonds of 1928, dated April 30, 1928, and
15,639,500 Caja de Credito Hipotecario, Chile guaranteed sinking fund
*K>nds °* 1929, dated May 1, 1929.
The Stock Exchange announcement says:
J
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
are
?n1?mn"r^ynS°r°Bna'°n'Ude' b°"' purcbase8 and 8f"e8 wl,Ue the Exctla"Ke
above securities will be submitted to the Board of Governors, for infonna-
as
per cent
»
Limit
Time
for
Securities
on
Listing New York Stock Exchange
Chicago Stock Exchange Expires
Arthur M. Betts, Chairman of the Board of the Chicago
Stock Exchange announced Sept. 19 that the plan of the Ex-
change to list the securities of large corporations also listed
on the New York Stock Exchange has expired and will not
be extended.
Simultaneously, Mr. Betts announced that
the Exchange has been notified by 11 corporations of their
acceptance of the Exchange's invitation to list and in addition, there are several others in process, final decision having
been delayed by special circumstances.
The time limit was
set on Aug. 10 by the Board of Governors, as was noted in
our issue of Aug. 20,
page 1120. #
The foregoing authorizations do not necessarily indicate that the securities
to
be immediately admitted to dealings.
tion, at its next meeting.
New York Stock Exchange Issues Form Covering Long
and Short Sates—Asks Members to Designate Such
Dealings for Their Additiona Protection
Members of the New York Stock Exchange were asked on
Sept. 19 to make written agreements with customers which
would provide that long, as well as short, orders be designated
a8 such. This plan was designed to avoid the necessity of
obtaining the required information on each individual order
to sell a security long, which is not in a customer's account,
Federal regulations provide that every sell order executed
on the Exchange must be marked "long ' or "short. '
In
the Past some difficulties have been encountered when
brokers in good faith have executed "long" orders for cus¬
tomers who did not
New
York
Stock
Exchange Reports Results of SemiWeekly Settlements of Stock Transactions—New
System Shown to Reduce Labor and Expenses
The
following report, summarizing the results of semiweekly settlements for transactions in stocks on the New
York Stock Exchange, which were inaugurated on Sept. 1,
Applications for listing the
actually
own
the securities in question.
The Exchange accordingly acted on the suggestion of members that a written form be devised; and prepared this form
with the cooperation of the Securities and Exchange Commission,
The letter from the Exchange to its members described
the form to be used in the future as follows:
Volume
Financial
147
For the information of members there is given below a
Commission
to
provide
This is, of course,
required in connection with the rules under discussion.
not the
merely
only form which
a
example of
a
as one
proper agreement
take but is given here
may
"Having in mind the rules promulgated by the Securities and Exchange
Commission under Section 10(a) of the Securities Exchange Act of 1934,
which you have called to our attention, we hereby undertake and agree
to designate all sell orders as either 'long' or 'short', unless the security to
be delivered after sale is carried in the account for which the sale is to be
effected, and that the designation by us.of an order as a 'long' sell order
a certification by us that the security ordered to be sold is owned
by the seller and that either (1) such security has been forwarded to such
account or (2) it is then impracticable to deliver such security to such ac¬
count, but that the seller will deliver such security to such account as soon
as it is possible without undue inconvenience or expense.
If there is car¬
ried in the account for which the sale is to be effected a security which can
shall be
be delivered in satisfaction of the sale, you are
deliver such security from such account.
authorized and directed to
in this understanding and
returning to us the enclosed carbon copy of
"Will you kindly evidence your concurrence
In the
tomer with whom he communicates in a code
of the Commission's stall it would be
the opinoin
appropriate to include in the written
material quoted above,
agreement with such a customer, in addition to the
the
foreign cus¬
which does not employ words
the Exchange is informed that in
having normal meanings,
following arrangement in regard to the code, or its equivalent:
that in addition to the mean¬
"We desire hereby also to agree with you
book
which
The Federal
insured
unless otherwise noted,
banks
commercial
banks increased
United
the
in
the
to
assigned
the
said
ment
or
amounteed
$54,364,953,000,
to
Dec. 31 and June 30 last year,
while the deposits were in
$47,429,821,000 on June 30, 1938, as compared
with $47,191,415,000 at the close of 1937 and $47,799,892,000
on June 30.
The preliminary report of insured commercial
banks in the United States, as issued by the FDIC on
Sept. 1, appeared in our Sept. 3 issue, page 1417.
The
following is the summary presented by the FDIC:
SUMMARY
ASSETS'AND
OF
LIABILITIES
OF"OPERATING INSURED
COMMERCIAL BANKS, JUNE 30, 1938, DEC.
1937 UNITED STATES AND POSSESSIONS
be interpreted to include a
31, 1937, AND JUNE 30,
(Amounts In thousands of dollars)
Condition
June
30,
Dec.
on—
31,
-.M
-
June
30,
1938
of further evidencing the additional
1937
1937
al3,723
Number of banks..
bl3,795
bl3,885
ASSETS
789,519
7,005,209
4,817,035
2,319,081
844,197
6,896,663
4,550,555
2,248,736
'
Cash, Balances with Other Banks, & Cash Items
in Process of Collection—
Coin and currency
on this page to the respective
words shall, unless otherwise noted, also mean
be sold is owned by the seller and that either
(1) such security has been forwarded to such account or (2) it is then im¬
practicable to deliver such security to such account, but that the seller
will deliver such security to such account as soon as is possible without
undue inconvenience or expense.' "
meanings assigned
the
to
as
amount of
meanings hereby
to the said code words, you and we will affix to the said pages of
code book in our respective possession an appropriate endorse¬
legend expressly setting forth the aforesaid additional meanings.
addition
its
against $54,221,369,000 and $54,891,576,000, respectively,
The text of such legend is:
'In
and
The assets at the latest datr, according
Corporation,
out undue inconvenience or expense.
"For the purpose
States
compared with Dec. 31, 1937, but were
as
below June 30, 1937.
certifica¬
tion by us that the security ordered to be sold is owned by the seller and
that either (1) such security has been forwarded to such account or (2) is
is then impracticable to deliver such security to such account, but that the
seller will deliver such security to such account as soon as is possible with¬
words shall,
a summary
showing the condition of 13,723 operating
Possessions, indicates that total assets and deposits of the
with each other, said
in communicating
use
we
Deposit Insurance Corporation, in
of June 30, 1938
as
of the
ings assigned to the respective words relating to sales on pages
code
and Deposits of Operating Banks Insured by
FDIC—Figures as of June 30, 1938,
Reported
Above Those of Dec. 31 But Below Year Ago
on
member who executes selling orders for a
of a
case
Assets
suitable form.
arrangement by signing and
this letter."
20, page 1121.
during July appeared in our issue of Aug.
of obtaining the information
suitable method
a
and- Exchange
National banks completed
Reference to the liquidation of
form of written
agreement which is considered by the staff of the Securities
.1853
Chronicle
Reserve with Federal Reserve banks
words relating to sales, said
that the security ordered to
909,727
8,004,090
5,511,377
1,945,536
-
Other balances with banks
Cash items in process of collection
Total cash, bals. with other banks,
items In process of collection
and cash
16,370,730 14,930,844 14,540,151
Securities—
Direct obligations of the U. S. Government
New
Stock
York
Exchange Rules
Obligations fully guaranteed by the U. S. Govt—
Obligations of States & their political subdivisions
Transfer of Bid
on
Priority
The
Committee
Floor
on
offer may
the New York
of
offer is continued for the same ac¬
originally made.
The regulation has
Miscellaneous Assets—
or
count for which it was
35,974,647 37,194,239 38,193,186
Total loans and securities
another
be transferred from one member to
provided that the bid
Total securities
20,278,565 20,476,772 21,178,563
Loans, discounts & overdrafts (lncl. rediscounts) __ 15,696,082 16,717,467 17,014,623
ruled that the priority of a bid
Stock Exchange on Sept. 20
or
Other securities
Procedure
11,159,748 11,572,791 11,850,167
2,114,545
2,365,446 2,096,561
2,662,173
2,660,288 2,567,801
4,093,083 4,239,619 4,551,678
1,545
244,013
--
Other real estate owned
-----
Customers liability on account of acceptances.
1,160,501
519,572
157,141
1,162
257,910
2,019,576
Banking house, furniture and fixtures..
reference to Rule 118 of the Board of Governors.
2,096,286
1,153,259
509,260
111,499
Borrowed securities
Other assets
Liquidation
Banks
of 24 Receiverships of National
Completed During August
Announcement
made
was
15
Sept.
on
-
54.364 053 54.221
Total assets
Marshall
by
Total miscellaneous assets
'
369
'
1,172,617
537,430
190,745
818
256,629
2,158,239
54,891,576
It.
LIABILITIES AND CAPITAL
month
of
receiverships during the
closed
restored
or
disbursements,
creditors
of
these
including offsets
receiverships,
1,191
to
solvency
since the
Postal savings.
Other banks
Cash
allowed, to depositors and other
exclusive of the 42 restored to
liabilities,
of
of 80.52% of total
while unsecured creditors received dividends amounting to an
67.32% of their claims.
Dividends distributed to creditors
Total
receiverships
March
from
16,
officers',
and
703,876
Bills
reporting hanks
Dividends declared but not yet payable.d_
Other liabilities
AND FINALLY CLOSED
RESTORED TO SOLVENCY DURING MONTH OF AUGUST, 1938
INSOLVENT NATIONAL BANKS LIQUIDATED
bursements
Total Dis-
Including
bursem'ts
Declared
Offsets
Allowed
First Nat. Bank, Benton,
to
Total
176,128
46,301
353,315
215,267
625,912
695,626
818
46,599
375.694
Capital Account—
i'.. .........
3,018,570
2,292,137
undeclared dlvs._d_
731,829
319,339
stock, cap. notes & debs.
30,618
6,392,493
Capital stock, notes, and debentures
to All
Surplus
Liabilities Claimants
......
$525,039
88.6
81.1
......
Reserve for contingencies and
12- 2-30
994,308
66.01
36.6
Retirement fund for pref.
2-12-32
455,637
92.38
3,030,146
2,268,179
711,186
3,053,970
2,225,180
707,589
366,868
27,663
384,103
25,216
6,404,042
6,396,058
91.4
2-16-31
III
First Nat. Bank, Mendota, 111
21,823
47,972,460 47,817,327 48,495,518
Undivided profits—net
First Nat. Bank, Hartselle, Ala
35,425
1,162
18,924
Dividend
of
Failure
Bank
Total miscellaneous liabilities
Total liabilities (excluding capital account)
Per Cent
Date
Name and Location of
Per Cent
30,082
542,639
__
26,929
1,545
15,520
122,601
44,640
331,404
*
...........
-
Accept, outstand'g executed by or for the acct. of
National banks liquidated and
finally closed or restored to solvency during August:
Total Dis¬
802,196
payable, rediscounts & other liabilities for
borrowed money_c
Securities borrowed
Mtge. bonds & partlc. certificates outstanding.
The following are the 24
813,974
47,429,821 47,191,415 47,799,892
32,613,351 32,364,469 33,240,411
14,816,470 14,826,946 14,559,481
deposits
Miscellaneous Liabilities—
and distributions to depositors of all
1933, to Aug. 31, 1938, amounted to
$918,508,021.
OR
certified,
credit,
Demand
dividends paid
Total
$2,041,060.
of
Time
receiverships during the month of August, 1938, amounted to
all active
of
letters
and travelers' checks outstanding
solvency, aggregated $480,270,506, or an average return
average
21,986,370 22,106,285 22,624,279
13,997,882 13,959,543 13,932,794
3,420,500 3,256,196 3,511,114
651,489
801,354
560,370
125,915
131,602
110,192
6,650,631 6,128,148 6,146,418
Demand
Time
States and their political subdivisions
United States Government
Mr. Diggs stated:
banking holiday of March, 1933.
Total
Deposits—
Individuals, partnerships and corporations:
This makes a total of 1,191 receiv¬
August, 1938.
finally
erships
of 24
the liquidation
of
pletion
of the com¬
Currency,
the
of
Comptroller
Acting
Diggs,
2-12-32
763,598
98.09
First Nat. Bank, Marion, Ind
*12- 5-33
3,360,941
103.83
Second Nat. Bank, Bel Air, Md
*10-13-33
998,931
97.12
12-30-32
First Nat. Bank, Centerline, Mich
Hastings Nat. Bank, Hastings, Mich.. *12-27-32
2-10-31
Clinton Nat. Bank, Clinton, Mo
211,689
87.47
98.57
98.46
369,578
68.96
53.9
2- 2-32
264,658
92.12
Total capital account
81
805,242
90.5
Mendota Nat. Bank, Mendota, 111—
98.35
108.98*.
Peoples Nat. Bank, Clinton, Mo
First Nat. Bank, Mountain Grove, Mo
*2-19-34
106,061
50.91
1-13-33
1,539,552
79.85
65.92
*8-23-33
68,973
47.65
Co., Point Pleasant Bch.,N.J.
2- 3-32
431,130
88.30
59.7
*2-21-34
799,965
95.02
92.95
pledged
10.6
Elmhurst Nat. Bank, Elmhurst, N. Y_
Memorandum
Pledged Assets—
U. 8. Govt, obllgs. direct & fully guar.,
24
St. Louis Nat. Bank, St. Louis, Mo...
54,364,953 54,221,369 54,891,576
Total liabilities and capital account......
96.26
Peoples Nat. Bank, Seymour, Mo
Point Pleasant Beach Nat. Bank
Trust
&.
.
*2-21-33
534,231
96.69
94.7
8-10-31
First Nat. Bank,
2,599,029
83.22
4-13-29
494,644
81.69
75.3
11-30-31
1,114,724
91.15
89.14
1-29
480,345
39.78
25.89
1- 5-33
215,716
71.46
39.2
10-15-31
367,151
69.98
66.1
8-22-32
77,564
55.23
25.4
Albans, W. Va— *12-18-33
303,737
90.67
89.26
ville, N. Y
Peoples Nat. Bank, Adena, Ohio
First Nat. Bank, Houtzdale, Pa
Nat. Bank of Newberry, S. C_.
Citizens Security Nat.
8. Dak
Fanners
&
7-
Nat.
Bank,
Webster, 8. Dak
Twin City Nat. Bank,
*
Bluefield, Va._
Formerly in conservatorship.
Guardianship
Claimants."
x
Including 4.06%
interest In full
to so-called
pledged assets
3,190,912
948,196
3,114,308
979,258
3,861,855
liabilities
4,139,108
4,093,566
3,122,346
3,341,823
3,368,921
Secured Liabilities—
Deposits secured by pledged assets pursuant to
requirement of law
a
Bank, Sisseton,
Merchants
First Nat. Bank, St.
Total
79.6
Franklin, N. Y
Manufacturers' Nat. Bank, Mechanics-
2,922,595
939,260
to secure liabilities
Other assets pledged to secure
Includes two national banks In Alaska,
and one national bank In the Virgin
Islands, none of which is a member of the Federal Reserve System. Excludes four
State banks not members of the Federal Reserve System.
b Includes two national banks In Alaska, and one national bank In the Virgin
Islands, none of which Is a member of the Federal Reserve System. Excludes two
State banks not members of the Federal Reserve System.
c Includes agreements to repurchase securities sold and obligations on Industrial
banks.
payable includes for national banks, amounts set
and for State banks members of the Federal Reserve
advances transferred to Federal Reserve
d Dividends declared but not yet
aside for dividends not declared,
System, amounts set aside for
capital notes and debentures.
dividends not declared and for accrued Interest on
Financial
1854
$65,648,000,000—Treasury
Showing Figures for
Total Tax-Exempt Securities
Survey
Issues
Department
Year Ended June 30, 1937
of securities exempt from the Federal
June 30, 1937, completed by
the Treasury Department, in cooperation with the Bureau
of the Census, reports as $35,048,000,000 the estimated
gross volume of tax-exempt securities, including the obliga¬
tions of the Federal Government, its agencies, tJie State and
income tax outstanding as of
local governments, and the territories and insular posses¬
sions.
Of the figures indicated, $36,591,000,000 represents
wholly exempt and $29,057,000,000 partially
exempt, in making available the survey the Treasury De¬
partment on Sept. 19 said:
amount
The securities covered
of two classes: those the interest on which is
are
exempt from the normal Federal income tax only—generally referred to
partially
as
those
securities—and
tax-exempt
which is
the interest on
exempt from the surtax as well as the normal tax—generally referred to
wholly tax-exempt securities.
as
published regularly in the Annual
Report of the Secretary of the Treasury.
The estimates relating to June 30,
were first published In summary
1937, contained in the present survey,
for 1937, released in January, 1938 (this report
referred to in our issue of Jan. 15, page 346—Ed.).
was
The present survey,
of the
The survey also contains an analysis of trends in the volume
the amounts of interest accruing
securities outstanding and in
of such
The analysis is both presented nationally and broken down in
thereon.
part by the geographical location and type of
Data
be outstanding on
estimated to
1937, and of the annual amount of interest accruing on such
June 30,
securities.
the issuing units.
with respect to the amounts held by govern¬
securities outstanding and
ments, their sinking, trust and investment funds, their agencies, and
by
Federal Reserve banks, none of which is in a position to take advantage
securities.
of the tax-exempt features of such
A large
State and local debt
presented in the present report is compiled in much greater detail decen¬
nially by the Bureau of the Census, the latest compilation applying to the
year
1932.
The present report, applying to the year 1937, half-way between
There is appended to the report a memorandum summarizing
the avail¬
by private
investors.
few copies
are
available for public officers and for publications which wish to
use
make
of the data.
volume
of tax-exempt
Direct
million.
totaling
$29,836 million
for
accounted
,
securities
were
totaled
of the
obligations
comprised
United
of
were,
of the
million,
State
North Carolina with funds acquired through the sale
A similar duplication arises from the
The purchase
obligations.
government
utilization of Federal credit by State and local governments.
State and municipal securities by the Public Works Adminis¬
of $102 million
by the Reconstruction Finance Corporation with
tration and $423 million
from the Treasury, which may be provided through the
funds acquired
volume of borrowing from the public is substantially below
the actual gross
volume of securities wholly and partially exempt from the Federal
the gross
income tax.
but
of another
Differences
less significant character exist also be¬
no
the net public debt and the net outstanding
volume of tax-exempt
securities.
The first of these is derived by deducting from the gross volume
of interest
and
non-interest-bearing public debt the total value of assets
The net volume of tax-exempt securities,
held in sinking funds.
the
on
by deducting from the total volume of tax-exempt
other hand, is obtained
volume of such obligations held by the
the
interest-bearing obligations
their sinking, trust and investment funds, Federal
various governments,
Thus, in arriving at net outstand¬
ing tax-exempt issues, only those assets of sinking funds are taken into
account which consist of tax-exempt securities.
Additional deductions are
made, however, for tax-exempt securities held by various governments in
their general
funds as well as in their trust and investment funds.
of net public
debt.
This
it will be noted, is of no relevance to the concept
Thus, while gross and net public debt and gross and net
tax-exempt securities are parallel concepts and consist in part of identical
constituents, their differences are of too substantial a magnitude to permit
interchangeably.
the statistics being used
the gross volume of tax-exempt securities
totaled $65,648 million the report in part added:
Direct obligations
29.2% of the total, (h)
whose obligations amounted to
The distribution
Table
summarily in
.
of State and local
the nor nal rates alone, is presented
Table 1—Gross Volume of
Securities Exempt from the Federal Income Tax, by Types
of Borrowers, June 30, 1937
(In millions of dollars)
Wholly
Partially
Total
Exempt
Exempt
35,803
15,065
20,738
8,319
Types of Borrowers
United States Government
10,547
z,228
*19,152
*1 j,152
146
State and local governments
stated:
146
*65,648
*36,591
Territorial and insular governments—
Exemption from Slate and Local Taxes
Total
presented have no reference to the taxability of governmental obligations
by
While the Supreme Court has held that, in the
Congress,(a)
State may not tax securities of the
a
United States, (b) no restriction is imposed upon the power of a State to tax
Its own securities, and the Court has sustained the right of a State to tax
bonds of another State when owned by a citizen of the taxing
State.(c)
In
practice, some States have voluntarily agreed to grant income tax exemp¬
derived from each other's securities, (d)
courts have sustained the
Furthermore, the
authority of States to tax income from Federal
securities through corporation excise taxes by measuring the excise on the
basis of corporate net income from all sources, (e)
Finally, the courts have
upheld the right of the State to subject Federal bonds to inheritance taxes,
maintaining that the effect of such
Federal Government
was
,
between
1.
The partially exempt
exempt obligations consisted
under State income taxes.
and 0.2%
of these income yielding assets
both the normal and the surtax rates of the Federal
Government
It should be emphasized that the statistics of tax-exempt securities here
absence of consent
Th Federal agencies
and the territorial and insular governments contributed 16.1%
all Federal issues, but more than half, $14,854
course,
wholly
States
United States Government comprised 54.5%
of the
Next largest issuers were the State and local governments
Federal agencies
to interest
Because these dupli¬
illustration.
omitted non-interest-bearing securities,
exceed the
greatly
cating items
State and local government obligations for
11.3%,
In the survey it is
To
bonds by the State of
of
by the purchase of county school construction
for instance,
income tax and those exempt from
on
securities.
tion
In the case of State and local governments, such dupli¬
by local governmental unite and
cation arises from the use of State credit
is evidenced,
of the total; Federal agency
59.1%
and territorial and insular securities for 0.2%
obligations
$50,522 million
included in this total to the extent
partially exempt obligations to the amount of
$27,967 million, and
29.4%
Corporation.
gage
by
million Federal land bank bonds held by the Federal Farm Mort¬
those exempt from
Wholly exempt issues
$22,555
issues
the $761
respectively.
The survey states:
of
of the agencies of the United States Government, it is illustrated
case
of the total.
The report has not been printed for general distribution, but a
net
In the
for one unit of public indebtedness, (g)
In stating that
able data with respect to the ownership of tax-exempt securities
June 30,1937.
by the Uniteid States
obtained from the sale of United States obliga¬
Government with proceeds
tions—two units of securities
1932 and 1942, is believed to fill the need for an inter-
the census years
censal estimate of State and local debt operations."
The
of the Federal
case
by the $3,605 million of Recon¬
Finance Corporation securities purchased
struction
last category of assets,
portion of the information dealing with
In the
duplication.
Government such duplication is illustrated
agencies and the Federal Reserve banks.
presented both with respect to the gross amount of tax-exempt
are
the public, for the total volume of tax-exempt
amount of borrowing from
securities contains an element of
tween
consisting of 113 pages, includes a detailed analysis
of tax-exempt securities
amount
agencies.
sale of Federal obligations, serves as an
Summary statistics with respect to the estimated outstanding amounts
of both of these classes of securities are
form in the Annual Report
privilege of tax exemptions, these do not represent governmental obliga¬
tions.
For convenience, however, they are here grouped with Federal
Furthermore, the total volume of tax-exempt securities exceeds the gross
A detailed survey
the
Sept, 24, 1938
Chronicle
a
tax
upon
*
...
For the fiscal year
exempt
ending June 30,
1937, these interest bearing, tax-
estimated
represented
securities
annual
gross
interest
costs
in
The distribution of this total in accordance with
of $1,951 million.
excess
degree of Federal income tax exemption is summarized in Table 2; $1,167
million
was
composed of wholly exempt and $784 million of partially exempt
The partially exempt income was accounted for entirely
income.
eral securities;
by Fed¬
$636 million by direct United States Government obligations
$148 million by the issues of Federal agencies.
and
thirds of the wholly exempt income was
Approximately two-
due to State and local government
securities, which yielded an estimated total of $795 million.
Table 2—Estimated Gross Amount
of Interest Exempt from the Federal Income Tax,
Fiscal Year 1937*
the borrowing power of the
too remote to render it unconstitutional,
29,057
Estimated.
(In millions of dollars)
(f)
1
summarize,
the securities
discussed
in
this
report
are
all exempt
from the normal Federal income tax, may or may not be
exempt
Wholly
from the
surtax rates of the
Federal income tax, are taxable by
inheritance, estate and gift taxes, and in part may
Exempt
State and Federal
be taxable by State
United States Government
924
--
State and local governments
Debt__
288
224
Ji
70
795
Federal agencies.
income and other taxes.
Relation to Public
Partially
Exempt
Total
Types of Borrowers
.
636
148
795
8
Territorial and insular governments
,
8
---
It should be emphasized that the total volume of
tax-exempt securities
is not synonymous with the total volume of
public debt.
Although these
categories are frequently used interchangeably and are composed in large
part of the same constituents, the difference between the two aggregates
is of appreciable magnitude.
1,951
Total
*
estimates of actual interest payments during
The gross volume of public debt,
encompassing the indebtedness of the
Federal Government and its agencies, the debt of the territories and insular
the total
possessions,
States, some 3,000 counties, 36,000
127,000 school districts and 15,000 other civil divisions,
is not synonymous either
of
estimate of the amount of government
as weU as that of the 48
municipalities,
both
consists
interest-bearing
Income tax exemption,
debt.
and
non-interest-bearing
Non-interest-bearing securities, yielding
vance to
obligations.
however, is concerned only with interest-bearing
income tax exemption.
The
same
no
Income,
are
of
no
rele¬
applies to such other interest-
1,167
784
categories of Federal securities computed on basis
of obligations outstanding June 30, 1937; that on all other securities represents
Annual Interest on the two
It should be
gross
volume of tax-exempt securities as presented in
of tax-exempt securities
who,
unless
the fiscal year.
emphasized, however, that for reasons already Indicated,
Table 1
with the volume of public debt or with the amount
held by private investors.
exempted by
In order to arrive at an
securities held by private investors
other provisions of the
Revenue Act, would
of the esti¬
gain exemption therefrom, it is necessary to take cognizance
mated
volume
of
government
securities
held
in
non-private portfolios.
insular securities
bearing obligations
The
amount
privilege.
held
by various government buyers and the Federal Reserve banks and,
includes
as may in the future be issued without tax
exemption
On the other hand, the total volume of tax-exempt securities
some
items not contained in the
the Joint stock land banks
a
Baltimore National Bank
6 Weston V.
c
are
a
case
in
public debt.
point.
Securities issued by
While cloaked with the
e
v.
State Tax
Pacific Co. v. Johnson
(285 U. S. 480); Educational Films Co.
379).
/ Plummer v. Coler (178 U. S. 115).
State,
local,
territorial and
On June 30,
to
of the total gross volume
therefore, not held by private investors, is given in Table 3.
1937,
total
non-private
holdings
of tax-exempt
securities amounted
Commissioner, 297 U. 8. 209.
Charleston, 2 Peters, 449.
Bonaparte v. Tax Court, 104 U. S. 592.
8.
Federal,
$15,126 million and equaled nearly one-quarter
d For a summary statement of the treatment of
interest derived from State and
local securities under the several State income tax
laws, see Appendix Tables H
and J, pages 90 and 97 Treasury
report].
XT.
of
g Statistics of security holdings here quoted are as of June 30,1937.
Subsequently,
Pub. No. 432, 75th Congress, 3d Session, approved February 24, 1938, authorized
"the Secretary of the Treasury to cancel obligations of the Reconstruction Finance
Corporation incurred in supplying funds for relief at the authorization or direction
of Congress, and for other purposes."
h Unless
v.
Ward
(282
otherwise specified,
the Interest-bearing debt in the trust and Invest¬
of Columbia is included with those of Stqate and
ment fund holdings of the District
local governments.
to affect the totals.
In
cases
of such inclusion, the sums involved are too small
Volume
Financial
147
of these securities.
This aggregate was composed cf
obligations
United
the
of
$5,967 million direct
$4,835
Government,
Federal
million
$4,298 million securities issued by State and local govern¬
agency issues.
$26 million
ments, and
States
lotted
must
of Borrowers, June 30, 1937
bills will
Treasury
from the
sale
taxation,
be
except
invited
to
Sept.
on
all
from
Federal
the
gain
any
or
im¬
other
and
be exempt,
(Attention is
thereof will also
inheritance
and
and interest,
principal
to
as
disposition
estate
cash
in
1938.
exempt,
other
or
Banks
Reserve
28,
taxes.
Treasury Decision
4550. ruling that Treasury bills are not ex¬
the sale or other disposition of
Treasury bills shall be allowed as a deduction, or otherwise recog¬
nized, for the purposes of any tax now or hereafter imposed by the
from the gift
empt
(In millions of dollars)
Payment at the price offered for Treasury bills al¬
at
made
mediately available (funds
territorial obligations.
Trust
Types
thereof.
be
rejection
or
The
Table 3—Volume of Tax-Exempt Securities Held by Governments, Their Sinking,
and Investment Funds, Their Agencies, and by Federal Reserve Banks, by
1855
Chronicle
tax.)
No loss from
the
Wholly
Partially
Exempt
Total
Types of Borrowers
Exempt
United
5,967
Federal agencies
State and local governments
4,835
2,502
4,000
3,465
835
*4,298
*
*8,624
or
of
any
its
the
terms
possessions.
Circular
Department
No.
418,
Treasury
the
of
bills
and
amended,
as
and govern
the
notice
this
conditions
of
issue.
26
*15,126
prescribe
their
*4,298
26
Territorial and insular governments
Total
States
Treasury
*
United States Government
6", 502
$3,905,650 of Government Securities Sold by Treasury
During August
Estimated.
Market transactions in Government securities for Trea¬
Return
Standard
to
a. m. Sunday (Sept. 25)
—Announcements by New York and Chicago Fed¬
^"ime at 2
eral Reserve Banks
The Federal Reserve Bank of New York issued the follow¬
ing announcement
Eastern
on
Standard
Sept. 21 with regard to the return to
Time
2
at
a.
RESERVE
FEDERAL
(Sunday),
hour):
tomorrow
m.
Sept. 25 (when the clocks will be turned back
one
investment accounts in August, 1938, resulted in net
of $3,905,650,
Secretary of the Treasury Henry
Morgenthau Jr. announced on Sept. 16.
This compares
with net purchases of $1,151,600 during July.
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since the be¬
ginning of 1937:
sury
sales
1937—
1937—
BANK
January
RETURN
STANDARD
TO
$14,363,300 purchased
November
$2,000,050 purchased
February
of New York
5,701,800 purchased
119,553,000 purchased
December
15,351,100 sold
March
TIME
11,856,500 purchased
April
1938—
the*Second
May
Federal Reserve District and Others Concerned:
June
24,370,400 purchased
March
July
4,812,050 purchased
12,510,000 purchased
8,900,000 purchased
3,716,000 purchased
April
May
To all Banks and Trust Companies in
The period during which "daylight
saving time" is effective in the cities
Sunday, Sept. 25,
3,853,550 purchased
.
August
of New York and Buffalo, New York, wih end at 2 a. m.
September
1938.
October
Thereafter this bank, including its Buffalo
Branch, will operate on
GEORGE
The
following announcement
L.
issued
was
Sept. 17 by
on
Effective Sept. 25, 1938 the City of Chicago will be on
2 p. m., daily except Saturday, when they are
from 9
to 2 p. m.,
Reference to
the offering appeared in our issue of Sept. 17, page 1711.
The following regarding the accepted bids to the offering is
from Secretary Morgenthau's announcement of Sept. 19:
Total accepted, $100,043,000
Total applied for, $260,895,000
Range of accepted bids:
High,
99.980; equivalent rate approximately 0.079%.
Low,
99.969; equivalent rate approximately 0.123%.
message
Goods Association, read:
extend
Please
Retail
in
service,
Sept.
22
by
on
of tlie
$100,-
thereabouts, of 91-day Treasury bills, to be sold
discount basis to the highest bidders.
The bids will be
a
or
received
but
at
not
new
banks,
the
or
branches
Eastern Standard Time, Sept. 26,
the Treasury Department, Washington.
bills will be dated Sept. 28, 1938, and will mature
to 2
up
The
Reserve
Federal
the
at
thereof,
m.,
p.
the maturity date the face amount of
payable without interest.
An issue of
similar securities in amount of $100,095,000 will mature on
Dec.
on
28, 1938;
bills
the
Sept.
is
regarding
following
The
28.
bills
on
be
will
from
retail
denominations
or
000
tender
for
an
the
basis
Tenders
banks
in
of
100,
Fractions
and
with
must
will
be
companies
$1,000,-
securities.
more
$1,000.
will
be considered.
The price offered must be expressed
than
three
decimal
places,
c.
declaring
interest in retail circles.
a
ending with the consumer."
ers
to
goes
for
pay
the
He pointed out the money spent with retail¬
four major items of labor, rent, interest on
capital, and profits.
half of all retail operating expenses go directly
which cannot be curtailed if purchasing power
to be maintained," Secretary Roper said.
"Thus, in the retail phase
distribution the competitive situation itself is the best assurance that
"Roughly,
the
to
is
Retail
than
more
account
Major
of
will
wages,
continue to seek efficiency."
Benjamin H.
Demonstration
the luncheon by
Namm, Chairman of the National
also addressed those at
Committee,
radio.
from
Tenders
Its
Policy
Insurance of
With
deposit
responsible and
from
others must
from
incorporated
recognized
be
dealers
accompanied by
Sept. 26,
1938, all tenders received at the Federal Reserve banks or branches
thereof up to the closing hour will be opened and public announcement of
the acceptable prices will follow as soon as possible thereafter, probably
on
the following morning.
The Secretary of the Treasury expressly re¬
serves
the right to reject any or all tenders or parts of tenders, and to
allot lees than the amount applied for, and his action in any such respect
Those submitting tenders will be advised of the acceptance
to
Handle
Respect
to
Government
Gold and Silver Shipments Treasury
Department Acts to
cash
without
and
incorporated bank or trust company.
Modifying
g.,
Immediately after the closing hour for receipt of tenders on
be final.
follows:
Each
deposit of 10% of the face amount of Treasury bills applied for, un¬
less the' tenders are accompanied by an express guaranty of payment by
shall
gathering
retailer is requested to perform a service it costs
money," Secretary Roper said last night.
"The public has become accus¬
tomed to these services,- which in themselves have raised our standard of
living.
These services are rendered because the customer has come to
require them, often without giving consideration to their "ost."
Lowering of retail prices, Secretary Roper said, involves tne cooperation
of all the units of distribution,
"beginning with the manufacturer and
time
"Every
management
amounts
a
an
ROOSEVELT.
"Times" he hailed the retailers'
with his remarks attracting widespread
tion,
used.
be
accepted
than
$1,000.
not
not
trust
investment
DELANO
♦
less
amount
tender must be in multiples of
99.125.
most
of his address to the costs that enter
they are prompted by the "millions of
of special services." Recently he made
in which he attacked the "pyramiding" of the costs of distribu¬
of
(maturity value).
No
a
much
devoted
Roper
operations,
of
will be issued in bearer form only, and in
of
$1,000, $10,000. $100,000, $500,000, and
made of retailing
has
the movement.
who require or make, use
of
(the bills)
of
"Times" further reported his remarks as
address
an
Sept. 22:
They
success
According to the New York
offering
new
week
campaign as an "educational demonstration" of direct con¬
cern to the 130,000,000 consumers of the country, who seek
a
"reasonable standard of living."
announcement
the
Morgenthau's
Secretary
the
Secretary Roper Defends Costs
Treasury Henry Morgenthau Jr. to a new offering of
000,000,
for
planned
Commerce Roper, addressing the
Secretary of
Secretary
Secretary
York on
of the country.
by radio, declared that "retail trade improvement is already
nation-wide and the economic horizons are encouraging."
Tlie
Offering of $100,000,000 of 91-Day Treasury Bills—
To Be Dated Sept. 28
on
the National
of
of distribution.
system
the
demand,
public
to
our
for
FRANKLIN
into
invited
in
wishes
Best
consumers
were
Demonstration,
Retail
National
response
link
efficient
(47% of the amount bid for at the low price was accepted.)
Tenders
members
the
beginning Sept. 19, will be a means of prompting greater consumer interest
in the services offered through modern retailing methods.
This improved
Average price, 99.973; equivalent rate approximately 0.106%.
New
to
Association at their luncheon meeting in New
the
believe
I
greetings
sincere
my
Goods
Dry
19. and through them, to the retail industry
Sept.
Reserve banks and the branches thereof up
Eastern Standard Time, Sept. 19.
National Retail
to
President
Dry
A total of $260,895,000 was tendered to the offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
Sept. 21 and-maturing Dec. 21, 1938, it was announced on
Sept. 19 by Secretary of the Treasury Henry Morgenthau
Jr.
Of this amount, Secretary Morgenthau said, $100,043,000 was accepted at an average rate of 0.106%.
The tenders to the offering of Treasury bills were received
Greetings
to the National Retail Dry Goods Associa¬
Roosevelt commended the National Retail
Demonstration, which opened at the Hotel Pennsylvania in
New York City ' on Sept.
19.
The President's greetings,
addressed to Lew Hahn, manager of the National Retail
a
tion,
Tenders of $260,895,000
Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated Sept. 21—
$100,043,000 Accepted at Average Rate of 0.106%
in
Improvement Encouraging
In
to 12 M.
a. m.
Daylight Saving Time has been in effect since April 24;
an item bearing on the same was given in our issue of April 23,
page 2606.
.;
•
at the Federal
July
Dry Goods Association Commends Improved Service
in Retailing—Secretary Roper Finds Retail Trade
Central Standard
change in banking hours, which are from 9 a. m. to
Roosevelt
President
Time instead of Central Daylight Time.
no
2,480,250 purchased
4,899,250 sold
783,500 purchased
1,151.600 purchased
3,905,650 sold
June
HARRISON, President.
the Federal Reserve Bank of Chicago:
There will be
February
August
Eastern Standard time.
on
12,033,500 sold
3,001,000 sold
23,348.500 purchased
January
Permit Private Underwriters
Insurance
policy with respect to the insurance by
gold and silver shipments to and from the United States
has been modified to the extent of permitting the business
The Government
it of
go to private underwriters when favorable terms are
offered, according to Secretary of Treasury Morgenthau,
to
New York "Journal of Commerce,"
correspondent, Clarence L. Linz, in
it is learned from the
whose
Washington
reporting this under date of Sept. 22, also
It
had been
stated in part:
previously considered more advantageous to
ment to set aside a
Treasury could be
the Govern¬
"premium" and to accumulate a fund from
compensated for any losses that might occur.
which the
The risk
Financial
1856
the
n
movement
previous^metalsjhas materially increased In face of
It desirable that the responsi¬
of
European disturbances, apparently making
bility be shared with others.
Terms
facilities
States," Secretary Morgenthau
United
of the
hibitions contained in
such shipment is excepted from the pro¬
the first sentence of Section 4 of the Government
that, adequate insurance at
in the opinion of the Secretary of the Treasury, be
if, and to the extent
Losses in Shipment Act
satisfactory rates can,
obtained to
cover
to the
pean
efforts of management
for adjudicating the
by either side.
landed
in
called jn by President
the afternoon by
Carl R. Gray,
previous
give cause for any great
amount of worry, other than the fact that the United States is accumulating
so much gold that will find a more or less permanent resting place here.
It
was pointed out in informed quarters that many observers, commenting upon
the gold situation, have been inclined to view the inflow as almost entirely
movement of
the immediate picture to
Owing to the pendency of the wage proceedings, and as the President
indicated that he will appoint a fact-finding commission next week,
Trade Balance Cited
October that it was decided
fixed.
There was a general discussion at today's meeting
methods which will be followed in pursuing the study
us to undertake.
later to be
versary
and
year—the accumulation of a very
of a decline in our usual payments to
foreigners for services, an official pointed out.
That, he said, meant that
either gold had to be sent here on balance to meet the merchandise excess
or foreign-owned
deposits drawn against.
A third means would be the
sale of securities but, it was said, there is little evidence that has been
resorted to.
During the first six months receipts of gold
and silver, it was explained,
something less than one-half of
purchases, so that it is to be assumed that the remainder must come
from short term balances here.
Secretary Morgenthau revealed that dally he receives from the
and Exchange Commission a statement
and each week he gets a report
Securities
of the sale and purchase of securities
through the Federal Reserve Bank of New
With these he indicated he is enabled to
York of the movement of capital.
Treasury
position.
Statistics of capital movement between the United States and
foreign countries and of purchases and sales of foreign exchange in the
keep a close watch on market developments as they may affect the
United
States
the second
covering
quarter
of the current
published by the Treasury about the end of the month, it
year
will be
wasjmade known.
In
an
sary
of
the adoption
Roosevelt
Confers
with
Representatives
of
and
Labor—Seeks
Co¬
operation in Formulating Program for Rehabilita¬
Railway
Managements
on
executives of three large
of
Sept. 20 held
railway labor organizations to discuss
legislation
designed
All conferees
ment
to
a
conference with
railways and with representatives
rehabilitate
a
broad
program
agreed that cooperation between the
and workers
for
the railway industry.
manage¬
essential, but George M. Harrison,
Chairman of the Railway Labor Executives Association,
said that his group could not plan a cooperative program
and at the same time combat a wage cut.
It was said that
Mr. Harrison declared that unless the managements aban¬
doned their 15% wage reduction proposal, the roads could
not expect labor support in a joint rehabilitation program.
Louis Stark, in a Washington dispatch of Sept. 20 to the
New York "Times," summarized the proceedings at the
conference in part as follows:
was
The railroad presidents said that they had no authority to make an im¬
mediate reply to Mr. Harrison's request,
but that they would confer with
the wage question other than
to indicate that it was part of the general
ever, it will be because of their acceptance
13
of
ceed to work out
a solution of their
problem along the lines of major objec¬
tives, and because the unions insist that the wage cuts must be dropped.
At the
same time
it
was
eye on
the wage problem
dispute will
go
as
tion
in Chicago, will fix Oct. 1
as the strike date, and the President will appoint
Federal fact-finding agency to hold hearings and make recommendations
a
a
today
with
Roosevelt for
an
hour and
a
half
were:
Pacific; M. W. Clement,
Norris, President of the Southern.
lhe P1!.'?,1!8—Mr- Harrison; D. B. Robertson, President of the
Brotherhood of Firemen and Enginemen, and B. M.
Jewell, President of the
Railway Employees Department of the American Federation of Labor.
After the long conference with the President the spokesmen for the unions
and the roads retired to the Cabinet
room
where they continued the dis¬
cussion along the lines laid down by Mr. Roosevelt.
elsewhere/ in
follows:
It
court
in
house
favor
of
I
Mr. Stark
be
cannot
disappointment that I find the affairs of the
with my neighbors in Poughkeepsie today.
proud.
am
words
two
are
political
I
great-great-grandfather, Isaac Roosevelt, sat in the little old
here 150 years ago and cast his vote with the slim majority
ratification of the Federal Constitution is a family tradition
my
of which
and
deep^personal
such that
That
issue.
this
V
with
is
world
controversy
in
English
the
often
are
language
forgotten
or
which in
abused—the
the
words
heat
of
"faith"
"confidence."
is well for
of
the
stitution.
the
They
because
think
And,
act
believe
wish
that
all
be
England
New
dent
had
alarm, the patrons of ghosts and
learn from the professional fear-
with
viewers
days
little
to
the
York
nation
Feelings
The State
squeezed
on
might read the dusty newspapers and pamphlets
ran
high.
Vituperation and invective
of New York would cease to exist and its people
of you
1788.
of
the rule.
were
the
me,
those
handbills
would
those leaders who viewed with alarm any effort to
instead of State and local terms.
of 1938.
mongers
I
Con¬
witnessed the complete failure of government under
they were opposed to a real union
national terms
in
in
large minority of the inhabit¬
Confederation—yet
they believed
and
very
States were opposed to the adoption of the
13
had
of
remember that a
to
us
original
Articles
the
between
death
to
side and
one
cold-blooded
Yankees
of
New
the passionate aristocracy of the South
on
type of publicity.
The people of the State
would be ruined by interstate tariffs and as a weak indepen¬
you,believed
one
reconquered by
be
would
Washington,
In
Hamilton
Adams,
from|Washington£to the£"Times" Sept. 21
said, in part:
the midst of these diatribes
keepsie
new,
own
was
there
George the Third,
if you read the
and
Clinton
labeled traitors
were
and
faced
were
with
the
problem of saying
and women
men
this Constitutional Convention in Pough¬
"yes"
or
"no."
Then,
as
afraid of the future—distrustful of their
ability to meet changed conditions; short-sighted in their dog-in-theconception
manger
and
local
of
national
needs.
They
were
afraid
of
democracy; afraid of the trend toward unity; afraid of 13 States becoming
one
Nation.
As the weeks went on and an
the
Later advices
v
speaker, and his address is referred
President Roosevelt's address
of New York Xvas also a
to
dictators.
Gray, Chairman of the Board of the Union
President of the Pennsylvania, and Ernest E.
I
kept him in Washington, he spoke in a
Governor Lehman
of the world" which
nation-wide broadcast from Washington.
publicity of the other party.
President
For the Railroads—Carl R.
r>
deliver his address in person
Poughkeepsie, N. Y., incident to the celebration there of
New York's anniversary, but instead, because of "the affairs
at
of
who conferred
of
"the greatest
added,
who
men
The President had expected to
Mr. Roosevelt said that he would
appoint the fact-finding committee next
week.
This was taken to mean that he would do so provided a settlement
reached in the meantime.
he
have sought to make the
Constitution workable in the face of the new problems and
conditions that have faced the Nation from year to year."
the other—if
Those
And,
it."
the
been
have
them
to both sides.
were not
the
words needed men in every succeeding genera¬
administer
to
and
The unions will announce the result of their strike ballots next
Monday
'full
"Once ratified," he went on to say, "to
workable instrument of government its [the Con¬
stitution's]
laid before them at today's conference, the wage
through the normal routine of the Railway Labor Act.
have
concept."
national
hobgoblins
If the spokesmen for the unions and the managements fail to see
eye to
generation
every
people
American
the
The President noted
between 1788 and
been faced with similar
Nation."
one
"in almost
afraid
afraid
decisions, they have in the long run expressed their
faith and confidence' in the integrity and safety of
recalled that the President, in one of his recent
fireside chats, had opposed wage reductions.
becoming
States
when
that
ants
of his suggestion that they pro¬
their dog-in-the-manger
conception of local and national needs.
They were
of Democracy; afraid of the trend toward unity;
It
If the carriers decide to abandon their wage reduction movement, how¬
future—distrustful of their own ability to meet
afraid of the
problem.
Fireside Chat Is Recalled
Roosevelt,
changed conditions; short-sighted in
There
up
Federal
recalling that "a very
large minority of the inhabitants of the original 13 States
were opposed to the adoption of the Constitution," drew a
parable, in which he said "the viewers with alarm, the
patrons of ghosts and hobgoblins in those days had little to
learn from the professional fear-mongers of 1938."
"Then
as now," said the President,
"there were men and women
their associates and meet him again tomorrow.
Throughout the entire discussion, President Roosevelt did not bring
by New York State of the
President
Constitution,
become
tion of Carriers
President Roosevelt
»
17 incident to the 150th anniver¬
address on Sept.
1938
President
Years
Expressed by People During the 150
large balance of exports in the face
amounted to about $260,000,000, which is
Mongers" of 1938—At Observance of Anni¬
of New York's Ratification, Sees "Faith
Confidence" in Safety of National Concept
"Fear
_______
been lost sight of that there is rather an extra¬
ordinary merchandise trade balance this
in
.
of an approach and the
the President Uas asked
Those Opposed to Federal
Had Little to Learn from
Says
1788
Roosevelt
Constitution
.
.
,
President
f*
______
executives will be so fully occupied during most of
the next meeting would be postponed to a date
the time of the labor
•
net
Busy
has
capital.
The fact appears to have
Vice-Chairman of the Board of the Union
Labor Executives to Be
previously contracted for.
There is nothing in
three railway executives and three union
Roosevelt was handed out during
in behalf of the
leaders who were
The statement follows:
that the inflow of gold has con¬
"engagements," but that during the
actual transactions have almost "dried up." A lot of gold
New York during the last ten days, he admitted, which
metal had been
a
Pet. 1 as the date
Roosevelt will name a
Today Secretary Morgenthau declared
last day or two
•
Sept. 26 and will make
by their members on the various roads. They will
for the nation-wide strike, after which President
Federal fact-finding board, calling a halt to action
public the strike votes
then fix
Inflow of Oold
has
•
will meet in Chicago on
Leaders of the unions
waters for just that purpose.
tinued to date only because of
provisions of the Railway
dispute under the
Labor Act.
A statement
consistently declined to affirm or deny news¬
statements that American battleships would be used to move gold
United States and that, in fact, vessels were being retained in Euro¬
the wage problem gone, the
and unions turned toward the remaining
possibility of sidetracking
last
the
With
moves
such shipment."
Secretary Morgenthau has
paper
being
entire
said in his order.
"It is hereby ordered that any
reduction for railway
deferred further parleys.
destruction, or damage in shipments
find that the risk of loss,
formula under which the proposed 15%
employees would be abandoned by the carriers
for a broad legislative program for railway rehabilitation
worked out, spokesmen for the carriers and the standard unions
Unable to agree today upon a
wage
while a joint plan
was
of Order
of
gold and silver coin or bullion to, from, between, or within foreign countries
under the provisions of the Gold Reserve Act of 1934, as amended, and the
Silver Purchase Act of 1934 cannot be adequately guarded against by the
"I
Sept. 24, 1938
Chronicle
Constitution
realizing
known
more
as
the
to
and
put
more
United
it
insufficient number of States had approved
into effect,
its opponents at this convention,
that the very existence of that paper organization
of America wasf Jit stake and that public
States
(
Volume
opinion
that
They held
-small
of
group
well
Bill of
no
delegates,
represented,
in which,
I
forward
came
glad
am
with
to
the sales of
Dutchess County
say,
appeal
an
000,000
"faith
the
to
first
You
and
"full
of
I
by
I
do
1788
decisions,
that it is
It
and
they
confidence"
realization
united
have
great
that
it
this
was
and
Nation
wrote
the
in
long
was
become
had
be
to
a
States,
separate
13
of
Perseverance
was.
could
leadership,
sales
of
instrument
greatest of them have been the
have faced
workable
in
face of
the
from
the Nation
outline of
form of govern¬
a
its words needed
government
great as the men
men
the
who have sought to make
new
problems and conditions
to year.
year
have applied
faith
to
here in the
met
which
of the United
has
come
of
The aggregate
as
instalment
amount
1894,
although
certificates,
States
the spirit
the
from
of
had
they
of
Approximately 50%
largest after 1929.
were
$200,000,000 of certificate-holders' payments from 1927 to 1936
1933 to 1936.
The face amount of
1927-1936 period was about
tailed analysis,
stock,
raised about $2,354,000,000 through the sale of common
including
These com¬
of the total proceeds of all their securities sold,
58%
or
Companies
management investment companies, included in the de¬
those issued in
with
connection
intercompany transactions.
$338,000,000
through bonds, and $957,000,000 through units consisting of common and
preferred stocks.
sale of units,
"full
In 1928 and 1929, over $740,000,000 was
by
means
stimulate the sale of the
secured for
these
helped
of which the popularity of common stock
"conservative" preferred stock.
more
Even when
employed, the common stock speculative appeal was
often
preferred stocks and boDds by the use of warrantp or other forms
of sale stimulants.
version
raised by the
of the preferred stock and 26% of the bonds
About 48%
closed-end
had con¬
investment-holding companies
and
proper
privileges.
MethodsJoy which Closed-End Management Companies SoldJTheir Security
Convention
1788.
summer
down
from
all certificates sold during the period was
Classes of Securities Sold by Closed-End Management
of
have been those who have not said: "It will
the Constitution
confidence"
and
face
£ The closed-end
work; it cannot be done; it must be changed"—but rather those who
which
of
early
as
units were not
the
on
not
did
$150,000,000.
panies raised $440,000,000 by the sale of preferred stocks,
has always won.
workable
certificates
plan
The yearly receipts from certificate holders rose
$1,500,000,000.
Leadership toward the thought of
patient and
investment
received in the four years from
and
faith
1937, open-end companies sold
During
instalment
certificates subscribed for by investors in the
generation
"full
their
expressed
run
Colonies,
separate
Yes, the greatest of them
not
The
begun
it.
Constitution
that
final
people have been faced with similar
American
succeeding generation to administer it as
every
And
the
won
this proposal
the Congress
to 6ay that when in almost every
separate nationalities.
To become
in
who
by
of
ultimately payable
over
the total of
Once ratified, the Constitution presented the
men
out
well
to elaborate on this parable or text.
necessary
me
the
combined with patience,
ment.
that—that
carried
fact
which
proposal
than
more
in
was
1932.
to
additional $100,000,000 of their issues.
$1,000,000 in 1931 to approximately $15,000,000 in 1936.
amounts
integrity and safety of the national concept.
patience between 1783 and 1788 to bring home the
13
13
as
for
1938
the
in
required
not survive
that
margin;
confidence"
1930
an
distribution
begin until 1930.
States when it assembled.
know
not
today
6mall
and
is perhaps sufficient
between
a
know
a
faith
the United
It
The
Congress to meet under the Constitution.
adherence
of
only about $150,000,000 from 1927 to 1929, and less than $80,-
from
approximately
confidence" of the Convention.
the
of such com¬
panies' total sales during the entire 1927-1936 period, and comparing with
that moment a
at
and
They agreed that a permanent Constitution
for the United States should contain a Bill of Rights—and they proposed
ratification by the State of New York "in full faith and confidence" that
a
Bill of Rights would be promptly submitted to the several States by
was
companies sold
$360,000,000 of their shares, representing approximately 61%
Rights.
slim majority against ratification, but
a
In the four years from 1933 to 1936, open-end investment
them, narrowed their opposition to the fact
swinging against
was
the Constitution contained
1857
Chronicle
Financial
147
to
us
f
A substantial majority of
Issues
the. slocks and bonds sold by the closed-end
of
companies were distributed by public offering, although large amounts
Further
Trusts Presented by
SEC in Second Portion of Report to Congress—
Total Sales of Investment Company Security Issues
Reached $7,200,000,000 up to Close of 1937
Study
Investments
of
According to the Securities and Exchange Commission,
own security issues by investment
trusts and investment companies, from the inception of
these organizations in this country to the end of 1937, was,
excluding intercompany transactions, approximately $7,200,000,000, consisting of $500,000,000 estimated sales prior to
1927, approximately $5,500,000,000 from 1927 through 1936,
and about $^00,000,000 in 1937."
The ComrBission goes on
to say "the aggregate of investment company securities sold
between 1927 and 1936 was approximately 15% of all corpo¬
rate capital issues and more than 20% of all non-refunding
corporate capital issues, although these percentages may
vary somewhat depending upon the statistics used to measure
total security flotations."
These statements by the Commission are contained in
Chapters III and IV of Part Two of its report transmitted
to Congress on Sept. 21 on the study of investment trusts
and investment companies, which it has conducted pursuant
"the total sales of their
to
Section 30 of the Public Utility Holding Company Act of
1935.
The Commission says:
Chapter III deals with the sales and repurchases by investment trust and
investment companies of their own issues.
Chapter IV describes the trad¬
ing in the security issues of investment trusts and investment companies.
The remaining four chapters of Part
compilations relating
Two will contain various statistical
ownership of investment
to
companies,
their per¬
formance, investors' experience and portfolios for the period 1927 through
1936, and in
some cases
through 1937.
Trusts survey was re¬
page 3889.
In sum¬
marizing the features of the second portion of its report the
Commission says in part:
Investment company security sales were concentrated within a few years,
50%
of their total sales during the entire 1927-1936 period
having been made in 1929.
Yearly sales of investment
company
increased sharply from almost $400,000,000 in 1927 to over
in
securities
$3,000,000,000
1929, and with equal abruptness declined to a level of between $120,-
000,000 and $175,000,000 per annum from 1932 to 1935.
covered somewhat to about $200,000,000 annually in
Security Issues Sold by Various
Closed-end
over
management
These sales
re¬
investment
companies
*sold an
aggregate
of
These closed-end
three times the combined sales of all open-end companies
and fixed trusts, whose securities are
Closed-end
management
redeemable
investment
upon
companies
their securities from 1927 to 1929, about 92%
shareholders' demand.
sold
$4,000,000,000 of
of the total of all investment
company
securities distributed during these years, and about 87%
securities
sold
by these types
of companies during the entire
of all
1927-1936
After the market decline of 1929, the distribution of the issues of
decade.
closed-end
management
companies
virtually terminated.
1936, they disposed of only $125,000,000 of their issues, or
Public offerings were employed in the sale
were
used,
When the sales of closed-end companies practically
cates of fixed trusts and the shares of the
was
the total
was
raised
or
over
The
classification
of
investor
$343,-
,
.
.
detail, statistical data on the cost to
of the public offering of the securities
the difference between the public
price and the price paid by the bankers to
the
of closed-end companies.
Generally, the basic measure of compensation for underwriting
tribution is the gross spread, or
and dis¬
offering
the issuing company.
offering of $2,109,000,000
In connection with the underwriting and public
of securities of closed-end management
investment companies, the under¬
dollar payments of $116,500,000, or
writers received gross
The report discusses briefly the costs to
the distribution of face amount instalment
Fidelity
Investors Syndicate and
The major portion
Association.
Investment
companies.
the investor in connection with
certificates, the type of invest¬
distributed by such companies as
ment contract
about 5.5% of
5.8% of the net proceeds to these
the public offering price and
of the costs and
instalment payments in the
early years.
The amount of these deductions is indicated by a comparison
of cash surrender values (the amounts to which the certificate holder is
charges to the investor is deducted out of their
entitled upon withdrawal or lapse) at
with
the
total
the end of the first and second years
by the certificate holders.
payments made
of instalment
and
issuing face amount
importance of lapses
The Commission indicated the
surrenders to the operation of companies
certificates, stating:
trusts and investment com¬
approximately $1,200,000,000 of their own
securities, valued on the basis of cost to the trusts and companies.
During
the period from 1927-1935, the closed-end management investment com¬
panies, included in the analysis, expended approximately $534,000,000 to
repurchase their own securities, although these companies, unlike open-end
companies or fixed trusts, were under no obligation to reacquire their issues.
The Commission in discussing the reasons for repurchases by these closedpanies repurchased or redeemed
end management
market
ceased, the certifi¬
open-end companies entered on
about 52% of the total sales of all types of
stabilize"
or
1929, repurchases, at least of common
the management of such companies).
and preferred
motivated by a desire to "support" or "peg, fix or
"manipulate" the market for the company's issues.
even
market prices for investment company
securities,
companies apparently were motivated
asset values. . .
their own issues below face or
by
.
Over-the-Counter Markets
Chapter IV presents statistical data with respect to trading in investment
trust and investment company security issues.
The Commission found
that, in general, the over-the-counter markets had substantial and increasing
significance for investment company securities.
At the end of 1930, all
the issue of 487 investment companies were dealt in exclusively on overComparative
Importance
the-counter markets,
issues
Exchange
of
and
while only 219 investment
companies with issues traded
companies and one or more
By the end of 1936, the
traded on exchange markets.
investment
solely on the over-the-counter markets were
the investment companies with any issues
almost four times as numerous as
only over-the-counter
In terms of assets, the companies with
accounted for 22% of the total assets
the end of 1930 and 40%
while the issues
of the total assets at the
end
their issues on
of the smaller companies were dealt in only
As might be expected,
exchanges,
the larger companies had
over-the-counter.
The Commission indicated
that some of the disparity
between the extent
over-the-counter markets should
removed as a result of the amendments to the Securities Exchange Act
1934 contained in the "Maloney Act."
of the regulation
these two years.
of
other things, that, before the
companies suggested, among
collapse in
stocks, were generally
admitted to listing on an exchange.
The peak of the sales fixed trust certifi¬
apparent control or influence over
of all sales.
8%
The report presents, in some
issues traded
closed-end management companies includes:
closed-end management investment companies "proper" (the Commission's
statistical classification for the concerns popularly known as "investment
trusts"), and investment-holding companies (the type which tended to
concentrate their investments in the securities of particular companies with
*
bankers and sponsors amounted to
Private offerings and sales to
000,000
about 10% of
1930 and 1931 when a total of about $600,-
the entire 1927-1936 decade, and
units, and
Approximately $253,000,000 or 6%
by offerings to stockholders by means of rights.
From 1930 to
sold, or about two-thirds of the total sales of fixed trusts during
Investment companies during
Other methods of
for the most part, in connection with
particularly with common stock.
of 1936.
000,000
of
,
Practically all pre¬
ferred stock and bond issues were sold in this manner.
distribution
of the industry at
phase of active distribution.
of $2,242,000,000, or 55%
by the closed-end companies included in the analysis.
during those years.
cates was reached in the years
to
offerings
the total value of all securities sold and issued in intercompany transactions
the total of all investment trusts and investment company securities sold
a
placings,
company transactions.
their ability to acquire
management companies, whose common stocks have no right of redemption,
over
private
exchange offers and other inter¬
through
particularly
and
through
issued
repurchases by these closed-end
Types of Investment Companies
during the period, excluding inter-company transactions.
had sale of
stockholders,
also
were
After the 1929 decline of
1936 and 1937.
of the total of all securities floated by all investment companies
70%
securities
During the years 1927 to 1936, investment
The first part of the Commission's
ferred to in these columns June 18,
with almost
their
of the exchange and
Listings of Investment Company
be
of
Securities on Exchanges
issues
year-end
of 345 at Dec. 31, 1931.
At the end of 1936, 206 such different issues had
full listing or unlisted trading privileges, less than at any other year-end
after Dec. 31, 1928, and about 4%
of the total of issues of all types o
During the
were
1927-1936 period, 473 different investment company
admitted to dealing on all
exchanges, with a maximum at any
*
1858
corporation* dealt in
on
the New York Curb Exchange than on the
exchange
was much greater
His
Most of the investment company securities dealt in on exchanges were
investment companies were added, as compared
The large number
any substantia] amount of new flotations of closed-end management com¬
pany issues in that year, suggests
change market until
some
that many issues did not secure an
"I
In every year, the New York
Curb Exchange had from one-third to
one-
riches
"I
half of all the investment company issues listed or admitted to unlisted trad¬
of
more
than 10%
except 1929, more than half of
year,
the investment company issues traded on the
were
of all such issues dealt in
and never more than 20%
At the end of each
exchanges.
on
New York Curb Exchange
am
than
"And
we
but I
for
years,"
many
optimistic
be
must
when
Nation
our
for
something
get
have
I
in
funda¬
a
laboring
is
nothing,
that
we
under
get
can
air.
being encouraged and
have been
we
picture
that honestly.
say
optimistic
can
that the people
way
I
naturally,
not
am
the
now
basis of his optimism.
in
doing.
I
fundamental
more
a
recognizing the
are
fact
this because of the
say
It is
way.
that we cannot
go
come
on
evidences
many
change that has been coming to me.
And these evidences have
to me from persons close to the Government."
a
even
Discussing chances for the 1939 automobile business,. Mr. Sloan declared
the outlook was much improved.
Recent consumption has exceeded
that
that gives hope of
production, and
of
next year,
cars
reasonable improvement in the sale
a
he said.
admitted to unlisted trading privileges.
The
study and report
under the general supervision
Healy, with Paul P. Gourrich,
were
of Commissioner Robert E.
Technical
Advisor to
Business
Prospects Good for Remainder of Year, Head
Credit Men's Association Says—Sees
Upturn Due to Combination of Three Factors
preparation of Chapters III and IV
supervision of S. L. Osterweis.
under the immediate
was
National
of
the
Commission, as Director of the
Study, the late William R. Spratt, Jr. as Chief of the Study,
David Schenker as Counsel, and L. M. C. Smith as Associate
Counsel.
Collaborating on Part Two were R. W. Goldschmidt, W. J. McEnery, S. L. Osterweis, R. C. Parmelee,
J. T. Shirer and L. C, Vass, assisted
by Morris Bailkin and
Irwin Friend, all of the economic and analysis section.
The
The current economic recovery in the
be ascribed
in
Carolina
Collection
Tobacco
of
Growers
Penalty
Taxes
Seek
Under
Restrain
to
Agricultural
Adjustment Act.
mental
lending-spending
Executive
Manager
Men, said
of
the
flue-cured belts to appear here
Sept. 27 and show
not be restrained from
collecting and
cause
why they should
remitting the tax to the Secretary of
Agriculture and why sums equivalent to the
penalty should not
pounded with the clerk of court pending outcome of the test suit.
Supporting the contention
.
The
The
complaint
Agricultural Commodities
Foreign Commerce
and for other
was
predicated
on
the interstate
Growing, harvesting and marketing tobacco, the
complaint said, "do not
obstruct the free flow of interstate
or foreign commerce,
having nothing whatever to do with such
commerce, and if they affect
any commerce whatever,
which plaintiffs deny, it is solely interstate
commerce, which is beyond the power of the
Congress of the United States
to regulate."
The complaint contended
that
that
business
prospects
indication
every
that
good
are
business
the rest
for
improvement
will
broadening prosperity structure rising
a
have
of
recovery
the
few
past
months
followed
was
by
goods field, particularly in shoes and textiles.
experienced
slight measure of improvement, although
in a low state, and the bumper farm crops should aid the
transporta¬
industry as they are moved from farm to market.
still
tion
An
a
important sector in the economic front is the capital goods industry.
the recovery which ended a year ago was largely
The lack of durability in
the
to
field
absence
of
provide.
can
the
this
If
the
rise
in
consumer
which
goods
of
activity
private
the
in
capital
acquisition
goods
plant and
of
slow but steady rise in such spending.
a
capital
be
will
stimulus
Recent estimates
machinery, however, show
goods
field,
a
activity
And
parallel
can
stable
more
established.
that
the improvement
foundation
for
itself
the
in
oncoming
is
likely to last
Certainly the potential orders for railroad equipment, building
obsolescent machinery, new utility needs, to name a few,
the
act
is
unconstitutional
the
imply
The
possiDilities
seasonal
distribution
however,
recovery
inherent
downtrend
channels
is not
in
are
in
capital
automobiles
for
open
to last year's level
up
goods
is
the
recovery.
now
over
in this field,
production and
as
models.
new
Current
activity,
statement that
a
can
also be made of many other
coal,
electric
fields, including the production of bituminous
petroleum and steel, as well as building construction,
power,
for
Wholesale
com¬
theory as a means of overcoming the flaws found
by the United
States Supreme Court in the old
AAA of 1933, which was invalidated.
or
Credit
of
factory employment, and merchandise imports and exports.
purposes."
merce
directly affect
is
market
railroads
longer.
that the act is unconstitutional, the
measure
Heimann,
Association
construction,
The Agricultural
Adjustment Act was passed Feb. 1, 1938, and was cap¬
tioned "An act to Provide for the Conservation of
National Soil Resources
and to Provide an adequate and balanced
flow of
of the
stock
.
to control tobacco marketing as a part
of interstate commerce when in
effect "it is solely intrastate commerce."
Constitutionality
National
continually broadening foundation.
a
recovery
.
denial
no
There
betterment in the consumers'
charges Congress with attempting
in Inter-state and
be
can
year.
be im¬
Commerce Causes Attacked:
II.
Henry
program,
of the
continue, with the usual pattern of
due
including all 600 farmers as "plaintiffs"
Judge W. C. Harris ordered proprietors of the 351 warehouses in the four
may
stimulation
more
Sept. 14 in his monthly business review sent
to
the Association's 20,000
banking, manufacturing and
wholesaling members.
His survey, in part, said:
In the Wake
On the strength of a
complaint
United States
influence of
on
on
County Superior Court N. C. on Sept. 16
suit was brought by a group of North Carolina tobacco
growers to restrain the collection of the 50% penalty
imposed
under the Agricultural Adjustment Act of 1938 on
marketing
tobacco in excess of AAA
quotas.
The Raleigh "News and
Observer" of Sept. 17 said:
the combined
to
influences, natural recovery trends, and the govern¬
war
There
North
•
I
that
of
out
apparent
ing privileges on all exchanges, while the New York Stock Exchange rarely
had
He stressed
view.
as
America's
about
optimist
an
way.
delusion
the
completed.
long-term
follows in a dispatch
Mich., Sept. 16, to the Detroit "Free Press":
declared.
am
mental
the
ex¬
months after their original distribution had been
Sloan
Mr.
with a total of 136 issues
1930, despite the absence of
the
briefly quoted
were
better
feel
"I
admitted to unlisted trading privilege
1929 and 1930 when an aggregate of 350 stock issues of
of issues admitted to trading on exchanges in
remarks
from Pontiac,
The majority of the stock
added in all the other years of the period 1927 to 1936.
and
solution of economic problems as the
major New York markets.
in the two years
short-term
change in the attitude of people in adopting work as the
a
and greater on some of the smaller exchanges than on either of the two
issues of these companies were listed or
the
from
New York Stock Exchange,
issues of closed-end management companies.
Sept. 24, 1938
mistic concerning the business outlook of the country, both
The relative importance
all registered exchanges.
of investment company securities to all issues on
on
Chronicle
Financial
further
reasons:
have been
July statistics revealed
to
16%
index
below
of
1937
retail
in
worked
down rather generally, and the
6% above 1937 figures in January
couple this with the fact that the
decline from
a
July.
inventories
If
in
we
the
existing in July, 1936, which
was
month
same
about
was
before the late
equal
that
to
1936-early 1937 buying
wave, it is safe to expect that wholesalers will have to replenish as
they
experience increasing orders from this point forward.
In short, there has been considerable "room for
improvement" in busi¬
And
ness.
of
we
are
now
again
The duration
recovery.
dependent
Exceeds Power
inventories
on
experiencing
and
the
oft-listed
many
extent
factors.
the
of
first
that
The
exhilarating
months
effects
however,
recovery,
ahead
will
tell
are
us
more
That it delegates to the
Secretary of Agriculture "powers of legislation
with respect to matters that
were not even within the
Constitutional powers
thoroughly how these factors are cooperating in the recovery.
And
by their cooperation -shall we know how much and how long our recovery
be.
will
of the Congress itself."
That it violates the Tenth
Amendment which provides that powers not
delegated to the United States nor
prohibited by it to the States
to the States.
of
are reserved
That it "deprives each of such
plaintiffs of property without due process
law, in violation of the Fifth
Amendment."
Three Purposes
If
warehousemen
the
fail to
make
temporary
Secretary of Agriculture
stand
a
a
a
defensive
case
here
Sept.
27,
Judge
order restraining collection and remittance to
of
all tobacco penalties, and the order
will
pending final determination of the constitutional
question.
In such
case, a date will be set for
hearing the petition for
a
permanent order.
On Aug. 26
an order
impounding penalties in Federal court
brought by Georgia tobacco growers
testing validity
of marketing
provisions of the law was signed
by Federal
Judge Bascom S. Deaver at Macon Ga.
This suit
in a
suit
waa,
scheduled to be heard
Sept. 23 in Valdosta by a court of
three Federal
Judges.
■#
At Florence, S. C.
Aug. 22 Circuit Judge L. D. Lide
issued a
temporary injunction ordering the impounding of
tunas collected
by South Carolina warehousemen as penalties
on
imposed upon tobacco
them under the AAA.
growers
in
The Government is "definitely committed to the continua¬
of its present policy of low interest rates" is the con¬
tion
clusion
The complaint listed three
purposes: Invalidation of the entire control
act, invalidation of individual
tobacco marketing quotas, and
restraining
warehousemen from collecting the tobacco
penalties.
Harris will issue
Dean Madden Sees Continuance of Low Interest Rates
—Issues New Study of United States Obligations
excess
of quotas assigned
Injunctions granted in July to Georgia and Florida to¬
bacco growers were noted in these
columns July 30, page 656.
States
Sept.
of
Expresses Optimism on Business Future
Change in Nation's Thinking Given as Reason
Alfred
P.
12.
in
Corp., said in
an
Jr.,
Chairman
interview
on
of
the
General
Sept. 16 that he
of
have
the Treasury
Federal
the
great
position
a
increase them.
Reserve
powers
to
the
over
either maintain
believes
He
it
and
Dean
says
market
money
low
Board
the
System,
interest
and
rates
or
be assumed that their
may
policies
will be dictated primarily by business conditions
by the financial position of the Government.
Continu¬
ing, Dean Madden says:
and
Whether
credit
they
or
in
once
by
in prices
"The
conditions
depend
undue
an
Government
debt
as
public
will
on
amounted
June
be called
tions.
had
interest-bearing
1938,
000,000
It
is
The
opti¬
credit
June
than
upon
rates.
of
1938,
in
the
debt
It
since
would
excess
of
that
has
have
actual
recovery
by
the
been
market
Dean
is
material
a
contrasted
four
years
estimated
amounted
at
the
with
greater
"because
end
of
$15,922,-
the Government
of outstanding direct obliga¬
Government
interest
of
is
Madden,
Government
as
the next
1930,
such
and
money
says
the
of
$36,576,000,000
therefore,
unchanged
30,
in
time before,"
During
improvement—as
whether
inventories
to refund .$10,868,000,000
money
60%
needs
to
1930.
obvious,
low
remained
ended
30,
material
a
on
equities.
factor
a
any
June,
in
of commodities and
the
show
probably
increase
importance today than at
gross
will again institute restrictive
monetary authorities
business
1937—will
accompanied
increase
the
not
measures
did
Motors
was
Finance, in a study of "United
and the Banks," issued
Obligations
Acting in unison,
Madden,
are
by Dean John T. Madden, Director of the
International
Governors
more
Sloan
of
Government
maintain
A. P. Sloan Jr.
reached
Institute
to
will
that
charges
over
for
if
endeavor
interest
the
fiscal
to
rates
year
$1,500,000,000,
or
charges."
the Treasury, however, do not preclude a
tightening of
by the monetary authorities if this should be deemed necessary.
Volume
as
actually
was
But
it
is
Financial
147
during
witnessed
logical
to
and
1936
that
assume
such
period
early
the
policy
a
would
of
followed
be
1937.
only
1859
Chronicle
Please understand that I
merely raising for discussion, and not pur¬
am
porting to answer, the question: Do we not have too much interest in in¬
materially improved, which, in turn, would
of the Government and a decrease in the
terest? (And, even in raising it tentatively, any attitudes I intimate are to
by the
monetary authorities during 1936 and 1937 was carried out in a period
when business conditions were active, when Federal revenues were steadily
mounting, and when it appeared as if the Government would really be
That question cannot be answered adequately without the most pains¬
when business
involve
increase
an
expenditures
in
have
conditions
for
in
revenues
relief.
and
recovery
tightening
The
Dean
Madden
interest
stated
the
that
Government
policy
low
maintaining
of
the
financing and refunding operations of the Treasury, but also to guard the
financial institutions of the country against a precipitous or disorderly
drop in the price of Government securities and high-grade bonds in general
which
rates
would
The
intended
is
not
only
normally follow
and
business
aid
to
rise
sharp
a
in
interest
facilitate
to
and
Government
elaborate
and
fully
guaranteed
This
obligations.
in shares of stock.
the large
of surplus funds held
amount
by the banks, according to Dean Madden.
in the order named,
sons,
given
are
as
volume of commercial loans
and
the
investments,
the
tions that
the
in
be carefully canvassed is
needs to
sary to
of
amount
of
short-term
new
commercial
of
obligations should, of
In
all
of the
foregoing,
down if
anteed
But there is a more important cause
of
everybody knows that
real.
not
And
the
What
new
securities
new
of their bonds.
what
terminates in
new
money
known
as a
of
a
the old bonds.
reorganization.
new
company
Usually, those
in part bonds and in part stock, and the new bonds are
are
prior lien bonds of the
money
new
is required, and for that
company are
new
issued, which rank
bonds given to the did bondholders.
new
tion of most of
is
the formation
securities in exchange for
usually subordinated bonds, because
ahead of the
bondholders do
our
railroads has been
Since reorganiza¬
periodic phenomenon, this may
a
often be said: A railroad bond is in fact not a binding promise to pay the
principal and interest of the bond, but contains
to the so-called
a
new,
an
implied option, running
borrower, to issue to the bondholder, in place of payment,
junior bond and
stock in
some
a
reorganized company.
.
.
.
concerned, the investors would perhaps be far better off it they
are
realistically recognized that they had only a prior claim against earnings
and if, therefore, the securities issued to them consisted of stock, entitled
to
earnings, but not
legally devised
so
wasteful reorganizations in
the
history of railroad financing
spect to railroads,
we
event
goes
as
to cause defaults and costly and
of defaults.
to show that
need to take a
new
In
other
words,
maybe, at least with
the
re¬
attitude concerning interest: that
wh'Te, in earlier periods, the condemnation of interest-taking—whether it
purported to be based on theological, or moral, or economic grounds—was
founded upon a regard for the borrower, today we may perhaps need to put
severe
restrictions
investor.
the
It
upod
depressions by bringing upon
receiverships, costly, wasteful, destructive.
too
uncritically accepted,
as an
us
bankruptcies and
We have, perhaps, heretofore
inherent part of our profit system, that
a
struggle
sacrifice
interest-bearing obligations with
regardless of earnings.
It
would
movement
known
as
seem
away
that
.
.
a
legal requirement to
pay interest
perhaps it is time to consider carefully whether
from such
interest-bearing securities toward what
"equity" securities would not,
a
are
because of the increased flexi¬
bility, bring greater security to all investors and do much to elininate one
important factor tending to undermine the profit system.
the
fact
that
one
of
our
best-loved popular
I recall to
you
philosophers, the late Will
Rogers, was fond of saying, "The main trouble with the world is that Old
Man Interest's got us."
struggle
at Poughkeepsie, N. Y., on
the celebration
of the ratification by New
York State of the Federal Constitution.
An address by
President Roosevelt, which featured the celebration, was
broadcast from Washington and is given under another
head in this issue.
Governor Lehman in his remarks ob¬
Sept.
served
the anniversary
of
17,
"in
that
awakening."
the
past few
years
have had a rude
we
to say "in the wake of the
maelstrom of new-born ill-will and
He went
on
World War has come a
Dictatorships have in many countries super¬
Freedom of thought and conscience has
intolerance.
seded democracies.
We would
been stifled.
be reckless if we blinded our eyes
dictatorship today constitutes to democ¬
to the threat which
In part, he continued:
and to democratic principles."
racy
There
must
throughout
be
nation
our
aroused and affirmative and
an
opinion that permits of no weakening of our faith in
democracy—that tolerates no encroachment on our liberties.
Against the
wall
of such
public opinion undemocratic or subversfj?§ doctrines will
public
vigilant
themselves.
crush
fear
are
place
The
of
spirit of
a
nations
Other
may
the Nation survives that ideal must and
turn back to the
reject that ideal and temporarily
darkness of the Middle Ages.
of
liberty will be destroyed, that tyranny
democracy,
pioneer
great ideal, and as long as
will be cherished and preserved.
of
humanity and justice, I
to the cause of
anew
this country
and that intolerance will again
liberty still animates our people.
is more than a geographical unit under a single government.
is composed of peoples of many stocks and of many religions;
united by an intense love of liberty.
We are a Nation born
Nation
we
in
the
power.
Nation
Our
Our
but
that
take
ever
assume
...
ourselves
dedicate
we
no
can
All the more the need that we hold the
liberty aloft so that others
may
see
its light.
.
torch
.
.
Against intolerance and despotism men and women of goodwill—of all
and creeds—must stand
together and hurl back the answer that
races
democracy was built.
for the liberties that
birth of the Nation and with a strong deter¬
tbey will not abandon the principles upon which our
We meet here today with a deep sense of gratitude
blessed
have
us
that
mination
hearts and
The
No!
since the
will defend those liberties with all
we
traditional
assault,
American
the strength of our
bodies.
will not be abandoned.
policy
it0 will
will
ideals
America
of
of civil and religious
liberty
Against foreign propaganda or example and against
find
triumph
defense
strong
because
in
American
the
ideals
American
are
spirit.
founded
on
right and justice.
Besides the President's address,
ernor
Ryan
and the speech by Gov¬
delivered by Dr. Dixon
President of Union College and of the State
Association, Mayor G. V. L. Spratt of Pough¬
Lehinan, other addresses were
Fox,
Historical
keepsie, Assemblyman Steingut, and State Senator Bontecou.
Governor Lehman on Sept. 18 addressed the fifteenth an¬
Brooklyn (N. Y.) Constitution Day celebration in
nual
pect Park, at which time he
bitter.
For
it
struggle
Dedicate
is
between
anew
In
to
and
the
democracy that we
New York City, on
Pros¬
said:
democracy
yourselves
only under
blessings of religious and civil
dictatorship
may
be long and
of justice and tolerance.
hope abidingly to have the
cause
can
liberty and tolerance.
Sept. 17, the 151st anniversary of
of the Federal Constitution was marked by
several celebrations, one of which was held at the Sub-
the
.
vigilance,"
Governor Lehman
unending vigilance."
and
at
unending
and
be safeguarded only through
"they can
spoke thus
democracy were gained
our
sacrifice
and
large portion of investment in our industries should consist of such longterm
Governor Herbert H. Leh¬
added, however, that we must be ever
the blessings of
"that
and
The
to augment
seems
interest-taking, out of regard for the welfare of
...
"democracy cannot be torn
vigilant in defense of the rights guar¬
ever
York
that
internal
The history of railroad finance therefore goes to show that so far as rail¬
roads
New
and
The foreclosure is purely formal, and
actually occurs is
reorganization
which issues
But
railroad, when it becomes financially embarrassed,
a
is not, in anything but form, sold for cash, and that the
not receive payment
a
right to have the property sold for cash,
and to receive the proceeds in cash until they have been paid in full.
that
17
Sept.
on
are
by the Constitution,
us
of
through
If
Theoretically the bonds call for the payment of the prin¬
of
Anniversary
to
we
mindful
have
a
(for working capital, purchase of materials and the
Constitution by New York State,
receiver or trustee, it is the usual
cipal and interest of the bonds in cash, and theoretically, when therfe is
default the bondholders have
funds.
not dealing with commercial
of course,
am,
For the financing of ordinary short-term com¬
Poughkeepsie, N. Y., Inci¬
Ratification of Federal
Declares Blessings
of Democracy Can Be Safeguarded only Through
"Struggle, Sacrifice and Vigilance"
dent
in part the payment of interest, and in that
the bondholders suffer.
manner
injury to them.
I
Gov. Lehman, in Address at
of the United
The suggestion that it may be desirable that the bulk of
long-time financing of major American industries should
hereafter be done through the issuance of shares of stock,
rather than by flotation of long-term bonds, was made
Sept. 22 in an address by Jerome N. Frank, of the Securities
and Exchange Commission, presented before the National
Association of Securities Commissioners at Kansas City.
The illness of Mr. Frank prevented his attendance, and in
bis absence his address was read by Chester Lane, General
Counsel of the SEC.
It was noted by Mr. Frank, that
"the suggestion has bobbed up again and again that rail¬
roads be reorganized and subsequently financed through the
issuance solely of shares of stock.
And" he went on to say,
"if we inquire into the reason for that recurrent suggestion,
we might conclude that it is
perhaps appropriately applic¬
able not only to railroads, but to other major industries."
One of the most commonly accepted and most disturbing
elements in modern capitalist economy, Mr. Frank said, is
"the recurrent necessity imposed on industry of meeling
fixed interest charges on long-term debts.
It has often been
observed" he said, "that when a railroad is unable to meet
its interest charges and is forced into bankruptcy, so that the
principal of all its debt matures, the bondholders are almost
invariably injured."
In part he continued:
a
investments
And the same
entirely different category.
man
or
their
regulating
be carefully canvassed.
like) such commercial bank loans, bearing interest, are, of course, in an
♦
the appointment of
Laws
banks.
course,
short-term loans by banks.
Declaring
upon
stock financing it would also be neces¬
study, exhaustively, the needs of savings banks and of the savings
departments
and
corporate
Long-Time Financing Through Stock, Rather Than
.Bond Flotations, Advocated by Jerome N. Frank—
Stresses Increased Flexibility in Equity Securities
Immediately
whether life insurance com¬
is true with respect to the statutes regulating the investment of trust
'
practice to suspend in whole
extensively
One of the ques¬
adequately, to comprehend what would be the effect of a sub¬
stantial shift from bond financing to
States.
:
in¬
Secondary rea¬
the public debt
sharp increase in
or course,
panies should not also make such investments.
financing, the uncertainty concerning the outlook for bonds,
and
The
investments.
the decline in the
volume
the decline
company
study—which will,
a
It is interesting to note that, to a considerable extent,
mitments of industry
due to
insurance
beginning of such
fire insurance companies have invested in such shares.
amount
The accumulation of Government securities by the banks
chiefly
personal to me.)
laws stand today, life insurance companies cannot invest at all
rates.
1933, and Dec. 31,
represented 24,7% of their total assets and 63.1% of their total investments.
is
of
study
as
SEC, in connection with the work of the so-called Monopoly Committee,
is moving towards a
In order,
1937, the
banks of the country have increased their holdings of United States Gov¬
ernment direct and
At the end
fully guaranteed obligations by 114%.
of 1937 the operating banks of the country, including the mutual savings
banks but excluding the Federal Reserve banks, held $16,683,000,000 of
study reveals that between June 30,
Government
taking
official statement but
as an
volve consultation with insurance company executives and experts. As State
position to balance the budget.
a
be taken not
credit
of
signing
Treasury Building, the site of
President Washington's first
At the ceremonies, which were held under
the auspices of the. Sons of the American Revolution, the
proclamation of Governor Lehman designating Constitution
Day was read by Frederick H. Cone, former President of
the New York Chapter, Sons of the American Revolution.
inauguration.
Financial
1860
G.
G.
Paton
"Hedging"
Discusses
Associated
Before
Coffee Industries of America
Sept. 24, 1938
Chronicle
Attorney General Cummings Says Justice Department
Not
to
Halt
Anti-Trust
Proceedings
Against
Affiliate of American Medical Association—Certain
George G. Paton, statistician of the New York Coffee and
Sugar Exchange, speaking at the convention of the Asso¬
ciated Coffee Industries of America at French Lick Springs,
National
Administration's
of
Principles
Health
Program Favored by Association
The
Department of Justice has no intention of discon¬
its investigation of alleged monopolistic practices
Ind., on Sept. 19, told the members "sheer self-preservation
requires that the 'twentieth century* business man investi¬
gate every known means of protecting profits.. In these
uncertain times, at home and abroad, the coffee roaster
should be ready to sell coffee futures as a 'hedge' against
his inventory of green coffee whenever it appears an adverse
movement of price is in prospect," Mr. Paton said.
He
agreement with the Administration's health program, Attor¬
ney General Homer S. Cummings said on Sept. 20.
Plans
for the investigation were mentioned in the "Chronicle" of
continued.:
Aug. 6, pages 381-32.
Coffee
prices
started
December contract
7.00c.
to
5.49c.,
the
at
net
a
the futures market
on
end
decline
month.
the
of
about
of
half
the last
during
down
July,
dropping from 8.89c,
December,
By
3^c.
of
1914,
War
pound.
per
1914,
the
July 15
on
the price
depresses
was
coffee
prices because shipments to belligerent countries are usually interrupted;
shipping becomes
with
interferes
countries
result is
scarce;
sales;
involved
and
in
the
"continued"
a
funds
lack of
crops4
as
of transferring credits
unlike those of commodities grown
hostilities,
supply
means
or
being harvested.
still
are
against
The
freight
be considered,
rates must
consequence
is always
Mr.
and
it must be
remembered
that
the
of war or, for that matter, unbridled spending in peace times,
inflation.
Paton
explained that when the speculator was in¬
be charged that "gambling" was
being encouraged, but when coffee merchants were advised
to use the Exchange the message was "Take the gamble out
of the coffee business."
Answering the common charge of
duced
those
to
hedge it might
with
unfamiliar
market
futures
the
"the
that
Ex¬
change puts the market up or down," he said:
"The Ex¬
change has no more to do with fixing the price of coffee
than the speedometer on the car has to do with the rate
of speed at which you travel.
Both are merely recording
what is
Chicago,
happening."
Reforms
Men's
Advocated
Association
National
by
in
Small
Declaration
of
Business
Principles
Approved at Pittsburgh
The first annual convention of the National Small Business
Men's
Association at Pittsburgh, Pa. was concluded on
Sept. 16, following the approval of a declaration of princi¬
ples, which., it is learned from the Pittsburgh "Post Gazette"
reiterating stands on Government and business matters
previously expressed at convention forums, included these
major pomts:
in
1.
Amendment
of
the
Wagner Labor Act, to provide for "impartial
application under the accepted rules of court procedure."
2. Tax reforms, including repeal of the undistributed profits tax. modifi¬
cations looking toward a tax system "for revenue only" and provision for a
six-month period between the passage and application of tax legislation.
3. Adoption of a "pay-as-you-go" policy with regard to Social Security
and establishment of the merit system in unemployment relief.
4. Opposition to "Government operation or
ownership"
in
the
that
Government "should cooperate but not compete."
A protest against the
6,
Associated Press Washington advices of
7.
Opposition to
any
move
to
on
a
curtail the powers
non-political basis.
of the
Comptroller
General.
The declaration closed with the statement that the association "hereby
pledges its willingness to participate in
structive lines which have
as
reasonable efforts along con¬
any
their objective the immediate resumption of
normal business activity."
The
Board
of
Trustees
of
the
DeWitt M. Emery, of Akron, Ohio,
C.
R.
Boyd,
President.
Coraopolis lumber
Association
reelected
President and named
dealer, Executive Viceas
Other officers elected were:Wilbur A. Jones of
Omaha, Neb., Vice-President; Robert L. James of Staunton,
Va., Treasurer; D. H. Holloway of Akron, Ohio, Assistant
Treasurer; James S. Westbrook of Bridgeport, Conn., Secre¬
tary; Margaret K. Robson of Akron, Ohio, Assistant Secre¬
tary, and J. Raymond Tiffany of Hoboken, N. J., General
Counsel.
A reference to the
meeting appeared in these
columns Sept. 17, page 1716.
this
Describing
action
it
main
the
"in
that
is
an
Sept. 20:
"extremely gratifying,"
as
Mr. Cummings said
indorsement of the program"
adopted in July
Roosevelt's special interdepartmental Committee on Health.
"It represents substantial progress," he added:
Attorney General Cummings said there seemed to be some confusion over
his department's proposal to present to the District of Columbia Grand
Jury next month its case against the medical society.
The action
proposed is not against the American Medical Association,
he said, but is, instead, against the District Medical Society, and is based
on
complaints "of unlawful restraints of trade, of efforts to coerce and
President
by
boycott—efforts carried to the extent of refusing consultation and closing
the doors of hospitals to physicians of approved professional qualifications."
said
He
it
the Department of Justice to see that
the duty of
not
was
■
furnishing medical service should prevail, hut merely to
stop any restraints of trade and coercive practices.
In
this respect, Mr.
Cummings said, the department is in the same
method
any
of
football game when "it becomes his painful
15-yard penalty for holding."
The monopoly case grew cut of medical society action against members
participating in a group health association program.
position
referee in
the
as
a
duty on occasions to impose a
of the
action
of the American
of Delegates
House
Medical Association was indicated as follows in Associated
Press accounts from Chicago
Sept. 17:
on
special session here for the last two days,
approved with few dissenting votes or objections five recommendations
which agreed in most major principles with the national health program
outlined two months ago by President Roosevelt's interdepartmental Com¬
The
delegates, meeting in
mittee
health
the
that
the health of the people was a direct
Government.
The medical association agreed today
persons
funds when
committee
President's
The
declared that
impoverished
of
Federal
and
State
should be protected with the use
necessary.
establishment
urged
of
a
Federal
Depart¬
member of the Cabinet.
agreed, with the proviso that the Secretary "must be a
Health, the Secretary of which would be a
ment of
The
had
Federal
the
of
a
Welfare.
and
committee
concern
of
Health
on
That
Association
physician."
expansion of public health and maternal and
the
On
ices
child welfare serv¬
agreed with the committee completely.
Association
the
in its indorsement of better use
of existing hospital facilities but opposed the building of additional hos¬
pitals where they were not needed.
They also indorsed plans for hospital
service
insurance
and
cash
indemnity insurance policies which would
The
backed
delegates
remunerate
O'Mahoney licensing bill.
Return of relief administration to the State
Mr. Cumruings's comments on
were reported as follows in
hospital programs.
department's intentions
The
Wagner Labor Relations Act and Tax
The A. M. A. House of Delegates at
favored Federal and State aid in
17,
of group
the
♦
Amendment of
Sept.
on
caring for the indigent, expansion of existing hospital facili¬
ties, furtherance of sickness insurance plans, and approval
by
begin to pile up in both producing and consuming centers.
On the other
hand, the duration of the fighting is an important consideration; higher
the District of Columbia Medical Society, despite the
Medical Association's recent announcement of its
by
American
net
restricted demand, and stocks
a
tinuing
a
the
committee
during prolonged illness.
person
plan of compulsory health insur¬
would he' "a complicated, bureaucratic system
democratic State" because it would lend itself
"to political control and manipulation."
The delegates also expressed agreement with the President's committee
on plans to compensate workers for
loss of wages during illness and urged
the expansion of workmen's
compensation laws.
The certification of a
worker for such compensation should not be made by a private physician,
however, they added, but by a medical employee of the concern employ¬
They opposed vigorously, however^ any
contending
ance,
which
has
that
it
place in
no
a
ing the worker.
The
Association
Medical
American
served
notice
on
it would oppose "with its utmost power"^ any
attempt "to convict it in the eyes of the people of being a
20
Sept.
predatory, anti-social monopoly."
in an
editorial in the organization's journal
light of last week's meeting
of the House of Delegates, governing
attitude
That
in
Associated Press accounts
Chicago, reporting this, added:
from
the
outlined
was
body of the A. M. A.
-♦
—
+.
of American Families in 1935-36
Disclosed in Report of National
Resources Committee to President—Figures also
Show One-Half Had Incomes of Less Than $1,070,
While Two-Thirds Had Less Than $1,450.
Incomes of One-THird
United
States
Government to Enter Chemical
Field—Puerto Rican Relief Project
duction
Produce
Solvents
Although
United
States
Pro¬
Will
Ca¬
pacity Exceeds Use
The
United
States
Government
for
the
first
time
is
going into the
.
?
the
production of chemicals by building a plant
solvents from molasses in Puerto Rico according to
Wall Street Journal" of
Sept. 20, which added:
The venture is under the
auspices of the Puerto Rican Reconstruction
Administration,
government relief agency set up in
Less
Than
One-third
of
$780
all
one-half
had
less
than
according to a
Committee transmitted
$1,450,
the Islands.
The plant, being built
by the Lummus Co. of New York, will have a
capacity of about 3,500,000 pounds of butyl alcohol and about 1,500.000
public
families and individual con¬
.$780 in the year 1935-36;
$1,070, and two-thirds less than
American
had incomes of less than
sumers
on
Sept.
ceived less than
report of the National Resources
President Roosevelt and made
to
4.
Approximately nine-tenths—89%—re¬
$2,500, it is stated. About 2% of all "con¬
units," the report reveals, received incomes of $5,000
than 1% received $10,000 and over.
pounds of acetone annually and will be
ready for operation soon after the
sumer
first of next year.
and over, and less
It is understood that a
government commission appointed to investigate
the desirability of building the
plant recommended against it, but in spite
Their Distribution
of this adverse recommendation
was
an
appropriation of $250,000 to $500,000
secured.
1
About 50,000,000 pounds each of butyl alcohol and acetone are used
annually in this country and present capacity is now considerably in excess
of consumption.
Prices of these solvents have declined sharply over the
past year.
Principal producers
Alcohol,
are
Commercial Solvents, U. S. Industrial
Union Carbide, Publicker Commercial Alcohol and FrancoAmerican Chemical Works, Shell Petroleum
Corp. is a producer of acetone.
The
most
report—"Consumer Incomes in the United States:
in 1935-36"—is described as giving "the
complete picture ever presented of the division of the
income among the American people."
It shows
by the Nation's 29,000,000
national
estimates of the incomes received
families
of
two
or
more
individuals living alone
persons
camps
by the 10,000,000 single
lodgers, and by the 2,000,000
persons,
or as
living in institutions and in military posts, labor
and othor institutional groups.
147
Financial
For families,
A
second
1935-36
is
presents in detail the
The
of
In
part,
great majority of
two
or
the
more
report
sharing
persons,
The
roof.
says:
29,400,300
91%
nearly
the
of
total
consumers
living
and
during
the population
in
under a
1935-36
level is shown.
the
about
2%
incomes
of
When
$10,000
the
or
more.
of
incomes
$5,000
added
are
$48,000,000,000.
The
to the
income
also shown.
various
families
groups
incomes
with
total.
The
incomes
are
under
the
of
In
addition
1935-36
total
this
received
$1,000
116,000,000
living
lodgers
as
independent living quarters
These
and
a
The
$59,000,000,000.
half
10%
of
less
income
the
report,
the
studied was
of these
the same
the
And
hands
amount
as
the
of
richest one-
the
poorer
total—just
and
farms
in
the
The average
the
the
middle
average
from
single
As
And
than
more
findings
the
in
from
this
all
Income
taxes
dependent
direct
on
relief
and
of
third,
highest
estimates,
average
average
$1,622,
was
to
incomes
with
the
year,
The
$780
of
incomes
a
income of
$471.
For
$1,450, the
was
income of
and
the
ranging
$3,000,
all the
for
average
"income"
explains,
report
means
money
relief at
cash
"the
received
deducted
not
were
in
plus
before
incomes
all
the
occupancy
were
and
families
For those
reported.
earnings and
time during the year, work-relief
in kind were also included.
and city dwellers is
by the results of the study, the report
non-relief
of
some
The contrast between the incomes of farm
shown
value
money
as
strikingly
Fifty-eight per cent, of
says.
found
in the highest third, while only 27% of the non-relief farm families had
incomes as high as $1,450 even when the value of home-grown food is
counted.
The average (mean)
income in the metropolis^ was $2,704 for
the year, while the average on the farm was $1,259.
Between these two
extremes the average income showed a progressive rise with
increasing
size
of
living
in
metropolises
and
cities
large
are
community.
The
between
contrast
the
incomes
of
different
occupational
groups
more
pronounced,
according
families and
wage-earning
27%
to
the
farm
of
80%
"Almost
report:
families."
$1,259 and $1,289
for the salaried
business group and about $6,700 for the independent professional group.
In
considering these figures on the incomes of non-relief families it
farm
and
be
must
for
kept
wage-earning families to
mind,
in
the report
$4,200
about
points out,
that the results would
run
during
the year were included.
It must also be remembered, the report empha¬
sizes,
that the real incomes of the American people cannot be fully
appreciably
measured
in
different
and in
lower
if
terms
of
communities,
This
than
cents.
the number
at
Differences
some
time
in cost
of living in
one
Bureau
the
to
1918
of
to
Economic
estimates
families,
the
estimates
Consume."
applied
results
are
to
not
comparable with the present
The
Brookings Institution figures, although on a
also
not
data
and
study.
the
like
has
management,
its
be
plain to all of
when
conditions
must
Co.
promote commerce,
As to his ad¬
further
a
able
to
In
of
Governor
Lever
of
by
in
of
Secretary
and
secure,
United
State
is
each
the
other
and
countries."
other
Hon.
Rt.
Committee
He
States.
Hull's
States
of
lauded
.
should
and
to efforts of the
idea
the
.
Management
management
and reiterated
.
Leverhulme,
Viscount
Scientific
that there
speech
national
the
higher level because they were
even
with
services
United
the
there
when
that foundation; for
on
Bros., Ltd., praised the support given
the
practices used
best succeed
is
with
an
Messersmith,
Mr.
uneco¬
Messersmith
by exchange of ideas and the increase
brought to
International
the
task—to
Mr.
trade
traded
citizens
were
to
rsponse
development,"
fairly be said to rest
exchange goods and
President
positive
by removing
that management can
you
when
enriched
and
their
as
of each
healthy
and
commerce
basis for exchange of goods and services.
may
fertilized
were
and
stable,
a
civilization
production
economies
sound
are
throughout the world
be
methods
expressed
an
and
by
international
exchange of efficient management methods.
Reporting Secretary Hull as saying "we hear it seriously
in the fields of production and commerce, ex¬
urged that,
clusive
policies should be carried out with the aim of pre¬
venting the natural exchange of goods and services, of engi¬
skill
lines,"
dispatch by F. Raymond Daniell from Washington
York "Times" likewise gave, in part, as follows
a
and
of
ideas
national
neering
management
across
to the New
Hull's
Mr.
remarks:
The United States has endeavored to work out
world
trade
tion
of
that
barriers
of
one
the genius
benefit
of
This
the
order
In
our
policy for steady reduc¬
a
mutually
beneficial
exchange
so
country may be made available for the
this
by armament
world
thereby
to
there
removal
would
of
be
pressure
the enormous
monstrous threat
unnecessary
and the
have
we
in and have encouraged with all
engaged
of international law under which
improved and wealth increased.
to those standards
return
thrived,
commerce
making
and
action,
that
contributing
military action.
do
to
belief
firm
conditions
the
upon
of
a
power
management
Booth, in his address opening the congress, said that
Mr.
has been the principal American
Hull
Mr.
promote
any
the
in
military
placed
world
done
countries
toward
leading
to
have
all
in
burdens
to
in
everybody in all countries.
we
created
any
of increasing international
cause
exponent of the
intercourse as a basis of
The Washington dispatch, Sept. 19, to the "Journal
peace.
of Commerce" quoted him:
an
and
world
has
gone
he
has
about
emotional
the
task
been
a
constructive
and
sympathetic
of developing international
economic
cooperation in a most helpful and practical way.
What we do individually
in our various enterprises he is doing internationally from the point of
of the
view
It
United
States
Government.
needs an Anglo-American trade agreement and a comprehensive
of America's trade relations with the British Empire as a whole
only
revision
justify in
United
the
basis
the
eyes
States
is
of the world the principles and
seeking
Takes
Mr.
expansion
for attainment of economic
family income basis, are
in the
report points out, owing to differences
the methods used in preparing the estimates.
comparable,
Machine
increase wealth.
and
to
to
"individual income recipients" rather
Lamson
Jones &
obstacles
the
Research.
the
"It
"In
to
of
Brown,
said.
realist
for the year 1929, published
Previous
trade
Robertson,
nomic
the income
in
Brookings report,
report had been published—that for the year 1918, made by the
Institution
Capacity
W.
"Government,
into account, in interpret¬
of persons dependent on
the study.
Brookings
National
As
and
relief
study of income distribution among consumers is the first to appear
the
"America's
only
dollars
in
received
who
their individual needs, must also be taken
ing the findings of
since
families
international
reduce
increase the volume of international trade and
Comparing average incomes, the figures range from
for
to
we quote as 'follows from a Washington dispatch,
Sept. 19, to the New York "Journal of Commerce":
is
of the
non-reiief families in the professional group are found in the upper third,
and 63% of the business and clerical groups, as compared with 35% of
even
tried
remove
dress,
conference
the
States
improve management
occupations.
individuals—was
at
to standards of international law which
of
$1,000,000
rent
Board.
International
of
Lewis H.
"Modern
of
pay and—for
rural families—of
home-grown food and other farm products used by the family."
Income
from earnings and from profits was taken as net rather than gross income.
homes
owned
Statistical
Mr. Hull said that the United States had sought a return
nations
with
the
poorest
$1,151.
study,
sources
Central
order to
A.
President
third—that is, the mean
of the report.
report
individuals,
used
for
•
single
and
Nation,
to
the
to
families,
income
the
of
the
up
wage-earning
in
this poorest
families
$1,076.
was
Nation's
all
third
$1,450
according
number
larger
income of
13,000,000
poorest
making
individuals
single
con¬
United
President of the Johns-Manville
Chairman of the Westinghouse
Electric & Manufacturing Co.; William Allen White, editor
of the Emporia, Kan., "Gazette," and Ralph E. Flanders,
a
third of
the Nation, with incomes under $780, were not a distinct and unusual
group,
the report points out.
They included all types of consumers,
living in all types of community, and belonging to all of the major occu¬
pational groups.
Although almost four million were dependent on relief
at some time during the year, fully 70% of the total number—that is, a
little over 9,000,000—received no assistance of any kind from a
relief
agency.
The families in this non-relief group differed from the other
two-thirds
of
the
Nation
principally in the larger number living on
and
the
and
Economics
the pressure of foreign
Corp.;
of
little
two-thirds received 34% of
21%
received
half
highest 3%.
project
Administration
Home
President of the Guaranty Trust Co. of New York City, who
acted
as
Honorary Chairman; Secretary of Commerce
the
income—somewhat less than the highest 10%.
families
of
affairs, Mr. Hull was unable to
meeting, and his address was read by Assistant
Secretary of State George S. Messersmith.
The delegates
came from almost every State in the country and from 21
foreign countries.
Among the many speakers at the con¬
gress, which concluded Sept. 22, were Willis H. Booth, Vice-
families and
found to be approximately
39,000,000 consumer units
third
total—about
poorer
Bureau
The
the Study
attend the
$1,000 and accounted
per cent, received
of
the
into
flowing
year
poorest
this
The
the aggregate
The
The
of
1%.
than
to
8% of the total population
features
the
United
Roper;
of
amount
single individuals during the
received
in
than 1% received $5,000 or more.
more
of
groups
says:
total
study.
the
of
"pressure leading toward mili¬
tary action," Secretary of State Hull said on Sept. 19 in a
welcoming address read to 2,000 delegates to the seventh
International Management Congress in Washington.
Due
Ninety-five
income of the group.
$2,500, and
some
family
in
incomes of less than
of the total
little
the
Read
barriers in
income.
consumer
than
committee
The
16% of the
received 21% of
little more than
families.
29%
Summarizing
going
income
in private homes or maintaining
one-person
received
cent,
per
charge
Traded Barriers—Ad¬
Opening Session of International
Management Congress—Other Speakers Include
Willis H. Booth, Secretary Roper, Lewis H. Brown,
A. W. Robertson, and William Allen White
lodging in rooming houses
women
servants
or
as
19% of the total
Sixty-one
for
less
for a
living
consumers
single individuals constituted nearly
received
Progress
Works
a
in
was
family income data obtained in
on
States
Reduction
than
less
1% accounted
top
10,000,000 men and
were
and
dress
with
1%
only
'
the
to
there
hotels,
Purchases,
the United
Dr. Hildegarde Kneeland,
Secretary Hull Says United States Seeks Peace Through
Thus we find that the 42%
13% of the aggregate.
and
Committee,
primarily
National
the
of
Committee
larger study of the Nation's consumption
a
productive capacities.
Resources
based
Committee
the aggregate is
together
of
shares
aggregate, while the 3% with incomes of $5,000 or more
the
its
Industrial
the
part of
as
to
.
...
families
all
and
$10,000,
and
approximately
of
.
about 10% with incomes up to $5,000 ;
were
between
receiving
National
are
for
made
was
Consumer
ducted by
$1,000; 65% less than $1,500, and 87% less than $2,500.
$2,500 level there
in
States Bureau of Labor Statistics in cooperation with the National Resources
42%
14% of all families received less than $500 during the year studied;
Above
received
incomes
of consumers.
The distribution of these 29,000,000 families by income
received less than
the
of
including
of income-spending units,
group
body
members of families
are
income
common
a
families
by far the most important
were
report
results
the Nation's
the
of.
be published.
will
and
preparation
Resources Committee
population.
common
in
demands in relation
The
expenditures
analyzing
report
now
The committee, in its announcement, also says:
villages and cities, to geographic regions, to different occu¬
pational groups, to families of different size, and—in the
South and in Northern cities—to the white and Negro
of
1861
Chronicle
including 91% of the population, the report
course of the flow of income to farms,
Volume
Booth
emphasized
the
of
world
methods by which
in general as a
trade
appeasement and political security."
Up Social Welfare
growing
trend
toward
recognizing
human
the solution to
else the possibility of govern¬
is different
from these previous studies in that it is based on detailed statements of
oi er
300 000 familjes,
representing all types and places.
From such a
large sample, or series of samples, it is confidently believed a more
accurate and detailed national picture has been developed than was ever
rights as superior to property rights, and pointed out that
possible
and
The
data
for
1935-36,
before.
presented in the report issued today,
the
problem thus created must be found or
control, destroyed initiative, and unprogreseive
ment
industry
must
be
faced.
"This
sane
congress,"
view,
and
he said,
a
proper
"will
sense
with a sober
of proportion, just how far in the social
be called
upon
to weigh
/"
Financial
1862
changes which
upon
are
and make real progress, as distinct
which may destroy all progress."
programs
Secretary Roper, speaking at the concluding banquet on
Sept. 22, stressed tbe importance of successful business man¬
agement.
Business, be said, is on tbe threshold of a more
colorful and romantic era in which industrial leadership
of the future will come up through apprenticeship.
He
motive, management cannot hope for a
Utopian state in which problems will be dissolved by altruistic thinking.
Yet only as you strive toward perfection can imperfections be overcome.
Basic to successful management is correct understanding, and through
understanding the development of faith, mutual trust and cooperation.
Wars and rumors of war are, or should be, obnoxious to this objective.
The household of management,
therefore, through its influence in the
fields of industry, commerce, finance, agriculture and the home, should
exercise every possible means of encouraging solidarity among world forces
for peace and the security which alone can come through peaceful human
Under
the
of the profit
urge
Relations.
Only through a general raising of human sentiment to deepen
spiritual quality and to carry it over a wider field can tbe factor of human
motives and mutual trust be sufficiently changed to have an economic
and
might
patience, forbearance and courage.
understanding.
and
warning
While
there
much
is
the
in
the
monetary,
economic,
social,
the
the
the peace outlook to provoke despair and pessimism,
yet the defeatist attitude will not solve anything.
Cooperatively, we
must present a solid front in a spirit of optimism, faith in mankind,
courage and willingness to call upon others to come out of their narrow
personal environments and become a constructive force for making this
era the
beginning of a new order in a peaceful and prosperous world.
political
and even
Mr.
Brown; speaking at
the
of
sition
session
devoted to an expo¬
ground between labor and manage¬
common
a
Sept. 20 that the adoption of a "creed of
management" that gives compelling expression to the ideals
and intentions of those who are now managing American
said
ment,
to
Brown
reported by the congress as follows:
destruction.
how to
you
contained
Modern
he said, in reality "are scientific specialists.
These
new
industrial executives differ widely from the owner managers who
preceded them in the ideas, ethics, social concepts and methods of man¬
agement.
In the complete industrial society under which we now live
management no longer represents, as formerly, a single interest; increas¬
ingly it functions on the basis of a trusteeship, endeavoring to maintain a
proper balance of equity between the shareholders, the job holders, the
managers,
and the
customers
public."
Granting the existence of conflicts in the relationships of business with
labor
and
need
and
with
for
was
Brown
Mr.
government,
affirmation
an
"those
of
contended
principles
that
today's
primary
which government
upon
business, labor and agriculture, can work together in the solution of a
problem.
common
"Once
tinued,
we
"unity
business
agreed
of
based
recovery
stability,
action
upon
will bring
sound
upon
objectives
true
our
lasting
business
national
nation,"
a
as
he con¬
policies,
there
be
can
no
security—nor can liberty itself be long preserved."
no
Mr. Robertson
Sept. 19 warned that misunderstandings
and achievements of private enterprise
are bound
to arise in a "kilowatt hour age" as contrasted
with a "horsepower civilization."
He was quoted further
as follows, in an abstract of his speech made available by
on
regarding policies
the
congress:
"The greater the speed of
he said,
living,
the higher the standard of living,"
or
"the less people comprehend it.
horsepower
civilization
life.
Grain is
and
purchased.
and
the
Almost anyone can understand a
simple
which
transactions
constitute
its
planted, harvested, and sold; simple goods are manufactured
The complete round of life is clearly visible.
But who
among us can get a glimpse of the mechanism of this Kilowatt Hour Age,
which
is
which
symbolizes it ?
propelled
through
space
Propellors
almost
we
as
cannot
fast
electrifc
the
as
see
current
be overlooked
may
and
neglected.
circumstances, when the wisest
to be wrong
ment
stand
must
enterprise
"Free
in
by its
world
a
one
It is the
colors, struggling
at
are
loss and it
a
seems
Robertson continued, "manage¬
to maintain the
of free
cause
threatened
by too much regimentation.
he
"may
confidently
of the most vital
functions in
enterprise,"
representative of
today.
than to be right," Mr.
one
added,
thing which stands
hold
between
head
and
a
stale,
flat,
unhappy world of universal regimentation and individual conformity to
single pattern."
A
bility
high-light of the address,
to
the
stockholders'
income.
public,
union
This
was
to
was
present
made
in
which
dealt with
suggestion
a
demands
connection
management's
regarding
for
with
that undue profits are earned and paid out
a
a
as
national economy
our
us
its
up
the
discussion
of
of
of
a
business
the
charge
Charles R. Hook, President of American
Rolling Mill Co.,
speaking before the Congress on Sept. 22 said, according to
Washington advices to the "Wall Street Journal" that the
following three things must be done to safeguard the continu¬
ance of free enterprise:
1—Eliminate
existing
and
threatening
government
competition
with
private enterprise.
2—Limit government expenditures to those needed for the economical
administration of the legitimate functions of government, together
adequate relief appropriations for the unemployed.
with
The tax burden
on
industry is more than double the 1932 figure, and taxes amount to 34%
more
than dividends paid to 5,200,000 common stockholders in 150 repre¬
sentative companies,
I
3—Give to the public an understanding of the facts about the free enter¬
prise system.
back
for laws
calling
1920
as
with
bargaining
...
criticisms of labor.
.
.
.
of a labor union i6 to
get higher wages, better hours and good shop conditions for the workmen.
But when labor enmasee plunks its vote for its own party, then the spirit
of party loyalty begins
to obscure labor's objectives—high wages, short
sharp
Solomon.
no
his
in
The proper business
Thus class-conscious labor leaders become
in the fundamental objectives
of labor unions.
So we shall have the class-conscious political worker
trading his vote not for the immediate objective of wages, hours and shop
conditions, but for the power of his political labor boss."
...
Class-conscious labor should know, he Baid, that "the same patriotic
hours, decent shop conditions.
interested
more
indignation
wrecked
their
in
which
its
party welfare than
turned
will
power
upon
turn
Federal
a
upon
plutocracy
class-conscious
class-conscious proletariat
a
and
and deny
aims."
its
"Without
capital
mark
the
support
labor
nor
time until
"This is
class
is
industrial
feels
and
also
chiefly
increase
an
as
the
either
in
the middle class will have its will
worker
the
in
the
and
industry.
And
consumer.
for
interest
of
The
middle
class
the
middle
class
before
investors
80%
of
consumer
market.
home
higher
or
worker, the middle class will demand fair prices and
A
Progress will
the real owner of American
is
89%
production
this country.
senses.
middle class country and
a
middle
public," he continued, "neither
in
prosper
For the middle class
way.
thinks
the American
of
thrive and
can
industry comes to its
for
wages
stable industry."
a
plea for a revival of initiative and enterprise in Amer¬
business and industry was made before the congress
ican
Sept. 22 by Mr. Flanders, who declared that the coun¬
on
try's physical resources, technical progress and population
justified preparations for expansion both in standards of
living and in industrial activities.
In quoting from his ad¬
dress, a congress summary said:
Speaking today
seventh general
Flanders
Mr.
"The Balancing of Incentive and
on
Security"
session of the seventh International Management
contended
business
that
the
at
Congress,
lacking in the
leadership has been
Although granting that there were various
this state of affairs, he insisted that the limits of the
spirit of enterprise since 1929.
explanations
for
country's productivity had yet to be reached.
of
of
existing possibilities,
the need for
a
As
Granting, and in
a means
he advocated
balance between securitiy and
a
toward effective
clearer
understanding
incentive.
advocating, society's obligation to youth,
some measure
the
unemployed, the underprivileged, and the aged, Mr. Flanders was,
nevertheless, critical of the viewpoints of "the social worker whose mind
is
fixed
road
alone,"
security
on
of
maintenance
to
and
of
that
power
"the
of
the
politician
who
finds
the
easy
promise of security."
Robert J. Watt, American Workers' Delegate to the Inter¬
national
Labor
labor wants
Office,
congress that American
"the partner of capital in
the customer of capital in distribution, as
to be
production, as
the majority voice in
stantial
of
center
told
recognized
the
as
political democracy, and
a
our
as
the sub¬
community life."
Mr. Watt qualified his statements by explaining that he
"talking simply
was
while
individual
individual
basic
as one
views,
labor leader," but declared that
might express differing
members
union
there
was
common
agreement
on
many
objectives.
as'
"a
group
term
for working people,"
Mr. Watt advised business leaders and executives participat¬
ing in the
lems
was
congress
to
that
be found
in
a
solution to many current prob¬
"viewing labor
as
of individuals with the same sort of
ment
a
mass
move¬
hopes and feel¬
yourselves," and urged them, in the inter¬
to hasten the transition of
labor unions from "the trenches to a state of mutually re¬
ings and needs
ests
of
as
democratic institutions,
The statement was made by Mr.
prefer to ask for "the shorter work
week and higher wages" by Government action.
He added,
however, that there was general agreement, despite objec¬
partnership."
Watt that labor did not
tions of the American
by private undertakings.
when you
man could
collective
of
similarly
was
has been
spectful
responsi¬
formation
greater share
a
created this particular head
You begot him two decades
were going to handle your
come into your shop and tell
you
He is your baby.
youth
and no
far
as
right
Defining labor
"Under such
easier
planks
"the
White
"Labor
Without
recovery.
way
sloth
your
labor, capital and consumer."
realization
are
your
authorizing
representatives of
their own choosing," Mr. White continued by accusing capital of having
failed to heed "the warning voice of wisdom," and with a largfe measure
of responsibility for a "dammed deluge" which "broke, good and plenty,
demands
of
said:
it!" '
run
workers
for
the
business by" millions of shareholders,
there has been developing an entirely new type of business executive who
is a professional manager, not owner."
ownership
support,
Declaring that the platforms of both Republican and Democratic parties
had
American
emphasized that "during the last 30 years, under the con¬
By
in the days of
business in your own
the
widespread
the average man
of
sense
your
tinuously exerted pressure of change in this and other countries, and with
new
its
halted unless steps
"outside party poli¬
Mr. Capitalist," he said, "had used
in the street, this problem of unem¬
ago you,
years
ago
The
Mr.
20
or
devil who is mocking you.
and
His*
dozen
a
social
in
was
be
ployment and old-age pensions would not be handing to your arch-enemies
an
organized, subsidized class-conscious proletariat which can be voted
on
dealing with current social and economic problems.
without
prosper
progress
In quoting Mr. White, a congress summary
"If
industry would be the basis for a common meeting ground
address
that
taken to achieve industrial peace
were
tics."
Mr.
If the crucial problems
of industry, social relations and government are to be solved, the approach
must be through unselfish cooperation and in a spirit of mutual sympathy
This requires
of American indus¬
20, adding that neither capital
on
result.
owner
try, Mr. White said on Sept.
nor
labor could thrive and
the
continued, in part:
Sept. 24, im
The "middle class" is the real
can go
we
us
from over-ambitious social
Chronicle
Federation
of
Labor to administra¬
tive policies and
practices of the National Labor Relations
Board, that Wagner Act principles should be maintained
as "the foundation for the adequate and effective organiza¬
tion of workers."
In
elaborating
upon
labor's desire for recognition
as
a
of capital in production, Mr. Watt declared that
while higher wages per unit of production was regarded as
partner
maintained that in situations where
exceeded consumer purchasing power,
should be put to work at shorter hours.
essential, it also
was
productive capacity
more
In
men
addition to those mentioned above, some of the other
speakers at the
congress were:
Dr. Henry C. Link, Secre¬
tary of the Psychological Corp.; Dr. Karl T. Compton,
President of Massachusetts Institute of Technology; Oswald
W.
Knauth,
President
of Associated
Dry Goods
Corp.
of
Volume
New York;
R.
Financial
147
Emanuel Slechta, representing Czechoslovakia;
Lloyd Roberts,
ical
Ltd.,
Nils
London;
Board of Efficiency,
man
Government to bear cost of reconstruction of bridges made necessary
(1)
by improvement of navigable waters
Chief Labor Officer of Imperial Chem¬
Assistant
General Manager of L. M. Ericson Telephone Co. of Stock¬
holm ; Alex Brule, Vice-President of National Committee of
French Management;
George Seebauer, Director of Ger¬
Industries,
A.
Sterner,
at the
vestors
State
Unit
of
possible basis, they
National
Addressed by F.
Conference
of
In¬
R. Dick and Rep. Pettin¬
Legislative Program Adopted—Re¬
port Shows Roads Not Over-Capitalized
gill—Railroad
At
luncheon meeting of the New York State Unit of the
National Conference of Investors, held at the Hotel Astor,
in New York City yesterday, Sept. 23, speakers laid em¬
a
than 2,000,000 investors in
and become articulate in order
protect their investments.
Congressman Pettingill of
phasis
on
the need of the
more
railroad securities to organize
to
Indiana, Fairman R. Dick of the investment firm of Dick &
Merle-Smith and Jacob Aaronson, General Counsel of the
New York Central R. R., were among
those who addressed
transportation
changes in the last 35 years, railroads are now carrying more
freight than when they were financially strongest. He de¬
were
to finance their modernization
requirements soundly, it must be through the sale of stock,
not bonds. Under present conditions, however, he explained,
the roads cannot find investors who are willing to risk buy¬
ing railroad stocks.
He held it rests with the investor to
urge upon legislators the passage of legislation to revive
public confidence in the railroads.
Another speaker who urged upon railroad investors the
need for organization, in order to be heard by the law¬
makers, was Representative Pettingill who is voluntarily
retiring from Congress at the end of this year after serving
eight years.
He pointed to the influence in Washington of
organized labor groups who are, considering industry in
general, outnumbered by unorganized stockholders.
He
said that for Democracy to function properly there must be
a balance
between the voice of labor and that of capital.
He expressed the belief that if bankruptcy causes the
Government to take over operation of the railroads, it will
only be a matter of time when other forms of transportation,
as
well as communication systems, will become publicly
owned.
Later it will result in the Government acquiring
coal and petroleum and perhaps even the railroad supply
manufacturing industry.
"If railroa'ds go," he inquired,
"who then is safe."
He also questioned what effect there
would be on Government credit, banks and insurance com¬
panies, if twenty billion dollars were added to the United
States debt to take
The
National
Conference
of
Investors
is
a
non-profit
association of railroad investors, being organized throughout
the country in state units. Units have already been formed
in New
York, Virginia, Ohio, Illinois, Oklahoma, Michigan,
Texas, Iowa and North Dakota. On Sept. 26 the New York
unit intends to start a circularization campaign to bring the
250,000 investors in New York State into the organization.
Robert E. Smith of New York City is Chairman of the
National Conference and F.
D. Russell, Pres., Security
Mutual Life Insurance Co., Binghamton, New York, is
Chairman of the New York State Unit.
A
as
roads:
1.
The invasion by Government of the functions of management without
Legislation which has robbed the railroads of their legitimate earnings
Pressure groups, public and private,
Original Cost
Original Cost Less Depreciation
Cost of Reproduction, New_
Cost of Reproduction, Less Depreciation
under
which
taxes and other expenses are
which have totally disregarded
Moreover, the capitalization
roads total
and preferred
of original
cost,
nearly in line with valuation.
very
equals only 65%
of
given here is fictitious to the extent that
as
receivership or bankruptcy.
Stocks of such
$2,153,810,987, the greater part of which will be wiped out in
eventual reorganizations, and the funded debt amounts to $3,562,540,000,
which
will be greatly reduced.
Assuming only that the stocks
Class I
value
would
roads
the
on
be reduced
most
eliminated,
are
to
basis
possible
capitalization all
total
$15,877,192,000,
conservative
86%
or
of property
original
of
less
cost
depreciation.
As
matter of fact, the sacrifice of security
a
tions is in large part a fait accompli.
last year,
$101,919,686
holders of bankrupt situa¬
Interest matured unpaid
30, 1938, amounted to $755,070,550.
as
of June
Of $446,288,359 bond interest due
?2.8% was not paid.
In other words, bond¬
22.8% cut, much of which will be permanent
or
holders have already taken a
Trial Examiner Upholds C.
NLRB
I. O. Lead Union—.
Striking Employees
Eagle Picher Mining & Smelting Co.
Urges
of
Reinstatement
William
on
order
Picher
the
Eagle
130
of
trial examiner for the National
Ringer,
Relations Board,
Labor
Sept. 12 recommended that the Board
Co.
Lead
subsidiary, the
and its
Eagle Picher Mining & Smelting Co., to reinstate with back
130 striking employees and 18 others.
pay
it is
The company,
reported, was also urged to stop encouraging member¬
ship in the Blue Card Union of Zinc, Lead, Mine, Mill and
Smelter Workers,
Labor.
of
The
affiliate of the American Federation
was regarded as a victory for the
an
decision
Committee for Industrial
F. of L. union.
the A.
Organization, which had opposed
Details of the ruling were given as
follows in the Washington "Post" of Sept. 13:
The examiner,
by
the
formerly
ers,
William Ringer, declared the Blue Card union was formed
"as
companies
affiliated
the C.
Union of Mine,
the
with
A.
F.
The
Mr.
void,
addition
remedial
The
130
were
southeastern
The
1935.
Ringer
of
time
130
workers,
should be declared
Ringer called
Mr.
for
others.
among
district
members of the international union
600
some
Kansas,
(southeastern
who began
Missouri)
union
the
then
was
northeastern
in
and
Oklahoma
strike for union recognition on May 8,
a
affiliated
with
the A.
returned to work three weeks later in
strikers
the present
at
held.
reinstatement
to 18
wages
tri-State
the
to
but
Void
the Blue Card union
companies' contract with
and
In
L.
of
I. 0.
Contract
null
to discourage
Mill and Smelter Work¬
their three years' campaign
part of
the International
affiliated with
a
F.
of
L.
Most
of the
back-to-work movement.
Ringer charged the companies formed and administered the Tri-State
and
its
successor,
the Blue Card Union, and that there were
Union
"numerous
the
and
union
violence and armed force by officers
of
instances
Tri-State Union against groups
and members
and individuals of the international
sympathetic to its members."
persons
Ringer said that F. W. Evans, operator of half a dozen mines in
district, cooperated in back-to-work mass meetings, and three weeks
the
the strike
Evans
Mr.
assisted in
began
Smelter
and
Mine
was
the organization of the Tri-State Metal,
in opposition to the international.
Union
Workers
eventually
named
President of the
new
union, Mr. Ringer
reported.
-
Emergency Legislation
Revision of Rate-Making Rules to conform with existing conditions.
(b)
Removal of certain technical restrictions on RFC loans to railroads.
(c)
Repeal of Land Grant Freight Rates.
(d) Discontinuance of Government owned and
operated barge lines.
of
Two
Disputes
Involving Mackay Radio & Telegraph Go.
M.
Elinore
Mrs.
Herrick,
Regional
Director of the Na¬
tional Labor Relations Board in New York City, on Sept. 19
settlement
announced
of
two
labor
disputes involving the
Mackay Radio & Telegraph Co.
Conditions of the settle¬
ment included reinstatement of 15 employees and payment
of
(a)
Settlement
Announces
NLRB
policies.
follows, in brief:
$22,291.
as
Mrs. Herrick said the settlement was reached
result
the
of
a
United
States
Supreme Court
decision
upholding a NLRB decision in a similar situation in Port¬
land, Ore.
The New York "Herald Tribune," Sept. 20,
added:
(e)
Regulation of water transportation.
(f)
Repeal of Long and Short Haul Clause of Interstate
Commerce Act.
The
back
Long Range Legislation
Legislation facilitating railroad consolidations.
she said,
court,
four
In New
Portland
the decision that the company must take
pay them $7,291.37 in salary arrears.
and
York, she said, the company would have to take back 11 employees
good on back pay aggregating $15,000.
bodies.
(c)
Legislation relating to conflicting rate-making
(d)
Repeal of certain oppressive tax laws.
(e)
Tolls for commercial use of inland waterways.
(f)
Elimination of grade crossings at Government expense.
(g)
Legislation which will facilitate joint use of
Strike at Briggs
trucks, terminal facilities,
stations, etc.
A
strike
(h) Protection against unjust claims.
(i)
Right of railroads to operate on highways and waterways.
(j)
Revision of Clayton Act.
(k)
Prohibition against
Government officers appearing in rate cases as
public expense.
at
Body Co., Affecting 18,900 Automotive
Workers, Ended
the
Detroit
plant of
the Briggs Body Co.,
started
Sept. 14, was ended Sept. 17 when a settle¬
ment was reached between representatives of the company
and the United Automobile Workers.
The strike, which
which
representatives of special, private interests
upheld
employees
and make
(b) Important revision of Railway Labor Act.
basis
valuation.
dictated by outside agencies whereas railroad
The resolution contends that the situation must be cor¬
(a)
capitalization is
the
On
the cost of wages, supplies, materials and
rected by legislative action, both State and Federal, and
calls upon State and National representatives to enact a
program as
debt.
funded
$18,031,003 J9S
common
On the basis of reproduction costs, total capitalization
managements are deprived of the right to fix the price of their transportation
services and their management
$10,001,038,493
less depreciation, total
follows:
18,453,054,652
27,714,527,378
20,693,951,492:
value of securities, comprising $8,029,964,698
stock and
as
The
land and
$24,601,375,834
As against these figures, Class I roads had outstanding
par
after
(a) the interests of railroad labor as a whole and (b) a fair return to honest
Conditions
under-capitalized to the extent of $9,683,000,000,
are
Mr.
investment, thereby causing a total collapse of railroad credit.
4.
the basis of
report adopted by the National Conference of Investors.
a
rights and working capital) as of Jan. 1, 1937 in four ways,
of
and given them to subsidized competitors.
3.
on
Bureau stated total property valuation (including present value of
assuming its financial responsibilities.
2.
over-capitalized
those of the Interstate Commerce Commission, Bureau of Valuation.
Mr.
introduced and adopted at the meeting
follows the blame for the present plight of the rail¬
resolution
places
not
are
The only authoritative compilations of railroad property investment are
membership in
the railroads.
over
States
it includes securities of roads in
the meeting.
Mr. Dick pointed to the fact that in spite of
clared that if railroads
It follows in full:
meeting.
Railroads of the United
according to
York
flood control projects.
or
A report prepared by independent statistical agencies to
show that railroads are not over-capitalized was presented
the most conservative possible method of calculation; on the most liberal
&c.
♦
New
1863
Chronicle
affected
Chrysler
18,900
Corp.
workers
in
divisions,
the
was
Briggs plant
called
and
because
the
several
union
Chronicle
Financial
E1864
Constitution."
alleged that the company was "speeding up" its production
Strikers returned to work on Sept. 19.
Terms of
The
unaltered
and
line.
Sept. 24, 1938
U.
A.
settlement, it is stated, included the reinstatement of three
dismissed employees and
signed
reduction of production on the gun
welding line from 50 to 45 units an hour, with fewer men
working on the line.
The Detroit "Free Press" of Sept. 18
gave the following additional details:
Some 7,000 workers in the Plymouth
and
about
other
workers
been
had
The
three
Vice-Presidents,
and
George F.
Other
production
on
The U.
At
A. W.
the
A.
A.
W.
the
210,
issued
the best
to
the
interests of
Contracts
on
W. locals must pay their per capita taxes
A.
International.
A. W.
"Free Press"
The Detroit
The
for
Houser
the local
had
"over the head"
going
the McCord
of Sept. 17 commented on the
Local
would set the
The
officials
the
of
Monday
for
company
morning.
a
John L.
drawn by
was
of
reinstatement
Lewis, C. I. O.
officers
four
who
Chairman,
expelled
were
on
Meanwhile,
according to the committee's statement, the strike will continue.
review
a
Mr. Hillman, which was accepted as a
Alurray and
to their
would be returned
that the
posts within two
weeks.
International Typographical Union Approves Five-Day
Week in All Shops—Convention Delegates Urge
four expelled officers to
accepted entitles the
by Mr.
cases
indication
strong
the plan by the Executive Board
acceptance of
policy of the union in the future.
agreement
their
of
con¬
that
said
Hillman
Mr.
rejected the truce and
of the local's Bargaining
Moskun, President of the local, said that he had arranged
with
the
for
charges brought by Mr. Martin.
Committee.
J.
plan
original
called
and
Executive Committee of
the
by
declared that
however,
Mr.
assailed
N.
detrimental
are
agreement as follows:
Statement Is Denied
ference
provision that all U.
the U.
to
temporary agreement with the McCord Radiator Co. which would
47-day strike in the company's Detroit and Wyandotte plants.
statement
No.
Board
O."
I.
a
end the
A
violation
any
industries.
Lpren
Houser, U. A. W. Executive Board member, announced that the union had
reached
against
A. W."
support for complete adherence to the terms of contracts with
O.
I.
A
Briggs strike was announced,
the U.
"tolerate" activities which "in the judgment of the
to
C.
or
action
disciplinary
"any
policies of
Policy
represented in negotiations by Emil Mazey, President
was
in
or
Executive
W.
U.
C.
the settlement of
time
pledge not
U.
for
212, and Tracy M. Doll, Executive Board members.
of Local
Constitution
the
official said.
an
They appar¬
1938.
Board
Executive
and
A
obtained,
Mortimer,
Wyndham
and
pledge by the C. I. O. to support the U. A. W. international officers
A
Production
bodies
Hall
Secretary-Treasurer.
W. of its adherence to the 20-point peace
by the U. A.
of May,
program
of
Resume
supplies
company
Ed
are
Addes,
provisions of the compact were:
Reaffirmation
the Plymouth car, and the
the Plymouth line is to be resumed as soon as bodies are
Briggs
others
unwarranted.
were
Division of the Chrysler Motor Co.
dismissed.
To
The
and the other expelled officers
abide by the Murray-Hillman decision on their
reinstatement.
Windsor plant
Chrysler
O. and its leadership,
I.
ently hoped to convince Mr. Hillman and Mr. Murray that their dismissals
will return to work as
soon as the Briggs plant supplies material for their work.
The etrike was called Wednesday by U. A, W. Local 212, after collapse
of negotiations over the union's charge that the company was speeding
up production and because a chief shop steward who protested and two
in the
2,000
"complete
affirms its
other hand,
the
on
Vice-President,
to
agreement
an
W.,
allegiance to the C.
loyalty and
principles and policies."
Mr.
Frankensteen, a
announced.
The
Peace Between
The resolution, asserting labor's civil war created
these two bodies into
one
"confusion" and
President
by quarantining and opposing in
would
destroy
democracy" and
L Delegates last night rejected
on
vision to
Roosevelt's efforts
were
no
a
more
It
was
effect than
resolution."
a
less
a
referendum of the I. T. U.'s 80,000
shorten the work week to 35
tions of William
A
or
The Chicago delegation
proposed
a
four-day
Federation of Labor.
week.
charges
of
dis¬
an
the Chicago plant
employees at
the
wished to bt
the Committee for
traced
the
formation
stating
Wagner
their
part:
of Armour & Co.'s Mutual Employees'
that its inception followed discontinuance of the
representation plan, which was abandoned on the enactment of
Board
Association,
labor
bill.
Under
representatives
own
management,
to
terms
of
the
conference
a
while the latter appointed an
plan
the
board<
elected
employees
for contacts
with the
equal number of agents.
Chicago, Sept. 16, advices to the New York "Times"
stated:
•
Robert
the
to
30 hours, in accordance with recommenda¬
dismissed
Board
Washington dispatch, Sept. 16, to the Chicago "Journal
The
with delegations which sought
Green. President of the American
Chicago
employees.
The
election within 30 days to determine
of Commerce" said, in
The
40-hour-a-week maximum working time would not be affectedwas seen as a compromise
the
From
If accepted, the proposal would outlaw the six-day week, which prevails
|k The proposal
The
earnings.
by a union affiliated with
Industrial Organization.
members In the United States and Canada.
in some shops on the basis of a six-hour and 40-minute working day.
"company-
employees at its
7,000
the
of
represented
employee
five-day week plan was commented upon in the
following United Press dispatch of Sept. 17 from Birmingham:
The proposal will be submitted to
net
whether
a
ill
a
Employees' Mutual Association as the bargain¬
crimination in the discharge of four other
pro¬
"would
Sept. 16 .issued
on
disestablish
plant, and reemploy two discharged workers with back pay
submitted by Frank E.
The delegates contend the proposition
York.
no
Relations Board
Labor
representative
ing
Dissolve
to
order requiring Armour & Co. to
dominated"
and
proposal calling for five six-hour days
acceptance by an employer.
Co.
&
Union—Requires
NLRB also ordered
The
be
not
H.
Cabell,
Labor
"The
to
Labor
in
President of
Board's
order
with
the
:
facts
0.
I.
Co.,
hs
by the
reported
Mutual
or
any
Association,
other
union.
their
employees through representation of
our
said today in
press
reference
does not
appear
Chicago.
We did
have
presented at the hearing in
Employees'
C.
&
Armour
\
decision
Board's
accord
organize
organization of the
with
opposed
nor
We
are
own
we
ready to deal
choosing."
A.
W. Warring Factions Sign Peace Agreement—
Compromise Is Adopted Unanimously by Union's
Executive Board
Clerks'
Strike Against 35 San Francisco Department
Stores—Employers Refuse Arbitration and Union
Leaders
Reject
Proposed
Contract—Warehouse
Dispute
An agreement intended to bring peace between two war¬
ring, factious of the United Automobile Workers of America
and
effect
amicable
relations
between
the
union
and
the
Committee for Industrial Organization was signed and rati¬
fied
Sept. 10.
on
Philip Murray, C.
who went to Detroit with
a
I. O. representative
the dispute, said
view to ending
that the agreement represented "a victory for the rank and
file of the Union."
Homer Martin, President of the U. A.
W.,
said
the
union's
Executive
Board
was
unanimous
accepting the plan.
The
were
The
in
union
"CompanyElection to Deter¬
Bargaining Agent for Employees
National
The
an
"to maintain
"pro-labor legislation
praised
mine
the aggressor nations
way
every
grounds that it provided no maximum work period and
assure
Cozzolino of New
U.
the
from
Armour
Orders
Dominated"
policies" advocated by the President.
to
and
NLRB
re¬
united American labor organization."
Other resolutions endorsed
peace
have
Richard T. Frankensteen,
Wyndham Mortimer, Vice-Presidents, and George F. Addes,
expelled
on
tarded the labor movement, urged the A. P. of L. and the C.I. O. "to unite
week
first was
Lewis plan
fought since the
Martin had
Mr.
Secretary-Treasurer.
Typographical Union, at the final ses¬
Sept. 17 of its annual convention* at Birmingham,
Ala., approved a proposal to make the five-day week manda¬
tory in union shops throughout the printing industry. On
the preceding day delegates to the convention urged peace
between warring factions of organized labor in a resolution
urging resumption of conferences between the American Fed¬
eration of Labor and the Committee for Industrial Organi¬
zation. Associated Press advices of Sept. 16 from Birming¬
ham, Ala., described this resolution as follows:
who
Hall
Ed
The International
sion
which
officers
The
F. of L. and C. I. O.
a.
for complete autonomy of the U. A. W., a
compromise plan called
for
point
a
differences
•
,
between
referred to in
the
factions in
two
the "Chronicle"
in
•
the
union
of
Sept. 3, page 1427.
principal provisions of the agreement were summarized
Detroit dispatch, Sept. 10, to the New York "Times":
1. The question
of reinstatement of four expelled
including Richard T. Frankensteen, is to be
Hillman, President of the Amalgamated Clothing
Murray, C. I. O. Vice-Chairman.
Their decision
W.,
original
C,
I.
O.
formula called
for
the
officers of the U. A.
submitted
Workers,
is
to
be
to
Sidney
and
Philip
final.
immediate reinstatement
The
of
the
Efforts to settle
department
2.
A
joint committee composed of Mr. Murray and Mr. Hillman, for the
C. I. O., and Mr. Martin and R. J.
Thomas, a Vice-President, for the
U. A. W.# is established to "determine matters of
policy relating to
cooperation between the U. A. W. and the C. I. 0. and to settle such
disputes
The
as
may
original
C.
be referred to it by the U.
I.
O.
formula
"executive officers of the C.
I.
called
for
A.
W.
reference
Executive
of
disputes
Board.'?
to
the
O."
wide
C.
I.
0.
Autonomy" Recognized
specifically recognizes the "full autonomy of
fl. A. W. and its full right and responsibility to function under its
the
strike
came
the
with
the
mo6t
important break
in
the six-day depart¬
with the modification of a union
demand for store-
seniority.
Mayor Angelo Rossi, to whom the modification plan was delivered at
conference with
before
new
representatives of more than
a
4,000 striking clerks, hurried
meeting of the Retailers' Council, representing the stores, with the
a
proposal.
After
with
a
a
meeting
five-man
with
union
the
retailers,
committee
Moyar Rossi scheduled
a
meeting
for tomorrow.
The seniority issue was one of the two major problems which negotiators
before the strike had failed to solve.
The other was a union demand for a
shop, later modified to one for a preferential hiring
Picket
own
rejected
considered
was
store
met
stores
leaders
What
ment
closed
"'Full
3. The
strike by retail clerks affiliated with
little success this week as
employers' latest draft of a
seniority clause in the proposed new contract, while the
emp.oyers continued to
refuse to arbitrate.
Calling of
the strike was reported in the "Chronicle" of Sept. 10,
page 1518.
Meanwhile the department stores continued to
operate, with fewer pickets and a greater number of
patrons.
No serious picket line disturbances were noted.
Progress of this strike, and of other San Francisco labor
disputes, was described as follows in a United Press San
Francisco dispatch of Sept. 12:
union
-
expelled officers.
a
the American Federation of Labor against 35 San Francisco
lmes
morning after
The
first
resumed
a
their
parade
in
front
of
the
list.
struck
stores
this
temporary withdrawal over Sunday.
The 6tores were open.
in more than a week in the warehouse dispute came
break
Volume
with
tion
Financial
147
invitation
distributors'
tne
it tomorrow
discuss the
to
to
the
Committee for
Industrial Organiza¬
Longshoremen's and Warehousemen's Union to .meet with
International
perishable* foods.
of
storage began to be
who is
been
have
closed
Strike
than
more
They
two
weeks
in the
involved
dispute, which included expiration of contracts, demands for a master con¬
tract
all
covering
Walker
Hiram
the
smash
With
of
types
and
plants,
warehousing, strikes at the Woolworth and
charges of a lockout and attempts to
union
drug,
supply
other
and
plants
closed
hospitals
prospect."
front, the dock worker' unit of the C. I. 0.
"and
none
in
International
Coast Water
toward writ¬
ing new contracts, to be effective Oct. 1.
The union sought protection
against speedups and the employers guarantees against work stoppages.
On
the
third
the West
on
Borough of Queens, the Chamber of Commerce of the State of New
York,
the
Merchants
Association,
maritime union
another year.
have been renewed for
contracts
Renewed efforts to end the department store
strike were
dispatch of Sept. 14
by Russell B. Porter to the New York "Times":
Mayor Rossi conferred all day today with a special committee of five
reported as follows in a San Francisco
from
Labor Council of the American
the San Francisco
Federation of Labor
which
caused a strike last Wednesday by the Retail Department Store Employees
Union, Local 1100. against 27 major department stores and eight branches.
The Policy Committee of the San Francisco Retailers Council stood by
awaiting further conferences as the Mayor discussed with the labor group
a
new
seniority clause drafted by Milton Marks, attorney for the em¬
ployers, with the aid of City Attorney John J. O'Toole and the latter's
assistant, Henry Heidelberg, a Labor Council delegate from the printing
in
effort
an
to
deadlock
the
break
"Representatives of undersigned business organizations meeting today,
that the truck is growing steadily worse and that many ad¬
ditional thousands of New York workmen face immediate unemployment,
due to merchandise piled up in shipping rooms and at terminals, and that
business and labor
are sustaining irreparable losses, and the public faces
hardship, and further convinced that recognized and authorized union
leadersnip is facing a severe crisis, deem it imperative that you return
labor
at once and take official action to restore the free flow of
and foreign commerce in our
over
terms
Expected Back Monday
section
The
of
time ago.
Union officials during negotiations
the
or
the discontinuance
of night picketing, except for
watch to see that no trucks make
from the stores except mail and Railway Express trucks.
which
keep
will
for
a
contract
new
have demanded
which the insurgents began the outlaw strike for.
same terms
Reporting the
beginning of
the
strike,
KH^
New York
the
"Journal of Commerce" of Sept. 16 said:
According
Arthur
to
Truckmen's
Bureau,
McKeever,
of
one
the
managing
leading
with which the Local 807 of the
owners,
gotiating
for
new
a
wage
Sept. 1, the walkout
of the
director
of
organizations
Teamsters'
Merchant
truck
motor
Union
has
been
ne¬
agreement to replace the one that expired on
totally unauthorized by the drivers' union, since
was
strike vote had been taken.
no
Reports Small Effect
fered
he said, the shipments of goods had not seriously been inter¬
been spadmodic attempts to hold up the
with, although there had
He added that the police, being assured
operation of trucks.
officials
announced
automobiles
deliveries to
open, with fewer pickets, fewer
increased shopping by the non-union
public.
the
union
"cruise"
and
violence,
no
If the strike is still in progress
he is expected to appoint a fact-finding commission, a procedure used when
labor troubles threatened to halt operations on the B. M. T. system some
of a new contract,
remained
stores
department
guard,
on
domestic, interstate
city."
The Mayor is expected back on Monday.
So far,
the
All
Manufacturers
and
convinced
trades."
police
Merchants
the
Association of Bush Terminal and the New York Board of Trade.
Longshoremen's and Warehousemen's Union and the Pacific
Front Employers' Association reported encouraging progress
All other
Coast, to return immediately and take action.
the American Merchant Marine Institution, the Bronx Board
Trade, the Brooklyn Chamber of Commerce, the Chamber of Commerce
of the
the San Francisco
experi¬
encing "serious shortages" of supplies.
The Association of San Francisco
Distributors, which announced last week it had arranged to bring in
supplies from the outside, said its investigation showed no food shortages
the
now
were
Their telegram follows:
hospital conference reported to Mayor Rossi that its members were
at
of
organization.
food,
Freight mounted higher along the water front and
problem.
a
Eight business organizations appealed by telegram to Mayor LaGuardia,
situation.
Warehouse
The warehouses
1865
Chronicle
the
that
to the aid
union
of drivers
had
was
the
by
union
readily
walkout,
came
where attempted disruption did occur.
mated that about 300 drivers had
It
authorized
not
It
joined the walkout of their
said that this action had been suddenly taken
was
esti¬
accord.
own
because the strikers
felt that the union committee was too slow in coming to an understanding
with the truck owners on a new wage agreement.
Agreed to in Truck Drivers* Strike
Which Tied Up Much of New York's Inter-City
Freight Movement—Department Store Deliveries
Hampered and Newsprint Shortage Had Been
Truce
Four-Day
Union officiais, it was learned, were using every effort to induce the drivers
who joined the
a
Threatened
affected the movement of freight
week, was halted on Sept. 21,
when an agreement was reached whereby the strikers returned
to work on Sept. 22, under a four-day truce.
During the
walkout strikers permitted the transportation only of perish¬
able foodstuffs, hospital supplies and newsprint.
Many
newspapers, however, were forced to curtail editions because
of the newsprint shortage, while department stores reported
that 90% of the freight sent from out of town had been
Sept. 15 and had seriously
by motor in New York City this
The strike started as an
outlaw walkout on Sept. 15, but
approved by the International Brotherhood of Teamsters
on Sept. 19.
The union has been negotiating
for a new wage agreement to replace the one which expired
Sept. 1.
The efforts toward bringing about a termination
of the strike had been marked by the intervention of repre¬
sentatives of Mayor LaGuardia, in the latter's absence from
the city during his attendance at the convention of the
American Legion at Los Angeles.
As to the truce agreed to,
the New York "Sun" of Sept. 22 said:
The agreement was reached after extended negotiations at City Hall
night. Under its terms
they are to return to work today while negotiations on their demands
continue with employers' groups, with the provision that if a satisfactory
contract is not forthcoming by Saturday night regular union officers will
conduct an official strike vote on Sunday (to-morrow).
The truce offer came after a series of conferences throughout the day in
which Abe Klein, insurgent strike leader; Michael J. Cashal, Vice-President
of the Brotherhood; Ceorge Meany, President or the State Federation of
Labor; Thomas Lyons, lYesident of the Central Trades and Labor Council;
representatives of employer groups headed by Arthur G. McKeever,
managing director of the Merchant Truckmen's Bureau; Acting Mayor
Newbold Morris, Mrs. Anna Rosenberg and Arthur Meyer of the State
by the strikers at a meeting last last
816 met at Beethoven
accepted the proposal.
presented the truce offer, told the men it had the support
members of Locals 807, 282 and
Hall, 210 East Fifth Street, and
Abe Klein, who
and Mr. Cashal.
The insurgents went on
seven
.
.
The Merchant Truckmen's Bureau and the Highway Transport Associa¬
their joint wage scale committee in
Despite the creeping paralysis of commerce,
for
today's primary
shortly after midnight, Hugh E.
Operators' Joint Wage Scale Committee
arbitration."
then read this statement on
807, 282 and 816 of the International Brotherhood
action on Sunday afternoon, Sept. 25."
of Teamsters to take
sale grocers
the distribution of ballots
perishable foodstuffs, supplies for hospitals and newsprint.
city's newspapers on
trucks were used to ration paper to the
Twenty-five
a
day-to-day
basis.
Although the strikers have enforced their blockade against non-perishable
foodstuffs. Markets Commissioner William Feliowes Morgan Jr. reiterated
the city's
food supply was adequate,
while grocers, including chain
estimated that they had a two-week supply and wholesalers gave
stores,
assurance
that their supply would last for several days.
Russell
Forbes, Purchase Commissioner, announced
that food supplies
for free lunches in the city schools had been held up or turned
in New Jersey, giving the first indication
across
back here and
of the actual spread of the strike
the Hudson River.
Numerous complaints received
emphasized
bureau was
that in
by the Merchants Association of New York
seriousness of the situation.
The association's
informed by members that grocery shipments were tied
strike began to grow more
reported a diminishing
missioner of Markets Morgan
traffic
the
order
to
move
up
and
drugs it was necessary to have trucks marked, by
placards showing that the drugs were for emergency use.
The association
appealed to the United States Maritime Commission to
extend the free-time period during
which Imported goods accumulating on
It announced that the Customs
piers are exempt from storage charges.
Appraisers had agreed to extend the free-time period.
Shipments Piling Up
Truck shipments of
reported to be 90%
delayed.
out-of-town merchandise to department stores was
halted, while 40% on inter-city shipn ents were being
Merchandise was accumulating at piers and terminals.
Acting Mayor Newbold Morris, announcing on Sept. 21
that
the employers and
strikers
were
unable to reach an
agreement, said he would again act as mediator
when and if
participants needed him.
It was revealed on Sept. 22
that Mayor La Guardia had telephoned his office from
Los Angeles on many occasions in an effort to effect a settle¬
ment.
The New York "Sun" of Sept. 21 added:
Must Go Back to Work
Acting Mayor Morris, who issued a
and
to
24-hour ultimatum to the strikers
today
the trucking companies last night, gave out a statement
explaining that he had not withdrawn his offer to act as
mediator in the
dispute.
"I want the
public to know," he said, "that I will exert every effort toward
persuading both sides to commence immediate negotiations.
The men must
back to work as soon as possible.
misunderstanding of my action last night.
go
administration has not withdrawn from its efforts to
places the situation on the shoulders
fill
their
which this community is
struction
serious.
Whole¬
supply all products on hand, and
received reports of attempts to
Com¬
block handling
of the parties concerned,
Whether
apparent,
work
at
the
last night laid plans
today to tie up the garment center and the con¬
World's
the loss of leadership
but
'lhey must
business men of
composed."
Despite the acting I ayor's ultimatum, the strikers
activities
The city
find a solution, but
responsibility to the wage earners and to the
to extend their
Effects of Strike Felt
Meanwhile the effect of the
ap¬
completed and the embargo remained lifted on
"I do not want any
behalf of Mr. Cashal:
"WTe agree to return to work tomorrow (Thursday).
We will go into
negotiations Thursday and will continue to negotiate night and day if
necessary till
Saturday evening.
We wish to convey to all concerned
notice that there will be a meeting of the general membership of Locals
Mr. Lyons
was
reduction of
with no reduction in the basic pay.
Sheridan, Chair¬
read this statement:
"We agree that the men shall go back to work tomorrow (Thursday),
We agree to negotiate as long as necessary with a committee designated
and headed by Michael J. Cashal,
Vice-President of the International
Brotherhood of Teamsters. We agree that these negotiations must develop
a contract acceptable to
both sides or, failing in this, we will demand
of the
whatever stand it might take and
pealed to members to sign no individual agreements.
.
strike last Thursday (Sept. 15) for a
hours in the work week
At the last conference,
man
only
the
Board participated.
of the Mayor
was
tion, meeting in militant mood at the Capitol Hotel, resolved to support
was
and Chauffeurs
Some 2.500 striking
the pea that it
York "Times" of Sept. 20:
that
halted.
Mediation
on
Progress of the strike was indicated as follows in the New
of truck drivers which started on
An unauthorized strike
and accepted
walkout to return to their jobs,
question of a day or two before a harmonious agreement wouid be reached
with the truck owners.
Fair and
Sixth avenue subway project.
led them to abandon the plans was not
little increase in activity was noted around the
Tunnel and other entrances to the city today.
Holand
Financial
1866
Marks
Violence
Strike
Baltimore
Truck
of
Drivers—
Develops After Negotiators Had Believed
Trouble
Settlement
Completed
Chronicle
sit-down
state
The
suit
damage
the
spring
the
plant
was
The walkout, called on Sept. 1, paralyzed opera¬
tions of every major truck company in the city, after the
Sept. 7.
companies had reportedly rejected union demands for a 20%
of 1937.
alleged
and
1938
24
inter¬
intent to restrain
filed
as
result
a
of
the
strike,
kept
which
the
The damages were asked as a result of disorders at
destruction of property.
has its national offices in Philadelphia,
for the union, which
Attorneys
believed that terms of settlement were reached
it had been
called with
was
company's mill at Fifth and Luzerne Streets occupied with labor trouble in
continued to be marked by violence this week, although
on
the mill
at
commerce.
2,500 drivers and their help¬
A Baltimore strike involving
ers
Sept.
strike
week
sought dismissal of the suit on the ground that the highest tribunal in the
United States had "cleared the record" by directing Judge Kirkpatrick
dismiss
to
injunction
an
calling
suit
for
eviction
the
the plant.
in
strikers
of
sit-down
200
j
increase.
The strike was called by the Freight Driv¬
ers' and Helpers' Union, a subsidiary of the Teamsters' and
decision
Chauffeurs'
plant after the United Circuit Court of Appeals had ruled that they were
wage
when negotiations for a new contract
were unsuccessful.
In describing the projected settlement,
Associated Press Baltimore advices of Sept. 7 said, in part:
Everett
the
B.
and
officials of
been
joint
a
in
progress
by officials
statement
the union and
of
worked
to
fast
be
as
remain
operations
increased
of
to
return
work
be resumed."
strike
the
of
before
that
asserted
union
will
employees
details
some
after
came
police
began
had
pay
entering
been
the
upon
take
made to
a
A
against Philadelphia County officials and William Leader, Presi¬
1 of the hosiery workers' union.
company
Branch
of
dent
The United States
upon
Supreme Court order of Dec. 13, 1937,
dismissing the litigation involving the constitutionality of
the "sit-down" strike was reported in our issue of Dec. 18,
3905.
page
^
Railroad Wage Dispute to Run Its Course
verbal
a
future
agreement
effect
contract.
Unable to agree on Sept. 21 upon a formula under which
the
Painters End Strike in New York
proposed 15% wage reduction for railway employes
would be abandoned by the carriers while a joint plan for a
broad legislative program for railway rehabilitation was
City Against
being worked out, spokesmen for the carriers and the standard
Independent Shops
The strike of 2,500 painters in
unions deferred further
New York City, called
on
Sept. 11 to force the independent contractors to sign the
agreement negotiated
Sept. 2 by District Council 9 of
on
the Brotherhood of
Painters, Decorators and Paperhangers,
American Federation of Labor affiliate, was ended on
an
interfering with interstate commerce.
Co. estimated the strike damage to its plant at $1,171,624 and
Anti-Trust Act.
similar 6uit is pending in the State courts, filed by the hosiery
triple damages under the Clayton
for
through picket lines yesterday.
convoying trucks
promise
the
However,
out.
can
termination
of
Announcement
and
bearing
no
however, declared that the Supreme Court's
on
the case, because the eit-downers left the
The Apex
the Labor Relations
not disclosed,
The terms of the settlement were
Council.
The
"Settlement of the truck strike
since midnight Aug. 31 was announced today
issued a statement which read:
which has
as
for the truck operators,
Laelcie, spokesman
had
attorneys,
trespassers
asked
Freight Drivers' and Helpers' Union, an American Federation of Labor
affiliate,
in
Union,
mill
Hosiery
Sept. 13 when the
returned to work.
men
spokesman for the union, the strike
independent shops;
the contract.
was
According to a
called against 25
all shops affected, it is stated, signed
The terms
said
are
to include
a
five-day, 35-
hour week, wage rate of
$10.50 a day, double pay for over¬
time, and establishment of a control board for the industry.
The agreement signed Sept. 2 was referred to in these
columns Sept. 10, page 1578.
parleys.
sidetracking the wage problem
gone, the entire efforts of management and unions turned
toward the remaining moves for adjudicating the dispute
under the provisions of the Railway Labor Act.
The New
York "Times" in reporting the dispute stated:
With the
last possibility of
Leaders of the unions will meet in
Chicago
public the strike votes by their members
on
Sept. 26 and will male
the various roads.
on
They will
then fix Oct. 1 as the date for the nation-wide strike, after which President
Roosevelt will
name
Federal fact-finding board, calling a halt to action
a
by either side.
behalf of the three railway executives and three union
A statement in
leaders who
called in by President Roosevelt was handed out during
were
the afternoon of
Sept. 24 by Carl R. Gray, Chairman of the board of the
Union Pacific.
The statement follows:
One-Week Strike Closing Silk Mills of Paterson, N. J.,
Is Ended with
A
one-week
strike
Signing of New Agreement
which
'
almost
completely halted the
industry of Paterson, N. J., was officially ended on
Sept. 19 when the Textile Workers Organizing Committee
silk
officially ratified
Rayon
Association.
In
summarizing the
Paterson dispatch of Sept. 19 to the New York
a
"Journal of
union,
workers
in
Paterson,
by
union
strongest
held
had
said:
described
was
the
as
which
Commerce"
contract
It
Irving
shop
provides
spokesman
negotiated
ever
minimum
a
negotiations for
up
Abrahameon,
agreement
October
$14
of
wage
for
the
for
for
silk
winders,
that
"There
it
was
the methods
has
Under
and
the
contract
new
guaranteed.
The
the
minimum
manufacturers
asked
retain
to
weavers
and
not
mill
do not
must
out
run
They
the
earn
$18
earn
minimum, the pick rate will be adjusted
week.
a
order
in
ru^s down to four for at least one week before
also guarantee that if 25% of the weavers in any
There will
show
to
the proportionate minimum
The agreement also provides
grievances,
payment
reinstatement
employer
week,
of
a
and
cuts
equal
improper
in
wages
union
to
up
holiday
new
the
for
on
(which
division
for
three
closed
a
weeks'
discharge,
so
that 75%
looms which
right
wages
of
on
A
union
decision
strike
to
when
of
of
an
of the agreement, a five-day 40-hour
1, and two additional holidays upon request
probably
work
in
all
Limits
be
used
for
organization
purposes),
There
the
of
is
wages
union
be
also
association
union
a
a
14
in
the
notice the
insisted
wages-hour
contract
legislative
Mr.
for adjustment
Abrahamson said that the
from
the
law.
On Aug. 15 representatives of
employers and the Federa¬
tion of Dyers,
Finishers, Printers and Bleachers of Amer¬
ica
signed
two-year contract which affected 120 plants in
the Paterson area
employing about 16.000 workers; refer¬
a
thereto
ence
Federal
was
Court
made in
in
our
issue of
Sept. 3,
page
1425.
Philadelphia Upholds Apex Hosiery
Case Against C. I. O. Union
Dismissal
Apex
of
Hosiery
Federation of
$3,515,000 damage suit brought by the
of Philadelphia
against the American
Hosiery Workers, a Committee for Industrial
a
Co.
Organization affiliate,
liam
H.
Kilpatrick
argument
that
was
on
refused by
Sept.
14
Federal Judge Wil¬
when
he
overruled
the
the
United
States
Supreme Court had
between the company and union.
In
reporting the ruling, the Philadelphia
"Inquirer" of Sept. 15
cleared
said
the
record"
:
Instead, the United States District Court here
allowed the
broaden its
case
approach and
Railway Department of the American
from
management
dispute is out of the way.
By Nov.
and
unions
is
held
in
That is expected to be
1 the fact-finding
com¬
hearings will have been concluded and its report made public.
executives been
able
to
win
their
associates
on
the
carriers' side to the union proposal for abandonment of the
wage-reduction
proposal, the joint conference to work out
a
railway rehabilitation program
suggested by President Roosevelt would have begun at once.
as
That has
been deferred at least six to eight weeks.
now
was
reported that the railway executives took the position that they
favored Mr. Roosevelt's suggestion that a comprehensive legislative pro¬
posal be worked out by the unions and the carriers, but that the wagereduction machinery had gone so far it could not be stopped.
They said that the carriers' conference committee,
Enochs of the Pennsylvania Railroad,
and there
was
was
headed
by
H.
A.
in charge of the wage negotiations
disposition to take the matter out of the hands of that
no
New Deal
"Purge" Successful in Defeating Representa¬
tive O'Connor in Democratic Primary—New
Yorker,
Chairman of House Rules
Committee, Loses to
James H. Fay, Endorsed by President Roosevelt
The last battle and the only victory of his so-called cam¬
paign to "purge" certain leading conservative anti-New Deal
Democrats from the Senate and House was won on Sept. 20
by President Roosevelt when Democratic voters in the Six¬
teenth
Congressional District defeated for renomination the
Chairman
John
J.
a
six-
the
of
House
O'Connor.
been indorsed
Rules
James H.
Committee,
Fay,
a
Representative
New Dealer who had
by the President, defeated Mr. O'Connor for
the nomination.
Mr. O'Connor also ran in the Republican
primaries, where he was the winner over Allen W. Dulles,
lawyer and former diplomat.
It was considered doubtful
in political circles, however, that Mr. O'Connor could defeat
Mr. Fay in the November election, and even should he do so,
he would
mittee,
no
since
longer be Chairman of the House Rules Com¬
he would be elected as a Republican.
As
Chairman of the Rules Committee,
ited
with
bill.
In
having
blocked
Mr. O'Connor
was
cred¬
New Deal legislation,
including President Roosevelt's Government reorganization
of
important
commenting on the election, the New York "Sun"
Sept. 21 said:
Mr. O'Connor
by 984 votes.
company to
against the union by
permitting it to charge that
program
wage
Had the railway
giving the union and
this clause because of expected benefits
upon
an
followed in pursuing the study the President
Work
right to petition
according to economic conditions.
had
will be
undertake."
to
1, and possibly much earlier.
mission's
shop.
days'
a
♦—
general provision
upon
be postponed to
committee.
shop departments.
Giving Out
Under this agreement the
giving out of work on commission or otherwise
is
forbidden
unless
the
mill
is
filled to
capacity load and then the
consignee must
fully occupied during most of
meeting would
general discussion at today's meeting of
a
which
us
joint
It
any
the President
Federation of Labor.
earned.
shop, check-off, arbitration
back
so
D. B. Robertson, President of the Brotherhood of Firemen and Enginemen,
violation
May
will
of
be record keeping of any
the next
and B. M. Jewell, Chairman of the
lay
them off when the loom load
rotating work.
as
fact-finding commission next week,
will be
Besides Mr. Gray, the group includes M. W. Clement, President of the
by Dec.
for weavers is safeguarded
wage
agree
decided
was
abeyance until the
Protects Weavers
will appoint a
executive
Pennsylvania Railroad; H. E. Norris, President of the Southern Railroad;
George M. Harrison, Chairman of the Railway Labor Executive Association;
time.
a
he
date later to be fixed.
Manufacturers
agreement,
The
agreement negotiated with the, Silk and
an
"Owing to the pendency of the wage proceedings and
has indicated that
the time of the labor
the
combined
won
Mr.
vote
the
Republican primary designation for Representative
O'Connor's vote
cost
Republican candidate.
for
both
in
Mr.
the two primaries
Fay
and
Allen
was
Dulles,
more
the
than
regular
Volume
Financial
147
The
complete vote in the Democratic primary gave Mr. Fay 8,352 and
O'Connor
7,799.
The vote in the Republican primary gave Mr.
Mr.
O'Connor
2,953
and
Mr.
Dulles
The result is credited
purge campaign
From
House
far
as
Washington
politicians
as
O'Connor
Mr.
as
jubilant
the
over
Democratic primary and a propaganda
to
make
suffered
it
that
appear
by
Mr.
this
concerned.
is
today that Mr. Roosevelt and the White
came reports
were
defeat
of
O'Connor
Mr.
the
in
campaign was launched immediately
single result
Roosevelt in all
Nice
about
1867
cutting down the total
and it
expenditure involved, he added,
defeat
the sting of
off
wiped
nine senatorial setbacks.
was
agreed that the Patapsco bridge should be eliminated, thereby reduc¬
ing
1,969.
partial victory for President Roosevelt in his
a
Chronicle
the
Grace
contemplated
and
expenditure
Morgantown bridges.
about
to
$6,000,000
de
Maryland would put
Under the law,
Havre
up
for
the
55% of the costs and PWA the remaining 45%.
Governor Nice, according to the
President, said he would talk with the
bankers
about
projects
the
up
be
State's
its
up
financing the Maryland
would
put
share.
If
the
bankers
If
the
bankers
the preferred
55%, he
list.
declared,
on
Federal
the
agreed,
the
cannot
put
cannot
Government
put
45%.
*
On
Place for a Yes-Man Now
The
White
in
of
the
the House and
Mr.
to
Roosevelt
that
A
be
based
that
Rules
Committee,
House
Chairman
as
in
was
is
question
to move immediately to
however,
arose,
as
Democrat
a
a
that
might
election
the
his
name
of
whether
ever
he
if
Republican nomination.
still
be
Mr.
not
or
indeendently
runs
thrown
as
There
Speaker
the
New
even
possibility
a
seen
House
in
tha^t event.
Chicago,
72-year-old
Congressman
Sabath of
would be natural successor to Mr.
House,
might
Democrat
He
O'Connor.
date
a $2,167,000
$4,815,000 bridge across
Susquehanna River at Havre de Grace, Md. Associated
Press advices from
Washington Sept. 22 said:
Maryland's share of the bridge's cost.
He added that the PWA money
intended for the bridges would be distributed among smaller projects.
B.
H.
to the
Griswold Jr., Baltimore investment banker and financial adviser
State roads commission, said later, however, that the bankers had
assured
Administrator
Ickes
of
complete
in
cooperation
the
two-bridge
program.
is
The
of
a
The President explained that Maryland bankers had declined to finance
Dealer.
Under
Sept. 22, President Roosevelt approved
PWA grant for construction of
the
yes-man
own
O'Connor
a
was
the
into
problematic.
was
100%
O'Connor,
only to the
second
position to sidetrack vital New Deal legislation.
a
expected
though he carried
dean
the fact that Mr.
on
ranked
chairmanship.
rated
That
argument
Sept. 21, Associated Press accounts from
President's
comments
noted in these columns
liberal
on
Sept. 10,
page
Republicans
were
1574.
Washington said:
President Roosevelt
of
primary
which
voting
100%
was
his prediction
in
wrong
York's
New
in
Sixteenth
on
the outcome
in
District,
Congressional
Shipment by U. S, of Flour
Red
Representative John O'Connor lost his fight for Democratic renomibut
nation,
by the Republicans.
nominated
was
night that Mr. O'Connor would win by about 500 votes in the Demo¬
cratic
race
Allen
H.
The
forecast
Hand, the
in
lose
the
Republican
contest
to
The
President
York result, Mr.
subordinated
nothing
was
his
in
to
crow
whose
Democrats
attempt
unseat
to
about
a
in
New
the
victory.
defeat
President
the
Senators Millard E. Tydings of
The other three.
George
F.
the picture
in
today to remind reporters that
issues
Georgia,
of
and
renominated.
were
the President
liberals
the
to
four
of
one
personally.
Walter
Taking
Margaret
Congress whom he considered too conservative.
thought there
was
Miss
races
the outlook
regarded
Congress, just
a
as
Smith
South
of
whole,
Mr.
Early
declared,
objectives in the
his
won
though Congress refused to let him enlarge
even
membership.
The
Corp
shipment to Spain of 60,000 barrels of flour
2t0,000 bushels of wheat contributed by the
Federal
Surplus Commodities Corporation, were made
known on Sept. 16 by Norman H. Davis, Chairman of the
American Red Cross, which will act as agent for the
shipment
of the flour, to be distributed by the American Friends Service
Committee, to which the flour is to be delivered.
The flour
will be apportioned to sufferers in both sides of the
Spanish
conflict.
An announcement issued by the State
Department
at Washington on Sept. 16 said:
to be milled from
which
has
reached
the
Department
State from
of
during the past few months, indicates the existence of
a
Spain
growing problem in
human misery which, unless remedied, will result in widespread starvation
and loss of life among women and children this Winter.
The main
favorable to his attempts to obtain
as
he believes that he
as
Supreme Court campaign,
D.
1
the four
of
E.
Spain Through American
to
Begin Oct. 8—Wheat
by Federal Surplus Com¬
Available
Plans for the
Information
recommended
Carolina
of
and
secretary.
Early added, and did not regard it as
O'Connor
Maryland,
physician,
presidential
Roosevelt told him
Mr.
were
Democratic members
Mr.
orally about 11:30 o'clock, New York time, last
President's personal
Early said
personalities
made
was
Ross, Mclntire,
Dr.
to
Mr.
the
and
Fay
Dulles.
night,
Le
James
over
Made
modities
Stephen Early, presidential Secretary, said today the President predicted
last
be
to
to
Cross—Distribution
war,
cause
of the emergency, apart
is the existence of
from the natural destruction of
vast army of refugees, estimated at nearly three
a
million people, who have been driven from their homes and sought refuge
on
one
side
or
the other of the battle line.
There is insufficient housing,
clothing and food for these refugees.
renomination
Sept. 17 issue,
Senator
of
Tydings
noted
was
in
The problem is beyond the resources of
our
and abroad to raise funds for relief in
1716.
page
they have performed and
organization^ created in America
Spain, despite the admirable work
continuing.
are
Faced by such a situation the American people cannot remain indifferent.
President
Roosevelt
Avoid
to
Participation in InterParty Elections—Says He Was Discussing Prin¬
ciples Only in Commenting on Liberal Republic«"«—Comments on Maryland Bridges—Approval
of PWA for Bridge at Havre de Grace
President Roosevelt will take
part in elections involv¬
no
ing rival political parties, lie said at
Sept. 20, adding that he had been
a press
conference
on
discussing
principles
rather than practical politics when he recently announced
that he would not object to the election of a liberal Repub¬
lican to Congress where the voters' choice was between such
a
candidate and
conservative Democrat.
His explanation
answer to a question as to whether he would
made in
was
a
The Government itself cannot organize
The Red Cross has arranged that the impartial distribution of this flour
with the actual distribution in the hands of agents of the American Friends
Service Committee.
Cooperation of government agencies and the Friends
will make it possible to expedite the plan for getting relief without delay
to the refugees.
From
Washington Sept. 16 the New York "Times"
Washington dispatch of Sept. 20 by Felix Belair Jr. to the
York
"Times"
said,
in
According to the
Federal
against Mr.
Tydings into the November elections, Mr.
it
known
well
ing parties.
President
he
participated in
never
The questioner observed that it
had
expressed
members of
tive
that
his
own
It
would
said that
Roosevelt
been
net
addressing himself to
necessarily
also well known that the
over
matter of principle, inferring that he
a
into
practice
in
Maryland
or
elsewhere.
the
At
N.
Y.,
the
New
Rochester, Minn., where his
York's
he
he
said
Sixteenth
confide
would
cated
the first he has held since leaving Hyde Park,
conference,
press
for
President,
his
would
would
prediction
make known
President
newspaper
paign
and
before
to
the
Potomac
In
stories
revival
River
his
President
suggesting
figures later.
at
plans
claiming
it.
Ickes
had
against
that
new
he
The subject
been
a
there tonight.
he added,
in
He
and indi¬
The Administration sought
O'Connor in the New York contest...,
David
the New Deal's cam¬
Lewis over Senator Tydings
$3,000,000 bridge across the
Tydings
southern
in
Maryland
the
Backers of Mr. Lewis had for weeks
bridge.
up
J.
a
Md.
Senator
should
came
somewhat
between
connection
construct
to
Morgantown,
promised the
build
operation,
the primary vote
polls closed
White House aides,
Representative
of
campaign
been
the
an
today voiced criticism of what he termed purely political
nominate
to
the
James underwent
son
predict the outcome of
District
the defeat of Representative John J.
The
have
credit
for revival
of the
plans
to
today when it was observed that Secretary
skeptical
of plans for
building
any
bridges
in
Maryland.
had come for three bridges
in Maryland—one at Havre de Grace, one across the Patapsco River near
Baltimore, and the one over the Potomac at Morgantown.
The total
expenditure for the three would be about $15,000,000.
The President said that approval of all three brdiges was impossible,
because they would have taken Maryland far over its quota of Public
Mr.
Works
Roosevelt
explained
Administration
a
that applications
allotments.
barrel.
The
United
The Red Cross also will
a
for the
pay
cost of approximately
States Maritime Commission
will provide free
transportation for the flour in United States ships to PYench ports, where it
Shipments, it is said, will begin Oct. 8.
Death of Edward
conserva¬
of Principle
principle
the
carry
Red
oppos¬
then that Mr. Roosevelt declared that in announcing his preference
was
subsidy.
milling and transportation to the Atlantic seaboard,
Prudential
Therefore,
he
talked
with
Governor
Dickinson Duffield, President of the
Insurance
Company
Sponsored Vast Housing Program
party.
A Matter
he had
was
its fight
elections between
preference for liberal Republicans
a
Surplus Commodities Corporation, the
Cross will pay for the wheat as any other exporter, enjoying the customary
will be delivered to the American Friends Service Committee.
part:
Replying to a suggestion that the Administration might carry
was
re¬
ported:
$1
New
large quantity of flour to be pro¬
shall begin in October throughout the Spanish peninsula, according to need,
advantage of the export
a
dispense relief abroad, but the
Cross by the Federal Surplus Commodities Corporation.
New Deal opposition.
In reporting the President's remarks,
a
cessed in the United States from surplus wheat to be turned over to the Red
Senator Tydings of Maryland on the Democratic
ticket, now that Mr. Tydings had been renominated against
support
or
American Red Cross, in view of the emergency conditions prevailing, as
volunteered to handle for distribution
of
America—
Edward Dickinson Duffield, President of the Prudential
Insurance
Company of America, died at his home in South
Orange on Sept. 17 from the effects of a stroke suffered the
previous afternoon at his office in Newark, N. J.
Mr.
Duffield
son
of
was
born in Princeton, N. J.
Professor John
Duffield.
He
Thomas
on
March 3, 1871, the
Duffield and Sarah
Green
graduated from Princeton University in
1892, and three years later received his Master of Arts degree.
Meanwhile, having taken up the study of law, he received
his law degree from the New York Law School in 1894.
Subsequently for many years he practised law in New Jersey.
In 1904 he was elected to the New Jersey Assembly on the
Republican ticket and the next year was appointed As¬
sistant Attorney General.
The following year, 1906, Mr. Duffield's connection with
the Prudential Insurance Co. of America began, when he
became General Solicitor for the company.
Seven years
later he
Still
was
later
was
elected Fourth Vice-President and
(1918)
he
a
director.
became
Vice-President and General
and in 1922 was elected President,
Counsel for the company,
the office he held at his death.
Since
his
graduation
Duffield had maintained
from
a
Princeton
University
Mr.
direct interest in its affairs and in
recognition of his many services he was elected a life trustee
of the University and was also Chairman of its Board of
Trustees for several years.
In 1932 he was named acting
Financial
1868
Other members of the Executive Committee are:
President
of the University to succeed Dr. John Grier
Hibben, who had retired, and for a year Mr. Duffield ad¬
ministered the affairs of the college with the cooperation of
Dr. Luther Pfahler Eisenhart, Dean of the faculty.
Among other varied interests. Mr. Duffield was a director
of several companies, including the Guaranty Trust Co. of
New York, the American Telephone & Telegraph Co., the
United New Jersey Railroad & Canal Co., the United States
Guarantee Co., and the American Insurance Co.
In regard to Mr. Duffield's sponsorship of a vast housing
plan, we quote the following from South Orange advices on
Sept. 17 to the New York "Times":
Mr. Duffield was perhaps
a
best known for bis interest in housing.
In such
huge organization as the Prudential, with vast sums of money entrusted
other
Thus he con¬
E.
S.
I.
D.
Kalman & Co., St. Paul.
White,
Owen, Allison-Williams Co., Minneapolis.
Lester Elwood,
A.
Lee
Woodard-Elwood & Co., Minneapolis.
Bank of St. Paul.
Sauer, First National
—
Dr.
C.
T.
Wang
Resigns
obligations than the financial protection of its policy holders.
ceived the idea of lending financial support to
homes
America" at a
in
+
Appointed Comptroller of Currency
Succeeding J. F. T. O'Connor—President Cancels
Press Conference Because of Cold
shortage.
and of farmers.
which an organization having
"I know of no better way," he said, "in
funds
invest can
to
by making it possible for American
them than
use
citizens to own their own homes."
the
Before
the
depression
Preston
the Prudential Company
of city and suburban dwellers in need of homes
be placed at the disposal
Prudential Company had invested approxi¬
Delano
Preston
the movement for "better
Mr. Duffield directed that the surplus funds of
Governor of
Delano,
ment is from United Press
Delano's appointment
Mr.
McC.
President New York Stock Ex¬
Martin,
On Sept. 22 William McC. Martin,
York Stock Exchange, spoke before the
President of the New
Senior Margin Clerks'
Section of the Association of Stock Exchange Firms at their
first Fall-Winter meeting on the "Reorganization of the
New York Stock
Exchange."
Mr. Martin was introduced
by E. A. Pierce, President of the Association of Stock
Dr. Carl E. Parry, Chief of the Division
Exchange Firms.
of Security Loans of the Board of Governors of the Federal
Reserve System, also spoke.
Among the guests of honor
were Charles H. Meyer, legal authority; Norman P. Davis,
of the Federal Reserve Bank of New York, and George H.
Baston, Regional Administrator of the Commodity Exchange
Administration.
Hill
F.
W.
I.
Named
Myers
Friday morning
mary
press
23^
White House Secretary
by
announced
at the hour of President's custo¬
conference.
press
Mr. Early announced that Mr. Roosevelt had canceled his conference at
the last moment because of the head cold from which he has been suffering
this week.
Mr.
Early filled in for Mr. Roosevelt in replying to inquiries
of newspaper men.
Mr. Delano, a distant relative of Mr. Roosevelt, will assume his duties as
Comptroller within the next twenty-four hours. Early said.
He is a native
of Fair haven, Mass.
The White House explained that the post had been held open for J. F. T.
O'Connor who had resigned the office to run for the Democratic Governor¬
ship nomination in California.
he informed
ago,
Mr.
In
Roosevelt
meeting with the President two days
a
that
he did
not
desire
to
re-enter
the
Federal service, but wished to return to California to practice law.
The
resignation of Mr. O'Connor
539.
was
reported in these
columns of Jan. 22, page
+»
A.
T.
Wilson, President of New York State Bankers
Association, Appoints Committees for 1938-1939—
Three New Groups Named—Winthrop W. Aldrich,
♦
F.
Loan
Washington advices^of _Sept.
was
Early, who met with members of the
change Addresses Senior Margin Clerks' Section of
Association of Stock Exchange Firms
Home
Federal
the
Bank Board, yesterday (Sept. 23) was appointed by Presi¬
dent Roosevelt as Comptroller of the Currency succeeding
J. F. T. O'Connor, who resigned on Jan. 14, it was announced
at the White House.
The following regarding the appoint-
mately $700,000,000 in that form of loans.
William
to
Dr. C. T. Wang, Chinese Ambassador to the United
States, resigned on Sept. 17, according to reports received
from Chungking, seat of the Chinese Foreign Office, it was
stated in Associated Press Shanghai advices of Sept. 17.
It
is expected that he will be succeeded by Dr. Hu Shih.
the country was suffering a housing
when
time
Ambassador
Chinese
as
United States
keeping, he came to realize that an insurance company had
its
to
Sept. 24, 1938
Chronicle
by President Roosevelt to Succeed
Governor of Farm Credit Admin¬
Adrian M. Massie and Theodore Rokahr Head New
as
Committees
istration
Thomas
Announcement
was
made at the White House
on
Sept. 20
of the appointment of F. F. Hill as Governor of the Farm
Credit Administration to succeed William I. Myers, who
resigned to return to his post at Cornell University. Mr.
Hill, who is 37 years old, has worked continuously at the
Farm Credit Administration since it was organized in 1933,
and has been Deputy Governor since 1934.
It is stated by the Farm Credit Administration that he
became identified with the Farm Credit Administration after
number of years at Cornell
Land Bank of Springfield,
University and with the Federal
Mass., where he supplemented
wheat farmer and county agent by
a
practical experience
as a
research in farm finance and land utilization, and with actual
experience in Federal land bank operation.
President Roosevelt in his letter expressing regret at Mr.
Myers' resignation said:
My regret is twofold.
tration, and
with
an
effective and efficient adminis¬
reluctance the services of
tried
a
delightful personal association
you.
But
you.
Yours has been
always gives up
1 shall miss also in the future the
executive.
with
one
you
in
have done
a
fine job, and I feel that
efficient administration,
an
as
a
a
leaving behind
worthy monument to
May I, in acknowledging
public official, wish you continued
the duties to which you are
you are
success
and
your
your
labors
splendid
happiness in
returning in the College of Agriculture at Cornell
University.
♦
Allan Sproul Becomes
f
at
Eighteenth Annual Meeting of
Minnesota Group of I. B. A.
annual
meeting of the Minnesota
of the Investment Bankers Association of America
at
Minneapolis, Minn., Sept. 13.
to
Group
was
held
office:
The following were elected
Chairman, R.
C. Meee, Paine, Webber & Co., Minneapolis.
Vice-Chairman, Stanley Gates, Stanley Gates & Co., St. Paul.
Secretary-Treasurer, Donald Brown, Wells-Dickey Co., Minneapolis.
To
current
serve
on
the
Executive Committee for two years:
George Ostrom, Duluth.
Palpner Jaffrav, Piper, Jaffray & Hopwood, Minneapolis.
Cli¥f Ashmun, C. S. Aehmun & Co., Minneapolis.
In
year.
committees
new
Committee
of
President
New
the
of
York
Marine
the
State
Mid.and
addition
have
the
to
been
usual committees,
appointed this
three
notably,
year,
a
Banking Policy under the chairmanship of
Winthrop W. Aldrich, Chairman of the Board of Directors
on
of the Cliase
National Bank of New York City;
a
tee
Portfolios
of Adrian
M.
Bond
on
under the chairmanship
Commit¬
Massie, Vice-President of the New York Trust Co., New
York City, and a Committee on Standardization of Analysis
Methods of which Theodore Rokahr, Vice-President of the
First Citizens Bank & Trust Co. of Utica is Chairman.
In
on
commenting
The committee
endeavor
find
to
members
of
selection
of
the
be
kept in
has
a
New
a
been
York
formed
State
that
Committee
to
study the problem in
detail and to
through
Bankers
and
the New
the
Association,
of
managing
York
State
cooperation
of
the
of
the
dealing with
the
portfolios
the
of
banking structure will
strong position.
on
Standardization
undertake to explore
form
new
method,
securities
the end
The Committee
will
objectives of the
Mr. Massie stated:
practical
investment
to
the
on
Bond Portfolios,
method
of
of
Analysis Methods
the possibility of devising
analyzing
deposit
in
accounts
a
the
uni¬
com¬
mercial banks of the State.
Federal
Account
Sproul, First Vice-President of the Federal Reserve
Bank of New York, wa& made Manager of the System Open
Market Account on Sept. 22, succeeding W. Randolph
Burgess. The selection was approved by the Federal Open
Market Committee. Mr. Burgess resigned as Vice-President
of the New York Reserve Bank on Sept. 13 to become ViceChair man of the National City Bank of New York. He had
been Manager of the System Open Market Account since the
post was created on March 1, 1936.
An item regarding Mr. Burgess' new association
appeared
in our issue of Sept. 17, page 1720.
The eighteenth
President
Manager of System Open Market
Allan
Election of Officers
Wilson,
Trust Co. of Bingliamton, N. Y., announces the appointment
of committees of the Association which will serve for the
member banks
in behalf of American agriculture.
services
A.
Bankers Association and
Bankruptcy Law
sentative
Chandler
Bankers'
Association
The
to
at
in
be
Discussed
Convention
of
by
Repre¬
Mortgage
Chicago Oct. 12-14
Federal
Bankruptcy Law, also known as the
Chandler Bill, which went into effect Sept. 22 will be the
subject of an address by Congressman Walter Chandler of
the Ninth Tennessee District, author of the legislation, at
the 25th annual "Silver Jubilee" convention of the
Mortgage
Bankers Association of America to be held in
Chicago on
new
October 12 to 14, A. D. Fraser, President, announced this
week.
Congressman Chandler will speak October 14.
Mr.
Fraser also announced that Dr. Allen A. Stockdale of the
National Association of Manufacturers will appear at the
Convention for an address on October 12, speaking on "The
American Way."
An attendance of more than 1,200 mortgage bankers, life
insurance and title and trust company executives, commercial
bankers
and real estate men is expected at the meeting
celebrating the twenty-fifth year of the Association.
Other speakers so far scheduled for the Convention include
Stewart McDonald, Administrator of the Federal Housing
Administration; Fred H. Clausen, Chairman of the Federal
Finance Committee of the U. S. Chamber of Commerce;
Irvin Jacobs of Chicago; and D. Howard Doane, who will be
the opening speaker at a special Farm Mortgage Conference
to be held October 12th.
Mr. Fraser also announced the list
Volume
147
Financial
oft*speakers scheduled for the various group meetings at the
Convention.
Harry R. Templeton, Vice-President of the
Cleveland Trust Company and Wm. A. Marcus, VicePresident of the American Trust Company of San Francisco
will speak before the Bank and Trust Company Division.
Dr. Ernest M. Fisher, Director of the Division of Economics
and Statistics of the Federal Housing Administration and
W. A. Clarke, President of W. A. Clark Mortgage Company,
Philadelphia, will speak
Correspondents Group.
before
Company
Insurance
or a
1869
gain of $33,754.
if not more
so
the
to
meeting appeared in our
The
hold
to
Society
its
third
Stability
for
Money
in
Fall
Banking will
Minneapolis on
and
Conference
October 13, according to an
in
announcement Sept. 22, by Dr.
Joseph E. Goodbar of New York, President of the Society.
The
general subject of the conference will be a preview of
Four authorities
the banking issues for the next Congress.
on
Dr. Otto
banking and finance will lead the discussion.
Rosenberg, former
Bankers'
and
secretary
Association
of
Vienna
economic adviser of the
occupation, will speak on
Banking be Restored to Bankers?"
Other
speakers
whose subject
will
Prof.
be:
fled
who
Nazi
after
from
"Should
Irving
Austria
Fisher
Yale,
of
Money—Its Nature, Its Ef¬
is "100 Percent
"Ought Banking to be Made an In¬
Policy?"; and Dr. Good-
Reichsbank,
strument of Government Economic
"How
Control Without Regimenta¬
tion
Can Restore and Stabilize Prosperity."
Ralph W.
Manuel, President of the Marquette National Bank of Min¬
neapolis, will preside.
The announcement issued by the
Society includes a statement that it assumes no responsi¬
who will
bar,
discuss
F The Excelsior Savings Bank of New York made public
this week the list of its unclaimed
deposits, involving 203
depositors with accounts totaling in excess of $25,000,
which
have
been
during the past
BANKS,
■
TRUST
COMPANIES,
&c.
♦
PF Beginning Sept. 26, the San Francisco Stock Exchange's
opening hour will be changed from 6:00 a. m. to 7:00 a. m.,
it was announced Sept. 21.
The Exchange will continue to
close at 2:30 p. m. on week-days and 11:00 a. m. on Satur¬
days. Since May 2 the local board has opened at 6:00 a. m.,
conforming to the daylight saving time opening of markets
in the East.
Arthur Kavanagh, former Vice-President
of the National
City Bank, New York, died on Sept. 21 at his home in Water
Mill, Long Island, N. Y.
He was 79 years old. A native
of Brooklyn, N. Y., Mr. Kavanagh entered the employ of
the bank in 1872 as office boy to Moses Taylor, then Presi¬
He became chief clerk in 1878, Assistant Cashier in
1899 and Cashier in 1906.
In 1914 Mr. Kavanagh was made
that capacity until his
Vice-President and continued in
in
1924.
During his 52 years of employment
Kavanagh served under six presi¬
with the institution Mr.
dents.
•
»■
Frederick
Foster
■
-
of 54.
He
graduated from Harvard University in
was
Mr. de Rham had also been
1905.
death
occurred
a
suddenly,
>
>
The
'■
announces the
Assistant Secretary.
Co.
of New
York
appointment of Richard S. Carr
as
Sept. 1 after 45
the
study
East
accounts
was
River Savings Bank, New York, of 811 school
transferred to regular accounts over a three-year
It is said to indicate that school accounts are good
source material for potential depositors of regular accounts
—the thrift habit has been planted and can now be cultivated
in a successful way.
Further details of the bank's study
announced
as
follows:
One hundred and eighty-five of the school accounts were transferred to
existing accounts in the name of the school child (many parents ask to have
a
child's school account transferred to a regular account when the amount
on
deposit seems excessive).
The 185 items represented a total of nearly
$14,000.
Six hundred and twenty-six new accounts were opened from transferred
school accounts; these included
accounts, others
Brown,
of service.
by Charles L. Farrell, President of the
succeeds
Spencer
S.
Marsh,
formerly Vice-President and Cashier, who retains the former
office.
Mr. Cowan was formerly with the Federal Reserve
institution.
Mr.
Cowan
Bank of New York.
It is learned from Bethlehem,
Pa., advices printed in
"Money & Commerce" of Sept. 17, that Bernard C. Hoffner
has been elected Assistant Cashier of the
Gcsztcnyi Bank of
Bethlehem.
Regarding his career the dispatch said, in
part:
Mr. Hoffner has been identified with
From May of 1915
Trust Co.
Since
banking in Bethlehem for 20
until November of 1935 he served the E.
November, 1935, Mr. Hoffner has been
sylvania
the entire balance of some of the school
P.
years.
Wilbur
...
Department of Banking in its closed
connected with the Penn¬
banks
division
and
is at
present an Office Manager at Allen town.
B.
the
McFall, a director of the Commonwealth
Pittsburgh, Pa., was recently elected President
institution
to succeed the late Howard Irish, it is
"Money & Commerce" of Sept. 17.
Mr.
McFall, who is a graduate of Washington and Jefferson
College and the University of Pittsburgh Law School, is a
member of the law firm of Dalzell, McFall &
Pringle and has
practised law in Pittsburgh since 1915.
At the present time
he is Vice-President of the Allegheny
County Bar Asso¬
learned
from
ciation.
Stockholders of the Union Trust Co. of Washington, D. C.,
been notified by its President, Ord Preston, that a
have
special meeting will be held
on
Oct. 27 to ratify the
a
common
recom¬
stock of the in¬
stitution be reduced from $2,000,000 to $1,000,000.
the proposed plan, as outlined in the Washington
Under
"Post"
of Sept. 18, the par value of the shares will be changed from
$100 a share to $50, leaving the total number of shares un¬
changed at 20,000. Providing the plan is approved by the
stockholders and the Comptroller of the Currency, the
$1,000,000 freed from capital will be allocated as follows:
$500,000 added to surplus, making that account $1,000,000
and equal to the new capital; $250,000 added to reserves for
contingencies, and $250,000 used to write down the banking
house and other real estate and loans and discounts.
The
directors also have agreed to reduce the item listed in the
"vault, furniture and fixtures" from $136,500 to
Books for the transfer of stock, the paper said,
will be closed from Oct. 15 to Oct. 27, inclusive.
We quote
as
$35,000.
below from Mr. Preston's letter to the stockholders
as
printed
in the "Post":
Owing to the fact that in the laws for the District of Columbia, under
which trust companies are incorporated, there was no provision permitting
a
reduction of capital, (a privilege allowed national banks) no action could
be taken until an amendment to those laws could be effected.
ment
allowing trust companies to reduce their capital
1938,
was
was
An amend¬
passed by the
approved by the I'resident. thus
granting trust companies in the District of Columbia the
same
privilege as
national banks.
been submitted to the Comptroller of the Currency and to
the Board of Governors of the
recently made by the School Department of
period.
were
years
F.
The appointment of Robert G. Cowan as Cashier of the
National Newark & Essex
Banking Co. of Newark, N. J.,
has been announced
This plan has
♦
A
year.
last Congress and on June 20.
Central Hanover Lanx & Trust
City
Rose,
$25,000 of
as
Director of the bank.
and followed considerable
delay which he experienced, due to the heavy storm, while
returning from New York to hi* home.
His
than
head of their New York branch to succeed W.
who retired on
assets
de
Rham, Vice-President and Trust
Officer of the Fulton Trust Co., New York, since May, 1934,
died at his home in Tuxedo Park, N. Y., on Sept. 21 at the
age
more
reinstated to^llB owners
or
mendation of the directors that
•
retirement
Cordt G.
years.
on
William
Arrangements were completed Sept. 19 for the sale of a
membership in The Chicago. Stock Exchange at $1,500,
unchanged from the last previous sale.
a1
15
Sept. 20 announced the appointment of John P. Ellison
of
dent.
for
banking firm of Thos. Cook & Son, Ltd.,
Trust Co. of
ABOUT
inactive
Secretary of the bank, states that
bility for the personal views of the speakers.
ITEMS
permanent,
Control of
fects, Its Expected Benefits"; Prof. Melchior Pelyi of the
University of Chicago and late economic advisor to the
German
as
♦
Society for Stability in Money and
Be Held in Minneapolis Oct. 13
Annual
to point out that school accounts
seems
fairly permanent, at least
1582.
page
Conference of
Banking
are
than regular savings accounts.
The London
Fall
This evidence
transferred to regula laccounts
unclaimed money was returned
An item with reference
Sept. 10 issue,
the
Chronicle
Federal
Reserve System,
the two govern¬
mental agencies having direct jurisdiction over such n atters and they have
each given
holders.
their informal approval contingent
The plan
Corporation, and
was
we
upon
the action of the stock¬
also submitted to the Federal Deposit Insurance
are
advised
by them that
the corporation
has
no
objection to the consummation of the capital reduction according to said
plan.
♦
Current
progress,
opportunities
and
responsibilities
of
research laboratories is being reviewed at the Fall meeting
of the Industrial Research Institute at the Westchester
Country Club,,Rye, N. Y.
The meeting began yesterday
(Sept. 23). Continued to day, Robert B. Colgate, of New
York, Vice-President of the Colgate-Palmolive-Peet Co.,
presides at the two-day session of the Institute which is
an
affiliate of the National Research Council.
represented only partial withdrawals from school accounts.
The 626 accounts carried over a
balance of $92,526.
Of the 811 accounts transferred their total
balance of $106,224
The second annual
was ac¬
cepted in good faith as a fund that would remain with the bank and be
increased from time to time.
At the end of the three-year study, it was determined
accounts were still open,
and active.
that 726 of the 811
They totaled a balance of $139,979,
meeting of the Municipal Bond Club
of Chicago was held at the Kildeer Country Club on Sept. 22.
The outing was attended by 155 members and their guests,
who came from the principal financial centers of the country.
Financial
1870
As
means
a
of bringing
the advantages of the New York
State Bankers Retirement System to the Boards of Directors
of the banks of the State, the Trustees of the System have
developed a phonograph record running 10 minutes to ex¬
plain the system and its functions. The record was made
available for use at board meetings several days ago and 75
banks have sent in requests for its use. It gives a concise and
authoritative statement in regard to the cost and benefits of
the system.
An announcement in the matter continued:
The system was organized
by the New York State Bankers Association
private trust administered by a Board
which Raymond F. Leinen, Vice-President of the Lincoln-
last January and will function as a
of Trustees of
Alliance
Bank and
Trust
Co. of Rochester, is Chairman.
An office is
New York City, and the
trustees have been promoting participation in it during the past months.
At this writing 30 banks employing approximately 400 officers and em¬
ployees have agreed to participate.
The system calls for contributions by the employees of 4%
of their
by the system at 33 Liberty Street,
maintained
salaries and contributions
of
employing
by the
of approlmately 5%
bank
It provides pensions at age 65, death benefits in the event of
payroll.
death prior to
reaching that age and the return of contributions to em¬
bank is terminated. In addi¬
of total and permanent
ployees in the event that their service in the
employees are protected against the risk
tion,
disability after ten years of service.
system is similar to those now in
The
Government employees,
various industrial
It is
operation protecting teachers,
employees of the 12 Federal Reserve Banks and
corporations.
expected that the system will commence operations on Jan. 1 of
next year.
e—
Judge Adolph F. Marschner of the Circuit Court has
approved a $3,280,240 payoff by the defunct Guardian
Detroit Union Group, Inc., of Detroit, Mich., it is learned
from the "Michigan Investor" of Sept. 17, which likewise
said:
The payoff will start
about Sept. 22, the bulk going to the Union Guardian
$2,289,985.
Trust Co. of Detroit, which will receive
The remainder will be distributed as follows: The Union Industrial Trust
&
Savings Bank of Flint,
$918,755; Trenton Depositors Corp., $40,000;
of Stanton, $15,000; State Bank of Six Lakes, $8,500,
the State Bank of Vestaburg, $8,000.
State Savings Bank
and
A 15% dividend to depositors of the American Home
Security Bank of Grand Rapids, Mich., amounting to $465,000, was announced by Harry Glass*, Sr., the receiver,
according to a dispatch from that city, printed in the
"Michigan Investor" of Sept. 17, which added:j
Funds
with
on
hand, accumulated through the liquidation, are being combined
loan obtained from the Old Kent Bank of Grand
a
Rapids to make
possible the dividend at this time, according to Receiver Glass.
Carl A.
Pelton has been elected
a
Vice-President of the
Community National Bank of Pontiac, Mich., succeeding
the late Clarence J. Nephler, it is learned from the "Michigan
Investor" of Sept. 17.
Mr. Pelton has been a director, and
the bank's attorney, since its organization.
Chronicle
all parts
Sept. 24. 1938
of the list, the declines ranging from 1 to 7
or more
particularly weak and dropped
to a new low at 16 with a loss of 2 points; Aluminium, Ltd.,
dipped 4 points to 105; Jones & Laughlin Steel slipped back
4 points to 23M> and Nehi Corp. fell off 324 points to 3624Smaller losses were registered by Axton Fisher A; Chicago
Flexible Shaft; Lake Shore Mines; New Jersey Zinc; Singer
Manufacturing Co., and Pittsburgh Plate Glass.
The
transfers were approximately 90,000 shares with 276 issues
Carrier Corp.
points.
was
on the side of the advance,
unchanged.
Sharp advances among the trading favorites appeared all
along the line on Monday, the gains ranging up to 7 or more
points.
The gains were fairly well scattered through the
list and many market leaders that declined during the short
session on Saturday regained a goodly part of their losses.
The aluminum stocks were especially active, Aluminum Co.
of America closing at 105)4 with a gain of 1 24 points, while
Aluminium, Ltd., climbed up to 109 with an advance of 4
points.
Other noteworthy gains were Jones & Laughlin
Steel, 324 points to 27; Nehi Corp., 224 points to 3824;
Technicolor, 1% points to 19; Bell Tel. of Pa., pref., 1J4
points to 11624; Carrier Corp., 124 points to 18, and Colt's
Patent Fire Arms, 324 points to 59.
Specialties and mining stocks moved to the front on Tues¬
day as prices forged ahead to higher levels.
The market
displayed a strong tone throughout the session, the advances
ranging from 1 to 6 or more points and even higher in some
instances.
One of the strong stocks was Sherwin Williams
which surged upward
l]/2 points to 10724Newmont
Mining Co. was also a feature as it moved smartly forward
5 points to 72.
Other shares prominent on the side of the
advance were Carrier Corp., 2 points to 20; Childs
pref., 3
points to 39; Gulf Oil Corp., 2 points to 3924; Humble Oil,
2Us points to 66; Pittsburgh Plate Glass, 2)4 points to 100;
Todd Shipyards, 224 points to 56, and Singer Manufacturing
Co., 3 points to 233.
Higher prices prevailed during most of the trading on
Wednesday, the gains ranging from 2 to 8 or more points.
The improvement extended to
practically all sections of the
list, and while there were a number of moderate declines,
they were, as a rule, among the less active stocks and had no
special significance.
The transfers for the day were ap¬
proximately 123,310 shares, against 117,885 on Tuesday.
Outstanding among the stocks closing on the side of the
advance were United Shoe
Machinery, 224 points to 7724;
Pepperell Manufacturing Co., 524 points to 69; Mead
Johnson, 324. points to 122; Cuneo Press, 7 points to 39;
Chicago Flexible Shaft, 6 points to 65; Aluminium, Ltd.,
324 points to 116, and Utah Power & Light pref., 224 points
to 4024Irregular price movements were apparent during most of
Of these 29 closed
traded in.
165 declined and 82
were
the
dealings on Thursday, and while there were a fair number
gains registered during the session, the predominating
day were toward lower levels. There were
occasional advances scattered
through the list, notably
Pittsburgh Plate Glass which moved up 224 points to 103;
Kopper Co. pref., 7 points to 77; Electric Bond & Share
pre!., 1 point to 53 and Consolidated Mining & Smelting,
224 points to 5524.
The transfers for the day dipped to
67,470 shares against 123,310 on the preceding day.
There
of
movements of the
O. A. Rowland, a
Vice-President of the Mississippi Valley
Trust Co. of St. Louis, Mo., died of heart disease on Sept. 18.
Mr. Rowland, who was a graduate of the School of Com¬
and
Finance
of
St.
Louis
University, was born in
In 1903 he moved to St.
employ of the Mississippi
Valley Trust Co. as a stenographer and subsequently ad¬
vanced through several positions until 1918 when he was
elected Credit Manager.
Eleven years later (1929) he was
made a Vice-President, the office he held at his death. The
deceased banker was a past President of the St. Louis Credit
Men's Association, and was a member of the National
Board of the Robert Morris Associates, a national organiza¬
merce
Parsons, Kan., 58 years ago.
Louis, where he entered the
tion of financial credit
men.
Vice-President of
the Bank of America National Trust & Savings Association
(head office San Francisco, Calif.) was announced on Sept. 15
by L. M. Giannini, President of the institution. The Los
Angeles "Times" of Sept. 16, in noting Mr. Evans's appoint¬
ment, further said:
Mr.
Evans began his banking career
as
a
with the National City Bank
of
New York, and later was affiliated with the Continental Illinois National
Bank & Trust Co. and then with the American National Bank
Co. of Chicago.
relations
&
Trust
He will be in the administrative branch of the public
department
of the Bank of America,
with
offices in
the
Los
Angeles headquarters.
CURB
Despite the disturbing
was
EXCHANGE
from abroad, the Curb market
news
moderately brisk with
a
tendency toward higher levels
during the fore part of the week and
favorites registered
attracted
were
modest gains.
some
of the speculative
The aluminum shares
buying attention and the industrial specialties
fairly active at higher prices, but public utilities were
some
IJ0^ts to 109.
Other stocks prominent on the side of
Chicago Flexible Shaft, 3 points to 62;
Johnson, 424 points to 118, and Pittsburgh Plate Glass,
5 points to 96.
As compared with Friday of last week the
range of prices was fractionally higher, Carrier Corp. closing
last night at 1824
against 18 on Friday a week ago; Creole
the
decline
were
Mead
Petroleum at 1924 against
1924; Electric Bond & Share at
6/4 against 624; Gulf Oil Corp. at 3824 against 3424; Inter¬
national Petroleum at
2424 against 23 24; Newmont Mining
Corp. at 72 against 6724> and United Shoe Machinery at
75)4 against 7424.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
of
Shares)
Saturday..
Monday...
Tuesday
Wednesday.
Thursday.
Friday
Curb stocks
peace
parley.
sagged all along the line during the brief
period of trading
on
Saturday
.
The recessions extended to
EXCHANGE
Total............
Sale* at
New
York
Foreign
Domestic
89,650
101,730
117,685
124,380
67,370
68,820
_
599.635
Foreign
Government
Corporate
$616,000
$4,000
1,000
Total
689,000
2,000
1,180,000
17,000
577,000
694,000
29,000
$10,000
19,000
26,000
22,000
9,000
19,000
$4,774,0001
$71,000
$105,000
718,000
18,000
$630,000
738,000
1,017,000
1,219,000
604,000
742,000
$4,950,000
Jan. 110 Sept. 23
Week Ended Sept. 23
Curb
Exchange
Stocks—No. of shares.
largely to the uncertainty in the Czech situation and the
halting of the
CURB
Bonds (Par Value)
(Number
Week Ended
Sept. 23, 1938
comparatively quiet.
On Thursday prices moved irregu¬
larly lower, the downward drift becoming more pronounced
on Friday when there was a
sharp drop all along the line due
the side of
advance, 96 on the down side and 65 were unchanged.
The market again tumbled downward on
Friday, the de¬
cline being accelerated
by the unfavorable turn in the Euro¬
pean situation.
Foremost among the recessions were the
aluminum stocks which were the market leaders
during the
early part of the week. Aluminum Co. of America dropped
324 points to 103 followed by Aluminium Ltd. with a decline
Stocks
THE
on
the
°r
Appointment of Arthur H. Evans
229 issues traded in of which 68 closed
were
1938
1938
1937
1937
599,635
1,618.140
30.742,913
81,248,107
$4,774,000
71,000
$6,607*000
305,000
$237,798,000
5,011,000
$318,752,000
9,535,000
105,000
130,000
4,602,000
7,778,000
$4,950,000
$7,042 000
$247,411,000
$336,065,000
Bonds
Domestic
Foreign government...
Foreign corporate
Total
,
Volume
THE
We
Financial
147
GOLD
ENGLISH
AND
SILVER
MARKETS
*
weekly circular of
Montagu & Co. of London, written under date of
Samuel
following from the
the
reprint
1871
Chronicle
foreign
extend world¬
banking facilities to exporters and importers.
With
correspondents
countries,
wide
Sept. 7, 1938:
practically all
in
to
position
in
are
we
GOLD
The
Bank
of
MANUFACTURERS
amounted to £326,-
England gold reserve against notes
on Aug. 31 showing an increase of £1,595 as compared with the
previous Wednesday.
Owing to the very strong demand for United States dollars and for gold
during a week of pronounced political fears and anxiety, the official gold
price has risen almost daily whilst further movements of importance have
413,345
PRINCIPAL OFFICE
NEW YORK
European Representative Office: 1,
Cornhill, London, E.C.3
Member Federal Reserve
frequently followed the fixing.
Some £8,000,000 has been dealt in at the fixing and to this must be added
a further amount, unascertainable but certainly very considerable, to cover
transactions after the fixing.
Quotations have ranged between the dollar parity
FOREIGN DEPARTMENT
BROAD STREET,
55
Member New York•
Member Federal
COMPANY
TRUST
AND
System '
.
Clearing House Association
Deposit insurance Corporation
and Id. premium and
included a certain amount of
profit-taking resales, has again been taken by arbitrageurs.
the bulk of the amounts on offer, which have
Sept. 6
Sept. 7
Average
CERTIFIED
RATES
EXCHANGE
144s. Id.
143s. 8.33d.
SEPT.
17,
1938 TO SEPT. 23,
Noon
Oauntry and Monetary
were
FEDERAL
BY
ACT OF
UNDER TARIFF
BANKS TO TREASURY
144s. 2%s.
the United Kingdom imports and exports of gold,
registered from mid-day on the 29th ult. to mid-day on the 5th inst.:
The following
FOREIGN
Per Fine Oz.
Quotations—
Per Fine Oz.
143s. %d.
143s. 4d.
143s. 5d.
144s. Id.
Quotations—
Sept. 1
Sept. 2
Sept. 3Sept. 5
RESERVE
1930
1938, INCLUSIVE
Buying Rate for Cable Transfers In New
Value tn
United Statrs Money
York
Unit
Sept. 23
Sept. 17
Sept. 19
Sept. 30
Sept. 21
Sept. 22
Europe—
s
*
S
t
t
*
Belgium, belga
.168868
.168800
.168576
.168583
.168611
.168666
.012250*
.012250*
.012250*
.012333*
Exports
Imports
British 8outh Africa
United States of America £12,627,566
£1,138,833
380,562
17,971
382,612
22,691
35,868
British West Africa
British East Africa
British India
Netherlands
France
25,393
1,561,686
178,207
14,366
488,472
23,693
25,753
Palestine
Sweden
Netherlands
France
-
Switzerland
417,724
1,518,588
Germany
Belgium
24,638
Syria
.012333*
.012333*
Czechoslov'la, koruna
.034426
.034435
krone....
.214071
.214343
.215250
.215262
.214918
.214187
pound sterl'g 4.796319
4.802430
4.822916
4.822638
4.814930
4.798680
.021190
.021175
.021225
.021233
.021233
Bulgaria,
lev.......
Denmark,
Engl'd.
Finland, markka
.034470*
.034479*
.034460
.034451
.021150
United States of America.
Venezuela
Other countries
.026925
.027041
.027033
.026970
.026872
.400128
.399983
.400114
.400142
.3 >9907
.399375
.008794*
.008782*
.008817*
.008821*
.008821*
.008783*
.196250*
.196375*
.196000*
.196000*
.196000*
.196000*
.052603
.052607
.052603
.052603
.052603
.052603
.537575
.538416
.540577
.540333
.539655
.537877
Norway,
.240950
.241293
.242331
.242293
.241918
.241140
.188075
.187925
franc
France,
drachma
Hungary,
Italy,
£14,969,774
£4,152,554
The SS. Naldera which sailed from
.026893
Netherlands, guilder.
Other countries
Germany, reichsmark
Greece,
Finland
156,191
29,076
25,757
26,681
Switzerland
pengo
lira.
krone
.188200
.188150
.188175
.043479
.043343
.043575
.043600
.043521
.043415
Rumania, leu
.007292*
.007292*
.007264*
.007278*
.007278*
.007264*
Spain,
Bombay on Sept. 3 carried gold to the
.188200
.C52500*
.051000*
.051666*
.052000*
.052000*
.051666*
Sweden, krona
.247260
.247603
.248650
.248562
.248181
.247378
Switzerland, franc...
.225321
.225616
.226555
.226538
.226544
.226055
Yugoslavia,
.022800
.022775
.022808
.022820
•02282C
.022740
Poland,
zloty
Portugal,
value of about £56,300.
SILVER
dollar, silver prices declined under
offerings to 19 1-16d. for cash and
18 13-16d. for forward quoted yesterday1.
These offerings comprised resales by tired bulls and sales on Eastern and
Continental account and although the lower prices attracted a moderate
demand from India, the bulk If the support was furnished by America.
During the period mentioned above, the market displayed a hollowness
of undertone wnich may persist but, on the other hand, today there has
been a demonstration of the market's sensitiveness, substantial bearcovering on a somewhat poorly supplied market having brought about a
rise of 3-16d. to 19 %d. for cash and 19d. for forward.
Prices are still
below parity with the United States buying price for foreign silver but in
all the circumstances of the market, there would appear to be little justifica¬
tion for them to rise to, and still less to rise above, that parity.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 29th ult. to mid-day on the 5th inst.:
In spite of the wide appreciation of the
the influence of a considerable volume of
£15,563
Japan
United States of Amer__x£l ,037,741
7,730
Morocco
11,937
Belgium
3,537
Other countries
peseta
dinar...
Asia—
China—
.1737.50*
.175000*
.173333*
.173750*
.173750*
.172083*
Hankow (yuan) do!
.173750*
.175000*
.173333*
.173750*
.173750*
.172083*
Shanghai (yuan)dol
.173437*
.174375*
.173125*
.173437*
.173 437*
.171875*
.172500*
.172500*
.170937*
Chefoo (yuan) dol'r
Tientsin (yuan) do)
.172500*
.173437*
.172187*
Hongkong,
.299218
.299281
.300625
.301093
.300781
.299687
.357768
.358216
.359943
.360017
.359386
.358055
.279507
.279796
.281178
.281035
.280578
.279721
.556250
.557250
.560150
.560000
.558725
.556875
pound...
3.821979
3.826250
3.842812
3.841562
3.836093
3.822500
New Zealand, pound
3.852395
3.856875
3.874218
3.873046
3.867343
3.853000
South Africa. |K)und. 4.748375
4.755416
4.776250
4.776250
4.769000
4.751750
993660
.994101
.995000
.994707
.994648
.993593
.999333
British India
dollar
rupee
Japan, yen
Its Settlem'ts, dol
8tr
Australasia—
Australia,
Africa-
Exports
Imports
escudo
126,110
4,000
2,645
4,226
British India
Bermuda
Denmark.
Other countries
North America—
Canada
Cuba.
dollar.......
.999000
£38,767
Including £860,000 coin not of legal tender
x
£1,174,722
in the United Kingdom.
South America
Argentina,
Quotations during the week:
-Bar Silver
IN
per Oz. Std.2 Mos.
Cash
18 15-16d.
19%d.
Sept.
Sept. 2_._19%d.
Sept. .3- —19Hd.
Sept. 5—19%d.
Sept. 6—19 l-16d.
Sept. 7—19%d.
Average—19.177d.
18 15-16d.
18 13-16d.
18 13-16d.
18 13-16d.
19d.
43
43
43
43
43
43
cents
cents
cents
cents
cents
cents
18.885d.
1938:
—Bar Silver per
Cash
i
Bar Gold
Oz. Std.—
Pet Oz. Fine
2 Mos.
143s. 3Hd.
141s. 8d.
142s. 5.69d.
19 7-16d.
19d.
19.2404d.
__19 9-16d.
19%d.
.-»19.3894d.
LONDON
during the period
lowest $4.81
STOCK EXCHANGE
Quotations of representative stocks as received by cable
each day
Sat.,
Man.,
Sept. 10
40/101/-
Boots Pure Drugs
Araer Tobacco.
£40
Cable & W ordinary—
Canadian
Central
Marconi
•
Courtaulds 8 & Co
Beers
Co
Distillers
ElectrlcA Musical Ind.
Ford
Ltd...
Gaumont Pictures ord.
A
HudsonsBayCo
Imp Tob of G B & I—
Midland
London
IIOLIDAY
Ry._
Box
Metal
Rand Mines
RioTinto
Roan Antelope
Cop M.
Rolls Royce
Royal Dutch Co
•'
Shell Transport
Unilever
Unlted
Ltd
Molasses
Viokers.
West
i
Tues.,
Sept. 20
40/3
101/£40
4/4/£22%
£22%
71/10%
72/6
30/6
30/£8%
£8%
93/6
93/11/3
11/16/9
16/6
»
Invest.
Min A
Cons Goldfields ol S A.
De
.992265
.991171
.320065*
.321640*
.321475*
.321025*
.319980*
.058700*
.058560*
.058560*
.058560*
.058560*
.058560*
.051766*
.051766*
.051766*
.051766*
.051766*
.040000*
.040000*
.0
4/1/6
19/6
135/£12%
74/£9%
£12%
16/6
98/9
£36%
£4%
34/9
20/3
19/1C%
4/1/6
20/135/£12%
74/£9%
£12%
16/6
98/9
£37%
£4%
Wed.,
Sept. 21
40/6
102/6
£40
4/£22%
73/1%
30/6
£8%
94/11/6
16/9
4/1/6
20/6
137/6
£12%
73/6
£9%
£13
17-
98/9
£37%
34/20/20/7%
£4%
35/20/6
20/9
£6%
£6%
Thurs.,
Sept. 22
4C/3
102/£39
4/3
£22%
73/1%
30/3
£87i«
94/11/7%
16/3
4/1/3
.040000*
.565800*
.565800*
.565300*
.565300*
.565800*
.631987*
.634725*
.634837*
.633591*
.631479*
COURSE
OF BANK
CLEARINGS
clearings this week will again show a
decrease com¬
Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended today (Saturday,
Sept. 24) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
10.9% below those for the corresponding week last year.
Our preliminary total stands at $5,230,547,916, against
$5,871,574,035 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 8.8%.
Our
comparative summary for the week follows:
pared with
a year ago.
20/3
138/-
136/-
35/21/20/3
£12%
73/£9«i6
£12%
16/6
96/3
£36%
£4«u
34/20/20/6
£6«i«
£&ht
£12%
73/3
£9%
£13%
17/97/6
£37
£4%
Witwatersrand
£6%
Areas
FOREIGN
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
give below
a
record for the week just passed:
Per
Clearings—Returns by Telegraph
Week Ending Sept. 24
Fri.,
Sept. 23
39/6
100/6
£39
4/3
£22%
72/6
29/9
£8%
93/11/16/6
4 /1/3
21 /—
0000*
.040000*
.040000*
of the past week:
Sept. 17
British
.992304
Nominal rate.
Bank
4
Statistics for the month of August,
Highest price.
Lowest price
Average
*
.992421
.630800*
peso
Uruguay, peso
(Per Ounce .999 Fine)
Aug. 31
Sept. 1
Sept. 2
Sept. 3
Sept. 5
Sept. 6
WThe highest rate of exchange om New*York recorded
from the 1st to the 7th September was $4.86% and the
THE
Colombia,
YORK
NEW
.194250*
.991718
.565800*
export.
LONDON
IN
.194750*
.051766*
...
peso—official
"
.999333
.194750*
—
peso
milrels..
Brazil,
Chile,
.999333
.194750*
.319880*
dollar
Newfoundl'd.
.999333
.194250*
.991197
peso
.999333
.193958*
peso..
Mexico,
Chicago
Philadelphia
..
Boston
Kansas City,._
Louis
.....
-
Pittsburgh
Detroit
Cleveland
Baltimore
Other cities, five
clays
Total all cities, five days
All cities, one
day
Total all cities for week
*
$2,432,199,606
233,742,258
271,000,000
$2,666,883,946
—8.8
262,563,353
330,000,000
—11.0
164,889,930
84,173,087
79,000,000
132,761,000
137,401,012
84,616,934
86,899,504
—18.1
72,900,000
115,501,000
88,304,631
76,431,663
72,109,669
50,824,816
San Francisco
Eleven cities, five days..
1937
*135,000,000
73,863,972
New York
St,
Cent
1938
—
—17.9
—12.2
—7.7
—13.0
—35.7
—9.7
—17.0
55,260,394
—8.0
$3,621,877,515
736,912,415
$4,084,449,160
—11.3
823,048,095
—10.5
$4,358,789,930
871,757,986
$4,907,497,255
964,076,780
—11.2
$5,230,547,916
$5,871,574,035
—10.9
—9.6
Estimated.
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
(Saturday) and the Saturday figures
by the
cannot
today
will not be available
today.
Accordingly in the above the last day of
the wreek in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
noon
present further below, we are able to give final and complete
for the week previous—the week ended Sept. 17.
For that week there was a decrease of 9.6%, the aggregate
results
clearings for the whole country having amounted
$6,506,251,476, against $7,200,229,410 in the same week
of
to
in
1872
1937,
Financial
Outside of this
city£there
decrease of 10.5%,
having recorded a loss of
9.1%.
We^group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a loss of 9.1% and in the Boston
Reserve District of 5.9%, but in the Philadelphia Reserve
District the totals show a gain of 10.0%.
The Cleveland
Reserve District registers a decline of 18.9%, the Richmond
Reserve District of 4.5%, and the Atlanta Reserve District
of 8.6%.
In the Chicago Reserve District the totals record
a decrease
of 18.8%, in the St. Louis Reserve District of
10.8%, and in the Minneapolis Reserve District of 8.8%.
In the Kansas City Reserve District the totals are smaller
by 16.1%, in the Dallas Reserve District by 10.9%, and in
the San Francisco Reserve District by 12.8%.
In the following we furnish a summary by Federal Reserve
Chronicle
Sept. 24, 1938
was a
Week Ended Sept. 17
the bank clearings at this center
Clearings atInc. or
1938
%
$
Seventh Fedei al Reserve D
355,186
—5.2
305,951
354,093
88,062,162
126,925,238
—20.2
114,297,877
3,592,336
1,622,566
—4.6
2,955,764
1,950,769
1,552,251
—4.3
1,293,272
—25.C
1,732.413
1,268,071
1,462.327
969,859
20,808,006
Rapids.
Lansing
21,085,000
1,489,029
—1.3
18,328,000
13,810.000
—13.0
1,336,028
Ind.—Ft.
Wayne
Indianapolis...
South
1
Istrict—Chk ago—
101,330,313
3.427,964
Detroit—
Grand
1935
336,80i
1,294,760
Bend...
Terre Haute...
4,866,706
Wis.—Milwaukee
22,618,941
la.—Ced. Rapieh
Des Moines...
1,132,078
8,064.771
880,645
743,547
5,676,104
23,883,712
—14.3
4,980.023
4,638.769
—5.3
20,918,595
16,778,513
1,289,482
—12.2
1,090.975
16,997,288
3,401,257
495,544
—52.6
8,253,939
6,695,603
3,170,355
487,112
—6.£
3,333,158
2,853.827
—1.?
418,761
304,402,333
376,503,047
—19.2
314,509,432
369,269
272,928,323
838,659
919,939
—8.8
735,617
3,732,734
1,164,313
1.402.239
4,651.050
1,548,114
1.590,030
—19.7
—24.8
—11.8
4,385,070
1,252,668
1,248,290
481,600,193
593,316,194
—18.8
501,350,632
417.549.999
105,600,000
36,805,072
31,731,810
87,800,000
Sioux City
111.—Bloomlngton
Chicago
Decatur
Peoria
Springfield
BANK
1936
$
Mich.—Ann Arbor
Rockford
OF
Dec.
$
districts:
SUMMARY
1937
927.733
515,215
2,666,142
837;855
1,075,207
CLEARINGS
Total (18 cities)
I tic.or
Week End. Sept. 17.1938
Federal
1st
1937
12 cities
1936
Dec.
S
Dists
Reserve
Boston
1938
1935
264,156,659
280.605.076
Eighth Federa 1 Reserve Dls trlct—St
Mo.—St. Louis..
%
—5- 9
276,761.792
236,697,446
3,920,723,784
2nd
New
York. 13
'
3,918,557,027
4,343,477,401
—9.1
4,155,000,712
3rd
PhlladelphlalO
*
386,483,344
351,460,640
-f 10.0
396,069,844
Cleveland..
5
*
310,022,555
382,069,741
—18 9
321,888,503
229,216,280
Richmond
6
*
147,911,241
151,953,217
—4.5
153,512,427
Tenn.—Memphis
341,235,274
4th
5th
121,301,516
6th
.
Atlanta
10
95,700,000
38,729,686
22,425,573
Ky.—Louisville..
4
168,799,179
184,581,87d
—8.6
169,379,583
Chicago ...18
4
481,600,193
593,316,194
—18 8
501,350,632
4
4
157,443,258
176,534,029
—10 8
9th
—4.2
25,708,556
—12.8
X
29,207,046
18,759,623
X
X
X
588,000
727,000
—19.1
701,000
445,497
157,443,258
Total (4 cities).
176,534,029
—10.8
174,837,882
136.212,166
417,549.999
St. Louis
—12.7
40,448,473
X
Qulncy
133,257,566
7th
8th
III.— Jacksonville
Lo uis—
109,650,000
174,837,882
136,212,166
Minneapolis 7
4
125,808,847
137.921.077
—88
120,336,616
117,4.38,844
10th Kansas City 10
6
4
137,509,856
163,829,182
—16.1
156,963,545
142,151,249
4
82,055,739
92,057,544
—10 9
85,432,128
69,601.963
Fran.. 11
4
295,903.578
339.423.436
—12.8
292,403,93o
252,441,516
6,117,837,603
11th Dallas
12thSan
Total
112 cities
Canada.
We
32 cities
add
now
our
6.506,251,476
7,200,229,410
—9.6
6.803,937,597
2,676,874,180
Outside N. Y. City
2,989,641,501
—10.5
2.793,176,444
2,311,724,094
350.293,792
367,864.916
481,523,346
Ninth Federal
330,123,377
Inc.
1938
1937
%
$
Reserve Dlst rlct—Boston
514,488
562,551
2,095,054
2,547, ?43
226,845,422
672,730
Lowell
3,140,760
79,828,434
82,959,878
30,061,540
31,706,308
—5.2
30,553,268
2,780,237
2,543,292
24,738,410
2,033,712
Paul
Worcester
Total (7 cities)
or
Dec.
1936
1935
%
$
%
—8.5
618,485
520,575
1,943,112
237,462.604
—4.6
240,001,676
684,915
—1.8
600,790
1,862,012
206,437,654
568,096
411,865
—13.1
322,649
Second
Fedei
N. Y.—Albany..
863,328
—19.8
1,221,940
3,255,238
—5.4
2,597,711
632,533
2,441,334
2,167,328
—10.0
1,715,597
1,429,090
11,262,692
11,381,761
—1.0
11,031,651
10,472,693
4,108,281
16,583,506
+0.1
—27.7
3,377,396
12,895,600
8,392,700
11,995,900
580,250
264,156,655
575,950
—5.6
al Reserve D Istrict—New
435,18c
386,447
276,761.792
236,697,446
York-
New York
14,153,28.
+ 25.3
20,157,757
—21.8
947,598
42,300,000
691,64i
—17.6
40,200,000
771,24'
34,000,000
—25.8
954,657
+ 25.6
701,568
533,749
—9.1
4,010,761,153
3,806,113,509
—12.5
7,459,392
6,219,437
7,365,298
8,420,521
630,814
Syracuse
4,412,668
WestchesterCo.
3,394,879
3,153,036
+7.7
2,852,261
1,948,504
3,542,08:
4,627,473
—23.4
3,772,258
2,997.051
416,951
382,903
*230,000
350,000
17,230,495
27,346,309
19,249,32;
32,232,088
+8.1
—10.5
18,929,71!
—15.2
43,090,813
15,584,424
37,758,191
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J.
5,284,146
3,948,557,027 4,343,477,401
Third
Federal
Reserve Dls trlct
Pa.—Altoona
—
—16.6
—9.1
Phila delphi
5,126,952
3?489,080
a—
337,97/
Philadelphia
Reading
Scranton
Wllkes-Barre..
—23.6
351,663
322,736
510.271
—6.1
*280,000
302,160
320,387
—9.3
245.187
279,315
1,338,430
+ 3.2
340,000,000
+9.7
1,454,73
2,434,570
1.095,737
2,168,952
1,316,646
384,000,000
1,194,934
2,572,215
1,030.068
373,000,000
Lancaster
443,943
290,683
1,381,047
Chester
3,258,827
125,808,847
.
137,921,077
—8.8
120,336,616
117,438,844
Reserve Dls trlct
867,579
749,693
—
Kans
as
City
mmm
111,336
121
153.454
133,098
+ 15.3
142,078
82,303
2,746,824
31,704,781
1,714,30^
3,018,825
—9.0
3,012,541
2,515,030
37,719,477
—15.9
35.808.684
.
—8.^
113,136
1,819,355
—5.8
3,096,656
3,781,416
—18.1
93,636,45?
112,443,963
—16.?
2,941,820
Kan.—Topeka
3,303,283
—10-f
Wichita
Mo.—Kan. City.
St. Joseph
100,591
35,717,281
1,977,957
2,796,556
108,021,001
1,782,266
3,384,711
93,930,649
3,253,354
3,275,705
707,218
791,023
—11.5
735,512
729,752
697,006
689,518
+ 1.1
1,194,121
546,558
137,509,856
163,829,182
—16.1
156,963,545
142,161.249
Colo.—Col. Sprgs
Pueblo
Total (10 cities)
.
Eleventh Fede ral Reserve
2,3/1,53/
63,399,886
7,026,383
Texas—Austin
Dallas
Ft.
Worth
•
District—Da lias—
1,556,0/8
+ 53.7
71,718,108
7,900,41/.
—11.6
1,418,179
67,177,376
44,896,691
7,435,177
4,498,000
—11.1
17,265,778
3,158,000
882,360
Galveston
4,254,000
5,506,000
—22.7
Wichita Falls..
1,026,614
3,957,317
976,878
4,400,045
+ 5.1
855,291
800,196
La.—Shreveport.
—10.1
4,048,105
2,598,938
82,055,731
92,057,544
—10.9
85,432.128
69,601.963
1,350.20
+ 7.7
+ 12.2
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
Ore.—Portland..
41,218,713
9,740,000
1,239,441
34,195,423
Utah—S. L. City
16,000,521
Calif.—L'g Beach
5,156,018
4,765,567
_
Spokane
Yakima
—13.6
1,603,217
—22?
37,063,513
20,801,264
—7.7
1,362,730
40,963,478
—23.1
17,026,933
330,000,000
Stockton
175,633,000
3,777,677
1,824,382
2,352,836
5,122,663
4,250,963
202,788,000
4,082,693
1,689,999
2,632.760
295,903,578
339,423,436
Pasadena
San
Francisco
.
San Jose
Santa Barbara.
Grand
total
Franc isco—
47,705,364
11,683,000
Total (11 cities)
4,155,000,712 3,920,723,784
*475,000
Bethlehem
2,579,168
1,054,300
3,829,377,296 4,210,587,60
Rochester
676,749
—22.6
10,044,725
1,440,4B
1,197,858
Elm Ira
17,733,1641
34,900,000
513,050
Buffalo
Jamestown
824,110
3,300,928
Total (6 cities).
+0.7
280,605,076
3,217,504
1,126,070
Blnghamton
+2.3
336,808
692,657
N.H.—Manches'r
Total (12 cities)
—3.4
870,390
2,555,363
Omaha
4,109,314
New Haven
+0.5
983,636
Helena
Lincoln
*1,950,000
R.I.—Providence
2,767,088
949,782
Hastings
—17.8
358,068
Conn.—Hartford
3,021,575
890,731
.
Tenth Federal
3,080,084
New Bedford..
Springfield
—
—9.0
Mont.—Billings
years:
'
Fall River
Minn eapolis
—28.0
N. D.—Fargo
S. D.—Aberdeen-
Week Ended Sept. 17
Mass.—Boston..
—
4,623,761
93,668,966
St.
Clearings at-
First Federal
Dls trlct
3,32/,6/1
85,243,523
Neb.—Fremont.
Portland
eserve
detailed statement showing last week's
figures for each city separately for the four
Me.—Bangor
F
Minneapolis
Minn.—Duluth..
41,982,636
13,981,000
—16.6
4,111,661
+0.7
+ 12.1
3,880,411
—13.4
161,325,000
—7.5
3,023,929
35,403,623
11,637,000
864,233
34,871,105
14,406.871
3,395,777
2,609,993
143,660,000
2,544,027
1,224,132
+8.0
1,865,939
—10.6
2,880,216
1,824,755
—12.8
292,403,933
252,441,516
(112
cities)
8,506.251,476 7,200,229,410
Outside NewYork 2.676,874,180 2,989,641,501
—9.6 6,803,937,597 6.117,837.603
—10.5 2,793,176,444
2,311,724,094
1,048,546
2,095,868
885,207
+ 23.8
880,480
1,621,719
+66.7
3,607,000
4,073,000
Total (10 cities)
386,483,344
351,460,640
+ 10.0
396,069,844
Week Ended Sept. 15
1,203,872
4,470,600
1,761,241
2,682,000
—12.4
,N. J.—Trenton..
341.235.274
York
1,542,991
879,709
Inc. or
1938
Fourth
Fedei al Reserve D istrict—Clev eland—
X
Cincinnati
X
64,471,155
77,972,750
Cleveland
105,832,601
Columbus
12,866,706
12,819,100
1,582,68.
2,250,764
Mansfield...
130,906,78
X
X
1936
$
%
$
1935
■
Toronto
X
Dec.
$
Canada—
Ohio—Canton
1937
98.316,152
121,825,736
—19.3
Montreal
100,080,853
109,753,180
—8.8
•
S
172,633,757
123,870,000
112,275,492
83,337,410
—17.c
68.556,954
50,236,006
Winnipeg
64,860,552
49,541,918
+ 30.9
83,860,3"6
—19.1
103,362,155
17,933,042
19,280,358
—7.0
23,716,070
57,642.670
16,651,105
13,337,900
69,312,439
9,201.800
Vancouver
+0.'
Ottawa.
15,539,367
15,372,500
+ 1.1
18,327,193
Pa.—Pittsburgh
X
.
Total (5 cities).
X
13,731,769
125,269,413
310,022,555
158,120,338
382,069,741
—29.
2,006,981
X
X
—20.1
134,624,505
—18.
321,888,503
1,313,789
X
99,152,246
229,216,280
Quebec
5,581,958
6,247,359
—10.7
4,804,941
4,088.361
Halifax
3,311,651
2,616,818
+ 26.6
2,929,325
Hamilton
4,767,000
6,660,334
—28.4
Calgary
__
Youngstown
6,164,388
5,385.436
+ 14.5
4,412,234
8,897.900
2,330.469
1,638,328
3,274,516
4,282,351
10,732,450
2,233,228
4,423,000
5,918,916
1,731,971
1,613,826
St.
John
1,745,640
1,912,621
—8.7
Victoria
Fifth Federal
Reserve Dls
346,551
—15.'
330,049
169,396
2,184.000
Richmond
412,128
2,659,000
—17.'
1,999,000
1,977,000
49,069,168
1,647,269
1,795,653
—8.3
London
rlct—Rlchm ond—
2,441,906
2,905,060
—15.9
Edmondon
4,004,002
9,181,785
3,879,960
5.425,738
+ 69.2
Regina..
...
Brandon
49,644,968
—1.1
S. C.—Charlestor
1,118,154
1,582,996
—29.4
Md.—Baltimore.
76,367.680
—7.1
82,882,38
60,342,626
24,286,445
—0.1
21,505,418
17,995,571
Moose Jaw..
Total (6 cities).
147,911,241
154,953,217
—4.5
153,512,427
121,301,516
D.
45,317,38'
1,478,182
39,918,518
8n8,405
.
Tenn.—Knoxvllh
Nashville
Ga.—Atlanta
rlct—Atlant
4,632,38r
4,780,280
58,100,000
1,179,316
—3.1
4.046,076
3,359,055
—15.0
19,051,102
15,123,367
—10.2
62,100,000
48.100,000
1,540,444
—23.4
1,389,038
1,310,739
22,191,31'
.
534,554
573.778
—5.4
2,239,12f
1,718.009
635,101
+ 32.5
963,249
654,280
937,521
—18.4
416,795
'
306,004
954,121
805,519
634,052
694,532
—8.7
775,848
701,060
—2.3
334,661
295,512
+ 13.2
604,205
275.842
453,514
568,194
Medicine Hat
a—
64,700,000
18,867,306
+ 30.6
—22.8
1,474,447
*685,000
Peterborough
631,553
694,870
—9.1
704,888
Sherbrooke
723,406
792,363
—8.7
616.079
1,171,385
2,667,803
1,201,155
—2.5
l,368,36r
1,007,673
2,824,58r
—5.6
2,600,992
2,061.086
765,164
Fort William
New Westminster
Reserve Dls
395,872
607,20 c
1,394,205
841,525
517,153
Leth bridge
Brantford
Sixth Federal
2,603,023
4,049,737
6,776,243
745,610
Saskatoon
C.—Wash'g'i
70,929,741
24,263.626
+ 3.2
.
Kitchener
'
Windsor
397,942
659,971
534,884
1,150,524
l,421,93r
—19.1
317,733
499,068
—36.3
14,366,000
—15.1
11,862,000
Moncton..
692,585
768,675
—9.9
766.018
765,620
21,P86,6"8
16,931,000
23,351.436
1,244,308
15,054,000
Prince Albert
Fla.—Jack'n
Ala.—Blrm'l
—5.8
23,195,033
Kingston
—7.6
658.888
619,931
1,813,310
1,981,843
—8.5
1,894,883
1,626,813
529,907
525.141
573,652
Mobile...
19,389,557
587,50°
Miss.—Jacks
X
Vicksburg
X
X
151,642
203,961
—25.7
46,551,998
47,479,655
—2.0
X
262,98r
41,142,158
997,313
Chatham
X
168,799,179
184,581,873
—8.6
169,379,583
—10.6
446.075
391,015
477,540
—10.4
400,431
431.631
1,101.594
+ 1.4
938,434
727.858
350,296,792
367,864,936
4.8
481,523.346
330,123,377
Sudbury
31,376,995
Total (32 cities)
Total (10 cities)
369,717
427,837
1,116,507
Sarnia.
111,727
441,409
133,257,566
*
Estimated,
x
No
figures available.
Volume
Financial
147
COMPLETE PUBLIC DEBT OF THE UNITED STATES
This statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of June 30,
1938, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the
same
date in 1937.
1873
Chronicle
ment-guaranteed securities with
face value of $1,101,561,010 held as
a
Investments,
and other assets.
In actual circulation,
exclusive of $9,387,519.82 redemption fund deposited In
Treasury and $272,279,710 of their own Federal Reserve notes held by the
The collateral security for Federal Reserve notes Issued consists of
$4,533,632,130 In gold certificates and in credits with the Treasurer of the United
States payable In gold certificates, and $7,237,000 face amount of commercial paper.
e
the
issuing banks.
f Includes only unmatured bonds issued and outstanding.
Funds have been
deposited with the Treasurer of the United States for payment of matured bonds
which have not been presented for
redemption.
g Does not include $15,000,000 face amount of series I bonds and accrued
CA8H
AVAILABLE TO PAY
MATURING OBLIGATIONS
June 30,1937
June 30,1938
Add
or
or
h Excess
of
credits,
$2,215,917,913 $2,553,473,897
Balance end of month by dally statements
ENGLISH
$2,196,625,214 $2,543,345,567
under disbursements on belated items
deduct.
—10,128,330
—19,292,699
Deduct—Excess or deficiency of receipts over
interest
thereon, held by Treasury and reflected in the public debt,
FINANCIAL
CABLE
MARKET—PER
Deduct outstanding obligations:
51,318,252
828,255,810
3,529,515
554,613
43.366,041
535.064,529
3,610,850
860,227
$883,658,190
Matured Interest obligations
$582,90^,647
.
Disbursing officers* ohecks
Discount accrued on War Savings certificates
Settlement
warrant checks
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Total
+ 1312 967,024 +1960,443,920
(+)
Balance, deficit (—) or surplus
June 30, 1937
interest June 30, 1938
Title of Loan—
3s of 1961
Q.-M.
-
3s convertible bonds of 1946-1947
Q.-J.
4%a Treasury bonds of 1947-1952
J.-D.
349,895,000
872,000,000/
758,945,800
M.-S.
489,080,100
J.-D.
454,135,200
J.-D.
352,993,450
M.-S.
544.870.050
J.-D.
818,627,000
M.-8.
755 433.500
3Hb Treasury bonds of 1941
F.-A,
834,453,200
4%b-3%b Treasury bonds of 1943-1945
-A.-O. 1,400,528,250
3%* Treasury bonds of 194+1946
A.-O. 1,518,737,650
3s Treasury bonds of 1946-1948
J.-D
1,035,874,400
3Hs Treasury bonds of 1949-1952
J D.
491,375,100
2%n Treasury bonds of 1955-1960
M.-S. 2,611,095,150
2%s Treasury bonds of 1945-1947
M.-S. 1,214,428,950
2%b Treasury bonds of 1948-1951
M.-S. 1,223,495.850
2%a Treasury bonds of 1951-1954
J.-D 1,626,687,150
2^8 Treasury bonds of 1956-1959
M.-S.
981,827,0.50
2%b Treasury bonds of 1949-1953
J.-D. 1,786,146,650
2^8 Treasury bonds of 1945
.1 -D.
540,843,550
2% Treasury bonds of 1948..
M.-S.
450.978,400
2%* Treasury bonds of 1958-63
J.-D.
918,780.600
,.
U. S. Savings bonds, series A. 1935
cl81,444,237
187,710,256
U. 8 Savings bonds, series B. 1936
c334,714,567
350,032,395
U. S. Savings bonds, series C, 1937
c441,235.322
219,013,612
U. S. Savings bonds, series C, 1938
c
229,952,775
Unclassified sales
c53,085,154
45,369,936
3s Adjusted Service bonds of 1945.
318,701,150
388,574,850
4%b Adjusted Service bonds, (Govt. Life Insurance
Fund series 1946)
500,157,957
500,167,956
2%b Postal Savings bonds
J -J.
118,065,420
119.086.360
Treasury notes
10,424.639,950 11,325,208,250
Treasury bills
1,154,164,000
2,303,094,000
___
..
.
-
Deduct Treasury surplus or add Treasury deficit-....+ 1312 967,024
Holiday
£99%
£100%
£100%
£99%
£111
£110%
$37,164,740,315.45, and the net amount of public debt redemption and receipts In
transit, &c.. was $2,747,135.85.
b No reduction is made on account of obligations
governments or other Investments,
c Amounts issued and retired include
of foreign
accrued discount: amounts outstanding are stated at current redemption values.
CONTINGENT
£99
British 4%
The
£110
Holiday
price of silver per ounce (in cents) in the United
the same days has been:
States
U.
S.
£109 %
£110
on
42%
42%
42%
42%
42%
64.64
64.64
64.64
64.64
64.64
Treasury
(newly mined)
64.64
NATIONAL
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Department:
VOLUNTARY LIQUIDATION
Amount
$25,000
Sept. 13—The First National Bank of Allen, Texas
Effective Sept. 1, 1938.
Liquidating agent, M. F. Sims, care of
the First National Bank of Allen, Texas.
Absorbed by Cen¬
tral National Bank of McKinney, Texas, Charter No. 14236.
NATIONAL BANK NOTES
IN
CHANGES
shows the amount of National bank notes
(all of which are secured by legal tender deposits)
beginning of August and September, and the amount
of the decrease in notes afloat during the month of August,
The following
afloat
at the
and last
for the current year
year:
1
Net decrease during August
Amount of bank notes
1937
1938
$217,301,510
3,064,410
National Bank Notes—All Legal Tender Notes—
Amount afloat August
$266,092,160
3,949,965
*$214,237,100
*$262,142,195
of the Treasury.;
afloat Sept. 1
proceeds for called bonds redeemed by Secretary
Includes
Sept. 1, 1938-
Federal Reserve bank notes outstanding
against $2,279,182 on Sept. 1, 1937.
Note—$2,235,026.50
secured by lawful money,
SALES
AUCTION
following securities were sold at auction on
of the current week:
The
Wednesday
1Q38, on the basis of daily Treasury statements, was
Total gross debt June 30,
a
£71%
£74%
+1960,443,920
b.35,854,520,427 34,466,647,101
Net debt
144s. 6d.
lid.
£72%
a37,167,487,451 36.427.091,021
Total debt
143s.
144s.
144s.
Sept. 23
19 3-16d.
£72 %
*
36,578,684,982 35,802.586.915
447,451,959
505,974,491
141,350,510
118,529,615
_
Sept. 22
19 5-16d.
19%6.
£71M
BarN.Y.(tor.). Closed
758,955,800
1,036,702,900
489,080,100
454,135,200
352,993,450
544,870,050
818 627.000
755,469.500
834.463,200
1,400.534,750
1,518,737,650
1,035,874,400
491,375,100
2,611,107,650
1,214,428,950
1,223,496,350
1,626,687,6.50
981,848,050
1,786,362,050
1,036,692,900
3%b Treasury bonds of 1946-1956
3%a Treasury bonds of 1943-47
3^8 Treasury bonds of 1940-1943
3H* Treasury bonds of 1941-1943
3%* Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
Aggregate of Interest-bearing debt
Bearing no Interest
Matured, Interest ceased
19^d.
144a.9%d. 144s. 7d,
Fri.,
Thurs.,
Wed.,
Sept. 21
Sept. 20
19%d.
Holiday
49,800,000
28,894,500
25,800,0001
A.-O.
3s Treasury bonds of 194+1954
oz.
Mon.,
Sept. 19
19 9-16d.
Consols, 2)4%.
British 3)4 %
1960+0
Certificates of Indebtedness:
Special —4s Adjusted Service Ctf. Fund—Ser. 1938
2 %s Unemployment Trust Fund—Series 1938-.
Gold, p. fine
$
$
49,800,000
28,894,500
Payable
oz._
War Loan...
DEBT OUTSTANDING
INTEREST-BEARING
Silver, per
v
Tues.,
Sat.,
Sept. 17
on
LIABILITIES OF THE UNITED
STATES,
JUNE 30,
1938
Co., par $50
of Olney, par $10
15 Philadelphia National
—
-----
Pank, par $20---- — — --
Co., preferred, par $25
Bakiner Co., common, par $l-_
Camden Trust Co.. N. J., common.---
John
76
200
4
*
----
B. Stetson
-16
-$16 lot
In
— —
-
1,000 Quaker
34
Amount of
$ peT
Stock
3 National Bank
4
Compiled from Latest Reports Received by the Treasury
Philadelphia:
By Barnes & Lofland,
Shares
10 West Jersey Title & Guaranty
Contingent Liability
Detail
f
Interest
Principal
CURRENT
Total
a
Guaranteed by the U. S.
S
$
Commodity Credit Corp:
206,174,000
% % note ser. C, 1939
$
$
206,428,192
254,192
Fed'l Farm Mtge. Corp.:
—Pelz
of Elton
862,085,600
3% bonds of 1944-49.
3%% bds. of 1944-64.
98,028,600
236,476,200
103,147,500
100,122,000
9,900,000
3% bonds of 1942-47.
2%% bds. of 1942-47.
l%% bonds of 1939..
1%% bonds of 1939—
3,304,661
938,079
3,271,254
945,518
500,610
20,625
865,390,261
Willet C. Roper
of Brown
Harriman
—James Talcott,
8,980,748
1,418,740,648
3% debentures
Homeowners' L'nCorp.:
583,459
8,825
808,056,600
4,040,271
812,096,871
999,013,400
11,447,027
371,490
406,568
1,010,460,427
49,903,590
755,177,275
member of the Board of Directors
Mr. Roper is Secretary-Treasurer and
banking firm.
for Aristocrat Fabrics,
Inc. has been appointed factor
592,284
3% bds
ser A. '4+'52
2%% bonds, series B.
of a Cleve¬
has been elected a
& Co., Inc.
Comptroller of the investment
*1,409,759,900
City announce the opening
York
the Union Commerce Building under the management
associated with E. A. Pierce & Co. in that
R. Barber, formerly
Cleveland office.
firm's
98,966,679
239,747,454
104,093,018
100,622,610
9,920,625
New
of
& Co,
land, Ohio, office in
NOTICES
Inc., New York
Fed'l Housing Admin.:
.
REDEMPTION
2% bonds, ser. E, 1938
49,532,100
1%% bds., ser F. 1939
325,254,750
325,661,318
755,312,275
hl35,000
16,130,357
42,953,299,482
298,872,666
199,732
c299,072,398
Corp.:
notes, series K.
Tenn. Valley Authority_
b
8. Housing Authority
based
Total,
-
upon
4,878.133,006
guarantees
On Credit of the U. S.—
Secretary
of Agriculture
1,261,699,416
32,927,920 dl,294,627,336
Tenn«cuee Val ley Auth.■.
Total,
based
upon
credit of the U
1,294,627,336
8.
Other Obligations—
t
F
R
note* (face
amt.).
*
Includes only bonds Issued and
a
After deducting amounts
States to meet Interest
c
outstanding.
of funds deposited with the Treasurer of the United
payments.
b Notes in the face amount
In the
of $4,000,000 are held by the Treasury and reflected
public debt.
Does
not
Include $863,692,166.28 face amount
thereon, held by Treasury
of notes and accrued Interest
and reflected in the public debt.
1938—figures as of June 30, 1°38, are not available.
banks and the accrued interest amounting
to $120,093,404.66. which is secured by the pledge of collateral as provided in the
Regulations of the Postal Savings System, having a face value of $120,515,868.25,
cash in possession of System amounting to $62,722,999.06. Government and Governd Figures
as
Offset by cash
Bear Mountain Hudson River Bridge Co.. 1st mtge 7s. --Oct.
Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds.—Nov.
♦Chicago District Electric Generating Co.—
First mortgage
Postal SavlnvR System:
Funds due depositors.
list of bonds, notes and preferred
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":
Company and Issue—
Date
Page
*Baton Rouge Electric Co. 1st mtge. 5Hs, 1954
..-Oct. 4
1917
1st mtge. 5s, 1959.
----------Oct. 4
1917
stocks of corporations
f2,937,169,125
1942-44
U
CALLS AND SINKING FUND
Below will be found a
1%% bonds, series G,
1 % %
goods.
NOTICES
1939-49
Reconstrur'n Fin
City, manufacturers of rayon piece
of April 30.
In designated depository
6s. series B, 1961
$6 cumulative preferred stock
Cincinnati & Muskingum Valley RR. 1st mtge. 4s.
Cleveland Akron & Columbus Ry. 1st consol. 4s_♦Colorado Power Co. 1st, n tge. 5s, 1953
Commonwealth Edison Co 1st mtge bonds
Consolidated Oil Co. preferred stock— — «
Consolidated Water Co. of Utica—
1st mtge. 5s
ppf
mtge
414b
_
_
—
—
r_
1
1
-Oct. 22
Oct. 22
Sept. 29
Sept. 29
I5ov-,i
Oct. 10
Oct.
1
—-Nov.- 1
ov.
1
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.
Dallas Gas Co. 1st mtge. 6s, 1941
Nov. 1
Dct. 1
Sept. 29
bonds.--Oct.
1
Oct.
1
Dayton Power & Light Co. 1st mtge. 3%b, 1960
Oct. 1
Detroit Edison Co., 5% bonds series E. 1952
Oct.
1
Diamond State Telephone Co. 6)4% pref. stock- —
Oct. 15
Dominion Gas Co., 5% coll. trust bonds,
Jan. 1, 39
East St. Louis
& Tnterurban Water Co.—
bonds, series A & B
First mortgage
—Jan. 1, 39
727
1332
1921
1921
1636
163b
}?£%
1484
1484
1772
1772
1485
1485
1485
1637
1485
736
nl
1034
208
1874
Financial
Company and Issue—
Date
Chronicle
Sept. 24, 1938
Pane
Per
Empire Oil & Refining Co. (Cities Service Oil Co.) 5Hs.
1927
Oct.
♦Illinois
Northern
Utilities
14
1638
1
1
1340
1929
1488
Co.—
Oct.
Oct.
Oct.
12
22
11
1929
1038
Nov. 1
Oct.
1
Sept.30
-Oct.
1951
1956
1641
1040
1495
1496
1
Nov.
Nov.
1947
751
1500
1500
1st & ref. mtge. bonds
San Antonio Public Service Co., 1st mtge. 6s
Sauda Falls Co., Ltd., 1st mtge. 5s, 1955
Spang Chalfont& Co., Inc., 1st mtge. 5s. 1948
(James) Taicott. Inc.. 5H% partic. pref. stock
Tennessee Public Service Co. 5% bonds
x
1938
22
22
1938
1
901
1 *39 x3679
1502
1
3
10
first
905
we
we
show
the
we
12Hc
37 He
50c
preferred (quar.)
conv.
(quar.)
Keystone Steel Wire.
follow with
Lawyers Trust Co. (quar.)
Lerner Stores Corp
—;
4H% preferred (quar.)—_—
i__
When
Holders
Payable of Record
Nov.
Oct.
Preferred (quar.)
$1H
Lord & Taylor (quar.)
Second preferred (quar.)
$2J|
Manischewitz (B.) Co., pref. (quar.)
Marconi International Marine (interim)
SIX
5c
American Smelting & Refining Co. (quar.)
►» Preferred quar.)
Oct.
50c
$1X
Angostura-Wupperman Corp
15 Sept. 30
10 Sept. 30
Nov. 30 Nov.
4
Oct. 31 Oct.
7
5c
25c
(Los Angeles) (quar.)
--
Quarterly
1 Sept. 28
Oct.
1
50c
Apex Electrical Mfg., preferred (no action).
quarterly)
Badger Paper Mills
Arundel Corp.
Oct.
Oct.
60c
60c
Bartgis Bros. Co
6% preferred (quar.)
Cable & Wireless Holding, Ltd.
(s.-a.)
Canada Bread, Ltd.,
preferred B
Preferred B
(quar.)..-
10c
-
_
Preferred A (quar.)
Carter (J. W.) Co
Central Kansas Power 7% pref. (quar.)
-
Sept. 30 Sept.20
Oct.
7 Sept. 23
Oct.
1 Sept.22
Oct.
1 Sept. 22
Oct.
1 Sept. 22
t%\& Oct.
_
6% preferred (quar.)
Central & South West Utilities Co.—
$7 prior lien preferred
$6 prior lien preferred
Chilton Co. common
six
SIX
Oct.
Oct.
15 Sept.
15 Sept.
1
30
30
Oct.
$1H
Oct.
20 Sept. 30
20 Sept.30
15 Oct.
5c
Oct.
75c
6% preferred (quar.)
Clinton Trust Co. (quar.)
Clinton Water Works 7%
pref. (quar.)
Oct.
87 He
;
Citizens Wholesale
Supply 7% pref. (quar.)
Oct.
75c
Oct.
SIX
Columbus & Southern Ohio Electric—
Oct.
$1.63
$1H
5
30
30
1 Sept. 23
15 Oct.
1
Nov.
Oct.
1
Oct.
10 Oct.
10 Oct.
Oct.
15
1 Oct.
Oct.
Oct.
$1H
62 He
Oct.
50c
50c
25c
-
Emerson Drug Co. class A & B
(quar.)
Preferred (quar.)
40c
50c
15c
15c
Sept.30
1 Nov. 15
Oct.
40c
1
Dec.
25c
25c
1
Nov.
25c
___
15
Sept.15
Oct.
17Hc
$1H
SIX
$1H
$1.35
-
Deere & Co_.
-
1 Oct.
20c
—
Consolidated Car Heating (quar.)
Consolidated Cigar Corp., preferred
(quar.)
Prior preferred
(quar.)
Consolidated Film Industries, $2 preferred-
Discount Corp. (quar.)
Dixie-Vortex Co., class A
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
Dominion Foundries & Steel
(interim)
Early & Daniel Co
Electric Auto-Lite Co.
;
1 Sept.
1 Sept.
Oct.
Oct.
15
10 Sept. 26
1 Sept. 23
20 Oct.
4
1 Sept. 22
1 Sept.10
20 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
30
22
20
20
26
22
22
23*
30
20c
.
Firestone Tire & Rubber.Co
Fishman (M. H.), 7%
pref. (quar.)
__
10c
Packing Co. (quar.)
(monthly stock div.)
6% preferred (monthly)
General Capital Corp
General Food Corp. pref.
(quar.)
-____I_I
General Fireproofing
(quar.)
Preferred (quar.)
_
_
II-
Gotham Silk
Hosiery Co., Inc.—
7% cumulative preferred (quar.)
Great Lakes Power Co., Ltd., A pref.
(quar.)
Great Lakes Steamship Co. (quar.)
Green (H. L.) Co. (quar.)
Preferred (quar.)
Copper (no action)
Oct.
1
Oct. 20 Sept.20
Sept. 22 Sept.15
10c
Gar lock
Gimbel Bros., pref. (quar.I
Glen Alden Coal
(interim)
20 Oct.
5
15 Sept. 30
15 Sept. 30
$1M
-
Foreign Bond Assoc., Inc. (quar.)
Froedtert Grain & Malting
Gas Securities Co.
15 Oct.
Oct.
Oct.
-----
Ford Hotels Co., Inc
Oct.
25c
Nov.
25c
H%
50c
15c
$1H
15c
SIX
S1H
12Hc
SIX
tsix
1 Oct.
15
Sept. 30 Sept.24
1 Sept. 15
Oct.
1 Sept. 15
Oct. 10 Sept.30
Oct.
Nov.
1 Oct.
Oct.
1 Sept. 22
1 Sept.22
Oct.
Sept. 30
Oct
Oct.
i.
Sept. 30
Oct.
Oct.
4
Nov.
Nov
1
Oct.
.30
Sept.
Nov.
Oct.
11
SIX
Sept.
31
,.20
Sept.
National Distillers Products (quar.)
50c
Nov.
Oct.
National Fire Insurance (Hartford) (quar.).:__New Bedford Gas & Edison Light Co
50c
Oct.
62 He
Oct.
$1H
5%
$1H
SIX
$1H
$1H
Oct.
Oct.
Sept. 22
Sept. 30
Sept. 24
.24*
Sept.
Dec.
Nov. 15
Oct.
,.30
Sept.
.30
Sept.
,.30
Sept.
,.16
Sept.
.24
Sept.
,.24
Sept.
,.24
Sept.
,.15
Sept.
Preferred
$1
(quar.)
New
England Power Co. 6% pref. (quar.)
(quar.)__
pref. (quar.)
Northern Indiana Public Service 7 % pref
6% preferred
i
5 H % preferred
North & Judd Mfg. Co
New York Trust Co.
—
North American Edison Co.
7% preferred (quar.)
8% preferred (quar.)
Ohio Service Holding Corp. $5
Ontario Mfg. (resumed)
pref._
—
Sept.
$2
$1
Oct.
Oct.
Dec-
50c
Oct.
$7
^liquidating)
.
Oct.
25c
Pacific Gas & Electric Co
,.
Oct.
SIX
non-cum.
.
Oct.
25c
40c
Nov. 19
.
,.30*
Sept.
Sept. 15
Sept.
.
Oct.
1 Sept.
$1H
Nov.
ljOct.
$1H
Oct.
75c
Dec.
Sept. 20
Oct.
Sept. 30
Oct.
15c
Sept.
Sept.
Sept.
Sept.
Sept. 30
Sept. 27
Sept. 15
5c
50c
50c
Oct.
15
Sept.15
Sept. 15
25c
Sept.
Sept.15
Sept 23
Sept.26
Sept. 20
Sept. 30
Sept. 26
Sept. 16
Sept. 20
Sept. 20
Sept. 30
Sept. 30
Sept. 16
—
31 Xc
Nov.
Nov.
—
25c
Sept.
Sept.
Sept. 28
Sept. 28
—
Sharon Steel Corp., $5 pref. (quafTJTl
Simms Petroleum Co. (liquidating)
SIX
Oct.
75c
partic. pref-
Oct.
50c
i
Oct.
50c
(quar.)
Sheaffer (W. A.) Pen
Silverwood Dairies. Ltd., cum.
Oct.
t20c
Sonoco Products Co. (increased)
5% preferred-
Oct.
$1
15c
Smyth Manufacturing Co
Oct.
Oct.
SIX
Southern New England Telephone (quar.)
Standard Wholesale Phosphate & Acid Works—
Stanley Works
5% preferred (quar.)
-
Preferred (quar.)—
Steel Co. of Canada (quar.)
—-
Preferred (quar.)
Taggart Corp. preferred (quar.)
Travelers Insurance Co. (quar.)
Trico Products Corp. (qua1*.)
Tuckett Tobacco Ltd., pref. (quar.)
Twin State Gas & Electric 7 % prior lien (qu.)
Union Public Service Co.
Oct.
$2
Oct.
20c
Oct.
$1H
143 Xc
Nov.
62 He
Oct.
$4
Oct.
62 He
Oct.
SIX
SIX
Oct.
Oct.
Oct.
4
7
1 Sept. 23
1 Sept.19
1
Sept.20
30
15
15 Sept.
1 Sept.
(Minn.)—
7% preferred A & B (quar.)__i
$6 preferred C & D (quar.)
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
20
20
23
23
23
21
$1H
—
Partic. preferred (quar.)
Partic. preferred (participating dividend)
Machine, pref. (qu.)—
United States Smelting Refining & Mining
Preferred (quar.)
United States Sugar Corp. (quar.)___
United States Hoffman
Preferred (quar.)-___Preferred (quar.)
—
—:-
(quar.)
(quar.)
Universal-Cyclops Steel (action deferred)
Utah-Idaho Sugar, pref. A (quar.J-./.
Wagner Baking Corp., 2nd pref/(no action)
7% preferred (quar.)
& Co. class A
Warren Foundry & Pipe (quar.)
West Virginia Pulp & Paper Co. (quar.)__
Wisconsin Hydro-Electric, 6% pref
Young (J. S.) Co. (quar.)
Preferred (quar.)
*
Oct.
50c
Oct.
75c
United Milk Products
Walker
Nov. 15
Oct.
Oct.
Preferred (quar.)
Conv. preferred (quar.)
Preferred
Dec.
10c
i--
Nov. 15
$1H
Extra--.-
Nov. 15
Nov. 15
Dec.
Nov.
4c
Seaboard Finance Corp
Dec.
Dec.
50c
Prudential Investment, Inc., pref. (quar.)
Putnam (Geo.) Fund (Boston)
Reece Button Hole Machine (quar.)
Preferred
1
50c
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Prudential Investing
Shasta Water Co.
$2
SIX
six
20
Sept. 20
Oct.
4
Nov.
1
Nov. 15
Oct.
Nov.
Philip Morris & Co. 5% conv. cum. pref. (quar.) "six
Public Service of N. J. 8% pref. (quar.)__;—__
15
.
Oct.
25c
Stearn» (Frederick) & Co-
6H % preferred (quar.)6% preferred (quar.)
Commercial Discount Co.
(Calif.) 8% pref
7% preferred (quar.)___
5% preferred (quar.)
21 Oct.
$1U
—
Davenport Hosiery Mills
37He 2X%
ttl2Hc
J62Hc
Sept.20
25 Oct. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Oct. 31 Oct. 20
Oct.
Oct.
SIX
—
Oct.
10c
Sept.
37c
75c
Mountain States Telephone
National Casket Co
Pennsylvania Co. for Ins. on Lives & Granting
Annuities (Philadelphia) (quar.)
Philadelphia Co., 6% preferred (semi-an.)
Philadelphia Dairy Products Co., Inc.—
1st preferred
Philip Morris & Co
Stk. div. of H shs. of com. for ea. sh. held--
40c
Sept. 21
Sept. 21
Sept. 26
Oct.
1
Oct.
$2H
4
11
Nov.
Oct-
-•
(quar.)__
1 Sept. 23
1 Oct.
Sept. 20
Sept. 27
Oct. 18
Oct. 11
Oct. 11
Oct.
Nov.
$1H
1 Oct.
Nov.
Oct.
Oct.
Nov.
40c
Nov.
37 He
Nov.
20c
Pacific Soruce Timber Co.
14*
Sept. 21
17
Oct.
Nov.
$1H
$1H
SIX
4
1 Oct.
Jan.
SIX
2H%
$1H
1 Oct.
Sept.30 Sept. 16
4
21
18
Dec. 19
25c
Sept. 30 Sept. 26
Nov.
Sept.24
Loose-Wiles Biscuit
Nov.
20c
Sept.23
Nov. 18
Oct.
Oct.
American Home Products Corp. (monthly)
American Cities Power & Light $3 class A
l-64th of a sh. of cl. B stk. or opt.div. of cash
American Meter Co
American Seal-Kap Corp. (Del.)
Sept.
Oct.
Oct.
15c
__
Oct.
Nov.
Oct.
15c
American Beverage Corp. 7% preferred
American Hard Rubber, pref. (quar.)_-_
Nov.
15c
50c
—
-- -
15c
(quar.
Sept. 24
10
10
Oct. 13
Oct.
3
Oct.
Oct.
Nov.
--
Ohio Leather Co
Shares
Oct.
Sept.
SIX
-
1510
are:
Sept.
Oct.
Sept.
Sept.
$1
3.5c
——-
$7 preferred (quar.)
Minnesota Mining & Mfg. (interim)Monongahela Valley Water Co. 7% pref—
Monroe loan Society, class A
Montana Power Co. $6 preferred (quar.)
second table in which
a
10
10c
——
—
1789
1
1
1
Oct.
10c
•
Knott Corp
Laclede Steel
Preferred (quar.)
Memphis Power & Light, $6 pref. (quar.)
1510
Oct.
15c
—
Dept. Stores, Inc
Preferred
Oct.
Oct-
20c
87 He
Houston Oil Fields Material Co., Inc
$1H
Oct.
25c
—
Oct.
$1H
Houston Natural Gas (quar.)
Preferred Cquar.)
Oct.
11c
-—-—-
Oct.
$1H
-
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
■
Moody's Investment Service pref. (quar.)
Per
23
23
22
22
15
15
24
—■
-
Montreal Light. Heat & Power Consol.
Montreal Tramway Co. (quar.)
Name of Company
Greene Cananea
20
Oct.
-
McLellan Stores Co
Page in Vol. 146.
The dividends announced this week
Empire Trust Co. (quar.)__
Famous Players Canadian
Federal Mogul
Corp
Dec.
Oct.
5c
-
1646
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Bank of America
Dec.
5c
_
1505
1209
dividends
Akron Brass Mfg
Alaska Juneau Gold Mining
Extra.
20c
Extra-
4
grouped in two separate tables.
In the
bring together all the dividends announced the
Then
Nov. 15
McCrory Stores Corp. pref. (quar.)
are
current week.
Nov.
1505
DIVIDENDS
Dividends
15c
Oct.
Wheeling Terminal Ry. 1st mtge. 4s
(Alan) Wood Steel Co. 1st mtge. 6s, 1944
Announcements this week
18
Monthly
Monthly
----Hollinger Consolidated Gold Mines (monthly) __
Oct.
1
Oct. 13
Sept. 29
Sept. 29
Texas Cities Gas Co. 1st mtge. 5s
Toledo Edison Co., 1st mtge. bonds, 1962
Toledo Walhonding Valley & Ohio RR. 1st mtge. 4s
*
1349
Illinois—
Oct.
Oct.
Oct.
Jan.
Oct.
Oct.
Nov.
Occ.
14
Oct.
Lanston Monotype Machine
—
Sept. 20
Oct.
Hibbard, Spencer, Bartlett & Co. (monthly)
SIX
Kelley Island Lime & Transport Co
Kellogg Switchboard & Supply.
1497
1498
1787
Oct.
Oct.
1044
1
31 He
Nov.
Kaufmann
1
1966
I, 1960
__
Joplin Water Works Co. 6% pref. (quar.)
Oct.
1st lien & refunding 5s, series C,
1st lien & refunding 4Hs, series
Holders
When
Payable ol Record
15c
1349.
Nov.
1
Sept. 28
Ottawa Lt.. Heat & Pow. Co., Ltd., 5% ref mtge. bonds -Oct.
1
Pillsbury Flour Mills Co. 1st mtge. 6s, 1943--Oct.
1
Pittsburgh Cincinnati Chicago & St. Louis Ry. consol.
mtge. bonds
J
Sept. 29
Provincial Paper. Ltd., 20-year 1st mtge. 5H»
Nov.
1
of Northern
Greenwich Gas Co., partic. pref. (quar.).,—
Hat Corp. of American preferred (quar.)
1349
Northwestern Electric Co. 1st mtge. bonds, 1945
Omaha & Council Bluffs Street Ry. 1st mtge. bonds
♦Public Service Co.
of Company
Interstate Bakeries Corp. preferred.-Interstate Home Equipment
Norfolk & Portsmouth Belt Line RR. gen. mtge. 5s, 1965--Oct.
1959
Name
1349
1
1
1
Nov.
Co., 6H».
Share
1775
Oct.
Oct.
Oct.
6% cumulative preferred stock
$7 junior cumulative preferred stock
Tndianapolis Power & Light Co.. 1st mtge. 5s, 1957
Lone Star Gas Corp. 6H% preferred stock
Mc Coll Frontenac Oil Co., Ltd., 6% 20-year bonds
Morristown & Erie RR. Co. 1st mtge. 6s, 1943
National Gypsum Co. 15-year 6s, 1943
New York Steam Corp.—
1st mtge. 68,
1st mtge. 5s,
1st mtge. 58,
Nord Railway
1030
Nov. 15
Fairbanks, Morse & Co. preferred stock
Federal Light & Traction Co. 1st lien gold bonds
Goulds Pumps, Inc., 1st mtge. 6s, 1942
Gulf States Utilities Co. 10-year 4H8, 1946
5
Oct.
50c
68 He
Nov.
Oct.
$1
Oct.
87 He
10c
Oct.
Sept. 30
Sept. 30
Oct.
Oct.
SIX
SIX
SIX
SIX
15c
SIX
37Hc
50c
5c
+$1H
S1H
SIX
Oct.
Jan.
Apr.
5*
Oct.
Jan.
Apr.
July
July
Sept. 30 Sept. 19
Oct.
Oct.
1 Sept. 24
1
12 Oct.
Nov.
1 Oct.
14
Oct.
Oct.
1 Sept.
1 Sept.
20
20
Oct.
1
Sept.
23
Oct.
1 Sept.
23
11
Oct.
25 Oct.
10
Oct.
20 Oct.
5
1 Oct.
Below
we
give the dividends announced in previous week*
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
14
Nov.
Oct.
50c
15 Sept. 30
Sept. 29 Sept.21
40c
Nov.
1 Oct.
14
SIX
Nov.
1 Oct.
14
Per
Name of
Abbott Laboratories
Preferred (quar.)
Company
common
(quar.).
Share
40c
SIX
When
Holders
Payable of Record
Sept.3(
Oct.
Sept.14
15 Oct.
1
Volume
Financial
147
Per
Name of
Addressograph-Multigraph (quar.).
Sept, 22 Sept. 2
1 Sept.10
1 Sept. 14
1 Sept.10
Oct.
Oct. 15 Sept. 30
1 Sept. 15
Oct.
1 Sept. 20
Oct.
Sept, 26 Sept. 19
Sept 26 Sept.19
Sept 26 Sept. 19
Oct. 15 Sept.30
Oct. 15 Sept. 30
Oct.
1 Sept.15
1 Sept. 15
Oct.
Aetna Casualty & Surety (quar.)
Oct.
Oct.
Affiliated Fund, Inc
Agnew-Surpass Shoe Stores, preferred (quar.)..
Agricultural Insurance Co. (Watertown, N. Y.)_
Associates, Inc., common (quar.)
Air
Common (quar. due in Dec. 1938)
$7 cum. preferred (quar.)
Air Reduction Co., Inc. (quar.)
Extra
Alabama Power Co. $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
20
Nov.
15c
1 Sept.
8
1 Sept.15
Oct.
Oct.
1 Sept.14
1 Sept.16
Oct.
Sept, 3(< Sept. 12
43'Ac
Allis-Chalmera
Manufacturing
Alpha Portland Cement
Aluminum Co. of Amer. 6% pref. (auar.)
Aluminum Goods Mfg. Co
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Amerada Corp. (quar.)
American Agricultural Chemical
American Bakeries Corp., class A
1 Oct.
Oct.
Alabama & Vicksburg Ry. Co. (semi-ann.)
Allied Laboratories. Inc.
(quar.),..
Allied Products Corp. class A com.
(quar.)
Allied Stores Corp., 5% pref. (quar.)
25c
24 Sept.
1 Sept.
50c
1
Oct.
15
1 Sept.15*
Oct.
Sept, 30 Sept. 15
50c
Dec. 31 Dec.
Sept
six
15c
Sept. 30 Sept. 15
§1X
16
Dec.
Dec.
31
Oct.
SIX
-
15
31 Oct.
14*
Sept. 30 Sept. 20
1 Sept. 15
Oct.
Class B
Oct.
1
7%
Oct.
1
Oct.
1
American Cigarette & Cigar, preferred (quar.)__
SIX
Sept.
Sept.15
Sept.15
Sept.17
Sept.17
Sept. 23
Sept.23
Sept.16
Sept. 15
Sept.15
American Cities Power & Light class A pref
Optional div. at rate of l-32d sh. for each sh.
34 'Ac
held.
Oct.
Sept. 10
SIX
Oct.
1 Sept.
15c
Oct.
1X%
SIX
Oct.
1 Sept. 15
1 Sept. 15
Oct.
15 Sept. 15
preferred (quar.)
American Bank Note
Preferred
(quar.)
75<k
American Brake Shoe & Foundry
Preferred (quar.)
American Crystal Sugar, preferred (quar.)
American Cyanamid Co. com. class A & B
(qu.)_
pref. (quar.)
American District Teleg. (N. J.) pref. (quar.)__
American Envelope Co.. 7% pref. A (qu.)_.
American Express Co. (quar.)
American Fork & Hoe, preferred (quar.)
American Gas & Electric Co. (quar.)
Preferred (quar.)
American Hawaiian Steam Ship Co. (quar.)
American Home Products Corp. (monthly)
American Ice Co. preferred
American Indemnity
(increased)
American Insurance (Newark) (s.-a.)
cum. conv.
Extra
Oct.
25c
American Capital Corp., $3 preferred
5%
Oct.
1
1
si h
Dec.
SIX
Oct.
IjNov. 26
1
35c
Sept.16
5
15 Oct.
Oct.
SIX
17
Oct.
1
Nov.
1 Oct.
Sept.
8
7
-
40c
i
-
American Investment Co. of 111. $2 pref. (quar.)
1 Sept.15
1 Sept. 14*
Sept. 24 Sept. 7
Oct.
1 Sept.15
1 Sept.
Oct.
6
Oct.
1 Sept.
6
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
1 Sept. 15
Oct.
Oct.
1 Sept.17
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 30 Sept. 10
50c
-
25c
20c
25c
97 Xc
25c
5c
50c
50c
8% preferred (quar.)
7% preferred (quar.).
43 Xc
25c
American Maize Products
Preferred (quar.)
American Mfg. Co. preferred (quar.)
American Optical Co. 7% preferred (quar.)
SIX
American Power & Light Co., $6 preferred
t75c
SIX
SIX
t62Xc
$5 preferred
American Safety Razor (quar.)
American Shipbuilding Co
American Snuff Co.
fept. 30
ept.
SIX
American Can Co.. pref .(quar.)
1
Oct.
30
25c
81.31X
Oct.
Oct.
1 Oct.
Oct.
Oct.
1 Sept.13
1 Sept.13
30c
10c
American Telephone & Telegraph (quar.)
American Thermos Bottle Co. 7% pref. (quar.).
American Tobacco Co. preferred (quar.)
Nov.
75c
SIX
(quar.)
Preferred (quar.)
American States Insurance (Ind.) (quar.)
American Stove
American Sugar Refining preferred (quar.)
Oct.
SIX
S2X
87 Xc
IX %
Oct.
15
1 Sept. 15
14 Sept.30
Oct.
3 Sept.
6
Oct.
15 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept.10
American Water Works & Electric Co.—
1st preferred (quar.)
Anchor Hocking Glass
SIX
Corp. 86 X
conv.
pref...
Anheuser-Busch, Inc
Appalachian Electric Power pref. (quar.)
86 preferred (quar.)
SIX
30c
Oct.
Sept.
six
Oct.
Sept.
Oct.
$6 preferred
Sept.15
Sept.15
50c
Ashland Oil & Refining Co. (quar.)
;
(quar.)
7% preferred (quar.)
10c
20c
Sept. 10
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept.19
Sept. 30 Sept. 15
1 Sept. 15
SIX
Associates Investment (quar.)
5 % preferred ex-w
Atlanta Gas Light Co. preferred
Oct.
50c
SI X
Sept. 30 Sept.15
Sept. 30 Sept 15
Oct.
1 Sept.15
SIX
(quar.)
Atlantic Refining Co., 4X% pref. A (quar.).
Autocar Co. S3 partic. preferred (quar.)
Automatic Voting
6
6
Oct.
50c
Extra
SI
75c
Nov.
Oct.
J
Oct.
4
1 Sept. 20
1 Sept. 20
Share
Payable of Record
Bralorne Mines Ltd. (quar.).
Oct.
Extra.
Brazilian Traction, Lt. &.Pow., pref. (quar.)
Bridgeport Gas Light Co. (quar.)
Oct.
Sept.
Mfg. Co.,
Class A
Sept. 15
Sept.15
Sept.20
Sept. 15
Sept.15
Sept.
.Briggs Mfg
Brillo
15'Sept. 30
15, Sept. 30
Oct.
common
Oct.
(quar.).
(guar.)
Oct.
•
Bridgeport Machine, preferred (quar.)
Oct.
Oct.
British American Oil
(quar.)
Oct.
Sept. 16
British-American Tobacco Co., Ltd. (interim)__
5% preference (semi-annual)
British Columbia Power class A
(quar.)
Broad Street
Investing Co., Inc. (quar.
Brunswick-Balke-Collender (special)
Preferred (quar.).
Bucyrus-Erie Co. preferred (quar.)
Sept.
Sept.
Bucyrus-Monighan class A (quar.)
Oct.
Oct.
«
Bulova Watch Co. (quar.)
Buute Bros.. 5% pref
1 Sept. 20
Oct.
Oct.
Oct.
5 Sept.20
I Sept. 20
II Sept.
I Sept.
Sept. 30 Sept.
Sept. 30 Sept.
^ Preferred (participating dividend)
Building Products, class A
Oct.
pref. (quar.)
20
20
16*
16*
II Sept.15
llOct. 15
Nov.
....
& B (quar.)
Oct.
Oct.
Burlington Steel Co. (quar.)
Burma Corp., Ltd., Amer.
dep.
Burry Biscuit preferred (quar.)
rec.
(final)
1 Nov. 25
Oct.
Oct.
Oct.
Calamba Sugar Estates (quar.)
Common (extra)
1 Sept. 16
Dec.
(quar.)
1 Sept.15
li Sept. 15
5;Aug. 12
1 Sept.
17
Sept.15
Sept. 15
Sept. 15
Oct.
Oct.
Preferred (quar.)
California Packing Corp. (quar.)_
5% preferred (quar.)
Cambria Iron Co. (semi-ann.)
Oct.
_
Nov. 15 Oct.
31
Nov. 15 Oct.
31
Oct.
1 Sept. 15
Canada Foreign Investment
Corp.—
8% preferred (quar.).
Canada Northern Pc
ower Corp. common (quar.)_
7% cum. preferred (quar.)
Oct.
Oct.
1 Sept. 15
Oct.
Oct.
1
(43c
Oct.
ttlH
Sept.15
1 Sept. 15
10 Sept. 26
Sept. 30 Sept. 16
Oct.
Sept. 16
Oct.
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.20
Oct.
Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 16
Oct.
LSept.20
Oct.
1 Sept.17
Oct.
1 Sept.17
Oct.
Sept. 17
Canadian General Electric
(quar.)
Canadian Industries, Ltd. A & B
Preferred (quar.)
Canadian Oil Ltd.. 8% preferred (quar.)—
Canadian Westinghouse Co. (quar.)
Canadian Wirebound Boxes, SIX cl. A
'
Canfield Oil Co. 7% preferred (quar.)
Cannon Mills Co
Capital Administration, pref. A (quar.)
Carnation Co. (quar.)
Carolina Power & Light $7 pref. (quar.)
86 preferred (quar.)
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.)
Central Illinois Light Co. 4X % pref. (quar.)
Central Maine Power 7% preferred
t
emrifugal Pipe < lorp 'quar.i
'
Champion Paper & Fiber Co. 6% pref. (quar.)_
Chemical Bank & Trust Co. (quar.)
Chesapeake Corp
Chesapeake & Ohio Ry. Co
Preferred A (quar.)
Chesebrough Mfg Co. (quar.)
„
Oct.
Sept. 20
Oct.
Sept.12
Sept. 16
Sept.16
Oct.
Oct.
Nov.
Oct.
24
Nov.
Oct.
22
Oct.
Sept.
Sept.
Sept.
Sept.
16
17
20
10
Nov. 15 Nov.
5
Oct.
Oct.
—
Oct.
.
.
25 Sept. 30
15 Sept. 30
25c
15c
Canadian Car & Foundry preferred
Canadian Celanesepartic. pref. (quar.)_
Canadian Cottons, .Ltd., common (quar.)
6% preferred (quar.)
Canadian Fairbanks Morse (resumed)
.
1 Sept. 15
Oct.
Oct.
Canada Permanent Mortgage (Toronto)
(quar.)_
Canadian Canners Ltd., 1st pref. (quar.)
2nd preferred
■
Sept. 30
_
Oct.
Budd Wheel Co. 1st preferred
(quar.)
Buffalo Niagara & Eastern
Power,
First preferred
(quar.)
1
Oct.
Sept. 15
Oct.
Sept. 19
Oct.
Sept.20
Sept. 8
Sept. 8
Sept. 26 Sept. 2
Sept. 26 Sept. 2
Oct.
Oct.
Extra
_
Sept. 30 'Sept.
1 Sept.
1 Sept.
1 Sept.
Sept. 3u Sept.
Oct.
1 Sept.
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool $3 preferred (quar.)
$2X preferred (quar.)
Chicago & Southern Airlines preferred (quar.)_.
Churngold Corp
Oct.
Oct.
Oct.
Cincinnati & Suburban Bell Telephone (quar.)__
Cincinnati Union Terminal 6% pref. (qu.)
5% preferred (quar.)
City Ice & Fuel Co
Oct
20
20
20
15
15
16
1 Sept. 19
Dec. 19
Jan.
1
23
27
15
City Investing Co., preferred (quar.)
Cleveland Builders Realty Co
Cleveland Elec. Illuminating Co., pref. (quar.)__
Cleveland Graphite Bronze (interim)
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 26 Sept.
Oct.
1 Sept.
Sept. 30, Sept.
Cleveland & Pittsb. RR. Co., reg. guar,
Dec.
I Nov. 10
Dec.
llNov. 10
(quar.)
Special (guaranteed)
(quarterly)
Climax Molybdenum Co
Clorox Chemical (quar.)
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)
*
20
23
Sept. 30 Sept.23
Sept. 25 Sept. 15
Sept. 26 Sept.15
Oct.
1 Sept. 20
Oct.
1 Sept. 12
Coca-Cola Co
12Xc
Coca-Cola International Corp
Oct.
1 Sept.
Oct.
1 Sept.20
15 Sept. 30
Colgate-Palmolive-Peet Co.. 6% pref
Colonial Ice Co. $7 cum. pref. (quar.)_
Cum. preferred series B (quar.)
Oct.
Oct.
1 Sept. 10
1 Sept. 20
Oct.
Oct.
Nov.
68 Xc
...
Oct.
SIX
SIX
Oct.
Oct.
50c
(quar.)
:
pref. (quar.)
Bastian-Blessing Co.
Preferred (quar.)._...
Bayuk Cigars, Inc., 1st preferred (quar.)
Beatrice Creamery Co. (quar.)
$5 preferred (quar.)
Beecn-Nut Packing Co. (quar.)
....
.......
Extra
Beech Creek RR. Co. (quar.)
Bellows & Go. class A (quar.)
Bell Telephone of Canada (quar.)
Bell Telep. Co. of Penna. 6X% pref.
(qu.)
Beneficial Industrial Loan Corp. (quar.)
Preferred series A (quar.)
Bethlehem Steel Corp. 7% preferred (quar.)
5% preferred (quar.)..,.
B-G Food8. Inc.. 7% preferred
Bickford's, Inc. (quar.)
Preferred
(quar.)
Bird Machine (quar.)..
Birmingham Electric, $7 preferred
$6 preferred
Black & Decker Mfg
Bliss & Lauglin, Inc., pref. (quar.)..
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston & Aloanv RR. (quar.)
(quar.)
Boston Insurance Co. (quar.)
Boyd-Richardson Co. 8% 1st pref. (quar.)
8% partic. preferred (quar.)
B-ach (E. J.) & Sons (quar.)
Oct.
20c
Oct.
S3X
(quar.),
Bank of the Manhattan Co.
Oct.
1 Sept. 22
1 Sept. 22
30c
Bangor Hydro-Electric
5X % preferred (quar.)
7% pref. (quar.)
6% preferred (quar.)
Boston Elevated Railway
1 Aug. 31
Oct.
2c
Bank of New York (quar.)
Barker Bros. Corp., 5X%
Oct.
20c
Extra...
1 Aug. 31
Si X
preferred
BancOhioCorp. (quar.)
Bankers Trust Co.
1 Sept.20
Oct.
37 Xc
Avery (B. F.) & Sons preferred (quar.)
Baldwin Co., 6% preferred (quar.)..
Bangor & Aroostook RR. Co
Oct.
25c
Automobile Insurance (Hartford) (quar.)
Oct.
25c
Machine (quar.)
Special.
conv.
Oct.
SI X
Armour & Co. of Del. 7% pref. gtd. (quar.).
Asbestos Corp., Ltd. (quar.)
5%
V2
"SI
com.
Sept. 16
Oct.
Sept. 23
Sept. 30 Sept.23
Six
Arkansas Power & Light, $7 pref
Associated Breweries of Canada
Oct.
Name of Company
Holders
When
Per
of Record
Payable
Aetna Insurance (quar.)
Aetna Life Insurance (quar.)
1875
Holders
When
Share
Company
Chronicle
Oct.
68 Xc
25c
Oct.
Oct.
1 Oct.
10
1 Sept. 23
1 Sept. 10
1 Sept. 10
1 Sept. 14
1 Sept.15*
1 Sept. 23
1 Sept. 23
1 Sept. 15
1 Sept. 15
six
SIX
Oct.
25c
Oct.
15 Sept. 30
1 Sept. 13
Oct.
1 Sept.13
M
25c
Oct.
Oct.
1
Oct.
1
Sept. 10
Sept.10
1
Sept. 15
2oc
Oct.
Dec.
$2
Oct.
50c
SIX
40c
87 Xc
SIX
25c
Oct.
16 Dec.
Sept. 30 Sept.16
Oct.
30 Oct.
Oct.
Oct.
t$3 X
Oct.
30c
Oct.
62 Xc
10c
SIX
six
25c
37 Xc
81
62 Xc
82
SIX
$4
S2
$2
30c
1
15 Sept. 23
15 Sept. 20
Oct
Sept. 28
Oct.
1
Oct.
1
Sept. 24
Sept.30
Oct.
15
Sept. 2
Sept. 2
Sept. 20
Sept. 22
Sept. 22
Sept. 15
Sept. 14
Sept. 14
Sept. 10
Sept.17
31;Oct.
15
Oct. 31 Oct. 15
Sept. 30 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct
Colt's Patent Fire Arms (quar.)
Commercial Alcohols Ltd. 8% cum. pref
Commercial Credit Co. (quar.)
Preferred (quar.)
Commercial Investment Trust
Oct.
Corp. (quar.)
Oct.
Oct.
Dec.
1 Sept. 15
1 Nov. 15
Sept .30 Sept. 25
Dec.
Oct.
31 Dec. 25
Sept. 15
Oct.
Sept.17
Sept. 15
Sept. 30 Sept. 17
Nov.
1 Sept. 30
Oct. 15 Sept.30
Oct.
1 Sept.15
Oct.
1 Sept.15
Connecticut Light & Power common
Consolidated Aircraft Corp. pref. (quar.)
Oct.
of N. Y., Inc., pref. (quar.)_
Consolidated Copper Mines
Consolidated Gas of Bait, (quar.)
(quar.)
Consolidated Laundries Corp. $7X pref. (qu.)_>
Consolidated Oil Con), (quar.)
Consolidated Retail Stores, 8% pref. (quar.)__
Nov.
1 Oct.
Nov. 15 Oct.
Oct.
Consumers Power 85 pref. (quar.)
Oct.
15
14
Sept. 19
1 Sept. 10
1
Oct.
Continental Can Co., Inc., 84 X Pref. (quar.)„_
Continental Gas & Electric, 7% pref. (quar.)
SIX
81X
25c
Continental Steel pref (quar.)_
SIX
Continental Telep. 7% partic. pref. (quar.)i
6X% preferred (quar.)
Corroon & Reynolds, $6 preferred A__
Cosmos Imperial Mills, Ltd., 5% pref. (quar.)..
Cream of Wheat Corp
Creameries of America, Inc. (quar.)
Crowell Publishing Co. (reduced)
...
-
-
till
1 Sept.16
Oct.
Continental Oil Co
1
Oct.
84.50preferred (quar.)
Continental Bank & Trust Co. (quar.)
Continental Baking Corp., preferred (quar.)
Class A (quar.)
1
Sept.15
Sept. 15
Oct.
Connecticut Gas & Coke Security pref. (qu.)
Connecticut General Life Insurance
Crown Cork International
15. Oct.
Sept. 30j Sept. 9
Sept. 30 Sept. 9
Oct.
1 Sept. 10*
Oct.
1 Sept. 10*
Oct.
1 Sept.21
Oct.
Sept. 9
-
.
Preferred A
6
Sept. 20
Sept. 30, Sept. 19
84X conv. preference (quar.)
Commercial National Bank & Trust (qu.)
Commonwealth & Southern 86 preferred
Commonwealth Telep. Co. (Madison, Wis.)—
6% preferred (quar.)
Commonwealth Utilities $7 preferred A (quar.)_
86 preferred B (quar.)
86 X preferred C (quar.)
Confederation Life Assoc. (Toronto) (quar.).-.
Quarterly
Consol. Edison Co
1 Sept. 12
1
Sept. 20*
Oct.
1
Sept. 10
Oct.
1 Sept. 15
Sept. 10
Sept. 30 Sept. 6
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
t75c
Oct.
mx
Oct.
15 Sept. 30
50c
Oct.
1 Sept. 20
10c
Sept. 30 Sept. 10
Sept. 24 Sept. 14
50c
1
Sept.23
Corp.—
+25c
I Oct.
1 Sept. 10
Financial
1876
Name of
Crown Zellerbach Corp.,
Crum & Forster (quar.)
Oct.
interim
Preferred (quar.)..
Preferred (quar.)
Oct.
preferred
4c
2 He
2H%
A&B
si
Derby Oil & Refining, $4 preferred
$i
Detroit Edison Co
Nov.
Sept. 30 Sept. 15
Oct, 15 Sept. 27
Jan.
Dec.
Oct.
Oct.
Sept. 24
Sept. 24
20
25c
preferred
Dec.
Nov.
75c
(quar.)
Diamond Shoe Corp. (quar.)
3-1-39
Oct.
25c
—
10
Sept. 20
Sept. 20
S1H
(quar.)
Oct.
I37c
Oct.
SIX
SIX
Oct.
Oct.
Sept. 15
Sept. 15
Sept. 15
six
Nov.
Oct.
Oct.
Oct.
Sept. 15
Sept. 30
Sept. 30
Aug. 27
Sept. 20
Sept. 15
Sept. 23
Oct.
Oct.
10
Oct.
10
Oct.
Pepper Co. (quar.)
Dominion Coal Co., Ltd., pref. (quar.)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
Dominion Tar & Chemical preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quarterly)
Dover & Rockaway lilt. Co. (s.-a.)
Draper Corp. (quar.)
Driver-Harris Co., pref. (quar.)
Duke Power Co. (quar.)
—
Duplan Silk Corp., preferred (quar.)
Du Pont de Nemours (E. I.), preferred (quar.)_-
(quar.)
Oct.
Oct.
75c
Oct.
nx
Oct.
75c
Oct.
1H
18
...
Duquesne Light Co (quar.)
—
Eagle Picher Lead, preferred (quar.)
Early & Daniel Co., pref. (quar.)
Preferred (quar.
Preferred (quar.
$1H
SIX
$1H
SIX
$1H
$3 A
SIX
Preferred (quar.
East Missouri Power Co., 7% cum. pf. (S-A.)_
Eastern Steel Products pref. (quar.)
sept. 10
Nov. 18
Dec.
Dr.
Oct.
Oct.
Oct.
1 Sept. 20
Oct.
_
1 Sept.
36c
Oct.
Oct.
15
1 Sept.
1 Sept.
3c
25c
—
$1H
SIX
$5 preferred (quar.)
20
3
3
Oct.
1 Sept. 10
Sept. 24 Aug. 31
Oct.
1 Oct.
Nov.
1 Oct.
1 Sept. 20
Electric Controller 6c Mfg
75c
Oct.
50c
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
liSept.
Oct.
11 Sept.
Oct.
1 Sept.
Oct.
l.Sept.
91
$1 X
5% preferred (semLann.)_—.,__
El Paso Natural Gas Co.
50c
Emerson Electric Mfg. Co. 7% pref.
19
19
20
20
16
20
-
-
8c
25c
25c
...
7% preferred (quar.)
-
pref. (quar.)__
Hires (Chas. E.) Co., class A, B & Mgnt. (extra)
Class A common (quarterly)—
Hinde & Dauch Paper
First National Bank of Jersey City (quar.).
Quarterly
First National Bank (N. Y.) (quar.)
First National Stores, Inc. (quar.)
25 Oct.
14
Holmes (D. 11.) Co.. Ltd. (quar.)
Holophane Co., Inc
Preferred (s.-a.)
______
Homestake Mining Co. (monthly).
Hormel (Geo. A.) (quar.)_.
_____
Preferred (quar.)
—■___——
Horn & Hardart Baking (quar.)
Hoskins Mfg. Co.
Howe Sound Co________-_-_
11
Dec. 31 Dec.
24
$25
Florence Stove Co
Florida Power & Light, $7 preferred
Oct.
1 Sept.15
Oct.
1
tSl-31
tSl-12
$6 preferred
Florsheim Shoe Co., class A (quar.)
Class B (quar.)__
25c
12Hc
Food Machinery Corp
Preferred (quar.)
25c
Foreign Light & Power 6% 1st pref. (quar.)..
$6.50 cum. 2d preferred
Foster & Kleiser, preferred (quar.)
Fox (Peter) Brewing (quar.)
;
► 6% conv. preferred (quar.)
Frankl.n Rayon Corp., $2 A prior pref. (quar.)..
Fuller (Geo. A.), 4% preferred (quar.)
SIX
$1X
t$2
37 He
■Sept. 10
___
_____
25c
Oct.
15c
Oct.
1
Oct.
Sept.15
Y.) (quar.).
Gailand Mercantile Laundry Co. (quar.)
$2H
Oct.
50c
Oct.
Gannett Co. $6 conv. pref (quar.)
Gatineau Power Co., preferred
(quar.)
$1
Oct.
19
1 Sept.15
1 Sept.15
25
1 Sept.
A
SIX
si A
Oct.
1 Sept.
Oct.
15c
Oct.
1 Sept. 20
1 Sept. 17
10c
Oct.
1 Sept.
$2
Oct.
1
17
1 Sept. 17
lc
Oct.
1
Nov.
1 Oct.
6<c
Oct.
1 Sept. 16
10c
__
25 Sept.23
SIX
Preferred (quar.)
1 Sept.10
Oct.
$1H
$6 cum. preferred (quar.)
General Public Utilities, Inc., $5 pref. (quar.)..
General Railway Signal, pref. (quar.)
General Telephone Corp., $3 conv. pref. (quar.)
General Time Instrument, preferred
(quar.)
General Tire & Rubber, preferred (quar.)
General Water Gas & Electric
Oct.
20c
General Paint Corp., preferred (quar.)
General Printing Ink Corp
Oct.
$1H
Oct.
1 Sept. 20
1 Sept. 20
$1H
SIX
75c
Oct.
1 Sept. 20
Oct.
1 Sept.19
1 Sept.15
$1H
SIX
Oct.
Oct.
1 Sept.19
Sept. 30 Sept.20
1 Sept.15
Oct.
10c
Corp. 5% pref. (quar.) _
_
""
Preferred (quar.)
Sept.10*
10
_
.
-
International Shoe Co
—
Globe-Wernicke Co., 7% preferred (quar.)
Goebel Brewing Co
Island Creek Coal Co
—
Preferred (quar.)
Jamestown Telep. Corp. 6% 1st
pref. (quar.)—
Jersey Central Power & Light. 7% pref. (quar.) _
6% preferred (quar.)
5 A % preferred (quar.)__
Johns-Manville. preferred (quar.)
Joliet & Chicago Railway (quar.)
Kalamazoo Vegetable Parchment
(quar.)
City Power & Light Co.—
$6 1st preferred series B (quar.)
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quar.)
Kansas Gas & Electric $6 preferred (quar.)
7% 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-Orpheum7%
Oct.
Oct.
Sept. 30 Sept.
Kemper-Thomas, 7% special pref. (quar.)
Kennecott Copper Corp
--Kentucky Utilities 6% preferred (quar.).
Kerlyn Oil Co. class A (quar.)
Keystone Public Service Co. $2.80 pref. (quar.)
Kimberly-Clark common (quar.)
6% preferred (quar.)
Kleinert (I. B.) Rubber, special
Koppers Co., 6% preferred
1
Nov.
1 Oct.
Oct.
Oct.
llSept.15
l'Sept. 16
SIX
Oct.
5c
Sept.30,Sept.
1 Sept. 20
Sept. 30 Sept.10
9
Sept. 22
Oct.
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 21
SIX
Nov.
6
6
6
Sept. 12
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Sept. 15
Oct.
Sept.30
Oct.
Sept. 30
Sept.
Sept.
Sept. 22*
Oct.
30c
Oct.
Sept.15
Oct.
Sept. 20
Aug. 31
Oct.
4
Sept.
tSIX
Nov.
Oct.
7Hc
175c
lHc
50c
$1H
SIX
SIX
Sept.
Sept.
Sept.
Sept. 30,Sept.
Oct.
Oct.
Oct.
Oct.
30
15*
15
12
i Sept. 16
15 Sept. 30
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
15
15
20
20
20
30c
Dec.
Nov. 10
25c
Oct.
15c
Oct.
Sept. 17
Sept. 9
Sept. 23
Sept. 23
Sept. 15
50c
Oct.
$1H
$1H
$1H
$1H
SIX
Oct.
Oct.
Sept. 10
Sept. 10
Sept. 10
SIX
Six
15c
Oct.
Sept. 16
Oct.
Sept. 20
Sept.
Sept. 19
H
SIX
X
$1H
$1H
$1H
$1H
$1H
$1H
SIX
SIX
SIX
SIX
Oct.
Sept. 14
Oct.
Oct.
Sept. 15
Sept.15
Oct.
Sept.14
Oct.
Sept. 14
Oct.
Oct.
Oct.
Kansas
1 Sept. 15
1 Sept. 15
1 Sept. 20
40c
""
Sept. 30 Sept. 19
liSept. 16
Oct.
1 Sept. 30
Jan.
3 Dec. 31
Oct.
if Sept. 20
Sept. 30 Sept. 9
Oct.
25c
Ltd., 6% pref. (qu.)
Investors Royalty Co. (quar.)__
Preferred (quar.)
Iowa Public Service Co. 1st $7 pref. (quar.) —
$6 A preferred (quar.)
1st $6 preferred (quar.)
Iron Fireman Mfg. v. t. c. conv. (quar.)
__
Irving Air Chute Co. (quar.)
—
Irving Trust Co. (quar.)___
1 Sept.15
SIX
20
Oct.
$1H
37Hc
37 He
.
International Ocean Teleg. Co. (quar.)
International Salt Co. (quar.)
Oct.
6
1 Oct.
Sept. 30 Sept. 20
Oct.
1 Sept.
9
Sept. 30 Sept. 17
t50c
Oct.
56 He
Co. (quar.)
Glidden Co.4H% conv. pref. (quar.)
Nov.
40c
Machine.
15c
___
Sept. 26 Sept. 11
Sept. 30 Sept. 23
1 Sept. 27
Oct.
Oct.
15 Sept. 30*
Oct.
15 Sept. 30*
Oct.
1 Sept.
1
1 Sept. 15
Oct.
$1H
International Business Machine Corp
International Button-Hole Sewing
International Harvester
5°c
__
tlOc
13%
25c
pref. (quar.)
SIX
$5 preferred (quar.)..
5uc
:$3H
1$3H
37 He
37 He
75c
Gibson Art Co. (quar.).
Gillette Safety Razor (quar.)
SIX
50c
$2 class A (quar.)
$1 A
Georgia Power Co. $6 pref. (quar.)
25c
68 He
20c
Interlake Steamship
International Bronze Powders (quar.),
1
1 Sept. *22
General Mills, Inc., 6% cum. pref.fquar.)
General Motors Corp., $5 preferred
62Mi
Sept. 26 Sept. 14
$1H
$1H
;
Oct.
Oct.
(quar.)
$1
SIX
lSept. 10
1 Sept. 10
Sept. 26 Sept. 20
Oct. 15 Oct.
1
Oct. 15 Oct.
1
S1H
Investment Foundation
$1H
General Box Co. (quar.)
62Hc
75c
.—
International Vitamin Corp
Investment Co. of America
1 Sept.19
General Electric Co
Oct.
25c
1 Sept. 20
1 Oct.
Extra
Oct.
10c
Independent Pneumatic Tool
Indiana General Service Co. 6%
Oct.
Nov.
General American Investors Co. .Inc.,pref .(quar)
General Baking Co.
Oct.
$1.05
37 He
37 He
$1H
$1H
$2
Sept. 30 Sept.15
Sept. 30 Sept.15
Oct.
(quar t
Fulton Trust Co. (N.
1 Sept. 16
1 Sept. 17
35c
International Nickel Co. (Canada)
Preferred---.
$1
pref.
1 Sept. 16
Oct.
75c
—___—
Sept. 30 Sept.23
1 Sept. 17
Oct.
1 Sept. 17
Oct.
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept.20
1 Sept. 15
1 Sept. 15
62Hc
Dec.
Oct.
25c
Quarterly.
Imperial Paper & Color Corp. (s.-a.)
Imperial Tobacco of Canada, ord
Ord. preferred (semi-annual)
cum. par tic.
1 Nov. 15
5'tc
$1A
____
6%
22
l'Sept.20
50c
(quar.)
Industrial Acceptance
1 Sept.
i;
$1H
Holland Furnace Co
Indianapolis Power & Light 6H% pref. (quar.). $1.62H Oct.
Oct.
$1H
6% preferred (quar.)__
Oct.
$1H
Indianapolis Water Co.. 6% pref. A (quar.)
25 Oct.
14
Sept. 3u Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 23
6
Sept. 26 Sept. 16
Indiana Pipe Line Co
62 He
50c
1
Oct.
1
Oct.
8Hc
Oct.
SIX
$1
1 Sept. 20
Sept.
1
1 Sept. 30
Oct.
Sept. 30 Sept.15
15c
SIX
Oct.
S1.18H Oct.
(quar.)
20 Oct,
15 Sept. 30
Sept. 28 Sept. 23
Oct.
1 Sept. 15
Sept. 30 Sept. 22
Oct.
1 Sept. 19
Oct.
1 Sept. 16
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Sept. 30 Sept. 20
Sept.30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 24 Sept.13
Sept. 30 Sept. 20
Oct.
1 Sept. 22
Oct.
25c
Filene's (Wm.) Sons
► Preferred (quar.)
Glen Falls Insurance
15c
1
Oct.
Oct.
25c
35c
S7tl
25c
31Hc
Oct.
1 Sept 10
1 Sept. 15
Oct.
50c
(N. Y.) (quar.)
Fifth Avenue Coach
Preferred
SIX
SIX
-
15
17*
20
20
Sept. 30 Sept. 19
Sept. 29 Sept. 23
Oct.
1 Sept.
9
Sept. 30 Sept. 20
Oct.
Sept. 15
Oct.
Sept. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 20
pref. (qu.)
Indiana & Michigan Electric Co.—
7% preferred (quar.)
i
6% preferred (quar.)
$2 A
Federal insurance Co. (J. G., N. J.) (quar.)
Feltman & Ourme Shoe Shop, preferred (quar.)
7%
43 He
Illuminating shares class A (quar.)
Imperial Life Assurance Co. (Canada) (quar.)__
t7Hc
10c
—
_
W.) Co. (quar.)
Preferred (quar.)
Ideal Cement
1 Sept. 20
Sept. 30 Sept. 20
1 Sept.12
Oct.
Sept. 29 Sept. 14
1 Sept.15
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
SIX
$1H
SIX
15c
Illinois Bell Telephone
Extra
Fartn rs & Traders Life Insurance (Syracuse)
Faultless Rubber Co
Finance Co. of Amer. (Bait.), class A &B
Class A preferred (quar.)
——
1 Sept. 20
1 Sept. 20
Oct.
25c
$1H
43 He
t5uc
—
Preferred (quar.).
Helme (Geo.
Co. Co. (quar.)
l.Sept. 23
lOC
3%
t75c
lc
Heller (Walter E.) &
Extra___
Oct.
30c
Oct.
25c
3c
Extra
Oct.
Oct.
Oct.
Oct.
$100
SIX
Hedley Mascot Gold Mines, Ltd. (quar.)
SIX
66
l|
13 He
SIX
Sept.
Sept.
Sept.
Sept.
37 He
1 Sept. 23
25c
56Hc
...
Nov.
Sept. 29 Sept. 22*
Oct.
1 Sept. 15
Oct
1 Sept. 17
3-3-39 Dec. 24
Oct.
20c
_>
(quar.)
Oct.
HP
25c
Oct.
5uc
Hartford Fire Insurance (quar.)
Houdaille-Hershey class A (quar.)
Household Finance Corp. (quar.)
—
5% preferred (quar.)
;
.____
Humble Oil & Refining
Huron & Erie Mtge. Corp. (quar.)
Hussman-Ligonier Co. (quar.)
____________
Preferred (quar.)
Hygrade Sylvania Corp., preferred (quar.)
1H%
3 Sept. 15
Oct.
SIX
SIX
six
six
—
Oct.
Oct.
20c
(P. H.I Knitting, 7% preferred (quar.)__
Ilaverty Furniture Cos., preferred
Hazel-Atlas Glass Co. (quar.)
1
1 Sept. 20
3 Sept. 15
40c
Harbison-Walker Refractories Co. 6% pf. (qu.)_
Harvey Hubbell, Inc. (quar.)
10 Oct;
15c
Harrisburg Gas Co., 7% pref. (quar.)—
Harshaw Chemical Co. 7% pref. (quar.)
Preferred
Oct.
Oct.
60c
75c
(quar.)
Empire Casualty (Dallas) (quar.)
Empire Safe Deposit Co. (quar.)
Emporium Capwell Corp
4H% pref. A (quar.)
4H% preferred A (quar.)
Endicott Johnson Corp...
5% preferred (quar.)
Engineers Public Service Co.—
$6 preferred (quar.)
$5 A preferred (quar.)
$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.).
Fifth Avenue Bank
7
7
Nov.
Electric Storage Battery Co
Preferred (quar.)
Elizabeth 6c Trenton RR. Co. (semi-ann.)
50c
15
Oct.
75c
SIX
Uibbard, Spencer, Bartlett& Co. (monthly)
Hickok Oil Corp.. 5% preferred (quar.)___
Dec.
Sept. 15
1 Sept. 21
Sept. 30 Sept. 20
Oct.
1 Sept. 19
Oct.
1 Sept. 19
30c
(quar.)
Dec. 31
$1H
SI A
Ecuadorian Corp., Ltd
Edison Bros. Stores, Inc. (quar.)—
Elec. Bond & Share Co., $6 pref. (quar.)
25c
Sept. 3o Sept. 20
3-31-39 3-20-39
6-30-39 6-20-39
Oct.
35c
Griggs Cooper & Co. 7% pref. (quar.)
—
Group No. 1 Oil Corp
Grumman Aircraft & Engineering
Guaranty Trust Co. of N. Y. (quar.).---Guilford Realty Co. (Bait.) 6% pref__
Gulf Oil Corp.
Gulf Power Co., $6 preferred (quar.)
Hackensack Water Co. 7% preferred (quar.)—
Hamilton Cotton Co., Ltd.,$2 conv. pref._
Hamilton United Theatres, Ltd., 7% pref
Ilanes
Oct.
Oct.
5c
Hercules Powder Co
Oct.
Telephone
Eastman Kodak Co. common (quar.)
Preferred (quar.)
-—
12
Sept. 15
Nov.20
_
Preferred
Sept. 17
Sept. 17
Sept. 30
Sept. 10
Sept. 15
Oct.
35c
—
—
2-10-39
Dixie-Vortex Co., class A (quar.)__
Eastern Township
1
SIX
Diamond Match Company
'
Sept.
1 Sept.
1
1 Sept.15
25c
Foundry (semi-annual).
class A & B (quar.)
Debenture stock
1
»2
Devoe & Raynolds,
Preferred (quar.)
6H % preferred
Oct.
Oct.
Oct.
Oct.
62c
(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.)
_
Holders
Payable of Record
62 He
Preferred (quar.)
1 Nov. 19
Oct.
1 Oct.
1
Dec. 23 Dec. 23
«•«»«►
$1
SIX
$1A
62 He
A
(quar.)
Goldblatt Bros, preferred (quar.)
Goodyear Tire & Rubber (Canada) (quar.)
Preferred (quar.)
Gorton-Pew Fisheries (quar.)...
Grand Rapids Varnish (quar.)
Grant (W. T.) Co. (quar.)__
Great Southern Life Insurance Co.
Dec.
Series J»nT
Partir.
31
Sept. 24 Sept. 17
Sept. 20
Deposited Bank Shares, series A
Share
Company
Gold & Stock Teleg.
l|Sept. 15
Oct.
(quar.)..
Y. (quar.)
7% preferred (quar.)
7% preferred (quar
Detroit Cray Iron
l Aug.
Oct.
8% preferred (guar.)
Deisel-Weramer-Gi 1 bert Corp
Deposited Insurance Shares—Series
5
14
Sept. 26 Sept. 20
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
llSept. 15
Davega Stores Corp., 5% cum. pref. (quar.)...
David & Frere, Ltd., class A (quar.) —
Extra, payable in cash or class B stock
Dayton & Michigan RR. Co. (s.-a.).T---——
De Long Hook & Eye Co.
Dentist's Supply Co of N.
24lDec.
Sept. 30 Sept. 20
—
Curtis Publishing Co. $7
15 Oct.
Dec.
Name of
Oodchaux Sugar class
Preferred (quar.)
1 Sept. 13
Oct.
When
Per
When j Holders
Payable of Record
Company
1938
24
Sept.
Chronicle
conv.
preferred
Oct.
Oct.
Oct.
Sept.
Oct.
Sept. 20
Sept. 20
Sept. 15
•Sept. 10
Oct.
Sept. 20
Sept. 15
Dec.
Nov. 21
Sept.
Oct.
Sept. 2
Sept. 26
Sept.10
70c
Oct.
Sept.15
25c
Oct.
Sept. 12
$1H
Oct.
Sept. 12
25c
$1H
8 He
5c
75c
Oct.
Sept. 30 Sept. 15
!Oct.
1 Sept. 16
Volume
Financial
147
When
Per
Name of Company
Share
Kings County Ltg. 7% preferred B (quar.)
6% preferred, series C (quar.)
6% preferred, series D (quar.)
Klein (D. Emil) (qura.)—
Quarterly
Preferred (quar.)
Oct.
Preferred
1 Sept. 15
1 Sept. 15
*114
26c
Oct.
Oct.
15
1 Sept. 20
25c
62 He
62 He
Jan.
Nov.
2 Dec. 20
1 Oct. 2f
Feb.
1 Jan.
Oct.
1 Sept . 22
-
-
---------
(quar.)__
Kresge Department Stores 4% pref. (quar.)____
Kroebler Mfg. Co. 6% class A pref. (quar.)..
I 6% class A preferred (quar.)
Kroger Grocery & Baking Co., 6% pref. quar..
7% preferred (quar.)
Lackawanna BR. of New Jersey (quar.)
Laguna Gold Mines (initial).
Lambert
5c
25c
A
$1M
tl7Hc
50c
30c
Preferred (quar.)
,-_
La Salle Extension University new pref. (quar.)
Cap Gold Mining
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co. (quar.)
......
4% preferred (quar.)
Lehigh Portland Cement Co., 4% pref.
Lehman Corp
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco preferred (auar.)
Lincoln National Life Insurance (Pt. Wayne)—
Link Belt Co., preferred (quar.)
....
Lion Oil Refining (quar.)
Lipton (Thomas.J.) class A (quar.)
Preferred (quar.)
Liquid Carbonic Co
(Special year-end)...........
Lit Bros. $6 preferred
Little MiamiRR. special guaranteed (quar.)—
Original capital
Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe (monthly)
Monthly
Monthly
Monthly
8% pr el erred (quarterly)..
—
_-
——
.....
...
1 Sept.
20
Sept. 30
Dec. 31
Oct.
Nov.
1 Sept. 20
1 Oct. 20
Oct.
40c
37Mc
Class B (quar.)
Lava
Sill
SIM
Co
Landis Machine (quar.)
7% preferred (quar.)
Lang (J. A.) & Sons. Ltd. (quar.)..
Langendorf United Bakeries class A (quar.)
1 Sept.
9
1
Oct. 15 Oct.
Oct.
1 Sept. 16
5
Nov. 15 Nov.
15 Dec.
Oct.
15 Sept. 30
1 Sept. 20
1 M%
3c
Oct.
62 He
25c
$1
$1
20c
12c
IIM
30c
SIM
2 Dec.
Oct.
Oct.
Oct.
7 Sept. 23
1 Sept. 15
Oct.
Nov.
1 Sept. 13
1 Oct. 26
25c
25c
Oct.
Oct.
20c
tS2
50c
$1.10
«3M
67c
67c
67c
66c
Sept. 26 Sept.
Sept. 26 Sept.
Oct.
1 Sept.
Dec. 10 Nov.
Dec.
19
21
25
Sept. 30 Sept 30
Sept. 30 Sept.20
Oct. 31 Oct. 21
Nov. 30 Nov. 19
Dec. 31 Dec. 21
Jan.
Oct.
Oct.
1
$1M
75c
Dec.
1 Nov. 21
1 Nov. 21
1 Sept. 15
t87Hc
Oct.
SIM
(P.) Co. (quar.)
(quar.)
Preferred
Oct.
t75c
$1 M
30c
Long Island Ltg. 7% preferred A (quar.)
6% preferred, series B (quar.)
Loose-Wiles Biscuit Co.. 5% pref. (quar.)
Lorillard
1
Dec.
25c
Extra
Nov.
Oct.
Oct.
1 Sept. 15
Sept. 17
Oct.
Sept. 15
Sept. 15
Louisville Gas & Electric Co.
_
p
ik
SIM
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15 Sept.
15 Sept.
30
Nov. 15 Nov.
5
Oct.
Oct.
25c
Oct.
Oct.
50c
Oct.
Oct.
*$]
_
25c
SIM
$4
50c
Oct.
55c
Oct.
Oct.
50c
50c
Oct.
Oct.
Oct.
Oct.
4ftc
(M.) & Sons, Inc. (quar.)
Master Electric Co., common
25c
37 He
Mathieson Alkali Works (quar.)
SIM
(quar.).
Mead Johnson & Co. (quar.)
Extra
-— --
Meadville, Conneaut Lake & Linesville.-Memphis Natural Gas, preferred (quar.)
Mercantile Trust & Savings Bank (Chic.) quar.
Merck & Co. preferred (quar.)
(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% prer. (quar.)_-_
Midland Steel Products 8% pref. (quar.)
Midvale Co..
Missouri Edison Co. |7 cum. pref. (qu.)
Mitchell (J. & S.) & Co., Ltd., 7% pref. (quar.)
MockJudsonYoehringer.preferred. (quar.)
Monongahela West Penn Pub. Serv. 7 % pf.(qu.)
Monroe Chemical, preferred (quar.)
Monsanto Chemical Co., $4M class A pref. (qu.)
6% preferred (quar.)
—
5% preferred (quar.)
Montgomery Ward & Co», Inc——
Class A (quar.)
Moore Corp., Ltd. (quar.)i
Preferred A & B (quar.)
—
Moore (W. R.) Dry Goods (quar.)
Quarterly
Morrell (John) & Co. (quar.)
Morris Plan Insurance Society (quar.)
Morrison Cafeterias Consolidated, Inc.
P 7% preferred (quar.)
Morristown Securities Corp—
75c
75c
SIM
SI
Oct.
Oct.
ii£
Sept.
Oct.
SIM
Oct.
Oct.
Oct.
SIM
Oct.
SIM
Oct.
$2
Oct.
$1
Oct.
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
43 Mc
87 He
S2M
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Dec.
6c
Oct.
Oct.
25c
SIM
Oct.
Oct.
40c
Oct.
75c
Oct.
SIM
SIM
5
...
c
SI
Oct.
Oct.
Jan.
20
24
23
16
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.
SIM
SIM
SIM
SIM
SIM
SIM
Murphy (G. C.) Co., preferred (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)—
6% preferred (quar.)
Mutual System, preferred (quar.)
Common (quar.)
Sept
Sept.
Sept.
Sept.
Sept.
Oct.
—
——
1 Sept. 15
10 Sept. 20
Oct.
SIM
—
Minneapolis Gas Light Co. $5 partic. units (qu.)
Minneapolis Power & Light 7 % preferred
$6 preferred..
;
—6% preferred..
——
Mississippi Power Co., $7 pref. (quar.)—
$6 preferred (quar.)
Mississippi River Power, pref. (quar.)
Montana Dakota Utilities
75c
1 Sept.15
1
15 Oct.
1 Sept. 20
1 Sept.17
Sept. 20 Sept. 6
Sept. 7
Sept.
Sept.
Sept. 7
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
50c
__
Metal & Thermit Corp., 7% preferred
15 Sept. 30
15 Sept. 30
Oct.
5>)c
25c
Marsn
_
20
20
20
20
22
30
30
Sept. 30 Sept. 23
Sept. 30 Sept. 23
1 Sept. 23
Oct.
50c
-
Corp.
Oct.
30
30
30
31
21
Dec. 21
Nov. 29
Nov.
$2
-
Mesta Machine Co
Jan.
25c
75c
—
Preferred
Sept.
Oct.
25c
.
Sept.
Sept.
Sept.
Aug.
Sept.
Oct.
SIM
McQuay-Norris Mfg. (interim)
—
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
Magnin (I.) & Co. 6% pref, (quar.)
Magor Car Corp. (quar.)
Preferred (quar.)
Mahoning Coal RR
$2 preferred A (quar.)__
$2.20 preferred (quar.)
Manufacturers Trust Co. (N. Y.) (quar.).—
Preferred (quar.)
Mapes Consol. Mfg. (quar.)
-Margay Oil Corp., new stock
——
Marlin-Rockwell
Oct.
Oct.
SIM
43 Ho
(A. G.) & Co., class B (quar.)_.
Class B (extra)
50c
20
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Sept.
1 Sept.
Sept.
Sept.
.Sept.
_
Nov. 10
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
-Sept.
1 Oct.
2 Jan.
15
15
15
9
16
14
14
1
2
Oct. 24|Sept. 26
Dec.
liNov. 26
tig
Dec. 28 Dec.
50c
6c
15
20
16
15
FSept. 15
Sept. 15
SIM
10c
20
17
20
15
15
15
20
20
_
Oct.
Oct.
Oct.
SIM
31
31
31
31
31
31
24
15
l!Sept.24
3 Sept. 15
3 Sept. 23
Sept. 28 Sept. 15
Oct.
Oct.
15
15 Sept. 30
15 Aug. 31
Oct.
SIM
Oct.
fill
Oct.
Oct.
31 Mc Oct.
10c
Oct.
Oct.
SIM
Aug. 31
Sept. 30
Sept. 15
Northwestern Yeast (liquidating)—
—
Norwich & Worcester RR. 8% pref
—-
Oct.
15c
-
Sept. 30
iig
Oct.
Oct.
1
SIM
Oct.
1
90c
50c
Nov. 15 Nov.
25c
Sept. 3d Sept. 15
1 Sept.19
Oct.
Oct.
1 Sept. 1§
30c
75c
75c
75c
Oct.
Oct.
Oct.
y\
Oct.
M
$1
Oct.
1 Sept. 20
25 Sept. 30
25 Sept. 30
15 Sept. 30
1 Sept. 17
15
2
Dec.
Oct.
Sept. 15
OcL
Sept. 20
SIM
Oct.
75c
Oct.
Oct.
Oct.
Sept. 17
Aug. 31
Sept. 20
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept.10
Sept.10
Sept. 15
Sept. 15
Sept. 15
Sept.15
Sept. 21
Sept. 20
Sept. 15
Sept. 15
Sue
—
1M
4
—
—
SI
$1.65
SIM
$1.80
30c
(quar.)
—
SIM
(quar.)----.——
412-3c
Ohio Public Service 5% preferred (mo.)
50c
6% preferred (monthly)
—-—
58 l-3c
7% preferred (monthly)
70c
Ohio Water Service Co. A—
Oklahoma Natural Gas, prior pref. (quar.) ——
Old Colony Insurance (quar.)--—
Omnibus Corp 8% pref. A (quar.)
Ontario Loan & Debenture (quar.).-Ottawa Light Heat & Power (quar.)
Preferred (quar.)
—
Pacific Finance Corp
Pacific Indemnity (quar.).
Extra
Pacific Lighting Corp., $6 pref. (quar.)
Pacific Telephone & Telegraph.
—
Preferred (quar.)
—
Pacific Tin Corp.——
Preferred
—
--
Page-Hersey Tubes, Ltu. (quar.)..
Paraffine Companies, Inc
4% convertible preferred
Paramount Pictures, Inc., 1st pref. (quar.)
2d preferred (quar.)
Parke Davis & Co.
—
Pathe Film Corp., $7 pref. (quar.)
Paul Peter, Inc.
—
Peninsular Telephone Co. common (quar.)
—
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 3'
Sept. 30
Oct.
1
Oct.
1
Oct.
1
(quar.)
ref. (quar.).
Pennsylvania Edison $5 p~
$2.80 preferred (quar.).
Pennsylvania Glass Sand, pref. (quar.)
Pennsylvania Power Co. $6 preferred (quar.)—.
$6.60 preferred (monthly)$6.60 preferred (monthly)—
$6.60 preferred (monthly)
Pennsylvania Power & Light, $7 pref. (quar.)—
$6 preferred (quar.)----...
Pennsylvania Telephone. 6% pref. (quar.)
Pennsylvania Water & Power (quar.)..
Preferred (quar.)--Peoples Drug Stores (quar.)
Perfection Stove Co. (quar.)
Pet Milk Co. (quar.)
Peterborough RR. Co. (s.-a.)
Petroleum Corp. of Amer. (stock dividend) —
Payable at the rate of one share of Consol.
Oil Corp. com, for each five share of Petro¬
leum Corp. of America held.
2c
Petroleum Oil & Gas Ltd. (s.-a.)
50c
Perfect Circle Co. (quar.)—
25c
Pfeiffer Brewing Co
S2M
Philadelphia Acceptance Corp., $5 pf. (s.-a.)—
SIM
Philadelphia Co., $5 preferred (quar.)
SIM
$6 preferred (quar.).
......
—
50c
Philadelphia Electric Power 8% pref. (quar.) —
30c
Phi lad el phi a National Insurance
—
S2M
Philadelphia & Trenton RR. (quar.)
50c
Phoenix Insurance Co. (Hartford (quar.)$ .31M
Phillips Packing 5M% pref. (quar.)---10c
Pickle Crow Gold Mines (quar.)
5c
Pictorial Paper Package Corp
7M%
Pinchin Johnson & Co., Am. dep. rec. (Interim).
Jioc
Pioneer Gold Mines of British Columbia.
75c
Pittsburgh Bessemer & Lake Erie (s.-a.)—-—.
25c
Pittsburgh Plate Glass
Pittsburgh Youngstown & Aushtabula Ry.—
SIM
7% preferred (quarterly)
15c
Plough, Inc
—
35c
Plymouth Oil Co, (quar.)------—...
SIM
Pollock Paper & Box Co. 7% preferred (quar.)..
15
Oct.
1 Sept.
Oct;
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Aug. 30
15 Sept. 30
Sept. 3o Sept. 20
Oct. 15 Sept. 30
Sept. 2b Sept. 20
Oct.
1 Sept. 15
Sept. 27 Sept. 10
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1
15 Oct.
1 Sept.16
1 Sept. 16
Sept. 30 Sept. 1§
1 Sept. 23
1 Sept. 20
Oct.
1 Sept. 15
Jan.
1 Dec. 15
Oct.
Oct.
Nov. 16 Nov.
7% A preferred
Penney (J. C.) Co.
-
1
SIM
Ohio Finance Co.
Quarterly-
1
Sept. 30
25c
Novadel-Agene Corp., common (quar.)- —
& Power (quar.)
NY PA NJ Utilities Co. $3 non-cum. pref
--
Sept. 30
1
40c
-
16
Sept.15
Sept 15
Sept.21
Sept. 21
Sept. 9
Sept. 17
Sept. 14
Aug. 31
Aug. 31
Sept. 22
Sept. 20
Sept. 9
Sept. 19
Sept. 19
SIM
-
14
Sept.
Oct.
Oct.
t$l
t33 l-3c Oct.
preferred (quar.)
Nineteen Hundred Corp. class A (quar.)-——
Noblitt-Sparks Industries.
North American Co., common (quar.)
\ Preferred (quar.)
<
North American Rayon, preferred (quar.)
Northern Ontario Power Co. (quar.)
6% preferred (quar.)
Northern States Power (Minn.), $5 pref. (qu.)-_
Northwestern Electric, 7% 1st pref
Ogilvie Flour Mills vquar.)—,Ohio Edison Co. $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Oct.
$1M
Nova Scotia Light
(Ky.)—
7% cum. preferred (quar.)
6% cum. preferred (quar.)
5% cum. preferred (quar.)__
Louisville Gas & Electric A & B vquar.).
LunkenneimerCo. 6M% pref. (quar.)...
614% preferred (quarterly)
McClatchy Newspapers 7% pref. (quar.)
McColl Frontenac Oil pref. (quar.)
McKay Machine Co
Preferred (quar.)
McKee
•
$1
32 He
preferred (quar.)
$1M cum. preferred (quar.)
20c
10c
..$ 1.31 M
SIM
-
Niagara Alkali 7%
Sept.15
SIM
(quar.)
60c
New York Transit Co
Sept.30 Sept. 20
Sept. 29 Sept. 15
$1.62
pref
Longhom Portland Cement Co.—
5% refunding participating pref
50c
25c
------
Oct.
1
Sept. 80 Sept. 20
1 Sept. 27
Oct. 15 Sept. 30
Sept. 30 Sept. 23
Oct.
1 Sept. 8
Sept. 30 Sept. 20
Sept. 30 Sept.20
Sept.30 Sept.20
Oct.
1 Sept. 13
Sept. 30 Sept. 20
Oct.
1 Sept.15
Oct.
Sept.15
Oct.
Sept. 9
Nov.
25c
$6 preferred (quarterly)
New "York State Electric & Gas—
1 Sept. 21
3 Dec. 24
1 Sept. 15
Nov.
20c
$1M
—
_
New Jersey Pow. & Lt. Co. $6
Oct.
$1 H
—
$5 preferred (quar.)
New Orleans Public Service, $7 preferred
New York & Honduras Rosario Mining
New York Lackawanna & Western Ry_.
New York Power & Light. 7% pref. (quar.).—
10 Nov. 25
Oct.
25c
....
$2 preferred
New England Telep. & Teleg. (quar.)
New Hampshire Fire Insurance Co
New Idea, Inc
19
$2
25c
$1M
(s.-a.)
Newberry (J. J ) Co. (quar.)
Newport Electric Corp., 6% pref. (quar.)
New Amsterdam Casualty (semi-annual)--New England Power Assoc., 6% pref
1 Sept. 20
1 Sept. 20
25c
20c
Newark & Bloomfield RR.
1 Sept. 15
10 Sept. 30
37Hc
25c
SIM
Sept. 27 Sept. 16
1 Sept. 20
1 Sept. 15
Oct. 15 Sept.16*
Oct. 15 Sept. 30
1 Sept. 15
Oct.
Oct.
1 Sept. 15
1 Sept. 19
Oct.
Oct. 15 Sept; 30
1 Sept.
Oct.
1
1 Sept.
Oct.
1
Oct. 15 Sept. 30
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Sept. 30 Sept. 16
Oct.
-
Nehi Corp.--.:
Preferred (quarterly)
1 Sept. 14
Oct.
Oct.
SIM
12 He
-
Natomas Co. (quar.)
Navarro Oil Co. (quar.)
14
13
1 Oct.
Jan.
44c
—
—
5M% preferred (quar.)—$2, 10-year preferred (quar.)
Sept. 30 Sept. 10
1 Sept. 15
Nov.
15c
50c
-
National Supply Co., 6% pref. (quar.)
Oct.
SI
25c
55c
40c
National Oil Products (interim)
National Power & Light Co., $6 pref. (quar.)
National Steel Car Corp
National Steel Corp
National Sugar Refining Co
15 Sept. 30
Oct.
10c
Extra
Loew's (Marcus) Theatre, Ltd., 7% preferred-Lone Star Cement Corp
Lone Star Gas Corp. 6 HI % conv.
-
1 Sept. 15
15 Sept. 30
75c
—
.
National Lead Co
Preferred B (quar.)___
Payable of Record
Share
Myers (F. E.) & Bros. Co
Nachman Spring-Filled Corp. (resumed)
National Battery Co. preferred (quar.)
National Biscuit Co., common (quar.)
National Bond & Share Corp
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Candy Co., 1st & 2d pref. .(quar.)
National Cash Register
National Dairy Products
Preferred A and B (quar.)—
National Fuel Gas (quar.)
National Gypsum Co., 1st pref. (quar.)
2d preferred (quar.)
5
Dec.
Oct.
Oct.
$2
30c
8% preferred (quarterly)
Locke Steel Chain Co. (quar.)
Name of Company
Holders
When
Per
| Holders
Payable of Record
Oct.
1877
Chronicle
5
Sept.30 Sept. 16
Sept.
Sept.
Sept.
Nov.
Oct.
Oct.
Oct.
Dec.
10
10
15
21
Oct.
Nov.
Dec.
Sept. 20
Oct. 20
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Sept.
Aug.
Nov. 21
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 30
Oct.
Oct.
1
1
Sept. 26
15
15
15
15
15
8
20
10
24
22
Oct.
Oct.
Sept. 15
Sept. 20
Sept. 23
Sept.
1
Sept.
1
Sept. 1
1 Sept.
9
15 Sept. 23
Oct.
10 Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
7 Sept. 2
Oct.
Oct.
Oct.
Sept. 15
Oct.
Sept.10
Dec
Oct.
1
Nov. 21
1 Sept. 15
Sept. 30 Sept. 16*
Dec. 15 Dec. 15
Financial
1878
Per
Name of
Shares
Company
7% preferred (quar.)
Portland Gas & Coke, 7%
Oct.
Potash Co. of America (increased)
Oct.
Oct.
Oct.
--
——-
pf.(qu.)
0% non-cumulative preferred (quar.)---- —
Sept. 29 Sept. 15
5oc
——
I.)
Sept. 28 Sept. 14
Sept. 28 Sept. 28
Oct.
1 Sept.20
Oct. 10 Sept. 20
50c
Non-voting common
Original preferred (quarterly)-..-...
$1M
...
37 He
Public National Bank & Trust (N. Y.) (quar.)..
Public Service Co. of Colorado, 7% pref. (mo.).. 58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
Public Service Electric & Gas., 7% pref. (quar.)
$5 preferred (quar.)
—.-—
60c
Public 8ervlce of New Jersey-—
fig
50c
0% preferred (monthly)
Public Service Co. of Oklahoma—
1 Sept.
Oct.
Oct.
1
1
Sept. 30
Sept. 30
Sept. 30
Oct.
SIM
(quar.)
0% preferred (quar.)
514% preferred (quar.)
Quaker Oats Co., common (quar.)
Preferred (quarterly)
Radio Corp. of America, B pref. (quar.)._.
$3.60 conv. 1st pref. (quar.)..
Rath Packing Co...
Reed Roller Bit (quar.)
Extra
Reliaole Fire Insurance Co. (quar.)
Reliable Stores Corp., pref. (quar.)
Reliance Electric & Engineering
—
—
Oct.
50c
9
..."
/c
37Hc
12Hc
Riverside Silk Mills, class A (quar.)
1 Sept.
1 Sept.
Oct.
1 Sept. 20
$1%
25c
Ross Gear & Tool (quar.)
30c
Royalty Income Shares, series A
44c
Rubinstein (Helena), class A (quar.)
Russell & Co
25c
25c
—-
Payment Is made to common stockholders of
South Porto Rico Sugar Co.
Safeway Stores, Inc
7% preferred (quar.)
—
0% preferred (quar.)-5% preferred (quar.)
St. Louis National Stockyards (quar.)St. Louis Rocky Mtn. & Pacific Co. pref. (quar.)
San Francisco Remedial Loan Assn. (quar.)
Quarterly
Sangamo Electric Co
1
Savannah Electric & Power 8% deb. A (quar.)—
7M% debenture B (quar.)
7% debenture C (quar.)
6M% debenture I> iquar.)
Savannah Sugar Refining (quar.)
Schenley Distillers—
5M% Preferred (quarterly)
Scran ton Electric Co. preferred (quar.)
Sept.30 Sept. 20
Sept.30 Sept. 20
Oct.
1 Sept. 27
Oct.
1 Sept. 23
Sept.30 Sept. 20
22
Oct.
Oct.
Sept.21
Sept. 9
Sept. 9
Sept. 10
1 Sept. 20*
Oct.
ljSept. 15
_
Sept. 30
"Sept. 15
Oct.
1 sept. 22
Oct.
1 8ept. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 20
Sept. 25 Aug. 31
Oct.
1 Sept. 21
Oct.
1 Sept. 15
Oct.
Sept. 19
Sept. 19
Sept. 19
Oct.
Sept.19
Oct.
Sept. 24
Sept. 30 Sept. 15*
Sept. 30 Sept. 14
Oct.
Oct.
Dec,
Oct.
-
15 Nov. 30
Sept. 20
Oct.
Oct.
-
Sept. 15
Sept. 15
Sept. 15
Sept. 5
Sept. 15
Oct.
Oct.
--------—
Oct.
—
Oct.
—
Oct.
Co
1 Sept. 22
1 Sept.
0
Servel, Inc., pref. (quar.)
Preferred (quarterly)
Oct.
Sept.
Sept.
Sept.
Sept.
1 Sept.
1 Sept.
Jan.
3
7% preferred
Sept.30
Sept. 30
Sept.3o
Sept.30
(quarterly)
Seaboard Commercial Corp. (quar.)
Preferred (quar.)
—
Selected Industries, Inc.,
—
—
$5M div. prior stock—
Oct.
Sheep Creek Gold Mines, Ltd. (quar.)
5%% preferred (quar.)
Oct.
15
Shell Union Oil Corp.
Oct.
1
SherwinrWilliams (Canada), pref
Oct.
1
Simon
Sept. 30
Sept. 30
Sept. 30
Sept.30
(H.) & Sons, Ltd., common (interim)
7% cumul. preferred (quar.)
Singer Mfg. Co
(quar.)Extra
Skelly Oil, preferred (quar.)
Smith (L. C.) & Corona Typewriter
Preferred (quar.)
Smith (8. Morgan) Co. (quar.).
Smith (H.) Paper Mills, preferred (quar.)
Sonotone Corp
Preferred (quar.)
South Carolina Power Co. $0 pref. (quar.)
South Penn Oil Co. (quar.)
South Pittsburgh Water Co. 0%
pref. (qu.)
South West Pennsylvania Pipe Lines
Southern & Atlantic Teleg. Co. (s.-a.)
1 Oct.
1 Sept. 20
1 Sept. 20
Nov.
1
Oct.
15c
$1H
37 He
S1H
50c
;
02 He
Southern California Edison Co., Ltd.—
Original preferred (quar.)
37 He
6M % preferred series O (quar.).
-34^ic
Southern Canada ~
itherr ~
~
Power Co., 6% cum. pref
UH%
Southern Natural Gas Co., class A
25c
Southern Railway (Mobile & Ohio stock)
$2
Southwestern Gas & Electric, 7% pref.
(quar.)—
SIM
Southwestern Light & Power $6 pref. (quar.)
$1X
Springfield Gas & Electric $7 pref. A (qu.)
$1M
Square D Co
15c
Standard Brands, Inc..
12Hc
Preferred (quar.)
$1H
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
SIM
Starrett (L. S.) Co
25c
Preferred (quar.)
SIM
Stein (A.) & Co. preferred
(quar.)
SIM
Sterchi Bros. Stores 1st preferred
(quar.)-^75c
Sun Life Assurance
(Canada) (quar.)
t$3M
Sunray Oil 5M % conv. pref. (quar.)
08 He
Sunshine Mining Co. (quar.)
60c
—_
Oct.
15 Sept. 30
3
14 Oct.
1
Oct.
1
15 Oct.
Oct.
Oct.
1 Sept.
1 Sept.
Oct.
15*
15
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept.
Oct.
Oct.
20
20
20
21
Sept. 15
Sept. 15
Oct.
Sept. 20
Oct.
Sept. 15
Sept. 20
Sept. 12
Sept.
Oct.
1
Dec.
Dec.
Oct.
Sept. 30
Sept. 23
Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Sept. 23
Sept. 15
Sept. 20
Sept. 15
Sept.
5
;
Sept. 15
Oct.
Oct.
SIM
Oct.
Oct.
.23
Sept.
.15
Sept.
Oct.
75c
—
Sept.
12 He
82 He
(quar.)
1
30c
Superheater Co
Superior Portland Cement, class A
Superior Water Light & Power, 7% pf. (quar.)
Corp
Nov.
Sept.12
Oct.
1 Sept. 15
Sept. 30 Sept. 15
•
Extra
4
Oct.
Oct.
— -
Texas
16
16
Dec. 17
Sept. 30
Sept. 20
Sept. 15
Sept. 14
Sept. 14
Sept.10
Sept. 10
Jet.
-
-
Swift & Co.
20
20
Nov.
-----
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines (registered)
Talcott (James), Inc
First preferred (quar.)
Talon, Inc
Taylor-Colquitt Co. (quar.)
Teck-Hughes Gold Mines (quar.)
15
15
1
Sept.
.15
Sept.
.15
Sept.
5
75c
SIM
Nov.
Sept .17
5c
2
—I—I—I
Sept.
Sept.
Sept.
Sept.
15c
——-
——I
Oct.
Aug 20
Aug 20
Sept. 15
68 Mc
Oct.
Sept. 10
.19
Sept.
Oct.
1
Sept. 15
9
SIM
Oct.
$1H
Tidewater Assoc. Oil Co $4.50 conv. pref. (qu.)
58 l-3c
Toledo Edison Co., 7% preferred (monthly)
50c
6% preferred (monthly)
1 Sept. 24
1 Sept.12
Oct.
Oct.
1 Sept. 15
1 Sept. 15
Oct.
Oct.
1 Sept.15
1 Sept. 15
412-3c
5% preferred (monthly)
Toledo Light & Power Co., pref. (quar.)
Toronto Mortgage Co. (Ont.) (quar.)
SIM
Oct.
1
20c
Oct.
1 Sept. 20
50c
Sept. 30 Sept. 20
—
'
Torrington Co, (quar.)
Torrington Water Co. (quar.)
Tri-Continental Corp. preferred (quar.)
Troy & Green bush 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.)
-
SIM
SIM
-
50c
37 He
50c
-
Union Pacific RR
-
Oct.
1 Sept.
1 Sept. 24
1 Sept.
3
Oct.
118
75c
SIM
SIM
(quar )
(quarterly)
1 Sept.
3
1 Sept.
8
Sept. 28 Sept. 20
Sept. 28 Sept. 20
Nov.
1 Oct.
Oct
1
Oct.
1 Sept.
3 Dec.
Jan.
United Gas Improvement (quar.)
Preferred (quar.)..
9
25c
—
United Light & Railways
7% prior pref. (mo.)
7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly).
6.36% prior preferred (monthly)
6% prior preferred (monthly)
Sept. 24 Sept. 9
Oct. 15 Sept. 23
Sept. 30 Aug. 31
Sept. 30 Aug. 31
58 l-3c Nov.
58 l-3c Dec.
1 Oct.
58 l-3c Tan.
53c
Nov.
—
-
2 Dec.
53c
53c
50c
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
United Light & Railways, 7% prior pref. (mo.). 58 l-3c
6 36% prior preferred (monthly).
53c
50c
6% prior preferred (monthly).-.
United New Jersey Railroad & Canal (quar.)—
S2H
United Profit-Sharing, preferred (semi-ann.)
50c
United Shoe Machinery Corp
62 He
Preferred (quarterly)
37 He
United States Foil Co., preferred (quar.)
SIM
United States Gypsum Co. (quar.)
50c
Preferred (quar.)
SIM
-
-
-
30c
(quar.)
United States Pipe & Foundry Co., com. (quar.)
United States Playing Card (quar.)
50c
25c
Nov.
1 Oct.
15
15
1 Nov. 15
2 Dec.
15
1 Oct.
15
Dec.
1 Nov. 15
Jan.
2 Dec.
15
Oct.
1 Sept.16
Oct.
Oct.
1 Sept.15
1 Sept. 15
Oct.
10 Sept. 20
Oct.
31 Sept. 30
5 Sept. 20
5 Sept. 20
Oct.
Oct.
Oct.
Oct.
Oct.
1 Sept. 15*
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 18
Dec. 20 Nov. 30*
1 Sept.
15
1 Sept.
16
$15
75c
...
Nov.
1 Oct.
$2
(quar.)
Universal Products
Dec.
Jan.
15
1 Nov. 15
Oct.
Oct.
Oct.
25c
United States Trust (N. Y.) (quar.)
Universal Leaf Tobacco Co., Inc
—— —
Upressit Metal Cap 8% preferred (quar.)
Upper Michigan Power & Light Co.
0% preferred (quar.)
0% preferred (quar.)
Utah Power & Light, 7% preferred—
6% preferred
Van Camp Milk Co., preferred (quar.)
Van de Kampu Holland Dutch Bakers
25c
—
$2
—
SIM
SIM
t
tSl
SI
6Mc
IIU
$6M preferred (quar.)
;
Vapor Car Heating Co.. Tnc.. 7% pref. (quar.).
Vicksburg, Shreveport & Pacific Ry
Preferred (s.-a.)
SIM
S2H
S2H
-
Victor Chemical Works
20c
11
Oct.
1 Sept. 20
Sept. 30 Sept. 26
1 Sept. 15
Oct.
Nov.
Sept.
1
Sept.
1
Sept. 26
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Oct.
Oct.
Sept. 30 Sept. 10
Dec.
Dec.
Oct.
Sept. 8
Sept.
8
Sept. 20
Oct.
Sept.
SIM
SIM
$2
SIM
SIM
—
—...
___
System, Inc
Oct.
Oct.
1
Oct.
Oct.
10c
Victor-Monaghan Co. 7% pref. (quar.)
Virginia Public Service, 7% preferred (quar.)
Virginian Railway
Preferred (quar.)
Vulcan Detinning Co. pref. (quar)
1 Seat. 20
Feb.
1.16 2-3 Oct.
Extra
SIM
11 Sept. 20
1 Sept. 10
Sept. 26 Sept. 17
Nov.
Oct.
1 Oct.
18
20 Oct.
10
Sept. 20
SIM
to >c
25c
(s.-a.)
Oct.
SIM
(quar.)
Warci Baking Corp. 7% preferred
Warren (S. D.) Co. (reduced)
Warren Railroad Co.
14
Sept. 15
9
SIM
(quar.)
Walt ham Watch Co. 6% pref.
Prior preferred (quar.)
2
1 Sept. 15
Oct.
25c
25c
7% preferred (quar.)
United Biscuit Co. of Amer., pref. (quar.)
Waldorf
Sept. 30 Sept. 12*
M
United Dyewood Corp. pref.
1 Sept. 16
16 Dec
1
Oct.
Oct.
Oct.
95c
United Carbon Co..
Preferred
Dec.
Sept. 3d Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept 17
40c
Preferred (s.-a.)
United States Guarantee
Oct.
Sept. 15
SIM
Union Premier Food Stores (quar.)-Union Twist Drill Co. (quar.)
Preferred
Oct.
Oct.
Sept. 24
Sept. 24
Sept. 13
Sept. 17
Sept. 30
Dec.
Nov. 15
Oct.
Sept.
Washington Railway & Electric Co.—
5% preferred (quar.)
5% preferred (s.-a.)
im
—
Waukesha Motors Co. (quar.)
Wayne Pump Co. (quar.)
Wellington Fund, Inc. (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 Grocers, Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel Co. (quar.)
Westinghouse Air Brake Co., quarterly
Westmoreland, Inc. (quar.)—
Weston Electrical Instrument Corp.—
Class A (quar.)
Weston (Geo.), Ltd. (quar.)
Wheeling Steel, $5 prior preferred
White Rock Mineral Springs Co.—
1st preferred (quarterly)
2nd preferred (quarterly)
Whitaker Paper Co. 7% pref. (quar.)
Will & Baumer Candle Co.. Inc., pref. (quar.)
Winn & Lovett Grocery, class A (quar.)
Class B (quar.)
:
Preferred (quar.)
Winsted Hosier Co (quarterly)
__
Sept. 15
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Nov.
Oct.
5
Nov.
Oct.
5
Oct.
Sept.16
SIM
Oct.
*75c
Oct.
15c
SIM
SIM
SIM
Sept.
Oct.
20
15
15
17
25c
Oct.
Sept. 15
Sept. 15
Sept. 20
Sept. 20
Sept.22
Sept. 30
25c
Oct.
Sept. 15
50c
Oct.
20c
Oct.
t50c
—
Oct.
Sept.20
Sept. 15
8ept. 23
SIM
—
25c
— -
Oct.
Oct.
Oct.
SIM
Oct.
SIM
SIM
—
Oct.
Oct.
Sept. 27
Sept. 27
Sept. 17
$2
50c
Oct.
Oct.
25c
Oct.
SIM
—
—
Extra
Nov. 15
Oct.
50c
—
,
Dec.
25c
-
Oct.
Sept. 20
Sept. 20
Sept. 20
Sept.15
Get.
15
Nov.
Oct.
15
25c
Oct.
luc
Sept.
10c
Oct,
Oct.
Oct.
Nov.
Sept. 10
Sept. 20
Aug. 26
Aug. 26
Sept. 20
25c
25c
Oct.
Sept. 20
25c
Wiser Oil Co. (quar.).^
Woodley Petroleum Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
Nov.
50c
Dec.
Nov. 19
SIM
—
—
_
—
*
5c
Extra
25c
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
—
Extra
Monthly
Monthly
Wurlitzer Co., 7% preferred (quar.)
Yale & Towne Manufacturing Co
Yellow Truck A Coach Mfg. 7% pref
Youngstown Sheet & Tube, pref. A (quar.)-—
—
25c
Jan.
Oct.
Dec.
20
20
SIM
Oct.
Sept. 20
15c
Oct.
SIM
Oct.
SIM
Oct.
Sept. 9
Sept. 15
Sept. 10
.15
Sept.
Sept.
Sept.
Oct.
1 Sept. 15
Extra
— —
-
14
7
1 Sept. 15
1 Sept. 15
Sept. 30 Sept.
10c
Oct.
1 Sept. 15
Oct.
Oct.
Oct.
75c
Oct.
1 Sept. 15
1 Sept. 15
Oct.
15c
United Elastic Corp.
Oct.
50c
Rochester Telephone, 1st preferred (quar.)
Roeser & Pendleton, Inc
60c
Oct.
Oct.
25c
United Fruit Co.
Oct.
•«
50c
1
$1M
—
—
1
IPC
SIM
6% preferred (quar.).7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
Texon Oil & Land (quar.)
Thatcher Manufacturing Co.
Thompson Products, Inc., pref. (quar.)
Sept. 24 Sept.
Oct.
Oct.
Oct.
$1 M
SIM
SIM
SIM
$1.80
Tennessee Electric Power Co. 5% pref. (quar.)—
Nov. 30 Nov.
Oct.
Holders
Payable of Record
Company
9
9
9
Nov
20c
When
Name of
Sept.
Sept.
Sept.
luc
—
15
Sept. 15
Sept.15
Sept.
1
Sept.
1
Sept. 1
Sept. 15
Sept. 20
Sept. 20
Oct.
$1%
— — — -
(quar.)
Remington Rand, Inc. common (interim)
$4.60 preferred (quarterly)
Reno Gold Mines (reduced)
Reynolds Metals Co. 5 M % conv. pref. (quar.)—
Rice-Stix Dry Goods Co., 1st & 2d pf. (quar.)—
Rlch's, inc.. 0M% preferred (quar.)Richman Bros, (quar.)- —
16
Oct.
33 l-3c
20c
-■
15 Sept. 16
15 Sept. 23
1 Sept. 15
Oct.
$1M
SIM
SIM
si m
$i m
SIM
SIM
87 He
7% prior lien (quarterly)
0% prior lien (quarterly)...
Lace
1 Sept.16
15 Sept. 30
15 Sept. 30
1 Sept. 16
25c
3c
voting common
Reliance Mfg. (111.)
Sept.17
1 Sept.15
lie2
25c
(quar.).
Providence Washington Insurance (R.
Pure Oil Co., 5% pref.
1
Oct.
Oct.
Oct.
Oct.
Oct.
%1 be
Pratt & Lambert, Inc
Premier Gold Mining (quar.)
Publication Corp.,
3-10-39
0-10-39
9-10-39
12-10-39
1-2-40
Oct.
1 Sept.17
preferred.----
Procter & Gamble, 8% pref.
Providence Gas Co
10
12-10-38
1-3-39
4-1-39
Preferred (semi-annual).
Power Corp. of Canada, Ltd., 6% cum.
Scranton
4 Sept. 10
7-1-39
10-1-39
6% preferred
Preferred
1 Sept.
Oct.
--
Sept. 24, 1938
Holders
When
Payable of Record
Oct.
W. ic Chicago By..
7% preferred (quar.).
7% preferred (quar.).
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pitt*. Ft
Chronicle
5c
40c
50c
10c
.
Oct.
Sept.
Sept
9
5c
50c
Oct.
Sent.
Q*
9
•
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds. and in the
deduction of
a
case
of non-residents of Canada
tax of 5% of the amount of such dividend will be made.
Volume
Financial
147
Condition of the Federal Reserve
Weekly Return of the New York City
Clearing House
The
OP MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 17, 1938
Surplus and
Net Demand
Deposits
Deposits,
Profits
Average
date last year:
Time
Undivided
Capital
following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 21, 1938,
in comparison with the previous week and the corresponding
8TATEMENT
Clearing House
Average
Members
Bank of
York
New
The weekly statement issued by the New York City
Clearing House is given in full below:
*
1879
Chronicle
'
'•
"
.
■'
Sept. 21, 1938 Sept. 14, 1938 Sept. 22,1937
"
$
$
$
Assets—
S
Bank of New York
S
6,000,000
Bank of Manhattan Co.
77,500,000
152,171,000
25,920, 500
406,582,000
42,015,000
/58.700 000 al,523,383.000
54,904, 400
515,191,000
182,010 400 51,398,893,000
177.106,000
20,000,000
National City Bank
Chem Bank A Trust Co.
Gold certificates
13,479, 700
20,000,000
9,596,000
hand and due from
on
United States Treasury _x
Redemption fund—F. R. notes
Other cash
4,384,035,000 4,488,235,000 3,561,454,000
1,035,000
1,648,000
1,805,000
111,201,000
77,695,000
111,820,000
t
8,275,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,355,000
45,129 400
482,841,000
99,243,000
Cent Hanover BkATr Co
21,000,000
49,300,000
15,000,000
71,027 ,500
18.409 ,400
C793.684.000
Corn Exch Bank Tr Co.
253.363.000
Flrat National Bank
10,000,000
108,772 ,300
499,476,000
25,391,000
2,725,000
Irving Trust Co
50.000,000
61.411 ,100
484,487,000
5,755,000
Continental Bk A Tr Co.
4,000,000
4,238 ,900
46,0°8,000
6,575,000
Chase National Bank...
100,270,000
132.268 ,700 (12,111,364,000
3,705 .900
45,598,000
69,410,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
77,650 ,900
Title Guar A Trust Co..
10,000,000
1,086 ,700
Marine Midland Tr Co..
€849,048,000
13,460,000
4,497,503,000 4,601,241,000 3,640,184,000
Secured
by
U.
Total
98,360,000
51,805,000
7,000,000
8,176 .500
7,000,000
9,084 ,100
82,571,000
523,125.000
UDlted
2,798,000
NOT
National,
912,881,700 10,139,440.000
2,336,000
15,214,000
213,000
3,678,000
213,000
3,675,000
5,379,000
239,963,000
354,533,000
185,651,000
226,408,000
363,960,000
189,779,000
211,831,000
780,147,000
780,147,000
725,029,000
787,285,000
786,371,000
746,697,000
67,000
5,205,000
146,635,000
9,841,000
13,950,000
notes
bills
67,000
5,203,000
178,294,000
9,841,000
16,375,000
76,642,000
6,782,000
1,075,000
Total U. S. Government securities..
Total bills and securities
publishes
CLEARING
HOUSE
WITH
THE
332,269,000
180,929,000
689,503.000
June 30,
"Times"
IN
8,432,000
3,247,000
Bonds
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
regularly each week
returns of a number of banks and trust
companies which
are not members of
the New York Clearing House.
The
following are the figures for the week ended Sept. 16:
INSTITUTIONS
1,547,000
789,000
States Government securities:
Treasury
1938; State, June 30, 1938; trust
companies, June 30, 1938.
/As of July 5, 1938.
Includes deposits in foreign branches as follows: a $263,643,000; 6
$86,922,000;
c $7,319,000; d
$115,282,000; e $35,528,000.
The New York
410,000
2,837,000
-
bills discounted
Treasury
official reports:
obligations,
7,330,000
27,700,000
Public Nat Bk A Tr Co.
per
Govt,
Bills bought in open market
Industrial advances
2,229,000
9,058 .600
27,846 .700
Coram'l Nat Bk A Tr Co
Totals..
S.
direct or fully guaranteed
Other bills discounted
3,442,000
5,000,000
305,057,000
77,813,000
As
Total reserves
Bills discounted:
41,775,000
12,500,000
New York Trust Co
*
57,033,000
CLOSING
Bank premises
All other assets
Total assets
OF
72,000
6,319,000
10,021,000
10,544,000
5,460,486,000 5.597,392,000 4,590,479,000
BUSINESS
FOR THE WEEK ENDED FRIDAY, SEPT.
16, 1938
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans.
Disc,
Manhattan—
Res. Dep.,
Dep. Other
Including
Investments
N. Y. and
Banks and
Gross
Bank Notes
Elsewhere
Trust Cos,
Deposits
$
Grace National
F. R. notes in actual circulation
Other Cash,
and
$
$
$
Deposits—Member bank
Foreign bank
Other deposits.
$
22,253,800
22,777,000
108,500
7,369,600
3,646,700
29,437,500
481,000
8.248,000
559,000
5,429,266
307,222
1,879,046
115,968
27,794,000
6,211,442
Lafayette National
6,895,900
283,900
1,562,300
338,400
8,218,300
People's National.
4,794,000
96.000
861.000
Sterling National
Trade Bank of N. Y.
Total deposits.
TRUST
COMPANIES—AVERAGE
934,336,000
938,660,000
946,302,000
3,923,201,000 4,131,175,000 3,147,898,000
28,245,000
176,036,000
50,878,000
59,444,000
70,357,000
91,089,000
152,713,000
88,712,000
58,992,000
4,258,306,000 4,371,577,000 3,348,857,000
Deferred availability items
Brooklyn—
719,000
reserve acc't..
U. 8. Treasurer—General account
5,817,000
141,766,000
50,937,000
51,943,000
7,744,000
8,210,000
-
Reserve for contingencies
FIGURES
169,742,000
50,937,000
51,943,000
7,744,000
174,396,000
8,210.000
9,117,000
2,920,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
2,903,000
1,532,000
All other liabilities.
Loans,
Cash
Investments
Dep. Other
Banks and
Trust Cos.
Deposits
$
Total liabilities
Ratio
$
$
$
47,487,100
*6.956,800
229,147
*1,475,812
*5.930.300
12,664,700
1,603,596
567,600
*48,784,066
84.280.801
9,924,212
$
to
reserve
3,285,400
1,191,745
deposit
and
65,570,400
10,906,046
11,980,78°
Fulton
19,413,900
27,910,600
64,949,690
*8.681,600
78,288,000
3,250.000
41,077,000
2,407.867
13,001.267
42,711,979
United States
Brooklyn—
Brooklyn
Kings County
Includes amount
$834,863;
with
Fulton,
Federal
838,878
21.168
479,000
335,300
Commitments
11.452,164
21,586,700
86.7%
84.8%
102,000
557,000
3,738,000
5,086,000
Lawyers,
purchased
make
to
::
Industrial
ad¬
vances
t "Other cash" does not include Federal Reserve notes
or a
bank's own Federa
Reserve bank notes.
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
100 cents to 59.06 cents, these certificates being worth less to the extent of the
x
Reserve as follows:
$5,618,200;
bills
on
for foreign correspondents
45,000 114,963,000
32.816,91°
Lawyers
86.5%
84,000
3,723,000
Contingent liability
Fiduciary
*
total
35.125.800
Federation
ciary.
of
5,460,486,000 5,597,392,000 4,590,479,000
F. R. note liabilities combined
Manhattan—
Empire
7,744,000
Gross
Elsewhere
Disc, and
Res. Dep.,
N. Y. and
51,057,000
51,474,000
Empire, $4,998,500; Fidu¬
$7,964,700; United States, $31,-
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
606,397.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the' weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the
Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest
week appears in our department
of "Current Events and Discussions
.
immediately preceding which
we
also give the figures of New York and
Chicago reporting member banks for
the 8tP,t^r?untni0^
announcement of the
*937# v,arI®u® changes
were made in the breakdown of loans
a
week later.
reported In this
statement, which were
Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the report form are confined to the classification
of loans and discounts.
This classification has been changed primarily to show the
amounts of Q) commercial, industrial and agricultural
loans, and (2) ioans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between
loans to brokers and dealers in securities located in New York
Oity and those located
outside New York Uity.
Provision has been made also to include
"acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought in open market
uader the revised caption open market
paper," instead of in all other loans," as formerly.
a
described in
an
Subsequent to the above announcement, it was made known that the new
items
would each be segregated as "on securities
and "otherwise secured and
unsecured."
A more detailed explanation of the revisions was
published in
the
as
"commercial, industrial and agricultural loans" and "other loans'
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. 14,1938 (In Millions of Dollars)
Reserve Districts—
Federal
Total
Boston
New York
Phlla.
$
$
$
$
20,964
1,099
8,602
1,132
1,802
620
562
360
626
499
583
2,879
657
8,335
2,126
3,417
418
Commercial, Indus, and agricul. loans
Open market paper.
656
235
284
833
288
159
243
231
3,905
988
270
1,580
189
247
102
154
472
177
76
335
148
148
342
63
146
20
Loans to brokers and dealers in secure.
11
11
2
5
4
17
1
723
33
22
24
591
17
22
5
6
34
5
1
4
3
11
577
31
263
34
36
17
15
79
13
8
12
14
55
1.164
82
225
58
20
379
ASSETS
Loans and investments—total
Loans—total
Other loans for purchasing or carrying
securities
Real estate loans
Cleveland Richmond
Atlanta
Chicago
%
St. Louis
Minneap. Kan. City
Dallas
San Fran.
$
$
'
171
32
93
22
91
2
2
1
3
6
1
1
1,517
111
2!
6
2
Other loans
521
98
167
United States Government obligations
67
76
119
34
44
177
351
"64
39
7,794
3,095
337
773
286
149
1,347
208
148
208
175
717
Loans to banks
Obligations fully
114
■
guar,
by U. 8. Govt.
1,670
31
48
2
847
95
94
36
42
237
61
13
49
3.165
134
1,243
282
279
63
Reserve with Federal Reserve BanksCash in vault
87
462
100
40
126
53
296
6,871
352
3,735
224
362
148
95
172
78
168
104
425
329
126
1,104
80
18
40
19
12
Balances with domestic banks
66
11
7
13
11
2,499
142
168
160
273
151
142
Other assets—net
428
124
127
306
219
259
1,272
72
558
84
105
33
39
86
24
17
22
26
206
15,443
1,010
7,026
748
1,087
415
340
2,303
419
266
505
412
912
5,238
257
1,079
292
744
198
186
878
185
120
144
133
397
1,022
8
106
20
18
13
23
58
15
2
17
25
92
6,138
242
2,629
307
351
232
204
915
271
137
370
201
279
Other
securities
40
125
22
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits.Inter-bank deposits:
Domestic
banks
Foreign banks
Borrowings
Other
Cardial
419
account
13
372
7
1
"""738
"~20
"323
~17
19
3,658
241
1,608
227
362
1
9
1
1
14
"~i
'"I
"289
56
82
334
„
liabilities
...
.....
90
379
Financial
1880
Chronicle
Weekly Return of the Board of Governors of the
Sept. 24. 1938
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Sept. 22,
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
The
following
was
Reserve Agents and the
The comments of the Board of Governors of the Federal Reserve System upon the
Federal Reserve banks.
for the latest week appear in our department of "Current Events
returns
Three Cipher $
and Discussions."
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
COMBINED RESOURCES
Sept. 14,
Sept. 7,
1938
1938
1938
Aug. 31,
1938
Aug. 24,
1938
S
$
3
$
Total reserves———————-------
Aug. 3,
1938
July 27,
1038
S
S
Sept. 22,
S
Aug. 10,
17,
Aug.
1937
8
10,632,413
7,421
385,675
10,632,411
9,112
396,893
10,632,407
9,112
390,598
10,632,907
8,680
1394,085
10,632,90*
8,921
355,870
9.437
397,013
10.633,400
9,098
421,229
9,129,899
8,663
11,018,577
10,995,710
11,025,509
11,038,416
11,032,117 til.035.672
11,039.354
11,063,727
9,446,969
5,506
2,706
3,826
3,128
3,640
3,428
4,041
3,103
3,699
3,042
3,724
2,908
3,775
3,099
3,339
3,127
t4,182
t3,160
13,356
8,212
6,954
7,068
7,144
6,741
6,632
6,874
6,468
7,322
24,195
10,719,741
8,690
383,339
10,629,733
9,432
379,412
11,111,770
Redemption fund (Federal Reserve notes)
Other cash *—
—————
1938
$
assets
Gold ctfs on hand and due from U. 8. Treas. x.
1938
$
Sept. 21,
(000) Omitted
BUSINESS SEPT. 21, 1938
10,630,910
.
398,416
Bills discounted:
Secured
by
U. S. Government obligations.
direct or fully guaranteed--—
-----
Other bills discounted------
Total bills discounted—.————————
540
Bills bought In open market
Industrial advances
————
United States Government
——:
Total U. S. Government securities——
Other
securities
537
537
537
540
540
539
539
15,847
15,824
15,899
15,852
15,816
15,965
15.647
16,308
3,026
20,601
788,655
1,165.205
610,155
744,105
744,105
1,196,188
623,722
744.105
1,196,188
744,105
1,196,188
1,196,188
623,722
623,722
744,105
1,196,188
623,722
744,105
1,196,188
623,722
623,722
744.105
1,196,188
623,722
744,105
1,190,870
629,040
1,157,713
630,404
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,190
2,587.595
2,587,145
2,587,003
2,587,394
2,586,667
2,588,184
2,574,012
738,073
-------
—
Foreign loans on gold----——----------Total bills aud securities—————.—
Gold held abroad
540
15,683
—
securities—Bonds-
Treasury notes—
Treasury bills-
10,839
^
■
m
'm 'mmmm
'
'
■
mmrn'm-m
mmmmmm
2,587,356
2,588,450
mm m
m m m.
—
2,587,444
—
—
181
181
184
184
rrl84
180
""iso
"""181
""T5I
""190
25,617
525,303
44,410
52,539
24,955
501,237
44,462
51,950
589,565
44,486
51,280
23,587
507,628
44.486
*50,674
23,516
534,141
44,550
46,715
25,701
534,057
44,404
53,291
22,948
547,727
All other assets.——————————
27,292
739,744
44,407
57,002
23,032
———
27,031
610,821
44,405
49,585
49,113
27,419
693,328
45,417
37,292
14,429,373
14,474,659
14,240,791
14,261.157
14,248,349
14,327,663
14,249,621
14,290,948
14,303.421
12,824,627
Federal Reserve notes In actual circulation....
4,201,169
4,200,829
4,212,348
4,169,262
4,144,760
4,150,214
4,135,656
4,138,706
4,109,643
4,253,156
Deposits^-Member banks' reserve account
8,013,536
917,078
195,499
146,010
8,425,336
346,305
8,269.124
561,364
8,045.625
838,820
117,267
247,425
8.074,340
774.757
8,187,723
732,462
136,737
179.803
8,156,037
770,784
119,166
195,662
8,085,198
802,104
166,660
249,328
8,178,851
720,248
125,940
187,322
123,956
267.742
125,243
257.455
6,977,186
193,490
237,332
124,734
9,272,123
9,187,629
9,147.028
9,212,361
9,241,649
9,236,367
9,249,037
9,240,795
9,302,883
7,532,742
603,701
133,998
147,739
27,683
32,741
10,219
730,948
133,991
147,739
27,683
32,775
12,965
529,345
527,766
133,994
147,739
27,683
32,778
589.541
32.810
9,110
539,276
133,785
147.739
27,683
32,810
9,602
690,025
133,953
147,739
27,683
32,774
9,392
513,223
133,829
147,739
27,683
32,809
9,645
560,292
133,814
147,739
9,576
609,855
133,991
147,739
27,683
32,775
9,897
Due from foreign banks
——
Federal Reserve notes of other banks——
Uncollected items
Bank
—
premises————
Total assets
—————————
44.486
LIABILITIES
United States Treasurer—General account..
Foreign banks——.—
Other
i'
———
deposits.————
—
115,867
233,198
>
,
Total deposits.-.-———.--------Deferred availability items
Capital paid In
—...
Surplus (Section 7)
——
Surplus (Section 13-B).
—
————.
Reserve for contingencies.————...———
All other liabilities—
Total liabilities——
133,998
147,739
27,683
32,776
9,874
27,682
132,605
145,854
27,490
35,803
6,952
14,429,373
14,474.559
14,240,791
14,261,157
14,248.349
14.327.663
14,249,621
14.290.948
14,303,421
12,824,627
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
82.5%
82.3%
82.3%
82.4%
82.5%
82.4%
82.4%
82.5%
82.5%
80.2%
liability on bills purchased for
correspondents.———————...
234
284
385
470
604
697
704
727
879
1,543
Commitments to make industrial advance}....
13,553
13,481
13,539
13,543
13,684
13,740
13,767
13,809
13,731
14,970
5,337
5,546
4,980
5,031
5,340
4,916
5,478
21,219
605
262
418
325
302
255
529
1,429
665
837
824
743
694
426
418
850
556
—
—
Contingent
foreign
*
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted.
6,858
5,477
533
428
537
593
———
265
225
374
339
373
411
383
628
613
— —————
128
122
87
160
146
122
155
241
284
7 068
7,144
7ii
6,632
<17<
a kftft
7,322
137
125
201
105
307
137
125
105
391
70
90
1,235
""262
230
37
200
— —————
16-30 days bills discounted-....
31-60 days bills discounted
—
—
61-90 days bills discounted--...
Over 90 days bills discounted-
<
Total bills discounted-——————
1-16
days bills bought in
6-30 days bills bought in
31-60 days bills bought In
61-90 days bills bought in
Over 90 days bills bought
open market..—..
open market
111
94
open market.-
313
116
248
198
«
117
------
"""212
212
"""lis
23
325
208
282
275
141
24
fO<>
1,200
In open market—.
—
61-90 days Industrial advances
Over 90 days Industrial advances..
Total Industrial advances
—
————
Government securities...—.
16-30 days U S Government securities...
31-60 days U. 8. Government securities......
61-90 days U. S. Government securities......
Over 90 days U. 8. Government securities.....
Total U. 8. Government securities—.......
540
540
537
537
537
540
540
539
539
3,026
1,250
1.104
1,262
1,311
1,201
1,046
1,123
1,728
1,133
458
355
395
162
1,241
132
184
249
193
47
209
757
676
565
591
584
563
614
469
380
653
1-15 days industrial advances....—......
16-30 days Industrial advances
31-60 days Industrial advances...
U. 8
117
open market
Total bills bought Id open market—.......
1-15 days
«
473
505
624
762
767
569
730
626
723
12,865
13,339
13,097
13,211
13,133
13,101
13,487
13,132
13,527
17,975
20,601
15,683
15,847
15.824
15,899
15,852
15,816
15,965
15,647
16.308
105,370
101,409
174,113
191,473
1,991,650
110,650
106,500
170,432
198,040
1,978,393
131,150
105,370
157,187
192,785
1.977.523
103,830
110,650
186,757
176,385
1,986,393
83,330
131,150
207,279
159,113
1,983,143
88,950
92,335
103,830
213,650
172,432
1,985,153
87,710
83,330
237,520
160,187
215.480
193,257
1,995,268
1,973.993
86,493
87,710
215,480
223,779
1,950,553
2,351,815
2,564,015
2,564,015
2.564,015
2,564,015
2*564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,526,190
88,950
"
1-15 days other securities———
16-30 days other securities
........
-
&
—
—
— —
_
31-60 days other securities.....
61-90 days other securities..—.i.
Over 90 days other securities..
..
Total other securities......
561
...
...
'
'
...
—
—
:4'
26,005
25,282
59,729
63,358
■
——-
.
■■
......
..
———
.
—
Federal Resette Notes—
Issued to Federal Reserve Bank by F. R, Agent
Held by Federal Reserve Bank
4,507,813
312.966
306,984
4.491,457
279,109
4.449,156
279,894
4,443,342
298,582
4,448,170
297,956
4.445.959
310.303
4,431,040
292,334
4,433,662
324,019
4,613,505
360,349
4,201,169
In actual circulation
4,514,135
4,200,829
4,212,348
4,169,262
4,144,760
4.150,214
4.135.656
4,138,706
4,109,643
4,253,156
4,604,000
7,373
4,585,000
6.062
4,558,632
4.544,632
6,166
4,544,632
4,539,632
4,539,632
4,528,632
4,528,632
4.633,132
6,174
5.727
5,629
5,694
5,449
6,292
22,755
32,000
4,611.373
4,591,062
4,564.806
4,550,798
4,550.359
4,545.261
4,545.326
4.534 081
4.534.924
4^687,887
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs
on
hand aud due from u. S. Treas..
By eligible paper—
...
United States Government securities....
Total
*
x
collateral
......
"Other cash" does not Include Federal Reserve
notes,
t Revised figure.
These ere certificates given by the United
States Treasury for
cents on Jan. 31,
1934. these certificates being worthless
provisions ui the Gold Reserve Act of 1934.
the gold taken
over from
the Reserve banns when the dollar was devalued from 100 cents to 59.00
to the extent of the difference, the difference itself having been appropriated as
profit tby the Treasury under
1881
Chronicle
Financial
Volume 147
.
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
AT CLOSE OF BUSINESS SEPT.21, 1938
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
Three Cipher* (000) Omitted
Federal Reserve Agent at—
Gold
Total
Boston
New Yorl
$
$
$
$
certificates
on
band
and
Chicago
St. Louis
1 Mlnneap.
S
S
$
$
$
$
Kan. City
San Fran,
Dallas
$
$
$
due
from United States Treasury
Redemption fund—Fed. Res. notes..
347,415
254,368 2,023,564
734,505
200,413
306,574
242,990
328,489
838
888
838
407
281
985
696
150
281
989
111,820
31,814
24,184
21,371
13,024
50,097
15,284
7,960
16,723
11,085
34,004
712,770 4,497,503
8,690
489,025
521,677
767,327
369,624
267,799 2,073,942
344,758
251,646
323,447
211,779
769,498
313
383,339
45,973
11,111,770
reserves
742,255
666,108 4,384,035
689
1,648
10,719,741
—
Other cash *
Total
Atlanta
Cleveland Richmond
Phila.
ASSETS
'
Bills discounted:
*»
Secured by U. S. Govt, obligations
5,506
Total bills discounted
2,837
518
665
247
93
185
254
88
58
143
34
410
564
155
253
505
20
81
15
197
312
160
8,212
...
105
2,706
direct and (or) fully guaranteed..
Other bills discounted
139
3,247
1,082
820
500
598
205
335
103
255
455
473
23
19
2,370
3,678
3,271
662
437
44
1,105
420
830
1,280
239,963
70,982
73,901
1,468
39,133
118
60,349
34,202
85,764
35,192
22,586
36,489
26,133
63,961
1,165,205
89,164
354,533
104,873
109,186
57,816
51,993
33,370
53,912
38,611
94,500
46.690
185,651
54,916
57,175
30,275
50,533
26,461
126,714
610,155
66,353
27,226
17,474
28,230
20,219
49,485
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
2,588,450
198,752
787,285
235,179
241,793
129,215
111,931
279,540
114,792
74,640
119,322
86,264
209,737
540
Industrial advances
U. S
Government securities—Bonds.
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities
Bank
Items
16
16
2
13
14
67
18
17
8
7
22
3
2
5
5
1,632
5,205
1,076
3,982
1,567
348
4,576
22,425
27,981
33,385
3,277
4,432
1,545
1,470
1,276
2,213
2,310
1,838
29,892
3,109
24,045
2,087
81,252
4,516
1,552
18,941
2,096
57,264
2,964
3,067
1,834
54,683
1,711
146,635
1,452
47,659
1,964
1,535
3,867
610,821
premises
2
67
181
Res. notes of other banks
Uncollected
55
213
40
27,031
Due from foreign banks
Fed.
38
49
15,683
788,655
Bills bought In open market
44,405
-
All other assets
46,715
Total assets
14,429,373
4,741
66,659
6,092
4,572
4,936
2,647
2,871
815,298 1,087,900
560,882
408,173 2,447,686
493,249
349,796
9,841
13,950
976,463 5,460,486
325,252 1,024,353
479,835
LIABILITIES
F. R. notes In actual circulation
4,201,169
358,088
938,660
304,410
411,245
197,960
141,542
959,608
173,867
134,145
164,924
77,752
338,968
8,013,536
917,078
195,499
146,010
411,541 3,923,201
176,036
106,898
70,357
14,057
4,828
88,712
354,221
224,390
159,046 1,233,573
104,022
60,734
219,768
526,061
61.730
47,282
165,416
35,022
19,132
17,961
8,395
6,833
224,239
43,408
5,857
118,702
56,435
453,378
97,390
4,490
5,662
2,358
10,540
2,867
4,634
5,902
3,394
9,272,123
537,324 4,258,306
432,146
579,269
295,009
231,247 1,363,060
279,406
141,766
64,603
52,722
50,937
45,791
12,214
13,389
4,990
22,284
4,469
79,576
13,277
51,943
13,466
14,323
4,964
5,626
29,242
3,921
4,667
545
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
Foreign
Other
.
bank
deposits
Total deposits
59,357
■
23,232
2,233
188,316
274,061
208,566
625,413
17,789
30,543
27,756
2,907
3,153
4,197
3,613
1,142
3,946
3,892
935
1,776
34,918
10,344
9,805
2,121
2,000
294
784
603,701
Capital paid in
733,998
Surplus
147,739
56,711
9,407
9,900
Surplus (Section 13-B)
27,683
2,874
1,007
3,409
730
32,741
1,448
7,744
8,210
4,411
Reserve for contingencies
All other liabilities
2,000
3,176
1,401
1,603
22,387
1,429
7,090
1,215
1,001
1,887
10,219
711
2,920
860
888
427
672
1,259
386
598
420
815,298 1,087,900
560,882
408,173 2,447,686
493,249
349,796
479,835
Total liabilities
14,429,373
Contingent liability
on
1,270
325,252 1,024,353
bills purchased
for foreign correspondents
Commitments to make Indus, advs
•
976,463 5,460,486
13,861
16,727
Deferred availability Items
(Section 7)
68,764
1,349
5,662
2,466
234
17
84
23
21
10
8
28
7
5
7
7
17
13,553
1,343
3,723
284
1,497
1,777
178
17
639
236
352
51
3,456
"Other cash" does not Include Federal Reserve notes.
RESERVE
FEDERAL
STATEMENT
NOTE
Three Ciphers (000) Omitted.
Federal Reserve Bant of—
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
New Yorl
Phila.
%
$
%
Atlanta
Chicago
Si. Louis
?
Cleveland Richmond
S
%
%
%
%
%
%
*
176,095
11,171
86,697
8,945
385,727
46,759
22,993
10,325
17,024
13,887
4,201,169
358,088
938,660
304,410
411,245
197,960
141,542
959,608
173,867
134,145
164,924
77,752
338,968
4,604,000
7,373
390,000 1,062,000
105
3,227
327,000
436,000
215,000
161,000 1,010,000
190,000
141,500
180,000
87,500
404,000
672
699
452
205
279
103
244
449
473
4,611,373
by Agent
20,253
138,830
4,685
390,105 1,065,227
327,672
436,699
215,452
161,465 1,010,205
190,279
141,603
180,244
87,949
404,473
381,246 1,046,261
107,601
23,158
312,966
158,566
208,285
434,238
324,663
187,754
San Fran.
Dallas
Minneap. Kan. City
985,773
26,165
4,514,135
In actual circulation
Collateral
Boston
%
Federal Reserve notes:
security
as
for notes Issued to banks:
Gold
certificates
hand and
on
due
from United States Treasury
Eligible paper
Total collateral
465
United
United States
Rates
quoted
Treasury Bills—Friday, Sept. 23
Transactions
Sept. 28 1938
13 1938
Oct.
19 1938
Oct
0.12%
0.12%
0.12%
0.12%
5 1938
Oct.
26 1938
Nov.
0.12%
0.12%
0.12%
2 1938
Nov.
9 1938-
Securities
on
the^New
Exchange—See following page.
for discount at purchase.
are
Bid
Oct.
Government
States
York Stock
*
Asked
Bid
Nov. 10
1938
Asked
0.12%
Nov. 23 1938
1
1
1
1
1
I
I
•
•
II
Nov. 30 1938
«
Dec.
1
Dec.
15 1938
22 1938-.
Stock and Bond
0.12%
0.12%
0.12%
0.12%
Dec.
1
at
0.12%
_
7 193S
•
•
1
Stock
York
New
page
Averages—See
Exchange,
1897.
page
1897.
«
1
the
Daily, Weekly and Yearly—See
1
PARIS
THE
BOURSE
Quotations of representative stocks as received by cable
each
day of the past week:
Sept. 17 Sept. 19
Quotations for United States Treasury Notes—Friday,
Banque de Paris et Des Pays Baa
Figures after decimal point represent
point.
one
or
'62ds of
more
Banque de l'Unlon Parlslenne..
Canadian
Int.
Bid
Asked
Cle
Bid
Rate
Maturity
Asked
15 1943-.-
IX %
100.16
Dec.
15 1938...
IX %
100.6
Dec.
15 1941-..
i x%
102.1
Sept. 15 1939...
100.18
June 15 1940...
Dec.
102.3
1X%
1 X%
1X%
1 H%
15 1940...
Mar. 15 1940...
102.2
102.4
102.12
102.4
103.7
1 H%
101.22
103.9
Credit
15 1939...
1H%
101.21
101.23
Dec.
103.18
Eaux des Lyonnalse cap
102.7
102.9
Sept. 15 1942...
1 H%
2%
103.16
IX %
104.9
104.11
Energie Electrlque du Nord
Mar. 15 1939...
1X%
101.15
101.17
June
2X%
101.31
102.1
Energie Electrique du Littoral..
Mar. 15 1941...
i x%
102.14
102.16
15 1939
Ly< nnalse
Kuhlmann
L'Alr
-
-
—
Orleans Ry
STOCK
EXCHANGE
Closing prices of representative stocks
each
as
Pathe
received by cable
Sept.
Sept
Sept.
Sept.
-
------
Reutes4%, 1918
Sept.
Sept.
Eiektrizltaets-Gesellschaft (4%)113
Berllner\Kr»ft u. Lleht (8%)
-151
Deutsche Bank i6%)
114
114
Deutsche ReicJmbahu (German Rys.pf.7%). 124
Dresdner Bank (5%)
106
124
124
124
106
106
105
107
107
1932, A
Rentes 4^%. 1932, B
Rentes, 5%. 1920
Royal Dutch
—
Saint Gobaln C & C.—
Schneider & Cle
Societe Francalse Ford
Societe Generale Fonciere..
Farbenlndustne
148
149
152
151
150
Societe Lyonnalse—-
17
19
21
20
Per Cent
Allgernelne
Mannesmann
Relchsbanks
1, G.
(7%)_-
Roehreu
(5%)
(8%)
Siemens & Halske (8%)
Vereinlgte Stahiwerke (5%)
149
112
152
22
23
of Par
114
117
115
113
155
162
160
159
115
115
125
125
114
115
110
408
6,200
398
1,084
221
219
222
212
20,300
19,900
20,500
20,200
577
573
567
1,210
28
485
1,200
1,200
E200
28
28
28
451
460
728
190
725
719
216
214
200
433
428
424
1,490
1,240
1,470
1,470
1,460
1,220
1,220
1,220
254
260
473
476
258
490
Rentes 4)4%,
-
106
105
107
109
107
Societe Marseilles
179
181
182
184
184
183
Tubize Artificial Silk preferred..
194
196
196
201
201
198
Union d'Electriclte—
99
99
101
103
103
100
Wagon-Llta
190
195
590
607
593
1,120
1,100
1,100
765
718
706
76.50
71.60
70.50
78.90
78.60
97.10
6.590
1,836
760
729
371
31
1,460
76.70
71.90
70.90
79.20
78.90
97.40
6.740
1,680
760
1.030
1,000
58
68
54
55
66
68
65
1,240
561
1,220
1,225
190
592
1,110
371
30
6%
Capital
Pechlney
Rentes Perpetual 3%
Rentes 4%, 1917
day of the past week:
412
759
724
Nord Ity
BERLIN
Holi-
day
Llqulde
Lyon(PLM)
THE
6,200
1,460
1,200
252
470
Credit Commercial de France
15 1941
15 1942...
6,200
1,088
420
.
Dec.
Mar. 15 1942...
Francs
6,300
1,109
720
190
Courrlere
June
101.24
Sept. 23
Francs
211
Coty 8 A
102.10
102.2
Sept. 22
Francs
1,170
28
601
Generale Transatlantlque..
Citroen B
Comptolr Nationale d'Escompte
June
Sept. 21
Francs
214
Cle Generale d'Electriclte
Int.
Rate
Sept. 20
19,500
560
Pacific—
Canal de Suez cap
Cie Dlstr d'Electriclte
Maturity
Francs
6,200
1,078
408
Bank of France
Sept. 23
a
Francs
1,449
1,200
559
112
360
71
376
371
376
1,445
1,419
76.50
76.10
71.90
71.40
71.20
70.60
70.40
69.90
78.90
78.60
78.30
32
75.50
78.90
78.60
78.30
97.00
98.60
96.40
6.700
6,600
6,590
1,850
1,002
1,830
562
990
56
560
116
368
.
1,100
111
110
364
362
73
72
72
54
Sept. 24, 1938
1882
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless
NOTICE—Cash and deferred delivery sales are disregarded
account is taken of
United States Government Securities
Below
furnish
we
No
of the day.
they are the only transaction
such sales In computing the range for the year.
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home
a
Sept. 17 Sept. 19 Sept. 20 Sept. 21 Septl22 Sept. 23
Dally Record of U. S. Bond Price
Owners' Loan and Federal Farm Mortgage
week.
Corjioration bonds on the New York Stock Exchange dur-ing the current
Quotations after decimal point represent one or more Z2dsof a point.
Daily Record of U. S. Bond Prices Sept. 17 Sept. 19 Sept. 20 Sept. 21 Sept. 22 Sept. 2 3
'
118.12
..[Low,
118.4
[Close
118.12
Total talesin $1,000 units...
42
118.4
102.4
Low.
Close
113.11
113.24
113.13
113.13
113.13
113.24
113.13
8
4
6
2Kb, 1951-54
[ Low.
112.10
112.10
102.
102.3
102.5
102.21
102.30
102.2 4
102.3
102.5
102.22
102.30
102.24
31
205
6
12
25
102.4
102.14
102.7
102.4
mmmm
101.12
102.4
102.6
102.7
102.4
mmmrn
101.12
102.4
102.14
102.7
50
103
1
10
100.26
100.26
101.14
101.25
101.20
101.17
Low.
100.22
100.23
101.8
101.6
101.19
101.8
Close
,
.
:■
.
:' "■:>
■■
■■
2Kb, 1958-03
100.22
100.26
101.9
101.24
101.19
101.8
81
3
85
—
:......
mm~m
105.3
[Close
105.11
105.11
105.11
105.3
[High
J Low.
105.11
105.11
105
Total sales in $1.000 units...
105
High
....
Low.
....
105.3
105.11
105.11
1
2
Total tales in $1,000 units..
2Kb, 1945
2
55
8
52
105.6
----
100.25
106.30
107.4
107.1
j Low.
106.30
107.4
107.1
High
[Close
106.25
106.30
4
2
Total tales in $1,000 units..
107.4
'mm
10
m
—
mm
103.31
103.23
mmmm
103.31
103.23
mmmm
103.31
103.23
■
Total sales in $1,000 units...
'mmmrn
„
....
mm
....
ini"
mmmm
m mm m
"w''-mm
mmm
mmmm
....
Close
8
«i
....
Low.
2Kb. 1948
107.1
13
....
105.6
Total sales in $1,000 units...
106.24
....
105.6
ninw
[High
3«s, 1941-43..
102.4
2
High
Total sales in $1,000 units..
'
3kb. 1940-43-.
1
101.12
Close
112.13
5
*6
103
Low.
2Kb, 1956-59
112.13
[Close
,—
104.4
102.22
Total sales in $1,000 units...
112.13
Total sales in $1,000 units...
2kb, 1946-50-
104.4
104.7
102.5
High
112.10
104.4
104.6
mmmrn
85
High
113.11
[High
104.8
m m
mmmrn
Total tales in $1,000 units—
113.10
6
m m
----
----
10
112.24
Total sales in $1,000 units...
m~m~
Close
112.30
[ Close
rnm.mm
Low.
2Kb, 1948-51
112.24
[High
[Low.
4s. 1944-54
High
Treasury
118.4
118
fHlgn
Treasury
4MB, 1947-52
5
rn'm-mm
mm
50
High
100.20
100.22
101.2
101.18
101.8
101.1
Low.
100.15
100.21
100.30
101.2
101.8
101
109.14
Close
100.15
100.21
101.2
101.18
100
Total sales in $1,000 units...
210
2
High
100.23
100.24
101.6
101.17
101.9
101.7
Low.
100.15
100.21
100.28
101.2
101.7
100.30
Close
100.15
100.21
101.6
101.14
101.7
101
13
[High
108.26
109.14
[Low
[Close
108.26
109.12
108.26
Total tales in $1,000 units...
9
3Ka, 1943-47-.
2Kb. 1949-53
High
107.12
107.8
107.12
Low.
107.12
107.8
107.5
Close
107.12
107.8
107.5
Total sales in $1,000 units...
100
2Kb, 1950-52
3Kb, 1941
High
108.18
108.28
109.6
108.18
108.27
108.29
108.26
108.18
108.28
109.0
108.26
Total sales in $1,000 units...
4
15
9
2
High
108.20
109
27
118
'.mmmrn
mmmmmm
106.8
106.16
mmm
2
4
'mmmrn
105.16
105.20
105.19
105.11
■mmmrn
105.16
105.20
105.18
105.11
105.16
...
Low.
105.20
105.19
105.11
2
1
15
1
:
-'mmmrn
108.16
109
108.29
Close
3Kb, 1944-40
108.20
109
108.29
Total tales in $1,000 units...
Total sales in $1 000 units.—
4
Federal Farm Mortgage
V
•
mmmrn
Close
108.4
Low.
107.0
107.29
108
107.11
107.29
108.4
22
Home Owners' Loan
[High
[Low.
[Close
3H8. 1949-52
107.20
107.18
107.30
2
•
Close
275
107.18
II
_
mmmrn
27
105.13
105.18
105.9
105.12
105.13
105.16
105.9
105.13
105.18
105.9
105.12
105.2
mm
m
mmU
30
1
19
102.16
102.22
102.16
102 14
102.2
'mmmrnmmm
104.18
1
102.12
102.13
102.16
102.9
102.22
102.16
5
Low.
Hi!
104.16
105.12
102.5
rnm-mm
Close
104.14
105.2
immmm
High
107.6
2
104.18
___
Total sales in $1,000 units...
Home Owners' Loan
2Kb, series B, 1939-49—
High
—
105.14
mmmm
''mmmm
10513"
mm
mmmrn
1
—
104.16
1
mm
Low.
107.26
108.20
<m mm
mmmm
6
104.16
■
'
High
3s, series A, 1944-52
107.30
Total sales in $1,000 units..
104.5
Total sales in $1,000 units
45
105.14
mm-m
104.5
Close
108.2
53
104~.5_
Low.
2Kb, 1942-47
108.2
Close
Total sales in $1,000 units...
3Hs, 1940-49
■'m
High
Federal Farm Mortgage
108.3
mmmm
105.14
105.9
Total sales in $1,000 units...
107.29
105.9
mmm'
m — mm
Low.
15
107.11
High
mmmm
106.9
High
3s, 1942-47
mmmmmm
'mmmrn
High
3b, 1944-49
106.16
106.9
■'mmmrn
m
Total sales in $1,000 units...
Federal Farm Mortgage
108.29
Low.
101
85
106.16
277
Close
»
36
106.9
Close
108.30
Low.
Close
101.1
<40
Low.
Federal Farm Mortgage
3K
1944-64
.
2kb, 1943-45
101.8
2
High
Total sales in $1,000 units
81
6
102.16
102.5
m
Total sales in $1,000 units...
1
[Low.
107.6
107.6
[Close
107.18
107.6
102.9
Total tales fn $1,000 units...
10
105.6
105.23
106
105
105.6
105.15
105.29
105.23
Close
105
105.6
105.23
105.29
105.23
2
3
16
103.18
103.16
103.14
102.18
High
12
103.16
103.22
103.20
\m'i>mmmm
Low.
130.10
103.3
103.12
103.19
103.20
103.10
103.6
103.13
103.22
103.20
Total sales in $1,000 units...
105.23
Low.
14
9
103.6
1
36
6
1
♦
Odd lot sales,
103.9
above
Low.
102.16
102.18
102.30
103.4
103.13
103.2
102.17
102.25
103.7
103.18
103.14
5 Treas. 4s, 1944-54
113.8
1 Treas. 3kb, 1940-43—105.1
103.2
1 Treas.
Total sales in $1,000 units...
15
19
49
3
8
4
High
105.3
100
106.6
105.30
105.3
105.17
106.6
105.30
105.3
106
106.6
105.30
105.24
10
61
m
mmm
m
includes only
registered bonds
to 113.8
to 105.1
3Ha,1943-47-108.18 to 108.18
sales
of
1 Treas.
coupon
were:
2 Treas. 2kb, 1945-47-.105.4
to 105.4
2^s, 1958-1963.100.2 to 100.2
1949-53—100.16 to 100.16
5 Treas. 2^s,
105.22
Close
Total sales in $1,000 units...
m
105.24
Low.
4
table
Transactions in
Close
2kb, 1955-00
9
t Deferred delivery sale.
Note—The
bonds.
102.25
I
2Kb, 1942-44
105
Total sales in $1,000 units...
9
103.10
Home Owners' Loan
High
3s, 1951-55
2
High
Close
3s, 1940-48
2kb, 1945-47
1 Treas. 3Ks, 1943-45—108.28 to 108.28
1 Fed. Farm M. 1944-49.105
to 105
2 Treas. 2^s, 1955-60—102.12 to 102.12
4
18
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
Saturday
Sept. 17
$ per share
52
5214
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
21
sfot.
Thursday
Friday
the
Sept. 20
Sept. 21
Sept. 22
Sept. 23
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
52
*19
2212
*19
205s
*19
26i4
*27
2612
2618
26ig
26
55%
5634
1
57%
*%
5712
li4
58l4
5934
8
U4
"93s "
984
*100
"934 "97s
*103
10
*103
...
784
16
IOI4
172
1
1
1
884
9
9i8
718
6i2
*7i8
8
67g
8
678
*734
16i2
8i4
*714
*8i8
17I2
IOI4
173
8%
9%
8%
*50
8%
9%
9
62
4414
11
11
174
176
8i2
10i2
9i2
*50
a26%
58
1
*1
9%
1034
10»8
58
lli2
178
*8i2
11
978
*57
8%
10
1784
123s
179
10l8
11
10%
62
9
8l2
*7%
9%
17%
1134
178
*8%
*113s
978
47
47l2
4S34
15
16
16l2
*16
15
2
14
14
*14ig
*65
60
66
*68
73%
*73%
14
15l2
59%
57
15%
2i8
18
6712
73iz
16
5714
1
9
9%
18%
12%
180%
12
11
10%
934
934
6,000
25%
5634
25%
"1,700
57%
4,200
1
1
*19
"9% "9%
10
17%
1134
179
10%
11%
10
$
No par
conv pref
100
Acme Steel Co
25
200
29",400
6% Mar 30
No par
14% Mar 31
16% Mar 31
Address-Multlgr
Corp
Air Reduction Inc
10
No par
07
Alaska Juneau Gold Mln__.10
7
500
5)4% pf A without
*8%
10%
300
1684
3,400
3,100
2,000
Alghny Lud Stl Corp --No par
1034
176
*8%
10%
11
1034
9%
9%
200
1,100
17,300
Allen Industries Inc
95
100
war. 100
6%June 17
100
5
war.
100
5% June 17
7»4 June 18
15% Sept 14
1
-
4% Mar 30
124
Mar 31
Allied Chemical <fc Dye.JVo par
Allied Kid Co
5
Allied Mills Co Inc
7
No par
Allied Stores Corp
No par
16
I684
1534
16%
1,100
AUls-Chalmers Mfg
Alpha Portland Cem
2%
1,900
4% Mar 26
68%
79
*76
78%
2%
*16
66%
*74
1734
17%
59 78
*57
I
2%
*2
19%
*14
19
66%
78%
63%
65
73
73
17%
59%
15%
1634
57
In receivership,
57
a
200
1,400
800
6,000
50
Def. delivery,
6%
conv
$
share
5234 Aug 26
per
share $
55
42% Aug
52
1
Mar
37
Nov
69
Jan 14
1284 July 19
22
Aug 9
30
Aug 30
6584 July 25
1% July 11
Mar
85
Aug
67
Aug
Dec
7% Nov
17%
16%
Oct
28%
Oct
36
Jan
80%
5%
Jan
44% Nov
%
Oct
2
8
Oct
Aug 27
140
Oct
1% Jan 7
17% Jan 12
17% Jan 12
17% Jan 12
17% Jan 12
19% Aug 26
14% Aug 26
184
July 19
11% July 20
14% July 25
1
Oct
11
11
115
12
July 19
Feb
5934
Feb
Feb
10
Oct
Feb
10%
Oct
58%
52%
0%
145
7%
10
6%
Oct
Nov
Dec
Oct
Oct
Jan 12
No par
55
May 27
78
July 13
(Del)—JVo par
49
Mar 26
8484 Aug
53%
Oct
10
Mar 30
23% July 19
10
Oct
R0% July
50
Dr»c
46% Apr 27
x
Ex-dlv.
v
Feb
Aug
59
24
50
1534
166
Oct
Mar 30
Cash sale,
Jan
Oct
10
r
Feb
5%
50
6% preferred
22% Mar
3
13% Fob
43'4
34
10
share
Nov
54% July 25
No par
per
36
34% Mar 31
11% Apr 1
1% Mar 20
No par
Highest
11984 July 21
Dec
American Bank Note
New stock,
per
49
Amerada Corp
n
$
68% July 28
100
preferred
Am Agrtc Chem
38
Lowest
Mar 31
5% preferred
"9", 300
Mar 31
8% Mar 28
Amalgam Leather Co Inc.-
2%
18
62
Mar 30
war.
17
*54
Apr 16
78 Mar 31
46
62
3
No par
4434
*58
Aug
884 Mar 31
$2.50 prior conv pref.No par
5,000
May 2'
% Mar 30
40
Air Way El Appliance.No par
Alabama & Vlcksb'g Ry Co 100
7
10
3
No par
300
2,200
9
16%
June
28
Adams Express
8%
176
share
36% Feb 4
per
119% July 19
30% Mar 23
No par
Albany & Susq RR
Allegheny Corp
5)4% pf A with $30
5 )4 % Pf A with $40
*7%
Year 1937
Lots
Highest
Adams-Mlllls
1
8
9%
""206
10%
20%
78
9
4K%
Abraham <fe Straus
47
76i8
16*8
*57
41
*35
Abbott Laboratories
46%
67
5978
1,200
Par
49%
66
17%
51
Lowest
62
Bid and asked prices; no sales on this day.
11
177%
*8%
10%
6634
*57
1%
9%
*7%
*7%
*8%
17%
8%
*15
*2%
51
%
10%
16
17%
58
~~8% "9%
934
2%
16
214
22%
26%
*103
4514
2
»
8%
8I4
10
58%
78
93
41
*19
28%
4534
15
*56
On Basis of 10O- Share
EXCHANGE
12334 *120
12334
4234
*26%
4234
1
*59%
47%
2
*145s
9%
1634
21
52
57%
78
8I4
16U
*78
734
7*8
6%
STOCK
Week
19
Range for Previous
Range Since Jan. 1
NEW YORK
for
Wednesday
2512
*%
Sales
Tuesday
0
5214
52i4 52i4
52is
52
52i2
120
12384 *120
12334 *120
12334 *120
12334 *120
32
4234 *26%
4234
*2658
4234
*26% 4234
*28
37
37
*37
40
40
3812
*38
43
*37
10
9%
934
IOI4
IOI4
1012
10%
1078
10
*19
CENT
Mpnday
Feb
23% Apr
258% Mar
17% Aug
33% Jan
21% Mar
85
Mar
Oct
83%
Jan
19»4 July 20
8%
Oct
3934
Jan
3% Jan 11
1%
Oct
8% Mar
52% Mar
Ex-rlghts.
5
*
19
Oct
51% Nov
114% Mar
101% Jan
413g
75%
Jan
Feb
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
NEW
for
Saturday
Monday
Sept. 17
$ per share
32%
Wednesday
Thursday
Friday
the
Sept. 19
Sept. 20
Sept. 21
Sept. 22
Sept. 23
$ per share
$ per share
$ per share
$ per share
Shares
33
34
32%
36
95
95%
*169% 170
170
22
23
36
*133% 138
*169% 170
20
21%
37%
37%
17%
16%
*101
109
*133% 138
98
97%
95%
21%
*37%
42%
16%
*101
*38%
18
17%
170
per
share
37
37% *35%
35%
*33%
36%
*133% 138
*133% 138
*133% 138
97
97
95%
*169% 171%
24%
42
$
23%
*38
18%
18%
172
22%
38
300
22
38
23
6,400
19
18%
42%
17%
18%
109
*101
109
*101
114
114
*111% 115% *112% 115% *113
*6
6
7%
10
934
*9
75
4%
10%
*9%
4%
*10%
9%
*69
9%
75
*72
4%
5%
6
*167
500
♦167
500
*157
14%
15%
3%
15%
6%
6%
7%
7%
*11%
*9%
3%
13%
14
11
*9%
*21
22%
*40%
42
3%
*1134
10%
14
3%
21%
10%
3%
22%
40
40
*1%
1%
15
15%
6
15
6%
15%
51
12
1%
*14%
3%
.
3%
16
16%
500
7%
11%
10%
10%
10
10%
75
73
73
*72
5%
*5
4%
*167
500
*167
384
3%
17
17
147g
10%
3%
*22
*41
42
1%
1%
16
*15%
4%
*6
14%
10%
3%
2334
358
4%
7
8%
3%
10-%
*6
8%
8%
"6% "7%
7%
10%
4%
6
*101
-M.
3%
3%
18
16%
10
43g
*167
*22
22%
42
41%
17
16
1%
16
*1%
7,000
24
3%
29%
22%
13%
*153%
15%
63%
15
1%
300
16
18%
19%
18%
18%
17%
18%
5,000
52%
12%
55%
57
12%
55%
12%
57
12
127g
*3%
31%
3%
3%
3%
127g
3%
13%
3%
30%
3%
34%
4
129
*119
4%
40
5
4,300
—
*
•
-
-
—
20%
230
4%
13,000
16
*15%
27%
43%
16
*140
24%
142
25%
7
*17%
136
8%
*70
4%
*50%
7%
20
Sept 14
31
Jan 11
81%
81
81%
17%
*80%
83%
82
5
5
*72
*32
8,600
Amer
1,100
American Tobacco
6,100
Common class B
81%
5
3.3%
7%
37
7%
5%
:
82
34%
*34
83%
146
*142
8%
5
7%
200
6%
*72
5%
34%
35
81%
6%
584
8
8%
*72
200
4,700
13,800
5
4,700
33%
33
7%
6%
7
2,400
13,600
40
*34
40
42
42
*42
46
*41
*50%
75
*50%
75
*50
42
43
*9%
10
42%
9%
5
*
5%
78
"~6"
8%
9%
5%
*
40
75
*50
41%
9%
*9%
10
5%
5%
*
""8%
5
5%
78
9%
*50
*84
88
*84
88
*84
88
*84
88
*84
88
*84
85%
31%
*84
85%
*84
85%
*84
31%
33
31%
33%
48%
17%
5%
50
51
19%
5%
10%
2234
50%
19%
51
18%
20
*5%
7
*5%
6%
*5
*9%
10%
9
9%
*8%
22
22%
47
17
48%
17%
6
5%
8%
9
5%
*9%
9
21
21
*103
108
600
m-mm
-
300
7%
*11684
7
*5
6
5
6
5%
5%
*116%
*5%
3%
*2%
4
4
4
*384
2%
4%
*3%
2%
2%
19%
3%
*16%
3%
8%
8%
7%
7
3%
3%
*16%
3%
7%
3%
7%
3%
6%
7%
8
6%
6%
7
10
300
9,200
400
7%
mm
*52%
mm
*117
53%
----
*49
400
3,000
19%
19%
16%
48
54
*93%
20%
16%
13
20
22%
•
Mar
6% pref with warrants..100
72
Mar 29
88
Sept
7I84
Dec
72
Jan 22
85
Sept
70
Dec
2214 Mar 31
42
Jan 12
327g Nov
71
Jan 14
66% Dec
100
40
May 27
Atlantic Coast Line RR—100
14
Mar 31
5% preferred
Ati G & W I SS
6% preferred
100
Mar 26
Mar 31
Apr 12
Mar 30
38«4 Mar 20
0%
17*4
10178
5>4
25
Atlantic Refining
4% conv pref series A...100
Atlas Corp
5
50
6% preferred
...No par
36
100
105
3
1
600
tAuburn Automobile..No par
2l2June
2
500
Austin Nichols
104
Feb
27% Jan 12
18
Oct
55% Mar
7
5
Oct
29
9
Oct
18
Oct
8% July
14% Jan 10
27% July 20
109% Aug 11
9% Jan 10
48% Aug 8
58
July 25
Mar
3
7% July
6% Jan
3% July
20% Jan
19
12
13
25
4?g Aug
6
119
101% Sept
7% Dec
39% Oct
44
Jan
37
Mar
110%
Feb
18% Mar
62% Mar
38
Nov
94
101
Dec
133
4%
Oct
3%
2
Dec
Sept
15
Dec
Mar
Mar
Jan
18%
36%
Feb
9%
Feb
Jan
7%
4,000
8%
31
7%
8
9%
*2684
9%
31
200
3,500
1,400
Barker Brothers
10
16%
167g
15%
16,400
15
15%
1384
1,500
15%
*15%
15%
*15
15%
15
15
70
200
Conv 5%
1st
preferred
Beatrice Creamery
105
*97
105
*97
105
*?7
105
$5 preferred w w
Beech Creek RR
115
*110
120
*111
120
*109
120
7%
73
21%
*6778
73
*6%
*67%
20%
21
19%
*6%
7%
7%
73
20
700
Belding-Heminway
1,500
Best A Co
97%
20%
16%
13%
22
22
*20
22%
23
23
21%
22%
17
*17%
15%
*18%
15%
15
22%
21%
*18%
*44%
55
*46
21%
24%
52%
227g
*46%
20%
*23%
18%
15%
18
15
20
*18%
52%
*47%
18
15%
54%
*15
9334
*2
17
14
20
*18%
53%
*4734
16
9334
22
40,000
1,800
1,20
600
1734
700
14%
5,300
20
Bethlehem Steel
75i4June 27
85g Mar 29
15U Mar 31
2078 Mar 31
39»4May 27
1234June 14
(Del) .No par
20
100
5% preferred
7% preferred
Apr
75
Mar 31
17igJune
3
9*4 Mar 30
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
10ig Mar 31
13ij Apr 4
37 May 10
No par
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
22%
23
21%
22
2O84
53%
21%
8,200
Boeing Airplane Co
5
19
25%
25%
25%
2534
24%
25
1,400
Bohn Aluminum A Brass
5
153gMar 31
Bid and asked prices; no sales on this day.
J In receivership,
a Def. delivery,
n
New stock,
r
115
Jan 31
9%
108
Cash sale,
x
Sept 14
Ex-div.
Oct
Oct
115
Oct
Jan
Jan
Aug
19
Mar
2
15
Oct
52
Sept 13
29
Dec
28% Feb
IO584 Mar
43% Feb
114% July
15% Feb
88% July
30% Feb
2334 Jan
6234 Jan
657g Jan 11
41
Oct
105% Mar
14
Oct
18% July 25
90i2 Apr 29 zl 00% Sept 12
No par
Blaw-Knox Co
Feb
17% July 19
Apr 9
113gMar30
Beneficial Indus Loan..No par
1,300
15%
Jan
35%
20%
21% July 19
109
5
Bendlx Aviation
17%
95
42
Oct
Mar 30
9
No par
47%
5534
0684
Nov
10
2
13%
92
9034
17
95
20
30% Aug
29%
47%
15%
32
13% July 20
30% Mar 12
17%
5584
Dec
Mar 23
115% July 18
48
15%
43% Mar
10%
784
9
17%
97
Feb
Oct
23% July 25
25
48
58%
Feb
110%
9412 Apr 2
684 Mar 31
17%
15%
45
Dec
20
48%
96
Oct
89
50
17%
57
30
July 19
10i8 Mar 30
No par
48%
58%
15%
1384 Jan 11
July 21
215g Mar 29
Belgian Nat Rys part pref
40,700
47«4 Mar
36
98
6
No par
100
25
Beech-Nut Packing Co
Oct
Jan
Jan 21
I2ig Mar 30
5
Bayuk Cigars Inc..
10
9%
Mar 31
5i2 Mar 29
60
Barnsdall Oil Co
7
86
No par
5Yi% preferred
July
62% Mar
29
100
—50
100
10
4% preferred
Bangor A Aroostook
preferred
Barber Asphalt Corp
90
15%
25%
June
40% Mar
Mar 25
12% Mar 30
2i2 Mar 29
No par
Del (The)..3
17%
24%
Feb
88
9484 May
Oct
$5 prior A
Aviation Corp of
2
No par
21%
22%
106
8%
167g
*18%
Feb
11
30
*15
18%
Mar 29
Jan
5% conv preferred
Corp
48%
57
414 Mar 25
Lines..No par
2
67%
Mar 31
15%
23%
Jan
125
Dec
4
96
21
101
Nov
Ohio.....—100
14%
56-%
14%
Dec
83
33
Aug
Baltimore A
96
16%
58
73%Sept
36% Aug 10
5
17,300
14%
13%
*18%
9
Mar 30
684
96
*18% '22%
55
*44%
75
July
6%
7%
14%
55%
May 12
56
7
96
55%
14%
2484 Mar
27
4% Apr
1534
20%
100
*52
20%
.
Dec
100
100
17%
48%
16%
48
Nov
0
6%
16%
14%
113% 113% *113% 114% *113% 114% *113% II484
20%
17%
T184 July 1*9
Assoc Investments Co..No par
No par
*26%
47
Mar 29
7%
31
17
Jan
July
Oct
80
"Y"
2384 Aug
*26%
*67%
17%
7% July 13
100
Dry Goods
Jan
Oct
10%
46
No par
4%
2%
Oct
10%
73
Feb
July 19
5
27
*67%
10%
11
2%
27
73
Oct
5i2 Mar 25
2i2 Mar 30
99% Mar
1184 July 25
10
73
70% Mar
126
Mar 30
10
7%
Oct
6
10
7%
Feb
Feb
Baldwin Loco Works v t c._13
10
7%
Dec
90
30
1334
5,000
18
7%
67
47% July 25
Oct
11,500
17%
*6%
*67%
Jan 12
94% Jan 31
Oct
734
18%
6%
72
Mar 19
4%
•19%
384
18%
*97
Feb
Mar
July 19
7%
18%
*110
121%
7
Sept
93
111
103
3%
18%
"
II634 May
Mar 30
*16%
18%
115
Feb
8%
17%
105
46
Dec
Feb
37g
16%
*97
Feb
19%
10%
*166"
Jan
10%
8%
93%
16%
37%
3%
33
17
Oct
8%
93%
30
200
7
2% Dec
22
Feb
2484 Aug
111
4
33
115
5,700
Oct
18
93%
18%
105
100
Jan 11
Oct
2%
33%
*97
600
5,300
97
Oct
10
*23g
*86%
♦ioo"
—
69% Mar
39
96
5
*2%
*16%
,
2%
*33
*15
-
19
24% Nov
Jan
3%
93%
16%
15%
~
Jan
14%
3%
35
*27%
'<*
107
60
100
Artioom Corp
Oct
Jan
24U Mar 26
No par
No par
Arnold Constable Corp
6
Associated
Apr
Oct
3%
234
*80%
112% 112%
15%
15%
Feb
Oct
8
*3%
*33
15%
Feb
4%
150%
20%
29%
4
91
77g
$6 conv pref...
Atlas Tack
91
14%
128% May
Jan
200
93%
16
Feb
584
*91
15%
Jan
99%
*5%
91%
14%
99
Dec
37g Mar 26
28% Mar 28
Armstrong Cork Co
6% 1st preferred
7% 2d preferred
100
*117
91%
13%
*112% 113
Dec
6884
57g
34
15%
187
*5%
34
*13%
Oct
6
34
8%
82
Atlas Powder
7
8
116
Preferred
11,700
217g Aug
7
100
7% preferred
200
*32
9%
Jan
140
Jan
11034Sept
Apr
Armour&Co (Del) pf7 % gtd 100
6
Armour A Co of Illinois
53%
7
31
Jan
25%
Feb
8
2
700
34
9%
*27
14334
Oct
79%
31% Aug
121% Mar
7% preferred
4,900
97
1
July 14
1,300
6%
9%
Oct
14
Oct
20
2,900
*31%
31
Jan
1047g
Jan
Feb
Archer Daniels Mldi'd.No par
6%
57
17%
56%
20
7
17%
*42
7%
Dec
79
4% July
4734
*53%
19%
24
Oct
Mar 31
17%
42
16
Jan
Dec
Dec
Mar 31
4784
53%
6%
2%
Jan
73%
26%
3%
*27%
2
19
42
2%
*15%
Jan
Feb
25%
10
50
53%
2%
68%
148
June 29
20
Copper Mining
Co
No
19
55
*11634
154
9% July 25
43
July 25
43
par
Andes
A P W Paper
*48
44
*116%
IO584 Mar
Oct
$6.50 conv preferred.No par
$5 pref without warrants 100
*51
7
Mar
3%
60
Atch Topeka A Santa Fe-.lOO
*42
6%
7%
Feb
58
82
Aug
Jan 11
10
61
6%
Oct
Feb
29
7% July 19
July 25
11,700
44
91
50
84%
10
Apr 10
3i4Mar31
235g Mar 31
38
30%
*105% 108
08
8% July 27
13% Jan 12
Mar 29
84%
51
1C6
25
30
*42
21%
106
1
85%
22
22
21%
22%
*10634 108
*100% 108
6%
6%
684
6%
7%
*42
43
43%
*41%
4134
20%
108
Mar 30
43g Mar 30
25
Mar 28
100
32%
31%
0
May 20
70%
86
Preferred
Amer Zinc Lead A Smelt
37g Mar 28
IO84 Mar 31
35%
87%
No par
No par
American Woolen
150
Apr
29
72%
*33
*60
10
Am Water Wks A Elec.No par
130
21
78
*60%
*60
72%
100
6% preferred
Am Type Founders Inc
20
Aug 29
AnchorHockGlass Corp No par
42%
9%
8%
Mar 30
Anaconda W A Cable.-No par
5)4
*
9
58
58»4 Mar 31
Anaconda Copper Mining..50
75
9%
25
800
40
41%
42%
78
~8%
42
43%
Mar 30
14
21
10
300
-mm-
75
111
100
117igMar
20% July
14984 Jan
88% Aug
91% Aug
90,000
39
42
99i2 Sept
125g Mar 30
25
Telep & Teleg Co
$5 prior conv pref
15%
-
Am Sumatra Tobacco.-No par
$6 1st preferred
82
4%
31%
33%
39
100
1734
138% 140%
80
80%
84%
146
Preferred
400
*17
18
8%
82
5%
34%
7%
146
8,000
100% 100%
140% 141%
5%
22%
36
57
American Sugar Refining.. 100
72%
*5%
11% Jan 18
100
74%
16%
0igMar31
Amer Steel Foundries.-No par
Jan 17
22
35%
47
Nov
130
*20%
*33
30%
148% Aug 30
3434 Jan 10
125
lSSg Mar 31
100
22
*60%
30%
Oct
*21%
72%
74%
28%
Dec
22
32%
78
*65
Nov
40
22
141%
9
4%
41
122
Aug 19
56
45^4 Apr
22%
34
9
""8%
136% Aug 31
7% Oct
24% Dec
July 30
140
41%
*
35% Jan 11
5t>34 Jan 12
Mar 29
103
14
*72
40'2
9%
17% Sept 12
June 10
32
327g
3034
34%
32% 34%
32%
41
40
42
39
41
40
*38%
16
16%
15%
15%
16%
16%
16%
16%
115
115
110
*110
115
*110
*110% 115
*110% 115
110%
13
17
14
15
16
12%
*1234
*12%
12%
13%
12%
3%
3%
3%
*2%
2%
*2%
*2%
3%
*2%
*2%
3%
22
24
24
24
24
*23
23%
*24% 25% *24% 25%
*120
120
120
*120%
*120%
*119%
102
*100
103
*101
101%
100% 101
102
101% 101% *101
5
5
5
5%
4%
4%
5%
5%
4%
5%
5%
*40
207g Jan 12
12
*31%
-
101% Aug
No par
38
-
63% Dec
15% Dec
No par
*30%
15
45% Mar
8084July 20
American Stove Co
7%
32
Oct
Mar 29
15% Sept 14
25
6% preferred
Jan
15%
7ig Mar 26
22s4 Apr
28ig Mar 31
100
American Snuff
140
227g Jan 15
58
conv
Preferred
9%
16512 Jan 12
American Stores
7
*35%
25
20
7%
35%
18%
170
4)4%
July 20
2484 Nov
Feb
148'4 July
13ig Mar 30
100
American Rolling Mill
17
300
*73g
*33
*67
Oct
Preferred..,
Mar 30
400
7%
*60%
6%
Oct
9
San'y .No par
500
25%
*60
♦
Oct
Am Rad & Stand
13
2434
72%
74%
*14%
20
Mar 31
29% Jan
7% Jan
41% July
37% July
13
*7%
7%
26%
35%
14%
Oct
20
3% Mar 29
119
14
26%
*65
8%
31
Mar 29
*13
*7%
27%
*33
*27
Oct
20
20
Smelting & Refg.No par
74%
5%
Dec
3
Mar 30
99i2 Mar 30
No par
Amer
35%
16
Nov
26
12
Amer Power & Light
600
*65
6%
100
18
23
No par
6% conv preferred
100
American News Co new No par
19,100
*33
8%
3884 Jan 12
Sept 2
Amer Metal Co Ltd
13
33
39
Feb
1784 Mar
58% Feb
29% Mar
13% Jan
6884 Mar
129% Feb
31% Dec
10% Jan
87% Feb
72% Jan
29% Feb
13
6%
31%
27%
125
13
32%
6%
Oct
Dec
14% Oct
584
Oct
45%
141%
4%
14
2OI4 July 20
884 July 19
2434 July 21
26
84
82% 84%
84%
146% 146% ♦146
146%
6
6%
6%
6%
8%
8%
9%
9%
82
*4%
Oct
11% Mar
5584 Mar
62% Mar
484 Mar
Oct
43%
80
8%
Oct
Oct
Oct
Oct
12834 1293g
101% 101%
79
82
2%
20%
32%
1%
Jan
3
2784
140
138%
Feb
10%
46
101% 101% *101% 1027g
18%
18%
*18%
*18%
18
Jan
21
53
Ship Building Co.No par
141% 141%
587g
5U Jan 12
Amer
141%
14% Dec
734 Oct
17% July 25
American Seating Co.-No par
141% *141
Jan
38%
74i2 Jan 17
330
56
Jan
68%
Oct
Mar 31
1,000
56
July 19
584
June 17
45%
56
27
17% Dec
1334
2% Mar 31
2,300
16
518 July 19
26%
7%
*21%
103
8%
1,100
Jan 18
13
23%
82
*141
62%
16%
2
*7%
13
78%
81
142
14,200
61%
129% 12978
56
*55%
Mar
Oct
10
27%
28%
477g
132%
225
2%
44
16
16
Jan
Oct
5*4 July
100
27
*16%
16%
*141
16%
75
20%
Preferred
15%
17%
16%
27%
46%
17
175
Amer Mach & Fdy Co..No par
Amer Mach A Metals ..No par
27
16%
17%
25
7
*12%
*21%
18
73
*103
No par
16%
16%
28%
46%
47%
129% 129% ♦130
56
55%
55%
20
158
15%
17
16
28
*155
33
*83%
American Locomotive
pref
100
American Safety Razor._18.50
*16%
16%
Oct
Jan 22
177
30
29
35,000
15%
Oct
5
28
14%
33
*84
No par
1334
*60%
*64
100
Corp
147g
78
"7%
500
6% non-cum pref
Amer Internat
14%
5
♦ ■
129
*24%
4%
63
Nov
2
2i4June 23
10% Mar 31
63
80
7
634 July
4384 Sept 13
No par
40%
*8%
31
*115
'
Jan 18
03g July 25
83
30
$5 preferred
75
39
7,100
3%
32%
17%
1634 Jan 12
Oct
Oct
26
1,800
40"
*50
600
13
*3%
30>4 Mar
l%Mar
13®4 Mar
4% Mar
123a Mar
25%
—
*100%
57
12%
4
1
No par
23
15
22
*51%
13
50
Products
27
31
*2%
57
6% preferred
26%
32
12%
Jan 22
19
82
*110
177
No par
146%
*132% 146% *142
5
5%
5%
5%
15
Mar 29
$6 preferred..
135% 136
78%
78%
30%
4
2,200
100% 100% *101
*35%
June 20
2l2 Mar 25
31
22
*27
23% Mar
3084 Mar
33% Jan
99% Mar
13% Jan
30%
*20
5%
5%
8%
12%
Oct
1434 July 20
32
7
31
Jan
984 July 19
Mar 29
4%
14
4%
29
31%
*634
*70
Dec
434
*12%
7%
20%
32
32
*31% 34
25
24%
27%
27%
*26%
27%
14
14%
14%
15%
14%
15%
14%
160
*153% 160
*153% 158
*153% 158
17
15%
15%
16%
17%
17%
18%
64
66
66
65
*63% 65%
64%
23%
80%
Aug
July 19
20
Mar 29
19
142
*17%
Apr
112
12
18
27%
28%
45%
42% 45
129% 129% *129% 129%
53% *54
55%
53%
23
150
Oct
12'4 July 20
American Ice
16%
28
*140
Oct
5*8 Mar 30
American Home
16%
52%
15%
15%
Oct
13is Mar 29
700
3384 Aug
11%
No par
300
Feb
90
69
100
American Hide A Leather
Jan
86
8U Mar 30
10
Amer Hawaiian SS Co
104%
Feb
Aug 29
110
No par
600
800
16%
Oct
$7 preferred
22%
684
154
36
Mar 29
684
154
Feb
$7 2d preferred A
41
1%
4%
71
2
*15%
4%
Jan
Oct
3214 July 25
63
July 25
22®4 July 25
1
7
4%
174
2
25% Feb 25
3,900
16
29%
24%
Oct
214 Mar 30
22%
33%
1517g
15%
No par
41
26%
7
Feb
1185g Aug 29
9
6% 1st preferred..
100
American Encaustic Tiling.. 1
Amer European Sees
No par
3%
3%
1%
121
12
7
30
J(AllegCo)25
American Colortype Co
10
Am Comm'l Alcohol
Corp.. .20
Amer & For'n Power
Dec
May 26
7
4%
Am Coal Co of N
Amer Express Co
69
8084
88i2Mar3l
13% Sept 15
4% Mar 29
9% Mar 29
89% Feb 18
100
No par
American Crystal Sugar
8
104U Aug
172
Sept
9
*6%
4%
30
Cable In. _No par
5% preferred
American Chicle
Mar 31
160
10
300
11
*9%
37g
27
share
Oct
Dec
207gJuly
7
4%
Am Chain A
100
per
28
Mar 26
7
4
American Car A Fdy
Preferred
Highest
109
10
400
33
34
33
33% 35
123
*115
122% *115
122% *115
122% *115
26
*24
25%
24% *24% 2584
*24% 26%
30
125a Mar 30
Preferred
share $
3
No par
!
12%
*115
.No par
25
per
Aug 24
42i2 Jan
135
$6 preferred
13
6%
*55
100
23*4 Mar 31
Apr 21
70»4 Jan 3
160% Mar 30
114
$
share
3,000
52
3%
100
per
2,300
6%
*15%
Fdy.No par
5 X % conv pref
American Can...
$
share
per
8
*12
41%
1%
mmmm
Am Brake Shoe A
$
Lowest
Highest
3%
16%
15%
*7%
23
*41%
1%
3%
100
500
3
11
5,300
43g
6%
*6
15%
3?g
23%
600
10
8%
*10
7%
75
17
10%
10
'—
10
3%
*13
—
*72
6%
15
v.
1,500
2,000
4%
8
9%
mm-m
"200
1034
*6%
*10
IO84
500
10,000
109
II584
«.
10%
75
4%
4%
*5
3
7%
11%
109
13%
6%
6
10
10
*72
13%
*101
200
18%
*38
*111% 115% *111% 115
*13%
*13%
109
_
172
23%
42
900
~
172
172
247g
Par
2,700
93%
Year 1937
On Basis of 100-SAartf Lots
Lowest
95
96
Range for Previous
Range Since Jan. 1
STOCK
Week
*133% 138
94%
YORK
EXCHANGE
Tuesday
,
1883
Nov
Dec
Oct
9
July 19
73g
Oct
83
Jan 11
82%
24% Aug 24
8%
Dec
Oct
10% Jan 12
100% Sept 7
29
July 25
20% Aug 26
20
Jan
85% Nov
129%
Feb
22% Dec
13% Nov
69%
Feb
38
Jan
29% Mar
32% Jan
9
Oct
15%
Dec
July 25
50
Dec
35% Jan 17
30% July 27
16
Oct
4934 Mar
21
Oct
48%
19% July 25
20
Aug 31
65
y Ex-rlghts.
94%
Jan
Feb
5 Called tor redemption.
New York Stock Record—Continued—Page 3
1884
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
$
*9012
96
*45
47i4
107«
92^
45i2
*1012
15-%
31%
*234
15
2 1%
*214
2184
8/«
2;J*4
1512
31
2%
2134
3678
*1 %
5'2
22
22
912
*31%
*31%
10
32 7s
34
*36i8
7%
1%
0%
8
25J2
25'2
*14
1484
*32!2
35
8%
9i2
45%
10's
1534
32I8
3i8
36
*32
*85
92*
3012
3612
912
8i2
6
8
*26
Sept. 21
Sept. 22
$ per share
$ per share
NEW
*91
96
*91%
*46%
47%
47%
103.4
*234
22%
1034
157g
33%
3%
23
*23
10%
32%
10%
33%
32
15%
32«4
11
96
47%
1578
33%
3%
24%
*32
35
*32%
37%
ll2
*36
37%
*36
37%
7
27%
15
16
35
*8%
*1%
8%
27%
16%
*32
8%
J78
9%
87s
17
16%
10
*81%
93
5
434
*32
934
10%
5
*1%
9
17
10%
*94
10%
414
34
34
4
4%
35
4%
27
29
17%
1784
12
12
1512
163s
2
2
*0%
*1134
634
1834
734
13
7
1934
3
3
91g
914
30
30
1514
16
18*4
18
*48
51
1%
6%
1434
1334
*37i2
35
4%
36
4%
18
18-%
127«
17
17«
19%
13%
16%
1%
*6%
*J134
7
724
16
31%
1612
18
*48
7%
19;%
3%
10
32
*19%
17%
173g
187g
51
10%
*32
*48
1%
1%
16
16
7%
16%
14l2
47
14%
15%
46
5i2
*2%
*1184
18
187g
3%
5%
32
]34
7%
1778
2%
7%
*7
734
18%
3%
9%
32
2
16
7%
193s
*41
2
*634
*12%
13%
17
1934
13%
17%
17
33%
20
13
32%
*123s
7%
19%
3%
i034
*
Oct
93
July 12
39
Oct
9
June
2
14% July 19
11
Dec
46% Apr
25
Aufe
...15
Corp
5
35
36
""360
36
*1%
6%
1%
8
*24%
100
6%
8%
14
*15
6,600
35
9%
9%
Transit-.Ar0 par
S6 preferred series A.No par
1,300
Brooklyn Union Gas
No par
Brown Shoe Co
No par
1,400
Bruns-Balke-ColIender.ATo par
"
9%
3,000
Bucyrus-Erle Co
8,000
9%
1
No par
Budd (E G) Mfg
93
5
preferred
7%
100
Mar 30
28
Feb
3
1% Mar
3% Mar
5% Mar
zl634 Mar
10% Mar
27%May
5% Mar
57g Mar
25
26
2% Jan 13
10% July 8
13% Jan 13
30
37
31
29
27
26
31
Apr 18
75
per
Jan 13
16
Dec
28
Dec
50% Aug
3
Oct
15% Mar
1578
Dec
7
Oct
23%
18
Oct
59%
Feb
22
Dec
53%
Feb
Dec
47
Jan
1
Oct
8
Jan
5% Dec
7
Dec
21
Dec
15%
Dec
34
Dec
6
Oct
12% July 25
Sept 2
76
I
Jan
22%
7
21% Jan II
Jan 24
41
share
per
28
Jan 12
40% Aug
Mar 29
preferred
Bklyn-Manh
800
19%
5% Mar 31
12% Mar 30
18
per
36% Aug 26
4% Jan 10
28
Aug 24
12% July 26
37% Aug 26
40% Aug 26
Mar 23
Bristol-Myers Co.—
5
Brooklyn & Queens Tr.No par
$6
May 31
16% Mar 31
2
Manufacturing—Aro par
Briggs <fc Stratton
No par
1,100
15
share
Bearing Co.. 17
Roller
Bower
per
100
Boston & Maine RR
Bridgeport Brass Co.-.No par
51
*48
51
l%Sept
97
46
6
*14
15
15
15%
15%
*3%
*84%
18i2
3%
*3%
3%
84
85
83%
*114
11934 *115
ii934
4514 46
46%
47%
*104
*104% 106
19l2 20%
20%
21%
95
17%
20%
*61
*.._.
21l2
70
...
95
*_—
21
21
64
1978
*61
*63
95
*90
22%
21%
4
106
10
*8
10
5
*5
6
*5
5?g
*8-%
*4%
5l2
*4%
5i2
*4%
5%
*4
4214
734
31
*95%
21%
*7l2
32
*86
25%
8
3314
9
99
*86
35
*95%
*23%
97%
*95%
9%
37
96%
24%
9
9
*9
12%
26%
26%
7g
*134
12
234
2
24%
6%
Oct
Dec
Jan
34
Aug
Feb
38%
Jan
63
Jan
102%
Jan
52%
Jan
50
Jan
24% Jan
25% Feb
117% Mar
%
%
%
238
3
3
*h
*1%
*3.
12
%
%
%
%
1%
1%
1%
*31
35
*41
42
*41
*814
IOI4
*8%
13%
*1312
7U
14%
*35
45
*%
1%
*1%
lCt4
*8%
14%
7%
65
67%
6838
6934
9
9l4
9%
914
8%
*35
70%
9%
S4
%
%
3%
15%
*2%
3%
15%
34
1%
*3
*%
%
2%.
14-%
35
*32%
*41
*884
*13%
10%
15%
8%
40
72%
9
9%
9
69%
2:884
70%
834
8%
67
69
69
*67
68%
*67
*49
62
*49
62
*49
4
1%
*1%
40
*13%
62
37«
*%
1%
45
67
378
*28%
*884
*49
*19ig 22
*106% 110
*2314 24
35
41%
34
10%
15%
69
4
78
*2%
34
1%
62
19
%
*1%
*67
19
7g
3%
14%
31
4
4
4
1%
12
1434
8%
4
4
27
*25
27
75
*62
75
*62
75
39% 3934
4034
41
408.1
41
18i2
I8I4
19
1878
1978
19% 20
125
*122
*122
129l2 *122
125
125
2:40
4034
*120
*122
126
93
*62
75
11C
397S
18
*59^4
60%
*960
—
912
-
105s
125
125
*5914
60 ig
*960
10%
98%
97%
*9734
20% 30
3034
31
10H2 101.% *101% 1C5
2612 *...'.
*11
14
*12
*4-'%
434
4%
5t2
5%
6
*6
778
*6
16
16%
16
163s
*78
16%
84
1H8
11%
*28
32
53s
5%
4%
6%
778
16
11%
86
5t2
49
1
24%
7a<
1634
15
434
*5
678
778
17%
1
*36
24%
4
15
6%
6%
6%
17%
1834
*02
39%
17%
""Boo
4%
19%
300
111
100
200
2234
40
"3~666
3,400
124
124
*12134 129%
126
124% 126% *121
60% *60
60%
700
10
*60
10%
....
10%
6%
70
*51%
47%
*102
6%
6%
18
5%
*6
*6
16%
*11%
4%
6
6
634
13
*29
35
*29
55
48%
105
69
69
*68
69%
*51%
70%
57
*46
57
47%
48%
4634
*103
*107
3634
37
2434
24%
2434
3
r'n
9%
1%
9%
1
%
24%
r764
Bid and asked prices; no sales on th%
534
68
*44%
500
35
200
6
29,400
68
57
48
45
46
105
*102
900
"
6~306
105
4934
110
48
49
*107
"5",000
110
8%
"lV, 600
37
36%
1%
37%
17,500
37
2434
24%
2434
24%
2434
14,900
9%
1
9%
1%
8%
1
5 62
day.
1,300
172,500
In receivership,
6% prior preferred.
Checker
.100
Cab
a Def.
delivery,
Nov
97
Dec
105% Aug
13
Dec
41% May
90
Dec
19%
Dec
48% Mar
52
Oct
82%
Aug
Chesapeake
Corp
Preferred
7%
6%
No par
25
100
115
Feb
June
Jan
100
June 18
Apr 26
Jan
5
July
7
Mar 30
8% Sept
59
100
Collins & Atkman
54
Mar 22
2
Mar 24
1st preferred
976
Jan
3
May
5
7% Mar 30
78
May 31
13% Mar 31
87%June 29
100
20
6878 Mar
89
Dec
100
Feb
Mar
1
Oct
434 Mar
Oct
%
2
•13% Mar
Oct
4
Mar
18% Mar
32
Jan
5
5% July 22
16% July 20
37
July 22
44
July 27
1 %
3
% Dec
1%
7s
7
Dec
Oct
33
Feb
28% Dec
45
Aug
%
Dec
1%
Oct
1
Oct
6%
Oct
12
Oct
3
Oct
36
Oct
11
Oct
57
Dec
Feb 28
58
Dec
5% July 19
July 21
27
115
Aug 31
28% Aug 24
76
Jan 27
6% Mar
19%
6%
77% Aug 26
13% Jan 12
74% July 19
60
Jan
3% Mar
7% Mar
2% Dec
Jan 20
July
Oct
46% Dec
Feb
3% Mar
10%
Feb
8% Mar
27% Jan
22% Jan
1578 Mar
80
135%
21%
Mar
Feb
Feb
92
Feb
74
July
2
Oct
17%
Dec
48
102% June
19% Dec
113
82
Oct
10% Mar
Aug
Jan
48% Aug
90
Jan
Dec
45%May 11
24% Nov
41
25% July 22
13%
Dec
2978 July
124% Sept 14
142% Aug 3
110%
93%
Dec
1327s June
Oct
170% Apr
56%
Jan
59
8%
Oct
2434 Mar
60% Sept
976
9
5
May
13% July 25
98% Sept 12
38% Aug 24
101% Sept 17
95
Dec
18
Dec
98% Nov
104%
6234
June
Jan
Feb
112% Mar
June 24
29
Feb
9% Mar 30
3% Mar 31
4% Mar 29
100
4% 2d preferred.
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbian Carbon v t c No par
20
Jan 15
11%
Oct
8% Jan 12
5%
Dec
27% Mar
8
Dec
30
Jan
June 30
7%
Dec
29
Jan
22% July 19
22% July 19
16%
Dec
32
4
13
Mar 29
53% Apr
No par
9
preferred-No par
Columbia Gas & Elec..No par
1
Mar 30
27% Apr 1
5% Mar 30
8
11% Jan 10
10
1
Apr
13% Mar 29
conv
6% preferred series A
5% preferred
7
Apr
105% Mar 30
57% July 8
100
v t c
5
15% Mar 26
67% July 2
32% Mar 29
10% Mar 31
Colonial Beacon Oil...No par
Colo Fuel & Iron Corp.No par
Colorado & Southern
Jari
10% Mar 26
No par
conv preferred
65
Nov
10
Oct
9% Jan 13,
Oct
2:68% Oct
64% Dec
30% Dec
57
May
3
79
Jan 15
May 16
65
Jan 18
10
23
Mar 30
5l%Sept
84
Mar 38
31% Mar 31
Commercial Solvents..No par
Commonwith & Sou..No par
Jan 31
578 Mar 30
7
105% Aug 11
56
Aug 6
111
Aug 2">
12% July 29
1
Mar 29
2
25
Mar 31
45
May 11
22% Mar 30
$6 preferred series...No par
Commonwealth Edison Co..25
16% Dec
25% Dec
50
90
Jan
35% July 19
100
'35.No par
26
98% July 25
16% July 19
100
4 H % conv preferred
100
Comra'l Invest Trust..No par
ser
1
100
Colgate-Palmolive-Peet No par
6% preferred
..100
Credit
Mar 29
May 31
35% Mar 31
111
90% Mar
Oct
Oct
1
3% Mar 30
No par
Nov
31
Dec
12% Jan 12
19% July 26
10% Aug 6
42
July 27
106
x4 0
48
3
Mar 25
5
Oct
10
8
5
5
15% July 19
1% Jan 10
1% Jan 10
Mar 31
63% June
1% Jan 10
5% Jan 10
Aug 17
Mar 26
No par
12
25% Nov
1% Feb 23
4
2% Jan 12
Coca-Cola Co (The)...No par
28
t4%
45
Apr
5178
Feb
Aug
31% Aug
12534 Apr
39% Jan
46% Jan
2078 Jan
108
Jan
101
Jan
69%
114
Jan
80
Dec
34
Dec
86
Dec
120
Ji\n
5
Oct
21
J&a
1,
Oct
4%
Jan
Oct
75%
Jan
80 V
Tan
Jan
May 11
Rights
New stock,
Feb
Mar 28
Cluett Peabody & Co..No par
Preferred
100
n
Feb
% Mar 28
Clev Graph Bronze Co (The) 1
Clev & Pitts RR Co 7% gtd_50
Climax Molybdenum..No par
pf
82
111
% Alar 26
Clark Equipment
No par
Clev El Ilium $4.50 pf.No -par
conv
Oct
Dec
1
Corp..
Commercial
18%
89
a
25
23% Feb
103%
Mar 23
878 Mar 31
...10
86% Mar
Oct
4
Mar 18
% Mar 29
Jan
Dec
3%
8
12% July 20
48% Mar 2
38% Jan 17
678Mar31
115
34%
Mar
June 14
2
41% Jan
24% Jan
14% Mar
Sept
30% Jan 12
%
1%
%
2%
95
Oct
Sept
42
4
70
3%
Jan
106
1
May
22
25
6A% preferred.
City Investing Co
City Stores:
$2.75
2
8
1078 Aug 24
27% Mar 30
City Ice & Fuel....—No por
Columbia Plct
Apr
49% Aug
June
6
No par
Chile Copper Co
4%
104
Aug 2'"'
100
Chllds Co..
5%
Jan 10
678 July 25
18
100
Cbickasha Cotton Oil
Chrysler
8%
17% Mar 31
..100
preferred
preferred
Jan
94
5
Chesapeake & Ohio Ry
$4.25
37
10
1%
*35%
48%
50
1,800
13
*81%
12%
6%
6
1234
*17
6%
100
1.300
18
85
6%
6
17%
85
18
85
61
100
1,800
18
13%
""206
4%
17%
85
35
40
*17
18
*101% 105
1
5%
7%
77s
18
85
50
51
49%
50 78
*107% 110
*107% 110
9%
15
100
6,100
26%
15
9,300
Dec
40
25% Jan 7
72% July 21
4% Mar 30
Coca-Cola Inter Corp..No par
10%
97
106% Sept 14
25% Aug 24
96
Sept 1
26% Mar 29
1
Cham Pap & Fib Co 6% pf.100
Common
No par
Class A—
*960
26% *--__
*13
88
100
Cerro de Pasco Copper.No par
Certain-Teed Products
_
75
18%
18
878
1%
3634
19
86
13
49%
1834
26%
*29
110
8%
Th
*
13
♦10178 105
*107
35%
26%
32
46%
11%
*378
110% 110% *110
*23
24%
2234
*960
10%
12
54
45
60%
*960
11%
32
*44
1
*60
12%
59
35's
24%
*6
1634
*68
858
127% 127%
60%
32
*29
47
434
678
85
1634
*78
110
128
2234
4
July 25
Oct
Chicago Yellow Cab
10%
*9778
98%
*97%
98% *97%
98% *97%
98%
33
34
32
32%
33%
30
32%
31%
*101% 105
*101% 105
*101% 105
*101% 105
17%
17%
68
105
1034
20% *-.-_
*14
14lg
6
70
4534
*59%
*960
10
97%
*
127
*19
Apr
191% Aug
129% Jan
9%
Oct
fChlc Rock Isl & Pacific —100
30
Nov
Feb
35<%June
8
600
6918 125,400
1,300
8%
80
102
4
600
62
*62
22
39
8%
Oct
13% Nov
27S Oct
Jan
H
681
*23%
22
6714
90
Jan 17
Jan
1*4
1%
20
61% Jan
18% Mar
52% Jan
Dec
37% Dec
June
37%June 9
% Sept 15
1% Mar 28
4,100
17% Mar
96
Pr pf ($2,50) cum div No par
""306
4%
Jan
Oct
Nov
108% Aug 17
14
July 25
200
41
61
678
28
99% Apr 11
22
*49
*20
*62
•3212
Dec
44
12%
107%
$3 conv preferred....No par
700
38% Mar
39%
100
41
Feb
Oct
9%
Feb
Oct
Chicago Pneurnat Tool.No par
*67
110
22%
41
100
Jan
37%
Oct
4,300
62
23
110
13%
69
.
110
*20%
i
.
2%
1434
70%
71%
500
1
1%
8%
400
20%
Dec
2
5% preferred
—100
^Chicago & North West'n.100
1,600
6%
Oct
10
24
100
%
3
10%
3
1
3
3,100
1,000
%
July 25
Oct
4
5% July 25
Preferred series A
3
8
Mar 26
2
tChic& East 111 Ry Co
100
6% preferred..—.—...100
JChlcago Great Western. .100
4% preferred
100
Chicago Mall Order Co
5
jChic Mil St P & Pac._No par
10%
7g
*35
8%
45
1,100
11,400
3
*%
*834
*13%
8%
11
14%
100
7g
*%
*1%
%
V-
%
134
*1%
*1%
1%
*49
*338
*6%
10
1,300
Dec
Aug
Jan
19% Aug
Preferred
35%
95%
22%
11%
22
4978
48% Feb
52% Sept
58
Mar 26
3334
95%
34% Mar
120
Mar 29
6,400
Oct
Dec
Central Agulrre Assoc.-No par
Central Foundry Co...
1
7
11,000
1,010
12%
18%
107% July 25
Mar 28
4
834
91
4% Jan 12
3% Mar 31
43%
33% Mar
Oct
18% July 20
5
July
Century Ribbon Mills..No par
8%
Feb
Oct
89
12% Mar 26
46
Central Vloieta Sugar Co...19
1%
*1
41%
%
3%
12
82
100
.100
9%
6
24
June 30
8% Aug
Mar 30
100
99
41
to
*%
*10%
42
1%
1%
7,
'8
234
3%
12%
14%
*32%
%
1%
....
*u
*2
*%
*11
7g
1
%
3
3%
3
12%
3%
1414
*'33 is
84
*2%
1434
....
9
No par
preferred....
18% Mar
36% Mar
Oct
40% Aug 27
4
200
....
*72%
*%
*178
prior preferred..
Oct
2%
6% Dec
28
100% Jan
578
5%
*4
*72%
*72%
preferred
100
Celanese Corp of Amer.No par
7%
5%
16%
Oct
July 19
8% Jan 10
98% Jan 3
29% Mar 31
5%
Celotex Co
July 19
42
2
May
834
834
*434
27%
7,
—100
No par
Jan
Feb
Feb
20% Aug 24
21% Jnly 22
45% Aug 23
-
1
100
Preferred
5%
33
23S
Carolina Clinch & Ohio Ry 100
Feb
45%
2% Jan 10
10% Jan 11
4% Mar
34% Mar
63% Apr
12%June
2% Mar 25
62% Mar 31
1
10
Jan
18% July
51
_
Mar 30
21
Oct
45%
35%
1134
July 25
24% Jan 11
Central 111 Lt 4lA% pref_.100
Central RR of New Jersey. 100
33
1%
*1073s 110
50
2634
2
714
100
4,400
106
35
*H2
*114
45
22,400
5,500
27%
*34
*40-%
100
""goo
27%
*72%
*9
5
25
...No par
Carpenter Steel Co.——,
4
*33
*2%
137g
*31
96%
23%
11%
100
Canadian Pacific Ry_.
Case (J I) Co
ar
1%
Oct
65% Mar
4% July 25
5% Mar 30
8%May 27
12% Mar 30
37% Apr
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale..
5
Caterpillar Tractor
M
15
Jan
10
Mar
1
Feb
39
22
45
Jan
13
24
15% Mar
1
98
Oct
Jan 17
Mar
13
14%
Oct
2% Oct
24% Dec
10% Oct
5% Dec
35
10
II
13% Aug 26
No par
50
Carriers & General Corp
20
3% Jan 15
Oct
2%
17%June 30
41
No par
Packing
preferred
500
1,900
16% Aug 6
22% July 25
31
28
26
30
31
Mar
California
300
2,400
23% July 25
31
29
Mar""
Byron Jackson Co
Capital Admin class A
$3 preferred A
21
29
1
41
23
No par
Participating preferred.. 100
Cannon Mills
21
384
6
26
20
Byers Co (A M)
200
90
35
*%
30
35%
*95%
9%
36%
5% conv preferred.:
Butte Copper & Zinc
Canada Sou Ry Co
70
*86
44%
9%
100
200
2234
2734
7g
30
99
44
90
21%
35
%
41
""loo
28%
*%
3%
13
10,700
35
11%
*2%
12%
5%
33%
9%
42
28%
34
*3j
*37%
15%
45%
3434
38
*2i2
*11
14
27%
*12
238
16%
10
32%
♦72%
10%
5g
7
5%
5%
45%
—_
H
9%
*4
No par
-
Butler Bros
5%
16
106
*4%
9%
*6i2
21%
41#
*8%
44%
a-32
1012
13
*86
24
4
5%
978
37%
35
21%
5%
45%
24
*218
*30
99
10
9%
35
97%
1,300
1,500
*63
*105% 108
4478
*21
*%
10
21%
9
33%
*95i2
40
16
95
900
2,400
7934
70
Debentures
Callahan Zinc Lead
*15
23%
2% Mar 30
Burroughs Add Mach_.No par
J Bush Terminal...
6% Jan 20
39
July 25
16% Mar 30
1
Calumet & Hecla Cons Cop__5
*75%
*22
30
*-.5
No par
11,000
3,500
9,200
16
*90
10
15% Mar
13% Mar
6% Mar
14% Mar
1% Mar
4% Mar
6% Mar
5%May
——No par
Co
Burlington Mills Corp
"5,000
79%
44
2134
600
.
*3%
*63
Mar 26
1%
*75%
23
Mar 26
3
7%
*15
3-%
8%
97U
*%
*124
#lg
*86
5%
33%
~2",666
51
1%
6%
15%
43%
44
32
*72%
99
5%
*33%
*48
Bullard
25
{Bush Term Bldg gu pf ctfs 100
18%
9%
42
100
5
99
51
18%
*034
*34%
4%
*8
*86
17
18%
70
*63
22
*8%
*16
*16
Bulova Watch.
100
10
5%
33%
*6%
*3434
95
22%
70
33s
*4
34%
800
3%
3%
3%
86
81
81%
80% 81
*115
11934
115% 115% *114
116%
47
47
47% 48
46%
46%
106
106
*104% 106% *104% 106%
20% 2134
19% 20%
19%
1934
21
21%
21%
21%
4
312
3%
334
4%
*106% 108
*10512 108
*105% 108
*2Cl4
9%
*30%
7
77
1514
73%
8318
46
3334
9%
42
*14
*
10%
33%
17
*10
*48
6
6
3334
77
*10358 106i2
3
16%
15%
45%
*3434
8012
11934
4534
3
16%
15%
*37%
7
45
*19%
*7
100
No par
Budd Wheel
6% July 21
54% Jan 11
3% Mar 31
No par
preferred
7%
410
2,900
7,100
2,000
1,700
9,300
17%
*1134
3%
17%
16%
15%
*37%
.
7%
20%
1%
7%
1534
4%
2%
7%
15
7%
20%
1%
79%
7934
17%
2%
7%
15
7%
44%
*114
13
1%
7
314
18
1234
16%
2%
7%
*76
3i8
18
1%
*3434
,
*2%
7%
*11%
7%
*19%
3%
29%
7%
15%
*37%
35
31%
134
17
434
36%
4%
30%
77«
79%
6
3%
4%
4%
18%
44%
634
15
1834
*3434
*75%
»
76%
48
Briggs
*32
4%
38
17%
*30%
80
8%
96
5
12,400
13%
11%
33%
17%
44l2
46*4
6
Jan
33,200
19
10%
33%
17%
1834
37
*75
*107
Apr
40
10%
9i
10
19
8
*3/%
*100
700
Borden Co (The)
82
32%
16%
*13
1934
17%
57S
478
19%
3%
*33%
*6%
44
99
Bond Stores Inc
Bon?-Warner
Highest
share $
No par
1
Class B
9%
28
16%
93
434
*36%
4%
31%
*7%
17
*32%
5%
38
36%
434
3134
1834
434
30
7%
512
3334
*634 : 7
478
36%
29i2
1%
514
434
28%
7
*32
*52
100
7,200
$
No par
Bon Ami class A...
$
r
4
*66
13,800
2%
35
16%
*9%
9%
93
15%
32
Lowest
Highest
$
share
July 28
30%
*32%
28
*32
934
400
8%
8%
*26
35
9%
10%
Par
50
22
7
.
29
*27
36
9%
10%
1%
7%
*7%
29
93
978
*86
1%
7
30
47
10%
15%
31%
2%
37%
1%
96
47
35
*36
15%
32%
*234
Range for Previous
Year 1937
100-Share Lots
Lowest
Week.
Shares
*92
47
12
1534
32%
3%
22%
10%
32%
*32
11
19%
91
91
*46%
*10%
15%
31%
*2%
2234
10%
32%
On Basis of
STOCK
YORK
EXCHANGE
the
$ per share
1078
3378
36
*32
1
Friday
Sept. 23
6%
8%
♦13s
10
100
Thursday
Sept. 20
share
per
Wednesday
% per share
Sept. 19
Sept. 11
$ per share
*10
Tuesday
Range Since Jan. 1
STOCKS
Sales
for
Monday
Saturday
Sept. 24, 1938
Jan
3
34
•m Aug 25
r
Cash sale,
x
Ex-div.
y
Ex-rlghts.
t Called for redemption.
Volume
l0w
and
Saturday
New York Stock Record—Continued—Page 4
147
high
sale
prices—per
Sept. 17
Sept. 19
Tuesday
Sept. 20
$ per share
$ per share
$ per share
*5%
22%
7
23%
*7i2
*8%
10i2
10%
6%
*6
23%
*7%
*834
11%
6%
1034
11%
6%
6%
24%
101
24%
*7%
*8%
1134
12%
11
6%
6%
*7%
10%
*8%
11
12%
7%
1234
6%
7%
68
*65
68
*79
82%
*1%
1%
*1%
6%
25%
99%
99%
5%
8%
*5%
8%
51 o
2534
99%
534
834
7
8
*99
858
*11
15
*11
14
*75
84'2
*80
11%
13%
13%
84%
13%
16%
17
17%
18
1%
*89%
3878
94
39%
1%
x90%
39%
113
*112%
7
1834
41
113
30%
3134
1
1
1
31
1%
2834
1434
28
64%
66
64%
*170%
3%
3214
—
'
3%
34%
*108
110%
25
1 25%
7
*1701
*31%
31%
9%
77%
28
29
14%
46%
66
*170%
334
334
37
36
3%
35%
110% 110%
2:25'%
2534
7%
3034
34
3034
*3278
32%
10%
*30
7734
*78
80
*3
30%
*70
*7%
10%
6
Mar 29
10
*734
934
12%
12
12%
5,400
Consol Aircraft Corp
10% Sept 17
7
1,100
66
20
Consolidated Cigar
7% preferred
8% July 13
1478July 6
19% Jan 17
10% July 21
7%
634
66
68
83%
1%
*79
1%
1%
7%
1,000
25%
99%
24,900
1,600
11
*78
79
31%
32%
*73
82
65%
*170%
3%
4
3734
92
92%
34%
32
32
3,000
1%
1
1
2734
2834
66%
40%
....
29%
8,300
67
700
190
3%
3534
2,900
66
3534
19,300
4
*61%
13
34
*32%
3334
11%
11%
*79%
12
80
80
80
33
34
32
3234
*72
82
*73
34
*32%
5%
3334
*32%
33%
10%
11%
7,600
80
80
30%
31%
82
*73
44%
4%
18%
5%
6%
4%
*5%
4%
6%
4%
6%
100
4%
*5%
4%
*62%
14%
634
*538
4%
5%
4%
4
4%
2,100
70
14%
634
14%
14%
14%
6%
6%
6%
47
47
46%
4%
46%
19%
20
45
46
4%
4%
4%
19%
20%
20%
*76
80
*76
80
*76
*41
50
*41
50
*41
21
21%
*5%
*14%
7%
21%
20%
5%
5%
1434
7%
*10834
1434
7%
15%
*24%
*12%
14%
16%
25
13
15%
5%
534
1
46
4%
22
6
6%
1434
1434
7%
7%
4%
20
46
*76
80
*76
50
*41
50
*41
*1434
15%
23
*5%
8
7%
7%
720
19%
44" 900
24%
24%
24%
24%
*12%
13%
16%
16%
6
98%
5
*97
98%
5
*94
98
96
96%
*1%
*96%
99
98%
*2
5
*2
5
*2%
5
*2%
ar
2% Sept 14
2% Mar 19
10
Mar 31
78
Apr 18
5%
*2%
*13
16
"8",400
17% July 19
8% Mar 26
1% Mar 29
26% July 27
234 July 16
65% Mar 31
103% July 25
36% Mar 30
Jan
5
June 17
21% Mar 30
%May 26
21% Mar 30
10
Mar 26
40
Apr
1
49
June 30
113
Sept 19
11% July 26
36
July 25
134 Jan 15
3534 July 25
19% July 25
56
Jan 12
100
No par
No par
Corp
preferred
5
No par
100
Cuba Co
(The)..
No par
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
100
19
Jan 31
85
Mar 31
Curtis Pub Co
Preferred
No par
1
Class A
preferred
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4 A % pf. 100
Deere & Co new
No par
20
Preferred
Detroit Edison
*2%
5
100
Det & Mackinac Ry Co...100
35
June
8
3% Mar 30
12% Mar 30
18
Mar 31
4% Mar 29
13% Mar 29
6%June
4
102% Jan
3
1334May 27
1934 Mar 29
9
87
Jan
76% Sept
48
Aug 20
2834 July 25
834 July 20
15%
11%
10834
25%
Aug 17
July 29
25
Jan 20
5
Aug
Feb 25
2% Sept
108
Jan 12
4% Jan 24
734 July 6
39%
600
7%
1,000
Diamond T Motor Car Co...2
5
Mar 30
10% July 29
14
15
1334
7%
14%
3,80u
Distil Corp-Feagr's Ltd .No par
11
Marl8
17% Aug
3
7
18%
29
*4
18%
29%
20
21
21
21%
31%
3134
5%
*4%
43%
32%
5%
4434
31%
*4%
43%
5
40%
*125
42
133
*12%
17
8
8
3%
3%
29%
*4%
43
130
130
*13
*14
18
18
18
Q
9
3%
11
128% 133
*135% 136
*116% 117
115
4%
115
135% 135
117
*115
4%
5%
117
13634
*116% 117
115
5%
5%
167
167
170
172
173
173
171
*161
171
165
165
18
1834
1934
21
20
3
3
3%
31%
734
2%
3%
3%
31%
32%
26%
8%
25%
22%
26%
1
1
24
22
7%
*2%
8%
*2%
2%
9
9
8%
8%
31%
25
25
27%
29%
1%
30
28
26%
28%
*1%
23%
*28
27
29
29
23
*40
109
4%
*15%
19
1%
23
44
*42
1%
23
24
44
44
*109
109% *109
434
434
5
4%
32%
1%
136
11,300
600
60
166
20%
*3%
3%
3134
163
x31
7%
*2%
31
*26
28%
*1%
23%
Eastman Kodak (N
121% Mar 31
8%
8%
28,800
Electric Power & Light. No par
6% Mar 29
28
28
*25
2834
1%
23
30
27%
28
28
*1%
22%
*22%
*43%
45%
43%
£10734 10734 *10734
5
4%
5%
4%
57
*55
60
*54%
1%
24
43%
54,500
3,900
900
1,400
600
3,000
300
30
434
60
67
*57
*62
70
*60
69
*61
75
*61
72
*60
70
*60
10,500
67
70
*3%
10%
12%
*1%
*534
12%
13
1%
634
31
33
4
*10893t
25%
12%
13
13%
14
14
14%
*1%
14%
1%
*72%
*75
85
4
*iu
1%
534
534
33%
33
*106%
25%
10%
78
*9%
*26
...
4
31
1034
*72%
*72%
*75
85
*80
*90
*17%
*
1034
78
85
*80
85
—
*90
78
75
75
*80
85
*80
22%
*83%
22%
88%
*20%
1%
22%
*84
88%
4
2% Mar 26
5% Mar 31
100
2,900
Fairbanks Morse & Co.No par
19%May 27
"600
6% conv. pref...
100
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction... 15
106% Sept 16
22%May 31
100
460
10%
Exchange Buffet Corp .No par
Fairbanks Co 8%
pref
""26
100
Federal Mln <fc Smelting Co 100
2,100
Federal Motor Truck..No par
1,000
Federal Screw Works..No par
Federal Water Serv A.No par
preferred
6% Mar 30
67
3%
1%
300
20%
88%
32%
400
Federated Dept Stores.No par
Fed Dept Stores 4 H % pf..l00
T.066
Fidel Phen Fire Ins N Y..2.50
22% Mar 30
22
32
33
33
*17
22
*17
22
*17
this day.
5
June
4%
3%
4
32
1%
Cleaner
2
10% Apr 9
1% Mar 31
3% Mar 30
*90
4%
3%
100
.100
April
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
1
Sept 14
12% Mar 30
67% Jan 4
*1%
20%
*83%
*31%
1%
Eureka Vacuum
85
*90
22%
Bid and asked prices; no sales on
*75
88%
33
25
634
33
*106,33I_
27%
♦21
*17
1%
634
27%
*9%
*82%
3234
*1%
33
2812
1034
3%
31%
300
5
3%
31
2%
3
3%
*1%
*1%
l%Mar 29
l%June 21
234 Mar 30
Evans Products Co
*9
Mar 29
100
Ex-Cell-O Corp
*27%
46
{Erie Railroad
4% 1st preferred
4% 2d preferred
7",900
3%
1%
88%
25
28
Mar 31
Equitable Office Bldg_.No par
2,900
*106»ji
40
900
13
1%
3
6
5
2% Mar 29
38% Mar 31
500
1334
7%
3434
Feb
Apr
94% Apr
400
12%
3%
*81
17
33
preferred
.100
Engineers Public Service
1
$5 conv preferred
No par
$5'A preferred w w__No par
$6 preferred
No par
5%
*3%
12%
4%
2%
1%
22%
Endicott-Johnson
4
4%
2%
*!%
*20%
...3
Corp.;..50
El Paso Natural Gas
13%
*1%
%Mar 26
newNo par
14%
4%
2%
1%
2034
Elk Horn Coal Corp
t In receivership,
86
Preferred
a Det. delivery,
Filene's (Wm
n
100
80m Co. No par
New stock.
Cash sale
15
June
jEx-dlv.
1
y
Oct
10
Oct
106
Nov
Nov
130
Oct
107%
109%
Oct
Oct
Oct
2%
144
Nov
150
Apr
233s Aug 25
5% July 25
15%
34% Sept 13
10% Jan 17
1478
Dec
334
358
6%
Oct
4
Jan 11
1334 July 20
2
26
Dec
234 Dec
Oct
Oct
2
2
27
24
Oct
7
July 20
22
Oct
31% Mar
13%
1334
*634
6
1
7% Jan 12
181
July 25
171
Apr 20
4134 July
1%
2%
4
Mar 16
118% Sept
116%Mar
Mar 31
4%
2%
13534 Aug 2
137
Dec
Dec
98
July 18
Jan 27
18
*4
2%
11
2l34Mar 31
preferred
21
1%
115
Dec
Oct
79% Nov
8%
Elec Storage Battery..No par
36
5
Oct
26%
July 19
45% July
2%
34%
Mar 30
60%
4% Sept 22
22% Mar 31
preferred
*3%
14
1434
1%
7%
35%
6
14
No par
..No par
37
4%
234
*2%
*9%
*72%
78
1%
3
2%
434
4
*15
27
2
100
5
4%
*4%
4
31%
25
343g
*106%
27
89
1%
20%
*81
...
*9%
4
234
35%
27
28%
10%
78
*9
4
634
34%
*106%
*90
*90
3
13% Mar 30
9%
31
*58
*2%
*3%
Mar 23
2%Fept 14
68
2%
2
Elec & Mus Ind Am shares
*54%
*58%
♦2%
*3%
12%
5
5.000
44
*1%
Jan
10% Mar 30
2,000
70
*1%
2%
4%
*2%
*3%
13%
14%
1%
634
No par
157
7%
60
4%
4
2%
*58
2%
J).No par
100
7%
*55%
2
6% cum preferred
109% Apr
2%
66
*1%
*2%
4%
Apr 23
90% Mar 31
8
60
4%
102
2%
*57
134
2%
24% July 19
Electric Auto-Lite (The)
Electric Boat
*55
1%
2%
Mar 26
1,400
Eitingon Bchlld
56
*4
54% July 25
140% July 7
1,700
100
Aro par
2,800
65
134
2%
334
2%
Jan 27
13034 Mar 31
1
11134 Jan 3
3% Mar 31
6% non-voting deb
$4.50 preferred
2%
2934
56
2%
*3%
2%
15
Mar 30
Duquesne Light 5% 1st pf.100
Eastern Rolling Mills..
5
500
Eaton Manufacturing Co
*59
*1%
3478 Aug 10
8% Jan 20
4%June
]34May 6
8% Mar 28
100
31
Oct
6% Mar 25
5,600
3%
16%
1
163
•
July 29
Mar 30
No par
18%;, 20
20%
Oct
24
Dresser (SR)Mfg conv A No par
100
Du P de Nem (E I) & Co..20
Oct
Oct
100
No par
Oct
Dec
15
87%
preferred
584
10
27
No par
8%
30
Jan 12
Dow Chemical Co
Duplan Pilk
Oct
12% Oct
29% Dec
18% Oct
Jan 12
500
International
5
17
31
Class B
5
88% Dec
78% Sept
27% July
Dunhili
96% Oct
19% Nov
20% Nov
34
No par
600
Feb
65%June17
Douglas Aircraft
2,100
Jan
24
10
Sept 14
2834June
Dome Mines Ltd new..No par
Dominion Stores Ltd__No par
115
*160
40% Aug
12,100
136
136
31% Jan
13", 200
117
*116% 11734
*11334 115
5%
5%
5%
5%
169
171% 172
170
No par
.No par
2034 Jan
39% Feb 28
29% Aug 3
12
117
834
30%
23
4%
234
31
44
4
8
8%
234
30
110
22%
*39,
*109
8
3%
3134
21%
3%
33
29
1%
130
Co
Class A
Mar 30
Doehler Die Casting Co No par
5
4234
Dixie-Vortex
4% June 11
25
800
136
5%
*161
30
19
*127
6% pref with warrants..100
115
115
18
7%
2%
29%
*4%
41%
5%
*15%
*136
115%
171
7%
2%
734
32%
*4%
20%
31%
,
17
30%
*20
9%
9%
*8%
10
9%
9%
3%
4%
4%
4%
4%
4%
*10
12
*10
12
*10
*10%
12
12
*10534 115
*10534 115
*103'% 115
*10334 115
132
133%
130
132% 134
130% 133
131%
*161
28
20%
334
18
115
234
20%
77
0
334
*8%
3%
*10
4%
4%
*162% 165
43
132
*105
115%
31
5%
44%
132
11
*135% 136
116% 117
21%
32
130
115
*115
50
129
*10
128%
300
4134 4234
126% 126%
*105
127
11
30
18%
get
Oct
Mar 31
39%
30
Oct
Oct
76
*26%
*10
Oct
6
12%
Oct
8
*18
Feb
27
134
28
*73
62
2% Jan 10
40
11
Jan
Nov
18% Nov
78 Aug 23
*39%
77
86
24
Oct
*26%
32
54% Deo
8
8
*73
Feb
Jan
8% Mar
5
3934
*10
Jan
2334 Mar
13
2734
*30
Jan
Oct
8% Feb 25
8
11
Jan
Oct
15% Jan 11
23% Aug 8
4
3934
77
Mar
3
1738
1438
2
Mar 31
Mar 30
7% Mar 29
27
32
8134 Mar
135
109%
8%
14%
78%
10%
*10%
Oct
Nov
% Dec
8%
383,t
*73
Jan
Jan
Apr
IO884 Apr
25%
39% Doc
28%
*31
47%
2434 Aug
8%
32
56%
Jan
38 34
*30
Dec
20%
28
10
Jan
Feb
Oct
8
78%
2834
100%
6%
4
40
32
Jan
Deo
28% Nov
Mar
27
10
Feb
Aug
43
27
*30
37
Doc
*3838
*70%
561a
115
12
38-%
7%
10
Jan
21% July 18
8% Aug 11
56
Aug 10
6
July 19
26
25
Feb
71%
171% Jan
10% Mar
127
38-%
6% partlcp referred
Nov
77
Dec
25%
100
22% Nov
88% Doc
July
35% Mar
70
*6
preferred
Oct
49
Jan
"
x31%
Devoe & Rayuolds A..No par
Diamond Match
No par
50%
Oct
Mar 29
10
32
Oct
9% Oct
4634 Nov
234
3
33
80
24
Oct
*6
*9%
Jan
Feb
3
30
*70
3%
13% Feb
6% July 14
10
*30
4234
%
5% Mar 31
31
*14%
Oct
Oct
23
80
*6
15
69%
108%
2534
Jan
Dec
Oct
21
29
1434
Doc
Dec
5%
57% Dec
10
14%
*73%
10%
37%
106%
94% Jan 17
1% Jan
27
1334
Jan
Feb
443s Jan 11
*6
14
IO934
82
26
13%
Oct
19% Mar 31
70
Apr 8
%June30
10
800
Jan
5%
65
58
100
400
28
3734
Oct
Oct
July 19
37% Apr
Oct
1
Dec
Mar 29
Jan
Apr
52s4 Apr
92% Aug
13%
7%
8%
29
8
7934 Dec
1034 Oct
30%
10
Delaware & Hudson
Jan
*6
7
Oct
34% July 25
14% July 19
13% Mar 31
Conv 5%
38% Sept 13
11434 Aug 26
*2534
7%
16
34
48% Jan 11
5%
Jan
Oct
37
Cutler-Hammer lnc newNo par
Davega Stores Corp
5
97%
980
10578
10%
Oct
3
Apr 13
25% Apr 1
7% Mar 29
4% Mar 31
Curtlss-Wrlght
10
Doc
2%
29
(The)..No par
97%
31%
100
22% Mar 30
JDenv & R G West 6% pf.100
*6
Apr
21
50
Packing
300
30
1778
2f.s8Sept
10% July
39% Jan 17
58%May 31
12
May 25
1%
10
Oct
Oct
Apr 1
Apr 12
2% Mar 26
Delaware Lack & Western..50
31%
7
3
8,700
*1
89% July
9%May 27
Feb
5% July 25
5%
5%
Jan 12
Jan
13%
Apr
Diesel-Wemmer-Gilbert
13%
15%
22
Jan
Oct
153
pref w w__No par
Zeilerbach
Cudahy
7% Jan
5% Jan 12
108
Jan
3%
70% Aug 17
Crucible Steel of America., 100
1,700
1%
1
200
18%
*1
1
700
15%
*108%
1%
1
1634
6
*14%
19%
*1
13%
17
6%
1%
6
2,200
....
6
13%
15%
6
*12%
15%
5%
50
21%
18%
19%
2434
13%
17%
6%
24%
98% M
1034 July 13
24 105ll«Sept 2
Nov
170% Sept 14
25
conv
conv
6% July 21
92
162
1
Pref ex-warrants
$5
June 30
i53
Co
Crown
100
Mar 30
Cushman's Pons 7% pref..100
$8 preferred
No par
80
20%
7
15%
*8
8
8%
108% 108% *108%
183s
*23%
*12%
Crane
800
26,300
11,000
2334
*14
2,800
4%
80
534
""800
1934
*23%
534
2134
14%
6%
46%
*41
6
7
8
25
Preferred
4%
*76
1434
8
88% Apr 16
2% Mar 30
8% Aug
30% July 25
100
Coty Inc.
70
19%
434
50
24%
5%
*61%
23%
24
16%
70
80
10834 10834 *108% 10834
16%
16%
17%
18
24%
*12%
*61%
4%
21%
Corn Products Refining
Preferred
6%
19%
5
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
50
9,200
*5%
4%
45
No par
$4.50 preferred
82
6%
4%
70
6%
5
Continental Bak cl A..No par
Class B
No par
8% preferred
100
Continental Can lnc
20
"""166
11%
""106
534
44%
4%
19%
No par
5% preferred vtc
100
Consumers P Co$4.50 pfNo par
Container Corp of Amerlca.20
$2.25
%
14%
6%
preferred.
135 preferred
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
34
*3s
14%
Jan
S5
Consol Laundries Corp
Consol Oil Corp
No par
%
6
Jan
I884
4978
No par
*%
14
534
Oct
Crown Cork & Seal
%
6
Oct
Mar31
Crosley Radio Corp
%
13%
1
4%
21% Dec
Mar 26
4% Mar 26
200
8
%
13
1
17
4,600
34
65
1
No par
Consol Edison of N Y_.No par
21% Apr 5
5% Mar 31
*s8
*61
Consol Film Industries
S2 partlc pref
5% conv preferred
Cream of Wheat ctfs
%
70
Mar
600
*%
*61
Mar
95
600
%
*5
18%
87
Oct
25
30%
434
Oct
110
*7%
July
Oct
25
30
Jan
26
63
110
8
Jan
22
Oct
65
25
32
19%
Dec
8
Jan 15
111
31%
*32%
*32%
11%
share
Feb
68
Preferred
"i'soo
Dec
5%
19%
86% Aug 17
1% Jan 11
....
334
7%
per
45% Mar
Jan
Continental Oil of Del
7,600
Oct
Doc
Apr
5,000
16%
4%
20
71
6
47%
July 21
55
107
28%
64%
4% Mar 29
3
9% Aug
Highest
100
No par
*14%
*170%
3%
334
34
36%
4% Mar 30
Continental Diamond Fibre..5
Continental Insurance
$2.50
Continental Motors
*45%
67
No par
1
share $
100
100
15%
*170%
4
39%
47%
*32%
82
300
92
33%
1%
8%
3334
34
33%
2,500
1,300
36
37%
11034 11034 *110
2 534
25
*7%
8
8%
80
6,500
10,800
8
15%
33%
100
8
*23
32
1S4
*112%
*46
...
134
200
8%
16
47
2
18
500
1,300
40%
29%
1534
17%
20,900
8%
1%
46
19
700
3934
*112%
8%
33%
2834
46%
66%
26
*32%
*30%
41%
...
"""566
7%
24%
99%
1
3% Apr
per
w
6%i% prior pref w
83%
*1%
8
2534
*99% 100
1%
110
*7%
32%
10%
33
34
1%
2934
15
110
34
10%
40%
*112%
8%
8
*25
7%
32
37
30%
*72
1
45%
64%
7i4
*2934
42%
*112%
3234
*14%
45%
10%
*8%
12%
25%
92
*3112
14i2
28
1%
*9034
92
8
45
Mar 29
19
93
8
28
15
20%
*90%
$
Congoleum-Nairn inc. .No par
Congress Cigar
No par
Conn Ry & Ltg 4A% pre!. 100
xS
2
share
per
500
19%
2
$
3,200
1%
99%
Lowest
Highest
share
*7%
8
26
No par
per
6
*79
734
Conde Nast Pub Ino
$
24
6
6%
7%
*65%
25%
Lowest
Par
2334
65
2
*7%
27%
14i2
7%
Range for Previous
Year 1937
of 100-Share Lots
2434
6
*24%
83%
1%
178
90%
40%
734
44
6%
1%
1%
19%
On Basis
EXCHANGE
the
Friday
99%
534
534
*5%
5%
*5%
5%
8%
8%
8%
8%
834
8%
8%
*1051%jl05% 10511j2l0511ss *105l%2105% *105n»2105%
*3
*234
3
3%
3
3
*234
3
234
2%
234
234
*2%
3
2%
2%
12
12
*12%
14
*12%
14
*12%
14
*80
*83
86%
86%
*80
*80
86%
86%
14
14%
14%
14%
14%
14%
13%
14
5%
*105%2105% *105",il05%
*234
3
*234
3
*234
3
234
234
1%
65
*79
8
2334
6%
2419
8
24
99%
Range Since Jan. 1
STOCK
Week
12%
83%
YORK
Shares
10%
*79
5%
Sept. 23
$ per share
25%'
*65
99
Sept. 22
$ per share
25
68
1'8
NEW
$ per share
Thursday
6%
25%
10%
83%
1%
STOCKS
Sales
cent
Sept. 21
*79
634
not per
Wednesday
*64
22%
share,
for
Monday
1885
July
7
14%
Oct
Oct
4434 Aug
1
33
Nov
109% Sept
7
100
Nov
1
3
59% Sept 9
64% Sept 10
68
Aug 26
41
Oct
45
Nov
51
Nov
7
July
Oct
1% Dec
2% Jan 11
6% Jan 3
4%
834 Jan
6
8%
Oct
Oct
6% Jan
6
5
Oct
5% Jan 13
3
Oct
1.5% Sept 13
16% July 27
2% July 19
11% Jan 12
39
Aug
8
106% Sept 1"
34% Feb 19
14% July 20
82
July 1
92
July 6
99%May 17
5% Aug 10
4% July 25
2% July 1
26
July 21
90
July 27
3534 July 25
*21% July 14
Ex-rights.
6% Dec
1%
7%
23%
Oct
Oct
Oct
150
Mar
26
Oct
7% Oct
7234 Dec
60
Nov
90
Oct
2
Oct
2% Oct
1% Oct
1484 Dec
x65
Oct
22%
Oct
20
Dec
1 Called for redemption.
New York Stock Record—Continued—Page 5
1886
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Sept. 19
Wednesday
Sept. 21
Tuesday
Sept. 17
Sept. 20
$ per share
18%
90%
27%
20%
23%
$
Range Since Jan. 1
1%
2834
24
24
24%
*14%
20
16
16
134
29%
31
91
1%
134
29
2834
1612
16%
•62
75
*62
*3%
♦29%
4%
40
*30
29
*3
29
29
•1«4
2%
2
3I2
3%
3%
•10
12*4
*10
•12
13%
93%
*92
*92
5%
*1%
*89% 100% *100
101
1512
22%
11%
534
634
2034
21%
92%
30
23%
26%
20
90
20
♦98
29
20%
92%
29%
2234
19%
1734
17
*62
75
*92
30
28%
22%
23%
26%
22
*16
2
31
18%
18%
2%
3%
12%
12
93%
334
12%
*12%
14%
*14%
64
*48
54
634
6%
634
100
*98
43%
17
9%
9%
47
10
9%
*130
♦130
13
13%
*1034
*12
*12
13%
40
93
*91
93
20
Gannet Co conv 86 pf_ .No par
5%
6%
6%
*3
34
29%
29%
2%
2934
6%j
6%
900
4
2,100
14
100
57g
14%
*14%
15
*14%
15%
*14%
15%
*48
54
*48
54
*48
4734
10
...
934
♦130
6%
8%
8%
*106
*56
71
26
26
*24
120
120
8%
16%
99%
J1*
11
50
8»4
*52%
12%
50
2%
2
2%
*2%
*78
49
50%
2334
25
20%
47%
25%
87
87
*87%
*54
60
1%
5%
*18
90
*85
90
1%
14
19
3%
18
14
*43%
*3%
1%
3%
*54
17%
8%
8%
55%
5434
55%
1234
12%
53%
13%
51
19
20
48
2%
2%
*43%
90
*78
2%
2%
21%
50%
25%
21%
90
89
3%
60
54
26%
53%
21%
48
2%
2%
90
22%
54%
27%
89%
*21
13%
16
8%
5434
13%
*54
59
20%
*43%
2%
2%
*78
21 %
1%
1%
1%
1%
534
5%
*1%
*9%
6
1%
6%
*1%
6%
1%
6%
*13
15
14
14
23
23
*23
23%
23%
24%
*23
24
*23
24
23
23
12
12
1234
13
*13
11%
11%
15
16
17
17%
18%
19
26% 26%
26%
27
27% 2734
*13434 137% *13434 137% *13434 137%
*37%
49
*37% 49
*37% 49
20
20
21
19% 20
21%
*1%
934
*14%
197g
13%
*1534
1534
8%
52%
8%
52%
1234
20%
48
2%
2%
2%
90
78
*53
2534
L87
1%
6%
1%
9
15
24
24
24
12%
18%
13%
19%
27
27
*56
{"
78
"""366
12%
177g
27%
138
*37%
*37%
9%
*85
15
12%
18%
27%
138
49
118
Jan
3
4
.r__100
4
Mar 31
6«4 Mar 29
101% Apr 9
l%May 21
1234 Mar 30
3,500
45%
2%
2%
2%
2%
*75
"2,000
1,100
78
*3%
60
21%
10
39,500
1,100
48,400
1,200
400
3%
60
1%
5%
*1%
9%
*14
6,300
4,400
6
""366
15
23%
*23
100
24%
1,500
24
11%
1634
12%
3,200
17%
13,500
27
27
1,200
137
137
30
*37%
49
.'.
.
100
preferred
Feb
19%
Jan
32% Mar
Mar 31
98
Glmbel Brothers...—No par
June
1
Mar 29
5
No par
No par
56 preferred
Glldden Co. (The)
6%June 13
Mar 29
Mar 29
37%June18
Mar 30
13
4H% conv preferred
50
Gobel (Adolf)
...1
Goebel Brewing Co
1
Gold <fc Stock Telegraph ColOO
37
No
5% preferred
No
Goodyear Tire <fe Rubb.No
$5 conv pref erred... No
10
Goodrich Co (B F)
par
par
Apr 1
1'4 Mar 26
2% Sept 14
60% Apr 26
Mar 31
32
June 18
15% Mar 31
par
6934June 17
No par
2% Mar 30
100
Gotham Silk Hose
par
52% Mar 30
34 Mar 29
2% Mar 31
Preferred
1
Granby-Consol M S & P.....5
Grand Union (The) Co
1
$3 conv pref series
No par
Granite City Steel
No par
Grant (W T)
10
Graham-Paige
Motors
20
preferred
Gt Nor Iron Ore Prop..No par
Great Northern pref
100
Great Western Sugar..No par
Oct
384
33
Nov
48
Oct
64%
657g
3
117
May
125
Aug
50% Aug 26
12384 Aug 27
__
84
111
122%
60%
Feb
15%
Feb
Oct
3%
8%
Oct
Oct
Feb
3
2% July
7
Dec
x99
1%
Dec
26% Jan 15
17
Oct
85
Nov
1
Oct
July 21
Jan
70%
21%
12% July 22
Jan
F<b
Dec
July 22
106
Jan
Oct
28%
9% July 23
45
124
Mar
19
110
53g
65%
117%
584
48%
70%
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Jan
14
Oct
18
Oct
13%
Oct
88
Jan
Oct
33«4
43%
Feb
9%
Jan
Feb
Jan
20
Jan
6
16
Dec
100
June
8
95
Nov
95
Nov
Aug
19% Aug 24
11% Feb 26
8
Oct
24
8
Oct
20%
Feb
Feb 26
56
Oct
88%
Feb
61
1534 July 19
67
July 20
27% Jan 11
51% Jan 19
3% July 18
3% Jan 11
80
Jan 17
2534 Aug
61%
30%
9984
5%
July
Aug
Aug
July
9
19
24
6
19
65
June 29
2
Jan 12
6%
Dec
29% Mar
49%
Oct
Dec
90% Mar
19%
43
Oct
1%
Oct
2
Oct
*83%
Dec
1234
Dec
46
Dec
16%
72%
Dec
3%
Dec
55
Oct
Oct
51%
58%
Jan
6%
8%
Feb
115
Jan
Feb
Feb
50% Mar
8734 Mar
47% Mar
141
13%
96
484
Mar
Jan
Jan
Feb
1%
Oct
6
3
Oct
15
Jan
Oct
10
Oct
5%
2784
10%May 26
19
Apr 5
2% July 19
13% Jan 11
18% Jan 10
13
Dec
48%
Jan
Feb
Feb
30
July 18
22
Dec
47%
Jan
20
24
Aug 30
1984
Dec
22% Deo
Oct
28% Mar
1
Mar 31
8
Mar 30
Jan
3
9% Mar 30
12% Mar 31
122
100
7% Aug
15% Jan 12
26% Jan 12
8
32
Apr 12
140
6
40
23% Apr
100
Preferred
65
9
2% July 25
24% July 25
37% July 20
2884 Jan 10
16% July 20
9
Green Bay & West RR
T,800
Feb
14
2
Mar 25
51
5%
153
Oct
Oct
Aug
1
Razor..No par
pref erred ....No par
Gillette Safety
100
Oct
6934Sept
37
95
General Tire & Rubber Co..5
10
1%
1%
9%
S6 preferred
36% July 20
114% Aug 26
1% Janill
Sept 15
8% Mar 23
14%May 23
20
Oct
2%
6%
x85
Gen Time Instru Corp .No par
53
24
Mar 25
50% Jan
Gen Theatre Eq Corp .No par
20
5
July
5% July
Jan
% Mar 30
25
200
*43%
15% Mar
105% Jan
96% Feb
117
11% July
135
Oct
Nov
31% Nov
51% July
Jan
1,600
700
5%
91
July
Feb
13
54
Aug
8% July
647g
Gen Steel Cast $6 pref.No par
54
51
100
44%
630
19,200
1534 July
152
19
12%
Feb
Oct
15% Mar 31
11%
19%
Dec
1
Gen Realty & Utilities
55 conv
Jan
Oct
28% Nov
13% Mar 29
400
Jan
7% July 25
34
1
No par
57
33
106%
4
z99
Railway Signal—No par
6%
Oct
Nov
Sept 12
General Refractories—No par
6,000
Dec
88
45% Jan 10
3,300
~7~8o6
10%
2
122
31
8
11%
15% July
z39% June
Dec
30%
18%
13%
1534
16
.
Jan
Dec
22
No par
No par
*6 preferred
6% preferred
99%
3
7% Mar
Feb 23
700
7%
*53%
5% July
Jan
Oct
28
20
16
234 July
1%
Jan
32%
20% Mar 31
108% Apr 1
27% Mar 31
22% Mar 30
10834June28
General Printing Ink.;
Gen
13%
1534
Oct
126% Mar
52% Jan
21% Mar 30
900
~3"406
18
Oct
No par
Gen Public Service
1%
Sept
Jan
18%
83
Oct
20
1%
32
135
14%
111% Apr 25
90
Oct
66
..No par
preferred
Common
100
Dec
Dec
Jan 24
100
600
87
24%
6% Mar 31
Apr 12
2% Mar 31
534 Mar 31
115
25% Mar 31
$5
234
72
6% preferred
17%
17
Mar 29
General Motors Corp......10
1%
25%
1%
10
1,400
1,300
106
1%
82
*1%
2334
7
53
6%
*14
*8%
106
29
Sept
Feb
40
Aug
Mar 29
54%
July
July 20
June 15
Apr
98
Oct
66
Aug
5% Jan
July
4% Mar 31
58
Oct
43
18
82
Oct
11%
July
18
48
Oct
1%
94
Mar 30
Feb
58% Feb
39% Mar
9% Feb
80
.
74
46%
27
Jan
33% Jan
103%[Aug
22
Oct
13% July
26% July
No par
General Mills...
700
*6%
24%
6%
*23
*119% 122
*32%
36
Die
Jan
MarlO
Gen Outdoor Adv A—No par
165,900
15
11%
Mar 30
$6 conv pref series A.No par
110
Dec
21
9% Mar 29
10
85
Gen Gas & Elec A
10
400
Mar 29
2% Mar 31
Apr 13
19% Mar 30
1% Mar 29
2% Mar 31
Dec
22
per share
41% Mar
107% Feb
52% Mar
Mar 30
preferred .....No par
No par
84.50
50
25
26%
Oct
Nov
11
No par
No par
Electric
General Foods
100
44
88%
1%
*9%
43
20%
60
6,100
2,500
Mar 31
10i2
90
25% Sept 8
2934 July 20
3
Highest
$ per share t
35
No par
100
7% preferred...
General
11
per
100
7% cum preferred
General Cigar lnc
70
63,400
Mar 25
share
25% Jan 15
96% July 25
34% Feb H
$
No par
...No par
Class A
600
♦123% 124
22
53%
26%
1%
137% 137%
49
2%
2%
4
4%
60
57
*2%
2334 *.«21»4
*23
21
13%
17%
99%
16%
*43%
89
*56
31%
20
21
54%
2734
60
1%
20%
46%
89
*54
1%
20%
3034
12%
*54%
20%
2534
54%
*4
10
8%
*52%
12%
4
*9%
14%
99%
17%
*
1%
10
33%
20%
17%
4
134
10
14%
1%
22
*15
1%
*1%
*8%
*1%
*85
90
16%
1%
1%
19%
20
8%
7%
9
21
*
41%
.
106
19%
'
122
j
*6%
18
19%
17%
99%
122
*32
9
18%
*14%
45%
*105
1%
17%
12%
*]434
44%
9
9
134
32%
8
90
46%
105% 106
8%
106
31
15
20
1%
6%
30
19
18%
*85
40
33
50
*78
453g
21
18
2%
46%
32
*43%
*2
124
21
14%
17%
99%
1534
57%
1134
62%
124
20
7%
*52%
125
*1%
18%
3
14%
734
*124
*105
1%
16%
14
124
45%
90
*
*66
124
18%
20
Cable
69
7
1%
20
30
18
12%
General
69
121%
42
1%
*19%
2834
16%
12%
5,600
$8 1st preferred.-.-.No par
71
69
7
*85
10%
22%
*66%
6%
90
Bronze—...——.5
*36
*32%
*85
4%
General
36
6%
*17
*56
5
General
36
41
Baking
4,500
36
*119%
*39%
35%
3434
113% 113% *110%
84
a4
34
40%
34%
Gen Am
No par
Transportation
5
$6 preferred
"""466
*24%
26
120
119% 119%
40%
38%
39
35%
34%
35%
115
*111% 115
34
34
34
*33
,49%
49%
68
68
68%
37%
17
16%
4%
Mar 29
5
preferred....50
conv
l",3o6
9
18
85
13%June 25
Gen Amcr Investors...No par
"
per
4% Mar 29
Gaylord Container Corp
514%
26
*3%
Range for Previous
Year 1937
Lowest
Highest
share
16% Mar 31
76
Apr 14
24% Mar 30
10% Mar 26
1934June 13
15
Apr 7
1% Mar 26
5
Industries Ino.—3
Gar Wood
...
71
121
*1%
9%
*130
*55
*32%
2:8%
1%
...
100
"l,§66
99%
♦30
36
*105
*1%
10
*130
6%
46
71
*32
6%
10
46
*3%
10%
4%
120% 120% *120% 121
0%
99%
47%
20%
*55
*66% 69
123% 125
43% 44%
•123% 125
41%
4334
120% 120%
•26% 27
*96%
4634
6%
*96%
11
11
*23
25
25% 25%
23%
23%
11934 120
*119% 122
*119% 122
40
40%
37%
38%
3834 39%
34
34%
32% 33%
34% 35%
*110
113% *110
113%
113% *110
34
34
34
1
34
a,
69
7%
23%
65
•65
10
...
*6%
11
*55
F'k'n Slmon&Co lnc 7%
54
7%
*96% 100
4734
4734
7%
*2134
71
*25
1,500
j 57g
54
11%
*56
36
3,200
2
23%
22
*25
2934
2
*22%
10%
21%
3%
10
4
2%
37g
preferred
Francisco Sugar Co
4
34
11%
22%
*1934
9%
Foster-Wheeler
$7 conv
75
4
35
10%
3%
10%
3%
10
20
3%
4,300
100
10
pref__..
4conv
*1034
4
*62
75
*3
*4
•19
t Follansbee Brothers..No par
Machinery Corp
100
Food
20
17
4
4
No par
Florsbelm Shoe class A .No par
*91
2%
*11%
6%
7
*96% 100
*96% 100
*43% 46
44%
9%
•128%
*48
6%
300
1,700
100
No par
Florence Stove Co
14
12%
2%
12%
13%
14%
14%
♦48
1%
30%
1%
30
100
'
*14ig
100
First National Stores ..No par
Fllntkote Co (The)
92
30%
4
93
5%
534
19
*31
3%
39
30
4%
*92
*15
6% preferred series A—100
700
1,200
23,300
1,200
10
12%
*3
*32
2
2134
25%
Firestone Tire & Rubber...
92
4
39
30%
2%
29%
*62%
92
28%
of 100-Share Lots
Lowest
No par
No par
of. 100
Free port Sulphur Co
10
Gabriel Co (Tbe) cl A ..No par
Galr Co lnc (Robert)
1
J3 preferred
10
Gamewell Co (The)
No par
*62
75
*3
29%
75
31%
*89% 101
92
20%
25%
5,800
On Basis
Par
Shares
2034
28%
92
18%
2
*1%
31
101%
19%
29
2234
26%
19
1«4
31%
100
17%
*2534
♦15%
*1%
30%
*897g
17%
19
the
Week
$ per share
20%
92
30
*33
3%
39
20%
93
26%
Friday
24, 1938
EXCHANGE
Sept. 23
$ per share
21%
STOCKS
NEW YORK STOCK
NOT PER CENT
Thursday
Sept. 22
$ per share
$ per share
share
29
23%
•16
per
21%
19
90%
28
22
SHARE,
Sales
for
LOW
Sept.
35
July
Jan 14
Sept
7
Jan 22
1%
10
20%
23%
129
Dec
Oct
Dec
50% Sept
6684 May
42%
Jan
145% Mar
64% Mar
39% Mar
20
20
25% July 19
42
10
Green (H L) Co lnc
1
Greene Cananea Copper... 100
13% Mar 30
*35
34% Mar 29
50
14
1434
Zl4%
15%
15%
15%
15
15%
15%
15%
14
15
42,500
Greyhound Corp (The) .No par
734 Mar 31
17% Aug 24
7%
Oct
16%
10%
10%
10%
11
11
11% Mar
1
*%
11% Aug 10
134 Jan 10
Dec
*%
10%
1
7%
1%
10%
1
7% Feb
*%
10%
*%
10%
1%
11
1
10%
*%
*10%
*%
%
Oct
*14%
3%
203g
20%
*14%
20%
4%
*14%
*3%
20%
4%
200
13%
27%
32%
20%
4%
16
26%
33
*1534
*3%
13%
"*26%
32%
*14%
*3%
*12%
26%
*31%
*14
16
*26%
27%
33
*7%
8%
17%
97%
93
26%
*40
48
3%
40
7
7
*16%
17%
*16%
95
*94
93
2534
*91%
26%
95
*91%
25
*121
140
4%
*60
4%
75
3%
3%
*88
90
634
*125
4%
*62
3%
*89
40
140
4%
75
334
95
*35
*31%
7%
*16%
*94
*91%
28
*125
49
4%
7%
*35
*3%
14%
26%
*31%
7%
14%
*14
17
*13
17
200
2634
*26%
*31%
26%
33
8
16%
96
93
*26%
27%
400
*31%
*634
33
*15
17
*94
96
93
2834
*91%
28%
*94
*125
5
5
5
75
*61
*88%
37g
*88
33
7%
*7%
177g
97%
93
29
16%
*93%
*91%
140
5%
75
4%
92
28
28
*125
140
*4%
*61
3%
*89
7
7
100
*97
100
*97
100
*97
100
♦97
*150
158
*150
158
150
150
*150
160
*150
13%
14
57
57
*133% 134
14%
14%
7%
15
7%
15%
*57
59%
59% 60%
*133% 134
*133% 134
*16
*49
56
*50
56
1C1% *100
♦50%
*100
101
100
100
53
19%
*16
42
43
44
♦110
114
*110
♦9%
9
9
14%
14%
*104% 105
*104%
58%
60
z59%
*28
30%
30%
13%
14%
14%
*14
61
61
61
19%
7%
1534
7%
1534
7%
5%
75
4%
92
' 7%
99%
157
1534
16%
58%' 61
59% 59%
133% 133% *133%J34
*50
56
*98% 100%
*50
56
*99%noo%
*91% .93
*26%
28
*125
96%
98
6
6%
42%
1%
1%
♦4%
*97
6%
42
6%
42
434
5
75
3%
*8634
3%
92
14" 900
7%
99%
148% 150
14%
14%
"s" 900
7
58
134
134
*50
*97% 100
7%
42%
1%
7%
44%
*1%
1S4
*4%
5
27%
7%
1%
27%
7%
27%
7%
8%
8%
1%
1%
9%
15%
*32%
9%
15%
1%
10%
*15%
1%
10%
*31%
9%
17%
37%
37%
*32
37
*5
6
*5
6
7%
1%
8%
*15
134
4%
5
2834
29
*5%
17
534
*98
7%
43
*1«4
*5%
29
8%
1%
10%
*15%
*33%
534
100
7%
45
17g
6
2934
9
1%
11
100
7
7%
44%
50
20
900
90
4,800
300
22,500
Apr
36
Feb
Mar 31
21% Jan 15
1734
Oct
Dec
20%
12
31
Feb
Feb
6%
preferred
100
June 23
15
Mar 29
100
120
Hat Corp of Amer class A..1
100
2
w w
Hayes Body Corp
25
Hecker Prod Corp...
Helme (G W)
25
81
100
140
No par
10
1
Preferred
Motors
6% cum preferred
Hershey Chocolate
$4
conv
100
5% Mar 25
a
100
50
Def. delivery,
...100
C..25
5
Hudson Motor Car
Leased lines 4%
RR Sec ctfs series A
New stock,
r
17«4
Jan
106%
Feb
Oct
8
Jan
Dec
117% Aug
15% Jan
Dec
126
129
Nov
166
11
Oct
20
50
25
58% Aug 11
Sept 14
125
50
118
ll%June
No par
1
Marl6
1
17% Mar 31
6
Mar 30
46% Jan 4
83% Jan 26
June 28
984 July 20
May
7
Mar 29
20% Mar 30
5
Mar 30
%June15
100
100
23
x
100
53% Jan 13
3% Juty 14
6% Mar 30
12
Apr 6
Cash sale,
6684 Aug 25
Mar 31
1
1000
Aug 31
1384 July 19
25% Jan 12
108
May 27
66
Aug 15
32
Aug 23
17% Sept 8
23% Mar 30
5
Mar 30
3% Apr
Ex-dlv.
y
Nov
86
Jan 10
48% Apr
81
14
17
6
884 July 25
97% Sept
152% Feb
19% Aug
65% July
134% Aug
Jan 31
100
Central
6% preferred series A
n
Oct
Dec
1%
8
v t
Illinois
17
6
17
102
Feb
55%
98
584 Mar 26
140
4% Sept 13
98
July 29
Sept
stk.No par
9,200
36
*5%
8
Jan
58% Mar
71% Aug 12
2
Hupp Motor Car Corp
*32
Aug
Jan
ar734 Jan 19
Mar
No par
7,200
*15
Dec
20
7% preferred
100
Homestake Mining
12.50
Houdallle Hershey cl A .No par
Class B
No par
1%
17
121
130
16% Mar 25
5
9%
36
105
Oct
100
No par
8
*15%
108
Oct
18
Mar 28
3
*32
Nov
92
Mar 19
conv preferred
Hollander & Sons (A)
Holly Sugar Corp
7,500
7,800
17
8
95
July 21
80
5% preferred
100
Hudson Bay Min & Sm Ltd 100
1%
Jan
Mar 26
Jan 18
98
34% July 25
40
200
7%
5
4234Mar 31
12684 Jan 19
1
1%
May
100
No par
preferred
com
7
June
No par
Hlnde & Dauche Paper Co. 10
Holland Furnace
No par
5%
Apr
4%June 3
50% Mar 31
l%June14
7634June 1
100
8%
t In receivership,
8834June 30
83
Hudson A Manhattan
10%
Apr
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No par
900
8%
Jan
Hamilton Watch Co...No par
Howe Sound Co
1%
10%
Oct
Dec
5% preferred
Houston Oil of Texas
6%
2834
17% Mar
484
200
*5%
2734
59
Oct
26%
Hercules Powder new..No par
600
Jan
Oct
23%
1,600
lb", 500
Mar 11
Feb
6
...
Hercules
30
12
484
Mar
10
Printing
1,100
"""166
3%
98
10% July 20
2,400
6%
534
35
8,500
29%
*5%
28
1
12
7
July 25
Oct
Nov
Mar 25
24
30
7
I84
*5%
Apr 28
Jan 12
6% July
15%
60
5
25
42%
6%"
41
134
29
22
Water
Household Fin
1%
*134
Mar 29
7% preferred class A.....25
Hackensack
100
*98
8
June 30
59% Mar
3434 Feb
400
36
534
Bid and asked prices; no sales on this day.
*98
Z44
Mar 25
Hazel-Atlas Glass Co
56
*99% 100
Mar 28
3
100
preferred
6H% preferred
*97
57
12
100
6% preferred
700
*61
*16
5
26%
10
l'soo
28
100
preferred
6%
100
~
4
% Mar 31
No par
Gulf Mobile & Northern
Hall
140
18
*16
18
*16
19% *16
19%
45
46
47%
4578
47
44%
46
43%
45%
114
113% 113% *111
114% *112
113% *112
113%
10
9%
10% *10
*9%
10%
10%
9%
9%
14%
*143g
1434
14%
15
♦14%
15
14%
1434
105
*104% 105
104% 104% 104% 104% *104% 104%
6034
6134 62%
61%
6134
*61%
6134
6034
61%
31
*30
31
♦30
31
30
30
*30% 31
15%
15%
16
15
15%
15%
16%
1434
15
61
*61%
01
6334
*61
61
61%
61%
6334
100
8%
10
10
5H% preferred
Guantanamo Sugar
600
„
40
3,200
*14%
*97
7%
2034
42
4
*16%
4%
98
2034
*35
19
*62
334
42
4
17%
97%
140
22%
9% July 14
5%
39%
Feb
Jan
39%
Feb
Nov
64
Dec
May
135%
Feb
Dec
6734
Jan
Nov
111
Jan
16% Dec
37
June
83
15%
93
Oct
Nov
784
Dec
15%
Oct
109
13984
Oct
Oct
5234 Feb
120% Jan
3034 Mar
43% Jan
11434 Mar
5384 Dec
21
Dec
41
Jan
6
Oct
27%
Feb
44
Oct
73
Jan
78%
Dec
94
Mar
484
Oct
17%
Oct
90% Mar
37
Jan
1%
Oct
5%
Jan
3%
Oct
15%
Jan
Oct
23%
31% Aug 25
Jan 13
4
1% Jan 10
July 25
8
10
14
1%
Dec
Oct
Feb
4% Aug
38
Mar
24% July 25
16
387* Aue
34
Dec
72
5
Dec
25% Mar
2
Ex-rights.
8
Oct
67% Mar
H Called for redemption.
Jan
New York Stock Record—Continued—Page 6
Volume 147
LOW
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
Wednesday
Sept. 17
Sept. 19
Sept. 20
Sept.21
$ per share
$ per share
♦SSg
22I2
7%
24
92
92
*146
——
*5i2
8
*146
....
71
73
71
13'S
13U
4i2
412
19
19
*82
3
9%
2i8
20i8
153
4%
4%
84At
3%
10
21S
20i8
155
56i2
59U
*75
7i2
per share
*5*4
26%
*9214
95
$ per share
S per share
27
27
96
96
*6%
7%
*6%
25*4
*92
*146
7%
26
95
*82
74%
75
13%
*4l2
*478
145s
5i8
518
13%
*4%
*45g
13*4
5%
478
20
20
20
*18
20
17
18
86
86
*82
84i2
4l8
1178
2%
*82
84%
4%
84*4
86
*3*4
3%
3%
11%
11*8
2*8
*20%
10%
2%
23%
11
2%
21%
4
3*8
10%
2%
378
10*4
21
22
*21
*152
160
160
59
11
214
214
58U
4
4
11%
2%
23%
11%
2*s
*21
24
160
159
162
60
59
160
60%
400
74%
12*4
*4%
4%
2-%
160
*20
155
74%
13%
5
478
40
1,700
15,500
1,300
1,000
57
59
6,900
158
158
45%
*137
4%
2%
7*4
47%
140
67g
714
29
Int Business Machines-No par zl30
Internat'l Harvester...No par
48
Mar 31
No par
Internat Agricultural..No par
Prior preferred
478
5
4%
478
3
3%
278
8%
8
27g
8%
Int Hydro-Flee Sys class A.25
Int Mercnatile Marine.No par
8%
7,200
2,100
1,300
3% Mar 31
3
Internat'l
684 Mar 31
49%
47*4
48%
47%
47,500
Int Nickel of Canada. .No par
Preferred.
.......100
Inter Paper & Power Co....15
73g
34i2
48%
*136
22
22
24%
78i2
24*8
*78%
24*s
78U
84
80
6%
678
7
7
7
714
10*8
11
76l2
7%
7%
11*4
76l2
10
21%
20
90%
*12614
66i2
9214
54
1778
1778
*118l2
....
8
8l8
18i2
*16
3
1U2
*7518
*878
*20*g
*118
121
*60
300
Island Creek Coal
*60%
95i2
9212
10
6l2
100
20*4
*120%
20*4
*18
——
*814
812
9%
9%
*120*4
3978
878
44l2
6
*4014
18
140
*137
*15i8
16i2
38
38
9
9
*16
Kansas City
20
1,400
*81
90
*76
90
*76
90
*76
90
11%
7*8
*10%
7%
11
10
10
11
7*4
95
4178
97g
13%
18
18
*18*4
13%
*4%
22%
19%
*110
4%
%
3%
2378
8%
34
3
3
24
2212
8
8
28i8
473s
28l8
48
28%
6I4
6l2
6*4
49
*30
24
40
*20
24
25*4
I8I4
*1712
98
98U
18l2
18%
*985s
1878
18*4
140
38
139
*21
2%
2%
13%
*13*4
14
18
18
18
*5
7
*5
28
16%
*26%
12%
22
13%
5%
2378
*11%
10%
20%
*12%
13%
5*8
*4%
22%
20
*2
40
*27%
24
38*4
*9%
*21%
2%
1778
16%
11%
21%
7%
*95
4078
10
23%
*20
20%
*109
20%
117
16%
21%
*13
*4%
22%
19*4
*109
*20
13*4
17%
J
*5
14
20
19%
*109
4%
4%
*%
*4
♦%
*4
4%
%
3%
3%
24
8%
2934
50%
6*4
33%
96
97
16878
16%
3%
24%
8*4
2934
3
3
Z23%
23%
*2*4
22%
24
8*4
*28%
49
0%
*32%
51
6%
33%
9
9
*27*4
8*4
*27%
29*4
48
49%
6%
47
6%
6%
*32%
33
*32%
*93
*93
9%
1,700
200
95
*93
Kinney (GR) Co
$8 preferred
No
$5 prior preferred—.No
Kresge (S 8) Co
Kresge Dept Stores...-No
Kress (S H) & Co
No
40
13%
17%
6%
""130
4,300
100
200
18%
19%
*18
99
18%
....
18%
99
18%
19
139
*139
16
16
*16
38*s
40%
38%
140
17
39
19%
4%
%
3%
23%
8<
"2,666
2,000
800
6,400
600
29
500
48
12,800
1,300
6%
33%
94%
300
400
98%
18%
4,600
135
36
139
16%
36%
*25
28
20i2
40i2
*13
22%
4114
14i4
28
28
21%
22~
42
43
*13
1%
*5
7%
*6
*8
9
*8*4
55s
6I4
11
11
*U4
4*8
1*2
47g
28
23
23
45%
44%
13%
29%
14%
29%
*2878
*1*4
1%
*27
*121%
22%
44%
28
*267g
*121
*27
*121%
13
14
29*4
*1%,
29*4
*1*4
1%
1%
7%
12%
6*4
1278
1%
47«
478
5%
1%
7%
11
6
6
*11
13
*6
*9%
0%
*11
1%
*6%
*8*4
6%
*11
1%
5
28
*27
*121%
22*4
45*;
43*4
13%
*13%
29*4 *29%
1%
*1%
24
7l2
12%
6%
13%
1%
5%
*6%
*9
6%
*11
Steel..........
1
Mar 29
Mar 30
81
Mar 30
81% Mar 31
10
10%
9%
*10*4
11%
12
12
1%
102
11
105s
19
214
50
51
26
26
26
11%
19*4
18*4
*2*8
51%
96g
♦1611s
45
5U
*91i2
*107g
a
*161%
45%
5l2
5i2
22
*21%
83
938
*65
*
*11
*65
9%
10%
20
3
53
54%
26
28
*2%
28
...
45%
5*4
22
*91%
1H2
9%
11%
20*4
3
3%
52
45
*21
11%
20
11%
9%
83
*27%
161
161% *161
46%
47% *46*4
57g
22
*91%
*11%
9%
*65
6
22*4
6
♦23
3*4
5
*6
*8%
2% Mar 28
1484 Mar 31
6%
*11
*1%
4%
6%
12%
1384 Mar 31
125
Apr 1
12% Mar 31
29% Apr 20
12%May 27
22
12
83
1%
5
984
10«4
11%
20ig
400
Maracalbo Oil Exploration..1
1% Mar 31
Corp..
6
...100
4% Sept 14
%May
3% Feb
7
Jan 28
Bros
Marine Midland
6% preferred
...... 100
6% prior preferred
100
710
1034
9,400
10,500
3%
200
49%
51
4,000
29
28*4
28*4
28
28
900
*161
*161
6%
27
6
10%
83
this day.
*45%
6%
6
*23
27
91%
12
10
47%
*11%
23
*65
*11%
10
83
9%
*05
f In receivership.
1
"*
L.) Co
—1
Martin-Parry Corp
No par
Masonite Corp
No par
Mathieson Alkali Wks.No par
25
..100
156
preferred
7%
60
1,300
5«4
2,300
10
11%
9%
83
100
w....No par
$3 preferred ex-warr. No par
$3 preferred w
2,800
Dec
Oct
38
Dec
5% Jan 13
July 25
29
11
Jan 14
33
July 20
54% Aug 26
n
1
r
Cash sale,
Oct
Oot
Jan 10
5
Oct
33% Sept
100% Aug 8
10384 July 25
175
Aug 10
23
Oct
82
Dec
9
Feb 28
50
July 25
534 July 25
22% July 22
106
Jan 18
21% July 26
144
Sept 7
18% July 7
56% Jan 10
21% Jan 12
31% July 19
83%
Oct
May
15% Oct
18% Oct
151
9984 Nov
1
June
32
Oct
2%
Oct
17% Dec
101
Oct
15% Dec
125
14%
Oct
Oct
48% Nov
13% Oct
2684 Oct
123% Nov
17% Deo
20% Jan 13
10
Oct
Aug
2%May
29% July
14% July
27% July
4% Jan
5778 Aug
30% July
6
11
6
25
25
24
24
19
Jan
23% May
83% Feb
63
Aug
87% Aug
Oct
10
Jan
175
207S July
Dec
234 Jan 11
7% Jan 11
l%May 12
734May 11
114
Oct
0
July 23
Jan
15% Mar
Aug
113% Feb
Nov
Jan 10
16
79
29
14
18%
Jan 13
Jan
18% Jan
43% June
21% Feb
58% Jan
33
25
9
Feb
334
43% Deo
49% Aug 26
15% Feb 25
3334 July 25
2% July 19
9
Feb
24% Mar
8%
Dec
Oct
4%
9%
Oct
Oct
1% Oct
5% Oct
34 Dec
110
43%
110
99
36
63
Dec
7% Dec
10
134
Oct
Oct
Mar
167$
Jan
39
Jan
16%
Jan
29%
Jan
Feb
634
14% Feb
3% Mar
39
24
Feb
132% Feb
62% Mar
58% Mar
15% Jan
684 Dec
Oct
Mar
4184 Mar
20
1%
Jan
May
28% Feb
14784 Jan
2884 Jan
Oct
3
Jan
37g Feb
75% Mar
1084 Jan
078
5184
30%
29%
1378
Jan
Jan
Mar
Mar
Mar
Apr
Jan
20
Oct
22
Dec
142
May
165
Jan
33<4 Dec
66
Mar
74
4184
Feb
jan
51
July 19
4% Oct
20% Dec
15%
Jan
28% July 26
44
Jan
Mar 29
21
35
June
45
Jan
75
Apr 6
8% Mar 31
1st cum pref
New stock,
8
23
33% Dec
51%
203
Feb 23
McCall Corp.—
a Def. delivery,
2% Dec
22s4 Dec
Mar
1784 Mar
2778 Mar
165
20
No par
No par
McCrory Stores Corp....
0% conv preferred
...100
$6
14 * "Oct
24
Aug 2
28% Mar 31
3% Mar 26
16%June
Maytag Co..———No par
300
Mar 29
1084 Mar 31
May Department Stores...10
*85
91%
13%
10
Martin (Glenn
Mar 30
% Mar 30
1884 Mar 30
5% Mar 30
14% Mar 30
2%May 24
Marlln-Rockwell Corp.
1
Marshall Field & Co—No par
47"
23
Mar 26
Oct
4%
Jan 21
10
Dec
97 *
July 27
9
19%
7
5
934
Aug 29
29
Manhattan Shirt—........25
19
July
10% Dec
7% July 25
1% Jan 12
126
300
10%
*2%
3%
25
Mar 29
3,300
7,500
1434 July 25
7% July 20
Sept 20
116% Mar 30
684 Mar 26
2% Mar 26
Mandel
52
12
♦65
11%
20
*46%
Mar 29
No par
900
51%
49"
June 22
92
X Manhattan Ry 7% guar.100
Modified 5% guar——.100
11
*1%
5
*2%
Mar 31
18% Mar 31
84 Mar 29
4% Mar 30
1,300
54
*91%
12
10%
Bid and a3ked prices; no sales on
53
1178
20*4
Apr 18
s4 Mar 26
26
0% 2d preferred—......100
18l8
214
Mar 31
24% Mar 30
1%
11
Mar 25
29
Market Street By...
9
Apr
Magma Copper...........10
Manati Sugar Co.—
29%
1%
7%
8
119
Jan
Mar 29
Macy (RH) Co Inc....No par
Madison Square GardenNo par
28
35% July
29% Jan
157g Jan
24
22%
4,800
13,500
1,300
Dec
Jan
Jan
Jan
22%
40%
12%
13
11
16% Deo
41%
16
42
19% Jan 22
19% July 13
Oct
6% preferred—No par
13*4
30%
1%
7%
10%
6%
1278
Apr
Mar
8
Mack Trucks Inc..—No par
44
Feb
Mar
Jan 12
Mac Andrews & Forbes.....10
23
Jan
Mar
30
28
*27
4% Oct
1784 Deo
1'4 Oct
Jan
109%
69%
20%
4684
9%
Mar 26
*121%
28
Deo
Jan
19%
Jan
157
25
—100
..
24%
277g
No par
preferred
7%
4
Jan
Feb
47%
6
preferred—..—100
Louisville Gas & El A_.No par
23%
Oot
No par
Louisville & Nashville—..100
110
6
25
Lone Star Cement Corp No par
180
Nov
Jan
Mar
Jan 12
12% Mar 31
100
80
27%
18
33
1,500
35
Nov
Oct
e%Mar29
1984 Mar 30
23% Mar 31
par
...10
44%
Oct
13
Dec
% Mar 26
1% Mar 29
19% Mar 30
50
Lortllard (P) Co
Oct
15
14%
Dec
Loew's Inc...........No par
5%
Mar
4
Liquid Carbonic Corp—No par
Long Bell Lumber A
Mar
29
71
37% July 25
48
July 6
21% July 21
60% July 18
107% July 1
6% Sept 19
Loose-Wiles Biscuit—
121
Oct
5
14
3
—1
6
preferred....-No par
Jan
115% Apr
Deo
20% Mar 26
Inc.
46
20
Lima Locomotive Wks.No par
Link Belt Co..
No par
Ludlum
*121
6
July 19
14% Mar 31
$6.60
Dec
15%
3% July 25
30
July 23
*18
Loft
Feb
22
13% Mar 30
par
100
Jan
136
8
95
...........25
...
11% Aug
Jan
6484 Nov
7
Aug 24
Jan
126
13% Aug 24
9
87%
155
Mar
19
May 27
Lily Tulip Cup Corp...No par
150
18
25
100
50
Series B
Dec
65% Nov
120
8% Mar 31
3%May 13
10% Mar 31
—5
Preferred
Oct
Sept
49
36% Jan
107% Apr
26% Jan
30
Apr
127
Aug
July 13
Mar 20
12% Mar 31
Llbbey Owens Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp....
...5
Liggett & Myers Tobacco—25
200
20%
ill6
Feb
8% Nov
17% Aug
22
par
No par
Bryant..—
Nov
16%
31% July 23
2% Mar 26
par
Lehigh Portland Cement
4% conv preferred—
Lehigh Valley RR
Lehigh Valley Coal——No
0% conv preferred.—
Lehman Corp (The).
Lehn & Fink Prod Corp
Lerner Stores Corp....No
900
117
18
*15%
Mar 30
15% Mar 31
10
15
98%
*98% 107
18% 18*4
139*4 140%
*15%
16%
*36% 38
9
par
—100
No par
Lane
Dec
9
30
Feb
1% Mar 29
12% Jan
par
Lee Rubber & Tire
8% Dec
70
19
1
210
1,500
Oct
28% Nov
23
"9",5o6
Feb
6%
80
Mar 29
5%
Mar
110
Oct
July 25
8
12%
52
Oct
Sept
Laclede Gas Lt Co St Louis 100
preferred
Lambert Co (The)
25
21
16
Oct
4
44
Jan
400
5%
24% July 20
121
Sept 6
16
90
80
13
23
Jan
73% Mar
13534 Jan
19% Sept
68% Sept
65
20%May 27
6% Mar 31
Kroger Grocery & Bak.No par
18
19
Mar 26
4,100
96
96
96
9634
95% 90%
1,700
169
169
*155
100
16878 1687g *155
17
*10%
200
10%
16%
16% *16%
25%
26% 27
25*4 26
25%
1,700
45
45
*42
45
300
*41% 44%
17
*17
17
16% 17
17%
1,200
4Q
47
48*4 50%
48% 487g
14,000
200
106% 100% *106% 108
106% 106%
37s
3*4
4
3%
4%
3% 185,000
63
53
50%
6,500
6334 55%
53*4
4
*3%
4
*3%
4%
3%
1,900
26
3
Keystone Steel & W Co No par
Kimberly-Clark
No par
100
2%
~
Jan 10
July
85
Apr
484 Mar 29
Kendall Co $0 pt pf A..N0 par
Kennecott Copper.....No par
10
24%
16%
4*4
2,300
130
63
Class B—............
37,200
26
12%
*18%
12%
*4%
21%
"2", 100
40%
16
5%
23%
117
7%
100
20
28
16%
13
23%
4%
4%
h
1712
*1578
10
25
714
100
40
38
139
,
4C%
*9%
13%
135s
18%
117
*95
42
*2
7
11%
4
10
28
16%
100
4078
*23
*5
1914
*95
10%
24*8
2%
*26
17
7%
95
24%
117
7%
41
518
28
161S
10*8
11
11*4
Mar 29
9
8
100% Sept 13
12% Apr
10%May
100
preferred
Mar
Jan 16
July
Aug
13% July
24% July
21% July
15
July
12
Kayser (J) & Co
5
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
4%
72
78
5% Mar 29
Kaufmann Dept Stores.$12.50
100
13
35g
*%
118
Southern..—100
"""306
48
18i2
98
18l2
1
9%
12%
42i8
10%
18i2
*95i2
Kan City P & L pf ser B No par
*120%
*9
16%
*40% 42l8
42% 44
1714
1714
17%
17%
47U 48
48% 49%
*10614 108
*106'4 108
*106% 108
9
9
4
3*4
4%
5l8
51
52
49*4 51
52% 54*4
3i2
33g
312
3%
3%
37S
15%
*120%
16%
1278
46
12% Mar 25
10
*11%
Si8
21
23
Kalamazoo Stove & Furn
12
3312 *32
94
94
95
95l2 *94%
*94
97
96*4
95l2 96
*16278 16978 *16278 16878 *16278
*15*8
16% *16
16i2
16%
22
400
20%
18
12U
32
*18
21%
*414
6%
32
20%
12
2012
84
27g
2314
75s
27%
46
4934 Apr
*17
175g
*18i2
Jan 24
Jones & Laughlln St'l pref. 100
*10
13
*110
Mar 29
170
18
25
17
58
122
56
13
5
♦5s
278
100
1584 July 19
24
June
Jan 21
77% Sept 7
1284 July 25
120
Johns-Manville.......No par
Preferred
6
8
16
200
23
18i2
3*4
..1
126% 120%
54% 55
*126% 12778
Nov
113% Apr 30
44% Mar 30
1
preferred
*12
405S
6i«
18i2
Mar 31
*17
*20
117
Feb 10
8
*17
100
*2518
1618
10%
6% Mar 30
63
Jewel Tea Inc........No par
5,800
4
No par
14
58*4
35s
86
Feb
6
........100
Corp
18
♦20
7
Preferred
Jan 19
46% Mar 30
6% Feb 4
Foreign share ctfs..-No par
Interstate Dept Stores.No par
23
*2
16i8
10i8
15i2
125s
8,400
*1134
212
26
.....100
*17
678
4018
*5
preferred
*17
10*4
*95
16
7%
Inter Telep & Teleg._.No par
66
96
International Silver.......100
150
90
IOI4
678
26
9%
93%
97
No par
14
914
1214
17%
—
128
*60
Shoe
16*4
16*4
*2
*20
128
21
...
20
*16
*21
*26
97
20%
2
20i2
76s
98%
20
25
18i2
95%
20%
2
*109
97
*19
*114% 121
*62% 66
*1814
*118l2
8I4
15i2
»12i4
*414
1812
66
*128
*21
10
121
*61
*55
*81
1714
*116
66
56%
*12
1214
21%
121
37
Mar 28
5% conv pref
.100
Internat Rys of Cent Am..l00
52,700
4,800
5284 Feb 23
140
Jan
12
21
*19%
*114% 121
*116
12%
76%
10%
I884
Feb
Jan
Jan
Inter type
11*4
70%
*8%
15% Apr
Oct
493s
40
13
77%
97g
1,400
10%
Oct
6
Oct
200
12%
*75%
9%
21%
81
Oct
1%
30
9
1234
76i2
10
213s
24%
3
3534 Jan 24
27
Sept 8
85% Sept 8
IO84 July 7
10% July 7
68
80%
Jan
784 Jan 12
4% Jan 11
11% Jan 21
Nov
June 17
*8
85
Aug
138
Sept
28
68
12%
7612
*9%
21%
*82
Jan
120
162
8
158
International
7%
11%
80
9% Apr
63% Apr
189
Feb
8%
80
"i'.ooo
Oct
10
8%
34
27
*33%
24%
Oct
2
18% Oot
127% Nov
53% Nov
2884
8%
34
6
67%
8
*33%
*25%
Deo
2% Dec
Jan
Oct
8
8
34
27
92
6
1334 Jan
64% Apr
111% July
11% Mar
28% Mar
Dec
7%
7%
11%
33%
25%
110
26
Oot
19%
7%
*24
20
34
8%
41%
26
July
131% Mar
33% Feb
48% Jan 21
26
Sept 8
8
4l%
*24
143
5% preferred
100
International Salt—...No par
8*4
43%
26
Oct
6884 Nov
6% Oct
3% Oct
1% Oct
6% Dec
29% Dec
2% Oct
7%
7%
43%
45
270
Jan 11
Feb
32
127% May
33*8
25
8OI4
8
42%
*24
24,700
18,200
36% Mar 31
132
70
22% Jan
47% Apr
144
July 23
26
778
34*4
Mar 25
168% Aug 24
Oct
Dec
Nov
11% July 20
47% July 25
43
3
33%
2
1
Jan 17
5%
15
72
4% Mar 29
18% Mar 31
2% Mar 30
28% Mar 25
19% Mar 31
24
3
7%
8%
36%
56
90
100
43
*3
778
35*4
se.2
*81
140
3
878
38%
3%
55*4
15
*136
140
3
8%
36%
55
14
38*4
*136
46%
8%
37*8
55
15
*95
140
140
*12
9l2
6%
*136
Mining Corp
8%
3614
67
92
48
49*4
140
*128
54
9
5%
33
121
Mar
8%'
33
20
May 27
141
3
*3178
*57
....100
5
*23is
*116
Preferred
8%
*41
9
....100
5%
3
42
9
Mar 29
6% Mar 30
8i2
475S
June 30
Mar 26
June 10
2
Iron..
8i2
137
82
Mar 26
80
Rubber....No par
Mar 30
278
47i8
10% July 13
30% Aug 24
Aug 22
143
Aug 12
100
2
Intercont'l
Interlake
15
5
137
$ per share $ per share
15
Interchemical Corp....No par
6% preferred......
..100
278
8%
25*4
32
*70
2% Mar 26
45s
*40
3
1
20
4*8
*23U
31%
33t2
3i8
8
2*4
8i8
778
35
3i8
4212
26
32
Feb
56%June 17
7% Mar 30
3% Apr 1
Highest
Lowest
16% July 25
5% July 21
684 Jan 13
26% July 21
98
Apr 25
6% July 7
13% Aug 6
3% Jan 17
200
25s
75s
Mar 25
Year 1937
1
$ per share
100
X Interboro Rap Transit
300
155
share
14% Mar 31
No par
Insuransharea Ctfs Inc..
59%
4
135
preferred
Inland Steel
Lots
Highest
Mar 29
4
60
Inspiration Cons Copper
156*4 156*4 *156*4 160l8 *156*4 1601s *156*4 160% *156*4 160%
59%
10
800
500
per
100
Ingersoll Rand
1,800
10,200
1,400
$
No par
No par
...
Industrial Rayon
6%
76
20
203s
Par
*140
74
45s
4%
On Basis of 100-Share
Lowest
Indian Refining
'Woo
Range for Previous
Range Since Jan. 1
Shares
75i2
14i2
4%
478
14
EXCHANGE
Week
96
—
STOCKS
NEW YORK STOCK
the
Friday
Sept.2 3
7i8
28
*146
CENT
Thursday
Sept.22
*82
*414
*17I2
*58
S
26*4
*146
13*4
4i2
25I4
*91
72
1218
4I2
4%
share
*6
7i2
2514
9H2
24*4
91%
per
NOT PER
Sales
for
SHARE,
Saturday
1887
6
61
z
Mar 23
Mar 31
Ex-div.
...
■
'
7% Aug
8
Apr 22
93
Nov
111
Jan
Jan 18
11%
Dec
30
JaD
1284 July 26
83
Aug 11
7«4
Oct
02
10
Sept
y Ex-rights.
''
9
z66
Oct
24%
Feb
106% Mar
H Called for redemption.
-JL—
*E
New York Stock Record—Continued—Page 7
1888
LOW AND H1QH SALE PRICES—PER
SHARE, NOT PER CENT
Wednesday
On Basis
Sept. 17
Sept. 19
Sept. 20
Sept. 21
$ per share
$ per share
$ per share
$ per share
$ per share
15%
16%
1534
31is
32
43%
16%
43%
1534
6%
87
86
17
*8%
45
46
46%
46
9%
46%
1784
18
17%
0%
18%
0%
32%
884
17%
*6%
*3134
8%
6%
♦31%
7%
17%
6%
32%
8%
90
*80
90
6%
32
34
90
734
«%
*86
11
11
Week
Shares
684
32
32%
8%
884
90
*80
12
12
16%
*8%
1,100
16%
8%
45%
17%
6%
3184
8%
44
10%
6%
3184
7%
*80
100
5,000
4,000
130
♦67
70
*07
70
*67
12%
69%
*67
69%
*55
80
*57
80
*00
80
*60
07
60
60
loo
45%
*44
48
47%
5%
47
47
*45
46
44
44
000
20
18%
434
20%
12%
3934
9%
16%
4%
18%
4%
1934
4512
3%
I6I2
4%
18%
4%
18%
4
1734
47%
*4%
1834
12
12
*12
12%
12
12
37
37
37
37
37%
9%
15%
21%
984
1584
4%
39%
10%
9%
8%
16
15
21
21
♦102
106
*102
9%
17
4%
20
*12
4%
20
13
*12
39%
40
*38
10%
16%
17
12
10%
934
10%
*16
24
2284
22%
23% 24%
105% *102
105% *102
105%
23
12
1,800
500
12
170
No par
June 14
5
6% conv preferred
Mead Corp
27
Mar 26
100
$3 eonv preferred
Stores
70
Apr 12
16
034 Mar 26
Apr 5
No par
55
36 preferred series A.No par
35.50 pref ser B w w.No par
Melville Shoe
No par
50
1,200
Mesta Machine Co
9,400
Miami Copper
1,600
1,800
30
11
June 13
2684 Mar 30
584 Mar 31
12% Mar 30
15% June 4
70
Apr
1
5
No par
8% cum 1st pref.
1
3% Mar 30
May 31
...5
Midland 8teel Prod
4
14
Mid-Continent Petroleum..10
16
22%
100
Jan
32% Apr
Mengei Co (The)-..—.....1
5% conv 1st pref———50
Merch & MIn Trans Co No par
934
*21%
100
10
b
38%
9%
102
3,200
11%
69%
*37
23
102
1034
*67
35% Mar 25
13%May 27
5% Mar 29
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
McLellan
90
77
11%
1
McKesson & Bobbins.
80
1184
$ per share
10
Jan 31
7
Mar 26
McGraw-Hill Pub Co—No par
5,400
1,100
*55
10%
McGraw Elec Co new...
2,300
*06
10%
Par
100
'
*88
91
*89
73
73
75
75
*111
*89
91
119
♦111
412
"4%
#i8
*%
*%
*1212
2l«
6%
1
13%
2%
7%
7%
*%
»%
*%
*13%
2%
784
1
2%
2%
*55
%
1%
*%
13%
14
5%
60
*%
*%
%
1%
*112
5
4%
*51
60
*61
7634
7%
1%
*1
*1
II4
*112
2
134
12
*13%
15
93
94
*1
95
12
93
*9212
42
94
44
44
18
18%
*12
12%
23%
5%
23%
584
40
40
11
11
51
51
*104
108
7
49%
*43
734
*111*
1034
8%
12%
11%
8%
*7
1134
7%
*7
1384
2%
8%
1
134
2112
11%
23%
12%
22%
12%
2334
12%
*113
*108%
7%
7
5%
*484
22
21%
*14
18
12
23
167
*102
142
142
*142
16
17
0
55
55
13%
*231*
24
*03
66
*681*
2%
717*
2%
13%
50%
13%
*22%
*03%
*68%
2%
*10
*10
10%
*17
20
*17%
*02
75
*62
7%
*105
1C9
*99
123
*14
1%
3%
*103
41
0%
41
%
*140
*36
%
150
82
8%
*89
19%
18%
1234
25%
19%
19%
12%
*25%
19%
17%
11%
24%
6%
0%
41
41
40%
10%
*11
53
51%
24
53
*51%
*10234 108
108
47%
9%
12%
11%
7%
2384
9
8%
*45%
9%
20%
*103
9
9%
II84
II84
11®4
12%
7%
7
6
*33
2284
*14%
18
23%
18
*15%
*62
2%
7%
*141
*
22%
*15%
23
1,000
50
40
3,400
700
15,800
2%
*23
9%
21
*34
40
42% *34
102% 105
*102% 10412
*6%
884
*6%
7%
1434
15%
15%
1534
*30
31
31
30%
10
17
10%
16%
12
12%
11%
12%
19%
21%
I884 20%
31%
2%
*7%
32
32%
3%
8
123
103
8%
103
♦
21%
15
*6%
*12
2584
18
32
N*
-
-
~
7,600
*6%
8%
105
4%
7%
934
2%
33
934
2134
21%
40
*41
*149
154
103
103
*103
104
*103
104
19%
8%
884
9934 100
*100
*79
82
10%
♦92%
*32%
10%
9484
35
2%
3
*23
934
18%
18%
53%
8%
53%
884
4%
15
7
13%
25%
8%
101
*100
*79%
10%
92
*80
*93%
8
8%
100% *100
83
109%
8
*92%
32%
*32
35
3
3%
24%
26
26
10
934
22%
23
15
15%
110
7%
100
9%
130
21,100
110
7%
500
12,900
300
18,200
-
60
1,300
170
10,000
5,400
10,100
9%
9%
22
14%
*103
110
100
7
7
1,800
4,600
22%
22
22
2234
22%
22%
21% 22
140
134% 134% *135
140
*135
140
*135
10
9
9%
9%
10%
884
934
984
*40
43
41
41
*35
45
*39% 42%
*17
*17
20
20
18%
18%
18% *17
*48
52
*46
52
*114%
-
.»
68%
*6%
69%
684
4
4
4
4
16
15
15
15%
*5%
*12%
2534
7
68
684
6884
684
5%
13%
20%
5%
13%
13%
26
26%
on this
day.
*46
52
6084
68"
*0%
684
*4
4%
*14%
*5%
16
*13
13%
25%
7
26
26
a
12%
Oct
38%
Jan
8%
Oct
26
Feb
15%
Dec
51
Mar
64% Jan 13
15% July 22
50
Nov
90
3
102
Apr
10% July 2 7
54
July 29
3
Oct
108%
2084
Jan
Feb
44
Dec
71
Mar
58
109
18
200
100
"
80
30
500
3,500
Def. delivery.
104%
5%
Oct
Oct
24% Mar
4
Oct
10%
112
May
Jan
Oct
35
Mar
1784
Dec
38
Mar
4%
Oct
17
18% Apr
7
18
Oct
44
Mar
Aug 31
153
Oct
171
Jan
127
July
150
Jan
July
Feb 25
16%
Dec
5
Oct
55
Oct
17% Dec
20% Dec
63% Dec
61% Jan
1484 Jan
99% Aug
26% Nov
12% Aug
7
30
2
6%
Oct
80%
Oct
Oct
Dec
Jan
Feb
Feb
40
Jan 14
32
106
Jan 18
99% Nov
109
Jan
Nov
37
Mar
Mar 29
Mar 25
Mar 30
Mar 25
1
June
%June16
100
133
100
June
3
Mar 29
1384 Mar 31
4584 Apr 1
No par
Oliver Farm Equip.
No par
Omnibus Corp(The)vtc No par
8% preferred A.
100
19%May 31
8% Sept 14
7% Mar 30
83% Apr 1
4
Mar 28
par
1334 Mar 25
No par
122
100
No par
.
12% July 21
19% July 23
40
July 19
21% July 25
22t2 Jan 10
38% Jan 12
3784 July 23
434 Jan 11
1184 Mar 1
120
Apr 25
111
Apr 2)% Jan 10
61
Jan 18
Jan 14
6% Mar 31
30% Apr 1
10
Mar 30
39% Apr 28
Apr 19
40
Mar 30
Dec
Dec
9
10%
29
55% Mar
14
Oct
72
Mar
30% Nov
100
Jan
Oct
31% Mar
234
Oct
5
Oct
12%
25%
110
Oct
135
Jan
Nov
137
Mar
15
113
Oct
2
Jan
97
Feb
%
Jan 10
30
Oct
26%
Feb
1
Oct
6%
Feb
3
Oct
15%
76%
Jan
4%
Oct
Oct
%
Oct
Oct
272
IO684 Jan 17
24% July 20
102
Apr
114
9384 Jan
14% July
95%Sept
2
11
July
Jan
100
Aug
Sept
3% Sept 7
Sept 8
14% Jan 10
32% Feb 23
19% July 26
41
111%Sept
8
9% July 19
28% July 19
140
Sept 6
12
50
Jan 12
Jan 11
22% Aug 25
17%
Jan
93
Oct
104%
Jan
91
Oct
105
Jan
97s
30
18g
Oct
Dec
Oct
53%
Jan
67* Mar
Jan
40
9
Oct
24
Nov
227* Apr
73
Apr
26% Feb
6%
90
Oct
Nov
114
Feb
5%
Oct
19% Mar
20%
Oct
45%
125
6%
Nov
Oct
140
Dec
97
28
Dec
75
115
23
Jan 12
44
115
Apr 19
114
Z9% Dec
384 Mar 29
9% July IP
15% July 23
2934 July 1
Jan
Feb
24% Mar
1284 Dec
48
50
Ex-rights.
36% Mar
Oct
15
5% Jan li
20
July 28
F
Feb
Oct
11% Jan 17
xEx-dlv.
Jan
34%
57%
3
74% July 29
z2234 Mar 30
Jan
7
35
14% Oct
48% June
Jan
484 Mar
180
Mar 30
9% Mar 26
984 Mar
Jan 13
4
13
17
13
26
Jan
Jan
54% Dec
1% Jan 11
198
Jan
9812 Feb
2% Mar 26
10% Mar 25
6
4I84
Oct
May
51% Nov
115
6484 Mar
Nov
2
62
Oct
Sept
15%
234 Jan 10
7% July 7
1 % Jan 15
10% Jan 24
55% Aug
5%Mar3C
87% May 3
75 June 21
6% Mar 31
92% Sept 10
25 May 12
50
Cash sale.
Feb
Feb
Mar 31
1% Mar 30
12% Mar 30
r
38%
26%
112% Mar
87
Norwalk Tire «fe Rubber No par
Preferred.
50
Ohio Oil Co
No par
New stock,
Oct
Dec
62
Aug 9
% Mar 26
North'n States Pow Co S5 pf. 1
»
15% Aug 25
Oct
12
22% Dec
110
No par
July 29
6% July 9
26% Aug 3
20% July 26
13
106%
12%
13%
57%
50
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Jan
Feb
Dec
5% Mar 26
.50
1st pref erred.....
3384
103%
6
1034 July IP
26
Jan
Jan
July 20
Feb 11
par
10
Aug
18%
33% Mar
107
3
Mar 30
35.50 conv 1st pref..No par
Outboard Marine & Mfg.—.5
Outlet Co
...No par
Oct
Dec
May
Jan
Mar
70
...100
...
6%
17
145
4% Jan 14
101
IOC
preferred
6
Aug 26
Sept 15
75
2
North Amer Aviation
!.l
No Amer Edison 36 pf- No par
Northern Central Ry Co.-.50
Northern Pacific
..100
Steel
24
Dec
18
N Y
6%
47% Mar
75
l%June 10
2% Mar 30
% Jan 5
484 Mar 29
38
Mar 31
Otis
24%
Oct
Feb 23
12% Mar 31
IOC
Oppenheim Coll & Co..No
Oct
Oct
8
July 26
INYNH& Hartford
Otis Elevator
5
10
6
1484 Aug
IO84 Jan
23
Mar
July 21
12% Jan 10
75
54
Northwestern Telegraph
July 2k
Sept
82
N Y Lack & West Ry Co..100
preferred..,
15% Aug
99% Mar
36% Feb
1
50
Adjust 4% pref
Oct
9% Dec
Mar 31
Feb
Jan
Dec
4%
50
July
7
.
Pacific Coast
7
66%
30
10
0% preferred series A...100
120
13%
Feb
Dec
4
Jan
4%June 28
9% Mar 31
20
Mar 26
NYC Omnibus Corp..No par
New Fork Dock..
No par
6 % preferred
No par
400
*5%
13%
25%
Mar
36%
99% Apr 26
No par
New York Central..
No par
N Y Chic & St Louis Co.
100
4,200
14
69
46
145% Sept 22
25
July 2i,
8% Jan 12
66%June 30
7% Mar 31
14% June 17
Apr 6
N Y Air Brake
6%
Sept
Oct
1
28
North American Co
40% Jan
107% Aug
109
Dec
June
58
Conv preferred
Oct
21
31
2%May 24
1
10% preferredtN Y Investors Inc.—-No
Nov
105
30
167
pref... 100
N Y & Harlem...
x71
6
Aug
3
70
.No par
.
34% Mar
6% Mar
12% Mar
Dec
1% Oct
12% Dec
Apr
38% Aug 3
39% Jan 13
2284 July 25
15
Aug 26
30% Aug 26
8% July 26
June
63
No par
conv serial
Oct
5%
1%
34
Jan
984 Mar
113
Mar 29
6%
Oct
30% July 2t
16% July 27
114% Sept 12
Mar 30
16% Mar
Aug
2% Jan
5% Mar
108
Dec
Dec
21
—
....
Oct
Jan
2
Aug
44»4 Mar 31
13
Sept 14
26
preferred.40
5H% prior preferred.-.100
0% prior preferred
100
National Tea Co.
%
481a Mar
15
13
National Steel Corp.
$2
% Dec
Dec
84
11
25
13
12
21
8
11
26
99% Sept 13
117% Sept 22
90
5
National Supply (The) Pa.. 10
4%
14
1% Jan
1% July
1784 Jan
3% Jan
11% July
2% Jan
3% Jan
1834 July
Oct
6
13% Mar 29
6%
6%
*4
Mar
Oct
Dec
July 26
Nat Mall & St'l Cast Co No par
National Power & Light No par
Preferred....
100
Owens-Illinois Glass C._. 12.50
Pacific Amer Fisheries Inc
5
--
124
4%
50
Sept
127
66%
-
60
t In receivership,
20
6,500
52
*46
*114%
*114%
*
284
27
2134
14%
98%
24
-.100
Norfolk & Western
31%
234
Aug 17
111
85
154
200
94
31%
Mar
Mar 31
100
tN Y Ontario & Western.. 100
Shipbldg Corp part stk.. 1
7% preferred.
100
JNorfolk Southern...
100
10
9%
*25
120
17% Mar 29
.10
7% preferred A...
0% preferred B_
300
8%
100%
*92
15%
109% 110
7%
7%
1,700
92
90
23%
110
34
*
95
9%
160
1734
*2%
10
3,500
48
~"6"
*234
4,200
5,900
52
10
24
200
68,600
4
17
Nov
26
4
1
National Lead
%
1,300
2,300
52
9%
10%
Nat Gypsum Co
Neisner Bros Inc..
10
18%
Jan
53
162
Mar 29
Mar 30
Mar 31
Apr 1
Jan
July 13
Jan 17
3%
3%
17%
11%
41
72% Mar
26% Feb
35% Mar
87
105% Mar 30
Nat Distillers Prod....No par
Nat Enam & Stamping.No par
Natomas Co
20
54
29
30
22
30
Feb
106
2i%Sept 14
12% Mar 31
11% Mar 31
106% Mar 30
No par
100
*147% 154
103
104
31%
33
Bid and asked prices; no sales
17%
*52
Mar
Mar
Mar
Mar
Mar 25
6
150
7% pref class A
100
7% pref class B—
100
Nat Dept Stores
.No par
6% preferred
...10
400
600
*%
h
158
53
2,000
%
6%
4
*%
*6%
*40iz
48
*%
*150
I884
400
%
*1%
%
155
*114%
68%
684
"l% "1%
153
53
300
5434
134
*%
5434
%
%
%
7%
%
1,100
6,700
2,800
5,900
*103% 109
*99% 123
*99% 123
48
170
3034
3%
8%
2934
*234
3%
6
Oct
Jan
16%
47«4 Mar
122
15% Mar 31
Biscuit...—....10
Nat Dairy Products..-No par
42,300
18%
4%
18
*4
*7
10%
19
%
h
t
National
Nat Cash Register
2,800
15%
11%
7%
*41
Nat Aviation Corp.....
16,000
29
14%
4%
52
*114% 1168 *114%
60
66%
07%
6%
6V
*6%
3%
29
16%
11%
7%
134% 134%
9%
9%
40
15%
11%
18%
4%
*%
%
1
10,200
14%
30
*29
13%
7
48
b
Newport Industries.——1
15
1
*%
Nash-Kelvinator Corp
Nashv Chatt & St Louis...100
National Acme
Apr
Mar 29
4
No par
13,500
14%
*%
*42
37%
034
7%
8%
95
Newberry Co (J J)
No par
5% pref series A.
100
tNew Orl Texas & Mexico. 100
684
%
154%
Myers (F & E) Bros
50
1
4%
Mar 30
40
6%
4
Mar 25
9% Apr 7
34% Mar 26
14
Oct
86
Oct
18
39
3g
~~i% "l%
4
26
104% 104% *102% 104%
6%
6%
6%
6%
105
123
%
$7 conv preferred
Munslngwear Inc
..No pai
Murphy Co (G C)—_—No par
5% preferred
100
Murray Corp of America
10
75
31%
3%
7%
109
*%
33
*3
1
No par
Mullins Mfg Co class B.
Dec
4%
Feb
93% Aug
91
10%May 27
8,400
*34
11% Mar 29
1
14
3334 Nov
101
94% Jan 26
65
16
39
Mueller Brass Co
Mar 31
8
Oct
3
16% Dec
Jan
Oct
Nat Bond & Invest Co.No par
23
*34
10% Mar 31
Dec
19
112% Jan
3484 Apr
Nov
5% pref series A w w._ —100
Nat Bond & Share Corp new No
400
*62
Motor Products Corp.-No par
Motor Wheel-.
.6
Dec
15
100
*■
75
Mar 31
10
87
50
Mar 31
22%May 27
Oct
6
78% Dec
50
6% July 26
24% July 25
16% Jan 13
47% July 25
12% July 25
22% Jan 11
28% July 25
111
July 28
000
5
*62
75
Morris & Essex..
25
7% cum pref———100
"7%
22%
*13%
18
"l%
*17
25%
300
*112
"
1%
4%
1%
92
"_9%
*62
*99
%
42
%
75
*103
*48
25%
*112
14
13%
14%
1384
1384
12%
13%
13%
24
23
23
24
23% 24%
24%
22%
*150
167
*150
*150
167
167
*162% 167
145
144% 144% 144% 145
145
145% 145%
145%
19
20
*18
*17
19'
18%
19%
19%
18%
0%
6%
0%
0%
6%
6%
6%
6%
684
58
57%
56%
6684
57%
57% 68% 357% 58
15
14%
1484
15%
15% 1584
13%
15%
15%
24
24
22% *23% 24% *24
24%
23%
23%
66
66
66
08
70
68
69
*04%
*08%
72
*65
72
72
72
71%
*65
*05
*65%
2%
2%
3%
3%
3%
338
3%
3%
3%
11
11
10
10
10%
10% *10%
10%
10%
21
19%
*18%
19% 19% *18
22%
*18%
22%
15
7
12%
3,900
2,400
3,400
'3,800
120
133s
23%
19
*
23
23%
22%
12
70
19,500
5
"
15%
17
25
100
9
8%
8%
14
12%
12%
11%
1134
11%
7
7
*7%
7%
23
23%
23%
22%
*159% 168% *159% 168%
15
14
13%
*14%
*77%
83% *77% 83%
24
*21%
21% 21%
24
23
24%
24%
12
12%
12%
12%
*113%
*113%
7%
52
*5%
25%
12%
12%
2234
4%
50
61,600
100
5%
*40
*15
24%
*113%
22
43
6
11,600
8~"
*17
*4
25%
12%
13
15
14% 14%
109% *103
109% *103
67.
7
8
6%
20% 21%
*134% 140
8%
9
2
Jan
8%
*45%
8%
*11%
1034
8
35
9%
Mar 30
May
111
39
8
49%
*5
*32
20%
1234
10
67
preferred.....No par
Montg Ward & Co Inc.No par
Morrell (J) & Co
—No par
34.50
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
00% Dec
July 19
Monsanto Chemical Co—..10
per share
21
Sept
37% Dec
July 21
34 Jan 10
170
10%
10%
51%
51%
*103% 108
834
*45%
7% preferred series A -.100
Dec
Jan 25
72
Highest
784 Dec
30% Oct
18% Dec
5% Oct
28% Dec
11
July 2l
57% July 27
08
8
% Feb 2
%June 22
% Mar 28
10%May 27
1% Mar 26
434 Mar 29
34 Mar 30
1% Mar 25
No par
4884 Aug 26
26% Jan 12
8% Jan 10
35% July 26
10% July 18
8912 Sept 1
1584 July 22
72
700
49%
8%
49%
1
18% Aug 2-*
12% July 2)
Mar 20
2,900
*
9
Apr
$ per share $
S per share
Mar 31
4
^Missouri Pacific
-...100
6% conv preferred
100
Mohawk Carpet Mills.
20
im
~
800
6
534
39
11%
6%
96
24
0%
41
*11
8%
*91
234
6%
40
II84
*104
20%
m
4,900
18%
12%
25%
1234
—
~
*.
14
13%
96
94%
110% 117%
43
44%
38
*3484
IIII
32
2%
*14
95
95%
117% 117%
45%
44%
a?35%
35%
5%
93%
32
.
9%
1%
8
*103
108
*100% 108
16'8 17%
17% 18%
53
53
*50% 63
7%
784
7%
8%
*97% 9934 *99% 9934
*.___
1
1%
*112
123
1%
334
*%
6%
*%
6%
7%
*%
1%
15%
5
%
1%
3%
684
1
8%
109
*—<
%
8
7«4
*%
1%
IIII
31
2%
*6%
3%
Mo-Kan-Texas BR
5
*112
75
31
29%
700
784
em
«•
*34
42% *34
42%
*10212 105
*10212 105
*6%
8%
*6%
8%
13
14
1334
H84
*27
3034 *28% 32%
14
15
15%
15%
12
10l2 1034
11%
1714
17%
18%
1834
*28%
*2%
2
m
167
18%
6
534
300
1%
7%
5%
a.
18
12%
12%
22%
2H4
*162
13%
2%
*2
22%
*108%
7
21
1
13%
*%
*1314
>•«.
_
33
2612
35
1
*%
13%
..
%
31
13
100
35.50 preferred—... No par
JMinn St Paul & S S M-..100
7% preferred
100
4% leased line ctfs
100
Mission Corp.
10
60
*%
33
12%
2034
0%
4% conv pref aeries B...100
1
1
*55
%
*31
*113
*434
*14
24%
12%
Minn Moline Power Inn pi
*%
00
*%
*%
32
2134 22%
22%
22%
23% 23%
♦1693* 168% *159% 168% *159% 108% *158% 168%
15
*14
14
*1212 147* *12% 14
14%
*7834 83% *77% 83%
*77% 83% *77%
83%
*21% 23% *21% 23% *21% 24
*21% 24
*113
5
"V.ioo
"7,300
7984
119
4
Minn-Honeywell Begu.No par
1
*55
1
7934
*112
53s
32
54
11%
5%
88% Aug 31
49% Jan 26
Milw El By & Lt 6% pf—100
91
*89%
33
106
8%
47%
884
*11%
49%
884
119
15%
*14%
95
95%
110% 110%
45% 4634
37
*35%
1484
95
54
12%
11%
2
106
8%
*11
7
10%
50%
784
7%
49
0%
*40
108
*104
*43
034
2184
18%
12%
2434
24%
5%
40%
11%
*101*
2%
8%
1%
*112
%
1%
*%
*13%
2%
784
*%
1%
1434
80
00
*%
*%
1
*79
5%
*56
1
1%
91
119
5%
60
*30
17%
*35
*112
5%
33
45%
32%
12
119
*89%
79%
78
7884
37
*34%
*27%
92
*89%
II684 117%
4512 40%
37
*35%
93% *116%
36%
*34%
32%
1034
1134
2314
514
*1%
*14%
1%
99
Lowest
Highest
Lowest
Sept. 23
$ per share
17
10
17
*86
714
17
*8%
44
0
534
71*
17
8%
40%
1534
*8%
*8
43
17
I684
9%
*15%
of 100-Share Lots
EXCHANGE
the
Friday
Thursday
Sept. 22
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
NEW YORK STOCK
Tuesday
Monday
Saturday
Sept. 24. 1938
Mar
Jan
Jan
June'
10334 Aug
2%
7%
Oct
15%
Oct
40
4
Jan
Feb
Mar
Oct
27%
Feb
10% Dec
3284
22
38
Jan
Jan
Oct
Called for redemption
\*tE
Volume
LOW
AND
New York Stock
147
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
NEW YORK
for
Saturday
M onday
Tuesday
Wednesday
Sept. 17
Sept. 19
Sept. 20
Sept. 21
$ per share
•$ per share
$ per share
5 per share
*36
♦ll'-S
37%
13
36%
*12
*100
114
146
*144
*21
25
10%
146
*1038
4%
*6i2
1%
1%
45l2
*9812 100%'
8%
9%
7734 80%
9%
9%
22
*21
2is
39%'
1%
734
13s
2%
3914
16
*n2
814
9%
934
10%
5I4
5%
5i 2
*54
15%1
55
76
55
77U
1%
*45
10
40
17
2%
10i8«
5%
10%
55
56
56
80
81%
18
12
12
12
16i2
17i2
17%
1734
*22
3%
25
23
2834
2884
112
2934
30%
27
30
434
13%
27
22
22
3%(
*3
*10
26%
11%
26%i
21
21
3i2
*9
*14%
8%
16%'
*3
3434
*1%
2
*1%
*2%
234
♦%
16%
*1334
16%
*15
9
9
36%
*2%
*36%
37%
3%
*6
7
3%
7
*22%
24
115
*5
*21%
*51
*
3%
....
*6
38%
*2%
*36%
7
69
*51
67
*155
*52
*156
....
6%
6%
7
*21%
*52
*157
...
10%
11%
40%
12
40%
41
*32%
25
21
21
*21
27
30
30
*30
32
30%
30%
*%
34
34
*3
9
8
*3
8
10
10%
*3
*%
84
20%
*%
20%
34
*%
21%
21%
2184
10
*8
10
*8
10
*8
7%
*134
%
*%
2
734
8%
834
1%
*134
1%
*%
%
2%
2%
5
2
6%
634
8
2
7
8
*6%
*18%
24
50%
50%
116% 116%
26%
27%
*95% 98
108% 108%
22%
7
*7%
*20%
21
32
28%
28%
*%
*8
1%
21
*29%
20%
7%
27
8
8%
1%
*%
2%
7%
8%
8
2334
*21
7%
*3
11%
*934
*84
86
79
77%
77%
1138
11%
11%
10
10
*8
6%
6%
*60
100
50
*60
52%
52%
9
9
*17%
11%
2
*19
18
11%
6%
100
53%
2%
22
11%
12
18
18%
18
18%
*13%
*20%
1434
22
*13%
15
*20%
22
*13
17
*12%
*4%
*48%
*5%
9%
*8%
17
534
69%
9
*4%
.584
52
52
*5
9
9%
9%
*8%
12%
11%
13
13
*85%
79%
11%
*9
6%
*60
54
2%
20
86
85%
81%
80%
12
12
10
934
6%
7
100
*60
55%
55%
2%
2%
215g
21
21%
*8
10
*8
10
834
2%
8%
2%
J'2
8
*7%
*20
23%
100
2%
*6
8
9%
9%
11%
*934
13%
14%
*9%
*54
*70
78
11%
14%
14
6%
60,100
*8%
14%
100
53%
2%
"3". 600
14,600
97g
11%
14%
100
13
4,100
1,500
19%
13%
*20%
24%
200
*13
21
100
19%
13%
*4%
300
534
10
*65
70
*65
*57%
67
*57%
17$
2
17$
697$
67
2
100
10
2,400
Mar
3
136
Aug
Jan
14
Oct
3% Feb
95% Aug
Oct
%
9
44% July 19
Mar 31
378 July 20
43
July 19
9
July 7
Mar 29
5%
50
20
Nov
27
Oct
4
Oct
74% Jan
20% Apr
3
25
8
52
July 7
May 10
36
Dec
56
Feb
90
July 12
117
Aug
117
Aug
Jan
20%
7% Jan 17
Oct
37$ Mar 30
41
Mar 30
145 June 21
478May 26
7% Mar 29
20% Apr 7
11% Apr 8
23 May2l
%June 9
-6 May28
5% Mar 29
1% Mar 26
%June
6
l%Mar 30
434Mar25
4%Mar25
1334 Mar30
39% Mar 31
115 Aug 8
25 Mar 25
86% Mar 31
1017g Apr 23
112
Apr 8
132 Mar 29
Oct
18%
25
Oct
4
Dec
76% Jan
14% Aug
4%
174
Mar 14
9% July 25
48% Dec
97% Apr
4% Oct
43
Mar
Dec
122
Mar
30
July 29
23
Dec
30
Doc
Dec
45
Dec
84 Nov
4
Jan
28
Jan
45
Jan
1
6
30
Jan 13
12
Jan
8
s4
Dec
8%
Jan 19
%
Oct
29% Apr
Dec
22% Aug
12% July 21
3% Jan 13
7
Oct
33%
Feb
1%
84
Oct
11%
3%
Jan
2%
Oct
Oct
15%
31%
Jan
Feb
1% Jan 22
4% Jan 17
10% July 21
10% July 25
31% Jan
57% Aug
122% May
35% Jan
100
Sept
17
5
18
13
5%
5%
Oct
Oct
31
Feb
Oct
86
Feb
43%
Oct
65%
Jan
114% Mar
30% Oct
118%
Jan
52%
112%
Jan
Feb
Jan
13
91
11134 Aug 25
123% Jan 13
103%
Oct
128%
117
Oct
140%
Jan
143
Jan 14
132
Sept
162%
117
Sept 21
110
June
113%
Jan
Jan
25%
Oct
36% Jan 17
16%
Jan 14
8
Aug 25
80
May 11
6234 Aug 25
5% Jan 11
July 21
24
8%
44
Oct
Oct
Oct
Dec
2% Oct
19% Dec
26
29%
47
Mar
30%
Jan 15
30
Dec
49
Jan
27% Jan 25
23
Dec
43%
Oct
13%
Jan
Dec
83
Jan
Dec
D^c
30
Mar
6% July 19
58
July 26
11
Jan 10
3%
39
7%
7%
30
11% July 20
10
30
2
28
30
13% July 13
17% July 25
74
July 22
9% Oct
8% Oct
61% Nov
68
Aug 16
69
3
Jan 10
1%
D"C
Oct
46% Jan
51%
12
12
94
*88%
12%
94
9%
40%
934
41%
10%
94
834
41
11%
*88%
9%
40%
10%
*88%
8%
40%
58
*53
58
*53
58
*53
58
*5
...
*5
6
7
7
10
*8
10
*8
10
1534
16%
16%
16%
24
24
26
27
26
*1
1%
40 34
*1
1%
41
42%
42%
16%
27%
1%
43%
34
*%
34
9%
41%
58
*5
1534
9%
40%
94
40%
41
11
*7%
10
6%
*7%
*16
*25%
*1
17
26%
1%
4". loo
5,100
*1
""300
25%
24%
8,300
10
1534
*15
2,200
1%
100
42%
42%
40%
41%
5,600
*%
34
2%
6
*%
34
2
*2
6
*17g
*6%
2
2
*17g
{ In receivership,
"500
6
"~30
*6%
a
10
Def. delivery,
Jan 13
64% Jan 21
1734
94
Jan
7
Sept
9
12% July 26
8
Jan 31
58% Jan 11
Aug 23
5
Mar 25
7% Apr 11
8% Jan 7
8% July 30
Roan Antelope
Copper Mines.
Ruberoid Co (The)
No par
14% Mar 30
{ Rutland RR 7% pref
1 Sept 13
25%May27
%June 13
1% Mar 25
2 Mar 26
6 May 28
5
Rhine Westphalia
678
73
Elec & Pow.
No par
RItter Dental Mf?
No par
Common
6
,
100
Reynolds Spring.
1
Reynolds (R J) Tob class B. 10
514 % conv preferred
58
*5
7
2,100
834
*53
6
2
Bid and asked prices: no sales on this day.
10%
*88%
8%
6%
*17g
*6%
1134
94
*53%
7%
*8
1
1134
*88%
7%
Richfield Oil Corp
13
100
10
{St Louis-San Francisco... 100
6% p"efe»*red
—,_10n
{St Louis Southwestern...100
5% oreferred.
100
St Joseph
n
Lead..
New stock,
r
Cash sale,
x
Mar 31
Ex-dlv.
Apr
Dec
Jan 21
78
*_.."58
Jan
10%
Doc
85
*72
58
80
37% Aug
Dec
65
Apr 17
62% Feb 24
10 Sept 14
84% Apr 25
4% Mar 30
33% Mar 30
78
Jan
Nov
18%
preferred
100
514% preferred
100
Reynolds Metals Co.—No par
*72
'
58
115
26
Oct
*
Feb
12% Mar
20
Dec
A..
23%
187$
Jan 13
9
Class
Feb
Feb
Feb
22
26
200
72%
24%
107
24% Jan 11
29% Jan 18
7
13%
Jan
20
5% Oct
13% Dec
4% Oct
96% Dec
6% conv preferred
Jan
Oct
9
1434 July 29
5
3
Oct
13
Jan
7 Mar
9 June
434 Mar
60% Jan
37% Mar
1
47% Mar
5
11
No par
29
Mar
Oct
32
85
34% Mar
5
Apr
5% Mar
9 June
9% Mar
49%May
40
Apr
1% Mar
20
8
5
13% July 20
8%May26
18 Mar30
10%Junel7
18 Mar 22
13%June21
2%Mar25
100% Aug
141
July
Aug
1634 Jan 12
98% Jan 18
88% July 19
17sjUne 2
14%June20
Jan
52
8%May 26
29
16
Jan
Jan 17
81
Apr 19
74%June 18
31
31
31
33%
7% July 25
67
July 20
35
No par
Motor Car
Jan
July 12
...100
100
Reo
9%
40
No par
10
3
Preferred with warrants..25
Rensselaer & Bar RR Co—100
July
20% Jan
6% preferred
5% conv preferred
Purity Bakeries
—No par
$3.50 conv 1st pref..Wo par
{Radlo-Keith-Orpheum Wo par
Raybestos Manhattan.Wo par
Rayohier Inc.—
.......1
$2 preferred..----------25
Reading
50
4% 1st preferred
50
4% 2d preferred
50
Real Silk Hosiery
---5
Preferred
......-100
Reis (Robt) & Co 1st pref. 100
Jan
64
Pure Oil (The)
—
Jan
87%
30% Oct
1% Dec
Pullman Inc
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer..-Wo par
Jan
3
50% Mar
30% Jan IS
4
Oct
65
8% July 23
Sept 22
27% Mar 31
2
Jan
Feb
Oct
7
Aug
4% Mar 30
112
Jan 12
21%May 27
Pub Ser El & Gas pf $5. No par
54%
7%
8
78
—
100
....100
100
59% Mar
100%
Jan
*72
178
1
133
Jan
Feb
Dec
18% July
78
6
18% Nov
37
*70
134
62
July 12
17%Mar30
77
*17g
34% Nov
67
...10
500
*6%
Aug 26
37% Jan 12
54
54
9,800
6
38
20% July 25
75% Jan 15
57
14
2
13%
ll%May31
39%Mar29
38 May 26
778Mar30
30
6%
Oct
100
6 % conv prior pref ser A. 100
Revere Copper & Brass
5
*25
6%
3
Republic Steel Corp..-Wo par
*52%
6%
8% July 13
200
32
*%
21% Mar
41,700
57
14%
34
Oct
16%
*28
*%
*1%
*1%
9%
54
*52%
14%
34
Jan
25
1578
1534
39%
Jan
91
Oct
11
54
29
6%
87
Dec
1634
14%
6%
Oct
Dec
57
16%
29
6%
9
30%
*53
14%
*5
48% Mar
Mar
30
1734
32
41%
17
2%
June25
Jan
Feb
Oct
4% Jan 12
35
Mar
3
54
14
4034
preferred
preferred—
preferred
63
116%
65%
Oct
2% Mar 26
% Mar 26
75% Mar 29
114
Feb
Feb
22
17
*26
9%
Oct
Dec
54
1334
58
No par
preferred
Reliable Stores Corp...Wo par
26%
58
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
Reliance Mfg Co
Remington-Rand
2
20
27
110% Sept
12%
76%
29% Feb
50% Mar
134 Dec
{Postal Tel & Cable 7% pf.100
Pressed Steel Car Co Inc
1
""506
70
Oct
234 July 26
par
"8", 400
67
Oct
13% Dec
1% Apr 25
No par
B
10
13
*70
cl A .No
Porto Ric-Am Tob
11%
1334
2
Jan 15
2%
15
Jan
64
103% Mar
6% Jan
1534 Sept 12
13% Janli
Apr 12
'.No par
Poor & Co class B
*8%
13%
38%
Mar28
60
4
2538 July 25
*9%
26
>
100
$5 preferred B
22
12%
*57
,
17%
13%
It
*66
56
*
6%
20
*5%
9%
10
*934
9%
11%
14%
56
6
200
634
9
9
28
2
100
1,000
*5
*5
*20
6%
5,800
18,300
6,000
8
54
17%
54
*1%
*1%
100
1034
54
*50
*53%
*%
130
11%
*50
534
54
1634
54
1%
3,300
80
54
*4%
*50
16%
*52%
38
270
*9%
14
1
"3;66o
1034
20
prior pref100
Corp
5% conv 1st pref-.--...-.5
80
2
..100
5% conv 2d pref
50
Procter & Gamble.-.--Wo par
12
52%
ser conv
100
200
10%
*50
*13
534
15%
57
49%
13
*1
86
*13%
*5%
17
♦52%
49%
12%
38
140% *13934 141
11934 *115% 120
2834
26%
27%
9
978
9%
*19
Mar 23
30
Feb
Mar 28
$5
*60
31
% Mar 31
Mar 31
7%
8%
2%
22% Mar 26
24% Jan 15
112% Feb 9
36% July 20
6% July 22
1734 July 25
43
July 25
8
6%
5478
Mar29
15
100
22
14% Mar 31
19% Mar 28
110
25
July 26
15% Jan 11
5
800
*
No par
Plymouth Oil Co
300
20
17
*4
2
24
96
124
24%
21
534
70
16
2434
96
*121
*20%
23
67
*7%
*13%
96
30
Mar 30
57% Nov
1% Oct
10
16% Jan 10
124
100
10
37
26
Mar 29
109% *10834 109%
24
22
2
6%
10
28
*13
70
6%
*5134
52%
116% 11634
27
27%
13%
20%
1434
*13%
*20%
*57
*5
51%
11634
80
2%Mar30
10% Mar 30
Nov
26
6
Class
23
13%
*19%
1%
*53
6,000
7%
*20
13%
70
40%
7%
7%
7%
8%
23%
1434
56
8%
2%
"5~366
19%
1%
8
54
5534
2%
19%
56
10%
95
*60
300
1%
2%
734
86
Mar 30
Mar31
l%June 13
Pittsburgh & West Va
100
Pittston Co (The)
No par
%
12%
*66
10%
*89%
*9%
6%
"2I66
*%
*1334
1%
58
...
734
2%
7%
*2
*19
70
*
85% *
80
81%
12
12%
934
7
100
8;
2%
%
*%
Jan
Oct
23
2-4
Pond Creek Pocahontas No par
*5g
21%
*2
preferred
preferred
6%
2,800
34
*8
5% 1st
8
10
9
2
1
conv
Pitts Term Coal
240
29% Aug
•
No par
934
22
66
*51
*3
*20
*56%
15
8
10%
Oct
2%
Mar 26
3% Mar 31
20 May 5
Pittsburgh Steel Co
7% pref class B
5% pref class A.
70
Feb
Jan
par
No par
3
20
*66
1%
*14
2134
„
51
53
52
53
50%
51
51%
*116% 118
116% 116% *116% 11634
11634
28
29
*28
26% 27%
26%
28%
96
95%
95%
96%
96% 97
97%
10934 10934
108% 108% *106% 109% *108%
*120
122
122
*121
125
*121
124
*121
122%
141
141
*140% 145
140% 142
*13934 141
140%
117
117
*115% 120
*115% 120
*115% 120
*115%
28
28
26%
27
28%
29
28
2834 29%
884
9%
9%
9%
9%
10
934
10%
9%
86
34
44%
7%
100
Corp No
Pitts Screw & Bolt
60
Oct
10%
Pitts Coke & Iron
3,500
140
28
23% Mar
7% Feb
Pittsburgh Coal of Pa
6% preferred
1,800
11
41%
Feb
Oct
90
100
Jan
8%
8
100
$5
*21
3,
..25
"Am shares"
Pitts Ft W & Ch 7 % gtd pf 100
6%
11
100
Pillsbury Flour Mills
67
"
*30
34%
9%
166
6%
12%
No par
Jan
34%
13% July
8% Aug
58% Aug
85% July
2% Jan
5% July
55
5
Pirelli Co of Italy
166
42
*%
11%
*38
21%
*%
12
*52
*157
7%
Petroleum
2634
Oct
Oct
Oct
Pitts C C & St L RR Co
*30%
29%
8%
6%
*134
67
—
400
5
*21%
*4%
-.100
Oct
1
Oct
41
Pieice Oil 8% conv pref... 100
24
6
5
5%
6
634
%
*%
8%
6
7
23%
preferred
Hosiery
Preferred
....
*6
23%
*458
67
10%
*83%
*7734
10%
7
*5
6%
26%
5%
39
6%
*36%
...
10
Phoenix
3%
40
*15
*6%
Phillips
115
15
*18
9,500
*2%
3%
No par
5% conv pref series A... 100
Phillips Jones Corp
No par
383s
*91
41
2
39%
*35
*12
8
Philip Morris & Co Ltd
7%
*23
*38
*3
Phila & Read C & I
9,500
1,300
"16
37
50
5,000
6
40
5%
preferred
36
23%
*5
7%
*5
115
6%
978
180
*30
6%
*91
7%
12%
43
*%
2%
%
120
122%
12334 124%
8
18%
1%
734Mar30
434 Jan 3
17% Mar 31
No par
Oct
4
Petroleum Corp of Amer
5
Pfeiffer Brewing Co
No par
preferred
Oct
12
8% Mar 29
Phelps-Dodge Corp..
25
Philadelphia Co 6% pref. ...50
109% Mar
28% Jan
200% Jan
8%
80%
2% July 19
10% Aug 26
4
{Phila Rapid Trans Co....50
*35
6%
11%
934
200
2
40
*155
6
3";900
Jan
Mar
2034 Feb 23
No par
$6
115
5%
Marquette
17%
90
834 Mar 31
100
Pet Milk
"
64
*34
6%
Mar 31
32% Nov
z95
Sept
1 % Mar 29
3% Mar 30
16%
*91
23%' *21%
Mar 29
15
40
*5
13
100
6%Mar31
16
1738Mar26
115
*21%
*45S
l%Mar30
31% Mar 31
Mar 26
29% Apr
12% Feb
3
Aug
July 22
99% Aug 25
13% July 19
July 19
13% July 20
30
July 29
3% Jan 10
41
July 27
5% Mar 31
65
100
*91
6%
23
5%
88%June 21
100
*22%
23%
2
50
100
*33
23%
6conv preferred
100
People's GL4C (Chic)... 100
1
Mar 31
preferred
40
23%
Penasylvania RR
50
Peoples Drug Stores—No par
Sept
prior preferred
23%
23%
1
29
5%
2%
%
35
*6
t c No par
Oct
5%
115
*51
...
6
7
*2%
*21%
*4%
6
69
*153
*6
39%
*36%
*36%
39%
v
Oct
7
70
91
*5
6%
23
*4%
*2%
39%
3%
A...No par
ser
Corp
4
9% Feb 25
360
*32
40
*91
38%
pref
7
Mar 29
26%
25%
*1%
128
36
conv
11% Dec
578 July
7
134 Mar 26
5% Mar 26
23,200
*5%
1578 Jan 10
Mar 18
3% Mar 30
Peoria & Eastern.
35
128
35
10
Pere
35%
128
6%
Jan
100
35
*%
50
149
200
*
64
3%
*5
Jan
Apr
4
33%
3534
35%
*234
$7
Penn G1 Sand
Jan
133
12
800
2%
*35
1,300
6%
126
6%
59
29%
6%
128
*5
10
6%
122
*35
100
9
124%
128
17,600
....
87$
124
6%
400
200
Jan
44%
Aug 11
*15
125%
*5
2,200
53%
June27
.No par
Penney (J C).
No par
Penn Coal & Coke
Corp
10
Penn-Dixle Cement...No par
Oct
30
2634
2
%
20%
13
1778
23%
9
*1%
%
<
300
Oct
10%
147
*22
14%
2
234
1,100
Z34%
18%June 18
12
33%
16%
123
39
*33
2%
*....
3,400
2%
4%
Corp
41% July 7
1978 July 19
Highest
share $ per share
per
zl32%Mar30
Parmelee Transporta'n. No par
56
*23
No par
200
79%
*3%
125
*35
*6
*22%
2%
*%
35%
*35
64
*1%
3,400
1
.1
$
152
10
& Tilford Inc
Park Utah C M.__.
Parke Davis & Co
600
20%
28
*6
35%
...
6
Patino Mines & Enterpr No par
Peerless Corp
..3
Penick & Ford
No par
*1134
17%
4
9
634
36%
35%
2,000
29
121
6%
*2%
*36%
2
9%
*35
64% *
10
6% 2d preferred
Park
share
Nov
1
100
Parker Rust Proof Co....2.50
*134
378
29%
119% *121
39
35%
36%
35%
*12
14%
*6%
Pathe Film
*111%
117
125
*5
*35
234
6%
9,500
1,800
78%
18%
2634
...
*3%
28
%
114% 118
*118
4
*22%
35%
35%
357$
*35
64% *
2
*1%
*2%
*22%
28%
8%
6%
8%
1,200
11,100
56
13
25%
6%
200
5%
24%
*111%
29%
100
7,500
10
10%
6%
57%
4
4% conv preferred
Paramount Pictures Inc
6% 1st preferred
2%
39%
17
2%
8
*11-34
17%
39~000
No par
21%
*15%
*134
*20%
~M00
9%
80%
2%
4%
*134
24
8%
*35
80%
28%
6
*
*56
24
8%
65
6%
28%
6%
35
10
10
per
110
No par
Paraffine Co Inc
$
Lowest
116% Aug 17
Pan-Amer Petrol & Transp..5
Panhandle Prod & Ref new..1
300
share
par
2
2%
per
100
stk) No
Pac Western Oil
Corp
21%
39%
$
32% Mar 31
9% Mar 30
87
Apr 1
9%
80%
934
80%
Year 1937
Highest
100
Packard Motor Car
99%
9%
No par
No par
Pacific Telep & Teleg
6% preferred
Pacific Tin Corp(sp
23,500
46
*95%
834
31
*10
4%
8%
1%
45
17
*134
28
*1334
3434
3934
*15%
24
16%
35
10
12
*1334
33
9%
83%
10%
24
2%
40
*21%
2%
19%
25%
*3
99%
9%
500
4%
*6%
1%
47
*80
...
*2934
434
11
*95%
25
13
♦111
30%
11
12
884
6%
27
*111
200
*46
2%
4%
3%
*20%
*11%
13%
*23%
19
30
25
4%
8%
1%
*134
13
144
11%
1034
6%
57%
80%
80
25
144
*22
434
*6%
1%
2%
9%
*56
134
4%
4%
*19%
*11%
18%
*23%
23
112
*111
134
2%
4
20
Pacific Ltg Corp
Pacific Mills
*23
17
10%
6%
400
600
115
25
Par
1234
12%
*113
11%
9
6%
13%
Range for Previous
100 Share Lots
Lowest
36
36
37
115
6
17
On Basis of
EXCHANGE
141% 144%
71
*134
7734
13%
1%
46%
*95% 100%
10
10%
80% 82
10%
10%
*21% 24
2%
2%
39% 40%
10%
6
*36%
1%
46%
9>2
Shares
11%
434
2
9
S per share
*113
25
*6%
10%
24
214
40%
17%
214
2%
9 1
12
3U
4%
7i2
138
47%
8134
*21%
39i4
16%
18
134
24%
81%
934
37
*11
*95is 10012
10
10%
2%
75%
*!34
334
*18%
lh
146
11
4%
25
8%
*3834
15%
*144
25
*7
80
9%
22
2
146
$ per share
13
*36%
Sept. 23
1889
Range Since Jan. 1
STOCK
Week
Thursday
114
4%
1%
1%
*44l2 46'»8
*98i2 100i2
9%
934
78
13
*112
11
7%
*44
13
*22l2
1H2
7%
37
114
*144
25
4%
4
*6%
37
13
the
Sept. 22
*108
114
*20%
10%
36i2!
13%j
*108
*144
|
Friday
8
STOCKS
13%
20%
29%
2%
July 21
Jan IP
Aug 24
Jan 10
46% July 2F
1% July 20
3% July 20
5% Jan 2"
7% July 12
y Ex-rlghts.
12%
65
60
76%
60
12%
80
Oct
Dec
22%
Dec
Jan
Feb
35% Mar
29% Mar
94% Jan
110
Feb
9%
Feb
47% Mar
Apr
Dec
124
Dec
110% Mar
49% Apr
-
Apr
Apr
Nov
95%
Jan
Oct
30%
112
Jan
D
-c
Nov
98
139
Jan
5%
40%
Dec
Dec
34%
Jan
58
Jan
55
Oct
67
Jan
10% Nov
14
Feb
4%
Oct
6%
8%
18%
17%
Dec
Dec
Oct
31%
1
Oct
26% Nov
1
1%
3%
10
Oct
19%
38
9%
65
Oct
Feb
Dec
June
Feb
Mar
4% Mar
Oct
1'%
O-t
20% Mar
37% Mar
Nov
Feb
? Called for redemption.
}
New York Stock Record—Continued—Page 9
1890
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Saturday
Sept. 17
Sept. I'd
Wednesday
Sept. 21
Tuesday
Sept. 20
$ per share
$ per share
$ per share
Thursday
Sept. 23
Week
$ per share
$ per share
18
Friday
Sept. 22
$ per share
16
17
17%
*17
17%
*60
76
*65
76
*60
76
*60
76
*60
83%
*83i2
86
85
85
*85
86
*85%
86
85
97
96
96
96
96
96
96
96
96
12%
12
12
*11
163s
1534
*69%
%
*3«4
17%
8312
9714
98
96
11
11
*11
1234
*11%
12%
1412
15
15
15%
15%
16%
72
*69
17%
*69
72
*69%
*12
15%
73
*69%
*3g
%
%
%
5
*3'2
5%
*334
5%
*45i2
4534
4512
45%
*46%
i2
%
%
%
%
%
*1%
1834
*3%
70%
2%
1934
3j
h
*334
D2
1818
*33s
U2
1814
3i2
66>8
1314
68
1234
1234
14
60%
*51
414
414
37
37
914
9i2
lh
I8I4
*3I8
67i4
14ig
1414
*51
*4
*3578
9i2
1%
18%
3%
68%
14%
14%
14%
*14%
60%
•51
4%
3934
9%
434
*35%
10
47
48
2514
2734
3 lg
*3
2714
*3
*15
28%
3%
17
17
22
22
22l2
90
90
*89i2
2284
9134
29
3%
*15
%
5%
47
1534
71
3%
70%
15%
14%
15%
%
*1%
*18%
*3%
69%
14%
16%
15
15
60%
434
*51
60%
39
*37
1%
19
3%
ih
10%
10%
26%
15
J'S
29%
%
1%
1%
18%
18%
7,800
4
*3%
200
16,500
67 3g
14%
14
1434
15
13%
4%
"MOO
4%
39
37
10%
4%
37
10%
26%
15%
*51%
36
10%
2634
14%
30%
3%
28
*3
1634
17
29
*2%
273g
*2%
3%
3
18%
2,000
500
10
79
*85
90
90
90
*76
90
*75
90
*75
99
*91
99
*91%
99
*91
98%
*91
98%
*91
16t2
*17
18
18%
19
*19
20
*17%
19
17
17
14i2
IOI4
14l2
*14%
15
16
16
*1684
17%
*15
17%
1534
1534
10'4
9%
10%
12%
11
1034
13%
*11258
1%
1%
19%
19%
*10%
11%
13
13%
1%
I8I4
1238
*112%
158
1%
I8I4
1834
127s
140
*135
207s
1318
914
1312
*26
2078
21
I4I4
143g
10%
10
1414
36
*2l2
314
36
36
234
2%
7l2
*6's
*21
23
2358
*135
24%
1438
*21
*2%
35%
13%
*112%
134
134
19
1834
140
21%
14%
1034
1434
36
3%
35%
3
3
*6%
7%
2284
*21%
24%
24%
*135
11
13%
136
136
21%
15%
11%
16%
15%
16%
15%
1134
11%
12%
11%
16
15%
28
17
1534
28
*26%
15%
*28
*2%
35
3%
*634
22%
24%
34
*2%
3%
35
*35%
3%
3%
3%
*7
13
14
14
14
42
*35
42
*35
36
3%
8%
2234
24%
24
25%
35
3%
24%
4,400
1,300
11
23,000
14%
15
9,200
*25%
*2%
*35%
28
200
3
4,000
23%
24%
26,900
13%
1,500
113s
1134
12%
llBg
12%
11%
1134
60
60
61
62
60%
60%
*56%
28",500
11%
60
2734
27%
28%
28
28%
28%
2834
28%
2834
2734
l%June13
8,200
2
3,000
{Stand Gas & El Co...No par
$4 preferred
...No par
$6 cum prior pref—No par
$7 cum prior pref—No par
100
Stand Investing Corp. .No par
13,200
Standard Oil of Calif. .No par
10,900
Standard Oil of Indiana
11,200
500
28%
48
*38
48
*38
48
*38
48
*38
51
52
53%
26%
25%
52%
25%
53%
26
51%
Z24%
6712
67
67
67%
67%
67%
10%
10
68%
10%
52%
24%
6784
*24
*6612
51%
*23%
*66%
52
26
6%
6%
6%
900
884
8%
8
8%
7%-
73g
634
7%
15,100
20,200
9
8i2
6ig
7%
6I4
6i2
8
634
9%
*6%
984
9%
6%
8%
634
8%
6%
8%
7%
7%
*38
26
6%
6%
9
8%
7%
7%
984
6%
9%
734
50
51
*48
52
51
51
52
52
127
127
-126
129
*126
129
126
126
10%
11
1034
11%
11%
1134
11%
24
23%
25
25
29
23%
2%
15%
28%
212
14
*25
2%
15is
52
*126% 129
11%
23
52
11%
67
10
*51
3
3
16%
16%
16
28%
29
29
29%
2884
2834
*29
*7%
11
*7%
11
*7%
18
17%
18
17%
26
26i8
26%
2634
26%
27
27
26%
27
26%
17%
26%
6%
434
534
6
6
4%
4i2
434
7%
*6
7%
*395s
43
*40
43%
*41
43%
414
414
534
534
6
4U2
3%
41
34%
15i2
1714
34%
938
83g
15i2
1714
57
57
40
3%
34
9
8is
*33s
*45
5
6934
314
*10
338
15
*138
1%
*4%
4%
*414
4%
6
6%
42%
6%
*15%
42%
3%
34%
10%
8%
16%
*18
20
*58
60
384
10
8%
*4
*45
3%
*10
*1%
5
6984
3%
15
6% preferred...
Sutherland Paper Co
4%
16%
23g
16%
2%
9i2
1214
*10%
12%
*88%
12%
44%
9%
9l2
*88l2
11
94l2
12i2
73s
19
19
*18
20
60
*583g
4%
*45
3%
4%
15
*11%
2
*1%
60
*583g
4%
*4
69»4
*45
3%
4%
15
3%
*10
14%
5,800
60
100
5
*4
5
800
45
45
50
3%
15
3%
3,200
334
*10
$3.60
1234
1234
12%
90
90
92
"166
92
1%
200
4%
17
234
2,500
2,200
'
7,000
Tide Water Associated Oil-.10
No par
83g
4
4%
3%
384
384
*23
*25
26%
58
78
79
80
19%
19%
79
1912
8OI4
81
82
85
73
73
*69
73
20
20
20
233s
24
24
55
IO84
7lS
7%,
7%
8%
8is
*8%
8%
1%
*55%
1134
80%
19%
243s
25%
24%
24%
33
32
32%
9
1%
59
*32%
*3%
263g
8S4
1%
55%
4
26%
20
85%
84%
86
*71%
73
73
73
20
20
20
*20
24%
25%
2584
7%
8%
8%
8
9
9%
9%
*9%
20%
25%
8%
10
Bid and asked prices; no sales on this day.
400
8%
*1%
134
500
55
55
200
41
Under Elliott Fisher Co No par
20%
20%
20%
3,700
85
81
83
3,200
Union Pacific
77
*73
78
200
20
20
20
20
900
25%
25%
24%
25
10,600
8%
10,200
9
9%
500
a
3978 Jan
20i2 Jan
285s Mar
3378 Mar
Jan 11
434
Oct
Oct
2334
4i8
173s
Jan
6I4
Dec
1534
57i2
Jan
Feb
838
Jan
Jan 10
41
Dec
5%June 29
4
Oct
8
Jan 11
514
49% Aug 6
5% July 29
3484
Oct
Oct
2
Oct
37l2 Aug
12i2 Aug
6
2334
Oct
44
6
53g
Oct
165s
5% Oct
155s Nov
18i2 Dec
153s
56
July 22
Mar 24
Aug
July
July
July
9
25
25
25
13
24
8
312
2i8
36
li2
Oct
Oct
Jan
153g Mar
65i8 Apr
95g Mar
Mar
Jan
Jan
5414 Mar
48
Feb
64
Jan
1334 Mar
Nov
93%
Jan
Oct
Sept
13i8
40
Feb
Sept
Oct
4
Dec
10
Oct
8i2 Jan
1514 Mar
2878
Feb
Us
Oct
10i4
Jan
618
Oct
4034
Jan
13is
Oct
2158 Feb
9812 Aug
2878 Feb
72
Dec
6%
Jan 11
27i2Sept 2
38
July 19
82
4I4
7
18i2
25
234
Dec
Dec
Oct
Dec
Oct
Nov
Oct
Jan
109is
Jan
12
Mar
265s Mar
4078 Mar
50
Mar
6
Jan 13
44
Jan 11
39
Dec
94
Jan
12
July 25
7
Oct
25
Mar
U8
Oct
23s July 26
66
July 23
15% Aug
6
4614 Nov
878
Dec
17i2
Jan
678 Jan
100's Jan
1838 Sept
6D4 Nov
17i2 Oct
111
93
80
Nov
14834 Mar
87
July 25
28I4
Feb
Feb
17^8 Mar 31
553s Mar 31
22% July 21
5934 Apr 20
81
Jan
6
78
Oct
9934
Jan
23%
Jan 12
22
Nov
3U2
Feb
20
No par
United Aircraft Corp
Un Air Lines Transport
United Amer Bosch
New stock,
Mar 31
Jan 10
5i8
318
Oct
..100
Union Tank Car
»
57
6
834
100
4% preferred
Def. delivery.
Mar 31
758 Mar 30
Union Bag & Pap new..No par
Union Carbide & Carb .No par
Union Oil of California
25
{ In receivership,
Oct
734 Mar
47U Mar
Jan 11
lOSg
1% Mar 26
5,400
7%
June 27
No par
Ulen & Co
16,000
8
Oct
Oct
8i8
478 July 19
87% July 29
1
Twin Coach Co
11%
10
U2
10%
113s Aug
25g Mar 29
16
Mar 30
6
Mar 25
7934
8
Oct
98
25i8 Mar 25
10%
*9%
Oct
1534 July
No par
$1.50 preferred
7784
*73
734
15i4
22U
4
35s Mar 28
512 Mar 31
161s Mar 29
II84
20%
8334
15% Aug 9
19% July 19
2914 July 25
19
1
77
10
20th Cen Fox Film Corp No par
7,000
58
Dec
5i2 July 19
Mar 31
No par
81%
80%
17i2
25s Jan 13
Twin City Rap Trans..No par
Preferred
100
410
8%
*55%
11%
Oct
July 20
32
20
31% Mar 30
No par
Truax Traer Coal
12", 700
26%
134
20
33
*20%
I84
55%
12%
83%
20%
24%
263g
134
12
23%
*31
Mar 31
8
10
Truscon Steel..
.
3%
9
81
"806
Detroit Axle
$6 preferred
'MM MM.
4%
*3%
834
12%
25%
*21
8
3%
9%
83
11%
*3%
8
Jan
Jan
20i2 July
6134 Feb
273g Jan
113s Mar
8%
4
25
18
4% Aug 1
1978 Aug 26
125
Oct
8%
334
3334
3%
Oct
25s Mar 30
8%
3%
*32%
3%
Aug
9
478 Apr
7
334
3%
26%
118
Tri-Continental Corp..No par
7
33
Feb
77i2
Transue & Williams StT No par
7i2
3%
*31%
3%
20
800
5,200
z23
Jan
Oct
Dec
4,300
684
2312
3D2
3i2
263s
734
184
335s
3
4412
Feb
6%
734
9
July 25
878 July 29
July 20
127
Sept 17
Aug
6%
95
12
59
6%. Dec
6i2 Oct
17
6%
*7
Jan 13
79
7
"~4%
3058 May
Sept 15
223g
65s
*_
42
Oct
7
484
10%
Feb
Oct
6%
8%
95
50
Jan
Oct
6%
*7
Feb
4
6%
*4%
50
8*4 July 12
4,600
+
27i8 Dec
26i2 Oct
Mar 30
934
434
10%
Jan
3478 July 25
35i2 Jan 7
4
9%
95
4
l2
Transcont'l & West Air Inc..5
934
*7
723g
Jan 13
10
Timken
~*4%
Jan
Oct
Dec
1
15
318 Mar 30
8% Mar 28
D2 Mar 28
534 Mar 30
101s Mar 29
'77i2 Apr 29
Timken Roller Bearlng.No par
Transamerica Corp
2
*
Jan
36
5,800
3,300
9%
65
123a
16
Aug
5234 Aug
1234 Jan 12
13%
46
4%
Oct
10
14
I6I4 Jan
107i2 Dec
Mar 30
13
44%
97%
325s Mar
Oct
8
13%
47
97% *....
4%
"4%
*7
10%
24
24%
1438 Mar
Oct
53s July 25
Mar 24
1
100
25
pref
15
10
Thompson Prods Inc. .No par
Thompson-Starrett Co .No par
$3.50 cum preferred.No par
Apr 12
238 Mar 31
1
preferred
934
*7
Oct
5
55
13%
*4%
212
Oct
Oct
212
55
47
*-._.
Jan
115s Jan 12
23
July 2
28
July 7
712
Jan 13
27s Apr 13
35
100
10
43g
Nov
2334
16
113s Feb 10
53i2June 23
No par
No par
14%
3%
2834 Feb
95i2 Apr
4838 Mar
Nov
24% July 25
59
July 26
57s July 13
47
*8
Jan
Dec
818
49
Mar 30
Thompson (J R)
conv
Aug
50
15
Third Avenue Ry
$4.50
35
Dec
No par
Thermoid Co.
500
Oct
Dec
26
300
234
10
Mar 31
pref
conv
Jan
10
13
Mfg.
conv
Jan
Feb
36
39
Ry Co—100
Preferred
$3 div
1234
1%
4%
.25
(The)
Pacific
&
5
The Fair.........
15
12
92%
634 Mar 31
6934
11
*90
Texas Pacific Land Trust... 1
Thatcher
2%
12%
92
Mar 30
300
2%
13
Mar 30
7
20
16%
*12
26
*17%
*58%
2
3
No par
Texas Pacific Coal & Oil—10
Texas
4%
17%
13
Texas Gulf Sulphur
700
*1%
12%
48
8%
*4%
17%
18,
Texas Gulf Produc'g Co No par
3,900
17
9i2
31
101
47
2,900
17
5»8 Dec
1914 Dec
Jan
1178 Mar
775s Mar
July 25
914 Jan 10
4
414 Mar 31
Apr
37g Mar 30
32% Mar 30
258 Mar 29
Texas Corp
Oct
Oct
60i2 Mar
6518
734 July 25
Mar 31
4,700
9%
8%
34
Tennessee Corp
21,500
334
4%
4%
17%
25g
*11%
12%
12
60
100
36
9%
2
4%
17%
234
14
1%
*
19%
1,600
35%
18%
46
1%
*52%
11%
IOI4
76%
19i2
*16%
13%
834
*50
18%
45%
8%
*112
18%
534
4234
Mar 30
22i8 Mar 30
434 Mar 30
3% May 27
50
5
5A% preferred
Telautograph Corp
9%
9
*20
2%
*10%
1234
8984
4
884
4%
17
534
4134
10
18
"SO
*4%
41%
4%
41
3634
8%
6934
3%
9%
9%
*4
*10
384
36%
10
834
*45
15
5
133g
9%
82
3l2
4
I784
*18%
*58%
17% Mar 30
6=8 June 13
9
(James)...
46%
6
223g
3112
433g
Talcott Inc
—
9%
57s
*6i2
3i2
418
92
42%
M
9%
45i2
*7
12%
43%
M
35%
D2
143S MarlC
30% July 25
134 Mar 26
1
Without warrants
934
4378
914
*__.
12
6%
36%
*1%
*4%
15i2
2i4
4%
9%
8
834 Mar 31
...25
*534
4
Mar 29
119l2 Feb
(The)..50
Swift & Co....
*4%
3584
9%
45
1
100
10
6%
10
884
100
4%
36
4%
,
4384
934
*4%
43s
15
2's
4
43%
Mar 29
512 Mar 29
3i2 Mat 30
1
No par
Sun Oil
*41%
M
31
Oct
107iS Feb 5
312 Jan 10
512 Jan 12
1
43%
M
2534 July 26
1714 July 25
4212 Aug 25
15% July 19
70i2 July 18
D2
Jan
Jan
*6%
M
433s Mar
Jan
Swift International Ltd
7%
Oct
Feb
Symington-Gould Corp w w.l
*6%
9
17i2
1,400
35%
2
*4
12
*6
6538 Mar
75
4,500
6%
42%
*6
Oct
21
2,000
*41%
*4%
7
17
Oct
4% July 25
Jan
32i2
Dec
Jan 21
Jan
Oct
15
46
Feb
1734
2?
Aug 23
378 July 21
155
June
Oct
5
7%
*684
Oct
63S
42i2
Dec
6%
-
130
115
5i2
5
6%
5
Oct
5312
6
7
5%
Oct
2134 Jan 10
12% July 26
684
6%
5%
D2
20%
36
11
5%
7%
6%
5%
2218 Jan 12
15
July 25
May 28
No par
(The)
Sweets Co of Amer
7
June 17
Studebaker Corp
"5", 800
July
6
Stokely Bros & Co Inc
11
1734
25
5
400
18
140% Mar 26
49
28%
15
Jan 10
Oct
Oct
Mar
Dec
1718 Mar 31
17%
26%
6%
5%
28
934
13
110
Mar
Superior Steel
*8%
9
318 Jan 13
Aug
Mar
Superior Oil
17
114
76
Superheater Co (The) ..No par
15
Dec
43
1,200
1634
10
48
3,100
*8
Mar
1914 Aug 26
1378 Jan 15
163s Jan 10
54i2 Jan
4018 Feb
2934 Feb
23U Aug
Dec
6,100
17
Mar
120
Oct
Nov
2%
15i2
197
June
13
1912
15%
*8
Nov
96
42
97s Mar 31
17
67
8
Aug
5838 July 25
10
*28
7
June 30
30% Aug 27
69i2 Aug 27
8
2%
3
Oct
605s Apr
10214 Feb
17i2Mar29
14%
16%
2%
Mar
414 Apr
32l2 Apr
Sunshine Mining Co
23
3
1634
July
Nov
58
26
3934 Mar 31
6,100
25
24%
2%
16%
88
1778 Mar
par
Stone & Webster..
30
26i2 Dec
1
10
5
Stewart-W arner
500
Mar 29
%June21
25ig Mar 31
2434 Mar 30
11%
24%
10%
24
*24%
53
*126% 129
113g
16
234
9
13
Feb
Feb
1053s
10
.No
Sterling Products Inc
2,800
6,900
67%
8%
6%
Starrett Co (The) LS.
400
10% Sept 14
3434
Nov
25
Standard Oil of N J
24,300
51%
25
Mar 31
4% Mar 30
25
Standard Oil of Kansas
48
50%
Mar 18
{Stand Comm Tobacco.--.-1
50
45
94
'"§66
*22
*38
par
No par
Feb
5i2
Feb
Mar 14
12i2Mar31
6% Mar 31
1
No
84.50 preferred
Jan
Feb
44
93
July 19
6% Mar 31
Feb
175g
3434 Jan 10
11
48i2May 26
14
65
Jan 13
22
24
Mar 30
Oct
Dec
Oct
17i2 Oct
2i2 Nov
1534 Dec
Mar 26
15&8 Mar 30
734 Mar 31
Mar
6%
91
Feb
120
9% Jan 11
333s Aug 26
314 Jan 17
Mar 25
29
334
44
Oct
Oct
24% Dec
1478 Nov
2
preferred.No par
Square D Co class B
Standard Brands
500
13,900
Jan 14
3i2
1158 July 25
2734 Jan 27
1838 July 20
10534 Sept 13
Mar 30
2
Conv 84.50
6I2 July 19
48
4
No par
Spiegel Inc
280
Dec
1934 Mar 26
No par
1
Spicer Mfg Co
60
July 19
29
100
83 conv preferred A..No par
*25
*24
25
27
26% *26%
26%
*25% 27%
27%
2634
26%
7
7
7%
658
6%
7
6I2
634
6%
7%
684
6%
105% *104
♦1033s 105ig *103% 105% *104
105% *104
105% *104
105%
1 Bg
1%
134
1%
D2
1%
1%
1%
*184
1%
*184
1%
3
234
3%
234
3%
3%
2%
3%
3%
3
33s
234
7
634
7
578
6%
7%
634
6%
7%
7
6's
6%
14
15
16
13
15
*13
1334
15%
*14%
*1158
16%
15
15
17
1534
I884
19%
19%
*17%
17
1412
18%
18%
17%
%
l2
*3g
*3g
%
*3g
%
%
*%
%
*%
%
30
29
29%
277s 28is
27% 28%
29%
29%
28% 2934
29%
27i2
212 Mar 29
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
42
10%
60
8i2 Mar 30
17i2June 17
Spear & Co
8
13
...100
Mobile & Ohio stk tr ctfs 100
preferred
Sparks Withington
Jan 14
66
24
512 Mar 30
1st
42i2 Mar
98
No par
Pacific Co
985s Aug
34
Oct
102
19*4 Mar 31
9% Mar 31
Oct
15
8
Mar 31
4
16
2034 Jan 11
2
Jan
Oct
1234 Dec
Mar 28
128
D2
Feb
218 Jan
8i2 Jan
5418 Apr
III4 Mar
18
May
8% Mar 29
1034Mar31
Apr 14
1% Mar 29
16%May 24
Oct
4934 Nov
91
111
34
27i2 Feb 25
512 Jan 14
7512 July 25
45
Apr
Jan
7g Jan "
3
July 22
par
25
100
5% preferred
""126
40
*35
I8I2 Mar 31
Apr 1
z84
100
8% preferred
""560
14
12% Mar 30
212 Apr 5
1478 Mar 30
Spalding (A G) & Bros-No par
22
42
1
434 Mar 31
Sugar..-No par
Southern Calif Edison
3
22
24%
Aug 11
20% Apr
Co Inc. 15
Southern Ry
*13%
Mar 30
634 Mar 12
--25
So Porto Rico
10%
*35
3
36
Solvay Am Corp 5*A% pf.100
South Am Gold & Platinum. 1
Southern
14%
Mar 26
45% Mar 31
Snider Packing Corp..-JVo par
53,300
42
10
10
15%
3
9% Mar 30
Mar 30
14%
*6%
1% Mar 29
1512 Mar 29
Mar 20
10
8
_
10
1,400
2234
Jan
93
21
3%
*6%
*21
-Jan
%
No par
21
1584
28
*2%
40
*21
8
22%
13
11
3%
Feb
Mar 30
140
11%
314
235g
4514
1,000
1%
19%
71
3412 Nov
June 16
*135
2134
1534
*35
*56%
140
22
12
10%
*135
21%
41
57
136
1%
19%
19%
Feb 23
4812 Aug 23
3
Socony Vacuum Oil
98% Mar
1
Oct
10
100
Dec
85
Oct
Smith & Cor Typewr__.No par
22,100
5134 Mar
%
13
13%
27i2 Mar
3%
300
11
1234
2
1%
19%
2134
12
958
2%
20
*10
Oct
Dec
3434 Mar 28
6% preferred
100
Sloss Sheffield Steel & Iron. 100
"~500
11
22
19
4
47
No
Jan
2712 Jan
734 Jan 11
No par
Smith (A O) Corp
23% Jan 12
Mar 30
% Feb 10
3
No par
Co.
June 14
62
1
100
86 preferred..
113% 113%
*113
2134
*35
56
11
13%
....
Feb
Skelly Oil Co
98%
17
100
90
*91
1212
*11258
113
5)4% conv preferred
100
Silver King Coalition Mines..6
Simmons Co
No par
Slmms Petroleum
10
Slmonds Saw & Steel..No par
100
90
90%
Dec
Slieli Union Oil
1,400
23,000
28%
22
2334
*90%
z98
Sheaffer (W A) Pen Co .No par
90
90%
Feb 11
20
.21
24
90
105
834 Mar 29
14%June 10
Sears Roebuck &
500
*15%
2334
90
Mar 26
3,200
24
24
90
79
Shattuck (Frank G) —No par
17
23
Jan
14
13%
*16
Mar
3,700
104% 104% *104% 105%
*7
7
7
7%
7%
103
113
10%
2634
*26%
14%
Jan
Dec
Dec
Servel Inc..
300
36
10
*26%
46
70
86
Co...No par
........—1
Sbaron Steel Corp
No par
85 conv pref
No par
Sharpe & Dohme
No par
83.50 conv pref ser A .No par
600
60%
434
13%
60%
Dec
Jan 2C
July 28
Mar 30
18
Highest
share $ per share
81
Seagrave Corp
7,900
*51%
484
70
3%
6934
per
94
{Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del .No par
400
19
$
Mar 29
Scott Paper
6,000
%
share
Mar 24
12
par
{Schulte Retail Stores
""MO
47
per
58
8% preferred
*75
•
5~666
*14
104% 104&8
30%
3%
17%
%
2%
200
5
*384
46%
47
330
4,900
%
$
share
68
No
preferred
100
preferred
100
7% preferred
—100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
5*A% preferred
100
73
%
per
5%
MM
—
"266
12%
15%
*69%
%
5
#• m
$
6%
Safeway Stores
2,400
16%
76
15
73
47
%
15g
19%
3%
71%
*%
*26
*26
26
26
26%
26%
15
14L
15%
1434
1412
14i2
104% *104% 105%
*10514 10512 zl04
7
6
6
6%
6lg
634
*15
73
%
*4
16%
Par
Lowest
Highest
Lowest
Shares
85%
I6I4
Year 1937
100-Share Lots
On Basis of
STOCK
YORK
EXCHANGE
the
76
1534
*60
NEW
for
1938
Range for Previous
Range Since Jan. 1
STOCKS
Sales
-
Monday
Sept. 24,
r
30% July 25
1034
Oct
35i8 Mar
Mar 30
113s July 19
5%
Oct
243s
Jan
634 Mar 31
143s July 29
7
Oct
3D4
Feb
5
5
Aro par
Cash sale,
Mar 30
1912 Mar 30
5
Aug 10
x
Ex-dlv.
y
Ex-rights.
1 Called for redemption.
New York Stock Record—Concluded—Page 10
Volume 147
LOW
AND
HIGH
SALE PRICES—PER
SHARE^NOTWPERjCENT"
STOCKS
Sales
NEW
for
Saturday
Tuesday
Sept. 20
S per share
3 per share
$ per share
Thursday
Sept.2 2
the
Sept. 23
1434
♦115
15
15
*115
118
1434
118
56%
58
$ per share
$ per share
Shares
15%
*13
2%
2%
2%
16
*15
*115
117
115
59
2%
27%
5%
27
27
5
5
5
614
*15
117
59
56%
1478
27
*60
16
*115
*15%
56%
*13%
63,
*6%
737g
*60
*34
35%
35
59%
60
7
57% 58%
9l2
9%
9%
*10634 108
*107% 108
59
*32
6%
35
567s
93s
*34%
57
6
6
6%
5i2
7%
512
714
534
*70
7%
82
*70
7o
5%
714
94
512
73g
94l2
170
*167
534
*2818
18
*414
73s
*55
6%
534
7%
*28%
18%
5
5
5%
19%
5%
73s
8%
8%
884
7%
334
7%
30%
32
18%
*60
36i2
4%
38
38
4%
41%
79%
54%
6078
4%
42%
81%
42is
8H2
53
56
*6012
5234
63l2
55%
IO9I4
55
61%
61
110
*45
*30
45
*30
10
10
*9
*6H2
72
*26l2
12
36
12
*58
*19
'
7
33
20%
*.19
5
8%
9
5
8%
39%
4%
*55
62
62
*61
63%
56%
58
108% 109%
33% 33%
*4234 45
4%
4%
9
*8%
*2
2%
500
61%
54%
553s 101,100
3,000
108% 10834
33
33
4,000
210
*42% 45
4
438
2,100
200
*8%
9
2
2
1,800
*38
55%
10978 11034
3234 34
46
45
45
4%
9
4%
8%
2%
,2%
45
*38
11
*9
4%
8%
2%
11
*63
70
*66
72
153
153
153
153
36%
36%
36%
*%
34
%
%
34
%
%
%
69%
69% *66
155
153% *153
*30
36
*30%
36
%
%
%
%
*%
34
*%
34
36%
%
%
*19
30
*521*2
*119
56
124
*
113
*52%
*
*19
30
*H4
13s
1%
234
3»4
*2%
*1%
*119
1%
*2iS
*1
*6
7%
1434
*8378
7
36is
187g
10
*2i4
15
865s
734
37
1878
IOI4
2i2
35
*30
5
514
*27
30
2i8
634
2214
1714
25is
*23s
*34
212
7%
*6%
15
30
*19
30
*19
734
38
2%
538
*21
9
x27
234
1
18%
*2%
*34
31
31
31
*78
80
*73
86%
87i2
86%
3
3
*43g
6
1834
95i8
130i8
*1334
36
1514
*28l2
*
#*41
t*ll
52
*41%
12%
*11
10%
6
*2
134
12%
2%
2%
378
4
4
4
*3878
*75
41
16
16%
43
44%
1534
17
*35
6
31
3
3%
1
31%
578
33
*284
10
*25
1934
27%
*2%
*34
31%
6%
33
95%
*95
*84%
*78
1
19
*70
1034
6
*1%
12%
*2%
2%
*4%
4%
*387g
16%
4378
17
19
90
*
20
*70%
2178
30
*26
35
*19
20
18%
25%
2%
19%
2634
2%
31%
*31%
*73
85%
*95
*84%
*%
95
*84%
95%
89
121% 122
6%
1%
6%
1%
2%
13%
2%
2%
4%
434
484
12%
40
40
40
16%
44%
17%
18%
45%
18%
18%
4578
19%
*2%
2%
4%
4%
*61
12%
2%
4%
75
4%
*40
18%
45%
1834
*62
4%
1278
*2%
2%
*4%
378
40
40
19
19
44%
45
I884
75
I884
*61
41%
*37%
48
44
44
*43
86
85%
85%
85%
7134
27«4
*70%
71%
*71
71%
71
71
70
29
17
16%
100% *101
20
1934
32
80%
32%
*65
15%
15%
19
19
3
3%
40
40%
*38%
434
4%
1834
4534
19%
*44%
40
2%
4278
*82
*38
1278
2%
75
41
47
33%
34
35%
35
3578
34
86%
70%
32
18
107
21
3434
3
*4%
*%
80%
*65
80%
*65%
16%
80%
16%
*65
80%
20
207s
31
31
*29«4
30%
1734
17%
1878
I734
18%
107
*102
107
*101%
*101% 107
22
22
22%
20%
22%
20%
29
30%
17%
203s
16%
19%
3%
3%
1534
1678
20%
3%
3%
384
Bid and asked prices; no sales on this day.
16%
19%
*3%
United Stores class A..No par
-No par
100
Vadsco Sales
Vanadium Corp of Am .No par
Van Raalte Co Inc
5
100
Vick Chemical Co
5
Victor Chem Works
5
5% preferred
.100
Virginia Ry Co 6% pref...100
Vulcan Detinning........ 100
"""366
43
300
80
90
70
400
31
17%
900
101
19%
3278
*65
70,100
101%
230
20
34%
80%
20,200
3,400
16%
16
16
"l",506
20%
378
18%
19%
3%
17,300
1,100
3%
Oct
20
Oct
Oct
43% Dec
52% Nov
58
Dec
48% Nov
100% Oct
2138 July 25
30% Aug 11
Mar 30
Oct
9%
8%
84%
278
1% Apr 13
5% Mar 26
100
Mar 29
37
Mar 31
Waukesha Motor Co
par
par
par
5
1
Wayne Pump Co
Webster Eisenlohr.... .No par
—1
3«4 Mar 26
20
Mar 26
134Mar 31
5
Mar 31
16% Mar 31
11
Mar 30
17
Mar 30
46
Oct
May
34
%
16
9%
Oct
Oct
Oct
Oct
7% preferred.
6% preferred
West Penn Power 7%
4% 2d preferred...
100
100
pref. 100
100
Co—10
100
100
Oct
Oct
115
Mar
47
May
2%
18%
Oct
Oct
Oct
37
Jan
113
Dec
135
Mar
50
Dec
98
Mar
8% July
20% Jan
86% Aug
10% July
50
1st preferred..
Weston Eiec Instrum't.No par
No par
Class A....
9
33
2%
Dec
Oct
Apr 12
75
46
Jan 10
28»4 July 21
Jan 27
18% July
Sept
20% July
30% Sept
Jan
23
10
25
13
4
2%
1
Oct
Oct
July
56
84
Oct
108
88
Oct
109
Feb
76
Oct
103
Aug
123%
115%
29%
1184*
23%
Mar
Jan
July
Mar
Mar
117% Oct
110% Apr
14% Dec
2<% Oct
5% Oct
1
Oct
434 Mar
11% Mar
83% Jan
5734 Mar
167% Jan
113
Oct
IO84 Oct
31% Nov
1034 Oct
21% Dec
90
Dec
95
Jan
4
42
May 27
59
Jan 14
55
Dec
11
Sept 23
15% July 19
14%
Oct
6% Mar 31
578 Sept 23
1% Mar 31
15% July 25
32
Mar 30
10% Mar 29
36
Jan
3
11% Mar 29
41
27
Mar
9
Mar 28
28% Mar 30
55% Mar 30
61% Mar 31
2034 Jan 31
8% Jan 3
71
Mar 30
9% Mar 31
24
Mar 30
62% Mar 31
11% Mar 29
9
Mar 31
2«4 Jan
x Ex-dlv.
3
6
Oct
11
Jan 21
8%
3
Jan 22
1%
Oct
Oct
678
57g
60%
2184
4834
2234
72%
41%
6I84
Jan
7
Jan 10
July 19
Jan 21
July 25
13
26
19
12
Aug 26
July
Aug
July
Sept
Mar
84% Feb
Aug
1% Oct
22% Dec
1734 Oct
87% Nov
Mar 29
21% Jan 24
3% Aug 6
Jan
Nov
Oct
73% Nov
Oct
3
Jan
Jan
Jan
38% Feb
5034 Aug
934 Feb
2% Jan
Nov
Mar 24
18
69%
12%
35%
Oct
19
3
5038 Feb
1034 Feb
99% Mar
Oct
75
1% Mar 30
l%June16
3%June 16
Feb
92% Aug
1834 Mar
51% July
197g Jan
Nov
27«4 Jan 12
834 Mar 31
Mar
19% Feb
9
10978 Jan 15
90
16
49
11%
36
14% Mar 26
122% Jan
10% Mar
1838 Mar
16
34% July 20
9% Mar 30
31% Mar 28
Mar 31
Cash sale.
Oct
Jan
Aug 26
1% Jan 11
3% July 22
140
—5
r
2 '
26% Dec
434 Oct
1284
July 21
4% Jan 10
Mar 31
103
65
Willys-Overland Motors
1
6% conv preferred..
10
Wilson & Co Inc
..No par
$6 preferred..
....100
Woodward Iron Co
10
Wool worth (F W) Co.
10
Worthington P&M(Del)No par
Preferred A 7%
100
Prior pref 4y % series.... 10
Prior pf 4 H % conv series. 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
—100
Young Spring & Wire. .No par
Youngstown S & T
No par
5H% preferred
100
Youngst'wn Steel Door .No par
Zenith Radio Corp ..—No par
Zonlte Products Con)
1
Oct
Oct
Oct
Feb 23
$4 conv preferred..-.No par
Wilcox Oil & Gas..
Oct
77S
July 19
20
ctf No par
Mach..-No par
17
June 27
30
White Rock Mln Spr
32
19
Mar 31
1
3%
118
10
White Motor Co
2978
22%
31%
3%
1%
Oct
7134 Dec
Mar 31
Westvaco Chlor Prod.-No par
preferred..
8
July 19
Aug 6
478 July 15
1634 July 15
45
Oct
6% Dec
18
111% Jan 6
1234May 31
23
18
31
31
31
Feb
Dec
8
122
Mar 25
12% Apr
7438 Apr
115
3
Mar 29
% Mar
1% Mar
16% Mar
1534 Mar
6134Mar
Jan
4% Jan 20
15«4 Jan 11
3
3
3
3
44%
June
102% Jan
102% Jan
9734 Jan
2% Mar 31
Jan
Jan
3938 Mar
14%
23%
116
Jan
2%
58%
97
30
29
74
478
3584 Nov
20
1
82%May 28
Jan
21
25
5
28
8
Feb
934 Dec
July
Aug
Jan
39
July
82% July
1% Mar 26
34Sept 1
25% Mar 31
Feb
105
July 16
par
Jan
Jan
1% Jan 10
25
Jan 17
July 20
-.6
Jan
126% Mar
150
Jan
18% Aug
5% Jan 21
32% Jan 21
114
July 16
Mar 31
Feb
Mar
7638
"l"""6ct
1% Jan
Jan 22
1734May 18
118
105
Jan
June 22
30
Mar
72% Mar
193s Jan
723s Mar
108
42
4% Mar 30
112
164
4
No
J Warren Bros
No
$3 convertible pref ..No
Warren Fdy & Pipe.—No
New stock,
Dec
3%
Oct
51
$3.85 conv pref
«
65
24
Feb
Nov
Mar 31
Warner Bros Pictures
a Def. delivery.
Oct
Mar
15% Mar
223s Mar
29
Mar 26
$5 conv prior pref-.-No par
White Dent'l Mfg (The S S) 20
80
6%
23% Mar
70
43%
135
2
100
43
Feb
Jan 12
54
23
"4",300
6,000
Feb
153% Sept 22
100
par
Wheeling'&LE5H convpf 100
Wheeling Steel Corp...No par
Preferred
100
17%
137
172
53
86
107
1
Jan
Nov
154% Nov
584 Dec
2978 Dec
16% Oct
384 Oct
Nov
..No par
Westingh'se Air Brake-No par
Westinghouse El & Mfg
50
75
3478
47
Aug
Mar 26
4,500
15,300
300
20%
Oct
Jan
6
78
8
Western Union Telegraph. 100
1,600
1,100
5,100
Oct
5%
25
10
27
22
45
July 21
19% Aug 26
19% July 27
1,200
8,900
500
3%
4%
534 Mar 31
1384June 10
74
Mar 29
A..No
Class B
White Sewing
Oct
Mar
10% July 29
June 19
105
84
Oct
Preferred
800
47% Sept 9
584 July 21
30% Mar 30
14
Apr 9
97
100%
5%
70
Oct
.....100
44%
30%
1634
11% Mar 31
14% Mar 31
2484
Nov
Feb
Mar
Feb
Jan
Jan
Feb
6% preferred
44
•
Mar 26
16%
2
..100
3884
16
Jan
Oct
Dec
3%
2%
2%
Western Pacific
1,100
11,200
*37%
% Mar 30
%June 22
11378
11734
No par
Preferred
Western Maryland
12%
2%
2%
4%
378
42
I684
May 11
27% Mar 30
Oct
4-% July 23
33s Feb
100
12%
2%
2%
4%
378
*3878
*17%
*61
134
101
2% Jan 11
100
18%
Mar 31
17
106%
June 20
36
13% Jan 14
48
8684 Mar
Oct
Mar 21
No par
1,000
500
114% Jan 10
63
Oct
9
1% Mar 23
1% Apr 22
% pref with warrants 100
conv
70% Mar 5
63% July 25
Oct
52
116% July 19
Walk (H) Good & W Ltd No par
5%
8
24
12078 Feb 26
65% July 31
118% Mar 21
..No par
Ward Baking class
200
Mar
2684 Apr
Feb
9% Mar
Oct
Dec
100
Walworth Co
20
71
Jan
Jan
Mar
Oct
6%
2%
.100
100
100
Walgreen Co
20
70% Aug 24
4438 July 25
7
July 25
48
Aug 24
92% Aug 10
3
Feb
234Mar29
1
200
6
7%June13
37
1534 Mar 30
6%
600
7
3% July 25
50
July 21
No par
Chem
20
19%
9134May 31
29% Mar 30
40
Apr 25
3% Mar 30
8% Sept 21
1% Mar 26
6% preferred..
..100
Va El & Pow 86 pref
No par
Virginia Iron Coal & Coke. 100
Va-Carolina
6% preferred-.i—
75
*..__
t In receivership.
No par
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
8% preferred...
100
Universal Pictures 1st pref. 100
J Utilities Pow & Light A
1
Western Auto Supply
2
70
25
....
90
16,300
1,400
1234
2%
2%
12%
2%
2%
438
4%
90
"""266
6%
134
No par
new..
1,900
11%
6%
1%
6%
*1%
Mar 31
United Stockyards Corp....l
Conv pref (70c).....No par
20
11
6%
1%
38
100
3
16
.
....No par
Corp
7% pref new
180
11
12%
11%
Mar 31
Apr
10%
578
1%
11%
$55
Preferred
U S Tobacco
3
50
....
Apr
*11
12%
6%
1%
U 8 Steel
Mar 31
45% Jan
70
13
12
Preferred-
21
i4434 Mar 31
71
53%
*11
100
1634
116% 116%
July
Aug 26
1% Jan 18
.
Mar
8%
74
81
Mar 29
50
21% Mar 30
278 Mar 31
No par
52
12
8% 1st preferred
U S Smelting Ref & Min__.50
$4 conv preferred
*41
13
..100
U S Pipe & Foundry....
20
U S Realty & Imp
No par
U S Rubber
10
West Penn El class A..No par
52
*41%
cl A ...No par
June 20
13% Mar 31
3% Mar 30
5% Mar 26
T,306
*45
46
*
97%
89
2134
conv
24
"""126
*45
85
3
85%
85
1
2%
50
55
Feb
35
Oct
10
978 Aug
1
6
162% Mar 28
4% Mar 29
Wesson Oil & Snowdrift No par
95
*11
I84
Partlc &
79
85
5
5y% % conv pref...
U S Industrial Alcohol.No par
U 8 Leather
No par
Wells Fargo & Co
*75
*43
1712
31
*73
75
21%
100
1
95
13
6
22%
*
*75
1514
30%
79
80
*65
*34
3234
79
43
19
27%
3
1
2,300
2,100
*75
53
11%
1,800
900
27%
*2%
*34
100
U S Hoffman Mach Corp
100
800
38*"
31i4
234
May
2
Jan
Feb
91
16
100% Sept 13
172
July 2
10% July 19
35% Jan 12
24% July 20
678 July 13
12
July 19
........20
7% preferred
1,100
10
4% Apr
62
11734
4678
878 July 25
37
Sept 8
67% Aug 8
113s Jan 6
10978 July 7
10% Aug 20
8
30%
Oct
Oct
Mar 31
U S Gypsum.
100
24
234
834 Mar 30
Oct
3634 Dec
17% Die
Oct
9% July 23
2,800
30
Mar 31
50
15
110
5
12% July 25
4^
20,600
2178Mar31
Highest
share $ per share
25%
584 Mar 30
1,400
1,900
1
per
20
12
18
No par
Waldorf System.__.__.N0 par
24^200
Apr
Mar 26
11
19
26
10
8
U S Freight.
100
*9
1
..100
Preferred—
24
80
100
1534
4% Mar 29
3
19% Jan
118% Aug
65% July
19% Jan
334 Jan
34% July
73s Jan
1078 July
80% Jan
$
%May 16
3% Mar 26
86
8
38%
19
12%
2%
40
534
43
1578
1534
*75
6%
Mar 31
4%June 18
per share
No par
-.100
XWabash Railway...
5% preferred A
5% preferred B.
27«
10%
3
No par
200
90
*75
90
53
113s
10
"""266
25
75
22
30
334
6%
7%
37%
*187g
1138
2%
*31%
5%
278
*%
1
2%
2%
26% 27
2134 22
99% 10134
75
300
2,000
2,300
22
60
Lowest
U S Distrib Corp
Conv preferred
7% 1st pref
*9
86%
86%
87%
1.300
'""766
25
278
97%
89
86%
3~5O6
Mar 26
$
Mar 26
10
Preferred
10
*73
87%
*1
19%
13%
278
40
6
38
27«4
2%
1%
2%
40
30
700
25%
1934
28%
79
86%
58
*39
39
86%
*61
*60
*70i4
2%
8%
2,400
1
2
3
124
*1%
*1878
13%
2%
*30%
57g
8%
40
40
*85
82
80
*214
*52%
*119
1%
678
1534
86%
50
13
2%
2%
*2%
1%
1%
o1'4
24
26
24% 25
26%
24% 25%
25% 2534
21
21
21*
20%
21
1914
20% 2034
21%
99
97%
99
100% 10178
9834 100%
9634 99%
*131
138
*131
138
130% *130% 134
*130% 134
*130% 138
14
14
15
15
*14%
1478
14%
*13%
1478
14% 14%
*35
36
36
*35% 36
*35% 36
*35% 36
*35% 36
15
15
15%
17%
17% *1584
*14% 17% *15%
17% *15%
30
*28% 2934 *28% 2934
*28% 30
*28% 30
2934 30
80
*11?8
31%
*73
86%
40%
19%
13%
234
10
*34
16%
*8034
8%
*187g
13%
2%
26
2034
28%
1
16
8%
41
19%
13%
234
2
18
6
16%
86%
10
%
~18~
•112
278
58
124
121% 121% 121% 121% *121% 122
*121% 122
1163s 116% *116% 117
*116% 11678
*116% 117
17
1634
17
1734
1678
17%
*16%
17
*3
278
3
3%
3%
3%
3%
5
5
*5%
*5%
6%
*4%
6%
6%
82
934
*6%
1534
f
*1
7%
25%
19%
2734
*2%
95
1
*1%
2314
334
*6%
1%
95%
865s
96l2
121i2
11612 116i2
16
16%
234
2534
1834
27%
234
7934
*95i2
*121
534
31
31
*8412
8612
5%
9
*23
26
1234
284
*35
30
2%
22%
18%
19%
11%
2%
35
35
*1
*6%
38
*52%
*119
7
*1
678
16
56
124
3%
334
*8084
8%
3934
*187s
*56~
*119
*2%
1%
'""56
1234 Apr
United Paperboard
U S & Foreign Secur
30
*
113
113
*1%
2%
3
8
*
1%
234
2%
86%
*18%
11%
56%
124
*1%
*2%
15
*80
113
*52%
55%
124
*119
200
4
Mar 14
$6 conv pref A
11
*9
1034
18
1734
1612
17%
1634
18% *17
18%
16%
17
17%
24
24
2434 26
23%
26% 26%
25%
26
26% 26%
*100
IO6I4 *101
106% *101% 106% *101% 106% *101% 106% *101% 106%
35
35
35
34i8
35%
34% 34% *34% 35
34i8
34%
34%
14
14
*14
15
*13%
14
1484
1484
*14%
15
*14%
15
3
3lS
3%
3%
3%
378
3%
3%
3%
334
3%
3%
19
22
22
20
22
20% 20%
22%
23%
22%
21l2 2134
113
113
*113
113
113
113
113
*1117S 11334 *11178 113%
*3
*3
*3
*3
3%
3%
*278
314
3%
*278
3%
3%
*9
14
13
*9
13
*9
*8%
125s
*834
*878
12%
12%
113
1,200
*66
*138
57%
Jan
Sept 17
61%
56%
*9
7,400
43% 136,100
82% 11,800
39
6
*38
57%
110%
42
80%
per
100
Prior preferred..
"4,466
share
14
Sept 14
100% Jan 20
$
No par
1,200
59
4%
A
84%
15l2
23is
♦
700
*56
38%
No par
$5 preferred
200
59
3984
5%
44%
Year 1937
«
Highest
United Mer & Manu Inc vtc. 1
80%
*55
80%
1,400
2,600
58
*9
36
*19
30
6%
*29
5% A 434
45% it 43%
8334
86%
72
%
%
a4
878
United Gas Improvt
20
7%
33
*65
153
*138
36
3,700
434
*31
10%
>
80%
96
168
43%
8334
33
4%
*8%
17g
2%
9%
94
40% *39%
46
45
*61%
153
*147
*9
50
700
5
United Eng & Fdy...
__5
United Fruit..
...No par
$5 first preferred
7g
168
2034 |21
*5
5%
5%
1,000
3,300
39%
32
4%
21
500
8
87g * 8
7%
United Electric Coal Cos
300
7
97%
168
*29
*5
*60
.....
61
56%
9
178
734
7%
..No par
United Drug Inc
5
United Dyewood Corp...__ 10
Preferred
100
79
*5%
i
6
*%
%
97%
*167
33
20%
900
"MOO
58
4%
46
4%
7%
*29
21
53s
9%
54%
46
*8
7%
32
43%
83%
32
4l2
99
168
40%
478
4434
85%
46
134
*8
80%
32
4*2
9
39
5478
5534
109% 10934
3178 32%
109
6%
9
98
*70
79
6%
*60
80%
8
*70
*%
*5%
*167
United Carr Fast Corp. No par
United Corp
No par
$3 preferred...
..No par
500
78
100
100
2,100
11,300
83
No par
.
22,900
2,100
2,700
34
34
34%
58
58%
59%
9%
97g
978
109%
108% 108% *108
6%
*6%
7%
5%
7%
_
2%
27%
5%
9.34
*578
77g
Preferred.
United Carbon
678
63
United Biscuit
10
34%
*%
993g
500
Par
800
7%
7434
7
*60
Range for Previous
100-Share Lots
Lowest
5778
1334
$59%
78
6%
170
6l2
32
1812
7634
39l2
98
*167
8012
35%
*6
97%
*70
26«4
5%
9
*5g
9
170
*7
85
*70
78
6%
*7%
96%
*167
7%
9%
934
93%
978
108% 108% *108% 109%
*7
7%
*634
8
6
6%
63g
6%
8
7%
8%
*7%
85
*%
*584
734
*60
5%
778
7434
7%
57%
*1334
2%
35%
60
5%
7%
27%
*5%
*7%
7
7
28
*60
61
27
*60
2%
*28%
5%
15
115
*5578
1334
2%
7%
*14
2%
28%
5%
7%
7378
73s
15
*112
1534
115
57%
15%
2%
59%
147s
2%
2834
5%
778
7434
1478
*1334
2%
7378
678
35%
6I4
58%
On Basis of
Week
Sept. 21
$ per share
Range Since Jan. 1
YORK STOCK
EXCHANGE
Friday
Wednesday
Sept. 17
Monday
Sept. 19
,
1891
11
I84
2
Oct
Oct
Dec
438 Dec
4% Oct
4984 Dec
10% Dec
34
12
Dec
Oct
54%
Oct
34
Dec
170
303s
39
Jan
Jan
May
27% Feb
3478 Jan
126
Aug
65
Mar
126% Aug
9034 Aug
23% May
33% Feb
187$ Jan
634 Mar
46% Jan
6% Jan
5% Sept
12
Sept
12%
Feb
9134 Mar
1334 Dec
65% Jan
47
Jan
112% Mar
4034 Dec
54
Nov
38
Oct
128
Mar
1
5
58%
Oct
76
Jan
2134
Dec
62%
21% July 25
107
Aug 24
7%
Oct
37%
Jan
Feb
102
July 20
72
Aug
39
July
3984 Dec
68
Dec
2578 Aug 26
4384 Jan 12
12% Dec
34% Nov
80% July 20
22% Jan 15
2534 July 7
584 Mar 7
70
y Ex-rights.
Oct
11% Dec
2% Oct
142
Jan
46% Feb
10178 Mar
115
Jan
43% Aug
9% Jan
1 Called for redemption.
Sept. 24, 1938
1892
NEW
STOCK EXCHANGE
YORK
Record,Bond
Friday, Weekly and Yearly
Cash and deferred delivery sales are disregarded In the week's range,
shown in a footnote In the week In which they
^/
NOTICE—Prices"rare ♦ and Interest"—except for income and defaulted bonds.
the only transactions of the week, and when selling outside of the regular weekly range are
.jfcNo account^ taken of such sales in computing the range for the year.
unless they are
occur
Friday i
Friaay
bthtfcklft.
b
k.
BONDS
N. Y. 8TOC K EXCHANGE
Week Ended Sept. 23
Range or
Sale
Friday's
Inter st Period
Bid
Price
&
Range
BONDS
Since
N. Y. STOCK EXCHANGE
cS
Asked
Jan.
«
Week Ended Sept. 23
1
£
sa.
Week's
Last
Week's
Last
Range or
Sale
Friday's
Price
Bid
&
Range
Is
Since
Jan.
Asked
1
|
Low
Low
High
No.
118.12
52
116 4
A
O
J
Treasury 4s—
d
113.13 112.24
113.24
24
111 22114.23
H
112.13 112.10
112.13
30
110 8
M
Treasury 3%s...
Treasury 3%s...
j
Treasury 3%s...
M
j
118.4
D
118
105
105
S
mmmmmrn
D
mmmmm
105.11
106.24
107.4
O
i)
d
j
i)
M
187
107 .4
108.14
♦Costa Rica (Rep of) 7s
30
107 2
1105
Cuba (Republic) 5s of 1904
1944
External 5s of 1914 ser A—1949
108.29 108.16
-
«.
109
105 27108.29
105 .19108.23
4 %s external debt—
107.18
11
105 .2
106
27
103 26106.26
108
101 24104.15
98
103 25106.23
91
103.2
105.24 105.3
106.6
104.4
104.8
102.16
104.4
103.18
108.10
102.24 102.3
103
255
s
102.4
101.12
102.14
166
100 .14103.10
j
D
101.8
100.19
101.25
276
100 .19102.19
J
d
105.6
105.6
102 .14106.7
55
101
M
s
103.23 103.23
103.31
d
101.1
101.18
296
101.17
621
M s
100.15
101
1C0.15
100 26103 27
10
J
104.28
99 .18102 11
100 .15100.22
Federal Farm Mortgage Corp—
15 1944-11
Mar
3%s
m
S
MN
3s.
15 1942-
Jan
2%s
j
1 1942-1947
Mar
m
J
106.8
5
106.16
105.11
105.20
19
105.9
105.11
v,
105.14
8
103.28107.7
103.4
106.17
103.22106.18
104.5
104.18
29
105.2
105.18
56
103.9
106.23
102.2
S
54
54
J
81
81
19%
105%
1 1944-1952 MN 105.9
May
1 1939-1949
2%s series B_,Aug
234s series G
Foreign
Govt
&
...1942-1944
F
a
J
J
102.9
mm —
** tm
102.22
41
101.9
103.13
103.3
103.22
48
101.5
104.15
102.13105.10
a
o
a
Akershus (King of Norway) 4s.1968 m S
j
♦Antloqula (Dept) coll 7s A...1945 J
25
*
m
*95
m *• « m m
—
*8%
m ff
M
25
25%
mmrnmmm
m
1
mem mm
96%
mmmm
9
mrnrnm
16%
17%
94 %
----
♦External
s
f 7s series B
..1945 J
j
*8%
9%
♦External
s
f 7s series C
1945 J
j
8%
8%
8%
♦External
s
f 7s series D
1945 J
j
8%
8%
8%
3
♦External
s
f 7s 1st series
1957 A
o
7
3
'7
♦External
sec s
f 7s 2d series.1957 A
o
♦External
sec s
f 7s 3d series. 1957 A
o
7
Antwerp (City) external 5s....1958 J d
Argentine (National Government)—
8 f external 4 %s
1971 MN
90
7
1972 f
88%
S f extl conv loan 4s Apr
a
87%
80%
A
79
O
1972
79
Australia 30-year 5s
j
1955 J
Externa] 5s of 1927......-.1957 M s
External g 4%s of 1928.....1956 MN
♦Austrian (Govt's) s f 7s
1957
♦Bavaria (Free State) 6%s
1945 F
1949 M
J
1C0
100
100
1
7
8
10
9%
9%
4
%
8%
8%
5%
8%
100%
5
90
89%
59
87
80%
80%
102%
70
78
13
132
70
78%
99
"67%
External
s
1955 j
f 6s...
External 30-year s f 7s
1955
j
4
23
a
18%
18%
18%
1
18%
s
102%
100%
105
45
100
J
100
100
102%
29
96 %
88 J*
88 J*
106%
100
108%
109%
18%
18%
13%
35
11%
11%
11%
97%
97%
99%
53
«,
mm'mm
„
O
D
♦External
s
f 6%s Of
♦External
s
f 6%s of
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year sf6s
»«««
mm
18
_
18%
<+*••*»
13
13
D
1926...1957 A o
1927... 1957 A o
...1952 j D
....1957 m S
....1958 f A
10%
10%
11
10%
m
m
10
97
97
m
m
..1950 j
D
.1962 j
D
10
♦Buenos Aires
.1961
96%
m
99
♦Budapest (City of) 6s
(Pjcpv) extl 6s..
♦Bs stamped
External
m
m
F
s
.
f 4%s-4%s
S
78
65
53%
105%
101%
101%
103%
35
98%
98%
101 %
85
98
96%
96%
99%
83
94% 102
A
O
M
6s.
1945
♦
Frankfort (City of) s f 6 %s—1953
French Republic 7 %s stamped.1941
1965
♦5%s unstamped..
...1965
♦5%s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949
♦7s unstamped
1949
♦5%s of 1930 stamped-
♦
1958
♦Greek Government s f ser 7s. .1964
♦7s part paid———.-1964
(Cons Agric Loan) 6%s
paid
J
34%
34%
Haiti (Republic) s f 6s ser
♦7 %s
secured s f g
Italian Public Utility extl
♦Medellin (Colombia)
♦Mexican
79%
19
51
23%
118
19%
19%
2
O
J
J
O
J
29
19%
27
77
70
18%
19%
18%
19%
18%
16%
102
9
7%
9
9
9
9.
9
7%
*9
9
85
22%
18
105%
19
18%
18
A
A
10%
11%
13%
43%
MN
F
104
104
J
F
37
59%
43
*26"
32%
113
*104
112% 117%
_
83
66
74%
S
70
69
70
J
55
50
55%
A
75
70
MN
54
51%
54%
32
44
64%
30
31
7
30
45%
21%
21%
2
20%
23
24%
27%
J
F
D
A
O
F
A
J
D
J
D
36 %
53
♦Assenting 4s of 1904..
....1954
"21%
9
37
131
75
*21
34%
2
31 %
34%
5
34%
35%
%
1%
*%
1
7
8%
8
66
32
6<%
80%
49
65%
61%
♦
6
1
%
*1%
J
D
*1
J
J
mmmm
"4
1%
1%
J
J
A
O
.....
—
81
1%
1%
1%
11
98
103
32
98% 104%
100%
30
♦Montevideo (City) 7s
97%
107
97% 102%
92%
99%
6
16%
62%
New So Wales (State) extl 5s...
10
59%
38
11
2%
4
4%
4
3
—
1%
3
1%
4
1
1
3
*%
1%
1%
Assenting 4s of 1910 small
101%
99%
97%
J
s
j
96
j
16%
3%
2%
1%
3%
a
O
♦Guar sink fund 6s
1962
mn
1960 M
J
s
j
1947 a
99%
1943
1944 P>1A
105%
107
--^1956 Ml 8
Norway 20-yeaxextl 6s
27
20-year external 6s
28
34
External sink fund 4%s
25%
26%
External
s
f 4 %s. —rrrTC—
19651
O
A
C1Q
100%
102%
70
102%
102%
7
102% 103%
17%
18
18
15
19%
Oriental Devel guar 6s
S
52
17%
17%
18
18%
5
15
4
15
19%
19%
Oslo
♦Panama (Rep) extl 5%s
M
M N
A
O
J
*
20
107%
18
21%
43%
62%
57%
"49%
52%
"45
44%
45%
46%
43
41
19
96% 103%
100%
102
796
D
102
104
796
1
86
104%
49
49
2
40
55%
1963
MN
48%
49
3
32
50%
1947
1959
M
8
6%
6%
M
(Rep of) external 7s
s f 6s 1st ser..I960
S
*8%
9
8%
48
7%
8%
30
45%
46%
8
mmmmmm
18
18
6
14%
19%
mmmm+m
15%
16
7
12%
15%
16
6
12%
18%
18%
15%
16
19
12%
18
15%
16
13
13
18%
♦Pernambueo (State of) 7s
14%
15
17
♦Peru
mmrnmrnm
16
15
*
11%
16%
24%
*14%
30
♦Extl 8 f 5s ser A.
♦Stamped....
1963 MN
♦Nat Loan extl
♦Nat Loan extl
s
f 6s 2d ser..1961
18
21%
86
10
20%
♦Stabilization loan s f 7s
J
17%
17
17%
75
10
♦External sink fund g 8s
1950
16%
20%
25
25%
17
25
"49"
19%
♦Poland (Rep of) gold 6s
*
28
25%
25%
17%
mmm
2
""""
1940
7%
7%
8
1947
A
10
99% 107%
99% 104%
98% 103%
102
18%
1946 M N
98% 103%
103% 107%
60
4s s f ext loan.......-..—.1963 F A
Municipal Pank extl s f 5s.—1970 J D
♦Nuremburg (City) extl 6s_—1952 F A
17
1947
6
28
19%
17%
♦Sinking fund 7s of 1926
97% 104%
65
103
19%
o
(J
68
104%
19%
f 4%b
100%
100%
100
15
s
57%
102
14%
(City)
13
37
107
14%
18
5
103
11
Extl deb 5%s
13
61
102%
33
mrnmmmm.
7
38%
AO
10
.1953
1958
.—1955
1953
67
106%
107%
18
D
♦Sinking fund 7s of 1927-—
1*
99%
A
47
3
46%
6%
50
106%
F
A
F
1957
Apr 1958
f 5s
9%
11%
"47"
18%
♦Cologne (City) Germany 6 lis. 1950 m S
Colombia (Republic of)—
Oct 1961 A
8
9%
*
18
D
1961
s
"55% "89
*8%
S
D
1959 M N
♦6s series A
External
J
17%
17%
s
♦Guar sink fund 6s
—1958
6%s_1959
1952
17%
M
D
M
50%
M S
♦Sec extl s f
55%
18
18
j
32%
♦See extl s f 6%s—
1%
18
J
1961
10'%
27
28
30
mmmmmm
32%
27%
30
28
*
j
1957 j
39
rnmrnmrnm
♦Ry ref extl
♦External sinking fund 6s... 1962 A o
♦External sinking fund 6s... 1963 mn
29%
*
o
O
17
29%
*
18
For footnotes see page 1897.
22%
21
77
MN
3
101%
A
♦Colombia Mtge Pank 6%s
21
27%
21
*24
21
37%
100
k
f gold of 1927. Jan 1961
25
29%
33
30%
*i»
102%
A
1951
24%
29%
D
1C1
a
♦Extl sinking fund 6s__Feb 1961
—.
27%
26%
Minas Geraes (State)—
♦Chile (Rep)—Extl s f 7s..—
...1942 M N
♦External sinking fund 6s...
a O
♦Chilean Cons Munic 7s
22
26%
D
—
109% 113%
a
♦Chinese (Hukuang Ry) 5s_
26
10
-1954 J
32
.1
....
34%
"26
23
1%
—
111
j
♦Extl sinkine fund 6s_„Sept 1961
23
32
22
M N
.
♦Assenting 5s large.———
110
J
Jan 1961
28%
24%
26
"do"
22
♦4s of 1904——..
110%
J
15
19
19%
25
A
♦Assenting 5s small
105% 110%
M
f 6s_.Oct
99% 103
20
Trrlg assenting 4%s.l943 M N
£.1945 Q J
67
J
15
104% 114
22%
♦Mexico (US) extl 5s of 1899
109%
J
coupon on
♦Sinking fund 7 %s ser B-—1961
♦Hungary (Kingdom of) 7%s__1944
♦Extended at 4%s to
1979
F
♦6s Oct coupon on
s
....1946
—
♦Hungarian Land M Inst 7%s.l961
107%
j
♦Carlsbad (City) s f 8s__
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6s..July
♦6s extl
D
1960 A O 764"
Loan—
J
1945 J
MN
30-year 3s
99
108%
23
1946 A
♦Hamburg (State) 6s
108%
j
♦6s of 1928
all3
19%
19%
J
♦Heidelberg (German) extl 7%s *50 J
o
.1961 j
♦Chile Mtge Rank 6%s
♦Sink fund 6%s of 1926
all 3
A—.1952 A O
{♦Treas 6s of '13 assent (large) '33
{♦Small
Milan (City. Italy) extl 6%s -.1952
A
Aug 15
f 6s.
93% 102%
20
♦Assenting 4s of 1910 large
Canada (Dom of) 30-yr4s...
6s
s
99
102
*
101%
*100%
72%
36%
M N
8
103%
1968
—
78%
57%
j
July
101
D
1968 FA
♦Sink fund seetired 6s
85
5
30
100%
23
78 X
95
104% 108%
German Prov & Communal Bks
64
m
21%
105%
}~"d
70%
57%
♦Stabilization loan 7%s
♦6s
21%
*96%
GermaD Govt International—
65
m
22
105%
........1949
1
m
mm
57%
36%
7%
19
64
S
MN
J
54 X
54%
54
♦Secured sf7s
♦Farm Loan
6
20
65
102
M
6%s....l954
101 %
62
a62%
J
J
103
51
:
J
1951
95
62
60
*
M N
7S...1952
Japanese Gov* 30-yr s f 6 %s—195^
Extl slnkL^s fund 5%S—— .1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦T/elpzlg (Germany) s f 7s.-..-1947
♦Lower Austria (Province) 7 %s 1950
98
55%
60
Italian Cred Consortium 7s ser B '47 M
11
61%
O
Italy (Kingdom of) extl 7s
19%
55
A
19%
19 X
64
65
*57
23
10
56
O
12%
10 %
10%
63%
60%
60%
60%
A
17
96% 102
67
55
*60%
S
♦El Salvador 8s ctfs of dep.—.1948 J
Estonia (Republic of) 7s
1967 J
Finland (Republic) ext
100
55
a62%
O
A
104
*57%
.
1926...-..—.1940
2d series sink fund 5%s
1940
Customs Admins 5 %s 2d ser.1961
5%8 1st series
....1969
5 %s 2d series
1969
♦Dresden (City) external 7s...1945
1st ser 5%s of
101% 106%
83
*100
M S
{♦Stamped extd to Sept 1 1935.
Ad 5%3—1942 M 8
Dominican Rep Cust
M N
6
78%
105
1960
18
62%
106
104
Irish Free State extl s f 5s
13
52%
62%
50
24
6
59
56
7
53%
53%
*—.
j
108
107%
107% 115%
18
23%
68%
38
70%
70%
'm
mmrrmrnm
J
10-year 2%s
25-year 3lis
7-year 2%s
66%
100
70
53
*.
-
23
1
83%
52 X
a
~
96% 102
61
57%
103
81%
♦Assenting 5s of 1899..—...1945 Q
O
*
102% 110%
55
18%
65
m
M n
3% external s f $ bonds
Bulgaria (Kingdom of)—
7
—
*65
m
101% 106%
60
8
10
*70
a
.1977 m
4%-4%s
.1976 F
Refunding s f 4%s-4 %s
External re-ad] 4%s-4%s_. -1976 a
External
7%
S
.1961
s f
99
S
.1961
_L
♦6 %s 8tamped
3
J
Helsingfors (City) ext 6%s
142
24
D
24
2
A
Hungarian Cons Municipal
100
23
♦External sinking fund 6s...1958 j
♦Brazil (U S of) external 8s
1941 j
16%
19%
106%
O
96% 102%
102%
97
♦Berlin (Germany) s f 6%3——1950 a
90
55
1942 J
..1955 F
Apr 15 1962 A
Deutsche Bk Am part ctf 6s—1932
♦7s secured s f g
Belgium 25-yr extl 0%s
62%
80
External g 4 %s
98% 106
£9%
98%
23
j
80
1
-
External gold 5%s..
♦6s part
—
loan 4s Feb
1
7
91%
25%
25%
90 %
10
6
2
conv
54%
103
Denmark 20-year extl 6s
7s unstamped
1948
100%
43
60
External 7s stamped........ 1949
1947 F
92
3
1952
Sinking fund 8s ser B___
Municipal-
♦Gtd sink fund 6s
92% 101%
80
*100%
7%s unstamped..--—-—1941
♦Gtd sink fund 6s
39
1951
Czechoslovak (Rep of) 8s
Agricultural Mtge Bank (Colombia)
S f extl
High
mmrnm
*102%
55%
....1977
Jan 15 1953
Home Owners' Loan Corp—
3s series A
Low
101 27105.7
S
j
A
Sinking fund 5%s
♦Public wks 5%s_—June 30 1945
s
M
F
Externa] Joan 4%sser C—1949
277
105.23 105
D
110 3
107
126
107.30
s
...1948-1951 M s
...
Treasury 2%s
55%
36
96%
92%
F
107.6
107.6
93
92
*53
92%
N
108.4
m
——
24
98
A
M
107.18
-
D
MN
1951 M
107.6
*
M
Treasury 2%s
Treasury 2%s
No
107 .1811025
109.14
109.6
J
F
Cordoba (Prov) Argentina 7S..1942 J
107.12
107.5
108.26 108.18
j
106 27
105
106 22108 2
1952
25 year gold 4 %b~
..—.1953
{♦Cordoba (City) 7s unstamped 1957
{♦7s stamped.
1957
108.26
a
o
a
113.14
Copenhagen (City) 5s.
107.5
F
J
9
27
119.5
109
A
194]
—
Treasury 2%s_..
High
Foreign Govt. & Mun. (Cont.)
U. S. Government
Treasury 3%s
Low
High
46
*
"33%
5%
7%
7%
7%
37
9%
11%
11%
11%
67%
50%
31
49%
82%
33%
31
62
Volume
New York Bond Record—Continued—Page 2
147
BONDS
N.
Y
RTOTK
Last
EXCHANGE
c
Price
1961 J
oT8s
D
1966 J
♦Ext) loan 7 48
74
74
J
1952
M
♦Prussia (Free 8tate) extl 648.1951
M
S
..1952 A
( 78.. 1941 A
♦Externa! s f fis
Queensland (State) extl
a
...1947 F
25-year external 6fl
1950 M
•Rhlne-Maln-Danube 78 A
1946 A
.1953 F
♦Rio de Janeiro (City oV 8s
♦Ext)
6 4§
see
No
Low
114
Bel! Telep of Pa fis series B
104
9*4
224
Belvldere Delaware
68
22
53
174
O
184
12
174
A
1024
S
1034
74
64
64
7
23
108 H
1024 109 4
li
28
74
A
184
1024
15
105
28
O
7
y
19
184
103
•»
Ranoe or
31
25
dk
♦
....1900
'
Berlin city Elec Co deb 8 48..1951
♦
Deb sinking Tund 8 4s
1959
♦Berlin Elec El A Undergr 0 4« 1956
>
Beth Steel
cons
M 4 4s ser D..1960
12
Cons mtge 34s series E
54
104
84s
8
1966
1952
f conv debs...
264
29
102 4
1034
984
j
1946 A
O
*84
J
D
64
*64
74
13
Big Handy 1st 4s.
1944
)
104
Boston A Maine 1st 5s A C
1967
i
10 4
5
54
64
10 4
534
73 4
64
1966 M N
6
94
1968
5
13
♦8* extl loan of 1921
♦7s extl loan of 1920
74
♦7s municipal
Rome (<
1967
1937
•Saarbrueeken
O
64
64
64
A
*
J
*
204
----
38
204
Bklyn Edison
94 41
J
25
♦6
1957 M N
4« extl secured a t
8
8
74
3
74
8
22
3
74
114
54
10 4
J
J
|*8s extl loan of 1921
1936
♦8s external
1950 J
J
♦7s extl Water loan
1956 M
S
•6s extl Dollar loan
1968 J
J
Secured
1940 A
O
1945 J
1946 J
Herbs Croats A Slovenes (Kingdom
D
'7s
•Saxon State Mtge Inst 78
6 4s
g
•7s series B
•Sliesia (Prov of) extl 7s
♦Sileslan Landowners Assn6a..l947 F
1950
1957
19«1
i
Nlag Elec 3 4s series C..1967
>
114
Brown Shoe
18
184
40
474
Buffalo Gen Elec 4 4s ser B
23 4
234
11
17
f deb 348
s
264
Buff
26 4
214
254
26
2P 4
35
214
184
244
67
164
34 4
{Bush Terminal 1st 4s
26
32 4
11
25
60 4
-
2fi
33
*
324
984
—
—
—
14
100
984 1044
{Bush Term Bldgs fis gu
f 5 4s
s
1971
1952
1961
1946
Tokyo city 6s loan of 1912
External
f 5 48 guar
s
♦Uruguay (Republic) extl 8a
J
M
A
F
J
474
>
S
O
A
♦External 8 f 6s.
1960 M N
♦
37
1964 M ft
External
8 f
6s..
37
14
50
42
604
41
544
38 4
64
404
634
48
50
37
5
38
45
*46
48
------
41
444
-
—
-
-
1
44 4
444
*
484
34-4-44% '$ bonds of *37)
1979 IVI N
414
414
374
53
1979 IVI N
externa! read ustment
41
41
404
41
42
42
38
50
34-4 44%($ bonds of *37)
external conversion
1978 J
1978 F A
19841J
J
Venetian Prov Mtge Bank 78..1952IA 0
♦Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7«
1958
Yokohama (City) extl 68
1961
34-44-4*16% oxt! conv
4-4 4 4 4% extl read)
8 4« extl readjustment
*
2l
>|
53 4
504
38
22
42 4
504
694
al9
al9
5
18
100
{1
30
34
7
30
62
494
504
43 4
504
46
{!• Abltlbl Pow A Paper 1st fie. 1953
1948
J
D
514
Adams Express coll tr g 4s
1947
Coll trust 4s of 1907
cons
70
874
100
974
6
86
105
6
94
1044
*1044
1943
4s series B
Albany Perfor Wrap Pap 6s
1014
*40
1948
Coll a conv 68
1949
D
♦Coll a conv 5s
1950
O
1950
O
1998
1942
1950
1951
1962
O
Allegb Vftl gen guar g 4s
Allied Stores Corp deb 44s
debentures..
AUls-Chalmers Mfg conv 4s
-
-
50
---
35
67
70
90
Cent HudG AE 1st A ref
62
65
6
45
78
1124
114
37
HI
1214
1204
1214
17
120 4
774
934
774
44
3
44
1
25
074
414
29
164
38
564
594
1034
103
914
M
*32
91
103 4
92 4
------
S
92
90
1104
1084
92
1114
Gen mortgage 5s
D
J
13
101
7
79
109
^.1956 M
American Ices f deb 58
S
2030,M 8
19531J D
Amer I O Cbem conv fi 4s
194P
M
N
Am Internat
1949
J
J
AIplne-Montan Steel 7a
Am a Foreign
Pow deb 5s
Corp
conv
5 4s
Central N Y Power
8
79
95
56
90
115
1943
M N
34s debentures
1961 A
34« debentures
..1966 J
♦Am Type Founders conv deb. 1950 J
6
ser
454
6
51
144
------
1004
1004
102 4
103 4
974
384
70
974
27
1
1024
O
D
113
1124
1024
1014
1034
1024
J
106
A. 1975 M N
98
O
105
Anaconda Cop Mln s f deb 44b 1950 A
•Anglo-Ctallean
48
31
98
1054
1134
222
1034
100
217
106
984
106
63
Cent Pacific 1st ref gu
1967
Jan
1|
974 115
84
101
1024 106 4
31
31
6
254
27
284
2
23
41
98
100
Armour a Co (DeT 4s series B.1955 F
A
"oi
47
J
97
954
964
954
974
88
86 4
374
994
994
Atchl«on Top a Santa Fe—
......1995
4s
1995
♦Adjustment gold 4s
♦Stamped
1024
1014
Nov
D
D
Conv gold 48 of 1910
1960
Conv deb 4 4a
1948
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
1965
Cal-Arlx 1st a ref 4 4s A
1962
J
M
924
81
104 4
101
~99~~
*98
100
79 4
J|
*1024
B
May 1
874 106 4
954 103 4
100
106
S
104
D
*105
J
*784
J
*824
844
814
834
J
At! Coast Line 1st cons 4s July 1952 M
lb-year coll tr 5s
102
"984
D1
82
J
1944
1944
General unified 4 4b A
4i
90
8,
1984 J D
1945 M N
Oct 1952
...1948
1948
984 1104
75 4 103
754 1034
914
1948 J
L 1st 4 4» A
76
*21111
D
1958 r
At) Knox a Nor 1st g 6s
1st 30-year fis series
904
*
1955 J
894
88
J
..J955
1034
894
....1995 M N
4s
Conv gold 4« of 1909
Conv 4s of 1905
Atl a Charl A
O
65
74
MN
1124
984 112
104
108
105
84
4
67
26
474
108
-
-
63
88
194
—
—
66
59
-
10
20
*27
92 4
35
20
35
*
79 4
*
1
80 4
55
79
50
57
74
34
35
34
34
4
2
34
74
*84
154
7
9
*54
13
64
J
.
5
71
m
y
*1084
*31
-
-
—-
-
106
1064
10
118
78-
54
—'
107
17
89
----
1094
102
1054 110
25
33 4
*20
10
84
2
25 4
26
-
-
«
344
18
304
101
1064
~
55
40
20
21
1064
244
j
-■
1004
7
95
-
-
109
100
1004
—
124
0
2
-
109
k
1
84
*65
8
----
64
84
_
*95
65
474
494
*
4
69
97
1044
94
77
984
984
994
984
98
4
1024 Z1024
1164
3
J
\1
774
Cblc Ind A Sou
63
88
914
92 4
914
914
574
9
45
30
2
144
35
284
7
14
324
50
504
2
50
60
*106
*21
15
30
♦Gen 4
85
♦Gen 4 4*
♦Gcd 4Hs
4,
5
117
93
16
924
27
97
106
994
1014
106
1104
121
85 4
85 4
97
97
100
100
1014
1094
*108
♦
>
11 fi
104 4
1094
124
124
92 4
924
100
1
16
37
93 4
24
85
107 4
1014
24
904
1114
814
114
204
90
81
87
3
68
105
89
90
5
75
109 4
*75
M N
91
87
90
90
90
90
90 4
114
36
84
1
13
114
124
'
74
11 4
*83
564
85
15 4
109
174
104
108
22 4
184
72
114
114
1
9
15
*84
30 4
84
13
14
9
144
17
17
1
1
*
*4
44
3
5
1
44
60
1956
60
6
112
60
1969
♦Gen g 3 4"
{♦Auburn Auto conv deb 448.1939
Austin A N W 1st gu g 58
1941
2
1024
80
|
95 4
104 4
f
3
♦Gen 4s series
1969
64
117
49
112
1
34
60
74
74
85 4
1114 112
764
30
6
I
deposit
Cblc L 8 A East
25
26
1
ref g 3s
60 Jrr 4s
1st 4 4s..
53
9
54
1124
75
5
gold fis
1982
{♦Chicago Great West 1st 4a—1960
{♦Chic Ind A Louisv ref fis
104 7
♦ Refunding g fis series B
1V47
♦ Refund ng 4s scries C
1947
♦ 1st A
gen fisheries A
I960
♦1st A gen 6s sWles B._May 1960
774
72
744
56
764
Chicago A Erie 1st
66
644
354
*1144
3
*
974
3
43
V,
1949
Dlv 348—1949
Illinois Division 4s
.1949
General 4s.
....-------1958
1st A ref 4 4s series B
1977
1st A ref fis series A
1971
{•♦Chicago A East 111 1st 6s...1934
{♦C A E III Ry {new Co) gen 68.1951
8
694
Fibre—
(1935 Issue)
1950
s f deb 44s (193S Issue)
1950
Ches A Onio 1st con g fis
1939
General gold 4 4s
1992
Ref A Imp mtge 3 4s ser D__ 1990
Ref A lmpt M 3 4s ser E
1996
Craig Valley Is' fis
May 1940
Potts Creek Branch 1st 4s—1946
RAA Dlv 1st con g 4s
1989
2d consol gold 4s
1989
Warm 8prlng V 1st g fis....-1941
♦Certificates of
60
22
65
46
4
M
f deh 4 4s
Oblr A Alton RR
63
)
1941
f 8a
664
3
Cblc Rurl A Q—III
A
99
944
5
88
*864
J
1937
Champion Paper A
♦91
Genera!
lucent RR A Bkg of Ga coll 68
fis extended to May 1 1942
1014
J
1967 J
104
864
D
—1960
80
S
1 st M s f 4« ser C (Del)
92
35
..
1064
*
k
Certain-teed Prod 6 4s A.....1948
{Ann Arbor l»t g 4s
1905 Q
Ark a Mem Bridge a Term fis. 1964 M
994
974
14
103 4
)
Through Bhort L 1st gu
Centra! Bteel 1st g s
Nitrate—
8 f Income deb
13
92 4
60
89
90
1104 U44
84
gold 4«..1949
48...1954
348
105 4
7
90
1054
1064
j
1004
1124 U34
994 1014
994 1034
121
1024
954
914
*28
j
994
}
8
74
1901
4s
95
11
25
95 4
s
20-year sinking fund 548
Amer Wat Wks a Elec
31
;
A mer Telep a Teleg—
914
..
D
1987
-.1987
1962
{♦CeDf New Eng 1st gu
Central of N J gen g fie
Guaranteed g fis.
♦
1104
944
944
J
944
1114
93
J
1154
125 4
73
34
fis.....1951
Cent Illinois Light 3 4s...
1966
General 4s
----
76
8*
Cent III Elec A Gas 1st
29
1204
1184
113
1941
1941
8 4s 1965
08
Central Foundry mtge
1
23
116
•>
S
2
564
7:
1124 1164
J
♦Mobile Dlv 1st g fis
29
111
1154
1144 1174
117
121
1144
1940
fis.1947
1946
♦Mac A Nor Dlv 1st g fis
♦Mid Ga A At Dlv pur m
21
9
10
A
70
564
19
1184
22
{♦Centra! of Ga 1st g 68-_Nov 1946
♦Consol gold fis
—1945
♦ Ref A
gen 5 4s series B_.—.1959
♦ Ref A
gen fis series C
1959
♦Chatt Dlv pur money g 4s..1951
37 4
21
47 >
1144
1144
D
70
------
1134
118
>
78
54
109
1164
A
103 4
35
-
94
744
1154
1134
M
105
95 4
X|
61
79
1174
fie w w 1950
gold 4s
1981
60
12
1124
1144
1174
1144
6
1144
4 4* w w
1947
Branch U P 1st g 4s....1948
100
-
87
494
'
64
A
Atlegta a West 1st gu 4s
-
1054
904
85 4
J
{♦Car Cent 1st guar 4s
1949 J
Caro Clinch a Ohio 1st 08 ser A1962 J
374
1948
Alleghany Corp coll trust fis—1944
♦5s stamped
7
64
-
1014
99
354
614
88
9
684
5
ctfs
70
1948
6s with warr assented
105
64
Alb a Susq 1st guar 3 4s
4 4s
374
8
1952
1943
Ala Gt Sou 1st cons A fis
1st
9
984
97
1946
10-year deb 44s stamped
Adriatic Elee Coext' 7s
56
98
------
10
20 4
....1
44
4
1154
♦Cent
COMPANIES
2;
6
1174
Celotex Corp deb
INDUSTRIAL
74
k
Cart A Adlr 1st gu
AND
107
10
y
Carriers A Gen Corp deb
RAILROAD
1114
100
16 4
74
*53
65
------
110
39
?, 1174
k!
1944 J
gold fis
Deo 1 1954 J
trust 4 4s.... —1960 J
Coll trust
954
1084
69
1124
'i
Oct 1969
Guaranteed gold fis
1970
Guar gold 4 48-----June 16 1955
Guaranteed gold 4 4s
1956
Guaranteed gold 4 4s..8ept 1951
Canadian Northern deb 0 4s... 1946
Canadian Pac Ry 4% deb stk perpet
Collateral
4j
74
87
S
2,
42
------
1967
July 1969
Guaranteed gold fis
77
784
|
1
904
>...
)'
fis equip trust
59 4
39
39
106 4
1054
21
28
74
i\
1966
Guaranteed gold fis
7
---«•*
1114
86
108 4
954
*65
1960
Canadian Nat gold 4 4s
59
100
16
95
1074
*54
00
39
474
454
394
15
22
*108
264
1955
Calif-Oregon Power 4s
73 4
20
30
73
734
934
...1962
Consol fis
35 4
----
1064
104 4
71
724
*1064
1104
Canada Sou cons gu fis A—..1962
Taiwan Elec Pow
103 4
Buff Rocb A Pittsconsol 449..1957
{{♦Burl C R A Nor I si A coll fis 1934
♦Certificates of deposit
984
694
105
i
13
04
106 4
95
V,
1950
134
74
54
101
31
294'
73
>1
1st Hen A ref 5s series B
74
2
42
59
*21
fj 1054
Debenture gold fis
7
2
64
I
106
554
554
12
30
50
105
r)
84
------
41
54
L
25
A
184
1
84
*35
1947
84
23 4
A
F
1955
Sydney (City) s f 6 4»
8
1950
fis
cons g
64
------
45
27
1| 1054
1st Men A ref fis series A
74
184
204
20
1945
Bklyn Union El 1st g fis
84
------
1962 IVI N
1958 J D
sec extl
17
74
D
8
u
84
------
.1962 IVI N
♦8s secured extl
134
17
*144
1044 1074
194
45 4
42
284
1941
Bklyn Un Gas 1st
Han Paulo (State of)—
96 4
284
84
M
1st 5s stamped
99 4
82
22
20
..1966
Bfclyn Manhat Transit 4 4s
92 4
219
1
1054
22
*
3 4s..1968
cons mtge
994
118
984
*104
)
1961
21
28
29
80
22
{♦Boston A N Y Air TJne 1st 4s 1955
Brooklyn City RR 1st 6s
1941
Braxll)—
1952 M N
«
lstg 44s series JJ
284
224
22
1955
Bklyn Qu Co A Sub con gtd 6s. 1941
1953
(City) 6a.
♦8s extl secured 8 f
♦Sinking fund
M 6s series II
19
60
554
paid
coupon
Sao Paulo (City of
D
A
1959 F
♦Roumania (Kingdom of) 78
♦lebruary
J
1952
loan
lty) extl 6 4s
1st
294
21
----
104
914
.
294
204
----
974
934
1294
254
2
25
*__.
.
1254
3
*
.
1154 1194
9
26
25
)
Rioh
-
254
>
1956
♦Debenture 6s
1
I/nr
20
1284
!
Jan.
N"
117
*100
...
<§
05
Hioh
128
128
1
3 4b._ 1943
cons
Since
Asked
116
116
1948
1 st A ref fi* series C
64
6,
23
Bid
Rio Grande do Sul (State of)—
♦6s extl B f g
Ranoe
Friday's
1
Price
Low
74
2
64
Sale
EXCHANGE
STOCK
Week Ended Sept. 23
Hioh
53
55
Y
1
54
6
74
64
N
Prague (Greater City) 7 4«
N.
Since
Jan
*
Hioh
Last
BONDS
L.
c2
Ask
A
Ranoe
S
Friday's
Bid
Low
Ferelgn Govt. &Munlc. (Conel.)
•Porto Alegre (f tty
Ranoe or
Sale
&
Week Ended Sept. 23
1893
Week's
Friday
Weeks
Friday
LAN coll gold 4s
Atl A Dan 1st g 4b..
Second
mortgage 4s
At) Gulf A W I Hfl coM tr 5s
J
1995
1st gold 6s
July 1948
Ref A gen fis series C
1995
P L E A W Va Sys ref 4s,...1941
J
D
A
O
J
D
M N
Southwest Dlv l*t3 4t-5s—1950 J
Tol A On Dlv 1st ref 4b A...1959 J
Ref A gen
Conv
fis series D
4 4s
Rei A gen M fie series F
Bangor A Aroostook 1st fis
M
1961 J
stamped..
Battle Creeh A Stur 1st gu 3s. .1989 J
Beech Creek ext lstg 34s
1951 O
For footnotes
«ee
oaee
J
1897
814
96
414
414
164
414
16
8
414
70
434
55
37
154
274
344
154
78
164
18
75
36
40
29
30
32
32 4
27j
jCMc Milwaukee
series F — May 1
1989
Pac fie A.. 1975
^
78 4
{♦Chic A No West gen g
♦General 4s
70
"541
134
384
144
263
114
34
•1st ref g fis
16
174
34
14
39
♦
J
1044
1044
*
104 4
44
""I
95
106
18
99
108
40
48
994 100
May 1
2037 J
4 4» stpd.May 1 2037|
♦1st A ref 4 4« ser C.May 1 2037 J
♦Conv 448 series A....
1st A ref
22
4
19 4
34 4
74
169
24
13 4
6
124
18
134
2
124
184
13
164
14 4
•
-
—
-
11
184
164
4
1|
144
174
22
184
22 4
15
7
94
7
8
74
44
44
144
94
7
134
164
17
144
*15
>..
*
35
24
*124
)
>|
30
84
*
144
li
I^Hecured 6 4«
354
134
1
stamped
21
24
!
.1987
♦4 4s
124
100
1987
*
46
1
354
124
4
174
36
21
20 4
74
74
24
•
♦Gen
204
22
1
1987
16
100
1987
198-
694
1124
3 4s..
1987
19
103
>
Fed Inc tax
stpd Fed Inc tax..
6s «tpd Fed tno tax
16
|
Jan 1
2000
♦Htpd 4« non-p
11
21
.
♦Oen 44s
46
22 4
21
f
39 4
82 4
194
22
series E...May 1
{♦Chic Mllw Ht P A
•Conv ad) fis...
214
214
13
*19
214
'
r
13
1084
Paul—
1989
164
*1084
A
A—\_Mav 1 1989
series B..May 1 1989
4s series C—May 1 1989
454
174
*304
"ioo"
A
424
174
164
J
D
974 102
40
J
1960 F A
1996 M 8
J
1943 J
1951 J
Cod ref *e
4s
2000
25
794
Baldwin Loco Workg fis 8tmpd_1940 M N
Bait A Oblo 1st g 4s
July 1948 A O
Refund A geD fie series A
57
J
84
5
04
44
44
22
34
15
7
124
114
114
74
1
New York Bond Record—Continued—Page 3
1894
Sept. 24, 1938
Week's
Friday
Last
BONDS
N.
Y-
Range or
Sale
EXCHANGE
STOCK
Price
Week Ended Sept. 23
{♦Den A R G West gen 5s.Aug 1955
♦Assented (subj
to plan)
♦Ref A lmpt 5s ser B—.Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 4%s—1947
Detroit Edison Co 4 %s ser D..1961
MUNICIPAL 'BONDS
F
A
4%
3%
3%
9%
A O
J
J
M
S
F
A
*3
Chicago, III.
Y.
♦Detroit A Mac 1st lien g 4s...1995 J
♦Second gold 4s.
.1995 J
135 So. La Salle St.
One Wall Street
113
<2^. r. 1-761 4-
DuiMissabe&Iron RangeRy 3 %s.62 A
J
£
Last
3
BONDS
STOCK EXCHANGE
Week Ended Sept. 23
Sale
Price
(♦Refunding gold 4s
1934
♦Certificates of deposit--...(♦Secured 4)4s series A
.1952
♦Certificates of deposit.—....
♦Conv g 4 %s—.——1960
Cb St L & New Orleans 6s—.1961
Gold 3%s
June 16 1961
Memphis Div 1st g 4s
—1951
Asked
High
*65
No.
16 H
16%
17%
15%
Low
41
High
51
Elgin Joliet A East 1st g 6s.... ,1941 M N
D
EI Paso Nat Gas 4%s ser A... .1951
31
14%
22%
9
14%
19%
7%
17
1
V
10%
6%
7
MS
16%
7%
6%
7H
7%
6
6H
6%
3%
38
6%
MN
3
D
♦70%
5
*%
3
55
80
9
11
8%
5%
71
J
D
j
i>
Chic T H & Bo'eastern 1st 5s..l960 J
D
*63
78
M 8
37
39
U
104
104
1
102% 107%
106%
102%
100%
107
4
103
65
-
Inc
gu
Dec 1 1960
5s
86
59
45
.1963
1st mtge 4s series D
.1963 J
1st mtge 3%s series E
3)4s guaranteed..—
...
102 H
100%
.1951 M
Chic A West Indiana con 4s— .1962 J
1st Aref M 4)4!series D—*, .1962 M
88
67
gu
5s.... .1943 J
106%
106%
109%
E
108%
106%
J
42
H3%
111%
108%
49
25
4
96%
7%
4%
42
111% 114%
107
112%
103% 109%
32
40
20
10
33
88
109
102% 106
101%
109%
~27
100% 103%
"l7
106
110%
100
108
14
*50
102
44
4
23
71
77
71
108""
106%
*30
106%
109%
101%
108%
107%
5
48%
100
92%
80
14
"14
1
15%
102% 107%
106% 109%
100
~~7
11
68% 90%
100% 103%
131% 132%
94% 108
106
109%
102% 105%
79%
95%
101
102%
5
37%
38
10
♦1st consol gen lien g 4s.—.. 1996
1963
19%
19
20
12
16
O
13
11%
13%
15
1953
o
13%
10%
13%
5
11%
10%
J
♦Conv 4s series A
♦Series B
1953 A O
conv
4s series D
*11
.....
1938 M
(♦3d mtge 4%s
19
15
12
106
10%
12
107
41%
41%
10%
10%
8
9%
9%
38
*33%
39%
36
*85
90
75
*60
S
103
100% 103%
33%
70%
53
51
36%
21%
43
42%
105
96
85
101%
110
99
109%
97% 105%
40
38
*100
1967 M N
♦Ref A lmpt 5s of 1927—
1975 A O
♦Ref A lmpt 5s of 1930.
J
♦Erie A Jersey 1st s f 6s..—. 1955
J
♦Genessee River 1st s f 6s.. 1957
54%
1
3
J
78%
67
36
106%
105%
*50
J
cons g
100%
167""
J
4s prior.. .1996
{♦Erie RR 1st
73
105
O
Erie A Pitts g gu 3%s ser B... 1940
.1940
Series C 3%s
♦Gen
46
17
68
-
Cln Leb A Nor 1st con gu 4s... .1942 MN
Cin Un Term 1st gu 6s ser C._. .1957 N N
1st mtge guar 3 Ha series D_. 1971 M N
Clearfield A Mah 1st
68
*14
88%
{♦Choc Okla A Gulf cons 6s... .1952 M N
Cincinnati Gas A Elec 3%s—. .1966 F A
.1967 J D
1st mtge 3%s
103%
101
88%
88%
88%
.1943 A O
Chllds Co deb 6a
3
106%
105%
105%
106%
105%
♦N Y A Erie RR ext 1st 4s.. 1947 MN
.1944
...
12
101
•
100%
*131%
O
El Paso A S W 1st 68——. .1965
.1965
5s stamped
—
86
Chicago Union Station—
Guaranteed 4s
1st 4s. . .1948
East
Jan. 1
57
15%
J
5%
18
108%
*100
Since
&
*41
AO
*14
109"
A O
East Ry Minn Nor Dlv
Range
Friday's
F
J
101
*105%
100%
J
J
8
26
10
32
T Va A Ga Dlv 1st 5s.... .1956 MN
J
Ed Ei 111 Bklyn 1st cons 4s—_. .1939 J
J
Ed El III (N Y) 1st cons g 5s.. .1995
Electric Auto Lite conv 4s— .1952 F A
Range or
Bid
Loud
{(♦Chicago Railway! let 5s stpd
Feb 1 1938 25% part paid. . .
{♦Chic RI & P Ry gen 4!
1988
♦Certificates of deposit
O
3%
3%
42
"95%
High
34
Week's
Friday
Y.
*30
*
D
—
t«»Dui|Sou Shore A Ati g 5s__ 1937
J
Duquesne Light 1st M 3%s...1965
N.
108%
D
Low
50
4%
4%
110%
Detroit Term A Tunnel 4%s—1961 MN
D
Dow Chemical deb 3s
1951
Randolph 7711
Well System Teletype -*■ Cgo. 543
<DIgby 4-5200
No.
Since
Jan. 1
5
*20%
113
Gen A ret M 4s ser F—.1965 A O
Gen A ret mtge 3%s ser G—1906 M S
"New York,
I|
High
dk
Low
cBennett 'Bros. & Johnson
Range
Ask
Friday's
Btd
102
107% 110%
102
108%
Ernesto Breda 7s
1954 F
A
78
Fairbanks Morse deb 4s
1956 J
D
104
Federal Light A Traction 1st 5s 1942
5s International series
1942
1st lien
s
f 5s stamped
75
1954
.1946
59
23
97
104%
89% 98%
91%
95
89% 98%
89% 100
95
100%
96%
75
98%
100
{♦Fla Cent A Penln 5s
...1943 J
{♦Florida East Coast 1st 4%s..l959 J
♦1st A ref 5s series A
24
96%
96%
*99%
*84%
.1974 M
8
45
*58
D
100
*34
60%
6%
18
6%
25
6%
5%
♦Certificates of deposit
65
104%
*94
1942
—.1942
1st lien 6s stamped
30-year deb 6s series B
Flat deb s f 7s
80
103%
*94%
M 8
80
91%
93% 100%
35%
40
49
64%
3%
3%
8%
2%
2%
8
Fonda Johns A Glov 4%s..—.1952
4s... 1993
D
*65
.1993
General 6s series B
Ref A lmpt 4)4s series E
1977
Cairo Dlv 1st gold 4s....... 1939
Cln Wabash A M Dlv 1st 4s. 1991
D
*70
Cieve Cln Chic A St L gen
J
51%
J
59
69%
73%
88
53
13
41
*98
95
*50%
J
99%
60
50
90%
92%
73%
102%
57
St L Dlv 1st coll tr g 4s..—. 1990 MN
*61
75
61
78%
M S
g 4s.——. 1940
J
W W Val Dlv 1st g 4s
1940
*97%
98
97%
*87
91
Spr A Col Dlv 1st
Cleve-Cllffs Iron 1st mtge 4Ha. 1950 MN
J
Cleve Elec Ilium 1st M 3%s._. 1965
Cleve A
Pgh gen gu 4 Ha ser B.
Series B 3Ha guar...
Series A 4Ha guar.—...
Series C 8 Ha guar.—..
Series D 3 Ha guar
Gen 4 Ha series A
Gen A ref mtge 4 Ha series B.
Cleve Short Line 1st gu 4Ha...
Cleve Union Term gu 5%s—.
—
.
lBt
f 5s series B guar—
1st s f 4 Ha series C
s
1942 A
1942 A
97%
103% 106%
107% 112%
*106%
110
O
O
110%
1%
*1
1941 j" J
Francisco Sugar coll trust 8s...1956 MN
n
Fort St U D Co 1st g 4%s
107
107" 107"
107 ~~
105% 106%
1948 MN
1960 F A
1977
104% 108
A
1981
J
—
1961 A O
1972 A O
1973 A o
1977 A
106% 108
100
106%
101%
—
101%
*■
"80%
75
o
74%
82%
81%
75
9
10
101% 101%
73
104%
77
105%
71
102%
65% 92%
D
...
Columbia G A E deb 6s.-May 1952
Debenture 6s.,
Apr 16 1952
Debenture 5s
..Jan 15 1961
Columbla&H V 1st extg4s.— 1948
Columbus A Tol 1st ext 4s
1965
Columbus Ry Pow A Lt 4s
1965
100%
69
166%
1
"~6
95% 103
O
52
52
56
6
40
65
N
40%
40%
40%
2
30
49
MN
A
69
A
O
J
J
A
93%
91%
89%
42
86
99
92%
10
86
98
91
42
91
92
O
91
*108%
FA
MN
Commercial Credit deb 3%S—. 1951 A O
2%s debentures...
.1942 J D
J
Commercial Invest Tr deb 3%s 1951 J
100%
102%
108%
100%
85
96%
104% 112%
109%
101%
174
106% 109%
110
105
95% 101%
99% 103%
100
105%
109%
102%
102%
32
105
104%
105
25
108
107%
105%
103%
101%
108%
96
105
106%
15
102% 108%
104%
104%
207
103% 105%
101% 110%
Commonwealth Edison Co—~
1st mtge g 4s series F
—1981 M S
1st mtge 3% s series H
1965 A O
1st mtge 8Ha series I.——..1968 J D
Conv debs 8 Ha
——1958 J
Conv debs 8 Ha (interest
waived to Sept 30 1938)—1958
Conn A Passum Rlv 1st 4s
1943
Conn Ry A L 1st A ret 4 Ha
Stamped guar 4 Ha
Conn Rlv Pow s f 3%s A
J
105%
104%
104
17%
1%
2%
%
2
103% 103%
1%
1%
99%
103%
101%
O
*60
J
108
Consol Edison (N Y) deb 3)48.1946
O
of Upper Wuertemberg 7s...1956
deb 3%s
1951
{♦Consol Ry non-conv deb 4s..1954
D
J
conv
•Debenture 4s
♦Debenture 4s
♦Debenture 4s
♦Consolidation Coal
J
1955
8
137
102%
30
104% 108%
100
105%
103% 106
97% 103%
101%
102%
81
99% 102%
1960
J
M N
15s
May 1 1965
M N
1967 M N
.1970 M N
1st mtge 8 Ha
1st mtge 3)4s
1966 M N
Container Corp 1st 6s—......1946 J D
15-year deb 5s
Crane Co s f deb 3 Ha
1943 J
Crown Cork A Seal a 14s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 6 Ha
1951 J
...
s
see
page
45
_
105%
103%
103%
106
106%
103%
103%
95%
103
103%
95
9
7
32
13
1
15
105
6
103%
105%
31%
9
105%
30
43%
D
*30
O
108%
47%
J
34%
43%
44%
108
103%
J
J
5
104%
D
1936 J
5
103%
*106
106%
106%
11
106%
106%
10%
12
36%
43%
5
12
50
108%
103%
1
"I
58
102
99
99
100%
21
85
50
50
50%
10
39
12
40
104%
101%
102%
100%
98%
98%
83
56
109
99% 105%
100
106%
102% 106%
30
81%
43
41
54%
68%
52
105% 109%
28
59
"~8
1
52
1
105
101%
51
39
*50
51
39
51
"SO"
50
"56"
~~8
105%
104
105%
33
101% 106%
104%
105%
100%
75
101
105%
100
89
100%
50
53%
44
l66""
53%
3
37%
65
18
14%
21
28
13
♦Good Hope Steel A Ir sec 7s_ .1945
Goodrich (B F) conv deb 6s—1945
*27
32
25%
78%
25
34
97%
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5s__1957 MN
Gotham Silk Hosiery deb 5s w w '46 M S
Gouv A Oswegatchie 1st 5s
1942 J D
Grand R A I ext 1st gu g 4%s..l941 J
J
Grays Point Term 1st gu 6s
1947 J D
Gt Cons EI Pow (Japan) 7s... 1944 F A
1st A gen s f 6%s
J
1950 J
Great Northern 4%s series A__ 1961
General 5%s series B
1952
General 5s series C
1973
1976
J
gu
—
J
J
1961 A
79%
O
*7%
TelepV%s
Collateral trust gold 4s
Refunding 5s
88%
82%
75%
74%
■88%
77
50
49
71%
43
1
94% 111%
91
104%
13
68
99%
90%
89%
103%
88
74
50
69%
95
10
60
82
54
60
60
7
9
10
75
55
70
65
82
90%
93
91%
93
100
93%
105
3
222
107
lib"
65
*28
O
104
64
81
*110%
1937 MN
B.. 1970 A
67
68%
103%
*104%
106%
O
1944
80
10
---
*45
*45
J
A
106%
60%
J
1999 J
1949 MN
A. 1957 F A
5s_Feb. 1957 A O
1st gold 3s sterling—
Collateral trust gold 4s
Refunding 4s
Purchased lines 3%s
*68%
J
1949 J
ser
ser
102
5
103% 103%
*73
O
Houston OH sink gund 6%s A 1940 M N
Hudson Coal 1st a f 5s ser A__ .1962 J D
♦Adju8tme&Hncnme
86%
77%
68%
*52
O
1946 A
Hackensack Water 1st 4s_—. 1952 J
Hudson Co GaS 1st g 5s
Hudson A Manhat 1st 5s
95%
74
J
1966 A
♦Harpen Mining 6s
Hocking Val 1st cons g 4%s__.
Hoe (R) A Co 1st mtge..
{(♦Housatonic Ry cons g 6s...
59%
"75%
3
99
84
99%
101% 106%
74% 94%
85
104%
69
»
67
1940 M N
1652 J
Stamped.—.
47
94%
88%
Feb
4s
20
97
59%
59%
Gen mtge 3%s series I
J
1967
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
98
104%
92%
65%
J
1946
92%
*25
J
1946
95%
104
*104
J
1977
96%
96
104%
J
-
General 4%s series D
Genera] 4%s series E
General mtge 4s series G...
Gen mtge 4s series H...
Illinois Bell
98
100
*13
Illinois Central 1st gdid 4s
1st gold 3 Ha
I
Extended 1st gold 3j%a
105%
5
*13%
107%
103%
49%
{(♦Ga Car'o A Nor 1st ext 6s__ 1934
106%
106%
102
102
102
72%
11
31
102%
"~~5
27%
*120%
30
42
48
46
50
"~47
14%
13%
14%
102
109%
110%
14
27%
110%
81
76
95%
99% 106%
100% 104%
106% 109
27
31%
108
119%
62
81
29
38%
99% 103
13
35%
118% 122
40
11%
61%
24%
106% 110%
1951 J
J
*85
89
85
98
1951 J
J
*80
93
88
93%
77%
77%
1951 A O
1951 M
...
S
1952 A O
1955 MN
1952 J
—
43%
46
J
1953 MN
F
A
J
Litchfield Dlv 1st gold 3s... 1951 J
Loulsv Dlv A Term g 3%s.. 1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s... 1951 J
75
43%
48
4
12
42%
*45
"33""
"46"
"37% "54""
"13
42%
34%
64
44%
49
*40%
1955 MN
40-year 4%s
—Aug 1 1966
Cairo Bridge gold 4s
1950
43%
47
31
48
39
157
60
23
45%
84
33
37
D
*65
69
78
J
*61
93
61
63
59%
57%
59%
47
72
J
A
J
*45
55
105
Gold 3%s
Springfield Dlv 1st
J
103
3%s__. 1951 J
J
*65%
108
Western Lines 1st g 4a.—. 1951 F
A
52
52
"50"
"75"
95
106
5
28
107
106%
106%
11%
15%
35
17
40
108%
11%
10%
103
104%
A
J
48
105%
J
J
11%
108%
106%
J
MN
11%
"l5~"
108%
105%
34%
1936 J
1897.
45
24%
92% 104
10
17%
10%
16%
20%
128
11
106
108%
105%
J
f 5s...1951 MN
1951 M N
Stamped as to Penua tax
{(♦Den A RG 1st cons g 4s...
(♦Consol gold 4 Ha
"For footnotes
*9%
J
Del Power A Light 1st
4%s—.1971 J
1st A ref 4)4s
—.—.1969 J
1st mortgage 4 Ha
1969 J
103
*9
D
Cuba RR 1st 6s g
1952
7 Ha series A extended to 1946—
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 Ha 1960
Del A Hudson 1st A ref 4s
1943
Den Gas A El 1st A ref
*9%
J
—1942 J
101%
*10
D
1951 F A
1950 MN
47
23
102%
J
Consumers Power 8%s.May 1 1965
1st mtge 8 Ha
1st mtge 3%s
103%
102%
o
1966
s
102
Gulf States Steel s 14%s
Gulf States Utll 4s series C
10-year deb 4%s
107%
104
J
—1955
—
1
104%
104%
103%
J
o
100
108""
34
40
121
J
101% 105%
100% 101
107% 108%
107% 108%
107
104%
A
*120
Gulf Mob A Nor 1st 5%s B... 1950 A O
lst mtge 58 series C.
1950 A O
Gulf & 8 11st ref & ter 5s Feb 1952 J
J
104
107
O
8Ha debentures——..—1948
8 Ha debentures.
1956
8 Ha debentures
1958
♦Consolidated Hydro-Elec Works
Consol Oil
104% 2018
*107
A
1961
190
*36%
D
J
(Germany) 7s Jan 15 1945 J
♦Sinking fund deb 6%s
1940 J D
♦20-year s f deb 6s
1948 M 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
Greenbrier Ry 1st
J
J
1951
1961
Gas A El of Berg Co cons g 5S..1949 J
Gen Amer Investors deb 5s A.. 1952 F
GeD Cable 1st s f 5%s A—
1947 J
♦Gen Elec
*105%
J
1942
Coal River Ry 1st gu 4s
1945 J
Colo Fuel A Iron Co gen s f 5s.. 1943 F
♦58 Income mtge
1970 A
Colo A South 4Ha series A
1980 M
_
*3%
99
93
{(♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
{(♦Proof of claim filed by owner MN
♦Certificates of deposit
106% 108%
105% 108%
106% 108%
8%
15
9
16
1951 J
g
60
Volume
New York Bond Record—Continued—Page 4
147
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Price
Friday's
Bid
No.
Joint 1st ref 5s series A
1963
1st A ref 4 *s series
1963
D
.1940
O
zm
42*
40
29
49%
36
40*
38 %
12
28
46%
105%
4
105%
1948
A
Ind. Bloom & West 1st ext 4s—1940
O
Ilseder Steel Corp 6s
1950
1956
Ry 3*s series B..1986
Inland Steel 3*s series D
1961
{lnterboro Rap Tran 1st 5s—1966
Ind
III A Iowa 1st g 4s.
28
i
J
J
J
M
8
107*
J
{♦10-year
7%
conv
A
O
1947
1942
stamped
1955
f 6s series A.
deb g 4 *«._ 1952
—1939
Conv deb 4 *s
Debenture 5s
28%
62
10
34
♦Miag Mill Mach 1st
40
60*
40
59
City Air Line 4s
1940 J
89
Jack Lans A Sag 3 *s
1st gold 3*a—
1951
1952
1979
50
49
49
1
83
102
65
1
100
102
J
13
11%
19*
3%
3M
U%
1
2%
5*
12
13
*9%
75%
12
{♦Minn A St Louis 5a ctfs
86 *
86 *
89%
6
75
94
60
64%
279
39%
74*
J
J
100
462
74
F
A
56%
99%
60%
*1%
208
42%
77%
1%
3%
64*
s
D
100
67%
3%
5
40
94*
6
88
78*
98*
78
90
20*
16*
30*
O
1950 J
J
1960 J
J
106
107*
J
D
104
104*
(Rudolph) 1st 6s. -1943
stmp (par $645)--.1943
M N
*37
$925)—.1943
MN
92*
*83*
26*
•
21
21
68
14
60
27%
75%
62
66*
31
44*
74
20*
.1946 IVI
4s.....-1987 J
Kentucky Central gold
Kentucky A Ind Term 4*s_—.1961 J
S
91
J
99* 108*
"72" "72"
95
95
88
100*
Kinney (G R) 5*s ext to
.1941 J
D
Koppers Co 4s ser A
.1951
A
F
A
Coll tr 6s series A
Coll tr 6s series B
4
95
96
3
95
100
101
46
103
3
98%
41
13%
14%
25
80
80%
50
51 %
50
3% to—.1947 J
J
*
.1997 J
D
*82
103*
18*
34*
....
48
67
22
28*
30*
30*
31*
18
28
50
42*
M
♦Certificates
♦
deposit
of
14*
4*
M
S
.1975
♦1st rntge Income reg
s
15*
1st A ref
s f
30
15*
15*
17*
59
15*
15*
67
F
13
75
90*
16
48
61*
Monongahela Ry 1st M 4s ser A '60
3
47
60
*15
......
*15
1
4s. 1991
16
90*
95*
95*
Montreal Tram 1st A ret 5s
86*
78
23
30*
Sec 6% notes
*75
17*
18
4
13*
28*
20*
23*
73
8*
23*
23*
26*
68
9
26
28*
50*
67*
99*
100*
5
105*
S
M
S
102
1941
24*
34
80*
35*
♦
D
J
J
s
f 6s series A
A
{ 6s series B
A
O
Gen & ref a f 4*s series
A
A
O
D
C-.
M N
Constr M 5a series A
—-
27
42*
----
66
99*
45
39*
Mut Un Tel gtd 6s ext at
-
— —
—
6
....
5%—1941
19*
85
Nash Chatt A St L 4s ser A
30
62
stpd
extended to
1946
3*s w w__ 1951
Nat Distillers Prod deb 4 *s—1945
1978
1951
35*
Leh Val N Y 1st gu g 4*s._...1940 J
.1940 J
4*s assented
Lehigh Val (Pa) cons g 4s
4 Mb
cons
.2003 M N
4*8
cons
.2003 M N
5s
1st 50-yr 5s gu__ .1965 A
Liggett A Myers Tobacco 7s._ .1944 A
17%
*15%
15%
6s
Liquid Carbonic 4s conv debs. .1947
Little Miami gen 4s series A— .1962
J
17
18
16*
40
*17%
O
48
110
5
105* 118
129%
6
128
123%
124
7
107
109
7
121* 126
99
112*
124
131
55
54
55
"24
1
2
83
75 *
75%
79
.1944 A
O
F
A
76%
127%
120%
78
79
"9
2
127%
4
121
5
79
27
"94*
54
101*
*
75
93*
New Orleans Term 1st gu
74
90
{{♦N O Tex A Mex n-c lnc 5a.. 1935
76%
76%
25
65
1946
98%
98%
2
96
2003
2003
1st A ret 3*8 series E
Paducah A Mem Dlv 4s
"85
1980
St Louis Dlv 2d gold 3s
*81
.1945 M S
98* 105
1
76
96
85
107*
82
*109
111
109
112
J
*50
74
69
80
.1955 M N
AO Knox A Cin Dlv 4s
♦Lower Austria Hydro Elfins. .1944 F A
100
98
*21
Mob A Montg 1st g 4 *s
South Ry Joint Monon
4s—. .1952 J
99%
106
105*
M N
J
103
22
111*
98*
♦Certificates of deposit
*
-
-
-
-
-
-
-
1*
J
D
25
see
page
1897.
'
....
—
1
-----
—
-— —
116* 121
24*
32*
24
31
24
1
1
122* 126
123
123
6
120* 124
108*
108*
"108*
16
104* 108*
O
J
J
J
A
O
99
98*
99*
19
86* 101
J
D
99*
96
99*
39
84* 100*
62
62
D
A
F
♦1st 5*s series A
1954
O
62
A
46
*
67
50
3
27
47
70
23
6
34*
27
38
34
6
66
*39
—
A
35
22
38
30
22
37
— — —
23
36*
2
34
*
24
22
40
26*
*
35*.
30
*20*
28
----
30
-
28
♦Certificates of deposit—
J
* /jw
—
A
F
»vu
108*
123
♦Certificates of deposit...
♦1st 5s series C
—
25
103
J
1956
1956
♦1st 6s series B
....
-
2*
*
27
24
123
M N
1954
4s—1953
-----
123
J
J
1*
1 *
107*
*55
*119*
------
3*
1*
*
....
110* 111*
*100
J
4s series A
1998
F
A
60
57*
60*
38
1946
A
O
68
67
69*
29
62
A—-.2013
A
O
47*
47*
51*
42
38*
A
O
52
51
55*
66
42
61*
61
62
37
51
82
91*
65*
48*
10-year 3*s sec 8 f
Ref A Imot 4*s series
N Y Cent RR
91*
37
55
Ref A lmpt 5s
20
31*
Conv
17*
34*
23%
16*
32*
21
10
23*
series C—
2013
secured 3*8—....-.1952
— — — —
2*
*
....
107
2*
2*
—
6
*%
------
------
— —
....
1*
M N
^
For footnotes
....
—————
*
2*
....
—-
*%
-
J
♦1st 4*s series
-
'----V
%
O
23%
23*
2013 JD
**
O
70
73%
25
♦Second 4s
74
97* 106
93* 103*
M N
A
29
26%
*37%
,28
28
O
13
**
—————
8
1
*%
A
25
D
Feb 11957 M N
{♦Manhat Ry (N Y) cons 4s. .1990 A
106
103%
------
------
----
-----
*
*1
J
44
D
1960 J
Gen mtge 4*s ser A
ManaO Sugar 4s s f—
M N
------
N J Junction RR guar
JilCwpUi H W- ^
McCrory Stores Corp s f deb 5s. 1951
McKesson A Robblns deb 5*8.1950
Maine Central RR 4s ser A—-1945
'
{♦New England RR guar 6s—1945
♦Consol guar 4s
...1945
New England Tel A Tel 5a A..1952
124
107
**
88*
83* 102
2003
1st A ref 4s series D
99*
99%
89%
**
J
92* 104
**
J
J
5
1st A ref 6s series B
1st A ref 4 Mb series C
98%
89%
J
J
D
62
1940
J
J
J
Louisville A Nashville RR—
Unified gold 4s
100* 100*
J
81
105%
100
15
5s—1948
5s A
101
13
107*
N J Pow A Light 1st
1
39
18
96*
-
1
106*
D
1961
-
»
100*
J
New Orl Great Nor
—
1
68
105*
100*
{♦Naugatuck RR 1st g 4s
84
II
30*
*100
------
B
»
106*
O
1954
t
100*
Newark Consol Gas cons
107*
29
«
N
88*
60
1
50
65
MN
IVI
O
...1965
55*
189
87
102
99*
*55
A
4s
34*
102*
90
101* 106*
7
49
114*
A
4 onl926
86
19
62
102*
off... 1951
& rets No 4 on 51
85
*104%
105%
71*
34*
102
1914 coupod on....1951
2003
4s
77
105
105
S
74
47
5
112
6 on "77
81
1945 M
74
15
53*
50
J
1st g 4*s series
69
1
J
♦Assent warr
69
----
80
53*
50
72*
---
lien 4*9—
{♦Assent warr A rets No
75
73
72*
-
----
77
O
Nat Steel 1st coll s f
-
102*
O
♦Assent warr A rets No
—'
114*
A
Nat RR of Mex prior
-
47
A
1977
1977
off
1st 4s.. 1986
4*8
I960
..1983
NO&NE 1st ref A imp 4*8 A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st A ret 5s series B...
1955
J
Louisiana A Ark 1st 5s ser A—. 1969 J
1966 M S
Louisville Gas A Elec 3 Ms
—
----
100*
No 4 on *57
♦4s April 1914 coupon on
♦48 April
-
96* 101
----
102
55
129*
115* 125
-
30*
63*
126
79
102
A
80*
73*
73*
84
114*
-----
♦4s April 1914 coupon
100%
98*
47
J
♦4s April 1914 coupon
128
D
.1949
Louis A Jeff Bdge Co gu
54*
M N
♦Long Dock Co 3*8 ext to.. .1950
.1949
Long Island Unified 4s
.1949
Guar ref gold 4s...
1951
45
48
75
A
99%
;
26
96
102*
D
1957
1957
1957
84
107*
114*
J
1950
34
*
M N
4*s s f debs
National Rys of Mexico♦4*8 Jan 1914 coup on
♦4*8 July 1914 coup on
♦4*3 July 1914 coup off
99
93*
*_..
------
J
Nat Gypsum
85
*...
------
Nat Dairy Prod deb
Nassau Elec gu g 4s
♦Assent warr A rets
no"
O
54
6s
"13" "33*
68
22
.1952
Lorlllard (P) Co deb 7s
85
18
19
.1946
4s stamped..
18%
16%
19
f deb 3 Ms
a
"li% "32"
17
Lombard Elec 7s ser A
Loews Inc
72
31
"l6*
Lex A East
.1951 F
50*
64
.2003 MN
5s assented
Leh Val Term Ry 1st gu g 5s_. .1941 A
.1941 A
5s assented..
...
34
45
"15%
.2003 MN
assented
General
16
.2003 MN
4s assented
General
*39%
o
.2003 IVI N
2
99
2
------
M N
F
18
97*
-
40
72
-
:
Mutual Fuel Gas 1st gu g 6s—1947 M N
18*
--
------
M N
Constr M 4 *s series B
Mountain States T A T 3*8-1968 J D
26*
—
106*
*
------
O
J
96
O
s
98* 107*
92*
O
Gen & ref
—'
96
106*
O
95
-
90
50
64
......
M N
Nat Acme 4*s
.1954
Leh Val Harbor Term gu 5s
60*
97
18
78*
81
28
23
60*
22
J
Montana Power 1st A rer 3* a.
32*
27*
*
25*
14*
....
70
*60*
23
15
....
-----
A
A
70
43
*26*
17*
6*
25*
S
A
49*
Gen & ref 8 f 5s series D
.1943
-----
Monongahela Wert Penn Pub Serv
Mohawk A Malone 1st gu g
Morris A Essex 1st gu 3 *s
extend to
......
A
M
31*
71
.1974
23
O
3
F
65
f 5s
25*
15
85* 100
48
.1964
s
15
8
M
48
1st & ref s f 5s
1st & ref.
23
5
63*
97*
15
10
MN
44
40*
25*
1
3*
-
41*
*32
15
16*
1981
54
*80"
102
3*
♦Certificates of deposit
1
A
17*
15*
15*
----
♦1st A ret 5b series I
3
F
23
4
——————
♦Certificates of deposit
56
M S
25*
14*
M N
13*
50%
49*
.1954
15*
5
M N
A
50*
5s...
8
70
5
1949
56
*78*
24
♦Certificates of deposit—.
50
A
45*
10
97
1978
♦1st A ret 5s series G
J
C—.1954
Lehigh A New Eng RR 4s A....1965
.1945
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s..1944
25
....
14*
4%
deposit..
of
f 4*8 A—.1954 J
Cons sink fund 4*8 ser
35
*30
15*
1977
1st A ret 5a series F
8
----
99
Lautaro Nitrate Co Ltd—
Lehigh C & Nav
12
32*
«*■» —
54*
Gen <fe ref
Lake Sh A Mich So g 3)4®
— — —
38*
89
*
.1941 J
2d gold 5s
J
..
36
75
49%
*49
.
.
*50
Lake Erie A Western RR—
6s 1937 extended at
24
32
5*
70*
M S
97%
50 X
-----
-----
60*
...»
38*
95* 103*
51
-
------
96* 103*
102*
A
...
------
68
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Week Ended Sept. 23
1
64
—
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EXCHANGE
Ranoe
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1953 F
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1930
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1154
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deb 6a.., .1955 J
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50
—
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1978
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36
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1950
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63
84
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28
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94
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..
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284
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384
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1962 IVI
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104
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1939
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62
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101
16
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70
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1941
92
98
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106
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1944 J
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66
112
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D
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72
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A
1939
1st gu 5s
{♦Rio Grande West 1st gold 4s
D
57
1955
1st sf7a...
H
1961 J
I.... 1966 J
45
934
944
1024
1034
J
1952
1st gen 6a
113
103
54
714
30
284
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284
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110
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70
D
24
29
~28"
O
debentures——.1952 IVI
1034
21
*
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1928
84
lOO" 118*4
88
'
J
♦Cons mtge 6h of
El 4s series G... 1964 J
1st A ref uitge 3V»8 ser
98
1
35
J
J
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874
1064
844
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Richfield Oil Corp—
Gen mtge 5* series
Pacific Coast Co 1st g 5s
J
112
844
1054
87
1054
1014
112
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1946 J
1953 J
—.1952
.
100
1004
El Pr 7a... 1950 M N
♦Rhine Westphalia
101
1044
C
34
107
*67
1st M conv 5 4s '64 M N
54
12
108
1044
orp
w.1956
Gen mtge 4 4s series B
102
105
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64
J
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ref 4 4s series A
J
"18"
124
12
38
114
674
4
20
38
18
19
11
13
274
12
13
32
9
184
Volume
Week's
Last
Range or
Sale
Friday's
«9
PYrHAVGE
Week Ended Sept. 23
STOCK
Y
Hid
Price
{♦St Paul A K
St
Paul
1084
J
j
A
O
1940
1989
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4S..1950
..1950
Oct 1949
1959
{{♦Kfaboarrl Air Line 1st g
{♦Gold 4a stamped
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{♦Refunding 4s
103
1094
104
O
A
B
4s
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1084
3
111 ®32
j
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144
.....
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6
11142
J
1940
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J
814
1094 H3'«.
144
a
o
a
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P
A
A
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11
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♦Series
1933
Fin 6s A ctfs—1935
34
m
8
1952
1935
J
d
j
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Skelly OH deb 4s
1024
s
F
a
69 A
Southern ( olo Power
4 Vis
Southern Kraft Corp
Southern
..1901
—1905
1947
1940
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13
24
Wash
Wash Water Power a f 5s
54
44
24
....
86
1034
m -
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10-year secured ZHn..
1st cons g 5s
Devel A
A
6s
6 Vis
gen
gen
j
D
79 4
90 4
18
66
104
1044
14
1064
4
1084
109
97
874
103 4
108
no
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1907
d
1024
1st mtge 3 4s aeries 1
22
J
109"
109
1094
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106 4
110
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103
103
105
9
1014
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79
13
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80
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105 4 108 4
16
1064
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87 4
89
19
109 4
O
78
j
80
1913 a
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1951
30-year 5s
♦
Tokyo Elec Light Co
1st 6s dollar series
Toronto
Trenton G A
♦Tyrol Hydro Elec
♦Guar sec a f 7s
I
J
224
224
4
West 8hore 1st 4s guar
I
J
52
52
8
43
j
J
45
45
1
45
M
s
2361
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1900
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-mmmmm
Wilson A Co 1st M 4s series A.. 1955 J
414
454
24
314
634
40 4
45 4
87
30
63 4
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42
404
45 4
138
304
564
554
57 4
53
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83
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60
52
99
65
47
69
68
71
a
41
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23 4
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53 4
384
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83
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57
41
26
65
a
564
514
60
40
28
75
64
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109 4
3
J
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100
101 4
170
100
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106
17
9
15
101
105
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71
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M N
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121
121
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100
103 4
100
145
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95
106
I
30
46 4
m
121
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1014
2
103 4
2
1094
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101
84
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m.
~m»mmm
104 4
♦
1134
774
125
-
-
-
794
106 4
114
79
96
814
1014
1164
884
22
70
4
69
1
714
2
90
364
38
34
244
54
54
6
42
34
J
864
J
1044
864
1034
j
a
j
514
494
D
85
o
*
S
5
71
s
J
106
1955 ivi N
98
72
514
5
85
224
404
j
....
...
-
634
80
*
♦
95
In
Deferred
Railroad <fc
State,
Untied
Total
Number 0/
Afiscell.
Municipal Ac
States
Bond
Bonds
For'n Bonis
Bonds
Sept. 23, 1938
18
654
654
2
1084
34
105
110
1044 1134
1074 1144
97
1074
1094
1104
62
1014
1044
1124
29
no
.1970 A
.1971
1124
884
O
M n
884
594
7
24
104
5
89
109 4
83 4
82
15
80
1104
110
825,400
3,303,000
666,000
154,000
4,126,000
731.000
641.000
6,475,000
910,000
583.000
7,430,000
4,370 000
721,200
5,103.000
5,937,000
2,804,000
3,295,000
4,981,300
$23,087,000
M
8
*1084
j
*20 4
224
110 4
1104
1
107
1034
594
102 4
274
27 4
40
41
1st coas 5s
72 4
1024
~m-
--
-
110
39
-.-r-
09 4
60
107
19 4
77 4
814
109 4
38
5
36 4
39
21
274
894
91
5
834
89
89
5
73
914
894
914
454
454
454
46
9
45
8
45
904
92 4
7
77
$2,801,000
$101,197,000
$311,161,000
6.087,000
32,220,000
172,358.000
985,557,000
1,583.888,000
$30,302,000
O
A
24
1
.1934 J
j
J
*104
107
$41,198,000
$1,259,112,000
$2,155,779,000
260,730,000
Stock and Bond Averages
-«r
Below
*1
78 4
91
924
94 4
104
104
*.
4
....
are
daily closing averages of representative
the
stocks and bonds
as
listed
on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocks
10
104 4 105 4
-
^
—
j
1955 M n
Total.
9»4
454
.1955 F
293,273,685
4,170,000
industrial
55
374
.1941 a
1037
193,001,338
554
46
1 to Sept. 23
7,344,310
107 4
36 4
.1957 M n
--
46
mmmm
103 *
Jan.
1938
23,087,000
41
11
73
71
$30,392,000
$3,135,000
103 4
mm-m.
1
1074
714
724
$3,135,000
Bonds
27
1164
1014
*374
.1934 J
{{♦United Rys 8t L 1st g 4a...
.1940
u 8 P1|>e A Fdy conv deb 3 4a.
.1948
U S Steel Corp 3 Via debs
.1951
♦Un Steel Works < orp 0 4a A-.
.1951
♦Sec s f 0 4s series C
.1917
♦Mink fund deb 6 4" "er A...
1951
United Stockyards 4Via w W-.1944
Ltab 13 A irac 1st A ref 6e
.1944
( tab Power A Light let 5s
.1917
{♦Utll Pow A Light 54«
.1959
{♦Debenture 6s
—«
1074
73
4,601,000
$4,170,000
4,981,300
GovernmentRailroad and
8
o
544,000
1937
1938
Stocks—No. of shares.
95 4
m
8ta 6a...
.1953
(Del) 5s
.1944
RR A Canal gen 4a
United Drug Co
794,000
762,000
Week Ended Sept. 23
Exchange
96
o
United Clgar-WhelaD
682,000
York Slock
New
State and foreign
35-year 3 Vis debenture
.1950 A
United Biscuit of Am deb 6a...
.1952 A
$3,390,000
1,198,310
1,025,400
Sales ai
94
119
4
89
884
$2,552,000
743,700
Saturday
Sales
$419,000
$419,000
90
108
S
Shares
467.200
3
224
Exchange,^
Stocks.
Ended
Friday
97
1164
8
New York Stock
the
at
Thursday
110
20
1074
2008 M
22 at 102.
Daily, Weekly and Yearly
Tuesday..——Wednesday
103
8
*8
2008 M
during the current week and not Included
delivery sales transacted
the yearly range:
Chesapeake A Ohio 5s 1939, Sept.
1034
1174 120
....
106
under
week.
Bonds selling flat,
t
No sales transacted during current
Friday's bid and asked price.
Monday
*•-
1054
654
108
being In bankruptcy, receivership, or reorganized
securities assumed by such companies.
Section 77 of the Bankruptcy Act. or
844 102
50
....
*21
price represented is
Interest payable at
1943, Oct 1 at 102 4.
1952, Jan. 1, 1939 at 110,
{ Companies reported as
105
*1204
f.'i *>4
New York Stock Exchange bond Issues which have
90
30
97 4
1
4 3
Plllsbury Flour Mills 6s
394
9
864
594
*
.
£i
884
87
1044
*104
D
week and not Included In the yearly
$4.8484,
Transactions
364
1164
P 1st gu 4 48--.
{♦July coupon off
Virginia El A Row 4s ser A...
Va Iron ' 'oal A ( oke 1st g 5a.Va A Southwest 1st gu 6s
1024
104
J
1074
{♦Vera Cruz A
96
155
101
100 4
{ Negotiability Impaired by maturity,
t The
quotation per 200-pound unit of bonds.
Accrued
dollar
1074
O
D
100 4
during current week,
a Deferred delivery sale; ouy
week,
n Odd lot sale, not Included In year's range
current
t The following Is a list of the
108 4
90
70
1014
7
814
814
during
Total
I 4s serlew B
54
been called In their entirety:
94
814
1134
774
96
m -
99
3
93
95
—
79
«.
19
84
1054
1164
ons s
5
San Autouto Pub. Serv. 6s
.1952
(
1074
—
Ex-Interest.
x
1024
95
1014
704
1054
8
6a
94
4
104
19
Cash sale; only transaction
r
transaction
108
35
1014
A
4s series A
*
84
0
54
-
85
105 4
1034
debentures
—
.1947
Union Pac RR 1st A id gr 4s...
of Am conv
164
144
44
7
1054
im*.4
the
119 4
12
vandalla conn g
J
8
64
10
O
exchange rate of
11
"91*"
113
.1945
Vanadium (-orp
5
1054 109 4
1
102
12
79
{{♦Union Elev Ry (Chic) 5a...
.1942
Union Oil of Calif 6s series A—
U N J
"24
8
1044
1054
vi N
1901
No sales.
1094
1064
"90 4
1952 f
34-year 3 4s deb
D
Cash sales transacted during the current
range,
8
1953 j
June
June
94
*4 4
..1961
flervfoe 4s
1st mtge a f 4s ser C
e
109 4
.1945 M
1st lien A ref 5s
N
of deposit
{♦Wor A Conn East 1st 4 4s... 1943
Youngstown Sheet A Tube—
61
35
60
J
UJlgawa Elec Power a t 7a
.1962 J
UnioD Electric (Mo) 3Via...—
1st lien A ref 4s
8
05
1949 M
3 4s
84
*1064
""§4
914
694
Jmmm
J
454
71
44
j
J
96 4 101 4
12
8
j
c
15
924
1900
1st 4s
74
4
934
101
1004
924
i
♦< "ertlflcates
100 4
1004
{♦Wis Cent 50-yr 1st gen 4s....1949 J
♦Certificates of deposit
Wlsoonsln Pubi
914
914
3
J
WInstou-Salem 8 B
93
79 4
1
44
o
834
j
28
994
4
a
63
1044
884
994
884
D
1947
34is
63
1104
854
1910 M n
{§♦ Wilkes-Barrc A East gu 5s. .1942
754
105 4
105
5
106
106
A
Wheeling Steel 4 4s series A
76
24
100
Wheeling A L E Ry 4s ser D...1900
RR let consol 4s
..1949 M S
69 4
1942 M
...w
77
♦Westphalia Un El Power 6S--.1953
41
43
4s.- 1940
Pow 74a..
56
91
1953 j
5s conv deb A
704
7
474
20 4
Week
El 1st g 5s
('out Corp
Tri
77 4
66
35 4
1937 j
4s ser C
714
484
18
1952 J
Ham A Buff 1st g
25
51 4
11
55
8
ref A imp 3 Via 1960
1950
8t IajuIs A West 1st 4s
Col W V A Ohio
154
9
714
45
IV»
26
67
53
M N
Col A Ohio Cent
Col
204
16
67
464
1960 A
Ltd—
30
64
100 4
1960 j
{♦ Third Ave RR 1st g 5s
Tide Water Asao Oil 3 4a
214
20
43
1977
—1979
...1980
Pac Ter 5 48 A-.-1964
Jar
20 4
64
494
C
4s
108 4
204
100
1943
Ad) Income 5s
984
97 4
8
1960 vi
1
514
Gen A ref 6s series D
Third Ave Ry 1st ref
73 4
1
m
vi N
25- year gold 5s_
Registered
1004
93
1
1034
80
"204
44
Gen A ref 5« series B
Tex Pac Mo
75
d
1940 vi
Union g 4 4s
1204
1034
m
vi
1940
98 4
110
1194
100
8
200U
.gold 5s
103
8
1977 r
..1952
gold 4s
♦5s assented
Western
100
944
83
1952
1st A ref 5 4s series A
1204
1034
1034
1966 I
Gen mtge 3 48.
o
—1951
Gen A ref 5b series
110
123
D
4 4s
gold 5s
Pac 1st
4
107
1094
105 4
{♦Western Pac 1st 5s ser A
1034
89
m
1943
•Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 3^8
1950
I'enu Coal Iron A RR gen 5s—1951
I enn Cop A Cbem deb 6s B...1944
Tennessee ("orp deb Oh ser C—.194 4
Tent; Elec Pow 1st 6h ser A....1947
Term Assn of 8t L 1st g 4 Via...1939
1st eons gold 5s
......1944
Gen refund » t g 4s
1953
I'exarkuna A Ft 8 gu 5 Vis A—1950
Texas A
1034
104
105
*107
121 4
98
1054
974
1953
Tex A NO eon
48
91
105""
A
73
28
"lO
50
*20
{
A
854
73
334
314
4
4
West N Y A Pa gen
105 4
19«1
15 yr 2 Vis debs
Staten Island uy 1st
deb 3 4s
03
122 4
Western Maryland 1st 4a
64
1044
j
B.
Standard oil V .1 deb 3s.
Texas Corp
65
122 4
24
77 4
15
1084
4s
Dlv Isi g
82
74
107 4
d
82
94
a
1951
1901
1st A ref M 3s ser C
1968
So"western Gat- a hlec 4h ser D. i960
♦{Spokane Intermit 1st g 5s—1955
Staley (A E) Mfg 1st M 4s
1946
St Louis
71
6<4
100
gtd...l950
Westchester Ltg 5s stpd
20 4
92 4
S
j
1996
Dlv 1st g 5s
Mem
So'weetern Pell Tel 3 4s ser
55 4
2
1024
614
7
F
1955
1955
1994
1956
1950
1956
4s
stamped
Devel A
17
71
3
2
28
74
M
1950
4s
Devel A gen 4s series
16
644
72 4
"724
} M
{♦Sup A Dul dlv A term 1st 4s '30
4s
1064
73
1024
754
104
1946
1st
13
1024
West Va Pulp A Paper 4 4a
72
m+mmmm
19«*
1969
1981
Southern Ry
13
64
j
704
1024
Lines) A—1977
Gold 4 Vis
RR 1st ref guar
7
1939
48
934
A
Gold 4 Vis
So Pac
64
A
F
1915
1915
4s
guar
6
♦
m
1044
line 4 Vis
1951
j
Pac coll)-.1949
San Fran Term 1st
1st gu 3 4s
40-year
52
72
So Pac coll 4s (Cent
let 4 Vie (Oregon
1st
96 4 1044
Natural Gas—
1st mtge pipe
Term
104
94
50
1962
4s
74
1064
63 4
1064
8
F
4s...2000
Washington Cent 1st gold 4a...1918
754
M
5s—1903
Hell Tel A Tel 3Vis
1024
54
1950
socony-Vaeuum Oil 3 Vis
South A North Ala RR gu
1st mtge A ref
VI
1941
West Penn Power 1st 6s aer E..1963 vi
1951
1946
1941
1952
1951
Elec Corp 6 Vis
Southern Calif Gas 4
64
J
Simmon** Co deb 4s
south
b
34
64
84
75
22
6
24
El Pow 1st G4s
Sllesian-Am Corp coll tr
8
144
*24
14 4
134
8
Certlfl ates ol deposit
Warren RR 1st ref gu g 3
54
a
s
84
54
a
M
4
4
F
1939
Warner Uros Plet deb 6s
{♦VVarreu liros Co deb 6s
144
s
42
74
74
n
44
16
F
{♦Siemens A Halske s f 7s
♦Debenture s f 6 Vis
♦Silesia
M
\
24
44
d
o
1955
6s debentures
174
64
1951
Shell Union Oil deb 3 Vis
Mhln.vetsu
9
7
1935
certificates
P
31
64
64
30
*74
Waiker(Hiram)GAW deb 448.1945 1
Walworth Co 1st M 4s
1955 a
30
54
s
M
914
23
20
21
154
""42"
274
197«
1980
♦Ref A gen 5s series D
20
35
74
C
114
5
*4
1945
{♦Alt A Blrrn 1st gu 4a
{♦Seaboard AH
44
44
244
*26""
♦Ref A gen 4 4« series
116
3 4
44
mmmmmSrn.
{♦Wabash Ry ref A
674
38** "45"
*16
s
1054
164
27
48
(
O
ivi
1124
109 4
43
114
194!
1941
J
193SI
♦Omaha Dlv lstg 3 4«
♦Toledo A Chic Dlv g is
994
32
8
23
*38""
1114
1
94
♦Des Moines Dlv 1st g 4a
41
444
74
9
14
14
-
deposit
♦Orttf Fates of
j
Hloh
19
103 4
394
204
1
Jan.
No
FTinh
103
74
24
....
1154
115
♦certificates of deposit..
♦1st A cons Os series A
♦Det A Chic Ext 1st 5a......1911
§ CO
Asked
A
t
1970
24
27
*24
115
204
4a A. 1975
12
34
*24
«
M n
40 4
A
gen 5
♦Ref A gen 5s series B
15
6
144
103 M
N
F
J
45
28
8
vi
193'<
...
ivi
1951
1094 1184
1
52
1fSan Antonio Pub Serv 1st 6s.. 1952
M N
San Pltrjfo ('onaol O A E 4s
1965
m s
Santa Fe Pre? A Phen 1st 5s—1942
{♦Schulfo Co guar 6 Vis
102 4
52
J
j
98
2
1154
1154
j
3
98
98
1943
4s
S A & Ar Paaa 1st gu K
♦2d gold 5s
♦1st Hen g term 4a
1940
1972
Marge)
St Paul Un Dep 5fguar
♦
64
74
*6
{{♦Wabash RR 1st gold 5s
Since
Friday's
Bid
1900
1930
Virginian Ry 3*ia aeries A
94
11
74
Ranae
Range or
Sale
Low
98
88
1
Price
High
Low
mmmm.
74
74
Last
o.
EXCHANGE
Week Ended Sept. 23
Man—
Minn A
tParlfic ext gu 4a
♦Stamped
93
*88
4V4S--.1947
C Sb I. gu 4^8.1941
t*St Paul EGrTrk lai
Y. STOCK
N.
1
Jan.
NO.
High
Loin
4s_.1968
Mt Paul A Duluth tat con g
<§
aa
*1
bonds
Range
Since
Asked
A
Week's
Friday
Friday
bonds
N
1897
New York Bond Record—Concluded—Page 6
147
30
Date
Indus
24
trials
10
Total
20
15
Toiai
10
First
Second
10
Rail
Utili¬
65
Indus¬
Grade
Grade
UHU
40
Stocks
trials
Ralls
Rails
ties
Bonis
road*
ties
....
1054
1054 1094
1054
1949 ivi
2003 j
8
*20
38
J
*50
102
.1958 a
O
*45
534
----
mrn
+
m
mmmp.
134.08
24.45
17.93
42.81
105.80
89.55
47.80
104.18
86.83
23
22
137.35
25.34
18.59
43.97
105.71
90.46
47.86
104.38
87.10
25.36
18.88
44.67
105.58
90.40
48.18
104.28
87.11
21
Sept. 20
Sept. 19
Sept. 17
139.29
90.28
47.72
104.10
86.90
35
45
Sept.
75
75
Sept.
39
61
Sept.
/
138.41
25.57
18.70
44.33
105.59
134.10
24.75
17.96
42.91
105.10
89.46
46.95
103.94
86.36
21.01
17.34
42.01
105.36
89.31
46.91
104.07
81}.42
131.82
New York Curb Exchange—Weekly and
1898
Yearly Record
Sept. 24, 1938
NOTICE—Cash and deferred delivery sales are disregarded in the week's range unless they are the only transactions of the week, and when selling outside
No account is taken of such sales in computing the range for the year.
shown in a footnote in the week in which they occur.
of the regular weekly range are
furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Sept. 17,1938) and ending the present Friday (Sept. 23,1938).
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:
In the following
extensive list
Friday
Last
Par
Price
B
20
1
Sales
Friday
Low
Shares
75
22
17%
29
200
Apr
23
com—1
1
Air Investors common—*
Conv preferred
*
Air Devices Corp
6%
8
"T
47%
63
63
64
64
10%
Sept
1%
Jan
Mar
16%
July
Mar
%
Jan
33%
63
50%
Apr
Mar
68% May
Bourjols Inc
70
44%
Mar
63
Bowman-Blltmore
conv
100
2%
104%
100
6% preferred..
102
"IBS
116
10%
2,650
-
100
8%
5%
Feb
Aug
Feb
107%
15%
Aug
7% preferred
94%
900
8
44
10<
*■'
100
July
Jan
Sept
6%
Mar
12%
July
Mar
4%
Aug
Mar
%
Mar
24%
70%
Apr
July
%
10%
Apr
1%
Aug
Sept
3%
Mar
20
22
325
16
Apr
30%
July
21
21
21
200
16%
Apr
29
July
1%
500
i%
Mar
3%
25
July
""20% "23%
MOO
15%
%
Mar
27%
26%
1H
2,200
.
'
1
n-v...
1%
22 %
"16"
Amer Fork A Hoe com—
Amer Gas A Flee com—.'
24%
*
113 %
$6 preferred
American General Corp 10c
July
12%
31%
114%
May
"360
8%
Mar
6,400
19%
Mar
104
Jan
Feb
2
25%
113
113%
3%
4
Feb
24%
"16"
25%
125
1,300
150
14%
July
100
21
June
25
Aug
14%
Mar
20
Aug
13
600
10
Mar
16
July
24
24
100
22
June
*
20 %
H
%
20
20%
40
Republics..—10
Amer 8eal-Kap com..—-2
Am Superpower Corp com *
American
40
8%
4
*
3
10%
Appalachian El Pow pref.*
101
lArcturus Radio Tube—1
Arkansas Nat Gas com...*
2%
5%
2 %
*
2%
200
3
Mar
7%
Jan
Carnation Co
%
Mar
1%
Jan
Carnegie Metals
June
8%
3%
Sept
Common
15
......1
1,100
2%
2%
4%
Mar
"""lOO
Mar
Mar
Mar
-
4%
4%
7%
Jan
Jan
May
78
Aug
1,700
»i«
*
5%
%
Option warrants
Assoc Laundries of Amer.*
v
%
%
6%
lM
Aug
Cent Hud G A E com
*
Cent Maine Pw 7% pref 100
Mar
11%
Jan
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
%
Aug
1
Apr
1%
1,500
3%
Mar
2%
2%
20
*
Austin
Mines
1
%
"ie
Products
5
1%
1%
7%
13
13
14%
%
1%
%
•i#
Jan
Mar
2%
16
Mar
5%
July
Mar
30
Jan
Jan
6%
Mar
1%
17%
Sept
5,700
%
Mar
%
Jan
600
Mar
July
8%
Jan
15
Apr
13
1%
100
1%
2,700
1%
1%
21
Jan
Jan
Mar
17%
Aug
May
2%
2%
July
Mar
Jan
Tobacco—
*
32%
22%
32%
22%
33%
240
26%
3,100
13%
19
Mar
36%
July
June
30%
June
Baldwin Locomotive—
Purch warrants for
com.
3
7% preferred...:
30
Baldwin Rubber Co com.i
Bardstown Distill Inc
1
14
Barium Stainless Steel
1
Barlow & Seelig Mfg A...5
Basic Dolomite Inc com__l
Bath Iron Works Corp___l
2%
14
7
1%
2,200
2%
Mar
150
3%
14
11%
4%
Mar
6%
7%
500
1%
.
1%
1,600
"5%
T% "~5%
'""166
3,800
1
Bellanca Aircraft
1
5%
Canada..... 100
Bell Tel of Pa 6% % pf.100
163%
1
Conv pref
*
1%
1%
10% 12
5%
5%
163% 163%
116% 116%
900
Strip Co
Charis Corp
Chic Rivet A Mach
Chief Consol Mining
15
#ia
50
Purchase warrants
see page
%
1,400
%
100
11%
11%
100
36
36
%
1903.
25
15%
Mar
Apr
33
July
5
Jan
8
Mar
Apr
22
1% May
40
May
2%
Apr
6
19% 20
100% 100%
200
May
Sept
Jan
3%
40
Jan
May
5%
15
Aug
July
39
Jan
18%
Apr
22%
Mar
50
88
Apr
101%
16%
1,700
10
Mar
18%
Aug
July
""9OO
100
20
Aug
3%
Jan
1%
Mar
3%
July
Jan
%
July
Apr
5
Jan
2%
1%
2
»i«
10
1%
10
%
18
Apr
22
Jan
Mar
29
Aug
300
2%
300
2%
22
1%
2,900
ui«
7
100
1%
%
2,300
600
17%
900
23
%
Sept
Sept
4%
3%
Jan
Mar
1%
10%
July
1%
July
Apr
Jan
Jan
Jan
%
65%
70%
16
21
*15""
15
5%
Apr
Jan
5%
16
85
Jan
20
60
Mar
80
Jan
16
Sept
32
Jan
100
600
"2 % "2%
1~800
Mar
4%
May
7%
Aug
6%
Mar
23%
Aug
Apr
25
17
"*2%
Apr
May
5,300
68%
18%
1%
Apr
Jan
3%
Aug
100
83%
Sept
50%
12%
83%
Mar
4%
Feb
Mar
23%
Feb
69
Jan
May
50
50%
100
48
Sept
12%
12%
400
Mar
14
May
84
Feb
Apr
June
02
June
83%
83
6%
"so""
June
3
78%
50
14
73%
70
10%
68%
75%
6%
400
4%
25
64
1%
1%
200
1
si«
%
1,200
80
80
Mar
Mar
%
Jan
8%
83
June
2%
Jan
%
Jan
Sept
3
Mar
0
7% May
Mar
17
8
Apr
k10
3
3%
Mar
7%
3%
4%
1,400
Feb
3%
Mar
4%
Aug
5
113
62
7%
Preferred
*
Preferred B
July
Apr
59
100
65
97
Mar
40
Jan
June
Mar
$6 preferred
Clark Controller Co
Claude Neon Lights Inc.. 1
Jan
Jan
Jan
Cleveland Elec Ilium
*
Cleveland Tractor com...*
Jan
May
July
July
Cockshutt Plow Co
5%
Mar
9%
July
%
20%
June
Mar
"u
53
July
2,400
5%
Sept
11
30%
6%
32%
Mar
47%
25
6
32%
200
July
Jan
7
3%
400
*1%
1%
1%
1,000
6%
July
1%
8%
Mar
2%
Mar
Mar
Apr
July
12
Mar
Jan
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Jan
7%
166%
119%
Aug
Columbia Oil A Gas
Aug
Feb
5%
Mar
18
Aug
Mar
29%
Aug
% May
*H May
9% Mar
1%
Jan
4%
4%
Mar
%
Jan
11%
Sept
36
Sept
67
Mar
8%
2%
Mar
4%
June
1
100
Feb
20
Aug
June
Jan
2%
Jan
Mar
4
Mar
Feb
39
Aug
30%
3%
Mar
6%
Feb
June
*i% "I%
MOO
Aug
Aug
800
1
Mar
3%
2%
Mar
12%
Jan
2
2%
3%
4%
100
1%
3%
June
4%
Mar
4%
Aug
4%
1,500
3%
Mar
7%
June
52%
5%
59%
51
51
45
600
Mar
01
47%
2%
June
60
13%
53
July
Jan
Feb
Mi
25
2%
2%
2%
7,700
hi
8,000
1
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv—1
Jan
Feb
7
*1%
Warrants
Commonw Dlstribut
Feb
4
Jan
May
May
May
May
1%
4%
Columbia Pictures Corp. .*
Commonwealth A Southern
1
72
2%
Conv 5% preferred.. 100
July
2%
16
46
Feb
13%
1,500
5%
3%
5
Mar
20
6%
Mar
20
29
Colon Developmen lord
6% conv pref.—
£1
Colorado Fuel A Iron warr.
Mar
Ma.v
com
21%
2
10
*
9%
4%
63%
Aug
July
400
Clinchfield Coal Corp.. 100
4%
Jan
113%
79%
'""275
1
*
Jan
7%
Clayton <fc Lambert Mfg„ *
10
Jan
7%
"39%
7%
"36"
*
July
8%
21
25
6
*
City Auto Stamping
*
City A Suburban Homes. 10
Mar
250
111% 113
*
Preferred BB
June
5
12% June
"37""
Club Alum Utensil Co
30
Sept
4%
4
July
113%
%
July
19
1
Childs Co preferred....100
Cities Service common. .10
6%
25
Jan
July
26
5
June
147
26%
200
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
July
14%
15
%
lckfords Inc common...*
$2.60 oonv pref
»
*
5
10
»
Berkey A Gay Furniture. 1
For footnotes
500
400
Sept
300
25
9%
1%
2%
12
6%
21
27%
2,100
9
5%
18%
3
5%
Apr
Mar
5%
9
June
4%
Beech Aircraft Corp
Bell Aircraft Corp com,
Benson A Hedges com
Apr
51
6%
Baumann (L) A Co com..*
Bell Tel of
1*
9
22 %
12%
26%
100
Conv preferred......100
7
7% 1st pref
100
Beaunit Mills Inc com..10
$1.50 conv pref
4—20
com
4%
Cities Serv P A L $7 pref.*
10
Apr
Chamberlin Metal Weather
2%
9%
1%
1%
300
Conv pref opt ser '29.100
Sept
Mar
1%
5%
375
89
Mar
1
800
20
4
Mar
Sept
.....25
Babcock & Wilcox Co
700
3
Centrifugal Pipe
4
Warrants
common
24%
100
Sept
"is
500
6% preferred
7% preferred
Sept
%
6%
8%
Cent Pow A Lt 7% pref 100
Cent «fe South West Utll 50c
Cent States Elec com
.1
2
25
Aviation A Trans Com
Class A
300
Jan
Mar
Mar
2,200
1,200
10
»18
10
Jan
July
5
Automatic Voting Mach..*
Axton-Flsher
2%
20
Jan
Jan
%
100
67
»1«
w w
*
July
2
Atlantic Coast Line Co..60
6% preferred
6% pref xw
1st preferred
9
%
Avery (B F)
18
*
4%
6,600
*16
Atlas Corp warrants
Atlas Plywood Corp
Automatic
$7 div preferred
Mar
%
Assoc Tel & Tel class A.
Silver
6%
28%
100
20
7% 1st parttc pre!. —100
Celluloid Corp common. 15
Mar
t o
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
*
5
200
30
May
21% June
100
*
3%
1,900
%
.....—-1
Common
Carolina P A L $7 pre!
$0 preferred
*
Carrier Corp new conv. —1
Carter (J W)Co common. 1
July
4,000
Mar
8%
Jan
104%
3%
6%
Jan
Aug
1%
Apr
2%
27%
19
1
Castle (A M) com
10
Catalln Corp of Amer
1
Celanese Corp of America
£1
preferred
com
Casco Products
Feb
Apr
Mar
July
Feb
Mar
15
*x«
*
Jan
Assoc Gas A Elec—
Class A
common
10%
%
Jan
3%
24%
Apr
500
Jan
4%
16
Aug
96
2%
Apr
Feb
Mar
July
Jan
Mar
Aug
1%
4
Jan
Mar
H
2
7%
7%
4%
%
May
15
8%
7%
4
4%
%
27%
*
3
600
10%
88
Apr
July
Jan
June
*
;
100
Industries
Elec
Amer deposit rets
Class B
500
X
Sept
May
June
19
25c
69
6
Associated
Carib Syndicate
Carman A Co class A
Aug
Arkansas P A L17 pref—*
1
Jan
Aug
10
5
76
July
2%
B non-voting...—..—*
Canadian Marconi
1
11%
2%
7
10
50
15
*
Jan
Mar
2,200
prefshs.£l
200
101
%
2%
10
Ashland Oil & Ref Co
Am dep 5%%
Capital City Products
Feb
7%
"2% "2%
Calamba Sugar Estate. .20
Canadian Car A Fdy pfd 25
Canadian Indus Aloohol A*
Jan
July
4%
Jan
Feb
July
Cables A Wireless Ltd-
1
4
14
Aug
1,400
*
t c
v
Mar
19%
Jan
Mar
5%
Burma Corp Am dep rets..
1%
10%
*19%
._*
3
1%
Wupperman-.l
Art Metal Works com
$5 1st preferred-
Jan
75
4%
1%
17
%
4%
Sept
Mar
1%
19%
12
26%
47%
100
7%
3%
2%
100
26
Jan
400
100
600
1%
5
Mar
10%
3%
10
Apex Elec Mfg Co com—*
Preferred
com...
Bruce (E L) Co com
5
3%
10 %
Apr
Mar
Jan
400
.
70
5,200
H
7
100
Buckeye Pipe Line
50
Buff Niag A East Pr pref25
30
*
Anchor Post Fence
$0 preferred
Brown Rubber Co
3,700
%
2%
July
14
23
Apr
Aug
3%
%
5%
Apr
300
13
10
77
17%
50
9%
4%
Mar
6%
5
100
Class A pref
Brown Forman Distillery
Apr
3,000
%
5
Common class A
IBrown Co 6% pref
65%
Amer Potash A Chemical.*
$6 series preferred.——*
May
July
Am dep rets ord reg—10e
11%
%
American Thread pref
24%
Jan
17%
23%
54
Amer Maracalbo Co.——1
50
£
Cable Elec Prods
600
Angostura
Amer dep rets reg
Aug
"166
2%
Mar
British Celanese Ltd—
30%
17
1
13%
12%
Mar
19%
Mar
22
"16%
July
July
42
Mar
100
-—
Mar
16%
Jan
1%
June
Amer Tobacco—
Am dep rets ord bearer£
Burry Biscuit Corp.. 12%c
22
1st $0 preferred
Registered
19
Bunker Hill A Sullivan 2.50
16%
Aug
21%
4%
23
Brilio Mfg Co common
Class A
British Amer Oil coupon-
July
22
com...*
Mach
.20
Amer Lt A Trac com....25
6% preferred
.-25
Amer Mfg Co common 100
Preferred
..100
Feb
12%
Apr
19%
8%
Sept
July
Amer Invest of 111
Amer Meter Co...
10
5%
Amer Laundry
Mar
11
2
28%
8
Amer Hard Rubber Co..60
200
10%
1%
Apr
Apr
%
34
3
9%
3%
4%
77
■_
Mar
2%
23
11
25
25
4
1
1
eferred
12.60 preferred
pi
Jan
Mar
"16%
2v%
4%
1
Brown Fence A Wire com."
1%
Amer Foreign Pow warr..
$2
1%
57
21
*■
warrants
Cyanamid cUss A
Class B
Mar
Mar
L»—
<■*
Class B__
Amer
Mar
66
Centrifugal Corp—;
with
22
22
preferred
$5.50 prior pref
300
%
Brill Corp class B__
British
$3
8%
Class A
'"■""id
300
7%
100
9
Mar
Mar
Mar
1,100
Bright Star Elec cl B
127%
12%
9
9%
100
Mar
.
Common class B
Class A
Mar
1%
38%
3
Preferred
June
~57~"
10c
common
A*
Sept
Jan
2
Amer Box Board Co com. I
Am Cities Power A
"5%
Aug
Aug
2d
67
%
"57"
100
Capital—
Bridgeport Gaa Light Co.
Bridgeport Machine
18%
117
1%
38%
10%
"4%
100%
16%
25
1
100
Breeze Corp
—
Brewster Aeronautical—
Apr
16%
4%
com..
Brazilian Tr Lt A Pow...
Mar
American Beverage com—1
American Book Co
;1
1st preferred
preferred
3
109
105 % 105%
American Airlines Inc—10
7%
Sept
4%
10
Jan
Mar
High
1
Feb
93
Low
10%
July
Aug
5,300
100
25
1st preferred
Borne Scrymser Co
%
May
14%
7%
,0*
Apr
58
Aluminum Goods
Jan
"7%
11%
Bohack (H C) Co com...
Aug
250
111
104
May
"ix
Corp com
$3 opt. conv pref
Blumenthal (S) A Co
Aug
4,100
103
July
Blue Ridge
9%
16%
2%
1%
12%
103
100
Mfg—*
Aluminum Industries com *
Aluminium Ltd common.*
Mar
6
com..—25
Co common..*
preference
2
%
%
8%
2%
Jan
2
Range Since Jan. 1, 1938
6
10%
Bliss A Laughlin com
Mar
Mar
for
High; Shares
10
common
June
1
Low
Sales
I Week
com
W)
%
-*
10
S3 conv pref
Allied Products com
C✓lflSB
Bliss (E
7%
,
Rangej
of Prices
Machine Co com..
Blauner's
60
54
com.—*
Alliance Invest com
*
Allied Internat Invest com*
Amer
Jan
July
Aug
100
49
64%
*
preferred
Class A
Sept
10%
200
Alien & Usher Inc
American
4%
37
Mar
200
*
pref
Ala Power $7
6%
19%
Jan
Price
I
Week's
Birdsboro Steel Foundry a
75
8
om
Southern—60
Gt
Class A
Feb
5%
500
8
Warrants
Aluminum
Par
11%
.5
Air Associates Inc
$6
Sale
%
Alnsworth Mfg common.
Alabama
34
Feb
2%
"300
%
Last
High
|
June
14%
29
29
STOCKS
(Continued)
Range Since Jan. 1, 1938
for
Week
"1 % "T"
-
Agfa Ansco Corp com
J
High
Low
Mfg class A.*
—*
Aero Supply
J
Range!
of Prices
20
Acme wire v t c com
Class
Week's
Sale
STOCKS
we
%
26%
26%
17%
%
26%
"~50
19%
150
%
100
16
Mar
Aug
Feb
Jan
4%
16
Jan
Aug
%
1
Jan
July
Mar
28%
17%
Sept
25% May
%
Apr
1
Sept
Jan
Volume
New York Curb
147
Exchange—Continued—Page 2
1899
'
Friday
Sales
Last
STOCKS
Week's
Range
of Prices
Sale
(Continued)
Par
Compo Shoe M&ch—
V t c ext to 1946..-..-1
Consol Biscuit Co
Low
Price
14
*
..1
High
UK
UK
7
5K
71K
en
5*
Coruol Copper Mines
6
Consol G E L P Bait com •
69
69
114
5% pref class A
100
Consol Gas Utilities..—.1
Consol Min A Smelt Ltd-5
Consol Retail Stores——1
114
»«
114
Friday
300
7K
Sept
6%
July
700
3K
300
•ii
48%
2K
Mar
July
400
700
100
14
3*
3*
m
1,500
~7X
Cont Roll A Steel Fdy—*
7K
7K
500
Cook Paint & Varnish—*
*
Cooper Bessemer com—.
W J*
*
Copper Range Co
•
Copperweld Steel com..10
Corroon & Reynolds—
Common
————1
5*
25
25
100
6
*
Cramp (Wm) & Sons com. 1
Creole Petroleum
6
"im
Crocker Wheeler Elec
*
5*
Croft Brewing Co
11K
6K
6K
6%
6K
1
1,000
100
100
"Is* "mi
41300
5K
H
800
Mar
Jan
July
72
Jan
%
4K
6%
H
June
Jan
June
2*
13*
Sept
12
May
1*
17 K
Mar
27*
8*
Aug
3
3*
Jan
Jan
Feb
Sept
8%
Mar
11*
July
I
Mar
1*
Jan
25
14
June
6*% preferred...—100
Darby Petroleum com—6
Davenport Hosiery Mills."
....
40 K
1,800
25
Jan
102
...
"loo
Mar
May
6K
Mar
10
"ll *
"IOK "l3
"766
"l"
com.*
"Ik
"300
31
IK
100
35
1
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
Dejay Stores
28 K
30
May
6* Apr
17
Apr
3% Mar
25
Mar
7K
6% pref ww
—20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com..1
IK
IK
Detroit Paper Prod..——1
Detroit Steel Products—*
"28"
IK
1*
2*
7K
IK
300
2
200
2*
200
28
26
com.*
Distilled Liquors Corp—6
Distillers Co Ltd
£1
100
700
Diamond Shoe Corp
IK
Sept
37 K
IK
preferred.——*
Detroit Gasket A Mfg
1
A conv
June
5% June
10*
1H
Mar
Feb
18
July
Aug
Aug
13*
Mar
14
Aug
22*
July
7*
Jan
Dominion Steel A Coal B
July
9*
15
July
16*
Jan
9
Mar
24*
3*
Feb
2*
200
9
Sept
13
Jan
11
400
9
Sept
50
47
Mar
16*
64*
Mar
23
July
July
June
110
Mar
Sept
2
Feb
58
59*
10
7% preferred....—100
Dubiller Condenser Corp.!
Duke Power Co
100
Durham Hosiery el B com *
Duro-Test Corp com
1
Duval Texas Sulphur..—*
Eagle Plcher Lead
10
103
K
....
600
1
Jan
July
Mar
...
""400
IK
3K
65
Jan
Jan
3
July
7K
7K
9K
9
4K
700
&
Apr
Jan
7K
100
6
May
Feb
10 K
4K
5,300
7
Mar
13*
Jan
IK
500
IK
3*
Jan
*
IK
4*% prior preferrd-100
6% preferred..
100
22 K
U K
52
$7 preferred soles A—.*
50
14
Mar
26
75
13
Mar
24
Economy Grocery Stores.*
Edison Bros Stores..——2
13 K
12 K
13 K
50
UK
500
Elsler Electric Corp
1
Elec Bond & Share com..6
"T
"7X 30,166
13
Jan
10*
*
4*
Apr
Mar
.
Jan
Jan
4*
14
Jan
Jan
16*
July
1*
Jan
Gulf Oil Corp
14
Jan
Mar
48
Sept.
July
88
Jan
6
June
8%
4*
Apr
62
June
41
Apr
Hall Lamp Co
Haloid Co
July
35
Jan
Sept
Apr
17*
*11 May
•is
26
11*
200
9*
89
*
700
1,500
8
6*
7*
8*
51*
120
11900
10*
350
75
10*
29*
250
6*
700
2
29*
6
2
37*
100
u*
3,400
40
2,600
3
Aug
Apr
24
July
13*
*
6*
3*
Mar
36
Preferred
w w
520
Jan
Aug
Mar
65
117* Apr
25* Apr
4* Mar
* Mar
8* May
»U Feb
125
July
Aug
July
July
Humble Oil & Ref...
2
Mar
Hummel-Ross Fibre Corp 5
Mar
4*
4*
July
2
July
H ussmann-Ligonler Co
Jan
Aug
June
7
July
July
Jan
64
2*
July
Aug
1
1*
Jan
1*
600
**»• Apr
* Mar
2* June
3*
18*
5*
100
3*
17*
4*
23*
8*
23*
9*
4,500
3*
3*
100
600
900
50
13*
1
1
1
500
Elgin Nat Watch Co—-16
20
2*
5*
5*
*10* "10*
35
35
Mar
7
7
Mar
37*
Mar
52
Mar
13*
16*
16*
6*
20*
*13*
12* *14*
100
5*
500
11*
Mar
18
June
30
30
25
2*
21*
102
30
102
70
98*
Aug
Jan
Jan
8
Mar
Mar
*
2*
11*
Sept
*
Mar
4*
Mar
3
Mar
64
3%
"63* "67"
3*
4
'21500
400
1*
1*
500
Hygrade Sylvanla Corp—*
Jan
Illinois Iowa Power Co.—*
"2* ""2*
"600
2
1,100
1,300
12
I*
Feb
Jan
5% conv preferred
Dlv arrear ctfa
50
*
12*
3*
9*
8*
15*
14
3*
10*
8*
16*
Jan
66
Feb
Jan
May
65* May
67* May
14*
14*
Jan
58
May
Imperial Chem Indus—£1
Imperial Oil (Can) coup..*
Registered
__*
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
17* May
6* Mar
K
Jan
22
Feb
Britain A Ireland.—.£1
33*
10*
Feb
Indiana Pipe Line...—10
7*
33*
7*
Jan
K
10% xllK
Mar
May
Sept
7
13
Jan
31
Jan
Zinc
1* June
June
Mar
Mar
3*
5*
7*
Sept
Mar
Aug
July
Sept
Aug
Feb
32
Aug
102* May
11* July
72* July
Jan
6*
12
July
*
Jan
July
July
Jan
Jan
4* July
18**July
6
Jan
9
5*
2*
33*
13*
8*
Jan
Feb
15
Mar
19*
Mar
Sept
19
Mar
100
13*
Mar
15*
July
100
32
Mar
37*
9*
Aug
16
Mar
400
Indiana Service
*
19*
10
1,600
3,400
May
Illinois
Mar
4
Feb
July
July
15*
10
66
32
9i«
50
600
15
2*
28
8*
100
3,000
200
6*
Jan
8* Sept
6% pf.100
7% preferred
—100
Indpls P A L 6* % pf—100
10
82
May
Apr
1
June
Jan
Jan
19* May
98
Aug
Indian Ter Ilium Oil—
"4*
K
4K
7K
400
"iK "4 *
"266
K
4*
6K
4*
5K
5X
ion
16 K
5K
700
800
100
200
17
Flat Amer dep rights
1
X
X
200
•h
July
5*
July
*i«
Mar
6*
16*
Mar
10
Mar
20*
Jan
Mar
6*
July
2
4
Mar
4* Mar
14* June
11* Mar
•is Sept
39*
Apr
4* Mar
Apr
8*
23
Jan
26
Mar
x8%
100
x8 K
Sept
4
20
600
Ford Motor Co Ltd—
25
15
Sept
Mar
5*
21*
Mar
22
Ford Motor of France—
1*
Mar
48*
16*
Mar
* July
11* June
67* June
Mar
22
17
200
8*
Apr
Feb
1*
Mar
2*
Apr
Internet Paper A Pow wan-
International Petroleum..*
International Utility—
Class A.—
Class B——
Mar
23
24*
25*
1*
23
2*
9*
9*
1,300
6,900
2*
10*
1,500
2*
100
Sept
31
Mar
Mar
Mar
4*
11*
Sept
Vitamin... 1
Apr
2*
5
*
7
7
*
7*
100
»i«
7*
500
100
83.50 prior pref
*
Warrants series of 1940—
International
Jan
23
6
2
*
—1
Interstate Home Equip.. 1
Feb
20* Aug
* May
8* Aug
3* July
31* Mar
A stock purch warrants.
Internet Metal Indus cl A *
81.75 preferred—-*
1903.
7
Internet Safety Razor B—*
650
*
56K
z8K
19%
125
500
*
50
Sept
Sept
50%
frcs
9*
62*
International Cigar Mach *
Internet Hydro-Eleo—
Pref 83.50 series
Internet Radio Corp...—1
•
B
Mar
9*
60*
16*
62*
Registered
...—1*
International Products...*
70
Jan
Feb
*
100
Sept
Mar
3*
14*
Mar
common....——I
preferred
x8K
48*
600
c
56*
200
3%
18K
19%
7%
Jan
70
reg—£1
V t
Insurance Co of No Am.10
Jan
Sept
Sept
Sept
69
Ford Motor of Can cl A__ *
1*
1*
1*
Industrial Finance—
*»•
6,100
7%
Mar
Non-voting class A.—*
Class B
*
60*
9*
10
9
7K
1
100
Jan
Jan
14*
55
55
Fire Association (Phlla).lO
Mar
May
5*
28
1
Fanny Farmer Candy coml
Fansteel Metallurgical
*
Feddera Mfg Co—.....5
Ferro Enamel Corp
1
For footnotes see page
Apr
Mar
9
Jan
24
Jan
7
6
5
Jan
Jan
27
6*
1
Jan
10*
100
6*
13
80
"loo
4*
76
6
Jan
9
7* Sept
7
Sept
21* June
11* Sept
Hydro Electric Securities.*
Hygrade Food Prod.—6
Apr
Aug
Mar
July
July
Mar
Jan
Jan
19*
40
10*
31*
Brewing
Ford Hotels Co Inc
Mar
1*
6
18
200
6*
28
Option warrants.......
Falrchild Aviation...
1
Fidelio Brewery
Apr
6* May
2*
16* June
Empire Diet El 6% pf.100
Empire Gas & Fuel Co—
6% preferred
—100
6*% preferred...—100
7% preferred...—100
8% preferred.
100
Empire Power part stock.*
Emsco Derrick A Equip—6
Equity Corp com
—10c
Esquire-Coronet
—-1
Eureka Pipe Line com—60
European Electric Corp—
Mar
4* May
Apr
Sept
3*
12
Apr
Apr
July
2*
Jan
Mar
1
...
July
Mar
56
*
46*
1*
5*
10
Aug
* June
94
Mar
60
300
Jan
12*
80
7% pref stamped.—.100
10
Aug
Jan
(Huylers of Del Ino—
10
3
Feb
16*
2*
Common....
8*
Mar
1
Hubbell
July
5%
Jan
83
83
1
1*
preferred.
..100
(Harvey) Inc.—5
10*
61*
10
Jan
Jan
10*
300
25
55*
66 conv pref ww
*
Elec Shovel Coal 64 pre!—*
20*
1*
9*
1*
Electrographlc Corp...—1
Elect rol Inc v t e
—1
Mar
Mar
Mar
9
2*
Class A
Mar
1
Jan
Feb
50
2*
...
Mar
35
Feb
June
5
*
Mar
Mar
95
81
38*
—5
25
1
Hartman Tobacco Co..—*
Harvard Brewing Co
1
Hat Corp of Am ol B com.l
Hazeltine Corp.—...
Hearn Dept Store com—-5
6% conv preferred—50
Hecla Mining Co......25c
Helena Rubenstein...
*
42
300
Jan
7
Mar
4* May
150
.
36
1,100
Jan
Feb
6*
2
Hartford Elee Light
Hartford Rayon v t 0
500
3K
June
6*
72
25
800
2K
Jan
31* June
77
Aug
May
Mar
4,300
preferred
Gypsum Lime A Alabast.*
53
3K
3K
100
Common
Apr
Mar
58
5*
29*
86
47 K
3
1*
May
Mar
40
5*
28*
Gulf States Util 85.50 pref
48 X
3K
1
25
74
Guardian Investors
42
6K
pref A——*
Amer dep rets...100
Grocery Sts Prod com..25c
Grumman Aircraft Engr—1
63
Option warrants
Electric Shareholding—
Class
Non-vot com stock
46 K
*
*
Elec Power Assoc com—1
66 preferred...—
66 preferred....—
July
Great Atl A Pac Tea—
Hewitt Rubber common..6
200
Am dep rets ord
V10 agreement extend.*
(Grand Natlon'l Films Ino 1
Grand Rapids Varnish..
Gray Telep Pay Station.
Hey den Chemical—
10
Hires (Chan E) Co cl A.
Hoe (R) A Co class A.-.10
Hollinger Consol G M...5
Holophane Co common..
Holt (Henry) & Co cl A
Hormel (Geo A) A Co com*
Horn (A C) Co common
Horn A Hardart
,..*
3
53
16
Jan
2* June
100
*
July
18
Aug
July
Mar
*
May
19
Mar
'«*
80
9*
12
3
66 preferredFlorida P & L 67 pref
5*
29
31
17
Ftek Rubber Corp
*
Godchaux Sugars class A
Class B
Apr
17
Falstaff
Glen Alden Coal
June
Jan
60
July
Feb
5
11
66 preferred series B.
17
5*
*
22
1*
Apr
May
Jan
Aug
*
30
Preferred.——
Gilchrist Co
650
Mar
15
65
4*
450
900
19*
Apr
57
74
12*
6*
*
*
26*
24
Easy Washing Mach B.
L~2d
6*
11
"l
Class A
100
*
22
Eastern States Corp.—
Elec P <fc
300
6% preferred A.....100
Gen Water G A E com
1
Aug
Sept
Eastern Malleable Iron.26
9
72
12
Heller Co common...—.2
East Gas & Fuel Assoc—
Common
20
43
48
11*
"59"
Draper Corp
Driver Harris Co...
22,000
11*
120
9*
25
100
43
*
July
Aug
Sept
Mar
600
*
11*
7% 1st preferred——100
3*
33*
22*
1*
16*
68
Gt Northern Paper..—25
Greenfield Tap & Die—
Jan
100
9
68
Feb
3*
58
10
.....
Dobeckmun Co com..—1
100
1,200
14*
Jan
40
Mar
Mar
IK
83 preferred
Gorham Mfg Co—
108*
10*
Mar
83* June
2* July
Apr
18*
18
43
Gorham Inc class A
9
Divco-Twln Truck com,
Aug
Sept
30
1
Sept
Jan
Mar
Jan
12
41
July
July
3
Aug
87
'm
5*
40*
3*
May
38
Aug
Mar
37 preferred
Goldfield Consol Mines—1
2*
Mar
Mar
68
Aug
1*
Mar
II
28
13
24
IK May
IK May
14
50
*
100
Jan
36
IK
*
33 preferred
Jan
Mar
19*
25*
Sept
18
125
*
200
Jan
33 conv preferred
General Tire & Rubber—
Mar
50
18
35 preferred
•
Gilbert (A C) common-
Jan
6
Aug
Aug
23
75
Georgia Power 36 pref
Jan
17*
11
7%
Jan
July
Jan
Mar
80
Jan
Mar
Jan
•u
July
8*
36
Gen Rayon Co A stock
*
General Telephone oom_20
Mar
5*
18
*
Aug
May
Apr
Mar
6*
14*
5*
6*
23
General Investment com.l
July
100
100
Sept
IK
36 X
5% preferred....
General Alloys Co..
250
*
30
2%
3m
com..
♦
Gen Electric Co Ltd—
Amer dep rets ord reg-£l
Gen Fireproof!ng com
*
Jan
July
10* June
18
*
18% June
7*
Inc....-—-*
preferred
36 preferred..
*
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 36 pref....*
2K
Cuban Tobacco com v t o.*
conv
July
9
17
$3
5*
Jan
100
High
Jan
23
Fuller (Geo A) Co com—1
Gatlneau Power Co
*
10*
11*
64*
9*
20*
100
7*
16*
Low
7%
2*
9*
19*
4% conv preferred—100
Gamewell Co 36 conv pf— *
1
17
1
Jan
80
4*
7*
16*
9*
15
Jan
July
Range Since Jan. 1,1938
for
Week
Shares
4*
1
Conv partio pref
Fruehauf Trailer Co
1*
9
W
Common
81*
5
High
Froedtert Grain A Malt—
July
'"500
"¥% "3
Crystal Oil Ref com
6% preferred---——10
Class A
Jan
Range
of Prices
Low
Fox (Peter) Brew Co
5
Franklin Rayon Corp.—1
8
Mar
3
com..25c
—26
Dayton Rubber Mfg
May
Price
May
4K
2,600
4%
K
Crowley, Milner & Co—
Crown Cent Petrol (Md)
Crown Cork Internet A—*
Cuneo Press
1*
64*
1%
6% conv preferred
60
Courtaulds Ltd
—£1
Preferred..
100
July
74
116* June
53X
$6 preferred A...——*
Cosden Petroleum com...1
Crown Drug Co
5*
Apr
Apr
1H June
2 K Mar
67 K
Apr
•is May
4% May
6% Mar
61
Arp
4 K Mar
Continental Oil of Mex—1
63 prior preference
Mar
Aug
113
200
#is
Feb
15
Jan
Mar
'"1% "IK """400
Consol Royalty Oil....-10
Consol Steel Corp com..
Cont G A E 7% prior pt 100
$4 preferred
Mar
3K
3K
55
—100
i% preferred
11
400
Week's
Sale
Par
10,800
80
66
Last
(Continued)
High
Low
70
9i«
53*
3K
STOCKS
Range Since Jan. 1,1938
for
Week
Shares
Sales
3*
3*
3*
3*
200
4
900
6
Mar
* Mar
7* May
24* Apr
*ii Feb
2* Mar
2* June
Feb
* June
Jan
9
Jan
1
Jan
9*
30*
Jan
July
*
Jan
4*
July
5
Julv
Rale
Par
of Prices
High
Low
Price
3%
'""50
tl%
'%
3%
I
1
Italian Superpower A.—*
Jacobs (F L) Co.-.--—1
Jeannette Glass Co——*
Jersey Central Pow A Lt—
5%% preferred
100
11%
12%
600
4
3%
4X
IX
IX
100
X
Apr
Apr
75
85
Mar
24
Air-
106
May
300
4
Mar
7%
100
5%
Apr
11 %
23%
27%
—I
7%
4%
7%
j 104
4%
8
"500
60
104
61
104
2%
2X
zx
2%
ZX
300
1,200
300
,
ex
11
10
77
7x
12
77
800
500
77
75
..100
.1
4%
47
40
4X
100
9%
2X
3JQ0
7001
33
Class
2%
4X
Inc.-l
Line Material Co-——-5
Lion Oil Refining..——*
*22%
Le Tourneau (It G)
4
Apr
49
Aug
Feb
14
Jan
Jan
May
5%
1 %
May
July
July
Jan
Feb
May
5%
July
Sept
utt
Jan
4X
2,900
6I6
300
si#
21
22 X
200
12%
1914
12 %
21X
it x
1,800
50i
13
Mar
11%
15%
June
15
29
Aug
14
July
xiox
19
19
600
501
*
—
Loblaw Groceterias cl A.
Locke Steel Chain.——5
12X
14 X
'""550|
12
13 X
26%
Jan
Feb
19
Sept
Sept
14
1
Mar
Mar
10
Jar
25
3
22%
10%
July
Ma'
12%
12 U
*
8X
Island Lighting—
Common...---——-*
IX
7%
5%
Mar
4,5001
Mar
16%
Aug
2,000
6%
Mai
10%
July
IX
m
9x
1,200
%
28%
23%
1%
0%
Sept
1%
Jat
Jar
88
Lockheed Aircraft.——-1
-----
Mar
Id
A—I
preferred——25
I/one Star Gas Corp.
May
2%
SI«
Upton (Thos J) class
6%
July
Aug
Tiong
preferred
-100
6% pref class B—100
Loudon Packing--.—--.*
7%
Louisiana P A L $6 pref-
-
1
31
"25%
31
20
25 X
27
525
IX
"Tx
Louisiana Land A Explor. 1
7
IX
7X
100
3,700
*
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio A Tel.—.1
Manatl Sugar opt warr-—
X
"32 %
Z2X
1
1
$5 conv preferred——.*
Ma pes Consul Mfg Co—*
Mangel
Z2X
1
50
400
Stores—
24
Aug
Aug
Sept
M >i f
34%
2%
9%
88
%
Ma'
Mer
%
%
1%
42
39
Mar
1%
Aug
X
3%
Jan
Ja n
Jan
July
Jan
July
July
Jiuy
Jai
6
16
Dredging.—*
1%
Mead Johnson A Co.--—*
14%
118
13%
Mar
7%
Mar
Mar
3%
20%
Memphis Nat Ca* com.—6
3%
Mercantile Stores com—*
17
1,200
3%
400
3%
17%
118
16%
1 2%
150
13%
125
Mar
125
4%
ZX
3%
1,000
Warrants
20
Mar
5
21
Participating preferred.*
Mar
3
Merchants A Mfg cl A.—1
Merritt Chapman & Scott *
90
Mar
28
2
Mar
5
%
30%
0%% A preferred.-.100
Mesabi Iron Co—...—..L
400
Metal Textile Corp--—25c
200
15
July
%
%
25
July
Aug
Aug
July
%
Apr
Jan
Aug
Sept
Mar
July
Mar
50
Mar
X
1%
29%
July
85
May
Jan
Apr
Jan
*
Michigan Bumper Corp.,1
Michigan Gas & Oil..—-1
X
%
X
1,000
X
1,300
74%
%
May
Class B
——*
Apr
4%
July
X
300
%
Mar
1%
July
5%
%
500
Sept
Sept
7%
July
%
1
June
5
100
3%
300
13
Apr
7%
June
10
59%
Mid West Abrasive——60c
"T% "i%
Midwest Oil Co...—.10
7%
Midwest Piping A Sup.—*
Mining Corp of Canada..*
Minnesota Mining A Mfg. *
35
8%
"366
%
May
June
500
0%
8%
1 %
Mar
Mar
35%
200
114%
"40
Minnesota P A L 7% pf 100
24%
Mar
Fet
*14%
Feb
July
2%
Feb
39%
78
June
103
May
114%
2%
114%
Jao
Jan
80%
1%
9%
13%
69
Miss River Power pref.100
Missouri Pub Serv com
Mar
Mar
4%
6%
3%
12%
Jan
11%'
Mar
6%
Aug
$2.50
9X
J
4%
8%
4%
9%
3,200
5%
1,700
Monarch Machine Too!..*
Monogram Pictures com.l
Monroe Loan Soc A
I
Tx
"i% "T%
2%
Montana Dakota UtU—1(>
Montgomery Ward A.—.*
150"
Moore Corp Ltd com
J Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs..
Mountain City Cop com 5c
—
Nachman-Sprlngfllled
"§
6
400
6
75%
6%
76%
3,700'
100
600
35
1%
4%
39
IX
5
~~8C0
300
1,900
6
Aug
159%
Sept
108
Mar
10
July
Jan
July
*10
Sept
14
45%
1%
Mar
72%
Mar
9X
Jan
42
Mar
77%
July
1%
2
Mar
Jan
Jan
Mai
20%
Mar
30
Apr
10
Jan
91%
Apr
106
Aug
Apr
98
Sept
5
Mat
5%
July
Jan
9%
Jan
J an
5%
4%
Jan
Mar
20%
July
9%
89%
July
July
70
July
Mar
70
Mar
Mav
Ap
*ii
Sept
%
.
Jan
1% June
3%
24%
1%
3
Mai
July
A»
Sept
Ma
7%
July
89%
Jan
42%
2%
Aug
Feb
Sept
5
Ma
250
31
Ma
45
May
Sept
500
12%
Ma
29
Aug
Mat
27% Aug
43%
Aug
1X July
4% July
,i»
Jan
42%
"26"
20
20%
.*
——
-
42
No
Central Texas OH
-
—
irn
X
Nor St
.
47
77
"8% AO"
30
Fooo
11%
200
25
100
23
24%
100
111% 111%
112% 112%
Ohio Brass Co cl B com..*
11%
25
Engineering..*
Novadel-Agene Corp.
*
"466
*
6% pref——100
Ohio Power 6% pref...1(M)
Ohio PS7% 1st pref—100
0% 1st preferred
100
100
100
70
20
com.
D
50
6% conv prior pref—100
Oldetyme Distillers-.—--1
.*
*
com
1st pf-2fi
5%% 1st preferred...25
Pacific Ltg $6 pref......*
*
Paramount Motors Corp.l
Parker Pen Co..——..10
Parkersburg Rig A Reel. A
Patchogue-Plyraouth Mills*
Pender (D) Grocery A—*
Class B_—
Preferred
9
32%
July
80
July
6
6%
8%
Ma
18
20%
Ma.
Mar
June
Mai
100
Ma)
109%
93%
8%
31
9%
32%
1,100
8%
0%
150
21 %
89
Am
14%
15%
28
34%
97%
113
113%
Feb
Jan
.Idly
Sept
Jui
July
July
Aug
June
104%
July
Apr
91%
10%
July
July
Mar
Mar
10%
Jan
Jau
35
July
May
100
July
3%
3%
10
10
29
28%
25%
25%
29%
26%
1 %
Mar
2%
June
100
4%
27%
25%
Mar
Apr
27%
Jan
Mar
108%
July
Apr
Mar
87
"1% "i%
400
46
ZX
10
"460
98%
"lX
1,600
700
3%
15%
12%
4%
3%
Mar
31
05
7%
Aug
Jan
Sept
19%
4%
3%
Mav
7%
3%
300
3%
June
4%
3%
"13% "l4 " ""560
5%
24%
100
100
Feb
12
Sept
May
Mar
2%
21
107%
....100
July
July
12%
13%
July
19
2,600
10,200
12%
3%
5%
22%
July
Sept
July
96
13
»
Jan
4%
Apr
18
"13%
2%
10
June
14
5%
......
74
Ap
Ma
85
.6
com.
$3 preferred
Ap
50
87
Ohio Edison $6 pref
Ohio OH
Oklahoma Nat Gas
Ma
2%
4
74
10
Pow com cl A—100
OUstocks Ltd
Ma-
ht June
—
Pipe Line
Ap
3%
-5
-
N01
Mar
16
19
Feb
Jan
July
Jan
23
Jan
35%
Aug
6%
Aug
Jan
26
Apr
110
Jan
Feb
Penn Edlsou Co—-
*
24
Mar
26%
July
$5 preferred.......... *
Penn Gas A Elec cl A—*
45
July
50
July
$2.80 preferred
Perm Mex Fuel Co
2%
2.50
Pa Pr A Lt $7 pref
1%
1%
"86"
"88%
150~
*
$6 preferred..
Penn Salt M fg Co
1%
'"560
156"
_.*
—-
fid
"66% ~66%
*
.*
Pharts Tire A Rubber
1
29%
Mar
28%
%
May
June
36%
Aug
Phillips Packing Co
Jan
Feb
1% June
Sept
2%
Mar
M
2%
8%
July
1%
1%
4%
May
79%
Mar
74
121%
""166
ar
Mar
May
8%
93%
84%
160
Aug
19
59
Mir
72%
54%
24
Jan
July
Aug
July
Aug
Jan
Apr
86
July
Mar
28
Aug
July
6%
8%
2,500
3%
4%
Apr
Aug
8%
7%
Mav
112%
7%
Philadelphia Co com....*
Phlla Elec Co $5 pref
Phlla Elec Pow 8% pref
Aug
19
Pennsylvania Sugar com20
Pa Water A Power Co
5,500
Apr
1
1
50
Apr
Jan
Mar
2,700
17
Apr
July
X
1%
43
27
Mar
July
12%
62
U%
1
27
28
51
Apr
80
36
Perfect Circle Co
122
Aur
Mar
x»
Sept
50
3%
2%
Mar
June
900
69
'""240
Feb
117%
July
Phoenix Securities—
31
100
Feb
4%
Sep
"~i~X "ex
T, 100
3%
May
9%
5%
5%
113% 113%
500
4%
Mar
5%
Jao
July
100
Mar
8
8
400
6
Mai
9
100
6
June
7
Aug
June
2
Feb
%
10%
1903.
""20
63%
152%
9
♦
1,400
65
June
10
15%
Peppered Mfg Co—.100
1%
'""50
100
July
200
28
1%
425
3%
5%
*
page
17
2%
%
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co.
*
Muskegon Piston Ring. 2%
Mar
Aug
July
Aug
Mar
"32% "32%
.10
see
com.
20% May
28
2,300(
6 % prior preferred.
.50
No Am Utility Securities.*
Penn Traffic Co..
1%
Moody Investors part pf—*
For footnotes
Class B
Pennroad Corp v t c—— 1
Penn Cent Airlines com__l
'""400
4%
151
Pow—»
Muskogee Co com.
—♦
A—*
Aug
Voehringer—
Molybdenum Corp.
Mountain Producers
$6 preferred
North Amer Rayon cl
Aug
Sept
June
Jan
X
5%
60
1
Peninsular Telpb com
12%
*
...
Montreal Lt. Ht A
6%
—.
""4%
Pan-Amer Airways
1%
Jan
7%
Aug
36
4
1
Feb
5
X
*
500
200
Page-Hersey Tubes com..*
Ma>
6
June
Aug
10%
1
Common.
Jan
%
Jan
81
13
5%
Noma Electric..---
Jan
Sept
5%
9
Mar
%
(2 non cum dlv she
Mid vale Co..
"166,
Pacific PA L 7% pref 100
Pacific Public Service n-v. *
$ 1.30 1st preferred ——*
Sept
July
Nor Amer Lt A Pow—
Pacific Can Co
1,300
$2 conv pref
;...—*
Midland Steel Products—
74
1
101% 102%
5
Jan
May
79
July
June
6 %
Nlplsslng Mines
Overseas Securities
3%
Warrants.
67
1%
11%
5
X
8%
*
62%
——100
Feb
Midland Oil Corp—
—
Class B common
Class A pref
Miles-Bement Pond--—-*
Jan
1%
Mar
July
Niagara Share—
1(u
*t«
zx
11%
60%
1%
Class A opt warr—
Class B opt warr
Sept
5
Middle West Corp com—-5
Common
5% 1st pref—
100
6% 2d preferred-—..100
Pantepec Oil of Venez..... 1
v t c——
Mock, Jud,
Niagara Hudson PowerCommon...,
10
Feb
Middle States Petrol—
v to.
150
6% pf.100
Ti# Junr
1,400
2%
2
he
Michigan Steel Tube. .2.50
Michigan Sugar Co
..*
Preferred.—..—---—10
Class A
N Y Water 8erv
Pacific G A E 6%
—*
Oil
3%
4%
20
Northwest
55
45
New York Transit Co——5
Aug
Feb
44
*
$6 preferred.
16%
47
—
1%
N Y Shipbuilding Corp—
Founders shares. —1
Mar
2,800
X
HI
Mar
85
NYPr&Lt 7% pref.. 100
North
16
200
10
July
14%
5%
July
50%
Feb
May
29%
July
10
13
...
Merchandise
July
McCord Had A Mfg B—*
$0 pref..
V
10
$4 prwerred——
MexicoOhio
N
Mar
May Hosiery Mills Ino~
preferred
Metropolitan Edison—
Warrants..
Mar
July
105
Jan
1%
17
Y City Omnibus—
N
Sept
Jan
Mar
8%
2%
900
N Y A Honduras Rosarto 10
4%
11%
""166
"to
45
44%
"72"
600
6
40
5
Mining Corp. 10
N Y Auction Co 00m
*
Newmont
3
6
May
X
European OH com.. 1
Nor >nd Pub 8er6% pr.100
7% preferred
lOo
7%
36%
4%
60%
16
24
Mar
12%
79
*
100
Aug
109"
1%
X
100
Aug
Feb
3
Jan
100
Ti«
New Jersey Zinc..—-—2o
New Mex A Ariz Land—1
17X
4X
Mass Utll Assoc v t e——1
Massey Harris common—*
Master Electric Co——1
Partlclpat
New Idea Inc com.—
17X
4
June
ior
6%
800
1
4%
1 %
17X
4%
14
7
2
New Haven Clock Co...
May
Feb
18%
9%
10%
.*
15
6%
——*
Marlon Steam SHovel—*
McWllllams
—
6% preferred
..100
New England Tel A Tel 100
29%
Mar
May
Sept
800
100
7% preferred
New Engl Pow Assoc.
100
Communlca'ns ord reg £1
14%
14
pref--——-*
Nelson (Herman) Corp- .5
Neptune Meter class A.—*
Nestle Le Mur Co el A—*
18%
19%
65%
300
13%
6%
1%
%
1st
18%
46
Mar
*
Nebel (Oscar) Co com
;
Aug
32
—
Apr
June
M&rconl Intl Marine
Margay Oil Corp
Feb
Aug
Jau
Jan
2
1
Nevada Calif Elec com .100
%
12%
Nav——*
Oil Develop-—25
Lehigh Coal a
*Ja»
•1«
July
ji.ii
July
Mar
July
Feb
38
ht
1
Navarro Oil Co..-—.——*
Sept
Mar
100
1
1
8%
1 1
15
Fet
Julj
14%
12%
Jan
Sept
9
4%
7%
Mar;
Mar
""200
3%
€4%
Mar
July
"28%
14 X
Mar
Mar
May
1%
"28"
Sept
Sept
Mar
5%
*5%
68%
3%
86%
5%
11%
Sept
16 %
39
200
2,900
Jat
2%
40
June
5%
12%
37
2%
109
11% June
4% Sept
38
May
44% Sept
5%
11%
Jai
Jar
Aur
38%
pref.100
J.n
25
11%
650
Nebraska Pow 7%
102%
100
Jub
Apr
200
Nehl Corp common-.----*
Sept
32%
Jul*
1.6C0
Jho
69%
1
2%
6%
Feb
n
300
7%
Sept
63%
1 %
J
8
June
%
6%
2%
5%
5
3
*
B.
Lit Brothers common
3%
10
60%
Mlnee....*
Nat Tunnel &
High
Mar
2%
Mar
14
A—.———
Lefcourt ReMtv common. 1
Conv preferred .—*
I^eonard
June
-...
Nat Union Radio Corp.
Low
3%
60%
Refining *
National Transit....12.50
Jan
June
IX
"28
National Sugar
July
Jan
z
'¥,666
Conv part preferred--.*
National Steel Car Ltd—.*
Aug
Mar
Co.-.25
Nat Service common
Sept
03%
2%
Lane Bryant 7% pref.-100
Langeridorf United Bak—
Class
'
47
37%
special pref-10
lAkey Foundry A Mach.
106
Feb!
National P A L $6 pref.—*
July
Mar
5%
12
Nat Rubber Mach...—*
Jan
•
2
National OH Products——4
National Refining
? Range Since Jan.A, 1938
200
Nat Mfg A Stores com..
Aug
H
28 X
"I.
Kreuger Brewing Co---- 1
Lackawanna RR (N B-100
Ltd—-1
111
for
Week
Shares 1
32%
13%
If,
Lake Shores Mines
Sept
43%
32%
8%
"""%
8
conv
National Fuel Gas..——*
Jan
22
%
X
pref——-- .50
National Container (Del). 1
$3
Jan
90
52%
High
I
4
%
National City Lines com. 1
Mar
71
Sept
8%
Nat Bella* Hess com.--—1
Aug
Jan
21
70
May
\Low
Sales
National Baking Co com. 1
Aug
25
l
1X
Klrkl'd Lake G M
4% conv 1st oref
Mar
67%
65
24%
5% preferre
D—100
Kingston Prooucts——11
Kress (R H)
14%
68
Steel. 100*
com—-*)
Kansas 04 E 7% pref.100
Kennedy's Inc.--.——5
Ken Rad Till» A Lamn A *f
Kimberly-Clark 6% pf-100
Kingsbury
B ewertes. — -1
Kings Co Ltg 7% Pf B 100
Koppers Co 0% pref—100
Kresge Dept Stores
Mar
Jan
Aug
Sept
Apr
65
71
Jones A Laughlln
1
%
19
Jan
Jan
Julian A Kokensre
Knott Corp common
Mar
Price
Nat Auto Fibre cum-.-—i
July
%
7%
3%
65
preferred.—100
preferred.—---100
Co Ltd 1
Klein (1> Emll) Co com
*
Klelnert (1 B) Rubber ColO
7%
Mai
»i» May
4t"6o
in
;
Par
High
2%
Irving Aur Chute———
Klrby Petroleum-
(1Continued)
Low
ZZZf'iix "yih
Royalty.------1
c—*
Iron f ireman M fg v t
STOCKS
Range Since Jan. 1,1938
for
Week
Shares
10
pre!--*
Interstate Power $7
6%
7%
Week's Range
Last
STOCKS
Continued)
Fridayj
Last \ Week's Range
' Sale j
of Prices
Sales
Friday
investors
Sept. 24, 1938
New York Curb Exchange—Continued—Page 3
1900
121
Jan
12
July
12%
10%
8%
Jan
Aug
Aug
Common..
..
*
30
25
2%
*
.——--1
common.
Pines Wlnterfront Co
*
25
29%
Mar
31%
Feb
3
700
2%
Sept
4%
July
5
16,200
15
5
Sept
22%
1,450
1%
10%
M ar
17
3%
Conv $3 pref series A..10
Pleree Governor
30
Mar
23
July
14%
15%
400
*10%
Mar
Aug
""800
X
2%
Sent
Mar
21%
1 %
3%
Jan
3%
1
Pioneer Gold Mines Ltd —1
"2%
""2% "2%
Jan
Volume
Friday |
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Par
High
Low
Sou:I
Postage
*
Pitt* Bef« k L E RR
50
Pittsburgh Forcings
1
Pittsburgh & I.ake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
—*
Polaris Mining Co
25c
Potrero Sugar common—5
Powdrell A Alexander
5
Aug
10
34 4
Mar
44
Mar
84
Aug
Mar
1064
July
3,400
103
34
Sept
14
24
Mar
54
10
June
164
Aug
Feb
97
July
17
Ti loo
24
June
24
July
94
Mar
22 4
Aug
hi
Apr
•is
Jan
44
4 4
600
34
Mar
64
6%
64
7
100
64
Mar
7 4
Jan
54
5H
6H
400
34
Mar
74
July
54
Mar
103
July
Jan
95
100
106
Feb
103 4
preferred
100
Indiana$7 prior preferred
*
$0 preferred
"
Public Service of Okla—
6% prior Hen pref —100
32
164
Apr
86
July
May
95
Aug
109
Aug
150 4
Aug
90
Mar
May
34
Mar
35
July
19
600
3
24
600
X
X
June
14
Jan
July
Mar
6
Mar
34
Aug
Mar
4
Aug
Apr
1
96 4
Apr
17
Tllo
X
114
Feb
Aug
4
Mar
94
July
100
1
Jan
24
July
IX
2
900
14
Mar
34
Jan
Jan
Todd Shipyards
Feb
Toledo Edison 6%
July
44 X
6X
24
1
*
GX
100
44
Mar
64
GX
7X
700
5
Mar
X
61X
58
58
100
"2X ~~3X
6~200
92
Jan
Trunz Pork
6
July
14
500
1
19X
600
22
19
19
10
110
15
Aug
June
June
GX
7X
500
general-—*
—*
"16
14
1
1
4
34
400
14
14
50
1
1
Aug
94
July
Mar
Mar
June
X
May
7
100
68
68
50
2
Mar
June
11
4
6
Mar
Mar
Seversky Aircraft Corp—1
17
June
10
Mining..5
2
64
com..21
pref ser AAA 1CH
2
GX
18
100
24
2,000
GX
2,100
18
Jan
100
1074
800
113
120
107
Jan
Sept
1144
12
J
1
South Coast Corp com...]
Boss Mfg com.
Calif
IX
230
230"
11
64
Jan
13 4
July
ix
100
14
Mar
24
Aug
Mar
54
Jan
234%
""90
212
44
13
.1
U 8 and Int'l Securities..*
Ma-
July
Mar
254
July
64
16
Jan
Aug
44
14
Ma-
1,100
14
Mar
14
900
3 4
Ma-
7
Aug
1st pre*
B.._
—
with warr
U 8 Lines pref
10
1
U S Rubber Reclaiming—*
U 8 stores Corp com....*
$7 conv 1st pref
United,Stores \ t 0
Mar
37X
70
344
Apr
27
600
254
Mar
284
Aug
234
Mar
264
Aug
Universal Pictures com
Universal Products Co
July
Utah Idaho Sugar
May
Utah Pow & Lt $7
14
30
1903.
4
Apr
74
Jan
Mar
34
July
Mar
3
July
14
Mar
14
Jan
Aug
34
Jan
United
Verde Exten
United
Wall Paper....
Universal Consol Oil
39
Mar
2
June
45
May
4
Universal
Insurance
4
700
14
Aug
700
12
3,400
64
Mar
Mar
6 4
Jan
Jan
144
July
14 4
July
10
Mar
44
Mar
Mar
Mai
'
14,300
300
174
Jan
44
34
"16
Mai
4
24
Mar
69
Mar
54
100
16
20
2
3,500
14
»i8
Mar
14
Mat
34
Sept
4
134
Mhi
194
2,400
62
Apr
July
Jan
Jan
Jan
14
68
15
Aug
Feb
Mar
200
4
15
4
4
5,600
4
34
91
77
Jan
Jau
4
284
Jan
Jan
July
50
24
X24
174
Jan
24
Aug
65
24
Apr
70
May
44
212
9
84
94
84
100
1,600
Sept
Jul)
4
84
24
64
230
Jan
Jan
Jan
1
Sept
July
84
Sept
Jan
104
Aug
Feb
3
14
500
4
May
74
774
950
504
Mar
404
404
20
44
54
44
54
100
24
July
64
Jun
1,000
34
June
84
July
Mat
14
14
754
"4%
54
Jan
39
4
"""56
"57"
42
Mar
1
"57"
Mar
814
July
43
Aug
Jan
July
62
14
31
Jan
Aug
22
44
4
44
400
24
24
24
100
Feb
2
Mar
64
Aug
Mar
34
Aug
14
Jan
4
Feb
64
Aug
4
Feb
*16
Mar
X
Sept
4
3
•
•
4
2
10
2
1
8
"3
1
"5
4
300
4
50c
1
24
3,500
2
600
14
7
Mar
Jan
Jan
14
Aug
24
July
19
Aug
14
June
34
Sept
May
84
June
TOOO
3
Mar
9
34
'""766
7
3
May
164
Feb
Jan
Aug
.....
*
6
pref...*
X
114
2
68
14
1*
*
U S Radiator com...
2GX
100
900
U fi Flaying Card
Universal Corp v t c
54 % pref ser es C
25
cJ A.25
United Specialties com... 1
24
Southern Colo Pow
7
200
-.26
Preferred
37X
3%
July
904
...1
B
54
IX
Edison—
For footnotes see page
Class
United Shoe Mach com.25
1,500
3X
14
Aug
34
4
10
Shipyards ci A__. 1
4X
IX
GX
4
5% original preferred.25
6% preferred B
25
preferred
•ia May
Jan
100
24
11
ord reg.JEJ
8mlth (H) Paper Mlila.
-1
Aug
Sept
4
li
124
354
54
30
preferred...,
U 8 Foil Co class
Amer dep rets
Co
July
United
Jan
Aug
Ma
reg...
Apr
July
Singer Mfg Co Ltd—
Sonotone Con
ord
July
Mar
1,800
*
34
12
Paint.*
101
*
*
Jan
115
Jau
June
United Prof't Sharing..25*
10 4
112
mx
Simplicity Pattern com...I
Singer Mfg Co
—
Aug
*22 4
Aug
14
2
4
74
A pi
Aug
Ma
18
24
Mar
10%
Sept
4
100
54
1
Products.
rets
4
97
1074
Jan
8
Molasses Co—
dep
Apr
Mil
6(0
warrants
4
21
*
Am
85 4
3
10 4
54
preferred
United
July
Jan
*
preferred
Milk
Sept
June
United N J RR A Canal 1(K»
El Dorado Flp<
Simmons H'ware A
1st
Jan
2
63
30
9
114
pref non-voting.*
1st $7
164
Feb
74
14
pref
July
Mar
Sherwin-Williams of Can.*
Line stamped
Corp
Feb
Ma'
44
30
114
4
Sept
Aug
July
3 4
14
Aug
18
F'eb
5
44 .Juiip
4 June
200
*
Option warrants...
United G A K 7% pref.lOO
United Lt A Pow com A.*
Common class B
*
$6
66
Mai
34
Transport
Aircraft
United
100
24
5
624
Mar
com
United Gas Corp com
Aug
14
54
Apr
700
54
*
Cigar-Whelan St8..10c
Aug
4 June
July
Mm
Mat
2
*
Warrants....
75 4
14
114
74
2
10
Mfg Co
$3 cum & part
754
Sept
July
200
2
*
United Chemicals com
Mar
Feb
July
21
14
1
preferred—,
Union Premier Foods Sts. I
United
June
Jan
5
Mar
7
94
30
investment
Union
Un
Jan
June
102
Mai
3
Corp. —1
Union Gas of Canada
Jan
July
Jan
14
•is May
Wat A Pow._*
Sherwln Williams
7%
14
44
Sept
64
7
Series B pref
Unexcelled
Mar
1
5
10
5
3
5
97
X
Ulen A Co ser A pref
Mar
35
89
100
A
80c div,
$3
1
leather common—*
Southern
14
1 4
June
Ls
10
Tung Sol Lamp Works
494
£J
1
Silex Co common
Class
484
Selfrldge Prov Stores—
M fg
Feb
264
100
7
1
21
$5.50 prior stock
AUotineut certificates..
Soiar
25
Sept
Jan
2,000
24
Selby Shoe Co
— *
Selected Industries Inc—
5% cum
1134
Ian
Mar
294
Inc
dep rets reg
Jan
Jan
15
29 4
34
1
Sega! Lock A Hardware..I
Seiberllng Rubber com—*
Sentry Safety Control
Serrlck Corp (The)
24
Jan
16 4
GX
97
Stores Inc—
Tublze Chatlllon
United
4
stock
34
July
Warrants
Common.
July
Mar
Mar
154
10
113X U3X
44
65 4
Sept
8
*
Scovil! Mfg
25
Scrantou Elec $6 pref
*
Scranton Lace common..*
Scrunton Spring Brook
Water Service pref
*
Scullln Steel Co com
*
Mar
Mar
24
704
98 4
97
2
4
42
Scuiff Co common
56
450
Trl Continental warrants.
July
Mar
154
Common
Trauswestern Oil Co
184
July
Screen-
PIct
Lux
Trans
Jan
Apr
700
Mining of Nev.l
Jen
Mar
800
10
534
14
Sept
"400
44
July
Jan
26 4
3
Tonopah
FeL
Jan
Mai
Ma
50
pref.lOO
4
4
10
89
"134 "15"
10
Corp
Mar
48
5,100
204
preferred A
100
Tonopah Belmont Devel 10c
Mar
124
"2%
174
7%
Mar
200
100
4
4
5
OH Co
94
Jan
4
14
4
144
14
24
X
Feb
Mai
*
38
35
Consul Petrol
Ryerson & Haynes com.-l
Safety Car Heat A Lt
*
8t Lawrence Corp Ltd—*
12 conv pref A
50
St Regis Pai>er com
5
7% preferred
100
Samson i nlted Corp com 1
Ryan
264
34
144
Aug
84
June
300
'""260
£1
Tia
55
314
294
Def registered 5s
464
Apr
July
24
89
6
Ordinary reg
Mar
304
64
1,200
Tobacco Secur Tr—
Sept
150
Sept
Mai
44
Exports... *
June
94
Jan
8
May
44
10
X
43
Sept
11
54
4
Inc
Prod
Tobacco
3 '4
Apr
8
"~"x ~"x
184
Tobacco Allied Stocks
Aug
64
Tlshrnan Realty & Constr*
34
International
Shreveport
Roofing
Jan
34
39
64
29
Feb
134
Apr
Sep'
44
1st pf. 100
Texas P& L7% pref... 100
Texon OH & Land Co
Thew Shovel Co com
Mi"
100
Tenn El Pow 7%
4
Mat
24
3'4
50
10
10
Technicolor Inc common
24
Jan
8
Swan F'lnch Oil Corp
15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co
1
July
7
29 4
Superior Ptld Cement B_.
July
700
Deun
2~300
4
IX
Shawlnlgan
"2 4 "24
24
13
8X
Shattuck
*
10
54% conv pref
60
Superior Oil Co vCalif)—25
Mar
IX
Seton
Aug
May
June
7
Convertible
Feb
July
114
he
Aug
Jan
13
June
90
44
Aug
Mai
54
200
*
Jan
94
74
May
200
2Vs
--1
34
500
84
3H
4 4
Ma
104
»n
34
Apr
Aug
2
*
24
OH
200
24
Sullivan Machinery
Drug Co
1,900
Jau
34
300
St mock (S) Co...
Suuray
54
74
800
2
Sunray
31H
Sept
Jan
Feb
May
104
14
Aug
8
June
6
100
Sept
5
Jan
Sept
14
4
Jan
~~50
104
64
3
44
30 4
6
*
104
4
Ltd
Royal Typewriter
1
24
1
104
Apr
Mai
Corp
(Hugo)
174
Mar
Jan
24
244
Mai
Feb
14
Apr
July
124
54
Mar
July
54
69
Apr
125
Mar
May
July
June
7
14
4
20
Jan
24
24
74
34
2,000
64
134
Feb
July
2
24
150
Feb
44
200
1
200
104
At"
8f0
*
6ie
29
Sept
104
Inc.
104
950
Jan
3,300
174
B) Co com
Sterling
*16
17
*16
Mai
600
104
154
Mar
24
Stinnes
July
Mar
*18
64
6
Stetson (J
104
34
62
24
Jan
July
500
34
6
June
Jan
25
1,200
*
Sterling Brewers Inc..
7
14
44
3
"T
June
16
34
124
6% lf-t preferred
50
5% 2d ^referred.
i.0
Sterling Aluminum Prod.l
9
4
RoyalIte Oil Co
1
Jan
14
S18
*18
6
B
Sept
103
Sept
84
74
15
Sterchi Brno Stores
Sept
3,«
pref
4
Sfeln (A* & Co common.
May
29
Steel
1
Steel Co of Can Ltd
44
Inc...—5
Root Petroleum Co
1
11.20 conv pref
20
Amer
Tube cl
7
Pendleton Inc..*
Corp com...6
Bros
Standard Products Co
Standard
136
June
JllIK
Jan
"30
20
174
July
'—
Russeks Fifth Ave
90
,8u
Mai
164
100
1,400
194
*
July
Roosevelt Field
Seeman
June
600
1024 102 4
194
Preferred
74
GAE6%pfD 100
Securities Corp
224
July
Rome Cable
Savoy
Aug
Aug
Valley Gas Co-
12.50 conv
July
84
X
234
Co
Rustless Iron &
184
Mar
64
*
474
Reynolds Investing
Rice Stlx Dry Goods
Rossla
Ma-
2,200
174
16i«
Mar
common.*
Relter- Foster Oil
50c
Reliance Elec & Eng'g—6
Reybarn Co Inc
1
Roeser &
Jan
15
17
17
25
102 4
Mar
Reeves (Daniel)
Rochester
July
144
1
May
17
Radiator
Feb
144
100
104
*
50c
trust ctfs
24
Apr
preferred
44
Common
Voting
6%
234
A..1
Raymond Concrete Pile—
Reed Roller Bit
A pi
Mhi
2
100
24
Standard Pow & Lt
250
147
Aug
6
24
Standard OH (Ohio) com 2;
250
146"
Aug
234
11
Standard OH (Ky)
Standard OH (Neb)
17
4H
184
Jan
18
...
40 4
44
Jan
Mai
124
400
15
Aug
4
July
pref*
.10
Invest $54
134
Railway A 1 til Invest
Raytheon Mfg com
Red Bank OH Co
144
144
Jan
4
6
Ma
preferred..2(t
$1.60 corjv
Standard
36
100
June
Fel
AUg
4
Dredging Corp—
Common
1
394
Apr
Jan
Standard
24
4
Jan
Mar
224
4
4
*18
*
Jan
July
74
39
An-
May
3
Standard Cai
* Seal com. 1
Conv
pre erred
10
17
& Tim.*
com—5
Pyrene Manufacturing.. 10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
Ry & Light Secur com...*
Richmond
Jan
Jan
Apr
Aug
14 4
Mai
19
Starrett (The) Corp v t 0.1
Pylp-Xat'onal Co
Rio Grande
Standard Brewing Co
39 4
preferred
54
284
Am dep r-ts ord reg...£l
Jan
X
July
300
32
Am dep rets i,rd bearer £1
Spencer Shoe Co
*
Standard Steel Spring.
87
3
400
64
304
304
54
Mil'
Spanish & Gen Corp—
114
200
pref.-.100
pf.
$3 conv preferred
54
2.r
Mai
2
Line..50
Pipe
Sept
1514
3H
Royalty Co.. .5
Pa
22
40
18
31
174
|Pub Utll Secur $7 pt
Puget Sound F <fc L—
$5 preferred$6
Wrest
754
31
"300
10
South Penn GIL..
So
June
135
20
24
24
Standard Silver Lead....!
Public Service of
Puget Sound Pulp
1514
10
.*
Preferred A
Southland
High
L010
Shares
High
151
1, 1938
Range Since Jan.
fir
Week
of Prices
Common class B
98
Colorado-
1st
Jan
Aug
83
*
7% prior lien
Aug
40
June
Corp
1st preferred
Aug
24
Mar
14
33
Metals of Ainer
Public Service of
7%
Jan
Aug
X
95
*
.253
Prosperity Co class B
*
Providence Gas
*
Prudential Investors
*
6%
Mar
800
4
34
Mining
1
Prentlce-IIall Inc com....*
preferred
Jan
Aug
34
Feb
""200
"~X ""x
Premier Gold
Producers
14
84
24
'"X
Canada...*
6% 1st preferred
100
Pratt & Lambert Co
*
Pressed
June
6
100
Jan
62 4
June
4
400
H
64
4
64
55
Week's Range
I Low
Price
New Engl Tel...loo
Southern Pipe Line
Southern Union Gas...
July
Corp of
Power
16
404
Mar
200
7X
96
98
"64
Mar
44
60
48
74
July
400
1,300
m
64
48
74
7 4
Jan
64
37 4
64
6
Meter
Sales
Sale
Continued)
Shares
\
Last
STOCKS
1938
Range Since Jan. 1,
STOCKS
Continued)
Pitney Howes
1901
New York Curb Exchange—Continued—Page 4
147
""5"
8
Jan
....
"fx
"14
38
"""120
1
Mar
14
40 X
100
31
Mar
444
New York Curb
1902
Sales
Friday
STOCKS
Last
Week's Range
for
(Concluded)
Sale
of Prices
Friday
Week
Par
Low
Price
High
Range Since Jan. 1, 1938
Low
Shares
13* June
1H
Apr
33*
July
Denver Gas A Elec
453*
July
3*
Jan
~200
A
13*
June
"I'M "VA
Mar
23*
Jan
500
M
Mar
*i«
Jan
A
Sept
A
93*
2
2
400
10 M
2M
7
150
Mar
2
4M
Vs
4M
Petroleum...1
1
4M
1
33*
Mar
June
36
July
Mar
25
Aug
23*
Mar
4?*
July
H
200
Mar
13*
773*
July
Elmira Wat Lt A RR 5s '56
July
Apr
Jan
4?*
June
Mar
103*
33*
113*
Apr
73*
Sept
Mar
5?*
6
200
13*
53*
*
*
7
73*
200
0
1
13*
83*
13*
100
83*
200
6
"3%
33*
100
43*
33*
63*
Jan
1,400
13*
Mar
33*
600
13*
Sept
43*
Aug
Jan
20
303*
Mar
Class B
Walker Mining Co
M
Wayne Knitting Mills.—5
Welsbaum Bros-Brower._l
1
1.25
1
Wellington Oil Co
Wentworth Mfg
Western Air Express
3
3
2
23*
Jan
Jan
1
July
13*
July
Mar
9
Apr
Sept
8
Sept
Aug
Apr
"n June
Western Maryland Ry—
Ei
Paso Elec 6s A
44
75
Jan
Western Tab A Stat—
63*8 series A
Jan
Williams OU-O-Mat Ht—*
100
43*
43*
23*
Apr
Apr
Apr
23*
7?*
63*
Wilson-Jones Co
*
200
63*
June
Willson Products Inc
1
6
May
583*
Wolverine Portl Cement.10
Apr
7A
7
Yukon-Pacific Mining
1A
1A / 1M
Co.5
14%
14%
7M
BONDS
600
600
4,700
600
♦General Rayon 0s A. 1948
Gen Wat Wks A El 5s-1943
July
Jan
Georgia Power ref 5s—1967
Georgia Pow A Lt 5s..1978
70
July
$103
104
1st A ret 6s
1946
99
M 100
1st Aref 5s—
1951
91
91
$3,000
lOiOOO
1st A ret 5s
1950
90
90
1,000
ist Aref 6s
1968
81
21,000
104 J* 106
5,000
86 A
81
105 A
106 A
78
Amer Radiator 4?*s—1947
Amer Seating 0s stp—1940
86
79?*
8,000
106M 107%
78
81M
48,000
49,000
97
97
"woo
116
116
116
9,000
101
100
101
8,000
Arkansas Pr A Lt 5s. .1956
97 A
90%
975*
Associated Elec 43*8—1953
42 A
40 M
42?*
99
99
99
1908
1977
$205*
26%
30%.
28 M
......
995*
99
1
Jan
1033*
89
Jan
101
78
Apr
703*
703*
Apr
Feb
05
1043*
100
Apr
Jan
Sept
Apr
July
July
Apr
Aug
108
Sept
79
Jan
983*
118J*
Sept
103
July
$90
$863*
76
723*
78
1103* 111?*
$135
94.
1023* 103?*
1003* 1023*
893* 94
112
112
102 3*
963*
963*
$15
...—
99
243*
$933*
60
85
1,000
96?*
7,000
106
107
21.000
110
Sept
Sept
107?*
1023*
763*
Jan
Sept
213*
Feb
§8
Jan
Feb
July
Mar
Aug
343*
May
28
June
833*
Feb
97
973*
Apr
104
Feb
5,000
96
Apr
103 3*
Aug
27,000
103
Apr
10$?*
Sept
~5~O6O
Aug
May
15
June
Mar
68
July
Mar
673*
107
107
107
106
June
93
94
1st A ref 5s ser C
1950
903*
88
913*
Rf deb 53*s—May 1957
793*
793*
81?*
92
92
93
92?*
80
1,000
18,000
8,000
47,000
6,000
110
Aug
Feb
85?*
Apr
1013*
July
79
Apr
98?*
Aug
70
Mar
94
July
68
Mar
863*
July
July
July
Electric Corp—
6s series A
1947
03*s series B
1953
1951
"80~~
1063*
79
Mar
95
6,000
8,000
84
Apr
953*
973*
82
5,000
64
Apr
86
51
89?*
42?*
123*
48
Mar
Mar
July
43
48 M
57
59
43
1903
20,000
June
64
1st lien A ref 5s
5s
1063* 1063*
85
85
5,000
1,000
$110?* Ill
♦Indianapolis Gas 5s A 1952
$65
45
6,000
17,000
75
Sept
Mar
Apr
1093*
88
Aug
Mar
Aug
Jan
Apr
107?*
1113*
453*
Mar
633*
43
Mar
613*
May
May
74
July
Jan
493*
Jan
413*
Sept
583*
Mar
48
Sept
653*
June
483*
68
45
1063*
104?*
1093*
$1063* 107
1957
Sept
International Power bee—
Sept
63*s series C
Aug
7s series E
—.1957
1952
Mar
05
63
July
95
22,000
40
33?*
Feb
Mar
Apr
503*
$56
513*
July
Jan
July
933*
108
$58
$
49
41
60
Jan
273*
95
1003*
July
29
40
100
Apr
81J* June
Jan
Feb
75
51
"3J)66
1023*
25
333*
Feb
107
1083*
1033* 1033*
1063*
"I'ooo
08
Sept
62
53
2,000
3~8~66O
49?* June
30
71
93
1955
53 A
54
523*
553*
31
31
603* June
109
Apr
io'ooo
107
69,000
35
Mar
583*
Aug
25,000
183*
Mar
37?*
July
Jan
Interstate Publl c Service—
Iowa-Neb L A P 5s—1957
1,000
9,000
55
1083* 1083*
*533*
1952
July
533*
$463*
International Salt 5s—1951
Sept
129
40,000
2,000
120
Jan
1143*
Feb
1223*
122?* June
May
140
70
Apr
873*
Jan
76
1173*
Apr
653*
713*
1013*
Mar
1003*
Sept
Mar
73
Mar
112
Sept
87
104?*
1083*
98
1153*
Mar
July
Sept
Jan
Mar
Jan
Jan
May
1950
783*
76
783*
14,000
64
Mar
83
July
43*8 series F
1958
72
72
72 3*
Mar
763*
July
99
7,000
14,000
573*
983*
90
Mar
99 3*
Aug
973*
983*
4,000
91
June
98?*
1063* 1063*
5,000
1053*
Mar
108
Aug
103?* 1043*
36,000
23,000
983*
Jan
105
July
453*
Sept
63
77
Sept
85
Feb
ISTOOO
383*
Sept
53
July
July
5s series B
1961
Iowa Pow A Lt 43*8—1958
Iowa Pub Serv 5s
1957
1063*
Isarco Hydro Eleo 78.1952
"54 k"
Isotta Fraschlni
104
96?*
101?*
"97?*
82?*
1033* 104
96
7s...1942
$75
39
403*
43?*
Jacksonville
Gas—
5s stamped.
32
Feb
50
1043* 1043*
7,000
100
106
1043*
1043* 104?*
$102
105
25,000
Apr
Apr
97
Mar
103
112
Mar
1173*
Aug
101
Apr
1023*
July
Apr
July
99
July
Kansas Power 5s
Apr
99
July
Kentucky Utilities Co—
20,000
60 3*
Jan
94
Aug
1st mtge 5s ser H...1961
92?*
82,000
21,000
79 3*
953*
Aug
03*8 series D
..1948
Mar
$93
96
23?*
41
843*
Apr
100?*
Aug
Jan
53*8 series F
1955
78
Mar
23 3*
Sept
$87
90
76,000
41
Jan
July
5s series I
90?*
1969
78
81
05
Mar
84
July
98
98
993*
July
273*
283*.
513*
106
22,000
57,000
323*
1,000
1053*
$104»x» 105
104
Apr
Mar
Mar
84
963*
1947
57?*
1073*
July
Lake Sup Dlst Pow 3 3*s '66
Jan
May
Sept
1073*
Jan
Lehigh Pow Secur 6s._2020
♦Leonard Tietz 73*8—1940
Aug
113
80
79
Lexington Utilities 5s. 1952
Libby McN A Libby 5s '42
Chicago A Illinois Midland
Apr
97
98
104?* 105
42
42
$60
1955
$60
43 3*
17,000
26,000
1013*
80
41
523*
Jan
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
71
69
Apr
July
July
87
Jan
Jan
1013*
78?*
81
"5',000
9,000
11,000
9,000
11,000
95?*
05
93
Mar
Jan
1053*
84
84
Apr
103
25
Mar
28
84
Apr
Jan
Sept
July
1003* 1013*
$15
12,000
"963*
35',000
104
1043*
15,000
101
Apr
105
87?*
1043*
78
Apr
100
Feb
18^660
100
Mar
106
July
1033* 1033*
"I'ooo
953*
♦7s without warr't8.1941
106J*
115
101
98?*
$84
1013*
Long Island Ltg 08—1945
—.1940
Jan
Mar
903*
$953*
Aug
1,000
1043*
88
253*
Ry 4HsA
1950
Chio Jet Ry A Union Stock
99?*
1033*
43?*
1947
92
25
463*
July
1942
Jersey Central Pow A Lt—
85
92?*
106
105
Jan
~7~665
263*
1961
Mar
80
983*
83 3*
97
263*
493*
Chio Dlst Elec Gen 43*s'70
943*
853*
543*
Aug
43*s series C___
1961
Kansas Elec Pow 3 3*s_1966
Kansas Gas A Elec 68.2022
1013* 102
$95
98?*
973*
823*
9,000
51,000
50
Italian Superpower 08.1963
58 series B
6Mb ex-warranta.—1954
Cent States P A L 6 He '63
1043*
104
$15
243*
Apr
983*
283*
Jan
Aug
Sept
Sept
June
71
Sept
Marlon Res Pow 43*8.1954
97
Jan
733*
104
Mar
July
58
Mar
$66
893*
Apr
83
Jan
673*
July
57
613*
McCord Rad A Mfg 0s '45
Memphis Corneal Appeal
55
62?* 214,000
473*
433*
913*
70
Feb
733*
59?*
583*
Mar
07
July
67
Mar
$943*
87
43
Apr
673*
953*
Aug
July
1003* 1013*
56,000
803*
Apr
1023*
94?*
Sept
July
Deb 43*8
1952
Memphis P A L 5s A—1948
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
95
60 3*
62,000
32,000
423*
59
1013* 102?*
18,000
913*
Mar
40
40
52
Mar
1966
1013*
1943
593*
603*
"99J*
2,000
58
613*
68,000
58
613*
22,000
$70
Conn Lt A Pr 7s A—.1951
Consol Gas El Lt A Power
72
993* 1003*
$124
13"666
10a
July
Mar
65
July
Mar
65
July
943*
Jan
1253*
130
Apr
753* June
100?*
Aug
129
July
4s series G
Milw Gas Light 43*8—1907
Minn PA L43*s
1978
108
Miss Power A Lt 5s
1957
Miss River Pow 1st 5s_1951
Missouri Pub Serv 5s_1960
Montana Dakota Power—
22.000
1033*
Jan
1033* 1033*
1,000
10,000
1033*
Sept
1063*
Jan
120?*
Feb
1243*
Sept
Apr
053*
Jan
83?*
July
Consol Gas (Bait City)—
IQQQ
Gen mtge 4 His
1954
Consol Gas Util Co—
123
123
1243*
6s ser A stamped... 1943
57
57
593*
110
53*8
763*
75?*
973*
1944
$65
97
1903.
97
79
973*
033*
1,000
873*
69
97?*
54
24,000
39,000
Mar
Apr
100
Jan
47
22",000
Mar
723*
July
903*
Mar
99
Sept
57,000
3,000
16,000
1083* 1083*
86
5,000
93?*
88
86
61
96
"95"
86
61
97
94
953*
983* 101
673*
Feb
70
June
100
Apr
1013*
Mar
93
107?*
1083*
July
Jan
July
July
753*
Jan
50
Apr
643*
Aug
11,000
19,000
883*
Jan
July
Apr
993*
973*
26,000
87?*
61?*
Apr
103?*
Mar
81
May
70
Mar
89
May
Apr
3,000
2,000
83
95
Apr
July
Aug
75?*
683*
4,000
85
1073* 108
10,000
11,000
673*
69
23,000
54
Apr
74
Aug
96
108
76
83
1944
♦Munson SS 03*8 ctfs. 1937
Nassau A Suffolk Ltg 5s '45
1063*
88
—.1955
Aug
1083*
903*
106
1965
Middle States Pet 03*s '45
Midland Valley RR 5s 1943
1st Aref 5s
923*
Mississippi Power 58.-1955
N_—1971
543*
1st A ret 63*s ser B.1954
Interstate Power 5s—1957
140
Cent Pow A Lt 1st 5s. 1950
Cent States Eleo 5s
1948
For footnotes see page
May
51
93
80
Cudahy Packing 35*8-1955
94
1950
90
99
80
Cont*l Gas A El 5s
1958
Cuban Telephone 7 Mb 1941
Mar
July
5s series D
110%
Canada Northern Pr 5s '63
Canadian Pao Ry 08—1942
Cuban Tobacco 5s
78
983*
Debenture 6s
Broad River Pow 5s..1954
Ka
44,000
Indiana Service 5s
Apr
13,000
1,000
6,000
19,000
Ber
89
35
963*
100% 101%
i3~666
(Bait) 33*8
July
July
July
803*
743*
Community Pr A Lt 5s '57
Community P S 5s
1960
Apr
86
32?*
1013*
1013*
83
Cities Serv P A L 63*8.1952
6 MB
1949
77
Mar
Mar
Feb
723*
Line 6s
83
Jan
Apr
Indiana Gen Serv 5s__1948
Apr
81
Debenture 5s
1969
Cities Service Gas 53*s '42
Cities
Service
Gas
Pipe
Mar
75
Indiana A Mich Elec 6s '55
Apr
74
—.1958
62
Indiana Hydro Elec 5s 1958
923*
Aug
65?*
July
23
90
13,000
Sept
62
Apr
"i7~6o6
Sept
1,000
4,000
18.000
Feb
July
81
973*
Indiana
Aug
81
77
76
993*
7,000
32 M
83
Debenture 5s
753*
99
Mar
Birmingham Elec 43*sl908
1950
87
34
21
Birmingham Gas 5s
Conv deb 5s
63
Jan
33,000
26 M
32 M
2,000
6s series B
Cities Service 5s—
102
80
Mar
27,000
121
Yards 6s
8,000
95?*
104?*
643*
31%
29 M
121
{♦Chic Ry« 5s ctfs
1927
Cincinnati St Ry 5 Mb A '52
933*
Apr
Apr
Apr
973*
7s series F
100%
1998
4Mb series H
1981
Cent Ohio Lt A Pr 5s..1950
Cent Power 5s ser D..1957
Mar
$57
1949
111 Northern Util 5s—.1957
285*
1900
1st Arel 4Josser F. 1967
6s series G
1908
6s series B
III Pr & Lt 1st 6s ser A.1953
203*
213*
Aug
74
78
Jan
Jan
873*
1943
Aug
39"666
July
11,000
203*
6s series C
1950
03*8 ex-warrants
July
22,000
873*
Feb
54
♦Hungarian Ital Bk 73*s'63
Hygrade Food 6s A—.1949
July
1,000
16s series B.
1938
903*
83?*
40
Apr
95
80
*
—1940,
Houston Lt A Pr 33*8.1960
Jan
118
6s series E
A St Ry 53*s
May
Mar
76
753*
$72
77
803*
88?*
Hackensack Water 5s. 1977
94
30
1053*
74,000
102?* 103
(Adolf) 43*s... 1941
903*
62
105
July
Sept
$78
$84
m"
Houston Gulf Gas 6s.. 1943
Aug
Sept
913*
69
90
1073* 1 Feb
903*
Apr
101
1013*
923*
$15
Mar
583*
July
88
1953
May
May
1073*
109?*
Aug
783*
893*
1905
Hall Print 6b stpd
1947
♦Hamburg Elec 7s
1935
♦Hamburg FJ Underground
Aug
1
3,000
14,000
353*
Feb
Jan
Feb
107?*
Apr
42~666
$33
8?*
23*
56
Feb
58
853*
Guardian Investors 5s_1948
Mar
Sept
1011*!* Aug
52
6,000
56
63*
Mar
833*
$53
99
118
Carolina Pr A Lt 5s—1956
Cedar Rapids M A P 5s '53
Central Hi Public Service—
101
55
Jan
1957
1959
101
1023* 1023*
$—.
25
55
80
1st M 68 series B
Bethlehem Steel 6s
74
Grocery Store Prod 08.1945
Bell Telep of Canada—
1st M 6s series A—.1955
10,000
74
85
Works—
1950
Apr
Sept
$107
273*
72
6s without warrantsl947
♦Convertible 6s
71?*
423*
1023*
Grand Trunk West 4s. 1950
33,000
23,000
29
100 M 100 M
Avery A Sons (B F)—
6s with warrants—.1947
Locom
6,000
51
1053* 106
Gobel
25
Assoc T A T deb 5 Mb. A'55
Atlanta Gas Lt 43*8—1955
Atlantic City Elec 4Mb '64
July
973*
$42 3*
6s series C
Registered
—1950
July
98
July
Associated Gas A El Co—
Baldwin
6s
104
no5M 105%
Ark-Louisiana Gas 4s. 1951
Debenture 5s..
Conv deb 53*s.r
Aug
104
July
102
Appalao Power Deb 0s 2024
Conv deb 5s
♦Gesfurel
Glen Alden Coal 4s
Heller (W E) 4s w w
Conv deb 4Mb C...1948
Conv deb 43*8—.1949
107
Mar
73*
Alabama Power Co—
1938
Apr
Mar
833*
73*
Jan
Apr
14,000
Mar
103*
June
98
May
Mar
Jan
05
106
533*
33*
53*
143*
3*
1,000
65,000
31,000
1?* May
13*
Apr
813* May
1093* May
79?* July
28,000
33*
Jan
%
~6~666
Mar
Sold
1942
Conv deb 5 Mb
General Pub Serv 6s—1953
Gen Pub Util 63*s A. 1956
July
Bonds
Am Pow A Lt deb 08—2016
July
Guantanamo A West 6s '58
6M
dep rets
Be
6% preferred
£1
Wright Hargreaves Ltd—*
Amer G A El debt 5s..2028
5?*
Gt Nor Pow 5s stpd—1950
5M
Amer
1st Aref 43*s.....l967
Sept
Sept
2
Petroleum
1
(F W) Ltd—
Aluminium Ltd debt 5&1948
2?*
68
1940
53*
103*
93*
Wool worth
Abott's Dairy 0s.—
4,000
1,000
Gary Electric A Gas—
Mar
Wisconsin P A L 7% pf 100
Feb
25*
%
3*
72?*
109
84%
91A
2,200
Jan
53*
$106
•.
Florida Power 4s ser C 1966
General Bronze 6s
Aug
1053*
Aug
65
W
1023*
July
Weyenberg Shoe Mfg.—.1
Williams (R C) A Co
*
«.
Banks 6s- 5s stpd—1961
Mar
1A
Mar
3
1003* 1013*
•
Firestone Cot Mills 6s. 1948
First Bohemian Glass 7s '57
22?*
2
Sept
91
4,000
1033* 104
93
943*
67
Erie Lighting 5s
1967
Federal Wat Serv 53*s 1954
Finland Residential Mtge
813*
Woodley
May
Aug
65,000
1083* 1093*
1953
Mar
West Va Coal A Coke—..*
69
713*
94
Sept
pref..*
Wolverine Tube com
July
106?*
33*
105
33*
23*
?*
3*
108?*
Empire Dlst El 6s
1952
1 Empire OH A Ret 5 3*si 942
Eroole Marelii Elec Mfg—
133*
673*
3*
*
Vot tr ctfs com
107?*
104
104?*
104
5s ex-warr stamped. 1944
Gatineau Power 1st 5s. I960
West Texas Util $0
5,000
,104
Mar
Mar
—
1950
Florida Power A Lt 6s. 1954
42
7% 1st preferred..—100
973*
93
Aug 1 1952 —3*
♦Certificates of deposit
3*
Eastern Gas A Fuel 4s. 1950
Edison El 111 (Bost) 3 3*s 65
Elec Power A Light 5s.2030
59
Wagner Baking v t c
Waltt A Bond class A
High
\
Aug |T 10
7,000
72,000
♦Deb 7s
July
13*
1,600
pref—100
Vogt Manufacturing.....*
Waco Aircraft Co...
*
Aug 1 1952
♦Certificates of deposit
Jan
11
Va Pub Serv 7%
♦03*s
Jan
1734
203*
900
5
Van Norman Mach Tool
Venezuela Mex Oil Co—10
Low
Sold
Detroit Internat Bridge—
A
Bonds
1033* 1033*
107?* 107?*
1043* 105
6S.19491
Det City Gas 6s ser A.1947I
5# 1st series B
1950
1
pref
of Prices
High
Low
1033*
June
m
A
9M
Venezuelan
Delaware El Pow 53*8.1959
31%
13*
conv
June
50
Conv preferred..._—7
fUtll Pow A Ltcommon.. 1
$4
2
Range Since Jan. 1, 1938
Week's Range
Sale
Price
200
2M
39 A
Class B
Last
High
23*
40
*
$5.50 priority stock
*
Utility A Ind Corp com.-5
7% preferred.......100
Valspar Corp com—
1
BONDS
Continued)
Utah Radio Products—
Utility Equities Corp
Sept. 24, 1938
Exchange—Continued—Page 5
97
9,000
86
Apr
100
July
43*
82
82
43*
82
1073*
Aug
1,000
13* June
1,000
813* May
1103*
53*
95
Feb
Jan
#
Volume
Friday
I
BONDS
Last
Sale
of Prices
Low
High
Price
Nat Pow & Lt 6s A—.2026
Deb 5s series B
2030
89 M
7,000
77
77
78 M
41
10,000
109M 109 M
21~666
f♦Nat Pub Serv 6s ctfs 1978
Nebraska Power 45*8-1981
0s series A
Sold
88
137
1095*
2022
1113
119
Mar
Nevada-Calif Elec 5s.1956
79 M
77M
H7M 117M
Apr
835*
Aug
445*
Jan
108
Mar
1105*
May
120
June
111
94
Apr
20,000
2,000
Apr
14,000
51M
10,000
52
17,000
395*
1954
85 M
July
July
65*8
106
Aug
55*s
37,000
70
Mar
88 H
33,000
74
6,000
86 M
Feb
10,000
63 M
93M
♦Income 6s series A.1949
N Y Central Elec 5 Ms
895*
915*
July
Un Lt & Rys
July
United Lt &
6s series A
Sept
Mar
845*
July
1035*
Sept
1950
101M
5,000
1,000
45 ;
New York Penn A Ohio—
72
♦Ext 4Mb Btamped.1950
5*s'67
1980
N Y state E AG 4Mb
N Y A
1055* 1065*
95 M
96M
104M 105
95 X
Westof MLtg 4s 2004
Debenture 5s
72
1954
29.000
.70,000
11,000
105
Apr
88
Apr
103 M
112M
U13M
52
Nippon El Pow 6 Ms..1953
May
~4~66O
52
45
Feb
84
1085*
Aug
July
98
Jan
1055*
Jan
114
Aug
Apr
Sept
Mar
625*
No Amer Lt A Power—
5 Ms series A
88 M
1950
Nor Cont'l TJtil 55*8-1948
45
45M
No Indiana G A E 08—1952
7,000
45 M
70
Apr
90
July
4,000
89
30
Mar
54
July
105M
1108M 1085*
Apr
45*s
30
715*
74
$101
1035*
745*
755*
1946
♦5s
Income
deb
Wash Gas & Light 5s. 1958
Wash Ry & Elec 4S...1951
Wash Water Power 5s 1960
West Penn Elec 5s
2030
West Penn Traction 5s '60
105"
West Texas Utll 5s A 1957
West Newspaper Un 6s '44
92?*
July
July
Wheeling Elec Co 5s._1941
Wlso-Mlnn Lt & Pow 5s '44
Feb
1055*
May
1966
955*
July
Yadkin River Power 5s '41
1025*
July
♦York Rys Co 5s
1075*
96
Jan
1055*
Aug
FOREIGN
83
Apr
995*
July
AND
1,000
69
Apr
835*
10,000
100
Mar
1035*
Aug
114
Mar
1165*
Feb
79
Apr
94
Sept
115
May
103 M
15,000
102M
30,000
10,000
83 5*
83 M
Okla Power A Water 5s '48
Pacific Coast Power 6s '40
Jan
107
1065*
,
Jan
1941
$1145* 115
187
91
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 58—1942
114
114
Pacific Pow A Ltg 58-1955
73
Park Lexington 3s
113
Apr
55
Mar
1950
935*
Deb 5 Ms series B—1959
-----
Penn Pub Serv 6s C..1947
1954
D
Penn Water A Pow 58.1940
-----
4s series B
1981
4s series D
Pledm't Hydro El 6
Pittsburgh
Coal
--W
<mm
W
Ms '60
505*
6s.. 1949
www
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4MsB
108
WW
WW*.
.—— —
— —
1978
1025*
4 Ms series
1980
—
E
4 Ms series I
1st Aref 4Ms ser D.1950
"71H
♦7s 1st
ser
ctfs of dep.'57
♦7s 2d
ser
ctfs of dep.'57
165*
$65*
------
3,000
ser
ctfs of dep.'57
t6 5*
85*
25
16
1,000
106M
—
$685*
455*
106
27,000
945*
Apr
78 M
Mar
82 M
Mar
96
1075*
109
June
5,000
505*
6,000
106
935*
22
615*
27
995*
— — -
—
Jan
945*
96
1968
1970
-
— — —
2,000
ww-www
4,000
6,000
------
79
Feb
43
Bept
61
Feb
Feb
WW
—
2025
88
Debenture 3 M8
1945
104
Ref M 3 Ms.May 1
1960
1045*
Ref M 3Ms B.July 1
'60
1st A ref mtge^ts...1960
Sou Counties Gas 4 Ms 1968
142
1951
1045* 1045*
102
102?*
3,666
24,000
1948
1951
"485*
Jan
695*
July
105M
Apr
1085*
Sept
♦Prov Banks 6s B__ 1951
$15
107
Apr
109
July
24
755*
Columbia (Republic of)♦6s ctfs of dep..July '61
$16
♦6s ctfs of dep..Oct *61
tl6
25
Sept
65
98M
June
103
Jan
255*
Jan
Apr
June
130
Jan
145
Aug
Apr
113
Feb
Apr
107
Mar
101
Bept
105
July
Apr
Sept
1045*
May
105
July
103 M
103 5*
ctfs of dep
Sept
1065*
Feb
1952
♦6s series A
24
t9
1959
1955
65*8 ctfs of dep
55*s
995*
1953
6s
External 65*s
40
Sept
♦Lima
(City) Peru 05*s '68
Mar
Mar
1045*
60M
80
July
♦Maranhao
Apr
755*
July
22
Jan
735*
July
June
25 M
Feb
93 5*
Jan
♦Mendoza 4s stamped. 1951
295*
May
53
------
25
14
21
Mar
285*
Aug
4,000
107
June
11054
♦7s ctfs of
7s
52
1035* 1035*
1035* 1035*
$535* 60
2,000
15
May
107 M
Apr
Feb
Sept
112
28
Mar
315*
July
9M
128M
1315*
4,000
96 M
May
Mar
July
♦7s ctfs of dep
5,000
102
Mar
105
2,000
64,000
1035* 1045*
1045* 106
635*
Apr
Jan
535*
Sept
70
Mar
84
July
715*
Mar
975*
Julv
34,000
1015*
Apr
107
48,000
Apr
Apr
Apr
Apr
1085*
106
43
24,000
July
111
565*
(State)
Feb
100
Apr
1035*
Aug
Mar
855*
July
Mar
1055*
Jan
465*
Sept
545*
Aug
7,000
475*
Sept
54
Aug
33,000
375*
Mar
57
July
16,000
305*
.555*
Sept
de Janeiro
♦Rio
6 5*8.1959
565*
July
2,000
54
Apr
79
July
40,000
36
Mar
555*
July
♦Starrett Corp Inc 5s. 1950
32
345*
37,000
185*
Mar
35
Aug
Corp—
2d stamped 4s
1940
2d stamped 4s
1946
48
50
2,000
43
Jan
58
Aug
445*
45
3,000
39
Jan
55
July
6Ms—1953
"505*
Texas Elec Service 5s. 1900
895*
1950
6s series A
2022
Tide Water Power 5s..1979
995*
Texas Power A Lt 5s
1035* 1035*
445*
605*
89
935*
Mar
104
Apr
1065*
103 5*
Apr
1075*
Aug
655*
Feb
2,000
575*
Feb
915* May
104r»» Sept
7,000
44
Sept
81
185*
Aug
24
145*
July
185*
145*
Aug
July
13
995*
3,000
Apr
985*
Aug
102
98
415*
8,000
May
1005*
Jan
39
June
595*
Mar
23
Sept
23
Mar
25
July
20
5.000
19
Jan
22 5*
Mar
10
10,000
Apr
13 5*
July
185*
Feb
J an
105*
Aug
""75* "Bept
"16 "
Aug
Feb
805*
Juno
3,000
22
115*
------
95*
10
7 5*
1,000
9
13
Jan
------
8
8,000
79
2,000
64
Feb
255*
Sept
Jan
245*
Sept
Sept
165*
245*
Aug
125*
Apr
21
28
26
28
30
165*
20
245*
175* Juno
30
30
"65*
2,000
96
Apr
1025*
10
7,000
7
Mar
105*
7
8,000
4,000
6
Apr
105*
Jan
Jan
5*
Mar
65*
5*
5*
15*
15*
♦Santa Fe 7s stamped. 1945
59
59
1145*
114?*
1949
1961
♦Santiago 7s
♦7s
Feb
995*
10
H
5*
5*
5*
15*
♦55*s
No par value,
rule sales
the
range,
5*
Jan
1,000
59
Mar
5*
Feb
Jan
165*
July
Jan
165*
June
Mar
45
115*
165*
165*
Mar
i*
Jan
Jan
5*
1
Jan
115*
Jan
05
x
not
79,000
825*
Mar
1005*
Jan
60,000
94
Mar
1045*
May
985*
12,000
905*
Mar
79
805*
3,000
755*
Apr
1015*
865*
Aug
Jan
a Deferred delivery sales not
Included in year's range,
r
Included in year's range, n Under
Cash sales not Included In year s
Ex-dlvldend.
.
1 Friday'8 bid and asked price.
Bonds being traded flat.
.
No sales were transacted
.
,
,
.
during current week
♦
.
receivership,
New York Curb bond issues
which have bee called
6s ser. B 1061. on 22 at 104.
Empire Oil7& Ref. 55*s 1942, Oct. 5 at 101.
Pub. Serv. of Nor. 111. 5s 1950, Oct. 1, at 110.
Sauda Falls 5s 195&f*Oct. 1 at 1075*.
Tenn. Public Service 5s, 1970, Oct. 4 at 104.
Toledo Edison 5s 1962, Oct. 13 at 105.
e Cash sales transacted during the current week and not
Included In weekly or
1 The following Is a list of the
in their entirety:
Chicago Dist Electric gen.
—
yearly range:
No sales.
y
Under-the-rule sales transacted during
the current week and not
Included in
weekly or yearly range:
No sales.
Feb
955*
-----
21
Jan
1919
1921
♦0 5*s certificates
Jan
9,000
41,000
------
1005*
98
Mar
99
995*
♦Russian Govt 05*s_..I919
| Reported In
76
5«.-1970
Jan
28
30
7s... 1958
♦Parana
Jan
Apr
7,000
$106
107
1055* 1055*
805*
84
Aug
27
124
♦65*s ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
»
85
(Hugo)
Jan
"115*"
225*' Apr
24
Sept
4,000
Mar
93
93
505*
Apr
Aug
1065*
355*
3,000
60
505*
July
7,000
3,000
505*
1085*
May
5,000
995*
995* 1005*
765*
77
475*
65*"
125*
124
124
1947
Aug
1055*
90
Feb
Jan
1135*
1931
615*
Mar
38 5*
106 M
08 stamped
1075*
1055*
102
78
70
805*
Mtge Bank of Columbia—
1946
1015*
78
Apr
Feb
------
Jan
124 5*
124
124 5*
124
1155*
♦7s ctfs of dep. May '47
♦7s ctfs of dep
9,000
------
May
65
215*
195*
79
♦Issue of Oct 1927—
Aug
103
Apr
Apr
Apr
Mar
12,000
Sept
195*
75*
75*
79
♦Mtge Bk of Chile 6s. 1931
Jan
84
40
18
20
$8
1954
Feb
July
215*
1,000
July
3,000
9
♦7s ctfs of dep.Oct '47
24 M
------
Aug
7
2,000
$95*
dep......1951
July
2,000
------
7
July
21
95*
,.—1958
♦Issue of May 1927
Mar
------
1075* 1075*
$24
26
285* 285*
72 M
2,000
3,000
7
Aug
6
Mtge Bk of Bogota 7s. 1947
11,000
61,000
1085*
Aug
Aug
7
7
22
20
""95*
♦Medellln 7s stamped. 1951
1,000
Aug
85*
22
1947
♦Secured 6s
98 5*
78
Aug
1
205*
20
♦German Con Munlc 7s '47
♦Hanover (City) 7s...1939
9,000
755*
104
>
t98
1—1952
62,000
735*
52
t
Danzig Port & Waterways
795*
695*
475*
"815*
Aug
"
(Dept of)
1045*
59
50
68
1970
Jan
""85*"
1 1•
1 I1
------
24
495*
Tennessee Elec Pow 5s 1956
Jan
«
85
101M
47
Super Power of 111 4 Ms
1
Cent Bk of German State &
76
{Standard Pow A Lt 6sl957
r
10
48
101
495*
"48~"
Aug
V
175*
24
I
10
t8
45
Debenture 6s_Dec 1 1966
SePt
24
May
68
86
74
14
t8
6,000
49
Standard Investg 5 Ms 1939
Ternl Hydro-El
$62
t65
t95*
t95*
♦Caldfis 75*s ctfs of dep.'46
♦Cauca Valley 7s.—.1948
1948
1035* 1035*
{Standard Gas A Elec—
6s
(stpd)__
1948
f Tenn Public Berv
1952
♦75*8 stamped.....1947
♦75*s ctfs of dep...1946
4,000
705*
Sept
255*
; 72
(Province)-
♦7s stamped
♦7s
7,000
7,000
tl5
tl05*
Jan
1025* 1025*
985*
ioo""
1st 4 Ms
1951
Apr
6,000
So'west Pub Serv 6s..1945
Stmnes
♦Baden 7s
22
16,000
40
255*
July
115*
D ctfs of dep. 1945
100
1085* 1085*
So'west Pow A Lt 68-.2022
Debenture 6s
\7
ser
108
1045* 1045*
8'western Lt A Pow 5s 1957
Conv 6s (stpd)
95*
115*
♦7s
Jan
—— — —
S'westem Assoc Tel 5s 1961
85
Sept
Sept
115*
17
X7
Aug
110
20,000
$7
B ctfs of dep. 1945
June
1045*
—
865*
<
♦78 ser C ctfs of dep. 1945
19
1025*
1025*
1065*
1035*
1055*
Apr
Co¬
of)
dep.i945
86
104M
Sou Calif Edison Ltd—
Sou Indiana Ry4s
ser
ctfs of
Buenos Aires
May
20 M
5,000
------
ser A
♦55*s certificates—.1921
Carolina Pow 5s.1957
Southeast PAL 6s
—
Feb
585*
July
lumbia—
♦7s
Aug
Mar
Jan
1135*
Apr '48
Bogota (City) 8s ctfs..1945
Bogota (see Mtge Bank of)
111
'
30
$1075*
102?* 1035*
Shawinlgan W A P 4 Ms '67
8ou
♦6sctfsofdep
Antloqula
(Dept
Aug
65
41,000
715*
1075* 108
$1085* 1095*
25
2,000
92
112
1015* 1025*
102
—
..1948
10.55*
85*
85*
♦7s 3d
$126
1075*
Feb
1
Feb
Sept
{♦St L Gas A Coke 6s. 1947
Sheridan Wyo Coal 6s 1947
$24
$24
$24
May
14
1st 4 Ms series D
*47
Aug '47
105
14
1st 4 Ms series B
♦7s ctfs of dep. Jan
♦6s ctfs of dep
1085*
$23
1955
96
t
Mar
78
♦Schulte Real Est 6s.. 1951
805*
975*
1 11 I « ». 1
Sept
111
May
1075*
20
30
30
30
30
30
26
Mar
25
1951
$245*
93
108
Bervel Inc 5s
$245*
$24
99
25
Scrlpp (E W) Co 5Ms. 1943
'46
Jan 1947
105
-
108
Jan
Apr
4,000
10,000
1055*
July
36,000
Mar
108
Scullln Steel 3s
Apr 1946
♦78 ctfs of dep. Apr
♦20-year 7s
♦65*s ctfs of dep
♦Saxon Pub Wks 6s...1937
June
Aug
June
1055*
GOVERNMENT
♦78
73
Ban Joaquin L A P 6s B '52
Apr
85
83
75
105
95
55
Mar
June
15.000
July
1952
♦Ruhr Gas Corp 6 Ms. 1953
♦Ruhr Housing 0 Ms—1958
Safe Harbor Water 4 Ms '79
fSauda Falls 5s
1937
1085*
26,000
995*
Queens Boro Gas A Elec—
5 Ms series A
745*
32
103
106
Apr
104
"775*
Mar
1055*
96 5*
965*
1025* 103
83
865*
♦Hanover (Prov) 65*8.1949
1966
4s8erles A
Sept
Sept
Feb
96
1106 5* 1075*
$1055* 1065*
82
Pub Serv of Oklahoma—
Puget Sound P A L 5 Ms '49
1st Aref 5s ser C...1950
Jan
103
97
10,000
2,000
18,000
1035* 1035*
1960
106
51,000
955*
875*
88
104 5* 1045*
102 5* 1035*
w —— -
1st A ref 4 Ms ser F.1981
Apr
Agricultural Mtge Bk (Coll
Danish
4 Ms series D
July
995*
48,000
54
July
$1095* 1105*
-----
Aug
109
8,000
July
136
136
1075*
June
7,000
July
Pub Serv of Nor Illinois
1956
Apr
1065*
13,000
945*
Public Service of N J—
1966
105
1035*
1,000
1055*
105
Mar
27,000
98
905*
935*
Aug
MUNICIPALITIES
Cundinamarca
6s series C
July
July
125*
109
905*
$985*
$15
'59
6% perpetual certificates
July
26
Apr
60
60
♦Prussian Electric 6s..1954
fist Aref 5s
865*
:
14,000
20
76
$15
Portland Gas A Coke 5s '40
.1961
Apr
65
85
6,000
935*
Pittsburgh Steel 6s...1948
♦Pomeranian Elec 6s.. 1953
4Ms series F
July
345*
93
-w
1962
Potomac Edison 5s E.1956
87
Mar
91
91
1961
Phlla Rapid Transit 6s
Apr
Mar
Peoples Gas L A Coke—
Phlla Elec Pow 5Ms.. 1972
July
Mar
$1085*
-.1908
4Mb series B
92
78
90
775*
Penn Ohio Edison—
6s series
Aug
Apr
74 M
4O"666
85M
4,000
905*
6s series A
90
28
30
84
1971
Penn Electric 4s F
Feb
1035* 1035*
~85_
1979
1st 5s
76
87
Sept
Jan
75 M
$25
1964
Penn Cent L A P 4 Ms. 1977
3,000
34,000
114
71
825*
Stamped 5s—1947
♦20-year 7s
Pacific Gas A Elec Co—
1st 6s series B
80
Feb
Sept
103 M
103 5* 103M
96
3,000
28,000
102 M 104
94 M
96 M
'l03M
Wise Pow & Lt 48
Jan
Aug
Sept
105 M 105M
103M 105
103
103 M
1946
109
Jan
64
475*
965*
Apr
1951
July
Feb
535*
1055*
1025* 103
108
1085*
89 5*
925*
525*
July
debs
Aug
96
1065*
108"
100
conv
July
July
2,000
105
1045*
1st Aref 4MsserD.1956
83
2,000
109
105
6s
Feb
9,000
1065*
Apr
Apr
Okla Nat Gas 4 Ms
645*
77
185*
Feb
103 M
3~66O
695*
$83
1954
86 M
Oblo Power 1st 5s B._ 1952
1055*
Waldorf-Astoria Hotel—
93 M
91M
July
825*
Feb
75
93
80 M
805*
Apr
Apr
5,000
29,000
102
Mar
02
945*
19T660
14,000
6,000
50
825*
31,000
16,000
Mar
885*
103 M 104 M
99 M 100
M
June
28
805*
104 M 104 M
94 5*
275*
Jan
86
1969
105
Feb
825*
1966
105
Sept
875*
6b series
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 5a 1957
Ogden Gas 5s...
1945
July
1165*
75
5s Berles C
D
4754
Apr
Sept
575*
3,000
~
108
$
West United G & E 55*s'55
4Ms Berles E
16,000
Mar
48
30
1125*
75
Va Pub Serv 55*s A..1946
1st ref 5s series B...1950
Aug
1095*
Northern Indiana P S—
July
68
107
68
1944
6s
2,000
735*
6s series A
1973
Utah Pow & Lt 6s A..2022
June
35
1952
94
Jan
655*
23
48
$20
685*
(Del) 55*8 '52
Rys (Me)—
Mar
93
48
1085*
Mar
24
9,000
3,000
1155* 1155*
$20
1959
Feb
39
Sept
105s»»
44
47,000
555*
385*
1974
102
7,000
52
United Lt & Pow 6s. -.1975
July
3,000
85 M
1942
1155*
60
New Orleans Pub Serv—
6s stamped
Conv 6s 4th stamp. 1950
United Elec N J 4s...1949
United El Serv 7s
1956
595*
93M
80 M
82
101M 103 M
"84 M
545*
High
Low
Sold
105S32
Twin City Rap Tr 55*s '52
Ulen Co—
♦United Industrial 65*8 '41
♦1st s f 6s_„
1945
6154
40
48
Debenture 65*s
July
Sept
Bonds
of Prices
High
Low
Tletz (L) see Leonard
f Toledo Edison 5s
1962
Mar
40
48 M
50 M
New Eng Pow Assn 5s. 1948
855*
1185*
Apr
54M
51
1950
104 M 104 M
84 M
86 5*
Sept
Jan
Mar
52
1948
Conv deb 5s
New Eng Power 35*8.1961
965*
Apr
69
115M
5s
N K Gas & El Assn 5s 1947
July
92
Sept
58M
80 M
190 M
New Amsterdam Gas 5s '48
High
Low
62 M
37
...
Neisner Bros Realty 6s *48
Sale
Price
1, 1938
Range Since Jan.
Week's Range
Last
[Concluded)
Bonds
88
Friday
BONDS
Range Since Jan. 1,1938
Week's Range
[Continued)
N Y P A L Corp 1st 4
1903
New York Curb Exchange—Concluded—Page 6
147
z
Deferred
In weekly or
delivery sales transacted during
ibbrrviations
Used Above—'"cod,"
•cum," cumulative;
"v t
the current week and not
Included
yearly range:
without, warrant*.
certificates of deposit:
"conv," convertible: "M," mortgage:
"w i," when Issued; "w w."
c," voting trust certificates;
"cons." consolidated
if!8
with warrants
x-w
Financial
1904
Chronicle
Sept. 24, 1938
Other Stock Exchanges
Sales
Friday
New York
Last
Estate Securities
Real
Stocks (Continued)
Closing bid and asked quotations, Friday, Sept. 23
Par
Amer Pub Serv pref
Unlisted Bonds
Bid
Ask
Ask
Bid
Unlisted Bonds
75
B'way 38th Bt Bldg 7a 1945
Bryant Park Bldg 6%s *45
Internal Commerce Bldg
24
11 Went 42d 8t Bldg—
6 Ha unstamped
1945
6%s
40
6
Bendix
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
Last
Sales
Week's Range
Sale
Stocks—
Week
of Prices
Price
Par
Low
com....5
Corp
xl7
18%
*
Low
Bait Transit Co com vtc.*
1st
pref vtc
*
Preferred
114
2%
Jar
Mar
2%
July
600
8
Ma
300
6% Jun;
9
9
Jan
18
21%
4,000
8%
Mar
24%
Aug
7%
7
7%
800
5%
Mar
8%
May
10%
10%
50
12%
Mar
22%
29%
5%
33%
2,800
16%
Mar
36
Aug
8
Mai
Jai
Warner Corp—
(New)
...6
common
81%
10
Butler Brothers
11%
100
5
18
*
f
19
250
14
11%
12%
1,100
6
7%
1,600
5%
7%
5%
7
Sept
Jar
Ap
22%
Mat
15%
Aug
10
July
Mar
19%
19%
250
17%
Mai
24%
July
17%
21
170
15
Sept
20
Aug
150
14
Ap.
25
70%
46
65%
Mar
July
Central Cold Storage com2(
12%
V>%
100
9
Ma-
14
55
112%
June
50%
310
Mai
57%
2 '<•
7%
Cent 111 Pub Ser $6 pref..*
Central 111 Sec—
48
8%
Apr
8*1 t
7
100
•
30%
July
Cent States Pow A Lt pf_*
2%
8
Aug
Jan
Chain Belt <"o com
*
Chicago Corp common..*
18%
3
260
1%
761
7%
200
1
1%
Penna Water A Pow com. *
67
35
12%
2
07
35
Com'l 5% pref2'
12%
1,500
Sept
1%
11%
•
1%
Jan
1%
18%
2
1%
July
35%
110
1%
July-
7.X
Mar
11%
11%
1%
Jun<
May
20%
1 %
Aur
3%
June
11%
1%
%
50
11%
19%
11%
200
27%
1%
301'
.1
%
5%
48
255
Casualty 5
%
Aug
625
6
Jnni
1% Sept
1% May
18% Sept
$1 % conv pref
Central 8 W
—
Common
1
Preferred
*
1%
1%
37
37
2%
1
Mar
10
2%
25%
10
2%
12
June
2%
Jan
July
50
A pi
5%
July
12%
1%
13%
250
1%
3,550
1%
Mar
*
30
30
50
Chic Flexible Shaft com..6
60
600
25%
38%
Mar
July
Jan
80%
July
Jan
2%
26%
10
Jar
5%
July
112
1%
Jai
June
1
19
Mar
1(H)
!
41%
*
July
Mar
1%
Mt Vern-Wood Mis comlOO
Common
10%
11
75%
8
*
&v>t
8%
50
308
1%
17%
~a
116
50
31
1%
16%
~
Mar
4%
Jan
1
Apr
55
15%
103 % 105
1%
300
%
Ma-
%
Mar
16%
Jan
Preferred.
Jan
Mar
12%
Aug
Chicago Yellow Cab cap..*
June
1%
Jan
Chrysler Corp
Jan
1%
Chic Ryi part ctfsI.-.-lOC
Chic Rivet A Mach cap. ..4
65
Ma'
16%
July
2%
Jure
35
Aug
Cities Service Co—
Mat-
3
Apr
10
59%
Apr
35
m
14
2,409
34%
8%
Mar
Ail"
75
37
Jan
17%
July
(New)
Bond*—
%
10
com
%
8
7%
120
9
10%
250
65
f
com
72%
2,386
6%
200
1%
6%
150
0%
6%
Club Aluminum Utensil..*
Coleman Lamp A Store cm*
1%
8
Ma-
10%
Jan
75%
Sept
Sept
6
12%
Sept
10%
Mat
Sept
Jar
2
to
14
June
30
24%
7,160
22
Mar
28
14c
458,017
14%
100
"10"
16
17
24%
24
July
Ma-
64%
1%
Jan
Commonwealtb Edison-
Baltimore City Bonds—
Bait Transit 4s flat. 1975
5s flat
10%
16%
10% $12,000
18 84
1975
lr>
6 Olio
16
Mar
23%
Jan
15%
Ma-
27
Jan
New capital
Rights (Sept debs)
26
5c
Compressed Ind Gases cap*
13
Consolidated Biscuit com.l
7
Consumers
Boston Stock
Exchange
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
Friday
Sales
Last
S ocks-
Par
Week's
Sile
of Prices
Low
High
Price
Range
for
Com ptsh B vtc
*
Container Corp of Amer.2"
Shares
IX
Amer Tel A Tel
Low
1,613
15
0
100
Class C 1st pref (stpd) 100
JulyJuly
12
12
50
11%
16%
July
July
Mar
14
16
Sept
20%
10
10
11
300
IP
Sept
16%
Jan
31
31
50
29
May
10%
10%
50
7%
10%
2%
Mar
15
Mar
.*
...
*
...
Jan
Elec Household Utll cap.5
Elgin Natl Watch Co—-15
Apr
134
15
4%
15
3%
4%
20
20
100
1,600
50
Fitz Sim A Con D A D cm*
7%
7%
50
58%
15
95
13%
Mar
20%
Jan
Fox (Peter) Biewlng com.5
8%
8%
9
350
1
1%
1%
450
7
35
5%
1%
Mar
12
Jan
Gardner-Denver
*
To%
10%
10%
100
4
July
Goodyear T A Rub com..*
Goasard Co (H W) com...*
'25%
%
23%
2X
10%
2%
10%
1-
2%
Sept
Sept
73
8%
Apr
7X
7%
30
5%
5X
5%
200
*
IX
22%
IX
81
24
260
10%
11%
102
19
19%
330
100
Copper Range
May
100
100
*
Co..
Jan
4%
May
7%
Jan
Great Lakes DAD
1%
Sept
3
Jan
22%
52
May
6%
600
10%
Sept
Sept
Harnlschfever Corp com 10
Heileman Brew Co < 1 cap. 1
Jan
Heln-Werner Motor Parts 3
7
8
350
15%
Apr
Mar
35
35
30
Jan
Hlbb Spenc Bart com...2/
Horders Inc com
*
Hormel A Co (Geo) com A*
11%
21%
11%
Feb
21%
14
10%
6%
85
190
4%
0%
June
8X
2%
23
50
%
June
150
18%
Mar
4%
875
3%
Jan
Mergenthaler
Linotype..*
Narragansett Racing Ass'n
Inc
22%
New England Tel A Tel 100
June
30%
20
7%
11
4
95%
95% 101
New River Co pref....100
Houdallle-Hershey ci B
28
July
58
316
2
58
81
Mar
57%
Auv
July
Illinois Brick Co...
109%
July
Illinois Central RR
IX
1X
92
40c
45c
1,199
27
47c
47c
10
30c
18 X
388
13%
May
2%
V?V
200
1 %
June
10
12%
Sept
9X
343
Ma\
9
870
50
25
2%
Reece Button Hole Mach 10
12%
9%
Mining Co
17
Shawmut Assn T C
*
9%
Stone A Webster
*
17
8%
7X
Torrtngton Co (The)
*
United Shoe Mach Corp.2c
22
22%
200
June
Mar
Jar
8
Waldorf System
5%
24
4%
8
Apr
Mar
1%
Mai
8%
Jan
11% June
2%
coin
895
8%
50
Sept
2%
Sept
30%
Aug
Mar
9%
Au<r
2,450
6
6%
14%
Mar
21
100
5
Mar
10%
July
130
5
Sept
8%
7%
June
8
Sept
6%
12%
5%
4
JaD
Mar
lio'%
11
May-
16%
Jan
21%
3,200
5%
Mai
17%
Sept
Sept
8%
Mar
12
July
%
June
2
9%
50
1%
470
5%
100
5
Mar
10%
315
6%
Mar
110% 110%
640
4
71%
57%
50
70%
126
60
128
100
Ma-
3% June
69% July
45%
14
8%
14
110%
7
Sept
18%
JaD
Mar
23%
July
17%
100
4.50
50
15%
11%
Aug
Joslyn Mfg A Supply com./
38
38
50
35
Mat-
40%
Mar
12
July
Katz Drug Co com
Apr
28
July
Kellogg Switchboard
50
Mar
38%
Jan
55c
Mar
1%
Jan
6X
0%
15
5%
Mar
8%
Jan
9M
25
o
fjonf
3%
Aug
80%
July
May
Preferred
3%
500
3
Mar
5%
Jan
0%
7
150
5%
Mar
8%
July
...100
A*
com
pf 50
cum
6% cum ul pref
71%
8
Cumul preferred...
*
Lincoln Printing
"28"
com
81
12
28%
07%
10
53
Apr
5<
3%
3%
5%
Juie
5
Mar
350
%
Feb
1%
150
1%
May
3%
28
20
3
100
19X
20
16
Mar
2%
15%
Mai-
Mar
Jan
Jan
Aug
%
28
July
70
2%
%
19%
"e%
32
4%
23
Mar
Feb
July
Aug
Auc
0%
100
6
Mar
3%
200
2
Apr
4%
Aug
2%
2%
50
2
Mar
3%
Apr
19%
*
0%
3
10
com
Fel
MaMar
3
♦
Lindsay Lt A Chem
65
20
2
*
Lib by McNeill A Libby.
20
50
50
%
F
com
8
24%
3%
1
71%
23 %
07%
5
cap
71%
8
24%
100
Kerlyn Oil Co com A
Kingsbury Breweries
Lion Oil Ref Co
Jan
3%
Lawbeck 6% cum pref. 100
Leath A Co com
*
SECURITIES
Aug
*
com.
La Salle Ext Univ com
Listed and Unlisted
18%
1
Ken-RsdTubeAT'p
Kentucky Utll Jr
Jan
Sept
10%
^17
Jan
Sept
62%
20
17%
Jar
Jul V
78%
15
10%
Jar
55% Aur
12% May
10% June
20
f
Feb
10
50
1
4
*
International Harvest com*
Apr
Sept
5%
8%
Aug
34%
9%
""l%
100
..1
Jan
7%
Iron Fireman Mfg v t c
20
Jan
5
Jefferson Electric Co com.*
605
Jan
%
23%
16
Jarvis (W B) Co cap
78c
July
Mar
Jan
43
Feb
Aug
10
Jan
78
CHICAGO
21
Jan
40%
6%
*
Mar
4%
67c
1,083
Jan
24%
40X
70c
1
Inland Steel Co cap
60c May
73 %
25
Jan
14%
6%
10
Jan
2%
79C
9%
Preferred
Utah Metal A Tunnel Co.l
Motors com
Jan
20
Pennsylvania RR
Qulncy
1
37o
*
Illinois Nor Utilities pfd 100
Indiana Steel Prod com__l
Feb
68
100
Old Dominion Co
34
Mar
5
.....
Hubbell Harvey Inc com./
6
2.50
North Butte
17
27%
20%
8%
com.
July
3%
H upp
4
1
1,250
Mar
6%
2%
1
Jan
8
Copper Co...If
4
July
*
NYNH AHRR
Common...
5%
*
Gillette Safety Razor
Aug
Gen Household Utll—
Hall Printing Co com—10
prior pref
6% preferred
Employers Group
com
12%
10%
East Gas A Fuel Assn—
Common
5%
July
Sept
25
Cl D 1st pref std
Boston Personal Prop Tr
Calumet A Heel a ......26
A pi
820
48%
10
July
73
248
IX
2
17%
May
Fuller M fg Co com
Herald Traveler..*
Feb
Sept
48
300
Jan
Mar
Mar
1%
Boston A Maine—
Prior pref
%
11%
50
272
19
Apr
108
49
100
14%
57
12%
149%
325
48 X
1
1
12
1%
108%
Apr
60
120
Jan
Aug
16
Mar
100
300
100
Auc
12%
June
X
75%
124%
100
7%
18%
*
com
%
X
72%
Boston EilsoD Co
-27c
25
Dayton Rubbet Mfg com.*
110%
1
Boston Elevated
Mai
Dixie-Vortex Co—
High
1
...100
Boston A Albany
Sept
Ma;
3%
11%
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
.25
135% 141X
100
Assoc Gas A E ec cl A
5c
12
57
Cudahy Packing pre'.. 100
Cunningham Drug com2%
Class A
IX
50
50
Deere A Co
Range Since Jan. 1,1938
Week
American Pneumatic Ser
6% non-cum pref
7
May
Co—
Common.
Isle ltoyal
13
19%
19%
1%
Gilchrist
Ja
15
0%
4% %
13
Castle A Co (A M) com. .10
15%
15%
Martin (Glen L) Co com..]
«
9
July-
5% conv pref
30
CarnpbellWyantAOan cap'
1%
19%
Boston
10
8X
1%
Mar
Apr
1%
A
J".m
1
Aug
8
U 8 Fidelity A Guar
%
1%
2%
1
Seaboard
70
450
20%
73%
Common class A......1
com..
200
%
Jai
Mar
Mfrs Finance 1st pref...2/
North Amer OH
IX
1%
4%
Juru
Mar
Mar Tex Oil
New Amsterdam
1%
2%
%
%
7%
100
Merrh A Miners Transp.
5C
9%
7
.1
pref
2%
43
7%
Kldel'ty A Guar FlreCorplO
Houston Oil
Jar
115
113% 114
20
Guilford Realty corn.....!
July
Ma
Auc
1%
Eastern Sugar Assoc com.l
Fidelity A Deposit
19%
27
July
70
mm**'*
100
corn.
287
Jan
100
02
17%
X
...100
preferred
Davison Chemical
%
Mar
Jan
36%
33
>
%
1%
BMssA Laughllo Inc com./
Class A....
High
12%
1%
100
At
1%
»»
CoiihoI Gas K L A Pow...*
5%
599
Mar
45
10%
*
...
Black A Decker com
18%
%
1
1%
1
Bruce Co <KL) com
Arundel
6%
2%
Brown Fence A Wire com. 1
Shares
High
Aviation
Berghoff Brewing Co
Borg
Range Since Jan. 1, 1938
for
146%
Mar
33
*
10
com
Beiden M fg Co com
Exchange
Friday
Sept
3%
Trans C cap.l
Bastian-Blesslng
Baltimore Stock
13:%
2,900
Automatic Washer com..?
Aviation A
High
904
1
Automatic Products com./
9
Lour
10
135% 141%
5%
4%
*
83
West 39th St Bldg 6sf37
Range Since Jan. 1, 1938
Shares
53%
58%
Athey Truss Wheel cap—<
Income 5a 1952 v t c
10 Eaat 40th 8t Bldg 58 '53
1250
Price
1
Associates Invest com
Park Place Dodge Corp—
Week
Co common—5
Asbestos Mfg Co com
1943
-
for
of Prices
Low
High
lOt
10(
Amer Tel A Tel Co cap.
Armour A
Week's Range
Sale
Exchange
21%
25%
300
9
Jan
Paul H.Davis & Go.
„.
16%
Mar
Manhattan-Dearborn com*
50
%
Ma-
1%
Jan
*
10X
9%
12
4,200
Mar
14%
July
Members
Mer A Mfrs Sec rl A cnm.l
4%
4%
5
900
5%
2%
Mar
5%
Aug
Mlekelberry's Food Prod—
Common
1
8%
3%
3%
1,000
1%
Mar
4%
July
5%
4%
5%
1,650
4%
Mar
7%
July
%
%
4,500
%
Sept
2
3%
4%
450
.
_
,
„
,
New York Stock Exchange
New York Curb (Associate)
Marshal] Field
Chicago Stock Exchange
Chicago Board of Trade
com.
...
Middle West Corp cap...5
Stock purchase warrants
10 S. La Salle St., CHICAGO
%
%
Aug
Jan
Midland United Co—
Conv preferred A
*
Miller A Hart Inc conv pf *
Chicago Stock Exchange
Last
Sale
Stocks—
Abbott
Par
Range
of Prices
Low
High
for
Range Since Jan. 1, 1938
Week
Shares
Low
High
__*
com
lor footnote*
-ee
51
51
*
9
*
9X
Aetna Ball Bearing com._l
Products
Common
*
5%
1907
7
July
Sept
50
Aug
15
15
50
11
Ap;
15
Sept
8
150
7
Apr
9
Aug
Natl Battery Co pref
24
7%
*
36%
Apr
90
20
4%
50
4
1%
1%
100
150
13%
850
12
Sept
No American Car com..20
2%
7%
Jan
10 X
Mar
Mar
12%
Sept
Northwest Bancorr com
•
NortbwUttl 7% pref--100
12%
40
14%
4
Mar
June
8
12%
July
Aug
7% prior Hen
Omnibus Corn vtc
100
com
*
July
1%
19
4%
6
Sept
7%
23%
100
50
28%
18%
200
150
MatMar
% June
18
21%
9
5%
52%
26
1,016
4%
Natl Pressure Cooker Co_f
Natl Rep Invest pfd stpd.*
10
8%
.10
page
450
Sept
40%
Noblltt-Sparks Ind com..5
52%
3
41%
July
41%
National Standard com..10
Laboratories—
Common (new)
Adams (J D) Mfg com
Adams Oil A Gas com
Allied
Price
20
6%
Muskegon Mot Spec cl A. *
Nachman-Springfilled cm *
Sales
Week's
3
Feb
Montgomery Ward—
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
Friday
3
3
0
Apr
Mar
2%
50
6%
400
5
Mar
12%
10
8%
Mar
40%
70
18%
Ap-
15%
205
1*%
Rant
1%
Apr
July
25
July-
26%
July
3%
July
8%
Jan
19% May
46
Aug
10%
Jnlv
Volume
Financial
147
(Concluded)
Week's Range
of Prices
Low
High
Week
Price
Par
Stocks (Concluded)
High
Low
Shares
40
Apr
16 k
Aug
Ohio Confection A
6 yc preferred
31.
30
A. 10
30
13k
100
com
13k
Sept
11
Apr
3
Peerless Corp
Richman Bros
3
Seiberling Rubber
*
June
50
3
3
Penn Gas & Elec A com.,"
30
100
9k
Jan
17
19k
248
14k
Mar
24k
Jan
Pennies <1 Lt&Coketar; 100
29 k
28 k
30 k
170
24k
Ma;
36k
July
Peifeet Circle (The) Co—.*
27
27
28
22
May
29
Pennsylvania RR cap...5";
Week
*
Pe ibody Coal Co—
Penn Elec Switch
for
of Prices
Low
High
Price
Par
National Refining
Preferred.
Week's: Range
Sale
fV
Rale
Range Since Jan. 1, 1938
Last
Range Since Jan. 1, 1938
Last
Sales
Friday
Sales
Friday
Stocks
1905
Chronicle
12k
3k
12
565
3k
4
Mar
30
Mar
350
35
33
""3k
60
Apr
k
829
5k
5k
5k
*
Apr
7
4
45
100
45
12k
Sept
2 k
10
45
100
High
Low
165
2k
2k
2k
25
Shares
2
Mar
12
Apr
30
30
78
k
k
150
,.k
Mai
lk
Jan
l
4
4
100
3
Pines Wlnterfront Co com!
Aug
*
9k
60
ZH
12k
July
Upson-Walton
1
4
4
135
June
Potter Co
1
1
lk
900
Sept
May
4
Poor <fc Co class B
7k
lk
Sept
Van Dorn Iron Works
*
2
2k
J
6k
7 k
185
6
Sept
10k
110
Jau
k
Sept
Feb
8k
Aug
39
July
4k
July
Aug
38
July
Mar
k
Aug
com
Pressed steel Car
Preferred...
Rolllnf Hos Mills
85
100
129
2
k
590
lk
Mar
4k
lk
lk
600
k
Mar
2k
105
146
1
com
150
147 k
102
146 k
100
50
com v t c
k
Jan
2k
105
Quaker Oatfl Co common.*
Raytheon Mfg
111
100
.
2
75
75
10
58
75
Sept
23 k
23 k
50
15k
Mar
27k
July
10
10
450
6k
May
13k
Jan
66k
71k
746
47 k
Mar
75 k
July
Schwitzer Cummins cap..l
Sears Roebuck A Co
67k
com. *
Serrick Corp cl B com..
50
2
Mar
5k
21k
50
20
June
28 k
Bend
I-atlie Wks
rap
16
17k
200
Mar
19k
20
90
Apr
10 lk
Aug
10
72
Jan
S'wet Lt & Pow pref
Associate
New York Curl^
Chicago Stock Exchange
Detroit Stock Exchange
Aug
101k 102 k
•
.
Apr
Jan
3
3
S'we.stGas & Elec 7% pflOO
Feb
3k
Members
New York Stock Exchange
Jan
21k
.1
Signode Steel Strap pref.30
K<>
Jan
July
7
Watling, Lerchen & Hayes
Aug
St Louis Natl Stkyds cap. *
*
lk June
5k
July
Sangamo Electric
com
1,005
-
Aug
151
Mar
8 ,'a cum pref
Troxel Mfg
79 k
*
79 k
13k
S andard Gas <fc Elec com. *
3k
3k
100
2k
Ma-
5k
Telephone: Randolph 5530
Jan
Sterling Brewers Inc com.l
2 k
2
k
350
2 k
Sept
3k
June
f
^k
ion
2"0
9k
Sept
10k
DETROIT
Buhl Building
Aug
80
Sept
Stc-a-l-Warner
Su
aT ml
Svylft
8
100
7k
Apr
13
26 k
27
651
22 k
Mar
29
July
17
17k
600
15
Mar
19k
Detroit Stock
Jan
15
25
Exchange
July
8
Mch Tool com 5
International
Swift A Co
5k
600
15k
900
14k
Feb
77
82 k
322
63 k
Mar
8k
128
7k
99 k
50
4
4k
4k
25
7k
United Air Lines Tr cap. .5
U S Gypsum Co com .—20
96 k
Utah Radio iToductscom *
lk
•
July
86 k
•-
H
Sept
9
77 k
June
100
600
2
k
Utility & Ind Corp com...5
3k
k
Mar
150
k
Jan
k
July
Sale
Par
Stocks—
of Prices
High
Low
Price
Sept
3k
July
Auto City Jurewcom.,
June
Baldwin Rubber com
.1
...
50
lk
Mar
14k
16 k
4°0
13 k
June
20 k
Jan
1
25k
27 k
70
25k
Sept
2" k
Aug
Western Un Teleg com. 100
26 k
935
23 k
Sept
30k
Aug
99 k
24
96 k
Sept
106 k
Aug
3 k
20 >
2k
Mar
5
July
WisconsinBankahares com*
3 k
4
250
3k
May
1,150
2k
Mar
50
lk
2k
Yates-Amer Mach cap...5
k
2 k
5k
July
Jan
12 k
Mai
25 k
Aug
596
30
33 k
4,8v8
13 k
17k
i7k
738
15 k
2k
1,800
"2 k
2k
lk
67k
72
3,97*
13
13
266
Brown McL
3k
4
9 k
23 k
Burry Biscuit com....12k
97 k
4
75c
Mai'
67 k
24k
W'house El A Mfgcom._50
Jan
Sept
4k
22
*
-
Williams Oll-O-Matic com*
5k
33c
520
30k
brlggs Mfg com........
Burroughs Add Mach
lk
*
Chrysler Corp com
Consolidated Paper com
Consumers Stl
10
.
-
-
^
«
m-
J.
ik
170
10
Cleve Nav com
May-
9k
July
Det
May
25k
July
Detroit Edison com..
Mai'
37 k
Aug
June
21k
July
3k
July
2
July
36
Mai
76 k
Aug
12 k
Aug
15k
Feb
1.26
400
70c Maj
80c
88c
88c
300
80c
73
98
Jan
lk June
1
Maj
1.25
.
Aug
200
33c
7 k
"22"
Bower Roller.
.7
4k
High
lk
Jau
306
lk
.
Feb
Conv preferred..—
2
Low
i®i6
ik
33c
.1
k
Walgreen Co common
Woodall Ind Inc com
Week
Shares
6k
Allen Electric com...... .1
2
Range Since Jan. 1, 1938
for
Sept
Wayne Pump Co cap
lk
Week's Range
Last
July-
17k
Mar
k
14k
Union Carb & Carbon cap *
official sales lists
Sales
Friday
Trane Co 'The) common.2
Thompson (J R) com
Sept. 17 to Sept. 23, both inclusive, compiled from
Sept
Mar
77
1.50 June
Jan
lk
mm.
"lkii
*
17k
22
5.700
Jan
108
100
98
98
Det-Mich Stove com
1
2
2
2k
2,112
lk
May
3k
Jan
Det Paper Prod com
Zenith Rad'n Corp
.1
2k
2k
2 k
963
lk
June
3k
July
14k
Aug
..
Fed Motor Truck com..
Gar Wood Ind com..... .3
Houdallle-Hershey B
Kingston Prod com.
Kresge (S S) com
official sales lists
Par
Stocks-
Week's Range
for
Sale
of Prices
Week
Price
High
Low
Low
Shares
High
...
.
...
Ldy Mach
Burger Brewing
Champ Paper pref
lk
*
lk
95
96
10
*
9
9
Cin Gas A Elect pref
20
100
93 k
Cln Street
50
3
Cin Telephone
Dow Drug
50
81
93 k
3
Feb
19k
Aug
25k
Mai
2k
2k
Sept
1.2c
1.26
1.26
950
2k
290
14k
2k
14 k
16k
5,89 V
6
1,650
5k
3
*
*
pref....
655
Apr
1.25
Jan
32c
Sept
July
Jan
Pfeiffer Brewing corn...
12k
«
1,200
ik
1,400
19 k
62c
11
9
5,000
4
5
1,820
3k
901
31k
Mar
41
6 k
Apr
12
1,130
1 k
May
58c
7k
4k
40 k
39
-.»-
31
33 k
253
30
Mar
33 k
Aug
Standard Tube B com
—
Apr
9k
Mar
Timken-Det Axle com
—
10
.2
Rickel (H W) com
River Raisin Paper com.
8k
8k
*
16k
17k
12 k
Mar
17k
Aug
Tivoll Brewing com
*
16k
i7k
321
Lunkenheimer.
40
17k
Aug
20
Apr
Tom Moore Dist com
Manischewitz
*
10k
10k
5
Jan
10 k
Jan
Union Investment com..
_
P A G
*
Mar
57 k
Aug
United Shirt Dist com—
_
*
52 k
14
222
Randall A
50 k
14
June
14
14
36
13 k
June
25
25
.5
21k
Jan
4
50
Sept
16
Jan
27
31k
k
Mar
10k
July
5k
July
Mai
Aug
Jan
Jan
6k
800
4k
Mai
3k
8k
ik
100
lk
May
2k
3k
3k
325
2k
Mar
4
2k
2k
Jan
Aug
7
Feb
.... .
—
.
2k
i3k
2k
300
2
Mar
4k
Jan
4k
July
July
July
1,250
lk
Apr
1.445
8k
Mai
2k
June
Jan
Aug
16
4k
Mar
•»
*
2
2,540
40c
100
40c June
lk
Jan
3k
3
100
3k May
6k
Jan
3
3
225
2k
5
Jan
2k
*
*
3k
40c
2k
200
2
2k
3
.1
*
3k
14 k
12
A
*
Universal Cooler A
3k
*
.
Kroger..
10
July
Jan
20
39 k
Jan
22 k
lk
A
7
30
2.00
Mar
87c June
6
6k
.
*
Jan
75c
60c
lk
-
^
Prudential Investing com A
Hobart A
80c June
19k
60c
-
*
Jan
5 k
55c
Sept
5
July
4k
Mar
60c
2k
28
U S Printing nref-.,
Jan
25c
300
2
110
Card
lk
3,800
2
Apr
U S Playing
575
32c
Penin Metal Prod corn.. A
Apr
14
lk
65c
Jan
5k
Jan
July
23
62c
1
8
Mar
.*
10
50
20
Mar
17
Jan
30c
7k
3k
8
50
7k
10k
11
2k
Parker Wolverine com..
7k
Rapid
3k
4k
22 k
16k
Mar
8k
100 k
*
lk
20
*
5
....
102
*
91
com
July
10
27k
Kahn
19k
'
110
110
Mai
2k
*
27
9k
110
15k
*
*
Early A Daniel pref
Jan
1,150
18
18
Jan
85
Jan
75 c
3k
look
Jan
Sept
9k
Api
Murray Corp com
May
17k
Apr
Mai
Parke Davis com—....
3
Jan
Mai
lk
Packard Motor Car com.
75
Jan
3k
37c
Aug
60
lk
Mar
1,300
Mar
May
Jan
70c June
2
1,1,30
Sept
_
Jan
Aug
3 k
58c
*
_
4k
so
2k
31c
_
Jan
July
2k
""lk
Motor Products com
7k
52c
,i
Mid-West Abrasive com5(k
Aug
July
2k
~i
_
11
7k
A
Masco Screw Prod com
9
June
5k
4k
8
2k
Apr
2
110
360
105k
10
k
5,98*
Gibson Art
10
100
Eagle-Picher
Mai
Feb
Feb
90
10
5k
4
June
6k
101
81
80
94
223
3
3
3k
*
96 k
Mar
lk
800
100
Churngold
Mar
3k
15
10
16
16
20
Amer
15
4k
1,180
2k
10
Mich Sugar com.,
4k
*
Aluminum Industries
6 k
46 k
2k
-
McClahahan OH com... .1
.1
McClanahan Ref com
Range Since Jan. 1, 1938
Last
Mai
Lakey Fdy & Mach com. .1
Mahon (R C) A
Sales
Friday
5k
2k
-
_*
Iiurd Lock & Mfg corn-
Sept. 17 to Sept. 23, both inclusive, compiled from
200
2k
Hudson Motor Car com.
Cincinnati Stock Exchange
8k
Apr
42 k
L
-
10
Ball Lamp com
Teletype: CIN 68
Telephone: Main 4884
Mai
3
43k
.1
_
....
Goebel Brewing com
BUILDING, CINCINNATI, O.
Mar
2k
1
General Motors com
Graham-Paige com
TERMINAL
DIXIE
■.
6
100
200
.1
General Finance com...
New York Stock Exchange
Cincinnati Stock Exchange
■*.
24?
3k
5k
-
"l
Fruehauf TraUer.
Members
*,
4
3
8k
«.
-
13
4
_*
.
Feu Screw Works com— _*
W. D. GRADISON & CO.
13
*
Federal Mogul com
Cincinnati Listed and Unlisted Securities
-
-
k
k
Apr
June
lk
Mar
3k
1 k
Apr
60c
Sept
Jan
5k
k
Jan
*
Warner Aircraft com
...
Ik
ik
ik
*
B
Walker & Co B
100
2 k
2k
2 k
200
6O1
60c
60c
614
19c
300
18c
July
k
Jan
uo
3k
Mav
7Vn
July
J
18c
.1
Wolverine Brew com
6
6
Wolverine Tube mm....
July
3
Jan
ik
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Wm.Cavalier&Co.
MEMBERS
GILLIS M RUSSELLco.
Neuj
Los Angeles
Union Commerce
Building, Cleveland
Los
inclusive, compiled from official sales lists
Apex Elect Mfg
Week's Range
of Prices
Low
High
pref—
.100
Price
...1
70
70
95
9
180
66
10
14
14
83
51k
53
539
High
Low
4k
70
8 k
Sale
Par
Stocks-
Apr
Aug
13
July
80
July
Aug
12 k
Jan
Co—i
Cons.. 1
Bolsa Clilca OH A com.. 10
Bundiril
Petroleum
Barnhart-Morrow
Invest Corp... 100
Central
May
66
June
20k
Jan
Chrysler
41k June
18 k Sept
64k
Jan
Claude \Teon Elec
63
14
Sept
Corp
Gen Tire & Rubber prf.100
Goodyear Tire & Rubber.*
Hanna (M A) S5 cum pf._*
13
93
84
84
25k
84
25k
340
25k
93
93
125
88
Jan
Aug
Sept
Apr
*
4k
4k
170
3 k
Mar
*
8k
8k
15
5k
Mar
—
Murray Ohio Mfg
footih'te* sec
inutr
1907.
*
Derrick A Equip..5
Preferred
75
July
Emsco
85 k
Mar
Exeter OH
28k
97 k
6k
12
Sept
July
Jan
July
Co A com..
1
10
Paint Corp com..*
General Motors com
General
Aug
10k
Sept
Mar
iok
4k
800
2k
Mar
8k
300
8
8
100
6k
90c
Consolidated Steel Corp..*
Mar
84
76 k
Mar
7k
90c
July
13
60
Mar
6k
8
21
May
5
36
Gladdliig-McBean A Co—*
Ooodvear Tire Af Rub Co.*
42
7
9
26 k
42
7
u
26 k
Jan
18
400
8k
Mar
10
65
200
Apr
1,400
4
Jan
11
110
Aug
10
8
32
1,695
Ilk
65'
Jan
1,000
4k
40
8k
594
17 k
45c
Mar
15k
4
20 k
10k
Apr
lk
15
8
15k
Sept
25c
3
10
18 k
5
2k
100
15
70
10k
May
3,000
25c
3 k
9k
16 k
High
Low
25c
8k
20k
*
4k
1,1938
Week
Shares
3
66 k
*
Elect Controller & Mfg
4 k
Range Since Jan.
for
25c
9k
8k
—.1
Colonial Finance
4k
of Prices
High
Low
66 k
Prods..*
Consolidated Oil Corp
*
Cliffs Corp v t c
Price
Week's Range
5
.100
Cleve Railway.
1 or
50
66
*
Cleve Cliffs Iron pref.
Lamson <fc Sessions
8
9
70
.100
Clark Controller.
Shares
8
*
City Ice & Fuel
Preferred
Last
Week
100
Sales
Fridiy
f'T
Sale
official sales lists
both inclusive, compiled from
Range Since Jan. 1, 1938
Last
Par
Teletype L.A. 290
Angeles Stock Exchange
Sept. 17 to Sept. 23,
Sales
Friday
Stocks—
Los Angeles
523 W. 6th St.
Cleveland Stock Exchange
Airway Elect pref
San Francisco Stock Exchange
Stock Exchange
A. T. & T. OLEV. 565 & 566
Telephone:CHerry 5050
Sept. 17 to Sept. 23, both
Chicago Board of Trade
York Stock Exchange
k
1.05
46
7
o
26 k
6,300
500
200
July
6
Apr
11k
July
Mar
10 k
July
52c May
1.10
25k
Mar
6k
Mar
9
100
7
200
17
Aug
Aug
50
k
Jar
12
July
July
Apr
2°k
Aug
1906
Financial
Last
Hancock Oil Co A
Par
*
com
Week's Range
for
Sale
(Concluded)
of Prices
Week
Low
Price
35
High
35
36
Range Since Jan. 1, 1938
Shares
Low
1.05
1.05
1.15
12?*
2?*
12?*
2?*
1,600
Los Ang Investment Co. 10
4
4
1
2?*
2?*
2?*
Aug
Friday
Mar
1.30
Sept
Last
Week's Range
for
15?*
Aug
Sale
Week
Jan
Mar
of Prices
Low
High
41
May
2
3?* June
4,600
80c
Mar
3**
July
July
50c
1
40c
40c
40c
1(K.
25c
Aug
5c
3c
3c
3c
3,000
3c
Feb
Nordon Corp Ltd...
1
9c
9c
9c
3,500
6c May
,
Stocks—
Aug
100
Mid-Western Oil Co
9c May
21c
Par
Occidental Petroleum.
Oceanic Oil Co
1
90c
Pacific Clay Products
Pacific Distillers Inc
*
8
1
30c
30c
Pacific Finance Corp coralO
Pacific Indemnity Co...10
13?*
12?*
14
400
22?*
22?*
22?*
200
4?*
500
3
8
30
Mar
21c
21c
100
90c
90c
8
8
30c
4
50
Rice Ranch Oil Co
21c
Preferred
4
34
34
30C
400
75c May
100
5
200
30c
34
17**
100
110
Arkansas Natural Gas...
Preferred
July
18c June
Price
Sales
Allegheny Ludlum Steel..*
2K
10 *105
21?*
Feb
Sept
Jan
110
2?*
122
2?*
High
Mar
11?*
4
Sept
Jan
5?*
5?*
101
4?*
Mar
6?*
Jan
40?*
14?*
42?*
149
24**
Mar
July
15?*
10**
292
10**
Mar
47**
19?*
135
Jan
Blaw-KnoxCo
*
Byers (A M) com
Carnegie Metals
*
1.20
Jan
Jan
9?*
July
Mar
49c
Jan
9K
Mar
Mar
15**
26?*
Aug
Duquesne Brewing Co...6
Mar
6%
July
Electric Products
July
Follansbee Bros pref... 100
9**
July
July
18**
9K
40
6?*
Mar
60c
60c
60c
300
50c
May
6?*
5?*
6**
268
5
10?*
1
Columbia Gas & Elec...
10?*
110
6?*
6?*
100
6?*
7
*■
6?*
1
20c
20c
100
26c May
Fort Pitt Brewing.
6?*
6?*
7?*
2,800
Mar
8**
July
3?*
3?*
3?*
900
2?*
Apr
3?*
Jan
Kopperw Gas & Coke pf 100
lone Star Gas Co
._*
V
Ryan Aeronautical Co
1?*
IK
1?*
400
1.05
Mar
McKinney Mfg Co....'..*
1
1
110
2?*
Low
20
17**
100
Richfield Oil Corp com...*
Roberts Public Markets..2
20c
Range Since Jan. 1, 1938
Shares
..*
Armstrong Cork Co
5?*% preferred
1938
Pittsburgh Stock Exchange
Mar
25
3?*
6?*
4
Menasco Mfg Co
Merchants Petroluem Co
Republic Petroleum corn.l
24,
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
65c
700
2**
High
5?*
1,000
4,300
12?*
HolJy Development Co
1
Lockheed Aircraft Corp-.l
Los Ang Industries Inc...2
Sept.
Sales
Friday
Stocks
Chronicle
16c June
5
90c
8K
Apr
14
Apr
6?*
9?* Mar
11?* June
Mar
5
Jan
90c
740
'76?*
9X
3,418
6**
Mar
10?*
July
Apr
1 ?*
Feb
90c
70
8
50
13** July
1**
Jan
9?*. Jan
76
70c
Feb
70
Sept
95c
July
105
Shell Union Oil Corp
*
Sierra Trading
Corp
Signal Oil & Gas Co A
110?* 110?*
27
25?*
13?*
13?*
110?*
25?*
13?*
25c
14c
15 c
*
31?*
Sontag Chain Stores
29
20
100
13**
Jan
Aug
31
17
July
300
90c
4**
4?*
700
4**
Apr
6**
Jan
Natl Fireprooflng Corp...5
2?*
2?*
100
1?*
Mar
3?*
July
Mar
July
Sept
Pittsburgh Brewing pref.
25
Mar
18
100
120
1
16c
Aug
33?*
Aug
Pittsburgh Screw & Bolt.
Plymouth Oil Co
7**
Jan
10?*
Aug
20**
20**
22
800
19**
Mar
24?*
July
Reymer & Bros
25
36?*
36?*
36?*
200
35
Jan
38?*
July
25
27
26?*
25**
Apr
28?*
July
25**
25**
27?*
25**
1,100
25
100
23?*
Apr
Aug
Southern Pacific Co...-100
Standard Oil Co of Calif..*
28**
July
Jan
Original pref
6% pref B
5?* % pref C
Sunray Oil Corp
14?*
2?*
Superior Oil Co (The).._25
35?*
16
1,300
9?*
Mar
28
14?*
1
30
1,800
25?*
Mar
26?*
21**
34?*
2?* June
3?*
*
2**
2?*
300
353*
35?*
100
26
Jan
46
Mar
July
San
6
Taylor Milling Corp
*
Corp
9**
9?*
21
5
9?*
20?*
19**
20?*
Universal Consol Oil
10
14?*
14?*
8?*
8?*
Weber Rhwcse A- Fix 1st pf *
5
5
3?*
9**
9?*
25?*
July
2
Jan
9
Sept
3?*
14?*
July
10
.50
9
15**
lc
7,500
lc
Jan
2?*
1,000
1?*
Apr
United Engine & Foundry 5
34?*
United States Glass
25
.*
65 c
Sept
Mar
13?*
125*
22?*
Jan
July
Lone Star Gas
6**
Jan
20?*
5**
Mar
22
100
Mar
50c
36?*
Aug
July
Jan
1?*
26
200
26
Aug
45
1Q
22
832
15?*
Mar
28**
July
96?* 101**
123
62?*
Mar
107?*
Jan
111?* 111?*
30
112
Jan
"21?*
Jan
Aug
100
70
65c
Jan
Unlisted—
Mar
35?*
65c
Jan
3c June
4
26
Westinghouse Air Brake.. *
9K
3?*
0?*
Mar
150
3?*
9
lc
8?*
5
3**
July
2?*
34?*
17?*
8?*
Wellington 011 Co of Del..l
July
9?*
1
Vanadium Alloy Steel
July
106?*
.1
100
16
Van de Kamps Bakers...*
21
3?*
9
30
Apr
4?* May
Toy Mining Co.
900
9?*
25
56
340
Shamrock Oil & Gas
1,800
1,500
9?*
10
2
Union OH of Calif
19?*
201
7**
"3?*
*
com
Westlnghouse Elec &Mfg50
Transam erica
105
99**
6?*
6?*
Ruud Mfg Co..
So Calif Edison Co Ltd..25
25
96?*
Plttsburgh Plate Glass..25
May
5c
700
9
Jan
Mar
23?*
2,000
32
9
9
*
15c
112
.
July
1
Mountain Fuel Supply.. 10
Ban J LAP 7% pr pref. 100
Security Co units ben Int.*
3
1
Mar
75
3?*
3?*
9**
Sept
12c
6?* % pf 100
111?*
108
Apr
July
5
Sept
200
9
Apr
200
Feb
July
6H
Jan
ST.
LOUIS MARKETS
Mining—
Aiaska-Juneau
Gold
10
Blk Mammoth Cons MIOc
<
13
Feb
25c
25c
25c
1,500
Mar
39c
8?*c
8 ?*c
10c
15,800
?*c May
16?*c
Aug
10c
10c
10c
6,500
6c June
22c
Jan
2
2
2?*
300
I. M.SIMON & CO.
Aug
Mines.. 10c
1
Calumet Gold
Apr
Jan
Cardinal Gold
Cons Choilar GAS Mng. 1
1?*
Sept
Imperial DeveIopment_25c
lc
lc
lc
24,000
lc
Mar
4?*
3?*c
Zenda Gold
4c
4c
4c
1,000
3c
Mar
9c
1
Business Established 1874
Enquiries Invited
Apr
on
all
Mid-Western and Southern Securities
MEMBERS
New York Stock
Unlisted—
Amer Rad A Std Sanitary *
Anaconda Copper
50
14?*
14?*
30
Borg-Warner Corp
32?*
5
Columbia Gas A Elec
*
Commercial
*
Solvents
Continental OH Co (Del).5
500
9**
Mar
16?*
1,100
21?*
May
36?*
32?*
200
30
July
6
200
6
Sept
9**
28?*
9%
28?*
9**
100
8?*
22?*
28?*
100
Electric Pow A Light
*
8?*
8?*
9**
300
General Electric Co
*
40?*
40**
40?*
100
8?*
International Tel A Tel..*
36
Aug
315 North Fourth
'
6
6
8?*
July
12
Jan
Mar
32?*
Aug
8
Sept
13**
July
28
15
North American Co
8?*
15
Mar
45**
100
5?*
Mar
10
17
400
10**
Mar
8
St. Louis Stock
Jan
July
21?*
7**
75*
200
6
Mar
11
.*
17?*
17?*
17?*
100
15
Mar
23?*
8?*
10**
400
6**
Apr
11**
July
5?*
6?*
500
6
Mar
Republic Steel Corp
16**
17?*
400
13
May
Friday
July
10?*
5?*
15
Standard Brands Inc
*
6?*
6?*
Studebaker Corp
Texas Corp (The).
1
6?*
6?*
25
42?*
40?*
7**
7**
42?*
25
25
United
Corp.
f
Corp (The) (Del).*
200
6?*
400
5
July
8
Aug
20?*
July
Sept
9?*
Jan
Apr
85*
46?*
Aug
200
34?*
25
100
24?*
Apr
2?* June
30
200
300
25** June
48
63?*
May
2**
2**
10
42?*
42?*
2%
43?*
U 8 Steel Corn
*
55?*
55?*
57**
200
38?*
Mar
Warner Bros Pictures
5
5?*
5?*
5?*
300
3?*
Mar
US Rubber Co
Aug
July
3?*
July
Sept
.Tilly
8
July
Stocks—
Par
American Inv
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
com
Burkhart Mfg com
1513 Walnut Street
*
6K
Friday
ser
'36
8
Last
Sale
Stocks-
Par
American Stores
American Tel & Tel
Price
Week's Range
of Prices
High
Low
for
com...
Week
Shares
Low
*
5X
7?*
60
5
Aug
100
138 ?*
135 H 141K
364
111?*
Mar
10
Bell Tel Co of Pa pref—100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
is ?*
200
116 H
114?* 116 K
271
12?*
1125*
272
3**
Barber Co
Chrysler Corp
6
Curtis Pub Co com
16 K
4X
5
Jan
23**
119**
July
July
Mar
65*
67*|
Mar
5**
"28 H
43
Lehigh Coal & Navgtn..*
Lehigh Valley
80
77**
8?*
Pennroad Corp v t
Pennsylvania RR
*
1
c
Penn Traffic com
50
6?*
IK
17
2?*
45*
Mar
26 H
29 X
46
873
21 ?*
Mar
2,653
25?*
4K
439
3
May
4 ys
147
3
Mar
7% preferred
Salt Dome Oil
50
Mar
Jan
Jan
Aug
50
Preferred
Apr
50
Aug
46
30
27
Jan
50?*
Aug
31?*
11**
55c
8?*
Sept
Jan
14?*
5c
30c
Jan
1
Feb
184
28?*
May
36
Jan
11?*
80
95*
Mar
13
Jan
7?*
20
41*
Apr
9
Aug
33
Sept
33
*
15
com
33
10
27
Feb
17
125
14
June
20?*
28
20
25
June
32
10
115
9
June
13?*
July
10?*
101*
7?*
100
8?*
Feb
13}*
July
7?*
81?*
2?*
10c
July
Jan
40
5
Mar
10
July
8
95
June
107
Sept
5
81?*
Sept
85
105
81 J*
Aug
"
2H
75
2
June
6
6
50
6
Sept
10c
10c
100
10c
Sept
3
9?*
Jan
May
12c June
5
6?*
„
^
29?*
5?*
75
4
6?*
6?*
50
4?* June
7?*
60c
60c
10
45c June
1.23
Jan
328
16?* June
365*
Aug
$3,000
19?* June
28
28
30
22?*
225*
Sept
7
Aug
Jan
Bonds—
Swstrn Bell Tel 3 **8.-1964
San
Sept. 17
to
......
Francisco Stock
Jan
Exchange
Sept. 23, both inclusive, compiled from official sales lists
Par
Price
490
4?*
Mar
8K
Sales
Mar
Jan
Alaska Juneau Gold Min 10
9K
19 Ys
1,794
14?*
Mar
2K
30 H
Jan
Assoc Insur Fund
Aug
2H
Feb
Range
Range Since Jan. 1, 1938
for
Week
Shares
Low
High
Jan
1?*
2
100
2
26
112
Feb
117?*
Sept
29?*
366
29?*
Apr
IK
2X
2 K
299
1?*
Sept
32?*
2?*
July
120
2
Mar
4?*
Inc.-.10
Atlas Imp Diesel Engine..5
Byron Jackson Co
9
95*
4K
4?*
45*
600
2K
Jan
6
6
7
695
4?*
Jan
10
May
4,988
9
Mar
139*
5?*
Feb
Aug
Jan
Feb
2,868
10**
46
48
50
35?*
Mar
47
Aug
35
35?*
23
26?*
Mar
36
July
116
2,300
h«
Jan
K
Feb
118
27 K
May
161
**
Sept
2K
Mar
IK
2
292
3 K
Mar
2H
977
1H
1?*
Jan
2%
Mar
3**
33**
11?*
110**
Jan
,
*
81?*
....
3,781
35 H
For footnotes see page 1907.
Sept
of Prices
Low
High
46
95*
Apr
11
45
Week's
Jan
27
1
50
Sale
19
*
815
39
105
1K
Tonopah-Belmont Devel.l
Preferred
8
Last
14**
United Gas Imprvmt cm.*
7?*
614
2K
2J4
Sept
Friday
17
Transit Invest Corp pref..
Union Traction
50
United Corp com
*
Apr
50
Aug
1
Bridge.*
10
Jan
July
*
Scott Paper
Tacony-Palmyra
10?*
1
*
5*
H
26?*
27
156
22?*
Mar
9?*
10
5,474
8**
Mar
123
99?*
Mar
107?* 109?*
July
Jan
Aug
16
16
17
440
13?*
Mar
22
July
20
20
20
20
220
17
Mar
21
Jan
20
20?*
20?*
20?*
100
19?*
Mar
21?*
Jan
*
Calamba Sugar com
Calamba Sugar pref
CaUf ArtTUe A._
Corp
Sept
27**
July
29J*
2H
6?*
204
7?*
10
IK
116?* 117 J*
25
730
45
16?*
5J*
17
2
Phlla Elec of Pa $5 pref..*
Phlla Elec Power pref
Phlla Rapid Transit
Sept
11
33
£
com
com
warrants
Stocks—
Nat'l Power & Light
July
May
121
27?*
17
10
Scruggs-V-B Inc
Mar
190
4
—
*
*
Aug
31**
50?*
5?*
7?*
50
1,839
6H
41?*
4K
»
*
com.
St Louis Pub Serv com
Aug
Mar
4%
72 X
2?*
Aug
Aug
Jan
Mar
64?*
5?*
36
Jan
June
35?*
4?*
33?*
Mar
47
7
20
com
Wagner Electric
Jan
23?*
107
Aug
5
'
Bldg Eqt cm. *
Steel
25?*
47
55c
«««•«.
Rlce-Stix D Gs 2nd pf. .l00
Seullin
11**
149**
45*
*
Elec Storage Battery..100
General Motors
10
6H
10
100
St Louis Bk
6?*
Jan
2**
25?*
46
_
*
corn
Sterling Alum
High
212
7**
^
*
com
St Louis Car com
Range Since Jan. 1. 1938
35*
June
11
50
Midwest Pipng A Spy cm. *
Natl Candy com
_*
Sales
Jan
45
Mo Portland Cement cm-25
Sept. 23, both inclusive, compiled from official sales lists
26
3?*
Griesedieck-West Brw cm-*
1st pref
to
100
30
Laclede Steel
Philadelphia Stock Exchange
31?*
31**
60
Knapp Monarch pref
30 Broad Street
Sept
27
McQuay-Norria
NEW YORK
4
120
Key Co
New York Curb
Exchange (Associate)
PHILADELPHIA
10?*
30
27
Hydraulic Prsd Brk cm-100
International Shoe com..*
Philadelphia Stock Exchange
105
4
120
Johnson-S-S Shoe
New York Stock Exchange
23
*
Hyde Park Brew
Members
20
Ely & Walker D Gs 1st pf-100
Preferred
High
150
22
22
Coca-Cola Bottling com..!
Columbia Brew com
5
Falstaff Brew com
Low
22?*
4
.1
Century Electric Co....10
Dr Pepper com
Range Since Jan. 1, 1938
Shares
22?*
Hussmann-Ligonier cm..*
DeHaven & Townsend
Sales
Last
Hamilton-Brown Shoe cm-*
Established 1874
Sept. 17
Exchange
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
July
Paramount Pictures Inc..l
Radio Corp of Amer
*
United Aircraft
St., St. Louis, Mo.
Telephone Central 3350
Aug
•
8?*
New York Central RR...*
Nor American Aviation..1
*
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
Jan
32?*
Exchange *
St. Louis Stock Exchange
July
29?*
15**
33**
14?*
11
14?*
130
Jan
149*
July
2.00
July
B
1.65
Calif-Engels Mining Co..*
Calif Packing Corp com..*
Preferred
50
Carson Hill Gold Min cap 1
Caterpillar Trac Co com
*
..
Central Eureka Mining
Chrysler Corp com
1.65
20c
160
500
1.25 May
15c June
38c
Jan
19
401
155*
Mar
24
Jan
48?*
48?*
49
70
45?*
Apr
52
July
40c
1055*
2.50
2.40
Corp (Del) _*
20c
18
1
_l_5
1.30
18
1
Preferred
C Neon El pf
20c
8
67
9?*
40c
40c
100
1.5c
Apr
40c
Sept
1055* 1055*
40
Mar
57?*
July
2.40
2.60
5,000
1.65
Jan
2.85
Aug
2.40
2.60
5,600
1.65
Mar
2.80
71?*
1,553
37?*
Mar
Aug
Aug
9?*
130
6 5*
Mar
77 K
10
67
9?*
30
Aug
Volume
Financial
147
Sales
Friday
Range Since Jan. 1, 1938
Last
Week's Range
for
Sale
Stocks {Concluded)
of Prices
High
Low
Studied by Haskins
37%
10
*
37%
37%
196
30
24
Clorox Chemical Co
ConR Chem Ind A..
24
24
471
22**
Cream of Amer Inc v t c__l
3%
9%
9%
*
77 **
77%
Preferred
Mar
7**
Mar
14%
July
80
330
56
Mar
82%
July
3
3
103
3
Mar
5**
Jan
19
Fruit Corp pflOO
Doynbecher Mfg Co
3%
3
Di Giorg Fruit Corp com 10
Di Giorgio
500
19
21
145
4
4
4
*
18**
250
Mar
33
Mar
38
Sept
310
62
Mar
88
June
960
17
Mar
33
151
6
Mar
11?*
July
about
Aug
completed.
July
have consulted with a number of individual
36 **
36%
36%
10
Firemen's Fund Ins Co..25
83
81%
83
Food Machine Corp com 10
20 J*
29%
30**
Gen Metals Corp cap. .2**
10
10
10
25?*
Mar
835
6**
Mar
10
4,003
2%
Apr
5%
Sept
35%
115
25**
Mar
39%
July
20
461
18**
Sept
29%
Jan
66c June
1.30
Sept
465*
10
41 **
Genera] Paint Corp com..*
6%
6%
8
Golden State Co Ltd
*
4%
4%
5%
Hancock Oil Co of Cal A.*
35%
35%
Hawaiian Pin Co Ltd....*
20
20
4,022
-
1.00
Hunt Brothers pref
10
Langend'ftJtdBakAunstpd*
1.00
20%
21**
435
80c
80c
80c
220
75c
1.75
1.75
1.75
120
1.50
155*
240
15
15
3,150
13?*
12
80
39**
39%
39**
Langendorf pref
Class
!
1.20
21**
1
*
Jan
49?*
41 %
10
24
Mar
July
Jan
tory might be of benefit to
35?* May
1,675
Apr
10**
Aug
1,855
Mar
29?*
Aug
12
12
13**
2,125
5%
Mar
16
Aug
60c
866
50c
Jar
2%
Magnavox Co Ltd.
Menasco Mfg Co com
N American Invest com 100
No Am Invest 5** % pf 100
80c
Mar
1,300
1,195
3 J*
Mar
10
Mar
12**
Mar
Apr
8
July
40
Jan
Mar
13?*
Feb
Mar
28%
Jan
17c June
30c
Jan
6%
180
31%
20
North American Oil ConslO
11 J*
11%
11%
305
Occidental Insurance Co 10
26
26
26
.
210
1
Occidental Petroleum
Oliver Utd Filters A.....*
21c
21c
*
Pacific Amer Fish com
5
Pacific Can Co com
*
.
21**
350
5%
680
6%
6%
6%
500
10
9
9
9%
23
131
4%
21
21
4 **
B_
21c
17
3?*
6**
7?*
Sept
4?*
942
24
Mar
15
Mar
Mar
10
9?*
creation of a central
Exchange operations.
,
Aug
3?*
deposi¬
The'.Exchange countered
with the appointment of the special study committee on central depository,
headed by Paul V. Shields.
»
v
Because of the complexity of the problems involved, Haskins & Sells
have been asked to go into details of the proposals before any formal recom-
July
7?*
6%
31%
July
150
8%
31
6%
3**
2.40
10
10
Jan
10%
7%
7%
...*
Na torn as Co
2.40
2.40
1
National Auto Fibres com 1
1.13
Exchange Com¬
of the Securities and
Douglas, Chairman
O.
William
Aug
10
the firm's
' {•-
affairs.
Aug
235*
with
operations in specific cases
special reference to the costs involved and the facility of handling
17**
9%
55c
central depository would affect
a
of the accountants
deter¬
houses in an attempt to
41
20%
55c
mine how
In working on the problem representatives
mission, was the author of the suggestion that
9%
3%
month and their share of the task is believed to
a
1.50
20 %
contained in the
23:
the accountants has been under way for
be about one-half
The study being conducted by
2.90 June
Apr
13
New York "Herald Tribune" of Sept.
Au
*
J-nckheed Aircraft Corp..l
Sept. 22.
Sept
1
B._
LeTourneau (R G) Inc
Further details of the plan were
26**
31**
10
Hunt Brothers com
by member firms, it was made known on
securities held
July
31%
9**
study
for
possible establishment of a central depository
37
31%
Honolulu Oil Corp cap
the
July
1,015
Holly Develop Co
of
certified public accountants, to aid in a
14J*
12%
com
Jan
5
Haskins & Sells,
Mar
11%
General Motors
Jan
28
Mar
3% June
12%
Eu-^orlum Capwell Corp.*
Preferred (w w) ......50
Fireman's Fund Indem_.10
has engaged the firm of
The New York Stock Exchange
Jan
5,594
11%
& Sells
Sept
July
4%
4
3%
Crown Zellerbach com...5
37%
33
Mar
May
of
be
New York Stock Exchange to
Member Firms of
High
Low
Shares
Depository for Securities
Establishment of Central
Week
Price
Par
1907
Chronicle
mentation is made to Exchange
It is understood
members.
that the committee as well as
be useful in the present
is
parallel in the
enough to
is regarded as not important
study.'"'
proposed creation of one
An alternative to the
the accounting firm
There is a partial
working in almost entirely new ground.
system employed in Berlin but this
central depository is con¬
that the securities be divided among
Aug
tained in the suggestion
July
for safe-keeping instead of in a
existing banks
special depositary.
Jan
Sept
Pacific Coast Aggregates 10
2.00
1.75
2.25
7,103
Jan
2.05
Jan
Pacific Gas & Elec com-.25
25**
25**
26%
2,009
23
Mar
29**
July
25
25
*
29
28%
29%
2,124
27
Mar
30**
July
26
26
26%
654
25**
Mar
28
36
36
709
32**
Mar
*
106
106
6% 1st pref
5%% 1st pref
Pac Light Corp com
$6 dividend..
Pac Pub Ser non-v com..*
1st
1.40
'
37
106%
40
6%
1,113
5%
5H
41?*
108
Mar
99
3?*
July
*
17%
18
1,017
13?*
Mar
1°**
113%
112% 114
70
143 **
143% 143%
47%
47**
10
87**
131?*
Apr
Apr
119%
100
218
29**
Mar
200
3?*
June
Preferred
ParaffineCos
17%
47**
com
Puget Sound P & T com. _*
RE & RCo Ltd corn.....*
1
Rayonier Inc com
25
Preferred..
Republic Petrol Co com__l
1
Rheem Mfg Co...
Richfield Oil Corp com
*
5
4%
5
4%
240
12
11%
13%
2,678
19%
18%
19%
1,084
4%
220
2%
125
9%
2,140
4%
July
7%
6%
Mar
4%
4%
3%
3%
11
11
11
7%
6%
6%
San J L&P7% pr pref. 100
112
San JLAP6% prior pf 100
115
4%
8
Sept
25
May
Feb
June
Jan
Mar
6?*
July
Mar
14**
8?*
110
101**
103
103
103
70
29
29
32
400
Soundvlew
5
20
18**
20
978
11?*
29%
28
295*
170
28
Aug
122
May
Sept
106
Aug
Mar
22**
Jan
Mar
34?*
July
10
20
20
20
295
13
Mar
23 V*
TldeWater Ass'd Oil com 10
12
12
667
10?*
2
Treadwell Yuk Corp Ltd.l
Union Oil Co of Callf._.25
Mar
15?*
June
July
Mar
12?*
Jan
afternoon
late
45c
Feb
1,632
17**
Mar
22**
7?*
Aug
7**
7%
7%
158
5%
Mar
22**
10**
July
13%
13%
16**
2,060
6**
Jan
20 J*
Aug
7%
7%
7%
120
May
10?*
Jan
the
May
41**
Jan
year
has
At>r
295?*
July
least
a
4
Aug
20
28%
360
276 % 276%
3
3
150
28
28%
276%
3
6
5
25
257 V*
national ranking, not
leading Western enterprises, but
from the time differential,
Exchange as a primary market
the New York Stock
trading.
...
July
100
Yosemite Ptld Cement pflO
mining issues which had occupied the
of the Cometock Lode in 1856....
of
for
R3c June
1,100
Wells Fargo Bk A U T.. 100
Waialua Agrlcul Co
supplementing
65c
2?* June
1938
Year
a
of Change and
Transition
Mar
Equip Co—
5
the
the
then
beginning the Exchange could count on
only because of its close association with
also because of the opportunity arising
205*
8%
Universal Oonsol Oil... .10
Preferred
the
From
8%
5
Victor
need
65c
8%
United Air Lines Corp
Mr. Perry and others in the original group of 19 felt
for an organized market for investment securities, which were
19%
65c
20
25
Union Sugar com
the first President of
attention of the West since the discovery
9**
8
as
Exchange.
Aug
25**
9,970
serve
Aug
4,996
'
to
25?*
3,073
13**
elected
was
30?*
16**
10
Jr.
:
■'
.
Perry
Apr
30
9%
John
Mar
14
9**
in part:
beginning to supplant the speculative
28
Transamerica Corp
announcement issued by
Street, which then, as
Francisco's financial district.
the Exchange went on to say,
Aug
14
Super Mold Corp cap
the center of San
was
33**
May
18
28**
100
Standard Oil Co of Calif.. *
business office off Montgomery
a
An
Jan
Sept
70
*
Southern Pacific Co
1882 by a group of 19 brokers,
in
July
29?*
17** June
Signal Oil & Gas Co A
Pulp com
Aug
50
The Exchange was
fifty-sixth anniversary.
now,
112
So Cal Gas Co pref ser A. 25
Jan
146
its
celebrated
founded in
who held their first meeting
18 the San Francisco Stock Exchange
On Sept.
July
July
100
pref.
Pac Tel & Tel com
Anniversary
July
7%
Mar
Celebrates 56th
San Francisco Stock Exchange
Jan
It is
This
of
special place in the Exchange's history.
has seen the absorption of the San Francisco Curb Exchange by
Exchange and a consequently wider range of activities, and the
likely that 1938 will take a
year
Stock
fundamentally been one of change and transition, involving at
innovations, ranging from changes in the Exchange's form
dozen
establishment of different hours of
government' to the
trading.
Unlisted—
*
Am Rad & St Sntry
American Tel & Tel Co. 100
15**
15%
15%
137%
135
142**
445
10**
111**
16** July
Mar
303
Apr
65
60
69
Anaconda Copper Min..50
30
30
335*
980
21
70c
Anglo Nat Corp A com...*
Ark Nat Gas Corp A
*
14
14
14
150
11
Apr
3
3
3
200
3
3%
3%
35*
2,521
3
Bancamerica-Blalr Corp.
.
1
Berkey & Gay Furn Co
1
Bunker Hill & Sulllvan2.50
Calwa Co
10
com
%
%
,
16
15
16
1.15
1.15
1.15
21
21
1
Consolidated Oil Corp
*
8%
8%
Curtis-Wright Corp.
1
4
4
__.*
.5
17
Sept
1,040
7%
3?*
39 %
Apr
150
5%
Mar
100
Hawaiian Sugar Co
30
30
30
30
7
1,930
5
)
8
Aug
Feb
10
June
50c
1.50
Mar
3.50
Jan
40**
215
28** May
43**
30**
115
30
34**
4%
15c
200
16 c
4
3.000
42
42
Oahu Sugar Co Ltd cap. .20
27
26%
27
Pacific Por Cement pref 100
46 %
46%
America...*
5%
5%
Schumach Wall Bd com..*
4%
4%
65*
6
405
3 J*
15c
31
3?*
1,90*
Sept
50
Aug
Jan
9?*
May
60
19% May
35
Mar
46**
50
44?*
Jan
50
July
65*
440
4%
Mar
8
Aug
45*
100
2.00
Feb
20
23**
Mar
28
Aug
4%
A tig
25
com.....25
20 J*
20%
215*
777
19**
Mar
24%
July
South Cal Ed 6% pref...25
27%
27
27**
354
25**
Mar
28%
Aug
1
Studebaker Corp com
United States Steel com..*
25
Vlca Co com
West;Coast Life Insurance5
•
No par value
a
7
1.25
310
4
Mar
8%
Aug
575*
841
40
May
69?*
July
1.25
100
1.00
Apr
3**
Jan
7%
70
6?*
June
11**
Feb
1.25
7
7
2nd Liq
75*
53
7%
53
had taken action
minimum of $5.00,
major
Formerly the minimum charge was
than $1.00 to a uniform
exchanges.
$2.50 and $3.00;
minimum charge on all other
and $2.50 will remain the
than $1.00 per share.
Rose Moderately in August
Fargo Bank & Union Trust
California Business Activity
According
to
Wells
Co., San Francisco
Business activity in
California rose moderately in
equals 100, reached a
against 94.1 a month
earlier and 111.6 a year ago.
Compared with July, August
showed increases in three factors of the index
(depart¬
ment store sales, industrial production, and carloadings),
index, in
which the 1923-25 average
preliminary figure of 96 in August,
while
r
Cash sale—Not included In ramie
Listed,
the fourth factor fell
slightly.
♦
Endorsed.
6 Ex-stock dividend
for year. * Ex-dlvldend
v Ex-rlghts
CURRENT
NOTICES
t In default.
—The New York Financial Advertisers
CURRENT
—Paul H. Davis & Co. announce
ties
NOTICES
ing of the fall season at
the opening of a new Traction Securi¬
in its Chicago office under the management
who will have C. O. Condit and W. F. Wylie associated
Department
Francoeur
all
August,
level since last spring, according to
the current "Business Outlook" released by Wells Fargo
Bank & Union Trust Co., San Francisco.
The Wells Fargo
the highest
reaching
Dlv. Pay
i
minimum on
stocks selling for less
Jan
38c
Mar
25
So Cal Ed Ltd
more
national
Jan
5%
Sept
June
25
*
Shasta Water Co com
ing for
announced Sept. 16
to bring the
charge for transactions in stocks sell¬
Stock Exchange
which conforms to the
Jan
42
6%
Francisco
Governing Board
minimum commission
Aug
30
1.5c
San
its
Jan
969
40**
4
that
Jan
3**
2.50
2.25
Montgomery Ward & Co.*
Mountain City Copper..5c
Radio Corp of
Mar
Aug
30
McBryde Sugar Co
Feb
Mar
40**
M J A M A M Cons
Aug
23c
com..*
*
Jan
9?*
35**
1.50
2.25
Matson Navigation Co
6
Than $1
The
Feb
96°
*
Preferred
445
July
659
2.25
1
44**
23
Mar
26** May
4.95
July
6
.
2.50
40
33
2.25
Italo Pet Corp of Amer
Kenn Copper Corp
7%
7%
7%
33
pfdl
Ttalo Pet of Amer com...
21
Jan
10?*
Mar
40
Mar
Sept
2**
Mar
293
21**
6%
21
Jan
1
21**
6%
1.50
1.10 May
40
21%
Idaho-Maryland Mines..)
Inter Tel & Tel Co com.._ *
July
875
Great West Elec Ch pref. 20
20
18
6
6
6
Mar
10 %
40
40
40
Mar
85*
1
Dominguez Oil Co
Aug
1
45*
21
Elec Bond & Share Co
326
July
5%
** May
100
220
4
Mar
Exchange Changes Minimum
on
Stocks Selling for More
Charge
Commission
Jan
Mar
Stock
Francisco
San
Aug
17
1%
*
Claude Neon Lights com.l
Chan & Lyon Stores A
*
Jan
37?*
May
6,150
Jan
149**
42c June
Amer Toll Bridge (Del).. 1
of whom were
two years ago.
with Farwell,
connected with E. L.Lobedell& Co., Chicago,
Since that time Mr.
with him,
until about
Francoeur and Mr. Condit have been
with John B. Dunbar & Co.
Chapman & Co. and Mr. "Wylie
of J. A.
time they
will hold the first luncheon
the Lawyers Club on Monday,
will hear Thomas I.
meet¬
Sept. 26, at which
Parkinson^, President of the
EquitableJLife
Society_of the United States
peak on the subject of "GovernPolicy and Business."
Joseph Bame of Commercial National Bank
Assurance
ment
& Trust Co. and
James Rascovar. II, of Albert
comprise the luncheon
committee.
Frank-Guenther Law, Inc.
1908
Financial
Chronicle
Sept. 24, 1938
Canadian Markets
LISTED
Provincial and
UNLISTED
AND
Municipal Issues
Montreal Stock
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
Bid
province oi Alberta—
5a
Jan
1 1948
4%s
Oct
1 1956
58
/56*4
Ask
Province of Ontario—
5s
Oct
58*4
6s...
Sept
15 1943
Prov of British Columbia—
58
1942
1
109%
Stocks
5«
May
1 1959
119
4s
June
1
1962
107
108*4
1 1953
93
95
4*4s
Jan
15 1965
113
115
Oct
Province of Manitoba—
95
4*4s
Mar
2 1950
109
94
110%
96
4s
Feb
1 1958
107
4%s
May
1 1961
110%
104
106
111%
15 1960
4*4s... ..Apr
15 1981
Province of Nova Scotia—
102
104
94*4
96*4
Province of Quebec—
Prov of New Brunswick—
Apr
4*4s
Sept 16 1952
6s
Mar
1 1960
58
June 15 1943
83
85
5t4s
Nov
83
85
4*4s
Oct
79
10
44%
10*4
12*4
1
1951
Bid
4s perpetual debentures.
16 1942
16 1944
1 1944
Sept
Dec
-..July
Ask
77*4
100*4 102*4
76%
91
93
4*48
Dec
6s—
4*4s
1 1946
1
-July
1954
93*4
94%
"3*4
94
94%
92%
91*4
Bid
Ask
4%s._
1 1951
June 15 1955
4%S._
Feb
4%s_.
July
1 1957
Bid
5s
July
1 1969
114
5a
Oct
1 1969
114%
117% 118
5s..--
Feb
1
117%
Canadian Northern Ry—
6*48
July
1 1946
112% 113%
4%s_.
Sept
1
1956
1970
112% 113%
11514
113%
3b---
Jan
1
1962
Friday
Week's Range
Associated Breweries
Bawlf (N) Grain
Bell Telephone
Brazilian Tr Lt A Power.*
10
14%
7%
2*4
25
113
*
10C
High
10
26
*
Preferred
100
Bathurst Power A Paper A *
Low
2*4
Amal Electric Corp pref.50
9*4
Mar
6%
July
Mar
20%
13
MMs! I -1" I
Bruck Sil k
-
.
BulldiDg Products A
Canada Cement--
38%
43
545
24
Apr
*
11
12
40
10
108
108
3
108
'38*4
7%
11%
*
63*4
61%
58*4
58%
June
56
Mar
71
Aug
330
54%
4%
14%
113
7*4
8%
Shares
100
70
135
f
.
897
125
225
160
161
581
8*4
Apr
20
3
1.75
1.75
100
1.25
Mar
Canadienne
.100
163
163
share
160
165
165
173
27
160
Apr
178
Jan
144
197
Mar
223
103
95*4
108
July
9
295
June
310%
Aug
96*4
171
170
Mar
191%
Jan
I no
Nova Scotia
100
1
302 % 305
180
180
180
——100
Royal...
High
255 St. James St.,
Apr
11
Jan
2
Mar
5
July
25
Sept
9%
11%
Apr
109%
Apr
6%
June
1 00
Sept
147
Mar
30
56
Sparks St., Ottawa
Montreal
,n()ustrjaI Bo|]|)s
333 Bay St, Toronto
Jan
16
Municipal
July
111%
Aug
11%
2%
July
166
July
Jan
Montreal Curb Market
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
14%
Feb
Last
Week's Range
for
5%
July
Sale
*
3
of Prices
Week
3
2%
4%
July
50
51
60
12%
50
7*4
""2*4
10*4
7*4
90*4
92%
10
91
10
3
2*4
9*4
8*4
11
85
38
June
Apr
1,005
7
Sept
330
87
June
25
9
June
203
2
Mar
25
"99%
2
2
June
Aluminium
Ltd
—
July
Asbestos
July
Bathurst PAP Ltd B
Beauharnois Pow Corp
Mar
18%
30
July
July
20
Jan
Sept
9
Mar
June
7%
18%
161
88
106
Jan
100
16%
Mar
20
Jan
8
40
8
Sept
10%
Jan
99
Aw
99*4
25
2
2*4
750
2
5*4
6*4
3,248
8*4
585
49*4
57
16*4
16*4
285
1,75
1.50
Sept
Mar
108
4%
4
Jan
Jan
Jan
5
Mar
8%
Jan
6%
Mar
13%
July
3,049
47
Mar
64%
Jan
50
16
Mar
19%
July
Mar
Can Nor P 7% cum pf.100
Canada Starch 7 % pref. 100
Can Breweries Ltd
17%
39
Sept
20
Jan
45
96%
Jan
May
Commercial
July
Consol Paper Corp Ltd
David & Frere Ltee A
146
"~9%
Dominion Textile.
Dry den Paper
Electrolux Corp
"5*4
....
5*4
]
14
4*4
6*4
60%
6*4
6
*
'"16""
*
10%
100
Rights
14
15
27*4
9*4
10%
27*4
81
...»
—
11*4
60%
*
*
146
9
81
June
11
145
Feb
150
14,671
9
Mar
1,155
16%
Sept
10
60
58
May
70
241
4
Mai
495
25
11
210
11*4
655
4%
8%
Jan
Jan
JaD
11%
Mar
17
July
24
Mar
33
Aug
8%
Mar
7%
Mar
13%
Aug
Mar
86%
June
Aug
96
75
16
*
100
334
15
3
June
5%
6%
6
7*4
1,710
5
Mar
67*4
63
67*4
232
45
Mar
10%
80
60
5
Mat
8%
June
*
Gypsum Lime A Alabas..*
Hamilton Bridge
*
Holnnger Gold Mines
b
Howard Smith Paper
Preferred
Hudson Bay Mining
_*
6
"4%
"12%
12*4
"28*4
Industrial Accent Corp
Internet Pet Co Ltd
International Power—
5*4
975
4
6%
330
5
14*4
2,310
11*4
13
95
27
29*4
16
15
16*4
14*4
14*4
15*4
27
27
"46%
45*4
24%
49*4
*
Intl Nickel of Canada.—.*
Intl Bronze Powder
21
6
95
100
Imperial Oil Ltd
♦
Imperial Tobacco of Can.5
4*4
5*4
12*4
24%
380
35
705
6,160
3,360
.
11%
10%
Mont L H A P Consol
Montreal Tram way a... 1 Oh
*
"38"
National Steel Car Corp..*
Niagara Wire Weaving
*
Noranda Mines
*
~48"
Breweries
Preferred
2
Ogilvie Flour Mills..
»
100
"68"
27
5
2,625
745
EaKootenayP7% cm pf 100
Falrchild Aircraft Ltd
5
~~~4%
7%
July
8
Sept
3
Mar
Jan
6%
8
20
3%
5%
4,400
7%
9%
535
11
8%
Aw
July
Aug
July
37
Ma
39
June
Feb
Mar
Feb
July
Jan
July
Feb
74%
34%
Aug
Apr
89
Feb
43
Aug
42
Mar
Mar
43
July
6,990
31
Mai
67
Aug
p
24
June
34
Aug
71*4
4,815
48
Mar
27%
225
23
Mar
75%
3J
Aug
Felr'
155%
Mar
2'
1,264
Mar
July
3
July
38
40
150
3%
8%
8%
38
69%
37%
30
Aue
48%
June
Mar
20
31
38
9
Mav
21%
Jan
140
Apr
4%
21
Mai-
Apr
7
3
25
Mar
Mrr
98%
15
25
5
Voting trust ctfs
9
*
Freiman (A J) 6% cm pflOO
Home Ind Prod
"
2
2
2%
275
2
Intl Paints (Can) Ltd A..*
Intl Utilities Corp A
*
Intl Utilities B
1
2
2%
125 1.70
6%
60c
Mackenzie Air Service
*
MacI aren Pow A Paper..*
cum pf
Melchers Distilleries Ltd. *
A*fe
Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
Page-Hersey Tubes Ltd..*
Power Corp of Canada
6% cum 1st pref
Provincial Trans
Thrift Sts6% % cm 1st pf25
Ujiited Securities Ltd. .100
Walkervllle Brewery
•
(HnWalk-Gooder
Worts*
Wajlker
*
Mar
34
-
-
1.50
70c
12
1.50
350
260
13
Jan
Jan
June
40c
Mar
7
Mar
17
Jan
Apr
63
July
Jan
101
July
1,030
32%
155
87%
3
1.45
July
1.50
May
801
5%
June
15
17
620
7%
Mar
21
Aug
95
95
70
78
Apr
96
July
101
101
Mar
101
Sept
5%
5%
2%
6%
75
92
6
100
Quebec Tel & Pow Corp A*
Sou Can Pow 6% cm pf 100
—■-*1
12%
98
—
Aug
1.00
Mar
48%
5%
9%
Mar
Sent
60c
15
July
50c
180
Apr
2% Sept
4%
6
98
fm
Sept
Mar
2%
3
9
Sept
25
37%
43
22
132
"
^
July
250
60c
—
100
Mar
15
6%
21
3
*
2%
Jan
60c
20
Melchers
14
7%
35
5
9
95
150
7%
33
10
27
25
*
1,493
35
66%
July
2,101
4,355
3,224
150
9%
15
97
55*4
Mar
19%
29*4
69*4
20
3%
13
28
20
Jan
21,043
McColl-Kron 6% cm pf. 100
10%
Mar
6%
Jan
Ma-
July
2.00
4%
27
Mar
July
45
Mav
5%
24
Sept
11%
Mar
1.60
*
20
4%
Mar
18
July
Massey Har5%
3
3
10
20
35c
Feb
9
630
1.85
Aug
127
1.75
Mai
July
125
7
30
1.75
Mar
Mar
July
Sept
15%
1,905
43*4
5
30
1.65
11
96
28
6
202
June
June
10c
52%
9
Apr
Mar
95c
8%
90c
31%
7
178
150
2%
22
900
Jan
9
f
1.05
Apr
10
42
*
1.00
Sept
600
Apr
5*4
*
Apr
05
15c
Mar
17%
8
1
14%
1.05
23
10%
25
10c
37
3
385
1.00
45
3
1,350
8%
1.00
10,602
Mar
1.40
18%
*
Lake St John PAP
426
8%
5%
Feb
12
1.20
17
4%
19%
11*4
Mar
4%
Mar
84
Feb
107
3%
15
31%
110
Ma-
206% 206%
Lake Sulphite
Setp
Jan
107
4%
Aug
May
103
12
4%
98
74
Jan
69
108
*
31%
23
Aug
Aug
108
*
Mat-
9
27%
109% 110
*
Donnacona Paper A
Donnacona Paper B
Mar
2,231
Montreal Cottons pref. 100
Dom Eng Works Ltd
Dominion Stores Ltd
90
78
36
18
Aug
25*4
Jan
Sept
Sept
12
15%
78
10
Jan
Feb
July
10%
Mar
23
"*
23%
29
5%
7%
21%
14%
19%
Jan
*
Lindsay <C W)
Massey Harris
M cColl-Frontenac Oil
15
Mar
Fraser Companies Ltd...*
July
...100
Sept
17
July
8%
or
Sept
4%
6
July
9%
A
2%
2,019
3,440
91% Aug
4% June
*
Alcohals
20%
13%
Aug
June
4%
14%
Ma-
18
1.27
Apr
Mar
2
Fleet Aircraft Ltd..
*
Ford Motor Co of Can A.*
Mar
Mar
July
July
3*4
General Steel Wares
Preferred..
Gurd (Charles)
Ltd...
Vickers
83 %C
June
26%
47
4%
20%
July
29
130
156
+
*
Mar
15%
200
4%
Mar
3,288
3%
2%
375
8%
Can
11
21
585
2%
82
12
7% cum pref
-.100
Celtic Knitting Co.
*
Claude Neon Gen Adv...*
240
1,500
16*4
108
High
Mar
July
9%
22
25
1.30
July
15
32*4
71
10
29%
17%
July
14
15*4
6,375
22
12
1
27
20%
29
Cndn Industries Ltd B.._*
14"
14
22
24
*
16*4
102
Low
1.00
24%
*
Canadian Marconi Co
16,385
18
-*
Preferred
Cndn General Invests
29
102
Range Since Jan. 1, 1938
Shares
3.00
4%
Canada & Dom Sug (new) *
Canada Malting Co Ltd..*
99
High
18%
British Columbia Packers *
16
2
102
2%
*
89
1.95
2%
Brewers A Distill of Van.-5
Brit Amer Oil Co Ltd
16
•
Low
105% 110
75%
*
*
100
110
*
291
Corp Ltd
*
25
-
»
8
51*4
16%
*
16%
5*4
10f
Dominion Steel & Coal B 25
Dom Tar A Chemical
*
Preferred
10U
4%
2.25
100
Pref ctfsof dep
41
8
Crown Cork A Seal Co...*
Preferred.
Lake of the Woods
6% cum pref
Feb
8
"ie"
*
Jan
16%
Mar
1,370
25
Abltlbi Pow & Paper Co..*
Mar
10,221
*
Jan
7
11
Converters.. 100
Price
Sales
Aug
30
14*4
Cndn Cottons nref
100
Canadian Indus Alcohol-.*
Par
110
27*4
89
Stocks—
510
10
100
Friday
10*4
25
Rights
110
July
38
11*4
Preferred
Aug
PUbliC Utility 3011
33%
10%
Foundation Co of Can
Gatineau
163
ESTABLISHED 1883
Apr
*
English Electric A
Jan
HANSON BROS Canadian Government
Mar
25
Dom'riion Coal pref
Dominion Glass
Dominion Glass pref
Jan
Jan
June
2%
210% 212
100
...
Montreal
Sept
Canadian
Distillers Seagrams
Dominion Bridge
Aug
50
Apr
3%
10
new
Mar
12
Sept
7*4
27%
38
Con Min A Smelt
45
1.50
10
50
55
29
38
Coekshutt Plow
May
315
360
60
Canadian Pacific Ry
July
3
Banks—
Low
50
.*
Canadian Car & Foundry.*
Preferred
--.25
Class B
7
Mar
12%
2%
4,602
Canadian Bronze.
Preferred 7%
68
Mar
46
3*4
Can Forgings class A
*
Canada Steamship (new).*
Canadian
Mar
1%
20
1.80
1.75
*
Jan
3
1,530
2%
12%
2
Aug
10%
11%
*
Celanese
108%
15
7%
46
*
June
Ma-
29%
100
Preferred
17
Sept
2%
•
July
11
3%
100
.—-
Winnipeg Electric A
Feb
58%
Ma'
Aw
Aug
20
456
61
4
8%
Jan
35
66
*
2%
50
7%
11%
3*4
*
Preferred
July
June
4,365
4%
*
British Col Power Corp A. *
National
Aug
95
19
17
*
Range Since Jan. 1, 1938
125
160
102%
25
Week
Alberta Pacific Grain A..*
Feb
Feb
100
100
incorporated
for
of Prices
10
17%
25
Preferred..-.
Sales
Sale
Price
9%
Sept
1,370
United Steel Corp
Exchange
Last
Par
May
11%
July
July
118
Montreal Stock
Stocks-
Mar
4
100
20
55%
18
Steel Co of Canada
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
Agnew-Surpass Shoe..--.*
14
110
10%
Jan
16%
Mar
100
Commerce
Grand Trunk Pacific Ry—
4s
Jan
1 1962
90
4
Sept
Mar
8%
Ask
120*4 122
116
114
15%
10%
9
15
B
Canadian National Ry—
34
18
Wabasso Cotton...
Bonds
20
Simon (H) A Sons..
Preferred
Dominion Government Guaranteed
5,360
3%
11%
12
60
Vlau Biscuit...
1 1960
110*4 111%
1,610
15
100
Southern Canada Power..*
Sept
12%
45
3
10*4
A preferred
Jan
12%
3
*
Saguenay Power pref.—100
fet Lawrence Corp
*
Preferred
Bid
Canadian Pacific Ry—
Sept
15%
*
Sherwln Williams of Can
Ask
Canadian Pacific Ry—
July
45
45
*
Power
10%
100
Sept
99
45
86
Au"
98
44%
100
5 % preferred
81
15 1946
Railway Bonds
4*48
High
Sept
98
Price Bros A Co Ltd
Quebec
78
44%
St Lawrence Paper pref 100
6s
Low
5
76%
100
Regent Knitting
Roiland Paper v t—
Prov of Saskatchewan—
108*4 109*4
116*4 138
76%
St Lawrence Flour Mills..*
5a
Range Since Jan. 1, 1938
Shares
--*
Preferred
308
Dec
4*48
Price
Par
Power Corp of Canada—*
93
2 1959
June
Week
Ottawa L H A Power... 100
Penmans
1 1941
15 1954
-.Aug
4%s
6s
5s
for
of Prices
Low
High
121
99*4
(Concluded)
Week's Range
Sale
114*4 117
98
Sales
Last
Ask
110%
12 1949
July
4%s
Bid
60
Exchange
Friday
6%
275
6
Sept
7%
4%
4%
70
4%
Mav
4%
105
105
18
104
50
50
1
2
6
6
33
6
June
Ma-
Sept
Feb
Jan
July
Aug
106
Aug
2
Mar
15
Mar
1.20
1.20
160
1.10
Apr
2
July
39%
39%
120
32%
Mar
45
July
18%
19
188
17%
May
19%
Aug
Good A Worts(H) *
cum
pref
No par value
..
♦
Financial
147
Volume
1909
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
for
of Prices
Low
High
Sale
Stocks (Concluded)
Price
Par
1,1938
Week
High
Low
Shares
Stocks
(Cont'nued)
Corp—*
Alexandria Gold.
7,900
34c
Sept
67c
Jan
1
1.000
lc
Mai
33*c
Jan
3,700
12c
Sept
33c
Feb
600
24 3* c
Feb
46c
Mar
30c
Aug
57c
Jan
.
1
Biugood-Kirk Gold
1
1
1
Big Missouri Mines
Bob jo Mines Ltd
Brownlee Mines (1936)
13c
12c
Beaulor Gold
24>*c 24>*c
"27
1,800
2,000
7J*c May
13c
July
3c June
10c
Feb
Canadian Canners 1st pf 20
2d preferred
»
28 3*
243* June
1,795
75c
5,750
75c
3c
3,000
5c
6c
25c
1,000
9,800
Feb
Aug
Jan
3c
Feb
2.00
2.29
800
2.00
Sept
3.20
Mar
30c
3,990
20c
Mar
41c
Feb
*
273*
Junr
35
Aug
Cndn Wirebound Box
Sept
63*c
Aug
Caribou Gold
Jan
2.37
Aug
Castle-Trethewey
Mar
Central Patricia
1.70
1.60
2.02
20,225
1 60
Sept
3.25
4.65
4.60
5.00
755
4.50
Sept
Sept
6.95
Jan
Central Porcupine
55 3* C
Feb
Chemical Research
24c
—
9c
K.rkland Gold Rand Ltd-1
9c
J-M Consol Gold(New)
5
1.04
1
3"
Sept
153*C May
143*
5,325
7)*
Mar
18)*
July
25
273*
505
18)*
30
July
160
16
Mar
Sept
Feb
Chromium Mining
Cockshutt Plow
*
Feb
3c May
5c
Feb
Commoll Ltd
*
Mar
5.50
Jan
Commonwealth Pete
Mar
483*
Aug
Coniagas Mines
1.27
July
Coniaurum Mines
58c
58c
300
30 3* c
Jan
82c
Aug
Consolidated
1.85
400
1.55
Mai
2.25
Feb
Consol
600
5c
Ail"
20c
Jan
Cons
2.40
2.10
3.95
6'
3.00
10,835
7,750
4.25
3.95
Seilt
2.90
5.40
Jan
Mar
2.10
4.65
July
1M
Jau
17,106
73c
Sept
Sept
4?*
79c
1.28
Feb
63*
4,847
6
Mar
8)*
Jan
17
May
250
2.20
1,550
2.00
2.30
8c
75c
1.10
»
65c
9
57c
57c
64c
Feb
35c June
4,100
7
Mar
50c
Sept
20c
820
2.25
Jan
1.03
Sept
1.84
Jan
14
215
11)*
Mar
16
20c
Mar
46)*
Mar
31c
25c
25c
1
2,200
57
4,811
179
141
175
49
52
5
43c
1.25 June
12
12
Sept
200
6,300
16
June
24
Aug
31
31
100
29
Apr
38
Feb
16c
15c
Sept
Jan
Crows Nest Coal
2.55
1,975
1.55
Apr
2.70
Jan
Dark water
)
7c
7c
1,500
1.75
2,900
1.37 May
2.65
Jan
Davies
*
25c
25c
29c
10,500
1.10
1.30
8,350
1.00
Sept
1.77
Feb
Denlson Nickel M'nes
1
15c
15c
18c
1
1.17
9,800
Pickle Crow Gd M Ltd.—1
4.45
4.25
4.75
1,725
1,62-'
3.90
Mar
5.25
Aug
Distillers Seagrams
133*
133*
153*
2,030
75
75
-.100
Petroleum
Preferred
100
Pioneer Gold of B C
1
2.70
2/8
2.70
Sept
3.50
Placer Development
1
15 H
153*
153*
200
13 3*
Mar
173*
Feb
Dome Mines (new)
Preston-East Dome
1
1.10
1.02
1.32
9,100
72c
Mar
1.93
Aug
Dominion Bank...
3.20
3.15
3.40
6,100
2.50
Aug
4.50
Jan
4)*C
33*c
'303*
208
58
189
16
16
100
16
23*c
23*c
36
39
100
100
9,700
8,443
4c
33c
Mar
91 3*c
May
1.78
Jan
Dominion Steel Coal B..25
93*
93*
10,880
8H
Sept
1,50
Sept
3.40
Jan
Dominion
5
43*
5
195
4H
June
5
6
310
4H
Mar
10
47,700
5c
Aug
26c
5c
Sept
15c
Jan
1.70
1,100
2.06 113,825
143*
143*
1
65c
60c
76c
15,350
60c
Sept
1 39
Mar
(new)
Sullivan Consolidated
*
1
34c
31c
42c
51,112
31c
Sept
78c
May
Dorval Slscoe
14,500
76c
Sylvanite Gold
1
2.85
2.85
2.99
700
2.70
4.45
4.45
4.45
400
4.40
17C 213*c
23,450
17c
4.40
1,150
3 95
Sept
Sept
85c
80c
4.25
100
Stores
*
East Crest Oil
Sept
Mar
3.60
Feb
East Malartlc
Apr
5.60
Jan
Eastern Steel
38c
6.40
Jan
Sept
5.20
10,500
3 95
Sept
6 15
19c
20,600
16o
Sept
43c
Jan
7.40
7.50
950
6.55
Mar
8.10
Jan
5.05
700
1 00
Sept
1.51
May
26c
26c
500
233*"
Apr
Fernland Gold-
700
1.77
Sept
Sept
583*c
2.10
3.10
Jan
Firestone Pete
40c
41c
3,300
10,475
40c
Mar
70c
Jan
Ford
90c
Sept
1.45
Apr
Oil Co
*
•
Roysllte OH Co
1.00
1.430
33*4
Mar
1.06
90c
40
353*
36
49
July
Sept. 17 to Sept. 23, both inclusive,
Friday
Last
Sale
Week's Range
of Prices
High
Low
Ranc/e
fOK
Since Jan. 1, 1938
Week\
Shares
*
23*
100
preferred
163*
Mines Ltd
Afton
1
7c
Mar
13*c
June
33*c
43*c
34,000
3
25
20
20
10
83*
2
Apr
Jan
4J*c
Sept
53*
Aug
Aug
16c
4,220
103*
I23*c
Sept
363*c
Jan
38,375
28c
Sept
70c
Feb
Sept
33c
June
73*c
93*c
1.01
1.25
4c
4c
43*c
11,920
1,932
3,900
32,300
3,100
20c
193*c
25c
35,500
3.15
3.15
3.00
13c
13c
15c
8?*c
7c
10c
50c
5c
5c
14c
14c
1,850
40c
47c
Mar
1.65
Jan
2.90
June
4.15
Jan
13c
Sept
5c
Mai
95c
2c
Bagamac Mines
I
Cons
40c
Sept
41,599
Aug
Feb
July
Sept
May
Feb
B
—
Bear Exploration A Rad-
.
Beattle Gold
1
73*
20
*
*
*
23*
Bell Tel Co of Canada. 100
1583*
1
-
23 3* c
1
Klrkland
24c
—*
Biltmore Hats
Brewers A
*
~~24c
Buffalo Ankerlte
1
183*c
Buffalo-Canadian
*
23*c
Brown Oil
Building
Bunker
-
—
,-.-
Hill
—
Burlington Steel
Burry Biscuit
Burt
9c
*
123*c
*
1
*
25c
Canada Cement
Preferred
Canada Malting
North
*
100
3
July
5
7e
Mar
143*c
Mar
10.25 June
8,061
—*
Power
Canada Packer®
*
4
5
18
20
6,402
293*
21c
28c
113*c 143*c
2C
23*c
52
73*c
9J*C
12
21
12
33*
22
92
175
31,350
2,830
3,500
100
83*
Feb
163*
28
Mar
Apr
21c
11c
2c
37
Sept
Mar
Sept
Apr
22
July
34
Jan
68 3jc
173*c
Jan
Feb
6)*C May
60
73*c
Sept
22c
93*
Mar
143*
Aug
Jan
July
Jan
2
May
May
25
1.55
Sept
3.10
Jan
193*c
Sept
62c
Jan
8,100
73*
July
73*
15
20c 253*c
4
143*
30
20,050
45
Mar
Sept
115
2.12
1.80
73*
4
13,000
217
Jan
July
33*
Aug
150
3
May
7
July
15
40
June
50
Aug
240
7
Mar
13
Jan
2c
1,600
2c
Sept
4?*c
1.00
15
60c
Sept
1.50
23*
25
2)*
Sept
1.78 158,090
1.10
Jan
283*
*
273*
205
153*
16
29
2,063
Jan
Mar
31)*
Aug
20?*
57
Apr
75
190
Mar
215
7,450
15
Mar
19H
13)*
Mar
16?*
July
35
Sept
49
June
4)*
Mar
9)*
163*
153*
35
405
Sept
75
Aug
98?*
May
104
Sept
463*
453*
493*
19,686
37
*
243*
23
253*
5,995
23
Mar
62?*
31)*
*
63*
63*
6K
f
5
May
9 Y\
Aug
55c
60c
175
J0c
Sept
1.00
Sept
27c
36c
66,100
27c
Sept
60c
Sept
Sept
Sept
40c
June
Mar
14c
11,760
10r
35c
93,100
25r
10c
7,938
7c
123*
15
Kelvlnator
1
1
123*
*
Kerr Addison—
Klrkland-Hudson..--
1.85 130,272
1.25 June
Mar
15
Sept
2.50
Aug
45c
3,700
45c
Sept
1 60
1.14
62,390
90c
Sept
1.50
273*c
30c
23,066
20c
Aug
59c
1
28c
1
Lamaque Contact
473*
Sept
58?*
1
•Laura Record
*
Lava Cap Gold--------1
Lebel Oro
-.1
value
4,115
50
50
3
45
2
Mar
2c
32c
2c
800
2c
31c
39c
58,250
28c
Sept
Sept
5
57
57
80c
85c
2,700
5c
4c
5c
13,200
13*c
2c
4,000
60c
72c
47,550
62c
F4
80c
Sept
Jan
Jan
Mar
Feb
Jan
13
5c
See'
"85c
1
1
Gold
46 3*
3
———*
*
Cadillac
par
1.47
Mar
May
95c
"
July
16c
1.0 5
1
No
1.65
10
let)
Mar
82c
45c
Klrkland Lake
LakeSuIphlte
Jan
60
15
1003* 104
7c
•
Aug
Sept
May
2<
60
60
261
1,000
53*
10c
Lake Shore
Jan
14
25c
Gold
Apr
37o
33c
29
143*
5
104
147
73
35
143*
15)* June
210
723*
'265"
Ma?
Sept
12c
Mar
Jan
Jan
Mar
Ma.\
28c
Lee Gold
20
34c
17c
15c
20c
83*c
Leitch
72
23,400
1
1
J M Consol (New stock) .1
Jan
Mar
28c
Cons
Jan
Sept
20c
Mines
36
17
17c
"24c
July
Sept
34c
108
July
85c
1
Apr
58
15c
14,290
3,000
1
June
2.93
July
7,375
1.10
Intl Utilities B
89
Jan
July
17)4
143*
92c
»
Intl Utilities A
29
Aug
4
Apr
18"
Jack Walte
10
20
Jan
13 J*
11
100
International Pete.—
35
105
Mar
8)*
123*
Internationa! Nickel..-.
29
17
1.09
Sept
2c
.100
Intl Milling pref
92
69
Sept
4
92c
*
5
1
Inspiration Mining
903*
17
50c
385
1
Howey Gold
29
683*
Sept
1,485
I
La pa
Jan
P)*
15,900
2c
Jan
190
61c
Co
Laguna
12
Mar
53*
Homestead OIL-------
Jelllcoe
Jan
J*
52 c
14 3*
Jacola
2
25
43*
14
Intl Metals A pref
8.00
Sept
Sent
1)*
18
Jan
July
52c
13
Inter. Metals A
70
13
33
5
14 J*
Jan
4,190
93*
*
Feb
18,700
93*
40
15
*
53*
14c
13*
18
6
*
50c
9c
Mar
Sept
Hlnde A Dauch
High wood-Sarcee
1663*
Jan
4)*
15
Jan
Feb
Mar
150
20c
Mar
68c
63*
Sept
Mar
113*
Aug
11c
Sept
2
Sept
14c
8c
20c
Sept
Ieb
Mar
Sept
1,500
7c
146 3*
24c
9)*c
5c
35,200
5c
14c
342
63*
2>*c Sept
1,000
93*c
165
Jan
Jan
June
4)*c
3c
6c
17
58
1.000
674
25
Apr
Mar
8,200
Imperial OH
Imrclal Tobacco
5,550
51)*
Feb
3,700
Jan
240 283*c
63*
63*
33*
33*
52
100
12e
10c
15
Jan
138
40o
72?*
93*c
Sept
49,100
Sept
56
Holllnger Consolidated
Home OH
Sept
3c
7c
7
4
73*
July
July
12c
Apr
8c
260
42
50
B
Can
;
1.80
45c
113*
27c
33*
25 "21
(FN).-
Calgary A Edmonton
Calmont Oils
Canada Bread
12
Mar
June
14c
63
38c
100
50
*
Products
20c
63*
Sept
9c
100
29
"ls%
*
Sept
8c
Imperial Bank
4
5
Distillers
Brit Col Power A
50c
18"
Huron A Erie
113*
30c June
3
1
Hudson Bay Mln A 8m.
83*
July
23*
Jan
8.15
40)*o
1.35
July
93*
Jan
Mar
1.46
Sept
8.50
68c
""23*
36c
*
Mar
*
-
5
Mines
July
31c
1
Harding Carpets
Rock
Hard
1.45
Tract Jen
10)*
32c
5
1.00
Sept
9.25
93*
*
Sept
10c
MHI
Sept
18
18
1
Gold
May
""33*
British American OH..-.-*
Greening Wire.Gunnar
95c
*
July
5
5c
13*
23*
—.1
*
4?*
185
6
50
*et>
Aug
51,000
—
173*C
Boblo Mines
Brazil
Voting pref
Preferred
14
Apr
73*
3
43*c
Great West Saddlery
50
Blue Ribhon
Braiorne
227
7
74Ji
25c
9c 113*c
18
73*
21c
June
22c
23*c
*
10,000
23*
23*
1583* 162
86)*
71
40
73*c
Great Lakes Paper voting- *
61,000
4
53c
Apr
Mar
19,250
113*
81
55
1
1
1.12
28
1.00
7
BeauharnoLs
Bidgood
83*
337
4
Beatty Bros A
Big Missouri
4,500
18
1.05
18
27c
50
Grandoro Mines
2223*
249
8
Apr
623*
56
Hargal Oils...
308
*
*
22c
7,500
Harker...
Mar
Bathurst Power A
Aug
Sept
15c
Jan
June
237
80
3 3*c
Feb
195
23c
11,950
3c
14c June
285
235
Sept
12c 123*c
26c
22c
12c
27c
6
26c
22)*
40c
1.03
15
237
Mar
1
Sept
211
100
141*
6
*
30c May
2,466
12c
50c
Sept
Sept
305
Sept
7,000
40c
Gold Belt
5c
298
Sept
Jan
26,500
40c
12c
39c
8c
11c
14c
16c
103*
Hamilton Theatres.
7c
3J*c May
Jan
13c
6,300
2,200
20,500
Gypsum Lime A Alabas—*
Halcro w-S wayze
1
44c
15c
203*
80
12c
22c
Mar
210
Bank of Toronto
Aue
19c
Sept
100
Base Metals Corp
Jan
Sept
26c
19c
33c
Bank of Nova Scotia.—100
Bank of Montreal
21?*
18,125
183*c
Sept
19c
500
1
Aztec Mining
7c
17,400
1.05
1
Astoria Quebec Mines
1
Auglte Porcupine Gold—_1
6.95
Mar
40c
Granada Mines
46c
*
1
Mar
Sept
16
36c
Goodyear Tire pref-Graham-Bo usquet
34c
Ashley Gold
4.45
2,870
36c
July
123*c
83*c
Anglo-Huronlan
Feb
2,666
9c
1
May
36c
*
Arntfleld Gold-.
8
25
5.25
16c 183*c
God's Lake
14c
123*c
..1
Gold Mines
5)*
63*
4.60
3
July
*
Anglo Can Hold Dev
Aug
80
6
X
29
Feb
Mar
18
11
*
GUlles Lake Gold
2)*
5
3.25
4,800
—100
Goodflsh Mining—
1
Aldermac Copper
Bauk field
29
1.22r
3
100
Preferred
A P Consolidated Oil
Amra
33*c
*
Mar
<>c
9c
Alberta Pacific Grain
4
203*
14
Acme Gas A Oil
Mar
1.00
Feb
32
II,500
24c
Francoeur
Gold Eagle
High
Low
Aug
Sept
Goldale Mines.-
14,452
3,295
3
2
Abltlbl
6%
Price
2.39
17
Sept
Sept
5c
12c
Goodyear Tire
Par
Stocks—
Mar
June
1.55
19c
Rights
Sales
1.05
12
27)*
15c
19
General 8teel Wares
compiled from^fficial sales lists
Jan
100
275
3
43*c
12c
A....
Preferred
I
Jan
Mar
58,940
12c
1
—25c
Gatlneau Power
Toronto Stock Exchange
July
2.04
15c
Foundation Petroluem—
1.25
'
1.90
June
16)*
8?4
273*
45*c
L."ke Gold__l
Federal Klrklanq
1.77
1.23
-.
17c
1
Fanny Farmer
Oil.
102
63*
25
Equitable Life.
Falconbridge--.
Faulkenham
June
1.55
23*
1.68
English Electric A
3.95
F
44
27 3*
Easy Washing
Eldorado..
16 3*c
7c
'
1.80
-
*
Aug
415
9c
7c
*
-
100
Jan
Sept
25)*
30
113*
Mar
7c
2?*c Sept
I,000
579
7c
7c
Mar
Oil-
Home
Preferred..
1.23
16)*C
Brown Oil
Feb
15,480
*
Dominion Tar
Calgary A Edmonton Cp.*
Dalhousie Oil Co
*
Aug
Sept
19?*
1.78
1.58
Anglo-Canadian
34J*
1.17
SIscoe Gold Mines Ltd.—1
._*
Apr
Dominion Foundry
5c
Cad
216
204
Jan
4c
Wright Hargreaves.-.---*
27H June
Apr
6,791
100
Feb
1.00
^ralt e-A mulet
Sept
42c
1.50
Wood
Aug
78
63*c
4c
18c
Jan
17?*
Jan
Apr
Sept
1.00
1
Mar
11
66)*
Sept
1
Gold
Mar
6c
1
Cad
46c
33*c
1
Ventures Ltd
73
Sept
1.00"
43*c
Sherrltt-Gordon
Thompson
Feb
23)*c
Sept
9,500
7<
6c
Shawkey Gold
Teek-Hughes
Sept
10c
25
32 3*
283*
5c
20
Dominion Coal pref——2£
Dominion Explorers
1
Reward Mining Co
80c
Jan
100
15c
stadacona
Jan
Sept
183*
175
178
100
Cosmos
1.50
Rladen Mai
Feb
42c
64)*
18
Consumers Gas
2.35
*
Aug
199
15c
Read Authier Mine
Jan
21c
1.50
Red Crest Gold-
July
85o May
1.20
2.50
Apr
Aug
80c
13)*
1.35
1
Perron Gold Mines Ltd
Feb
July
20c
Pato Consol Gd Dredging 1
62c
1.73
1.05
Pend-Orellle M A M Co—1
2,000
Sept
15c
60c June
1.30
1.08
*
Bakeries
3.20
75c
6,200
21c
*
Chlbougama
Sept
Sept
7c
67,000
19,300
42c
7%
5
Smelters
July
25c May
900
57c
*
—
July
1.19
22,300
50c
Aug
2.60
1.65
21,640
7c
20
Mar
2.00
2,525
90c
Jan
54c
15
18
1.95
8
June
3.50
353*
73c
Jan
35
889
73 c
~~90c
Che8terville-I.arder Lake
27c
22/
163*
16
30c
583*
200
Jan
10
73*c
Aug
1.85
*
9
"2". 15
Mar
300
1.04
6c
Parnour-Porcuplne
Pandora Cad
Apr
540
1
63*c
6,300
4.50
6c
Gold
7c
1
463*
.
46
1
Mining Corp of
6H
73*
190
;1
918
9c
3.90
-.*
Canada._*
-■
1
McWatters Gold..
Montague Gold
July
2.10
2,021
1,467
9c
1.00
24c
10,900
48
423*
4.00
—
O'Brien
9c
9c
3c
Lamaque Contact Gold..*
Macassa Mines
1
Mclnty re-Porcupine
Mackenzie-Red Lake
25c
24c
463*
—1
Lake Shore Mines
Jan
19
1
1.80
Aug
177
18
1
1 05
1
Mas
Apr
*
8,000
14,400
3c
2.04
1
2.60
Mar
90c
755
33*C
Nickel
*
Francoeur Gold M Ltd--.*
Falconbridge
21)*
5
323*
Eldorado Gold M Ltd
Sept
Mar
16
75c
3c
East Malartlc Mines
14)*
10
157
26
1.70
30
1.05
440
50
163*
190
303*
1
Sett
1,260
54
115*
Malartlc
C P R
Aug
25
1.35
17
253*
Cndn Industrial Alcohol A*
Canadian
July
i70
*
3c
—*
Dome Mines Ltd
62c May
30c
2.10
1
Cons Chibougamau Glfds. 1
Duparquet Mining Co
15c
June
16 H
183*
7
Canadian Dredge
Jan
Sept
19c
4?*
Apr
17
"73*
-
Mar
6H
160
160
25
Can Car A Foundry
Preferred
5c
19c
1.27
93*c
23*c
5c
22c
30
Sept
75c
1
1
Jan
25
1.15
17
Cndn Bk of Commerce. 100
180
Cartler Malartlc G M Ltd 1
Central Patricia Gold
25
*
30
11
1.25
*
May
2
63
8
100
Preferred
33*c
27
Cndn Malartlc Gold.----*
Central Cadillac Gold
Cndn Bakeries pref
Canadian Breweries
Jan
160
128
288
23*
23*
10
High
Low
Shares
130
130
113*
25c
Week
*
3c
1
Bulolo Gold Dredging—6
Capitol-Rouyn Gold
50
115*
25c
for
of Prices
Low
High
100
Canada Steamships
Preferred
1,1938
Range Since Jan.
Week's Range
Price
Par
Canada Permanent
Mines—
Aldermac Copper
Sales
Last
Sale
Range Since Jan.
Week's Range
Last
Exchange
Friday
Sales
Friday
Feb
74c
Mar
65
Aug
1.13
Feb
16c
Jan
lc June
3?*e
Aug
Mar
1.12
Feb
4c
60c
Sept
1910
Financial
Chronicle
Sept.
24,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Last
Sales
Week's Rangt
Sale
Stocks
(Continued)
Par
Little nong Lac
Loblaw A
*
*
B
Price
Mines
for
Low
Range Since Jan. 1, 1938
Shares
2.9C
18.89C
20 H
22 H
82;
19H
Mar
19H
21
20
645
18
Mar
1
4.00
3.60
4.6C
MacLeod Cockshutt
1
2.70
2.50
3.25
1
34c
32Hc
45t
1
38c
31c
42c
18,05(
lHc
lHc
2.55
21,50f
Malartic
Low
95,96'
Madsen Red Lake
1,50(1
Gold
Manitoba & Eastern...—*
25,795
3.50
Preferred
10
Preferred
*
..100
McColl Frontenac
100
31c
lHc
5.55
4.45
55c
Aug
Aug
4c
Jan
Sept
Last
Week's Range
for
Sale
33
2H
Sept
Sept
6
of Prices
Low
High
9Hc
2,825
6H
6.600
5H
38
9H
49
7Hc
4H
1,335
19Hc
Mar
10H
Mar
28
63
9%
9H
145
9%
Sept
14
Feb
1.02
95c
1.10
34,880
69c
Mar
1.29
July
Consolidated Paper——*
11c
15c
7,200
Sept
24c
Mar
Dalhousle Oil
27,100
Dominion Bridge.
*
50c
62c
82c
Aug
6He
1,000
5c
Sept
8c
1.70
2.05
13,110
1.45
Mar
2.49
Jan
20c
500
32
Jan
32c
20c
Sept
Jan
"29 H
Hamilton Bridge pref ..100
12c
2,500
10c
Sept
20c
Apr
1.12
Sept
2.56
Mar
30
'
34
38c
June
Feb
1.65
July
4.00
Jan
9
3H
Mar
9H
July
40c June
10,770
3,550
Sept
69c
Jan
15
Jan
29
25
Apr
38
Aug
Apr
160
Sept
Mercury Mills pref
100
Montreal L H A P
..*
5c
2c
2c
Mandy
11c
National Steel Car
*
"47 H
*
Pawnee-Kirkiand
Jan
Pend Oreille
1
Ritchie Gold
1
June
13 He
1.65
960
71H
10,255
8c 10Hc
19
Apr
79c
11 Ho
July
38c
Mar
2.15
Jan
Mar
75 H
Aug
3,000
48
7c
Robb-Montbray
Rogers Majestic
23c
Jan
700
500
24c
10c June
43 H
Sept
27
Mar
31
5,775
7,500
3
32
Mar
Jan
19H
91
55 H
5
67
28 H
3
9c
40
27H
2
Jan
Mar
Aug
Sept
4H
Apr
lc
lHc
4,500
lc
July
2c
July
1.40
1.80
22,575
1.30
Mar
2.62
Jan
lHc
lHc
3c
Jan
lHc
3,200
1,000
2H
260
1.52
..1
19c
July
Supertest ord Inary
1,000
2c
Mar
7Hc
July
Temlskamlng Mines
50c
900
45c
Sept
1.14
Jan
34c
34c
34c
2,200
27c
Apr
40c
July
8.00
8.60
290
7.50
36
36
31
12,700
35
35
17H
360
8c
7Hc
100
lc June
2
140
19
36
8c
1
United Fuel pref..
2
17H
lHc June
July
38
Aug
25c
Sept
30
Aug
4H
23
Apr
7Hc
5
Feb
2Hc
Sept
Sept
Jan
43
Apr
July
Aug
2.41
17 H
*
Apr
3 He
2 H
*
50c
8.00
lHc
*
Shawinigan
3Hc
50c
Sept
9c
July
May
11c Sept
1.50 Sept
2o
1,600
1.50
Feb
1
12
15c
Feb
20 H
3
Feb
25
66 H
68
July
13 H
31c 46Hc 193,060
3c
5c
32,600
50 H
Mar
12c
7H
Sept
Apr
Sept
12
5
3 He
4
July
90c
20
12c
lHc July
2 470
39
15
5
July
6,500
Sept
100
12c
15c
2c
Mar
40c
16
5
*
-
Aug
4%
4
21H
32
9c
143
1,561
600
2,600
40c
29
Kirkland-TowDsite
5
6c
32
40c
16
300
157
6c
3c
27
Humberstone
39,880
13 H
May
8.95
2.10
3.00
26,325
2.10
Sept
5.45
95c
1.15
7,900
90c
Sept
2.30
Jan
2Hc
2Mc
3Hc
43,000
2c June
5Hc
Jan
......-1
45c
39c
53c
42,050
Mar
68c
1.75
1.75
150
Mar
2.00
Walkervllle Brew.
Aug
July
*
1.25
1.25
1.25
150
2.15
Septl
July
Jan
95c
*
Olga Gas
*
Preferred
*
4
4
*
Plata
35c
45c
Pacalta Oils——......
5c
Page-Horsey
Porcupine..
95
Pamour
31c
1.00
70
5 He
97
3.80
4
Sept
5H
July
35c
12,256
Sept
1.45
Mar
6,500
55
5c
78
Sept
Apr
17c
Feb
98
Aug
4.35
61,610
2.90
Mar
4.65
July
10c
17,500
7Hc
Jan
24He
July
4c
6c
10,300
4c
Sept
22c
Mar
40c
54c
80,825
38c
Mar
69C
Feb
—
Cons—.—*
1.08
1.32
15,485
1.02
Jar
Pickle Crow
1.76
Feb
4.00
4.80
Pioneer
18,755
3.80
Mar
5.30
Aug
2.67
2.95
...—*
Gold—
Porto Rico pref
10
98
Rouyn
98
1.65
Corp.........
12H
11
Prairie Royalties
Premier
2
2.12
24 He 24 He
1.85
2.20
16
Pressed Metals
Preston E Dome—
16
3,545
40
Sept
3.30
Mar
May
99 H
Sept
Mar
2.65
July
Apr
16 %
July
52c
Apr
Aug
53,100
660
9H
20He
Sept
1.81
Mar
10
Mar
1,100
12,120
10
1
1.02
J
40c
40c
2,000
*
Quebec Mining
Quemont Mines—
2.67
96
1.37
9c
10c
1,500
16,050
1.34 290,023
Read Autbler
1
3.10
3.00
3.50
Reeves-Macdonald
*
25c
25o
25c
Reno
34c
34c 35 He
24
Rocne Long Lac
1
24
8 He
Royal Bank
100
Royalite Oil
*
"36"
1
10c
Corp
May
1.90
Aug
70c
July
5Hc
Sept
Mar
15c
July
2.50
Aug
4.55
Jan
50
San Antonio
10c
25c June
33c
21
6c
190
80
36
40
1,228
34 %
35,100
7Hc
7He llHc
3H
4H
14H
14 H
170
35
Sept
Apr
44,300
180
—*
A
6c
20
Aug
40c
7,650
*
2.52
23
67c
2,500
1
Gold
Riverside Silk.....
Sept
Feb
3
12 H
55c
64c
27
24c
192
Jan
Feb
bid
Aug
48 %
Sept
20c
52 H
MacLaren-Que Pr 5 Ha '61
100
86
Manitoba Power 5 Ha. 1951
65
*»***«•
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
93
Maple Leaf Milling—
111
43
45
Burns A Co 5s
Aug
1.01
1.18
7,804
1.00
Sept
1.55
Jan
20c
18c
20c.
6,600
18c
Sept
22c
1
4 He
4Hc
5Hc
8,500
50c
84c
1
1.00
pref
*
pref
100
Slscoe Gold
Sladen Malartic..
3He Sept
34c
84c
88c
3,925
75c
Sept
1.21
98c
1.15
38,395
90c
Sept
1.80
60
1.00
Sept
1.25
Sept
1H
May
3H
96
97~~
112
113H
Consol Pap Corp 5Hs 1961
43
1.58
1,265
77
156
70
Sept
95
Jan
1.55
1.78
Sept
63c
54%c
76c
29,796
79,733
1.54
.1
Slave Lake
54He
Sept
1
7c
6c
9c
5,600
6c
Sept
24c
Jan
*
35c
31c
42c
67,981
30c
Sept
77c
May
...
—*
Preferred
25
Sterling Coal
2H
64
2
2%
63
100
Straw Lake Beach
*
Sudbury Basin
Sudbury Contact
*
1
Sullivan
1
80c
Jan
1.38
Mar
4
2
Sept
68
Mar
71
Aug
54
4
Apr
Sept
68 H
5
Aug
30
62
7 He
475
3.40
65
67
60
4
.....
May
5c
Sept
15Hc
Jan
1.90
Sept
Sept
19c
Mar
Sept
1.25
Aug
501
7c
9Hc
2.00
1.90
2.25
9Hc
9Hc
11c
75c
86c
26,600
12,050
11,000
11,700
9Hc
73c
4H
3.80
Jan
*
2H
2H
2H
5
1H
Mar
2H
2.70
2.64
3.05
12,455
2.50
Sept
3.60
Feb
*
11H
11
12
11
Sept
16
Jan
--*
4.35
4.30
4.30
Sept
5.70
1.20
1.18
1.40
5,550
1.05
June
1.68
July
1
1.78
1.66
1.80
1,770
1
Sept
2.90
Jan
Toronto Elevators...
Preferred
122
4.70
17,990
60
*
12
14
45
12
Mar
50
43
44
Toronto General TrustslOO
170
40
June
48
Feb
82
82
5
73
Mar
85
Mar
107
115
30
107
Sept
122
Toronto Mortgage
50
Towagmac
1
Uchl Gold
1
Union
*
Gas
United Oil....
*
30c
1.55
30c 35 He
6,800
1.25
1.90
64,690
11H
12
10 He
12H
1,976
10c
11c
Ventures
*
Walte
Amulet
Walkers
30c
5,110
3H
-
3H
4%
3,075
4.10
4.05
4.50
17,419
Wendfgo
*
102
92
94
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Eraser Co 6s
Jan 1 1950
95
97
4s...1957
85
90
50
52
Provincial Pap Ltd 5 Ha '47
99
97
98
Saguenay Power 4 Ha A '66
4Ha series B
1966
Preferred
Lake St John Pr A Pap Co
5HS
1961
86
Sept
18H
July
6s
*
3.75
Bank
B.
*
_
103 H 104H
102 H
....
103H 104*
Smith H Pa MUls 4 Ha '51
United Grain Grow 5s. 1948
102
89
91
88
United Securs Ltd 5 Ha '52
59
60H
59
58
/Flat price,
Shawinigan W & P 4 H8 '67
Winnipeg Eleo 6a Oct 2 *54
66 H
87H
n
103
.
Nominal.
of
Montreal
Reports
Marked
No
The Bank of Montreal in its Sept. 21
Change
in
tion
in
look
remains
Europe.
5.30 136,384
since
1932."
26c
4.00
Mar
This
as
Western
compared
7
July
7.40
JaD
8.50
than
to
been
crops
Canada
the
way
July
A
good
final
figure
of the main
as
car
July
activity
Aug
British
12c 14 He
7
7
16,200
34
Jan
9Hc
14,200
Sept
14Ho
11H
1,302
9
Mar
13 H
July
85
85
85
21
74
Apr
90
Sept
3c
2,000
8c
Jan
7c
9c
30,500
3c
Apr
18c
2H
164
1H
May
3H
Jan
1.70
115
1H
Mar
2H
Ju
*
is
Bank's
the
officially
estimated
bushels
74,000,000
from
for last year's
of
in
the
at
an
143,000,000
This yield,
prompt
with
a
stimulus
and there is every indication that,
purchasing
power
will
be
substantially
The effect of the improve¬
year.
merchandise
of
revenues
gains
that
is
for
the
have
may
the
an
the. West.
to
Com¬
improvement in rail¬
have risen in an encouraging degree.
been about balanced by recessions.
have
an
preparation,
important
under
bearing
on
future
by
arrangements
the
an
extensive bomber-aircraft
wholesale
commodity prices, chiefly
development
of
...
improved
exports,
gross
lines
further
vegetable products
witnessed
lent
141,-
In all the other provinces there have
staples,
movement
field
month
certain
to
combined
crop,
has
shipments has contributed to
industrial
There have been
in
July
1H
1.30
from
large body of prairie farmers is already making
a
increased
Government,
industry.
Apr
10
an
of
loadings^ and
the
19H
7Hc
and
grade
Government,
rural
whole,
a
of grain
feature
45
Sept
the
fortunes
in
mencement
Mar
3c
of
year—Alberta
by the Dominion
price
good
taking
Mar
Sept
last
business throughout the country.
Mar
5
is
crop
with
double
guaranteed
1.02
20c June
also
is
000,000 bushels;
Saskatchewan from 37,000,000 bushels to
bushels, and Manitoba from 48,000,000 to 50,000,000 bushels.
more
17
7Hc
following
334^00,000 bushels, each of the three provinces increasing its production
30H
500
The
felt
Sept
in
summary:
itself
9c
conditions
nering in the Prairie Provinces of the largest wheat crop
Jan
Jan
of
gravity
in
Aug
8c June
the
marked altera¬
no
months, but the out¬
Of major importance has been the successful gar¬
higher with better distribution than last
2.45
Mar
by
recent
ment
15H
3
clouded
from
Jan
Jan
11
business
current
Jan
Mar
90c
"Business Summary"
states that "the advent of autumn finds
1,225
7c
deb
conv
99H
Canadian Business from Recent Months
4,630
3c
1
86 H
1951
No par value.
19H
Whitewater
Wiltsey-Coghlan
Winnipeg Electric A
102H 103 H
66c
11
100
2nd
100
40 H
8c
5s
Gatlneau Power 5e
1956
Gt Lakes Pap Co 1st 5s '65
Int Pr A Pap of Nfld 5s '68
18H
West Turner Petroleum 50c
Westons
98 H
Corp. of Can 4 Hs'59
Dec 1 1957
Price Brothers 1st 5a—1957
36
7
99 H
106
Power
18 H
13c
Western Canada Flour
105
70H
In
4.50
Ottawa Valley Pow 5 Ha *70
9"»
44
83 H
37H
._....*
97
H
70
Jan
*
To burn
94
Montreal Tramway 5s 1941
50 H
101H
100
82
Sept
1
Tamblyns—
Hughes
49
1956
.1973
value) 3s
par
1956
4s
Jan
Superetlk A
Sylvanlte Gold
Texas Canadian
1939
3 Ha
Donnacona Paper Co—
Feb
Stadacona
Standard Paving..
Steel of Canada
29 H
104
103
3Ha
52
Dom Gas <fe Elec 6H8.1945
98
f2 8H
Montreal L H A P ($50
103 H
96 H
95H
1961
68.1945
Sept
4
75%
76
Minn A Ont Paper
104
Canadian Vickers Co 6s '47
Cedar Rapids M & P 5s '53
5Hs ex-stock
97
Masse y-Harrls Co 5s, .1947
Montreal Island Pr 5 H8 '57
■
Canadian Lt A Pow 5s 1949
Jan
1.25
3 H
—1
52
99H
106
102H
Mar
1.25
*
50
98 H
1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s 1949
Sept
Silver woods
1958
Calgary Power Co 5S..1960
Canada Bread 6s
2Hsto'38-5H8to'49_-
Ul%
Mar
6H
19H
92
101
July
Junf
1.07
Sheep Creek
Sherrltt-Gordon
Ask
Bid
51
84
Jan
-—1
Shawkey Gold
Ask
Abltlbl P & Pap ctfs 5s 1953
Mar
1
—
Utility Bonds
Closing bid and asked quotations, Friday, Sept. 23
Sept
Mar
June
10
Industrial and Public
Alberta Pac Grain 6s. .1946
7c
Partanen-M alartlc
Paulore Gold
Preferred
45c
Jan
Jan
17H
2.00 June
15
6H
12c
9
Sept
300
5
40c
1.47
8c
United Bteel
Sept
90c
2,235
2.25
10
40c
Oil Selections
Northern Canada
Northern Empires Mines.
O'Brien Gold
1
Okalta Oils
*
Teck
5%
Foothills
1.15
157
4H
—......
1.05
9
3H
14
65
2.00
"~9
11HC
1.22
Norgold Mines—
Simpsons
5
Press
Sept
Apr
1.85
1
—
High
lHc
160
14H
90c
*
10c
Low
12,500
4
3H
1.00
Consolidated
"l.ho
SllveiWods
14
1
Coast Copper
Aug
Mines.——,——
Gold.
Marconi
July
48 H
NordonOil
Sand River
Canadian
J&D
"40c
Perron Gold
14
*
Mar
101
Range Since Jan. 1, 1938
Shares
2c
lHc
*
86 H
Ni pissing
8t Anthony
St Lawrence
Canada Bud
35 H
Newbeo Mines—
New Golden Rose
Power
lHc
146
1
Omega Gold
Orange Crush
Price
Beatn A
3,080
Naybob Gold
Powell
Par
Mar
July
July
5c
Murphy Gold
Paymaster
Stocks—
99
100
National Grocers
National Sewerpipe
Feo
Feb
Week
3H
July
May
56c
...
Jan
8.20
30c
Sales
Friday
7H
20c
A
43c
Exchange—Curb Section
3H
46%
...
Sept
Apr
Model Oils.
Moore Corp...
9c
Mar
5
98
Monarch Oils...
...25c
Moneta Porcupine......
Mar
9,800
1H
11
43
•
6.50
11c
1,100
—
Normetal
Toronto Stock
98
—
Sept
Sept. 17 to Sept. 23, both inclusive, compiled from official sales lists
45H
(Dorp
High
7.50
7
He
McWatters Gold
Morris-Kirk land
9c
Aug
Sept
7.00
9c
Low
16c
4,300
12,110
July
57c
7.05
*
16c 19Hc
Jan
Jan
»
Ymlr Yankee Girl
1
Merland Oil
Oro
Mar
Wright Hargreaves
Canada Vinegars
McVittie-Graham
Noranda
Jan
16c
5
Mines
McKenzle Red Lake
Mining
Jan
1
Range Since Jan. 1, 1938
Shares
2H
6H
42
*
Preferred
Mclntyre
24
21H
Price
Par
Wood-Cad Iliac
Week
2H
7Hc
1
Preferred
Feb
6.00
for
of Prices
Low
High
1H
1H
*
....
Sept
Week's Range
7
*
Maralgo Mines
Massey Harris..
Stocks (Concluded)
High
Mar
1.30
25o
Maple Leaf Gardens—
Maple Leaf Milling
Sales
Last
Sale
Higl
2.55
Exchange
Friday
Week
2.65
*
Macassa
Toronto Stock
Exchange
Friday
an
business
increase
although
the
declines
in
ar$ non-ferrous metals, but in certain other respects
trend
of
has
24.6%
August
corresponding month of 1937.
been
over
figure
apparent.
July in
was
The
month
the value
nearly
18%
of
below
of
all
August
domestic
that
of
the
Volume
Financial
147
Quotations
1 1977
Jan
98 54
100
1 1960.
a4*4s Apr 15 1972.
15*4
Merchants
100
97
103
40
48
National Bronx Bank—50
35
40
75
100
National City
23*4
Chase
27*4
1 1975
a3*4s May 1 1954
101*4
102*4 104
a4lis June 1 1974.
115>i 117
u3 *4s Nov
1 1954
102*4 104
a4lis Feb 15 1970.
116
a3*4s Mar
1 1900
102*4 104
a4 lis Jan
116*4 11754
Commercial National..100
125
15 1970
102*4 104
11014 118
Fifth
720
1 1975
1 1957
104*4 107
10754
109
1 1958
108
109
a3 *4s Jan
a3 54 s July
a4s
May
Nov
a4s
108*4 109*4
a 4s
May 1 1959
a4s
May
1 1977
111*4
113
a4s
Oct
113*4
1 1980
112
04 *4 s Sept
1 1900
112
a4*4s Mar
1 1902
113*4
112*4 114
a4*4s Mar
1 1964
113
1 1977.
a4*4sNov 15 '78.
a4 lis Mar 1 1981
04 lis May 1 1957
o4*4sNov 1 1957
a4*4sMar 1 1963
a4 lis June 1 1965
a4*4s July 11967
a4*4s Dec 15 1971
o4 lis Dec
11714
...13.55
Avenue
100
1141i 11554
Kingsboro
Bank
-.12*4
2154
National Safety Bank. 12 *4
11*4
131
Penn
10
11
13
760
First National of N Y..100 1585
119
118
A sit
Bid
Par
Ask
14
Bank of Yorktown..66 2-3
Bensonhurst National...50
11614
115
Bid
Bank of Manhattan Co. 10
113 Ji 115
a4*4s Apr
Par
As k
Bid
100
a3 *4s July
New York Bank Stocks
City Bonds
Ask
Bid
o3s
Over-the-Counter Securities—Friday Sept 23
on
New York
1911
Chronicle
Peoples National
50
48
52
Public National
25
24*4
20*4
22*4
15*4
18*4
29
1625
National... 100
Exchange..
Sterling Nat Bank A Tr 25
Bank
12*4
'
Trade
1141i 116
13*4
2554
11614 118
117*4 11854
11914
118
Chicago & San Francisco Banks
11°*4 12054
121 li 123 li
1 1979
Par
114*4
A Trust
Ask
Bid
Par
Ask
Bid
American National Bank
Harris Trust A Savings .100
100
195
275
290
Northern Trust Co
485
510
210
100
Continental Illinois Natl
Bank A Trust
New York State Bonds
(V
Bid
First
Bid
Ask
3s 1974
62.50 less
1
3s 1981
62.55 less
33 1-3
National
Improvement—
1958 to *67
Canal Imp 4s JAJ '60 to '67
126
....
126
....
Barge C T 4s Jan '42 A '46.
112
....
Barge C T 4*4s Jan 1 1945.
115
4s Mar A Sept
62.75
Highway Imp 414s Sept '63
Canal Imp'4 lis Jan 1964..
134
Can & High Imp 4*46 1965
131*4
134
—
-
-
-
4754
4554
61.75
4*is April 1940 to 1949..
Highway
5s Jan A Mar 1964 to *71
FRANCISCO—
Bkof AmerNTASA 12*4
213
World War Bonus—
1
Canal A Highway—
208
SAN
63*4
61*4
100
Ask
TRADING MARKETS
Banks—Insurance—Industrials—Utilities
All Over-the-Counter Securities
Eugene J. Hynes & Co.
Port of New York
Bid
Incorporated
Authority Bonds
61
Bid
Ask
Ask
New York City
Broadway
Whitehall 4—8284-8
Bell Teletype N. Y. 1—2845
Holland Tunnel 41is ser E
Port of New York—
108
104*4 106
1942-1960
Gen & ref 3d ser 3 lis '76
10'*4
10?J4
Gen & ref 4th ser 3s 1976
97*4
98*4
MAS 50.50 to 1.20%
MAS 11014 112
1939-1941
Gen & ref 2d ser 3lis *65
Gen & ref 4s Mar 1 1975.
1977
George Washington Bridge
Gen & ref 3 lis
107
Insurance
D
Inland Terminal 4lis ser
1939-1941
MAS
Par
MAS 60.75 to 1.75%
1942-1960
99*4 100*4
Bid
Companies
Par
Ask
Bid
Ask
88
92
Home Fire Security
10
1*4
2*4
10
43
45
Homestead Fire
10
15*4
1654
10
21*4
23
Importers A Exporters.—5
25
x73 *4
76*4
American Alliance
108
10
Aetna
105
109*4
Aetna Cas A Surety
Agricultural
4148 ser B 1940-53.MAN
108
10
20*4
22
5
Knickerbocker
Life
Aetna
United States Insular Bonds
Bid
PJhillpplne Government—
American
Bid
Ask
63.50
5s
100
5s
Apr
1959
1952
1955
5s
Feb
1952
41is Oct
414s July
5 lis Aug
Honolulu
104
4s 1946
101*4
105
U S Panama 3s June 11961
104*4 105*4
1941
—
108
109*4
111
121
113
116
111
112*4
108
4*4s July 1952
5s
July 1948 opt 1243.
110
108*4 110*4
Conversion 3s 1947
MAN
3s 1956 opt 1946...
Ask
3 lis
10414 104 li
4s
11014
1955 opt 1945—MAN
1946 opt 1944
JAJ
11054
100 li 10014
lis 1958 opt 1938—MAN
2654
11*4
13
Maryland Casualty
8
Bid
9954 10054
Atlantic 3s.——
Bank Bonds
100
101
Lincoln 4*4s
87
90
88
91
5s
/27
32
32
New York
Central Illinois 5s.
/30
33
Ohio-Pennsylvania 5s
Chicago 4lis and 5s
5
/3*4
100*4 10154
99*4 100*4
4 lis
9954 100*4
9954 100*4
5s
North Carolina 5s
Dallas 3s
...
Denver 5s
97
First Carol inas 5s
First of Fort Wayne 414s..
First of Montgomery 5s...
99
100
102
99*4 100*4
99*4 100*4
First of New Orleans 5s
First Texas of Houston 5s.
9954 10054
/38
Oregon-Washington 5s
100
101
Pennsylvania 5s
100
101
Phoenix
105*4 107*4
4*4s
107*4 108*4
5s
99*4 100*4
Potomac 3s
9954 100*4
First Trust of Chicago 414s
101
St Louis 5s.
Fletcher
101
10254
San Antonio 3s
314 s
...
80
81
5s
82
83
Southwest
58
m
99*4 100*4
3s
32
10054 10154
09
,
Southern Minnesota 5s
/10*4
99
Union of Detroit 4*4s
Greensboro
42
Pacific Coast of Portland 5s
100
Fremont 4lis
Ask
Lafayette 5s
/27
Burlington 5s
100
Illinois Midwest 5s
89
92
Virginian 5s.
Iowa of Sioux City 414s...
93
96
Virginia-Carolina 3s
45
48
Merch Fire Assur
6
44
48
American Surety.
25
4454
Automobile
10
29
29*4
Merchants
12
100
0
Baltimore American...2>4
Bankers A Shippers
83
25
100 *560
100
Atlantic
39
45
North
7
86*4
575
New Brunswick
19*4
New Hampshire
23
5
Eagle lire
2*4
Employers Re-Insurance 10
29*4
31*4
Northern
154
254
Continental Casualty
47
5*4
49
6*4
...
5
10
37
39
20
104
100
10
Excess.
55*4
Firemen's of Newark
81
5
9*4
42*4
Seaboard Fire A Marine..5
1354
27
30
...16
62
65
5
23
24*4
23*4
21*4
Surety
10
31
29*4
10
Springfield Fire A Mar..25 zll8*4 121*4
5*4
4*4
Stuyvesant
5
2d
preferred
Great American
1
Great Amer Indemnity
Sun Life Assurance
100
430
480
100
417
427
U S Fidelity A Guar Co-2
1254
14*4
7054
7254
U S Fire
4754
4954
U 8 Guarantee
28 V4
Westchester
Hartford Fire.
10
Hartford Steamboiler... 10
27
z30
Bid
'53
'53
79
1953
'53
3-08
50*4
1945
53*4
8
Virginia
Fremont
2
3
Virginia-Carolina
Lincoln
4
6
85
85
28
Bear-Mountain-Hudson
River Bridge 7s...1953
Commodity Credit Corp
.55%
Bid
57
Unified Deben Corp 5s 1955
43*4
96*4
Bank of New York..—100
319
328
Guaranty
213
218
10
11
Is
1540
2s
Hanover
20
Clinton Trust
Colonial Trust
...50
25
73
78
77
39*4
55
65
10
100 1510
28
97*4
8*4
954
Preferred
.
20
.,20
New York
1254
1354
Title Guarantee A Tr. -20
20
45
46
Underwriters
Empire
10
14
15
United 8tates
Authority 3 *4a '08
3*4s revenue
104
Ask
New York City Park¬
way
3*48 revenue
1944 b
1949 6
104
105*4
2.40
less
1
2.85
less
1
100.12 100.15
Corp—
101.4
30
4954
5154
82
100
4*4
90
1475
Dec 15 1938
100.4
100.2
100.5
Reynolds Invest'g 5s 1948
52
00
Trlborough Bridge—
4s s f revenue '77 AAO
109
1*4%
Fed'I Home Loan Banks
1939
Dec 1940
Apr
1 1943
July
2s
100.14 100.18
102.10 102.14
101.16 101.20
Natl. Mtge Assn
16 1943.opt'39
Owners' L'n Corp
101.14 101.18
June 1 1939
100.27 100.30
Federal
Manufacturers
Corn Exch Bk A Tr
Continental Bank A Tr.10
32
34
79
Lawyers
80
37*4
Bid
Ask
210
Brooklyn
45*4
*4 % notes July 20 1941
185
Chemical Bank A Trust. 10
50
50
101.1
Ask
Fulton
Central
90
Realty Bond A Mortgage
deb 3-08
1953
Federal Farm Mtge Corp
Par
County
1953
Reconstruction Finance
Companies
Kings
1953
Corp 3-0s
Deb Corp 3-08
78
Bid
Associates Invest 3s. 1946
15 1939 6 .50%
15 1939 6 .55%
102
654
51
Miscellaneous Bonds
.35%
90
5*4
1953
Potomac Maryland Deben¬
Ask
Banca Co mm Italians. .100
7
100
53*4
49
3-0s
....
/21
*4 % notes Nov 2 1939.
County
51
ture
*53
Nat Deben Corp 3-08.1953
Nat Cons Bd Corp 2-5s
16 1939 6 .40%
15 1939 6 .50%
Brtnx
78
1953
Potomac Realty Atlantic
f25
series A A D
Irving
1953
2-6s
Potomac Franklin Deb Co
Nat Bondholders part ctfs
series B A C
40*4
Issues)
3-0s
Central Funding
Federal Intermediate Credit Bank Debentures
78
Md
1953
Inc 2-58
1954
<?orp (all
Potomac Cons Deb Corp—
42
4
154
Ask
60
Potomac Deb Corp 3-0s '53
Mortgage Bond Co of
2-3s
1954
Series B 2-5s
Potomac Bond
Interstate Deb Corp 2-5s'55
38*4
3254
55*4
62
10
3054
Bid
Series A 3-0s
85
90
Bankers
52*4
Nat Union Mtge Corp—
1953
25
Ask
53*4
49*4
2.50
Fire
51*4
Ask
Allied Mtge Cos Inc—
58
Bid j
4
10
Surety Guaranteed Mortgage Bonds and Debentures
80
Par
Security New Haven
Travelers
10
20
New York Trust
Seaboard
10
Hanover
5
8
454
354
205*4 210
8*4
0*4
23*4
10
Home
0
22*4
32
9
2154
Halifax
100
15 1939 6
7*4
2454
12*4
100
1%. ..Sept
0
23*4
2054
40*4
...100
F I C
Corp (N Y)_2
10
10
Republic (Texas)
Revere (Paul) Fire
5
Globe A Rutgers Fire...15
San Antonio
FI C 1%.. —Aug
Reinsurance
...5
Glens Falls Fire
Globe A Republic
Potomac
F IC 1%.. —July
76*4
5
00
10 1939 6 .35%
15 1939 6 .35%
3354
5
38
F I C 1 *4s_ ..Jan
3154
St Paul Fire A Marine—.25
100
FICl*4s. -Feb
18
Providence-Washington .10
Rossla
Empire IT o perties Corp—
15 1939 6
1554
Rhode Island
70
F I C 1 *4s. ..Apr
74*4
5
22*4
60
FI C 1 *4s. ..Mar
10
Accident
23
100
F I C 1%__ ..June
114
25
Phoenix
Preferred
3754
65
15 1938 6 .30%
15 1938 6 .30%
110
Pacific Fire
20
80
15 1938 6 .30%
94*4
2054
Debenture
F I C 1 *4s. ..Nov
91
2654
25*4
119*4 125*4
3554
Cont'l Inv DebCorp3-08 '53
F I C 1 *4s. —Oct
National.25
Georgia Home
10
Gibraltar Fire A Marlne.10
Cont'l Inv Bd Corp 2-52
Bid
Northwestern
General Reinsurance Corp 6
14
Ask
2.60
2654
Ask
75
5
12.50
River
25*4
,
10
100
North
...10
Fire...10
8*4
7*4
118*4 123
1254
11*4
29*4 31*4
45
43*4
1654
15*4
84
8
5
Franklin Fire
57
Bid
114
2
New York Fire
Associated Mtge Cob Inc—
5
2
National Union Fire....20
23
50
F I C 1 *4s. —Dec
National Liberty
21*4
95
Bid
61*4
x2l *4
34
First Carolinaa
59*4
10
Denver
Pennsylvania
10
10
Dallas
Moines
7
National Fire
10
52
Des
9*4
23*4
New Amsterdam Cas
100
Carolina
5
21*4
Connecticut Gen Life
All series 2 5s
New York
8*4
10
21*4
Par
50
(Providence)..5
19*4
5
Fire
101
99*4 101
Ask
40
Merch A Mfrs Fire New'k 6
73
Joint Stock Land Bank Stocks
Bid
com
National Casualty
Arundel Deb Corp 3-6s
Par
4*4
Mass Bonding A Ins..12*4
28*4
4654
Arundel Bond Corp 2-5s
Atlanta..
,
34*4
9954 10054
5s
2*4
3*4
2654
Fireman's Fd of San Fr.25
Bid
11*4
2*4
10
32*4
Fire Assn of Phlla
Ask
99*4 100*4
1
10
Federal
Atlanta 3s
..5
Lincoln Fire
Re-Insurance. 10
American
Fidelity A Dep of Md
Joint Stock Land
6
25*4
6*4
Carolina
Bid
Ask
4
39
City of New York
Federal Land Bank Bonds
103*4 10354
103*4 10354
103*4 10354
62*4
10
American of Newark
Camden
3s 1955 opt 1945.. ....JAJ
JAJ
3s 1956 opt 1946..
61
35*4
2*4
Equitable
American Home
Boston
Bid
854
Ins Co of North Amer... 10
Jersey Insurance of N Y—
American Reserve..
119
U S conversion 3s 1946
115*4 11754
Hawaii 414s Oct 1956
3.00
Govt of Puerto Rico—
100*4 102
106
Ask
8
2s May
Home
1 *4 s
0*4
100
1525
For footnote
see
page
110*4
1
4s serial re venue-.1942 b
1913.
2.10
less
4s serial revenue.. 1968 6
3.50
less 1*2
1912
Chronicle
Financial
Sept. 24, 1938
Quotations on Over-the-Counter Securities—Friday Sept. 23-Continued
Railroad Bonds
-V-
bid
Guaranteed Railroad Stocks
Member* New York Stock
.
%
44
Cambria & Clearfield 4s
-
Dealers In
120 Broadway
Tel. REctor
69
73
27
31
24
93
954
.1956
60
63
.1951
70
80
.1955
...
Chicago Stock Yards 58
Guaranteed Railroad Stocks
.1995
38
.1951
107
Duluth MIssabe A Iron Range 1st 34s
—
.1961
Cleveland Terminal A Valley 4s—
Connecting Railway of Philadelphia 4s—............
Since1855/,
/
.1962
101
Florida Southern 4s
.1945
65
52
.1950
65
70
.1978
90
92
Memphis Union Station 5s..
New London Northern 4s
.1959
108
110
New
.2000
97
.1948
80
......
Indiana Illinois & Iowa 4s
Dividend
100
Boston A Albany
(New
/
A sled
*
65
1044
111
61
6.00
0.00
45
2734
694
294
734
8.50
...
York Central)
42
2.00
100
20
25
414
454
2.85
5.00
7634
784
Cleve Clnn Chicago A St Louis pref (N Y Central). .100
5.00
65 4
71
3.50
714
74
2.00
42
(Pennsylvania)
•
stock
Betterment
Delaware (Pennsylvania)
25
,,
——
Fort Wayne A Jackson pref (N Y Central)
2.00
100
Lackawanna RR of N J (Del Lack A Western)....
(Del
Lack A
394
49
53
147
153
4.00
42
50.00
600
454
800
5.00
55
4.00
784
374
41
1.50
39
114
Portland Terminal 4s
.1961
Providence A Worcester 4s
.1947
70
.1942
100
.1967
88
.1957
103
79
Toronto Hamilton A Buffalo 4s
-
-
6.00
100
3.00
120
.100
10.00
214
100
6.00
1194
58
Atlantic Coast Line 44a
Boston
62
55
514
66.00
5.00
5.00
62.50
1.75
62 00
1.2"
53.10
53
57
294
324
*
24
.*
44
$7 preferred
Atlantic City El 0% pref
*
*
Birmingham Elec $7 pref.*
$1.60
preferred
054
Mississippi P A L $6 pref.*
Miss Riv Pow 6% pref. 100
54
67 4
0% preferred
Monongahela
West
Pub Serv 7% pref
25
Mountain States Power—.
194
204
67
69
100
54
56 4
58
594
U34 1154
44
25 4
20 4
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
1074
70
Newark Consoi Gas....100
New Eng G A E 5 4 % pf. *
New Eng Pub Serv Co—
114
774
$6 preferred
.100
Cent Pr & Lt 7% pref.. 100
Consoi Elec A Gas $6 pref *
07
69
29
79
81
$7 prior lien pref..
*
New Orl Pub Serv $7 pf..*
New York Power A Light—
44
43
47
$6
934
95
7%
Continental Gas A El—
724
1154
Essex Hudson Gas
195
100
19
74
cum
$0.50
$7
preferred
cum
cum
174
18
214
234
Gas & Elec of Bergen.. 100
Hudson County Gas... 100
_.*
7% preferred
100
Interstate Natural Gas. 1*
States
Edison
100
414
414
*
93
95
*
$6 pref
92
904
994 1014
112
94 4
113 4
195
Interstate Power $7 pref.*
Utilities—
1034
112
21
1134
24
7% preferred
100
3
32
preferred
63
Jer Cent P & L 7% pf._100
Kan Gas & El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long island Ltg 6% pr.100
7% preferred
.100
Mass Utilities Associates—
partlc pref..50
Memphis Pr & Lt $7 pref. *
54
7.94
112
414
30
67
34
834
25
Jersey Gas A El. 100
204
44
944
854
264
274
195
51
102
53"
5.25
Erie RR 6s
4Ha
Great Northern 4Ha.
7% preferred
B /G Foods Inc
7
100
Virginian Ry
common
*
*
pref
conv
Ast
100
*
Bohack (H C) common
14
11
334
*
1
7% preferred
100
Diamond Shoe pref
100
FIshman (M H) Co Inc..*
101
13
7
9
7% preferred
24
24
154
100
Reeves <Daniel) pref... 100
United Cigar-Whelan Stores
$5 preferred
*
94
Cuoan Atlantic Sugar...10
Eastern Sugar Assoc
1
Preferred
Hoi
_
_.
1
.
-et*
mtgr
Bid
94
|
104'
64
Illinois Central 44s
Internat Great Nor 4 Ha..
174'
1913
94
95
65 2)
4.50
65.25
4.50
63.50
2.25
63.00
54s
2.50
64.50
:
5s
3.50
64.50
3.50
63.25
2.75
4Ha
63.25
2.75
62.25
1.50
0.50
55.00
4.00
Union Pacific 44s.
61.25
54.00
5s
3.75
3.00
3.00
Virginia Ry 44s
Wabash Ry 4Ha
61.70
54.00
Long Island 44s.
54.60
Matne Central 5s
...
54.40
3.50
54.40
3 50
54 75
3 50
54.75
5H 3
3.50
54 75
543.
Missouri Pacific 4Ha
53....
3.50
1.00
75
50*8.
63
Western Maryland 44s
Western Pacific 5s
85
75
............
85
75
85
75
5S_;
Public
85
1.50
66 00
5.00
66.00
54s
62 50
5.00
Utility Bonds
ULd
Arner
Ait
38
654
Utility Serv 0s. 1964
8
1963
f debenture 44s..1948
Associated Electric 5s. 1961
10 J 4
1034
39
/37
1044 1054
Indianapolis Pow A Lt—
Power 34 s—1967
45
47
Mortgage 34s
1988
Inland Gas Corp 0 >$8-1938
/37
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 4Ha '65
1084 1094
23
24
1978
234
24
Income deb 4s
1978
25
254
1978
28
29
Income deb 44s
1973
46
1973
464
1973
64 4
1952
Idaho
1978
Conv deb 5s
62
624
107
Corp—
44s
604
Federated Ut'.l 543—1957
103
Income deb 34a
Income deb 343
deb
Ask
Dallas Ry A Term 68.1951
Havana E'ec Ry 5s
Conv
104
Bid
404
674
Appalachian Elec Power—
Conv deb 4s
-
20
40
22
34 4
35
-
674
694
52
Lone Star Gas 3 34a ..1953
1034 1034
Missouri Pr & Lt 334s. I960
Mtn States Pow 1st 6s. 1938
-
48
50
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s "68
1014 1044
1014 1024
Narragansett Elec 3 4s '66
1044 1054
82
84
68
70
Conv deb 5 4s.
1973
56
394
404
8-year 8s with
1940
81
84
N Y, Pa A N J Utll 5s 1956
54
56
88 without warrants. 1940
81
83
N Y State Elec & Gas Corp
4s.
196 5
924
93 4
984
99
125
132
Bid
warr.
67
74
11.4
124
3
-
-
-
Elec Co—
25
25
44s..1983
Sink fund inc 5s
27
N Y Steam Corp 3 4s. 1963
North Boston Ltg Prop's—
23
1983
29
25
---
27
Sink fund inc 543—1983
Sink fund Inc 4-5s._ 1986
S
Ask
t inc
44.S-543- —1986
23
Secured notes 3 48—1947
Ohio Pub Service 4s.. 1992
Old Dominion par 6s_. 1951
17
24
103
109
98
1054 1064
101
1044
50
53
1961
754
774
Portland Elee Power 0s *50
/114
'
---
---
Peoples Light A Power
1 st
lien
3-6s
Sink fund Inc 5-6s—1986
27
S f inc 54 3-6 4 3—-1986
Blackstone V G A E 4s 1965
109
Cent Ark Pub Serv 53.1948
Central G A E 54s... 1946
86 4
88
Republic Service coll 5s *51
68
704
St Joseph Ry Lt Heat & Pow
1st lien coil trust 6s. 1946
6
75
774
29
---
-
--
Pub Serv El A Gas 3 348 '08
Pub Utll Cons 54*--- 194K
44s
1947
124
10)4 1054
71
73
61
664
104
104 4
254
100
1004
Cent Maine Pr 4s ser G '60
Central Public Utility—
Income 54s with stk '52
1044 1054
24
Sioux City G A E 4S..1966
99
Cities Service deb 5s_. 1963
Cons Cities Lt Pow A Trac
234
Par
Bid
Ast
594
Sou Cities Utll 5a A..1958
354
Tel Bond A Share 58.. 1958;
664
364
674
88
88
Savannah Sug Ref cora___l
304
324
West rndles Suarar Oorp__l
24
34
San
Antonio
Pub Serv—
1st mtge 4s
flH
584
1963
.—1962
76
77
Texas Public Serv 5s.. 1961
Consoi E A G 6a A...1902
39
40
39
40
Toledo Edison 3 48—1968
Utlca Gas A El Co 5s. 1957
6s series
741
1*4
90
92
43^8
St Louis Southwestern 5s..
5s
5s—
Ask
2.00
Texas Pacific 4s.
59
Sugar Stocks
Par
1.00
Coas ref deb 443—1958
fund inc 4s
1983
64% preferred
100
Murphy (G C) $5 pref .100
106
2.25
62.50
1.25
Sink fund inc
Kress (S H) 6% pref.
Miller (I) Sons common..*
37
63.00
.....
1.50
87
Ko backer Stores
12
95
51.75
Hocking Valley 58.
Sink
Par
75
Blckfords Inc
$2.50
Bid
*
Reading Co 44s_
Southern Pacific 44s
58...
52.00
834
Chain Store Stocks
Par
98
51.80
Assoc Gas A
Borland Shoe Stores
94
90
...
57
United Gas A El (Conn)—
69
56.25
Assoc Gas A Elec
6% pf.100
7% preferred
100
Utah Pow A Lt $7 pref...*
...
54s
1st mtge 4s
7% preferred.
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
32
—
184
93 4
Tenn Elec Pow
444
264
5.25
Atner Gaa A Power 3-5s '53
100
South
114
25
5.25
56.25
874
6% preferred D
564
814
2 09
2.65
St Louis-San Fran 48
56.25
65 4
864
6% pref series B
50
62 60
63.25
5s
5s
Denver & R G West 44s_.
1014
Sioux City G A E $7 pf. 100
Southern Calif Edison—
Jamaica Water Supply—
6.00
Dec 1 1937-50
Pere Marquette 4Ha
101
99
Rochester Gas A Elec—
5
30
2.10
964
994
6% preferred
..100
Republic Natural Gas—_.1
«•*_
1.10
62.75
83
80
Power—
Penn Pow A Lt $7 pref...*
129
Iowa Southern
conv
934
1034
Queens Borough G A E—
$6 preferred
5%
914
1014
7% preferred..
100
Okla G A E 7% pref—100
Pacific Pr A Lt 7% pf—100
Idaho Power—
74%
304
844
*
$7 preferred
„*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf__l00
194
*
824
"
preferred... 100
7% pref
(Minn) 5% pref
Ohio
19
*
preferred
preferred
preferred
cum
(Del)
23
Federal Water Serv Corp—
$6
cum
Northern
7% preferred
..100
Dallas Pr & Lt 7% pref. 100
Derby Gas & El $7 pref..*
——
July 1937-49
24s series G non-call
Southern Ry 44s
134
1094
13
61.75
Jan A
6.00
129
114-
76
3
57.00
23
68
Consoi Traction (N J). 100
Consumers Power $5 pref*
5.00
57.00
Trustees' ctfs 34 s
54
23 4
*
7% preferred
5.00
Chicago R I & Pacific—
51
5s
1.00
56 00
56 00
Chic Milw A St Paul 44s.
54
100
Central Maine Power—
4.50
2.00
51.50
Ast
Penn
7% preferred
.25
Carolina Pr A Lt $7 pref..*
*
55.50
Pennsylvania RR 44s—
4s series E due
5s
Missouri Kan Pipe Line..5
Buffalo Niagara & Electern
2.25
52.50
4Ha
Chicago A Nor West 4Ha.
34
44
1104 H24
53.00
__
2.50
Chesapeake & Ohio—
4>4
$7 preferred
5.00
66.00
47
Mississippi Power $0 pref *
1.25
5.00
N Y NHA Hartf 443——
53
3 50
Bid
~L ~4~Hb"~.
Northern Pacific 44s
3.00
Par
2.50
66 00
66 00
St
4.00
50
Ask
—
4.00
Chic"A
N Y
2.50
5s
Utility Stocks
Electric
4.00
3.50
63 30
62 25
55.0u
5S
A
6.50
...
53.10
-50
Put
Gas
Ast
14 75
34s Dec 1 1936-1944...
5s
Original preferred.—
6.50
New Orl Tex A Mex 44s.
New York Central 44s.—
Canadian National 44s..
6 -i
5.00
$6.50 preferred
b 7.50
55.25
Maine 44s
5s..
me-
52
Public
Associated
Bid
1.75
2174
50 4
63
5.00
Preferred
74
45
As I
b 2.25
55.25
A
Canadian Pacific 4Ha
Cent RR New Jersey 4Ha.
Warren RR of N J (Del Lack A Western)
04
3 iH
40
Equipment Bonds
57.50
Baltimore A Ohio 448—..
124
5.00
Valley (Delaware Lackawanna A Western)..
.100
Vlcksburg Shreveport A Pacific (Illinois Central).. .100
Railroad
62
6.00
72
35
1 f»00
.
Bid
142
57
100
RR)
62
.1954
4
161
135
-
6.82
Utlca Chenango A Susquehanna (D I. A W)
Alabama Power $7 pref—*
Arkansas Pr & Lt 7% pref *
98
65
140
1564
*.
St l/ouls Bridge 1st pref (Terminal RR)
Seco nd pref erred
tad
94
.1940
County Ry 3 4s
Washlngt»
102
105*
1044
.1951
i.
1034
84
.1946
Railroad A Canal 34a
VTlley 44s
83
7.00
Hudson)
(Penn-Readlng)
...
51
42
7.00
Pgh Ygtn A Ashtabula pref (Penn).._.
West Jersey A Seashore
.1947
82 4
4.50
-50
(Penasylvanla)...
Pittsburgh Bessemer A Lake Erie 5s
59 4
...—*.
United New Jersey RR A Canal
54~"
1024
West Virginia A Pittsburgh 4s
.100
Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100
Preferred
Louis (Terminal
80
.1939
33 4
3.00
runnel RR St
89~~
.1941
Vermont
30
Preferred
Rensselaer & Saratoga (Delaware A
.1947
:
994
984
Philadelphia A Reading Terminal 5s
United New Jersey
3.875
Central
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Norwich & Worcester 44s
57
Pennsylvania A New York Canal 5s
Toledo Peoria A Western 4s
..50
Western)
New York Lackawanna A Western (D L A W)
Northern
3734
5.50
Michigan Central (New York Central)
.1940
York & Harlem 34a
Toledo Terminal 44s
9.00
Georgia RR A Banking (L A N-A C L)
Morrla A Essex
70
Terre Haute A Pecorla 5s
Carolina Cllnchfleld A Ohio com (L A N-A CL)... .100
Cleveland A Pittsburgh
—
New York Philadelphia A Norfolk 4s
8.75
...
—....
(New York Central)
Boston A Providence (New Haven)
Canada Southern
Bid
10.50
Albany A Susquehanna (Delaware A Hudson).....
.
Kansas Oklahoma A Gulf 5s
Par in Dollars
Allegheny & Western (Buff Itoch A Pitta)
Beech Creek (New York Central)..
41~~
1034
.1953
...
Louisville Dlv. & Terminal 34s
(Illinois Central)
95 X
Illinois Central—
(Guarantor in Parentheses)
Alabama & Vlcksburg
38 4
Chicago St. Louis & New Orleans 5s
2-6600
STOCKS
37
Chicago Indiana & Southern 4s
GUARANTEED
NEW YORK
—
44s—
Boston A Maine 5s
95
.1944
Baltimore A Ohio 44a
Boston A Albany
Exchange
28
28
93
.1940
—..........
—
/25
.1939
...
0s—
Atlantic Coast Line 4s
3oscpb (Ualkcr $ Sons
Aslud
.1939
—
J 25
.1943
54s
.1945
.1945
Akron Canton and Youngstown
B
1962
Crescent Public Service—
Coll Inc 0s (w-s)
1954
Cumberl'd Co PAL 34s'66
Dallas Pow A Lt 3 43-1967
Western Pub Serv 54s '60
374 394
1014 102 4
1074 1084
Wisconsin G A E 3 4s. 1960
Wis Mich Pow 34s..1961
100
1014 102
1224
814
83
105 4 106
1054
106
Volume
Financial
147
Quotations
Over-the-Counter Securities—Friday Sept. 23—Continued
on
Industrial Stocks and Bonds
Water Bonds
Bid
Alabama Wat Serv 5s. 1957
Ashtabula Wat Wks 5s
A tiantic
98H
58
County VYat 5s *58
98
100*"
101
1954
103
Co 5s.—1957
104H
C«*iif Water Service 4s 1981
103 54
Chester Wat Serv 4Hs *58
104H
-
--
10454
...1951
.
.1941
5s..
Water 5s 1950
„
.
83
85
88
89
91
Newport Water Co 5s 1953
Ohio Cities Water 5 Ho *53
Ohio Valley Water 5s. 1954
99
Ohio Water Service 5s.1958
1st coll trust
74
4548—1960
1st consol 48-...—1948
1st consol 6s——1948
5s series B
l!!54
101
1st 68 series C
1957
105
1948
Prior Hen 5s
PhUa Suburb Wat 4s—1965
Community Water Service
105
...
98 H 101
85
82
94H
96
101
99 H
107H 109
99
101
102
104
1946
58
63
6s series A
1946
62
67
Pittsburgh Sub Wat 5s '68
Plainfleld Union Wat 5s '61
ConneLsvllle Water 5s 1939
98
101
Richmond W W Co 5s. 1967
104H
Roch & L Ont Wat 5s. 1938
100H
95
99
95
99
...1958
..1958
1st mtge 5s
s\Vo»
osepb
ricranton
Greenwich Water A Gas
1952
99
5s series B
1952
97H 100
101
Wat 4s ser A.'66
Gas & Water Co
102
1977
108
1954
5Hs series B
—.
1958
Water Service 5s. 1981
.1967
101H
103 H
........1954
6s...
.......1962
5s
Sbenango Val 4s ser B 1961
South Bay
Indianapolis Watc
101H 103H
1906
Indiana polls W W Secure
1968
6s
104 H 106
92
69
104H
Kokomo W W Co 5s.. 1958
104H
Long Island Wat 6 Hs. 1955
Middlesex Wat Co 6Hs '57
103
Monmouth Consol W 5s '56
90
107 H
4
101H
Morgantown Water 5s 1965
$1 cum preferred
H
50
28
3H
Affiliated Fund Inc
♦Ainerex
Amer
1H
Holding Corp..*
Business Shares
11.48
12 21
3.85
Series B-2
3.i8
3.51
Equities Inc 25c
•53c
60e
Insurance f tock Corp*
Assoc. Stand Oil Shares. .2
454
5H
A met Gen
Am
♦Class a
Invest
1654
12
14""
91H
H
MX
16
17X
British Type Invest A...1
Broad St Invest Co Inc..5
30 54
Worcester Salt..—.—.100
42 H
48 H
York Ice Machinery
93
22H
7H
H
8 54
2454
17H
Humor
Corp.
2
1
Harrlsburg Steel Cor p
7H
15
Portl Cement 100
.ong Bell Lumber...
2d 8% preferred
100
vi acradden Pub common. *
Ask
10.66
23.08
12.75
14.03
8.73
14.^2
13.08
14.46
4.10
4.59
5.14
1
19.72
5 65
20.92
Mutual Invest Fuud-...10
10.59
Mass Investors Trust
4*54
22.69
24.27
13H
14 H
3.65
4.00
Century Shares Trust—*
21.23
22 82
9.56
10.34
i
3.24
3.53
Shares pflOO
Corporate Trust Shares..1
2.20
Aviation.
2 10
Bank hxock
1
Commonwealth Invest
♦Continental
Series AA
1
6 54
7
Nation Wide Securities-
20 H
3.08
1.21
12.25
13.17
-
7.41
8.02
-
0.30
6.83
0.84
7.41
N Y Stocks Inc—
Agriculture
...
2.16
Building supplies
2.57
Electrical equipment.
1
2.57
23
10
com
♦8% preferred......100
10
♦7% preferred
..100
Cumulative Trust Shares. *
..
8.33
7.04
7.62
8.96
9.69
8 82
8.13
8.80
Railroad equipment
6.06
0 57
Steel
33 H
&.12
8.15
Oils
31 H
110
7.50
Metals....———
25
115
6.98
7.50
Machinery...
...
No Amer Bond Trust ctts.
4.31
49 H
No Amer Tr Shares 1953.*
2 07
1
2.51
Deposited Bank Shsser A1
1.28
Deposited lnsur Shs A...1
2.81
Series 1960.
Deposited lnsur Shs eer B.
2.54
Series 19581*—.
Series 1966
2.46
2.16
Plymouth Fund Inc...10c
40c
46c
.1
5.25
5.95
♦Putnam (Geo) Fund..—
13.63
14.58
1.20
1.30
Quarterly Idc Shares.. 10c
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
10.20
11.17
16.49
17.71
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref I
27.08
28.81
2554
*
17.65
18.89
6.84
7.42
99
103 H
2854
Fidelity Fund Inc..
First Mutual Trust Fund-.
Fiscal Fund Inc—
2.20
2.44
series. 10c
3.16
3.51
Fixed Trust Shares A... 10
8.78
Insurance stk
10
B
9.65
26c
29c
Selected Amer Shares..2H
8.69
9.47
Selected Income Shares...
3.91
6.87
*
Spencer Tra.sk Fund
Standard Am
6.89
3.80
4.05
Invest lnc.2
16.16
17.49
Fundamental Tr Shares A2
4.65
5.25
Corp..
AA
29.10
31.29
General Investors Trust.*
4.50
15.29
39c
~42e
74 H
2.99
Capital Corp
—
—
1.04
1.14
Series C
Automoble shares.
91c
1.00
Series D._
10.04
—I
2.26
Trustee Stand Oil Shs A.l
1.02
1.12
1.52
1
5.28
1.24
1.36
Trusteed Amer Bank Shs B
54c
60c
Food shares
79c
87c
Trusteed Industry Shares.
89c
69c
Investing shares
Merchandise shares....
69c
76c
99c
1.08
Series B...
U S El Lt & Pr Shares A—
1.25
1.36
B
99c
1.08
Voting shares
67c
74c
1.18
In vest ait Banking
1.07
♦Bancamerlca Blair
98c
1
35c
65c
Investors. _*
Institutional becuritles Ltd
16.44
17.08
93c
1.03
1.26
1.39
Bank Group shares
Insurance Group Shares.
Wellington Fund
♦Central Nat
5.85
108 H
39 H
102
97 H 100H
13.53
Cor pi
3
4
32
35
♦First Boston Corp
*
10
♦Scboelkopf. Hutton A
Pomeroy Inc torn—10c
2H
15 7A
1
Ask
91
05
1945
64
66
1946
S f deb 5s_.
2354
24%
/654
N Y Athletic Club—
6154
6354
Chanin Bldg Inc 4s...1945
52
55
Chesebrougb Bldg 1st 6s '48
Colonade Constr'n 4s. 1948
47H
49 H
N Y Majestic Corp—
4s with stock stmp_.1956
34
38H
N Y Title A Mtge Co—
Court A Remsen St Off Bid
1st 354a—
28 H
31H
26
-1950
—
Dorset 1st & fixed 2s—1957
2854
Eastern Ambassador
754
Hotel units.....
49
954
51
2s
5'Hs series
5H« series
5Hs series
534s series
....
754
C-2
.....
F-l__
Q
/48 54
50
/33
/4954
/3854
BK—
34H
51X
4054
/18H
20H
19th A Walnut Sts (Phila)
.July 7 1939
1st 6s
At\
24 H
29
26 H
mS
-
-
5
17 X
2
Oliver Cromwell (The)—
..Nov 15 1939
1st 6s
/654
1 Park Avenue—
2d mtge 08—.—
1951
103 E 57th St 1st 63...1941
36 H
1st leasehold 3s. Jan 1 '52
42 H
16
19H
4754
60
38
42
40 Wall St Corp 68—1958
43 H
45 H
165 Bway Bldg 1st 5548 '51
.1939
72 H
76 H
Prudence Co—
38H
41
5H» stamped—....1961
Realty Assoc Sec Corp—
Film Center Bldg 1st
42 Bway 1st 6s.
1400
4s '43
Bldg—
Broadway
1st 0Hs stamped.. 1948
14
—.1943
Income
5s
Fox Theatre A Oil Bldg—
60
/46H
....
485i
Roxy Theatre—
.1957
/10
1944
29
33
2H-4s (whs)——1949
Graybar Bldg 5s
1946
35
39
68 H
71H
Fuller Bldg deb 6s
1st
1st 4s—
68 54
1957
....
56
/26
28
/17H
19H
Harrlman Bldg 1st 6s. 1951
27
29
Savoy Plaza Corp—
3s with stock—....I960
Hearst Brisbane Prop 6s '42
35
37 H
Sherneth Corp—
51
53 H
45)4
4754
Hotel
Lexington
units
Hotel St George 4s... 1950
..1956
2s with stock
60 Park Place (Newark)—
1st fee A leasehold
58 H
1947
3Hs
Income 5Hs
40
...
01 Broadway Bldg—
1950
36
w-s—1963
09
71
3Hs with stock—.1950
Syracuse Hotel (Syracuse)
1st 38—————.1955
89X
90 H
40
41
40 H
4254
72 H
75
41H
4354
52
55
Textile Bldg—
Trinity Bldgs Corp—
•
*
—
Loew's Theatre Rlty Corp
—1947
1st
54 H
1951
61H
-
32H
*
-
Madison Ave Apt Hotel—
1st 3s 1957 w-s
Par
value,
49 H
.
Walbrldge Bldg (Buffalo)—
3s with stock..
1950
Corp—
1951
Westlnghouse Bldg—
1st tee A leasehold 4s '48
17H
Wall A Beaver St
stamped—..
Metropolitan Chain Prop—
6s. ..j
-1948
No
-.1939
5H8
2 Park Ave Bldg 1st 4s 1946
1947,
1st 6s (L I)
*
—1958
1st 4s (w-s)
1952
3s w-s
6
4s w-s 1948
Corp ei A..*
♦Class B
33 H
Majestic Apt Inc—
12H
12.33
31H
1st 5s (Bklyn)
75c
1
Corp
Bid
,.——.1947
Metropol Playhouses Inc—
B'way A 41st Street—
1st 3s—
1944
,
1.00
1.08
Tobacco shares..
21
Mortgage Certificates
Broadway Motors Bldg
4-6s
.1948
lst & gen
1.40
Incorporated
Income 5s—1962
6s
Ludwlg Baumann—
Chemical shares.......
♦Huron Holding Corp
11
80
Metropolitan Corp (Can)—
23
London Terrace Apts-
2.31
1
Building snares
Steel shares
conv
Ask
29 H
f20
B'way Barclay 1st 2s..l956
1st 6s
Aviation shares....
RR equipment shares.—
1946
.....1902
ist 5s
2d
9
Lincoln Building—
5.41
9.24
Bid
,
1st 4s
5.41
Supervised Shares ......3
Agricultural shares
Petroleum shares...
70
107
36
Lewis Morris Apt Bldg—
2 05
Trustee Stand Invest Shs-
Group Securities—
Mining shares
71H
Scovlll Mfg 5Hs—1945
Wither bee Sherman 681903
3754
7H
*
...
1st 4-5s extended to 1948
3.13
—_
BB
4.90
B
94 X
/69H
/9
Woodward Iron¬
Lefcourt Manhattan Bldg
2.05
B
D—
4.19
•
14.40
71
Super Corp of Am Tr ShsA
C
.*
*73c
Trust Shares
♦State St Invest
6.34
Foundation Trust Shs A.l
General
95
9354
00
34 54
Pharmacal..—5
Income 3s.
66c
Standard Utilities lnc.50c
Foreign Bd Associates Inc.
Fundamental
9.15
Sovereign Investors
10c
-Bank stock series
90
94H
22H
52d A Madison Off Bldg
25c
D—
Norwich
Ohio Match Co
50 Bway Bldg 1st 3s inc *46
500 Fifth Avenue0Hs. 1949
I
i
-
3.40
Eaton A Howard Manage¬
ment Fuud series A~1
88
Deb 5s 1952 legended...
3.50
Dividend Shares
93
90 H 100H
95 X
90
50
Equit Off Bldg deb 58.1952
Diversified Trustee Shares
C..
4Hs
——1948
Deep Rock Oil 7s—1937
Haytlan Corp 8s..
1938
Nat Radiator 5s
2054
*
89
20
New Haven Clock-
100
8H
51
108
N Y Shipbuilding 5s—1940
4
17
—
7 70
Insurance stock
♦Crum A Forster Insurance
♦Common B share
2H
7k
47H
6H
of America
steel
Keisey Hayes Wheel Co—
Conv. deb 6s
—1948
10
110
*
..100
5.77
1
♦Crum <fe Forster
Cruo.ble
43
1.34
5.42
Common.
Series A A mod
...
22 H
94
Nat Paper & Type com...*
Preferred 6H%
1940
Crown Cork A Seal 4 Hs '48
Real Estate Bonds and Title Co.
25c
Voting shares.
National Investors Corp.l
New England Fund
1
Accumulative series... 1
Series ACC mod
1st cony s f 6s
36
32 H
8H
"6H
Cout'l Roll A Steel Fdy—
3154
*
New Britain Machine
Fabrics 7s—1942
31
...
preferred.
Am Wire
Chicago etock Yds 6s. 1961
....
7% preferred...—.100
Muskegon Piston Ring.2H
5%
—*
7% preferred
100
Young (J 8) Co com—.100
7% preferred.——..100
Atlantic Refining 3s—1953
*
Preferred
6
American Tobacco 4S.1951
—
100
Casket..
100
Bonds-
13
43
100 Z11254 H4H
Mock Judson & Voehrlngcr
National
$7 1st preferred
Wickwire Spencer Steel--*
37c
.....1
Chemical Fund
6H
1H
11.58
Maryland Fund Inc...10c
Canadian Inv Fund Ltd-.l
Bullock Fund Ltd
14,12
5H
12
100
100
Taylor com
1st 6% preferred
1754
4LH
*
<x>rd &
.....
15*82
preferred..—
2854
5%
54
—
22c
7%
Paper..25
6
1
King Seeley Corp com.-.l
Series K-2
14.79
I
Great Northern
Series K-l..
6 54
15H
45H
14
21.07
Series S-4
5 54
40
13 H
H
22
5H
3.2l
42
11
m
Corp
new.
Basic Iudustry Shares..10
Boston Fund Inc..
6H
43
$3 conv preferred
-*
Welch Grape Juice com..5
20
Series S-2
Bankers Nat
I
WJR The Goodwill Sta
27.2
12.85
Veeder-Root Inc com....*
Warren (Northam)—
5H
60
20
24.84
...
IX
X
3H
24
Keystone Custodian Funds
Series B-3__
M
2H
Great Lakes SS Co com..*
American
6% preferred
Series B-l
100i
Wilcox & Gibbs com..—50
102 H
2254
Preferred—
65
104 H
3.47
80
1
4
5H
61H
101H
104 H
20 H
72H
104
Fohs Oil Co.....—....*
$5 preferred
9.98
United Artists Theat com.*
United Piece Dye Works.*
100
' .awrence
Bid
29 H
23
Landers Frary & Clark..25
1
2H
27H
o
93
Par
7H
122
18
99
Investors Fund C
1H
*
102
Ask
6H
115
Graton & Knight com
*
Preferred
....100
Investing Companies
Bid
m
16
30
Preferred—....
Par
4H
32
31
Marlin Rockwell Corp_._l
vierck Co Inc common..1
Admints'd Kurd 2nd Inc.*
59
..100
68
*
Trlco Products Corp.....*
Tublze Chatillon cum pf.10
m
33
(Jos) Crucible... 100
Bake Shops
.*
Tennessee Products..—.*
Time Inc
___*
90
1960
14H
Steel common...
16
29
preferred........ 100
Dennison Mfg class A...10
1C0
..1949
38 H
Taylor Wharton Iron A
7
5
14
$7
1951
1950
6s series A
6H
26H
*
Crowell Publishing com..*
Westmoreland Water 6s '52
W'msport Water 53—1952
104H
...
31H
Good
100*"
99 H 101H
6s series C
Monongabela Valley Water
5HS—
...1950
8%
28 H
30 H
4
Kildun Mining Corp
1956
7 54
20
..25
Stromberg-Caneon Tel Mfg
Corp..*
standard Screw
41
3
1950
;
H
4H
Stanley Works i*>c
2H
3H
54 H
37
ds series B_
5s series B
22
235
4
1154
Wichita Water—
94**
Skenandoa Rayon
20 H
231
37
10254
101 H
90
9H
m
Garlock Packing com....*
Gen Fire Extinguisher...*
103 H
1st mtge 5 Ha
105*
8
3
2
101
90
4H
UH
Sylvania Indus Corp.....*
2H
I
1st mtge 58....
...
H
3H
1054
shares——*
104
\V Va Water Serv 4s-.1961
13H
H
West Va Pulp & Pap com.*
Preferred.—.....
100
2U
3
i West Dairies Inc com v t c 1
$3 cum preferred
39
*
]
1254 YV hlte Rock Min Spring—
73"
105
Texatkana Wat 1st 5s. 1958
Scovlll Manufacturing..25
Singer Manufacturing..100
Singer Mfg Ltd
—1
21
100
Preferred
102
98 H
39
....
Foundation Co For shs... *
.1949
68
63%
*
Federal
Western N Y Water Co¬
Joplln W W Co 5s....1957
Bankers Indus Service A.*
Belmont Radio Corp
*
77
1960
Union Water Serv 5 He '51
87
57
34H
Ask
11 H
17
xl9
Burdlnes Inc common
Chic Burl A Qulncy
.26 54
15
Art Metal Construction. 10
73
100H
..I960
Terre Haute Water 5s B *66
2454
*
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
..._..*
104
6s series A
1st mtge 3Hs
Products
Exploration——1
Pollack Manufacturing...*
Remington Arms com
.*
92
Hardware....25
77
100 H
SssertesB
-
pref....—100
cum
Maize
73
99
Petroleum Heat & Power. *
UH
Bid
399
Conversion...!
Pilgrim
A merican M fg. 5 % pref 100
Andlan National Corp...*
Dixon
102
Springf City Wat 4s A *66
Illinois Water Serv 5s A '52
Amer
Preferred
106 H
5s series A
105
1154
Dentist's Supply com.._10
Devoe A Ray nolds B com *
Cons Wat 6s *50
South Pittsburgh Water
1st mtge 5s...—...1965
Huntington Water—
6s series B
107 H
Scranton-Sprlng Brook
1st & ref 5s A
Hackeasack Wat Co 6s. *77
.10
Dictaphone Corp
4HS
6s series A
pref
Chilton Co common....10
Columbia Baking com
*
101H
99
1C3
5 Mb series B__
4Hs...
oonv
8%
69
Pinellas Water Co 5 Ms.
Consoi Water of Utlca—
Pari Amer Match Corp..25
Patbe Film 7% pref..
*
3H
27
Petroleum
Beneficial Indus Loan pf
.....I960
1st A ref 5s
101
22
American Hard Rubber—
American
77
Peoria Water Works Co—
City Water (Chattanooga)
2H
*
Par
A*k
Bid
.*
American Arch
5%
79
.......-.1951
Penna State V\ ater—-
102
103
Alabama Mills Inc
American Cynamld—
New Rochelie Water—
Ore Wash Wat Serv 5s 1957
Citizens Wat Co (Wash)—
5s...
101H 103H
5Hs.
I04H
5Hs series A......1661
City ot New Castle Water
105
New York Wat Serv 5s '51
105
1954
5 H8 series A
Par
Muncie Water Works 5s '65
59 series B_....... .1951
1967
5s series B
Butler
Ask
New Jersey
99H
Birmingham Water Wks—
5s scries C
Bid
Ask
101
1913
Chronicle
a
8
89
93
•
Interchangeable.
lst4Hs w-s..
6 Basis price,
d Coupon,
2254
69H
24
mmm
t Ex-Interest
n Nominal quotation,
w i When Issued,
whs With stock.
* ExNow selling on NewjYork Curb Exchange,
t Ex-Ilquldatlng dividend.
t Now listed on New York Stock Exchange.
/ Flat
price,
dlvidend.
j
♦
v
Quotations per 100 gold rouble bond, equivalent to
Quotation not furnished by sponser or issuer.
77.4234 grams of pure gold.
Financial
1914
Chronicle
Sept. 24, 193s
Quotations on Over-the-Counter Securities—Friday Sept. 23—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
6
1
1946
Prov Bk Westphalia 6s '33
many) 7s
CJ
Prov Bk Westphalia 6s '36
5s
1941
f7
3
flO
change Bank 7s
Rhine Westph Elec 7% '36
6s
1941
...
3
2-5422
38
42
Rio de Janeiro 6%
3
38
42
Rom Cath Church 6 Ha '46
5
Tel. HAnover
N. Y.
52 William St.,
/48
/38
/21
1933
R C Church Welfare 78 '46
Coupons—
1
Foreign Unlisted Dollar Bonds
Saarbruecken M Bk 6s *47
...
Salvador 7%
1957
7s ctfs of deposit. 1957
4s scrip
Bid
Bid
Ask
1946
1946
20
Ask
f24H
/24H
/19
2GH
26 H
1946
Palatlnlte Cons
/19
21
—1945
/16
/12
/II
13>*
Bank of Colombia
7%_1947
1948
78
Barranquilla ,s'35-40-46-48
Bavaria 6Hs to
Bavarian
Cities 7e to
Bogota (Colombia) 6 Ha '47
1945
8s
7s
1958
7s
1969
1940
68
Brandenburg Elec 6s-.1953
Brazil funding
58--1931-51
Brazil funding scrip
Bremen
(Germany) 78.1935
1940
6s
1953
GHa
Buenos Aires scrip
/18
/18
/19H
Electric Pr (Ger'y) 6 Ha '50
/5
/20
1966
7^8 Income
1967
78
1967
7s Income
4%
GH
Frankfurt 7s to
Call (Colombia) 7S...1947
Callao (Peru) 7 Ha
1944
French Nat Mail SS 6s '52
Ceara
1947
(Brazil) 8s
1948
/20H
1938
Agricultural 6s
German
/10
Conversion
/29
Oberpfais
45
5h
11
4
1946
Colombia 4s
Cordoba 7s stamped-.1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7 Ma '49
5s
1949
.
Cundlnamarca6Hs
1959
18
10
40"
( ruguay
28
37
7H
fGH
10 H
186.39 90.98
/38
/2034
fl8H
fl8H
Conversion scrip
I
^
Telephone and Telegraph Stocks
Par
Am Dlst Teleg
(N J) com.*
Ask
Bid
par
13
Peninsular Telep com
25
*
22
26
100
111
115
157
of Pa pref-_-100
113
117
30
40
Emp A Bay State Tel..100
Franklin Telegraph
100
48
65
Wks
25
31
1957
Gen Telep Allied Corp—
107
Guatemala 8s
1948
/22
Telegraph
Preferred A
16
25
Hanover Harz Water
21
Pac A Atl
118
Cuban Telep 7% prel-_100
106
As*
16
92 H
115
Bell Telep of Canada.__100
1960-1990
Bid
New York Mutual Tel. 100
162
87H
100
Preferred
6s
-
/17H
/19H
Hamburg Electric 6s .1938
90^
93 H
64
Telephone—
100
25
110
14
19
Sou New Eng Telep...100
147
151
Wisconsin Telep 7% pf. 100
115
118
$6.50 1st pre!
69
113
116
preferred*
Int Ocean Telegraph... 100
$0
67
1953
Haiti 6s
Rochester
So A Atl Telegraph
Mtn States Tel <k Tel..100
For footnotes see page
1943
\
70
18
62
1
7% gold ruble
Bell Telep
July to Sept 1938
Great Britain A Ireland—
4s
18
/35
...
/ Flat price.
/56
/38
/20
/19
/18
/17H
/17
Jan to June 1938
12H
/66
/54
/60
German defaulted coupons:
July to Dec 1937
/7
f50H
/67
/17
/17
/17
/9
/30
/23
1968
1946
Certificates 4s
1
/66
/54
f')H
f22
1954
fl5
65
1956
1936-1937
....
Coupons
—
1946
f9H
.1952
scrip
Poland 3s
1936
78 unstamped
/18
/ 30
Panama City 63^s
/20
62"
61
/7H
June 1 '36 to June '38—
Graz (Austria) 8s
/21
1953
/44
Certificates 4s
/20
Oldenburg-Free State
7s to...1945
Porto Alegre 7s
July 1934 to Dec 1936...
Jan to June 1937
City Savings Bank
Budapest 7s
German Young coupons:
Dec 1 '35 stamped
Jan to June 1934
f15
/62
/60
—
f98H
1947
Elec 7s
Panama 5%
fG
/12
July to Dec 1933
7s assented
GH
German Dawes coupons:
Dec 1934 stamped
11
30H
/29K
fGH
1946
German scrip
Central German Power
Chilean Nitrate 5s....1968
52
Oct 1932 to April 1935
n
1946
4g
Office
Funding 3s
Central Bk
Madgeburg 6s
1934
Chile Govt 6s assented
52
1956
7H
23
22
Coupons—
---
/90
Mtge 7s
1948
North German Lloyd 6s '47
German Central Bank
fl6H
Central Agric Bank
see German
1956
III
/43
Building A Land
13 H
...
f90
German Atl Cable 7s..1945
bank 6 Ha
/18
/10
/2
fGH
/21
f21
/23
/600
6^8.
/20
f'26
/1SH
101
/97
German
/5
1946
.1951
Oct 1935 to April 1937
f\4H
fGH
fl4H
fGH
11
10
1GH
5s
/38
flSH
f 18
...
7H
70
2d series 5s
Montevideo scrip.
n
1945
fl2H
/15
64
62
/21
Farmers Natl Mtge 7b.*63
Apr 15 *35 to Apr 15 '38.
Cauca Valley 7^s
"I
f7
flO
fl7H
.1947
f 20
/20
/20
/17
/60
f22
fGH
f21
/20
/19
/H
/10
/5
/14
/13
65
J20H
f2l
Nat Bank Panama
4H
BurmeisterA Wain 68.1940 /105
Caidas (Colombia) 7Ha '46
8s ctfs of deposit-1948
8%.
Luneberg Power Light A
4%
16
/14
/30
1948
■
1953
European Mortgage A In¬
vestment 7 Ha
1966
12H
/22
/42
—
1945
East Prussian Pow 6s. 1953
6 Ha
British
Hungarian Bank
7^8
1962
Brown Coal Ind Corp—
/13
18
fZ%
fVA
f3H
88.1947
Bolivia (Republic)
1945
...—
8s
/45
f24H
f20 H
f20%
Duesseldorf 7s to
/18
/3l
Dortmund Mun Utll 6s '48
Duisburg 7% to
Anhalt 7s to
Antloquia 8s__.
Ask
Protestant Church (Ger
f91H
/19H
2
BRAUNL & CO., INC.
Bid
Ask
Bid
9
Inactive Exchanges
1913.
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However,
FILING
OF
REGISTRATION
it is
they
not
are
always possible to arrange companies in exact
always
STATEMENTS
as
near
UNDER
SECURITIES ACT
alphabetical position
Acme Gas & Oil Co.,
1936
$89,590
1935
$59,046
45.027
8,750
28,904
1934
$104,636
77,460
$143,006
$98,340
$87,950
40,315
$182,096
80,629
$143,006
64,954
$98,340
60,000
47,635
43,364
101,467
72.563
Dr9,183
Cr7,871
Cr4,479
$68,869
following additional registration statements (Nos. 3814
to 3816, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The total involved is approximately $38,483,313.
$45,027
$8,750
Previous surplus
Jf,Virginia Electric & Power Co. (2-3814, Form A2), of Richmond, Va.,
Reserve for taxes, &c—
has
filed
registration statement covering $37,500,000
refunding mortgage bonds, series B, due Sept. 1, 1968.
1938.
(For further details see V. 147, p. 1790.)
a
1st and
Filed Sept. 15,
3H%
writer.
Service
Corp.
Wm. Horwitz is President of the company.
Filed Sept. 16, 1938.
Kant Blaze
Fireproofing Corp. (2-3816, Form Al), of Lynn, Mass.,
registration statement covering 258,210 shares of common
stock, par $1, and will be offered at $1.25 per share.
Proceeds will be
used for formulae,
plant, machinery, equipment and working capital.
Underwriter to be named by amendment.
Anthur W. Lalime is President
of the company.
Filed Sept. 16. 1938.
has
filed
given
.
Abitibi Power & Paper Co., Ltd.—Earnings—
Month of—
Earnings
charges
of
pre¬
vious years
1,185
investments
Surplus, Dec. 31
Balance Sheet Dec. 31,
$28,904
1937
Assets—Cash in banks, $21,398; loans
(secured) on call against genera
securities, $97,000; oil in storage, $1,214; accounts receivable, $11,241;
advances to agents, $1,718; investments (at cost), $37,241; investments
(at market value), $24,498: royalty rights, oil
and gas wells, leases
and equipment (less reserve for depreciation and depletion, $280,000),
$390,935; total, $585,244.
Liabilities—Funds held for Illinois Canadian Corp. pending completion
of organization, $25,002; accounts payable, $764; unclaimed dividends, $255;
reserve for taxes, $14,954; capital stock (2,015,732 no par shares), $475,400; surplus, $68,869; total, $585,244.—V. 146, p. 2999.
prior to
Aug., 1938
July, 1938
$256,843
Shipments of newsprint in August amounted to* 24,545 tons compared
22,960 tons
in July, and 42,736 tons in August, 1937.
Present
are that shipments of
newsprint in September wiil be about
27,000 tons.
Shipments of sulphite pulp in August amounted to 3,244 tons against
2,667 tons in July, and 5,516 tons in August, 1937.
Present indications
are that shipments of sulphite pulp in
September will be about 3,400 tons.
On Aug. 10 last, the market price of bleached sulphite
pulp was reduced
$5 per ton.—V. 147, p. 1181.
with
indications
Depreciation
Prov. for income tax
Surplus
$500,668
1936
1935
1934
$132,890
$191,229
$138,261
200
280
38,600
27,133
15,034
1937
Directors' fees
Salaries of exec, officers.
•
38,600
23,184
11,923
23,114
12,177
180
37,500
28,078
19,703
$57,385
$58,719
$105,768
$95,773
44,714
12,000
47,096
9,000
29,140
21,937
$2,623
$76,628
$73,836
$861
Balance Sheet Dec.
Assets—Cash
$250,338
Ltd.—Earnings—
$131,292
Operating profit..
Aug., 1937
charges for deprecia¬
tion and bond interest
Acme Glove Works,
Calendar Years—
Net profit
Divs. on 6 H% cum.pref.
stock......
Common dividend
Ahlberg Bearing Co.—Sales Contract—
See Bower Roller Bearing Co., below.—V. 145, p. 594.
;
Surplus.
Sundry
a
The last previous list of registration statements was
in our issue of Sept. 17, page 1766.
,
Total surplus
Dividends paid
Appreciation in value of
of Texas (2-3815, Form A2), of Fort Wortfi,
Texas, has filed a registration statement covering 28,372 shares of 6%
cumulative convertible preferred stock, par $25, and $220,000 shares of
$1 par common stock.
Of the preferred stock, 24,028 shares will be offered
by parent company at $25 per share, 2,394 shares will be offered by issuer
through parent company at $25 per share and 1,950 shares of preferred
will be taken by parent company as underwriting commissions.
Of the
common stock
141,860 shares will be reserved for conversion of above
preferred stock, 38,140 reserved for the balance of outstanding preferred
stock held by parent company, and 40,000 shares of common stock will
not be offered publicly at present.
The issuer's part of the proceeds will be
used for working capital.
Keystone Pipe & Supply Co. is named as under¬
Public
Ltd.—Earnings—
1937
$97,979
Years Ended Dec. 31—
Net income
The
alphabetical order.
possible.
as
reserve
for
bad
on
31,1937
hand and at banks, $66,864; accounts
of $25,000), $163,213; inventories,
debts
320
<
receivable (less
$710,172; cash
deposited with Trust company for di>idends payable Jan. 3, 1938, $14,178;
land, buildings, machinery and equipment Qess reserve for depreciation of
$237,297), $397,787; prepaid insurance and taxes, $3,598; manufacturing,
shipping and office supplies on hand (estimated), $8,601; total, $1,364,413.
Liabilities—Accounts and bills payable, $9,854; reserves for Federal,
Provincial and municipal taxes, $19,450; dividends payable Jan, 3. 1938,
$14,178; 6H% cumulative convertible preference shares.of $100 each,
$687,900; common stock (24,000 no par shares), $491,570; earned surplus,
$141,460; total, $1,364,413 —V. 145, p. 98.
Volume
147
Financial
Chronicle
Aeolian Co.—Income Statement—
Years End. June 30—
Net income for year
Profit
1938
loss$l 6,645
1937
1936
x$24,827
1935
$3,480
capital repay¬
on
$31,851
ment from Aeolian Co.
20,797
6% notes retired and
in treasury
10,584
par
Allerton New York
Corp.—Earnings—
Years Ended Dec. 31—
Gross income from all sources
$22,576
$35,411
$3,480
$31,851
261,285
100,000
304,500
304,500
Operating
1937
$951,800
701,874
47,061
for revalua¬
-
Additional
prov.
126,854
for loss
on sale of idle
real estate
Settlement for
Interest
Interest
&
Bal.
$378,922
l,01o,671
-
$105,725
yl ,122,395
1938
$301,020
1,392,715
$1,016,671
1937
Cash
$81,183
215,718/
$399,503
1,792,218
$1,091,695
90,110
250,000
31,067
112,000
612,645
5,037
62,662
2,069,002
73,945
2,064,027
709,000
1,195,550
1,183,400
72,150
1,183,997
7% cum. pref. (par
$100 per share)
Class A pref. (6%
.when earn.)
Common stockcum
x
improv. real est.
Deferred charges—
17,320
26,975
40,900
_
80,814
15,002
10,563
Surplus
$2,895,918 $4,198,1001
Total.
72,150
805,074
—
$2,895,918 $4,198,100
—
Represented by 14,430 shares of $5 each.—V. 145,
in
p.
4106.
Directors have declared a dividend of seven cents
per share on the
mon stock, par 25 cents,
payable Oct. 15 to holders of record
Net profit from sales
$1,152,423
Drl3,424
Income charges (net),
Net income for the year
Provision for Federal taxes
a
Recovery of funds in closed
(previously written-off)
$962,726
1,532,700
$987,815
887,289
banks
4,057
2,558
2,480
$2,497,985
0675,184
$1,877,585
620,793
__
$2,652,003
758,747
344,885
e$2,031,210 d$l,724,652
Earned surplus before dividends.
$1,532,700
Capital surplus, Jan. 1, 1936
Stock dividend.,
Cash dividends declared and paid
c
689,770
Earned surplus, Dec. 31,
After
depreciation and after write-down, but before provision for
b Including $45,319 ($24,500 in 1936) surtax on undis¬
tributed profits.
c Charged against the capital
surplus of the corporation
to the full extent of such
surplus, the balance being charged against the
earned surplus, d Of which $256,700 is
appropriated to purchase of treasury
stock, and $88,385 is the unexpended portion of the appropriation for new
building, e Of which $256,700 is appropriated to purchase of treasury stock.
on
band
and
in
-
_
on
undistributed
45,170
-
$295,554
Balance Sheet Dec. 31, 1937
Assets—Cash and U. S. Government securities,
$402,234; contract of
deposit—Sun Life Assurance Co. of Canada (face value $100,000 plus
accrued interest), $103,014; accounts receivable (less reserve for doubtful
of $4,453), $182,545; inventories, $640,422; cash surrender value of life
insurance, $16,335; long-term assets, $5,498; fixed assets (less reserves for
depreciation of $1,250,849), $1,744,465; other assets (less reserve for possible
losses of $95,083), $8,116; taxes and insurance,
$22,777; total, $3,125,406.
Liabilities—Accounts payable—trade creditors, $30,676; dividends
pay¬
able—old class A shares, $100; accruals, $56,074; class A convertible com¬
mon (par $25), $1,605,000; common stock
(par $10), $750,500; capital and
paid-in surplus, $356,187; earned surplus, $326,868; total, $3,125,406.—V.
147,
1025.
p.
Aluminum
Industries, Inc.—Earnings—
yl938
$1,251,525
72,619
yl937
$1,656,700
57.425
$1,178,907
893,251
$1,599,276
1,154,206
$285,656
294,357
$445,069
347,175
x$418,670
335,769
$347,864
277,739
loss$8,702
Returns, allow. & rebates
$97,894
4,995
$82,902
11,213
$70,126
3,412
$102,889
$94,115
36,168
$73,538
30,625
7,914
1936
Cost of sales
1935
$1,076,973
48,134
Not
■
sales...
Net
Assets—Cash
.
Net profit for the year
taxes,
Consolidated Balance Sheet Dec. 31, 1937
$579,292
89,244
149,323
;
-
profits
$1,182,815
195,000
$923,294
1,724,652
—
Net income for the
year
Previous earned surplus
$1,160,726
bl98,000
$561,012
18,280
Provision for Federal income taxes and surtax
$1,170,466
012,349
$1,138,999
b215.705
-
Depreciation
1935
$1,190,047
Dr29,321
*
Net profit from operations
Gross income
Income charges.
1936
$749,240
80,521
107,707
-
-
Other income credits
Corp. {& SubsEarnings—
1937
Corp.—Earnings—
Selling expenses
Administrative expenses
was
Ainsworth Mfg.
$102,026
Earnings for the Year Ended Dec. 31, 1937
Sept. 30. A
paid on July 15, last, one of eight cents was paid
April 15, last, and a regular quarterly dividend of 15 cents was paid on
Jan. 15, last.
An extra dividend of 10 cents was paid on
July 15, 1937,
and an extra of 30 cents per share was distributed on
Dec. 23, 1936.—
—V. 147, P. 1476.
a
$76,875
$178
&
Gross profit from operations (before
depreciation)
com¬
on
Calendar Years—
bank
Allied Products
Affiliated Fund, Inc.—-To
Pay 7-Cent Dividend—
dividend of six cents
102,204
on
hand, $68,546; accounts receivable, less
$22,137; inventories, $12,061; New York World's Fair 1939, Inc.
4% debentures, $32,100; accrued interest on above debentures,
$257;
deposit with Chase National Bank for account of
sinking fund 6% income
mortgage bonds, $178; deposits on leases, $950; prepaid expenses, $20,065;
bond discount & expense on
6% income mortgage bonds & expense of
securing first mortgage, balance unamortized, $168,834; fixed assets (less
reserve
for depreciation of
$1,203,875), $4,378,357; deferred expenses
$7,721; total, $4,711,207.
Liabilities—Accounts payable, current, $37,868; accrued liabs. <fc expenses,
$7,791; Hydro Engineers, Inc. (due after Jan. 1, 1938),
$1,700; accrued
interest, $50,853; subscription to New York World's Fair 1939, Inc.
4%
debentures (less: payment on account of
$16,050), $16,050; Deposits on
leases, $950; 4%% 1st mtge. bead, due May 1, 1941, $535,000;
4% income
mtge. bond, due July 1, 1955, $172,000; 6% income mtge.
bonds, due
July 1, 1955, $3,996,000; income note, due July 2, 1955, $50,000; common
stock (held under voting trust agreement for 10
years from Jan. 1, 1936),
(3,996 shs. of class A com. stock, no par value and 3,996 shs. of class B
com. stock, no par
value), $10,390; deficit, $167,394; total, $4,711,207.—
V. 145, p. 595.
926,950
7,019
_
—
Reserves
notes
39.960
$21,803
98,678
-
$18,822
55,862
,.i
Deferred credits
Furn. Aflxt. Aun-
Federal
e
Balance Sheet Dec. 31, 1937
Assets—Cash
1937
$41,294
21,100
of lease
1,217,816
rec. on real
Aeolian Co
x
1938
6% secured notes
Co., Ltd., Lnd'n
Total
6%
$1,392,715
Due for cancellat'n
4,252
92,246
Aeolian
secured
fund,
reserve,
Liabilities—
$377,791 Accounts payable.
344,594 Acl^ied liabilities.
receivable--./
Inventory
Invest., at cost
sink,
Deficit
$637,748
Accts. receivable. J
6%
&
39,960
Balance Sheet June 30
Assets—
estate sold
int.
Bal. avail, for sink, fund for
6% mtge. bonds.-.
Amortization and depreciation.--
Incl. dividends of $123,526 received on
investments in other companies.
reserve for contingencies, <fcc.
Mtges.
for
$40,138
Balance at June 30—
Due from
avail,
6,880
2,914
Includes
Bills
1st mortgage bond
4% income mtge. bond.
7%
on
Net loss for year.
Previous surplus,..
x
on
137,300
divs.
preferred stock
y
on
41,136
cancella¬
tion of lease
18,149
16,317
6,880
1936
1936-
factory
Prem.
$196,453
114,968
24,075
Balance before taxes, fire insur. & interest_
tion of manufacturing
property
$892,583
637,835
58,295
$202,865
110,147
expenses.
Repairs and maintenance
Ltd., London
res.
an extra dividend of five cents
per share in
quarterly dividend of 25 cents per share on the capital
$10, both payable Sept. 30 to holders of record Sept. 21.
A
similar extra dividend was
paid in each of the 11 preceding quarters. The
company paid extra dividends of 10 cents per share on Jan.
2, 1935, and
in each of the four
quarters prior to this latter date.—V. 143, p. 3943.
18,425
Total profit
Prov. for res. for amount
due from Aeolian Co.,
Prov. for
The directors have declared
addition to a regular
stock,
Australia) Pty., Ltd.,
in liquidation
Discount on Aeolian Co.
1915
Allemanma Fire Insurance Co.—Extra Dividend—
reported
$1,028,839
680.975
banks,
$13,911; United States Govt,
obligations, at amortized cost & accrued int. (valuation based on market
quotations, $1,727,384), $1,722,720; municipal & other securities, at
written-down value, & accrued interest (valuation based on market
quota¬
tions, $53,9391, $16,519; accounts receivable, trade. $367,812; inventories of
finished goods, work in process, raw materials, &
factory & office supplies
(at lower of cost or market), $413,150; prepaid insurance, taxes, &c.t
$52,979; oher investments (at approximate realizable value), $41,601;
fixed assets (less reserves for depreciation, after writing off fully depreciated
items, of $474,663), $1,964,890; total, $4,593,582.
Liabilities—Accounts payable, trade, $228,146; accrued
payroll, taxes,
&c.. $264,917; common capital stock (par value $5 per share),
$2,069,310;
earned surplus, $2,031,210; total, $4,593,582.—V. 146, p. 1863.
Gross
profit from sales
Selling & gen'l expenses.
Net profit on sales.
Other income.
1,946
—
Gross income
Other deductions.-Federal income tax
Net
loss$6,756
36,304
—
26,046
1,936
loss$43,060
profit
9,479
$74,906
20,000
Dividends declared
$48,468
20,000
$34,999
Earns, per sh. on
Akron Brass
Mfg. Co.. Inc.—15 Cent Dividend—
Directors have declared
stock payable
shs. cap.
dividend of 15 cents per share on the common
Sept. 30 to holders of record Sept. 26.
Like amount was
a
x
paid on Aug. 1 last, and compares with 12)4 cents paid on May 20 last,
a regular quarterly dividend of 12 K cents was
paid on Dec. 27, 1937.
all
After
including
100,000
stk. (no par).
charges
depreciation,
Notes,
Directors have declared
a
dividend of 30 cents per share on the
1938
Due
$10, both payable Nov. 1 to holders of record Oct. 4.
Like amounts
paid on Aug. 1, May 2 and on Feb. 1, last. An extra of 30 cents was
paid on Nov. 1, 1937, and extra dividends of 15 cents per share were paid
in each of the 16 preceding quarters.—V. 147, p. 1631.
$0.49
$0.35
manufcaturing
expenses,
from
from
16,605
15,805
sundry
debtors
1937
171,215
Ac
$200,000
284.222
31,452
33,482
Life ins., cash sur¬
61,376
Dividend payable.
Reserves
y
2,944
-
1938
$267,000
comm's.
royalties, taxes.
423,469
862,023
officers
Pats. & developm't
Liabilities—
Notes payable
Payrolls,
350,161
639,953
and employees.-
value.-.
40,801
10,000
26,666
Capital stock.». 1,580,006
122,438
1,580,006
289,645
DrS, 271
Dr8,271
Bur pi us..
Treasury stock
at
33,103
9,965
91,830
«•
3,319
cost
Spec, deposits, Ac.
16,058
render
par
were
and
Accounts payable-
acc'ts
A
receivable
Mining Co.—-Extra Ditridend—
The directors have declared an extra dividend of 15 cents per share in
addition to the usual quarterly dividend of 15 cents on the common
stock,
$0.74
1937
$70,600
ac¬
Inventories
Due
Aiaska-Juneau Gold
trade
cepts
common
stock, payable Oct. 1 to holders of record Sept. 20.
This compares with
20 cents paid on April 1, last, and previously regular quarterly dividends
of 30 cents per share were distributed.—V. 146, p. 4104.
y
$84,549
Assets—
Cash
Alabama Fuel & Iron Co.—30-Cent Dividend—
Nil
material, labor
Consolidated.
Consolidated Balance Sheet June 30
and
—Y. 147, p. 727.
,
for
64,142
48,671
882,455
74,057
922,803
$2,197,083
$2,474,098
Other assets
x
Plant property..
Deferred charges..
48,083
Alton RR.—Not to Pay Oct. 1 Interest—
The interest due Oct. 1, 1938, on the Chicago & Alton RR. 3%
refunding
50-year gold bonds, due 1949, will not be paid on that date.
The Baltimore & Ohio RR. announced Sept. 21 that its
wholly owned
Total
subsidiary, the Alton RR., would not pay on Oct. 1 the interest then due
on its 3% refunding bonds and was seeking to develop a plan to reduce
fixed cnarges.
The statement
said
the
did not wish to seek reorganization
under Section 77 of the Bankruptcy Act, adding that the company was
attempting to work out a plan, "in cooperation with holders of a large
amount of the refunding bonds," to be filed with the Interstate Com¬
merce Commission by Oct. 1.
The B. & O. said the Alton had'failed by a yearly average of about
$1,200,000 to earn its fixed charges since July 19, 1931, when the B. & O.
took It over.
In that time, the statement said, the B. & O. advanced
$7,760,000 to the Alton, which also borrowed $2,500,000 from the Recon¬
struction Finance Corporation.—V. 147, p. 1477.
company
Total
$2,197,083 $2,474,098
x After depreciation of $777,362 in 1938 and $769,044 in 1937.
sented by 100,000 shares (no par).—V. 146, p. 3943.
American Bakeries
y
Repre-
Corp,—Extra Class A Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
quarterly dividend of 50 cents per share on the class A
tion to the regular
stock, both payable Oct.
were
1 to holders of record Sept. 15.
paid on July 1 and on April 1, last.—V. 147, p. 3944.
American
Like amounts
Beverage Corp.—Preferred Dividend
Resumed
Directors have declared a dividend of 8% cents per share on the 7%
cumulative convertible preferred stock, par $5, payable Oct. 1 to holders
of record Sept. 23.
This will be the firs„ dividend paid since Jan. 3, last,
when a regular quarterly dividend of like amount was distributed.—V. 146,
p.
2029.
'
Financial
1916
Sept. 24, 1938
Chronicle
with shares of the various
Amalgamated Electric Corp.,
Ltd.—Earnings1934
$42,775
46,773
$58,855
47,445
$128,046
46,552
loss$14^90
46,663
500
360
483
255
21,365
06,109
23,775
07.542
18,238
06,406
08,142
prof$51,733
$5,666
383,744
$16,605
367,140
$53,412
363,713
12,355
Provincial Income tax
2,150
Legal fees
Executive salaries
Miscellaneous credits—
389.410
Previous deficit
Loss
,
sale of Mt.
on
519
59,254
property
I
Account transferred from
Inc., operated a
issued for the assets of the
St.
—
Cr49,750
capital surplus
Ideal Company:
$542,612
$1,261,857
in banks
x
$389,410
$383,745
$367,375
Note—No directors' fees have been paid or charged during the year.
Consolidated Balance Sheet Dec. 31, 1937
Asseis--Real estate, buildings, plant and equipment, at cost, $743,798;
mortgage receivable, $32,000; inventories of raw material, goods in process,
finished stock, &c., $308,924; accounts receivable (less reserve for doubtful
accounts), $80,655; cash on hand and on deposit, $216,119; unexpired
insurance, prepaid taxes, &c„ $1,830;
goodwill and patents, $1; total,
$396,931
rec.
9,377,362
5,714,892
47,991
42,239
Com.
convertible preferred stock (par
$50), $1,033,750; common stock (50,000 no par shares), $324,562; capital
surplus, $41,695; deficit, $396,931; accounts payable and accrued charges,
$33,616; provision for taxes, $14,507; reserves for depreciation, $332,128;
cumulative redeemable
Inc.
34,242
24,533
Received
on
investors in all parts of the country.
J. G. White & Co., Inc.; Baker,
receiving tenders, said in
$7,000,000 of debentures referred to above do
not take into account several large holdings, some of which the agents
have been advised will be tendered before the time limit expires.
It was
also stated that all tenders still to be made must be received by the Balti¬
more Trust Co., Baltimore, Md., on or before Sept. 23, to be considered,
and that no further extension of the time for making tenders could be
a
joint statement that the
4,832
debentures have been asked to sub¬
companies, holders of whose
tenders, are the following:
American Debenture Corp., Calvert
Debenture Corp., Carolina Debenture Corp., Continental Debenture Corp.,
mit
Corp., Franklin Debenture Corp.,
Debenture Corp., Potomac Consoli¬
Investment Debenture
Debenture Corp., Potomac
Continental
National
51,499
109,884
116,146
Potomac Franklin Debenture Corp., Potomac
Maryland Debenture Corp., Potomac Realty Atlantic Debenture Corp.,
Standard Debenture Corp.—V. 147, p. 1631.
American
Securities
European
Co.-—Agreement with
Stock Exchange—
Company, in consideration
corporation."
Stock Exchange as follows:
"Not to declare any cash or stock dividends on common stock when such
dividends, plus the amount by which the current value of securities held
shall be less than tneir cost, exceed the earned surplus and undivided profits,
without the time of the payment of such dividends sending to stockholders
a statement, in a form which has been approved by the Committee on
Stock List, setting forth clearly the net impairment which will exist after
the payment of such dividends stated both in aggregate dollars and dollars
per share of common stock.
If at the time or the payment of any such
dividends the corporation has senior securities outstanding such statement
shall, in addition, state in terms of percentage the ratio of the common
stock equity, remaining after the declaration of sucn dividends, to such
senior securities, taken at par value or the sum to which they would be
entitled upon involuntary liquidation, whichever is the greater.
For the
purpose of this agreement, stock dividends shall be charged against earnings
on a basis approved by the Committee on Stock List."—V. 147, p. 1767.
1936
1937
$1,954,240
$1,512,073
40,000
120,000
145,000
&c.,
excise,
$1,914,240
1,800,000
$1,398,864
900,000
Divs. paid during year..
$1,392,073
1,200.000
$1,080,275
1,000.000
$114,240
5,989,646
282,090
$192,073
5,82. ,,871
27,381
$80,275
6,019,607
288,140
Cr20,450
Crl ,082
$5,842,246
$5,989,646
$5,823,871
124,434
Misc. charges—Dr
Spec., &c., reserve writ¬
ten back
$6,216,677
Total surplus-Earn, per sh. on 600,000
shares
$3.83
$2.79
$2.16
$2.78
Balance Sheet Dec. 31, 1937
Assets—Cash
424; deferred items, $123,439; investments (at cost), $9,118,054;
& equipment (less depreciation), $894,122; total, $19,794,334.
Liabilities—Accounts payable, $3,329,086; sundry accounts
payable, $124,138; accrued taxes (estimated), $124,434;
$6,216,677; capital stock (par $20), $10,000,000; total,
146, p. 2353.
American Investment Co. of
a
American Seal-Kap
The
Operating expenses
Provision for losses
American
Ship Building Co.—
Income Account for
1938
after
$438,506
on
5,406
$443,912
38,690
borrowed money
registration and listing expenses
—
Sundry—Mainly loss on real estate disposed
Provision for Federal normal income tax
of
& drafts
$874,741
437,792
60,418
-
w
—
$376,530
14,015
$390,545
34,093
1,884
1,392
—
6,286
45,983
5,336
1,190
y68,060
Provision for Federal excess profits tax
See y
Provision for State income taxes
Net income (before amort,
Cash
of develop, costs)
preferred dividends
Cash convertible preference
Cash cumulative
dividends
preferred
Cash common dividends.
x
Does
not
include
common
stock
shares on treasury stock), $49,711.
y
$330,876
33,625
3,586
22,542
225,330
$300,666
29,765
19,417
—
X153.031
dividend, 999,447^ shares
Includes State income taxes.
(25H
During the month of May, 1938, the company acquired the net assets
of the Ideal Financing Association, Inc., Boston, together with the net
assets
of its wholly owned subsidiary, namely. Ideal Personal Finance
Inc. (New York).
Payment for such net assets was made
Association,
51,736
30,297
70,456
$1,251,317
528,666
$805,655
414,397
$614,174
380,245
156,197
5,938
Gen.,&c., exp.& ord. tax
589,455
Depreciation
170,588
Fea'l taxes, &c. (est.)-.l
Surtax on undist. profits/
16,696
25,153
62". 961
$427,674
575,184
$452,518
511,217
$171,546
599,209
$8,832
850,144
$1,002,858
y2,751
380,034
$963,735
5,502
383,049
$770,755
4,172
255,366
$858,976
4,326
255,441
surplus..
Total
dividends
Common dividends
$575,184
$511,217
$599,209
127,683
127,683
127,683
$3.37
$3.52
$1.31
$0.03
Declared out of earnings for the year ended June 30,
$620,073
126,263
Profit and loss balance
com.
36,000
82,000
8,000
21,235
Net income for year..
Shs.
158,559
158,899
I
67,797
Other deductions
Preferred
xl935
$543,718
89,888
Total income
Previous
$775,358
$1,199,581
$1,272,210
Other income
outst. (no par)
y
Comparative Balance Sheet June SO
1938
sees.
$235,438
522,894
1938
Preferred stock
& accr.
Interest
560,418
Inventory
6730,565
Cash..
849,844
1,524,327
Accts. & notes rec.
1,188,530
com.
135,492
205,298
63,131
63,841
200,000
200,000
25,000
_
25,000
stock
dividends.
281,624
24,320
Accr. State,county
aExcess of paym'ts
receivable, &c_.
93.901
20,411
Unpaid payroll
$2,911,263 $2,796,704 Unpaid
Total
$785,600
5,885,760
Common stock.. 5,085,760
Accounts payable.
145,553
y
and city taxes.
.
1937
$125,600
Liabilities—
1937
$95,954
Assets—
Govt.
Reserves:
Workmem's com¬
Balance
Cash
on
Fire insurance.-
868,724
1,022,322
575,184
Profit & loss surp.
620,073
z Treasury stock__Drl09,079Drl379,lll
643,117
167,189
28,096
42,489
Deferred assets
x
pens'n insur
$2,911,263 $2,515,082
deposit in
closed bank
385,746
Capital sin-plus
Plants, property,
3,995,033
3,994,766
&c
$7,334,265 $7,348,517
Total
$7,334,265 $7,348,517
depreciation of $5,366,071 in 1938 and $5,300,953 in
1937.
y Represented by 127,144 (147,144 in 1937) shares of no par value,
a Represented by 863 (7,463 in 1937) shares of pref. and 881 (19,461 in 1937)
shares of common stock,
a Excess of payments received to June 30, 1937,
on construction contracts in process over accumulated costs of $584,376
to that date,
b Accounts receivable only.—V. 146, p. 3944.
x
After reserve or
American Stores
X
Period Ended
Co.—Sales—
1938—Month—1937
$10,003,206 $10,170,969
The 1938 period ended Sept. 3; 1937 period
Sales
x
Total income and credits
$1,182,322
mfg. expenses—
1937
1938
Other income and credits.
Years Ended June 30
xl937
xl936
Gross income, all prop.,
Total
earned surplus,
$19,794,334.—V.
$1,030,789
555,089
37,194
(before interest).
Corp. of Delaware—10 Cent Div.—
a dividend of 10 cents per share on the
have declared
directors
capital stock, no par value, payable Oct. 10 to holders or record Sept, 30.
Like amount was paid on June 10 last, and compares with 20 cents paid
on Sept. 10,1937; 10 cents paid on Dec. 10, 1936, 20 cents on Sept. 1, 1936,
and on April 1,1935, and $3 per share on April 10,1934.—V. 146, p. 3488.
property
111. (& Subs.)—Earnings—
6 Months Ended June 30—
This compares with
of $1 in
paid on
Sept. 30.
and a special dividend
regular quarterly dividend of 75 cents per share was
Dec. 21, 1937.
See also V. 145, p. 3489.—V. 146, p. 4105.
addition to
Other assets
in banks & short term securities, $5,136,407;
receivable, $2,522,888; merchandise inventories, $1,999,hand,
on
accounts & notes
Stock
dividend of 40 cents per share on the common
stock, payable Oct. 15 to holders of record
30 cents paid on July 15 and April 15, last,
Crl2,130
$498,864
5,842,246
Previous surplus
Interest
Co.—40-Cent Dividend—
American Meter
$1,225,275
taxes.
530,351
$11,016,988 $6,569,331
Total
$11,016,988 $6,569,331
x Consolidated.
1938.
1934
1935
$1,504,791
105,927
Territorial
2,562,997
1,005,0761
311,558/
Common stock
Paid in surplus
Earns, per sh. on com..
Ltd.—Earnings—
American Factors,
204,125
1,709*925
American Maize Products Co.—25-Cent Dividend—
dividend of 25 cents per share on the common
stock, no par value, payable Sept. 30 to holders of record Sept. 20.
Like
amount was paid on June 30, last, this latter being the first dividend paid
since March 31,1937, when a similar payment was made.—V. 147, p. 1026.
with the New York
Calendar YearsProfit for the year
pref. '
pref. stk__zl,300,000
Directors have declared a
July 15,
follows:
"Not to pay any cash or stock dividends on common stock when such
dividends, plus any amount by which the current value of securities held
is less than their cost, exceeds the earned surplus and undivided profits of
the
y
cum.
After reserves for losses of
1929, and which reads as
agrees
conv.
16,505
$501,543 ($318,492 in 1937).
y Represented
by 313,354 (260,597 H in 1937) no par shares,
z Represented by 91,727
no par shares (Including scrip certificates for fractional shares aggregating
166 shares).—V. 147, p. 263.
x
of the cancellation of a certain agreement
York Stock Excnange, entered into on
between It and the New
$2
Earned surplus—
Corp.,
Debenture
dated
and fixtures
6,909
121,755
cost
Directors have declared a
granted.
The 13
807,125
.
Watts & Co.; Stein Bros. & Boyce,
Corp., as agents for
and Colonial Bond & Share
1,193,125
stock
stock ($25 par).
treasury stock at
Total
appointed to receive tenders
89,751
accruals
pref.
($25 par)
Cum.
Sundry assets, lncl.
Debentures—
of the debentures of 13 mortgage
companies, interest on which, but not principal, is guaranteed by the
Maryland Casualty Co., announced Sept. 20 that tenders of more than
$7,000,000 of the debentures had been received to date from more than 2,500
The agents
191,271
11,388
1,124
reserves
Cum.
16,254
Mlscell. loan reed.
Furn.
14,590
Deferred income.-
$7,000,000
of
Corp.—Tenders
Debenture
American
tax
and
62,867
44,348
scriptions rec
Real estate owned
Deferred charges.-
$1,383,327.—V. 145, p. 596.
total,
58,227
stock taxes
6,096
-
sub¬
stock
21,651
Accrued int. pay'le
General and capital
Cash dep. with stk.
-
25,369
accounts
life Insurance.—.
transfer agent
14,882
31,140
thrift
Employees
value of
surr.
41,284
45,603
payable
add'l compens'n
& accrd. cur¬
rent Int. on loans
Cash
Pref. dlvs.
Accrued exps. and
Instalment loans
and equities
^jttoMUties—6%
■
15,440 shares, $2 series cumulative preferred stock (par $25).
84,727shares of $2 cumulative preference stock (no par), but having a
liquidating right of $25 per share, and callable at $27.50 per share.
19,889 shares of common stock.
Consolidated Balance Sheet June 30
Liabilities—
1938
1937
1937
Assets—
1938
Notes payable
$4,271,090 $3,128,160
Cash on hand and
________
Profit & loss deficit
American Investment Co.
Association, Inc., and the Ideal Personal
substantial number of offices in the
States of Massachusetts, Connecticut, Rhode Island, and New York,
and the income and expenses of these offices for the one month ended
June 30, 1938, only, are included in the condensed consolidated income
and expense account for the six months ended June 30, 1938.
The following stocks of American Investment Co. of Illinois were to be
Finance Association,
[Including Wholly-Owned Subsidiaries]
1935
1936
1937
Calendar Years—
Operating profit
D epr eciation
capital stocks of the
The Ideal Financing
of Illinois.
1938—8 Mos.—1937
$73,429,396 $77,042,337
ended Sept. 4.—Y. 147,
1329.
American Stove Co.—To Pay 10-Cent Dividend—
dividend of 10 cents per share on the common
Directors have declared a
stock, payable Oct. 14 to holders of record Sept. 30.
A like amount was
paid on April 15, last, and a dividend of 50 cents was paid on Dec. 24,1937,
this last being paid on the smaller amount of shares outstanding before the
recent five-for-one stock split-up.—V. 147, p. 1477.
American Surety Co. of N. Y.—New Treasurer—
monthly meeting of the Board of Trustees of American
At the regular
Surety Co. of New York held Sept. 20, W. O. Waters was elected Treasurer
of the company to fill the vacancy left by the death of Charles W. Goetchius.
Mr. Waters has been in charge of the company's investment division
since 1933 and his election will consolidate the activities of the investment
division and the Treasurer's office.—V. 147, p. 1182.
American Water Works &
Electric Co., Inc.—Weekly
Output—
Output of electric energy
works & Electric Co. for
of the electric properties of American Water¬
17, 1938, totaled 43,170,000
the week ending Sept.
Financial
Volume 147
kilowatt hours, a decrease of 13.7% under the output
hours for the corresponding week of 1937.
of 49,984,800 kilowatt
Comparative table of weekly output of electric energy for
Week Ended
1938
1937
Aug 27
41.344,000
Sept. 3.
40,860.000
Sept. 10-._x38,807,000
Sept. 1743,170,000
1934
39,774,000
47,441,000
.50,740,000
30,790,000
30,787,000
51,118,000
48.272,000
39,805,000
*46,120,000
47,899,000 *38,072,000
49,985.000 *46,010,000
41,051,000
Labor Day week.—V. 147, p. 1767.
„
*
Directors have declared
dividend of five cents per share on
a
the capital
of record Sept. 28.
Like amount was paid
July 1, last and compares with dividends of 10 cents per share pre¬
viously distributed each three months.
See V. 145, p. 3966 for record of
previous dividend payments.—V. 147, p. 102.
stock payable Oct. 1 to holders
the common
dividend of 10 cents per share on
a
stock, payable Oct. 31 to holders of record Oct. 20.
This compares with
15 cents paid on April 30, last, and on Dec. 28, 1937.—V. 147, p. 1183.
*29,154,000
32,158,000
Corp.—To Pay Five-Cent Div.
Angostura-Wuppermann
Bartigis Bros. Co.—Smaller Dividend—
Directors have declared
1935
..,.1936
.
Dec. 15, 1935, when a
1936, this last being the first payment made since
dividend was paid.—V. 147, p. 1183.
similar
the last five
years follows:
1917
Chronicle
Baton
All
Called—
Rouge Electric Co.—Bonds
outstanding first mortgage 5}i%
of the
due
gold bonds series A
series
4
105
Boston,
June 1, 1954 and all of the outstanding first mortgage 5% gold bonds
B maturing Feb. 1, 1959 have been called for redemption on Oct.
at
and interest. Payment will be made at the Old Colony Trust Co.,
Mass.—V. 147, p. 1768.
*
on
Beauharnois Power Corp.,
The Toronto Stock Exchange has
Ltd.—Fractional Stock Ctfs.—
from the
received the following notice
"In the 1933 reorganization fractional stock certificates were
issued by the National Trust Co. in multiples of l-180ths.
In the 1938
reorganization fractional-stock certificates are being issued by the Royal
Trust Co. in multiples of J^s.
The company has received requests from
several brokerage houses that, in order to facilitate the exchange of frac¬
tional certificates, the two issues be combined.
National Trust Co. has
agreed to handle this matter and will accept fractional certificates of both
series and issue therefor full certificates for the aggregate amount of frac¬
corporation:
Archer-Danielg-Midland Co.
(& Subs.)—Earnings—
1935
1936
1938
1937
$67,230,200 $80,518,912
Years End. June 30—
Net sales
$71,016,484^
65,596,282,
63,231,951
687,311
534.171
634,568
$7,179,142
3,378,021
$5,327,587
2,907,400]
$790,428
$3,801,121
$2,420,187
322,000
Depreciation
$6,544,574
$3,845,108
3,054,681
&c
73,320,553
653,785
$3,310,937
Cost of sales,
199,131
Other oper. revenues
•
615,005
not
$4,805.197i
They will, in turn, accumulate 1938
Royal Trust Co."—V. 147, p. 883.
tions.
B-G
50,953
117,671
182,667
131,097
$417,476
437,671
$3,484,319
355,650
$2,106,423
289,089
Interest
Miscell.
charges
Balance
Other income
$3,140,981
234,253
152,596
-
$2,754,132
241,613
Aug. 12 '38 Aug. 13 *37
$218,648
$198,726
>
Accts. rec.
reserve)
80,630
81,081
&c
16,176
13,735
Other assets
6,564
Common dividends
Surplus
Shs.com .stk.out. (no
per
par)
share
470.000
$2,525,745
1,640*17
$1,110,814
548,296
$5.02
def$720,332
545,416
$0.43
216,408
1,096,966
1,096,805
$578,626
548.578
$3.05
$1,212,532
548,458
$4.21
.
1936. No pro¬
the undistributed income for
the first six months of the calendar year 1937.
The companies' tax years,
with one exception, end Dec. 31, and the amount of such tax, if any, is
undeterminable until the net income and vididends for the entire year 1937
Includes surtax
a
on
undistributed income to Dec. 31,
$932,562 representing a portion of
the amounts released to the company by the invalidation of the processing
tax, the balance being carried as a reserve for all undertermined liabilities
arising from such invalidation.
52,408
Notes
2,500
33,543
(deficit)
602,992
587,396
——
$816,130
$829,268
Capital stock and
surplus
(less reserve)-.Goodwill,
lease¬
1
3,429
1
5,205
$816,130
$829,268
holds, &c
Deferred charges.Total
Total
147,
12 was published in V.
for the 32 weeks ended Aug.
The earnings
1,000
37,680
for insurance
& contingencies-
503,610
508,569
value)
payable (due
after 1 year)
Res.
(net
Fixtures In storage
1768.
P.
vision has been made for possible surtax on
have been ascertained.
4,489
5,983
$2,995,745
$2,395,512
503,900
$2,967,296 b$l,891,612
210.466
216,020
$437,738
200,802
957,268
Net profit
dividends
Preferred
Earnings
$3,839,969
a872,673
$855,146
c417.408
Profit
116,063
Meal coupons out.
$14,019
123,563
3,715
64,532
$1,5U0
Accounts payableAcer .taxes & exps.
1,006
2,033
—
assets
payable, due
within 1 year—
Inventories
rents,
Aug. 12 '38 Aug. 13 '37
Liabilities—
Notes
(net of
Prepaid insurance,
Fixed
Fed'l & State income tax
-Consolidated Balance Sheet—
Foods, Inc.
isJrts-
Cash
Operating profit
fractional certificates and clear
with the
522,390
Society—Earnings—
Beneficial Loan
Earnings for 6 Months
Income—Divs.
Ended July 31, 1938
capital stocks of affil. &
on
$510,408
sub. companies..
381
Other.
b Included in income for the year is
Includes
c
surtaxes
the undistributed income of 1937,
and all subsidiaries except one being filed
of $257,488
the tax returns of this company
on a calendar year basis.
on
Assets—
Oil
*
cars
&
7% cum. pf. stk__ 2,868,600
tank
y
9,367,640
9,727,577
16,025,990 19,703,835
(less depr.).
Inventories
U.
8.
Govt,
338,070
1,453,045
2,882,871
Cash
Goodwill,
&C-
Deferred charges.
278,967
1
209,225
-
Federal income taxes....
174,681
Prov.
Federal
for
tax, &C-
Surplus
z
Treasury
635,452
951,657
10,204,953 10,925,781
stock.. Dr118,759 Dr41,969
Surplus, Feb. 1, 1938
Profit sharing and additional interest on certificates of indebted¬
ness or debentures for the 6 months ended Jan. 31, 1938
on
common
stock
Balance Sheet July
Assets—
$292,736
Accounts
33,321,817 40,267,850
Total
33,321,817 40,267,850
$7,837,875 in 1938 and $7,206,475 in 1937 for reserve
for depreciation,
y Represented by 549,546 shares of no par value,
z Rep¬
resented by 4,130 in 1938 and 1,250 in 1937 no par shares,
a Reserve for
undetermined liabilities arising from invalidation
of processing taxes.
—Y.
sub_.
20,325
Repurchase fund for ctfs. of
indebtedness or debentures
Arundel
1937
$899,909
$850,336
as of Aug. 31, 1938 amounted to $3,371,318 and current
$590,502, compared with $3,527,846 and $926,794, re¬
spectively. on Aug. 31. 1937.
Joseph V. Hogan, President, has announced that the company was low
bidder since Aug. 1, last, on approximately $2,800,000 of new contracts
giving the company a backlog of contract work on hand of approximately
$9,000,000.—V. 147, p. 1027.
Associated Gas & Electric Co.—Weekly Output—
Associated Gas & Electric System reports
of 91,822,193 units. This is a decline of 1.0% or 958,137
units below production of 92,780,330 units for the.comparable week a year
For the week ended Sept. 16,
net electric output
percentage decline reported since
period of 42 weeks.—V. 147, p. 1767.
This is the smallest
a
Atlantic Refining Co.
y
June 30 '38 Dec, 31
$
$
Birmingham Electric
'37
Plant, eq., &c. 140,038,346 134,126,471
5,388,511
4,312,580
389,376
376,465
$
LiabilitiesCommon
31
'37
66 599,975
14,800,000
14,800,000
401,041
Accts. and notes
9,775,346
Oil inventories.- 24,585,478
Mat'ls <fe suppl's
3,042,581
Due from empl's
15,689
11,553,425
24,594,492
receivable
200,518
5,648
'
3,504,752
62,073
160,252
74,387
61,800
Prepaid & def'd
zl5,300,4U
liability---
4,281,876
Accrued items—
488,925
4, 180,626
588,211
19,403
142,540
489,522
'
580,536
741,375
Deferred
x
186,212,6061
10,588
10,645
8.,839,227
Surplus
Total
73,431,158
71, 733,501
189,245,809 186.212,606
of cost of treasury stock over par of $336,338.
y After reserves for depreciation, depletion, and amortization of $94,604,154
in 1938 and $90,514,085 in 1937.
z Notes only.
x
After deducting excess
Guaranty Trust Co. of N. Y. has been appointed trustee under
dated Sept. 1, 1938, for an authorized issue of $25,000,000
ndenture
principal amount of 15-year 3% debentures due Sept.
anty Trust Co. is also paying agent and registrar.—V.
Badger Paper Mills,
1, 1953. The Guar¬
147, p. 1767.
Inc.—50-Cent Dividend—
dividend of 50 cents per share on the com¬
payable Oct. 25 to holders of record Oct. 15. Like
payment was made on Aug. 25, last and compares with $1.30 paid on Dec. 21,
1937, and 50 cents paid on Oct. 25, Aug. 25, June 25, 1937 and on Oct. 23,
The directors have declared a
mon
stock, no par value,
0
Bearing Co.—Sales
Contract—
and the Ahlberg Bearing Co. of Chicago announced that
concluded a 10-year contract and agreement whereby Ahlberg
with its nation-wide distribution will become the exclusive sales represen¬
tatives of Bower in the industrial field.
Bower Roller Bearing Co. has
manufactured roller bearings for a quarter of a century but their sales
activity has heretofore been confined principally to the motor industry
where they have served many of the leading producers.
The
of
a
marketing
agreement as
block of Ahlberg
announced also involves the
Bearing Co. common
acquisition
stock by the Bower company,
Strickland, President of Bower, as a
of S. A.
director of
Ahlberg
associates have wide distribution nationally
controlled branch warehouses and 387 dis¬
Its business is not in competition with that of
Ahlberg Bearing Co. and its
through 34 factory-owned and
in 289 cities.
Bower,
it is a ball bearing manufacturer
ings.—V. 147, p. 1029.
tributors
Brewing Corp. of
while Bower makes roller bear¬
America—New Name—
I'
listing of certificates
the name "Brewing
lieu of certificates for
"Peerless Corp."
The stockholders of Peerless Corp. on Sept. 15 approved an amendment
of the charter of the corporation to effect a change in the name of the
corporation to "Brewing Corporation of America.,r
Such new corporate
has heretofore been used by the wholly owned subsidiary of the
corporation and is now favorably known in the brewing industry through
the operations of such subsidiary and the distribution of its products,
Carling's Black Lable beer, Darling's Red Cap Ale, and Carling s Amber
The New
for 750,000
Trustee—Registrar—
The
Bower Roller
and the election
8,357,935
Reserves
189,245,809
appeared
they had
13,962
items.
payable
Tax
Cap. & surp. of
minority int.-
Total
6 ,655,755
11 ,786,676
5,790,918
150,992
charges
5,211,438
payable-
Notes and loans
Oth. curr. liab—
6,132,571
Oth. curr. assets
Spec, trust fund
of May 28 last, p. 3489, the reference to the reorganizztion
appearing under Birmingham Electric Co., should have
under thie company's name.—V. 146, p. 2032.
This company
(current)
Accts.
508,858
obliga'ns
Purch.
Co.—Correction—Reorganization—
Birmingham Gas
plan
14, 800,000
Cum. pref. stock
(par$100)-..
(par $100)--Long-term debt.
Co.—Correction—
"reorganization plan" appearing under the company's
May 28, p. 3489, should have appeared under the name
Gas Co.—V. 147, p. 1331.
In our issue
$
66,599,975
stock.
Marketable sees.
,
—$11,293,612
—-
in our issue of
of Birmingahm
Dec,
1,412,192
Surplus
Total
7,434,900
xl75,000
stock--
Common
The reference to
name
(& Subs.)—Balance Sheet—
Invest, oth. cos.
Cash
25-year 6% & profit sharing
debs., due July 1,1956
x
the week ended
June 30 '38
16,876
519,200
1939
old issue common
ago.
1937,
due Jan. 1,
Represented by 420,000 no par shares, including shares reserved for
capital stock without par value not yet presented for
exchange,
y 1,535 shares of capital stock of that company held as col¬
lateral.
z Before profit-sharing and additional interest on certificates of
indebtedness or debentures for the six months ended July 31, 1938.
Note—The collateral notes payable consist of a note payable to a bank in
the amount of $650,000 and a note payable to Bankers National Investing
Corp. in the amount of $1,000,000, for which common stock of Beneficial
Industrial Loan Corp. and 89.71% of the total outstanding common capital
stock of Atlantic Life Insurance Co. have been respectively pledged as
collateral thereto.
This collateral is included in "Investments in capital
stocks of affiliated and subsidiary companies" in the above balance sheet
in the respective amounts of $1,158,990 and $1,749,442.—V. 146, p. 1231.
i
*
-..$11,293,612
Total
1938
deprec., &c., but before Federal
were
Assets—
5,946
163,811
Corp.—Earnings—
Current assets
Nov. 26,
at cost
depreciation—
Income taxes
prior years
Ctfs. of indebt., series B, 6%,
z
8 Months Ended Aug. 31—
Net profit after
income taxes
liabilities
depreciation
less
48,353
payable
or
72,642
Furniture & fixtures,
37,091
pay.
Reserve for Fed.
8,898,564
$1,650,000
payable
payable
& accr. on ctfs. of
Indebt. or debs. & notes
Int.
1,839,588
stocks of affil. &
subsidiary companies
Land & office bldg., at cost
Deferred charges
147, p. 881.
Collateral notes
Accounts
from
receivable
officers & empl's of a
less
$1,412,192
31, 1938
Liabilities—
Cash
y
Dr95,640
105,002
.---
-
Surplus, July 31, 1938 (before profit-sharing & add'l int. on
ctfs. of indebt. or debs, for 6 mos. ended July 31,1938)--,.
—
After deducting
x
$229,185
1,383,650
period
Inv. in cap.
Total
349
deductions
Dividends
276,665
Res. for contlng..
1
— — -
$
2,868,600
9,736,999
9,518,000
aRes. for undeter¬
mined llabs., «fcc
—
Amortization of deferred charges.
1,748,951
2,488,015
1,391,071
20,000
381,778
patents,
—-
payable...- 6,250,000
indebtedness or debentures.
Interest on notes payable
Net income for the
1,668,631
Accounts payable. 1,173,002
301,337
470,302 Drafts payable.—
15,000
1,506,549 Long-term debt
309,937
3,722,932 Accrued expenses.
duty
drawback, <fec..
Other assets
Notes
4,961,974
3,044,975
Notes «fc accts. rec.
Common stock.. 9,736,999
37,765
199,501
36,438
4,475
3,076
expenses.
Interest on certificates of
Other
$
Liabilities—
$
tank
$510,789
.
-
1937
1938
1937
$
mills,
stations
Administrative
Provision for
'
Consolidated Balance Sheet June 30
1938
Total income
York Stock Exchange has authorized the
shares of capital stock ($3 par) bearing
Corp. of America" on official
like amount bearing the name
name
Creme ale.
notice of issuance in
Calaveras Cement
of the charter
for which the
corporation was chartered so as to include in its authorized objects the
specific power to engage in the brewing business together with a full and
detailed enumeration of powers necessary and incidental to the operation
Net sales
Cost of goods sold..
Maintenance and repairs
.—.—
$3,855,142
.................
1,812,303
Taxes
..............
operating expenses...
Selling, general and administrative expenses.
Profit from operations
Previous
$303,101
178,687
120,805
12,197
51.899
12.910
$244,885
163,466
$56,930
165,359
los8$8389
173,947
$331,455
$408,350
186,867
$222,289
58,823
$165,359
110,484
$220,971
.......
Surplus, Dec. 31
x
$221,483
$163,466
$165,359
..—
of subsidiary to date of dissolution
Includes subsidiary.
Balance Sheet Dec. 31, 1937
Including results of operations
y
Assets—Cash, $64,880; notes and accounts receivable, $181,870; inven¬
tories, $291,220; long-term notes receivable and sundry investments (less
reserve of $2,600), $47,894; balance receivable under contract for sale of
railroad (long term), $100,654; land, buildings, machinery and equipment,
$666,517
2,839
103,434
Provision for estimated Federal income tax.
112,809
35347
surplus...
Dec. 20, 1937,
60,448
—
—
..................
254,029
$109,972
221,483
"..I surpi—
Preferred dividends
,
$616,069
—
*
.
Net profit...—
19,762
200,367
34,918
115,337
138,378
—...
Other
Total profit—
Income deductions
.
$2,042,839
alowances
$663,622
capital stock taxes-
Depreciation of buildings and equipment
Other income
Experimental charges.
918,008
....
$552,823
270,137
127,706
9,460
Prov. for Fed. inc. and
Subsidiaries.)
——
Gross sales, less discounts, returns and
Federal and State excise taxes....
9,264
yl934
$291,757
11,344
$408,548
227,565
111,143
$654,358
8,233
Sell., admin. & gen. exp.
Prov. for deprec. & depl.
yl935
$394,097
14,451
y 193(3
$544,590
Total income
and liquidation of its wholly
assets and operations to the
corporation, subject to outstanding liabilities, effective Oct. 1, 1938.
Consolidated Income Statement, 9 Months Ended June 30, 1938
{Peerless Corporation and
Co.—Earnings—
*1937
Calendar Years—
Gross profit from oper..
Int. and miscelL income.
of such business and other businesses related thereto.
Stockholders also approved the dissolution
owned subsidiary ana the transfer of all its
Sept. 24, 1938
Chronicle
Financial
1918
The stockholders also approved an additional amendment
to effect a change or enlargement of the object or objects
(after
for depreciation and depletion of $1,286,067), $1,678,584;
reserves
deferred charges, $49,503; total, $2,414,606.
Liabilities—Accounts payable, $112,979; accrued wages,
$560,244
.........
Consolidated Balance Sheet (peerless
Assets—
Sept. 30'37
$26,644
50,987
$137,759
42,436
and State
Federal
A
27,143
44,386
excise stamps—_
Notes
June 30'38
Accrued expenses.
$184,909
inc. tax & surtax
157,465
Res. for conting—
Ad vs. & due from
847
132
officers & empl.
Prepaid insurance,
5,405
taxes, &c.,exps.
in¬
vest. (less res.).
5,101
Property, plant A
equipment (net) 2,131,175
Other assets.—.
10,330
3,286
Capital
par)
stock
Disc,
on
2,250,000
2,250,000
410,360 defl49,8S2
Gross profit on sales
——...
Selling and handling expense
147,
p.
1787.
$413,419
244,322
114,653
———
General and administrative expense--.——.—
7>r50^62
Dr49,784
$54,443
144,723
Net operating income.
share.. Dr242,984 Dr242,984
Other income
Total— —$2,839,104 $2,383,222
——$2,839,104 $2,383,222
$2311.502
2,398,083
——
—
Cost of sales—
stk. Issued
at $2 per
Co,—Earnings—
Earnings for Year Ended Dec. 31, 1937
Net sales.
and
stock for empl..
1,711,891
7,876
242,896
40,000
Total income...—..
Total
-V.
$220,971;
($3
Earned surplus...
Treas.
Other security
stock
California Cotton Mills
112,780
222,155
14,838
134,017 Dep. on returnable
containers.....
228,761
119,482
338,181
no par
shares), $52,408; capital surplus, $136,981; earned surplus,
total, $2,414,606.—V. 146, p. 2842.
Prov. for est. Fed.
accounts
receivable (net).
Inventories....—
$3,972; accrued
taxes, miscellaneous liabilities, $9,494; payable to officers and employees,
$2,014; provision for Federal taxes, $23,132; reserve for sack losses and con¬
tingencies, $6,253; 7% preferred stock, $1,841,400; common stock (124,437
Corp. and Subs.)
Liabilities—
$269,396 Accounts payable.
June 30'38 Sept. 31'37
*
Cash
,
_
,
Net income......
Interest
on
-
$199,166
101,312
103,005
15,067
——.—.
—
loans, bonds and scrip
...
Reduction of inventories to lower of cost or market
Other deductions
...
......
Brooklyn-Manhattan Transit System—Earnings—
Net loss.
[Including Brooklyn and Queens Transit System!
Period End. Aug. 31—
1938—Month-1937
1938—2 Mos.—1937
Totaloper.revenues
$3,911,676
$3,986,930
$7,723,924
$8,079,780
Total oper. expenses
2,956,404
2,903,257
5,786,405
5.805,484
Net
Taxes
from oper...
$955,272
527,850
$1,083,673
502,143
$1,937,519
1,067341
Net non-oper. income—
$427,422
80,584
$581,530
79,061
$870,178
197,275
$508,006
885,838
$660391
688,431
$1,067,453
items, $179,733; accounts receivable (net),
$154,073; inventories, $982,995; investments, $352,000; bond redemption
fund, $9,709; land, buildings, machinery and equipment (net), $2,426,693;
deferred items, $103,379; total, $4,208,581.
Liabilities—Notes payable, $21,533; accounts payable, $63,589; accrued
$1,254,020
158,199
Gross income......
Total income deductions
Assets—Cash
$2,274,296
1,020,276
$1,412,219
1,374,673
rev.
on
oper. props...
expenses,
Operating income.
Curr.
inc.
carried
1,369,749
and
cash
$56,382; scrip certificates due, $62,280; special term bank loans,
$1,049,000; bonded debt and scrip certificates, $781,130; deferred profit,
$12,382; capital stock ($100 par), $3,250,000; deficit, $1,087,714; total,
$4,208,581—V. 142, p. 121.
California Oregon Power
Co.—Earnings-
Years Ended July Zl—
to
surplus..
def$177,832
Accruing to min. int. of
B. & Q. T. Corp
def$27,840 def$302,296
$20,219
—
Balance Sheet Dec. 31,1937
Operating revenues...
Operating expenses, maintenance and taxes—
$37,546
...
1938
$4,622,030
1937
$4,645,912
2,023,918
1,840,095
(before approp. for retire, res'ves) $2,598,112
Interest on notes and accounts receivable, &c
814
Merchandise and jobbing
Dr58,820
$2,805,817
Net oper. rev.
1,373
—
Bal. to B.-M. T. Sys-
tern—..—......def$177,832
[Excluding
Brooklyn
and
def$27,840 def$302,296
Queens
Transit
$37,546
Net oper. revenue & other income (before
priation for retirement reserve)...
Appropriation for retirement reserve
System]
Period End. Aug. 31—
1938—Month—1937
Total oper. revenues.. .. $2,289,733
$2,352,560
Total operating expenses
1,575,415
1,524,187
$4,495,588
$4,757,914
3,051,738
3,045,242
Net rev. from oper
Taxes on oper, props...
$714318
335,189
$828,373
311,564
$1,443,850
675,810
$1,712,672
635.885
Operating income.
Net non-oper. income
$379,129
78,681
$516,809
75,998
$768,040
193,099
$1,076,787
Gross income
Total income deducts...
$457,810
571,678
$592,807
572,904
$961,139
1,143,374
$1,228,975
1,146,006
1938—2 Mos.—1937
Gross income
Rent for lease of electric properties.
Interest
ap-
$2,540,106
300,000
.
.,
charges (net)
$2,760,651
300,000
$2,240,106
238,209
844,335
$2,460,651
238,009
844,207
203,219
45.047
7,270
18,431
203,022
45,047
4,241
12,966
$883,595
$1,113,159
Amortization of debt discount and expense
Amort, of prelim, costs of projects abandoned...
Amortization of limited-term investment..
Other income deductions
152,188
1
Net income.
Dr46,540
—
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937
Curr.
inc.
carried to
—.def$113,868
surplus..
$19,903 def$182,235
$82,969
New Directors—»
At a meeting of the board of directors held Sept. 19, Edwin P. Maynard
and Cary D; Waters were elected directors to fill vacancies caused by the
deaths of Thomas L. Chadbourne and James H. Post.—V. 147, p. 1634.
Brooklyn & Queens Transit System—Earnings—
Period End. Aug. 31
Total oper. revenues.
Total oper. expenses....
—..
1938—Month—1937
$1,633,050
$1,647,319
1,383,007
1.382,258
1938—2 Mos.—1937
$3,250,694
$3,347,036
2,738,858
2,766,757
Net rev. from oper
Taxes on oper. properties
$250,043
192,662
$265,061
190379
Operating income....
$57,381
14,334
$74,482
15,401
$120,305
29,065
$196,789
30,685
$71,715
135,679
$89,883
137,626
$149,370
269,431
$227,474
272,897
Net non-oper. income...
Gross income
Total income deductions
Curr.
loss
$581,179
384390
$511,836
391.531
'
carried
surplus...........
$63,964
$47,743
$120,061
Fred O. Marston has been elected a director of this
company to represent
preferred stock.
He succeeds the late Thomas L. Chadbourne.—V.
1635.
Cabot Mfg.
Loss
on
op saie
akl0
YearsEnded—
Dec. ol. '37
Net profit after deprec.
and all charges
loss$129,732
Earn.,, per sh. on 20,000
shares capital stock..
Jan. 2, '37
Dec. 28, *35
Dec. 29, '34
$147,222
$76,526
$90,613
$7.36
$3.83
$4.53
Jan. 2 *37
$121,223
Due from affil.co.
$95,003
10,000
Acc'ts receivable..
172,612
472,634
Note receivable
285
Inventories at cost
or
market
1,046,611
1,085,386
25,203
24.899
Invest'ts at cost-
190*",000
200,000
Restricted hk.dep.
529
1,059
Note
deposits
rec. not curr.
OJJ5
Land,bldgs.& wat.
power
dev., less
depreciation—1,348,994
Maeh'y A equlp't,
less depreciation
Deferred charges..
Total—
701,257
20,072
1.375,801
$453,093
257,182
58,713
prof 19.207
16,003
zl8,901
19,673
17,693
$13,814
$66,136
$91,214
15,764
50,436
$138,712
39,177
100,963
sur$25,014
75,940
$0.99
$1,428
130,000
z
Net profit for period.
Preferred dividends
Common dividends.....
■
22,267
30,100
$8,453
73,602
sur$36,036
74,923
$0.19
$0.88
$0.76
x Includes interest received net of
$36,021. y Includes interest (net) and
dividends received of $22,880 and profit on sale of marketable securities of
$21,208. z Includes surtax on undistributed profits of $3,445 in 1938 and
and
a Includes interest (net) and dividends received of $29,022
refund of processing taxes of $8,065.
Consolidated Balance Sheet July Zl
Liabilities—
Dec. 31 *37
$266,839
300,000
200,000
Due to affil.
cos..
for
7,061
34,663
5,323
5,323
Capital stock
2,000,000
Capital surplus.—
981,609
2,000,000
Earned surplus...
Res. for coating—
>
$237,138
416,650
pay.,
1937
1938
incl.
$180,514
sundry accruals-
$189,789
Bank loans
682,121
Prov. for Fed. and
300,000
20,714
1,319.911
21,832
46,692
State taxes
46,692
800,000
1,492,723
Res. for lnvestm't
A contingencies,
800.000
y Common stock.
Initial surplus.... 1,492,723
599,723
44,954 Earned surplus
20.540
419,356
613,674
981,609
38,888
200,000
Total..
258,621
200,000
x
$3,140,385 $3,464,710
Canada Bread Co.,
$3,610,282 $3,947,055
v
Total
After depreciation of $558,164 in 1938 and
sented by 80,000 no par shares,
in 1937.—Y. 146, p. 3176.
Total.
Accts.
324,040
secure.
320,040
258,332
Land, bldga.,ma¬
chinery A equip. 1,247.289
Deferred charges to
operations
16,998
Sund. loans & inv.
421,421
z Com. stk. at cost
58,130
x
possible
proc. tax claims.
429,526
Marketable
9,755
Res. for State and
Federal taxes
$388,631
Accounts receiv
Liabilities—
1937
1938
Cash
Inventories
5,105
Salaries and wages
accrued...
Res.
Assets—
Jan. 2 '37
$62,539
Accounts payable^
Note payable.—.
660,280
5,202
$3,610,282 $3,947,055
-V. 145, P. 3003,
x$435,629
268,630
56.111
$5,500 in 1937.
Nil
Dec. 31 '37
Prem.
222,089
57,166
517
Condensed Balance Sheet
Assets—
1935
1936
y$364,293
of market-
Balance, deficit.
Shs.com .stk.out. (no par)
Earnings per share.
Co.—Earnings—
Cash—
a$303,12Q
209,007
58,244
5,535
saie of cap .assets
Loss
1937
1938
-
_
the
p.
Campe Corp.— Earnings—
Years Ended July 31
Profits from operations.
Gen. admin. & sell. exps.
Prov. for depreciation..
$45,423
New Director—
147,
with the new classifications of accounts.
(2) No provision was made for Federal income taxes or surtax on undis¬
tributed profits for 1936 as the company claimed as a deduction in its final
income tax return for that year the unamortized discount and expenses and
redemption premium and expense on bonds and debentures redeemed in
1936, which resulted in no taxable income for 1936.—V. 147, p. 1769.
Prov .for Fed.& State tax
to
are
shown in accordance with the classifications of accounts prescribed by regu¬
latory commissions effective Jan. 1, 1937, which, differ in certain respects
from the classifications previously followed by the company.
In certain
instances the figures prior to Jan. 1,1937 have been adjusted in accordance
on
$514,260 in 1937.
y
Repre¬
6,398 shares in 1938 and 5,077 shares
Ltd.—Accumulated Class B Dividends
The directors have declared
of accumulations
z
$3,140,365 $3,464,710
the 5%
a
dividend of 75 cents per share on account
pref. class B stock, par $50, payable
cum.
Volume
Financial
147
Oct. 1 to holders of record Sept. 22.
Like amount was paid on July 2,
April 1, and Jan. 3 last, and on Oct. 1, 1937; a dividend of 50 cents was
paid on July 15, 1937; one of 75 cents on July 2, 1937; 62 M cents was paid
on April 1 and on Jan. 2, 1937, and one of 50 cents per share was paid on
Oct. 1. 1936.—V. 147, p. 1185.
*
Canada Bud Breweries,
1919
Chronicle
Canada
Paper Co. ( & Subs.)—Earnings$638,804
Net trading profit
Miscell. rev. received
$279,969
$286,002
$256,731
$185,542
2,273
3,842
5,398
Provision for inc. taxes._
$282,878
2,810
4,500
20,500
$288,275
5,381
$260,572
11,155
4,200
20,000
$190,942
4,500
20,500
167
338
195
61.507
30,967
56,907
32,103
65,878
23,100
51,346
17,000
$162,427
327,464
$168,546
281,608
$136,044
208,863
$101,647
139,700
$489,891
$450,154
$344,907
$241,347
Cr2,398
Cr2,238
1,309
"Crl.748
4,928
120,000
120,000
9,491
52,500
22,505
$372,288
$327,464
$281,608
$208,864
Pres. & executive salaries
Legal fees
Prov. for obsol. & deprec
Dom. & Prov. inc. tax..
Net profit
_
Previous surplus
_
Balance
Sundry adj. applic. to
prior years
Income tax adj. applic.
to prior years
Divs. paid on cap. stock.
Def. in sub. Dec. 31, *33
Surplus, Dec. 31
Consolidated Balance Sheet Dec. 31,
Assets—Cash, $111,735; accounts receivable, $80,717; stock—beer and
supplies, $381,687; land and buildings, $862,394; machinery and equipment,
$706,859; furniture and fixtures, $11,177; trucks and autos, $59,665;
investments, $5,369; licenses, &c, $20, deferred charges, $8,942; total,
$2,228,566.
Liabilities—Bank
Net profit
Div.
(secured),
advances
$39,000;
accounts
payable and
$110,181; provision for income taxes, $30,967; mortgage
payable on sub. properties, $15,000; depreciation and obsolescence reserves,
$470,263; Shareholders' interest—Authorized capital—200,000 shares no
par value; capital stock (150,000 shares no par), $990,000; capital surplus
on purchase of City Club Breweries Ltd. shares, being excess of appraisal
values over price paid, $200,845; earned surplus, $372,288; special reserve
re licenses, &c., $20; total, $2,228,566.—V. 147, p. 105.
&
Sugar Co.,
Dominion
Earnings for
Net operating profit after
Interest on investments.
Ltd.
( & Subs.)
Yt*)Ended Jan. 31, 1938
CY373.935
__
Loss
on
on
sale of investments
6,384
disposal of fixed assets (net)..
"Loss
Reserve for
on
1,562
499,000
;
Dominion and Provincial income taxes
profit.
Dividends paid
—
$2,334,666
1,000,000
—
$21,392
$148,680
$ 83,024
$19,142
Consolidated Balance Sheet Dec. 31,
Canada
Permanent
$680,282
503,878
1934
1935
$675,012
498,866
1937
f.
t
1936
^
$680,225
488,641
$1,189,727
$1,184,160
$1,173,878
Dividends
560,000
100.000
560,000
110,000
560,000
Written off office prem.
110,000
$1,168,866
560,000
110,000
$529,727
$514,160
$503,878
$498,866
Total surplus
earned forward at
Bctl
credit of prof. & loss
borrowed capital and expenses of manage¬
ment, after paying all taxes due and providing for all accrued taxes, and
after making full provision for all charges and losses.
x
After deducting interest on
Balance Sheet Dec. 31
Liabilities—
$
$
3,896,500
3,996,500
1,257,955
Office premises
1937
1936
1937
Assets—
1,227,632
51,798,206
97,233
and stocks
2,562,671
3,313,932
16,510,749
27,185
7,000,000
5,000,000
23,412
7,000,000
140,000
140,000
529,727
514,160
Sundry accounts..
Capital stock
by
Reserve fund
2,477,578
2,044,500
Dlv. payable Jan.
Bal.
carried
for¬
1,077,107
.
1,074,158
100,000
5,000,000
ward at credit of
profit and loss..
by
guar,
26,807,328 27,537,002
accrued lnt
Dep. & accr. int..17,111,221
Res.forinc taxes.
100,000
Dom. of Can. or
Bonds,
793,933
11,113,343 11,019,262
accrued lnt
Debs., currency &
Canada & Prov¬
.
793,933
Debs., sterling and
92,960
Bonds of Dom. ol
guar,
1936
$
and
accrued Interest.
Mtge. on real est.52,553,353
Loans
oh
bonds
Bonds
stock
Deben.
Real estate held for
municipalities
Assets—Cash, $3,073,745; investment in bonds issued or guaranteed by
$9,224,207; interest accrued on bonds, $113,773;
receivable (net), $504,737; inventories, $2,919,621; land, build¬
Corp .—Earnings—
Mortgage
$675,567
514,160
Calendar Years—
Net profit
Previous surplus
x
Bonds of Canadian
Consolidated Balance Sheet Jan. 31, 1938
1937
$64,595; accrued liabilities, $28,381; deferred bank loan due, 1939, $100,000;
bonds outstanding, $1,700,000; reserve for depreciation and depletion,
$2,362,034; reserve for inventories, &c, $94,372; 7% cumulative preferred
stock, $1,250,000; common stock (20,000 shares), $100,000; capital surplus,
$1,161,966; earned surplus, $282,644; total, $7,464,361 —V. 145, p. 1894,
Prov. of Canada
Note—Depreciation charge amounted to $494,435.
$83,024
2,250
inces of Canada.
Net
$148,680
of
shares
com.
sale
$2,467,677
all charges
170,406
4,650
Assets—Cash, $76,502; accounts receivable (net), $377,196; inventories,
$735,914; balance due from parent company, $27,900; investment in sub¬
sidiary company, $27,000; other assets, $24,924; deferred charges, $23,056;
fixed assets, $6,171,869; total, $7,464,361.
Liabilities—Accounts and bills payable, $320,369; taxes due and accrued,
accrued charges,
Canada
168,541
14,338
sub. company
Profit
1937
223,108
32,669
Directors' fees
11,731
-
$280,594
84,145
460
237,916
60,158
Res. for depre. & deple..
2,909
12,099
8,850
$338,790
72.427
320
$318,525
1934
bad debts, &c
$472,898
68,121
$318,525
1935
exc.
$277,564
3,030
60
1936
Total income
705
$699,803
83.144
Bond interest
1937
Directors fees & remun'n
$338,085
374
Other income
Calendar Years—
Int. &
$472,524
60,999
Profit from operations..
Total income. .A...
Ltd. ( & Sub.)—Earnings—
1934
1935
1936
1937
Years Ended Dec. 31—
City of Toronto.
96,931
189,177
accounts
Other bds. & debs.
473,733
ings, plant and equipment (after reserve for depreciation of $3,391,571),
$4,976,875; pension fund, $100,331; other assets (incl. loans to employee
shareholders $3,368). $96,182; total, $21,009,472.
Liabilities—General account payable, $207,758; Dominion Government
Stocks
470,581
1,921,288
2,211,538
the Dominion of Canada,
$172,670; reserve for Dominion and Provincial income and
corporation taxes, $540,296; contingencies reserve, $1,975,000; insurance
reserve,
$300,000; pensions
(contra) reserve, $100,331; capital stock
(500,000 no par shares), $14,000,000; distributable surplus set aside on
organization of company, $1,000,000; earned surplus, $2,713,416; total,
$21.009,472.—V. 147, p. 1332.
excise
tax,
Canada Iron Foundries,
1934
1935
1936
Total income
Depreciation
Maintenance
.
$197,739
188,413
$136,479
143,088
$457,103
26,546
3,498
$386,152
18,379
3,362
$279,567
13,655
3,262
$306,252
12,220
3,397
55,000
39,000
Prov. for invest—sub.
37,000
1,040
25,000
1,035
25,000
co.
14,860
1,276
x
5%
ence
on
$279,538
116,334
$262,378
zl55,112
$227,822
$107,266
781,393
9,913
Drl ,830
$111,488
671,804
Drl ,900
Dr 9,58 5
$896,740
$781,393
$671,806
896,740
Dom. inc. taxes adjust..
Profit and loss surplus
$972,544
preference shares,
y
y
116,334
3% on preference stock,
z
4%
y
$163,204
518,187
on
prefer¬
stock.
'
Balance Sheet Dec. 31,1937
estate, buildings, machinery, &c., and goodwill
(after
depreciation of $3,167,743), $3,034,611; shares in and amounts
owing by subsidiary companies, $3,192,033; inventories, $830,763; accounts
and bills receivable (less reserve for doubtful debts), $502,335; government
bonds and other marketable securities, $112,636; other securities, $22,850;
cash, $121,072; deferred charges, $1,979; total, $7,818,280.
Liabilities—6% non-cumulative preference shares, $3,877,800; common
shares (15,989 shs.), $1,598,900; accounts payable, payrolls, &c., $203,996;
provision for Dominion and Provincial income taxes, $64,754: dividend
payable, $135,723; unclaimed dividends, $19,199; unclaimed wages and
other unadjusted credits, $9,365; general reserve, $936,000; earned surplus,
$972,544; total, $7,818,280.—V. 145, p. 1894.
Assets—Real
reserve
21,820
$704,326
71,640
$545,818
46,131
$219,215
$1,089,447
223,628
Depreciation
Exps. re transfer plant.-
$632,686
219,234
$499,687
218,361
24,911
$219,215
450
250
for
Directors' fees
"3,354
Salaries of exec, off., &c_
68,212
2,384
58,450
$794,252
476,371
dividends
$195,064
$178,815
Assets—Cash,
$849,419;
.
2,500
Directors'fees
Total amount paid as counsel
Provision for depreciation
and solicitors' fees, &c
Provision for Dominion and Provincial income taxes
59,126
200,000
140,343
marketable securities, $333,731; accounts "re¬
$533,282; inventories, $1,556,632; land, buildings, plant and
equipment (after depreciation reserves of $1,309,208), $2,333,228; prepaid
$52,269; goodwill and patents, $2; total, $5,658,563.
payable and accrued charges, $161,660;
expenses,
Liabilities—Accounts
$568,262
Operating profit
Interest received
14,528
5,143
$770,552; total, $5,658,563.—V.
147, p. 1185.
Canadian Canners, Ltd. (& Subs.)—Earnings—
Years Ended—
Feb. 28 '38 Feb. 28 '37 Feb. 29 '36 Feb. 28 '351
$1,584,702
$1,015,983
$752,612
$1,595(785
Profit
173,235
189,613
194,256
124,863
Interest
350,000
300,000
250,000
350,000
Prov. for depreciation..
9,000
10,350
10,260
9,000
Directors' fees
Legal fees & exc. sals—
legal & regis¬
51,960
55,694
58,724
Printing,
30,497
tration expenses
Contrib. for acct. empl's'
20,000
20,000
26,640
176,904
106,625
189,419
91,539
72,772
88,835
35,731
84,779
$723,028
354,553
$665,319
233,088
$302,451
305,828
$177,586
$368,475
participation..
refund¬
Stock
$432,231
Written off bond
ing account—
Prov. for income taxes.
_
pref. stocks. ...
Balance, surplus
$587,934
profit
Dividends paid
398,011
Balance Sheet, Dec. 31, 1937
Assets—Cash, $214,244; investment in marketable securities, $332,828;
accounts
receivable (less reserve), $412,343; inventories, $2,672,791;
Dominion of Canada bonds, at cost, deposited with Department of National
Revenue, $2,087; grain exchange seats and membership in clearing house
at cost, $17,200; deferred charges, $41,987; fixed assets (after reserve for
depreciation of $1,626,569), $3,103,073, total $6,796,553.
Liabilities—Accounts payable and accrued liabilities, $127,946; reserve
for Dominion and Provincial income taxes, and other accrued taxes, $172,000; reserve for pension fund, $64,898; capital stock (198,972 no par shares),
$4,411,960; capital surplus, $797,676; earned surplus, $1,192,074; total,
$6,796,553.—V. 145 p. 3648.
$
10,020
Accts.
59,078
goods,
—
Invest, for acct.
empl'
stk.
727,536
1,064,957
5,558,714
9,968
4,252,045
12,320
raw
Unexp. ins., &c—
76,947
208,623
—,—
Property account.13,188,432
Goodwill, tr.-mks.,
contr'ts & proc's 3 ,242,619
350,021
376,661
...23,164,856 22,095,745
1937
$
43", 067
323,881
3,500,000
6,095,359
3,817,550
3,884,850
0,839,562
conting.res,
800,000
6,839,562
Conv. pref.
stock
& common stock
Inv.&
480,348
prefN/
stock
x
3,242,619
res've 6,419,217
5% cum. 1st
Capital surplus
Earned surplus
Total
$
511,485
Bank loans
573,360
Bond int. accrued41,267
Reserve for taxes..
348,626
Funded debt
3,320,000
12,879,442
Bond refdg. acct..
v
Accts. pay. &accr.
Gen. & depr.
of
part.
1938
Liabilities—
llabil
& bills rec.
(less reserve)
Mfd.
28
1937
$
Assets—
369,479
def$3,377 def$191,893
Consolidated Balance Sheet Feb.
1938
mat'ls & suppl's
Net
4
sales tax
payable, $22,910; provision for income and corporation taxes, $170,550:
reserve for reels in hands of customers, $70,790; 6
% cumulative redeemable
preferred stock, $2,887,100; common class A stock (29,669 shares) and
common
class B stock (150,662 shares), $1,575,000; earned surplus,
Cash
Income from stocks and bonds
$6,636
1937
ceivable,
Divs. on
$970,231
$6,636
$195,064
$352,041
173,226
Consolidated Balance Sheet Dec. 31,
Net income
Year Ending Dec. 31, 1937
Profit from operations for the year after charging all manufacturing,
selling and general expenses
52,329
60.900
Malting Co., Ltd.—Earnings—
Earnings for the
160,000
576
sale of land
on
Other taxes
Canada
"
$317,881
$75,803
Surplus
Previous surplus
Profit on sale of securs..
13,070
163,402
292
$269,693
xl93,890
Net income
$532,748
Income tax.
Preferred
31,000
Dividend
$695,585
8,742
Balance
Other expense
$197,395
$1,244,926
7,923
10,805
18,691
45,325
remuneration
paid to salar'd directors
Legal fees
1934
1935
1936
1937
Other income.
Loss
income taxes
-Earnings-
Wirei& Cable Co., Ltd. (& Subs.)
Canada
Years End. Dec. 31-
71,219
235,033
$
Dominion and Provincial
Executive
68,622,736 68,638,517
Total...
1895.
$1,252,849
$376,612
80,492
profits
Other income
2,020,871
2,406,848
68,622,736 68,638,517
Total
-V. 145, p.
Ltd.—Earnings—
1937
Calendar Years—
Operating
Cash
Total.
67,300
426,488
500,000
428",678
23,164,856 22,095,745
preference stock (callable at $20 on 60 days' notice from
subject to shareholders' right of conversion, share for share,
intocommon).
Authorized, 399,160shares having no nominal or par value.
x
Convertible
the company
1920
Chronicle
Financial
of which
303,732 share are issued.
Common stock authorized, 400,840
shares having no nominal or par vaue, of which 137,784 shares are issued.
Central Indiana Power Co. (&
1938—8 Mos.—1937
Operating revenues
$3,357,286
$3,333,241
x Oper. expenses & taxes
2,704,015
2,743,567
Canadian Airways, Ltd.—Earnings—
[Including Partly Owned Subsidiary—Quebec Atrways, Ltd.]
Net operating income
Earnings for the Year End. Dec. 31, 1937
Other income
Loss for year
31, 1937
Assets-—Cash, $50,213; Dominion of Canada bonds, $75,000; accounts
Deprec., inc. tax, &c-_
Executive salaries
Legal fees
—
...
$215,275
1935
1938
122,400
665,695
Capital stock
376,653
6,677,129
(less reserve)
69,296
463,529
514,630
and
$972,960
1,719,000
Dr28,313
$672,209
1,628,176
Dr281,384
44,929
lated profits
res. acc't—Dr
85,500
a367,200
$2,228,776
$2,290,149
522,877
zjlncludes incomefrom investments of $85,533 in 1937 ($134,337 in 1936)
profit on income funding rights purchased for special fund and for
sinking fund $10,744 in 1937 ($21,922 in 1936).
a Amount set aside out
of profits earned subsequent to Dec.
31, 1934, in special fund re income
fund rights,
b Includes $100,000 amount transferred to special reserve
account.
Balance Sheet Dec. 31
1937
1936
$
$
1937
1936
$£
17,900,315'
260,409
Total
shares
of
no
18,357,423
par
value
172,735
481,985
178,310
350,207
353,768
Total
29,327,269 29.104,800
-Y. 147, p. 1482.
Central Maine Power
Co.—Earnings
Period End. Aug. 31—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed'l taxes (incl income)
1938—Month—1937
$591,861
$568,304
199,170
218,736
61,332
56,620
3,999
3,821
36,375
26,798
$6,663,214
2,400.712
704,005
39,479
353,826
$6,867,861
Net oper. income
Non-oper. income (net).
$290,985
3,872
$262,329
4,453
$3,165,192
42,706
$3,493,718
38,949
$294,857
110,200
4,414
16,393
$266,782
107,142
6,709
15,402
$3,207,898
1,293,394
40,143
224,244
$3,532,667
1,307,952
65,423
291,634
$163,850
$137,529
108,099
$1,650,117
1,297,182
$1,867,658
1,297,182
Other interest
by
34,667
112,844
59,169
178,310
Bond interest
18,357,423
39,802
114,217
in
aid of construct.
1938—12 Mos.—1937
2,401,143
684,089
31,246
257,665
St
TA/fh'iJif'IPQ——
11,157,413 10,760,493 Preferred stock...10,000,000 10,000,000
1,642,810
1,629,571 x Common stock.. 1,169,045
1,169,045
1,368,492
1,221,704 Bal. of sink, fund
Investments
re Inc. fund. rts.
9
10
205,574
235,574
Acc'ts receivable..
685,175
763,598 Depreciation res.. 2,405,577
2,031,770
Cash
1,035,945
1,225.058 Pat., amort, res've
786,530
576,206
Other receivables.
25,089
27,026 Contingent reserve
38,199
39,066
Inventories
1,808,760
1,620,372 Special reserve
650,000
450,000
Deferred charges..
60,964
49,718 Acc'ts payable, &c
688,215
829,674
Special fund re inc.
Special fund re Inc.
funding rights
fund .rts. (contra)
367,200
367,200
(contra)
367,200
367,200 Surplus..
2,352,649
2,437,344
Represented
Miscell. reserve
29,327,269 29,104,800
Government bonds
x
6,399
582,424
Deficit
53,510
Plant, &c
Patents, &c
Total
7,831
484,281
326,290
res—
ma¬
Total.
$1,719,000
and
Other miscell. liab.
567,715
receivable
terial & supplies
300,000
x Includes income from investments of
$77,461 and profit from sale of
investments of $9,849.
y Includes income from investments of $49,105.
627,796
300,068
745,528
Contributions
(Jess reserve)
Merchandise,
$2,402,748
320,948
195,421
Due from affiliated
171,900
69,000
Profit & loss surplus._
Assets—
35,068
companies
Special
128,489
297,838
504,670
(net).
working
Unbilled revenues.
89,000
138,110
Accounts payableInterest accrued..
Contingency
ac¬
and
Acc'ts
9,684,600
def.
Taxes accrued
797,035
counts
miscell.
Deprec. reserve
chgs.
prepaid
9,597,600
deps.
liabilities
32,474
32,673
and
fund
$
5,616.217
21,600
12,033,000 12,033,000
Customers'
&
29,474
Cash
$320,755
2,402,748
Dr42,026
$150,048
2,228,776
ZM9.675
__
....
par)
Funded debt
special deposits.
Unamortized Debt
Sinking
1937
$
7% preferred stock 5,616,217
6% preferred stock
21,600
Com. stock ($100
376,653
filiated company 6,677,129
Miscell. investm'ts
accumu¬
on
1938
dis¬
count & expense
•
Liabilities—
19,800,942 19,735,917
intangible)
630,000
202,500
410,654
416,654
.
630,000
—
div.
$
Utility plant (incl.
Miscell. def.
Amt. approp. for pay. of
int.
on
inc.
funding
Part.
*■
1937
$
Assets—
1934
—
.
Prior year adjustment—
rights
$282,445
not reflected in the above statement of income.
are
funds
Balance, surplus
$326,765
discount &exp_.
dividends
Previous surplus
$186,550
43,635
For
Investments In af¬
1936
b222,400
700,000
Pref. divs. in arrears—
Common dividends—
—
$941,395
658,949
Consolidated Comparative Balance Sheet Aug. 31
Ltd.—Earnings—
z$2,329,970 z$2,276,811 y$2,303,797 x$2 ,124,971
741,333
660,702
618,133
620.262
79,940
72,340
72,280
19,595
24,265
10,424
Amount approp. for int.
for sinking fund
Preferred
$976,934
650,169
Includes Federal income and undistributed profits tax.
but which
charges, $3,565; goodwill, $951,804; organization expense, $53,476; total,
$2,346,169.
Liabilities—Accounts payable, $170,888; bank loan, $250,000; taxes
payable and accrued, $2,648; mortgage, $25,000; maintenance reserve,
$16,398; capital stock (129,7.53 shares of no par value), $3,210,202; deficit,
$1,328,969; total, $2,346,169.—V. 142, p. 4332.
1937
$626,206
439,656
comparative purposes the results of operation for the
portion of the year 1936 included above have been adjusted to exclude
certain adjustments recorded during the month of December, 1936 which
were applicable to a prior period and the sin-plus at the beginning of the
period has been adjusted accordingly.
(2) The provision for Federal
income and undistributed profits taxes is based upon deductions for ad-ditional depreciation and other charges which are deductible for tax purposes
receivable (less reserve), $168,959; inventories, $140,302; aircraft, engines
and other equipment (after retirement reserve of $895,568), $531,518; land
and structures (after retirement reserve of $84,253), $371,331; deferred
Calendar Years—
$644,234
428,959
Net income
Notes (1)
$30,433
Net profit from oper
$1,008,616
Dr31,682
$897,760
36,532
Int. & other deductions-
x
Canadian Celanese,
$589,675
Gross income
$32,308
1,875
1938—12 Mos.—1937
$5,116,952
$4,952,975
4,108,335
4,055,215
$653,270
Dr9,036
-
Other miscell. inc. (net).
Operating revenues
$1,137,184
Operating, selling, administrative and general expenses, $1,009,427; legal expenses, $1,693; directors' fees, $120; executive
salaries, $18,017; total
1,029,258
Retirement expense
140,233
Operating loss.
Sub.)—Earnings—
Period End. Aug. 31—
—V. 145, p. 1895.
Consolidated Balance Sheet Dec.
Sept. 24, 1938
Gross income
Other
(net)
deductions
Net
income
„
,
Pref. div. requirements.
$108,099
Note—Preferred dividends have been
paid at one-half the regular rate
since Oct. 1, 1934, and arrearage for the quarters ended Sept. 30, 1934;
Dec. 31, 1934; March 31, 1935; June 30, 1935; Sept. 30, 1935; Dec. 31,1935
and March 31, 1936, were paid on Jan. 1, 1937; April 1, 1937; July 1, 1937;
Oct. 1, 1937; Jan. 1, 1938; April 1, 1938 and July 1, 1938 respectively.
—V. 147, p. 1769.
17,900,315
common
Central National Corp.—New
stock.—
V. 146, p. 3799.
At
recent
a
Officials—
meeting of the .board of directors the following officers
were
elected:
Canadian National
Ry.—Earnings—
Earnings of System for
Week Ended Sept. 14
1938
1937
$4,149,716
^
Gross
revenues..
—V.
147,
p.
Arthur Rosenstein, formerly
Increase
$44,061
$4,193,777
1769.
Canadian Pacific
Central
Ry.—Earnings—
Earnings for
Week Ended Sept.
14
1938
Tfraffic^rnings-.
1937
Increase
$3,497,000 $3,233,000
Canadian Power & Paper
on
$264,000
Investments, Ltd.—-Interest
Company will make payment of 2%
New York and Montreal
with Sutro Bros. & Co., was elected VicePresident; Edward A. McQuade, formerly Secretary and Treasurer, was
elected Vice-President and will continue as Treasurer; Jerome J. Altman,
formerly Assistant Secretary, was elected Secretary to succeed Mr. Mc¬
Quade.—V. 146, p. 590.
5% 30-year debentures in
Arrears will then amount to 22 H % •—
Oct. 1.
V.145, p.2219.
on
its
Paper Co., Inc.—Earnings—
Years Ended June 30—
Net sales.—.
Cost of sales (excl. of depreciation)
1938
1937
$2,611,225
1,779,839
1936
$1,959,202
1,427,846
$40,669
$831,386
260,303
3.393
$531,356
208,515
4,462
$21,466
$567,690
$318,380
3,524
51,391
20.210
$24,990
$619,081
$338,590
5,767
97,878
61,685
642
2,220
6,204
5,870
41,233
37,050
3,270
3,124
$12,713
$474,480
$230,526
720
2,497
42,644
$13,433
expenses.
$317,764
277,095
105
Gross profit
Selling, general and admin,
*
$476,977
$273,170
107,735
"19.099
Canadian timber expense
Operating profit.
Other income (other than discount on
Carrier
The
new
Corp.—Listing—
treasury
common
stock, par $1, has been admitted to unlisted trading
Exchange and the old common stock has been
removed from unlisted
trading.
The new common stock was issued
share for share, in
exchange for the old common stock of no par value.—
V. 147, p. 1769.
the
on
bonds purchased).
New
York
Total income
Curb
...
Non-oper. deductions, other than int.
and bond discount
Interest
on
bank
—
loans,
_
notes
and
miscellaneous
Interest
Caterpillar Tractor Co.—Earnings—
12 Months Ended
Net sales
Aug. 31—
1938
1936
39,674,332
2,333,407
Interest paid..
50,624,738
2,087,736
37,724,095
$4,024,544 .1514,291,330
449,968
507,786
9,851
5,870
Depreciation
funded debt
discount
and
Net profit before depreciation and
Federal income and excess profitsi
523,736
6,449
bond
Balance..
Discount on treasury bonds purchased
$9,535,627
1,859,359
of
expense
$46,032,283 $67,003,804 $49,119,081
Cost of sales, oper.
expense, &c., less
miscellaneous income
on
Amortization
1937
taxes
Provision for depreciation
Provision for Federal income and
109,146
...—
Net profit before Federal taxes
Provision for Federal taxes.
Net profit
*
-
$4,464,662 $14,793,245 $10,052,915
1,049,716
2,683,545
1,764,839
$3,414,945 x$12109,700
—
Before deducting provision for
any amount which may become due for
on undistributed
earnings carried to surplus.
1938
Assets—
less reserves
10,643,433 15,589,151
expenses.
15,684,108 17,420,222
z
trade-mks.
i
1,577,274
y
Land, buildings,
properties
Common stock..
taxes,
&c
43,666
iJw*?
in 1937.
any
Federal
dl
1,433
2,650
10,556
1,097
569,256
359,933
34,442
53,671
Advs. & wood pur.
net
assets
153,717
761,865
752,334
321,300
321,300
Non-conv.
cum.
pref. stock
$10)
(par
-
cum.
stock (par
pref.
$10)
(par $1)
389,275
389,275
145,578
cl45,578
811,189
b780,837
70,170
...
rec.
1937
$46,335
81,206
Surplus
current
Accts.
1938
$103,264
Com. stk
Waterproof divi¬
sion
Liabilities—
Notes & accts. pay
Accr'd liabilities.-
Conv.
contracts
assets
158" 594
35,227
62,122
1,491*973
1,519^652
64,120
52,391
fr. subs
surtaxes
CIA
sub. companies.
by 1,882,240
for
ac¬
cept, receivable.
28,135
Total
52,425,536
55,515,699
res®rve for deviation 'of $12,403,072 in 1938 and $11,874,119
y Represented
amount
$188,380
263,270
Inv. In & advs. to
52,425,536 55,515,6991
p. 1332.
178,593
Miscell. receivables
a
Total
(cust.)_
Other
Prepaid insurance,
24,133
$141,303
Long-term liabil—
$24,535
rec.
Notes & trade
9,411,200
69,186
1937
1938
Inventories
339,298
2,641,686
$13,433
Balance Sheet June 30
Assets—
$
6,014,776
9,411,200
Capital surplus—13,733,577 13,733,576
Earned surplus.—13,944,619 20,446,006
i
► equlpm't, &c_..20,413,566 19,098,448
Mis cell,
532,487
Res. for Fed. tax
1937
2,929,156
Pref.stk.(par $100)11,515,200
and goodwill
x
$
Liabilities—
Accounts payable- 1,711,178
Accrued payroll &
3,310,555
rec.
Inventories
Pat'ts,
1938
$
5,640,761
-----
Cash..
Accts.
1937
$
Cash
Notes & accts.
41,522
$326,309
—
Net profit.
surtaxes
Balance Sheet Aug. 31
profits taxes
cess
$8,288,075
ex¬
on
par shares,
undistributed
no
z
Does not include
earnings.—V.
147,
Fixed assets
Deferred
charges.
Total
a
$2,613,676 $2,589,376
After
1937.
QQQ
reserve
for depreciation of
b Comprised
as
follows:
Total
$2,613,676 $2,589,376
$2,293,436 in 1938 and $2,169,143 in
Capital surplus arising from reorganiza-
Financial
Volume 147
tion, $251,792; capital surplus arising from treasury stock acquired at no
cost, $1,000; earned surplus appropriated for sinking fund reserve, $164,167;
earned surplus available for dividends, $363,878.
c Includes 17,464 shares
bonus stock authorized and subsequently issued, par $1.
able only.—V. 146, p. 2843.
'
1921
Chronicle
per the books of the company and have been prepared from more detailed
financial statements submitted by the company in connection with this
declaration:
•
At
d Notes receiv¬
1st mtge. bonds, 3M%. 1966-1st mtge. bonds, 3H%, 1967-_
Central Power Co.—Dividends—
After
% o/
Total
Present
$34,241,000
9,935,000
Total
Changes
$34,241,000
9,935,000
—
Directors
share
at a meeting held on Sept. 14 declared a dividend of $1.75 per
the 6%
preferred stock, payable Oct. 15 to holders of record at the
business on Sept. 30.
Dividends are in arrears.—V. 147, p. 1332.
the 7% cumulative preferred stock and $1.50 per share on
on
cumulative
close of
Central
&
The directors
South
West
Co.—Accum.
Utilities
have declared dividends
5%
cumul.,
voting
Operating
Operating
$193,714
126,098
$2,150,919
1,270,797
$2,128,650
1,130,244
13,507
1,041
7,555
150,763
15,051
97,250
161,383
8,596
91,321
$51,197
$45,513
905
782
$617,058
3,775
$737,106
3,761
revenues
$187,603
expenses
110,569
13,382
1,367
11,088
State & municipal taxes.
Social security taxes
Fed. taxes (incl. income)
Net operating income
Non-oper. income (net).
$44,176,000
36.16
40,000,000
32.74
40,006,000
32.74
30,000,000
24.56
7,987,000
6~54
7,500,000
22,500,000
7,860,000
127,000
6.14
18.42
6.43
.11
100.00
no par
Special capital surplus
Surplus
Surplus earned since Jan. 1, '38
It appears that the purpose
1938—12 Mos —1937
1938—Month—1937
36.16
par.non-
Common stock 750,000 shares,
as
Central Vermont Public Service Corp.—Earnings—
.
$100
$122,163,000
Divs.—
payments against arrears of
$1.75 per share on the prior lien preferred stock, $7 dividend series, and
$1.50 per share on the prior lien preferred stock, $6 dividend series, to be
paid Oct. 20 to holders of record Sept. 30.
Similar amounts were paid
on July 20 and April 20 last.
See also V. 146, p. 3663.—V. 147, p. 1186.
Period End. Aug. 31-
$44,176,000
„
Preferred stock 400,000 shares,
$122,163,000 100.00
of the management in proposing this reduc¬
tion in common capital account is to create a surplus account against which
there may be charged in the future, items which may now exist in the
company's property, plant and equipment account which may be found to
be improper.
Declarant represents that no dividends will be paid out of
this special surplus account.
*
The company does not concede that such improper items exist, but it is
aware that items may be found objectionable by regulatory bodies in an
amount in excees of its
If so, a surplus deficit would exist
its preferred and common stock
present surplus.
and the company would pay
dividends
on
at its
Gross income
Bond interest
Other interest
Other
$52,102
20,417
1,123
1,756
(net)
deductions
$620,833
245,000
11,466
21,640
259
1,830
$740,867
245,000
$342,727
227,134
$46,295
20,417
$449,862
227,136
Cr676
46,681
peril.
By creating this special surplus fund, the company is of the
opinion that it will provide against the maximum of future charge-offs
and permit tn* payment of dividends out of earnings since Jan. 1, 1938.
In tnis connection, the company proposes to make the necessary accounting
entries as of Dec. 31, 1937, that date being the end of its last fiscal year.
Stockholders' Meeting Sept. 30—
'
Net income
Pref. div. requirements _•
$28,806
18,928
$23,789
18,928
—V. 147, p. 1332.
Certain-teed
Products
-Salary Agreement Modi-
Corp.-
fied—
Corporation
on
Net
.
-
From Jan. 1—
Gross from railway.
Cincinnati Street Ry.—Earnings—
.
Period End. Aug. 31—
x
Net income.
y
Earnings
After
per
$9,725,413
4,444,547
3,666,393
84,943,800
36,612,741
27,571,275
72,445,803
30,653,441
23,524,010
64,978,112
23,042 280
15,275,310
86,434,686
39,897,292
31,446,579
—V. 147. p. 1186.
depreciation, interest, Federal income taxes, &c.
Chicago Burlington & Quincy RR.—Abandonment—
The Interstate Commerce Commission
Sept. 2 issued
on
Claude Neon Electric Products
a
Clorox Chemical Co.
certificate per¬
Iowa, and Harrison
County,
Corp.—-Bonds
Generating
Co.—V.
142,
p.
announced
that
of insufficient
because
earnings they do not
stated they had decided to make no appli¬
authority to pay interest on the Mil¬
an application would be made at a
later date, it was announced at that time would depend on the earnings for
the six months.
The study of earnings, recently completed, dictated the
decision of the trustees not to apply for permission to pay the June 1 interest.
—V. 147, p. 1483.
waukee &
Court
Whether such
Less dividends
x
1938
on
1937
$6,360
CY19.435
Profit for the year
company
liability
disclaims
$394
5,720
$13,074
Federal surtax
for
$212
$3.00
at
1937
$55,147
$41,987
...
Acc'ts receivable.
Inventory
of
.
Traffic
Dep.
25,000
65,484
80.215
49,015
bal.
on
12,469
9,193
510
503
106,082
Fixed assets....
154,403
190,873
Deferred charges..
82,248
92,308
1
1
$516,076
Air
mail
contract.
franchises
68,290
1,137,560
452,267
101,150
660,323
447,097
61,000
1,137,560
450,183
Capital surplus—
101,150
300,188
300,188
z
63,653
4,905
54,466
264,455
Plant equipment &
Prod, devel. costs.
cap.
x
Sub. & parent co.
$1,842,697 $2,033,588
Total
$1,842,697 $2,033,588
z Cost of sub. company's investment in capital stock of Clorox
Co., 4,043 shares together with parent company's holdings of
100 shares.—V. 145, p. 2067.
Par $10.
x
Colorado Fuel & Iron
Accrued
Corp. (& Subs.)—Earnings—
Cost of sales and expenses
4,038
Depletion
Prov. for relining&
$20,118,984 $26,953,435
18,533,641 22,371,702
152,980
320,325
Depreciation —1
2,407
"
u
~
»
24,485
expenses.
1937
1938
less discounts, returns
hi 12.933
*
1,192,770
728,599
460,192
rebuilding furnaces, &c
2,802
300
9,931
— — -
$140,762 y$2,340,038
105,270
98,215
--
$35,493 y$2,438,253
224,150
224,150
552,435
551,760
2,248
loss
Net operating
Other income
Reserve for engine
overhaul
7% convert,
(par $10)
y
Total loss.
2,796
Interest on general mortgage
pref.
Common stock.
Paid-in
and
goodwill
$18,441
Unearned revenue-
D/65,897
Dr65,897
inv. In cap. stock
15,631
Chemical
4,250
$499,524
x
stock tax..
Capital stock...
Earned surplus...
853,7871
15,692
pay..
$340,218
Est. Fed. inc. and
8,909
6,614
1937
1938
$158,701
Accounts payable.
192,863
1937
contracts
50,160
rec..
Other assets
$2.86
_
Liabilities—"
,
$89,055
331,017
Sales and operating revenue,
and allowances
air travel
Sundry creditors..
ma¬
terials & supplies
Accrued int.
$52,257
$2.75
Inventories
$23,706
Accounts payable.
Govt, oblig.
cost..,
$48,540
1937
1938
Liabilities—
1938
hand
8.
$41,263
$3.27
shares held by companyand its subsidiary.
Years Ended June 30—
Cash in banks and
on
$313,113
x260,856
$283,135
Stocks and bonds.
loss$6,113
on undis¬
Balance Sheet June 30
U.
$325,313
x276,773
Accounts recelv
tributed profits.
Assets—
$359,141
317,878
1938
.
hand
Total...
Note—The
on
Deferred charges..
$537,952
538,345
expense
Net loss from operations
$484,462
69,200
102,149
Consolidated Balance Sheet June 30
Assets—
Cash
Trade-marks
$665,330
671,690
revenue.
Other income charges, net
$587,843
70,000
192,530
Balance, surplus
real estate
Chicago & Southern Air Lines, Inc.—Earnings—
Years Ended June 30—
Operating
Operating
$485,847
68,290
58,416
65,856
Earns .per sh.on cap.stk.
at that time for
Northerns.
$510,312
25,850
84,469
Dividends paid
solidated mortgage bonds.
On May 23, 1938, trustees
cation to the
26,968
1
Net income.
intend at this time to take any action in respect of payment of interest due
June 1, last, on Milwaukee & Northern RR. Co. first mortgage and con¬
^
$614,812
$329,051
328,839
Prov. for taxes
3843.
Chicago Milwaukee St. Paul & Pacific RR.—No Int.—
1935
1936
1937
$513,733
27,886
$479,375
......
Other expenses (net)
Preferred Stock Called for Redemption—
See Commonwealth Edison
(& Subs.)—Earnings—
1938
$505,896
26,521
Net profit from oper..
Electric
special stock¬
Sept. 29.
The proposal to dissolve the parent
and merge it with the subsidiary, Electrical Products Corp., will
be voted on at the stockholders meeting.
Company's stock has been on a
regular quarterly basis of 25 cents a share with the next payment normally
due Oct. 1.—V. 147, p. 1483.
Depreciation
Trustees
Corp.—Dividend Action
holders meeting called for
approximately 20.59 miles, all in
County, Mo.—V. 147, p. 1482.
District
On 475,239
company
Years End. June 30—
Gross profit from oper_„
Decatur
y
Deferred—
mitting abandonment by the company of a branch line of railroad extending
from Koyle, Iowa, in a general southerly direction to Cainsville, Mo.,
Chicago
1938—8 Mos.—1937
$48,088
$161,682
$0.10
$0.34
1938—Month—1937
$3,833
'
$7,298
_
share
Directors deferred their dividend meeting until after the
1
Net from railway
Net after rents
and
created in a special capital surplus account.
segregate surplus so
1935
1936
$9,489,312 $10,856,918 $11,963,928
4,689,223
#063,068
3,916,412
3,902,152
4,758,426
2,809,296
.
railway
after rents
to
shares of capital stock.—V. 147, p. 1188.
19.37
1938
Gross from railway
Net from
and
x
Chesapeake & Ohio Ry.— -Earnings—
August—
^
—V. 147, p. 1188.
Aug. 15, 1938 modified its agreement with its President,
Walter Baumhogger, under which Mr. Baumhogger will devote only half
his time to the business of Certain-teed and under which his salary is
reduced to $20,000 annually from $40,000 annually.—V. 147, p. 1029.
'
_
.
A special stockholders meeting has been called for Sept. 30, to vote on a
proposed recapitalization plan approved by the Securities and Exchange
Commission to writedown the stated capital represented by common shares
350,000
15,015
350,000
111,091
67,772
25,000
14,204
bonds
5% income mortgage bonds
Other interest—
$499,524
Earned surplus
on
Loss
def26,329
$516,076
surplus
Int.
on
abandonment of property, plant and
subsidiaries
equip¬
962
1,739
14,750
x452,079
ment of
income (incl. $175,undistributed profits)
Provision for Federal taxes on
Total
y
x After reserve for depreciation of $169,633 in 1938 and $91,679 in 1937.
Represented by 100,100 no-par shares (stated value in 1938, 15 cents
share, and in 1937, $1 per share).—V. 147, p. 417.
per
Cincinnati Advertising Products
000 surtax on
Gas
&
Electric
Co.—Reduction
in
Capital
Approved by SEC—Capital Surplus of $22,500,000 Approved—•
The Securities and Exchange Commission on Sept.
19 ordered effective
7 of the Public
Utility Holding Company Act of 1935, regarding the reduction of the capital
represented by its common stock (750,000 shares without par value) from
$30,000,000 to $7,500,000. It is proposed that the difference of $22,500,000,
resulting from such reduction of the common caital account, be credited to
a special surplus account, to be designated "Special Capital Surplus."
All of the company's common stock, consisting of 750,000 snares without
par value, is owned by Columbia Gas & Electric Corp.
The company's
cumulative 5% preferred stock, series A, consisting of 400,000 shares
(par $100) i^held by the public.
It appears that the common stock is,
under normal conditions, the only stock entitled to vote.
However, the
laws of Ohio require, in the case of a transaction such as the one covered
by the declaration, that the approval of both preferred and common stocks,
voting by class, and to the extent of two-thirds of the amount of each class
outstanding, be first obtained.
Accordingly, the preferred shareholders of
the declarant will be entitled to a class vote upon the proposed reduction.
The present capitalization of the company, and its capitalization after
giving effect to the proposed reduction in common capital account, are
shown by the following condensed tabulation, the figures of which are as
the declaration filed by the company, pursuant to Section
$2.18
Nil
stock.
undistributed profits.
y
Includes $175,000 surtax on
Profit.
Consolidated Balance Sheet June 30
1938
A
Cincinnati
$829,363 sur$654,813
Earnings per share on common
x
553,036
-- — -
—
Deficit
Co.—12\4-Cent Div.—
Directors have declared a dividend of 12 ^ cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 23.
Like amount was paid
on July 1, last and previously regular quarterly dviidends of 25 cents per
share were distributed.—V. 147, p. 108.
$829,363 y$l,207,849
Net loss
Dividends paid
$
on
Notes payable
2,006,133
2,991,024
Accrued liabilities.
1,371,489
6,360,888
6,484,222
Accid. com pen. pay
70,087
Prov.
302,030
312,707
103,500
& accts. receiv..
100,000
on
5,332
inveetm'ts
5,066
Prop., plant & eq.26,576,231y36,472,364
Pat'ts,
tradem'ks
charges
pay
153,842
39,370,558 52,010,235
450,000
227,000
271,000
15,518,200 15,518,200
2,321,012 13,347,435
28,397
18,354
stock.. 5,636,200
5,531,250
Funded debt
Reserves
z
and
278,675
.after June 30
Deferred
1
—
21,461
income
credits..
Common
Capital surplus...13,127,778
Earned surplus—
Total....
57,337
75,000
Accid't compen't'n
Sundry
prepaid expenses
1,622*.386
for reorgan.
expenses
empl. compensa¬
Def'd
$
Prov. for Fed .taxes
Cash depos. under
tion law
1937
1,746,524
99,031
5,490,743
Long-term notes
and goodwill
768,780
3.738,033
hand..
Notes & accts.reC
Inventories.
a
$
Liabilities—
Accounts payable.
Cash in banks and
x
1938
1937
$
*•»
Total.
181,122
12,717,937
654,813
...39,370,558 52.010,235
y After reserves
depletion and depreciation of $29,211,399 in 1938 and $23,423,468 In
z Represented by 553,620 (553,125 in 1937) no par shares,
a After
reserve of $88,732 in 1938 and $41,648 in 1937.—V. 146, p. 3008.
x
After reserves of
for
1931.
$87,699 in 1938 and $80,506 in 1937.
/
1922
Financial
Cleveland Terminals Building Co.—Plan Delayed—
The holders of the first
mortgage leasehold sinking fund 6% gold bonds,
dated
Dec.
1926 who have filed acceptances of the plan are notified
that an income tax claim for about $870,000 has been filed against the com¬
pany and until this claim is disposed of, the proceedings on the plan, c&t&d
April 29, last, will necessarily be delayed.
Company is contesting this
claim.—V, 147, p. 109.
1,
Colorado Power Co.—Bonds Called—
A total of $45,700 first mortgage 5% gold bonds maturing May 1, 1953
American series have been called for redemption on Nov. 1 at 105 and
accrued interest.
City.—V. 146,
Payment will be made at the Irving Trust Co., N. Y.
3008.
p.
Columbia Gas & Electric
The corporation, through its
Chronicle
Corroon &
Reynolds Corp.—Accumulated Dividend—
April 1, 1937, and
a dividend of $4 was paid on Dec. 15, 1936, this latter
being the first dividend paid since July 1, 1931, when a regular quarterly
made.—Y. 146, p. 3951.
payment of $1.50 per share was
Corp.—May Sell Pipeline—
Crown Cork International
Consolidated Income Account
6 Mos. End. June 30—
Depreciation
Selling & admin,
exp
1937
1936
1935
$2,965,892
$2,409,182
1,902,091
114,229
453,416
1,526,399
104,381
379,248
$2,019,989
1,260,226
95,257
365,103
32,729
Int. and other exp., less
int. and other income.
6,304
23,398
28,293
Provision for foreign in¬
come and other taxes-
137,018
147,292
72,233
57,466
111,330
98,543
84,837
21,428
$208,841
$226,922
a35,446
15,928
$213,790
$187,777
53,711
19",851
"2",526
$155,130
$175,548
$193,939
$175,372
Cr232
Crl4,361
Portion of net inc. accr.
to min. int. in subs
Extraordinary items
b Foreign exchange
Factory reorg. exp
9,878
Add'l
amts.
realized
on
investm'tsoldin 1934Prov. for possible loss in
connection with assets
in Spain
c
Other
150,000
chges.
or
Dr~4~,329
a
Divs.
dividend of 10 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 23.
See Y. 147, p. 109 for
record of previous dividend payments.—V. 147, p. 417.
Commonwealth
scribed
for
Edison
Co.—97% of Debentures Sub¬
Stockholders—Bonds and Preferred Stocks of
by
Subsidiaries Called—
figures
accordance
In
on
the
with
the
plans,
as
companies were on Sept. 22 called for redemption
on
Oct. 22 a« follows:
Public Service Co. of Northern Illinois:
1st lien & ref. mtge. 5% bonds, series C, due May 1, 1966, at
accrued interest to Oct. 22, 1938, $8,250,000.
104 and
1st lien & ref. mtge. 4^4% bonds, series I, due July 1, 1960, at 104 and
accrued int. to Oct. 22, 1938. $2,284,000.
District Electric Generating Corp.:
1st mtge. 6% bonds, series B, due Nov.
int. to Oct. 22, 1938.
$2,250,000.
$6
cum.
1938
.
1, 196,1
at
104 and accrud
pref. stock at $107.50 plus unpaid accrued dividends to Oct. 22,
33,388 shares.
Illinois Northern Utilities Co.:
' »
.■
6% cumulative pref. stock, 41,383 shs; $7 junior cumulative pref. stock—
6,176 shares, both at $110 and unpaid accrued divs. to Oct. 22,1938.
Weekly Output—
The electricity output of the Commonwealth Edison Co. group
(inter¬
sales deducted) for the week ended Sept. 17, 1938 was 133,379,000
compared with 136,071,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 2.0%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
company
kilowattr-hours
Kilowatt-Hour Output
Week Ended—
1938
Sept. 17
Sept. 10—Sept. 3
Aug. 27
% Decrease
2.0
3.7
'
11.1
9.3
136,071,000
128,314,000
144,154,000
138,941,000
126,059,000
—V. 147, p. 1770.
'
Commonwealth
a
per
share.
$200,621
62,414
249,658
$0.80
$0.60
_
& Southern
Corp.—Monthly Output—
$189,733
$ 44,172
139,126
266,303
$0.16
85,999
344,000
$0.55
Charge arising from change in reserve for net current assets in French
&c.
b Decline in dollar amount of net current assets in foreign
(exchange fluctuation, net).
c Increase in reserve for net current
currency,
countries
assets, translated at*current rates in excess of former par.
Note
Relating to Operations in Spain—There are no profits or losses from
consolidated
The management
has deemed it inadvisable to consolidate
Spanish companies, and special credits of $14,867
realized in 1938 on transactions originating with the Spanish subsidiaries
were applied
to increase the reserve against its investments therein to
$260,785 as at June 30, 1938.
statements.
statements of either of its
Consolidated Balance Sheet June 30
1938
1937
$916,828
11,473
1,174,144
2,047,723
$1,308,518
12,824
985,950
1,360,904
166,250
282,870
13,818
309,999
376,252
32,606
Assets—
Cash in banks and
on
hand
Marketable securities (at market)
x Notes and accounts receivable
>
Inventories
—
Invest, in cap. stk. of allied co., at cost, less res.
allied co.'s accts.)-_
Investment in and advances to wholly-owned subs.
Sundry investments and advances, &c
y Land, buildings and equipment
Patents and trade rights, less amortization
Unexp. ins., taxes, &c., and sundry def'd charges.,
Goodwill of English and Canadian subsidiaries—
(less than indicated amt.
per
2,606,652.
421,745
14,800
168,186
487,786
Dividend payable
Due to officers of subsidiary
Foreign income and other foreign taxes accrued—
$7,167,631
$133,634
517,964
4,471
310,225
118,904
Payable to wholly-owned subs. & other affiliates..
415,448
$7,727,097
Total..
2,286,941
39,416
52,470
415,453
Loan payable to foreign bank
Accounts payable and sundry accruals
Accrued Fed. inc. cap. stk. & Statefranch, tax., &c
Miscellaneous
1937
133,379,000
-----123,551,000
128,130,000
-
Earnings
the result of the successful consum¬
mation of the debenture offering, bonds and preferred stocks of subsidiary
Chicago
_
1938 operation of the two Spanish subsidiaries included in the
subscriptions to the 20-year 3H% convertible
debentures indicate that 97% of the debentures were taken through the
exercise of subscription warrants.
This compares with 96% for the issue
offered to stockholders in June.
The 88 underwriters will, therefore, be
obliged to take up only about $1,000,000 of the debentures.
PFinal
on class A stock-.
Shares class A stock
<>25,674
$150,802
124,828
249,658
credits.
Net income.--
Commodity Corp.—10-Cent Dividend—
Directors have declared
(Including Subsidiaries)
$3,066,197
2,023,631
122,062
457,011
Surplus
banking syndicate headed by Glore, Forgan & Co., are
Corp.—Earnings—
1938
Cost of sales
handle Eastern stock.
An investment
Redemption—
The directors have declared a dividend of 75 cents per share on account
of accumulations on the 6% cum. pref. stock, par $100, payable Oct. 1 to
holders of record 8ept.23.
Like amount was paid on July 1 last.
Divi¬
dends of $1.50 were paid on April 1 last, Dec. 13, Oct. 1, July 1 and on
is reported to be negotiating
reported negotiating with officials of the Columbia Gas & Electric Corp.
for the purchase or that corporation's interest in the Panhandle Eastern
Pipe Line Co.
Another syndicate headed by Lehman Brothers is also
reported as interested in the Panhandle Eastern Pipe Line shares, but it is
said that the price offered by this syndicate is less than the $12,000,000
bid of the Glore, Forgan, combination.—V. 147, p. 1188.
Co. of Utica—Bond
With reference to the item published last week regarding the calling of
company's bonds these bonds will be called only if negotiations now pending,
between the City of Utica and tne company, materialize.—V. 147, p. 1772.
subsidiary Columbia Oil & Gasoline Corp.
for the sale of its holdings of Panhandle Eastern
Pipe Line Co. stock to a large investment and banking syndicate.
No
agreement, it is said, has yet been reached on the price, but it is reported
that an arrangement by which Columbia Gas & Electric Corp. can divest
itself of voting control of the Pipe Line Co. is expected shortly. The balance
of the common stock is owned by Missouri-Kansas Pipe Line Co.
In
addition Missouri Pipe Line has warrants to purchase 80,000 additional
shares at $25 per share.
As of Dec. 31, 1937, Columbia Oil & Gasoline Corp. owned all of the out¬
standing preferred stock of Panhandle Eastern Pipe Line Co., consisting of
100,000 shares of preferred A and 10,000 shares of preferred B, it also owned
404,326 shares of the 728,652 outstanding common shares.
Under a court order signed in January, 1936, all of the Panhandle &
Eastern stock owned by Columbia Oil & Gasoline is held by a trustee who
has the right to vote it in the election of directors. Columbia Gas <fe Electric
has an investment in voting control of the Pipe Line Co., but cannot exercise
its control. The trust agreement is effective until Columbia Gas & Electric
or its subsidiary, Columbia Oil & Gasoline relinquish control of the Pan¬
Sept. 24, 1938
Consolidated Water
1.037
222,095
81,194
45,795
$92,151
H4.979
a96,254
28,903
reserve
Loan payable by a subsidiary
Reserve for taxes payable when profits of foreign
subsidiaries are remitted to parent company
44,644
300.000
26,349
35,009
2,732,656
2,600,512
351,144
350,000
6,003
2,492,108
2,600,512
541,464
$7,727,097
$7,167,631
Reserve for contingencies
Deferred
profit on sale of investment
Minority interest in partly owned subsidiaries
z Capital stock
Surplus account
„
Electric output of the Commonwealth & Southern Corp. system for the
month
of August
was 689,802,945 kwhs., as compared with 723,274,292
a decrease of 4.63%.
For the eight months ended
1938, the output was 4,974,418,668 kwhs., as compared with
5,729,349,684 kwhs. for the corresponding period in 1937, a decrease of
13.18%.
Total ouput for the year ended Aug.31, 1938 was 7,762,478,273
kwhs., as compared with 8,540,440,806 kwhs. for the year ended Aug. 31,
1937, a decrease of 9.11%.
Gas output of the Commonwaelth & Southern Corp. system for the month
of August was 830,124,100 cubic feet, as compared with 918,448,800 cubic
feet for August, 1937, a decrease of 9.62%.
For the eight months ended
Aug. 31, 1938, the output was 9,195,537,400 cubic feet, as compared with
9,663,529,800 cubic feet for the corresponding period in 1937, a decrease of
4.84%.
Total output for the year ended Aug. 31, 1938 was 14,663,017,000
cubic feet, as compared with 14,510,519,600 cubic feet for the
year ended
Aug. 31, 1937, an increase of 1.05%.—V. 147, p. 1334.
kwhs. for August, 1937,
Aug. 31,
Consolidated Dry Goods Co.—Accumulated Dividend—
The directors have declared
on
a
the
paid on Oct. 1 and April 1, 1937.
Accumulations after the payment
of the current dividend will amount to
$4 per share.—V. 146, p. 1871.
were
Consolidated Edison Co. of New York, Inc.—Earnings
12 Months Ended July 31, 1938—
Operating revenues—From sales of electric energy
$99,493,178
34,514,634
3,496,478
From sales of gas.
Other operating revenues
Total operating revenues
Operating expenses—
Depreciation
Taxes (including provision for Federal
Operating income
Nonoperating revenues
Nonoperating revenue deductions
$137,504,290
75,583,734
"
9 168 520
income tax)III""""
loss$591,575
5,809
$6,920,343
15,646
$3,612,620
36,072
$2,464,423
38,921
loss$585,766
$6,935,989
3,052,730
206,414
577,049
$3,648,692
1,972,496
$2,503,344
1,605,528
243,090
140,594
334,962
46,033
30,000
Operating profitOther income
Total
income
60,000
$3,099,797
835,800
$1,262,512
$456,821
$5.03
$0-86
Depreciation, &c
771,233
Interest and discount
Fed. income & profi ts tax
Loss from non-operation
181,238
of
ore
x2,123
mines
Net profit
loss$l,540,360
Preferred divs. paid
417,900
Earns, per sh. on com..
Nil
x
_
_~$46367,161
Cumberland County Power &
[Including
Cumberland
Securities
Corp.
Light Co.—Earnings—
and
Berwick
—V. 147, p. 1335.
miscell. deds'.I
693,546
Industries—Accumulated Dividends.
a
dividend of 25 cents per share on the $2
10 to holders of record Sept. 26.
A like
pref. stock, payable Oct.
amount was paid on July 1 and April 1
last, and a dividend of 50 cents was
paid on Dec. 27,1937, this latter being the first dividends paid since Dec. 26,
1936, when $1 per share was distributed.—V. 147, p. 1189.
cum.
&
Salmon Falls
Electric Co. for all periods]
Operating
Operating
1938—Month—1937
$405,345
$425,687
revenues
31,542
3,601
27,348
252,034
30,704
2,983
29,731
Net oper. income
$118,622
$110,235
6,663
9,722
$125,285
$119,957
33,706
224,232
expenses
State and municipal tax.
Social security taxes
Fed. taxes (incl. income)
1938—12 Mos.—1937
$4,597,743
2,642,180
366.745
37,036
299,414
$4,739,236
2,705,325
362,898
25,800
170,691
$1,252,368
$1,474,522
55,177
61,264
$1,307,545
$1,535,786
396,723
Cr20,388
172,316
424,594
14,996
$71,093
$758,894
$837,417
285,797
.
$35,246,663
__
The directors have declared
Nil
10 926,952
_
Film
11023^982
------
Federal income tax only.—V. 147, p. 1485.
25!630,376
$27,121,660
20 769,483
_
11111111111111111111
long-term debt
Miscell. int., amort, of debt discount &
exp. &
Net income
1935
1936
>.
Not available
13,308,523/
Period End. Aug. 31
on
Consolidated
Cost of sales & expenses.
Subs.)—Earnings-
1937
Non-oper. inc. (net)
Gross income
Interest
Crucible Steel Co. of America (&
6 Mos. End. June 30—
1938
Gross sales
$12,716,9481
dividend of $1.50 per share on account
of
7% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record
Sept. 23.
A dividend of $3.50 was paid on
April 1 last; one of $2 was paid on Dec. 21, 1937, and dividends of $3.50
accumulations
Total.
x After allowance for doubtful notes and accounts of $101,101 in 1938 and
$85,128 in 1937.
y After allowance for depreciation of $2,615,373 in 1938
and $2,010,704 in 1937.
z Represented by 249,658 shares of $1 cumu¬
lative participating class A stock and 200,000 shares of $1 non-cumulative
class B stock, both no par value,
a Reserve for amount by which net cur¬
rent assets, translated and included herein at June 30 rates of exchange,
exceed same at former par rates.—V. 147, p. 1335.
Gross Income
Bond interest
Other interest
Other
(net)
Net income
v
Pref. div. requirements—V.
32,749
C/241
12,565
.
deductions
147, p.
1336.
$80,212
29,163
162
14,110
324.480
1,915
271,860
Volume
Financial
147
6 Months Ended June 30—
Net loss after all charges
Earnings
per share on
290,500 shares
common
prf$103,432
stock
(no par)
—V. 147, p. 110.
$0.35
Nil
Decca Records, Inc.—Stock Offered—Initial public financ¬
ing for the company was announced Sept. 20 in the offering,
by means of a prospectus, of 150,000 shares (SI par) capital
stock by a banking group comprised of Reynolds & Co.,
Laurence M. Marks & Co., Vallance & Co., Burr & Co.,
Inc., Ladenburg, Thalmann & Co., Brown, Schlessman,
Owen & Co., Denver; Grubbs, Scott & Co., Pittsburgh;
Alison & Co., Detroit, and Baker, Simonds & Co., Detroit.
The shares are priced at $5.25 each.
Of the present financing,
17,000 shares represent new financing for the
company, the net proceeds of which win be used for additional working
capital. The remainder of the shares offered are being sold principally for
account of the English company. The Decca Record Co., Ltd.
Transfer Agent, Guaranty Trust Co. of New York.
Registrar, Chase
National Bank, New York.
Company has agreed to apply for the listing of its capital stock on the
New York Curb Exchange.
Business—The principal business
of the company is the manufacture of
phonograph records, and, through Decca Distributing Corp., a whollyowned subsidiary, the sale of records to approximately 4,500 retail dealers,
throughout the United States and certain foreign countries, and to coin
phonograph operators.
Company was formed in August, 1934. Its policy has been to manufacture
and sell highgrade phonograph records, made by leading popular artists,
at a retail list price of 35c. per record.
KCompany's recordings are principally of popular music.
However, it
does
manufacture
Classical records, principally from imported master
recorcs for the use of which it pays a royalty to the foreign manufacturer.
Records made from imported master records account for about 4.5% of the
company's sales.
The majority of the company's classical records have a
retail list price of 75c.
*
Company also sells phonographs and accessories which are manufactured
for it by others and makes electrical transcriptions for radio stations and
industrial sales promotion.
Records, phonographs and most types of
neeales are sold by the company under the name of "Decca."
Distribution—Company through Decca Distributing Corp. distributes its
products directly to retail dealers and coin phonograph operators, a method
which the company believes tends to lower distribution costs.
Decca
Distributing Corp. maintains 14 distributing offices. Four of these are main
branches, through which the subbrqnches clear.
Decca Distributing Corp. intends to open additional distributing offices
in the near future.
.
Most of the company's
.
,
,
.
recording is done with its own equipment in two
New York City studioes which it leases. Other recording is done in a studio
leased for the purpose in Hollywood, Calif.
Company also owns portable
recording equipment.
Sales and
,
,
„
exchanged for five no par value shares of the new corporation.
The first board of directors of the new company will be composed of
Prescott S. Bush, C. P. Clark, Merrill N. Davis, William V. Griffin, H. N.
Mallon, William A. McAfee, J. B. O'Connor, George L. Ohstrom and Floyd
W. Parsons.
The name of F. A. Miller, Chairman of the board and director
of S. R. Dresser Mfg. Co., is not named on the new board.
J. B. O'Connor
of Olean, N. Y„ named a director of the new
company is not on the board of
the S. R.
Dresser company.
The charter of the new company will permit it to continue the various
activities of the consolidated units, including the manufacture and distribu¬
tion of pipe, pipe coupling, fittings,
furnaces, boilers,
radiators,
air-conditioning
sawmill
internal
tanks,
engines,
combustion
the management elect to do so.—V.
147,
p.
1191.
Duquesne Light Co —Earnings—
Years Ended July 31—
Operating
Operating
Net
1938
expenses,
operating
maintenance and taxes
(before
revenue
for retirement
Other income (net)
1937
.-$29,569,283 $30,416,330
15,043,679
14,578,378
revenues
appropriation
$14,525,604 $15,837,952
336,179
554,977
reserve)
Net operating revenue and other income (before
appropriation for retirement reserve)
-$14,861,783 $16,392,929
Appropriation for retirement reserve
2,365,543
2,433,306
Gross income
-------
$12,496,240 $13,959,622
179,925
181 922
2,450,000
2,450,000
-
Rents for lease of electric properties
Interest on funded debt
—
Amortization of debt discount and expense
Other interest (net)
Appropriation for special
reserve
315,948
Cr96,593
500,000
132,452
:
Other income deductions
Net income
315 940
3,978
500,000
108,280
$9,014,509 $10,399,501
Notes—(1)
shown
The revenues and expenses subsequent to Jan. 1, 1937
accordance with the classifications of accounts prescribed
in
are
by
regulatory commissions effective Jan. 1, 1937 which differ in certain respects
from the classifications previously followed by the companies.
(2) The above income account for the year ended July 31, 1937 has been
adjusted to reflect $200,295 of additional taxes applicable to the period of
1936 included therein paid in 1937 and charged to surplus.—V. 147, p. 1774.
Early & Daniel Co.—To Pay 50 Cent Dividend—
The directors have declared
a dividend of 50 cents per share on the com¬
stock, payaole Sept. 30 to holders of record Sept. 20.
This compares
May 10 last; 75 cents paid on Jan. 10 last; 50 cents paid on
mon
with $1 paid on
Sept. 30, 1937, an optional dividend of $2 paid on May 25, 1937; $1 paid
Jan. 11, 1937, and on Sept. 30, 1936, and 25 cents per share distributed
June 30 and on March 31, 1836.
See also V. 144, p. 3172.—V. 146
p. 2848.
•
on
on
Eastern Gas & Fuel Associates
(& Subs.)—Earnings—
Earnings for 12 Months Ended Aug. 31, 1938
Total consolidated income--
1938
1937
1936
ventilating material,
machinery.
.
Earnings—Monthly net sales of phonograph records and all its
the company began making deliveries, have been as
1935
and
electrical
and
The plan of recapitalization on which stockholders are requested to vote
on Dec.
1, it is believed, paves the way for the raising of new funds should
other products, since
follows:
1934
1923
snail be
1937
1938
$123,781
Chronicle
Each of the 10,000 outstanding $100 par value shares of Clark Bros. Co.
Crocker-Wheeler Electric Mfg. Co.—Earnings—
$49,898
42,630
$99,893
85,278
$124,045
127,036
$203,151
183,362
March-.
51,385
95,793
152,615
April—.
May
53,505
47,049
99,870
94,338
166,417
149,549
216,673
214,682
June—
51,114
107,836
160,030
July.—
52,998
53,291
61,082
117,486
121,094
149,683
152,150
' 162,322
169,630
224,847
218,873
235,694
65,930
68,547
85,549
138,172
126,309
167,709
174,386
186,468
218,749
$9,417,302
Net income after Federal taxes, deprec. and deplet. res., int., &c.
—V. 147, p. 1486.
1.346 926
215,669
January
February-
August
September
October
$40,605
52,054
November
December-
-
Total for eight months.
During its initial development period, the company operated at a loss.
Increasing sales have since resulted in consolidated profits which are set
forth in the following table:
x
$196,314
None
28,743
167,570
b Interest charges
Fed. & State inc. taxes
Consol. net earnings
a
1937
al938
Years End. Aug. 31—
Consol. net earnings
$123,408
42,893
1936
1935
loss$45,561 loss$379,312
34,521
17,653
270
250
212
80,244
loss80,332
loss397,178
1938. b The company's funded debt and
which this interest was paid were converted
Ten months ended June 30,
indebtedness
to
affiliate
on
1937.
Capitalization—Upon completion of this offering, the company will have
outstanding 373,325 shares of capital stock.
The company has no funded debt or preferred stock.
Its authorized
capital stock consists of 500,000 shares (par $1), of which 356,325 share
were outstanding on Aug. 31, 1938.
On June 30, 1938, the tangible asset
value of each share of the company's then outstanding capital stock was
into stock in August,
$1.16.
to
Underwriting—The underwriters have agreed severally and not jointly
purchase at $3.75 per share the following number of shares of capital
stock:
Reynolds & Co., 40,000 shs.; Laurence M. Marks & Co., 40,000 shs.;
Co., 15,000 shs.; Burr & Co., Inc., 18,000 shs.; Ladenburg,
Co., 10,000 shs.; Pacific Co. of California, 10,000 shs.; Brown.
Schlessman, Owen & Co., 5,000 shs.; Grubbs, Scott & Co., 5,000 shs.;
Alison & Co., 5,000. bs.; Baker, Simonds & Co., 2,000 shs.
Vallance & Co. have agreed that, out of the shares to be purchased by
them, they will sell to Sir William Wiseman 5,000 shares at the price of
$4,123^ per share.—V. 147, p. 1772.
Vailance &
Thalmann &
Deere & Co.—To
Directors
on
Sept.
Pay $1.35 Common Dividend—
20 declared a
dividend of $1.35 per share on the
stock, payable Oct. 20 to holders of record Oct. 4.
This compares
with dividends of $1 paid on Oct. 20 and on Sept. 1, 1937, this latter being
common
the first payment
Associates—Earnings—
1938
1937
Operating revenues, subsidiary companies—
$8,196,602
Net earnings of subsidiary companies applicable to
Eastern Utilities Associates1,213,301
Other income of Eastern Utilities Associates
309,824
Balance for Eastern Utilities Associates dividends
and surplus
1,385,102
—V. 147, p. 1486.
$8,683,585
1,705,383
309,824
— -
1,882,513
-
$92,660 $682,982 $1,403,466 $1,943,402 x$1712,955
Total
Eastern Utilities
12 Months Ended Aug. 31—
Ebasco Services,
Inc.—Weekly Input—
For the week ended Sept. 15, 1938 the kilowatt-hour system 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:
1 ncrease
1938
Operating Subs, of—
1937
Amount
*
Decrease.—V. 147,
p.
%
*6,683,000
268,000
*443,000
CO--114,663,000 121,346,000
Electric Pow. & Light Corp. 61,924,000
61,656,000
National Pow. & Light Co.. 81,396,000
81,839,000
American Pow. & Light
*0.5
*5.5
0.4
1774.
Economic Investment Trust, Ltd.—Interim Dividend—
Directors have declared an interim dividend of 62 K
the common
cents per share on
stock, payable Oct. 1 to holders of record Sept. 23.
Difidend
cents was paid on April 1, last, and a dividend of 62 K cents was
paid on Oct. 1, last.—V. 145, p. 110.
of 37M
Edmonton City Dairy, Ltd.—Accumidated Dividend—
The directors have declared a
dividend of $1.25
per
share
on account
of
accumulations on the 6M% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 15.
A similar payment was made on
July 1, April 1 and Jan. 3, last, and on Oct. 1, July 2, April 6 and Jan. 2,
1937, and prior thereto regular quarterly dividends of $1.62
per share
were distributed.—V. 146, p. 3953.
Edmonton Street
Period End. Aug. 31—
Taxes
:—
$454,025
349,533
$449,175
344,463
3,851
Operating surplus
Fixed charges
Renewals
$45,573
39,131
$6,442
5,776
5,000
3,805
$104,491
46,211
54,000
34,913
$104,712
46,211
51,000
34,671
$5,791
expenditures
$46,482
42,646
$3,836
5,776
Total revenue
Total oper.
Ry.—Earnings—
1938—Month—1937
$8,139
—
-—
«
—
_
-
—
made since July 1, 1931.—V. 147, p. 1032.
Total deficit
Deposited Insurance Shares—Stock Dividend—
declared a semi-annual stock dividend of 2H % on the
A and series B stocks, payable Oct. 1 to holders of record Sept. 15.
-V. 147, p.
-
$30,634
$27,171
1191.
The directors have
series
Similar
p.
payments were
made in preceding six months periods.—V. 146,
2039.
Dominion Foundries &
Steel, Ltd.—Interim Dividend—
Directors have declared an interim
common
was
dividend of 40 cents per share on the
record Sept. 20.
Like amount
stock, payable Oct. 1 to holders of
paid on July 2 last, and previously regular quarterly
share were distributed.—V. 147, p. 1773.
dividends of 25
cents per
Dominion Stores,
Ltd.—Sales—
1938—4 Wks.—1937
1938—32 Wks.—1937
$1,374,523
$1,399,044 $12,971,483 $13,396,406
1774, 1486. 1337, 1191, 1034.
Period End. Sept.
Sales
10—
--
—V.147, P.
(S.
Electric Auto-Lite Co.—2ty-Cent Dividend—
The
R.) Dresser Mfg. Co.—To
Recapitalize—
As a possible step toward the raising of additional working capital, a
special meeting of the stockholders has been called for Dec. 1 to vote on a
plan to consolidate this company with Clark Bros. Co. under the name of
Dresser Mfg. Co.
Clark Brothers is now a wholly-owned subsidiary of
S
Drftssffl* Mfg. 0/O.
'The plan also provides for a change in capitalization and directorate.
The new company will have outstanding 350,000 shares of capital stock of
no par value with a stated value of $2,878,481.
This company now has
outstanding 100,000 shares of conv. class A stock and 100,000 shares of
class B stock.
Under the proposal each share of class A stock shall be
exchanged for two shares of capital stock of the new company, while class B
stock shall be exchanged for stock of the new organization on a share for
share basis.
have declared a dividend of 25 cents per share on the
stock, par $5, payable Oct. 1 to holders of record Sept. 26.
Like
directors
common
amount*was paid on April 1 last and compares with 40 cents paid on Dec.
27, 1937; 80 cents paid on Oct. 1 and July 1, 1937; 60 cents paid on April 1,
1937, and Dec. 21 and Oct. 15, 1936, and with 30 cents per share paid aach
Oct. 1, 1935, to and including July 1, 1936.
The Oct. 1,
three months from
1935, dividend was the first paid since Jan. 2, 1933, when a similar distribu¬
made.
In addition, an extra dividend of 50 cents per share was
tion was
paid
on
Aug. 15, 1936.—V. 147, p. 1034.
(D.) Emil Klein Co., Inc.—Two 2'y-Cent Dividends—
Directors have declared two
common
dividends of 25 cents per share each
on
the
payable
Oct. 1 and
Dec. 24,
to
holders of record
Dec. 14, respectively.
A regular quarterly dividend of 25
paid on July 1, last.—V. 146, p. 1880.
stock
Sept. 20 and
cents was
Erie
RR.—Earnings—
(Including Chicago & Erie RR.)
August—
railway
Net from railway
Gross from
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, P. 1775.
1938
$6,111,445
1,295,433
1,440,450
1937
$7,158,019
1,823,493
1,109,791
1936
$7,204,872
2,255,926
1,366,457
1935
$6,167,718
1,386,842
755.241
43,711,920
6,919,809
370,490
57,770,971
17,056,191
10.750,013
54,420,737
15,834,396
10.061,103
48,305.432
11,885,586
7,200,473
Financial
1924
Fall River Gas Works,
Operating
Gross
after
147,
1,164
p.
Directors
$381,439
323,666
x$869
$1,915
4,219
$4,272
33,687
$57,773
3,964
x$4,833
4,873
x$2,304
7,479
x$29,415
9,135
$25,331
14,545
$39
$5,174
x$20,281
$39,876
13,047
13,926
112,696
113,249
$13,007
$8,752
$132,977
$73,373
expenses
from opers.
Net revs,
Operating income
an extra dividend of 37H cents per share in
quarterly dividend of 87 H censt per share on the
declared
have
addition to the regular
Directors also declared a
Other income
Gross income
1 to holders of
$3.50 participating preferred stock, both payable Oct.
record Sept. 17.
Similar payments were made in previous
quarters.
income
stock,
Players Canadian Corp., Ltd.—15 Cent Div.—
declared a dividend of 15 cents per share on the nopar common stock payable Oct. 1 to holders of record Spet. 30.
This
compares with 30 cents paid on June 15 last, and 60 cents paid on Dec. 22,
1937 and on Dec. 22, 1936, this last being the first dividend paid since
April 27, 1935, when 50 cents per share was distributed.
Prior to this
...
Net deficit
deficit
Denote
x
or
loss,
Includes interest accruals on outstanding
y
funded debt.—V. 147, p. 1338.
Famous
Foothills Oil & Gas Co.,
The directors have
dividends had been disbursed since June 17,1932, when
regular quarterly dividend of 50 cents was paid,—V. 147, p. 1775.
32,442
Deductions from gross
y
dividend of 35 cents per share on the common
payable Oct. 1 to holders of record Sept. 17.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition, an
extra dividend of 16 2-3 cents was paid on June 25, last, and an extra of 25
cents was paid on April 1, last.—V. 147, p. 1035.
Ltd.—Earnings—
Earnings for the Year Ended Dec. 31, 1937
operations after providing for all operating, adminis¬
general expenses
$4,375
8,343
Income from
trative &
Profit realized from the sale of securities
....
latter payment no
a
Corp.—Dividend Doubled—
Federal Mogul
Directors have
per
share was
1.262,475
;
657,299
Expenses..
Non-recurring charges
1936
$1,920,092
1,207,662
602,720
32,683
$61,387 prof$77,027
3,338
1,292
Net operating loss.
Additional provision for
bad debts
Prov. for revaluation of
inventories
723
..
CY160
3,497
12,832
1,436
Other miscellaneous adjustments
Prov. for Federal & State income taxes.
Net loss.
inventories, $136; investment in subsidiary co.,
$407,940; capital assets (net), $1,380,985; total, $1,789,288.
Liabilities—Advances from Imperial Oil Ltd., $309,079: capital stock
(1,462,005 no par shares), $1,462,005; earned surplus, $18,204; total,
$1,789,288.—V. 139, p. 1083.
$227;
Ford Motor Co. of Canada,
Divs.
Profit
on
79,517
55,393
378,798
1,903,606
231,048
$3,885,534
$2,112,733
602,625
3,000
530,064
3,000
170,529
$2,186,443
3,000
305,331
$3,773,043
18,825,807
$3,358,470
17,167,326
$1,939,204
16,027,641
$1,878,113
16,272,066
cos.
sale of invests-
Total income
Directors' fees
$34,827; accounts receiverable,- beer (after reserve for
of $8,500), $77,850; inventories, $150,619; revenue
other assets, $17,166; cash in hands of trustee under
creditors extension agreement, $9,629; investment in cooperage, cases &
bottles (after reserve for depreciation of $69,512), $56,281; land, $39,196;
buildings, machinery & equipment (after reserve for depreciation of $349,363), $832,219; deferred charges, $3,408; total, $1,227,750.
Liabilities—Accounts
payable, $67,010; notes payable
(equipment),
$5,606; customers' credit balances, $762; customers' deposits on con¬
tainers, $18,039; accruals, $13,661; deferred liability under creditors ex¬
Prov. for income taxes..
accounts
$6,554;
$115,575; deferred liability (equipment notes due in
1939-1940.) $1,398; common stock (par $1), $500,000; partic. preference
stock (par $1), $500,000; capital surplus, $55,364; operating deficit, $49,665;
total, $1,227,750.—V. 137, p. 875.
tension
agreement,
Fiscal Fund,
Inc.—Earnings—
Expenses
10,625
•
cash basis, before
a
deducting losses on sales of
securities
Portion of
net
_
receipts_x
$54,166
7,855
$2,003
of Beneficial Shares, representing ac¬
Balance, Dec. 31, 1937..._
From
and
sales
repurchases
distributable funds at dates of sales and
cumulations in income and other
repurchases.
Notes—(1) Corporation began business on Jan. 21, 1937.
(2) The above statement is presented on a cash basis in accordance with
a resolution by the board of directors to maintain the general accounts of
the corporation on that basis as to items of income and expense.
On the
accrual method of accounting, the following changes would be made in net
incori e: add to income shown above, divs. receivable at Dec. 31, 1937,
$19,679; add to expenses shown above, accrued expenses and possible taxes
31, 1937, $9,479; add to net income shown above, $10,200.
(3) The above statement does not include realized losses from sales of
to Dec.
Total surplus
$22,598,850
Prior year's adjustments
shares
sold,
$2,808,133.
delivered,
not
nut
part of the organization expenses
other liquidation of the cor¬
poration, each registered holder of beneficial shares of each series shall be
entitled to receive his proportionate share out of, and only out of, the net
proceeds of the sale of the underlying assets of each such series.—V. 147,
p.1776.
1934
1935
1937
$
1936
$
1936
%
$
Liabilities—
Cash
3 ,293,708
3,199,329
Bonds
6 ,965,377
9,601,040
Capital stock—13 ,379,100 13,379,100
4,694,131
Accounts payable- 6 ,385,287
1,000,000
Res. for invest
1 ,000,000
Deprec. reserve—21 ,215,992 21,011,230
Accts.receivable..
6 ,292,298
6,460,460
General reserve—
Deferred charges..
Inventories
468,414
6 ,483,196
Investments
Plant account
32 935,179 27,962,150
Patents
1
666,788
9 ,129,979
& refund claims.
573,726
28,397
3,250,000
3 ,250,000
Surplus..
20 ,939,890 18,825,807
Total
66,170,269 62,160,268
745,124
Interest accrued..
x
4,931,137
8,520,824
Customs drawback
Total
73,414
62,160,268'
-.66,170,269
Represented by 1,588,960 shares class A stock and 70,000 shares class B
no par value.—Y. 144, p. 4344.
stock, both of
Ford Motor Co., Ltd.
Years End. Dec. 31—
1936
Trading profit, &c
£1,576.966
434
Sundry profit, rents, &c.
Profit
Int.
1935
1934
£1.558,990
£1,513,450
678
881
6,912
63,106
£1,440,908
1,770
loss 84,830
176
exchange
on
over
Earnings—
(England)
1937
reserved in pre¬
24,198
vious years
Total income
Deprec. & obsolescence.
Contrib.
to
employees'
£1,577,576
815,065
£1,590.778
749,571
£1,577,437
135,268
10,602
7,000
108,500
x4,935
£1
71,500
12,967
benefit scheme
714,370
,357,848
619,300
7,000
29,647
7,000
3,144
38,272
114,544
193,237
£604,706
864,179
£671,902
771,487
£657,056
523,084
£508,663
388,171
£1,468,885
229,641
326,250
£1,443,389
174,209
405,000
£1,180,140
59,903
£896,834
25,000
348,750
348,750
Interest, &c
Directors' fees
Provis'n for loss at Near
Eastern branch
Misc. charges & losses
Profit before approp'n
for income taxes
1936
mi
.
$1.13
Comparative Balance Sheet Dec. 31
Fisher Mfg. Co., I nc.—EarningsCalendar Years—
$1.17
$2.02
$2.27
1937
thereof.
In the event of dissolution, winding-up or
$18,825,807 $17,167,326 $16,027,641
Includes $3,429,489 in 1937 and $2,517,351 in
Assets—
Shares
to pay
of the corporation and (b) such shares
participate in any way whatsoever in the proceeds of
the sale of beneficial shares or in any income, earnings, profits or proceeds
cannot in any event
70,000
70,000
1936, for portion of the
aggregate operating profits for the year of overseas subsidiary auton obile
manufacturing and distributing companies, withdrawn in the form Of
dividends received or receivable, y Of the Canadian factory and branches
after all charges for manufacturing, selling & general expenses (incl. deprec.)'
Liabilities—Accts.
?ar value 10 cents per share which were(a) the proceeds were used
issued to Transcontinent
/orp., sponsor, for $1,000, inasmuch as
40,734
1,986,200
87,500
794,480
35,000
1,588,960
1,588,960
Earned surp., Dec. 31$20,939,890
Earns, per sh. on 1,658,-
x
payable for securities purchased, but not received,
$12,680; beneficial shares (par 10 cents)—bank stock series, $34,215;
insurance stock series, $39,272; paid-in surplus, $2,760,180; loss on sales of
securities, £>r$40,218; undistributed income & other distributable funds,
$2,003; total, $2,808,133.
Note—The above balance sheet does not include 10,000 common shares,
8,105
41,029
.
Class B dividends
Balance Sheet Dec. 31, 1937
$19,368; accts. receivable for beneficial
$24,589; securities, $2,764,177; total,
$20,525,796 $17,996,806 $18,150,179
-inc. taxes.
Other adjustments._
Class A dividends
securities
Assets—Cash in custodian bank,
29,961
for taxes
reserve
60,020
Cash dividends paid
x
Adjustm't of prior year's
x
$64,791
Net income on
Net profit
Previous earned surplus.
960 shs. cl. A & B stk.
1937 to Dec. 31, 1937
Earnings for Period Jan. 21,
I ncom e
$3,288
466,031
1,636,649
80,476
loss$400,7l9
$4,375,668
from sub.
rec.
1934
1935
Net prof, from opers__x$4,101,695 x$3,539,372
Income from invests
194,456
290,769
y
Assets—Cash,
doubtful
Ltd.—Earnings—
1936
1937
Years Ended Dec. 31—
$55,888 prof$59,565
...
Balance Sheet Dec. 31, 1937
stamps,
$4,248
profit before providing for depletion
Balance Sheet Dec. 31, 1937
_
Net sales
Net
Assets—Cash,
1937
$1,858,387
Cost of beer sold
7,874
the common
(Frank) Fehr Brewing Co.—Earnings—
Calendar Years—
Counsel & solicitors' fees & salaries of executive officers
Dividend of 10 cents
15 to holders of record Oct. 1.
paid on July 15, last.—V. 147, p. 1192.
.$12,718
597
Profit
Provision for depreciation
declared a dividend of 20 cents per share on
stock, payable Oct.
'
$288,104
283.832
$30,276
Tax accruals
Inc.—Dividends—
1938—8 Mos .—1937
31,145
$40,341
38,427
revenues
123,947
112,211
99,661
1337.
Family Loan Society,
.
112,313
4,048
3,012
2,039
accruals
tirement
1938
RR.—Earnings-
1938—Monfh--1937
Period End. Aug. 31—
Operating
Operating
$868,687
$883,702
re¬
Net income
—V.
1938—;12Mos.—1937
$65,598
$61,335
revenues
income
Sept. 24,
Fonda Johnstown & Gloversville
Co.—Earnings—
1938—Month—1937__
Period End. Aug. 31—
Chionicle
Previous surplus
12,389
7,000
Net loss after deprec. &
other charges
$14,866
$25,578
$68,544
$71,375
Assets—
Dec.31'37
Cash
$21,641
Accts. receivable.
$40,146
Dec.SI,'37
Liabilities—-
Jan. 2,' 37
Jan.2 '37
$2,709
8,400
42,432
Taxes payable
192,280
184,723
Accrued
Cash in closed bk.
681
681
Reserves
Deferred charges..
1,291
724
y
x
6,553
rec
Real est. & mach
1,434
249
.
li~863
4,144
Deficit
267,089
200,786
$414,338
$554,747
296,982
1937
x
After
reserve
$554,747
for depreciation,
y
Total
Represented by 7,500 shares no par
value.—V. 145, p. 278.
Fiske Brisk & Granule Co.6 Mos. Ended June 30—
145,
Ford
p.
1937
$142,147
9,289
2074.
Hotels
Co.—To Pay
$1 Dividend—
Directors have declared
a dividend of $1 per share on the capital stock,
value, payable Oct. 20 to holders of record Sept. 20.
Like amount
was paid on Dec. 1, 1937, and a dividend of 10 cents was paid on Oct. 15,
1935, this latter being the first payment made since 1931 when $1 per
no
par
share
was
distributed.—V.
146, p. 1074.
"
£
3,972,031
Trade
5,094,457
2,988,676
4,603,418
2,988,676
Reserve for taxa'n
tools & equip...
cost
500
...
vest., &c., out¬
side Brit. Isles..
Profit & loss surp.
25,466
Inventories
2,111,601
172,040
126,677
105.211
2,805,691
2,847,947
1,239,244
1,269.179
1,547,081
1,135,952
1,570,429
25,218
Trade accts., <fec-_
Cash..
2,776,235
235,439
Capital reserve ac¬
count
Fixed assets, in¬
£
Employees' invest.
account
Other investments,
1936
9,000,000
pay.
& accr. accounts
Macbin'y, plant,
Inv. In sub. cos
accts.
1937
9,000,000
Capital stock
4,122.777
tories, &c
y
1938
$43,711
14,038
Net loss after all charges
—V.
•Earning s-
.
Liabilities—
xLand, bldgs., fac¬
at
Net sales
£
31
1936
£
Assets—
x
$414,338
Sheet Dec.
Balance
6,212
375,000
Paid-in surplus
Total
£864,179
Eastern branch.
375,000
296,982
Capital stock
£771,487
£.523,084
subsidiary company, less profit of Near
£912,994
forward
Provision for loss suffered by a
x
1,231
909
Social secur, fund.
payroll.
Carried
25,000
Notes payable
277,724
8,315
Mtge. notes
tax..
Dividends (less tax)
$39,244
Accounts payable.
183,483
_
Inventories
Total surplus
Approp. for income
Balance Sheet
'
1,143,266
684,616
16,183,286
Total
704,357
14,964,806
Total
16,183,286 14,964,806
Leasehold, land, buildings, plant, machinery,
&c., connected with undertakings situated outside British. Isles at cost less
depreciation and stock of autos, parts and stores, debtors' cash, &c.—
x
V.
After depreciation, &c.
146, p.
2850.
y
Volume
Financial
147
Franklin Rayon
172,985
$240,397
.>
Selling and administrative expenses
Net profit from operations
Other income
...
...
_
16,855
Profit
_
Interest paid
$332,716
76,917
5,643
27,556
39,225
$107,807
$183,375
$195,270
65,646
4,962
—
Sales discount
92,320
...,>
Bad debt expense
Provision for Federal income taxes
Net profit—
-
—
Balance Sheet Dec. 31, 1937
Assets—Demand deposits & cash on hand, $152,145; accounts receivable,
trade (net), $292,168; inventories, $906,369; cash surrender value of life
insurance, $17,816; other accounts receivable (net), $30,646; fixed assets
(after reserve for depreciation of $261,962), $705,456; patents & licenses,
$7,351; prepaid interest & insurance, $5,834; spools & containers, $58,851;
deferred^items, $9,194; total, $2,185,832.
Liabilities—Notes payable,
commercial paper discounted, $500,000;
accounts
payable, trade, $117,672; accrued liabilities, $30,594; $2.50
cumulative prior preference stock, $108,949; common (par $1) stock,
$221,545; earned surplus, $371,249; capital surplus, $835,822; total, $2,185,832.—V. 147, p. 1192.
Frick Co.—To
Pay $2.50 Dividend—
Directors have declared a dividend of $2.50 per share on the common
stock, payable Oct. 1 to holders of record Sept. 21.
A dividend of $1 was
paid on July 1, last, and one of $1.50 per share was said on Oct. 25, 1937.
—V. 144, p. 2300.
Froedtert Grain & Malting Co.—10-Cenf
Dividend—
have declared a dividend of 10 cents per share on the
stock, payable Nov. 1 to holders of record Oct. 15.
This com¬
pares with 25 cents paid on July 23, last; 15 cents paid on Nov. 1, 1937; an
extra dividend of $1.05 in addition to a regular dividend of 15 cents paid on
The
directors
common
July 25, 1937, and a dividend of 20 cents paid on July 1, 1936, this latter
being the first dividend paid since Sept. 1, 1934, when a payment of 10
cents per share was made.—V. 147, p. 1338.
Fulton Fire Insurance Co.—New President,
below.—V. 140, p. 1659.
&c.—
See Hanover Fire Insurance Co.,
Galland Mercantile Laundry
1937
Calendar Years—
—■
P. & L. surplus Dec. 31Earns. per sh. on 25,000
no par_
$136,881
11,324
$134,473
32,701
13,476
$128,405
30,537
12,906
$148,205
30,575
16,322
$88,297
75,000
$84,962
87,502
$101,308
87,502
$2,071
113,107
$13,297
121,100
def$2.540
110,650
$13,806
111,342
$2.83
Net profit
Dividends paid—
stk.,
1934
$113,779
14,626
$70,821
68,750
Depreciation
Federal income taxes
shs. cap.
1935
$112,404
22,069
$117,878
35,936
11,121
Other income (net).._
Surplus
Co.—Earnings—
1936
$106,676
11,202
Profit—
$d.53
$3.40
$4.05
Balance Sheet Dec. 31,
Gamewell Co.
(& Subs.)
3 Mos. End. Aug. 31—
Operating profit
Other income.
—
—V. 147, p. 1777.
(L. H.) Gilmer Co.—Earnings—
Earnings for Year Ended Dec. 31,1937
Sales, less returns, allowances and discounts
Cost of goods sold
$125,003
15,829
$26,964
17,010
Gross profit
$478,963
Selling, administrative, and general
including pro¬
expenses,
vision for doubtful accounts receivable
328,264
Operating profit
Other income
$150,699
28,725
,
—
Total income
Interest
Loss
on
capital assets sold
scrapped
Provision for loss on closed bank deposits.
Inventory adjustment—textile products
Federal and State income and excess-profits taxes
Surtax on undistributed profits
Over-provision of taxes for preceding year
or
-
—
Net profit
—
.■
v_
_.
-
—
_
$140,832
42,315
$43,974
28,011
Net profit
Earnings per
common
share
Note—Charges to manufacturing costs and other expense classification
for depreciation for the year amounted to $28,753.
Balance Sheet Dec. 31,1937
Assets—Cash, $45,239; accounts receivable, (after reserve of $14,262),
$85,510; inventories, $203,296; investments and other assets, $2,328;
land, $17,583; buildings, machinery and equipment (after reserve for
depreciation of $251,532), $598,129; prepaid insurance and expenses,
$742; total, $952,828.
Liabilities—Accounts payable, $51,239; Federal and State capital stock
and franchise taxes, $4,650; Federal and State taxes on income, $80,000;
x6% 234-year non-cumulative income debenture notes, due Jan. 1, 1939,
$160,000; common stock (par $5), $413,870; capital surplus, $47,704;
earned surplus, $195,364; total, $952,828.
x On Jan. 5, 1938, the
company paid in cash $10,000 of the above notes
and retired the balance through short-term unsecured bank loans.
Notes—(1) In 1935 by authorization of the company's stockholders and
by a certificate of amendment of certificate of incorporation, filed with
and recorded by the Secretary of State of the State of New Jersey on
July 20,1935, the company's then outstanding capital stock was reclassified
and changed from shares of preferred stock, par value $10 per share and
accumulated undeclared dividends of $8.75 per share, and shares of com¬
mon stock, par value $10 per share, into shares of common stock,
par
value $5 per share.
At Dec. 31, 1937, certificates for 3,114 shares of old
preferred stock and 166 shares of old common stock had not been surrendered
by the holders thereof for exchange.
The equivalent of such old unex¬
changed shares in (new) common stock was 3,197 shares, which are included
in the num ber of shares shown in the balance sheet as outstanding at
Dec. 31
1937.
(2) The earned surplus at Dec. 31, 1937, represents earnings since
July 20, 1935, less the portion (approximately $50,000) of a profit and
loss deficit to that date not eliminated through the capital reorganization
effective at that date.—V. 145, p. 2075.
Gilmore Oil Co.—b0-Cent Dividend—
a dividend of 50 cents per share on the common
stock, payable Sept. 28 to holders of record Sept. 8.
This compares with
an extra dividend of 30 cents and a regular quarterly dividend of 15 cents
per share paid on June 15, last.—V. 147, p. 1777.
Directors have declared
Gimbel Brothers, Inc.
31—
(& Subs.)—Earnings—
6 Months Ended July
Net sales
1938
1937
$38,431,848 $45,463,800
36,631,031
42,197,027
—
Costs and expensesProfit
$1,800,817
233,075
894,429
1,070,956
505,143
-
Maintenance and repairs
Depreciation
Ordinary taxes
Interest and expense
$15,963
loss$31,738
Profit
loss$4,794
26,944
$98,517
16,507
on
$3,266,773
338,122
844,941
1,083,624
492,791
$902,786prof$507,295
26,872
Drl2,349
——
insurance policy—
167,660
—
Loss
$708,254prof$494,946
Nil
Gandy Bridge Co.—Earnings—
Earnings for the Year May 1, 1937, to April 30, 1938
Operating revenue—tolls
Maintenance and repairs
Depreciation
-
Taxes (other than income taxes)
Other operating expenses
_
Net operating income
Other income
-
.
..
$379,748
13,313
61,376
19,252
53,342
$232,465
1,572
——
—V. 146, p.
—
112.000
$728,254prof$382,946
3337.
Gleneagles Investment Co., Ltd.—Earnings—
Nil
Nil
$0.56
Note—No provision has been made for Federal surtaxes on undistributed
profits.—V. 147, p. 572.
20,000
Netloss
on
stock.....
$179,424
7,846
3,929
2,598
1,819
31,700
28,300
Cr9,037
$112,269
____
Federal income taxes—
Profit
Depreciation, facilities..
847,899
__
loss$21,301
$46,919
33,812
$1,326,862
_
.
Other income, net
1935
1936
1937
$32,726
14,193
$13,107
—
$18,350
revenues
Loss
-Earnings-
1938
.,
Operating
1937
Assets—Cash, $69,235; marketable securities, $52,453; accounts receiv¬
able, $70,896; inventories, $67,829; capital stock of subsidiary company,
$28,139; land, $144,811; buildings, machinery and equipment (after reserve
for depreciation of $467,450), $479,944; cotton
goods in circulation,
$100,000; trade routes, $1; goodwill, $1; deferred charges, $4,322; total,
$1,017,631.
Liabilities—Accounts payable,
$26,097; taxes payable and accrued,
$18,778; accrued wages, $7,658; customers' deposits, $1,190; capital stock
(25,000 no par shares), $850,801; earned surplus, $113,107; total, $1,017,631.
—V. 145, p. 3817.
14— -—Jan. 1 to Sept. 14—
1937
1938
1937
$23,625
$793,019
$971,593
1938
$413,382
$106,493
88,777
.
$5,458,553
4,263,116
782,054
193,513
expenses
Gross profit
$4,824,702
3.654,817
869,880
$300,006
.
_
;
—Week Ended Sept.
1936
1937
Cost of yarn sold
1925
Georgia & Florida RR,—Earnings—
Corp.—Earnings—
Calendar Years—
Net sales and commissions
Manufacturing
Chronicle
Earnings for Year Ended Dec. 31. 1937
Revenue from rentals and services..
Operating cost
Municipal and Provincial taxes.4%.
x
.......
-1...
Operating revenue
Reorganization expense
Directors'
_
—...
$48,494
4
720
—
fees
—....
Depreciation on building
10,000
Net operating revenue
Other income—.......
Net income.
$139,090
55,606
34,989
....
.................
——
$37,770
3,436
—
...........
$41,205
Including heating, wages, general expense, maintenance, insurance,
administration expenses and other charges.
x
Gross income
Income deductions
$234,036
105,391
Normal income tax
Surtax on undistributed
Balance Sheet Dec. 31,1937
6,100
profits
8,518
..—.
.
Net income
$114,027
—V. 144, p. 2989.
General Capital
Corp.—To Pay lb-Cent Dividend—-
Directors have declared a dividend of 15 cents per share on the common
stock, payable Oct. 10 to holders of record Sept. 30.
A dividend of 15
cents was paid on July 11 last; one of 25 cents per share was paid on April 1 i
last; a dividend of 45 cents was paid on Dec. 24, 1937; 40 cents paid on
Oct. 11 and on July 10, 1937, ana a dividend of 25 cents per share paid on
April 10, 1937.—V. 147, p. 420.
General Fireproofing
Co.—15 Cent Dividend—-
have declared a dividend of 15 cents per share on the
stock, payable Oct. 1 to holders of record Sept. 22.
Like amount
amount was paid on July 1 last and compares with 20 cents paid on April 1
last; 75 cents paid on Dec 24, 1937; 30 cents paid on Oct. 1 and July 1,
1937; 25 cents paid on April 1, 1937; an extra dividend of 30 cents in ad¬
dition to a regular quarterly dividend of 10 cents paid on Dec. 24, 1936,
and an extra dividend of 10 cents in addition to the regular quarterly divi¬
dends of 10 cents per share distributed on Oct. 1, 1936.—V. 146, p. 3954.
The directors
hand and in bank, $33,932; cash in bank, coupon ac¬
count, $328; cash in bank, interest on income bonds, $484; accounts receiv¬
able (net), $5,823; inventories, $1,052; City of Montreal, deposit, $50;
Montreal Trust Co., sinking fund Investment, $36; depreciation fund invest¬
ment, $57,100; deferred charges to operations, $13,092; furnishings and
equipment, $37,909; real estate and building, $1,228,81b; total, $1,378,624.
Liabilities—Accounts payable, $4,684; interest on 6H% first mortgage
bonds, coupons not yet presented (per contra), $328; interest on income
bonds, $484; prepaid rental, $100; accrued interest on income bonds,
$123,645; first mortgage sinking fund 5% income bonds maturing June 15,
1944, $1,052,300; reserves for depreciation, $196,035; 10,523 shares com¬
mon no par, class A, $52,615; 7,486 shares common no par, class B, $37,430;
deficit, $88,997; total, $1,378,624.—V. 143, P. 2369.
Assets—Cash
on
Globe Knitting
General
Machinery Corp.—15 Cent Dividend—
Directors have declares a dividend of 15 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 20.
Like amount was paid
on July 1 last, and compares with 25 cents paid on April 1 last, and 40
cents paid on Dec. 24, 1937, this latter being the first dividend paid on the
common shares since 1930.—V. 147, p. 112.
General
Shoe Corp.—Larger
Dividend—
Works—Earnings—
Earnings for Year Ended Dec. 31,1937
common
$2,978,261
Net sales..
Cost of goods sold
—
—...
Gross
Operating profit..
Other income.....
ProfitInterest
.............
.............
—
.....
$211,502
4,767
$216,269
-
paid
Federal normal income and excess-profits taxes
Surtax on undistributed profits
Excess
2,415,711
$562,549
231,593
119,454
profit
Selling and shipping
Administrative and general
—
provision for pi-ior year—Federal taxes
........
8,873
31,750
2,250
Cr931
Directors have declared a dividend of 25 cents per share on the common
stock, payable Oct. 31 to holders of record Oct. 17.
Tnis compares with
20 cents paid on July 15, April 15 and Jan. 15, last, and a dividend of 30
cents paid on Oct. 15, 1937, this last being the initial distribution on the
new common shares.—V. 145, p. 3655.
Net profit
Dividends paid on common stock
Dividends on 7% preferred stock—...
...
*
Note—Provision for depreciation for the year amounted to
$174,327
117,500
22,453
$64,216.
f
Balance Sheet Dec.
(par $1) stock, $62,374;
capital surplus, $1,433,580; earned surplus, $166,683; total, $5,359,227.
A voluntary plan of reorganization and deposit agreement dated July 28,
1937, submitted to holders of the company's securities, was declared effec¬
tive Dec. 31, 1937 with the approval of representatives of the bondholders.
At the end of the year owners of $2,645,100 of first mortgage leasehold
7% sinking fund bonds had deposited their bonds, with Aug. 1, 1934 and
subsequent coupons attached, under the plan and agreed to accept for each
$1,000 of bonds deposited, $1,000 of collateral trust bonds, dated April 1,
1937, due April 1, 1957, and 20 shares of class A common stock.
Under
the plan of reorganization, the first mortgage bonds deposited are held as
security for the collateral trust bonds issued.
The collateral trust bonds
issued in exchange for first mortgage bonds bear interest from April 1, 1937
at the fixed rate of 2 lA % per annum and are entitled to additional interest
up to but not exceeding 2lA% per annum, payable April 1 from any avail¬
able net income, as defined in the collateral trust bond indenture, for the
class A common stock (par $1), $52,902; common
31, 1937
trade accounts
$572,564; cash
national banks
(less reserve of $1,600), $1,900; claims against closed banks (less reserve of
$9,000), $1,209; sundry other assets, $2,731; land, $51,939; buildings,
machinery and equipment (after reserve for depreciation of $681,327),
$479,672; deferred charges, $11,104; total $1,653,267.
Liabilities—Accounts payable, salaries and wages, payroll taxes, &c.,
$58,856;
accrued expenses,
$3,520; Federal taxes on income, $34,000;
preferred stock called for redemption, including premium and cumulative
dividend thereon to that date, $202,222; reserve, $12,500;
common stock
Assets—Cash, $20,338; U. 8. Treasury bills, $200,000;
receivable (less reserve of $12,000), $197,124; inventory,
surrender value of life insurance, $114,687; investments in
(par $2.50), $437,500; capital surplus,
total, $1,653,267,—V. 145. p. 1419.
$669,359; earned surplus, $235,ol0;
Co.-—Chairman
Insurance
Fire
Rutgers
&
Globe
preceding
Golden
1930
Co., below.—V. 146, p. 2852.
$608,000 of bonds, $15,200 of unsecured non-interest bearing notes
and 24,320 shares of new common ($1 par) stock.
In connection with the plan the holder of a $39,632 note payable of the
company agreed to accept 1,585 shares of new common stock in exchange
for the
Cycle Corp.—Earnings—
[Including Midland
Terminal Ry.]
31, 1937
Earnings for Year Ended Dec.
Gross income
Total expense,
including Federal taxes
—
-
$g'9o7,788
8,238,835
$718,952
Operating profit..
Capital gains
Bad debt recoveries
J ,663
6,215
$731,731
Depreciation
67,261
25.463
20,068
•
Depletion
Contingent-Bad debts
for said note.
By deposit under the plan of reorganization or by vote at a stockholders'
meeting held Dec. 31, 1937, at which authorization was given for revision
of the capital structure of the company, owners of the previously outstand¬
ing 28,200 shares of $50 preferred stock agreed to exchange said 28,200
shares for 16,920 shares of new common stock and the owners of the pre¬
viously outstanding 45,000 shares (no par) common stock of an aggregate
stated value of $45,000 agreed to exchange said 45,000 shares for 4,500
shares of new common stock.—V. 146, p. 1553.
Gray Telephone Pay Station Co.—To Amend
6,538
charged off
Stockholders
f610,401
$935,267
Net income
Dividends paid
Consolidated Balance Sheet Dec. 31,
have received
notice of
Charter—
special meeting on Sept. 30 to
general activity
a
recommendations to amend the charter to permit
act on
act on new bylaws.
9 this year, following a
fight for control, George A. Long and directors having been ousted.
Indications are that the calling of the special meeting will provide oppor¬
tunity for a renewal of the fight.
Since that time Mr. Long has brought suits against Gray Telephone
alleging breach of contract, claiming damages and return of his patents
under terms of the contract, and slary due.—V. 147, p. 1036.
in any field the directors may decide upon and to
The present management took over on Feb.
bitter
1937
transit to mint, $13,641; U. S. Govt,
corporations and municipals, $116,200; stock
Assets—Cash, $1,556,560; bullion in
securities, $337,440; bonds of
year.
Also, at Dec. 31, 1937 owners of the previously outstanding $608,000
second mtge. leaseholdJ6% bonds had deposited said bonds, with Aug.l,
and subsequent coupons attached, under the plan and had agreed to accept
Resigns—
See Hanover Fire Insurance
Sept. 24, 1938
Chronicle
Financial
1926
corporations, $719,171; accounts receivable, $85,146; notes receivable,
$240,123; ore in process of treatment, $259,590; coal and supplies, $161,413;
plants, equipment office building (less depreciation), $669,215; real estate,
$15,727; coal lands and mining claims (Jess depletion), $1,146,401; roadway
of
(less depreciation), $103,586; deferred charges, $23,863; total,
Liabilities—Current accounts payable, $112,554; provisions
$212,556; surplus reserves, $349,004; capital stock (par $10),
$2,596,470; capital surplus, $2,927,750; deficit, $710,260; total, $5,488,075.
Year Ended March 31, 1938
Earnings for
for Federai
and local tax,
Corp.—Earnings
Great Britain & Canada Investment
$5,488,075.
$275,431
1,504
Revenue from investments
Revenue from stock dividends—
■„
—V. 143, p. 2840.
Total
Golden State Co.,
Net sales
Cost of
Ltd. (& Subs.)—Earnings—
-123,189.738
/
521,445
products
23,432,696
Operating expenses
Prov. for depreciation--
$107,213
Loss from operations.
Income from misc. oper_
Other
income,
other
Crl6,096
$91,117
61,325
Bond int. and expense.-
int.
expense,
20,860,822 [14,065,383
1 4,089,415
541,178
540,272
$88,168
259,861
$161,804 prof$316442
of
net
expenses
Loss.
Other
543,540
0 59,655
Dr4,680
Cr25,214
$102,149 prof$341,656 prf.$167,013
67,257
76,779
92,545
net
Cr3,lC3
7,536
Drl3,708
31,473
Drl3,913
1,076
Net loss
Shs. cap. stock (no par).
Earned per share
Drl6,098
3,765
$167,430
of interest income
Prov. for Fed. inc. tax—
Other
Loss
478,326
Nil
479,334
$0.15
$0.46
per
share
Balance Sheet March SI,
$239,807
$1.10
Liabilities—Accrued expenses, $195; accrued debenture interest, $92,466;
4Yi% 30-year conv. debs., $4,000,000; $5 cum. conv. pref. stock, $2,000,000; common stock (350,000 no par shares). $1,000,000; earned surplus,
$331,515; total, $7,424,176.—V. 143, p. 2370.
■
Great West Saddlery Co.,
—V. 147, p.
Price reductions on its 1939 cars, $122 as compared to
similarly equipped
The company
will deliver at
1938 models, were announced on Sept. 22 by the corporation.
a
combination coupe and a two-door sedan that
Detroit, fully equipped, for $940; the four-door sedan will deliver, with
equipment, for $965.
All Graham models have built-in trunks and
equipment as dual sun visors and winds iield wipers, arm rests on
both sides front and rear, assist straps, two ash trays, bumper guards,
spare tire, &c.
Prices include Federal tax, but where State or local taxes
exist they must be added.
The reduction of $122 applies to the four-door sedan.
The other two
body types were not in the line in 1938.
With supercharger equipment added to the basic car at the factory,
the price will be $130 additional, giving an increase of 26 horsepower and
ncluaing such items as a larger radiator core, dual exhaust manifold and
muffler, special exhaust valves, aluminum cylinder head. Sec.
The custom equipment group is also available at $130.
Dealers are reported to have enthusiastically endorsed the company's
prices and sales program in a recent series of meetings with the factory
executives.—V. 147, p. 1777.
full
sucu
Building, Inc.—Earnings—
Earnings for Year Ended Dec. 31, 1937
$751,268
Rental income
Income from garage, safe deposit vault,
Service income (net)
;
Total income
&c. (net)
9,041
19,940
$780,249
;
$153,788
Operating income
2,999
Other income
Co.—Earnings—
Earnings, Year Ended Dec. 31, 1937
Gross
2,064,873
$1,248,374
Gross profit from sales
Miscellaneous revenue, net
9,474
-
$1,257,848
Total income
428,239
Expense.
1-
Profit from operations
Depreciation
Federal
Net
-
income
on
tax
Profit
94,217
-
6,847
$531,851
115,449
profit
Dividends
on
Dividends
on common
per
preferred shares.
346,300
shares
22,214
Special expenses incurred in connection with plan of reorgani¬
zation and deposit agreement
Interest expense
-
32,248
151,241
158,371
_
Provision for depreciation
Assets—Cash
on
hand
and
demand
in banks,
deposits
^
Greene Cananea Copper
Co.—No Common Dividend—
Directors at their recent meeting took no action on payment
due
at
Griesedieck Western Brewery
—Initial Preferred
a
Co.—Larger Common Div.
Dividend—
dividend of $1 per share on the common
buildings and equipment (net), $4,944,837; unamortized portion of
bond discount and expense, $161,297; prepaid insurance and sundry expense,
$5 875; total, $5,359,227.
Liabilities—Accounts payable, $38,948; accrued liabilities, $226,148;
funded and other long-term debt, $3,372,477; deferred income. $6,115;
stock, no par
value, payable to holders of record Sept. 22.
This compares with 50 cents
paid on Dec. 20,1937; 50 cents paid on Nov. 4 and on Oct. 4,1937; 25 cents
paid on Dec. 22, 1936; 50 cents on Oct. 6 and on July 31, 1936, and divi¬
dends of 25 cents per share paid on
Directors also declared an initial
Dec. 20, Oct. 1, and May 1, 1935.
dividend of 34 % cents per share on the
% convertible preferred stock, payable
Nov. 13.—V. 147, p. 1779.
new
5A
Grocery Store Products Co. (&
Years Ended Dec. 31—
Gross sales (less returns, allowances
Dec. 1 to holders of record
Subs.)—Earnings—
v
1,576,686
$2,389,765
1,447,989
$1,034,678
873,230
61,640
$941,775
721,013
51,463
$99,808
$169,299
and discounts) $2,611,364
Gross profit from sales
Selling, administrative and general expense
Provision for depreciation
'
Profit from operations
30,862
27,918
$130,670
$197,217
18,070
-
25,702
$207.287
ImAssets—Cash, $176,887; notes and accounts receivable (net), $59,397;
inventory of operating supplies, &c., $10,433; security owned, $500; prop¬
of dividend
this time on the common shares.
Regular quarterly
dividend of 75 cents per share Avas paid on June 13, last.—V. 147, p. 1036.
normally
Gross
Balance Sheet Dec. 31, 1937
erty.
$88,603; time
deposits in banks, $250,000; accounts receivable (net), $263,783; inventories,
$455,114; property, plant and equipment (after depreciation and obsolesc¬
ence of $2,983,396), $2,461,664; licenses, patents and processes, $1; other
assets, $98,396; deferred charges, $27,861; total, $3,645,423.
Liabilities—Accounts payable, $158,131; deposits refundable, $75,223;
accrued payroll, taxes and expense, $42,426; provision for Federal income
taxes, $101,064; dividends payable, $28,675; reserves, $89,773; Capital—
6% cumulative preferred stock (par $20), $1,911,700; common stock
(69,260 no par shares), $234,790; earned surplus, $1,003,639; total, $3,645,423.—V. 146, p. 598.
Income credits
Net loss
$6.01
share on 69,260 shares of common stock
Balance Sheet Dec. 31,1937
$156,787
-
$829,609
196,693
undistributed profits
Cost of goods sold
Amortization of bond discount and expense
$3,313,247
from sales, less returns and allowances
revenue
Cost of goods sold
626,461
Operating expenses, maintenance, property taxes, &c
$3,183 prof$35,253
income taxes.-
1778.
Directors have
Grant
1937
1938
Net loss before depreciation and
Graham-Paige Motors Corp.—Prices Reduced—
will have
Ltd.—Earnings—
6 Mos. Ended June 30—
Earnings
—V. 146, p. 4116.
1938
Assets—Cash, $145,175; account receivable, $3,154; investment securi¬
ties, $7,179,274; accrued revenue from investments, $49,275; prepaid
charges, $382; investment realization deficit, $46,915; total. $7,424,176.
1937
$0.91
on common
$72,201
Net. profit
Surtax
1938
$198,698
5,054
180,000
;
debentures
Great Western Electro-Chemical
(H. W.) Gossard Co. (& Subs.)—Earnings—
Earnings
on
(net), $1,385,307;
products and product manufacturing supplies, $1,427,253; operating
supplies, $125,656; prepaid expenses, $130,518; notes receivable, net (noncurrent), $81,942; investments, $60,111; employees' cash bond savings
accounts (contra), $28,182; land, plant and equipment (after provision for
depreciation of $5,983,315), $4,737,858; deferred charges and miscellaneous
assets, $45,221; trade routes and goodwill, $1; total, $8,553,084.
Liabilities—Notes payable to banks, $200,000; accounts payable, $1,111,092; accrued liabilities, $248,914; term debt (due currently), $161,303;
term debt (non-current), $885,313; employees cash bond liability (contra),
$28,182; deferred credits, $5,224; reserve for own compensation insurance,
$24,243; capital stock, $4,781,390; capital surplus, $1,067,889; earned
surplus, $39,534; total, $8,553,084.—V. 145, p. 2548.
9 Months Ended Aug. 31—
Profit after charges and Federal taxes
on
Interest
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $531,035; accounts and notes receivable
16,042
1,853
1,785
expenses
exchange
Income and other taxes
$189,269 prf.$219,695 prf. $70,036
478,139
Nil
$276,935
revenue
Management expenses
1937
1936
1935
1934
$23,603,970 $23,814,433 $21,718,442 $18,606,902
Calendar Years—
income
Income charges
x
-
on
coll. lien 6% conv.
16,697
73,146
$27,194
$81,671
bonds of Grocery Store
Products Co
Net income
x
17.629
67,778
Provision for Federal and State income taxes
Int.
Including $29 in 1937 and $345
in 1936, surtax on undistributed profits.
,
Volume
Financial
147
Consolidated Balance Sheet Dec.
Consolidated Balance Sheet Nov. 30, 1937
31, 1937
Assets—Cash,
§99,696;
accounts receivable,
$226,907; inventories,
$614,473; investments, $70,436; land, buildings, and equipment (after
reserves
for
depreciation of $590,547), $885,567; goodwill, $579,665;
deferred charges, $37,043; total, $2,513,787.
Liabilities—Notes payable to banks, $125,000; accounts payable, $90,008;
interest on collateral lien bonds, $5,622; Federal. State and local taxes,
$58,324; other accrued accounts, $33,912; collateral lien 6% convertible
bonds, $1,124,400; minority interest in the Foulds Milling Co., $81,408;
capital
stock ($0.25 par), $37,835; capital surplus, $844,182; earned
surplus, $113,095; total, $2,513,787 —V. 145, p. 3345.
Earnings—
Group No. 1 Oil Corp.
1934
1935
1936 P
1937
Calendar Years—
Taxes
Net oper. income
Non-oper. income—net.
$879,405
243,658
60,035
46,916
$834,633
245,073
66,873
47,052
$1,158,987
267,016
118,889
$622,269
217,020
Oper. and admin, exp
Royalties paid
$528,795
265,578
$475,636
503.240
$794,374
$978,877
260
85,833
6,651
15,847
82,278
234
66,790
85,264
*125,324
74,306
leases
65.569
485,932
63,185
88,724
5,500
10,752
135,850
disposal of
equip, and warehouse
Net
loss
on
18,954
z$552,027
512,000
614,400
$769,313
819,200
$858,231
1,024,000
$140,737
Dividends
Balance, loss
$62,373
$49,887
$165,769
.
Including intangible development costs and dry holes,
y No liability
on
undistributed profits is anticipated,
z Before provision for
of non-producing leases determined by the management as
having no value and charged to earned surplus March 31,1936.
x
for
tax
amortization
.
Balance Sheet Dec. 31,
"*•
1937
Assets—Cash,
$769,827;
accounts
receivable, $29,338; inventories,
$33,027; other current assets, $3,161; due from affiliated cos., $25,196;
cash
deposit for payment of
on
unclaimed
(contra), $410; invest¬
divs.
account (after reserves for deprec., depreciation,
intangible development costs of $3,162,371), $895,299; prepaid
expenses, $10,673; total, $1,884,872.
^
^
Liabilities—Accounts
payable, $13,423; accrued liabilities, $18,603;
Federal income tax (estimated), $53,027; dividend payable, $204,800;
due to affiliated companies, $41,037; unclaimed dividends payable (contra),
$410; capital stock: 2,048 shares (no par), $324,335; earned surplus, $1,229,237; Total, $1,884,872.—V. 147, p. 1339; V. 136, p. 3501.
ments, $117,939; property
depletion
ana
$53,050
17,527
Gross operating income
Operating charges.
Net income before
$56,393
$34,749
L
capital extinguishments and
664
6,864
6,889
3,057
206
x625
$34,287
y$23,966
before provision
Net income
Includes $313 undistributed profits tax.
y For year
of non-producing leases determined by
amortization
~
management as
earned surplus March 31, 1936.
Balance Sheet JDec. 31,
1937
Assets—Cash7$39,644T inventories, $2,150fcasbi
(after reserves for deprec., deplet. & intangible development costs of
$25,093), $231,316; total, $276,056.
Liabilities—Accounts payable, $80; accrued liabilities, $374; Federal
income tax (est.). $202; due to affil. companies, $16,005; unclaimed divs.
payable (contra), $2,945; capital stock ($0.50 per), $242,500; paid-in surplus,
$5,998; earned surplus, $7,951 total, $276,056.—V. 145, p. 1740.
(Charles) Gurd & Co., Ltd.—Earnings—
Year End. 15Mos.End.
Mar. 31 '38 Mar. 31 *37
•
$184,547
Operating profit
76,421
Taxes and licenses
19,526
Depreciation
Executive
17,100
290
385
12,483
salaries
Directors'fees
Miscellaneous deductions
Provincial income taxes.-
Reserve for Dominion &
$58,342
Net profit
17,150
18,000
Preferred stock dividends paid
Common stock dividend paid
Earns, per sh. on
$0.68
60,000 shs. of com. stk., no par__
$189,988
75,121
36,593
17,100
380
107
11,731
$48,954
22,575
12,000
$0.44
Assets—Cash, $84,692; accounts receivable (after reserve for doubtful
accounts of $15,000), $119,088; inventories, $179,726; real estate, build¬
ings, machinery and plant, $890,953; rolling stock, autos, trucks, &c.,
$75,298; investment in Charles Gurd & Co. (Maritime), Ltd., $74,227;
investment in Charles Gurd & Co.
(Ontario), Ltd., $18,254; deferred
charges, $10,994; formulae, $100,000; goodwill, $1; total, $1,553,234.
Liabilities—Accounts
payable, $13,338; reserve for taxes, $15,771;
depreciation reserves, $300,922; 7% cum. pref.
(60,000 shs.), $725,364; capital surplus,
$237,839; total, $1,553,234.—V. 145, p. 3346.
stock
stock, $240,000; common
$20,000; earned surplus,
Gypsum, Lime & Alabastine, Canada,
1937
Year End. Nov. 30—
1936
$463,697
172,418
9,663
169,064
8,114
11,150
33,176
10,300
226,362
Written-off sund. assets.
bad debts
Directors' fees
Prov. for
Flood damage
Expense of special share¬
holders meeting
Losses by subsidiaries
_
Ltd. (& Subs.)
1935
1934
.
Note—Provision for
to
depreciation of all properties for the year
Balance Sheet Dec. 31, 1937
Assets—Cash, $41,205; municipal bonds, $405,464; trade accounts re¬
(less reserve of $40,000), $219,497; inventories, $351,463; claims
against closed banks (less reserve of $6,000), $59,548; sundry investments
(less reserve of $147,601), $69,650; deposit with insurance company,
$3,753; real estate not used in operations (after reserve for depreciation of
$390,824), $580,653; advance to employee, $27; land, $59,399; buildings,
machinery and equipment (after reserve for depreciation of $609,042),
ceivable
$283,582;
deferred
$1;
goodwill,
and
patents
profit
Total
$356,904
229,281
180,945
6,787
12,762
35,869
2,540
10,180
$62,365
sur98,389
$39,046
47,812
1,851
1,965
5,252
z$48,074
z$116,534
504,887
504,887
388,354
Earns, per
043
$8,766
yl07,155
$48,074
$98,389
z$47,812
$0.14
$0.09
sur$160,753
5,640
Surplus
$59,731; accrued expenses,
for
iestimated),surplus, $229,350; stock (no par) outstanding, p. 1740. shares,
1,853,235;
$5,000; common total, $2,149,315 —V. 145, 362,069
(& Subs.)—-Earnings—
Halle Bros. Co.
1937
$1,199,143
1936
$757,542
180,347
44,575
172,344
144,812
171,756
153,684
al32,922
al22,425
54,000
$841,401
172,599
135,333
68,000
Net profit
Pref. divs. (6^%)
$641,295
$378,102
115,239
$465,469
122,378
142,800
$759,562
108,915
10,600
280,600
404,064
168,360
89,792
$2.22
$2.85
$1.17
$1.54
Profit
Prov.
for depreciation—
Int., bond discount, &c.
Conv. pref. dividend
Common dividends
Earns. per sh. on 224,480
shs. common stock
Including $25,000 for year ended
Jan. 31, 1937, Federal surtax.
Jan. 31, 1938, and $10,500 for yea
ended
Consolidated Balance Sheet Jan. 31,
Profit
$504,888
x262
8,445
z$504,888
share on 440,cap. stock
on
1938
Assets—Cash, $893,887; U. S. Treasury notes, $200,312;
receivable and other current accounts (less reserve of
accounts
customers*
$130,138),
$3,089,249; Ohio State sales tax stamps, $23,477; merchandise inventory,
$2,049,477; cash surrender value of life insurance, $227,785; sundry in¬
vestments, $79,714; employee "and sundry notes and accounts receivable
(less reserve of $6,000), $61,455;
claims against closed banks (less reserve
of
$23,540), $11,278; deposits with insurance underwriters, $10,971; land (at
cost), $243,835; leaseholds (at cost less amortization), $131,449; improve¬
(buildings), fixtures and equipment (after reserves for depreciation
$4,665,905). $3,003,593; land and leasehold not used in
and revaluation of
operations (at cost less amortization and
$126,596; deferred charges, $241,689; total,
adjustment by management),
$10,394,768.
$596,961; accrued taxes, interest and rent¬
als, $201,625; provision for Federal taxes on income (est.), $134,647; cur¬
rent
portion of long-term debt, $287,000; long-term debt, $2,315,500;
reserve for contingencies,
$100,000; convertible preferred ($50 par) stock,
$2,942,500; common ($5 par) stock, $1,122,400; capital surplus, $8,295;
earned surplus, $2,685,839; total, $10,394,768.
Liabilities—Accounts payable,
Note—Merchandise in transit amounting to approximately
this balance sheet.—V. 147, p. 113.
$117,000 has
not been included in
Hajoca Corp.—Earnings—
-$10,101,643
J933
$8,621,080
7,984,278
6,817,197
$2,117,366
1,675,060
$1,803,884
1,416,206
$442,305
237,294
$387,678
201,715
$679,599
$589,393
355,357
275,084
73,217
Years Ended Dec. 31—
Net
goods sold
Gross profit
Oper., sell., gen. &
193?
.
sales
Cost of
-
administrative expenses
Profit from operations
income
Other
Gross
1T_———
income
76,806
44,139
income taxes
Provision for Federal and State
$203,296
Net income
Balance Sheet Dec. 31,
n„
_
48,355
$192,737
1937
surrender value of life insurance policies,
$11,370; notes and accounts receivable (after reserve for doubtful accounts
of $251,616),
$1,014,824; advances to employees and other accounts,
$17,442; inventories, $1,528,976; investments, $4,102; land, $472,966;
buildings, machinery and equipment (after reserve for depreciation, &c.f
of $995,049), $1,204,740; prepaid insurance, interest and licenses, $22,523;
leasehold improvements (unamortized portion), $18,882; other deferred
charges, $23,234; total, $4,443,373.
^
Liabilities—Notes
payable,
$729,869; accounts payable,
$,>53,136;
accrued taxes and interest, $38,550; accrued Federal and State income
taxes.
$44,139; deferred credit, $12,377; mortgages payable, $107,150;
10-year notes, $.>75,000; preferred stock ($100 par), $1,852,600; common
stock ($1 par), $36,076; earned surplus, $398,426; capital surplus, $496,049;
total, $4,443,373—V. 145, p. 281.
Assets—Cash, $124,315; cash
Co., Ltd. (& Subs.)—Earnings—
Hamilton Bridge
1937^
.
1036
_
$274,161
$100,459
239,497
for year
^9?'?o}
$275,304
Combined operating profit
Interest on investments
Gain on securities sold
------
1,143
Depreciation
fees
Legal expense.
—
Provision for bad debts
-—
Provincial corporation tax and adjustment
insurance cash surrender value
Net loss
x
Nil
Nil
16,590
3,125
145
x2,600
4,133
,
„
of life
$10,956 prof.$76.465
-
Provision for Federal
1,484
J .054
23,500
5,650
13
15,000
Executive salaries
Directors'
Gypsum, Lime & Alabastine, Canada, Ltd., bonds transferred
from Standard Lime Co., Ltd., $7,750 less organization expenses of Standard
Lime Co., Ltd., written off, $7,488; net, $262.
y Profit on sale of shares
of Gyproc Products, Ltd.
z Deficit.
x
1935
1938
$999,140
Years End. Jan. 31—
shares
(no par)
total,
purchases, expenses and payrolls,
$2,000; Federal taxes on income of year 1937
payable
Liabilities—Accounts
8,960
$157,948
deficit
Miscellaneous credit
Adj. applic. to prior years
$75,072;
charges,
$2,149,315.
Total income
Net
Deficit, Jan. 1
Tr. aginst reduc. in cap.
$20,249
108,621
amounted
$55,618.
Calendar Years—
17,070
1,728
19,844
Prov. for Dom. inc. tax.
$378,452
227,319
167,944
7,333
~il",783
$542,334
214,919
Depreciation
Depletion
5,000
(estimated)
Other expenses
Provision for depreciation
Balance Sheet March 31,1938
Net profits for year
Interest on funded debt-
Sundry deductions
ments
deposiOor payment
on
(contra), $2,945; investments, $1; property accts
of unclaimed dividends
Reduction of
237
14,347
leases
having no value and charged to
38,550
29,565
21,838
24,771
8,527
operations
used in operations
municipal bonds to market value
Provision for Federal normal tax on income
a
Estimated Federal income
x
11,331
$9,370
25,379
Depletion and dry holes
Depreciation—
for
$20,701
$35,523
20,870
..
Federal income tax
Surrendered
$148,300
Total income
Taxes and repairs on plant not used in
Provision for depreciation of plant not
1936
1937
Years Ended Dec. 31—
Net operating income
Non-operating income
$111,482
36,818
received, rent and miscell. income
Provision for taxes
-Earnings—
Group No. 2 Oil Corp.
$190,687
79,205
Operating profit
Interest earned, dividends
31,200
$652,737
Net income
Earnings for Year Ended Dec. 31, 1937
Net profit
Dividends paid
17,062
Iy25,420
8.474
y25,764
stock
Federal income tax
(C. M.) Hall Lamp Co.—Earnings—
Sales, less cost of goods sold
Selling, general and administrative expenses
Provision for doubtful accounts
Intangible devel. costs-_
Depletion
Depreciation
subsidiary company, $6,157; deferred liabilities, $8,100; funded debt,
$3,753,500; reserves, $1,911; common stock (440,043 no par shares),
$2,200,215; surplus. $157,948; total. $6,417,328.—V. 144, p. 4179.
due to
$1,193,444
„
Sh. of oper. losses of Sig¬
nal Gas Co. of TexasSurrendered
(after reserve for depreciation of $509,427), $3,456,103; mines, mine
development and quarries (after reserve for depletion, $25,207), $1,766,566;
total. $6,417,328.
'
Liabilities—Accounts payable and accrued charges, $185,350; accrued
interest on bonds, $52,243; dominion, provincial and other taxes, $51,904;
$707,512
$839,290
Total income.
Assets—Cash, $164,766; accounts and bills receivable less reserve thereon,
$330,366; inventories, $506,243; deferred assets, $92,498; investments.
$55,529; investment in and advances to subsidiary companies, $34,302;
cash in hands of trustees for bondholders, $10,955; mines, quarries, &c.
w
$989,307
250,406
63,733
52.898
Gross oper. income
1927
Chronicle
and Provincial taxes.
Consolidated Balance Sheet Dec. 31,
1937
accounts receivable, $464,293; materials and
supplies and work in process, $733,386; investments (Dominion of Canada
bonds and accrued interest), $28,319; other securities, $35,350; lifb-PoHcy
cash surrender value, $9,550: deposits and tenders outstanding, $80,148
Assets-^Cash,
$1,932;
Financial
1928
deferred
(after
charges,
Chronicle
lands, buildings, machinery and equipment
of $541,902), $3,622,415; deficit, $58,979;
824,182;
Haskelite Manufacturing
for depreciation
reserve
Cost of sales
been
has
and
President
elected
director
a
of
954,802
.
Gross profit
Selling
expenses
$296,420
123,977
.
Administrative and general expense
Hanover Fire Insurance Co.—New President—
Hubbard
$1,251,223
Net sales
Liabilities—Accounts payable, $204,149; bank overdraft, $613,097; bank
deposits and tendes, $80,148; advances against contracts,
$26,786; provision for Federal and Provincial taxes, $2,600; reserve for
contingencies, $48,725; capital—614% cumulative 1st preferred stock,
$2,187,500; common stock (100,000 no par shares), $1,895,549; total,
$5,058,553.—V. 145, p. 764.
A.
Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1937
overdraft
Fred
Sept. 24, 1938
76,511
$95,932
19,197
Operating profit
Other deductions (net)
this
Federal income taxes
and the Fulton Fire Insurance Co. and will assume his new duties
Mr. Hubbard, who succeeds the late Montgomery Clerk, has
been chairman of the board of Globe & Rutgers Fire Insurance Co. and of
the American Home Fire Assurance Co.
He is resigning those positions.—
company
11,937
about Oct. 1.
—V.
Net profit
Assets—Cash, $162,469; notes and accounts receivable (net), $65,815;
inventories, $248,762; deferred charges and other assets, $69,826; fixed
assets (net), $544,819; contracts, patents, leases and agreements, $387,025;
total, $1,478,717.
Liabilities—Notes and accounts payable, $47,060; accruals, $29,293;
mortgage, $425,000; common stock ($5 par), $525,000; paid-in surplus,
$387,567; earned surplus, $64,698; total, $1,478,717.
Note—Paid-in surplus of $212,433 was applied to eliminate the operating
deficit of that amount at Jan. 1, 1937.—V. 145, p. 3498.
Harnischfeger Corp. (& Subs.)—Earnings1937
Years End. Dec. 31—
Operating
1936
a $1,993,892
Gross profit
Selling, oper.
—...
red. net book
val. of idle equip
1,246,708
loss$46,687 loss$416,623
58,085
54,889
$356,965
55,901
$401,796
Prov. for inv. writedowni
Prov,
$830,085
1,202,551
77,716
1
1934
$1,155,863
$279,249
$335,650
66,146
profit.
Other income
1935
a$l,725,655
1,446,405
1,658,243
expenses..
Hatfield-Campbell Creek Coal Co. (& Subs.)—Earnings
$11,398 ioss$361,733
60,164
151,053
1937
Net sales
63,261
20,337
x
80,488
10L269
$237,710
profit
$199,854
Cost of sales
x
Net
Other oper. income...
17:630
3L494
1936
1935
1934
$4,953,180
4,266,472
$4,786,402
4,149,086
$4,423,992
3,794,931
$3,953,302
3,315,888
$686,709
163,454.
$637,315
144,073
$629,061
134,810
$637,414
141,002
$778,416
Calendar Years—
to
Loss on disposal or props.
Taxes, other charges—
$64,798
—
Balance Sheet Dec. 31, 1937
1194.
147, p.
—
Gross profit from sales
loss$83,260 loss$530,416
and
Gross profit from oper.
Selling, delivery and ad¬
$850,163
$781,388
$763,871
Notes—Provision for depreciation amounted to $182,095 in 1937; $175,730
in 1936; $155,925 in 193.5 and $342,574 in 1934.
Provision for Federal
surtax on undistributed profits announted to $34,615 in 1937 and $6,186
in 1936.
ministrative expenses.
684,328
700,308
624,433
536,452
Net profit from oper..
Other income credits, in¬
$165,834
$81,081
$139,438
$241,964
a
House division
from operations
loss
(net)
was
$556,715
.n
1937
$227,294 in 1936.
35,642
33,131
34,586
37,914
$201,476
$114,212
$174,024
$279,878
terest, discount, &c_.
Interest on bonds.
55,214
47,569
Prov. for Fed. inc. tax..
23,088
5,168
52,065
8,935
43,531
55,922
12,551
64,303
60,341
25,815
$48,044
11,292
$62,020
11,182
73,154
$129,418
11,542
97,283
terest, rentals, &c_._.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash,
$328,195;
marketable securities, $108,741; notes and
(net), $1,799,809; inventories, $3,337,643; accrued
interest, $17,497; miscellaneous receivables, including employees' expense
advances, $26,415; compensation insurance fund, cash and marketable
securities (per contra), $53,565; other assets, $148,632; land, $244,279;
buildings, machinery and equipment (after reserve for depreciation of
$3,302,882), $1,937,509; patents, patterns, drawings, jigs, development, &c.
$1; deferred charges, $48,001; total, $8,050,287.
Liabilities—Notes payable to banks, $i,197,500; accounts payable, trade.
$314,119; accrued salaries, wages, and commissions, $183,563: accrued real
estate and general taxes, $109,954; sundry other accounts payable,
$51,580;
due to stockholder, $2,993; reserve for Federal income and surtax on
undistributed profits, $85,500; credits to be applied against future sales
$40,5/5; reserve for contingencies and foreign exchange, $27,134; reserve
for compensation insurance (per contra), $53,565; 5% cumulative preferred
stock, $90,700; 5% 2d preferred stock, $1,502,500; common stock (290,489
shares), $2,905,911; capital surplus, $1,323,253; earned surplus, $161,440;
total. $8,050,287.—V. 146, p. 2370.
accounts
Gross income
receivable
Hartford
Rayon Corp.—Earnings—
z
Apr. 1 '37
y
Jan. 1 '37
to
Dec.
Operating profit...
Provision for depreciation & selling,
administrative and general expenses
....
.
31
to
'37
$343,045
...
Mat. 31
x
'37
$139,232
Year End.
Dec.
31
'37
$482,277
212,117
77,204
289,321
$13/),928
$62,028
3,350
$192,956
$143,408
8,151
19,585
$65,378
$208,786
12,134
$115,671
87,680
$52,778
$27,991
$52,778
Other income charges in¬
Minority interest
C'r799
Net income
....
Prior pref. dividends...
$76,403
11,292
Participating pref. divs.
Depreciation and depletion have been charged off on property under
headings, aggregating $193,482 in 1937, $178,443 in 1936, $199,873
x
these
in
1935 and $190,621 in 1934.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $93,711; U. S. Treasury notes, $25,055; notes and accounts
receivable—customers (less reserve of $78,779), $747,578; employees' notes
and accounts receivable (including commissary accounts, &c.), $53,217;
other notes and accounts receivable, $7,282; inventories, $391,657; cash in
sinking funds for redemption of 1st mortgage bonds and prior preferred
stock, $3,753; investments, $45,873; insurance fund, $85,031; notes and
accounts receivable (not cm-rent), $35,024; real estate, coal lands, plants
and equipment (after reserve for depreciation and depletion of $2,089,428),
$4,863,107; deferred charge, $36,785; total, $6,388,074.
Liabilities—Mortgage notes payable within one year, $35,000; trade
accounts
payable, $113,584; miscellaneous accounts payable, $15,532;
salaries and wages accrued, $43,025; Federal income taxes (including sur¬
tax) $23,894; property and other taxes accrued, $56,291; royalties, interest,
&c., accrued $42,583; dividends payable, $2,954; long-term debt, $883,937;
reserve
for compensation insurance, &c., $32,251; royalties collected in
advance, $772; 5% cumulative prior preferred stock, $232,032; 5% noncumulative participating preferred stock, $1,955,300; common stock (52,880 no par shares), $264,400; capital surplus, $1,921,494; earned surplus,
$765,022; total, $6,388,074.—V. 145, p. 1902.
,
Operating profit......
Other income
12,480
Profit..
Other deductions....
Provision for Federal income taxes
Net profit
Dividends paid on preferred stock.__
a Balance of net
earnings.
Amount reserved for preferred stock
retirement
sinking fund...
Combined
report,
28,203
Havana Docks
"$168,449
87,680
2,799
$80,769
$25,192
lease of piers
Other income
$52,778
$77,970
y
poration.
1935
1934
$1,927,227
1,390,763
$1,873,617
1,288.697
$1,691,093
1,164,939
$1,637,961
1,116,769
Net operating profit..
Other income.
$536,464
$584,921
24.881
20,119
$526,154
23,773
$521,192
28,471
Total oper. profit
Interest on funded debt.
Other deductions
Provision for inc. taxes..
$561,346
128,287
$605,040
122,941
$549,927
24,511
33,581
a94,569
46,178
60,700
$549,663
134,004
29,322
59,000
Net income.
Partic. pref. divs
$325,705
$353,949
47,397
$329,103
140,433
$327,335
140,433
expenses..
5H%
cum. pref. divs__
Common stock divs
a
Including surtax
on
a82,843
66,000
150',000
113.946
44,002
150,000
undistributed
25,000
25,000
profits.
Int.
Balance Sheet Dec. 31, 1937
Assds—Demand deposits and cash on
hand, $178,447; marketable se¬
$175,012; securities of affiliate, $209,475; notes and accounts
receivable
(after reserve for doubtful accounts of
$43,920), $114,828;
inventories
$68,809; other current assets, $47,146; investments. $118,362;
Property, Plant & equipment (after reserve for depreciation of $1,080,088),
$648,752; intangible assets (Associated Press
memberships, circulation,
good win. franchises & advertising
patronage). $4,787,500; prepaid expenses
^deferred charges, $25,598; unamortized debenture discount & expense,
$57,823; unamortized debenture & stock
refinancing expense, $37,399;
total, 3po,4o9r15o.
LioWife
Accounts payable
(trade), $6,170; accrued liabilities, $185,payable, $799; accrued dividend on preferred stock,
deferred income, $5 949; funded debt,
$2,828,000; 5H% cumuaccounts
$11,000;
i^Av£J?re£erre<^ 8tcck (par $50), $1,200,000;
common stock (no par value:
$410,000; surplus arising from revaluation of
intangible
;^Ks|t469^30-V°^4Crp1'l962'1'316'3S9;
on
funded debt.
unfunded debt._
Amortization
of
bond
on
1934
10,098
8,422
$649,992
$649,588
$648,236
$579,004
y$456,981
22,179
9,676
y427,467
22.088
13,884
392,877
21,882
12,690
356,876
9,509
.
$570,582
58,209
7,282
2,397
2,397
2,396
5,581
Net inc. for the year..
Previous earned surplus.
$158,758
371,675
$183,751
327,924
$218,388
223,015
$151,054
234,063
$530,433
$511,675
$441,403
140,000
140.000
140,000
CV26.519
140,000
$390,433
$371,675
$327,923
$223,015
Total surplus.
Provision for
cum.
Collection of accounts.
x
'
$385,117
pref.
stock dividends
Discount not previously
amortized
tired
on
during
Earned
ance
bonds
re¬
22,102
year
surplus,
bal¬
Dec. 31
x Against which bad debt
provision was made in prior years by charge
against earnings,
y Including $4,237 in
1937 and $7,200 in 1936 U. S.
surtax on undistributed profits.
Assets—Concession, piers, equipment, &c., $9,048,684; deferred charges
operations, $13,967; special deposits, $37,406; real estate held for sale,
$14,560; deferred account receivable, $268,990; cash, $7,551; accounts
receivable (le6S reserve for doubtful accounts), $59,160; total, $9,450,318.
Liabilities—7% cum. pref. stock $2,000,000; com. stock (46,380 shs.,
no par),
$1,855,200; funded debt, $442,088; current liabilities, $203,396;
deferred income (paid in advance by United Fruit Co.), $261,855; accrued
dividends on cumulative preferred stock, $2,747,500; reserve for depre¬
ciation and amortization of properties and concession, $1,251,020; capital
surplus, $298,825; earned surpuls, $390,433; total, $9,450,318.—V. 145,
to
p. 281.
Haverhill Gas Light
Period End. Aug. 31—
Operating revenues
Operation.
SUrP'U8' S505 009;
Co.—Earnings—
1938—Month—1937
$43,733
$45,734
1938—12 Mos—1937
$567,183
$562,803
26,443
2,219
7,589
27,916
3,160
7,328
365,934
28,721
87,868
360,901
28,590
83,999
$7,482
$7,330
1
$84,660
69
$89,312
$7,482
2,917
$7,331
2,917
$84,728
35,000
$89,381
35,000
Interest charges
$4,656
109
$4,415
170
$49,728
2,022
$54,381
2,259
Net income
$4,456
$4,245
$47,707
39,312
$52,121
58,968
Maintenance
Taxes
curities
100,000 shares),
1935
$638,138
Consolidated Balance Sheet Dec. 31, 1937
(The) Hartford Times, Inc.—Earnings—
Earnings.
Oper.& other
1936
$640,079
discount and expense.
$52,556; cash value—life insurance policy, $2,101; in¬
deposit, $2,463; accounts receivable, $29,236; inventories, $413,973;
material in transit, $21,557;
property, plant and equipment (after ac¬
cumulated depreciation of $867,942),
$1,221,827 construction in process,
$2,432; employees' old age contribution fund, $283; deferred charges,
$20,195; organization expense, $9,957; total, $1,776,580.
Liabilities—Mortgage note instalments—current, $48,000;
accounts
payable, $81 $12; accrued expenses, $61,763; reserve for employees' old
age benefits contributions,
$315; mortgage note instalments—deferred,
$84,000; dividend notes payable—series A due 1941, $78,912; reserve for
preferred stock retirement and sinking fund, $2,799;
8% cumulative, nonparticipating preferred stock, $274,000; common (par $1) stock, $589,856;
surplus arising from revaluation of property, plant and equipment, $156,338; capital surplus, $602,750; deficit, $204,065; total, $1,776,580.—V.
145, p. 3657.
1936
_
Oper. & gen. exps., taxes,
deprec.& amortization
Interest
Condensed Balance Sheet Dec. 31, 1937
Assets—Cash,
surance
1937
1937
$640,805
9,186
2,799
Connecticut Corp.
z Delaware Corp.
a Sub¬
ject to the application of 10% provision contained in charter of the cor¬
Calendar Years—
Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Income from operation &
Total gross earnings.
Balance of net earnings transferred
to surplus
x
3,982
8,618
15,830
Net oper. revenues
Non-oper. income (net).
Balance
Retirem't res. accruals._
Gross income
Dividends declared
—V. 147, p. 1340.
*
6$
Haverty Furniture Cos., Inc.—o-Cent Dividend—
Directors have declared
stock,
par
$5,
amounts were
1340.
a dividend of five cents per share on the common
payable Sept. 24 to holders of record Sept. 19.
Similar
paid on Aug. 23, June 24 and on May 25 last.—V. 147, p.
Financial
147
Volume
Hawaiian Commercial &
share on the capital
$25, payable Nov. 15 to holders of record Nov. 5.
Like amount
was paid on
Aug. 15, last, and previously regular quarterly cdividends
75 cents per share were distributed.—V. 145, p. 3657.
par
Herbrand
Maintenance and repairs..
$1,041,081
...
_
130,891
___
43,815
Depreciation
26,620
manufacturing
Texas chargeable to
479,166
Other manufacturing expenses
Gross profit from sales
$360,589
250,503
...
Selling and administrative expenses.
_
Provision for doubtful accounts-
----— -
Net profit from operations
Income deductions (net)
Federal normal income tax
4,616
— -—
—
$105,471
— .
33,817
10,582
11,915
-_t.;
•;
—
undistributed profits
on
Net profit........
$49,157
—
...
Balance Sheet Dec. 31,
Assets—Cash, $2,266; note, acceptances
mortgage
(amended) will become due Oct. 1, 1938, and
date as follows:
should be
bonds and notes
detached and presented for payment on that
Bond coupon No. 5 (2)4%)—City Bank
22 William St., N. Y. City.
Note coupon No. 5 (2H%)—Grace
Holt, Renfrew & Co., Ltd.- -Earnings-
1937
Hibbard, Spencer, Bartlett & Co .—Dividends—
dividends of 15 cents per share each and one
dividend of 20 cents per share on the common stock, par $25.
The 15
cent dividends will be paid on Oct. 28 and Nov. 28 to holders of record
Oct. 18 and Nov. 15, respectively.
The 20 cent distribution will be made
on Dec. 30 to holders of record Dec. 20.
For record of previous dividend
$136,834
$56,382
44,280
45,518
26,752
3,000
44,031
12,731
3,000
loss$ll,122
45,825
3,396
3,000
x$3,381
x$63,345
__
Depreciation
1,270
__
1,973
written off..
Bond disc,
Prov. for Doui. & Prov.
income
10,046
x
Earnings for the Year
Ended Dec. 31, 1937
Net sales.
Net
...
$35,423) — ;
general expenses—
$2,592,123
1,975,858
$616,265
419,710
—
Indicates loss.
1,722
...
$198,277
61,352
8,642
28,219
Profit
funded debt..
.... —.......
— ...
unfunded debt..
Federal income tax and surtax on
undistributed profits.. —
...
$100,064
Net income
-■
Balance Sheet Dec. 31,
1937
Assets—Cash, $84,616; notes, trade acceptances,
wages, interest, &c., $42,572; accrued taxes (Federal), $40,495; reserve for
rebates, $37,877; 16-year 6lA% sinking fund gold debentures, $926,000;
$7 cumulative preferred stock $815,400; common stocks (101,530 no
par
shares), $103,100; surplus, $222,567;total, $2,542,095.—V. 146,p. 2044.
Hill Manufacturing Co.—Earnings-Years Ended52 Wks.End. 53 Wks.End.
Jan. 1 *38
Jan. 2 '37 Dec. 28 '35 Dec. 29
Profits from
$2,530,033
$2,448,280
2,402,855
2,341,369
$1,820,955
1,862,720
$105,454
188,509
$127,178
186,775
5,006
$106,910
def$41,765
179,756
3,606
200,003
$77,284
1,124,761
$64,603
1.093,599
034,936
$76,452
1,044,920
028,197
$241,513
795,568
3,338
14,453
1,495
424
$1,219,836
Cost of sales.
Interest
$1,124,761
opera'ns.
expense
Cr5,771
Miscellaneous expense
Net loss for year
Deficit at begin, of year.
Profit
on
'34
$2,813,469
2,708,015
sales
bonds purch'd.
Chgs. on acct. of disc, of
fixed assets
Chgs. applic. to pr. yrs.
Def. at end of year
0254
"7",838
$1,093,599
$1,044,920
receivable (net), $223,323; inventories,
$411,845; investments, $120,172; fixed assets (after reserve for depreciation
of $1,672,343), $2,187,552; prepaid expenses, $23,366; margin deposited
on raw material contracts, $166; total, $3,063,703.
Liabilities—Bank loans, $250,000; accounts payable, $39,933; accrued
liabilities, $25,208; reserve for markdown of raw material contracts, $15,878;
provision for taxes, $65,093; notes payable (deferred) and interest, $2,800,427; 1st mtge. convertible 6% bonds, $287,000; capital stock (20,000 shs.,
no par), $800,000; deficit, $1,219,836; total, $3,063,703.—V. 145, p. 2393.
Ltd.—Earnings—
Hollinger Consolidated Gold Mines,
1937
1936
1935
$14,877,898 $14,606,176 $14,126,842
198,916
219,106
220,372
$15,076,814 $14,825,282 $14,347,214
Total income
$14,177,263
8,227,886
7,430,020
Operating charges
8,315,151
8,149,696
Taxes
1,000,469
1,040,671
856,089
653,627
573,712
185,276
248,581
65,914
Depreciation, &c
Workmen's
compens.
&
1
•
35,257
silicosis assessment
Net income..
$5,187,481
5,412,000
$5,449,638
5,412,000
def$224,519
$37,638
$1.05
Balance, surplus
$5,014,658
4,428,000
$1.11
.....
Dividends
Earns, per sh. 4,920,000
shs. cap. stk. (par $5)
$5,992,445
6,888,000
$586,658 def$895,555
$1.22
$1.02
Balance Sheet Dec. 31
1937
Ltabiltlles-
JjL88Ct8-*~~~
Mining properties.22,486,085
860.475
Plant
....
Exp.
on
22,490,685
241,670
Wages unpaid
Res
Mines
126.682
461,020
(Hislop prop.)..
in other cos.
593.683
419,407
1,389.438
58,350
345,919
960,000
Co., Saginaw, Mich.— Earnings—
Home Dairy
1937
1936
1935
1934
$1,949,233
1,259,252
.1U ,756,140
1,119,981
$1,481,809
914,524
%; 1,410,106
861,889
666,700
611,268
550,763
531,280
$23,281
3,781
Cr8,090
3,700
$24,890
3,854
GY5.187
3,100
$16,521
5,395
GY4.085
2,055
$16,937
5,746
GY3.999
Net profit
Class A stock dividends.
$23,890
15,901
$23,123
34,347
$13,156
35,718
$13,100
19,510
Calendar Years—
Sales.
Cost of
goods sold
Store, general & adminis¬
tration
expenses
Operating profit
Other
deductions
Other income
6.182,569
6,311,259
5.408,247
property..
Surplus...
Exp. on Ross Mine
Balance Sheet Dec. 31,
1937
$66,363;
payable,
capital stock and surplus class A stock (15,901 no par shares),
class B stock (85,010 no par shares), $425,050; capital surplus,
earned surplus, $127,741; total, $1,137,428.— V. 145, p. 3974.
Hook
Drugs, Inc.—5 Cent
Bullion in transit.
Accts. receivable.
*
Accrued interest..
Investments
x
Dividend—
have declared a
Hudson & Manhattan RR.—New Director—
of the Board of Directors, announced that
the regular meeting of the board of directors held Sept. 2], Lewis L.
Straus* was unanimously elected a member of the board to fill the vacancy
caused by the death of the late Jerome J. Hanauer.
"Mr. Strauss,' a
member of Kuhn, Loeb & Co. and director of many other corporations,
because of his wide experience with problems of railroad finance will add
strength to the Hudson & Manhattan board." Mr. Brown stated.
at
Condensed
Income
Statement
1938—8 Mos.—1937
$4,778,050 $ 5,175,935
1938—Month—1937
Period End. Aug. 31—
436,454
p.
charges
Including
$1,243,144
95,253
$1,770,804
98,871
$168,849
290,002
$1,338,398
2,303,103
$1,869,675
2,323,765
$137,726
Gross income
x
3,405,131
$156,050
12,799
$121,153
$964,705
$454,090
_
Operating income
Non-operating income. _
Income
3,534,906
$138,056
11,950
$150,006
287,731
Oper. expenses & taxes.
x
$597,012
440,962
$574,510
Gross oper. revenue
interest
adjustment
on
income
bonds
Hupp Motor Car
Annual meeting of
5% .—V.
3,000,000 shares, has been
Sept. 29.
Edward Rothbart. Secretary,
other plans, directors had decided to
increase
authorized stock.—V. 147, p.
Illinois Northern
See
in authorized
adjourned to
told stockholders that, because
abandon its
1639.
Utilities Co.—Pref. Stocks
2538.
Illuminating & Power Securities
Called—
Corp.—Earnings
1937
July 31—
investments;
Cash dividends received
Div. on Corn Products Refining Co. com. stock
paid on Allied Mills, Inc. com. stock, at mar¬
ket value the day of distribution
Bond interest received and accrued
Miscellaneous interest—
Years Ended
from investments
Total income
...
1938
$.163,753
securities sold
for the year
293
- — --
.
-
31, 1937
$444,706
$428,937
4
20,94%
$415,306
6,633
$407,989
46,711
$361,278
-—
3,147,737
$3,580,188
^7,500
345,000
-
dividends
Surplus at July
81,913
3,171,515
Preferred dividends
32,309,676 32,443,943
80,936
16
$408,673
.
July 31
Total
$346,727
29,400
—
Surplus balance at
$165,424 in 1937 and $52,874 in 1936.
of
recommendation to
Commonwealth Edison Co.—V. 146, p.
Net income
10,557
147,
Corp.—Meeting Adjourned—
stockholders called to approve an increase
stock from 2,000,000 to
common
Net loss from
Total
at
1781.
Balance
554.407
....32,309,676 32,443,9431
After depreciation of
$267,343;
stock, no par value,
Common
Total
$159,010;
dividend of five cents per share on the
payable Oct. 1 to holders of record Sept. 20.
Like amount was paid on July 1 last and compares with 12
cents paid
on April 1 last; 25 cents paid on Dec. 15 and Oct. 1, 1937, and dividends
of 12 lA cents per share paid each three months from April 1, 1935, to
July 1, 1937, inclusive.—V. 147, p. 113.
The directors
common
Expenses and taxes
Cash on hand and
in banks.......
(other than
payable—State, local and Federal
taxes
income), $16,835; due to officers, directors and employees, $8,208; accrued
interest and other expenses, $2,914; Federal tax on income $3,700; land
contract and real estate mortgage, $14,000; long-term indebtedness, $17,000;
Int.
and
2,090
Assets—Cash, $31,236; trade accounts receivable (less reserve of $750),
$9,666; inventories, $162,979; investments and other assets, $5,929; prop¬
erty and equip, (net), $875,650; deferred charges, $51,966; total, $1,137,428.
niaoilities—Notes and trade acceptances payable, $29,264;
accounts
68.916
Ltd.
Mfg. Co., Ltd.
950,000
for taxes and
contingenc'es...
855.658
6.923
5,284.225
■
236,765
228,893
338,214
1,141,987
641,949
441,857
$
493.551
Deferred charges..
$
717,184
properties..
1936
Capital stock.....24,600,000 24,600,000
Accounts payable:
Young-
Davidson
deposit with fire insurance
Income from
1937
1930
x
receivable, $23,105; cash, $40,852; cash
$55,720; deferred charges, $26,508; total, $3,552,629.
Liabilities—Capital stock, 7% eu
ulative preferred stock, $1,000,000;
common stock
(10,000 shares), $1,000,000; mortgage payable, $415,000;
bank loan, $505,000; accounts payable and accrued liabilities, $28,958;
prepaid storage and sundry credit balances, $10,567; provision for Do. inion
ana Provincial incon e taxes, $9,908; accrued a ortgage interest, $6,917;
reserves, $86,638; surplus, $489,641; total, $3,552,629.—V. 145, p. 2393.
1934
$13,988,824
188,439
Calendar Years—
Other revenue
$1,159,913; shop furniture and fixtures,
Walter F. Brown, Chairman
Condensed Balance Sheet Jan. 1, 1938
Assets—Cash, $97,277; accounts
Production
buildings,
and accounts receivable
(net), $316,380; other accounts receivable, $6,514; due from H. F. Morris
Co., $43,721; inventories, $1,146,492; cash surrender value, life insurance,
$13,5u0; insurance deposits, $2,630; investments, $3,824; plant and equip¬
ment (after reserve for depreciation of $405,115), $888,679; goodwill, $1;
deferred charges, $6,335; total, $2,542,095.
Liabilities—Notes payable, $310,000; accounts payable, $44,084; accrued
Net
Balance Sheet Jan. 31,1938
and
Assets—Land
Prov. for Fed. inc. tax..
Otherincome
Interest on
$56,215
automobiles, &c. (less depreciation), $152,345; goodwill, $772,454; inven¬
tories, $846,410; trade accounts receivable (less reserve), $419,602; other
$196,555
profit on operations...—
Interest on
5,348
$43,741
taxes
underwriters, $55,719; in vesta ent in and advances to Huron
Hightstown Rug Co.—Earnings—
1935
1936
$101,311
Operating profit
Interest
1937
1938
Years End. Jan. 31—
accounts
2044.
Gross profit on sales
Selling, administrative and
Farmers Trust Co., trustee,
National Bank, trustee, 7 Hanover
Square, N. Y. City.
Commencig Oct. 1, 1938, holders of new notes (which do not carry
should present them at Grace National Bank, New York, at
which time interest of 2 H % of the face amount thereof will be paid by
check and notation of payment endorsed thereon.
If coupons dated Dec. 31, 1936 (No. 2), Dec. 31, 1937 (No. 3) or April 1,
1938 (No. 4) are still attached to the bonds or notes (amended) they should
also be presented.—V. 147, p. 1490.
Directors have declared two
sold (depreciation provision
mortgage
coupons)
Net profit.
Cost of goods
share in addition
F. L. McCarty, President, in a letter to all holders of first
bonds, 7% notes (amended) and new notes, states;
The second fixed interest coupons appurtenant to the first
and accounts receivable (net),
$133,618; inventory, $387,883; fixed assets (net), $560,618; deferred charges
to operations, $48,888; other assets, $16,745; total, $1,150,020.
Liabilities—Notes payable, $59,594; accounts payable, $187,604; ac¬
crued items payable, $43,284; long-term debt, $145,084 ; 6% non-cumula¬
tive preferred stock, $274,200; common stock ($1 par), $l00,00d; surplus
(including paid-in or capital surplus), $346,782; treasury stock (173.5 shs.
of preferred at cost), Dr$6,527; total, $1,150,020.—V. 136, p. 334.
payments see V. 146, p.
-
regular monthly dividend of 5 cents per share on the capital stock,
both payable Oct. 7 to holders of record Sept. 23.
Similar amounts were
distributed in preceding months.
See also V. 147, p. 113 for record of
previois dividend payments.—V. 147, p. 1639.
(R.) Hoe & Co., Inc.—Interest—
1937
Earning for Year Ended Dec. 31,
'•
Directors have declared an extra dividend of 5 cents per
to the
Corp.—Earnings—
Gross sales
Surtax
Usual ExtraDividend—
Sugar Co., Ltd.—50-Cent Div.
Directors have declared a dividend of 50 cents per
stock,
1929
Chronicle
$3,509,015
$3,147,688
$3,171,515
2o0,000
Financial
1930
Balance Sheet July 31
Accrued
Stocks
at
&
Divs.
bonds
$6,905,163 $6,934,165
234,074
225,095
cost
Cash
Accrued interest on
lnvestni't
26,393
25,320
bonds
1938
payable
1937
$19,993
taxes.:._
$17,264
71,875
71,875
7% cum. pref. stk.
1,250,000
(par $100)
Com.
stock
(par
$50)
2,.500,000
Reserve account—
175,000
1.250,000
175,000
3,171,515
-V. 145, p. 3820.
1938
Gross from railway
Net from railway
Net after rents
—V. 146, p.
1936
1935
$517,631
186,149
191,508
$494,489
185,900
127,533
$460,567
151,795
107,567
3,421,233
929,377
438,389
Net after rents
1937
$469,720
140,521
79,507
4,133,945
1,496,028
1,009,612
3,872,033
1,396,008
959,792
3.358,608
1,014,986
681,229
2210.
Indiana
Industrial Securities
Service Co.—Hearing—
584,028
529,708
$1,194,990
483,945
124,595
$1,254,870
572,073
125,802
$586,450
depreciation
Oper., maint. & retirement, or
1937
$2,592,098
807,521
$556,995
All Federal and local taxes
Net income-
-
Interest charges
Other deductions
—
Balance available for dividends
Sheet
Balance
Profit
20 ,500,618 20,328.160
1 313.262
Market,
2,801,187
261
1937
$
Preferred stock..,
$
.
1,054,900
1,054,900
.
5,250,000
6,250,000
indebt... .13,827,000
13,827,000
Common stock..
Funded
821,406
securities
Consumers' deps.,
Acc'ts receivable..
284,380
283,834
Other
llab...
96,755
48,217
Mat'ls & supplies.
95,861
21,420
7,123
108,531
Main ext. depos..
38,281
Notes receivable
Inv'ts—general...
Prepayments
527
Special deposits...
curr.
21,872
Accrued
11,370
1,103
Other
taxes
accr.
expense.....
1,114,398
1,217,884
Undlstrlb. debits..
350,378
93,736
41,454
38,281
557,655
627,912
97,081
Accrued interest.,
liabil..
Reserves-
TJnaraort. dt. disc.
.
95,801
22,702
1,802,453
23,887
1,727,907
2,318,330
254,748
&
24,509,375 25,028,950
Total
-V.
1,412
40,056
bonds purcfa..
2,375
19,215
$830,117
277,216
$1,000,180
y529,708
436,362
Corporate surplus.
Total
.
$1,500,578
29,411
z84,335
16,222
57,622
1,644,071
24,509,375 25,028,950
147, p. 1341.
on
declared an extra dividend of 6H cents per share in
addition to the regular quarterly dividend of 32 cents per share on the
common stock, both payable Oct. 1 to holders of record Sept. 19.
Like
amounts were paid on July 1, April 1 and Jan. 3, last, July 1, 1937 and in
each of the seven preceding quarters.—V. 146, p. 4118.
■:j, Interborough Rapid Transit Co.—August Earnings—
Thomas E. Murray Jr., as receiver, in his monthly report states:
Traffic—The subway division during the month of August carried 52,590,580 passengers, a decrease of 2,358,430, or approximately 4.29%, as
compared with August, 1937.
All lines on this division carried less traffic
than in the corresponding month of last year, with the exception of the
Pelham Bay Park line, which reported a slight increase.
The rate of
traffic on the division was actually lower by approximately 6.25% as
compared with August, 1937, as the month had four Sundays this year,
whereas last year there were five Sundays.
Compared with the preceding month, the loss in traffic in August was
4.29% as against a loss of 6.63% in July over the corresponding months of
last year.
This reduction in loss did not represent an improvement in
traffic as the irregularities in the calendar should account for an improve¬
ment of approximately 4%.
The net result, therefore, is a decline in the
rate of traffic from the preceding month of approximately 1.5%.
The Manhattan Divison during the month of August carried 15,447,654
passengers, a decrease of 768,164, or approximately 4.74% as compared
with August, 1937.
All lines reported less traffic than in the corresponding
month of last year.
Taking into account the irregularity of the calendar
the rate of traffic was lower by approximately 6.75% than in August, 1937.
Compared with the preceding month, the loss on this division in August
was 4.74% as against a loss of 10.95% in July.
After correcting for varia¬
tion in working days the net result was an improvement in rate of traffic
of approximately 2%.
This was undoubtedly due to the warm weather
during August, the Subway Division having shown a decline.
oper.
19,870
ex¬
$1,092,157
Bond interest..:
on own
$1,671,947
255,957
211,796
11,770
__
bonds purch
289,108
470
"4,292
loan
on
Deprec. and depletion__
on sales of capital
520,949
assets, net
Federal & State income
Cr443,685
taxes, estimated
Surtax on undistributed
72,000
63,000
18,000
12,000
$701,328
$770,154
200,000
$0,003
300,000
$0.16
570,366
Profit
profits (estimated)
Net profits.
Preference dividends
Earn, per share on com.
1,030
$23,193
$269,388
Nil
Nil
Effective July 1,
1935, the company resumed charging depreciation
appraised value was greater than the book value.
The
effect of this change in accounting policy was to increase the depreciation
charge and decrease the net profit for the current year by approximately
$71,000.
z After deducting $16,259 ($8,195 in 1937) excess of dividends
received over corresponding equity in net nearnings of affiliated companies,
on
assets where the
not consolidated.
>
John J.
Watson, President, says in part:
During the year we sold our half interest in the Kaliwerke Sollstedt
Gewerkschaft, located in Germany.
Of late years we have received no
benefit from our holdings in this company, and with the German regulations
and restrictions on its mining quota, the company could not operate at a
profit.
Further, as under German laws we were subject to assessment for
required additional capital, it seemed for the best interest of the corporation
to sell the shares.
We received 1,600,000 marks for the 50 Kuxe owned by
us.
These funds, because it was impossible to get them out of
Germany,
were invested in the shares of the Kaliwerke Salzdetfurth Aktiengesellschaft,
one of the largest of the German potash companies.
These shares are listed
on
Industrial Credit Corp. of New England—Extra Div.—
Directors have
37,476
receiv'les
on
Total income
y
1938
Liabilities—
$
$
Assets—
Cash.
31
Aug.
1937
1938
Fixed capital
of affile
$1,004,770
38,164
z33,001
of dividends rec.
cess
through
Interest
1938
$2,594,609
815,591
Corp. (& Subs.)—Earnings
$883,563
Proportion of prof, in
Loss
12 Months Ended, Aug. 31—
Corp.—Smaller Preferred Dividend
$753,738
30,397
42,195
Int. & discount earned
Dividends received
A hearing has
Gross revenues—
and
Consolidated Income Account for Years Ended June 30
'
1938
1937
1935
1936
Gross profit from oper.. $2,432,938
$2,795,300
$2,000,592
$2,116,847
Operating, &c.. exp
1,428,168
1,294,722
1,246,854
1,233,283
mission's Washington
Indianapolis Water Co.—Earnings—
step
1341.
p.
International Agricultural
previously written off
been set for Sept. 28 at the Securities and Exchange Com¬
offices on the application (File 32-103) of company
n regard to the proposed issuance and private sale of $6,500,000 first mort¬
age bonds, 3 34%. series due Aug. 1, 1968, to a limited number of purhasers.
The proceeds of the securities are to be used to retire outstanding
ndebtedness and for other purposes.—V. 147, p. 1639.
a
Directors have declared a dividend of 9 % cents per share on the 6%
preferred stock, par $25, payable Oct. 1 to holders of record Sept. 13.
Dividends of 18% cents were paid on April 1 and on Jan. 17, last, and
previously regular quarterly dividends of 37 H cents per share were dis¬
tributed.—V. 147, p. 574.
Collections
General
also
was
as
in the direction of conciliating differences between the bond committees
Earnings—
Illinois Terminal Co.August—
Gross from railway
Net from railway
Otis A. Glazebrook Jr., partner of G. M.-P. Murphy & Co.
elected to the board to represent the 7% noteholders.
The election to the board of these two directors is considered
Interborough stockholders.—V. 147,
Total..... —$7,164,556 $7,185,654
$7,164,556 $7,185,654
public.
2,500.000
3.147.688
Surplus
Total
Sept. 24, 1938
resignation of Grover A. Whalen, who was on the board representing the
Liabilities—
1937
1938
Assets—
Investment secure
Chronicle
the Berlin Bourse.
During the year we have extended our fertilizer operations by building a
plant at Greeneville, Tenn., and at Chicago Heights, 111.
These plants will
serve agricultural areas not accessible from our present plants and in terri¬
tories where the use of fertilizer is increasing.
In the report for the year ended June 30, 1937, we made reference to a
sale of phosphate rock lands to the Tennessee Valley Authority, com¬
pleted after the close of that fiscal year.
The proceeds of this sale, made
upon reasonable terms, were used to retire outstanding first mortgage bonds
of the corporation.
The properties sold contained over 6,300,000 tons of
phosphate rock suitable for furnace operations, and were sold by the cor¬
poration because it felt that it could not operate the properties successfully
In competition with this Government Agency.
Further, the properties
were not needed for the other immediate business of the corporation.
Consolidated Balance Sheet June 30
1938
Assets-
1937
$
Rl. est., plant, &c. 19,280,805
Investments
838,864
2,949,942
3,922,109
1,733,730
1,278,143
2,271,108
1,924,432
54,839
54,972
57,404
83,334
b Accts. and notes
receivable
Inventories
Due from affils.—
__
3 ,892,000
170,348
5,633,000
249,227
1st mtge. bonds.
Due to
affils.
not
consolidated
3,189
16,269
279,661
243,302
interest,
taxes, &c.
Res. for insurance.
taxes, &c
Investment in co.'s
799,000
....
Insurance fund
unmined
$
2,250,000
_
52,309
48,735
1, 365,395
2, 867,382
1,365,395
2,366,054
Capital surplus
6, 326,043
6,326,043
48.734
32,361
52,309
Res. for conting..
Earned surplus
Prepaid insurance,
securities
Common stock.
10,000,000
2 250,000
a
Accrued
non-co nsol
Overburden
$
Prior pref. stock..10 ,000,000
Accounts payable-
773,828
Cash
1937
1938
Liabilities—
$
19,511,655
36,006
from
phos¬
phate property.
Cash In sink. fund.
774
Subway Division Operations
Period End. Aug. 31—
Total
1938—Month—1937
$3,034,124
2,235,691
2,281,284
1938—2 Mos.—1937
$5,922,286
$6,095,505
4,478,583
4,489,972
Gross operating revenue $2,990,997
Operating
expenses
Net operating revenue
$709,712
$798,433
186,790
Taxes
168,844
$1,443,703
370,426
$1,605,533
27,206,326 28,498,025
Total
27,206,326 28,498,025
Represented by 436,048 no par shares,
b After deducting reserves of
52,806 in 1938 and $412,879 in 1937.—V. 146, p. 3503.
a
International Radio Corp. (&
Sub.)—Earnings—
Consolidated Statement from Aug. 1, 1937 to July 31, 1938
341,616
Net sales
Income from operation
Current rent deductions
$522,923
218,708
$629,590
218,708
$1,073,277
437,415
$1,263,917
437,415
Balance
Used
for
$304,215
$410,882
$635,862
$826,502
79,603
66,247
117,022
44,364
$224,612
$344,635
$518,840
$782,138
Balance, city and co—
Payable to city under
No.
Gross profit on sales.
-
Selling, general & administrative expense'
$605,061
509,541
of
purchase
assets of enterprise
contract
$2,730,690
2,125,629
Cost of sales
Net income from operations
Other income—net
i
$224,612
879,324
$344,635
848,699
$518,840
1,758,648
$782,138
1,697,399
Net income from oper
$654,712
$504,065
$1,239,807
Non-oper. income
Dr31
0780
Cr 743
$915,261
Crl,561
Balance, deficit
$654,743
$503,285
$1,239,064
$913,700
Manhattan Division Operations
Period End. Aug. 31—
Gross operating revenue
1938—Month—1937„
$858,210
955,222
$867,786
956,323
Net operating loss
$97,012
.Rental of jointly operated lines:
Queensboro line
$5,223
Lexington Avenue line
3,914
White Plains Road line
3,844
Other rent items
6,445
1938—2 Mos.—1937
$1,664,147
$1,735,915
1,884,678
1,851,871
$88,536
Operating expenses.
$220,530
$5,002
3,771
3,563
$115,956
$10,322
7,790
7,659
12,803
6,538
$9,976
7,508
7,128
13,077
$19,426
Balance of oper. deficit
$18,873
$38,575
$37,690
$116,437
$107,410
$259,105
$153,646
26,628
Net income before Federal income taxes
Federal income taxes
3
Gross inc. from. oper.
Fixed charges
$95,520
-
Balance
Dwight F. Faulkner Jr., chairman of the protective committee for 6%
a
vacancy caused
by the
$99,040
15,844
Surplus adjustments—Federal excise & income taxes
Total additions to surplus
$114,883
Dividend
94,200
Net addition to surplus
Earned surplus, Aug. 1, 1937
$20,683
32,306
Earned surplus, July 31, 1938
Earns, per share on 188,400 shares common stock (par $1).
$52,989
$0.53
Consolidated Balance Sheet, July 31
Assets—
1938
Cash
$194,204
285,944
263,968
.
Inventories
Cash
surr.
321,516
plant
assets
1938
Total
$98,596
1937
$311,426-
50,000
7,000
Taxes—income
23,109
43,864
27,672
8,268
2,990
130.549
33,405
15,954
Other curr. liabil's
57.608
45,817
213,726
213,726
Paid-in surplus
265,301
265,301
Surp.
acq'd
from
wholly owned sub
Earned surplus
—V. 147, p. 1781.
.
Notes
Cap. stk. (par $1).
3,509
135,840
&
equipment—net
Def. chgs. & other
Liabilities—
Accounts—trade.
Taxes—other
value of
life insurance
Prop.,
1937
228,432
$108,496
Receivables—net
New Directors—
notes, was elected to the board of directors to fill
$122,149
23,109
$773,649
$951,157
Total
t
4,052
4,052
52,989
32,306
$773,649
$951,157
Volume
Financial
147
Jewel Tea Co.—Sales—
International Shoe Co.—Army Contract—
The Boston Army Quartermaster awarded contracts totaling $280,000
this company for 66,360 pairs of service shoes at $2.22 per pair and
33,816 pairs of leather boots at $3.94 per for the regular army.—V. 147,
p. 1341.
to
International Silver
1931
Chronicle
Company reports that its sales for the four weeks ended Sept. 10, 1938,
$1,696,629 as compared with $1,705,383 for parallel weeks in 1937, a
decrease of .51%.
Sales for the first 36 weeks of 1938 were $16,229,097 at, compared with
$15,775,307 for a like period in 1937, an increase of 2.88%.—V. 147, p. 1491,
were
Co.—Special Meeting—
Jonas & Naumberg
It is reported that company intends to issue a call for a special meeting
on or about Oct. 27 but until the notice is issued, officials decline
The
to be held
to state the purpose
of the meeting.
Press reports states it is supposedly for action in connection with its
59,547 shares of 7% preferred stock, on which there is currently $15.75 a
share dividend arrearage.
In March last year a plan of recapitalization
was proposed authorizing issue of 108,000 new shares of prior preference to
be given in exchange on a basis of one new for each shares of present out¬
standing 7 % preferred stock. Par value of common would be reduced from
$100 to $50, with the difference applied to surplus.
This plan was subse¬
quently withdrawn.
The present preferred is non-callable.
In March the company canceled its profit-sharing plan with employees,
effective since 1929.—V. 147, p. 1341.
stock,
common
par
Kansas City Public Service
Period End. Aug. 31-
Railway
$342,988
Telephone
Telegraph
&
Corp.—Buys
revenue
$506,276
453,522
22,735
10,697
47,228
56,165
12,565
2,235
-
expenses
purchased in the open market in August $2,160,000 of
10-year 43^ % conv. debentures which will mature on Jan. 1, next.
These purchases increase the amount of this issue held in the treasury to
$5,926,000.
Of the original amount of $37,511,000 there is outtstanding
$31,735,000.
The company last month made known its plans for taking care of this
maturity and the purchase in the open market of the debentures as part of
this plan.—V. 147, p. 1781.
The corporation
its
International Television Radio
Corp .—Stock Offering—
the corporation has
completed an arrangement with the investment firm of Mayhew & Reily,
of New York and Washington, for the distribution of 1,000,000 shares
($1 par) common capital stock.
The issue has been registered with the
Securities and Exchange Commission and public offering will be made by
Priess, President, has announced that
William H.
Social
Depreciation (railway)
Depreciation (bus)
this financing is to provide funds to further the
introduc¬
applica¬
tion of the Priess system of television and prosecute the commercial
tions of its patents.
The system is based upon the resonant
vibrator
by broad patents here and abroad.
The corporation, which was organized in June, 1931, under Delaware
laws, has an authorized capitalization of 4,000,000 shares ($1 par) common
stock, of which 3,479,990 shares will be outstanding upon completion of the
proposed financing.—V. 142, p. 3347.
mirror scanner and is covered
Interstate Bakeries
Directors have declared
Net deficit
-V.
per'share on the $5 pref.
A like amount was paid
dividend of $1.25 per share was
oper. expenses.
oper.
Net ry. oper. income.
—V. 147, p. 1197.
Kant Blaze
loss$399.381
profit---.
Years End. June ZD—
Shares
common
x
1935
1936
$12,842,365 $11,188,118
y309,310
12,455
301,378
219,592
219,592
$0.60
$1.01
301,378
stock
Nil
Earnings per share--
Nil
Federal income taxes and other charges,
After depreciation,
Other
y$268,508
provision for Federal surtax on undistributed profits.—V. 147, p.
y Before
1782.
public hearing to determine whether the registration of the no par value
common capital stock of the company should be suspended or withdrawn
from the New York Curb Exchange, scheduled to be reopened on Sept. 15,
1938, has been postponed until Sept. 26.—V. 147, p. 1639.
Iowa Electric
account of accumulations of
on
Jamaica Water
Supply Co.—Earnings—
1936
$1,785,450 b$l,7l4,258
Operating revenue
1935
$1,722,053
516,710
90,177
$1,669,205
1937
1938
Years End. June ZD—
b684,311
*91,133
517,011
a301,326
a271,295
29,736
a255,131
$708,681
48,805
Gen. & other expenses..
Maintenance
$838,636
$830,299
68,849
18,467
Uncollectible bills
Taxes, State & local----
497,565
67,360
25,453
210,925
$1,943,115
$2,108,595
$2,895,048
86,346
$2,383,581
47,116
$2,981,394
777,612
292,902
59,676
42,628
272,442
11,816
$2,430,697
714,297
294,767
22,827
1,647
$2,021,377
$2,661,572
849,822
333,937
1,091,983/
\
206,676
16,542
7,596
2,772
of
U.
$727,543
$1,160,857
S.
456
Government securities
deductions
Miscell.
Federal surtax
Net profit from oper.
Preferred
Miscell. int. revenue
dividends
dividends
Total
Int.
on
Int.
$830,299
50,793
5.963
22,796
102,000
charged to construct
$880,481
283,761
1,363
$757,486
215,437
Cr7,754
Crl77
102,000
318,431
14,274
$867,902
321,479
14,424
gross corp.
income
Miscell. int. deduc'ns-..
63,221
Prov. for retirements
See
56401
Federal income taxes
29,267
c
6,166
9,635
102,000
43,690
$0.96
to
a
Before special credit being amount of reserve for contingencies provided
earnings for year ended June 30, 1934 not required and now restored
profit and loss,
b Paid at rate of $7 per annum on dates of purchase or
date of redemption, Jan. 15, 1936.
c During the year ended June 30,
1937 the company received $123,270 as dividends on its holdings of preferred
stock of Mid-States Steel & Wire Co.
Of that amount $54,415 was credited
a
company's investment in the capital stock of that affiliate, d Includes
$37,913 dividend received on capital stock of Mid-States Steel and Wire Co.
This company's equity in the net profits shown by the fincial statement of
Mid-States Steel & Wire Co. for the fiscal year ended June 30, 1938 was
to the
$62,843.
Balance Sheet June 30
Assets—
on
Liabilities—
$
603,455
354,990
1,130,434
Inventories-..— 2,438,814
1,209,265
2,929,964
652,254
Employees partici¬
5,303,566
5,417,968
15,199
17,936
77,529
96.015
a
b Land,
fixtures,
furn.
&c
-
-
$370,507
JLssct8~~~~~
Liabilities—
§
S
%
due
1,715,941
1,000,000
1,000,000
5,745,000
5,745,000
700,000
970,000
650
Accts. receivable..
448,763
414458
585,722
912,396
Accounts payable-
74,093
58,603
116,899
74,998
Consumers' depos.
Dividends declared
105,731
55,000
Interest accrued..
17,953
17,953
181,586
189,340
Notes payable
gation <fc miscell.
Mat'l & supplies.
_
Accrued utility rev
(not billed)
Prepayments
63,000
17,574
1,000
Miscell. investm'ts
Other
curr.
Unamort. prem. on
bonds
1,000
1,200
1,432
104,977
77,264
Special deposits
Int. & divs. receiv.
19,428
Taxes accrued....
Consumers'
Miscell.
Unamort. dt. disc.
Res.
48,098
Deferred debits
Reacquired secur.
14,800
14,800
10-yr
due
c
183,753
185,912
189,245
Res. for conting..
177,922
for uncollect.
13,835
accounts
Segrega. of earn'd
685,345
830,858
Earned surplus
Total
currently..
200,000
200,000
64,773
58,253
1,400,000
1,600,000
Common stock..
3,156,800
3,156,800
4.757,390
4,749,597
surplus
10,202,466 10,678.393
a After reserve for doubtful balance and discounts of $110,891
in 1938
and $112,499 in 1937.
b After reserve for depreciation of $4,640,399 in
1938 and $4,335,929 in 1937.
c Represented by 757,632 no par shares.
To Pay
Total.
10 Cent Dividend—
Sept. 20 declared a dividend of 10 cents per share on the
stock, no par value, payable Nov. 1 to holders of record Oct. 13.
This compares with 40 cents paid on June 27, last; 15 cents paid on April 15.
last; 25 cents paid on Nov. 1, 1937; 15 cents on Aug. 2, May 1 and on
Feb. 1, 1937, and divs. of 50 cents per share paid on this class of stock on
Nov. 1 and on Aug. 1, 1936.—V. 147, p. 1344.
Directors on
common
The Interstate Commerce
,,,
of
921,124
has been
York and accrued
Pacific RR.—Lease—
Commission on Sept. 12 authorized the lease
by Guy A. Thompson, trustee of the Missouri Pacific RR., of the properties
of the Kiowa Hardtner & Pacific RR.
The Kiowa company has no corporate affiliations with the Missouri Pa¬
cific RR. or any'other carrier.
It owns a line of railroad in the State of
Kansas extending westerly from a connection with the Missouri Pacific
RR. at Kiowa, through a wheat-growing territory, to Hardtner, a distance
906,279
13,786,149 14,250,194
Representing hydrant rental billed to City of New
146, p. 3190.
252,842
debt.,
Earned
10,202,466 10.678,3r»3
Total
approximately 10.4 miles.
It was constructed in 1910 and since that time
operated by the Missouri Pacific RR. or its trustees under the
of successive leases, the last of which expired by limitation on Sept.
30, 1937.
The present proposal contemplates continued operation of the
line by the Missouri Pacific under the terms of a new lease, the terms of
which are identical with those of the old lease with the exception that the
terms
13,786,149 14,250,194
62,095
139,695
serial notes
Long-term
13,941
933,069
surplus
x
21,000
43,540
inc.
Reserves
Kiowa Hardtner &
13,266
1,000,396
x
Total-
Fed.
& cap.stk.taxes
unadjust.
credits
Res.
interest thereon.—V.
for
taxes..
239,847
Retirement reserve
2,119,465
38,402
1,427
suspense-
14,524
236.883
Contrib. to ext'ns.
1.619,465
and expense
Miscell.
70,597
rev'ue
(billed in adv.)-
337
assets.
16,000
22,200
taxes...
102,404
25,000
Accts. rec.—in liti¬
accounts
15.000
prop'y
1,000,000
1,000,000
9,614
emp'ees for
security
1,715,941
7H% pref. stock.
S6 pref. stock
1st
mtge.
Z%%
8,951
Res. for Fed. social
$
Common stock
—
Working funds
20,940
notes
compens.
personal
1937
bonds, series A-
10,755,084 10,515,735
51,419
16,849
Cash
for
Res.
Accrd.real est. and
Payment offered at $18.50 per hydrant per annum or $113,406.
Offer
rejected,
c There are no Federal income taxes due to the refunding of the
first mortgage 5H% 30-year gold bonds series A.
d Includes $96,880,
depreciation.
Balance Syeet June 30
Fixed assets
60,913
bonuses
Accrd.lnt.on
1937 and $44,576 in 1936 City of
b $245,202 included for fire protection from City
$40 per hydrant per annum from July 1, 1936, to
Rate suspended by City of New York as of Jan. 1, 1934.
1938
115,340
pation In profits;
of New York accrued at
1937
128.513
118,912
Prov. for employees
<fe
Pat., trade-marks,
&C-
partic. In profits
buildings,
eouii).,
100,069
commissions
Notes snd accts.
receivable
New York excise taxes,
1938
226,486
Res.for managem't
633,468
175,136
Accrued wages and
In banks.
Includes $16,042 in 1938, $45,919 in
June 30, 1937.
$
$
pay.—trade
Accts.
hand and
1937
1938
1937
$
injuries
$337,567
$436,400
$430,659
surplus—
$460,973
189,408
$5.62
$868,929
757,632
$1.90
vo
Deferred charges.
Net income transferred
$175,935
757,632
$1.53
757,632
out of
Invs., advs., &c._
Miscell. deductions from
984,922
$7,793
Balance, surplus
Earnings per share
Cash
6,165
revenue
long-term debt--
Amortiz. of debt
$1,501,493 a$l ,167,790
b64,340
138,593
568,224
568,224
— -. -
719,750
Com. shs. outstanding.-
$867,902
41,845
66,002
168,278
17,916
31",556
Income tax
Amort, bond, disct., &c.
sale
61,725
55,337
121,377
14,770
Interest
on
$2,523,271
cl38,301
1938
Operating income
51,311
of this department.
d57,762
Total income
Light & Power Co.—Accumulated Divs.—
have declared dividends
87K cents per share on the 7% cum. pref. stock, series A; 81K cents
per share on the 6H% cum. pref. stock, series B, and 75 cents per share
on the 6% cum. pref. stock, series C, all of $100 par value, and all payable
Oct. 20 to holders of record Sept. 30.
Similar distributions were made
in each of the 13 preceding quarters.—Y. 147, p. 115.
$362,435
$1,963,615
income
Common
The directors
$2,348,568
333,742
71,711
$2,558,136
398,230
8,567
48,921
1935
$7,911,973
5,528,392
expense
1
General expense
J
Law suit expenditures..
Mills, Inc.—SEC Hearing Postponed
announced Sept. 16 that the
$419,923
1938
1937
1936
$9,648,839 $12,163,667 $10,598,645
7,685,224
9,640,395
7,703,596
Selling
Loss
Interstate Hosiery
The Securities and Exchange Commission
$3,350,136
792,000
Fireproofing Corp.—Registers with SEC—
Gross profit
-----
Net
$3,172,568
824,000
Keystone Steel & Wire Co.—Earnings—
fl
1937
1938
Mos. End. July 31—
6
x
1938—8 Mos.—1937
$8,780,067
$9,320,744
5,607,499
5,970,608
$507,923
88,000
See list given on first page
Cost of sales incl. deprec.
Sales
$262,772
$227,184
_
Net sales.
(& Subs.)—
-
$86,228
198,959
61,720
376,866
474,224
99,529
$272,309
33,758
11,366
income-
Equipment rents (net)-.
Joint facil. rents (net)__
July 1 and April 1, last, and an initial
paid on Dec. 27, 1937.—V. 147, p. 894.
Department Stores, Inc.
12,803
3,566,571
$374,309
102,000
from ry.oper.
stock, payable Oct. 1 to holders of record Sept. 24.
Interstate
46,726
59,285
$4,515,098
$494,868
24,852
7,999
1938—Month—1937
$1,047,250
$1,280,541
672.941
772,618
Railway tax accruals
Railway
_
City Southern Ry.—Earnings—
oper. revenues-
rev.
_
$4,298,161
3,585,798
182,242
84,232
372,453
461,147
100,451
6,704
451,953
■
_
123,352
1344.
Kansas
Net
98,761
89,232
14,187
$98,870
Period End. Aug. 31—
Corp.—50-Cent Preferred Dividend—
on
$517,391
—
147, p.
Railway
Railway
dividend of 50 cents
a
_
Deprec. (trolley bi
the underwriters in the near future.
The purpose of
security taxes._
Fixed charges
Own Debentures—
111,457
All other revenue
Total
1938—8 Mos.—1937
$3,429,691
$3,100,172
962,055
1,009,995
$391,747
118,357
31,947
12,984
-
Bus passenger revenueTrolley bus pass. rev_.
Operating
Co.—Earnings—
1938—Month--1937
—
pass, revenue.
General taxes
International
Corp.—Removed from Listing—
$2.50, of the company has been removed from
York Curb Exchange.—V. 146, p. 3190.
1 isting and registration on the New
whereas the new
lease is to become effective as of Oct. 1, 1937,
#
"(3) that such sale or other disposition during such period is not in your
opinion in the public interest.
*
"It is further understood and agreed that this agreement shall have no
further force or effect if shares of stock of Loft, Inc., cease to be listed on
the New York Stock Exchange."
Phoenix Securities Corp. has not notified the Exchange of its intention
to dispose of any of the above 400,000 shares.
and is to remain
The
new
in force and effect for
„
period of one year and thereafter unless terminated
by either party upon 90 days' written notice.
a
*
Kroner Grocery & Baking
Co.—Soles—■"*
An 8% decrease in sales for the ninth 4-week period of 1938, ended
Sept. 10, under sales of the same period last year was reported at the general
offices of the company on Sept. 20.
Sales for the period were $16,567,572, as compared with $17,941,225 for
the 1937 ninth period.
Cumulative sales for the first nine periods of the current year totaled
$157,787,924, which is 9% lower than the $172,721,037 total for the same
nine periods of 1937.
Average number of stores in operation during the period was 4,011, while
the average for the same period last year was 4,180.—V. 147, p. 1344.
,
,
^
injunction to restrain company from
Phoenix Securities Corp. in connectoin
an
against Charles G. Guth and the Grace Co. involving ownership
approximately 91 % of the capital stock of Pepsi-Cola Co.
Attorneys for
a statement issued said gross sales of Pepsi-Cola in 1937 approxi¬
mated $20,000,000, while net earnings were close to $2,000,000.
PepsiCola does not make public its financial statements.
,
.
It is understood that an appeal from the decision may be taken to the
Delaware Supreme Court.—V. 147, p. 1784.
of
Loft in
^
dividend of 30 cents per share on the class B
An extra dividend of
25 cents and a quarterly dividend of like amount was paid on the B shares
on June 17, last, these latter oeing the first distributions to be made on this
stock since 1930.—V. 147, p. 1783.
Lehigh Valley RR.—Pledge of Securities—
The Interstate Commerce Commission on Sept. 8 authorized the company
pledge and repledge from time to time, as a part of the collateral security
for a short-term note in the face amount of $6,175,000, all or any part of
not exceeding $14,000,000 of general consolidated mortgage 5%
bonds,
$1,000,000 of general consolidated mortgage 4Yi% bonds, $5,000,000 of
Lehigh-Buffalo Terminal Ry. Corp. 4M% first mortgage bonds and $1,000,000 of Lehigh Valley Coal Co. 6% secured notes.
The report or the Commission says in part:
The applicant has outstanding two 3% promissory notes, payable to the
order of the Manufacturers Trust Co.*.
One is a renewal promissory note,
issued within the limitation of Section 20a(9) of the Interstate Commerce
Act, dated June 10, 1938, and due Oct. 10, 1938, in the principal amount of
$1,275,000, on which two partial payments of $25,000 each have been made
and two further partial payment of $25,000 each will be made on Sept. 10
and Oct. 10, 1938, leaving,
as of the maturity date thereof, an unpaid
balance of $1,175,000.
This note, pursuant to authority granted Sept. 1,
1937, is collaterally secured by the pledge of $7,000,000 of the gen. consol.
mtge. 5% bonds and $1,000,000 of Lehigh-Buffalo Terminal Ry. Corp.
4}i% bonds.
The other note, in the principal amount of $5,000,000, was
issued pursuant to authority granted Feb. 24, 1937.
It is dated March 1,
1937, will mature on or before March 1, 1940, and is collaterally secured by
the pledge of $7,000,000 of gen. consol. mtge. 5% bonds, $1,000,000 of
gen. consol. mtge. 4%% bonds, $4,000,000 or the Lehigh-Buffalo Terminal
Ry. Corp. 4 3^ % bonds and $1,000,000 of Lehigh Valley Coal Co. 6% secured
notes.
This note is further collaterally secured by certain shares of capital
to
stock.
The holder of the notes has agreed to extend the $1,175,000 loan maturing
on Oct. 10, 1938, to March 1, 1940, the maturity of the $5,000,000 loan,
conditional upon the merging of the two loans so as to constitute one com¬
bined loan in the principal sum of $6,175,000, and the merging and repledg-
collateral security therefor of all the securities mentioned above.
applicant also states that it is unable to negotiate a loan or loans with
other banks at a ratio of collateral to loan lower than that demanded by the
trust company, the holder of the notes.
It therefore has consented to the
proposal of the trust company and requests authority to pledge the bonds
as
The
and notes
The
as
stated above.
note
evidencing the combined loan of $6,175,000 will be issued
within the limitations of Section 20a(9) of the Act, payaole to the order of
the trust company, will be dated Oct. 10, 1938, will bear interest at a rate
not exceeding 3% per annum, will be payable in monthly instalments of
$41,666.66, subject to revision under certain conditions, beginning Nov. 1,
193$, and the remainder will be payable on March 1, 1940.
The trust com¬
pany has also indicated that in the event the applicant effects an extension
for 10 years of certain underlying mortgage maturities and an interest abate¬
ment plan is declared operative, it will then consent to have tne combined
loan extended to March 1, 1943.—V. 147, p. 1783.
new
(Thomas J.) Lip ton, Inc.—Official Resigns—
W. W. Shannon, Vice-President and General Manager, supervising sales
advertising, has resigned.
His duties have been assumed by C. I.
Wood, who has been Vice-President and Assistant General Manager for a
and
number of years.—V. 145, p. 3013.
Loblaw
Groceterias, Ltd.—Earnings—
Period End.
Aug. 20—
Sales.
x
Net profit
x
1938—4 Whs.—1937
$1,509,641
$1,424,323
57,872
56,719
After taxes and charges.—V.
147,
1938—12 Wks.—1937
$4,843,498
166,239
$4,422,102
164,034
Lone Star Gas
Corp.—SEC Approves Declarations—•
Securities and Exchange Commission on Sept. 19 made public its
findings and opionion on the declarations and applications of Lone Star
Gas Corp. and subsidiaries embracing a series of transactions to revise the
system's securities structure.
The declarations actually became effective
last month, but the formal findings and opinion were not made public at
The
time.
that
After reviewing the transactions, the commission
and
preferred stock dividends in
ofthesystem.—V. 147, p. 1641.
Los
Changes in Personnel—
member of the board of directors of Lockheed for several
and will continue in that capacity. Mr. Barker recently resigned his
post as Vice-President of the California Bank, a position which he held
for the past 10 years.
Cyril Chappelet, Secretary of the company, has been named Assistant
to the President, and|S, W. Voorhes is Assistant Sales
Manager.
R. A. Von Hake, formerly factory
Superintendent, is now Works Manager.
Mr. Von Hake has been with Lockheed since
1928 and successively has
held the positions of Chief
Draftsman, Chief Engineer and factory Super¬
intendent. J. H. Sreenan was appionted as new
as
his
assistant.
Angeles Ry. Corp.—Time Extended—
Officials of the company explained that the postponment of the deposit
was necessary in
view of the fact that the plan contemplates the
deposio of not less than 95% before being declared effective.
"Responses from bondholders have been exceptionally good considering
the short period of time since the railroad commission ordered the company
to proceed with promulgation of the plan,"
the announcement stated.
"Present indications make us hopeful that the necessary additional bonds
will come in during the next two weeks, thus avoding possibility or default
on bonds maturing Oct. 1.
"In granting the extension, the com pany is
also acceding to numerous requests for additional time
which
have
been received from out of State bondholders, from representatives of trusts
date
and
who have been delayed through necessity of obtaining court
complete approval of the plan and to permit actual deposit of
and from corporations holding bonds where official action of a
board of directors is required."
In announcing the refunding plan recently, the company pointed out
estates
orders to
bonds,
that it did not have sufficient cash available to retire bonds which fall due
this year and
in 1940.
The plan proposes that three issues of bonds now
outstanding be exchanged for a new issue bearing the same rate of interest,
a 10 year extension of maturity dates.
It also contemplates increasing net income available for interest require¬
ments on the new issues, it is said, through placing the $9,000,000 junior
bond issue of the corporation on an income basis limited to 5% instead of
having it bear a fixed rate of 5% as at present.
See also V. 147, p. 1492.
which in effect will constitute
Louisville Gas & Electric Co.
Superintendent, with H. C.
planning is now under the super¬
1492.
Loft Inc.—Phoenix Securities
(Del.) (& Subs.)—Earns.
12 Months Ended July 31—-
1937
1938
Gross operating revenue--Net operating revenue and
$11,037,963
other income, before
approp. for retirement, reserve and after taxes__
5,579,197
Net income, after deduct, for interest charges,
amortiz.
of debt, discount and expense, &c..
(including divs. on pref. stocks of Louisville Gas
& Electric Co. | Ky.) held by public)
(
1,377,439
$10,326,241
5,458,224
1,551,519
Note—The figures for 1937 have been adjusted to reflect $30,961 of
additional taxes applicable to the period of 1936 included therein, paid by
Louisville Gas & Electric Co. (Ky.) in 1937 and charged to surplus.—
V. 147, p. 1040.
"
*
dividend of 20 Cents per share on
the com¬
1 to holders of record Oct. 11.
This
25, last; 20 cents paid on Nov. 1,1937;
75 cents paid on Jan. 23, 1937 and an initial dividend of 20 cents per share
paid on Nov. 1, 1936.—V. 147, p. 1641.
stock,
par
a
$1,.payable Nov.
compares with 40 cents paid on Jan.
Macassa Mines,
Ltd.—Earnings—
Period Ended June 30, 1938—•
Net profit after all charges
Earnings
per
share
on
2,680,824
3 Months
$143,732
common
shares..
$0.05
6 Months
$296,539
$0.11
—V. 146, p. 4122.
(R. H.) Macy & Co., Inc. (& Subs.)- •Earnings-12 Months-
6 Months
i
Period Ended—
July 30 '38
July 31 *37
July 30 '38
July 31 '37
"Macy's", New York. 36,795.808
L. Bamberger & Co.. 12,899,074
40,891,659
14,117,017
86,885,109
30.418,753
90,901,724
32.001,349
5,935,652
12,577,114
13,017.073
Net sales—
Production
vision of Charles Miller.—V.
147, p.
of $335,000 will accrue to the benefit
refunded.
mon
years
Christen
excess
Corporation has extended to Sept. 30 the time for deposit of bonds of the
The final date originally
set wap the close of business Sept. 15.
Depositaries in Los Angeles and San Francisco up to Sept. 15 had
received bonds and assents representing in excess of $4,350,000.
This
amounted to over 63% of the total $6,860,000 outstanding bonds to be
Principal addition to the executive force is Charles A. Barker Jr., who
joined the company this month as Vice-President in Charge of Finance.
a
uni¬
McLellan Stores Co.—20-Cent Dividend—
Several important changes in the administrative and production staffs
of the corporation were announced on
Sept. 16 by Robert E. Gross. Presi¬
dent of the company.
*
He has been
a more
system in accordance with the refunding plan.
The directors have declared
Lockheed Aircraft Corp.
noted that
form spread of debt maturities and carrying charges would result.
Also,
the commission said it was estimated that average annual savings on interest
1492.
p.
Pepsi-Cola—
company
Langendorf United Bakeries, Inc.—Larger Class B Div.
lng
Suit Over
Chancellor Wolcott in District Court at Wilmington, Del., on Sept. 17
a decision in favor of the company in a suit brought by the
handed down
that W. C. Lane will retire from the
Co., but will retain his substantial
company.—V. 147, p. 1783.
a
issuing any of its capital stock to
with any attempt by Phoenix Se¬
Loft, Inc., stock.
curities Corp. to exercise any of its alleged options to buy
Wins
payable Oct. 15 to holders of record Sept. 30.
the stockholders protective committee for
Inc., announced Sept. 19 certain Loft stockholders had instructed
Javits & Javits, counsel for the committee, to proceed at once to apply for
company. The announcement also said
active management of the Lane-Wells
Directors have declared
of Stock—
Allan B. Salinger, Secretary of
Loft,
Lane Wells Co.—New Vice-President—
stock
„
Stockholders' Protective Committee to Seek Injunction Against
Issuance
^
Rodney 8. Durkee, who recently resigned as Controller of the SoconyVacuum Oil Co., Inc., has been elected Executive Vice-President of this
stock interest in that
Sept. 24, 1938
Chronicle
Financial
1932
latter provided for the payment of $10,000 annual rental,
lease provides for the payment.of $8,000 annual rental.
The Lasalle & Koch Co.
Corp. Exercises Options—
Company has notified the Committee on Stock List of the New York
Exchange that Phoenix Securities Corp. has exercised its remaining
options to purchase 375,000 shares of capital stock of
Loft, Inc., at $1.50
a share for 275,000 shares and
$2 a share for 100,000 shares, making an
Davison-Paxon
and
Co-._
5,258,621
Stock
aggregate
donsideration
of
$612,500.
Phoenix
Securities
Corp.
also
option on 25,000 shares, at $1.50 a share, on Aug. 10. at a
total cost of $37,500.
exercised
an
Phoenix Securities Corp. previously
agreed with the
with the application of Loft,
As an inducement to the
Exchange, in
connec-
Inc., to list the 400,000 shares, as follows:
Committee on Stock List to pass favorably
the foregoing application, we hereby agree that we will not sell or
otherwise dispose of, or sell short
against any portion of said shares, without
Total
54,953.504
Cost of goods sold, sell
oper. & adm. expenses 53,372,531
Other
464,101
492,944
175.244
768,649
286,350
3,104,882
520,626
5.215.045
582,662
1,054,999
3,625,507
5,797,707
55,000
211,000
715,000
4,000
984,000
15,000
56,271
56,787
113,574
109,030
loss601,039
1,655,618
income
245,251
loss489,768
and expense
Profit
x
122,124,706 126,127,005
2,858,899
2.808.044
1,328,388
1,277,108
57,938,181
1,379,570
612,679
221,648
Maintenance & repairs..
Interest & debt discount
1,437,634
586,703
loss665,012
Depreciation
upon
60,944,329 129,880,975 135,920.146
787,212
1,503.835
$0.52
2.792,933
1,655,618
4.689,677
first
notifying you, in writing, of our intention to do so and without first
°htaining your consent, in writing, to such sale or other disposition, pro¬
vided that we may without
obtaining such consent, sell or otherwise dispose
of any of such shares to, or
pledge the same with, any bank which is a mem¬
ber of the Federal Reserve
System, Reconstruction Finance Corporation, or
or pledgee shall agree
by, and to comply with, all the terms and
any other person satisfactory to you if such vendee
with you in writing to be bound
conditions of this agreement and not to resell or
dispose of such shares
except as herein provided.
It is understood and agreed that during the
period of two years from the time of acquisition of the
particular shares to
be sold or other wise disposed of, if such stock is
long stock, or prior to Oct. 16
1941, in the case of a short sale, you will not withhold
your consent to any
such sale
or
other
disposition, except for the following
"(2)
the methodT by which
shares is not
satisfactory to
market is concerned; and
we propose to
you
in
so
far
sell
as
effect;
or
Surtax
otherwise dispose of such
the preservation of an orderly
on
taxes
undistrib. prof.
Int. of minor, stockh'ers
in profits &
subsidiaries
Net
profit
losses
applic.
of
to
stock
of
R. H. Macy & Co.,
common
Inc
reasons:
"(1) No registration statement under the Securities Act of 1933, as
amended, shall be in effect as to said 400,000 shares, or such part thereof
as we may wish to sell or otherwise
dispose of, and you are not satisfied
that such registration statement need not be in
Net profit
Prov. for Federal
on income
Shares
common
Earnings
x
ous
stock
par share
Nil
$1.69
1,503,835
$3.12
Income from securities, from radio broadcasting and from miscellane¬
non-trading
sources
(net).
Note—No provision has been made for the six months for the Federal
surtax on undistributed
profits
as
the amount thereof, if any, is not deter¬
: '
minable until the close of the fiscal year.
,
Volume
Financial
147
1933
Chronicle
Classification of Electric Revenue
Consolidated Balance Sheet
Assets—
Cash
on
July 30 '38 July 31 '37
$3,985,602
$3,806,685
5,142,103
29,414
4,526,663
4,774,875
14,983,392
17,093,229
514,761
550,808
858,163
871,666
468,000
468,000
106,412
108,186
18,399
50,763
.
hand and demand deposits
Investments
Notes and accounts receivable
Inventories
Sundry debtors
a Land,
buildings, &c., not used
N. Y. World's Fair debentures
_
Loans to employees.
Investments in foreign subs, not consolidated
Deposits with mutual insurance companies._
Miscellaneous assets
b Land, buildings, &c., on owned land
108,616
12,479,559
5,663,496
295,567
1,522,647
7,000,000
_
Goodwill-____
__T
Total
___$91,818,002 $90,261,182
________
Liabilities—
•
______
'V
1 ^
•1
$2,457,370
Total electric
3,029,221
751,918
539,979
355,778
32,232
415,007
50,000
.141,145
f Common stock.
57,959,427
52,539,547
Treasury stock
Dr150,875
15,374,302
Drl99,ll7
16,464,355
For insurance
company
Earned surplus
Total
796
687,500
__$91,818,002 $90,261,182
1937.
cLess amortization of $9,6.35,557 in 1938 and $8,945,861 in
d After deducting depreciation of $8,599,043 in 1938 and $7,937,577 ia
1937.
1937.
t> After
deducting depreciation of $259,290 in 1938 and $271,225 in 1937.
f Represented by 1,659,939 no par shares in 1938 and 1,509,556 no par
shares in 1937.
g 4,321 shares in 1938 and 5.721 in 1937.—V. 147, p. 1347.
Total electric customers
V. 145. p. 3976.
$2,822,459
revenues
sold
1,244,002
206,343
221,054
Operation.
Maintenance.
Provision for retirement
reserve
203,449
Taxes—general
Federal normal income tax
7,959,309
8,898,469
17,942,726
19,171,142
loss$16,476
$91,716
$387,645
$511,571
69,034
116,433
190,013
208,008
Gross income
Other income charges
$52,558
Depreciation
106,905
$208,149
1,532
104,630
$577,658
10,696
212,227
-
undistributed profits
on
rentals, &c
2,856
before
inc.
x
34,148
$479,449
2,215
-
.____
income
Pro Forma Consolidation
of Balance Sheet July 31, 1938
Liabilities—
Assets—
16,038
516,610
of amortization
accounts
15,629
_
payable..
Consumers' deposits.
—
Accrued
—
interest
Acer. divs. on
Retirement reserve
6,226
Miscell. current assets
Dr59,536
209,505
accts.-
Reserve
assets
for
pref. stock..._
728,634
of
adjustment
acquired
—
Other res'ves & unadj. credits
Surplus at organization
Earned
Total
$14,860,459
—
147, p. 1461.
7,868
12,774
Other current liabilities-
141,803
Materials, supplies, &c
115,538
40,556
169,923
111,864
taxes
262,346
-
Reserve for uncollec.
8,650,000
75,000
10-year serial note
275,883
receivable---
Merchandise
-
Long-term debt--i
Accrued
Cash and working funds.
Accounts
Common stock (30,000 shs )
Accounts
Deferred charges and prepaid
$3,390,717
600,000
$5 preferred stock
surplus
460,002
23,181
110,211
364,190
$14,860,459
Total
v;;'
V\.
.'7
'
Fed.
$101,987
loss$57,203
tax.
—
-
interest
on
Plant, property, rights, fran¬
chises, &c
$13,470,721
Miscell. investments (net)
5,233
—V.
Net
3,610
*
Amortization of debt discount and expense
Taxes assumed
25,754
$925,098
405,675
Net earnings
Interest on long-term debt
Other interest.
$719,579
11,260
181,716
Income credits—interest,
44,246
-
Federal surtax
process
&
21,474
$2,869,950
Total gross earnings
Brothers, Inc.—Earnings-
goods
$2,849,316
Dr840
.
Special deposits
1938—12 Mos.—1937
1938—6 Mos.—1937
$8,990,185 $18,330,371 $19,682,713
$7,942,834
14,928
11,927
(net)—Merchandising and jobbing
Debt discount and expense in
of
July 31, 1938
Total operating revenues
quarterly dividend of 25 cents per share on the
June 30 having been 50 cents per share.—
21,060
20,805
:_
Other
Net
stock, and the regular quarterly dividend of $1.75 per share on the
preferred stock, both dividends payable Sept. 30 to holders of record Sept.
23.
Previous dividend declarations on the common stock were on a semi¬
Period End. July 31—
338
_____
Non-operating
Magor Car Corp.—Dividend Basis Changed—
Cost
523
6
259
Gas___
Water
common
Net sales..
3,278
2,821
386
Pro Forma Consolidation of Income Accounts, Year Ended
After deducting depreciation of $152,725 in 1938 and $142,080 in 1937.
b After deducting depreciation of $9,496,126 in 1938 and $8,706,490 in
Mandel
11,392
2,702
Operating revenues—Electric
a
annual basis, the last payment on
12.5
4,116
2,430
Other electric companies
Municipalities (wholesale & retail)
144,619
debt
Reserves—For variations in prices of securities held
by R. H. Macy & Co., Private Bankers
For possible assessments of taxes for prior years.
a
162,448
$1,293,719 100.0%
12,810
Commercial lighting
Commercial power
50,000
yr
Miscellaneous credit balances
Directors have declared
22.4
3.2
Electric Customers (as at July 31
1938)—
713,096
12,707,050
Mtge. instal. & serial notes to be paid within 1
g
249,803
288,060
41,981
$1,528,739 100.0%
revenue__
Urban residential
Rural residential
Farm
$2,925,754
2,831,666
827,809
150,000
389,400
10,892,000
Dividends payable
Minority interests in subsidiary
27.4%
5.3
9.9
19.3
>
•
Accounts payable
Accrued liabilities
Long-term
6.7
and retail).
35,045,686
11,881,211
5,309,939
305,539
1,534,014
7,000,000
_
1.8
12.6
17.5
29.6
5.2
102,836
Sales to other electric companies.
Sales to municipalities (wholesale
c
_
27,861
192,716
266,444
453,765
79,249
Commercial lighting,
Commercial power
$355,445
68,073
127,906
26.6%
$405,866
Farm
384,478
34,727,703
Buildings & bldg. equip, on leased land & impts.
to leased properties
d Store fixtures and equipment
e Delivery
equipment
Prepaid expenses and deferred charges
Power Co.
31,1938—
116,124
347,484
Ohio Electric
Power Co.
-Marion-Reserve—
12 Mos. End. July
Urban residential
Rural residential
$354,735
$526,603
For the calendar year 1937, the company paid $100,699 Federal income
Since any period ending July 31, is not coincident with a fiscal year for
income tax purposes, it is impossible to estimate and make deductions for
Federal income tax purposes-in this statement.—V. 146, p. 3508.
Massachusetts Investors Trust—15-Cent Dividend—
The trustees have declared a dividend of 15 cents per share on the
company's stock, payable Oct. 20 to holders of record Sept. 30. This
compares with 17 cents paid on July 20, last; 16 cents paid on April 20, last,
and a dividend of 17 cents paid on Jan. 20. last.—V. 147, p. 578.
v
Middle West
Michigan Consolidated Gas Co.—Financing Approved—
The corporation
The Michigan P.
U. Commission has granted the apj)lication of the com¬
issue $34,000,000 4% first mortgage bonds due 1963 and $8,000,000
4% serial notes maturing 1939-48, for the purpose of refunding the out¬
standing obligations carrying 5% and 6% interest rates.
Authority also was granted the company to issue $9,610,300 common
stock so as to acquire the assets of Grand Rapids Gas Light Co., Muskegon
Gas Co. and Washtenaw Gas Co., and to assume the [outstanding indebted¬
ness of these companies.—V.
147, p. 1785.
pany to
Corp.—Would Simplify Structure—
has filed with the Security Exchange
Commission, under
Utility Holding Company Act, an application for approval of
the sale of $540,660 of first-mortgage 5% bonds, Series A, due Jan. 1, 1957;
2,604.40 shares of 6%, ($50 par) cumulative preferred stock and 32,531.28
shares of ($1 par) common stock of the Arkansas-Missouri Power Corp.
on the open market.
It stated that the sale would simplify its holdingcompany structure by eliminating the issuer as a subsidiary.
the Public
also filed an application for approval of its acquisition
of 6% prior-lien stock of the Public Service Co. of Okla¬
shares of $6 preferred stock of the
held by the applicant.
A hearing
for Sept. 28.—-V. 147, p. 1347.
The corporation has
of 10,657 shares
Marion-Reserve
Power
Co.-
■To
Merge
Ohio
Electric
Power Co.—
homa through the exchange of 10,657
Southwestern Light & Power Co., now
has been set
The stockholders of Ohio Electric Power Co. and Marion-Reserve Power
Missouri Pacific RR.—Loses Motion in Case
10 on approving the merger of Ohio Electric Power Co.
into Marion-Reserve Power Co.
Co. will vote Oct.
In circulars addressed to stockholders of both corporations, C. C. Roberts,
President of Ohio Electric Co., and D.J. Taveniere, Chairman of Marion-
Reserve, state:
Size is an important factor bearing upon a company's ability to finance its
development, the cost of new capital and the marketability of that com¬
pany's securities.
Well-integrated operations, embracing a balanced dis¬
tribution of sales
as
between domestic, commercial and industrial classifica¬
tions, are highly desirable in the electric utility field, and this element is now
quite properly stressed by many regulatory bodies.
Broad diversification
as to industries served, both directly and indirectly, gives some assurance
and intervenors in proceedings before the Commission, asking
that findings of fact be made part of the record.
Proceedings were started
early this year by the Commission to determine whether registration of the
common and 5% preferred stock on the New York Stock Exchange
road's
should be suspended or withdrawn.
were held before the SEC and thereafter counsel for the Com¬
proposed findings of fact.
Subsequently the trial examiner
proceeding filed his advisory report.
Motion was made that the find¬
ings proposed by SEC counsel be incorporated in the record.
This is now
denied by the Commission.—V. 147, p. 1495.
Hearings
mission filed
in the
of earnings
stability and is important in a field of public service which
adequately provide for almost every conceivable contingency.
several years Ohio Electric Power Co. and The Marion-Reserve
Power Co., including the latter's predecessors, have been operated by the
same management.
Physical facilities of the companies are situated in
generally contiguous territories in the State of Ohio; they share general
office quarters; their boards of directors are almost identical; and the busi¬
ness of each complements that of the other.
All of the common shares of
both companies are owned by Utility Service Co.
Over a period of many months the management has given serious con¬
Mobile Gas Service
must
public
as a
to the
result of combining these businesses into a single corporate unit.
plan and the issuance of securities in connection therewith have been ap¬
proved by the Public Utilities Commission of Ohio.
The agreement of consolidation and merger provides for the merger of
Ohio
Electric Power
Co.
with and into
The Marion-Reserve Power Co.,
that:
a
meeting held Aug. 19, 1938, the board of directors
7%
B bonds.
On Oct.
1,1938 the accumulated unpaid interest on the
series A and series
and 20%, respectively.—v.
B income bonds will amount to 25H%
p.
147,
1200.
Monroe Loan
corporation and
the shares of that company now outstanding shall continue to be outstand¬
ing and unaffected as to terms and provisions by the merger.
Each share of 7% preferred stock of Ohio Electric Power Co. shall be
exchangeable for 1 1-3 shares of the $5 preferred stock of The MarionReserve Power Co.
Each share of 6%
fi
preferred stock of Ohio Electric Power Co. shall be
shares of the $5 preferred stock of The Marion-Reserve
Power Co.
Current note indebtedness of Ohio Electric Power Co. in the face amount
of $156,242, together with 90,680 shares of common stock (being all of the
outstanding common stock of that company) shall be exchangeable for
10,000 shares of common stock of The Marion-Reserve Power Co.
The holder of the remaining current note indebtedness of Ohio Electric
Power Co. in the face amount of $750,000 has agreed, subject to favorable
action with respect to the merger, to surrender such note indebtedness and
accept in exchange therefor (prior to the effective date of the merger) an
equal face amount of first mortgage 4H % bonds of that company maturing
Oct. 1, 1948.
In order that the desirability of the proposal may be more readily recog¬
nized, certain comparative statistics are given below:
Society—Dividend—
share on the class
payable Oct. 15 to holders of record Sept. 30.
Like amount was
paid on June 24, last, and a dividend of eight cents was paid on Sept. 1,
1937.—V. 146, p. 3672.
Directors have declared a dividend of five cents per
A stock,
Montgomery Ward & Co., Inc. (&
The income statement for six months
ast week's
The Marion-Reserve Power Co. shall be the continuing
exchangeable for 1
At
declared the following amounts of interest to be
1st mtge. income bonds, series A and B, due
benefits which would accrue to shareholders and to the
In the opinion of the respective boards of directors, the proposed merger
would be fair and equitable to all interests involved and should be productive
of numerous far reaching benefits now and in the future.
This proposed
so
Corp.—Interest Payment—
of this corporation
payable Oct. 1, 1938 on the
Oct. 1, 1956 equivalent to:
of the principal of the series A bonds 5H % of the principal of the series
For
sideration
Before SEC—
Sept. 16 denied motion of
The Securities and Exchange Commission on
the company
Subs.)—Earnings-
ended June 30 was
published In
"Chronicle," page 1785.
the 6 Months Ended July 31
1938
1937
1936
-$35,390,040 $28,012,674 $27,131,934
Consolidated Earned Surplus Account for
Balance Jan. 31
profit for the six months ended
July 31.
Net
Total
—
Dividends declared on class A stock,_
On common stock-
orr
„
5,139,526
9,049,644
7,101,855
$40,529,566 $37,062,318 $34,233,790
705,439
1,058,158
705,439
3,912,860
7,813,218
2,739,002
-$35,911,267 $28,190,942 $30,789,349
Balance, July 31-
Summary of Reserve for Self-Insurance for
the 6 Months Ended July 31
1938
1937
1936
Balance. Jan. 31
Pro v. made by charges to inc. acct—
$1,087,137
75,848
$1,004,359
232,022
$971,032
123,554
Total
Self-insured losses incurred
$1,162,985
68,939
$1,236,382
174.301
$1,094,587
177,044
$1,094,045
$1,062,080
$917,542
Balance, July 31
-
Financial
1934
Consolidated, Balance Sheet July 31
1938
$
Cash.
—-
Other securities
1937
$
$
149,288,340
149,288,340
15,091,931
Liabilities—
46,114,596
11,136,379
49,160
53,474,308
Land, pl'ts, dec 46,833.872
20,626,323
x
1938
1937
$
Assets—
-
Receivables....
68,491*672
Inventories
78,013,655 101,532,168
y
Capital stock
2,405",274
customers.
Com. div. pay..
Invest. In mtges,
6,830,480
6,296,574
6,054,197
real est., &c..
Prepd. costs, &c
Accrued
Reserves
11,556.537
1,094,046
&c.
......
35,911,267
Treasury stock Dr252,677
Earned surplus,
z
13,889,878
1,062,080
28,190,942
National Tea Co.—Sales—
depreciation of $23,886,982 in 1938 and $21,098,946 in 1937.
y Represented by 205,000 no par shares of $7 class A and 5,217,147 no par
shares of common stock,
z Represented by 3,446 shares class A stock
par.—V. 147, P. 1785.
no
Montour
1936
67,967
$212,464
118,446
110,363
973,677
1,705,239
1,478,564
237,088
774,799
750,612
627,251
610,714
1,291,105
567,226
584,595
From Jan. 1—
Gross from railway..—
Net from railway
Net after rents
—
342,121
,
1200.
(John) Morrell & Co.-—Corrected Dividend Record—
Directors have declared a
dividend of 50 cents per share on the common
Interest
on
"Chronicle," page 1785), this latter being the initial distribution
146, p. 1718.
purchase money obligation
The stock dividend will be payable on
the cash disbursement will be
See V 146, p. 4125 for record
previous dividend payments.—V, 147, p. 122.
Nov. 15 to holders of record of Nov. 1, while
made on Oct. 15 to stock of record of Oct. 4,
of
Corp. of America—Accumulated Dividend—-
Morris Plan
The directors have declared a
of accumulations
to
holders
Sept.
23.
dividend of 15 cents per share on account
6% preferred stock, payable Oct. 1
Like amount was paid on July 1 and on
A dividend of 45 cents was paid on Dec. 27, 1937; dividends
15 cents were paid on Oct. 1, July 1, and on April 1, 1937, and a dividend
30 cents was paid on Dec. 26, 1936.—V. 146, p. 4125.
of
Mountain States Power
Co.—Earnings—
1938
1937
$5,045
20,131
Accounts payable.
$38,768
Def. accts. pay.—
12,677
$16,742
8,292
77,687
18,296
Bank
4,115
4,564
161,604
47,974
$410
—
Rental arrears.
Other accts.
rec..
bonds
x
.....
equip.
at
incl.
work
Net operating revenue (before
retirement reserve) j.
95,650
38,548
$748,909
$660,685
—
1
Investments
Finished stk., incl.
3,829
4,599
1937
life ins. policy.
1,125
1,975
_
$3,874,849
Inv. In & ad vs. to
2,606,981
company..
$1,267,868
241,986
sub.
161,460
Inv. in & ad vs. to
Dispensers, Ltd,
12,893
13,232
Def. chgs. to oper.
14,621
11,510
Territorial
rights
3,034
less
Drl6,152
&
at
pat.
cost,
amts.
writ¬
37,853
22,500
$748,909
$660,685
ten off......
Net operating revenue and other income (before
$1,642,876
300,000
appropriation for retirement reserve)--Appropriation for retirement reserve
z85,630
95,650
60,045
shares..
surplus.
42,750
59,675
$1,468,974
243,390
1,215
Dr70,704
Rents from lease of properties
Interest on securities and notes receivable, &c
Income from merchandise and jobbing (net)
85,630
Earned
process, at cost.
appropriation for
...
43,393
180,000
General reserve.—
Ordinary
y308,268
373,476
in
2,734,556
_
47,074
180.000
........
(par $50)
propor'n
a
&
40,650
16,614
cost,
of overhead....
Mat'Ls
oblig..
mon.
Reserves
6% cum. pref. shs.
Neon signs out on
rental
5,400
21,400
Def. cred. to oper.
&
site, at cost
106,000
5,400
17,621
50,792
12,615
145,000
for taxes...
Prov.
Pur.
Leasehold impts.,
plant,
loan.......
Dividend payable.
City of Vancouver
Surrender value of
1938
$4,203,530
Operating revenues
Operating expenses, maintenance and taxes
$0.91
Liabilities—
1937
1938
repossessed signs
Year Ended July 31—
Crl .233
$41,990
10,800
27,418
$0.57
Balance Sheet April 30
April 1 last.
or
,
„
$408,811
196,898
3,717
146,980
17,100
3,358
$61,064
10,800
27,418
profit
Preference dividends
Ordinary dividends
Earnings per share on 54,836 ordinary shares
1931
the series
on
of record
.—--
income
Prov. for amort, of territorial & patent rights
Provision for depreciation of investments
Net reduction in reserves against investments
Prov. for Dominion and Provincial taxes on
Cash...
Directors on Sept. 20 authorized the payment of a stock dividend of
one-half share of common stock for each share held in addition to a cash
distribution of 75 cents a share.
— —
Provision for amortization of signs
Assets—
(Philip) Morris & Co., Ltd.—Stock Dividend—
1938
a
$578,727
329,163
3,108
160,268.
20,369
4,500
256
—
Direct costs, including maintenance
the issue.—V.
on
'\
Canada, Ltd.—Earnings—
Years Ended April 30—
revenue from sales and rentals
Gross
Net
stock, payable Oct. 24 to holders of record Sept. 26.
This compares with
60 cents paid on May 3 and on Feb, 3 1937 (not 1938, as stated in last
week's
'*
decreased from 1,244 in 1937 to 1,104
of 2.69% in average sales per
Sept. 10, 1938, resulting in a decrease
location.—V. 147, p. 1349.
at
1935
$233,598
129,271
121,236
Net from railway
—V. 147, p.
compared with $4,486,743 for the
dGCT63(S0 of 13 62 ^/q •
"
The number of stores in operation
Neon Products of Western
1937
$244,583
116,089
111,982
1938
$155,486
Net after rents
10, 1938 amounted to $3,875,347.
corresponding four weeks in 1937. a
Sales for the four weeks ended Sept.
as
RR.—Earnings-
August-—
Gross from railway
par
no
Z>r252,677
After
x
Inc.—Dividend Reduced—
dividend of $1 per share on the common
value, payable Nov. 15 to holders of record Oct. 31.
A
dividend of $1.50 was paid on May 15, last; one of $2 was paid on Nov. 15,
1937, and previously regular semi-annual dividends of $1.50 per share were
distributed.—V. 147, p. 1495.
216,215,193 225,284,727
Total
216,215,193 225,284,727
Total
National Casket Co.,
j
...
The directors have declared a
stock,
taxes,
expenses,
6,147,636
2,527,939
352,720
2,608,574
Class A div. pay.
National Bond & Share Corp.—Dividend on Nero Shares
dividend of 15 cents per share on the on par
of record Sept. 30.
Company's stock was recently split-up on a two-for-one basis. A dividend
of 25 cents per share was paid on the smaller amount of stock previously
outstanding on July 15, last.—V. 147, p. 1348.
Directors have declared a
shares, payable Oct. 15 to holders
12,525,000
loans.
Bank
Due
16,212,405
payable.
Accts,
Sept. 24, 1938
Chronicle
Total
$1,496,737
300,000
...
Total
—
„
x After provision for depreciation of $99,489 in 1938 and $69,838 in 1937.
After provision for amortization,
z Represented by 54,836 no par shares.
—V. 146, p. 445.
y
Gross
$1,342,876
$1,196,737
477,521
19,132
375,048
income
Rent for lease of electric property
Interest on funded debt
5,000
477,521
45,917
378,275
16,020
.
Amortization of debt discount and expense
Other interest (net)
Other income
14,312
deductions
Net Income
$456,863
$274,003
Nevada-California Electric Corp. (& Subs.)—-Earnings
Operating
47,882
589,628
540,856
569,726
$237,735
4,725
$1,953,496
69,052
$2,077,352
109,053
$193,043
116,715
$242,460
109,989
$2,022,548
1,392,091
$2,186,405
1,333,918
7,035
1,244
7,056
1,221
84,013
14,650
$68,048
$124,194
$189,804
-
_
Depreciation
...
185,214
$5,558,612
218,203
2,152,476
ended July 31, 1937 has been reduced by $14,213
retroactively in the accounts.
(2) No provision has been made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the years 1936 or
1937 as no such taxes will be payable Tor those years.—V. 147, p. 1347.
Mountain States
tive Bonds
The
60,441
$554,717
23,445
Other operating expenses
Taxes
——- .- ■
—
$5,708,432
281,392
2,280,193
603,723
$545,514
20,117
230,964
54,935
49,694
revenues
Maintenance
.
In the above statement of income accounts, net income for
to reflect adjust¬
ments applicable to the period of 1936 included therein of amortization of
debt discount and expense charged to surplus in 1937 and sundry other
items charged or credited to surplus in 1937 which have been applied
Notes—(1)
the year
1938—12 Mos.—x 1937
1938—Month—1937
Period Ended July 31—
Telephone & Telegraph Co.—Defini¬
Ready—
Chase
v
National
Net oper. revenues
Other income
Gross income
Interest
Amortization of debt dis¬
count and expenses
Miscellaneous
Net income
Profits
Bank
announced
that
definitive
30-year 3H%
debentures due June 1, 1968 are now available for delivery in exchange for
the temporary bonds at its corporate trust department, 11 Broad Street.
—V. 147, p. 425.
3,239
on
retirement
bonds and debs,
.
$531,883
85,147
14,099
$753,239
of
(net)
*
—«»«»'
43,932
"
26,625
Cr26,984
Other miscell. debits and
Dr2,175
Crl 1,609
Dr27,921
$65,872
credits to surplus (net)
$135,803
$547,894
Earned surp. avail, for
Nachmann-Springfilled Corp.—Earnings—
redemption of bonds,
divs., &c
June 20 '37 June 14 '36 June 15 '35 June 16 '34
to
Period—
Net sales.
to
to
June 18 '38 June 19 '37 June 13
'36 June 15 '35
$2,365,813
1,948,280
$3,127,961
2,453,995
$2,174,822
1,719,310
$1,847,764
1,443,778
202,231
131,436
222,568
152,774
177,182
167,006
106,135
$83,865
Cost of goods sold
$298,624
1,609
$163,024
2,056
$85,921
45,943
14,387
$300,233
39,475
33,814
$168,731
Selling, warehouse and
delivery expenses
Admin. & gen. expenses.
Operating income
Int. earned & sundry inc.
115,306
5,707
In order to make proper comparison 1936 figures (as to
were revised
to conform with Federal Power Commission
x
to
$130,845
5,478
effective Jan.
Note—This
__
33,318
Extraordinary credits
Crl 0,693
Res. for Fed. inc. tax
x40,000
59,300
Cr84,107
17,000
$25,592
$197,636
$143,221
32,724
141,803
$2.26
$1.64
Profit for period
Divide ids
Earns, per sh. on cap.stk
x
Nil
Including $6,360 surtax
$136,323
24,563
18,886
"5",666
$87,873
43,609
$1.00
undistributed profits.
Note—No provision has been made for Federal income taxes as there
statutory deductions of the company in excess of taxable income.
properly omits extraordinary debits to surplus
arising from amortization of pension funds, &c.
Details have appeared in
annual reports.—V. 147, p. 1201.
New Bedford Gas & Edison
Light Co.—Div. Reduced—
Directors have declared
stock, payable Oct.
a dividend of 62 )4 cents per share on the common
15 to holders of record Sept. 30.
A dividend of 75
'.
Assets—
Cash
b
$368,824
283,166
388,225
7,145
16,953
-
Notes, &c., rec.
Inventories
Other assets
Prepd. insur., &c.
June 19 '37
$224,913
374,617
677,597
9,268
15,783
Liabilities—
June 18 '38
payable,
trade, &c
Note pay. (bank)
Accepts,
Net after rents
From Jan. 1—
Gross from railway
are
York RR.
1938
51,955
def7,088
def26,683
444,734
def39,950
defl98,996
Net after rents
quarterly dividends
Earnings—
1937
1936
1935
58,137
defll ,197
def32,135
61,318
def8,954
def30,914
59,279
defl9,836
def37,233
499,680
def56,465
def224,819
524,998
def47,025
def214,8l9
519,289
def135,395
def291,274
June 19 '37
—V. 147, p. 1643.
stock reacquired
c
Real est.,
&c._
$3,203,094
50,000
_
payable.
Gross from railway
Net from railway.
Net after rents
1,035,821
579,764
59,95?
32,724
Accrued
equip¬
494,930
486,852
1
1
Res. for conting..
d Capital stock.-_
Paid-in surplus
Earned surplus
$1,559,245 $1,789,0331
a Represented by
$21,838 in 1937.
c
$380,340 in 1937.
treasury stock.—V.
Total
From Jan. 1—
Gross from railway
Net from railway
507",500
118,712
7,408
507,500
632,937
632,937
287,130
300,937
71,343
$1,559,245 $1,789,033
14,237 shares,
b After reserve of $21,209 in 1938 and
After reserve for depreciation of $416,541 in 1938 and
d Represented by 101,500 shares (no par), including
147, p. 1785.
Chicago & St. Louis RR.- —Earnings—
$78,861
payrolls,
commlss., taxes,
capital
New York
1937
1938
$60,334
Dlvs. declared
Co.'s
Total
August—
Gross from railway
Net from railway
Accounts
a
ment, &c_
Goodwill, &c
New Jersey & New
Balance Sheet
j
June 18 '38
own
pjtid on July 15, last and previously regular
of $1 per share were distributed.—V. 147, p. 1043.
Net from rail way
on
classification
1, 1937.
statement
cents was
Total income
Prov. for depreciation
Other deductions
$806,848
major items)
Net after rents.
22,864,796
5,737,165
2,167,425
$3,615,423
1,178,478
1936
$3,622,041
1,365,046
1935
846,915
821,437
$2,770,007
851,740
516,052
28,855,711
9,708,605
5,838,296
26,734,559
9,540,308
5,711,354
21,862,058
6,648,894
3,748,423
C. & 0. Will Not Purchase Any 6% hotes—
Herbert Fitzpatrick, Chairman of the
Ry.
on
Board of the Chesapeake & Ohio
Sept. 29 issued the following statement;
The company has not in the current year purchased any of the Nickel
Plate 6% unsecured notes, due Oct. 1, 1938, and in the light of the current
general and railroad business conditions the directors at their meeting held
Sept. 20, passed the following resolution:
"Resolved that the Chesapeake & Ohio Railway Co. will not directly or
indirectly make any investment in the Nickel Plate 6% unsecured notes,
due Oct. 1, 1938."—V. 147, p. 1786.
Volume
147
Financial
New York & Richmond Gas
Period End. Aug. 31—
Operating
Gross
income
19,969
8,202
income
—V.
147,
$1,176,385
WE DEAL
22,558
9,841
297,836
140,520
277,389
122,459
Philadelphia Suburban Water 6% Preferred Stock
Luzerne County Gas & Electric 7% Preferred Stock
North American Aviation,
Inc.—Navy Contract—
YARNALL fit CO.
Company has been awarded a $303,132 Navy airplane contract, the
Navy Department announced.—V. 147, p. 899.
North & Judd Mfg.
Directors have declared
Northern Indiana Public Service
Net
inc.
Aug. 31—
after
Co.—Earnings—
1938—8 Mos.—1937
1938—12 Mos.—1937
deprec.,
Fed. inc. & undistrib.
profit
taxes,
interest,
amortiz. &c
$1,152,398
$1,447,794
$1,891,856
$2,155,636
Earns, per shs on 1,806,870 no par shs of com.
stock
A. T. & T.
$0.13
$0.20
$0.28
$0.43
Accumulated Dividend—
par
$100, and
a
dividend of $1.37 H per
share of the 53^% cumulative preferred stock, par $100, all payable
account of accumulations on Oct. 14 to holders of record Sept. 30.
on
Arrearages after the current payments will amount to the full dividend
for seven and one-half quarters.—Y. 147, p. 750.
expansion of its steel inventory, has contracted with Martex Oil Co.
(Md.),
$300,000 worth of the steel goods to be acquired, at prices
identical with prices paid by the company.
Martex Oil Co. has agreed to
assume payment of customs duties
payable on goods resold to it, and to
pay the price for such goods in cash or in notes secured
by assignments of
oil runs
satisfactory to the company.
As a result of the transaction described above the
balance sheet of the
company will show an increase in inventory of $600,371, an increase in
capital of $253,450, and an increase in capital surplus of
to resell to it
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
Patino Mines & Enterprises
Consolidated, Inc.—Earns
The company reports for the six months ended June
30, 1938, estimated
16,722. 3. 6 pounds sterling (including £7,743 profit realized
investment securities transferred to subsidiary company not con¬
solidated) and 1,264,202.67 bolivianos after taxes but before providing for
United States undistributed profits tax.
This compares with profit of
on
95,265. 8. 5 pounds sterling and 2,285,470.24 bolivianos for the same
period in 1937.
Profits of subsidiary companies are not taken up until
declared as dividends.
Production for the six months ended June 30, 1938
was 4,360 tons of fine
tin as against a production of 3,860 tons for the
same period in
1937.
Tin in concentrates shipped but not sold at the
close of the 1938 period was valued in
inventory at £177 as against £250 at
the close of the 1937 period.—V. 147,
p. 429.
Sept. 17, 1938, totaled 26,827,046 kwhs., an increase of 4.8%,
compared with the corresponding week last year.—V. 147, p. 1786.
Pepperell Mfg. Co. (& Subs.)—Earnings—
Years End. June 30—
1938
1937
Sales
$26,415,097 $39,941,251
Co.—Merger—
See Marion-Reserve Power Co.—V. 143, p.
Ohio Service
$346,921.—V. 147,
1045.
p.
ended
Ohio Electric Power
>
Philadelphia
net profit of
The directors have declared a dividend of $1.75 per share on the 7%
cumulative preferred stock, par $100, a dividend of $1.50 per share on the
6% cumulative preferred stock,
Phila. 22
Teletype
1528 Walnut St.
Co.—2o-Cent Dividend—
dividend of 25 cents per share on the common
holders of record Sept. 16.
Similar amount
a
stock, payable Sept. 30 to
was- paid on June 25, last and
previously regular quarterly dividends of
36Yt cents per share were distributed.-—V. 145, p. 4123.
Period End.
Stock
Scott Paper Co. $4.50 Cumulative Preferred Stock
United Gas Improvement $5 Preferred Stock
1349.
p.
IN
Philadelphia Electric Co. Common
$1,151,571
<
accruals
ment
Net
after retire-
1935
Co.—Earnings—
1938-^-12 Mos.—1937
1938—Month—1937
$89,584
$91,679
revenues
Chronicle
Operating
1643.
expenses,
_
on Sept. 14 declared a dividend of $1 per share on the $5
pref. stock, payable Oct. 1 to holders of record Sept. 15.
Like
amounts were paid in preceding quarters.
See V. 146, p. 1886 for detailed
record of previous payments.—V. 147, p. 428.
„
291,684
$438,062
583,374
$1,021,436
1,555,576
Balance, deficit
Shs. cap. stk. outst'g...
Earnings
per
1935
$1,796,169 sur$548,540 sur$829,676
The directors
non-cum.
1936
$29,640,764 $28,986,092
28,519,405
29,424,155
1... $l,796,169pf$2,104,116pf$l,121,360
a Net loss
Dividends
Holding Corp.—Preferred Dividend—
&c.c28,211,266 b37,837,135
100,000
Nil
share..___
100,000
$21.04
100,000
Nil
100,000
$11.21
After deducting Federal taxes, depreciation, reserves, &c. b Including
undistributed profits taxes, c After deducting $222,630 reduction in reserves
set aside from income in prior years.
"
a
Oklahoma Natural Gas Co.
(& Subs.)—Earnings—
12 Months Ended Aug. 31—
Operating
revenues
Gross income after retirement accruals
x
Net
...
income
Earnings
1938
$8,053,789
2,966,262
1,486,397
1937
per common share without deduction for
surtax on undistributed
$1.88
$1.96
x Without deduction for surtax of $40,000 on undistributed
profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936),
charged to surplus.
Note—No provision has been made for the Federal surtax
on
undistributed
profits for the fiscal year beginning Dec. 1, 1937, which may be payable
under the Revenue Act of 1936, since any liability for such tax cannot be
not
V.
apply to this company until the fiscal
147, p. 1498.
Years End. July 31—
year
x
After all charges.—V. 146, p.
Inventories
1938
$
8,519,137
9,691,225 10,788,771
2,477,512
4,118,489
673,570
1,287,692
Accts. receivable..
—
Pepperell Mfg. Co.
99,527,
Prepaid items
99,527
393,535
398,570
Total
1936
$16,383
1935
y
Earns
x
per
After all charges,
y
Inc.—Earnings—
1938—6 Mos.—1937
$490,724
$0.96
$669,589
$1.17
$749,748
$1.36
y
directors
have declared a dividend of 25 cents per share on the
stock, payable Sept. 28 to holders of record Sept. 19.
This com¬
pares with 75 cents paid on Dec. 27, 1937, and 50 cents paid on June 29 and
April 29, 1937.—V. 146, p. 117.
Motor Car Co.—Lower Priced Car.—
This company in
1939 will enter
a new
price class with its Super-8 line
of cars, M. M. Gilman, Vice-President and General Manager revealed at
dealer pre-announcement meeting held Sept. 19.
The Super-8 line
the
has been reduced approximately $700 to the $l,900-$2,300 class.
The
car is smaller than last year's with two wheel-bases offered, 127 and 148
inches, but the motor is the same as the 1938 model.
It is in the same
price field as the Buick 90 and the Cadillac Special 60.
The Packard 8 or 120 series has been reduced $25 while the six has been
advanced $25 on virtually all modeis. The senior line, the 12-cylinaer car, is
unchanged in price.
Mr.
become
Gilman said
he expected the uptrend in business, which has
evident, to continue into the 1939 year.
A 25%
that
increasingly
gain in sales is a conservative estimate he believes.
Alvin Macauley, President, declared that the general outlooK seemed
good for an improvement in general business and that his company's im¬
mediate business future appears favorable.—V. 147, p. 1203.
Earnings
Panhandle Producing & Refining
The
New
York
Co.—Listing—
State
Exchange has authorized the listing of 253,450
stock (par $1) upon official notice of issuance
and payment in full, in connection with the acquisition of certain property,
making the total amount applied for 1,210,835 shares.
The issuance of the common stock was authorized by directors Aug. 23,
common
1938.
All of such stock is to be issued in connection with the acquisition
by the
of tubular steel goods (tubing, casing and line pipe) of foreign
origin, having a value, at July 30, 1938, in bonded warehouses at Houston,
Texas, of $600,371, such valuation being based on market value of similar
quantities of like materials at Houston, Texas, less estimated customs duty
((estimated as, and warranted by the vendor not to exceed $146,380) to
be payable by the company upon removal of materials from bond, as follows:
To Davis & Co., Inc., 30 Rockefeller Plaza, N. Y. City,
as vendor
:
235,439
shares
To L. 8. Carter & Co., Inc., 52 Wall St., N. Y. City, as
broker, for services in arranging acquisition of such goods
18,011 shares
making the net consideration to be received by the company, for each share
company
of stock to be issued by it, $2.37.
The property to be acquired by the company will be deliverable from
time to time within six months after the 30th day following approval by
York Stock Exchange of this listing application.
The stock
issuable to Davis & Co., Inc., will be issued as tubular goods are delivered
the
New
from time to time to the company, one share to be issued
worth of goods so delivered.
for each $2.55
It is intended that about one-half of the steel goods to be acquired by
the company will be used in the development of the company's production
during approximately the next year.
The company having been unable to
acquire a quantity of pipe sufficient only to meet its own requirements on
terms as advantageous to the company as the terms offered by Davis &
Co., Inc. (Davis & Co., Inc. having refused to sell to the company less
than $600,000 worth of steel goods), the company, in order to avoid over-
824,416
214,088
663,451
123,987
663,451
8,908,079
reserves
6,820,229
Total
21,854,506 25,301,471
Co.—Earnings—
Augr.,1938
per
common
July, 1938
$54,137
8 Mos. End.
Aug. 31,'38
$329,339
$51,086
share on 220,000 shares
stock
$1.50
The
Aug. 31, 1938, balance sheet shows current assets totaling $1,700,276, including cash of $509,967, against current liabilities of $610,866.—V.
147,p. 752.
Philadelphia Co. (& Subs.)—Earnings—
[Excluding Pittsburgh Rys. Co. and subsidiary and affiliated street railway
companies]
Years Ended July 31—
Operating revenues
Operating expenses, maintenance and taxes
(net)
1937
1938
$40,880,742 $42,617,241
22,142,459
21,683,609
Net operating revenue (before appropriation
retirement and depletion reserves)
Other income
for
—--
$18,738,283 $20,933,632
89,704
467,854
Net operating revenue and other income (before
approp. for retirement and depletion resreves) .$18,827,987 $21,401,486
Appropriation for retirement and depletion res
5,210,566
5,303,894
$13,617,420 $16,097,592
170,200
170,200
5,478,304
5,472,404
509,609
609,839
CV105.660
2,686
Gross income
Rents for lease of properties
—
Interest on funded debt
Amortization of debt discount and expense
Other interest charges (net)
Guaranteed dividends on Consolidated Gas Co. of
the City of Pittsburgh preferre
capital stock..
Appropriation for special reserve
....
69,192
500,000
Other income deductions
275,044
69,192
500,000
250,627
$6,726,401
$9,116,974
x
Consolidated net income
on preferred and common stocks
held by public and
of subsidiary companies and dividends on preferred
and common stock of Philadelphia Co.
Note—The above income account for the year ended July 31, 1937, has
been adjusted to reflect $200,295 of additional taxes applicable to the
period of 1936 Included therein, paid by Duquesne Light Co. in 1937 and
charged to surplus.—V. 147, p. 1787.
x
additional shares of
1,067,450
134,880
Represented by shares of $100 par.—V.
and transportation
common
Packard
Other
Net profit after charges. Federal ex¬
cise tax and provision for Federal
income taxes
On 420,000 common shares
Dividend Reduced—
The
516,338
219,607
reserves.
Month Ended
1938—3 Mos.—1937
share
Conting.
21,854,506 25,301,471
Pharis Tire & Rubber
$591,594
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 19.
A dividend of 60 cents
was paid on April 1, last, 25 cents paid on Dec. 20, 1937; 35 cents on Oct.
1,
1937, 50 cents on July 1, 1937 and 40 cents paid on April 1, 1937.—V. 146,
p. 3964.
$519,846
$1.03
&
reserves
3514.
Pacific Greyhound Lines,
payable
accruals
Earned surplus
x After
depreciation reserve,
147, p. 1351.
Ontario Mfg. Co.—2o-Cent Dividend—
x
Accts.
Capital surplus
Period—
Period End. June 3D—
Net income
$
Capital stock...10,000,000 10,000,000
Notes payable
3,500,000
3,500,000
y
Tax
shares
1937
$
Liabilities—
8,608,421
beginning Dec. 1, 1938.—
1938
1937
$83,629prof$198,325
Net loss.
Plant accounts..
Cash
1937
$
r
The Revenue Act of 1938 will
Oppenheim Collins & Co., Inc.—Earnings—
x
1938
sscto
X
profits
determined until the end of the fiscal year.
Consolidated Balance Sheet June 30
$8,082,510
2,984,603
1,439,811
For dividends
minority
interest
Rapid
Philadelphia
Transit
Co.—Reorganization
Pro¬
posal Defended—
The
company
on
Sept.
20
appeared
before the
Pennsylvania
Public
Utility Commission in opposition to the commission's order nisi of Aug. 2,
approval of the company's proposed plan of reorganization.
Frederick L. Ballard, attorney for the P. R. T., told the commission
which refused
that the plan would eliminate over-burdening rental payments to
and reduce annual fixed charges from $8,000,000 to $1,200,000.
The commission contends the
underliers
$123,000,000 fixed value figure is too high
valuation at $55,400,000.
The proposed organization, the
Philadelphia Transportation Co., would be capitalized at approximately
$100,000,000—V. 147, p. 901.
and places the
Philadelphia Suburban Water Co.—Earnings1938
$2,501,990
12 Months Ended Aug. 31—
Gross revenues
Operation (including maintenance)
;
Taxes (not including Federal income tax)
_
$1,690,882
676,275
Net earnings
Interest charges
Amortization and other deductions
Federal income tax
Retirement expenses
678,396
132,712
(or depreciation)
Balance available for dividends
—
22,672
114,699
236,435
$640,801
1937
$2,471,876
664,921
144,606
$1,662,349
676,450
21,496
105,362
231,921
$627,120
1936
Financial
Balance Sheet Aug. 31
1937
1938
Assets-
1938
Liabilities—
$
Fixed capital.
...
Cash
Preferred stock...
.26 ,055,504 25,742,078
1 001,764
1,792,536
1,032
1,033
3,200,000
2,500,000
2,500,000
16,907,500
108,111
.
stock...
Funded
90,894
85,388
$
debt..—. 16,900,000
Consumers' depos.
34,922
Common
Notes receivable..
Acc'ts receivable..
1937
-
%
Other curr.llabil-.
3,200,000
Mat'ls & supplies-
80,590
87,614
37,005
45,644
Other curr. assets.
222,787
230.628
516,616
477,751
Jnvest'ta, general-
5,116
5,116
Divs. declared
48,000
48,000
Prepayments.----
5,373
7,690
Accrued taxes
241,132
223,998
Special deposits.
Unamortized
8,358
279,300
debits.
17,939
.
Accrued interest..
Other
debt
dlsc't A experts.
Undlstrib.
385
269,325
29,474
V
» .
Malnexten. depos
accr.
,
——
12,107
2,524,982
2,287,909
2,421,355
1.742,601
...
Total-
22,837
10,868
...
.
Surplus
Total—..-..-.27,764,711 28,255,213
8,584
llabil..
Reserves
Chronicle
system are to be distributed to Postal bondholders and to T. T. & T, for
tne properties which each are to contribute to the new company.
All
securities of the new telegraph system are to be distributed to Postal
bondholders, according to the proposed plan.
Federal Judge Alfred C. Coxe will hold a hearing on Oct. 24 on the
fairness and feasibility of the Lehman plan, final acceptance of which
is subject to a formal agreement, now in a tentative stage, between I. T. & T.
and the Lehman and Stewart committees.
The members of tne Lehman committee in addition to Robert Lehman
Walter H. Bennett, Harris Berlack, Charles V. Heward, Charles G.
Meyer, Edwin L. Weisl and Frazar B. Wilde, with Paul E. Manheim,
Sec., 1 William St., New York, and Sullivan & Cromwell, counsel.
The memoers of the Stewart committee in addition to Cecil P. Stewart
are Milton W. Harrison, Hamilton Pell and Wiliiam Rosenblatt, with Allan
B. Salinger, Sec., 39 Broadway, New York, and Javits & Javits, counsel.
are
An introductory
..-27,764,711 28,255,213
-V. 147, P. 1500.
Pig'n Whistle Corp. (& Subs.)
Years Ended June 30—
■Earnings-
1938
1937
1936
1935
$2,365,202
1,073,325
Cost of goods sold
$2,311,884
1,048,546
$2,164,704
975,092
$1,823,621
835,530
1,248,270
125,139
1,161,999
1,095,498
118,057
130,410
973,259
127,726
Oper. expenses, excl. of
deprec. and amort—.
Deprec. and amortlz—-
Pending Reorganization Proceedings—Corporation (a Maryland corpora¬
tion) filed, on June 14, 1935, a voluntary petition for reorganization under
Section 77-B of the Bankruptcy Act in the U. S. District Court for the
Southern District of New York.
The filing of the voluntary petition by
Postal was caused by its inability to meet on July 1, 1935 the interest due
on
Loss..
Postal was continued in possession of its property and
On Dec. 24, 1935 Alfred E. Smith and George S. Gibbs were ap¬
pointed temporary trustees of Postal, which appointment was made per¬
manent Jan. 27, 1936.
By order of the Court dated Sept 8, 1937, Ray¬
$81,533
less
$16,720
$36,295
$112,895
7.420
5,153
202
730
mond C. Kramer was appointed a co-trustee, the appointment being made
$74,113
income,
$11,567
$36,093
$112,165
permanent Oct. 5, 1937.
On Jan. 10, 1938 the resignation of Alfred E.
Smith as trustee was accepted as of Dec. 31, 1937.
Since the date of the
int.
and other expenses—.
Net loss
Consolidated Balance Sheet June 30
Assets—
Liabilities—
1937
1938
Cash:.....
$29,235
15,545
15,312
Notes
14,468
7,525
Accts.
1937
tloas
Accts., receiv., less
allow, for losses
9,932
13,365
Inventories
71,316
23,813
payable...
5,250
149,023
104,297
15,545
15,312
pay., banks
Notes pay., others
$20,348
7,250
Payroll tax collections
58,080
22.403
71,250
$26,888
82.250
Sales tax collect'ns
Payroll tax collec-
'14,468
7,525
Accrued liabilities.
Prepaid Insurance,
taxes, rents,
1938
Fed.Inc.taxes pay
822,185
Sales tax collect' ns
&c.
deposits....
24,600
15,742
xPartic. pref. stock
1,359,760
1,359,760
Common stock..
108,000
5,000
•
y
2,100
•'
Chattel mortgage.
z
Capital surplus...
830,655
«fc improvement.
108,000
74,161
75,732
852,467
Deficit
Equip., leasehlds
873,406
or as part of the plan of reorganization of Postal.
This petition was ap¬
proved the same day and George S. Gibbs and Raymond O. Kramer were
appointed temporary trustees of The Associated Companies, which ap¬
pointment was made permanent by Court order dated July 23, 1938.
General Description of the Business of the Debtors and Their Subsidiaries—
The debtors are both holding corporations whose subsidiaries are engaged
principally in the cable, radio and domestic telegraph communications busi¬
ness.
The domestic telegraph
all wholly-owned
business is conducted through 35 corporations,
subsidiaries of Associated.
These 35 corporations oper¬
ate, under one agreement, a telegraph land line system throughout the
United States, with lines extending into every State and with cable and radio
1
marks..
appointment of trustees, the business of Postal has been conducted by the
trustees pursuant to orders of the Court.
On June 21, 1938 a voluntary petition in the same proceeding was filed
by The Associated Companies (formerly The Maekay Companies), a Massa¬
chusetts tru^t substantially all the stock of which is owned by Postal,
stating that it desired to effect a plan of reorganization in connection with
778,354
Goodwill and trade
connections
Total
The petition was approved on
$50,670,180 of bonds then outstanding.
the same day and
assets.
Lease
statement to the plan, which is dated
Sept. 21, affords the following:
Sales.
Other
Sept. 24, 1938
Total
$989,939 $1,024,402
to
most
countries of the
world
and
to
ships at
sea.
These
$989,939 $1,024,402
35 corporations, together with Postal Telegraph Sales Corp., a New Jersey
Represented by 84,985 no par shares,
y Represented by 108,000 no
par shares,
z After reserve for depreciation and amortization of $1,407,420
in 1938 and $1,346,442 in 1937.—V. 145, p. 2239.
corporation and wnolly-owned subsidiary of Postal, which is engaged in
selling electric clocks, are herein sometimes referred to as the "Land Line
System."
The cable and radio business is conducted by the following corporations,
.....
x
Pittsburgh Brewing Co.—Accumulated Dividend—
The directors
have declared
dividend
of $1
share on account of
accumulations on the $3.50 cum. pref. stock, no par value, payable Oct.
15 to holders of record Sept. 30.
Like amount was paid on Aug. 15, last,
and compares with 50 cents paid on June 11, last; $1 paid on Oct. 29. and
on Aug. 16, 1937; 50 cents paid on June 10, 1937; $1
paid on Nov. 20, 1936
and dividends of 50 cents per share paid on Aug. 18, and June 12, 1936,
Oct. 19, 1935, and on Oct. 20, 1934, this latter being the first disbursement
on the preferred stock since the third quarter of 1920 when a regular quar¬
terly dividend of 87M cents per share was paid—V. 147, p. 582.
a
per
Pittsburgh & West Virginia RR.—New President—
Charles J.
Graham was on Sept. 15 elected to the Presidency of this
which is controlled by the Pennroad Corporation, a holding
formed by the management of the Pennsylvania Railroad.
He
succeeded the late Frank Taplin.—V. 147, p. 1501.
company
company
Pittston
Co .-—Directors
The directors
on
Approve Plan of Readjustment—
Sept. 21 approved
a
plan of readjustment of the com-
gany's financial to act uponand the calling A petition to meeting of stockof a special the Securities and
olders Oct. 10, structure
the program.
Exchange Commission for permission to seek stockholders' proxies will be
filed shortly.
The AJlegnany
Corp. owns 496,240 shares of the 1,075,100 shares of
Pittston Co. outstanding, C. & O., through Virginian Transportation Corp.,
a
wholly owned subsidiary company,
owns
in addition 412,950 Pittston
Co.
shares.
The plan proposes that $100,000 be advanced by Virginian Transporta¬
tion Corp. and indebtedness to the latter be extended without additional
collateral, at
a reduced rate of interest; reduction of indebtedness to the
Erie RR. and affiliates to the extent of $5,919,624 through the issuance of
100,000
new
class A shares; the funding on a 10-year basis of the remaining
current indebtedness of Pittston
Co. to Erie through the issuance of $4,000,000 10-year income debentures and the termination of the mining lease
with Pennsylvania Coal Co.—V. 147, p. 1644.
Platoro Gold Mines,
The Securities and
Sept. 19 issued a stop order
suspending the effectiveness of the registration statement (2-3613) filed
by Platoro Gold Mines, Inc.—V. 146, p. 1563.
Plymouth Oil Co.
Period End. Aug. 31—
Consol. net profit
Shares capital stock
on
Earnings—
1938—Month—1937
$242,701
$247,085
1,014,700
1,050,000
Earnings per share
—V. 147, p. 1351.
1938—8 Mos.—1937
$1,789,293
1,014,700
$1.76
$1,838,609
1,050,000
$1.75
Porto Rican American Tobacco
Co.—Listing—
The New York Stock Exchange has authorized the
listing of $3,445,000
15-year secured 6% convertible gold bonds upon official notice of stamping
with the legend substantially as follows:
"By the terms of an agreement, dated as of May 16,1938, between Porto
Rican American Tobacco Co. and
others, the holder of this bond, and the
holders of other bonds similarly
stamped, being a majority in aggregate
principal amount of the bonds outstanding, have agreed and consented that
the sinking fund provided for in the trust
indenture, dated as of Jan. 1,
1927, referred to in this bond, be suspended, and that any default by said
company in making any sinking fund payment subsequent to Nov. 15,1937,
and all consequences of any such default, be
waived, and have irrevocably
constituted the committee mentioned in said
agreement the agent and
attorney-in-fact of such holder or holders to cause such waiver to be made."
Company, by two letters both dated May 16, 1938, requested holders of
its 15-year secured 6% convertible
gqld bonds to authorize a committee
under a deposit agreement dated as of May
16,1938, to waive enforcement
of bondholders' rights under the trust indenture
securing the bonds and to
waive any default thereunder and under the
bonds, by reason of non-pay¬
of the sinking fund requirements after Nov.
ment
15, 1937, and until
maturity.
The plan became operative on June 29,
1938, when more than 50% in
aggregate principal amount of the outstanding bonds had been deposited
with the depositary.—V. 147, p. 1351.
Postal
Telegraph & Cable Corp.—Reorganization Plan—
A plan of reorganization for the Postal
Telegraph & Cable Corp. (including
part thereof, the reorganization of its subsidiary, The Associated Com¬
panies) calling for the segregation of the concern's telegraph system from
its cable and radio systems and leaving out any provision for the holders
of preferred and common stocks of the corporation was submitted Sept. 21
to the Federal Court for the Southern District of New York.
The plan is sponsored by the Lehman protective committee for Postal
as
bonds and debenture stock, which is headed by Robert Lehman of Lehman
Brothers, with the cooperation of the Stewart protective committee headed
by Cecil P. Stewart.
► Under the plan submitted, a merger of the Postal Telegraph cable
and radio system with All-America Cables, Inc., and Sociedad Anonima
Radio Argentina,
both subsidiaries of the International Telephone &
Telegraph Corp., is projected.
Securities of the new cable and radio
the
United States, Canada and Newfoundland with Great Britain and Ireland,
France, Holland, Belgium and the Azores.
This corporation also owns
37,500 shares (par $100) of 6% cumulative preferred stock of International
Telephone Building Corp. (out of 60,000 shares of such stock outstanding,
the balance and all the common stock outstanding being owned by Inter¬
national Telephone & Telegraph Corp. and its subsidiaries);
Commercial Cable Co., Ltd., incorp. in Great Britain, which owns cable
repair ships which it charters to, and certain real estate in Great Britain
which it leases to. Commercial Cable Co.;
Mackay Radio & Telegraph Co. (Del.), which furnishes domestic point-
to-point,
Atlantic ship-shore and transoceanic radio telegraph services,
which latter connect the United States with five
European and five South
All the out¬
standing stock of this corporation is owned by Radio Communications Co.,
Inc. (N. Y.), which is a wholly-owned subsidiary of Associated.
Mackay
Delaware owns 34,911.62 shares out of 35,000 shares of capital stock out¬
standing of Federal Telegraph Co. (Calif.), which manufactures and sells
radio telegraph and associated equipment.
Mackay Radio & Telegraph Co. (Calif.), which furnishes domestic pointto-point, Pacific ship-shore and transoceanic radio telegraph service to
Hawaii, the Philippine Islands, China and Japan.
In addition, Associated owns 10,000 shares of capital stock (par $100)
(representing 25% of the stock outstanding) of Commercial Pacific Cable
Co. (N. Y.), which operates a cable line from San Francisco across the
Pacific.
The cable and radio companies above mentioned, together with
Federal Telegraph Co., the Investment in Commercial Pacific Cable Co.,
American countries and with Cuba,,Haiti and San Salvador.
97 shares of German Atlantic Cable Co. and certain cable assets now owned
by the Land Line System, but not including the above-mentioned shares of
preferred stock of International Telephone Building Corp., are hereinafter
sometimes referred to as the "Cable and Radio System.'
Recent History and Present Prospects—From the inception of the reorgan¬
ization proceedings in 1935 until the spring of 1937, consolidated revenues
and operating net income of the debtors and subsidiaries showed some im¬
provement, but since that time there has been a sharp reversal of this trend
and consolidated net income before bond interest has been and is now show¬
Inc.—Stop Order—
Exchange Commission
all wholly owned, directly or through subsidiaries, by Associated:
Commercial Cable Co. (N. Y.), which operates cables connecting
ing a severe decline as compared to the corresponding months of 1937.
At first this decline was particularly great in the Land Line System, which
in fact for many years has not shown an
operating profit.
In the past few
months, however, the cable business declined even more rapidly than the
domestic telegraph business.
The radio telegraph business, which consti¬
tutes a relatively small part of the enterprise, as a whole, has, due in part to
special circumstances, resisted the decline, its gross revenue showing a
smaller decline as compared with the corresponding period of 1937.
Factors contributing to the decline in net income include the falling off
of business, increase in operating and general expense (which for 1937 in¬
creased $1,087,475 over 1936), due in substantial measure to an increase in
social security taxes, restoration in the latter part of 1936 of wage reduc¬
tions theretofore made and also the restoration of vacations with pay in the
Land Line System.
Provision for depreciation was also adjusted, resulting
in
an increase for 1937 over 1936 of $703,380.
As a result of extended nego¬
labor organizations, an agreement was made in December,
1937, providing for an increase of wages and other benefits to employees
of the Land Line System, the increase in wages being at an annual rate of
approximately $700,000, effective as from April 1, 1938.
The Fair Labor
Standards Act of 1938 (the Wages and Hours Act) may, on the basis of a
preliminary estimate by the trustee, involve a considerable additional
expenditure.
•
The trustees in addition to endeavoring to increase revenues have given
considerable attention to reducing expenses.
They have been successful in
effecting substantial economies by reduction in operating costs, reduction
of rents, reduction of cost of supplies and in various other ways, and their
efforts are continuing along these lines.
However, such economies have
to date only partially offset the decline in revenues and increases in taxes
tiations with
and wages.
In an effort to increase revenues to provide
for the increased expenses,
an
application was made to the Federal Communications Commission in De¬
cember, 1937, for a 15% increase in domestic telegraph rates.
This ap¬
plication was denied in April, 1938.
In 1936, after hearing before the Federal Communications Commission,
the application of Mackay Delaware for a license to operate a radio circuit
between the United States and Oslo, Norway, was denied.
This decision
was upheld upon appeal to the U. S, Court of Appeals for the District of
Columbia.
In 1937, hearings were held before an examiner for the FCC
on a similar
application for a liceqse to operate radio circuits between the
United States and Rome, Italy, and Warsaw, Poland.
The examiner has
recently rendered an adverse report, and argument thereon before the full
Commission has been held but no decision has as yet been rend .red thereon.
Adverse rulings on these applications
business of Mackay Delaware.
will limit the scope of the foreign
_
...
During the past few years continuous efforts have been made to bring
about a change in the laws which might permit the properties of the debtors
or part of them to be
merged with The Western Union Telegraph Co.,
thus avoiding the costly duplication of facilities and the expense which the
maintenance of parallel lines and separate offices and organizations entails.
Although the FCO recommended to Congress in 1935 a law under which
such a consolidation or
mieht be effected, no such law has yet been
enacted.
Volume
147
Financial
Relations of Cable and Radio System with all America
Cables, Inc.—For some
years
Commercial Cable and
Mackay Delaware have had numerous
business relations with All American
national
Cables, Inc., a subsidiary of Inter¬
Telephone & Telegraph Corp., which owns a cable system operating
between the United States and various
countries in Central and South
America and the West Indies, and in addition
does a local telegraph business
in some of those countries and
has certain
supplemental radio telegraph
Among these
stations in certain countries of Central and South
America.
business relations are the following:
Ja2 a c?ntr£ct caI1ing for exchange of traffic between
points reached by
America Cables, Inc. and points reached
by Commercial Cable.
This
produces a substantial part of each system's total revenue;
(b) the joint operation of the main cable operating rooms and certain
joint engineering, commercial and accountng departments in New York
with a consequent saving to both Commercial Cable and
All America Cables,
Inc.;
(c) traffic arrangements between Mackay Delaware and All America
Cables, Inc. and Sociedad Anonima Radio Argentina (hereinafter called
"Sara"), also a subsidiary of International Telephone & Telegraph Corp.
*
A"
traffic
The two latter companies own radio stations in South
America with which
Mackay Delaware exchanges traffic.
The contract and arrangements are on a basis now
whereby either party
days' notice.
If this relationship were broken
might cause a decrease in revenue for Commercial Cable and Mackay
Delaware, increase in expense for Commercial Cable, and provide serious
problems for Commercial Cable and Mackay Delaware in making satis¬
factory South American connections.
may terminate them upon 30
it
The committees believe that it is therefore
definitely in the interests of
Commercial Cable and Mackay Delaware that this relationship be made
Consequently, negotiations have been going on for two years
with International Telephone & Telegraph
Corp., which owns 99.92% of
permanent.
the common stock of All
America
Cables, Inc. and 99.9% of the stock of
Sara, with a view to combining All America Cables
Inc. and Sara with
Commercial Cable and the two Mackay Radio and Telegraph Companies.
These negotiations have recently culminated in a
understanding between
the
committees
and
International
Telephone
&
Telegraph
which
of
Corp.
will shortly be embodied in a formal agreement, subject to the
approval
the stockholders of International Telephone & Telegraph Corp.
In accordance with this
understanding, the committees have prepared a
plan which they believe to be in the interests of the bondholders.
Summary of Plan of Reorganization
Organization of New Corporations—A new corporation (called "Postal
Telegraph System, Inc.") is to be organized to acquire the Land Line
System.
A second new corporation (called "Commercial Mackay Corp.") is to
be organized to acquire the Cable and Radio System.
A third new corporation (called "All America Sara
Corp.") is to be
organized to acquire All America Cables, Inc. and Sara.
A fourth new corporation (called "New Cable & Radio Corp.") is to be
organized to acquire all of the stock of Commercial Mackay Corp. and All
America Sara Corp.
Capitalization of the Four New Corporations
(a) Postal Telegraph System, Inc. is to have the following capitalization:
To Be Issued
Authorized
Common stock ($1 par)
shares
1,250,000 1,013.403.6
4% non-cum. pref. stock ($60 par)
$15,201,060 $15,201,054
(b) Commercial Mackay Corp. is to have the following capitalization:
To Be Issued
Authorized
Common stock (no par)
shares
1,000
1,000
4% cumulative income debentures
$8,107,300
$8,107*,229
(c) All America Sara Corp. is to have the following capitalization:
To Be Issued
Authorized
Common
stock
(no par)
shares
1,000
1,000
4 % cum. income debentures, series A
$3,293,600
$3,293,562
4% cum. income debentures, series B
$1,013,500
$1,013,404
(d) New Cable 8c Radio Corp. is to have the following capitalization:
To Be Issued
Authorized
Common
stock
($5 par)
shares
Reserved for warrants attached to Commercial
4%
cumulative
income debentures.
shs.
Reserved for warrants attached to All America Sara
cumulative
Treatment
of
income
debentures,
Creditors
and
3,040,210.8
4,351,304
Mackay Corp.
series
Stockholders
.shares
and
932,332.3
Corp. 4%
A
International
Telephone
Telegraph Corp.
debenture stock;
Transfer of Assets and Subsidiary Readjustments
(I) Commercial Mackay Corp. will acquire:
(a) All the assets of Commercial Cable subject to all the liabilities of
Commercial Cable.
There shall be no changes in the assets or liabilities
of Commercial Cable subsequent to May 31, 1938 except in the ordinary
course of business and except that there will be withdrawn the following
thereon
(£1,244,174 at the rate of £206
6,039,680
accrued
from
Jan,
1,
1935
to
June
amounted to $1,161,192 and from June 15,1935 to
15,
1935
May 31,
1938 amounted to $7,494,965 (int. on the deb. stock in each
case being converted into dollars at the rate of £206 equal
$1,000), or an aggregate of_.
bonds
and
debenture
stock
are
issued
under
a
8,656,157
collateral
trust
ndenture, dated July 1, 1928, between Postal and Guaranty Trust Co. of
New York, trustee, and are secured b., the pledge of $20,000,000 4% notes,
due not later than July 1, 1953, of Commercial Cable Co. (on which interest
accrued since Jan. 1, 1935 amounting to $2,733,333 as at May 31, 1938 is
unpaid) and by the pledge of 422,176 4% cumulative preferred shares
(par $100) (on which as at May 31, 1938, dividends accrued and unpaid
amounted to $22.67 per share) and 413,191 common shares (par $100) of
Associated.
(3) The excess of the combined cash of the five companies first named
in (2) above as of March 31, 1939, over $1,000,000 after deducting the cash
mentioned in (1) and (2) above;
(4)
37,500
shares
of
6%
cumulative
of International
preferred stock
Telephone Building Corp.;
(5) Accounts receivable as of May 31, 1938, with interest, if any, thereon
from Postal, Associated or the land line subsidiaries of Postal;
(6) 61,266 shares of the preferred stock of Associated;
and except that the following liabilities of Commercial Cable shall not be
assumed:
$20,000,000 of notes of the Commercial Cable Co.;
Accounts payable as of May 31, 1938, to Postal, Associated or the
(1)
(2)
land line subsidiaries of Postal;
International Telephone & Telegraph Corp.
(incl. int. accrued
15, 1935)
15,1935 to May 31 '1938
Other int., taxes, accts. payable & unclaimed divs., &e
Current liabilities for accounts payable and accrued taxes
Contingent liability on guaranty of $2,660,073
Mackay Radio & Telegraph Co. (Del.)
bank loan of
Contingent liabilities as guarantor of certain surety companies.
(no par)
shares
1,017,650
7% non-cum. pref. stock ($100 par)
shares
305,295
Common stock
A,ssocicited-~~~
Indebtedness to Postal (incl. int. accrued to May 31, 1938).-*-$29,257,160
i ed dividends payable
14,472
Uncial
taxes
986
;
liabilities,
under workmen's
14,689
consisting of certain guarantees
compensation and similar laws.
Common shares (par $100)
Preferred shares (par $100) (less 9,720 shares in treasury)
given
413,804 shs.
490,280 shs.
Of the 413,804
common shares of Associated outstanding, 413,191 are
owned by Postal, the balance of 613 being owned by the public; and of the
490,280 preferred shares of Associated outstanding, 422,176 are owned
by Postal and 61,266 are owned by Commercial Cable Co., the balance
of 6,838 shares being owned by the public.
All shares of Associated owned
by Postal are pledged to secure the bonds and debenture stock of Postal.
In the reorganization the above mentioned liabilities are to be treated as
follows:
,
(1) There will be issued to the holders of bonds and debenture stock of
Postal (including coupons thereto attached maturing July 1, 1935 and
subsequently), in respect of and to replace such bonds and debenture stock
an aggregate of:
clauses
.
As an alternative Commercial
as
2,660,073
Contingent liability consisting of a claim of the U. S. Govt, for Federal
income tax for the year 1929 against Postal and its subs, in a net amount
of $587,088, plus interest of $202,312 (to Dec. 13, 1935).
This claim is
based upon a consolidated income tax return for that year filed by Inter¬
national Telephone & Telegraph Corp. and is now being settled by that
corporation.
The share of Postal and its subsidiaries in tais settlement is
claimed
by International Telephone & Telegraph Corp. to aggregate
approximately $120,000 incl. int.
Accounts payable
Any interest on the notes or the accounts payable described in
(1) and (2) next above.
Mackay Corp. may acquire all the capital
stock of Comrriercial Cable which shall have the assets and liabilities which
would be acquired and assumed if assets rather than stock were acquired
(3)
$1,396,478
206,794
15,375
3,015
Int. thereon accrued from June
Contingent
Additional cash to the extent of the sum of $121,813 and combined
1938 of Commercial Cable Co., the Com¬
Cable Ltd., Mackay Delaware, Mackay California, and Federal
Telegraph Co., after depreciation at the rates presently charged on the
books of said companies, eliminating all charges to and credits for interest on
any debt to or from the five companies above named on the one hand and
Postal or Associated on the other, plus an amount equal to dividends re¬
ceived in 1938 by Postal from Commercial Pacific Cable Co- and German
Atlantic Cable Co., but not in excess of $506,702 in the aggregate;
(2)
$50,670,180
Accrued
or
mercial
equals $1,000)
(2)
bonds
(1) $2,526,807 in cash;
$44,630,500
Debenture stock (incl. scrip)
to June
of such
net income for the calendar year
authorized:
Gold bonds
These
amount
(f) $2,026,807.20 cash, being at the rate of $40 for each $1,000 or £206
principal amount of such bonds or debenture stock; plus an additional
amount of cash up to $506,702, being at the rate of an additional $10 for
each $1,000 or £206, contingent on
earnings of the Cable and Radio System
for 1938; and an additional undetermined amount to the extent, if any,
that the combined cash of the Cable and Radio
System as of March 31,1939
shall exceed $1,000,000.
(2) The National City Bank of New York, in respect of and to replace
its claim against Postal on the
guaranty of its loan to Mackay Delaware,
will receive nothing.
(The loan guaranteed will be assumed by All America
Sara Corp.)
(3) Other interest, taxes, accounts payable and unclaimed dividends,
&c., of Postal are to be paid in cash.
Current liabilities for accounts pay¬
able and accrued taxes of Postal are to be paid in cash.
The liability of Postal and (or) its subsidiarias to International Telephone
& Telegraph Corp., constituting their share of settlement made by inter¬
national Telephone & Telegraph Corp. with the United States for income
tax for the year 1929 based on a consolidated return filed
by International
Telephone & Telegraph Corp. for that year (if not theretofore paid by
Postal or its subsidiaries), is to be paid in cash by Postal and (or) its present
subsidiaries in such proportions as independent accounts selected by the
reorganization managers and International Telephone & Telegraph Corp.
shall determine is proper.
The share of Postal and (or) its subsidiaries of
this settlement is now claimed by International Telephone & Telegraph
Corp. to aggregate approximately $120,000, Including interest.
Any other Federal income tax liability, if any, of Postal is to be assumed
by Postal Telegraph System, Inc. and guaranteed by Commercial Mackay
Corp.
The obligations of Postal as guarantor of certain surety companies, are
to be assumed by Postal Telegraph System, Inc. and accordingly such
claims are not affected by the plan.
(4) The indebtedness of Associated to Postal is to be canceled.
Un¬
claimed dividends, accrued taxes and accounts payable of Associated are
to be paid in cash.
The Federal income tax liability, if any, of Associated is to be assumed
by Postal Telegraph System, Inc. and guaranteed by Commercial Mackay
Corp.
The obligations of Associated as guarantor, under workmen's compen¬
sation and similar laws, are to be assumed by Postal Telegraph System, Inc.
and accordingly such claims are not affected by the plan.
(5) The holders of preferred and common stocks of Postal and of Asso¬
ciated having no equity, no provision whatever is made herein for the
stock of the debtors.
The 1,017,650 shares of common stock of Postal
outstanding are all owned by International Telephone & Telegraph Corp.,
which likewise owns $2,040,000 of Postal's preferred stock.
(6) International Telephone & Telegraph Corp. will receive partly m
exchange for its claim against Postal ainounting to $1,603,271 at May 31,
1938, and partly for its other contributions pursuant to this plan:
(a) $3,293,562 of 4% cumulative income debentures, series A, of All
America Sara Corp.; to which debentures will be attached warrants to
purchase at $8.70 per share 378,759.6 shares of common stock of the New
Cable & Radio Corp., being 115 shares for each $1,000 of such debentures;
(b) 2,026,807.2 shares of common stock of the New Cable & Radio Corp.;
(c) 37,500 shares (par $100) 6% cumulative preferred stock of Inter¬
national Telephone Building Corp.
<i>SS0t/S *
follows:
(1) f o tali
25-year coll. trust 5% gold bonds & 25-year coll. trust 5% deb.
stock, dated July 1, 1928; authorized $60,000,000; issued &
Int.
1937
(a) $15,201,054 of 4% non-cumulative preferred stock of Postal Tele
graph System, Inc., being at the rate of $300 of such preferred stock for
each $1,000 or £206 principal amount of such bonds or debenture stock;
(b) 1,013,403.6 shares of common stock of Postal Telegraph System,
Inc., being at the rate of 20 shares of such stock for each $1,000 or £206
principal amount of such bonds or debenture stock;
(c) $8,107,229 of 4% cumulative income debentures of Commercial
Mackay Corp., being at rate of $160 of such debentures for each $1,000 or
£206, principal amount of such bonds or debenture stock; to which deben¬
tures will be attached warrants to purchase 932,332.3 shares of common
stock of the New Cable & Radio
Corp. at $8.70 per share, being 115 shares
for each $1,000 of such
debentures;
(d) $1,013,404 principal amount of 4% cumulative income debentures,
series B, of All America Sara
Corp., being at the rate of $20 of such deben¬
tures for each $1,000 or £206
principal amount of such bonds or debenture
stock;
(e) 1,013,403.6shares of the common stock of New Cable&Radio Corp.,
being at the rate of 20 shares of such stock for each $1,000 or £206 principal
378,759.6
The liabilities as at May 31, 1938, including capital stock, of the debtors
(not including expenses of trusteeship and reorganization) are summarized
as
Chronicle
described above.
_
,
„
.
(b) All the outstanding stock of Mackay Delaware.
There will be no
changes in the assets or liabilities of Mackay Delaware subsequent to
May 31, 1938, except in the ordinary course of business and except that
such company is to be discharged, prior to or concurrently with the ac¬
quisition of its stock by Commercial Mackay Corp., from all of its debts
existing on May 31, 1938, to National City Bank, New York, and to
Vssoci3it6(i
There will be no
(c) All the outstanding stock of Mackay California.
changes In the assets or liabilities of Mackay California subsequent to
May 31, 1938, except in the ordinary course of business and except that
such company is to be discharged of its debts to Associated existing on
May 31, 1938.
.
_
10,000 shares of the capital stock (par $100) of Commercial Pacific
paid thereon subsequent to May 31,
(d)
Cable Co. together with all dividends
*Ae)
with
97 shares of the capital stock of German Atlantic Cable Co. together
thereon subsequent to May 31, 1938.
and equipment owned by one or more of the land line subsidiaries^
all dividends paid
(f)
Postal described as follows:
(II) All America Sara Corp. will acquire:
(a) Not less than 99.92% of the capital stock
"'VI
of All America Cables, Inc.
of All America Cables,
Inc., subsequent to May 31, 1938, except in the ordinary course of business
There shall be no changes in the assets or liabilities
and except that there will be withdrawn the
(1)
following assets:
$3,875,000 of cash;
(2) Additional cash to the extent of combined net income of All America
Cables, Inc., and Sara for the calendar year 1938, after depreciation of
the
rates
excess
presently charged on the books of said companies, but not In
of $267,000;
T
The excess of the combined cash of All America Cables,
Sara as of March 31, 1939, over $1,150,000 after deducting the
tioned in (1) and (2) above;
(3)
,
(4) 22,500 shares of the 6%
Telephone Building Corp.;
,
„
_
»
Inc., and
cash men¬
^
cumulative preferred stock of Internationa
Financial
1938
(5)
The account payable of one or more
Postal to All America Cables, Inc., on
amounting in the aggregate on May 31, 1938, to the sum of 8994,065.
(b) 99,900 shares of the capital stock of the par value of AP 20 each of Sara
(constituting all of the issued and outstanding shares of capital stock of
Sara owned by International Telephone & Telegraph Corp.).
There will
be no changes in the assets or liabilities of Sara subsequent to May 31,1938,
except in the ordinary course of business and except that such company
is to be discharged, prior to or concurrently with the acquisition of its stock
by the All America Sara Corp., from all its debts and liabilities, existing on
May 31, 1938, to International Telephone & Telegraph Corp. and sub¬
sidiaries of International Telephone & Telegraph Corp.
(III) There will be transferred to International Telephone & Telegraph
Corp. 37,500 shares of 6% cumulative preferred stock of International
Telephone Building Corp. owned by Commercial Cable as of May 31,1938.
(IV) The indebtedness of Mackay Delaware to the National City Bank
of New York amounting to $2,660,073 will be assumed by All America
Sara Corp,
The interest rate on this indebtedness will be 3% per annum
and the principal of the Indebtedness will be payable in 10 equal annual
instalments, the first instalment to be payable July 1, 1944, or five years
from the date of the notes, whichever ft later.
At its option All America
Sara Corp. may pay $160,073 in cash on account of this indebtedness imme¬
diately following consummation of this plan.
(V) Postal Telegraph System, Inc., is to acquire all the capital stock of
Postal Telegraph Sales Corp. and of the 35 corporations constituting the
,
...
Land Line System.
,
.
„
.
(VI) The claims of Associated against the Land Line System as at the
date the plan is confirmed, are to be assigned to Postal Telegraph System,
Inc. (to which the claims of All America Cables, Inc., against the Land
Line System, amounting on May 31,1938, to the sum of $994,065 inclusive
of interest, shall also be assigned) or otherwise disposed of in the discretion
of the reorganization managers.
■ ■
■
(VII) Other assets of Postal and Associated, together with $500,000 of
the cash to be withdrawn from Commercial Cable, after payment of or
,
.
provision for the payment in cash of liabilities to be paid in cash and after
payment of or provision for expenses of trusteeship and reorganization, are
to be transferred to Postal Telegraph System, Inc.
(VIII) Any subsidiary or sub-subsidiary of the debtors may be re¬
organized, recapitalized, merged or dissolved, the book values of their
assets may be adjusted, and all or any part of the indebtedness of the debtors
or any of their subsidiaries or sub-subsidiaries to any others of such corpora¬
tions may be adjusted or assigned to any other corporation within either
System or may be released.
(IX) New Cable & Radio Corp. and Postal Telegraph System, Inc. and
their respective subsidiaries shall enter into such traffic and other contracts
as the reorganization managers and International Telephone &
Telegraph
Corp. shall agree upon.
..
Rp Board of Directors and Management—The initial board of directors and
officers of Postal Telegraph System, Inc. shall be determined by the
reorganization managers.
Two-thirds of the initial board of directors of
Commercial Mackay Corp. All America Sara Corp., and of the New Cable
& Radio Corp. shall be determined by Internatioanl Telephone & Tele¬
graph Corp., and the remaining one-third, at least three, of the initial
boards of directors of such corporations shall be determined by the re¬
,
organization managers.
The charters of Commercial Mackay
Corp., All America Sara Corp., and
provide that the directors of each of
be divided into three classes, one class to be elected
directors to serve three years shall be those deter¬
mined by the reorganization managers.
of the New Cable & Radio Corp. shall
such corporations shall
each year.
The initial
Calendar Years
5 Mos. End.
1937
May 31,1938
Operating revenues—
Land line
telegraph-.$22,029,009 $23,495,432 $23,191,839
$8,656,826
4,095,498
1,827,925
4,296,626
2,023,007
4,443,047
2,357,547
1,520,432
882,692
225,000
225,737
225,000
75,075
225,000
62,269
93,750
6,804
6,454
209,365
Cable x—
Radio telegraph
6,989
234,249
7,238
347,624
3,074
104,337
Dividends—
Internat'l
Telephone
Building Corp.—-
Other.
Interest—
---------
27
Internat'l
Telephone
Building Corp.-—
Other.
MisceU. & non-oper. inc.
Total gross earnings..$28,625,794 $30,356,379 $30,634,567 $11,261,141
Oper. & gen. exps., taxes
&c., other than depre. 25,359,238
26,416,158
27,463,433
10,558,562
Net earns, bef. deprec. $3,266,556
y Prov. for depreciation.
1,828,293
Charges of sub. cos.
191,962
Charges of Postal Tele¬
graph & Cable Corp.—
Interest...
71,862
Prov. for U. S. Federal
Income tax on tax free
covenant
bond
and
deb. stock interest...
39,600
$3,940,221
114,513
Amort, of bond discount
and expense...——
$3,171,134
2,548,853
110,777
$702,579
1,090,104
28,394
70,198
69,843
28,886
1,845,473
— -
45,000
85,200
25,000
14,675
6,114
l
duct'g int. on bonds
and debenture stock $1,120,163
on coll. trust 5%
gold bonds & deb. stk.
2,538,215
1938,
$341,784 loss$475,920
2,537,031
2,542,381
$240,252
Federal Court Denies
$2,200,597
$1,534,027
was
Minority Bondholders' Plea—
Federal Judge Alfred C. Coxe denied Sept. 22 the request of counsel,
representing a minority bondholders' committee to invite the Securities and
Exchange Commission into the reorganization proceedings of the
tion under the provisions of the Chandler
corpora¬
Act.
Act, which is a revision of the Federal Bankruptcy Law, the SEC is re¬
quired to become a party to all reorganization proceedings where the estate
amounts to more than $3,000,000.
Since the Postal reorganization began
long before the Act became effective, however, the SEC can enter the case
only at the invitation of Judge Coxe.
Stockholders Oppose Plan—
Open opposition developed Sept. 22 to the plan of reorganization.
The
protective committee for the preferred stock announced through its Chair¬
man, James A. Beha, that the group would "resist by every means at its
of reorganization sponsored by the bondholders'
com¬
mittees."
"It is the view of the preferred stock committee," Mr. Beha declared,
"that those who invested $30,000,000 in the
company are enttiled to con¬
sideration in any plan of reorganization."
The committee on Sept. 22 obtained leave of Judge Coxe to intervene in
the proceedings.
In seeking to have the SEC intervene in the proceedings Mr. Jackson
told the court that the plan "clearly indicated that International Telephone
the assets and give bondholders something."
h> Counsel for the Lehman committee opposed the move to
bring in the
SEC chiefly on the ground that it would cause considerable delay in the
proceedings and cause damage to the estate, in view of the time limit
which I. T. & T. was expected to place on its acceptance of the reorgani¬
zation
plan.-—V. 147,
over
$508,711
248,185
$525,951
269,134
State & munic. taxes--Social security taxes---Federal taxes (incl. Inc.)
72,694
3,993
24,342
75,234
3,266
22,299
Net oper. income
Non-oper. income (net)-
$159,497
4,182
$156,018
3,086
$1,924,585
45,115
$2,024,475
36,353
$163,679
$159,104
56,018
$1,969,700
$2,060,828
679,244
63
Cr 14,887
9,692
110,091
657,425
Cr3,302
112,189
41,300
$93,331
52,176
$1,195,252
624,035
Gross income
.
58,361
Bond interest
Crl,768
11,188
Other interest (net)-—
Other deductions------
$6,058,168
2,895,379
Prov. for special reserve-
$95,898
Net income———
Pref. div. requirements-
52,176
$1,253,216
607,266
Note—Figures for all periods include operations of the former whollyowned subsidiary, Manchester Street Ry., which was merged with this
company as at Dec. 1, 1937.—V* 147, p. 1351.
Public Service Co. of Northern Illinois—Bonds Called—
See Commonwealth Edison Co. above.
$80,000,000 Issue in View—
Company has called a special meeting of stockholders for Sept. 28 to
approve plans for refunding $80,000,000 of outstanding bonds.
The stock¬
holders will be asked to authorize the execution of a new first mortgage
covering the bonds.
The company plans to offer the new bonds in October
if market conditions are favorable.
The refunding plan is another step in the comprehensive program of
recapitalization and refunding for the Commonwealth Edison group of
companies that is being carried out under the direction of James Simpson,
Chairman.
'
,■
■
Halsey, Stuart & Co. are expected to underwrite the new bonds.
Stock¬
holders of record Sept. 17 will be eligible to vote at the meeting.—V. 147;,
p.
I
1645.
Public Service
Corp. of New Jersey—Earnings—
Period End. Aug. 31—
Gross earnings.-------
1938—Month—1937
1938—12 Mos.—1937
$9,956,903
$9,978,231 $126,634,4241126,188,381
7,576,368
Net income from operBal. for divs. & surplus-
$2,380,535
1,321,473
7,508,212
92,009,644
87,686,782
$2,470,018 $34,624,780 $38,501,598
1,424,821
22,434,383
25,554,695
—V. 147, p. 1205.
Puget Sound & Cascade Ry.—Abandonment—
The Interstate Commerce Commission on Sept. 7 issued a certificate
permitting abandonment of operation, as to interstate and foreign com¬
merce, by the company of its entire line of railroad, extending from North
Mount Vernon to Finney Creek, approximately 27.2 miles, and from
North Mount Vernon to Mount Vernon, approximately 1.1 miles, all in
Skagit County, Wash.—V. 140, p. 484.
Puget Sound! Power & Light
Reported Being Negotiated—
The New York "Herald Tribune"
saus
Co.—Public Ownership
that negotiations have been begun
between Engineers Public Service Co., the City of Seattle, and power
districts in the Northwest for the transfer of the company to public owner¬
ship.—V. 147, p. 1787.
(George) Putman Fund of Boston—Dividend—Trustees have declared
a
dividend of 15 cents
share, payable Oct. 15
a
to beneficiaries of record
Sept. 30.
The two previous payments, in April
and July of this year, were at the rate of 12 cents a share.—V. 147, p. 753.
Reading Co.—Earnings—
Ry. operating
Ry. operating
revenuesexpenses-
1938—Month—1937
1938—8 Mos.—1937
$3,886,375
$4,378,387 $30,878,190 $40,643,494
2,774,640
3,341,856
23,504,677
27,849,616
Net
from ry. oper.
Public Service Corp. of
$1,111,735
218,338
$1,036,531
292,856
Ry. operating incomeEquipment rents (net)—
Joint facility rents (net)
$893,397
11,702
1,859
$744,175
93,994
2,136
$5,199,536
203,507
47,030
$9,423,014
384,125
13,635
Net ry. oper. income.
—V. 147, p. 1352.
$906,958
$840,305
$5,450,073
$9,820,774
rev.
$7,373,513 $12,793,878
2,173,977
3,370,864
Reece-Button-Hole
Machine
Co.—10
Cent Dividend—
Directors have declared a dividend of 10 cents per share on the capital
stock, par $10, payable Oct. 1 to holders of record Sept. 27.
A dividend
of 20 cents was paid on July 1 last; 10 cents was paid on April 1 last, and
previously regular quarterly dividends of 20 cents per share were dis¬
tributed.
In addition extra dividends of 20 cents were paid on Oct. 1 and
July 1, 1937, and on Dec. 24, 1936.—V. 146, p. 3818.
Reed Drug
Co.—Earnings—
1938
6 Months Ended June 30—
$1,034,303
43,458
Net profit after deductions incl. prov. for all taxes.
—V.
147,
p.
1937
$946,944
40,232
1787.
Remington Rand, Inc.—Bookings-—
Company's booked domestic orders for August were 14% ahead of July
and 4.5% better than August, 1937.
The company has issued orders to
increase production at several of its plants.
The General Shaver Corp.,
which manufactures Remington Rand electric shavers, is operating at 100%
of capacity and is behind on orders.
The company does not manitain any direct branch in Czechoslovakia
but the Zbrojovka Co., at Brunn, manufactures Remington Rand typesriters under license on a
royalty basis.—V. 147
p.
1352.
St. Louis Southwestern Ry .—Abandonment—
The Interstate Commerce Commission on Sept. 10 issued a certificate
permitting abandonment by Berryman Henwood, trustee, of a branch line
of railroad, extending from Wyatt to Birds Point, approximately 5.27 miles,
all in Mississippi County, Mo.—V. 147, p. 1502.
"
Securities Acceptance
Corp.—Dividend Reduced-
Directors have declared a dividend of 20 cents per share on the common
stock, par $4, payable Oct. 1 to holders of record Sept. 10.
Previously
regular quarterly dividends of 25 cents pot share were distributed.—V. 147,
p. 755.
Security
Investment Trust,
Inc.
(Denver)—$1 Pref.
Dividend—
p. 429.
Texas—Registers with SEC—
See list given on first page of this department.—V. 146, p. 446.
1937
1938—12 Mos.:
$5,929,089
2,825.127
833,162
888,847
30,043
47,461
216,282
301,896
Operating revenues——
Operating expenses---—
Sales——
The request seeking to inject the SEC into the proceedings was made
by Percival E. Jackson, counsel for the minority interests.
Judge Coxe
said he saw no necessity for such action at this time.
Under the Chandler
Telegraph was to take
Hampshire—Earnings-
1938—1937
1,058,107
$686,671
received from a connecting carrier
n adjustment of a claim as to the basis of
computation of traffic balances
for the years 1936, 1937 and for the first quarter of 1938.
This amount is
not included in the foregoing consolidated income accounts.
Of the amount
so received, $47,399 was applicable to 1936; $158,286 to
1937, and $34,565
to the first quarter of 1938.
y Exclusive of Federal Telegraph Co.
&
Public Service Co. of New
Period End. Aug. 31—
#
$1,850,360
$1,418,051
an amount of
command the plan
„
Railway tax accruals—
14,675
Interest
In
S. Lobingier, the
through its counsel, William A. Lockwood, has
memorandum with the Securities and Exchnage Commission opposing
the application of Providence Gas Co. to terminate unlisted trading priileges in its common stock.
The Exchange said there is nothing in the
record which indicates that the market on the Exchange, in the interest
of stockholders and investors, should be terminated.
The Curb, in its memorandum contends the trial examiner has confused
an application to terminate with an application to extend unlisted trading
privileges, and declares the examiner's sympathy is "manifestly" against
an Exchange which, contrary to the wishes of an issuer, exercises the right
to continue unlisted trading.—Y. 147, p. 753.
,
14,675
Net income before de-
x
Opposing
Stock—
a
Period End. Aug. 31—
,
Loss for the period—.
Assailing the advisory report of trial examiner Charles
1938
New York Curb Exchange,
filed
Oper. exps., maintenance
deprec. and taxes-—
Statement of Consolidated Income Accounts
1936
Ending Unlisted Trading in Company's Common
.
^
1935
Providence Gas Co.—Curb Files Memorandum
of the land line subsidiaries of
June 15, 1935, with interest thereon,
Sept. 24,
Chronicle
Directors have declared a dividend of $1 per share on the $6 first pre¬
ferred stock payable Oct. 1 to holders of record Sept. 20.
Dividends of
$2 per share
were
paid on
April 1, last, and on Oct. 1,1937.—V. 146,
p.
3971.
Volume
147
Financial
Schwitzer-Cummins Co. (&
Subs.)—
1938
IIIIIIIIIIIIIII
$2,220,484
1,692,988
176,016
21,739
lioi2,062
Selling and administrative expenses
Provision for depreciation
170 562
See
Operating loss
x
x$26,817
pf$329,742
422
pf $330,220
48,000
$26,395
pf$282,220
72,500
$1.94
the common
stock, par $10,
14/, p. 1048.
478
$26,395
a
liquidating dividend of 50 cents per share
payable Oct. 10 to holders of record Sept. 26.
amount was. paid on Feo. 28, last. A dividend of 75 cents was paid
on
Nov.,3, 1937; dividends of 50 cents were
paid on Aug. 3, April 30 and
Jan
9, 1937; $1.25 was paid on July 29,
1936; $1 on Jan. 27, 1936; one of
$1.25 on Oct. 18,
1935, and one of $10 per share on July 5, 1935.—V.
on
Sonoco Products
Provision for Federal normal income
taxi I" I]
/-08S, ^""lated) - - -
Cash
dividends paid
Earns, per sh. on 145,000 shs.
cap. stock (par
x
■
■*»
$1)11
—
Nil
After provision for
depreciation of $24,469.
1938
Cash
1937
$163,268
surr.
Liabilities—
$167,319
value of
life insurance
1938
1937
Accounts payable.
Accrued liabilities.
$163,821
100,795
Southern Bleachery & Print
Works, Inc —Accum. Div.
The directors have declared a dividend of
$1.75 per share on account of
on the 7%
cumul.pref. stock, par $100, payable Oct. 1 to
holders of record
Sept. 20. Like payment was made on April 1 and Jan. 1,
last, July 1, April 1 and on Jan. 1, 1937.
A dividend of $2.42 was paid
on Dec.
19, 1936, and dividend of $1.75 were paid on Oct.
1, 1936, and in
each of the five
preceding quarters and on March 2, 1935.—V. 146, p. 2061.
41,358
107,518
$313,678
5,739
3,925
Res. for Fed. taxes
60,295
rec.
208,518
419,879
Deferred income..
3,000
receivables.
Inventories
4,076
7,365
506,325
665,655
Fixed assets (net).
Other assets
145,000
472,538
50,101
84,016
145,000
84,016
856,926
1,044,127
Acc'ts & notes
Other
Total..
5,387
463,948
13,659
Capital stock
(par
*
Paid-in surplus
.
_
.
Earned surplus...
Total...
Southern
The
Seaboard Finance Corp.—Extra Dividend—
Directors have
declared an extra dividend of 5 cents
per share in ad¬
dition to the regular quarterly dividend of 15 cents per share on the common
stock both payable Sept. 30 to holders of
record Sept. 15.
This compares
with 10 cents paid on June
30, last, and previously regular quarterly
dividends of 15 cents per share were
distributed. -In addition, extra divi¬
dends of 10 cents were
paid on Sept. 27 and on June 30, 1937.—V. 147,
755.
(W. A.) Sheaffer Pen Co.—Earnings—
Period End Aug. 31—
xNet profit after deprec.,
taxes, &c
Earns.per sh .on com.stk.
>■»* Before provision
1938—6 Mos.—1937
$164,243
1938—12 Mos.—1937
$227,775
$1.37
$1.00
for Federal surtax
$604,114
$3.80
$670,249
$4.08
undistributed earnings, which
determinable until close of fiscal year.
of the company
this year being
was very much better than last year, the current assets
$2,713,000 compared with $2,647 000 last year and the
liabilities this year are $368,000 compared to
$666,000 last year,
thus showing an improvement of
$363,000 net.
Ratio of current assets to
current liabilities as shown
by above figures is 7.3 to 1, this year compared
with 3.9 to 1 last year. The
company has no bonded indebtedness or notes
payable.
have
declared
a
dividend
of 75
Net rev. from ry. oper.
Railway tax accruals
Equipment rents (net).
Joint facility rents (net)
Period End. Aug. 31—
Operating
revenues
Gross income after retire¬
ment accruals
Net income
Note—Includes
v.
147,
p.
Southern
—Second
parent
company
Standard
Jan. 1 to Sept.
1938
1937
$2,407,003 $79,871,249 $94,411,400
:''■■■
Commercial
Tobacco
Co.—Hearning
Ad¬
journed—
Hearing
on
reorganization
of this
company
has
been adjourned until
Counsel for the company and for a stockholders' committee stated
was being made in working out a plan for reorganization.
progress
This
plan would contemplate underwriting to provide funds to pay off
the claim of the Wood Axton estate and provide working capital sufficient
to carry the company over two years of operation, it was stated.
Ery
739,460
607,945
725,140
513,486
which contemplates the purchase of 300,000 shares of stock of Standard
Commercial Tobacco Co. at $3 a share, the purchaser being a party now
1937.—
in. Europe.—V. 146, p. 3524.
period prior
to
July 31,
or
the company, said that he was working
Standard Gas & Electric
RR.—Abandonment—
on
a
plan
cipated that there would be sufficient traffic to continue the line in operation
as a comon carrier after the completion of the
dam, at which time, unless
unforeseen developments take place, it would be the applicant's intention
to apply for authority to abandon its
operation over the line.
HThe dam was completed, and no service by the applicant has been called
for since Jan. 27, 1938—V. 144, p. 2675.
Silver wood
Dairies,
Gas & Electric Co. system for the week ended Sept.
17, 1938, totaled 108,236,706 kilowatt-hours, a decrease of 1.0% compared with the corresponding
year.—V. 147, p. 1788.
week last
Standard Steel Construction
share on account of
value,
payable Oct. 1 to holders of record Sept. 24.
Like payment was made on
July 1, April 1 and on Jan. 1, last, Oct. 1 and on July 1, 1937; a dividend of
75 cents was paid on May i, 1937, and dividends of $1.50 were paid on
April 1 and Jan. 1, 1937 and on Nov. 16, 1936.
A dividend of $3 was paid
on Aug. 15, 1936, this latter being the first paid since Oct. 1, 1933, whena
quarterly distribution of 75 cents per share was made; a similar payment
was made on Jan. 1, 1933, the April and 1 July 1, 1933, dividends having
been omitted.—V. 146, p. 3032.
Merchandise profit
$10,721,973
Costs of patents & exp__
347,079
Profit
Stanley Works—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
1935
$11,072,977 $11,596,689
345,047
326,736
4,409,783
Like amount was
40
of
$1 was paid on Dec. 15, 1937.—V. 146, p. 4131.
Stewart-Warner Corp.—Admitted, to Trading—
21, 1938 the registration on the Chicago Stock Exchange of the
company's 1,300,582 shares of common stock, par $5, became effective and
! as admitted to trading.—V. 147, p. 1050.
On Sept.
5,021,253
1934
$7,230,968
496,733
$6,734,235
1,308,463
5,791,219
1938
1937
1935""*
1936
$1,499,141
$966,919
$1,958,091 $2,798,183
$0.64
$1.00
Earns, per share—$1.32
"*x After depresiationTFederal income taxes, &c!
y On 1,488,821 shares
capital stock.V. 146. p. 3204.
x
Net profit
y
^
Superior
Oil
Co.
(Calif.).—Admitted to
Listing
jmmmm
and
Registration—
Net profit
Dividends
$14,302,906 $15,137,713 $16,291,206 $13,833,917
14,400,000
27,900,000
13,050,000
xll ,400,000
Deficit
$97,094 sur$737,713
$11,608,794 sur$783,917
Includes extra dividends paid during the year.
1937
Assets—
$
Cash.—
Investments
1936
$
5,239,457
94,889,642
Bills Aaccts.rec.
and stock and
bonds of sub.
1937
Liabilities—
$
1936
$
Capital stock... 90,000,000
Accts.
payable. 10,217,193
90,000,000
11,747,185
52,152,297
res've
Surplus
46,370,435
51,601,073
12,057,781
8,498,785
7,697,119
163,637,272 163,182,869
accruals
—V. 147, p.
Time.
Total
163,637,272
163,182,869
New Director—
Morton,
succeeding F. A.
Treasurer, has been elected
Park.—V. 147, p. 1788.
director of this company
1938—Month—1937
$345,055
$362,579
1938—12 Mos.—1937
.
$4,540,810
$4,439,670
_
101,929
101,360
£
107,330
106,252
1,514,187
1,504.397
1,452,884
1,440,174
1355.
Inc.—Interim Dividend—
pwDirectors have declared a dividend of $1 per share on the common
stock,
30 and
Sayable Sept. 30March 31 last. During the year 1937 the company paid
to holders of record Sept. 20. Like amount was paid on
une
a
7 Mos.
$281,488
Tampa Electric Co.—Earnings
Period End. Aug. 31—
Operating revenues
Gross income after retireNet income
Real Estate
Month
$19,030
—
—Y. 147, p. 1789.
ment
42,497,204
15,008,900
11,819,006
9,283,387
mach. &
.
Superior Steel Corp.—Earnings—
Net loss after all charges
Insurance
1,765,976
92,794,842
The capital stock, par $25, of the company has been admitted to listing
and registration on the New York Curb Exchange.—V. 147, p. 178o
Period Ended July 31, 1938—
Balance Sheet Dec. 31
merchandise
16.
paid on June 30, last and compared with regular quarterly dividends of
cents per share previously distributed.
In addition, an extra dividend
Sunshine Mining Co.—Earnings—
Exchange premium
3,928,012
the $3 cum. red. class A preierrnce stock, no par
6 Mos. End. June 30—
1936
$10,374,894 $10,727,930 $11,269,953
Other income
on
stock, payable Sept. 30 to holders of record Sept.
Singer Manufacturing Co.—Earnings—
1937
Co., Ltd.—Accum. Div.—
The directors have declared a dividend of $1.50 per
accumulations
Ltd.—Accumulated Dividend—
Directors have declared a dividend of 20 cents per share on the cumulative
participating preferred stock, no par value, payable Oct. 1 to holders of
record Sept. 26.
Arrearages after the current payment will amount to 30
cents per share.—V. 147, p. 280.
Calendar Years—
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
{impose of the proposed operation was to furnish transportation for the
arge amount of material needed for this work; and that it was not anti¬
John
Sept.
1937
$2,439,273
$1,793,184
1938—12 Mos.—1937
87,661
77,071
for
Wk. of
1938
(est.)
1788.
Kehaya, President
86,341
75,268
$4,294,980 $15,677,748
$1,954,910
1938—Month—1937
$186,054
$180,614
Interstate Commerce Commission on Sept. 9 issuechk certificate
permitting abandonment of operation under trackage rights by the road
over a line of railroad owned
by the city and county of San Francisco known
as the Hetch Hetchy
Ry., extending from a connection with the applicant's
railroad at Hetch Hetchy Junction in an
easterly direction to the end of the
line at or near Mather,
approximately 59 miles, all in Tuolumne and
Mariposa Counties, Calif.
fc*By certificate decided June 30, 1934, the Interstate Commerce Commis¬
sion authorized operation under trackage
rights by the Sierra Ry. Co. of
Calif,, or its receiver, over the Hetch Hetchy Ry.
It was stated in the
report that the Hetch Hetchy Dam is located at a point about six miles
beyond Mather; that as a necessary step in the completion of the project
for furnishing water and power, the city and county of San Francisco had
determined to increase the height of the dam by 85.5 feet; that the
primary
Total
$1,635,473
Ry.—Earnings—
Gross earnings
that
The
Tools,
$2,645,045
_
$3,961,084 $23,684,425 $34,788,700
1,390,648
12,207,716
11447,266
875,344
6,637,959
7,134,803
59,620
543.768
528,882
1353.
Sierra
x
$5,074,161
1,518,281
837,148
73,687
_
Net ry. oper. income.
-V. 147, p. 1354.
Oct. 19.
Sierra Pacific Power Co.—Earnings-
Up Capital
supplementary
Earnings of System
Packing Co.—Smaller Dividend—
1936—V. 144, p. 2320.
issued
A, 4%, due Jan. 1, 1987.
—V. 147, p.
Directors have declared a dividend of 25 cents
per share on the common
stock, payable Sept. 20 to holders of record Sept. 13.
This compares with
40 cents paid on March 31, last and a dividend of 60 cents
paid on Dec. 19,
has
Period End. Aug. 31—
1938—Month—1937
1938—8 Mos.—1937
Railway oper. revenues.$18,215,275 $19,265,938 $128158,849 $151291.711
Railway oper. expenses. 13,141,113
15,304,854 104,474,424 116,503,011
cents
the
stock,
30.
This compares with $1 paid on Feb. 26
last, and on Oct. 15, 1937; $1.25
paid on Feb. 26, 1937; dividends of $1 paid on Oct. 15 and on
Apirl 15, 1936;
50fccents paid on Oct. 15, 1935, and $1 per share on March 15, 1935.—V.
147, p. 132.
department
000 Texas and New Orleans RR. Co. first and
refunding mortgage bonds,
series
per share on
no par value, payable Oct. 15 to holders of record
Sept.
Sieloff
State
Southern Pacific Co.—Securities Delivered—
75-Cent Dividend—
directors
Can.
The Guaranty Trust Co. of New York has notified
the New York Stock
Exchange tnat at the request of this company it delivered the
following
securities which were held
by it as trustee under the indenture dated July 1,
1936, of the company:
$2,539,000 principal amount The Galveston, Harrisburg and San Antonio
Ry. Co. of Texas, Mexican and Pacific extension
6% (reduced to 5%
second mortgage bonds due
July 1, 1931.
$4,914,000 principal amount Morgan's Louisiana & Texas RR. and
Steamship Co. first mortgage 7% bonds due April 1, 1918.
$13,418,000 principal amount Galveston, Harrisburg and San Antonio
Ry. Co. Mexican and Pacific extension, first mortgage 5% gold bonds due
May 1,1931.
In exchange for the foregoing securities the trustee has
received $20,871,-
current
The
Co., Ltd.- -Paid
.
Ottawa,
on
liability, company states, is not
W. A. Sheaffer, President of the
company, stated that the cash position
common
Power
tol^oSo *000 —VUC147 Ppidi73g capital of thls company, from $8,672,000
$1,413,853 $1,739,772
-V. 146, p. 3970.
p.
Canada
Reduced—
$1)
$1,413,853 $1,739,772
Co.—Larger Dividend—
Directors have declared a dividend of 15 cents
per share on the common
Payable Oct. 1 to holders of record Sept. 20.
Quarterly dividend of
12 Yi cents was paid on June
30, last.—V. 145, p. 2407.
I
accumulations
Consolidated Balance Sheet July 31
Assets—
Cash
Co.—Liquidating Dividend—
The directors have declared
1937
255 808
(estimated)
1939
Simms Petroleum
-
6 Months Ended
July 31—
Met sales
Cost of goods sold
Chronicle
on
dividends of $2 per share on March 31, June 30 and on
146, p. 3527.
Sept.
30.—Y.
Financial
1940
Texas & Pacific
r
.
$363,797
$405,609
$2,707,662
$3,996,320
33,443
35,838
291,507
330.097
$397,240
$441,447
6,948
328,517
$2,999,169
327.468
2,628,106
$4,326,417
67,188
2,642.064
$58,103
Net ry. oper. income-
par
value each,
1938—Month—1937
1938—8 Mos.—1937
Operating revenues..... $2,108,065
$2,518,993 $16,921,238 $20,281,856
Operating expenses
1,482,245
1,760,175
12,027,188 13,665,195
Railway tax accruals...
148,183
191,634
1,181,421
1,522,891
Equip, rentals (net)
106,450
152,667
967,127
1,063,994
Joint facil. rents (net)—.
;
7,390
8,907
37,840
33,456
$105,982
$286,588
$1,617,165
Othar income
value. $4,657,317).
c 33.450 (38,800 in 1937) shares of $5 par
$167,250 ($194,000 in 1937). and excess of subscription price
value—to be credited to paid-in surplus upon payment of sub¬
scription. $16,725 ($19,400 in 1937).
^
,
....
. ..
Note—Coal Sales Corp., the wholly-owned sales subsidiary of the com¬
pany, was dissolved on June 30. 1937.
The company now controls fully
P
ts
ft sales outlet through its own sales department.—V. 147. p. 1647.
no
Ry.—Earnings—
Period End. Aug. 31—
Sept. 24, 1938
Chronicle
over
par
_
United American Bosch
-May Change Name and
Corp
Increase Stock—
a special meeting on Sept. 26 will consider the ratification
Donald P. Hess, President; for a term of five years
fixed salary plus of 5% of net profits in excess of $150,000 per
and the option to purchase 15,000 shares of capital stock at $12.50
Stockholders at
Total income.-Misc. deductions
Fixed charges
-
-
11,669
-
-
Net income
84,475
—V. 147, p. 1355.
Tivoli Brewing
Co.—Extra Dividend—
10 cents per-share in addi¬
tion to the regular dividend of five cents per share on the common
both payable Oct. 20 to holders of record Oct. 1.-—V. 147, p. 1355.
Twin State Gas & Electric
Period End. Aug. 31—
Operating revenues
Operating expenses
Stateandmunic. taxes.-
Social security taxes
Fed. taxes (incl. inc.)
stock,
Co.—Earnings—
share; and the action of the Board of Directors in approving adjust¬
in certain accounts of the company as of June 30. 1938, effecting
and establishing a reserve for contin¬
gencies of $100,000.
To approve the change of the company s name from
United American Bosch Corp. to American Bosch Corp. changing the par
value of the capital stock from no par value to $1 par value, increasing
the authorized capital stock from 500,000 shares to 750,000 shares and
reducing the capital from $2,580,000 to an amount equivalent to $1 per
share.—V. 147, p. 1647.
per
ments
$2,477,559
1,642,975
163,105
14,044
$37,791
564
$31,507
1,628
$535,157
39,802
$585,528
13,781
$38,355
11,161
7,357
2,578
$33,135
11,161
8,137
2,229
$574,959
133,936
98,0*1
37,4ol
$599,309
$17,259
20.790
$11,608
20,790
$305,451
249,475
$291,996
249,475
"
Net oper. income
Nonoper. inc. (net)
Gross income
Bond interest.—
Other int. (net)....
Other deductions..-
Net income
Pref. div. requirements-
142,291
103,708
61,314
Union Pacific RR.—Earnings—
1938—Month—1937
—
Ry. oper. revenues—$15,108,440 $14,975,324 $90,289,694 $104152,081
2,200,650
1,655,147
10,046,296
13 286,758
2,422,312
2,502,009
16,528,338
20,972,638
Traffic expense
323,739
372,164
2.772,07 9
3,031.591
Transportation expenses
4,470,015
4,669,940
31.750,532
35,638,970
Miscellaneous operations
355,700
385,871
2.201,592
2,406,956
General expenses424,762
459,256
3,405.306
4,030,785
Transp. for investmentCr324
CV4.124
Dr2
Maint. of way & structs.
Maint. of equipment--
Net rev. fro n ry.oper. $4,911,586
Rail, tax accruals.—
1,265,632
$4,930,937 $23,589,675 $24,783,381
1,069,858
9,925,534
9,752,153
Sept. 17, '38 Sept. 10, '38 Sept. 18/37
(kwh.) — — - 91,074,287
83,261,282 90,013,774
Week Ended—
Electric output of system
—V. 147, p. 1789.
United Milk Products Co.—Dividends—
mon
stock,
no
share on the com¬
payable Oct. 1 to holders of record Sept. ,23.
have declared a dividend of 50 cents per
Pt The directors
value,
par
Similar payments were made in preceding quarters.
Dividends similar to the above have been paid on
pating pref. stock, no par value, in addition to
dends of 75 cents per share.—V. 146, p. 4132.
United States Trucking
Corp.—Issuance of Notes—
Commission
Commerce
Interstate
issuance
United Verde Extension Mining
Co.—Earnings—
income— $3,645,954
936,490
50,622
1936
$2,345,796
309,564
1935
$2,002,866
148,356
$1,526,700
541,330
349.085
19,792
155,151
$2,655,360
1,303,445
$2,151,222
254,975
205.296
$2,456,229
1,672.987
139,194
113,620
217,658
$661,341
1,050,000
$849,119
Dividends
787,500
$375,533
2.467,500
$312,769
1,155,000
Balance, deficit
of capital stock
outstand'g (par $0.50)
Earns, per sh. on cap .stk.
$388,659
sur$61,619
$2,091,967
1,050,000
$0.63
1,050,000
$0.81
1,050,000
$0.35
Gross revenue
Other income
-------
Total income
—
Mining, &c., expends.
Taxes
Losses sustained—
Depletion
—,
Net profit
iterns....$2,658,842, $2,898,726__$S,396,184_$9,986^003
1937rapproximately""$286,700 was"credited*to railway tax
August,
accruals, (similar amounts were credited in June and July, 1937), repre¬
senting one-seventh of the amount (approximately $1,801,000) charged
to that account from March 1 to Dec. 31, 1936, inclusive, that would have
been payable under the Taxing Act (companion to the Railroad Retirement
Act of 1935) which was repealed by the Carriers' Taxing Act of 1937, and
one-seventh
of
the
difference
(approximately $206,000)
between the
amount charged to railway tax accruals from Jan. 1 to May 31, 1937,
inclusive, under the repealed Act, based on a tax rate of SlA%, and the
amount accruing for that period under the new Act, based on a tax rate of
2%%.—V. 147, p. 1506.
United Electric Coal
,
„
,
1938
,
Sales and commission--. $2,706,430
Profit after costs &exps.
977,898
Other income-.--
35,501
Cross
income-.$1,013,399
Interest
123,908
Royalties—73,131
Depreciation--
-
Shut-down exps., tax, &c
Depletion
Minority interest.-----
Net
Shs.
stk. (par $5)—
per
share
1936
$2,175,437
697,641
46,873
$933,343
160,960
74,122
249,964
35,884
190,513
515,095
$0.44
$710,297; other investments (less reserve, $925,163),
(less reserve, $189,000), $295,671; accounts
$48,071; inventories of materials
and suplies, $53,699; cash in banks and on hand, $590,186; due on metal
and ore sold and copper on hand, $201,641; total, $2,420,818.
•
Liabilities—Capital stock (par $0.50), $525,OO0; accounts payable incl.
taxes
and
other items accrued, $177,788; surplus, $1,718,030; total,
$2,420,818.—V. 147, p. 1054.
' ;
232
$97,228
x306,0()0
$0.42
loss$52,515
x306,000
194,421
62,190
174,381
82,634
135,107
Assets—
\
1938
<
1937
Other receivables
5.502
1.887
Deposits
3 000
bids
Inventories
Other
566,334
Capital assets, productive-—
Exhausted
Payment
on
or
5,732,516
227,499
804,173
380,302
Total
793,635
326.347
$9,170,899
.
0ther
Accounts payable
Accrued salaries, wages, royalties, taxes, int., &c__
Notes payable under contribution for construction
of coal washing plant
Notes payable under agreement with creditors
Notes payable, banks..
20-year mtge. income gold bonds, due Dec. 1, 1946
(int. payable from profits from mtged. property)
c
Common capital stock subscribed
stock..
b Common
Capital surplus, arising from reduction of capital__
Surplus arising subsequent to revaluation of assets
as of Aug
1, 1933—
Paid-in surplus
Earned surplus..
...
$8,381,671
$170,241
125,891
97,890
167,699
$18,104
362,188
27,153
1.253.504
1,032,603
96,725
114,593
150 000
5,702,793
130,411
758,000
213,4C0
5,683,318
130,411
2,548
85,864
600
183,97 5
-
-
189,939
8,763
17,558
22,704
Exps. applic. to temp, closed mills
Deprec. applic. to closed mills
$8,381,672
b 750,000 shares ($5 par); subscribed for
by officers and employees, but
unissued, 33,450 (38,800 in 1937) shares; reserved for options to purchase
on or before April 19, 1939, at $8
per share, 50,000 shares* issued and out¬
standing. 515,095 (511,200 in 1937) shares (including 306,000 shares of
$5 par value each at previous aggregate stated value of 306,000 shares of
92.344
56,800
56.491
186,906
11,429
14,106
23,262
9.458
.
196,765
13.979
54.953
6.236
8,323
20.000
X46.500
10,601
$152,089
$279,780
$106,861
Crl7,021
Dr4,342
Cr2.006
113,809
170,714
42,000.
73,500
$13,301
$31,224
Miscellaneous deductions
Prov. for Federal income taxes
—
—
—
Common dividends
Prior preferred dividends
Surplus for the
-
year
$108,868
Earns, per sh. on 1,138.090 shs. com.
$0.24
undistributed profits.
$0.08
stock, $2 par
$0.06
x Includes $1,330 for estimated surtax on
Note—The above statement does not include undistributed current earn¬
ings of the subsidiary company not consolidated.
Consolidated Balance Sheet June 30
Assets—
1938
Cash
$906,760
1,064.660
244,874
249,947
(cost
value)
58,239
and
x
700,000
700,000
2,276,180
Surplus.—------ 2,138.003
3,321,273
2,276,180
-
2,155,926
100,000
office
67,799
71,056
444,464
329,793
$6,763,263 $6,935,417
After
'
fac¬
supplies
Deferred charges..
Total
20 year
par)..
par)
mach., eqpt., &c 3,201,537
Blocks and rollers.
100,000
tory
mtge.
Common stock ($2
50,054
buildings,
of
1,541,500
payable—
6% cum. prior pref¬
erence stk. ($100
13.654
par
Other assets
Land,
128,709
6% sk. fd. gold
bonds, due 1947 1,432,500
820,242
Cos. 1st mtge. bds.
x
$133,102
95,988
1st
1,102.143
661,276
1937
$120,592
Accts.
Accruals
acceptances rec.
Mdse. inventories.
Investments
1938
Liabilities—
1937
$890,909
reserve
for depreciation
Total..
$6,763,263 $6,935,417
of $2,054,312 in 1938 and $1,856,574 in
1937,—V. 147, P. 1647.
312,659
$9,170,899
$487,721
98,330
49,526
Universal Products Co.,
Total
99.004
$777,077
Provision for depreciation
Fiscal agency expenses
Inventory
732,000
$388,717
85.959
$4,684,655
3.714,492
499.473
Prov. for uncollectible accounts—70,077
Cust. notes, accts.
Liabilities—
•
•
Notes payable, bank.—..
$691,118
$628,714
89,7 35
-
-
Interest on mortgage bonds
Discounts on sales
223,366
221,210
abandoned
$970,164
381.918
199.528
109,381
Gross income
contribution to purchase coal reserve
minority rights, &c
Deferred charges—
337.674
$519,333
Net profit from oper. (bef. deprec.)
507,976
201.921
6,603,878
assets
$1,528,265
Other income credits
500
on coal
.
4.072,330
$1,278,330
446,770
312,227
expenses
1937
$5,600,594
3,651,417
General expenses
(net)-..
$406,251
161,378
316
Trade accounts and notes receivable
Officers' and employees' accounts receivable
1936
1938
$4,929,747
Cost of goods sold
,
$182,883
200,145
1,550
-
Paper Factories, Inc. (& Subs.)— -Earnings
United Wall
Years Ended June 30—
Net sales
Net income for the year
Miscell. adjusts, applic. to prior years
Consolidated Balance Sheet July 31
Cash
cost,
Nil
No par value.
HI
at
$218,428; lands, ranches, &c.
$596,450
712
511,200
$0.43
1937
------
$572,960
23,490
$744,514
191,871
62,224
200,182
36,544
155,753
$221,894
1.050,000
$0.29
and notes receivable and interest accrued,
Selling
1935
$842,231
-
Gross profit from operations
-
profit—$226,795
com.
Earnings
x
266,901
138,759
183,905
1937
$2,546,813
919,869
13,474
16.857
Assets—Mining property (lefis depletion reserve, $35,000,510), $268,238;
smelter plant, mine and other machinery, equipment and buildings (less
amortization and depreciation reserve, $7,425,342), $34,588; marketable
Cos.—Earnings-
Consolidated Income Account for Years Ended July 31
1,407.554
145.982
242.604
5.216
^
$2,278,566
177,663
Shares
securities
Net of
In
$3,861,079 $13,664,141 $15,031,229
917,735
4,878.335
4,659,053
44,618
389,622
386,173
1934
1937
-—$1,215,577
311,123
Calendar Years—
Balance Sheet Dec. 31,
Rail. oper.
Equipment rents (net)-.
Joint facility rents (net)
the $3 cum. partici¬
the regular quarterly divi¬
on
Sept. 12 authorized 'the
by the corporation of unsecured promissory notes in aggregate
principal amount $75,000 the net proceeds to be applied to retirements
outstanding bonded debt authorized.—V. 147, p. 1508.
•P The
1938—8 Mos.—1937
$12,227,708 $11,830,394 $70,888,335 $83,436,426
1,661,065
1,900,160
11,063,751
11,518.926
Mali revenue
361,665
386,490
3,118,014
3,180,932
Express revenue
189,072
134,623
1,329,710
1,429,623
All other transp. rev--—
456,686
474,178
2,630,328
2,883,468
Incidental revenue..—
212,244
249,479
1,259,556
1,702,706
Freight revenue
Passenger revenue
Co.—Weekly Output—
United Gas Improvement
„
—V. 147, p. 1355.
Aug. 31—
reduction in assets of $1,423,324
,
1938—12 Mos.—1937
$2,451,836
1,623,280
172,972
8,589
122,278
61,467
1938—Month—1937
$212,010
$210,018
149,471
153,954
14,517
15,712
1,373
978
8,858
7,867
.
contract with Mr.
a
annum
a
J* Directors have declared an extra dividend of
Period End.
of
to receive a
Inc.—Dividend—
declared a dividend of 25 cents per share on the
value, payable Sept. 30 to holders of record Sept. 26.
This compares with 15 cents paid on June 15, last; 50 cents on March 31,
last; $1.25 paid on Dec. 21, 1937; 50 cents paid on Sept. 30, June 30 and
March 31, 1937; $1.25 paid on Dec. 18, 1936; 75 cents on Sept. 30, 1936.
and 25 cents paid on June 30 and March 31, 1936.—V. 146, p. 1896.
The
com.
directors have
stock,
no par
Volume
U. S.
Financial
147
1938'
$3,897,610
Deprec., deplet. & amort
1,533,524
Netprofit
Preferred
$2,364,086
1,091,879
dividends
Surplus—,_
Shs.
1935
1937
$6,086,928
1,601.034
1936
$5,607,164
1.824,395
$5,824,778
1,651.257
$4,485,894
1,091,879
$3,782,769
1,091,879
$4,173,521
1,091,879
$1,272,207
stock
com.
$3,394,015
$2,690,890
$3,081,642
528,765
528,765
528,765
$2.41
$6.41
528,765
$5.08
out¬
standing (par $50)—
Earnings per share
x
Average shares outstanding.
Note—No provision has been made for Federal surtax on
profits in respect to the above stated earnings.
To
Consolidated Balance Sheet June 30
Smelting, Refining & Mining Co.—Earnings—
8 Mos. End. Aug. 31—
Profit after interest
Pay Si Dividend—
$5.82
U. S. Sugar
Patents
1
Due
from
4,077,095
76,900
40,800
Investment
for
Prov.
injury
personal
settlem't
6,415
Add'l
6,086
247.801
224,825
compensa'n
of employees...
for purch. of stk.
61,066
6,854
16,017
1, 893,272
1,387,241
rec.
242,628
569,341
Accr'd gen. taxes.
8~668
8,953
rec._
3.446
8,132
Accr'd Fed. taxes.
46,371
secur.
1, 232,687
209.802
153,547
Notes & accts.
Accounts payable.
Unclaimed
Misc.
2,032,431
accr.
wages.
409,694
511,852
Surplus
under
z
79
~
67,503
217.482
liabils.
w
Cash
U. S. Govt, bonds
dep.
8,253
31,521
expenses
4,166
employees
1
380,183
Dr 519,492
Dr57S,403
Treasury stock
self-
Ins. agreement..
15,235
Cash in closed bks.
339
408
Deferred charges..
9,122
9,331
Total
1939, to holders of record, respectively, on Oct. 5, 1938, Jan. 5, April 5
July 5, 1939.
The dividend payable on July 5, 1939, will be the 24th
4,079,712
_.
Empl. 7% ctfs. of
empl's
estate
Corp.—Dividends—
Directors have declared four quarterly dividends of $1.25 per share on
the preferred stock, payable on Oct. 15, 1938, Jan. 16, April 15 and July 15,
33,540
for purch. of real
Due fr.
Marketable
dividend of $1 per share on
146,749
26,200
Mtge. receivable..
Common stock..$2,000,000 $2,000,000
Capital surplus.
1
139,343
Investments
x
1937
1938
Liabilities—
1937
1938
Accrued int.
the common
stock, par $50, payable Oct. 15 to holders of record Sept. 30.
A like amount
was paid on July 15, April 15 and on Jan. 15
last; a dividend of $3 was paid
on Dec. 22,
1937, and a regular quarterly of $2 per share was paid on Oct.
15 last.
See V. 144, p. 2153, for detailed record of previous dividend
payments.—V. 147, p. 588.
a
Assets—•
Land, buildings,
mach'y & eciuip_$2. 034,248 $2,110,718
y
Inventories
undistributed
3@1
The directors have declared
1941
Chronicle
x
.$6,017,235 $6,831.8471
Represented by 210,000
$6,017,235 $6,831,847
Total
y After depreciation of $1,695,Represented by 9,633 (8,175 in 1937)
no par shares,
002 in 1938 and $1,582,953 in 1937.
shares at cost.—Y. 146, p. 3035.
z
and
consecutive dividend declared on the preferred stock since issuance in 1934.
fr The directors also declared a dividend of 10 cents per share on the common
stock, payable Oct. 25, 1938 to stockholders of record Oct. 5.
This brings
dividends on the common stock payable during the calendar
30 cents per share.—V. 145, p. 3361.
the amount of
year
1938 to
Utilities
Power &
Light Corp.—SEC Lets Group Enter
Utility Case—
The Securities and Exchange Commission issued an order Sept. 21 per¬
mitting Harry Reid, Max McGraw and B. B. Robinson as the general
protective committee for security holders of the corporation to intervene
in proceedings having to do with reorganization plans for the corporation
and integration of the system under Section 11 of the Public Utility Hold¬
ing Company Act.
In reaching that conclusion,
however, the SEC, over the protest of
counsel for the committee, refused to withdraw from the position it has
taken that in its opinion the committee was organized on behalf of the
Associated Gas & Electric Co. system.
The matter first reached the controversial stage on Sept.
commission
adopted a memorandum opinion permitting
by the committee in which it stated it
was clear
Virginia Electric & Power Co.—Supplemental Indenture
Stockholders at a special meeting on Sept. 26 will consider authorizing
supplemental indenture to indenture of mortgage dated Nov. 1, 1935, for
the purpose of issuing a new series of bonds to be designated first and
refunding mortgage bonds series B 3Yi% to be dated Sept. 1, 1938 and
to be due Sept. 1, 1968, in the aggregate principal amount of $37,500,000;
to authorize the board of directors to issue and sell such bonds, also the
borrowing of $4,000,000 from commercial banks during the period from
Oct., 1938-Oct., 1939, to be evidenced by notes maturing serially from
May 1, 1940 to Nov. 1, 1946, at 3% per annum.
Hearing Oct. 3—
A
posed issuance and sale of $37,500,000 of first and refunding mortgage
bonds, series B, 3H%, due Sept. 1, 1968, and $4,000,000 of 3% serial
notes maturing from May 1, 1940, to Nov. 1, 1946.—V. 147, p. 1790.
Wagner Baking Corp.—No Preferred Dividend—
17 when the
intervention
from the record that the
committee "was organized by Howard C. Hopson on behalf of the Asso¬
ciated Gas & Electric Co. system and that every member of the committee
and its secretary and counsel are in some fashion linked with the Asso¬
Directors at their recent meeting failed to take any action with regard
to payment of dividend normally due at this time on the $3 second preferred
stock.
Regular quarterly dividend of 75 cents per share was paid on
July 1, last.—V. 147,
slight modification
a
"It is clear from the record that the committee was organized by How¬
ard C. Hopson, and that every member of the committee and its secretary
and counsel are in some fashion linked with the Associated interests,
and It is our conclusion that it was so organized on behalf of the Associated
Gas & Electric Co. System."
The commission also consented to strike from its original
memorandum
the following:
"Associated owns
debtor,
all
debentures and A, B and common stocks of the
some
of which
also
are
represented
by the committee which also
purports to represent preferred stock."
The Atlas Corporation, proponent of a plan of reorganization involved
in the
Wayne Pump Co. (& Subs.)—Earnings—
9 Months Ended Aug. 31—
Profit, after all charges, except Federal income tax,
and before adjust, for Indiana gross income tax
Cancellation of reserve for Indiana gross income tax
on interstate sales to Nov. 30, 1937, less related
Federal income taxes
proceedings, had filed objections to the petition by the committee
to intervene.
The commission based its
findings in tying
the committee with the
Associated Gas & Electric interests on testimony of Mr. Reid that Mr.
Hopson suggested that the committee be organized.
In its original memo¬
randum the commission also said that at the inception of the committee
the Associated interests gave the committee proxies for its securities, but
these proxies were withdrawn in Dec., 1937, for the alleged purpose of en¬
abling Associated to appear in the reorganization proceedings through sep¬
up
arate counsel.
The commission also provided that the committee would
to intervene
only
on
the condition that
a
copy
be permitted
of its opinion shall accom¬
pany any circulars or letters transmitted to security holders and that the
committee will not be permitted to maintain any position inconsistent with
which it has made to security holders.
Ross, counsel for the committee, vigorously denied
Total
Prov.
Clarance
H.
interests
was
that
an
it
instrument of the Associated
will
Gas
&
147, p. 1508.
Vaispar Corp. (& Subs.)—Earnings■—
12 Months Ended Aug. 31—
x
Victor Oil
a
dividend of
seven
Weinberger Drug Stores, Inc.—To Pay 25-Cent Dividend
Vanadium Alloys
Years End. June 30—
Sales, less returns, &c___
Cost of sales,
__
f Gross profit from sales
Other income
Pulp & Paper Co.—Five-Cent Dividend—
West Virginia
The directors have declared a dividend of 5 cents per
Gen., adm. & sell.
exps_
one
This compares
of 20 cents paid
Steel Co. (& Subs.)—Earnings—
1938
1937
1936
1935
$5,822,345
3,423,872
$4,029,156
2,354,797
$2,767,105
1,586.812
$1,176,166
78,929
$2,398,473
81,552
$1,674,359
69,551
$1,180,294
officers & employees._
Provision for deprec'n..
Loss on sale of securities.
Federal income taxes.__
31,521
139,373
$2,480,025
740,434
$1,743,910
685,350
$1,224,770
600,387
247,801
133,881
126,121
134,142
•
(est.)
1790.
—
— -
y209,303
85,006
for
est.
social
Research
expense
Loss from sale of prop._
Writo-down in value of
I
investments
62,691
xll3,703
35,107
14,499
42,549
Wisconsin Hydro-Electric
18,026
6,119
16,185
2,326
2,752
2,063
2,313
$592,216
50,536
$357,377
151,409
Surplus.
Shs. cap. stk. (no par)__
Earnings per share
$179,720
200.367
$1.06
$29,892
201.825
$4.80
$541,680
202.136
$2.93
$205,968
202,136
$1.77
►
x Includes capital stock taxes,
profits and capital stock taxes.
(
y
Includes
excess
the 6%
Co.—Accumulated Dividend—
$1.50 per share on account of
pref. stock, par $100, payable Oct. 1 to
Similar amount was paid on June 1 and on
cum.
Sept. 20.
146, p. 3039.
Woodward & Lathrop Co.—50 Cent
$968,693
938,801
Combined net profit
1937
prf.$180,785
Dividend—
Directors have declared a dividend of 50 cents per share on
$213,128
392,848
payable
147, p. 1791.
The directors have declared a dividend of
holders of record
42,893
Dividends paid
f
on notes
14—
1937
1938
$19,345
6 Months Ended June 30—
64,877
24,006
5,296
Int.
1938
$9,108,604 $12,744,703
Ipc.—Earnings—
Net loss before taxes
.
38,509
18,213
4,929
—Jan. 1 to Sept.
—V. 147, p. 1791.
6,083
se-
cnrity taxes
$339,195
period Oct. 1, 1938 to Dec. 13, 1938, both inclusive.—V.
Oct. 1 last.—V.
ployment tax
Prov.
►
$283,960
Wheeling Steel Corp.—Exchange Date Fixed—
accumulations on
27,886
Week Ended Sept. 14—
1938
1937
Corporation reports that Dec. 14, 1938, has been fixed as the date up to
which 6% preferred stock may be excnanged into $5 cumulative convertible
prior preferred stock and common stock in accordance with the plan of
recapitalization dated June 8, 1937.
There shall be payable to the cor¬
poration, as an adjustment of dividends, the sum of $1 per share for each
share of 6% preferred stock surrendered for exchange during the period
Sept. 15, 1938 to Sept. 30, 1938, both inclusive, and 50 cents per share for
each snare of 6% preferred stock surrendered for exchange during the
118,612
Prov. for est. Pa. inc. &
capital stock taxes
Prov. for est. Fed. unem¬
Ry.—Earnings—
Western Maryland
17,194
x45,863
the com¬
44,476
Add'l comp. to directors,
►
on
stock,
—V. 147, p.
20.
$3,540,535
2,364,369
$1,255,095
706,369
share
payable Oct. 1 to holders of record Sept. 20.
Like amount
was paid on July 1, last; a dividend of 10 cents was paid on April 1 and on
Jan. 3, last; dividends of 20 cents were paid on Oct. 1, July 1 and on April 1,
1937, and previously, dividends of 10 cents per share were distributed each
three months.—V. 147, p. 1357.
mon
Willson Products,
Gross income..._____
the common
cents per share on the com¬
stock, payable Sept. 22 to holders of record Sept
witn a dividend of 10 cents paid on Nov. 23, 1937 and
on March 26, 1937.—V. 147, p. 1648.
mon
f
x69,000
y215,000
Directors have declared a dividend of 25 cents per share on
Gross earnings
Co.—Dividend Reduced—
Directors have declared
yl25,000
Federal income tax
After all charges, incl. depreciation and Federal
than undistributed profits tax.—V. 147, p. 589.
x
$1,669,347
—
stock, no par value, payable Oct. 1 to holders of record Sept. 24.
This
compares with 10 cents paid on June 27, last and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 147, p. 1509.
1937
1936
$310,468
$10,776
income taxes (other
1938
$79,997
Net profit
$958,382
1938 reversed the decision given in 1937 by the Indiana Supreme Court.
y Excess profits and undistributed profits taxes are not provided, as
they are not determinable until the end of the fiscal year.—V. 147, p. 1356.
mitted to security holders of the corporation by the committee was charac¬
terized by Mr. Ross as "an abuse of discretion."
predicted "a complete vindication in either case."—V.
$891,146
Net profit for the period
—
$833,382
$1,385,347
Earnings per share on 289,659 shs. of capital stock
$2.87
$4.78
x The
provisions made in 1937 for Indiana gross income tax on inter¬
state sales were canceled in 1938, as the United States Supreme Court in
that
He said he did not know whether the committee would
carry its case to
the security holders or to the United States Circuit Court of Appeals, but
$1,669,347
Indiana gross income tax on interstate
Estimated normal
Electric Co.
not
provide security holders with independent
representation.
The action of the commission in requiring that its memorandum opinion
"attacking the committee" must accompany any letters or circulars trans¬
or
for
1937
1938
x67,236
—
—
__
sales
any representations
the committee
1790.
The directors have declared a dividend of 37 ^ cents per share on account
of accumulations on the $2.50 cumul. class A conv. stock, no par value,
payable Oct. 12 to holders of record Oct. 1.
Like amount was paid on
Aug. 25, last, and compares with 25 cents paid on July 5 and on May 28,
last, and with 50 cents paid on Feb. 17, last; Dec. 23, Sept. 30, July 26,
April 26 and Feb. 18, 1937; Nov. 30, Oct. 15, Aug. 31, July 1, April 25 and
Feb. 15, 1936, and Dec. 20, Nov. 15, Aug. 15, May 15 and Feb. 15, 1935.—
V. 147, p. 1210.
opinion the statement that "Associated owns some securities of each class
which the committee claims to represent—which includes every class of
security which the debtor has outstanding" and substituting in lieu thereof
p.
Walker & Co.—Accumulated Dividend—
ciated interests.
In its order Sept. 21 the commission consented to
by nuking this statement read:
v:
•
hearing has been set for Oct. 3, 1938 in the Commission's Washington
on the application (File 32-104) of the company in regard to a pro¬
offices
profits, undistribued
the common
$10, payable Sept. 29 to holders of record Sept. 26.
Like
amount was paid on June 29, last and previously, regular quarterly divi¬
dends of 37 Yi cents per share were distributed.
In addition, the company
has paid a number of extra dividends, the record of which is given in V. 146,
stock,
p.
par
2067.—V. 146, p. 4134.
Worcester Suburban Electric Co.—Smaller
The
directors
have
declared
a
dividend
of 75 cents
per
Dividend—
share on its
capital stock, par $25, payable Oct. 11 to holders of record Oct. 5. This
compares with $1 paid on June 30 and March 31, last; 75 cens paid on
Dec 24, 1937; $1.50 paid on Sept. 30, 1937; $1.35 paid on June 30, 1937:
$1 paid in each of the six preceding quarters; 75 cents paid on Sept.30and
June 29,1935, and $1 per share distributed each three months previously.—
V. 147, p. 436.
1942
Financial
Chronicle
Sept.
The Commercial Markets and the
24,
1938
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—METALS—DRY
On the 21st inst. futures closed 3
COMMERCIAL EPITOME
Friday Night, Sept. 23, 1938.
was
Coffee—On the 19th inst. futures closed 5 to 8 points net
higher in the Santos contract, with sales totaling only 39
lots.
The
higher
on
Rio
contract
closed
sales of 19 lots.
4
points lower to
Prices moved within
1
a
point
narrow
during most of the session, with orders either way
influencing the trend.
In the run of news there was
nothing to add as a stimulus or a depressant.
Shipments
meanwhile from Brazil showed improvement for the week
just ended- The total amounted to 377,000 bags against
259,000 bags in the previous week.
To the United States
the total amounted to 241,000 bags, Europe 117,000
bags, and
range
all others
19,000 bags.
Tomorrow will be a holiday in Rio.
Havre closed 1% francs to 2 francs higher.
On the 20th inst. futures closed 8 to 16 points net
higher,
with sales totaling 117 lots.
The Rio contract closed 9 to
32 points higher, with sales of 30 lots.
Short
new
speculative buying
ently by the easing of
centered
in
were in
war
covering and
evidence, influenced appar¬
tension
abroad.
the distant positions, which
mum
gains.
were
traded,
For
Demand
was
showed the maxi¬
time July, in which 47 lots of the total
selling at 6.89c., or 20 points above the
previous close, but profit-taking for the account of operators
who bought early scaled down some of the gains.
Actuals
were
a
was
quiet, but
small amount of business
a
futures against outside transactions.
was
unchanged,
and
the
Havre
was
entered
in
The market in Brazil
market
closed
3%
to
4
francs lower.
in
On the 21st inst. futures closed 11 to 14 points net
higher
the
Santos contract, with sales totaling 50,000 bags.
The Rio contract closed 8 to 16 points net
higher, the spot
month showing the maximum gain, on sales of only 11 lots.
Demand
was
general and included short covering and new
European buying.
A fair part of the business represented
hedging against actuals, which became active for the first
time
in
higher.
several
weeks.
Five notices
Havre
were
closed
1%
to
2% francs
issued against September Santos,
bringing the total to date to 18.
On the 22d inst. futures closed 5 to 10
points net lower in
the Santos contract, with sales
totaling 37 lots.
The Rio
points up on the Sept. delivery, and 1
point down on the remaining months, with sales of 39 lots.
The coffee market declined in
quiet trading.
Santos con¬
tracts were off 8 to 9 points on sales
totaling 5,000 bags up
to early afternoon.
During the early afternoon the Rio
contract was off 6 points on sales
totaling 8,(XX) bags up to
that time.
Cost and freight offers from Brazil were renewed
at unchanged prices.
Futures on the Havre Exchange ad¬
vanced 3^2 to 4 francs on sales of 17,500
bags. Today futures
closed 2 to 15 points net lower in the Santos
contract, with
sales totaling 131 contracts.
The Rio contract closed 19
points net lower, with sales totaling 22 contracts.
Coffee
futures reflecting the "war" news,
opened lower, but in the
later trading prices held
fairly well.
Near months were
contract
closed
10
weaker than the distant deliveries
delivery
were
issued and
as
10
Santos notices
"A" contract notice
one
was
of
circu¬
lated.
Santos contracts opened 9 to 13
points lower, while
Rios were 9 to 25 points lower.
Later, Santos prices were
7 to 22 points
lower, with Sept. at 6.42c., off 22 points.
March sold at 6.73c.. off 6
points.
Rio contracts were
unchanged. Cost and freight offers from Brazil showed little
change. A fair business in Colombian coffees was reported
yesterday with Manizales for Nov .-Dec. del* r
selling at
11 %c.
Rio coffee prices closed
September
December
March.
as
March
6d.
as
on
while other deliveries were giving ground under
stronger,
following
the rapid political develop¬
Sept., 4.98; Oct., 4.94; Dec.,
5.09; Jan., 5.14; March, 5.23; May, 5.32; July, 5.44.
uneasiness
general
Local closing:
ments abroad.
On the 22d. inst. futures closed 7 to 5
Transactions totaled 137 contracts.
points net lower.
The market ruled heavy
during most of the session as a result of fresh liquidation
influenced by renewed nervousness and uncertainty over the
Wall Street is credited with having
They
now total 898,421 bags against 1,377,339 bags a year ago.
Bahia cabled that the Cocoa Instutite had reported exports
from May to August inclusive of 638,000 bags of cocoa.
Local closing: Oct., 4.87; Dec., 5.03; March, 5.17; May,
5.27; July, 5.36.
Today futures closed 4 to 5 points net
higher. Transactions totaled 145 contracts. Cocoa traders
continued to remain on the side lines watching European
developments.
As a result the market held in the narrow
trading range it has followed for the last couple of weeks.
Prices this afternoon were 2 to 3 points higher with Dec. at
European situation.
been
Warehouse stocks decreased 600 bags.
seller.
a
Sales
5.05c.
that
to
time
totaled
stocks increased 2,854 bags.
They
120
lots.
Warehouse
total 901,278 bags
against 1,373,604 bags a year ago. Local closing: Oct., 4.91;
Dec., 5.08; Jan., 5.13; March, 5.22; May, 5.32; July, 5.41.
now
Sugar—On the 19th inst. futures closed 1 to 2 points net
Improvement in the European outlook influenced
the early weakness, but since present prices are not far
higher.
from
removed
based
mand
recent
lows, there was sufficient
price alone to promote the rally.
on
de¬
new
Only 4
lots
were traded.
While no sales were reported in the raw
market, the undertone ruled steady in the futures market.
Three or four cargoes of Cubas and Puerto Ricos were
offered at
3.05c., and buyers continued to show interest at
The world sugar contract
closed unchanged to 1 point lower.
Sales totaled 231 -lots,
or
11,550 tons.
Apart from spot September, which was
2^d. lower, the London market closed 34 to 34 d. higher
the
last
price of 3c. delivered.
turnover
of
10,000 tons.
Raws there
on
a
5s.
held
at
734d., equal to 1.04c. f.o.b. Cuba.
On the 20th
inst.
futures closed 2 to 4 points
in the domestic contract.
form of hedge
Street
Wall
were
selling against
house
with
net lower
The pressure came largely in the
new crops
for the account of
a
Cuban
producing connections.
Otherwise the light volume comprised realizing for the
account of operators and trade interests based on the turn
for the better in the European political outlook.
Transac¬
tions totaled 105 lots, or 5,250 tons;
In the raw sugar mar¬
ket Henderson of New Orleans bought 10,000
for October
bags of Cubas
That was
shipment at 2.10c., cost and freight.
the only reported sale, but a further limited interest for the
same position was in the market, but sellers were asking 5
points over.
The world sugar contract opened 2 to 2%
points off, and later the losses were increased to 3 to 4
points net tlower, with sales totaling 127 lots.
The London
closed
market
at 5s.
On
%
l%d. lower,
to
with
raws
there offered
6%d.
the 21st
inst.
in the domestic
market
was
futures closed 2
to
3 points net
contract, with sales totaling 180 lots.
easier
of the
lower
The
liquidation and new selling reflecting
European news.
The only feature to the
on
.4.38
trading
-4.41
account, it was believed, of a trade house with Cuban con¬
.6.70
was
nections.!
.6.70
6.63
the posting of 85 lots of
March at 2c. for the
to 5 points net
The opening range was 2 to 6
points higher.
This
market reflected the
brighter outlook for a
higher.
peaceful settle¬
of
European difficulties, although trading interest
Operations were almost entirely of a professional
Oijily 72 lots, or 965 tons, changed hands. Local
dosing: Sept., 4.97; Oct., 4.96; Dec., 5.09;
Jan., 5.14; March,
5.22; May, 5.32; July, 5.42.
light.
character.
On the 20th inst. futures closed 2
points lower to 7 points
The opening range was 1 point lower to 3
points
Transactions totaled 141 lots, or 1,889 tons.
Trad¬
largely to professional and trade interests,
ing was limited
total
volume relatively light.
London also reported
quiet and steady markets, outside
prices ruling unchanged
to 3d. higher, with futures on
the Terminal Cocoa Market
showing a similar range and doing only 290 tons.
Local
closing: Sept., 4.95; Oct., 5.01; Dec., 5.15;
Jan., 5.20; March,
5.29; May, 5.39; June, 5.43; July, 5.48; Sept., 5.57.
That transaction swelled the March volume to
126 lots, and it was believed to be against actuals.
Septem¬
ber resisted the trend on belated covering to close at 2.01c.
Following the trend in futures,
Cocoa—On the 19th inst. futures closed 3
with
much
outside, while futures there ranged unchanged to l%d.
lower, with 210 tons trading.
With its final notice day due
tomorrow, the September delivery in the local market turned
the
...
September
December
higher.
higher.
as
May.
July.
4 on
(
was
The opening range
London lost
May.
July.
"
IIIHIIIL35
Santos coffee prices closed as follows:
ment
1 points lower.
7 to
the trend
follows:
points higher to 7 points
Transactions totaled 2,452 tons.
lower.
easier.
Reports
were
but this could not be confirmed.
closed y2 to 1
point lower
closed
y<>d.
5s.
34
to
raw
sugar
undertone was
current of business at 2.97c. or 2.95c.,
higher,
The world sugar contract
sales of only 71 lots. London
and raws were, unchanged at
on
6%di
On the 22d inst. futures closed
unchanged to 2 points up
with sales totaling 36 contracts.
closed 1 to 134 points up, with
sales of 14 contracts.
Sugar futures rallied in extremely
quiet trading as European tension increased.
World con¬
tracts were higher by 134 to 2 points during the early after¬
noon on sales of only 500 tons.
Most traders preferred to
in the domestic contract,
The world sugar contract
watch
and
wait pending developments abroad.
January
1.0434c. and March at 1.0734c. in early afternoon.
In the domestic sugar market prices advanced as much as
3 points on a single sale of 250 tons of March at 2.02c.
Raws were quoted at 2.95c. to 3c., wdth no sales.
Futures
in London were 34 to Id. higher on sales totaling 500 tons.
stood at
Volume
147
Financial
Today futures closed 2 points net higher in the domestic
contract, with sales totaling 29 contracts.
The world sugar
contract closed 1 to 2 points net
higher, with sales totaling
91
contracts.
Both sugar markets advanced here
Chronicle
1943
Cheese: State, held '37—19 to 21c.
checks to special packs—19 to 28c.
Eggs: mixed colors,
Oils—Linseed oil market is reported
inquiry.
Out of town deliveries
the
little
European developments.
The domestic contract
stood 3 points higher this
afternoon, with July at 2.10c.,
as
quiet, with very
favorable, how¬
ever,
on
latest
3.
up
The domestic
raw
sugar
market
In
refined
heavy,
quiet and un¬
a pound.
reported to be
be rationing the
was
changed, with buyers at 2.95c. and sellers
at 3c.
sugar, withdrawal demand was
much so that refiners were said to
The world sugar market was more active than the
so
sugar.
domestic.
It opened up 134 to 2 points and later stood 234
334 points higher with May at 1.1234> up 234 points.
London futures were 34 to 134d.
higher.
Raws there were
quoted at the equivalent of 1.04c. a pound f. o. b. Cuba.
The Cuban price, c. i. f.
London, according to a cable, in¬
cludes war risk insurance at
34%, the excess being the lia¬
bility of the buyer.
^
to
Prices
were
as
September
—
January (new)
1.99
2.03
March (new)
May.
July.
.2.09
^
the
United
reports of a fair export
Kingdom and the Continent.
A
good domestic cash demand
was also reported.
Lard futures
points higher on October and January and 10
points higher on the distant May, but December was off 2
points.
Later the market firmed and scored fairly sub¬
opened
5
stantial gains at the close.
No lard exports were reported
from the Port of New York today.
Liverpool lard futures
were
quite firm at 6 to 9d. higher.
Chicago hog prices were
steady, ranging from $9.10 to $9.25.
Western hog receipts
totaled 10,400 head against 8.100 for the same day last year.
On the 19th inst. futures closed 12 to 20 points net lower.
break for the better in the political
In view of the decided
situation of Europe and the consequent decline in many
commodity markets, it was only natural that lard should
drop lower.
There was considerable selling for speculative
account, and under this pressure lard futures fell off 17 to
20 points,
from which level there was little or no recovery.
Export clearances of lard from the Port of New York over
the week-end totaled
ton
and
Hamburg.
538,335 pounds, destined for Southhamp¬
This was the heaviest in some time.
Liverpool
lard futures showed declines of 6 to 9d.
Hog
prices at Chicago were 10c. lower.
Western hog receipts
totaled 60,000 head against 50,700 head for the same day
last year.
Scattered sales were reported at Chicago during
the day at
prices ranging from $8.35 to $9.35.
points net lower.
result of many bearish
The market appeared depressed as a
influences, chief of which were larger hog receipts, falling
off in the spot demand and a general decline registered in
most commodity markets, all making for a decidedly bear¬
ish atmosphere.
Lard prices opened 10 to 15 points lower,
then eased 17 to 22
rallied
bit,
a
points below previous finals.
The mar¬
fell off again in the late trading.
but
Export clearances of lard from the Port of New York
124,450
pounds,
destined
were
London,
Liverpool, Glasgow
Western hog marketings were heavy,
and
for
Southampton.
totaling 64,000 head
at the principal Western delivery
points, which compared with 55,300 head for the same day
last year.
Hog prices closed 10 to 25c. lower.
Sales ranged
from
On
$7.50 to $9.20.
the
21st
inst.
futures
closed
cash
offerings.
Lard exports
were very light, totaling
Liverpool lard futures were also barely
steady at unchanged to 3d. lower.
Chicago hog prices were
10c. lower.
Sales ranged from $7.50 to $9.15.
Western
hog receipts totaled 51,400 head against 42,400 head for
840 pounds to
the
same
Oslo.
day a year ago.
On the 22d inst. futures closed 2 to 5
points net higher.
At the highs of the day prices were up 7 points on the active
deliveries.
Trading was light and without any particular
feature.
Export shipments of lard totaled 93,600 pounds,
destined' for
London,
Liverpool
and
Manchester.
Hog
10c. lower.
Sales ranged from $7.25 to $9.15.
Western hog receipts were 39,800.
Today futures closed 8
to 13 points net higher.
The marked strength in the wheat
markets and indications of a break-down in negotiations for
peace in Europe—were the chief factors contributing to the
strength in lard futures.
prices
were
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 .Hams: picnic, loose, c.a.f.—4 to 6 lbs., 14^§c.;
6 to 8 lbs., 1394c.; 8 to 10 lbs., 12)4e.
Skinned, loose, c.a.f.
—14 to 16 lbs., 223^c.; 18 to 20 lbs., 19c.
Bellies: clear,
f.o.b. New York—6 to 8 lbs., 16Mc.; 8 to 10 lbs., 1694c.;
10 to 12 lbs.,
1634c.
Bellies: clear, dry salted, boxed,
New York—16 to 18 lbs., 12%c.; 18 to 20 lbs., 1294c.;
20 to 25 lbs., 1134c.; 25 to 30 lbs., 11 ^c.
Butter: creamery,
firsts to higher than extra and premium marks—26 to 2634c.
CLOSING
PRICES
Sat.
,
OF
LARD
Mon.
FUTURES
Tues.
October
7.97
7.77
7.65
December
8.12
8.00
8.22
8.07
Wed.
7.75
7.62
7.80
7.90
7.85
7.92
Cottonseed Oil sales,
IN
CHICAGO
Thurs.
Crude, S. E. 634c. @634c.
Prices closed
as
7.74 February
7.75®
n
March
7.88® 7.91 April
7.92@ 7.93 May
December
January—
7.75
7.95
8.05
follows:
7.72 @
November
Fri.
7 77
7.67
7.85
7.95
including switches, 94 contracts,
7.95 @
n
8.01@
8.05®
8.09®
n
Rubber—On the 19th inst. futures closed 1 to 7
points
net higher.
Trading was relatively quiet, with volume total¬
ing 2,640 tons.
Spot standard No. 1 ribbed smoked sheets
remained
of
the
from
unchanged in the outside market at 16%c.
activity
nearby
the
on
months
floor
to
consisted
forward
of
82 lots
trade
positions
transferring futures for actual rubber.
Most
switching
and
factories
December
showed
exchanged, while March had 10 lots switched.
The
remainder of the activity was mixed.
Traders in the actual
market are still hesitant in
making commitments on ship¬
ment rubber.
There were some small lots of
factory and
shipment business done today.
Local closing: Sept., 16.06;
Dec.,
16.17;
Jan.,
16.19;
March,
16.26;
May,
16.30;
July, 16.34.
On the 20th inst. futures closed 39 to 42
Commission
house
and
foreign
points net higher.
apparently influ¬
buying,
enced by the more peaceful outlook
abroad, sent crude rub¬
ber futures soaring today
(Tuesday), with prices closing
highs of the session.
The trade also bought on the
exchange against shipment sales to factories.
The opening
at the
of
range
the
Transactions
exchanged
actual
local
market
totaled
for
market
amount of both
3,540
actual
was
was
26
to
tons,
of
which
rubber
quiet,
by
many
35
factories.
dealers
points
50
higher.
tons
were
Although
reported
a
factory and shipment business today.
the
fair
Spot
sheets followed the stronger
trend, advancing %
Oct..
16.48;
Dec.,
to 1634c.
Local closing: Sept., 16.45;
16.58; Jan., 16.61; March, 16.66; May,
16.74.
On the 21st inst. futures closed 6 to 15
points net lower.
Trading was more or less mixed, with transactions totaling
2,720 tons, of which 630 tons were exchanged for actual
Trade and commission houses
rubber.
of
the
market.
during the
A
session.
were
on
both
sides
little
profit-taking was also witnessed
Spot standard No. 1 ribbed smoked
sheets eased
l/16c. in the actual market to 16 7/16c.
Ac¬
was generally quiet, with offerings from the
Far East light.
Local closing: Sept., 16.32; Oct., 16.33;
Nov., 16.40; Dec., 16.48; Jan., 16.55; March, 16.57; May,
tivity outside
16.62.
On the 22d. inst. futures closed 6 to 5
10
points higher to 5
points lower.
Trading was light, with fluctuations narrow.
At the start prices were 5 points higher on the nearby
September, but the deferred months were 2 to 5 points off.
During the day the September delivery was quite firm,
and at the high of the day was up 10 points due to scarcity
of
DAILY
_
September
standard No. 1 ribbed smoked
On the 20th inst. futures closed 12 to 15
ket
winter strained, 834c.
Edible: Coconut—76 degrees,
934c.
Cod: Crude, Norwegian, light filtered, no quotation.
Turpentine: 2634 to 2834c.
Rosins: $4.90 to $7.45.
October
speculative buying influenced by
from
extra
.2.05
Lard—On the 17th inst. futures closed 7 to 10
points net
higher.
The market's firmness was attributed largely to
demand
—Tanks, nearby, 11.8 to 12c.; drums, l.c.l., 12.5 to 12.7c.
Coconut: Crude, tanks, 324c.; Pacific
Coast, 3c.
Corn:
Crude, West, tanks, nearby,
.0734c. nominal.
Olive:
Denatured, spot, drums, 9.2 to 9.3c.
Soy Bean: Crude,
tanks, West, .0534; l.c.l. New York, 7.0.
Lard: Prime, 9c.;
January
follows:
are
and quotations are fully maintained on the basis of
7.7 to 8.1c. a pound, in tank cars.
Quotations: China Wood
the
ies.
near
months, and 1 to 2 points
The rubber market
up on
points net lower on
the distant deliver-'
was nervous over
the still unsettled
foreign situation. It opened 2 to 18 points lower, but turned
steady after that initial decline. The turnover was small,
indicating that the majority of interests were awaiting
developments abroad. Sales to early afternoon totaled only
500 tons, including 10 tons of
%tures which were exchanged
for actual rubber.
Malayan census figures were ignored.
London closed 1-16 to 3-16 lower, but Singapore advanced
l-16d.
Local closing: Dec., 16.42; March, 16.52;
May,
16.57; July, 16.67; Sept., 16.34. Today futures closed 34 to
25 points net lower.
Transactions totaled 186 contracts.
Rubber traders did not like the
European news, with the
they were sellers.
Cables were lower, with the
foreign tension overshadowing all else.
The market started
13 to 21 points lower, after which it was steady at the lower
level.
In early afternoon on sales of 1,300 tons, Dec. stood
at 16.24, off 18 points, and May at 16.40, off 17
points.
Of the sales, 160 tons represented exchanges of futures for
actuals.
London closed 1-16 to 34d. lower.
It was pre¬
dicted that United Kingdom rubber stocks would show a
small increase, say of 350 tons this week.
Singapore closed
l-16d. lower.
Local closing: Sept., 16.00; Dec.,
16.14;
Jan., 16.17; March, 16.25; May, 16.32; July, 16.40.
result that
Hides—On the 17th inst. futures closed unchanged to 2
points lower in the old contract, while the new contract
closed 3 points lower to 2 points higher.
Trading was very
light and without any special feature.
Sentiment in trade
circles is reported as fairly cheerful.
The outlook is con¬
sidered fairly promising, and prices as a rule are steady.
Transactions
in
the old contract totaled 760,000 pounds,
960,000 pounds traded in the new contract.
Local closing, Old Contract: Sept., 10.50; Dec., 10.60; March,
10.78; June, 10.86.
New Contract: Dec., 11.17; March,
while there were
11.45; June, 11.74.
Financial
1944
7 points higher to 2
and 3 points higher to 1
During the greater part
of the session the market held steady
with trading of
restricted
proportions.
Although the European political
situation was somewhat less tense today, trade factors here
still are inclined to keep to the sidelines pending further
developments in the European situation.
Transactions in
hide futures totaled 1,480,000 pounds, of which 1,240,000
pounds was in the old contract. The spot hide market also
remained rather quiet today.
Local closing, Old Contract:
Sept., 10.57: Dec., 10.60; March, 10.78; June, 10.84.
New
Contract; Dec., 11.20; March, 11.48; June, 11.73;
Sept.,
On
the
19tli
inst.
futures
closed
points lower in the old contract,
point lower in the new contract.
12.01.
On
the 20th
inst. futures closed 7 to 1
the old contract,
points decline in
while the new contract was
unchanged to 6
Trading was moderately active, with sales
in the old contract totaling 3,320,000 pounds, while trans¬
actions in the new contract totaled 1,360,000 pounds.
In
the domestic spot hide market there were approximately
30,000 hides sold on a basis of 11c. for light native cow
hides.
Local closing, Old Contract:
Sept., 10.50; Dec.,
10.55; March, 10.75; June, 10.85.
New Contract, Dec., 11.20;
March, 11.45; June, 11.69; Sept., 11.95.
On the 21st inst. futures closed 14 to 19 points up in the
old contract, while the new contract showed advances of
8 to 15 points.
Trading was active, and it was reported
that about 40,000 packer hides were sold in Chicago at
steady prices. On Tuesday it was reported that 30,000 hides
were sold at unchanged prices.
In addition to the domestic
trading, it was learned that 8,000 frigorifico steers have
just been sold at 11% c., an increase of %c. over the last
previous business. Transactions in the old contract totaled
1,840.000 pounds, while in the new contract sales were
920,000 pounds.
Local closing, Old Contract: Sept., 10.55;
Dec., 10.70; March, 10.89; June, 11.00.
New Contract:
Dec., 11.28; March, 11.56; June, 11.83; Sept., 12.10.
On the 22d. inst. futures closed 7 to 9 points net lower
on the old contract, while the new contract closed 9 to 6
points decline.
Transactions on the old contract totaled 34 lots,
totaled 33 lots. The market sold off
in sympathy with the lower stock market.
Opening prices
were 2 to 19 points lower on the old contract, but 3 to 12
points higher on the new.
In the early afternoon Dec. old
stood at 10.61c., off 9 points; Dec. new at 11.22, off 6, and
March at 11.49, off 7 points.
It was stated that sales in
the domestic spot hide market yesterday aggregated 42,900
pieces, with July.Sept. native cowhides at 11c.
Local
closing: Old contract: Dec., 10.62; March, 10.81; June 10.91.
New contract: Dec., 11.20; March, 11.47; June, 11.77. Todayfutures closed unchanged to 5 points up in the old contract,
with sales totaling 12 contracts.
The New Contract closed
4 points up to 2 points down, with sales totaling 26 contracts.
Raw hide futures were easier in sympathy with the stock
market, which they usually follow.
On sales of 680,000
pounds prices receded 2 to 7 points. Dec. old this afternoon
stood at 10.55 and Dec. new at 11.18.
It was reported in
the trade that 15,000 cow hides had sold in the Chicago
market at steady prices, with tanners the buyers.
Local
closing: Old contract: Dec., 10.62; June, 10.96. New con.
tract: Dec., 11.22; March, 11.51; June, 11.77; Sept., 12.02.
points off.
while in the new, sales
Ocean
latter
Freights—The market had a sharp pick-up the
part of the week, eight vessels
being chartered for
grain from St. Lawrence.
Charters included: Grain—St.
Lawrence to Antwerp or Rotterdam, option picked ports
United Kingdom, Sept. 24-29, 2s. 10 %d.
St. Lawrence to
Antwerp or Rotterdam, option picked ports United Kingdom,
Oct. 7-16, basis 2s. 9d.
St. Lawrence to Antwerp or Rot¬
terdam, option picked ports United Kingdom, Oct. 6-15,
basis 2s. 9d.
St. Lawrence to Antwerp or Rotterdam,
option picked ports United Kingdom, basis 2s. 9d.
St.
Lawrence to Antwerp or Rotterdam, option picked ports
United Kingdom, Oct. 6-13, basis 2s, 9d.
St. Lawrence to
Antwerp or Rotterdam, option picked ports United King¬
dom, Oct. 5-14, basis 2s. 9d.
St. Lawrence to Antwerp or
Rotterdam, option picked ports United Kingdom, Oct.,
basis 2s. 9d.
St. Lawrence to Antwerp or Rotterdam, option
full range United Kingdom, including Ireland, Oct., basis
2s.
9d.
Scrap: Atlantic range to Japan, Oct., private
terms.
Atlantic or Gulf to Far East, net form,
no rate
given.
Trip: Trip out to Far East, delivery7 north of Hatteras, re-delivery Far East, ending Sept., 90c.
Coal—The demand for wholesale anthracite in
the New
this week.
Buying is more consistent, with the smaller sizes moving
more freely.
Operators have not made any announcement
as to the
Oct. 1 advance in wholesale quotations.
Retail
schedules are also still unchanged.
Reports from the field
assert that business should show a gradual increase as the
season progresses.
The major part of the present produc¬
tion, it is further stated, is going into consumption rather
than into storage.
According to figures furnished by the
Association of American Railroads, the shipments of anthra¬
cite into eastern New York and New England for the week
ended Sept. 3, have amounted to 1,619 cars, as compared
with 1,629 cars during the same week in 1937, showing a
decrease of 10 cars, or approximately 500 tons.
Shipments
of anthracite for the current calendar year up to and includ¬
York City area has shown a slight improvement
Sept. 24,
Chronicle
ing the week ended Sept. 3, totaled 52,789 cars,
with 55,857 cars the same period in 1937.
Wool—The wool market is more or
1938
compared
less of a drifting affair
with the developments of the week causing considerable
uncertainty.
Prices tend to sag, but show no definite.yield¬
ing. Manufacturers are more or less apprehensive over the
tangled political situation abroad, as almost anything can
develop from it; also, there is considerable uncertainty
regarding concessions made in the Britiah Trade Treaty.
The wool trade awaits results of the opening of the spring
lines with the hope that the mills will receive some substantial
now,
Business, meanwhile, is
orders.
mostly in odd lots, the
aggregate turnover too small to force any trend.
Dealers
at the moment are not increasing their inventories, and
manufacturers for their part are disinclined to take on addi¬
supplies until the situation shows further clearing.
on Western wools continue firm, with an occas¬
ional lot moving.
Average fine territory wool has sold in
original bags at 63c., scoured basis.
Small quantities of
tional
Prices here
good French combing length bring 62 to 63c., but for sub¬
stantial quantities of this grade of wool, dealers are asking
64 to 65c.
Shoit French combing wool in original bags is
available in moderate volume at 60c. scoured basis. There
is a broader demand in the pulled wools for winter AA of the
better class at 80c. in the scoured condition.
Similar wool
can be sold to top-makers, clean basis, around 68c.
Silk—On the 19th inst. futures closed %c. higher to %c.
securities market, raw silk
today's session. Most
of the activity "was confined to trade switching from the
nearby months to far forward positions.
There also was
some commission house buying.
Transactions totaled 1,790
lower.
Influenced by a higher
futures
ruled steady during most of
contract, 820 bales on
No. 2.
Yokohama
ruled 5 to 12 yen easier, while Kobe was 4 to 9 yen off.
Grade D declined' 10 yen at Yokohama to 767% yen and
dropped 5 yen to 770 yen at Kobe.
Spot sales at these
Japanese centers totaled 850 bales, while futures transac¬
tions totaled 4,400 bales.
Local closing, Old Contract: Sept.,
1.70; Oct., 1.69y2; Nov., 1.69% Dec., 163; Jan., 1.67; Feb.,
1.66%.
No. 1 Contract: March, 1.65; April, 1.65. No. 2
bales, including 970 bales on the old
contract
No.
Contract:
1,
and
none
of contract
March, 1.62; April, 1.61.
On the 20th inst. futures closed 1 to
3c. net higher.
Fol¬
of the stock market and strong
cables from primary markets, silk futures here held strong
during most of the session.
New buying was in evidence
and
also trade short
covering and
some
profit-taking.
Transactions totaled 740 bales, including 300 bales on the
lowing
trend
higher
the
old contract,
440 bales
on
No. 1 contract, and none of No. 2
better and Kobe
D closed at 775 yen in
both Japanese markets, 7% yen higher at Yokohama and
5 yen up at Kobe.
The spot sales from Yokohama were
mutilated in the cable.
Kobe spot sales were 175 hales.
Futures transactions at both these" centers totaled 2,600
contract. * Yokohama
was
4
to
14
yen
ranged 3 to 12 yen
higher.
Grade
Local closing, Old Contract:
bales.
Nov., 1.70%
;
Sept., 1.71; Oct., 1.71;
Dec., 1.70%; Jan., 1.69% ; Feb.,
1.68%.
No. 1
March, 1.67%; April, 1.68.
On the 21st inst. futures closed 2%c. higher to 2c. lower.
Contract:
April No. 2, while the others ranged
2%c. up.
Transactions totaled 1,370
bales, including 510 bales in the old contract and 850 bales
in Contract No. 1, and 10 bales in Contract No. 2.
Yoko¬
hama ruled 5 to 9 yen better, while Kobe was 6 to 13 yen
higher.
Grade D advanced 7% yen to 782% yen at both
Japanese centers. Total spot sales in the Japanese markets
was 1,250 bales, while transactions in futures totaled 3,450
bales.
Local closing: Sept., 1.73%: Oct., 1.73%; Nov., 1.73;
Dec., 1.72%; Jan., 1.71; Feb., 1.70%.
On the 22nd inst. futures closed lc. down to 1c. up.
After
The 2c. decline was in
from
unchanged
to
opening lower, raw silk futures rallied, standing % to lc. net
higher in the early afternoon.
There was a mixed trade in
the market, reports of damage to the Japanese fall cocoon
crop and of good spot demand uptown influencing buyers.
The price of crack double extra silk in the New York spot
market advanced 2c. to $1.79% a pound.
Yokohama
advanced 5 to 9 yen, while Grade D silk ad¬
to 782% yen a bale.
Local closing: Old
Contract—Sept., 1.73; Oct., 1.72%; Nov., 1.72; Dec.,
1.71%; Jan., 1.71; Feb., 1.71.
Today futures closed % to
3c. lower in the old contract, with sales of 66 lots.
The
No. 1 contract closed 2 to l%c. net lower, with sales of 20
lots.
Reflecting easier cables and unrest over the foreign
situation, silk futures opened 1% to 2%c. lower, and made
little recovery from the initial prices.
This afternoon Sep¬
tember old stood at $1.17%, off l%e., and December old
at $1.69%, off 2c., while March new No. 1 stood at $1.67,
off 2.
The price of crack double extra silk in the New York
spot market declined l%c to 1.78.
The Yokohama Bourse
closed 1 to 6 yen lower, while grade D silk was 2% yen lower
at 787% yen a bale.
Local closing: Old Contract—Sept.,
1.71%; Oct., 1.70; Nov., 1.69%; Dec., 1.69%; Jan., 1.68;
Bourse prices
vanced
7%
yen
Feb., 1.68%.
w
COTTON
Friday Night,
The
grams
Sept. 23, 1938
indicated by our tele¬
the South tonight, is given below.
For the week
evening the total receipts have reached 236,651
Movement
from
ending this
of the
Crop, as
Volume
147
Financial
bales, against 195,347 bales last week and 144,055 bales the
previous week, making the total receipts since Aug. 1, 1938,
1,034,628 bales, against 1,875,440 bales for the same period
0^1937, showing
Chronicle
1945
In addition to above
exports, our
give
/I
1
4
X
n
i. L,
M
J
^
decrease since Aug. 1, 1938, of 840,812
a
On
Sept. 23 at—
bales.
Leaving
Ger¬
Galveston
Mon.
21,887
10,462
3,9x3
Corpus Christi—
2,493
4,559
New Orleans
Mobile...
12,522
9,2o3
1,356
12,001
5,895
3,40b
1,491
4,Ou3
999
1,080
6,206
17,699
544
7,51b
12,145
5,10b
7,824
17,371
Houston
Tues.
73b
333
561
547
563
Pensacola, &c
Jacksonville
—
Wed.
Thurs.
—
—
-
82,310
75,935
11,342
52,294
3,286
12,490
40,236
450
45j
*
86
86
388
456
22
1,578
5,153
65
16
79
122
69
231
6b
90
130
32
108
50
Norfolk
>
■
--
—
171
24
Baltimore
Totals this week.
33,11/
45,102
36,821
600
5,500
6,500
1,114
23.000
2,000
6,126
2,008
474
6,533
1,171
2,366
37,600
16,066
9,019
Total 1938—
Total 1937..
5,867
21,872
13,634
25,172
Total 1936—
13,132
18,561
8,088
21,419
9,545
30,704
29,120
42,702
4,392
1,991
2,738
62,685 2,683,421
99,574 2,122,138
86,678 1,767,592
Orleans—
Savannah
80,080 236,651
25,966
15,565
table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks
tonight, compared
Other
ports
Speculation in cotton for
has been
week
to
take
1938
the
Stock
1937
This
Since Aug
This
1, 1938
Week
of
1, 1937
82,310
75,935
11,342
247,940 123.031
324,000 118,507
213,554
13,847
3,053
173,712 90,017
17,182
15,572
2,133
5,051
1938
1937
Mobile
3,286
450
Pensacola, &c
Jacksonville
86
Lake Charles
13,756
6,082
22,280
,1,466
2,277
539
948
WiLi ington
Norfolk
667
7,422
3,299
875
New York
Boston-
Baltimore
445
6910
920
4,661
630.948
595,426
159,319
15,732
416,841
71,934
18,395
2,777
159,235
73,694
45,638
8,549
236,651 1,034,628 411,538 1,875,440 2,746,106 2,221,712
comparison
be made with other
may
give below the totals at leading ports for six
we
in
Glaveston
1937
82,310
7o,935
52,294
years,
of
1936
1935
1934
98,958
2,495
66,644
87,467
12,585
9,803
60,018
63,376
109,903
19,617
25,793
54,788
76,870
41,461
7,867
5,671
"l",92"
23", 154
15,767
19",436
10",625
WiLi.ington..
268
237
9
667
539
948
525
Norfolk
900
2,126
809
New
Orleans.
Mobile
3,286
Savannah
Brunswick
Charleston
Newport News
by
Total this wk.
26",209
21,638
36", 391
39,105
75",845
411,538
314,287
336,897
237,205
406,645
Since
Aug. 1.. 1,034,628 1,875,440 1,433,170 1,390,126 1,113,457 1,763,682
The exports for
the week ending this evening reach a total
of 82,330 bales, of which 8,538 were to Great Britain,
8,589 to France, 20,001 to Germany, 4,059 to Italy, 25,797
to Japan, 100 to China, and 15,246 to other destinations.
In the corresopnding week last year total
exports were
142,419 bales.
For the
to
season
date aggregate exports
have been
490,346 bales, against 655,917 bales in the same
period of the previous season.
Below are the exports for
the week:
Great
Exports from—
Galveston
1,28.
Houston
2,820
4,480
1,564
2,817
New Orleans
2,328
Mobile
China
Japan
1,396
7,797
3",256
Brownsville
6,991
Other
2,946
10,920
948
1,066
3,449
3,83'
"166
L597
1,915
15,122
2,114
72
30
978
978
——
1,666
Charleston
135
Norfolk
"566
1,500
41
42
Los Angeles
218
425
7,572
15,246
82,330
7,147
San Francisco
73°
Total
8,538
53,794
13.145
1937
1°36
11,610
6,123
1,077
30
Pensacola, &c
Total
18,047
22,485
351
2", 157
96;
Jacksonville
Italy
many
952
Corpus Christi—
8,589
20,001
4,059
24,040
26,279
11,155
8,971
33.803
24.573
5,682
739
25,797
33,336
100
"230
18,180 142,419
10.383 121,151
Exported to—
Great
1938
Exportsfrom—
and
the
Galveston
France
3,779
Italy
many
that
the
foreign
situation
traders preferred to await some
opments before arriving at conclusions
place abroad.
was
It
and
poor,
Wall
was
when
long cotton
Street
the 10
soon
well.
the stock
market
houses
with
take
developed
evidences
renewed
through
of
foreign
The average, price of middling cotton
designated spot markets
the
to what may
as
evident, however, that demand
came out in increased volume
commission
as
critical, but
definite devel¬
was
more
19th inst.
was
7.92c.
prices closed 4 to 9 points net higher.
The cotton market reflected the much
improved situation
abroad, and during most of the session showed a decidedly
firm undertone.
Most of the gains were made early, when
prices ran up 12 to 15 points on a steadier tone to the
Liverpool market and on the prevailing belief that the
turn of events
settlement
of
in*Europe held out
the
serious
foreign
connections
especially
absorbed
were
more hopes of a peaceful
political problems.
Houses with
fairly good buyers of late po¬
Bombay
the selling
of the
interests,
near
trade again
October liquida¬
business was in this
and
the
months.
tion gained in
volume, and most
position, including exchanging to later months.
The Octo¬
ber price advanced to 7.86c., but reacted to 7.78c., and at
the close
basis
at
market
5
points under May, compared with an even
on
Saturday.
Ordinary factors in the
again almost completely overshadowed by the
was
the
close
were
European situation.
to
enter
into
Comparatively little effort
commitments
new
either
way.
made
was
Spot
cotton
was
inactive, but comparatively firm.
Average price of
middling cotton at the 10 designated spot markets was 7.97c.
definite
indications
of
Europe sent cotton
The entire list ad¬
vanced to above the 8c. level for the first time since Sept. 9,
with December at 8.09c. and May at 8.06c.
The market
peace
in
bale today.
opened steady and 11 to 13 points higher on firmness in
Liverpool as well as an advance in sterling.
Prices con¬
gain, with only occasional moderate setbacks, and
the highs were made just before the close.
Trading opera¬
tinued to
tions
larger, and there was active foreign trade and
were
house
commission
buying which readily absorbed
October
liquidation, moderate hedging and scattered local selling
and realizing.
The strength in stocks helped to revive con¬
fidence, and part of the buying was by Wall Street houses
and
that
Reports from Southern spot centers were
by shorts.
a
large
percentage of current receipts
the Government loan.
are
going into
Average price of middling at the 10
7,882
15,864
8,416
27,647
5,631
13,629
28.929
13,353
11,255
31,735
41,986
16,987
7,310
Brownsville
15,155
6,842
Orleans.
17,145
7,234
7,039
Lake Charles-
326
400
..
Mobile
s
'
-
-
_
190
1,538
Savannah
1,236
2,459
56
1,000
York
233
m
-
—
.
-
---4
-
"i00
4*
98
•
«r»
-
mm*-
-
-
—
—
90
-
—
—
1,268
-
-
—
"468
78,128
109,466
142,152
5,018
27,215
62,174
15,465
1,130
1,856
257
5,578
288
II
'
-
14,949
-
'
■
mm--
198
Norfolk
«r
8,428
1,553
Jacksonville..
Pensacola, &c.
Charleston
m, — — —
■
6,763
Total
32,879
■
■
«.»•*-
121
3,414
16,043
31,472
200
'
Other
-
"700
—
1,538
m
-
-
•
33
-mm
mm-
-
-
-
29
3,667
-
-
—
quarters
136
1,725
595
market represented
1.16°
39,355
-
-
18
-
-
m-m-
56.157
71,612
-
550
-■
mm-m
33.788
181
13,779
—-
105,774
43,711
124,63°
281
142,794
101,410
65,420
41,270
28,221
140.248
Francisco
Total
Total 1937
Total 1936
—
...
185,034 112,020
150.686 114.008
or under was looked upon in some
attractive.
Prices prevailing in the futures
world's conditions as influenced by the
price'; of 8c.
1,556
'
Los Angeles—
the October
500
595
«.
_
18
irist.
gain
4,884
■
^
the
"21
'
Boston
Philadelphia-
21st
prices closed 4 to 8 points net lower.
bf about $1 a bale was thought to have
probably discounted the improved foreign outlook as far
as it had gone.
'The fact that the stock market was also
showing nervousness and subject to quick changes discour¬
aged aggressive buying, while advances invited increased
liquidation and hedging.
October liquidation was active.
Offers were tvell taken by trade houses, and in view of the
fact that spot cotton was quoted at the loan level of 8.30c.,
On
China
Japan
Corpus Christl
San
to
near
admitted
was
some
Tuesday's
Ger¬
Britain
Houston
New
willing
designated spot markets advanced 21 points to 8.18c.
From
Aug. 1,1938 to
New
not
were
carrying their cotton over the week-end
disquieting news from Europe sent cotton
prices up more than $1 a
Ger¬
France
Britain
Sept. 23.
8 to 11 points net lower.
who
On the 20th inst. prices closed 19 to 22 points net higher.
Exported to—
Sept. 23. 1938
Total
closed
longs
selling at the lowest level of the move¬
positions at new lows.
The market
opened quiet at 1 point higher to 1 point lower, with trad¬
ers inclined to be
apathetic and to await developments.
It
ment
More
Week Ended
Total
situation 'being
War
not help cotton, especially in
bearish statistical position of
would
nervous
sitions,
17,476
236,651
All others
entire
clouds of Europe.
with the entire list
On
101,334
137,321
51,393
8,585
13,272
2,676
11,836
1,564
2,819
the
war
prices off very substantially from the previous finals.
The
December position declined to 7.75c. and
May to 7.73c.,
1933
118,507
90,017
15,572
13,561
There is virtually no incentive
with
pronouncedly
the
liquidation
seasons:
123,031
Houston
delivery during the past
active, with the market's ten¬
the risk of
face
at
1938
Receipts at—
decidedly
the
weakness
In order that
side,
upper
Liquidation
100
850
48,554
21,329
1,380
69,831
81,196
49,987
1,104
13,561
23,154
6,121
268
Charleston
265,600
270
2,495
1,920
5,153
Savannah
283
448,333
518,692
354,660
2,691
£ 18,950
3,072
52",294
748,487
812,393
138,261
19,371
681,729
71,887
5,738
1,840
154,595
34,794
30,810
13,455
28,724
100
Corpus Christi—
Beauii.ont
New Orleans
future
less
staple.
assume
Galveston
or
On the 17th inst. prices
Since Aug
Week
Houston
more
heavily overshadowed by the
view
Totals
the
conditions
with last year:
Receipts to
Sept. 23
710,887
796,327
672,710
154,595
34,794
71,887
28,724
213.497
_
dency generally downward.
The following
26
667
216
-
Stock
Total
2,267
3,000
445
713
Lake Charles
wise
Charleston
Mobile
Norfolk
268
348
Wilmington
Galveston
Houston
New
2,495
1,920
5,153
_
374
Charleston
Coast¬
Foreign
Total
Fri.
445
—
Savannah
Other
many
France
Britain
Sat.
shipboard, not
on
_
Shipooard Not Cleared for—
Great
Receipts at—
telegrams tonight also
the following amounts of cotton
us
/I
29
10
13,789
88,172
490,346
4.233 105,146
655,917
1 08r
615.135
70 468
as
political situation^ economic conditions and the large world's
supply of cotton, j At the same time, the Government loan
dictated the price ;of spot cotton in the South.
The average
price of spot cotton at th& 10 designated spot markets de¬
clined 5 points to 8.13c.
On the 22d inst. prices closed 6 to 4 points net lower.
After displaying
4 barely steady tone this morning, cotton
1946
prices
Financial
turned
easier
the afternoon session in a
Shortly before the end of
the trading period the list was 3 to 6 points below previous
finals.
The market opened moderately active, with futures
registering advances of 1 to 3 points over the last quota¬
tions of the preceding day.
Heavy trade buying and com¬
mission house liquidation in the October option and con¬
tinued support from Bombay in the distant positions were
the features of the early trading.
A small amount of hedge
selling was in evidence. Locals and New Orleans also sold.
Prices held steady on continued trade buying of near months
and foreign demand for distant positions later in the morn¬
ing, but trading quieted down as the market awaited the
outcome of today's conversations between Prime Minister
moderate
volume
business.
Farmers' Union today ordered
States
launch
to
The Southern Tenant
strike
a
20,000 cotton pickers in four
until
producers agreed
to pay
pickers lc. per pound.
Today prices closed 8 to 7 points net lower.
The market
for futures again moved slightly lower in a fairly heavy
volume of sales.
A short time before the close of business
active positions showed declines of 3 to 6 points from the
closing levels of the previous day.
October sold at 7.87c.,
down 3 points, and December also was 3 points lower at
7.91c.
The market opened slightly easier, with futures un¬
changed to 2 points below yesterday's last quotations. Fur¬
ther commission house liquidation was in evidence in the
July contract.
Active price-fixing and buying by the Far
East, particularly Bombay, in the distant deliveries again
was a feature of the early dealings.
Small hedge selling
The volume of
trading was fairly heavy on the opening, and this included
many small orders.
After the call, prices held steady within
orders were
reported all around the ring.
point or two of the previous finals.
During the early
afternoon futures eased 2 to 4 points.
The official quotation for middling upland cotton in the
a
New York market each
Futures—The
Mon.
8.25
Sat.
8.25
highest,
Wed. Thurs.
Tues.
8.25
and
lowest
8.25
FrI.
8.25
8.25
closing
prices
at
New York for the past week have been as follows:
Saturday
Oct.
Monday
Tuesday
Sept. 17
Sept. 19
Sept. 20
Wednesday
Sept. 21
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures
are
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for lYiday
only.
1935
592.000
92,000
662.000
82,000
384,000
44,000
1,167,000
239,000
250,000
11,000
684,000
97,000
121,000
9,000
58,000
23.000
14,000
15,000
6,000
3,000
744,000
132,000
118,000
7,000
47,000
34,000
7,000
6,000
428,000
151,000
73,000
12,000
21,000
62,000
8,000
5,000
595,000
251.000
351,000
332,000
935,000 1,095,000
760,000
Total Great Britain
at Havre
1936
bales.1,040,000
127,000
Stock at Bremen—
Stock
Stock
Stock
Stock
Stock
Stock
1937
1938
Sept. 23—
Stock at Liverpool
Stock at Manchester
——
at Rotterdam
—
at Barcelona
-----—
at Genoa--
—
at Venice and Mestre--—
at Trieste
------—
Total Continental stocks
Total European stocks
.—1,762,000
India cotton afloat for Europe—
61,000
47,000
43,000
49,000
American cotton afloat for Europe 203,000
330,000
280,000
220,000
Egypt, Brazil,&c.,afl't for Europe 170,000
152,000
177,000
138,000
Stock in Alexandria, Egypt
206,000
98,000
151,000
93,000
Stock in Bombay, India.
813,000
609,000
636,000
499,000
Stock in U. S. ports
—2,746,106 2,221,712 1,854,270 1,797,640
Stock in U. S. interior towns
2,390,140 1,245,539 1,677,862 1,610,222
U.S. exports today
11,650
35,347
11,393
38,611
-
-
visible'supply
Total
-8,362,896 5,669,598 5,928,525 5,205.473
Of the above, totals of American
and other descriptions are as follows:
American—
532,000
Manchester stock
Bremen stock.
Havre stock—
194,000
32,000
64,000
85,000
10,000
330,000
33,000
79,000
74,000
34,000
280,000
—...
167,000
58,000
203,000
Other Continental stock———
American afloat for Europe
U. 8.
188,000
77,000
133,000
——bales
stock-
Liverpool
port stock
.
97,000
14,000
88,000
50,000
53,000
220,000
——2,746,106 2,221,712 1,854,270 1,797,640
U. S. interior stock
2,390,140 1,245,539 1,677,862 1,610,222
11,650
35,347
11,393
38,611
U. S. exports today---
——6,317,896 4,211,598 4,237.525 3,968,473
Total American—East Indian, Brazil, Ac.—
Thursday
Sept. 22
508,000
404,000
468,000
287,000
Indian afloat for Europe—......
50,000
106,000
83,000
48,000
61,000
60,000
33,000
36,000
23,000
43,000
49,000
53,000
44,000
67,000
47,000
30,000
62,000
23,000
56,000
49,000
Egypt, Brazil, Lc., afloat—
Stock in Alexandria, Egypt——
Stock in Bombay, India
day for the past week has been:
Sept. 16 to Sept. 23—*
Middling upland....
Sept. 24. ms
The Visible
during
of
and Chancellor Hitler.
Chamberlain
Chronicle
170,000
152,000
98,000
609,000
177,000
138,000
206,000
813,000
151,000
636,000
93,000
499,000
Liverpool stock
—
—
Manchester stock
Bremen stock.
—
-
—-
Havre stock—
Other Continental stock—-——
-
Friday
Sept. 23
Total East India. &c
Total American—
2,045,000 1,458,000 1,692,000 1,237,000
—6,317,896 4,211,598 4,237,525 3,968,473
(1938)
7.72- 7.84
7.88- 8.04
7.94- 8.03
7.89- 7.98
7.82- 7.93
7.78- 7.79
8.00
7.95
7.90
7.82- 7.83
7.75n
-.
7.78- 7.86
7.74
Range
Closing.
7.81n
8.02 n
7.97 n
7.92 n
—
Nov.—
7.84n
Closing.
7.86- 7.97
Dec.—
Range..
7.75- 7.88
7.83- 7.90
7.93- 8.09
7.98- 8.07
Closing.
7.77- 7.78
7.84
8.04- 8.05
8.00
7.75- 7.86
7.83- 7.89
7.96- 8.06
8.02- 8.05
7.97- 8.04
7.86- 7.97
7.77
7.84- 7.85
8.06
8.01w
7.95a
7.88 n
,7.93- 8.03
7.94
7.87- 7.88
.
Closing.
Feb.—
Range..
7.78 n
7.86ra
8.06»
8.02a
7.96a
7.89a
Range..
7.78- 7.89
7.86- 7.94
7.98-
8.11
8.02- 8.11
7.96- 8.05
7.87- 8.00
Closing
7.79
7.88
8.07-
8.09
8.03
7.98
7.95a
4.33d.
6.28d.
8.87d.
5.45d.
10.45d.
5.64d.
7.58d.
5.65d.
4.43d.
At the
Interior Towns the movement—-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
7.91
8.00n
9.92d.
3.86d.
5.61d.
3.83d.
Continental imports for past week have been 64,000 bales.
,7<m.(1939)
Range.
9.02d.
Egypt, good Sakel, Liverpool--—
Broach, fine, Liverpool-Peruvian Tanguis, g'd fair, L'pool
O.P.Oomra No.l staple, s'fine.Liv
Ranged.
7.88a
Closing.
Mar.—
.
—
—
detail below:
April—
Movement to Sept.
Range..
Closing
7.7Qn
.
Closing
7.85 n
8.05n
7.73- 7.84
7.81-
7.64-
.
7.83
7.75
7.88
7.93-8.06
7.96- 8.06
7.92-8.01
7.98
7.92
Receipts
7.85- 7.95
8.03- 8.05
—
Movement to Sept. 24, 1937
23, 1938
Ship¬
7.85- 7.86
Week
Season
Stocks
ments
Towns
May—
Range..
Sept.
Week
23
Ship¬
Season
Stocks
ments
Receipts
Week
Sept.
Week
24
June—
Range
Ala., Birm'am
—
7.74n
Closing.
July—
8Mn
7.97a
7.92 n
7.84n
7.81- 7.88
7.92- 8.06
7.95- 8.06
7.91- 7.99
7.84-7.95
7.82- 7.83
8,04
7.96
7.92«
7.84
7.75
7.83
—
—
—
Selma.
9,748
4,405
6,319
Hope———
3,063
Jonesboro—
Little
Rock
Newport-—
.
Pine
Nominal.
Bluff.
Walnut Rge
Range for future prices at New York for week ending
on each option:
Sept. 23, 1938, and since trading began
Option for—
Range for Week
Range Since Beginning of Option
8.31
1938—
7J2
Se")t"l7
£C4 Sept"20
16,707
2,999
4,452
7,986
6,710
15,895
11,007
1,608
15,417
6,369
16,016
5,252
5,656
73,333
4,013
150
792
725
3,092
122
25,48-
1,291
2,250
108,695
5,449
100
23,536
8,707
4,159
11,160
4,434
1,401
1,147
4,642
8.214
24,162
1,339
6,986
1,297
78,932
34,671
5,782
331
2,091
585
16,713
24,378
18,708
2,754
131,125
440
147,005
200
2,300
400
34,600
11,095
1,051
35,253
222
388
165
7,906
1,254
Miss., Clarksd
8,585
22,195
78,515
64,023
129
27,397
2,781
107,593
1,440
29,669
18 1938
Macon
9.48
Feb.
23 1938
Rome—
O.SQ
Feb." 23* 1~38
—_
39,174
May 31 1938
n.51
Columbus..
1,821
June
8.74 June 28 1938
Greenwood-
19,838
7.77
May 31 1938
9.25
Jackson
4,522
10,735
May 25 1938
8.37 Aug. 23 1038
7.81
8.06 Sept. 20
8.11
7.73 Sept. 17
May 31 1938
9.27 July
8.06 Sept.10
7~73
9,382
42,73/
30,204
1,110
69,887
241
2,607
Augusta
Columbus—
Feb.
Sept. 2?
31 1938
3 1938
Feb.
July
23 1°38
7 1938
1,898
8,385
3,802
2,257
4,460
2,106
14,957
1,500
4,746
446
13,870
7,622
594
36,548
935
34,672
988
48.354
371
19,154
2,596
11,982
8,920
42,038
6,801
135
2,186
307
1,282
706
11,167
22,243
13,993
6.230
610
14,413
13,693
1,750
2,645
80,679
4,299
103,399
1,200
33,700
24,615
13,092
56,520
6,200
14,054
1,740
450
590
300
20,160
14,903
12,911
40,165
4,761
31,251
17,733
3,400
45,210
41.601
7,014
4,100
1,474
21,148
6,275
63,102
5,352
19,560
1,321
1,626
05
16,033
58,418
17,589
Sept r 17
8.06 Sept.20
7.93 Sept.
9 1938
9.05 July
22 1938
Aug. 1930..
—
510
890
2
Vicksburg—
2,534
15,514
3,300
5,574
65
6,282
7,821
326
42,884
6,106
21,362
2,258
2,426
3,849
2,546
21,185
9,201
871
Mo., St; Louis
N.C., Gr'boro
4,311
20,157
19,915
89
Yazoo City.
7 1938
1930
1030..
104,992
32,886
1,217
2,155
27,002
7.74
7.75 Sept. 17
1039—
July
234
8,856
1,898
4,069
15,859
25,230
918
18,370
8,763
2,379
32,499
24,872
5,139
64,900
0"i Sept"20 "7 73" "May
7*78 Sept." 17
May 1931—
174
12,633
.4,238
8.34
8
lft30—
Mar, lft3i—
June
-
Atlanta
8,961
16,875
8,123
8.18
1939-.
Feb.
7*75 Sept"17
1938—
Jan.
Athens
9.30
May 25 1938
7.70 May 31 1938
Nov. 1938—
Dec.
Ga., Albany..
2,112
6,144
28,966
22,143
25,189
La., Shrevep't
Sept. 1938—
Ap*.
9,332
Helena
Range..
Closing
Oct.
2,303
10,435
Ark.,Blythev.
Forest City
.
Closing.
Sept.—
n
—-
Montgom'y
Closing
Aug.—
Range
Eufaula
7.82 n
7.73-
Range..
1,510
2,576
1,630
194
584
260
1,493
31
397
23
1,597
Natchez.
10,923
569
1,856
Oklahoma—
New York
1938
1937...
...
1936
...
1935
1934
1933
1932
—
1931
...
...
—.
8.25c.
8.74c.
.12.24c.
.10.85c.
.12.80c.
.10.15c.
7.35c.
6.55c.
1930
1929
1928
1927
1926
1925
1924
10.65c.
18.40c.
18.90c.
—„-20.90c.
——15.05c.
23.65c;
24.15c.
.
1923 —30.i0c.
1922
-
1921
.
19.90c.
1913
1912
-
1917
19161915at
1911
1910
—25.70c.
1909
1908
9.40c.
1907
.—11.90c.
New York
Spot Market
Futures
Market
Closed
Closed
17 pts. advance
Monday
Unchanged-.Tuesday
Unchanged-.
Wednesday. Unchanged-Thursday
Unchanged
FridayUnchanged-
—
Spot
Contact
550
126
300
750
400
Since Aug. 1
/
2,804
53,561
25,735
289,966
8,953
8,854
3,237
2,772
8,739
1,334
1,337
2,954
34,228
24,324
8.292
11,970
6,411
11.554
6,160
68,010
585,197
1,570
4,300
7,273
129
6.139
398
30,189
3,647
10,726
Robstown—
San Marcos
1,386
7,828
1,087
2,535
x394
15,450
x6,185
x590
x826
2,197
5,344
729
22,777
3,453
5,686
893
6,393
27,328
4,848
24,288
10,970
45,512
8.401
13,495
Austin.——
Brenham
-
Paris
7,723
34,001
1,119
1,758
1,161
3,723
4,618
9,103
2,754
4,158
37,117
177
84.600 23°0,140 304,627
1,333
615
3,795
810.322 110 002 1245,539
Includes the combined totals of 15 towns in Oklahoma,
x San
Antonio.
Total
550
126
——
-
Dallas
*
...
14,365
2,037
28,575
17,190
Total, 56towns 276.001 1 800.277
SALES
Steady
Barely steady
Steady
Steady
Steady
Steady
35,176
139,285
154,741
15,146
195,327
5,178
7,017
6,034
18,410
23,781
S. C., Gr'ville
Term., Mem's
Texas, Abilene
Waco
300
750
400
200
200
2,326
8,016
Total week-
——
.—13.60c.
.—11.85c.
—10.85c.
—13.70c.
.—13.55c.
—15.95c.
—11.35c.
-
Market and Sales
Saturday
1914
1920.
29.50c.
1919- ——32.00c.
1918
33.25c.
80,064
16,220
3,447
68,316
4,792
1,433
1,561
8,682
3,641
1,445
Texarkana.
21.40c.
71,895
1,860
2,043
15 towns *_
Quotations for 32 Years
2,326
8,016
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of, the United States Department
Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
of
X
rj
Volume
Financial
147
New
Contracts
New York
October
Sept. 16 Sept. 17 Sept. 19 Sept. 20 Sept. 21 Sept. 22
(1938)..
24,700
49,800
3,400
21,000
16,400
12,900
December
January
(1939)
March
May
July
....
15,300
42,000
2,400
22,900
17,400
8,400
34,600
46,900
51,500
30,500
42,200
38,900
1,400
28,100
26,000
21,100
3,200
8,800
20,700
29,400
16,200
36,000
35,600
31,400
Sept. 22
280,100
34,400
29,500
1,000
20,800
16,200
24,900
677,000
131,800
566,500
421,100
259,900
Inactive months—
April (1939)
—
Total all futures.
128,200 108,400 140,200 204,600 157,700 126,800 2,336,400
.
Open
Contracts
New Orleans
October
(1938)
9,200
19,350
December
January
5,900
3,950
11,250
9,650
7,550
5*756
3*500
5,700
5,200
1,800
1,750
1,900
1,300
400
47,900
30,300
...
July
October
Total all futures
9,000
97,150
142,950
7,600
72,100
52,650
5,750
23,350
4,850
11,350
50
200
4,800
3,500
2,700
1,050
12,050
6,650
5,800
8,950
1,200
2,300
3,800
,
400
(1939)
4,400
Marcb
Sept. 20
Sept. 14 Sept. 15 Sept. 16 Sept. 17 Sept. 19 Sept. 20
5,600
3,800
150
^150
23,250
20,900
22,550
309,600
43,950
Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since Aug. 1, as made up from
reports Friday night.
Aug. 1 in the last two
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville—____
Via Virginia points
Via other routes, &c
jlkjvcll
Bioao
-
-
Returns
Harvesting has made good
3,539
7,909
31,581
69,864
4,140
3,952
.18,156
139,996
13,543
Rain
7,201
1,650
65,466
6,955
445
184
7,938
.
920
*
4,661
1,600
32,656
233
Total to be deducted..
8,567
74,317
8,108
38,917
Leaving total net overland*—
*
9,589
65,679
5,435
Including movement by rail to Canada.
foregoing shows the week's net overland movement
has been 9,589 bales, against 5,435 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 31,832 bales.
'
Dallas
El PasoKerrville
1938
Week
Takings
Receipts at ports to Sept. 23
Net overland to Sept. 23
236,651
361,240
1,995,307
436,017
191,401
consumption to Sept. 1
411,538
5,435
130,000
546,973
194,625
23
2,914,287
395,526
*185,015
—
2,24*6",309
18,158
3,004*114
146,045
88
67
52
52
54
52
66
88
66
88
0.04
Taylor—
Weatherford
Arkansas—Fort Smith...
Little Rock
Louisiana—New Orleans
I
56
92
94
92
90
48
86
90
90
96
92
92
88
84
0.06
76
72
73
74
73
77
77
70
71
70
69
73
67
70
68
75
73
68
70
67
66
72
52
86
•*
Mean
54
46
60
50
44
48
46
48
44
54
44
Vicksburg
Alabama—Mobile—-
Birmingham
Montgomery
....
Florida—Jacksonville
84
60
dry
90
dry
dry
dry
dry
dry
Shreveport
88
86
88
84
86
54
46
50
52
50
54
90
90
58
72
86
90
58
67
70
74
81
72
64
77
53
72
48
50
48
68
69
68
73
2
Miami
0.16
2
Pensacola
0.28
dry
Tampa..
Georgia—Savannah—
0.15
1.29
2
Atlanta
1.75
90
88
88
88
87
0.10
4
82
58
42
86
dry
Augusta
0.01
1
Macon
dry
...
South Carolina—Charleston..
North Carolina—Asheville
Charlotte
3
1
72
67
68
72
dry
62
64
2.74
84
50
67
4
Wilmington
Tennessee—Memphis
Chattanooga
42
4
Raleigh...
4.46
82
80
84
56
49
46
64
0.06
76
46
61
dry
dry
Nashville
1
66
65
The
741,598
.
North, spinn's's takings to Sept.23
Low
94
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
Oklahoma—Oklahoma City
*305,739
552,641
Total in sight Sept.
1,875,440
33,847
1,005,000
now
during
-Thermometer
84
92
94
94
0.12
1
Paslestine
Paris
San Antonio-
Since
Aug. 1
Week
1,034,628
65,679
895,000
9,589
Southern consumption to Sept. 23-115,000
over
1937
Since
Aug. 1
crop
High
dry
Lampasas..
Luling..
Nacogdoches
year
In Sight and Spinners
21,936
139,973
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:
Sept. 23,1938
Sept. 24,1937
Feet
Feet
Decrease.
New Orleans
Week—
Bales
1936—Sept. 25.
1935—Sept. 27
1934—Sept. 28
Since Aiig. 1—
Bales
2,814,700
636,939 1936
608,787 1935
404,884 1924-
.
2,382,320
1,969,494
Above zero of gauge-
Memphis.
Movement into sight in previous years:
Above zero of gauge.
Nashville
Above
Shreveport..
Vicksburg
Sept. 23
Saturday Monday
Galveston
7.72
New Orleans
7.78
7.79
8.18
8.15
8.00
8.49
Mobile
Savannah
Norfolk
Montgomery
Augusta
Memphis
7.85
Houston.
7.75
Little Rock
Dallas
FOrt Worth
7.75
7.52
7.52
Tuesday
7.79
7.83
7.83
8.25
8.20
8.05
8.53
7.90
7.82
7.80
7.57
7.57
Wed'day Thursday
7.95
8.00
8.00
8.40
8.35
8.20
8.70
7.99
8.04
8.05
8.45
8.40
8.25
8.75
8.10
7.94
7.95
7.95
8.34
8.30
8.15
8.65
8.05
7.94
8.05
8.00
7.95
8.03
8.00
7.79
7.79
7.90
7.70
7.70
7.74
7.74
Friday
7.87
7.89
7.87
8.28
8.25
8.07
8.57
7.95
7.88
7.80
7.63
7.63
from
closing quotations
leading contracts in the New Orleans cotton market for
week have been
as
follows:
Monday
Tuesday
Sept. 17
Sept. 19
Sept. 20
Week
The
Friday
Sept. 22
Sept.2Z
Sept(1938)
7.83
7.88
8.09
8.03- 8.04
7.99- 8.00
7.94
December.
7.87- 7.88
7.94
8.14- 8.15
8.08
8.06
7.98
Jan.(1939)
7.86
8.15
8.08
8.07
7.98
8.08
October
November
February
7936- 794a
7.87
7.98
8.17
8.12
7.83
7.93
8.13
8.06
8.08
7.97
7.83
7.92
8.13
8.04
8.02
7.96
8.00
April.....
May
June
July
AUgUSt
...
Tone—
Spot
Options...
a statement
nor
of the
1937
1936
Stocks at Interior Towns
1937
1938
1936
Receipts from Plantations
1938
1937
1936
Nil
24.
24,113
19,653
21,698 2100,775
964,392 1424,612
5,532
Nil
July
1.
22,893
15,752
21,952
13,381
16,973
28,419
39,742
2081,164
930.969 1384,154
3,282
Nil
3053,520
903,027 1349,502
873,772 1301,765
Nil
Nil
Nil
3,438
Nil
Nil
848,935 1255,364
828,147 1206,417
44,437
811,182 1167,401
796,150 1144,650
22,595
33,763
8.
17,684
17,059
32,676
22.
43,924
17,371
28,601
29.
53,59a
55,199
2024,282
1997,656
1978.400
17,198
Nil
Nil
3,764
34,411
Nil
39,236
Nil
Aug.
38*915 1951,616
52,891 1933,484
76,336 1927.836
78,102 221,570 141,365 1922,216
49,379
68,215
51,885 94,093
73,033 149,210
788,408 1132,176
806,649 1140,781
79,061
30,140
67,385 141,468 63,862
83,722 239.811 149,970
Sept.
2. 144,055 300,222 201,842
9. 195,347 309,808 271,456
16. 227.732 347,270 340,815
23. 236,651 411,538 314,287
1949,655 836,739
918,178
2198,739 1059.914
2390,140 1245,539
2044,616
1219,831 171,494 330,292
1339,682 290,308 361,614
1499,275 381,855 180,006
1677,862 428,052 606 163
280,892
391,307
500,408
492,874
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1938, are 1,470,370 bales;
in 1937 were 2,271,006 bales and in 1936 were 1,448,898
bales.
(2) That, although the receipts at the outports the
past week were 236,651 bales, the actual movement from
plantations was 428,052 bales, stock at interior towns
having increased 191,401 bales during the week.
from the
_
March....
simply
June
26-
Thursday
Plantations—The following table
figures do not include overland receipts
Recelpts at Ports
1938
12.
Wednesday
Sept. 21
5.3
3.3
End.
19.
Saturday
2.6
4.1
9.0
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
5.
the past
the
Southern consumption; they are
15-
New Orleans Contract Market—The
of gauge.
1.7
11.7
9.5
2.4
6.7
indicates the actual movement each week from the planta¬
tions.
Closing Quotations for Middling Cotton onWeek Ended
zero
...Above zero of gauge.
Above zero of gauge.
Receipts
Quotations for Middling Cotton at Other Markets
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Steady
Activity in the Cotton Spinning Industry for August,
1938—Percentage Basis to Be Changed—This report of
the Bureau of the Census issued
the
1
Mississippi—Meridian
The
for
Inches
.
Corpus Ohristi-...
33,847
this
*
Rainfall
dry
dry
dry
dry
dry
dry
Brownsville
72,764
Shedding is
generally the
Days
Deduct Shipments—
rapidly.
own.
Texas—Galveston
Amarillo—
28,837
22,798
.
been picked.
to have
the week about held its
open very
and nearly 40% of the
progress
about normal in most sections,
168
601
1.454
Overland to N. Y., Boston, &c—
is reported
crop
Brenham
82
elected to
by Telegraph—Telegraphic advices to us this
evening indicate that cotton continues to
10,115
10,245
2,576
2,875
was
86,603,009 Pounds of Wool Appraised for Loans of
$15,164,009 by CCC Through Sept. 10—Announcement
was made on Sept. 16 by the Commodity Credit
Corporation
that through Sept. 10, 86,503,009 net grease pounds of wool
had been appraised for loans aggregating $15,164,008.53.
Of this amount, loans of $7,799,383.68 have been completed
on 43,120,986
pounds of wool, the remainder being in process.
The loans average 17.53 cents per grease pound.
Aug. 1
296
-
wool merchants,
are
Abilene.
19,330
17,471
_
oroiii
Millbury, Mass., who
membership.
Since
Week
Wool
Top Exchange—
meeting of the Board of Governors of the New York
a
-1937
Aug. 1
2,426
4,200
York
New
Austin
Since
Week
of
Wool Top Exchange held Sept. 21, Winfred W. Windle,
Treasurer and General Manager of W. W. Windle Co. Inc.,
follows:
1938-
Sept. 23—;
Shipped,—
At
Member
telegraphic
The results for the week and since
years are as
1947
Chronicle
on
Sept. 21 will be found in
department headed "Indications of Business Activity."
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
Financial
1948
Sept. 24, 1938
Chronicle
Bales
Season
Week
5,168,287
8,017,771
Visible supply Sept. 16
Visible supply Aug. 1
American in sight to Sept. 23
Bombay receipts to Sept. 22—
Other India ship'ts to Sept. 22
Alexandria receipts to Sept. 21
4,339~ 022
3,004,114
7.858", 941
552",641
2,246.309
23,000
7,000
28,000
7,000
142,000
75,000
50,800
61,000
741,598
3.000
4,000
74,000
5,000
8,635,412 10,434,050
Other supply to Sept.
5,995,885
7,667,336
8,362,896
8,362,896
5.669,598
5,669,598
272,516
205,516
67,000
2,071,154
1,392,554
678,600
326,287
225,987
1,997,738
1,209,938
101,000
787,800
21 *6-.
Total supply
62.000
54,000
159,200
49,000
Deduct—
Visible supply Sept.
1199338677
23—
Total takings to Sept. 23 a—
Of which American
—
Of which other
in Europe from Brazil, Smyrna, West Indies, See.
the total estimated consumption by
bales in 1938 and 1,005,000 bales in 1937—-
*
Embraces receipts
a
This total embraces since Aug. 1
895,000
mills,
Southern
All Ports—The receipts
and the shipments from all India
To Genoa, Sept. 14,
To China, Sept. 14,
To Aalborg, Sept. 20, Vasaholm, 200
To Tallin, Sept. 16. Simon von Utrecht,
Week
Aug. 1
To Dunkirk, Sept. 20, Ostende, 1,336
To Oslo, Sept. 20, Vasaholm, 100
Since
Week
Aug. 1
Aug. 1
Bombay-------
—
7,000
103,000
Since Aug. 1
For the Week
Exports
Great
Conti¬
Japan &
Britain
nent
China
10,000
23,000
136,000
169,000
3,000
39,000
93,000
109,000
135,000
Conti¬
Total
2,000
13,000
18,000
4,000
4,000
Britain
China
3,000
from—
Jap'ndc
nent
Great
7,000
7,000
11,000
4,000
22,000
7,000
26,000
49 000
75,000
Total
Bombay—
3,000
1938
135,000
Other Indla-
7,000
4,000
4,000
13,000
41,000
54,000
7'6OO
3,000
10,000
29,000
41,000
70,000
3,000
9,000
13,000
72,000
136.000
244,000
4,000
16,000
80,000
93,000
189,000
7,000
7,000
25,000
11,000
21,000
36,000
7,000
33,000
63,000
109,000
205,000
Total all—
7",666
1936
Receipts and Shipments—We now re¬
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria
ceive
1936
1937
1938
Alexandria, Egypt,
Sept. 21
Receipts (centars)—Since Aug.
I
320,000
875,468
370,000
795,116
140,000
25.3,421
This week
This
To
Since
This
Since
This
Aug. 1
Week
Aug. 1
Week
Aug. 1
Liverpool
To
s'ooo
Manchester, &c
To Continent and India, 11,000
v
8,794
14,796
73,z75
6",666
16,000
8,523
12,474
54,805
6",660
7,000
400
2,335
To America.
7,788
11,001
38,478
1,051
16,000
99,200
22,000
76,202
13,000
58,318
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Sept. 21 were
140,000 cantars and the foreign shipments 16,000 bales.
to¬
night from Manchester states that the market in both yarns
and cloths is
quiet.
Merchants are buying very sparingly.
give prices today below and leave those for previous
weeks of this and last year for comparison:
We
High
Stand-
High
Density
.
,52c.
Middt'g
to Finest
Upl'ds
Density
d.
d.
s.
7,147
100
30
32s
Coff
Cotton
Middl'g
d.
to Finest
Upl'ds
a.
d.
s.
d.
d.
High
Standard
d.45c.
,60c.
Piraeus
d.45c.
.60c.
Salonica
.67c.
Flume
Antwerp
.62c.
.67c.
Barcelona
Havre
.52c.
.67c.
Japan
Rotterdam .52c.
.67c.
Shanghai
d.45c.
.60c.
Bombay x
.50c.
.58c.
.73c.
Bremen
.52c.
Hamburg
.52c.
Standard
Density
Trieste
85c.
1.00
.85c.
1.00
d.85c.
1.00
.67c.
Manchester.52c.
Oslo
Stockholm
*
No
.78c.
.63c.
x
quotation.
*
Venice
*
*
♦
.65c.
Copenhag'n.57c.
Naples
d.45c.
Leghorn
d.45c.
.72C.
♦
.67c.
Gothenb'g
.72c.
;
.60c.
,60c.
.57c.
d Direct steamer.
small lots,
Only
;
*
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Sept. 9
Sept. 16 Sept. 23
Sept. 2
38,000
35,000
34,000
35,000
1,156,000 1,162.000 1,158.000 1,167.000
6 9,000
650,000
636,000
650,000
45,000
42,000
33,000
42,000
5,000
15,000
5.000
15,000
121,000
149,000
134,000
149,000
25,000
24,000
25,000
24,000
Total stocks
8)4 Lbs. Shirt¬
ings, Common
Twist
d.
s.
614
739
325
82,330
ard
.67c.
Total imports
Of which American
1
Amount afloat
Of which American
d.
3,344
105
517
549
60
291
342
1,222
1,077
451
514
72
30
41
105
42
1,000
200
300
364
Freights—Current rates for cotton from New
Inc., are as
Cotton
Of which American
Cotton
8)£ Lbs. Shirt¬
ings, Common
Twist
100
100
-
-----
Forward
1937
1938
32s Cop
100
200
396
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Genoa
Market—Our report received by cable
Manchester
—
Sept. 20, Vasaholm, 250—
To Karlsham, Sept. 20, Vasaholm, 53
.**..*.
;
To Norkopping, Sept. 20, Vasaholm, 100To Gelfle, Sept. 20, Vasaho'm, 200
a.1—
—
To Mantyloute, sept. 20, Vasaholm, 396
To Abo, Sept. 20, Vasaholm, 100
To Reval, Sept. 20, Vasaholm, 100
To Bremen, Sept. 17, Liberator, 1,064; Sept. 16, Simon von
Utrecht, 2,280
—
To Hamburg, Sept. 17, Liberator, 105To Venice, Sept. 16, Maria, 517*—.——
To iViestre, Sept. 16, Maria, 549
BROWNSVILLE—To Antwerp, Sept. 17, Ostende, 60
To Ghent, Sept. 17, Ostende, 291**
To Havre, Sept, l7, Ostende, 342
—
To Dunkirk, Sept. 17, Ostende, 1,222.
MOBILE—To Bremen, Sept. 15, De Soto, 1.077- —
To Liverpool, Sept. 20, Arizpa, 451
To Manchester, Sept. 20. Arizpa, 514
To Antwerp, Sept. 16, Zaka, 72
*
NORFOLK—To Liverpool, Sept. 22, Manchester Exporter, 30
To Hamburg, Sept. 19, Delaware, 41
To Manchester, Sept. 23, Quaker City, 105
To Antwerp, Sept. 23, Blackesprey, 42
CHARLESTON—To Bremen, Sept. 17, Patra, 1,000
To Rotterdam, Sept. 17, Patra, 200
—
To Czechoslovakia, Sept. 17, Patra, 300
PENSACOLA, &c.—To Manchester, Sept. 19, Arizpa, 364
To Liverpool, Sept. 19, Arizpa, 614-—
SAN FRANCISCO—To Japan, (?), 739
LOS ANGELES—To Australia, Sept. 15, Marpolia, 325
——
To Japan, Sept. 17, President Coolidge, 1,272; Florida Maru,
813; Kiwiki Maru, 1,115; Vito, 2,621; Sept. 19, Rio de
Janeiro Maru, 1,326
To Canada, Sept. 14, Kingeley, 100
JACKSONVILLE—To Manchester, Sept. 21, Schoharie, 30
Liverpool
Total exports
200
Since
Week
—
——
To Gothenburg,
Total--.
Exports {Bales)—
500.
..
Vasaholm, 950
To Gdynia, Sept. 20,
62.000
3,000
142,00C
1,422
835
1,597
100
500
90
200
400
200
200
1,920
1,336
100
950
250
53
1,920
To Havre, Sept. 20, Ostende,
Week
950
1,050
300
100
900
100
100
1,452
Cardonia, 1,597
Haveland, 100
To Antwerp, Sept. 20, Ostende, 90--——To Copenhagen, Sept. 20, Vasaholm, 200
To Vejle, Sept. 20, Vasaholm, 400
Sept. 22
Since
3.573
1,867
876
CORPUS CHRIST!—To Ghent, Sept. 20, Ostende,
'
Since
1,212
100
220
323
88
217
Liverpool, Sept. 15, Dakarian, 1,452
Sept. 15, Dakarian, 876
To
1936
1937
1938
7,625
172
1,608
To Bremen, Sept. 14, Koenigsburg, 1,422
To Hamburg, Sept. 14, Koenigsburg, 735
and for the season from Aug. 1 as cabled,
have been as follows:
23,000
10,920
3,153;
To Manchester,
ports for the week
Receipts—
1,685; Ari-
—-
India Cotton Movement from
for three years,
Kiyokowa Maru,
20,
Sept. 22, Liberator, 3,468
To Hamburg, Sept. 15, Idarwald, 97: Sept. 22, Liberator, 75
To Liverpool, Sept. 20, Dakatian, 1,608.
*
To Manchester, Sept. 20, Dakatian, 1,212
To Ghent, Sept. 22, Spar dam, 100
To Rotterdam, Sept. 22, Spardam, 220
To Enschedt, Sept. 22, Spardam, 323
To Oporto, Sept. 22, Liberator, 88
To Reval, Sept. 22, Spardam, 217
NEW ORLEANS—To Antwerp, Sept. 15, Leerdam, 100; Sept. 16,
San Mateo, 300; Sept. 19, Dryden, 12; Sept. 14, Haveland,
3,161
—
To Havre, Sept. 16, San Mateo, 1,608; Sept. 19, Dryden, 259-To Dunkirk, Sept. 16, San Mateo, 950
To Rotterdam, Sept. 15, Leerdam, 750; Sept. 19, Dryden, 306To Ghent, Sept. 19, Dryden, 300
To Oslo, Sept. 19, Toronto, 100
To Gdynia, Sept. 19, Toronto, 50; Vignot, 850
—
To Wasa, Sept. 19, Toronto, 100
—
To Abo, Sept. 19, Toronto, 100
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 1,176,154 bales In 1938 and 992,738 in bales 1937,
of -which 497,554 bales and 204,938 bales American,
b Estimated.
of Indian cotton at Bombay
Sept.
Japan,
Maru, 7,974; Sept. 19, Ferndale, 1,261
To Bremen, Sept. 17, Aachen, 1,004; Sept. 15, Idarwald,
masan
Season
Week
HOUSTON—To
1937
1938
Cotton Takings,
Week and Season
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
June
24-
9
@10
9
1J4@
9
4)4
4.83
13kC @15
10
6
@10
9
6.95
T11I xi
juiy
i-
9^@10H
9
1)4®
9
4
4.96
13)4 @14)£
9
6
@10
9
6.87
8-
9$i@10»A
9)*@ 10K
9
3
9
6
5.16
13J4@14H
10
6
@10
9
6.98
15..
9
1H@ 9
4
4.88
6
@10
9
6.85
22-
9M@10H
9
1)4@
9
4
5.06
6
@10
9
6.60
9)4 @10J4
9
1H@
9
4K
4.99
13)4@14)4 10
13)4 @14)4 10
12)4@14)4 10
4)4 @10
7)4
6.12
9J4@10)4
9
IH@ 9
4)4
4.89
12)4 @14
7)4
6.20
12-
9
@10
9
@
9
3
4.78
6
5.93
19—
9
@10
9
@
9
3
4.78
12)4@13?4 10
12)4 @13)4 10
4)4@10
3
@10
26-
9
@10
9
@
9
3
4.74
11)4@13)4 10
29-
@
'
each
Aug.
10
3
@10
1)4@10
6
5.78
4)4
5.63
DCpti
2„
8H@
9%
9
@
9
3
4.85
9—
8H@
9%
9
@
9
3
4.71
8U@
9H
9
@
9
3
4.81
9H
9
9
3
4.76
23-
8H®
@
11)4@13
11J4@13
11)4@13
11)4@13
10
1)4 @10
4)4
5.56
10
1)4@10
4)4
5.46
10
1)4@ 10
@10
4)4
5.33
3
5.08
10
Shipping News—Shipments in detail;
To
Copenhagen, Sept. 17, Vasaholm, 603
Sept. 17, Idarwald, 2,424; Sept. 21, Aachen, 2,056Oslo, Sept. 17, Vasaholm, 300
Gdynia, Sept. 17, Vasaholm, 448
Gothenburg, Sept. 17, Vasaholm, 736
Ghent, Sept. 10, Narbo, 248
*
Antwerp, Sept. 10, Narbo, 7
Havre, Sept. 10, Narbo, 952
Rotterdam, Sept. 10, Narbo, 385
Genoa, Sept. 10, Cardonia, 1,083
Venice, Sept. 10, Cardonia, 277
Trieste, Sept. 10, Cardonia, 36
Buena Ventura, Sept. 16, Margaret Lykes, 150
Pt. Columbia, Sept. 16, Margaret Lykes, 69
To Bremen,
To
To
Quiet, st'y,
unch'd to 1
Market
opened
pt.
To
To
To
To
To
To
To
To
To
To
-
adv.
2
|
unch'd to 1
pt.
Sept. 17
to
952
385
1,083
277
36
150
69
Sept. 23
New Contract
October
1938—
December
January
March
3
to
decline
decl.
to
4
1939—
1.
Sat.
pts.
decline
Prices of futures at
603
248
7
demand
4.76d
4.75d.
4.74d.
4.74d.
.
un¬ St'y, unch.
changed to to 2 pts.
Quiet, st'y, Quiet, st'y, Quiet,
Quiet
f Quiet, st'y, St'y, unch.
Market,
4,480
736
More
demand
4.76d.
4.81d.
Mid. upl'ds
174
300
448
Moderate
demand
Quiet
demand
P. M.
6,991
1,108
Moderate
demand
Moderate
Bales
GALVESTON—To Japan, Sept. 20, Ferndale, 6,991
To Liverpool, Sept. 19, Daikarian, 1,108
To Manchester, Sept. 19, Daikarian, 174
Moderate
Tuesday
P. M.
Futures
16-
Thursday
Monday
Market,
12:15
5-
Friday
Wednesday
Saturday
Spot
1
point
decline
Steady
1 to 4 pts.
decline
4
5
to
pts. adv.
1
pt.
decline
deel
Quiet, st'y, Quiet, st'y. St'y, unch.
to
1 pt.
2 to 3 pts.
2 to 3 pts.
advance
advance
advance
below:
Liverpool for each day are given
Tues.
Mon.
Wed.
Fri.
Thure.
Close Noon Close Noon Close
Close Noon Close Noon Close Noon
d
4 61
d.
4.56
d.
4.57
d.
d.
4.54
4.63
4.66
»
-
4.53
d.
4.56
d.
4.55
4.62
4.60
d.
d.
4.56
4.58
---
4.65
d.
4.57
—
d.
4.58
4.66
4.68
4.68
4.65
4.66
4.63
4.63
4.66
4.65
4.66
4.68
4.67
4.69
4.67
4.68
4.66
4.65
4.68
4.68
4.68
4.70
4.6'
4.70
4.67
4.70
4.70
4.70
4.72
4.71
4.72
4.69
4.72
4.72
4.72
4.74
4.73
4.74
May
4.70
4.69
4.70
4.68
July
4.71
4.70
4.71
4.69
October
4.70
4.70
December
4.72
4.73
4.73
—
4.69
4.72
4.74
4.71
—-
4.72
January 1940-..
»
4.74
4.76
4.75
4.77
4.72
...
-
—
—
4.74
4.76
4.7
Volume
147
Financial
unexpected jumps of Liverpool wheat quotations.
Open interest in wheat tonight totaled 108,052,000 bushels.
Friday Night, Sept. 23, 1938.
DAILY
light during the week, with no
improvement in demand looked for, at least for the near
future.
So
tainty
is
flour
is
happening, and the element of uncer¬
pronounced,
so
cautious
was very
much
and
operating
decidedly
are
that
in
The
high
in
markets
all
are
Consumers of
way.
tension
existing
to lYsC.
%
abroad,
net
in
especially
circles, caused another wave of speculative
buying in the wheat pit, which lifted prices almost 2c. at
the opening today.
Thereafter the market was dull, and
half
crowded
the
into
gain
the
lost.
was
first
few
Most
minutes
of
of
the
activity was
trading.
A more
pessimistic view of the European political crisis and higher
wheat prices in foreign markets stimulated the
early rush
to
buy
the
on
Chicago Board, but uncertainties connected
with the situation abroad led to caution in the wheat trade,
and many dealers accepted profits and evened up commit¬
WHEAT
OF
Sat.
DAILY
Mon.
8154
CLOSING
PRICES
OF
WHEAT
September
66 54
66 54
_
December
March
High and
When
Feb.
September
December
84
March
73
Made
June
July
July
92
May
9.
15,
23.
23,
I
77%
Tues.
64 K
65
6734
6754
Thurs.
Wed.
7954
FUTURES
Mon.
YORK
NEW
IN
Tues.
7954
Sat.
Season's
prices closed
government
about
CLOSING PRICES
No. 2 red
May
the sidelines.
on
Wheat—On the 17th inst.
higher.
traders
limited
a
1949
notable
BREADSTUFFS
Flour—Trading
Chronicle
Thurs.
Wed.
63 54
6434
6234
63
63 %
64
6454
6554
-
6654
6554
Season's
6454
Low
1938 September
1938 Decernoer
1938 March
19o8 May..
When
and
Fri.
6554
6554
66
Made
7, 1938
7,1938
8, 1938
7, 1938
Sept.
Sept.
Sept.
Sept.
5954
6154
6254
6254
Fri.
8034
79
CHICAGO
IN
74 54
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs.
Fri.]
6654
63 54
6254
6054
6154
64
1
66
6334
6154
6054
6134
6354
6954
6654
65
6354
6454
6654
_
.
,
October.
December
May
Corn—On the 17th inst. prices closed % to lc. net higher.
Moderate gains in corn were influenced by the upturn in
wheat and reports of better inquiry for American corn
abroad.
Some export sales were reported, and cables said
prices
were
on
a
favorable basis in view of the recent
more
ported in North American wheat, but reports persisted that
considerable quantities had been worked which were not
upturn in Argentine quotations.
Country cash corn offer¬
ings showed a tendency to increase as a result of price
gains, and some dealers estimated 1,500,000 bushels had
made
been bought this week.
ments
the
over
week-end.
Little
export
business
re¬
was
public.
On the 19th inst. prices closed 1% to 2c. net lower.
The
much more peaceful outlook concerning the European politi¬
cal situation influenced heavy selling of wheat on the Chi¬
Board, the market plunging downward 2%c., the maxi¬
mum decline for the day.
From the outset prospects for a
peaceful solution of the European political crisis pulled
prices sharply to lower levels and prevented rallies of any
cago
Winnipeg led the tumbles in North American
fell 3%c. a bushel, maximum.
Adding to
consequence.
quotations
adverse
and
influences
the
was
almost complete
business both from Canada and the United
with
2,193,000
bushels
increase
of
lack of export
States, together
this
country's visible
wheat supply.
Lowest prices of the day in wheat dealings
on the Chicago Board
promptly followed reports that Great
Britain
and
France
had
acceded
to
of
dismemberment
20th inst.
the
market
had
a
bushel,
the
prices closed % to lc. net lower.
break
The
slump today, prices toppling l%c. a
influenced largely by the more
peaceful prospects in Europe.
Three cents jump in the
British pound to the topmost point reached in a fortnight
served to confirm the reports that war had been headed off,
at least for a time, and this was the signal for quite a
of
wave
to
demand
dled
wheat
being
selling.
in
A
wheat
for grain
further contributing
values
was
the
fact
influence
that
of
from this country seemed to have dwin¬
temporarily to about
Fair quantities of Cana¬
zero.
Europe,
to
principally Great Britain.
Friends
higher prices found but little consolation in assertions
that
Russian
shipments had greatly diminished, and that
probable the bulk of Russia's surplus had already
been disposed of.
it
was
On the 21st inst. prices closed 1 to l*4c. net lower.
market appeared to be still dominated
tion
abroad, and
as
indications of
a
The
by the political situa¬
peaceful solution be¬
stronger wheat values tended lower.
came
A maximum set¬
back of l%c. a bushel on the Chicago Board was witnessed,
with very little tendency towards a rally shown.
Contribut¬
ing to
downturns
of values
was
the
persistent dearth
of
export demand for United States wheat, together with indi¬
cations
that for at least the time
demoralized.
were
Estimates
any
Liverpool quotations, considerably higher than
effect.
were
being speculative buyers
that
European takings of
750,000 bushels failed to have
wheat from Canada exceeded
due,
ignored here.
On the 22d inst. prices closed % to l%c. net higher.
mense
over
European
the Chicago wheat market
mates
Im¬
export purchases in Canada, together with renewed
nervousness
that
were
Canada
had
more
been
political uncertainties, lifted
l%c. a bushel today.
Late esti¬
than 4,000,000 bushels of wheat from
bought for
overseas shipment.
Accord¬
the Canadian purchases were appar¬
ently linked in greater or less degree with governmental
emergency plans abroad.
Among the unsettling factors werei
ing to
some
reports,
reports of outspoken British opposition to demands by Hun:
gary and Poland for parts of Czechoslovakia.
Disturb¬
of British and French exchange rates were also given
In various quarters resignation of the Czech
Cabinet was considered a further difficulty, and fears were
ance
attention.
expressed as to chances of attacks following military occu¬
pation of Czech territory.
Today
ups of
prices closed
big-scale
mately 2c.
a
war
had
%
peril
bushel
failed to hold.
there
to
ran
1%c. net higher.
Chicago wheat values approxi¬
higher late today, but top quotations
Reports, which
been
New flare-
invasion
of
were
Czech
afterward denied, that
territory
were largely
prices.
Revised estimates
placed
export purchases of Canadian wheat today at
750,000 bushels.
Fears expressed of a possible collapse of
the Anglo-German diplomatic conference were among the
factors that tended to lift prices.
Weakness of British ex¬
change rates, together with delays in resumption of talks
the basis for extreme upturns of
between
Herr
attention.
On
the
Further
belt
corn
20th
inst.
frosts
in
Hitler
and
Active trading
Mr.
was
Chamberlain
received
witnessed here,
sharp
spurred by
easy
were
during most of the session.
ignored
as
market
a
factor,
late to do damage.
too
as
relatively light in this grain,
was
was
prices
the
%
closed
belt
corn
to
V/±c.
lower.
net
were
reported, but were
generally report the corn
crop as a whole safe from damage.
With wheat prices top¬
pling and a more peaceful outlook for Europe, considerable
liquidation developed in corn futures, and as a result prices
totally
disregarded
farmers
as
fell
off substantially and closed at about the lows of the
day.
On the 21st inst. prices closed % to l^c. net lower.
Enlarged rural movement of corn was much in evidence,
and
export business
corn
time
in
almost
fidence
month
a
decidedly light.
was
clear weather
corn
For the first
reported
was
belt, and led to increased
over
con¬
the
crop would escape any frost damage.
the 22d inst. prices closed unchanged to %c. higher.
On
Trading
was relatively light, with the undertone steady.
Today prices closed *4 to %c. net higher.
The firmness of
wheat and the ominous reports from abroad had their effect
on
corn,
sive
on
though traders were not inclined to become aggres¬
the up-side in view of the extreme uncertainty that
prevails.
DAILY
export
dian wheat, however, were reported to have been taken for
shipment
the
being regarded
severe
decline
the
though the undertone
Frosts in
On the 19th inst. prices closed ^ to
Trading
practically the entire
Czechoslovakia.
On
%c. net lower.
CLOSING PRICES
OF
CORN
Sat.
No.2 yellow
DAILY
Mon.
6954
CLOSING
PRICES
OF
CORN
Sat.
September
IN
NEW
Tues.
6854
Thurs.
6654
FUTURES
Mon.
YORK
Wed.
6754
Tues.
IN
Wed.
67
Fri.
6754
CHICAGO
Thurs.
Fri.
5354
5154
..
5354
5054
5254
4954
5054
49
5054
4954
4954
54
December..
5254
52
5154
5154
52
March
May..
Season's
High and
64
6354
September
December
March
56
6054
May
When
Mar.
July
July
July
Made
|[
Season's
25. 1938 September
13, 1938 December
28, 1938 March
23. 1938 May
Low
When
Aug.
Aug.
Aug.
Aug.
and
4954
4654
49
4954
Made
11, 1938
11, 1938
11, 1938
16, 1938
Oats—On the 17th inst. prices closed % to %c. net higher.
Trading in this grain was light, the firmness of values being
influenced largely by the strength
the 19th
inst. prices closed
%c.
net
lower.
this
pressure
in wheat and
tyc. off to %c.
corn.
On
There was
comparatively little interest in this group, attention appar¬
ently being focused on the wheat markets, which showed
pronounced weakness.
On the 20th inst. prices closed % to
There
was
considerable
being influenced
up.
selling
of
oats,
largely
by the sharp drop
in wheat and corn.
On the 21st inst. prices closed % to %c.
net lower.
There was very little of interest in this market,
trading being light and undertone easier.
On the 22d inst. prices closed %c. decline to ^c. advance.
Trading was mixed, with considerable switching from the
near
months to the distant deliveries.
%c. net higher
attract
and
on
attention
CLOSING
PRICES
OF
trading being very light
OATS
Sat.
September
May
Season's
High and
September
30 54
December
2854
May
28
—
CLOSING
When
Jan.
July
July
PRICES
OF
OATS
Sat.
3154
2954
3154
December
May
the
Tues.
2654
26
2654
2554
2554
2654
IN
FUTURES
Mon.
Tues.
2854
3054
2954
2854
30
CHICAGO
Wed.
Thurs.
2554
2554
2554
Made
I
Season's Low and
22
10,1938 September
28
13.1938 December
23,1938 May
2354
October
Rye—On
FUTURES
Mon.
2654
2654
2654
December
DAILY
Today prices closed
was very little to
There
this market,
feature.
without
DAILY
all deliveries.
to
2554
2554
2654
Fri.
2554
2654
When
Made
Aug.
Aug.
8, 1938
16, 1938
6, 1938
Sept.
IN
WINNIPEG
Wed.
Thurs.
28
2754
2854
2854
2754
2954
Fri.
2954
2854
3054
inst. prices closed % to l%c. net
market made a better showing than any
of the other grains at the close.
This being a bread-grain,
it was subject to all the bullish influences resulting from
higher.
The
the extreme
was
some
17th
rye
gravity of the European political crisis.
There
substantial buying of rye, and this, together with
evening up of commitments
on
the
part
of the
short ele¬
On the
ment, contributed largely to the market's strength.
19th
inst.
% to %c. net lower.
The relative
covering and a lack
offerings.
On the 20th inst. prices closed
prices closed
firmness of rye was attributed to short
of
substantial
% to %c. net lower.
Official advices that stocks of rye*
1950
Financial
Chronicle
The destination of these exports for
both domestic and foreign, are the largest
in years, caused
On the 21st inst. prices closed
This grain held up exceedingly
considerable selling of rye.
V2C. decline to y2c. advance.
Sept. 24,
July 1, 1938, is
sidered.
Offerings in the rye futures market were reported
scarce,
with demand quite noticeable in the distant
as
Flour
Since
Week
Since
Week
Since
Sept. 17
July 1
Sept. 17
July 1
Sept. 17
July 1
1938
1938
1938
1938
1938
1938
Barrels
July 1 to
United
nounced
Barrels
Bushels
Bushels
Bushels
Bushels
S. & Cent. Amer.
strength in wheat. Today prices closed l1/^ to %c.
net higher.
Itye is bread-grain and necessarily a munition
of war.
It therefore was highly sensitive to the ominous
reports coming from Europe, which indicated a break-down
of the parley between
England and Germany.
OF
PRICES
CLOSING
FUTURES
RYE
Sat.
Man.
43%
-
-
42%
45%
-
December
43%
45%
May
Hiah
...
December
May
Feb.
July
July
69%
56%
53%
Low
Season's
9 1938(September
14, 1938 December
25. 1938 {May
OF
PRICES
CLOSING
DAILY
I
When Made
and
42
43%
45
Sat.
Mon.
44%
December
...
40%
41%
43%
May...
DAILY CLOSING PRICES
44%
44%
45%
46%
When
39%
39%
41%
Sept.
Sept.
Sept.
IN
Thurs.
40%
38%
39%
40%
40%
42
41%
42%
Tues.
October
36%
December
37
35%
May
38%
37%
41%
42%
44%
Wed.
35%
35%
36%
Thurs.
34%
34%
36%
36
35%
37%
Fri.
38%
37%
39%
Clears, first spring
Soft winter straights..
Hard winter straights
Hard winter patents
Hard winter clears..,
Corn flour
3.60
5.45
3.00
Wheat
the
stocks
in
follows;
were as
Corn
Oats
Bushels
Rye
...
New Orleans
Galveston
Fort Worth
Hutchinson
St. Joseph
City
453,000
14,000
13,000
36,000
86,000
85,000
40,000
8,000
1,348,000
163,000
931,000
115,000
107,000
895,000
61,000
4,776,000
261,000
14,705,000
1,003,000
1,154,000
1,816,000
4,551,000
afloat
—
—
—
145,000
923",000
—
26,000
3,368,000
2,440,000
3,000
259,000
180,000
140,000
5,000
63~666
Total Spet. 17, 1938—125,933,000
Total Sept. 10, 1938—123,741,000
8,756,000 21,567,000
10,079,000 21,707,000
_Total Sept. 18,1937—131,010,000
3,644,000 25,732,000
4,000
■■.mum
"■
405,000
823,000
62,000
407,000
259,000
23,000
4,919,000
6,419,000
7~000
—
17,000
172,000
2,000
979,000
350,000
153,000
873,000
On Canal
—
754,000
10,349,000
17,051,000
165,000
4,884,000
Duluth..
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
'■*.
292,000
230,000
273,000
212,000
448,000
1,063,000
Detroit
17,000
"
127,000
62,000
190,000
1,470,000
Minneapolis
2,000
2,000
6,085,000
afloat
2,000
4,000
161,000
Indianapolis
Peoria
Bushels
2,000
143,000
f
3,000
18,000
22,000
34,000
33,397,000
6,976,000
Buffalo....
37%
Rye, No. 2 f.o.b. bond N. Y.. 61%
Barley. New York—
47% lbs. malting
57
Chicago, cash
.60-66
;
1,951,000
7,935,000
2,381,000
6,176,000
3,555,000
Baltimore
No. 2 white
Barley
Bushels
1,000
1,000
26,000
1,089,000
1,493,000
75,000
Philadelphia
Kansas
STOCKS
Bushels
Bushels
Milwaukee
1
Fancy pearl,Nos.2.4&7-4.00@4.50
67%
comprising
of accumulation at lake and
.......
On Lakes...
Coarse
All the statements below
•
ioo",65o
Saturday, Sept. 17,
United States—
1.90
Barley goods—
80%
77%
34,353,000 2,715,000 42,500,000
25,641,000
49,000
130,000
GRAIN
"
Oats, New York—
Oorn, New York—
No. 2 yellow all rail..
seaboard ports
Chicago—
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic...
Manitoba No. l.f.o.b. N. Y.
2,816,000
2,371,000
Sioux City
St. Louis—
....
4.15@4.35
3.30@3.65
4.30@4.45
4.50@4.65
4.00@4.20
6,000
at principal points
granary
Omaha
Rye flour patents
.3.50
Seminola, bbl., Nos. 1-3..5.30
Oats good...
2.30
4.50@4.70
273,500
19,469,000 1,296,000 22,360,000
14,797,000 1,417,000 20,037,000
74,000
2,000
3,000
13,000
supply of grain,
Wichita
FLOUR
Spring patents
1,074,797
visible
New York
Fri.
Closing quotations were as follows:
Spring oats, high protein.5.00@5.20
76,800
1937
Boston..
WINNIPEG
Wed.
—
Mon.
960,330
1,506,000
12,000
11,000
countries..
Total 1938
6,1938
7.1938
7.1938
OF BARLEY FUTURES IN WINNIPEG
Sat.
30,664
92,803
1,292,000
119,500
Made
Tues.
41%
42%
Other
The
43%
396,933
128,733
2~666
West Indies
Fri.
and
FUTURES
RYE
October
...
42%
42%
44%
27,715
28,088
10,500
24,500
Brit. No. Am. Col.
CHICAGO
Thurs.
Kingdom.
Continent
Total
IN
Wed.
Tues.
47
September
September
Corn
Week
and Since
On the 22d inst. prices closed 1% to %c. net higher.
The
firmness of rye was influenced almost entirely by the pro¬
Season's
Wheat
Exports for Week
deliveries.
DAILY
the week and since
below:
as
well when the substantial declines in wheat values are con¬
1938
—
'tmrntm,
m, m,
m,
459,000
85,000
1,676,000
4,505,000
2,428,000
180,000
336,000
173,000
8,148,000 10,606,000
7,734,000 10,615,000
5,564,000
9,738,000
~Note—Bonded grain not included above: Oats—On Lakes, 232,000 bushels; total,
232,000 bushels, against 97,000 bushels in 1937.
Barley—Duluth, 41,000; on Lakes,
1,031,000; total, 1,072,000 bushels, against 1,194,000 bushels in 1937.
Wheat—
New York, 148,000 bushels; New York afloat, 20,000;
Buffalo, 182,000; Buffalo
afloat, 187,000; on Lakes, 8,307,000; on Canal, 812,000; total, 9,656,000 bushels,
against 4,749,000 bushels in 1937.
of the last three years:
Corn
Oats
Rye
Bushels
Bushels
Bushels
Wheat
Canadian—
Wheat
Corn
Oats
bbls.lMlbs bush. 60 lbs. bush. 56 lbs
221,000
Chicago
462,000
Minneapolis
Duluth—
2,282,000
Bushels
Barley
Bushels
Barley
bush. 32 lbs. bush.56lbs. bush.4Slbs.
645,000
598,000
1,245,000
1,000
Total Sept. 10, 1938—
84,768,000
Total Sept. 18, 1937-
52,395,000
313,000
50,000
Kansas City
23,000
801,000
46,000
64,000
451,000
58,000
269,000
101,000
6,000
76,000
21,000
37,000
35,000
"8,666
Buffalo
13,000
162,000
212,000
100,000
134,000
13,000
2~1~,666
8,000
29,000
88,000
11,000
2,522,000
307,000
446,000
258,000
339,000
2,573,000
2,543,000
3,375,000
1,227,000
1,180,000
1,824,000
3,711,000
3,831,000
2,597,000
1938
2,868,000 101,697,000
1937
2,628,000 103,393,000
27,548,000
11,609,000
29,433,000
433,000
Same wk '37
370,000
396,000
Same wk *36
1,770,000
2,149,000
Summary—
607,000
V
3,676,000
3,487,000
3,374,000
3,414,000
125,933,000"
8,756,000 21,567,000
Canadian
90,207,000
3,676,000
Total Sept.
8,756,000 25,243,000
17, 1938-216,140,000
Total Sept. 10, 1938—208,509,000 10,079,000 25,194,000
Total Sept. 18, 1937-182,400,000
3,719,000 26,959,000
The world's
1,126,000
-
American
13,000
11,045,000
11,385,000
4,479,000
_
Total wk'38
9,660,000
9,261,000
8,877,000
100,000
151,000
49,000
185,000
20,000
Sioux City.
1,929,000
1,802,000
Total Sept. 17, 1938—
40,000
Joseph.
90,207,000
1,014,000
Peoria
St.
826,000
767,000
4,668,000
2,299,000
118,000
571,000
2,000
1,000
176,000
Omaha
26,687,000
58,640,000
667,000
Other Can. & other elev.
290,000
28,000
284,000
Wichita
1,578,000
392,000
128,000
....
Louis..
St.
136,000
169,000
88,000
Indianapolis
710,000
456,000
21,000
Toledo
4,880,000
1,029,000
117,000
3,567,000
—
Milwaukee.
Rye
Lake, bay, river—seab'd
Ft. William & Pt. Arthur
Flour
Receipts at—
shipment of wheat and
Broomhall to the New York Produce
8,148,000
10,606,000
1,729,000
9,660,000
9,877,000 20,266,000
9,536,000
6,525,000
corn, as
19,876,000
18,160,000
furnished by
Exchange, for the week
ended Sept. 16,
and since July 1, 1938, and July 1, 1937,
shown in the following:
are
Since Aug. 1
1936
3,316,000
....
69,829,000
24,991,000 10,511,000 26,204,000
36,365,000 10,629,000 21,584,000
27,956,000 4,455,000 27,598,000
Wheat
Week
Exports
Sept
16,
Corn
Oats
Rye
Sept. 16,
July 1,
1937
1938
1938
1937
Bushels
Bushels
Bushels
Bushels
Bushels
York.
146,000
179,000
27,000
16,000
24,000
21,000
181,000
198,000
475,000
Baltimore
.
New Orl'ns*
Galveston.
Montreal
_
4~4~O6O
—
Boston
64, 000
4, 000
29, 000
185, 000
4,000
countries
Total
126",000
18,000
45,013,000
1,243,000
35,281,000
83,326,000
25,411,000
7,088,000
15,847,000
6,904,000
19,074,000
293',000
120,000
277,000
3,206,000
1,976, 000
183,000
Jan. 1 '38
9,906,000
79,822,000
80,297, 000
4,611,000
Week 1937.
260,000
1,425,000
215, 000
86,000
27,000
296,000
9,837,000
58,606,000
27,604, 000
3,958,000
3,240,000
3,169,000
23,000
487,000
2,674,000 13,968,000
Since
*
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
The exports from the Several seaboard
poi ts for the week
ended Saturday, Sept. 17, 1938, are shown in the
annexed
statement:
368,000
4,648,000
1,079,000
11,348,000
83,735,000
7,270,000
92,885,000 105,132,000
New York
Philadelphia
New Orleans
Galveston
Montreal
Wheat
271,000
82,000
Corn
Bushels
20,000
Three Rivers
Total week 1938—
Same week 1937
Flour
Oats
Aggregated $22,761,946
Through
15—The
Sept.
on
46,-
Commodity
Credit Corporation announced on Sept. 16 that "Advices of
Corn Loans" received by it through Sept. 15 showed loans
disbursed by the Corporation and held by lending agencies
46,895,781
on
bushels
$22,761,946.34, based
of
2^2 cubic feet of
the
of
on a
corn.
Such
loans
aggregated
loan rate of 50 cents
ear corn
testing
up
amount loaned per bushel
thus far has been 0.4854 cents.
average
manner
per
bushel,
to 143^% moisture;
determined in this
Figures showing the number of bushels
by States are given below:
Rye
Barley
Barrels
44,803
Bushels
Bushels
Bushels
Indiana
3,000
Iowa
11~7"666
Kansas
8,000
2,000
301,000
1,729,000
669~ 000
Minnesota
"2",000
*
on
which loans
State—
Missouri
Nebraska
Ohio
South
Dakota
Wisconsin
Bushels
1,527,728
3,546,443
99,612
1,251.666
4,203
134,000
222,000
44,000
126,000
18,000
2,000
2,816,000 2 ,715,000
2,371,000
49,000
367",000
-
283,000 1 ,175,000
140,000
293,000
Bushels
2,327
7,929,192
1,061,146
...27,687,141
26,237
3,760,086
Colorado
Illinois
202,000
Halifax
Sorel
CCC
of
Bushels
have been made
Bushels
Albany
60,000
2,672,000
3,344,000
State
Exports from—
223,000
8,969,000 127,603,000
Corn-Loans
895,781
Since
on
3,347,000
367,000
2,000
Three Riv's
Jan. 1 '37
2,621,000
10,308,000
1,175,000
~2~66o
Total wk'38
.
32,164,000
13,864,000
19,000
18,000
Sorel.
Halifax
Australia
47,471,000
28,456,000
15,833,000
Other
"~l~,66o
14,000
222, 000
283/666
1,920,000
1,114,000
1,363,000
8,000
India
12,000
10,000
4, 000
1,729/000
4,196,000
Argentina.
bbls.lWlbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
New
Philadelphia
Since
July 1,
July 1,
1938
Black Sea-
Barley
Since
July 1,
No. Amer.
Wheat
Week
Bushels
receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 17, J938, follow:
Flour
Since
1938
Total
Receipts at-
Corn
Since
120,000
92,803
129,000
76,800
10,000
135,000
487,000
296,000
Weather
Report for the Week Ended Sept. 21—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 21, follows:
general
summary
At the beginning of the week rain was general over most central Valley
and cooler weather overspread most western districts.
On the
sections
Volume
147
Financial
following days of the week unsettled, showery conditions prevailed
eastern areas,
over
while generally fair, cool weather continued over most south¬
sections west of the
Mississippi River.
At the close of the week gen¬
eral rains occurred on the Atlantic coast
and in the Lake region, while the
cool weather had extended eastward to the
ern
Mississippi and Ohio Valleys.
I* The week was abnormally cool in the central
Mississippi and lower
Missouri Valleys where the departures from normal
temperature ranged
from 6 degrees to 10 degrees.
Generally subnormal temperatures pre¬
vailed from the Appalachian to the
Rocky Mountains and variable con¬
ditions obtained in the Northeast.
Above-normal temperatures were re¬
ported generally in the Southeast and in most districts west of the
Rocky
Mountains, especially in the interior of the Pacific Northwest where the
departures ranged from 8 degrees to as much as 15
degrees.
Maximum
temperatures were mostly seasonable during the week, except in the North¬
west where some were
record-breaking; at the close, cooler weather over¬
spread the central sections of the country and brought subfreezing weather
to parts of the northern Great Plains and
frosts generally southward to
Nebraska.
Rainfall
for
the
week
from
the
Carolinas
was
heavy to excessive in many Atlantic coast
Maine.
In this area the weekly totals
ranged from 2 to over 9 inches, the heaviest fall being 9.7 inches at Goldsboro, N. C.
Moderate to heavy falls were reported from portions of the
eastern Great Plains, the
upper Mississippi Valley, the Lake region, and
the eastern Ohio Valley as well as
locally in some south-central districts
and portions of eastern Texas.
Inappreciable amounts occurred in some
districts
central
Gulf areas
while in
to
most
sections from
the central
Great
1951
picking and ginning made rapid
progress generally; near end in south half;
condition early planted generally good, but late
planted mostly
Ranges and truck deteriorated in northgood elsewhere.
Harvesting early rice con¬
tinues; some damaged by rain of last week.
Cattle generally good.
average
poor to only fair in north areas.
central and
west-central, but
Oklahoma—Oklahoma City: Cool, with freezing or near
freezing in east
20th; dry after first day.
Much winter wheat sown in north
3rd, some
on
in
central, but little or none in south where soil
generally dry.
Cotton
picking good advance; generally opening
satisfactorily.
Corn gathering
about done in south: good advance
elsewhere.
Some early sown
wheat,
rye and oats up to good stands.
Livestock good.
Heavy rains still needed
in
much of south.
Arkansas—Little Rock: Progress of cotton good;
picking mostly ex¬
cellent progress; half picked in
many areas; crop made and all open
locally;
being ginned as rapidly as possible.
Progress of late corn fair to good.
Mostlyfavorable for pastures
.jpotatoes^ sweet potatoes and truck.
eg
Tennessee—NashviUerRain^favofedTate cotton;'condition mostly good;
picking fair advance; worms damaging some places.
Condition and pro¬
gress of early corn good to excellent: late
good in central, poor to fair else¬
where.
Condition of burley tobacco very
good, except some deteriora¬
tion in barns from excessive
moisture; dark tobacco fairly good.
Potato
crops mostly very good.
Considerable advance cutting
hay and corn.
Late truck plentiful, except where too
dry.
Plains
westward practically no rain fell,
except in the extreme Northwest where
light to moderate falls were noted.
The abnormally cold weather that
overspread much of the Great Plains
and adjacent sections on the
closing days of the week brought light to
killing frosts to practically all portions from North Dakota wnd western
Minnesota southward to Nebraska and portions of western
Iowa, with
light frosts noted in eastern Kansas and Oklahoma and adjacent sections.
In portions of Iowa and Nebraska these frosts were
approximately 10 days
2 weeks earlier than normal, but in more northern localities
they were
date.
Damage from the frosts was
to
about the usual
comparatively slight
practically all major crops had matured in this region, although there
injury to Jain garden truck and tender vegetation.
The light to heavy rains in the upper Mississippi
Valley were extremely
unfavorable for many crops, with much soy bean and other
hay ruined,
while in some sections potatoes are
rotting and general harvests are at a
standstill.
However, in sections farther south, additional moisture during
the present week was very favorable,
particularly in most parts of Missouri
and adjacent portions of Illinois and Kansas.
Except for local areas, the
moisture situation throughout practically all central
parts of the country
is very satisfactory at the present time; there is a
general need of rain in
as
was sorr.e
southern Oklahoma and portions of Texas.
Pastures and fall vegetation would also be benefited
by additional mois¬
ture in some Gulf States, while localities of the West and far Northwest
are still too dry to permit fall
seeding operations.
In most of the North¬
east there is generally adequate moisture for fall
crops
Chronicle
and for the soil,
THE DRY GOODS TRADE
New
York, Friday Night, Sept. 23, 1938
Adverse weather conditions
prevailing in many sections
of the country retarded retail business
during the past
week, with predictions that the enormous damage caused
by
the hurricane in a number of North Eastern
States will result
in seriously affecting the total volume of
September sales.
Scattered labor troubles both on the Pacific Coast
and in
the metropolitan area, also served to hamper
the
normal
seasonal
expansion in trade, offsetting to a considerable
temporary lessening of the European tension.
Department stoie sales, the country over, for the week
ended Sept. 10, according to the
report of the Federal
Reserve Board, were 7% below the
corresponding week of
last year.
For New York and Brooklyn stores, the Federal
extent
the
Reserve Bank of New York
reported a loss in the volume
but the frequent rains during the week
interrupted harvesting and haying
of sales
operations and delayed fruit picking.
*
Small Grains—In most eastern sections the
ground is in favorable
condition for sowing winter grains and considerable
rye and barley has
been seeded in the lower Ohio Valley, with wheat
sowing general in more
of
northern
Some
areas.
wheat
and rye
were
sown
in
Iowa and
this
work
is
nearing completion in the upper Mississippi Valley and most Plains
States, though it is still too dry for plowing and seeding in North Dakota
western
Montana, Utah and portions of the Northwest.
Much early
sown is up and
looking good from Minnesota and South Dakota south¬
ward to northern Oklahoma.
In the western third of Kansas winter wheat
done, and is well started in
eastern
damage from last week's
rain; harvesting and thrashing rice were delayed by rain in Louisiana.
Corn—Corn is in fair to very good condition
throughout
the
Valley with cutting and silo filling active in practically all sections;
Ohio
con¬
siderable is safe from frost in central parts where the bulk will be safe
by
the end of September; cold weather retarded
drying in western sections,
while some molding in shock was reported
locally.
Rapid maturity was reported in Missouri, with three-fourths of the crop
safe, while corn is mostly matured in Nebraska, with practically no
frost damage.
Cutting and silo filling are nearing completion in North
Dakota, while in Minnesota the crop is mostly matured and much in
shock, but maturity of late was delayed by rain.
Much damage from the
now
excessive rains
In
were
Iowa
River and the
total
or
no
was
noted
in
too soft for
much
corn
ears
was
that
Wisconsin where
some
was
cut
by hand
as
machinery.
flooded
were
along the course of the Des Moines
completely submerged are expected to be a
loss; flooding on other streams was also injurious.
There is little
serious frost damage, to the
crop due to its nearly complete matur¬
ity in western parts, and the crop averages three-fourths safe for the State
as a whole, but is less than half safe in
some northern localities.
Fodder
cutting and silo filling were hindered by wet fields, with much hand cutting.
Cotton—The weather of the week favored outside
operations in prac¬
with very little interruption by
except in the extreme northeast.
In Texas picking and ginning
made rapid progress
generally and are nearing completion in the southern
half; condition of the early crop is generally good, but the late
ranges
from mostly poor to only fair in northern districts.
Picking made good
advance in Oklahoma, with the crop
opening satisfactorily.
tically all localities of the Cotton Belt,
rain,
In
central States of the belt cotton is
practically all open in many local¬
ities, with picking making good progress and ginning advancing as
rapidly
as possible; the crop has been half
picked in portions of Arkansas.
Pick¬
ing made good to excellent advance in Georgia and South Carolina, with
this work nearing completion in southern
portions and well advanced else¬
where.
Picking and ginning made good advance in South Carolina and is
about completed locally, while in North Carolina the
crop is opening
rapidly and picking advanced well until stopped by rains in the Coastal
Plain and lower Piedmont.
The
Weather
Bureau furnished
the
following
resume
of
conditions in the different States:
North
Carolina—Raleigh: Heavy to excessive rains in east latter part;
but little in most of west, where more needed for late summer
and early
fall crops.
Progress of cotton fair; opening rapidly; picking good advance
until stopped by rains on coastal plain and in lower
crops
in east
helped by rain.
northwest.
Housing tobacco
not
piedmont.
Other
finished in extreme
v
South Carolina—Columbia; Warm; local rains.
Favorable for late crop
development, but still dry some areas, delaying fall plowing and
planting.
Cotton picking and ginning generally good
advance; picking about over
locally in east and south; well along elsewhere, except in extreme north
where picking first time.
Georgia—Atlanta: Mostly dry, but some local showers; warm first
half,
cool.
Cotton picking about done in south; well
along elsewhere;
curing corn on stalk; harvest well advanced
Favorable for peanut and potato harvests.
Florida—Jacksonville: Warm; light rains.
Condition of cotton fairly
good; picking nearly over locally; ginning good advance; weather favorable
for
checking weevil.
Harvesting sweet potatoes.
Planting tomatoes,
celery, peppers, cucumbers and beans.
Citrus grove3 good; fruit
ripening.
Avocadoes being marketed.
Cane good.
Peanuts being dug.
then
almost all open.
Favorable for
in south and beginning in north.
Alabama—Montgomery: Normal warmth; mostly light trains. Cotton
maturing rapidly; condition mostly fairly good to good, but only fair lo¬
cally in north, with bolls reported small; picking excellent advance
gener¬
ally; practically over in south and nearing end in middle.
Potatoes, fall
vegetables and pastures need rain.
Harvesting and haying well along.
Louisiana—New Orleans: Warm with frequent light rains
early in week;
cool and dry weather thereafter.
Condition of cotton generally good;
about all open; picking and
ginning slow first half, good advance latter;
weevil activity favored,
except last few days.
Harvesting and threshing
rice hindered by rains.
Good progress gathering sweetpotatoes and corn
and planting fall crops.
Cane generally very good; nearing maturity.
Texas—Houston: Cool; rains fairly general in south half and
extreme
northeast; elsewhere widely scattered.
Good progress preparing land for
winter wheat seeding,
except in west-central where too dry; some sown
in northwest.
Harvesting late corn about done with crop fair to good
condition, except badly burned in west-central and north-central.
Cotton
individual
orders continued small,
they covered a large
number of staple items notably in the
heavy goods di /ision.
Later in the week business dropped off
materially, largely
sowing is about three-fourths
sections, with soil moisture generally
sufficient for early growth.
Moisture prospects are the best in years in
New Mexico, but more rain is needed in portions of Texas and
Oklahoma.
The early rice harvest continues in Texas with some
the fields
amounting to 0.7%, while in Newark stores a gain
was recorded.
Trading in the wholesale dry goods markets early in the
period under review gave indications of a more active demand
on the part of wholesale and retail
merchants.
Although
1.4%
under the influence of the disastrous storms and the
resulting
dislocation of trade in important Eastern centers.
A con¬
tributing factoi in hampering business it; the local area was
the spreading of the truckmen's strike.
Business in sdk
goods expanded moderately, and prices showed a somewhat
better trend.
Trading in rayon yarns was less active than
heretofore, although shipments continued at a gratifying
pace.
While most producers are well sold ahead on their
October output, the sluggish condition of the cloth
market
is causing some uncertainty concerning the outlook for
the
remainder of the year.
The statistical position of the
market was reported further improved, with
surplus stocks
of yarns showing another decrease.
Domestic
Cotton
Goods—Trading in the gray cloths
fairly active fashion.
Subse¬
quently a sharp increase in sales occurred, chiefly in conse¬
quence of a substantial recovery in raw cotton x>rices,
engendered by the temporary lessening of the tension
abroad, and the resulting rally in the security markets.
Reports about the better movement of finished goods, and
the depleted state of supplies in the hands of
converters,
also
helped to improve sentiment.
Later in the week
trading became less active, partly because of a mild reaction
in raw cotton values, and in part due to the
necessity for
digesting the earlier heavy purchases.
Business in fine
goods continued quiet, although late in the week inquiries
for combed lawns gave indications of broadening somewhat.
Hopsacking attracted increased attention, and an active call
existed for flake spun rayon cloths.
Closing pi ices in print
cloths were as follows:
39-inch 80s, 6%c.; 39-inch
72-76s,
5%c.; 39-inch 68-72s, 5Kc.; 38L£-inch 64-60s, 4^c.; 38 Hinch 60-48s, 3J^c.
/
markets started the week in
Woolen Goods—Trading in men's wear fabrics turned
fairly active, although orders placed by clothing manu¬
facturers concerned mostly spot lots and goods for
early
shipment.
Continued active interest prevailed in worsted
coverts, with reports current that premiums are being paid
in view of the growing shortage in these materials.
An
improved demand developed for overcoatings, and tropical
worsteds and gabardines also continued to move in
fajF
volume.
Reports from retail clothing centers made a less
favorable showing as adverse weather conditions
impeded
the flow of goods in consuming channels.
Business in
women's wear materials was inactive, pending the
opening
of the new spring lines early in October.
A fair call con¬
tinued to manifest itself for tweeds and boucles.
Foreign Dry Goods—Trading in linens remained quiet,
and
sales
were
confined
delivery.
While
continued
to
some
to
occasional
lots
for
immediate
reports from foreign primary centers
the dearth of business, other advices
according to which American bhyers
have, of late, placed orders for considerable quantities of
dress goods.
Business in burlap remained quiet, but prices
ruled higher reflecting the persistent upward trend in the
Calcutta market.
Domestically lightweights were quoted
mentioned
at
stress
rumors
3.80c., heavies
a
t 4.95c.
Financial
1952
Sept.
Chronicle
24,
1938
United
States—Report on Sales Taxes Levied by Cities—
cities throughout the Nad on are seeking new
sources, only one adopted a new city sales tax law
during 1938, the Federation of Tax Administrators reported
on
Sept. 19.
Philadelphia was the only city to enact a
sales tax for the first time, bringing the total number of
municipalities administering the tax to eight.
Although
revenue
Specialists in
Illinois & Missouri Bonds
New York City renewed its city sales tax enacted in December, 1934,
and New Orleans substituted a 1 % sales tax for a 2% luxury tax, during the
year.
STIFEL, NICOLAUS &. CO., Inc.
list of
All three of these metropolitan centers place the sales tax on their
"emergency" levies, with the laws limited to one- or two-year periods.
The sales tax revenue in these cities is being used to finance relief or other
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
PUBLIC
WORKS
ST.
LOUIS
ADMINISTRATION
Progress of New Program—We quote in part as
follows from a news release made public by the above named
Federal agency on Sept. 22:
Report
on
The 1938 Public Works Administration program will pass its first quar¬
terly period today with close to $1,500,000,000 authorized in construction
in its initial three months, Public Works Administrator Harold L. Ickes
announced today.
PWA has allotted funds to a total of nearly 7,000 projects within the
13-weeks period following signature of the bill by President Roosevelt.
The Presidential signature was attached June 21, and on the next day,
PWA began releasing allotments at the rate of nearly 600 daily.
Moving faster than any previous program, the current drive has entered
the home stretch with close to $1,500,000,000 worth of construction au¬
thorized out of the potential $1,867,000,000 building program which the
Bureau of Labor Statistics found was the capacity of the agency tinder the
1938 Act.
With blueprints for thousands of projects in the final stages,
already actual construction work has been launched on nearly 700 projects
—over three months before the Jan. 1 construction deadline fixed by Con¬
gress. Dirt is flying on $177,000,000 worth of schools, municipal buildings,
sewers, waterworks, roads, bridges and similar improvements scattered
throughout the States.
To date, PWA records show that more than 5,500 municipal improve¬
ment projects have been approved and that almost 1,000 projects have
been authorized for the various Federal departments.
Total allotments of
approximately $626,000,000 have been made to the, non-Federal projects,
and roughly $185,000,000 has been turned over to the Federal department
undertakings. These amounts, together with the funds to be put up by
the applicants, call for construction in the neighborhood of $1,500,000,000.
The non-Federal program. Administrator Ickes said, is the "largest and
fastest" ever attempted by PWA. With but eigh„ days to go until applica¬
tions are shut off by the terms of the 1938 Act, applications for projects
continue to pour into the PWA offices.
Since May, when taking of new
applications was authorized, nearly 9,000 applications for PWA aid have
swarmed into the seven regional offices.
News Items
City Managers'
lems
that
Conference to Open Sept. 26—Prob¬
face American cities
today will be discussed by
city manager profession at the silver
anniversary conference of the International City Managers'
Association in Boston, Sept. 26-29.
The addition of city
clerks, finance officers, mayors and other officials from
nearly 40 States is expected to raise the conference attendance
figure to more than 300.
150 members of the
The complete program, announced on Sept. 21, lists 74 city managers
subjects, and 16 other speakers.
With council-manager governments ranging from small sized towns to
large metropolitan centers, a feature of the conference will be a "three-ring"
breakfast session by population groups.
Representatives of cities under
10,000 population will discuss such topics as the small city's provision for
welfare and health services, and whether the profits of
city-owned utUitieb
should be used to reduce rates or to keep taxes down. R. E. Windom, City
Manager of Westerville, Ohio, is Chairman.
Managers of cities from 10,000 to 30,000 population, with Bill N. Taylor,
City Manager of Longview, Texas, Chairman, will deal witn retirement
provisions and security for employees during periods of unemployment.
The session will also include such topics as the best methods of informing
citizens about municipal services and their costs, sind small city airport
problems.
•
Obtaining additional revenues, in-service training of city employees, and
the automobile parking problem will be considered
by managers of cities
over 30,000 population.
L. P. Cookingham, City Manager of Saginaw,
Mich., will, preside.
E. L, Mosely,
City Manager, Colorado Springs, Colo., and President
with assigned
of the Association, will act as Chairman of the opening luncheon on
at which Charles J. Fox, Boston City Auditor, will be the
public welfare expenditures.
Extension of sales ibaxes to other cities has been curtailed partly because
the laws of most of toe 23 sales tax States reserve the right to levy such a
tax to the State, the Federation said,
la West Virginia, where the State
law makes no such restriction, the cities of Charleston, Huntington, Bluefield, and Morgantown have collected sales taxes for several years.
The sales tax was administered by a number of cities in Missouri prior to
June, 1937, when the State Legislature passed a law which barred mu¬
nicipalities from exercising this power.
St. Louis, which has the status of
a county, retained the tax.
The City of New Orleans, which obtained special permission under the
State law to collect a sales tax, receives its revenue from this tax from the
Residents of New Orleans pay a tax of 2% instead of the regular
State.
1
% State sales tax.
The entire tax is administered by the State and turned
to the city treasury.
Sales taxes adopted by 23 States since 1921 annually produce about
$350,000,000, and rank as the third most important source of all State
over
tax revenue.
Bond
Proposals and Negotiations
ALABAMA
AUTAUGA COUNTY SCHOOL
ipalities
taxes
MOBILE
COUNTY
(P.
Massachusetts
cities
and
towns
of
over
5,000
population has been drawn up by Jackson & Co., New
York City, for distribution to interested parties.
The circular shows for each municipality the
percentage of the 1937 levy
uncollected as of July 1, 1938 and the percentage uncollected of the same
levy
on April 1,1938. There are also figures showing the percentage of the
1936 levy uncollected as of July 1, 1937, which affords a comparison with
the percentage uncollected over the same period on the 1937
levy.
In
addition the circular shows in dollars the amounts uncollected as of July 1,
1938 of 1935 and prior years' levies.
Municipal
Analysis
Class
Again
in
Session—-The
Wall Street Center of New York University at 90 Trinity
Place announces a course in the Analysis of Municipal
Securities to be given on Wednesday evenings from 7:15 to
9:00 beginning Sept. 21.
This course will include the field of domestic public
securities, including
State, county, city and district obligations from the investor's viewpoint.
Financial statements of municipalities will be analyzed in the
light of
assessment
methods, tax delinquency, debt structure, revenue sources,
Individual bonds are examined, with respect to auth¬
process, and restriction of issue.
Default records and
remedies are studied. A discussion of the tax
position, eligibility for trustee
investment, and marketing methods are included. Current developments
in the field of municipal finance will be considered at each session and
debt and tax limits.
ority,
purpose,
special attention will be devoted to the problem of municipal debt adjustment
and refunding, emphasizing the new bankruptcy law ana the Securities and
Exchange Commission's program. The question of tax exemption, now the
subject of great controversy, will also be discussed.
The course will be under the direction of Dr. Bert O. Goss, instructor in
finance at New York University and a staff writer for the "Journal of
Commerce."
O. Mobile)
Ala.—BOND OFFERING—It is
stated by E. O. Doody, Clerk of the Board of Revenue and Road Com¬
missioners, that he will sell at public auction on Sept. 30. at 10:30 a. m.,
an issue of $1.25,000 not to exceed 5% semi-ann. coupon school bonds.
Dated Nov. 1, 1938.
Deno n nations $1,000, $500 and $250.
Due
1, as follows: $2,500 in 1941 to 1943; $3,750 in 1944 to 1949, and
$5,000 in 1950 to 1968.
Principal and interest payable in New York City
in lawful money.
The bonds will be sold to the bidder whose bid shall
prove highest and best upon consideration of both interest rate and amount
bid, requiring the lowest net interest cost to the County as shown in Standard
Bond Value Tables; provided that the bonds shall not be sold for less than
95% of their par value, together with accrued interest from the date of
the bonds to the date upon which they are delivered and paid for.
The
bonds were authorized at an election held on July 9,1929.
They are general
obligations of the County and are further secured by a charge upon a
special tax to be levied annually.
The purchaser will be furnished by
the County with an opinion, approving the issue, from and by a nationally
known firm of bond attorneys; and the County will print and deliver the
bonds.
A certified check for $2,500 must be deposited.
Nov.
MONTGOMERY, Ala.—BOND OFFERING—It is stated by B. A.
Kilgrow, City Auditor, that he will receive sealed bids until Setp. 27. for
semi-ann. street improvement bonds
aggregating $200,000:
the purchase of the following 4j^%
$100,000 series A W bonds. 'Due $10,000 from March 1,1939 to 1948, fncl.
100,000 series A X bonds. Due $10,000 from March 1,1939 to 1948, incl.
(These are the bonds that were offered for sale on March 19, when all
bids received were rejected, as noted in these columns at the time.)
ARIZONA BONDS
Market a in all Municipal Issues
REFSNES,
ELY, BECK & CO.
PHOENIX, ARIZONA
Monday,
Taxes
of
Larger Munic¬
Tabulated—A report dealing with the uncollected
of
(P. O. Prattville) Ala.
BIRMINGHAM, Ala.—BONDS DEFEATED—It is stated by E. C.
Armstrong, City Comptroller, that at the election oeld on Sept. 20 tue fol¬
lowing bonds, aggregating $6,000,000, were turned down by the voters:
City Hall, $1,420,000; fire stations, $80,000; sanatorium, $100,000; library,
$100,000; park, $300,000; school, $4,000,000.
guest of honor.
Massachusetts— Uncollected
DISTRICT
WARRANTS SOLD—We are informed that the County Board of Education
sold a $50,000 issue of school improvement warrants on Sept. 14 to King,
Mohr & Co. of Montgomery, as 3 Ms paying a premium of $825.00.
ARIZONA
COCONINO COUNTY SCHOOL DISTRICT NO. 2 (P. O. William.),
Ariz.—BONDS VOTED—It is stated by F. E. Dean, Superintendent or
Schools, that at the election held on Sept. 3, the voters approved the
issuance of $54,000 in 4% construction bonds by a count of 183 to 61.
These bonds
are to mature
MARICOPA
in 1951.
COUNTY
SCHOOL DISTRICTS (P.
O. Phoenix),
Ariz.-^REPORT ON SCHOOL DISTRICT DEFAULTS—Frank Hallier,
County Bookkeeper, reports as follows on defaults recorded in districts
withinrthe county:
"We can give you very little information concerning defaults as the
records kept in this office and the Board of Supervisors' office does not
list defaults In these districts and the information we can give you comes
mostly from memory.
"A ^ear ago School District No. 40 defaulted In some $7,000 of its bonds
and it was caused by default to them of $7,000 of their securities. These
securities were paid about two months after their due date and in turn
Glendale School District No. 40 paid its defaulted bonds.
"Scottsdale
High School Distirct
and Districts 40-48 and 85 have been
in default on bond interest for a short time at various times.
However, the
only district now in default in bond interest Is School District No. 85, and
that ohly a matter of two or three hundred dollars.
All the districts of
Maricopa County except one or two are in Bplendid financial condition and
we see no reason for future default In eitherbond interest or principal."
PHOENIX UNION HIGH SCHOOL DISTRICT (P. O. Phoenix),
Ariz.—BOND OFFERING—It is stated by J. E. De Souza, Clerk of the
Board of Supervisors, that he will receive sealed bids until Oct. 10, for the
purchase of the following issues of not to exceed 4% semi-annual coupon
bonds aggregating $920,000:
At 10 a. m.—$448,000 school bonds.
Due on Oct. 1 as follows: $12,000,
1941 to 1948; $35,000, 1949 to 1956, and $36,000, 1957 and 1958.
At 10:30 a. m.—$338,000 school bonds*
Due on Oct. 1 as follows: $9,000,
1941 to 1948; $26,000, 1949 to 1952, and $27,000, 1953 to 1958.
At 11 a. m.—$134,000 school bonds.
Due on Oct. 1 as follows: $4,000,
1941 to 1948; $10,000. 1949 to 1956, and $11,000 in 1957 and 1958.
Denom. $1,000.
Dated Oct. 1, 1938.
No bids for less than par will be
considered.
The purchaser will be furnished with a certified copy of the
Volume
Financial
147
transcript of the proceedings so that the same may be passed upon by his
attorneys.
A certified check for an amount at least equal to 5% of the
total amount of such bid for each issue,
payable to the County Treasurer,
is required.
Chronicle
1953
able in lawful money at the City Treasurer's office.
Legality to be approved
by Orrick, Dahlquist, Neff & Herrington of San Francisco.
The bonds
sold as follows: $65,000 maturing $5,000, Oct. 1, 1939 to
1951, as
2Ms, and $128,000 maturing $10,000 Oct. 1, 1952 to 1963, as 3s.
Net
%.
were
interest cost 2.956
TUCSON, Ariz.—BOND SALE—The $277,000 issue of
coupon water
1663—was awarded
the Pasadena Corp.
of Pasadena, Boetteher & Co. of Denver, and Kefsnes, Ely, Beck & Co. of
Phoenix, at a price of 100.07, a net interest cost of about 2.72%, on the
bonds divided as follows: $56,000 as 2Ms, maturing $14,000 from Jan. 1,
1940 to 1943; the remaining $221,000 as 2 Ms, maturing on Jan. 1: $14,000
in 1944; $41,000, 1945 to 1947. and $42,000 in 1948 and 1949.
system bonds offered for sale on Sept. 19—V. 147, p.
to a syndicate composed of Tyler & Co., Inc. of Boston,
~SAN
MATEO COUNTY (P. O. Redwood
City) Calif.—HALF MOON
BAY SCHOOL SALE—The $80,000 issue of coupon Half Moon
Bay Union
High School District bonds offered for sale on Aug. 16—V. 147, p. 1070—
was awarded
to Blyth & Co., Inc. of San Francisco, as
3Ms, paying a
premium of $125.00, equal to 100.156, a basis of about
3.22%.
Dated
July 1, 1938. Due $4,000 from July 1, 1939 to 1958 incl.
The bids for the bonds were
Names of Other Bidders—
as
follows;
Int. Rate
BankAmerica Co.; Wm. R. Staats Co
ARKANSAS
■f ARKANSAS, State of—BOND TENDERS INVITED—It is announced
Blyth &; Co.. Inc
Dean
Witter & Co
by Earl Page, State Treasurer, that he will receive tenders until 11 a. m.
(Central Standard Time), on Oct. 13. for the sale of:
Highway refunding
bonds, series A and B; toil bridge refunding bonds, series A and B; De Vails
Bluff bridge refunding bonds; road district refunding bonds, series A and
B, and funding notes and certificates of indebtedness.
Available funds will be applied to the purchase of bonds tendered at
the lowest price on the basis of highest yield to the State, or best bid sub¬
mitted.
Certified check for 3% of the face value of bonds tendered to guarantee
delivery is required,
company.
Tenders
or
delivery must be
guaranteed
by
a
.
must
be
at
flat
bank
or
trust
•
exceeding equivalent of par and
accrued interest.
No accrued interest will be paid on bonds accepted, and
right of acceptance of any part of bonds so tendered is reserved.
Immediate confirmation will be made of accepted tenders, and pay¬
a
ment made on or before Oct.
price not
27, 1938.
Tenders must be submitted on forms
and may be obtained by request, at
prescribed by the above Treasurer,
his office in Little Rock.
ARKANSAS, State of—REPORT ON BOND TENDERS RECEIVED
from the Little Rock "Gazette" of Sept. 15:
—We quote in part as follows
"Refunding Supervisor C. T. Ryan recommended to the State Refunding
$380,645.15 worth of State highway bonds
tendered to the State at a discount before maturity for $313,904.64.
This
would enable the State to effect a savings of $66,760.64.
"An unusually large amount of bonds—$2,412,274.52—was offered at
yesterday's tender, making it possible for the State to buy the bonds at
lower prices than usual.
"No purchases were recommended of highway B, toll bridge A and B and
De Vails Bluff bridge bonds because prices were considered too high.
"The following recommendations were made:
'Purchase of $97,000 worth of par value highway A bonds for $91,905,
effecting a savings of $5,095.
Top yield was 5.46163.
A total of $1,194,000 par value bonds was tendered.
'Purchase of $246,000 worth of par value road district A bonds for
$199,658.60, effecting a saving of $46,341.40.
Top price was 81.60.
A
total of $1,076,000 worth was tendered.
'Purchase of $35,276.32 worth of par value road district B bonds for
$20,121.81, effecting a savings of $15,063.51.
Top price was 57.50.
A
total of $43,012.23 worth was tendered.
'Purchase of $2,268.83 worth of par value certificates of indebtedness
for $2,031.10, effecting a savings of $237.73.
Top price 89.60.
A total
of $26,768.83 worth was tendered.
'Purchase of $100 worth of par value funding notes for $97, effecting a
savings of $3.
Q total of $100 worth was tendered.' "
Board last night that it buy
"
"
"
"
"
DE
WITT,
Ark.—BOND
OFFERING— It is stated by Mayor J. W.
Lorick that he will receive sealed bids until Oct. 7, for the purchase of a
$30,000 issue of 5% semi-ann. paving bonds.
Dated Oct. 1, 1938.
Due
from 1941 to 1961.
These bonds were approved by the voters at the elec¬
tion held on Sept. 12, by a count of 362 to 66.
FRESNO COUNTY (P. O. Fresno), Calif.—NOTES OFFERED—
Sealed bids were received until 10 a. m. on Sept. 23, by E. Dusenberry,
County Clerk, for the purchase of an issue of $1,000,000 not to exceed
5% notes.
Denom. $100,000.
Due on Dec. 31, 1938.
COUNTY
(P.
O.
Los
Angeles).
Calif.—MAN¬
HATTAN BEACH SCHOOL OFFERING—Sealed bids will be received until
2 p. m. on Oct. 4, by L. E. Lampton, County Clerk, for the purchase of
a $20,000 issue of Manhattan Beach City School District bonds.
Interest
rate is not to exceed
$1,000.
and
5%, payable A. & O.
Dated April 1, 1938.
Denom.
Due April 1, as follows: $2,000 in 1940 to 1946 and $3,000 in 1947
1948.
Bids will
that the
The bonds will not be sold for less than par and accrued int.
or any portion of said bonds.
In the event
be received for all
bidder submits
proposal to purchase a portion of said bonds,
the bid shall designate specifically the bonds bid for.
All bonds sold to a
bidder bidding for a portion of said bonds shall bear the same rate of interest,
and bids for varying rates of interest for the same block or portion of said
bonds will be rejected.
Prin. and int. payable at the County Treasury.
Enclose a certified check for 3% of the bonds bid for, payable to the Chair¬
man Board of Supervisors.
a
ANGELES COUNTY (P. O. Los Angeles), Calif.—SAN GA¬
SCHOOL BONDS NOT SOLD—It is stated by the Chief Clerk of
the Board of Supervisors that $90,000 San Gabriel School District bonds
were offered for sale on Sept. 20 but all the bids were rejected.
Denom.
LOS
BRIEL
$1,000.
Dated Sept. 1, 1938.
1943, and $4,000, 1944 to
to
Due on Sept. 1 as follows:
$6,000,
1961.
Interest rate not to exceed
1941
5%,
payable M-S.
MONTEREY COUNTY (P. O. Salinas), Calif.—GONZALES SCHOOL
BOND SALE—The $20,000 issue of Gonzales Union School District bonds
offered for sale on Sept. 19—V. 147, p. 1805—was awarded to the Monterey
County Trust & Savings Bank of Salinas, as 3Ms, paying a premium of
Dated C
$126, equal to 100.63, a basis
of about 3.18%.
Oct. 11, 1938.
Due $1,000 on Oct. 1 from 1939 to 1958 incl.
MONTEREY
CO.
(P. O.
Salinas),
Calif .—GREENFIELD SCHOOL
BOND OFFERING—Sealed bids will be received until 10 a.
A.
&
O.
m. on Oct. 1,
a $22,000 issue of Green¬
Int. rate is not to exceed 5%, payable
Dated Oct.
1, 1938.
Denom. $1,000.
Due $1,000 in 1939 to
1956 and $2,000 in 1957 and 1958.
Said bonds will be sold for cash and at
not less than par and accrued interest to date of delivery, and each bid
must specify the rate of interest offered and must state that the bidder
offers par and accrued interest to date of delivery, and state
separately the
premium, if any, offered for the bonds for which the bid is made.
Bidders
will be permitted to bid different rates of interest for different maturities
of said bonds.
Prin
and int. payable at the County Treasury.
Enclose
a certified check for 10% of the par value of the bonds bid
for, payable to
the Clerk Board of
COLORADO
DENVER SCHOOL DISTRICT NO. 1 (P. O.
Denver) Colo.—BOND
OFFERING— It is stated by William R. Howland, District
Treasurer, that
sealed bids will be received until 2 p. m.; on
Sept. 30, for the purchase of
2% coupon semi-ann. school bonds. Dated Oct. 1, 1938. Denom. $1,000.
Due Oct. 1, as follows: $50,000 in 1943, $75,000 in
1944, $125,000 in 1945,
$150,000 in 1946, $160,000 in 1947, $250,000 in 1948 to 1950, $300,000 in
1951 to 1953, $400,000 in 1954 to 1956, and $351,000 in 1957.
Prin and
int. payable at the Denver National Bank, or at the Chase
National Bank,
New York.
considered.
Sept. 29.
in Denver
Bids must be for the entire issue and bids for less will
not be
The bonds are offered subject to the
approval of the voters on
The bonds will be printed by the district and will be delivered
about Oct. 8, with all interest coupons attached. Purchaser
will be required to pay accrued interest to the date of
delivery in addition
the price bid.
The approving opinion of Pershing, Nye, Bosworth &
Dick, of Denver, will be furnished.
Enclose a certified check for 2M%
of the par value of the bonds, payable to the District Treasurer
on or
to
to
(It is pointed out by Mr. Howland that while the election calls for bonds
bear interest at a rate not exceeding
2M%, the bonds will be printed
and offered for sale at 2 %.)
MONTROSE, Colo.—BONDS SOLD—It is stated by Ada White, City
Clerk, that the following bonds aggregating $107,000. approved by the
voters on Sept. 7—V. 147, p. 1663—nave been sold to
Gray B. Gray, Inc.,
of Denver: $85,000 water system, and $22,000
sewage plant bonds.
CONNECTICUT
CONNECTICUT (State of)—TO ISSUE $25,000,000
BONDS—Guy B.
Holt, State Treasurer, reports that an issue of $25,000,000 building and
funding bonds will be offered for sale about Nov. 21.
Deputy State Treasurer Thomas H. Judd later reported that the bonds,
a special Act of the Legislature in
1937, will be issued to
prov»de for the funding of the State's temporary debt and for construction
of State buildings.
They Will be dated Dec. 1, 1938, and
mature serially
in from 1 to 20 years.
Data for information of bidders will be distributed
by the State Treasurer on Oct. 19-
authorized under
DERBY,
Conn .—BOND ELECTION—V. J. Nolan, Town Clerk,
reports that on Sept. 24 the voters will be asked to authorize the issuance of
$77,000 trade school construction, $55,000 intercepting
repair bonds.
Rate of interest would be limited
school
$13,750
5%.
to authorize the issuance of bonds in connection with a
proposed
$240,000
school project.
NEW HAVEN, Conn.—BOND OFFERING—Cecil J.
Marlowe, Acting
City Comptroller, will receive sealed bids until 1:30 p. m. on Sept. 29 for
$970,000.
Due Oct. 15 as follows; $40,000 from
incl. and $39,000 from 1949 to 1958, incl.
as
follows:
1940 to
1948,
100,000 East St. sludge reduction plant bonds, representing total amount
authorized.
Due Oct. 15 as follows: $6,000 from 1940 to 1944.
incl. and $5,000 from 1945 to 1958, incl.
400,000 Ferry St. bridge bonds, part of authorized issue of $785,000.
Due Oct. 15 as follows: $22,000 in 1940, and $21,000 from 1941
to 1958, incl.
All of the bonds are dated Oct. 15, 1938.
Denom. $1,000.
Bidder to
a single rate of interest covering the entire offering of
$1,250,000,
expressed in a multiple of M of 1%.
Principal and interest (A. & O.)
payable at the City Treasurer's office.
The bonds will be engraved under
the supervision of and authenticated as to genuineness by the First National
Bank of Boston.
Legai opihion of Storey, Thorndike, Paimer & Dodge of
Boston will be furnished the purchaser.
A certified check for 2% of the
name
bonds bid for,
accompany
payable to the order of the Acting City Comptroder,
each
must
proposal.
DELAWARE
DOVER, Del.—BONDS VOTED—An issue of $250,000 school
by the voters on Sept. 8.
construc¬
tion bonds was authorized
REHOBOTH SCHOOL DISTRICT NO. Ill (P. O. Rehoboth Beach),
Del.—BOND SALE—The $160,000 coupon school bonds offered Sept. 23—
V. 147, p.
1805—were awarded to the Farmers Bank of Dover
as
3Ms at
par plus a prem um of $170, equal to 100.106.
Dated Oct. 1, 1938.
They
will be retired at par by equal payments and will be called for redemption
in equal numbers on Oct. 1 in years 1939 to 1958, incl.; provided that bonds
to be retired shall be ascertained each year by lot or otherwise.
Second
high bidder was Francis I. Du Pont & Co. of New York, at par and premium
of $800 for 3Ms.
MIDDLETOWN, Del.—BOND ELECTION—An issue of $15,000 light
bonds will be considered by the voters on Sept. 28.
and water plant
WILMINGTON, Del.—OTHER BIDS—The $120,000 1M% incinerator
bonds awarded to
Francis I. DuPont & Co. of New York, at
a
100.17, a basis of about 1.47%—V. 147, p. 1805—were also bid for
as
price of
follows:
Amount Bid
First Boston Corp
$120 066.00
Wurts, Dulles & Co
Harris Trust & Savings
119,640.00
-
Bank,
and
Dougherty,
Corkran
Co., jointly
&
119,600.40
119.181.60
Halsey, Saiart & Co., Inc
FLORIDA
BONDS
4
Supervisors.
Clyde C. Pierce Corporation
Barnett National Bank
(P. O. Sacramento), Calif.—BONDS SOLD
by the City Clerk'that $75,000 general improvement
fund bonds were purchased on Sept. 12 by R. H. Moulton & Co. of San
Francisco, as 4Ms, paying a premium of $940.00, equal to 101.253.
are
to
NAUGATUCK,
Con n.—BONDS DEFEATED—Charles F.
Daley,
Borough Clerk, reports that at the meeting on Sept. 16 the voters refused
NORTH SACRAMENTO
—We
sewer and
Bidder—
by C. F. Joy, County Clerk, for the purchase of
field Union School District bonds.
125*.00
112.00
$750,000 boulevard sewage disposal plant bonds, part of authorized issue of
CORONADO, Calif.—BONDS DEFEATED—The voters are said to have
rejected a proposal to issue $52,250 in city hall bonds at a recent election.
ANGELES
$6100
526 00
the purchase of $1,250,000 coupon or registered bonds, divided
CALIFORNIA
LOS
Premium
3M%
3M%
3M %
3M%
Kaiser & Co.; Lawson, Levy & Williams
informed
Building
JACKSONVILLE
FLORIDA
Branch Office:
First National
Bank
Building
T.
TAMPA
8.
Pierce, Resident Manager
SAN MATEO COUNTY (P. O. Redwood
City) Calif.—PRICE PAID—
by the County Clerk that the $130,000 Millbrae Elementary
District school bonds purchased by Kaiser & Co. of San Francisco, as noted
here recently—V.147,p. 1663—were sold as 3 Ms. at a price of 101.01 a basis
of about 3.65%. Dated Sept. 1,1938. Due from Sept. 1,1939 to 1963.
It is stated
SAN LEANDRO, Calif.—BOND SALE DETAILS—In connection with
the sale of the $185,000 municipal improvement bonds to Schwabacher &
Co., and Donnellan & Co., both of San Francisco, jointly, at a price of
100.04, for $65,000 2Ms, and $120,000 3s, noted in our issue of Sept. 17—
V. 147, p. 18o5—we are now advised as follows: The bonds are dated Oct.
1,
1938 and are issued in $1,000 denominations.
Principal and interest pay
FLORIDA
DELRAY BEACH, Fla.—BOND ELECTION—An election is reported
to be scheduled for Sept. 27 to vote on the issuance of $27,500 in build¬
ing bonds.
DUVAL COUNTY (P. O. Jacksonville) Fla.—BONDS DEFEATED—
are informed by the Clerk of the Board of County Commissioners, that
"We
the election held on Sept. 20 the voters defeatea the proposal to issue
$3,192,000 in public works bonds.
at
Financial
1954
HIGHLANDS
COUNTY
(P. O. Sebring) Fla.—BOND TENDERS
INVITED—It is stated by N. B. Jackson, Chairman of the Board of
County Commissioners, that he will consider sealed offerings of road and
bridge refunding bonds, dated Feb. 1, 1937, and refunding bonds of Special
Road and Bridge District No. 1 of the county, dated Feb. 1, 1937, until
10 a.m. on Oct. 18. The amount of bonds to be purchased will be determined
by the above Board, Offerings must be firm for at least 10 days or they will
not
be
considered.
*
JACKSONVILLE, Fla.—BONDS DEFEATED—It is stated by J. E.
Pace, City Auditor, that at the election held on Sept. 20 all the bonds,
aggregating $2,002,000, were approved by the voters on a majority basis
of about 3lA to 1, but because of an old law requiring that one-half of all
freeholders shall riarr.icipate, the proposals were not carried.
It is said that the City Commission on Sept. 21 passed a resolution calling
for a ruling by WPA and PWA on this election, as it does for any other city
where a majority vote only is required.
It is understood that this will
come
up
shortly.
MARION COUNTY (P. O. Ocala), Fla.—BOND ELECTION CONTEM¬
PLATED—It is said that a $50,000 issue of court house bonds may be
submitted to the voters at the November election.
W WEST
PALM
BEACH,
Fla.—BOND ELECTION—An election is
order to vote on the issuance of $105,000 in lake
bonds, according to report.
1934
Chronicle
Sept. 24,
•v
County Clerk's
Annual Levy
$110,843.52
Apr.
110,560.03
Apr.
97,345.27
Apr.
:«
96,545.44
Apr.
97,042.28
Apr.
1935-
-
1936
.
1937.
Tax Receipts
1,
1,
1,
1,
1,
1934 to Mar.
1935 to Mar.
1936 to Mar.
1937 to Mar.
1938 to Aug.
30,
30,
30,
30,
31,
1935——.$91,468.48
1936—
97,658.12
96,640.01
85.819.93
1937
1938-.
1938
--
50,301.45
There are no unpaid tax anticipation warrants, teachers orders,
unpaid floating indebtedness of any kind.
EAST
ST.
LOUIS
SCHOOL DISTRICT,
or other
111.—BOND ELECTION—
An issue of $700,000 school construction bond issue will be considered
by
the voters on Sept. 30.
Program is based on receipt of Public Works
Administration grant.
FAIR BURY,
111.—PURCHASER—In connection with the report in
V. 147, p. 1806, of the pre-election sale of $22,000 3%% general obligation
water system improvement bonds, we are advised that the bankers are
A. C. Allyn & Co., Inc., Chicago.
Election will be held on Sept. 28.
The
maturity schedule given in the previous report was incorrect.
Bonds will
mature Sept. las follows: $1,000 from 1940 to 1953, incl.; $2,000 from 1954
to 1957, incl.
Prin. and int. (M. & S.) payable at the Continental Illinois
National Bank & Trust Co.,
scheduled for Sept. 27 in
front improvement
1938
Tax Data
FAIRFIELD,
Chicago.
HI.—BOND
SALE DETAILS—In connection with the
147, p. 1523, of the purchase by the White-Phillips Corp.,
Davenport, of $33,000 314% sewage disposal plant bonds at 100.68, we
are advised that the sale is subject to approval of issue at the election on
Oct. 6.
Bonds would mature $3,000 each Dec. 31 from 1942 to 1952 incl.
report in V.
WINTER
PARK,
Fla.—BOND
ELECTION—It is reported
election will be held
on Sept. 27 in order to vote on
botanical gardens bonds.
of $325,000 in
that an
the proposed issuance
Interest J-D.
GEORGIA
SCHOOL DISTRICT NO. 120 (P. O. Galena), III.—
SALE—The $20,000 3% school bonds offered Sept. 16—V. 147,
1806—were awarded to the First National Bank of Galena.
Dated
July 1, 1938, and due $2,000 on Jan. 1 from 1940 to 1949, incl.
GALENA
BOND
AUGUSTA, Ga.—BONDS VOTED—At an election held on Sept. 9 the
are said to have approved the issuance of $209,000 in municipal
voters
auditorium bonds.
Ga .—BOND SALE DETAILS—It is stated by the City
BLAKELY,
Clerk that the $30,000 33^% semi-annual public improvement bonds sold
noted here—V. 147, p. 1806—were purchased by a syndicate
composed of the Trust Co. of Georgia; the Robinson-Humphrey Co.;
Brooke, Tindall & Co.; Clement A. Evans & Co.; Wyatt, Neal & Waggoner,
and Johnson, Lane, Space & Co., Inc., all of Atlanta, at a price of 101.00,
and mature on Jan. 1 as follows:
$3,000, 1945 to 1948: $2,500 in 1949;
$3,000, 1950; $2,000, 1951 and 1952; $1,000, 1953 to 1960, and $500 in
1961, giving a basis of about 3.40%.
recently,
r
as
CALHOUN,
Ga .—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Sept. 29, by H. B. Owen, City Clerk-Treasurer, for the
purchase of two issues of 4% coupon bonds aggregating $26,000, divided
as follows: $16,000 city hall and fire station, and $10,000 street
improve¬
Denom. $1,000.
Dated Oct. 1, 1938.
Due on Jan. 1 as
$2,000, 1944 to 1953, and $1,000, 1954 to 1959.
Prin. and int.
(J. & J.) payable at the First National Bank in Atlanta.
A certified check
for 2% or the bid is required.
ment
bonds.
follows:
FGOLUMBUS,
Ga .—BONDS VOTED—It is stated by Marshal Morton,
City Manager, that at the election held on Sept. 14 the voters approved
the issuance of the various improvement bonds aggregating $365,000.
These bonds are to be offered for sale shortly, it is said.
PINEHURST
SCHOOL
DISTRICT
(P.
O.
Vienna)," Ga.—BOND
OPTION GRANTED—It
is stated by Roy B. Friedin, attorney for the
district, that an option has been granted to a local bond dealer for the
purchase of the $20,000 5% semi-annual building bonds offered on Sept. 17
—V. 147, p. 1806-~-at a price above par.
He says that the option is
to be exercised prior to an adjourned meeting of the^Board of Trustees
on Sept. 24.
Due from Jan. 1, 1944 to 1960.
p.
HENRY,
111.—BONDS
AUTHORIZED—City
Council
passed
an
3A% city hall building bonds,
$1,000, 1940 to
1955 incl.; $2,000 in 1956, and $3,000 in 1957 and 1958.
Principal and
interest (A-O 15) payable City Treasurer's office.
ordinance providing for an issue of $24,000
to be dated
Oct. 15, 1938 and mature Oct. 15 as follows:
HOMEWOOD,
building bonds
III.—BONDS VOTED—An issue of $74,000 municipal
was
authorized at,.the election
on
Sept. 9.
LaGRANGE, III.—BONDSALfy—The $425,000 3 % water
revenue
bonds
offered Sept. 19—V. 147, p. 1806-^-were awarded to Halsey, Stuart & Co.,
Inc., New York, at par plus a premium of $1,585.25, equal to 100.37, a
basis of about 2.97%.
Dated Sept. 1, 1938 and 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 ana 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.
LA SALLE COUNTY SCHOOL DISTRICT NO. 289 (P. O.
Mendota),
111.—BONDS VOTED—George E. Hessenberger, Secretary of Board of
Education, reports that an issue of $30,000 3% school building bonds
carried by a vote of 223 to 32 at the Sept. 7 election.
Early marketing of
the loan is anticipated.
LEE COUNTY (P. O. Dixon), 111—TAX RATE— Tax rate for 1939 is
$4.55 per $1,000 of assessed valuation.
Budget for the year is predicated
on existence of a $12,284 surplus at the close of the period.
LENA, III.—BONDS DEFEATED—An issue of $50,000
bonds
sewage system
turned down by the voters at the Sept. 8 election.
was
MAINE TOWNSHIP SCHOOL DISTRICT (P. O. Des
Plaines), 111.—
BONDS
DEFEATED—The proposal to issue $50,000 3%% auditorium
bonds was defeated by a vote of 543 to 141 at the Aug. 20 election.
IDAHO
MONTOUR SCHOOL DISTRICT (P. O. Montour), Idaho.—BONDS
DEFEATED—At
an election held on Sept. 10 the voters failed to
approve
the issuance of $12,000 in gymnasium and auditorium bonds.
WASHINGTON COUNTY (P. O. Weiserl, Idaho—BOND SALE—
The $30,000 issue of coupon court house and jail bonds offered for sale on
Sept. 17—V. 147, p. 1523—was awarded to Ferris & Hardgrove of Spokane,
2^s, paying a price of 100.33, according to the Clerk of the Board of
County Commissioners.
as
ILLINOIS
BROOKFIELD NORTH RIVERSIDE WATER
COMMISSION, 111.—
BOND SALE CONTRACT—An issue of $490,000
4% water revenue bonds
has been sold privately at a price of $465,799.15.
Dated
Sept.
1,
1938.
Denom. $1,000.
Due Sept. 1 as follows: $5,000, 1942 and 1943; $10,000,
1944 to 1946 incl.; $12,000, 1947; $13,000, 1948; $15,000, 1949 to 1951
incl.;
$20,000, 1952 to 1954 incl.; $25,000, 1955 and 1956; $30,000, 1957; $35,000,
1958 and 1959; $40,000 in 1960 and 1961, and $45,000 in 1962 and
1963.
payable at the American National Bank
&
CARLINVILLE TOWNSHIP (P. O.
Carlinville), III.—BONDS DE¬
FEATED—The proposed issue of $50,000 road
improvement bonds was
defeated at the election on Sept. 3.
CLINTON, 111.—BOND ELECTION—An
issue of $80,000 first mortgage
system bonds will be considered by the voters on
They would be dated Nov. 1, 1938, bear interest at not more
than 6% and mature $4,000 each Nov. 1 from 1939 to
1958 incl.
revenue
electric light
Sept. 30.
DECATUR,
III.—SEEKS
Clerk, states that
sewer
bonds
receipt of
DE
a
no
voted
PWA
GRANT—Jerome
action will be taken toward
Sept.
J. Heger," Village
marketing the $880,000
2
until assurances have been received
grant from the Public Works Administration.
KALB
of
the
M
COUNTY
(P. O. Sycamore), 111.—OTHER BIDS—The
$200,000 214% road bonds awarded to John Nuveen & Co. and the
WhitePhillips Corp., Davenport, jointly, at par plus a premium of
$4,175.25,
equal to 102.087, a basis of about 1.99%—V. 147, p. 1806—were also bid
for
as
follows:
Bidder—
Halsey, Stuart & Co., Inc
Stern, Wampler & Co_____
First Trust & Savings Bank___
Premium
jointly__________
$4,158
3
__-
___
~
___
}' ianr^l0Ys: $2,800, 1939; $3,000, 1940
to 1944 incl.; $10,000
Board will accept bids for the
3%, 3 A % or 4%, and offers may be made
covering any one or all of those rates.
Principal and interest (M & N )
payable at the Gary-Wheaton Bank of Wheaton.
A certified check for
5% of the bonds bid for, payable to the order of Otto F.
Mau, District
Treasurer, is required.
Successful bidder to furnish and
opinion and will
pav
assume
the bonds.
for
legal
the entire cost of
printing and otherwise preparing
"
Fiscal year begins July 1.
school
MONMOUTH
SCHOOL
DISTRICT,
111.—BOND SALE—D.
W.
Moffatt & Co. of Monmouth purchased an issue of $130,000
214% coupon
high school addition construction bonds at par.
Dated Sept. 15, 1938 and
due Sept. 15, 1958.
Coupon bonds in $1,000 denoms.
Int. M.-S. 15.
The bonds were voted on Aug. 30, although the amount was
previously
given as $130,363.—Y. 147, p. 1807.
The issue is due annually on Sept. 15 in the
following amounts: $6,000,
1941 to 1945 incl.; $7,000,1946 to 1951 incl.; $8,000, 1952 to 1957 incl. and
$10,000 in 1958.
MONTGOMERY
RICT NO. 157 (P.
COUNTY
COMMUNITY
HIGH
SCHOOL
district
has
Equalized assessed valuations of the school
1937'
Population
of
unlimited general taxes on all district's taxable property.
Financial Statement
Assessed valuation, 1937
Bonded debt (including this issue)
$3,914,546
85,000
-
defaulted
(excluding present offering),
1938 maturity of $10,000 already paid).
equalized assessed valuation.
on
debt
obligations.
Total
$60,000 (after allowing for Oct.
1,
Legal debt limit is 2K% of the
6,500
The above financial statement does not include the debt of other
political
subdivisions having power to levy taxes on all property within this district.
Tax Collection Record
Year—
1935
$44,675.18
43,970.16
Collected
$49,647.22
47,492.49
$48,021.29
46,300.20
98.25%
Levy
95.75%
96.50%
Percent
1936
1937
MOUNT
VERNON, III.—BOND SALE—We are advised of the approval
by the voters on Sept. 20 of $58,000 city hall building bonds by a vote of
1,167 to 549 and the sale of the issue
as
33^s, to mature serially from 1941
to 1952 incl.
NORMAL, 111.—BOND SALE—An issue of $49,500 community building
bonds
was
sold to C. E. Bonlander & Co. of
of 100.40.
Bloomington,
as
3s, at
a
price
4.
OGLESBY, 111.—BOND SALE—An issue of $60,000 2% sewage treat¬
H. C. Speer & Sons Co. of Chicago at a price of
100.275, subject to result of election to be held Oct. 15.
ment bonds was sold to the
PIATT COUNTY COMMUNITY (MANSFIELD)
HIGH SCHOOL
DISTRICT NO. 211 (P. O. Man .field), III.-—BOND SALE—John Nuveen
Co. of Chicago purchased $75,000 314% (coupon school
building bonds
and reoffered them on a yield basis of from 1.50% to
3%, according to
maturity.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows:
$3,000, 1940 to 1943 incl.; $4,000 from 1944 to 1950 incl. and $5,000 from
1951 to 1957 incl.
Principal and interest (A.\& O.) payable at the Peoples
&
never
bonded debt
°
Financial Report
DIST.
O. Hillsboro), III.—BOND SALE—John Nuveen &
Chicago purchased $70,000 314% coupon school building bonds.
Dated Aug. 1. 1938. Denom. $1,000. Due Dec. 1 as follows:
$3,000, 1942
to 1944 incl.; $4,000, 1945 to 1951 incl.;
$5,000, 1952 to 1954 incl. and
$6,000 from 1955 to 1957 incl. Prin. & int. (J-D) payable at the Hillsboro
National Bank. Hillsboro.
Registerable as to principal.
Legality to be
approved by Chapman & Cutler of Chicago. The bonds are payable from
Co.
2*500
638
from 1945 to 1953 incl. and
$8,000 in 1954.
bonds to bear interest of either
This
purchase of $212,000 2% building bonds.
1, 1938.
Denom. $1,000.
Due July 1, as follows:
$10,000,
1940'to 1943, incl.; $20,000, 1944 to 1947, incl.; $28,000 in 1948 and
1949|
and $36,000 in 1950.
This issue was authorized at the Sept. 17 election.
Principal and interest (J. & J.) payable at the office of the Township's
School Treasurer.
Legal opinion to be furnished by successful bidder.
Dated Oct.
ikr
DUPAGE COUNTY SCHOOL DISTRICT NO. 95
(P. O. Wheaton),
111 .—BOND OFFERING—Sealed bids will be
received by Mrs
Myrtle H
McCarty, Secretary of the Board of Education, until 7.30
p. m. (Eastern
Standard Time) on Sept. 27 for the
purchase of $115,800 4% school building
bonds
Dated Nov. 1, 1938.
One bond for $800, others $1,000
each.
Pue
MOLINE SCHOOL DISTRICT NO. 40, 111.—BONDS OFFERED—
E. W. Freeman, Secretary of the Board of Education, received
sealed bids
until 7:30 p. m. on Sept. 23, for the
Population (estimated)
T. E. Joiner & Co. and Channer Securities
Co.,
1954
MOLINE, 111.—BOND SALE—It is reported that the Board of Alder¬
men
authorized sale of $770,000 3H% sewer revenue bonds to WhitePhillips Corp., Davenport, and C. W. McNear & Co., Chicago, jointly.
an
authorizing an issue of $11,000 414% general obligation water
works bonds, dated Sept. 1, 1938 in $500 denoms. and due
Sept. 1 as
follows: $500 from 1939 to 1954 incl. and $1,000 from 1955 to 1957 incl.
j^
1*
$10,000 in
and 1955.
Due serially from 1939 to 1968 incl.
ASHLEY, III.—BONDS AUTHORIZED—'The City Council passed
ordinance
Principal and interest (M-S)
Trust Co., Chicago.
MASSAC COUNTY (P. O. Metropolis), 111.—BOND ELECTION— On
Sept. 27 the voters will be asked to authorize an issue of $90,000 court
house construction bonds and the levying of an additional tax of
up to
18 cents per
$100 valuation for a period from 1938 to 1953 incl. in
order to service the debt.
Bonds would bear 3%% interest and mature
Jan. 1 as follows:
$5,000 from 1940 to 1953 incl. and
Volume
147
Financial
State Bank, Mansfield.
First coupon due Oct. 1, 1939.
The bonds were
authorized at an election and are direct and
general obligations of the
district, payable from unlimited ad valorem taxes to be levied on all of
its taxable property.
District includes the
approved by Chapman & Cutler of
Village of Mansfield.
Chicago.
Legality
$2,323,008
Basis of assessment
(35% of actual)
Bonded debt (this issue)
Tax
election
on
GROVE
issue
of
SCHOOL
$13,000
SCHOOL CITY, Ind.—BOND OFFERING—'The Board of
trustees will receive sealed bids until 1:30
p. m. on Sept. 24, for the pur¬
chase of $15,000 4% school
§500.
1936
1937
$11,444.45
11,228.84
$13,008.19
No.
bonds
was
33,
at
Aug. 27.
has
been tentatively set as the date on which sealed bids will be received
for the purchase of $1,650,000 not to exceed
3% interest building bonds,
INDIANA
ALBION, Ind.—BOND OFFERING—Frank W. Foote, Town ClerkTreasurer, will receive sealed bids until 2 p. m. on Sept. 29 for the purchase
of $30,000 not to exceed 6% interest coupon municipal light and water
plant revenue bonds.
Dated Aug.
15,
1938.
Denom. $1,000.
Due
$5,000 on Aug. 15 from 1946 to 1951 incl.
Redeemable on any interest
date after Aug. 15, 1943, at a price of 102.
Rate of interest to be expressed
in a multiple of M of 1% and be the same for all of the bonds.
Principal
and interest (F. & A.) payable at the Albion National Bank, Albion.
Issue
will be registerable as to principal.
A certified check for $1,000, payable
to the order of the town, is required.
The approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis, together with transcript
of proceedings relating to the authorization of the issue, will be furnished
the successful bidder.
Delivery of bonds will be made at such bank in
Albion as the successful bidder may designate.
No conditional bids will
be considered.
provides that said bonds shall be payable from a bond and interest redemp¬
tion account into which there is set aside 14.5% of the revenues of the water
plant and system and 12.7% of the revenues of the electric plant and
system, which fund is accumulated until sufficient funds exist to pay the
interest and maturities of all bonds payable from such fund.
Said town also
covenants to levy sufficient rates to assure payment into the fund of the
amount required to meet the principal and interest plus the 20% surplus
in each year; also that said bonds shall not constitute a
corporate indebted
1939; $500 Jan. 1 and
Premium
$224
_
—IIII
186
MILLGROVE TOWNSHIP, Ind.—BOND OFFERING—Cleo H.
Kain,
Jo"Si?®'oV^^,rece^ve sealed bids until 10 a. m. on Oct. 7, for the purchase of
$2o,000 3% bonds, divided as folloAvs:
$7,000 School Township series A school bonds.
1940 to 1953, inclusive.
7,000 School Township series B school bonds.
Due $500 on Jan. 1 from
Due $500
1940 to 1953, inclusive.
4,500 Civil Towmship series A school bonds.
Due $250
1940 to 1957, inclusive.
4,500 Civil Township series B school bonds. Due $250 on
to
1957, inclusive.
on
July 1 from
on
Jan.
1 from
July 1 from 1940
uf fhe
above bonds will be dated Nov. 1, 1938.
Principal and interest
oPaya^e at the First National Bank, Fremont. A certified check
3% of the bonds bid for, payable to the order of the Township Advisory
Board, must accompany each proposal.
Bids shall be received subject to
approval by the State Board of Tax Commissioners of the
appropriation
i
for
was
scheduled to be adopted by the township on Sept. 20.
PORTER COUNTY
(P. O. Valparaiso), Ind.—BOND OFFERING—
Stoner, County Auditor, will receive sealed bids until 10 a. m. on
7, for the purchase of $120,000 not to exceed 4% interest county
hospital bonds of 1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due
Ezra
Oct.
Jan
1 as follows:
$5,000 from 1940 to 1943, incl.; $6,000 from 1944 to
1953, incl. and $8,000 from 1954 to 1958, incl.
Bidder to name a single rate
interest, expressed in a multiple of M of 1%.
Callable on any interest
payment date after five years from Sept. 1, 1938, in inverse numerical order
at face value, plus accrued and
unpaid interest, upon 30 days' notice given
of
in the
manner
stated
on
the face of the bonds.
A certified check for
3%
of the bonds bid for, payable to the order of the Board of
County Commis¬
sioners, must accompany each proposal.
The approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
No conditional bids will be considered and the bonds will
be ready for delivery within 12 days after the award.
The bonds are direct
obligations of the county, payable out of unlimited ad valorem taxes to be
levied
on all of its taxable
property.
Assessed valuation, 1938Total bonded debt (excluding present issue)
Sinking fund, floating debt,
AI copy of the ordinance approving the issue may be examined at the
office of the Clerk-Treasurer.
All bidders shall be deemed to be advised
of the prosisions of said ordinance and as to the revenues and
financial
conditions of the town's light and water plant and system.
Said ordinance
Due $590 July 1,
1 and $200 July 1, 1950.
Due July 1 as follows: $395 in 1939 and $370
City Securities Corp
Fletcher Trust Co—
ordinance which
ADAMS COUNTY (P. O/Greensburg), Ind.—BONDS NOT SOLD—
were received at the
offering on Sept. 10 of $133,880.90 6% Fennig
Ditch construction bonds—V. 147, p. 1227.
Dated July 5, 1938 and due
in equal annual instalments on May 15 from 1939 to 1948, inclusive.
No bids
Ind.—BOND SALE— The
from 1940 to 1953, inclusive.
Each issue is dated Sept. 1, 1938.
Other bids:
Bidder—
being part of the $1,800,000 authorized at the Sept. 8 election—V. 147,
The entire issue is due annually as follows: $2,000, 1939: $6,000,
1940; $10,000, 1941; $29,000, 1942; $47,000, 1943; $65,000, 1944; $83,000,
1945; $101,000, 1946; $104,000, 1947; $106,000. 1948; $109,000, 1949;
$112,000, 1950; $116,000, 1951; $119,000, 1952; $123,000, 1953; $126,000,
1954; $130,000, 1955; $134,000, 1956; $138,000 in 1957 and $140,000 in
1958.
Legality approved by Chapman & Cutler of Chicago.
Chicago.
(P. O. Teff),
July 1 from 1940 to 1949, incl.; $500 Jan.
t
p. 1807.
WOODSTOCK COMMUNITY HIGH SCHOOL DISTRICT, 111.—
BOND SALE—Following authorization of the loan by the voters on Sept. 20
an issue of
$100,000 school building bonds was sold to Ballman & Main of
TOWNSHIP
30—V. 147, p. 1071—were awarded to
Huncilman of Indianapolis at par
plus a premium of $564,
103.36.
The sale consisted of:
5,575 civil township bonds.
an
ROCKFORD SCHOOL DISTRICT NO.
205, 111.—BOND OFFERING
PLAANED—S. H. Berg, Superintendent of Schools, states that Oct. 20
Denom.
Principal and interest
&
$11,200 school township bonds.
111.—BONDS
authorized
Dated Sept. 1, 1938.
Jan. 1 from 1940 to 1949, incl.
on
§16,775 3H% bonds offered Aug.
McNurlen
equal to
98.1%
DISTRICT
construction
Due $1,590
(J. & J.) payable at the office of the Treasurer of the School
Board.
KANKAKEE
1935
$13,487.59
13,323.54
98.7%
Note—Taxes for 1937 are now in process of collection.
The first half
became delinquent June 1, 1938 and the second half
Sept. 1, 1938.
POPULAR
Proceeds will be used in the improve¬
Jasper, heretofore begun by the School
City of Jasper.
No conditional bids will be considered and the bonds will
be ready for
delivery within 14 days after the sale.
Collection Record
1934
$12,537.41
Collected Sept. 1,1938—
12,353.03
Per cent collected
98.8%
:
VOICED—An
1955
all of its taxable
property.
ment of the high school
building of
on
repair bonds.
75,000
Population, estimated, 1,500.
Year—
taxes
JASPER
Financial Statement
Assessed valuation, 1937--
Levy-—-
Chronicle
none.
$45,038,050
64,000
Population, estimated, 22,804.
Tax Collections
Year—
1938
Levy.
1937
1936
1935
-$1,423,050.21 $1,366,870.43 $1,443,866.03 $1,423,050.21
Collected in fiscal
480,384.87
year
WAYNE
SCHOOL
1,080,262.33
TOWNSHIP,
1,124,379.50
Ind.—PLANS
1,052,845.37
BOND
ISSUE—
The township has announced its intention to issue not to exceed
$61,000
school building bonds to mature serially from 1940 to 1954 incl.
Int. rate
limited to 4 M%,
Net assessed valuation of taxable property reported
$15,854,460 and debt currently outstanding in amount of $255,973.
as
of the town within the provisions and limitations of the Constitution
of the State of Indiana.
The town's light and water utility system is un¬
ness
IOWA
encumbered, and the
revenues thereof are subject only to a prior pledge to
principal and interest of bonds now outstanding in the total amount of
$18,500 maturing in varying amounts with the last maturities on Aug. 15,
pay
1945.
BICKNELL, Ind.—BOND SALE—The $23,000 city hall bonds offered
Sept. 17—V. 147, p. 1664—were awarded to the Security Bank & Trust
Co., Vincennes, as 3s, at par plus a premium of $17, equal to 100.07, a
basis of about 2.99%.
Dated Sept. 1, 1938 and due as follows:
$1,000
Jan. 1 and July 1 from 1940 to 1950, incl. and $1,000 Jan. 1, 1951.
Second
high bid, for 3Ms> was made jointly by McNurlen & Huncilman, and the
City Securities Corp.
CLARKSVILLE, Ind.—BONDS NOT SOLD—-The $30,000 street and
sewer
construction
GARY,
bonds offered Aug. 20—V. 147,
p.
1071—were not sold.
IND.—BOND OFFERING—Richard Hotchkiss, Secretary of
Public Library Board, will receive sealed bids until 2 p. m. (Central Stand¬
ard Time) on Oct. 4 for the purchase of $45,000 not to exceed 4 M % interest
public library bonds.
Dated July 15, 1938.
Denom. $1,000.
Due
$5,000 on Dec. 30 from 1939 to 1947 incl.
Principal and interest (J. & D.)
payable at the Gary State Bank, Gary.
The bonds will not be an obli¬
gation of the City, but will evidence the indebtedness of the Public Library
Board only, and will be payable out of the funds of the Board to be derived
from a special tax to be levied and collected on all of the taxable property
in the Public Library Taxing District which embraces all of the territory
within the corporate limits of the city.
The opinion of Matson, Ross,
McCord & Clifford, of Indianapolis, approving the legality of the bonds, will
be furnished the purchaser.
Enclose a certified check for $1,000, payable
to the Public Library Board.
(The above issue will be sold in place of that in amount of $75,000 for
which all bids were rejected on April 25.)
GREENFIELD SCHOOL TOWNSHIP (P. O.
Brighton), Ind.—BOND
OFFERING—A. D. Mathews, Trustee, will receive sealed bids until 1 p.m.
(Central Standard Time) on Oct. 8 for the purchase of $22,000 not to exceed
3M% interest school building bonds.
Dated Nov. 15, 1938.
Denom.
$550.
Due $550
on
June 15 and Nov. 15 from 1940 to 1959 incl.
Bidder
to name a
single rate of interest, expressed in a multiple of M of 1%.
In¬
terest J. & D. 15.
The bonds are direct obligations of the school township,
payable out of ad valorem taxes to be levied on all of its taxable property.
The approving legal opinion of Matson, Ross, McCord & Clifford of In¬
dianapolis will be furnished the successful bidder.
No conditional bids
will be considered and the bonds will be
after the award.
ready for delivery within 30 days
CHARITON,
CIVIL
TOWNSHIP
(P.
O.
Plainfield),
Ind.—BOND
interest
community building bonds.
Dated Aug. 1,
1938.
Denoms.
Due $2,75!) on Jan. 1 from 1940 to 1953, incl.
Bidder to
single rate of interest, expressed in a multiple of M of 1 %.
Interest
$1,000 and $750.
name a
J. & J.
the
The bonds
are
payable out of unlimited ad valorem taxes on all of
township's taxable property.
The approving legal opinion of
Ross, McCord & Clifford of Indianapolis will be furnished the
civil
Matson,
successful bidder.
No conditional bids will be considered.
INDIANAPOLIS, Ind.—BOND SALE DETAILS—The $85,000 2M%
improvement bonds sold jointly to the Fietcher Trust Co. and the City
Securities Co., both of Indianapolis, at 100.048—V. 147, p. 1807—are
dated Sept. 10,1938, and mature July 1 as follows: $4,000 from 1940 to
1958 incl. and $9,000 in 1959.
Coupon bonds in $1,000 denoms.
In¬
terest J.
& J.
JASPER CIVIL CITY, Ind.—BOND OFFERING—Julius Giesler, City
Clerk-Treasurer, will receive sealed bids until 7:30 p. m. (Central Standard
Time)
on
Oct. 10, for the purchase of $25,000 not to exceed 4% interest
school building bonds.
Dated Oct. 1, 1938.
Denom. $625.
Due $2,590
each April 1 from 1941 to 1959, incl.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Interest A. & O.
The bonds
direct obligations of the civil city, payable out of unlimited ad valorem
are
an
election
held
on
Sept. 12 the voters are stated to have rejected the proposal calling for the
issuance of $55,OO0!1in building and equipment bonds by a wide margin.
DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. O. Daven¬
port), Iowa—BOND ELECTION—It is stated that a special election will
on Sept. 26 to vote on the issuance of $1,800,000 in bonds for school
building and equipment purposes.
be held
DELMAR, Iowa—BOND SALE—The $3,500 issue of 3% semi-annual
works bonds offered for sale on Sept. 20—V. 147, p.
1807—was
water
awarded
to the Jackson
State Savings Bank of Maquoketa,
paying a
price of 100.71, according to the Town Clerk.
Due from 1942 to 1949;
redeemable in
FORT
1945.
DODGE,
Iowa—BOND OFFERING—It is stated by II. R.
Sittig, City Clerk, that he will receive bids until 10 a. m. on Sept. 26, for
purchase of a $35,000 issue of refunding bonds.
The bonds and
attorney's opinion are to be furnished by the city.
the
GARRISON, Iowa.—BOND OFFERING—It is reported that bids wi.
be received until 8 p. m. on Sept. 30, by O. N. Helderbrandt, Town Clerk
the purchase of a $17,000 issue of water works bonds.
These bonds
for
approved by the voters on June 1.
were
GRUNDY CENTER SCHOOL
DISTRICT
(P. O. Grundy Center),
Iowa—BOND OFFERING—It is stated by V. T. Hancock, Superintendent
1:30 p. m. on Sept. 26, for the
of Schools, that he will receive bids until
purchase of a $38,000 issue of school bonds.
Due from 1941 to 1951.
These bonds were approved by the voters at an election held on Aug. 2.
HUMBOLDT INDEPENDENT SCHOOL DISTRICT (P. O.
Humbolt), Iowa—BOND SALE—The $24,700 issue of coupon school building
Sept. 16—V. 147, p. 1665—was awarded to the
Carleton D. Beh Co. of Des Moines, as 3 Ms, paying a premium of $60.00
equal to 100.24, a basis of about 3.23%.
Denom. $1,000.
Dated Oct. 1
1938.
Due from Nov. 1, 1948 to 1952 incl.
Interest payable M. & N.
bonds offered for sale on
LIBERTY
TOWNSHIP
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Little Cedar), l<*wa—MATURITY—It is stated by the District
that the $7,000 building and equipment bonds purchased by the
Carleton D. Beh Co. of Des Moines as 3Ms at 101.21—V. 147, p. 1807—
are due $1,000 from 1940 to 1946, giving a basis of about 2.99%.
Clerk
MARSHALL
COUNTY
(P.
O.
Marshalltown), Iowa—BOND SALE
—The $35,000 issue of poor fund bonds offered for sale on Sept. 20—V. 147,
p.
as
GUILFORD
OFFERING—E. E. York, Township Trustee, will receive sealed bids until
10:30 a. m. on Oct. 7, for the purchase of $38,590 not to exceed 4M%
IOWA—BONDS DEFEATED—At
1665—was awarded to the Fidelity Savings Bank of Marshalltown
1M«, paying a premium of $105, equal to 100.30, a basis of about $1.43%.
Due
on
Oct. 1 in 1942 to 1944.
MELBOURNE, Iowa—BOND SALE—The $21,000 issue of water
system bonds offered for sale on Sept. 20—V. 147, P. 1808—was awarded
to Vieth, Duncan & Wood of Davenport, as 3Ms, paying a price of 100.42,
according to the Town Treasurer.
COUNTY (P. O. Muscatine) Iowa—BONDS SOLD—
reporced that $24,000 poor relief fund bonds were purchased recently
Carleton D. Beh Co. of Davenport, as 2Ms, paying a price of
MUSCATINE
It is
by the
100.10.
OTTUMWA INDEPENDENT SCHOOL DISTRICT (P. O. Ottumwa),
15 the voters
jowa—BONDS DEFEATED—At the election held on Sept.
defeated the proposal calling for the issuance of $240,000 in grade
bonds.
school
POTTAWATTAMIE COUNTY (P. O. Council Bluffs) Iowa—BOND
OFFERING—It is reported by James C. Jenson, County Treasurer, that
he will receive sealed and oral bids until Oct. 3, at 2 p. m., for the purchase
of an issue of $112,000 funding bonds.
Dated Sept. 1, 1938.
Due on
Sept. 1 as follows:
$22,000 in 1947, and $30,000 from 1948 to 1950. Bidders
will be made on any bid of
should specify the rate of interest, but no award
and accrued Interest.
Prin. and int. (M-S) payable at the
County Treasurer's office. The approving opinion of Chapman & Cutler of
Chicago, will be furnished. A certified check for 2% of the amount of bonds
bid for, is required.
less
than
par
Financial
1956
SILVER CITY INDEPENDENT SCHOOL DISTRICT (P. O.
Chronicle
Sept. 24, 1938
Servil
City), Iowa—BOND OFFERING—It is reported by Roy W. Gater, Dis¬
trict Secretary, that he will receive bids until 8 p. m. on Sept. 26, for the
Louisiana
purchase of a $15,000 issue of 4)4% semi-ann. gymnasium bonds.
Denom.
$1,000.
Dated Sept. 15, 1938.
Due $1,000 from Sept. 15, 1939 to 1953
incl.
Bonds and legal opinion are to be furnished by the purchaser.
A
deposit of 10% of the bid is required.
lAAtAMtd
'■* *
4 1 <
SIOUX CITY, Iowa-BOND SALE—'The $128,000 Lsue of funding
bonds offered for sale on Sept. 20—V. 147. p. 1665—was awarded to
Halsey, Stuart & Co. of Chicago, as 2Ks, paying a premium of $1,551.00,
equal to 101.21, a basis of about 2.07%. Dated Sept. 1, 1938. Due from
July 1, 1940 to 1948.
*
Other bids
L
"
were as
Carleton D. Beh Co
Iowa Des Moines Nat-I Bank & Trust--
650
25
INDEPENDENT SCHOOL
Iowa—BONDS SOLD—An
DISTRICT
$11,000 issue of school
(P.
bonds
O.
was
Weldon),
offered
on
Sept. 21 and was awarded to the White-Phillips Corp. of Davenport, as
3148, paying a premium of $5, equal to 100.045, a basis of about 3.24%.
Due $1,000 from Nov. 1, 1939 to 1949 incl. <4
DISTRICT
SCHOOL
WESLEY
(P.
O.
Wesley),
Iowa—BONDS
SOLD—It is reported that $12,700 school bonds were purchased by Shaw,
McDermott & Sparks of Des Moinas, as 3
paying a price of 100.08.
These bonds were approved by vbe voters on Sept. 1.
i
BURLINGTON
West Burlington),
INDEPENDENT
WEST
(P.
O.
SCHOOL^ DISTRICT
Iowa—BOND SALE DETAILS— It is
now
reported that the $40,000 building bonds purchased by W. D. Hanna &
Co. of Burlington, as 2Ms, at a price of 101.192, as noted hereon Sept. 17—
V. 147, p. 1808—are dated Sept. 1, 1938, and mature $2,000 from Nov. 1,
1939 to 1958, giving a basis of about 2.37%. Legal approval by Chapman
& Cutler of Chicago.
S
• «3
WOODBURY
is
SOLD—it
(P. O. Sioux City), fowa—BONDS IWr
by Van W. Hammerstrom, County Treasurer, that
bonds offered for sale at auction on Sept. 19—V. 147,
COUNTY
stated
the $150,000 funding
1808—were not sold as all bids received were rejected.
1938.
Due $60,000 on April and Oct. 1. 1939 and $30,000
Dated Sept. 1,
p.
SOLD—It
BONDS
above
Sioux
bonds
was
sold
were
on
Dec. 1, 1939
reported later by the County Treasurer" that the
day to the Toy National Bank of
the following
City, at 1 %, plus a premium oi $205.
KANSAS
CHANUTE SCHOOL DISTRICT (P. O. Chanute), Kan .—BOND
a. m. on Sept. 29 by L. H.
Petit, Superintendent of Schools, for the purchase of a $55,000 issue of
building bonds.
Dated Sept. 20, 1938.
Due $2,750 from 1939 to 1958,
incl.
Interest for the first 10 years will be at the rate of 2% and for the
last 10 years at the rate of 234%.
The bonds will be offered to the State
School Fund Commission at its meeting to be held on Sept. 26.
OFFERING—Sealed bids will be received until 10
r
WYANDOTTE COUNTY (P. O. Kansas City), Kan —BONDS PUB¬
LICLY OFFERED—The Harris Trust & Savings Bank of Chicago is offer¬
ing for general subscription an issue of $100,000 2% semi-ann. general im¬
provement bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $10,000 Sept. 1, 1939 to
1948.
Principal and interest payable at the State Treasurer's office.
Legality approved by Bowersock, Fizzell & Rhodes, of Kansas City.
These bonds will be, in the opinion of sounsel, direct general obligations of
the entire county and all taxable property within the county will be sub¬
ject to the levy of ad valorem taxes without legal limit, sufficient to pay
principal of these bonds and the interest thereon when due.
KENTUCKY
KENTUCKY,
State
of—BOND
OFFERING—It
is
announced
by
Robert Humphreys, Commissioner of Highways, that he will on Oct. 11,
at 10 a. m.,
(Central Standard Time), receive and publicly open seated
competitive bids for the purchase of a $513,000 issue of Bridge Revenue
Project No. 15 bonds, to be Issued by the Department of Highways, an
agency of the Commonwealth of Kentucky, pursuant to the provisions of
Chapter 172, Acts of 1928 and Chapter 157, Acts of 1930, General Assembly,
to provide funds, together with a Public Works Administration grant in tne
amount of $212,140, to construct a bridge crossing the Green River at or
near
Rockport, Ky.
The bonds of this issue will
be dated July 1,
1938; wiil be issued in the
denomination
of $1,000 each; will mature on July 1, 1958; and will be
redeemable in whole or when selected by lot, in part, at the option of the
Department
July 1, 1939, or on any interest payment date thereafter
prior to maturity on 30 days' notice at par and accrued interest, together
with a premium of 2)4% of the principal amount thereof if redeemed on or
on
?rior to July 1, 1943; 2% if redeemed thereafter and on or prior to July 1,
945; 1K% if redeemed thereafter and on or prior to July 1, 1947; 1% if
redeemed thereafter and on or prior to July 1. 1949;
of 1% if redeemed
thereafter and on or prior to July 1, 1951; and without premium if redeemed
thereafter and before maturity.
Both principal and interest of the bonds
will be
payable at the Chemical Bank & Trust Co., New York City, or at
the office of the State Treasurer in Frankfort, at the option of the holder.
The bonds will be subject to registration in the names of the holders as to
principal alone.
All bonds of this issue will bear interest at the same rate, not exceeding
4%, In a multiple of 34 of 1%, such interest being payable Jan. 1, 1939,
and semi-annually thereafter, and each bid must specify the rate of interest
and the price bid for the bonds of this issue.
In considering the relative
or
annual
revenue
the
the
bids submitted
merits
revenue in
from this
excess
the
Commissioner
win
estimate
project to be $42,000 and will also
the
future
assume
that
of interest requirements Will be used for the purpose
of ret ring bonds on each interest payment date to the fullest extent possible
under the terms of the trust indenture.
*
No bid will be considered unless accompanied by an unconditional certi¬
fied check in the amount of $10,260 on a bank or trust
company considered
by the Commissioner of Highways to be financially responsible, payable„to
the order of the Treasurer of
Kentucky.! ^
f
McLEAN
COUNTY
(P. O. Calhoun),
Ky.—BOND REFINANCING
AGREEMENT—The County Fiscal Court is repotted to have accepted a
proposal made by the Bankers Bond Co. of Louisville, to refinance a total
of $185,000 road bonds.
OWENSBORO BRIDGE COMMISSION,
Ky.—BONDS OFFERED TO
PUBLIC—Tne Bankers Bond Co. of Louisville is offering for public sub¬
scription
an
1938.
Due
New York.
issue of $1,400,000 3H % bridge revenue bonds. Dated Aug. 1,
Aug. 1, 1963. Legality approved by Masslich & Mitchell of
Prin. and int.
(F-A) payable at the Chemical Bank & Trust
Callable at the option of the Owensboro Bridge Com¬
whole
or in part on
Aug. 1, 1940, or on any interest payment
date upon at least 30 days published notice at
104, if called on or before
as a
Aug. 1, 1943; thereafter at 103 up to and including Aug. 1, 1948; thereafter
and including Aug. 1,1953; thereafter at 101 up to and including
1, 1957; and therafter at 100 to maturity; plus accrued interest in
each case.
Coupon bonds in denomination of $1,000, registerable as to
principal only.
at 102 up to
Aug.
LOUISIANA
DE SOTO PARISH, WARD 3 SCHOOL DISTRICT
(P.O. Mansfield).
La.—BOND SALE—The $10,000 issue of
coupon gymnasium bonds offered
for sale
on
Sept. 16—V. 147, p. 1808—was purchased by the First National
Bank of Mansfield, as 5s, paying a
price of 100,253, according to S. M.
Shows, Superintendent of the School Board.
Denoms. $1,000 and $100.
Dated Oct. 1, 1938.
Interest pavable A. & O.
~
jj
"
FRANKLINTON, La.—BOND OFFERING— It is reported that sealed
bids will be received until 10 a. m. on Sept. 29,
by B. P. Burris, Town Clerk,
for the purchase of a $25,000 issue of
4% se ni-ann. sewer bonds. Denom.
$500.
.
LOUISIANA
Hood Jr.,
Secretary of the Police Jury, that the $220,000 not to exceed
6% semi-ann. road bonds, scheduled for sale on Oct. 6, as noted here on
Sept. 17—V. 147, p. 1809—are due on Nov. 1 as follows:
$4,000, 1941;
$5,000, 1942 to 1945; $6,000, 1946 and 1947; $7,000, 1948 and 1949; $8,000,
1950; $9,000, 1951 to 1953; $10,000, 1954 and 1955; $11,000, 1956; $12,000,
1957; $14,000, 1958 and 1959; $15,000, 1960; $16,000, 1961 and 1962, and
$17,000 in 1963.
Prin. and int. payable at any bank which may be desig¬
nated by the purchaser.
Due Oct. 1, as follows;
$17,000 in 1940, $18,000 in 1941 and 1942,
$19,000 in 1943 and 1944, $20,000 in 1945, $21,000 in 1946 and 1947,
$22,000 in 1948, $23,000 in 1949, $24,000 in 1950 and 1951, $25,000 in
1952, $26,000 in 1953, $27,000 in 1954 and 1955. $28,000 in 1956, $29,000
in 1957, $30,000 in 1958 and 1959, $31,000 in 1960. $32,000 in
1961,
$34,000 in 1962 and $35,000 in 1963.
Place of payment to be designated
by the bidder. Authority:
Article XIV, Section 14, State Constitution of
1921, as amended, and Act 46 of the Legislature of the State for the year
1921, as amended. The bonds are payable in principal and interest from an
unlimited ad valorem tax to be levied each year on all taxable property
in the sewerage district sufficient to pay principal and interest due in the
ensuing year.
- ■
>
■
JEFFERSON
PARISH
(P.
O. Gretna), La.—BOND OFFERING
connection with the offering scheduled for Oct. 4 of the
$650,000 Sewerage District No. 1 bonds, noted in our issue of Sept. 3—
V. 147, p. 1524—It is now reported that while the official notice of sale
calls for bids on $650,000 of bonds, it is the intention of the governing
authority of the district to sell only $600,000 bonds.
DETAILS—In
F JENNINGS, La.—BOND OFFERING DETAILS—In connection with
the offering scheduled for Oct. 6 of the $220,000 public improvement and the
$50,000 street improvement bonds, noted here on Sept. 17—V. 147, p.
1809—it is stated by R. Moses, City Clerk, that the bonds are more fully
described as follows:
$220,000 public improvement bonds.
Due Nov. 1, as follows: $4,000 in
1941, $5,000 in 1942 to 1945, $6,000 in 1946 and 1947, $7,000 in 1948 and
1949, $8,000 in 1950, $9,000 in 1951 to 1953, $10,000 in 1954 and 1955,
$11,000 in 1956, $12,000 in 1957, $14,000 in 1958 and 1959, $15,000 in 1960,
$16,000 in 1961 and 1962 and $17,000 in 1963.
$50,000 street improvement bonds.
Due Nov. 1, as follows: $1,000 in
1941 to 1944: $2,000 in 1945 to 1957; $3,000 in 1958 to 1961 and $4,000 in
1962 and 1963.
Prin. and int. payable at such bank as may be designated by the pur¬
The bonds are payable from unlimited ad Valorem taxes to be
chaser.
levied each year sufficient in amount to pay
principal and interest,
as re¬
quired by law, and were authorized at the election held on Juyl 26 and by
Article 14, Section 14, of the Constitution of 1921, as amended, and Act
46 of 1921, as amended.
*■'A
W MADISON
PARISH
(P.
O.
Tallulah),
La.—BOND
OFFERING—
Sealed bids will be received until 1:30 p. m.
Oct. 10 by P. O. Benjamin,
Secretary of the Police Jury, for the purchase of a $60,000 issue of 4%
semi-annual,court house and jail bonds.
Denom. $1,000.
Dated Sept. 1,
1938.
Due on Sept. 1 as follows:
$4,000, 1939 to 1941; $5,000, 1942 to
1947, and $6,000 from 1948 to 1950.
The approving opinion of Chapman
& Cutler of Chicago, will be furnished.
A certified check for $500, payable
to W. H. Hewes, President of the Police Jury, is required with the bid.
(This notice supplements the offering report given here on Sept. 17—
V. 147, p. 1809.)
RAPIDES PARISH SCHOOL DISTRICT NO. 1 (P. O.
La.—BOND OFFERING—It is stated by H. M. Wells,
Alexandria),
Secretary-Treasurer
of the Parish School Board, that he will receive sealed bids until 1:30 p. m.
on Oct.
18, for the purchase of an issue of $100,000 coupon school bonds.
Due in 15 years.
on
These bonds were approved by the voters at
Sept. 13, by a count of 212 to 12.
an
election
TERREBONNE PARISH (P. O. Houma) La .—BOND OFFERING—
Sealed bids will be received until 10 a. m. on Oct. 13, by O. J. Theriot,
Secretary of the Police Jury, for the purchase of an issue of public improve¬
ment bonds.
Interest rate is not to exceed 6%, payable M. & N.
Dated
Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1, as follows: $13,000 in 1939
and 1940, $14,000 in 1941 and 1942, $15,000 in 1943 and 1944, $16,000 in
1945 and 1946, and $17,000 in 1947 and 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 were specially authorized by resolution duly and legally
adopted by the governing authority of the Parish on Sept. 14, 1938.
The
approving opinion of B. A. Campbell, of New Orleans, and the transcript
of record as passed upon will be furnished the purchaser. Enclose a certified
check for not less than $3,000, payable to the Parish Treasurer.
MAINE
MAINE
(State of)—BOND
Belmont Smith, State Treasurer,
Standard Time) on Sept. 30 for
highway bonds.
Dated Oct. 1,
OFFERING—Sealed bids addressed to
will be received until 10 a. m. (Eastern
the purchase of $1,000,000 2% coupon
1938.
Denom. $1,000.
Due $100,000
on Oct. 1 from 1940 to 1949 incl.
Principal and interest payable at the
office of the State Treasury Department.
The bonds are exempt from
taxation in Maine and from all Federal income taxes.
They are an un¬
qualified direct obligation of the State, the credit and good faith of which
is pledged for the payment of both principal and interest.
Legal opinion
of the State Attorney General will be furnished the successful bidder.
These bonds are part of the total of $5,000,000 authorized by Chapter 96
of the Re3olve3 of the 87th Legislature, approved March 30, 1935. and
favorably voted at a special election held Sept. 9, 1935.
Bids must be
for the entire $1,000,000 now offered.
Financial Statement
Valuation of the State.
Bonded debt (exclusive of this issue) Oct. 1, 1938
$661,209,219
28,409,500
on
Co., in New York.
mission
of New Orleans
Premium
$1,550
1,400
Jackley & Co. Des Moines
Security National Bank. Sioux City
f
Whitney National Bank
follows:
Bidder—
^WELDON
Municipal Bonds
Bought and Sold
Dated Oct. 1,
1938.
Due
over
JEFFERSON DAVIS PARISH
Jennings), La.—BOND OFFERING
a
period of 20 years.
ROAD
DISTRICT
NO.
5
(P.
O.
DETAILS—It is stated by John T.
MARYLAND
FREDERICK COUNTY (P. O.
Frederick), Md.—BOND OFFERING—
The Board of County Commissioners will receive sealed bids until 11 a. m.
on Sept. 28 for the
purchase of $300,000 not to exceed 3 H % interest school
bonds of 1937, authorized by Chapter 258 of Acts of Maryland General
Assembly in session of January 1937.
Bonds will be dated July 1, 1937.
Denom. $1,000.
Due July 1 as follows: $20,000 from 1939 to 1948, incl.,
and $25,000 from 1949 to 1952, incl.
Bidder to name a single rate of inter¬
est, expressed in a multiple of H of 1%.
Coupon bonds, with interest
payable J. & J.
Principal and interest payable at the County Treas¬
urer's office.
Bonds may be registered as to principal on books kept for
that purpose at the office of the Clerk of the Board of Commissioners.
Ac¬
crued interest from July 1, 1938 to date of payment and delivery shall be
adjusted with the purchaser.
All matured coupons will be detached from
the bonds.
Under existing laws the bonds are exempt from all State, county
and municipal taxation in the State of Maryland. A certified check for 5%
of the bonds, payable to the order of the County Treasurer, is required.
The legality of this issue is subject to the approval of Messrs. W. Clinton
McSherry and Leslie N. Coblentz of Frederick, Md., attorneys for the
Board of Education of Frederick County; by Mr. Edward S. Delaplaine,
attorney for the Board of County Commissioners of Frederick County,
and by Messrs. Barton, Wilmer, Bramble, Addison & Semans and Messrs.
Niles, Barton, Morrow & Yost, both of Baltimore, Md., and the approving
opinions of these gentlemen will be delivered upon request to the purchaser
of the bonds without charge.
Volume
Financial
147
HARFORD
COUNTY
(P. O.'BelfAir), Md.—BOND OFFERING—
CountyJCominissioners will receive sealed bids
of $200,000 highway„bonds. *
The Clerk of the Board of
until Sept. 26 for the purchase
P*MARYLAND
(State of)—PWA APPROVES $2,167,000
a
bridge
GEORGE'S
COUNTY
OFFERING— Nicholas
Orem,
will receive sealed bids until noon on
SALISBURY, Md.—BOND OFFERING—City Clerk will receive sealed
bids until Oct. 3 for the purchase of $50,000 water and sewer and $25,000
street and
drainage bonds.
antici¬
Cray, McFawn & Petter
DETROIT
GRAND
RAPIDS
Telephone 9-8255
Telephone Cherry 6828
A.T.T.
A.T.T. Tel. DET 540-541
Tel.
Grps.
7
MICHIGAN
Mich.—BONDS VOTED—On Sept. 13 voters authorized
$55,000 hospital, $42,000 civic auditorium and $15,000 storm
ADRIAN,
issues
sewer
of
bonds.
BATTLE CREEK SCHOOL DISTRICT, Mich.—BOND ELECTION
—A special election will take place Oct. 17 at which the voters will again
be asked to authorize an issue of $269,000 Urbandale school building bonds.
This proposal, also two others, were all rejected at the Aug. 29 election.
At the new election the voters will also consider a proposed increase of onehalf mill in the tax rate for a period
of five
years.
(P. O. Stl Joseph), Mich.—BONDS DEFEATED
proposed issue of $236,500 bonds was defeated by the voters on
BERRIEN COUN TY
—The
Sept. 13.
Mich.—BOND SALE—The $48,000 self-liquidating
plant revenue bonds for which no bids were
Aug. 10—V. 147, p. 1073—were sold later to Kidder, Peabody
& Co., New York, as 4Ks, at par.
Dated Aug. 1, 1938 and due Aug. 1
as follows:
$1,000, 1942 to 1948 incl.; $1,500, 1949 to 1954 incl.; $2,000,
1955 to 1960 incl. and $2,500 from 1961 to 1968 incl.
CASSOPOLIS,
sewer
and sewerage disposal
received
CHARLEVOIX,
Mich.—BOND OFFERING—Ray S.
Hamilton, City
Clerk, will receive sealed bids until 8 p. m. on Sept. 26 for the purchase
of $70,000 3% general obligation electric light works improvement bonds.
Issue was authorized by a vote of 248 to 57 on Sept. 9.
Bonds will be
dated Oct. 15, 1938.
Denom. $1,000.a Due Oct. 15 as follows:
$4,000,
1939 to 1944 incl.; $5,000, 1945 to 1949 incl.; $6,000 from 1950 to 1952 incl.,
and $3,000 in 1953.
Interest payable semi-annually.
A certified check
for 5% of the bid, payable to the order of Fred V. Tyler, City Treasurer,
is
required.
DETROIT,
Mich.—OFFERINGS
WANTED—John
N.
Daley,
City
Controller, will receive sealed offerings until 10 a. in. on Oct. 3 (bids to
of the following day) for callable refunding bonds
in the amount of $436,000, under the following conditions:
If callable bonds are offered at a premium: (a) When the interest rate is
remain firm until 1 p. m.
sixth call date.
Mass.—BOND OFFERING— Francis S. Murphy, Town
27 for purchase of
Denom. $1,000.
Due Oct. 1 as follows: $7,000 from 1939 to 1951, incl., and $6,000 from 1952
to 1958,
ncl.
Bidder to name one rate of interest expressed in a multiple
of K of 1%.
Principal and sem-annual interest payable at Merchants
National Bank of Boston.
Legality approved by Storey, Thorndike,
ABINGTON,
Treasurer, will receive sealed bids until 7 p. m. on Sept.
$133,000 coupon school bonds.
Dated Oct. 1, 1938.
&
MICHIGAN MUNICIPALS
4K% or higher, the yield shall be computed to the second call date,
(b)
When the interest rate is less than 4 K %. the yield shall be computed to the
If bonds are offered at par or less than par: Yield shall be
MASSACHUSETTS
Palmer
Mass.—TEMPORARY LOAN— Town Treas¬
over
(P. O. Upper Marlboro),' Md.—
County Superintendent of Schools,
Sept. 27 for the purchase of $192,000
not to exceed 5% interest coupon public school bonds.
Dated Nov. 1,
1937.
Denom. $1,000.
Due Nov. 1 as follows:
$6,000 in 1940 and 1941;
$8,000 from 1942 to 1953 incl.;$9,000 from 1954 to 1957 incl., and $8,000
from 1958 to 1963 incl.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1%.
Principal and interest (M. & N.) payable at
the First National Bank of Southern Maryland, Upper Marlboro.
The
bonds now offered are the unsold portion of an issue of not to exceed
$442,000 which was authorized under Chapter 277, Acts of General Assembly
of Maryland, passed at the January session in 1937.
The other $250,000
were sold in the fall of 1937.
Said bonds will be issued on the full faith
and credit of Prince George's County, and will bear the endorsement of
the County Commissioners of Prince George's County and its promise
to pay principal and interest thereof through the agency of the Board of
Education of Prince George's County.
Said bonds win be payable by an
unlimited ad valorem annual tax on all the assessable property in Prince
George's County, and will be exempt from all State, county and municipal
taxation in the State of Maryland.
Bidders must state in their bids the
price offered per $100 of par.
All bids must be accompanied by a certified
check for the sum of $1,000.
Accrued interest on the bonds will be adjusted
with the purchsaer or purchasers up to the date when said bonds are
delivered.
The purchaser or purchasers will be furnished with the legal
opinion of Niles, Barton, Morrow & Yost of Baltimore, certifying to the
validity of the bonds.
(Previous mention of this offering appeared in V. 147, p. 1525.)
PRINCE
BOND
SPRINGFIELD,
CONSTRUCTION—President 'Roosevelt
for the construction of
r
WEST
Henry E. Schmuck recently sold an issue of $10,000 revenue
pation notes at 0.07%.
Due Jan. 9, 1939.
urer
G)Ma1' PuH
has approved a grant
the Susquehanna River near Havre de
Grace, Maryland, in the amount of $2,167,000.
Originally an application
was made for grants that would construct in addition to the Susquehanna
Bridge, one over the Potomac at Morgantown and one over the Patapsco
River near Baltimore.
The total grant asked for the three bridges was
$9,880,000.
The 55% representing the contribution of the State for the
three bridges was to be raised by revenue bonds which Public Works
Administration was assured Baltimore banks were prepared to take.
The
PWA found it impossible to finance the three bridges for the reason that
this would have meant the granting of Maryland of a sum largely in excess
of that to which it is equitably entitled out of the funds appropriated for
Public Works by the last Congress when the rights of other States are taken
into account.
Further conferences with R. H. Griswold Jr., of Baltimore,
fiscal agent of the State Highway Commission, disclosed that it would be
able to finance the Susquehanna River Bridge on the same basis as was
originally proposed for all three bridges.
That is, if PWA would make a
grant of 45% the remaining 55% of the total cost would be obtained by the
sale of revenue bonds through the Baltimore banks.
As the grant of
$2,167,000 could be made without giving Maryland an undue share of the
public works funds the President, on the recommendation^of Public Works
Administrator Ickes, has signified his approval. feiiJ
BRIDGE
1957
Chronicle
computed to the date of maturity. All tenders shall be in writing and shall
Tenders shall show the purpose, the rate of interest, date of
be sealed.
maturity, the dollar value and the yield. Tenders will be accepted on the
basis of the highest net yield to the city as computed from the dollar price.
Only 1962-63 maturities of callable bonds will be accepted. The city reserves
bonds purchased, which are delivered subsequent to Oct. 10,
1938, to pay accrued interest up to that date only.
the right on
ADDITIONAL CALL FOR OFFERINGS—City Controller also
an¬
that he will receive sealed offerings at his office until 10 a. m. on
Dodge of Boston.
nounces
BLACKSTONE, Mass.—BOND SALE—Kennedy, Spence & Co. of
Boston purchased an issue of $60,000 3M% school bonds.
Dated Sept. 15,
1938.
Denom. $1,000.
Due $3,000 on Sept. 15 from 1939 to 1958 incl.
Principal and interest (M. S.) payable at the First National Bank, Boston.
The bonds are direct and general obligations of the town, payable from
unlimited ad valorem taxes to be levied on all of its taxable property.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
FITCHBURG, Mass.—LOAN AUTHORIZED—'The City Council has
for various purposes, to mature in from 1 to
voted to issue $200,000 bonds
lOyears.
Conditions are
1.
Mass.—BOND
SALE—The
municipal
$19,000
Sept. 22 were awarded to Tyler & Co. of Boston as
weather conditions previous to sale
date.
MARSHFIELD, Mass .—OTHER BIDS—The $100,000 high school notes
awarded to Tyler & Co., Inc., Boston, as 2s, at 100.79, a basis of about
1.92%—V. 147, p. 1809—were also bid for as follows:
Bidder—
Int. Rate
Rate Bid
Washburn & Co., Inc
2%
100.65
Second National Bank of Boston
2%
100.55
Kidder, Peabody & Co
2X%
100.53
First Boston
Corp.2K %
100.30
Mass.—NOTE
QUINCY,
OFFERING—Howard
Treasurer, will receive bids until Sept. 27
P.
Newall,
City
for the purchase at discount of
$200,000 Dec. 29, 1938 and
$300,000 notes, dated Sept. 27, 1938 and due
$100,000, June 29, 1939.
Other bids:
Int. Rate
Bidder—
Rate Bid
Tyler & Co
Perrin, West & Winslow
1H%
IX %
Jackson & Curtis.
1H%
100.28
1X%
2%
2%
100.03
100.519
100.165
Bond, Judge & Co.
R. L. Day & Co
Newton, Abbe & Co
—-
*■.
100.55
100.515
Financial Statement
1935
1936
1937
1938
$280,871.94 $308,779.72 $346,761.49 $268,319.70
Uncollected Sept. 10 '38None
53.00
17,623.50 214,378.31
Year—
Tax levy
$8,241,633.
Population, 8,600.
Tax rate,
Tax titles Sept. 10, 1938, $31,329.67.
Borrowed against tax
assessed
1938, $30.
valuation,
titles, none.
Funded Debt as of
Water bonds and notes
Sept. 15, 1938
,
Sewer bonds
School
in the
follows:
If callable bonds are offered at a premium:
(a) When the interest rate is 4>£% or higher,
the yield shall be com¬
puted to the first call date. .
(b) When the interest rate is less than 4H%. the yield shall be com¬
puted to the sixth call date.
2. If bonds are offered at less than par:
Yield shall be computed to the date of maturity, whether callable or
3.
Non-callable bonds:
Non-callable bonas shall be computed to the
4.
bonds
*_
$16,000
117,000
•
65,000
$198,000
30,000
Total.
This issue
TEMPLETON, Mass.—BOND SALE—The $13,500 relief bonds offered
Sept. 16 were awarded to the First National Bank of Boston as 1 Ks at
price of 100.285.
Dated Oct. 1, 1938, and due serially from 1939 to
1942 incl.
Second high bid of 100.249 for IKs was entered by Goldman*
a
.
Sachs & Co.
date of maturity.
Offerings:
(a) Offerings shall show the rate of interest, the date of maturity,
dollar value and the yield on each offering.
(b) Offerings will be accepted on the basis of the highest net
city.
The city reserves the right to reject any or all bids.
No bonds maturing beyond Aug. 1, 1950 will be accepted.
All offerings shall be in writinf
and shall be sealed.
the
yield to the
the right on bonds purchased which are delivered sub¬
5, 1938, to pay accrued interest up to that date only.
The city reserves
sequent to Oct.
ADDITIONAL CALL FOR OFFERINGS—Edward M. Lane,
of the Teachers' Retirement
Secretary
Fund Board, will receive sealed offerings until
Sept. 27 of city non-callable bonds in the amount of about $100,000.
Offerings should specify the rate of interest,-maturity date, the dollar value
and the yield in each instance. They must be firm until 10 a. m. on Sept. 28.
noon on
EAST
LANSING, Mich.—BONDS VOTED—An issue of $70,000 sewer
authorized at the Sept. 13 election.
system bonds was
EAST TAWAS.
will receive sealed
Mass.—NOTE SALE—The $30,000 coupon water
notes offered Sept. 20 were awarded to Merchants National Bank, Boston,
as 1 %s, at 100.79, a basis of about 1.62%.
Dated Sept. 15, 1938. Denom.
$1,000.
Due $3,000 on Sept. 15 from 1939 to 1948 incl.
Principal and
semi-annual interest payable at Merchants National Bank.
Notes certified
as to genuineness by Director of Accounts, Department of Corporations and
Taxation, Commonwealth of Massachusetts.
Second high bid of 100.703
for lKs was made by Second National Bank of Boston.
STOUGHTON,
1938
as
non-callable.
relief
3s, at
100.50, a basis of about 2.90%.
Dated Sept. 1, 1938 and due Sept. 1 as
follows: $2,000 from 1939 to 1947 incl. and $1,000 in 1948.
Principal and
interest (M-S) payable at the National Shawmut Bank, Boston.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
Absence
of any other bids was attributed by City Treasurer to extremely adverse
HAVERHILL,
bonds offered
/
Sept. 28 (to remain firm until 1 p. m. of the following day) of bonds
amount of about $384,000 for the Street Railway Sinking fund.
Mich.—BOND OFFERING—Fred Lomas. City Clerk,
P. m. (Eastern Standard Time) on Sept. 26
exceed 4% interest revenue water works
Denom. $1,000.
Due Sept. 1, as follows:
bids until 7:30
for the purchase of $22,000 not
bonds.
Dated Sept. 1, 1938.
$1,000 from 1940 to 1958, incl., and $1,500 from 1959 to 1960, incl. Interest
be expressed in multiples of M of 1 %.
Principal and in¬
(M. & S.) payable at the City Treasurer's office.
A certified check
for 2% of the bonds, payable to the order of the City Treasurer, is reuqired.
They are self-liquidating revenue bonds, secured by statutory lien created
rate or rates to
terest
by Act No. 94 of Public Acts of Michigan of 1933, and by ordinance No. 107
of the city.
They are payable solely from water works revenues and do
not in any sense constitute an obligation of the city.
Proposals will be
conditioned only on the opinion of R. Read Smith, Attorney, approving
legality of the bonds.
Cost of such opinion and printing of the bonds will
be paid by the city.
FENTON, Mich.—BOND ELECTION—At a special election on Oct. 1
consider a proposed Issue of $20,000 sewage disposal plant
more than 5% and mature $2,000 each
the voters will
bonds, to bear interest at not
Oct. 31 from 1940 to 1949 incl.
FERNDALE-PLEASANT RIDGE
SCHOOL DISTRICT, Mich.—
26 on a proposal to issue
$24,200 school building bonds and to increase the tax rate in amount of
49 cents per $1,000 of assessed valuation.
Bonds would bear interest at
not more than 4% and mature over a period of five years.
BOND ELECTION—A vote will be taken Sept.
FRANKFORT, Mich.—BOND OFFERING— H. M. Snider, City Clerk,
Time) on Sept. 30
exceed 5% interest coupon, registerable
as
to principal only, sewage disposal plant and system revenue bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1940
to 1953, incl.
Principal and interest (A.& O.) payable at office of City
Clerk-Treasurer or, at holder's option, at the State Savings Bank, Frank¬
fort.
Bonds are callable on any interest date prior to maturity as provided
by Sec. 31 of Act 94 of Public Acts of 1933 of Michigan.
Proposals will be
conditioned only on the approval, as to validity, of Miller, Canfield, Pad¬
will receive sealed bids until 5p.m. (Eastern Standard
for the purchase of $14,000 not to
dock & Stone of Detroit.
Other bids:
Bidder—
Second National Bank of Boston
Tyier & Co
K. L.Day & Co
Int. Rate
IK %
Rate Bid
100.174
1 K%
100.125
100.749
1 lA%
GROSSE POINTE SCHOOL DISTRICT, Mich.—BOND
Superintendent of Schools Informs us that an election
Sept. 27 in connection with a proposed issue of $350,000
bonds, to mature serially In from one to five years.
The
ELECTION—
will be held on
school building
1958
Financial Chronicle
HARBOR BEACH. Mich.—
election the voters refused to authorize
the count being 174 for to 196 against.
DEFEATED—At BONUS
the Sept.
an
Sept. 24, 1938
WASHTENAW COUNTY (P. O. Ann
Arbor), Mich.—BONDS VOTED
—An issue of $120,000 court house construction bonds was
authorized by
13
Issue of $25,000 park bonds,
the voters
HILLSDALE COUNTY RURAL AGRICULTURAL SCHOOL DIST¬
RICT, Mich.—DISTRICT CUEA TED—The above district, comprised of
on
Sept. 13.
11 school units in the Village of Pittsford and adjacent vicinity, was recently
created by favorable vote of electors in the new body, the first to be estab¬
lished in the county.
A vote will be taken shortly on a proposed issue of
$25,000 bonds in connection with a projected $157,000 school building.
Of the balance of the necessary funds $78,500 would be requested from the
Public Works Administration, as a grant, and the other $55,000 supplied
Sept. 20—V. 147, p. 1810—were awarded
the Clarkston State Bank of Clarkston as 4s, at
par and premium of
5, equal to 100.50, a basis of about 3.86%.
Dated Sept. 15, 1938 and
due $1,000 on Sept. 15 from 1940 to 1944, inclusive.
to
MINNESOTA
by the Kellogg Foundation.
HOLLAND,
Mich.—BONDS REJECTED—The
proposed
issue
$85,000 library and museum bonds was rejected by the electorate
Sept. 13.
HOLTON
IRON
BLACK HAMMER, Minn.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on Oct. 10, by Olaf Staven, Town
Clerk, for the pur¬
chase of a $20,000 issue of coupon road and bridge bonds.
Bidders to
of
on
'
SCHOOL
DISTRICT,
Mich.—BONDS
by the voters
RIVER,
Mich .—BONDS
name the rate of interest, at not less than
par and accrued interest.
Dated
Oct. 1, 1938.
Due $2,000 from Oct. 1, 1941 to 1950 incl.
The approving
opinion of Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis, will
be furnished.
A certified check for $500, payable to the Town Clerk,
must accompany the bid.
VOTED—An issue
Sept. 13.
of $10,000 school bonds was authorized
on
DEFEATED—An
issue
water tank construction bonds was defeated at the election on
of $17,500
Sept. 13.
CASS COUNTY (P. O. Walker) Minn.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on Oct. 1, by L. C. Peterson,
County Auditor, for the purchase of a $304,000 issue of not to exceed 4%
semi-ann. refunding bonds.
Dated Oct. 1, 1938. The issue will consist of
two series in the respective amounts of $150,000 and $154,000.
The bonds
are to be issued to refund outstanding bonds which are redeemable Jan.
1,
1939, and the county reserves the right to deliver said bonds from time to
time whenever an equal amount of outstanding bonds are available for
payment and cancellation.
ISHPEMING TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Route
No. 1, Bo* 243, Ishpeming), Mich.—BOND OFFERING—E. O. Bengry,
District Secretary, will receive sealed bids until 4 p. m. (Eastern Standard
Time)
Sept. 26 for the purchase of $50,000 not to exceed 3Y%% interest
school bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due
follows: $10,000 from 1940 to 1942, incl., and $20,000 in 1943.
Interest rate or rates to be expre&sed in multiples of % of 1%.
Principal
and interest (M. & S.) payable at the Peninsula Bank, Ishpeming.
All of
the district's taxaole property will be subject to levy of such aa valorem
taxes as may be necessary to pay the principal and interest within the
State constitutional limic.
An additional 5-mill levy has been voted for
the period 1938 to 1942, Incl.
A certified check for 2% of the bonds,
payable to the order of the District Treasurer, is required.
District will
pay the cost of printing the bonds and legal opinion.
Latter will be given
by Fred H. Berg, Attorney of Ishpeming.
on
coupon
Sept. 1
as
EAST GRAND FORKS, Minn.—BOND OFFERING—It is reported
that sealed bids will be received until Oct. 13, by the City Clerk, for the
purchase of a $25,000 issue of water works bonds.
Interest rate is not to
exceed 3%, payable semi-annually.
Denom. $1,000.
Dated Oct. 1, 1938.
Due from 1939 to 1948.
Mich.—TENDERS WANTED
—May V. Smith, District Secretary, will receive sealed tenders of cer¬
tificates of indebtedness, dated Nov. 1,1935, and certificates second series,
dated May 1, 1937, all due Nov. 1, 1945, until 8 p. m. (Eastern Standard
Time) on Oct. 6.
Amount available in the sinking fund for purchase of
certificates is $2,703.65.
Offerings should be firm for five days and fully
describe the certificates tendered.
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO.
43 (P. O. Osseo), Minn.—BOND SALE—The $20,000 issue of
coupon re¬
funding bonds offered for sale on Sept. 15—V. 147, p. 1074—was awarded
jointly to the First National Bank & Trust Co., and the Wells-Dickey Co.,
both of Minneapolis, as 2Ms,
paying a premium of $95.00, equal to 100.475,
a basis of about
2.41%.
Dated Oct. 1, 1938.
Due $2,000 from 1939 to
(P. O. Manistee), Mich.—BONDS VOTED—
—MILLAGE
INCREASE REJECTED—'The proposed issue of $74,250
courthouse and jail construction bonds carried by a vote of 1,877 to 1,463
at the Sept. 13 election.
As the bonds were to mature in five years, it was
1948 incl.
The other bids (both for
necessary to vote also on an increase in the mlllage rate for that period.
This being a constitutional amendment, all citizens were entitled to vote,
inclusive.
MENOMINEE COUNTY (P. O. Menominee), Mich.—BONDS DE¬
FEATED—On Sept. 13 the voters turned down the proposal to issue $190,000 road bonds, the count being 1,184 for to 2,598 against.
2Ms), were
as
follows:
Bidder—
Premium
Allison-Williams Co., Minneapolis
with result that the measure was rejected by a count of 2,723 to 1,899.
We are advised that an effort will be made to permit the issuance of the
bonds over a 20- or 30-year period.
MARION TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Decker
ville), Mich.—BOND OFFERING—M. M. Forrester, District Secretary,
will receive sealed bids until 8 p. m, (Eastern Standard Time) on Sept. 30
for the purchase of $20,000 not to exceed 4% interest school bonds.
Dated
June I. 1938.
Denom. $500.
Due June 1, as follows: $3,500, 1939;
4,000 from 1940 to 1942, incl., and $4,500 in 1943.
Principal and interest
J. & D.) payable at the State Bank of Sandusky.
Successful bidder to
pay for printing of bonds and legal opinion.
A certified check for 2 % of the
issue, payable to the order of the District Treasurer, is required.
The
district is authorized and required by law to levy on all of its taxable property
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 13-mill levy has been voted for the five-year period 1938-1942,
-
GILBERT. Minn.—BONDS SOLD—It is reported by the Village Cleric
that the $10,000 3% semi-ann. improvement bonds approved by the voters
on Aug. 30, have been purchased by the State of Minnesota. Due
$5.ooo «-n
July 1, 1944 and 1945,
km
^
LINCOLN PARK SCHOOL DISTRICT,
MANISTEE COUNTY
■
kXWTEJA1#1 TOWNSHIP^FRACTIONAL SCHOOL DISTRICT
Np. l ANp 2 (P. O. Pontiac, R. F. D. No. 7), Mich.—BOND, SALE—
The $5,000 school bonds offered
Farmers State Bank, Osseo
.........
$80.00
70.00
—
LYON
COUNTY CONSOLIDATED SCHOOL DISTRICT NO.fl
(P. O. Lynd), Minn.-—BONDS OFFERED■—Sealed bids were received un¬
til 8 p. m. on
Sept. 24, by R. W. Nicholson, District Clerk, for the pur¬
chase of a $38,000 issue of not to exceed 2M%» semi-ann. refunding bonds.
Dated Sept. 1, 1938.
Due on Sept. 1 as follows: $2,000, 1939 to 1948,
$3,000, 1949, and $5,000, 1950 to 1952.
All bonds maturing on Sept. 1,
1949 and thereafter to be callable on and after Sept. 1, 1948.
'
NEWBURG, Minn. (P. O. Mabel, R. F. D.),—BOND OFFERING—
that sealed bids will be received until 7:30 p. m. on Oct. 10,
by W. T. Wiger, Town Clerk, for the purchase of a $25,000 issue of coupon
road and bridge bonds.
Bidders to name the rate of interest, bidding not
less than par and accrued Interest.
Dated Oct. 1,1938.
Due $2,500 from
Oct. 1, 1941 to 1950 incl.
The approving opinion of Junell, Fletcher,
Dorsey, Barker & Colman of Minneapolis, will be furnished.
A $500 certi¬
fied check, payable to the Town Clerk, must accompany the bid.
It is reported
REDWOOD COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Redwood Falls) Minn.—BOND REDEMPTION NOTICE—It is
by Parker D. Sanders, Clerk of the Board of Education, that funds
stated
MICHIGAN
(State
of)—OTHER BIDS FOR HIGHWAY BONDS—
The $58,000 highway refunding road assessment district No. 484 bonds
awarded to McDonald, Moore & Hayes, Inc. of Detroit, at 100.105 for the
bonds due in 1939 as 3s, and those maturing from 1940 to 1946 incl. as
2Ms—V. 147, p. 1810—were also bid for as follows:
Martin, Smith & Co.—$58,114.00 for 5% bonds to
May 1, 1939, and
3H% thereafter.
Shannon Kenower & Co.—$58,087.33 for 2 M % bonds
$58,065.83 for 2 M % bonds dated Nov. 1,1938.
First of Michigan Corp.—$58,245.00 for
dated Oct. 1,1938.
2%% bonds.
will be available at the First National Bank of St. Paul, on Oct. 15, for the
payment at par and accrued interest to Jan. 1, 1939, of 5% coupon school
building bonds, dated Jan. 1, 1924.
with him
or
Holders are requested to communicate
the above-named bank.
REDWOOD COUNTY INDEPENDENT SCHOOL DISTRICT NO.
31 (P. O. Lamberton) Minn.—BONDS SOLD—It is reported that $23,000
building bonds were sold recently to the Farmers & Merchants State Bank of
Lamberton, as 3s, paying a price of 101.26.
These bonds were approved
by the voters at an election held on May 31.
Braun, Bosworth & Co.—$58,053.00 for 4% bonds.
ROCHESTER
MOUNT
PLEASANT, Mich.—BONDS DEFEATED—On Sept. 13 the
voters refused to authorize an issue of
$266,500 power plant bonds.
'
N1LES CITY AND TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.
Nile#), Mich.—BOND SALE—The $65,000 coupon school bonds offered
Sept. 21—V. 147, p. 1810—were awarded to Halsey, Stuart & Co., Inc.,
as lMs. at par plus a premium of $89.70, equal to 100.138, a basis of
about 1.70%.
Dated Sept. 15, 1938 and due June 15 as follows: $13,000
from 1939 to 1943 incl.
Second high bid of 100.26 for 2s was made by
Martin, Smith & Co. of Detroit,
ROGERS CITY, Mich.—BOND OFFERING—'Theodore C. Bruning,
Village Clerk, will receive sealed bids until 7:30 p. m. (Eastern Standard
Time) on Sept. 26 for the purchase of $49,000 not to exceed 3% interest
coupon bonds, divided as follows;
$28,000 series
A general
obligation bonds, payable from unlimited ad
on all of the village's taxaole property.
Denom.
Due $5,600 on Jan. 2 from 1940 to 1944, incl.
Callable
on any interest date.
21,000 series B special assessment bonds, secured only by the assessments
levied against the special assessment district or $951,550 valuation.
Denom. $700.
Due $4,200 on Jan. 2 from 1940 to 1944, incl.
Callable on any interest date.
valorem taxes
$800.
Each issue is dated Oct. 1,1938.
Rate or rates of interest to be expressed
In multiples of M of 1%.
Principal and interest (J. & J. 2) payable at the
Presque Isle County Savings Bank, Rogers City.
A certified check for
2% of the bonds, payable to the order of the Village Treasurer, must ac¬
company eacn proposal.
Bids shall be conditioned upon the unqualified
approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit,
cost of which shall be borne by the
village.
SAULT STE. MARIE, Mich.—BOND OFFERING—R. R. Relnhart,
City Clerk, will receive sealed bids until 5 p. m. (Eastern Standard Time)
Oct. 3 for the purchase of $100,000 not to exceed 6% interest community
building bonds.
Dated Sept. 15, 1938.
Denom. $1,000.
Due $10,000
on Sept. 15 from 1939 to 1948, incl.
Interest M. & S. 15.
Rate or rates
to be expressed in multiples of M or
1%.
Bonds to be payable at place
designated by purchaser.
They will be general obligations, supported by
full faith and credit of the city.
A certified check for 2% of the bonds,
payable to the order of the City Treasurer, is required.
City will furnsh
bonds and transcript of proceedings; successful bidder to furnish legal
opinion.
on
^SCHOOLCRAFT
COUNTY
(P.
O.
Manistique),
DEFEATED—An issue of $33,000 jail construction bonds
by the voters on Sept. 13.
SEBEWAING,
Mich.—BONDS
was
turned down
Mich.—BOND
OFFERING—O. L. Manske, Village
Clerk, will receive sealed bids until 7 p. m. (Eastern Standard Time) on
Sept. 27 for the purchase of $55,000 not to exceed 4% interest general
obligation water works bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $2,000 from 1941 to 1967, incl., and $1,000 in 1968.
Rate or rates to be expressed in multiples of M of 1 %.
All bonds maturing
after Aug. 1, 1945, are redeemable at par on any interest date after that
date.
Principal and interest (F. & A.) payable at the Village Treasurer's
office.
The bonds are payable from unlimited ad valorem taxes.
A cer¬
tified check for $1,500, payable to the order of the Village Treasurer, Is
required.
Successful bidder to furnish printed bonds and approving legal
opinion of Miller, Canfield, Paddock & Stone of Detroit.
SCHOOL
DISTRICT
(P.
O.
Rochester),
Minn.—
BOND ELECTION—It is said that an election will be held on Sept. 27 in
order to vote on the proposed issuance of $400,000 in building bonds;
(We understand that these
are
Aug. 15, the offering of which
the bonds which were scheduled for sale
was
postponed.)
on
,
,
~STEPHEN INDEPENDENT SCHOOL DISTRICT (P. O. Stephen),
Minn .—BOND SALE—The $25,000 issue of
coupon semi-ann.
auditorium bonds offered for sale on Sept. 16—V. 147, p. 1667—was pur¬
chased by two local banks, paying a price of par.
Due from 1941 to 1953
incl.
No other bid was received, according to the District Clerk.
RIVER FALLS SCHOOL DISTRICT (P. O. Thief River
response to an inquiry con¬
Public Works Administration loan for school construction/the
following statement was made by Morris Bye, Superintendent of Schools:
"The report that the P ublic Works Administration has granted us a loan
of $188,000 for t an addition to our high school is true.
I doubt, however,
whether we will accept the loan because we expect to get a lower interest
rate by selling our bonds to the highes bidder.
"We are holding a bond election on Tuesday, Sept. 27, 1938, at which
time the voters will vote on the proposition of authorizing the school board
to sell $185,000 of bond3 to assist in financing the school building.
If this
election carries, as we have every indication that it will, the bonds w<U,be
sold to the highest bidder on a date to be advertised."
J
1 m-m
THIEF
Falls), Minn.—PWA LOAN APPROVED—In
cerning
a
WARREN INDEPENDENT SCHOOL DISTRICT NO. 2 (P.
O.
Warren), Minn.—BONDS DEFEATED—At an election held on Aug. 29
and gymnasium
the voters defeated the Issuance of $35,000 in auditorium
bonds.
MISSISSIPPI
B1LOXI SCHOOL DISTRICT(P.O.Biloxi),Miss.—BOND ELECTION—
It is said that an election will be held on Sept. 29 in order to vote on the
issuance of $99,848 in school construction, repair and equipment bonds._
'"'T BROOKHAVEN, Miss.—BOND SALE—The $25,000 issue of 4% semiann. land, building and public park bonds offered for sale on Sept. 20—V.
147, P. 1811—was purchased by Millsaps College of Jackson, at par,
according to the City Clerk. Dated Aug. 15, 1938. Due $1,000 from Aug.
15, 1939 to 1963 incl.
IT
-
LAUDERDALE COUNTY (P. O. Meridian;,
.
Miss.—BOND OFFERING
—In connection with the report given in our issue of Sept. 17, that bonds
would be offered for sale on Oct. 23—V. 147, p. 1811—it is now stated by
Howard Cameron, Chancery
of
Clerk, that it is the intention of the Board
Supervisors to offer for sale on Oct.
3, an issue of $140,000 court house
and jail bonds, unless taxpayers should file a petition against the issuance
of these bonds.
If this action is taken it will be necessary to call an election
on
i
the proposal.
Due July 1 (is follows: $5,000 in
1947 to 1950, $8,000 in 1951
1958. Bidders to name the rate of interest.
Payable at the County Treasurer's office. Payable as to both principal and
interest from ad valorem taxes which may be hevied without limit as to
rate or amount upon all the taxable property within the territorial limits
Dated Julv
1939 to
to
1719387"
1942f $6,000 iA
Denom. $1,000.
1943 to 1946, $7,000 in
1954, and $9,000 in 1955 to
of the county.
Volume
147
Financial
MADISON COUNTY (P. O.
Canton), Miss.—BOND OFFERING—
it is stated by A. C.
Alsworth, Chancery Clerk, that he will receive sealed
and auction bids until Oct. 4
at 1:30 p. m. for the purchase of a $75,000
issue of refunding bonds.
Denom. $1,000.
Dated May 1, 1936.
Due
&HaWs:
to 19,41
1950 • ^5,000 in 1951 to 1955, and $10,000
in 195b and 1957.
Bidders to name the rate of interest.
These bonds
ff n-R5Bill
No.
interest
Chronicle
sale, both principal and interest to be payable in semi-annual
instalments during a period of 20
years from the date of issue.
If serial
bonds are issued and sold
they will be in the amount of $500 and $100 each.
NEBRASKA
*®su®
$500,000 ordered in 1936 under authority of Senate
389, of which $350,000 have already been sold.
Principal and
payable at the county depository.
The approving opinion of
^barles & Trauernicht of St. Louis
$1,000 is required.
will be furnished.
A certified check for
SCHOOL DISTRICT NO. 1
ON SALE
Zu
the
COUNTY
O. Columbia) Miss.—BONDS SOLD— It is
reported that $10,000 2%% semi-ann. jail bonds have been
purchased by
J. G. Hickman, Inc. of
Vicksburg. Dated Aug. 1, 1938.
It is
stated
(P. O. Ponca), Neb.
by the District Secretary that
were purchased subject to
3M% semi-ann. construction bonds
'
outcome of
15 years.
m
MARION
an
election by Wachob,
Bender &
Co. of Omaha.
Due
(P.
SCOTT COUNTY
(P. O. Forest), Miss.—PWA LOAN APPROVED
by Geo. J. Taylor, Jr., Chancery Clerk, that the Public
Administration has approved a loan of $30,000 for court house construction and the Board of Supervisors has filed notice of intention to issue
—It
1959
at the time of
is stated
—BOND SALE—The two issues of bonds,
aggre¬
gating $101,750, offered for sale onSept. 20—V. 147, p. 1811—were pur¬
chased by the First Trust Co. of Lincoln as
3Ms, at par.
The issues are
divided as follows: $74,250
municipal building and $27,500 park bonds.
Dated Nov. 1,1938.
Works
$30,000 of bonds for this purpose, unless
objections
are
by
entered
tax¬
payers.
TATE
KEARNEY, Neb.—BOND
ELECTION—We understand that
tion will be held on
Sept. 30 to vote
jail and fire department bonds.
on
elec¬
an
the issuance of $55,000 in city
hall,
COUNTY
(P. O. Senatobia), Miss.—BOND OFFERING—
by M. S. Dougherty, Clerk of the Board of Supervisors, that
public auction on Oct. 3 a $60,000 issue of 4% semi-annual
County Agricultural High School and North-West Mississippi Junior
College bonds.
Due serially in 20 years.
These bonds were approved by
the voters on Aug. 30.
NEW
It is stated
he will sell at
CARTERET
SCHOOL
JERSEY
DISTRICT, N. J.—BONDS VOTED—At the
Sept. 13 election the voters authorized two school bond issues aggregating
$154,000. They will mature $4,000 in 1940, and $5,000 annually thereafter.
ENGLEWOOD, N. J .—PROPOSED BOND ISSUE—An ordinance pro¬
an issue of $205,000 construction bonds in connection with
dding for
Public Works Administration grant will be considered
MISSOURI
BONDS
HADDONFIELD
SCHOOL
on
Sept. 29.
DISTRICT,
N. J.—BOND SALE—The
$15,000 school bonds offered Sept. 20—V. 147, p. 1528—were awarded to
Burr & Co., Inc., New
York, as 3s at par plus a premium of $77.85, equal
to 100.519, a basis of about
2.88%.
Dated Sept. 1, 1938 and due Sept. 1
Markets in all State, County & Town Issues
follows:
as
$2,000 from 1939 to 1943 incl., and $1,000 from 1944 to 1948
incl.
Other bids:
Bidder—
LANDRETH
BUILDING, ST. LOUIS. MO.
HILLSDALE
MISSOURI
CALLAWAY COUNTY (P. O.
Fulton) Mo.—BOND SALE—The
$125,000 issue of court house and jail bonds offered for sale on Sept. 17—
V. 147, p. 1527—was awarded to Francis Bro. & Co. of St. Louis, as
2Ms,
paying a premium of $5.00, equal to 100.004, a basis of about 2.499%.
Dated Oct. 1, 1938. Due from Feb. 15, 1940 to 1958 incl.
CEDAR COUNTY (P. O. Stockton), Mo.—BOND OFFERING—Sealed
bids will be received by Joe E. Bacon, County Treasurer, until 2 p. m. on
Sept. 27 for the purchase of a $60,000 issue of court bouse and jail bonds.
Bidders to name the rate of interest.
Due from 1940 to 1958.
Legality
approved by Bowersock, Fizzell & Rhodes of Kansas City.
TROY, Mo.—BOND ELECTION—We understand that
an
election will
be held on Sept. 30 to vote on the issuance of $45,000 water system pur¬
chase bonds.
MONTANA
Amortization
bonds will
be the first choice and serial bonds will
choice of the council.
If amortization bonds
are
be the
sold and issued
the entire issue may be put into one single bond, or divided into several
bonds,
as
the council may detern ine upon at the time of sale, both principal
and interest to be payable in sen i-annual instaLn ents during a period of 20
years
If serial bonds are issued, the sum of $5,000
will become due and payable on the first day of July,
from the date of issue.
of said serial bonds
1939, and a like amount each year thereafter to 1948, incl., and the sum
of $6,000 will become due and payable on the first day of July, 1949, and
like amount on July
1 each year thereafter until all of such bonds
a
The bonds, whether amortization or serial bonds will be
any interest bearing date after July 1, 1945.
The bonds
will be sold for not less than their par value with accrued interest to date of
delivery and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
The council reserves the right to reject
any and all bids and to sell the bonds at private sale.
Enclose a certified
check for $1,000, payable to the City Clerk.
An issue of $120,000 refunding bonds was offered for sale on May 3, and
are
paid for.
redeemable
no
bids
on
were
received.
BOZEMAN, Mont.—BOND ELECTION—It is reported that an elec¬
tion will be held on Sept. 30 to vote on the issuance of $70,000 city hall,
and $40,000 water system
bonds.
DISTRICT NO. 1 (P. O. Great
coupon school build¬
Sept. 15—V. 147, p. 1230—was awarded to
Ferris & Hardgrove of Spokane, paying a premium of $350.00, equal to
100.205, on the bonds divided as follows: $42,500 as 2Ms, and $127,500 as
3s.
Dated Sept. 15, 1938.
Due in 20 years; optional after five years.
The only other bid received was an offer of $975.00 premium on 3s,
tendered by a syndicate headed by Kalman & Co. of St. Paul.
Prin. & int. payable at the Harris Trust & Savings Bank, Chicago.
The
bonds were issued in coupon form, denom. of $1,000 and $500, and are
offered subject to the opinion of counsel that they will be direct general
ODligations of the entire district and that all the taxable property within
the district is subject to the levy of ad valorem taxes without legal limit,
sufficient to pay principal of these bonds and the interest thereon when due.
Legality to be approved by Chapman & Cutler, of Chicago.
The bonds
were sold a^ follows:
$42,500 maturing $8,500 Sept. 15, 1939 to 1943, as
2Ms, and $127,500 maturing $8,500 Sept. 15, 1944 to 1958, as 3s, making
the net interest cost 2.962%.
CASCADE
SCHOOL
COUNTY
on
GLACIER COUNTY (P. O. Cut Bank), Mont.—BOND SALE—The
$65,000 issue of court house and jail bonds offered for sale on Sept. 16—V. 147, p. 1374—was awarded to the State Land Board, as 2%a, accord¬
ing to the Clerk of the Board of County Commissioners.
LAUREL,
Mont.—BOND
OFFER ING—Sealed
bids
will
be
received
until 7:30 p. m. on Oct. 14 by Rosella Fritz, City Clerk, for the purchase of
a
$22,000 issue of not to exceed 6% semi-annual water system bonds.
Dated Aug. 1, 1938.
Amortization bonds will be the first choice and
serial bonds will be the second choice of the Council.
are
sold
and issued
the entire issue
may
If amortization bonds
be put into one single bond
or
divided into several bonds, as the Council may determine upon at the time
of sale, both principal and interest to be payable in semi-annual instalments
during a period of 20
If serial bonds
the
sum
are
of $1,000
years
from the date of issue.
bonds will
become due and
$1,000,
payable
on
Aug. 1, 1939, and a like amount on the same day each year thereafter until
all such bonds are paid, except that the last instalment will be in the amount
of $3,000.
whether amortization or serial bonds, will be redeemable at
the option of the city at any time after 10 vears from the date.
No bid for
less than par and accrued interest.
Enclose a certified check for $2,000
The bonds,
payable to the City Clerk.
COUNTY SCHOOL DISTRICT NO.
7
(P. O.
Mont.—BOND OFFERING—Sealed bids will be received until
L. Fenton, District Clerk, for the purchase of a
$33,000 issue of not to exceed 6% semi-aim. school bonds.
Dated Nov. 1, 1938.
Amortization bonds will be the first choice and
serial bonds will be the second choice of the School Board.
If amortization
bonds are sold and issued, the entire issue may be put into one single bond
or divided into several bonds as the Board of Trustees may determine upon
YELLOWSTONE
Laurel)
7 p. m. on Oct. 15, by E.
N.
J .—BOND
OFFERING—
George M. Strohsahl, District Clerk, will receive sealed bids until 8 p. m.
on Oct. 4, for the
purchase of $120,000 2, 2 M.2 M.2M, 3, 3 M, 3 M. 3
4,
4M or 4M% coupon or registered school bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows:
$4,000 from 1940 to 1964, incl.
and $5,000 from 1965 to 1968, incl.
Principal and interest (A.-O.) payable
at the Hillsdale National Bank, Hillsdale.
The bonds are part of an
authorized issue of $132,000.
A certified check for 2% of the amount bid
for, payable to the order of the Board of Education, must accompany each
proposal.
Legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
193476-.
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P. O. Lawrenceville), N. J.—BONDS DEFEATED—The proposed issue of $220,000 school
was defeated at the Sept. 14 election, the vote being
construction bonds
216 for and 817 against.
LYNDHURST SCHOOL DISTRICT (P. O. Lyndhurst), N. J.—
BOND ELECTION—A proposal to issue $398,750 school construction bonds
will be considered
NEW
more
by the voters
on
Sept. 27.
MILFORD, N. J .—BONDS NOT SOLD—The $25,000
coupon or
than 6%.
PARSIPPANY-TROY
HILLS
TOWNSHIP
SCHOOL DISTRICT
N. J.—BONDS VOTED—W. G. Leighton, Clerk of the
bonds
(P. O. Tabor),
Board of Education, reports that an issue of $55,000 construction
carried by a vote of 144 to 53.
PEMBERTON TOWNSHIP SCHOOL DISTRICT (P. O. Pemberton),
N. J.—BONDS VOTED—At
issue of
an
an
election
on
Sept. 13 the voters authorized
$35,000 school building bonds.
±
PERTH AMBOY, N. J.—BOND SALE—The $268,000 street improve¬
ment bonds for which no bids were received on Aug. 17—V. 147, p. 1231—
sold later to B. J. Van Ingen & Co., Inc., New York, as 5s.
Dated
Aug. 1, 1938, and due Aug. 1 as follows: $25,000, 1939 to 1942, incl.;
$28,000, 1943, and $35,000 from 1944 to 1947, incl.
were
SOUTH RIVER. N. J.—BOND OFFERING— Guy Gilbert, Borough
Treasurer, will receive sealed bids until 8 p. m. (Eastern Standard Time)
on Sept. 26 for the
purchase of $15,000 not to exceed 6% interest coupon
or registered sewer bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due
$1,000 on Oct. 1 from 1939 to 1953, incl.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Principal and interest
(A. & O.) payable at the First National Bank, South River.
A certified
check for 2% of the amount of the bonds offered, payable to the order of the
Borough Treasurer, must accompany each proposal.
The approving legal
opinion of Caldwell & Raymond of New York City will be furnished the
TENAFLY,
N.
J.—FINANCIAL
STATEMENT—'The
following
is
given in connection with the proposed sale on Sept. 27 of $107,500 not to
interest sewer and incinerator bonds, described in V. 147, p.
exceed 6%
1812;
Financial Statement June 30, 1938
$308,000.00
860,000.00
Indebtedness—School bonds
Borough bonds
Bond anticipation notes
35,366.56
87,405.17
—
Improvement authorizations uncompleted.-
$1,290,771.73
Deductions—Funds
on
hand
applicable
to
$1,128,283.47
Amount of bonds to be issued
Less:
$107,500.00
Bond anticipation notes to be paid from
_
35,366.56
proceeds of bond issue
Total indebtedness giving
1937—Real
Assessed Valuations
—$11,385,620.00
property.
*
795.802.00^^^
4.52
rate.
Year—
72,133.44
$1,200,416.91
effect to this financing
Personal property...........
Tax
162,488.26
$162,488.26
above indebtedness.^
1935....
issued and sold they will be in the amount of
of said serial
15.00
DISTRICT,
successful bidder.
Falls), Mont.—BOND SALE—The $170,000 issue of
ing bonds offered for sale
SCHOOL
$27.00
registered sewer bonds offered Sept. 20—V. 147, p. 1812—were not sold.
Dated Sept. 1, 1938 and due Sept. 1 as follows:
$2,000 from 1939 to 1949,
incl. and $3,000 in 1950.
Bidder was asked to name interest rate of not
BAKER, Mont.—BOND OFFERING—Sealed bids will be received until
8:30 p. m. on Nov. 1, by L. W. Busch, City Clerk, for the purchase of an
issue of $110,000 sewerage refunding and funding bonds.
Interest rate is
not to exceed 6%, payable J. & J.
Dated Jan. 1, 1939.
Denom. $1,000.
second
Prem.
C. C. Collings & Co
M. M. Freeman & Co., Inc
SCHERCK, RICHTER COMPANY
Tax Collections
Collected
Total
Tax Levy
$475,598.06
507,648.94
555,644.36
527,831.63
551,441.17
During
Levy Year
$277,760.24
297,898.51
327,240.58
344,581.65
387,563.20
Delinquent
Close
of
Year
$197,837.82
209,750.43
228,403.78
183,249.98
163,877.97
Delinquent
June 30, '38*
None
None
$1,688.81
6,573.92
53,275.05
Exclusive of tax title liens.
Tax title liens June
30, 1938
Foreclosed property June 30, 1938
JjOVlJJJwiVvU
Estimated population A«7UG)|| 7,500.
JpVJ/UlWVlWiX
1938, # >VVO#
$164,085.75
141,860.33
TOTAWA, WEST PATERSON AND LITTLE FALLS REGIONAL
HIGH SCHOOL DISTRICT, N. 3.—BOND ELECTION—An election is
expected to be held prior to Oct. 1 on a proposal to issue $330,000 school
construction bonds.
WALLINGFORD, N. J.—CONSIDERS BOND REFUNDING—Follow¬
ing receipt of an informal proposal the State Funding Commission stated
that it would give consideration to a detailed program involving the pro¬
posed issuance by the borough of $489,000 refunding bonds, with the under¬
standing that the municipality accept a casn basis and provide for a complete
funding operation.
Financial
1960
..
Chronicle
Sept. 24, 1938
WEST WILDWOOD (P. O. Wildwood), N. J.—BOND OFFERING—
Sealed bids addressed to Herbert J. Tidd, Borough Clerk, will be received
for the purchase of $96,000 not to exceed 6% interest coupon or registered
water bonds.
Dated Nov. 1, 1938.
Denoms. $1,000 and $600.
Due
Saving Time) on Sept. 24 for the purchase of $35,000
$9,600 on Nov. 1 from 1939 to 1948, incl.
Bidder to name a single rate of
interest, expressed in multiple of X of l-10th of 1%.
Principal and in¬
terest (M. & N.) payable at the Genesee Trust Co., Batavia, with New
York exchange, or at the Chase National Bank, New York City.
Bonds
may be registered at the City Clerk's office only as to both principal and
interest, and not otherwise.
If registered, interest thereon, at request
until 8 p. m. (Daylight
exceed 6% interest coupon or registered sewer bonds.
Dated Sept. 1,
Denom. $1,000.
Due $1,000 on Sept. 1 from 1939 to 1973, incl.
Kate of interest to be expressed in a multiple of M ofl%.
The sum re¬
quired to be obtained at the sale of the bonds is $35,000.
Principal and
interest (M. & S.) payable at the Marine National Bank, Wildwood.
All
of the borough's taxable property will be subject to a levy of unlimited ad
valorem taxes in order to cover both principal and interest requirements.
A certified check for 2% of the issue, payable to the order of the borough,
not tO
1938.
each proposal.
The approving legal opinion of Hawkins.
Xongfellow of New York City will be furnished the successful
must accompany
Delafield &
registered owner, will be remitted in New York exchange.
They are
general obligations of the city, payable from unlimited taxes.
A certified
check for $200, payable to the order of the city, is required.
Approving
legal opinion of Dillon, Vandewater & Moore of New York City will be
of
furnished the unsuccessful bidder.
bidder.
f
been postponed.
BOND SALE POSTPONED—The above sale has
WESTFIELD SCHOOL DISTRICT, N. J.—BOND ELECTION—The
question of bonding the district in the amount of $504,712 to provide its
projected school building program, to be undertaken in cooperation
share of a
with the Public Works Administration,
on
will be the subject of a referendum
Sept. 29.
CROTON-ON-HUDSON, N. Y.—BOND OFFERING—Frank Finnerty,
Village Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time)
on Sept. 26 for the purchase of $44,000 3% coupon or registered water
bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $2,000 on Oct. 1 from
1939 to 1960, incl.
Principal and interest (A. & O.) payable at the Marine
Midland Trust Co., N. Y. City.
A certified check for 2% of the amount
of the bid, payable to the order of the Village Treasurer, must accompany
MEXICO
NEW
ALBUQUERQUE, N. Mex. —CORRECTION ON OFFERING—We are
informed by Iaa V. Malone, City Clerk, that the $200,000 storm
sewer bonds offered for sale without success on Sept. 13, as noted here—V.
147, P. 1812—will be reoffered on Sept. 27, not on Feb. 27, as we had
reported previously.
Dated July 1,1938.
Due from July 1,1941 to 1958.
McKlNLEY COUNTY (P. O. Gallup), N. Mex.—BOND SALE DE¬
TAILS— It is now reported by the County Treasurer that the $125,000
3% seml-ann. court house bonds purchased by the State of New Mexico,
as noted here on Sept. 10—V. 147, p. 1668—were sold at par and mature
on Oct. 1 as follows: $8,000. 1939 to 1942; $9,000,1943 and 1944; $10,000,
1945 to 1947; $11,000,1948 to 1950. and $12,000 in 1951.
NEW
Y.—BIDS REJECTED—BONDS AGAIN
OFFERED
FOR SALE—The city rejected all of the eight bids submitted for the $930,000
not to exceed 4% interest debt equalization bonds offered for sale on Sept.
22.
Lawrence J. Ehrhardt, City Comptroller, then annonced that be
would receive new sealed offers for the loan until 2 p.m. (Eastern Standard
Except for that noted below.
No other change was
made in the details of the offering, a complete report of which was given
in—V. 147, p. 1812. together with the latest report on the finances of the
city.
A number of bidders conditioned their offers upon approval of bonds
as to legality by attorneys of their own choice.
According to the new sale
notice no bid will be considered which is conditioned in any respect.
The
following is a list of the bids that were rejected:
Time) on Sept. 29.
Int. Rate
Bidder—
Rate Bid
Chase National Bank, New York; First Boston Corp.;
Harris Trust & Savings Bank, Chicago; Northern Trust
Co., Chicago; B. H. Moulton & Co. and L. F. Rothchild & Co.,
jointly-
—
2.X %
—
100.329
Lazard Freres & Co.; B. J. Van Ingen & Co.; Francis I.
duPont & Co., and Shields & Co., jointly
2X %
100.15
Lehman Bros.;
Manufacturers and Traders Trust Co.,
Buffalo; Eastman, Dillon & Co.; F. S. Moseley & Co.;
Adams, McEhtee & Co., and Paine, Webber & Co.,
jointly
—.
2X%
-
100.10
—
Phelps, Fenn & Co.; Marine Trust Co., Buffalo; Gregory
& Son; Sherwood &
Beichard, and Martin & Chambers,
100.45
—
100.20
100.068
100.188
-
AUBURN, N. Y.—PAYING AGENT—The Manufacturers Trust Co.,
York, is paying agent for $675,000 school and $180,000 refunding
bonds.
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 33 (P. O.
Center Moriches)* N, Y.—BOND ELECTION—An issue of $60,500 con¬
striction bonds will be submitted to a vote on Sept. 27.
The proceeds
would be supplemented by Public Works Administration grant.
BUFFALO, N. Y.—BOND OFFERING—W. A. Eckert, City Comptrol¬
ler, win receive sealed bids until 10 a. m. on Sept. 29 for the purchase of
$3,000,000 not to exceed 6% interest, bonds divided as follows:
$2,000,000 refunding bonds.
Due Oct. 15 as follows: $40,000 from 1939
to 1943, incl., and $120,000 from 1944 to 1958, incl.
Bidder
to name a single rate of interest, expressed in a multiple of
X or l-10th of 1%.
1,000,000 city
contribution-relief project
bonds.
Due
$100,000
on
Oct. 15 from 1939 to 1948, incl.
Bidder to name a single rate
of interest, expressed in a multiple of X or l-10th of 1%.
All of the bonds will be dated Oct. 15, 1938.
Principal and interest
(A. & O. 15) payable at the City Comptroller's office or at the Central
Hanover Bank & Trust Co., New York City, at option of the holder.
A
certified check for $60,000, payable to the order of the Comptroller, must
each proposal.
Delivery of bonds will be made
on
or
about
Oct. 15, 1938, at either the Comptroller's office or at the Central Hanover
Bank & Trust Co., 70 Broadway, New York, preferred place of delivery to
be stated In the bid.
Coupon bonds, registerable as to principal and inter¬
est, will be issued in $1,000 denoms., and, at holder's option, may be ex¬
changed for bonds in denom. of $1,000 or multiples thereof, registered as to
principal and interest.
Legal opinion of Caldwell & Raymond of New
York City will be furnished the successful bidder.
for postal savings deposits.
The bonds
are
eligible
Financial
Statement, Aug. 31, 1938
Total assessed valuation (real property and special franchises)
for year 1938-1939
$965,467,590.00
Indebtedness (excluding present offering):
Total bonds outstanding
115,768,987.41
Exempt debt—
Sinking funds (excluding water)
Resulting net debt-—
23,748,329.41
1,467,215.89
-
$90,553,442.11
-——
Unfunded debt—Total outstanding.—
$7,269,370.19
Exempt debt--
Nov. 1 from 1939 to 1949, incl.
taxes on all of the district's taxable
6,771,747.01
A certified check for $1.100,
property.
payable to the order of the Board or Education, must accompany each
proposal.
Approving legal opinion of Hawkins, Delafield & Longfellow
of New York City will be furnished the successful bidder.
GLENS FALLS, N. Y.—BONDS VOTED—At the Sept. 16
authorized a total of $166,000 bonds for fire station
disposal plant projects.
GOSHEN,
Combined vote
was
WALLKILL
CHESTER,
HAMPTONRURGH,
election the
and sewage
1,401 for and 316 against.
AND
WAWAYANDA CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Goshen),
N. Y.—BOND SALE—The $379,000 coupon or registered school bonds
offered Sept. 22—V. 147, p. 1668—-were awarded to George B. Gibbons &
Co., Inc., New York, as 2.40s, at par plus a premium of $2,565.83, equal to
100.677, a basis of about 2.34%.
Dated Sept. 1, 1938 and due March 1
as follows:
$14,000, 1941; $15,000 from 1942 to 1956 incl. and $20,000 from
1957 to 1963 incl. Bankers reoffered the bonds at prices to yield from 1.20%
to 2.40%, according to maturity.
Other bids:
Int. Rate
Bidder—
Marine Trust Co.,
Stevenson & Co
Rate Bid
R. D. White & Co., and Bacon,
-
-
Harris Trust & Savings Bank and Shields & Co
Paine, Webber & Co
——
A. C. Allyn & Co., Inc., E. H. Rollins & Sons, Inc.,
and Campbell, Phelps & Co
Kidder, Peabody & Co., Estabrook & Co. and B. J.
Van Ingen & Co., Inc.
——
Manufacturers & 'traders Trust Co, and J. & W.
Seligman & CoHalsey, Stuart & Co., Inc
-
——
2.60%
2.60%
a-
2.60%
aj.
100.396
100.327
100.32
2.70%
100.588
2.70%
100.105
2.75%
3%
100-10
100.336
—
im.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 29 (P. O.
Merrick), N. Y.—BOND OFFERING—Henry J. Mullen, District Clerk,
sealed bids until 3:30 p. m. (Eastern Standard Time) on Sept. 28
for the purchase of $152,000 not to exceed 5% interest coupon or registered
school bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as fol¬
lows; $4,000 from 1940 to 1947, incl., and $6,000 from 1948 to 1967, incl.
Bidder to name a single rate of interest, expressed in a multiple of X or
l-10th of 1 %.
Prin. and int. (A. & O .)payable at the First National Bank,
Merrick, with New York exchange.
The bonds are general obligations of
the district, payable from unlimited ad valorem taxes on all of its taxable
property.
A certified check for $3,040, payable to the order of the dis¬
trict, must accompany each proposal.
The approving legal opinion of
Dillon, Vandewater & Moore of N. Y. City will be furnished the successful
will receive
bidder.
r
100.228
jointly..2.30%
Blytb & Co.; Roosevelt & Weigold, and Eldredge & Co.,
jointly
2.40%
National City Bank, New York; Bankers Trust Co., New
York, and Goldman, Sachs & Co., jointly
2.40%
Halsey, Stuart & Co.; G. M. P. Murphy & Co.; Equitable
Securities Corp., and Morse Bros. & Co., Inc., jointly-2.40%
E. H. Rollins & Sons; A. O. Allyn & Co., and B. D.
White & Co., jointly
—2.75%
accompany
bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due $5,000 on
Bidder to name a single rate of interest,
expressed in a multiple of X or l-10th of 1%.
Principal and interest
(M. & N.) payable at the Bank of East Syracuse, or at the Chase National
Bank, N. Y. City.
The bonds are payable from unlimited ad valorem
school
voters
$3,000 from 1940 to 1948, incl., and $4,000 from 1949 to 1968, incl.
Bidder
to name a single rate of interest, expressed in a multiple of X or l-10th of
1%.
Principal and interest (A. & O.) payable at the Chase National
Bank, New York City.
The bonds are general obligations of the district,
payable from unlimited ad valorem taxes to be levied on all of its taxable
property.
A certified check for $2,000, payable to the order of R. W,
Ripley, District Treasur jr, must accompany each proposal.
The approving
legal opinion of Keed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
N.
WITT
will receive sealed bids until 3:30 p. m. (Eastern Standard Time) on Oct. 3
for the purchase of $55,000 not to exceed 6% interest coupon or registered
i
YORK
ADAMS ONION FREE SCHOOL DISTRICT NO. 3 (P. O. Adam.),
N. Y.—BOND OFFERING—Boy K. Allen, District Clerk, will receive
sealed bids until 11 a. m. (Eastern Standard Time).on Sept. 27 for the
purchase of $107,000 not to exceed 6% interest coupon or registered school
bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows:
f ALBANY,
UNION FREE SCHOOL DISTRICT NO. 5 (P. O. East
Syracuse), N. Y.—BOND OFFERING—M. Eileen Hirsh, District Clerk,
DE
now
New
The approving legal opinion of Thomson, Wood & Hoffman
City will be furnished the successful bidder.
each proposal.
of N. Y.
LEICESTER,
N. Y.—BOND OFFERING—Charles
J.
Welch," Village
Clerk, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
Sept. 28 for the purchase of $42,000 not to exceed 6% interest coupon or
registered water bonds.
Dated Sept. 1, 1938.
Denoms. $1,000 and $500.
Due Sept. 1 as follows: $1,000 from 1939 to 1974, incl., and $1,500 from
1975 to 1978, incl.
Bidder to name a single rate of interest, expressed in a
multiple of X or l-10th of 1%.
Principal and interest (M. & S.) payable
at the Genesee Valley National Bank & Trust Co., Geneseo, with New York
exchange.
The bonds are general obligations of the village, payable from
unlimited taxes.
A certified check for $840, payable to the order of the
village, must accompany each proposal.
Approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
EATON AND AUGUSTA CENTRAL SCHOOL DIS¬
$25,000 coupon
building bonds offered Sept. 19—V. 147, p. 1812—were
awarded to J. & W. Seligman & Co. of New York as 2 Ms at a price of 100.30,
a basis of about 2.72%.
Dated Sept. 1, 1938 and due $1,000 on March 1
from 1940 to 1964, incl. a,Other bids:
MADISON,
TRICT NO. 1 (P. O. Madison), N. Y.—BOND SALE—The
or
registered
Bidder—
E.H. Rollins & Sons, Inc.
Marine Trust Co. of Buffalo
R.D. White & Co..
Int. Rate
—
Roosevelt & Weigold, Inc
■**
-
—
—
———
—_
3%
3.10%
3.20%
3.40%
Rate Bid
100-30
100.577
100.34
100.40
(P. O. MayvIHe). N. Y.
—BONDS VOTED—An issue of $149,000 construction bonds was authorized
by a vote of 157 to 16 at the Sept. 12 election.
-si
MAYVILLE CENTRAL SCHOOL DISTRICT
F
MIDDLETOWN, N. Y.—BOND SALE—The $75,000 coupon or regis¬
Sept. 22—V. 147, p. 1812—were awarded to Adams,
Co., Inc., New York, as 1.75s., at par and premium of $60,
equal to 100.08, a basis of about 1.74 % .1"' Re-offered by the bankers to
yield from 0.61% to 1.90%, according to maturity.
Included In the sale
tered bonds offered
McEntee &
were:
$25,000 public welfare bonds.
Due Oct. 1 as follows: $2,000 from 1939 to
1943, incl. and $3,000 from 1944 to 1948, inclusive.
50,000 public works bonds. Due $5,000 on Oct. 1 from 1939 to 1948, incl.
Each issue is dated Oct. 1, 1938.
Other bids:
Bidder—
Int. Rate
Premium
R.D. White & Co
1.90%
$156.20
Roosevelt & Weigold. Inc
1.90%
1 -90%
135.00
134.50
Sherwood & Reichard
Middletown Savings BankNational Bank of Middletown———
2.00%
127.50
2%
2.10%
75.00
Tilney&CoHalsey, Stuart & Co
Bacon, Stevenson & Co
A. C. Allyn & Co—
2.20%
2.20%
2.25%
2.25%
150.00
147.00
165.00
157.50
2.40%
1*4.25
—-
Granbery, Marache & Lord-
C. F. Herb & Co
-
93.75
NORTH HEMPSTEAD (P. O. Manhasset), N. Y.—OFFERING OF
GARDEN CITY PARK WATER DISTRICT ISSUE—T. W. Fitzgerald,
10:30 a. m. (Eastern Standard
Sept. 27 for the purchase of $100,000 not to exceed 6% interest
Town Clerk, will receive sealed bids Until
Net unfunded debt——
„
-
—.
$497,623.18
Time)
on
registered Garden City Park Water District bonds.
Date
Sept. 15, 1938.
Denom. $1,000.
Due Sept. 15 as follows: $3,000 from
1941 to 1972, incl., and $4,000 in 1973.
Bidder to name a single rate of
interest, expressed in a multiple of X or l-10th of 1%.
Prin. and int.
(M. & S. 15) payable at the Bank of New Hyde Park, in New Hyde Park,
or at the Chase National Bank, N. Y. City.
A certified check for $2,000,
The
payable to the order of the town, must accompany each proposal.
approving legal opinion of Reed, Hoyt, Washburn & Clay of N. Y. City
will be furnished the successful bidder.
The bonds are authorized to be
coupon
Recapitulation—Grand total, all debt
Exempt debt
Sinking funds (excluding water)
$123,038,357.60
-
Net debt
BATAVI A, N.
...
30,520,076.42
1,467,215.89
$91,051,065.29
Y.—BOND OFFERING—John C. Pratt, City Treasurer,
will receive sealed bids until 3 p. m.
(Eastern Standard Time)
on
Oct. 3
or
Volume
Financial
147
issued pursuant to Article
Chronicle
119933568
15 of the Town Law of New York, for the pur¬
pose of paying the cost of constructing improvements to the water supply
system in the Garden City Park Water District.
The bonds are payable
in the first instance from a
levy upon the property in the water district,
,
levy
on
.
"
*8
F*
valuation _____
(incl. present offering but excluding
"""
bonds
$153,840,465
11,596,400
■vr
Net debt
levy the town is authorized and required by law
all the taxable property of the town such ad valorem taxes as may
bonds and the interest thereon, without limitation
»
"
Financial Statement
be necessary to pay the
as to rate or amount.
i
lotal bonded debt
but if not paid from such
to
1961
Financial Statement
(including proposed issue)
Population, 1930 Federal
-
census,
.Tax Collection Record
Uncollected at End
__
The assessed valuation of the property subject to the taxing power of
the town is $227,545,838; the total bonded debt of the town, including
the bonds described above, is $3,505,960; the population of the town accord¬
nM,
i
Uncollected at End
of Fiscal Year
$4,971,834.79
4,922,005.13
1937
ing to the most recent United States Census is 62,202: the bonded debt of
the town does not include the debt of any other subdivision having the power
to levy taxes upon any or all of the
property subject to the taxing power of
the town.
The fiscal year of the town begins on Jan. 1.
The amounts of
taxes levied by the town for the fiscal years beginning Jan. 1, 1935, 1936
and 1937 were, respectively, $3,379,899.59, $3,720,987.94 and $3,751,756.43; none of such taxes remained uncollected at the end of the respective
fiscal years.
The amount of taxes levied for the current fiscal year was
$4,183,182.50 and the amount of such taxes which have been collected is
$3,528,524.37.
10,785,287
;
95.652.
of Aug. 31, 1938
$340,010.34
289,339.12
252,344.09
Ends Dec. 31
5,459.060.01
5,220,012.03
SYRACUSE, N. Y.—TAX RATE UP—Tax
$106,905.36
135,645.98
209,054.45
1,568,794.09
rate for
1939 has been set
at $32.85
per $1,000 of assessed valuation, an increase of $4.55 over the
figure of $28.30.
The increase, according to Mayor Rolland B.
Marvin, is due principally to the institution of a 10-year fiscal policy involv¬
ing a pay-as-you-go policy in the matter of public improvements.
If
carried out by succeeding administrations, the city's funded debt should be
lowered from $38,934,353 to only $5,267,326 in 1948, the
Mayor said.
Budget for next year totals $11,660,376 as compared to $10,483,049 for
1938.
This is an increase of $1,177,327 despite the exclusion of an $800,000
item for public welfare, which will be transferred to the
Onondaga County
budget under a county-wide consolidation of relief effective Nov. 1, 1938.
current
ROTTERDAM FIRE DISTRICT NO. 2 (P. O. Schenectady), N. Y.—
BONDS DEFEATED—On Sept. 12 the voters refused to authorize an issue
of $10,000 fire station bonds.
WARRENSBURG, THURMAN, CHESTER, BOLTON, CALDWELL,
POUGHKEEPSIE,
STONEY CREEK &
Y.—BOND
N.
SALE—The' $80,000 coupon or
Sept. 19—V. 147, p. 1812—Were
awarded to Adams, McEntee & Co., Inc.. New York, as 2s, at par plus a
premium of $264, equal to 100.33, a basis of about 1.935%.
Dated Oct. 1,
1938, and due $8,000 on Oct. 1 from 1939 to 1948, incl.
Other bids:
registered
home
relief
bonds
Bidder—
2%
2.20%
2.20%
2.25%
R. D. White & Co. and Marine Trust Co., jointly..
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
A. C. Allyn & Co.,
NO. 1 (P. O. Warrensburg), N. Y.—BONDS VOTED—
Aubrey, Clerk of Board of Education, reports that an issue of
$598,000 school construction bonds carried by a vote of 725 to 219 at the
Newman
Sept. 17 election.
Premium
Int. Rate
Halsey, Stuart & Co., Inc
'
WHITE
$125.00
203.40
120.00
159.20
—The
H.
YORKTOWN (P. O. Yorktown Heights), N. Y.—BOND SALE—
Hanover Water District bonds offered Sept. 20—V.
147, p. 1813—were awarded to Roosevelt & Weigold, Inc., New York, as
3.90s, at 100.54, a basis of about 3.85%.
Dated Oct. 1, 1938 and due
$700 on June 1 from 1940 to 1970 incl. Only.other bidder was A. C. Allyn
& Co., Inc., New York, at 100.49 for 4Ms.
Premium
Int. Rate
Rollins & Sons, Inc., and A.
Inc...
*
Roosevelt & Weigold, Inc
C. Allyn & Co.,
2M%
2.90%
3%
....
........
—i
—
Marine Trust Co. and R. D. White & Co
*
$103.00
244.20
159.84
ROCHESTER, N. Y.—TO ISSUE $1,850,000 BONDS—City Comp¬
Louis D. Cartwright reports that an offering of about $1,850,000
public welfare bonds wiJ be made in the near future.
NORTH
troller
ROCKLAND,
CALLICOON,
FREMONT,
HANCOCK CENTRAL SCHOOL
DISTRICT
COLCHESTER
NO.
1
,
AND
(P. O. Roscoe),
N. Y.—BOND OFFERING—Ronald M. Albee, Disrtict Clerk, will receive
sealed bids until 3 p. m. (Eastern Standard Time) on Sept. 27 for the
purchase of $250,000 not to exceed 5% interest coupon or registered school
ouilding bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as
follows:
$8,000 from 1941 to 1945 incl., and $10,000 from 1946 to 1966
incl.
Bidder to name a single rate of interest, expressed in a multiple of
M or 1-10 of 1%.
Principal and interest (A. & O.) payable at the First
National Bank & Trust Co., Roscoe.
The bonds are payable from un¬
limited ad valorem taxes to be levied
on all of the districts' taxable property.
payable to the order of Margaret A. Griffin,
Treasurer,
must
accompany
each proposal.
Approving legal
of Reed, Hoyt, Washburn & Clay of New York City will be
A certified check for $5,000,
District
opinion
furnished the successful bidder.
The assessed valuation" of the property subject to the taxing power of
the district, according to the 1938 assessment roll, is $2,613,071, ana the
full valuation of the real property is $4,278,392.
The total bonded debt
of said district, including the bonds described above, is $250,000; the
f said district is approximately 2,500: the bonded debt
above stated does not include the debt of any other subdivision having
power to levy taxes upon any or all of the property subject to the taxing
power of the district.
M
The school year commences July 1 and ends June 30 next.
Said district
was duly organized on May 12, 1937.
The first taxes for the purposes of
said district were levied for the year commencing July 1, 1937 and ending
June 30, 1938, amounting to $31,219.57, of which $675.70 remained un¬
collected at the end of such fiscal year.
Taxes uncollected for said year
were reported to the County Treasurers by the Board of Education and
have been paid by the County Treasurers to the lreasurur of the school
district.
The amount of taxes levied for the year commencing July 1,
present population
1938, is $31,000, and collection of the same will commence Oct. 1, 1938.
Descrivtion of Dxstvict
This school
district, organized in
May, 1937, is
a
consolidation 'of 18
The district is chiefly farming, although there are some industries
such as:
Roscoe Table "Works, Wood Dye & Chemical
districts.
located
therein
Island Milk & Cream Co. have a large shipping depot at
Roscoe.
The overlapping debt is relatively small, consisting chiefly of
$15,000 Town of Rockland indebtedness; $20,000 fire district bonds.
The share of the county debt applicable is also relatively small; Sullivan
County, with an assessed valuation of $29,516,000, has a bonded deot
of but $125,500.
Approximately two-thirds of the assessed valuation is in
Sullivan County and the county has a cash surplus of over $200,000.
Approximately $900,000 of the assessed valuation is in Delaware County,
which has an assessed valuation about $38,000,000 and the bonded debt is
Plant,
Staten
approximately $1,145,000.
This being a central school district obligates the State of New York
to pay 25% of the annual debt requirements each year.
SALAMANCA, N. Y.—BONDS DEFEATED—At the Sept. 19 election
voters refused to
authorize an issue of $110,000 school bonds, vote being
417 for to 636 against.
LAKE, N. Y.—BOND SALE—The $40,000 coupon or
public works bonds offered Sept. 20—V. 147, p. 1669—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo, as 2.40s,
SARANAC
registered
premium of $40, equal to 100.10, a basis of about 2.39%.
Dated
1, 1938, and due Oct. 1 as follows: $4,000 from 1940 to 1944, incl.,
and $5,000 from 1945 to 1948, incl.
Other bids:
for
a
Oct.
Int. Rate
Bidder—
George B. Gibbons & Co., Inc
—_
___
>S her wood & Rei chard
A. C. Allyn & Co., Inc
Adams, McEntee & Co., Inc
—
-
2.90%
3%
3.20%
3Y%%
Rate Bid
100.25
100.20
100.14
100.06
SCHENECTADY, N. Y.—BOND OFFERING—William A. Wick, Direc¬
Finance, will receive sealed bids until noon (Eastern Standard Time)
Sept. 29 for the purchase of all of the following described bonds, aggre¬
gating $740,000:
tor of
on
$200,000 general municipal bonds, series A.
Due $20,000 on Sept. 1 from
1939 to 1948 inclusive.
•
180,000 general municipal bonds, series B.
Due $18,000 on Sept. 1 from
1939 to 1948 inclusive.
360,000
debt equalization bonds.
Due Sept. 1 as follows: $15,000, 1944;
$35,000, 1945; $50,000 in 1946 and 1947; $60,000, 1948; $75,000
in 1949 and 1950.
of the
bonds
are
Bank, New York City.
dated
$50,000 street improvement bonds as 4Ms.
Due on Sept. 15 as follows:
$2,000 from 1941 to 1944 and $3,000 in 1945 to 1958.
i
40,000 municipal building bonds, of which $32,000 are 4Ms maturing on
Sept. 15: $1,000 in 1940 to 1945 and $2,000 in 1946 to 1958: the
remaining $8,000 as 4s, maturing on Sept. 15, $2,000 from 1959 to
1962, inclusive.
M
110,000 water and sewer bonds, of which $75,000 are 4Ms, maturing on
Sept. 15: $2,000 from 1941 to 1945 and $5,000 from 1946 to 1958;
the remaining $35,000 as 4s, due $5,000 from Sept. 15, 1959 to
1965, inclusive.
:
.5? » |u*.
«*.-.*
«
* »
>
► »• ».. >
totf
Acting in conjunction with the above firm in the submission of the bid,
was the only one received, was Lewis & Hall, Inc., of Greensboro;
Dickson & Co. of Charlotte; Vance, Young & Hardin, Inc., and the
Wm. B. Greene Co., both of Winston-Salem.
which
R. S.
Sept.
1,
1938.
(P. O. Asheville), N. C.—BOND TENDERS
RECEIVED—In connection with the call for tenders of bonds up to Sept.
14, noted here on Sept. 3—V. 147, p. 1529—it is stated by Curtis Bynum,
Secretary of the Sinking Fund Commission, that the following bonds were
purchased by the sinking funds:
$106,000 Buncombe County refunding bonds, dated July 1, 1936, at 34.54.
88,527 City of Asheville gen. refunding bonds, dated July 1, 1936, at
33.52.
15,038 City of Asheville
water refunding bonds,
dated July 1, 1936,
at 59.04.
^
,
18,000 Asheville Local Tax School District refunding bonds, dated
July 1, 1936, at 34.00.
'
1,000 Johnson Special School Tax District refunding bonds, dated
July 1, 1936, at 64.00.
10,000 Valley Springs Special School Taxing District refunding bonds,
dated July 1, 1936, at 48.50.
1,000 Weaverville
Public School District refunding bonds, dated
July 1, 1936, at 60.00.
2,000 Beaveildam Water and Sewer District refunding bonds, dated
July lj(l936, at. 29.50.
2,000 Fairview Sanitary Sewer District refunding bonds, dated July 1,
1936, at 49.90.
'
1,000 Skyland Sanitary Sewer District refunding bonds, dated July 1,
1936, at 29.50.
1,000 Swannanoa Water and Sewer District frefunding bonds, dated
July 1, 1936, at 30.50.
17,000 Woodfin Sanitary Water and Sewer District refunding bonds,
dated July 1, 1936, at 54.00.
.
,
^
,
J
j
,
,
„
,
,
„
J
,
,
______
CHARLOTTE, N. C.—BONDS VOTED—At an election held on Sept. 13
approved the issuance of the $350,000 in hospi¬
the voters are said to have
tal bonds to be used in connection with
by a large margin.
•./
•
Public Works Administration funds,
*d
>
•**
-
FARMVILLE, N. C.—BOND SALE—'The two issues of bonds, aggre¬
gating $99,000, offered for sale oh Sept. 20—V. 147, p. 1813—were awarded
to the Bank of Farmville as 4s, paying a premium of $49.50, equal to 100.05,
a basis of about 3-99%.
The issues are as follows:
$54,000 electric light system bonds.
Due from April 1,1941 to 1958,
45,000 water and_sewer bonds.
Due from April 1, 1941 to 1958,
The following is an
$54,000 Electric
Eigh t System
Bidder—
Wm.
Incl.
incl.
,
official list of the bidsreceived
B. Greene Co., Guaranty
(First $42,000, 4M%
Vance,(Balance,
4%
Young & Hardin,.
[
$54,006.26
Bank of Farmville.
4%
$54,027.00
R. S. Dickson & Co. and
(First $34,000, 4 M%
Lewis & Hall, Inc
(Balance,
4%
Bank & Tr. Co., and
1
$.54,000.00
$45,000 Water
and Sewer
4M%
4%
$45,006.26
4%
$45,022.50
First $30,000, 4M%
Balance,
4 %A
$45,006.50
First $36,000,
Balance,
GUILFORD COUNTY (P. O. Greensboro), N. C.—B0ND0FFER7alI
—We are informed by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, that he will receive sealed bids until 11 a. in. (Eastern
Standard Time) on Sept. 27 at his office in Raleigh for the purchase of a
$200 000 issue of not to exceed 6% semi-annual coupon road and bridge
refunding bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as
follows: $6,000 in 1943 to 1947, $8,000 in 1948 to 1952, $12,000 in 1953 to
1957 and $14,000 in 1958 to 1962.
Bidders are requested to name the
interest rate or rates in multiples of M 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 n ay nan e n ore than two rates, and each bidder
specify in his bid the amount of bonds of each rate.
The bonds will
fcd, the bidder offering to purchase the bonds at the 19west interest
the county, such cost to be determined by deducting the total
amount of the pre l.ium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par
and accrued interest will be entertained.
Principal and interest payable
in lawful money in N. Y. City.
The bonds are registerable as to principal
only.
General obligations; unlimited tax.
Delivery at place of purchaser s
choice.
The approving opinion of Reed, Hoyt, Washburn & Clay of New
York will be furnished.
Enclose a certified check for $4,000, payable to
must
Denom. $1,000.
Coupon
bonds, registerable as to both principal and interest.
Bidder to name a
single rate of interest, expressed in a multiple of M or 1-1 Oth of 1 %.
Prin¬
cipal and interest (M. & S.) payable at the Chase National Bank, New York
City.
All of che bonds are payable from unlimited ad valorem taxes on
all of the city's taxable property.
A certified check for $14,800, payable
to the order of the city, is required.
Legal opinion of Reed, Hoyt, Wash¬
burn & Clay of New York City will be furnished the successful bidder.
Bonds will be delivered on or about Oct. 14, 1938, at the Chase National
AH
CAROLINA
ASHEBORO, N. C.—BOND SALE—The three issues of coupon or
registered bonds aggregating $200,000, offered for sale on Sept. 20—V. 147,
p. 1813—were awarded to the Wachovia Bank & Trust Co. of WinstonSalem and associates at a price of par, giving a net interest cost of about
4.16% on the bonds, as follows:
BUNCOMBE COUNTY
Financial Statement
:
absorbed by
The $21,700 coupon
premium of $206.46, equal to 100.27, a basis of about 2.72%.
Dated
Oct. 1, 1938, and due Dec. 1 as follows: $3,000 from 1939 to 1944, incl.,
and $4,000 from 1945 to 1958, incl.
Other bids:
Bidder—
the only bidder for the $300,000 series of
was
nouncing the offering the city stated that the loan would be
the sinking fund j
RIDGEWAY AND SHELBY UNION FREE SCHOOL DISTRICT
NO. 12 (P. O. Medina), N. Y.—BOND SALE—The $74,000 coupon or
registered school bonds offered Sept. 19—V. 147, p. 1813—were awraded
to the Manufacturers & Traders Trust Co., Buffalo, as 2 Ms, at par plus a
E.
City Sinking Fund
1938 debt equalization bonds offered Sept. 20, taking the issue as 2Ms, at
Dated Sept. 1, 1939 and due Sept. 1 as follows:
$25,000 in 1944
and 1945; $80,000 from 1946 to 1948 incl. and $10,000 in 1949.
Legality
approved by Dillon, Vandewater & Moore of New York City.
In an¬
230.40
2.40%
|
PLAINS, N. Y .—BONDS PURCHASED BY SINKING FUND
par.
Inc. and E. H. Rollins & Sons,
Inc., jointly
JOHNSBU&G CENTRAL SCHOOlI
DISTRICT
offered
be awarded
cost
the
to
State
Treasurer.
_
1962
Financial
LUMBERTON, N. C.—NOTES SOLD—A $7,000 issue
of notes was pur¬
chased recently by Kirchofre & Arnold of Raleigh at 2%, it is reported.
NEWTON, N. C.—BONI) OFFERING—Sealed bids will be
received by
W. E. Easterling, Secretary of the Local Government Commission, at his
office in Raleigh, until 11 a. m
(Eastern Standard Time), on Sept. 27, for
the purchase of an issue of $115,000 coupon water and sewer bonds. Interest
rate is not to exceed 6%, payable M. & S.
Dated Sept. 1, 1938. Denom.
$1,000. Due Sept, 1, as follows:
1959, and $5,000 in I960 to 1968.
$3,000 in 1940 to 1949, $4,000 in 1950
Bidders
requested to
are
name
to
the interest
rate or rates in
of the bonds
multiples of 14. of 1 %. Each bid may name one rate for part
(having the earliest maturities) and another rate for the balance,
but no bid may name more than two rates,
in his bid the amount of bonds of each rate.
and each
bidder must specify
The bonds will be awarded to
the bidder
offering to purchase the bonds at the lowest interest cost to the
such cost to be determined by deducting the total amount of the
premium bid from the aggregate amount of interest upon all of the bonds
until their respective maturities.
No bid of less than par and accrued int.
will be entertained.
Prin. & int. payable in lawful money in New York
City. The bonds are registerable as to principal alone. General obligations;
unlimited tax.
Delivery on or about Oct. 7 at place of purchaser's choice.
The approving opinion of J. L. Morehead, of Durham, and Caldwell &
Raymond, of New York, will be furnished.
Enclose a certified check for
town,
$2,300, payable to the State Treasurer.
NORTH CAROLINA (Stare of)—BOND OFFERING—Sealed bids will
be received until noon (Eastern Standard Time), on Sept. 27, by Chas. M.
Johnson, State Treasurer, for the purchase of a $4,620,000 issue of coupon
permanent improvement bonds.
Interest rate is not to exceed 4%, paya¬
ble J. & J.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows: $270,000
in 1940, $200,000 in 1941 to 1943, $300,000 in
1946, $1,250,000 in 1948 and $1,200,000 in
1944, $500,000 in 1945 and
1949.
Bidders are requested
to name the interest rate or rates in multiples of
M of 1%,
Each bid
Chronicle
Sept. 24, 1938
$150,000 water works extension bonds.
Interest rate is not to exceed 3 M %
payable A. & O.
Due on April 1 as follows: $10,000, 1941 to
1943, and $12,000, 1944 to 1953.
A certified check for 2% of
the bid, payable to J. E. McFadden, President of the Board of
City Commissioners, is required.
27,000 park district bonds.
Interest rate is not to exceed 4%, payable
,
A. & O.
Due on Oct. 1 as follows: $2,000, 1941 to 1952, and
$3,000 in 1953.
A certified check for 2% of the bid, payable to
M. B. Rudd, President of the Board of Park Commissioners,
is required.
Denom. $1,000.
No bid for less than par and accrued interest will be
are being offered subject to the election to be
considered.
These bonds
held on Sept. 27.
LANGDON CITY SPECIAL SCHOOL DISTRICT (P. O. Langdon),
N. Dak.—BOND SALE—The $25,000 issue of improvement bonds offered
for sale
of
on Sept. 19—V. 147, p. 1669—was awarded to E. J. Prescott & Co.
Minneapolis, according to the District Clerk.
Due from 1940 to 1958;
on and after Jan. 1, 1945.
redeemable
LEONARD SCHOOL DISTRICT NO. 9 (P. O. Leonard), N. Dak.—
BOND SALE—The $28,000 issue of school bonds offered for sale on Sept. 10
—V.
147,
1530—was purchased by the State Workmens' Compensation
Dated Oct. 1, 1938.
Due from
p.
Bureau, according to the District Clerk.
Oct. 1, 1941 to 1958.
NORTH
DAKOTA, State of—CERTIFICATE SALE— The $200,000
issue
of State certificates of indebtedness offered for sale on Sept. 19—
V. 147, p. 1669—was purchased by the Bank of North Dakota of Bismarck,
according to the Secretary of the State Industrial
Sept. 19, 1938.
Due on Sept. 19, 1939.
Commission.
Dated
may
for part of the bonds (having the earliset maturities) and an¬
other 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.
name one rate
OHIO
The bonds will be awarded to the bidder
offering to purchase the bonds at
by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
No bid
MUNICIPALS
the lowest interest cost to the State, such cost to be determined
MITCHELL, HERRICK & CO.
of less than par and accrued interest will be entertained.
Principal and
interest payable at the State Treasurer's office or in New York
City.
Gen¬
700 CUYAHOGA
eral obligations; the full faith and credit of the State are pledged to the
pay¬
ment of the principal and interest of the bonds.
The bonds are registerable as to principal alone and as to both principal and interest.
The
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMIUS
SPRINGFIELD
ap¬
proving opinion of Masslich & Mitchell of New York will be furnished.
Bids are required on forms to be furnished by the above Treasurer.
Deliv¬
ery On or about Oct. 10, at place of purchaser's choice.
Enclose a certified
check for 2% of the par value of bonds bid for, payable to the State Treas¬
OHIO
BROOKLYN
urer
RALEIGH, N. C.—BONDS VOTED—At the election
the voters approved the issuance of the $385,000 in water
a count of 1,272 to 388,
according to the City Clerk.
o£$117,000 improvement bonds will be considered by the
held
on Sept. 14
supply bonds by
N. C.—NOTE OFFERING— Sealed bids will be received
(Eastern Standard Time) on Sept. 27 by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of $50,000 bond anticipation notes.
Interest rate is
1.1
m.
a.
to exceed 6%.
Denom. to suit purchaser.
Dated Sept. 27, 1938.
Due on Oct. 27, 1938.
Payable at place of purchaser's choice.
The
approving opinion of Reed, Hoyt, Washburn & Clay of New York will
be furnished.
A certified check for $250, payable to the State
Treasurer,
must accompany the bid.
not
BOND OFFERING—Sealed bids will be received until 11 a. m.
(Eastern
Standard Time) on Oct. 4 by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of two
issues of not to exceed 6% semi-annual coupon bonds
aggregating $555,000,
divided as follows:
$170,000 refunding bonds.
Due on Oct. 1 as follows:
$5,000, 1946 and
H
1947; $15,000, 1948 to 1953; $20,000, 1954 and 1955, and $30,000
in 1956.
,
385,000 water bonds.
Due on Oct. 1 as follows:
$6,000, 1941 to 1943;
$8,000, 1944 to 1946; $10,000, 1947 to 1949; $13,000, 1950, and
$15,000, 1951 to 1970.
Dated Oct. 1, 1938.
Denom. $1,000.
A separate bid for each issue
(not less than par and accured interest) is required.
Bidders are requested
to name the interest rate or rates in
multiples of 14 of 1%; each bid may
name one rate for part of the bonds of either issue
(having the earliest
maturities) and another rate for the balance, but no bid may name more
than two rates for either issue, and each bidder must
specify in his bid the
amount of bonds of each rate.
The bonds will be awarded to the bidder
offering to purchase the bonds at the lowest interest cost to the city, such
cost to be determined by deducting the total amount of the
premium bid
from
the aggregate amount of interest upon all of the bonds until their
respective maturities.
Prin. and int. payable in lawful money in New York.
RAMSEUR, N. C.—NOTES SOLD—It is reported that $4,000
anticipation notes
were
revenue
sold recently to the Bank of Coleridge at 6%.
R. S. Dickson & Co., of Charlotte; Kirchofer & Arnold, of
Raleigh; Lewis &
Hall, of Greensboro; Scott, Horner & Mason, of Lynchburg; Vance, Young
& Hardin, Inc., of Winston-Salem, and the Southern
Investment Co., of
Charlotte, at par, a net interest cost of about 3.72%, on the bonds divided
as follows:
$267,000 as 3 Ms, maturing on Sept. 1; $9,000 from 1940 to 1943;
$11,000, 1944; $12,000, 1945; $13,000, 1946 to 1948; $14,000, 1949; $15,000,
1950 and 1951; $16,000, 1952 and 1953; $17,000,
1954; $18,000, 1955;
$19,000,1956 and 1957, and $20,000 in 1958; the remaining $20,000 as 3 Ms,
maturing Sept. 1, 1959.
WARREN COUNTY (P. O.
Warrenton), N. C.—NOTES SOLD—
are informed by W. E.
Easterling, Secretary of the Local Government
Commission, that $7,000 revenue anticipation notes were awarded on
Sept. 20 to the Bank of Clayton at 6%, paying a premium of $140.25.
We
WHITEVILLE, N. C.—BOND SALE—The
on
three issues of bonds aggre¬
Sept. 20—V. 147,
p. 1814—were awarded
Whiteville as 4s, paying a premium
basis of about 3.90%.
The issues are
to the Waccamaw Bank & Trust Co. of
of
$399.85, equal to 100.656,
divided
follows:
as
a
$34,000 street improvement bonds.
Due from Sept. 1,1941 to 1949.
10,000 water works extension bonds.
Due $1,000 from Sept. 1, 1941
to
1950 inclusive.
16,000 public improvement
1956, inclusive.
bonds.
Due $1,000
from
Sept.
1,
1941
$10,000
$16,000
Street
Water Works
Public
Extension
a$10,058.80
Improvement
a$16,141.l3
al0,005.00
cl6,005.00
Improvement
any Bank & Trust Co.
R. S. Dickson & Co__.___
—
a4%.
b4M%.
.
a,34,005.00
COLUMBIA
TOWNSHIP SCHOOL DISTRICT (P. O. Columbia.
Ohio—BOND SALE—The issue of $60,000 school addition
Sept. 15—V. 147, p. 1531—was awarded to the State
Teachers' Retirement System, as 3s, at par plus a premium of
$575, equal
to 100.95, a basis of about 2.90%.
Dated Sept. 15, 1938.
Due $1,500 on
April 15 and Oct. 15 from 1940 to 1959, inclusive.
Other bids:
Station),
bonds
offered
Bidder—
4-w} >4
4 '4
!
j
' '
<
-
Int. Rate
Lorain County Savings & Trust Co__
Premium
3M %
Middendorf & Co—
3%%
CUYAHOGA
HEIGHTS
CUYAHOGA
COUNTY 7(P.
SCHOOL
DISTRICT
(P.
O.,
$210.00
F. D.
South Park), Ohio—BOND SALE—The $20,000 school bonds offered
Aug. 22—V. 147, p. 1078—were awarded to Fox, Einhorn & Co., Inc.,
Cincinnati, as 2Ms at 100.92, a basis of about 2.64%.
Dated Sept. 15,
1938, and due annually on Dec. 1 from 1940 to 1964 incl.
O.
Cleveland),
R.
Ohio—BOND SALE—
The $6,120,000 refunding bonds offered Sept. 22—V. 147,
p. 1531, 1814—
were awarded to a syndicate
representing consolidation of two bidding
groups, headed Jointly by Field, Richards & Shepard, Inc. of Cleveland,
and A. C. Allyn & Co., Inc., Chicago.
Successful bid was
par plus a prem¬
$1,013, equal to 100.016, for the $285,000 issue as 3Ms and the other
$5,835,000 bonds as 3Ms, or a net interest cost of about 3.736%.
Other
ium of
members of the banking group are Stifel, Nicolaus & Co.,
St. Louis; Fox,
Co., Inc., Cincinnati; First Cleveland Corp., Cleveland; Banco
Co., Columbus: E. H. Rollins & Sons, Inc., New York;
Kelley, Richardson & Co., Chicago; Schlater, Noyes & Gardner, Inc.,
and C. F. Childs & Co., both of New York; Seasongood &
Mayer, Walter,
Woody & Heimerdinger, Nelson Browning & Co., Charles A. Hinsch & Co.,
Inc. and Magnus & Co., all of Cincinnati; R. D. White & Co., J. N.
Hynson
& Co. and Sherwood & Reichard, all of New York: Middendorf &
Co.,
Cincinnati; H. C. Speer & Sons Co., Chicago, and Edward Lowber Stokes
& Co., Philadelphia.
The sale included the following issues;
$760,000 refunding bonds.
Due $38,000 on April 1 and Oct. 1 from 1940
to 1949 incl.
They are issued to refund certain general bonds
originally issued within a then existing 15-mill limitation, but
issued prior to Jan. 1, 1931.
1,600,000 refunding bonds.
Due $80,000 April 1 and Oct. 1 from 1940 to
1949 incl.
They are issued to refund various obligations origin¬
ally issued with a then existing 15-mill limitation, but issued prior
to Jan. 1, 1931.
285,000 refunding bonds.
Due as follows: $17,000 April 1 and $16,000
Oct. 1, 1940 to 1942 incl.; $16,000 April 1 and Oct. 1, 1943;
$16,000 April 1 and $15,000 Oct. 1, 1944; and $15,000 April 1
and Oct. 1 from 1945 to 1948 incl.
They are issued to refund
Ohio
Securities
certain
Oct. 1,
callable bonds
1938, and
are
which
have
been called
for
payment
b34,000.00
blO,000.00
bl6,067.60
c4% for first $10,000; 4M% for balance.
on
payable from taxes levied outside the 15-
mill limitation.
735,000 refunding bonds.
Due as follows: $42,000 April 1 and Oct. 1
!
from 1940 to 1942 incl.; $41,000 April 1 and Oct. 1, 1943; $41,000
■ij
to
$34,000
Bidder—
CLEVELAND
HEIGHTS,
Ohio—BOND CALL—H.
M.
Kimpel;
Director of Finance, has called for payment on Oct.
1, 1938, at par, the
following 6% refunding bonds, dated Dec. 1, 1933:
First issue, 1933,
Nos.
7972
to 7995, totaling $18,000; second issue, 1933, Nos. 8164 to
8415, aggregating $213,000.
These bonds will be retired from the proceeds of the recent sale of
$231.000
refunding bonds to Johnson, Kase & Co. of Cleveland, as 1Mb, at 100.63*
a basis of about 1.59%—V. 147,
p. 1814.
IttU .ill April 1 and $40,000 Oct. 1, 1944; and $40,000 April 1 and
The following is a complete list of the bids
received:
Waccamaw Bk. & Tr. Co_._-._
a$34,199.92
Wm. B. Greene Co. and Guar-
SCHOOL DISTRICT, Ohio—BOND ELECTION
Sept. 30 the voters will be asked to authorize an issue of $345,000
Einhorn &
UNIVERSITY OF NORTH CAROLINA—BOND SALE—The
$287,000
issue of dining hall and dormitory
building revenue bonds offered for sale
on Sept. 21—V.
147, p. 1814—was awarded to a syndicate composed of
gating $60,000, offered for sale
voters on Sept. 30.
CHAGRIN FALLS
—On
construction bonds in connection with Public Works Administration
grant
VRALEIGH,
until
(P. O. Cleveland), Ohio—BOND ELECTION—An issue
Oct. 1
from 1945 to
1948 incl.
They are issued to refund certain call¬
able bonds which have been called for payment on Oct. 1, 1938,
and are payable from taxes levied inside the 15-mill limitation.
2,740,000 refunding bonds.
Due as follows: $153,000 April 1 and Oct. 1,
1940 and 1941; $152,000 April 1 and Oct. 1 from 1942 to 1948
incl.
They are issued to refund certain callable bonds which
have been called for payment on Oct. 1, 1938, and are payable
F
from taxes levied inside the 15-mill limitaion.
All of the bonds will be dated Oct. 1, 1938.
DAYTON,
Ohio—PROPOSED BOND ISSUE—City Council passed
authorizing an issue of $355,000 3% fire department bonds.
1, 1939.
Denom. $1,000.
Due Dec. 1, as follows:
$35,000
1940 to 1944, incl. and $36,000 from 1945 to 1949, inclusive.
legislation
NORTH
DAKOTA
Dated June
from
W
AMENIA, N. Dak,—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Sept. 26, by Evelyn
Nesvig, Village Clerk, at the County
Auditor s office in Fargo, for the purchase of a
$2,000 issue of general obli¬
gation bonds.
Denom. $200.
Due $200 from Nov. 1,1940 to 1949 incl.
A
certified check for not less than 2 % of the bid is
required.
BLAINE SCHOOL DISTRICT NO. 38 (P. O.
Bottineau), N. Dak.—
CERTIFICATES SOLD—Of the $4,000 certificates of indebtedness offered
for sale on Sept. 15—V. 147, p. 1814—a block of
$2,000 was sold to two local
investors, according to the District Clerk.
GRAND FORKS, N. Dak.—BOND OFFERING—It is stated
by Chas.
J. Evanson, City Clerk, that he will receive sealed and oral bids until
Oct. 3, at 3 P. m., for the purchase of the
following bonds aggregating
$177,000:
DOVER
(P.
O.
Dover
Center),
Ohio—BOND SALE—The $43,670
Johnson,
bonds offered Aug. 18—V. 147, p. 781—were awarded as 4Ms to
Kase & Co. of Cleveland. Included in the sale were:
$26,670 refunding bonds.
Due Oct. 1 as follows: $1,670, 1941; $2,500 from
1942 to 1945 incl. and $3,000 from 1946 to 1950 incl.
17,000 refunding bonds.
Due Oct. 1 as follows: $1,500, 1941 and 1942;
$2,000, 1943; $1,500, 1944; $2,000, 1945; $1,500, 1946 and 1947;
$2,000, 1948; $1,500 in 1949, and $2,000 in 1950.
EAST PALESTINE, Ohio—CORRECTION—In V. 147, p. 1815, we
reported that call had been issued for redemption on Oct. 1, 1938 of four
issues of refunding bonds.
We now learn that only two of the isuses have
been called, these being in the amounts of $3,600 and $42,443.41,
tively.
.
respec¬
Volume
147
Financial
Chronicle
FINNEYTOWN RURAL SCHOOL DISTRICT
(P. O. Cincinnati),
Ohio-—bond election-—On Sept. 27 the voters will be asked to author¬
ize
70,40? storm sewer bonds.
Bidders are
garfie:ld
heights
school
Due $5,000,1941 to 1953, and $5,400 in 1954
to name the rate of interest.
issue of $30,000 school bonds.
an
1963
bid
is
required.
(These
district, Ohio—bond elecauthorize an issue of
noted
as
J*ON—Dn Sept. 27 the voters will be asked to
$220,000 high school addition construction bonds.
>-
-t
.
A certified check for 2% of the
.
bonds that were previously scheduled for sale on Sept. 20,
issue of Sept. 17—V. 147, p. 1815.)
are the
in
our
AVANT, Okla.—bond sale—$22,000 issue of coupon high school
building bonds offered for sale on Sept. 14—V. 147, p. 1816—was awarded
J1*?®, Taylor-Stuart Co. of Oklahoma City, paying par for the bonds
divided as follows: $6,000 as
4s, maturing $2,000 from Sept. 1, 1943 to
1945; the remaining $16,000 as 4Ms, maturing $2,000 from Sept. 1, 1946 to
1953, giving a basis of 4.209%.
.
GIRARD, Ohio—note sale— The $46,000 property owners' portion
street
improvement
notes offered
Sept. 19—V. 147, p. 1531—were awarded
Columbus, the only bidder, as 3s, at par
premium of $46, equal to 100.10, a basis of about 2.94%.
Dated
Aug. 1, 1938, and due July 1, 1940.
to the BancOhio Securities Oo. of
and
CHEROKEE, Okla.—bond sale—The $73,200 issue of coupon
electric plant bonds offered for sale on Sept. 13—V. 147,
p. 1670—was
purchased by the Alfalfa County National Bank of Cherokee, paying par
HOWARD RURAL SCHOOL DISTRICT,
Ohio—bond sale—
$46,750 school building bonds offered Sept. 14—Y. 147, p. 1377—
awarded to the State Teachers' Retirement
System, Columbus, as
3s, at par plus a premium of $465, equal to 100.99, a basis of about 2.90%.
Dated Sept. 15, 1938, and due semi-annually on
April 1 and Oct. 1 from
1940 to 1963, incl.
Second high bid of 100.36 for 3Ms was made by
Saunders, Stiver & Co, of Cleveland.
The
were
for bonds
SCHOOL DISTIRCT
(P. O. Lawton), Okla.—bond
offering—Sealed bids will be received until 8 p. m. on Sept. 27 by J.
Kuntz, District Secretary, for the purchase of an issue of, $132,000 high
school building bonds.
Bidders to name the rate of interest.
Due as
follows:
$10,000, 1941 to 1952, and $12,000 in 1953.
These bonds were
approved by the voters at an election held on Sept. 13.
JEFFERSON RURAL SCHOOL DISTRICT (P. O. Adams Mills),
Ohio—bond election—On Sept. 27 the voters will reconsider the
proposed issue of $45,000 high scnool addition bonds that was rejected at
the Aug. 9 primary election.
KENT,
Ohio—bonds sold—An issue of $23,000 fire
was sold to the Sinking Fund Trustees.!
LAMONT SCHOOL DISTRICT
(P. O. Lament), Okla.—bond
offering—It is reported that sealed bids will be received until 2 p. m.
department
on_Sept. 26, by J. B. Cowen, Jr., District Clerk, for the purchase of a
$22,000 issue of school bonds.
Bidders to name the rate of interest.
Due $1,500 from 1941 to 1954, and $1,000 in 1955.
A certified check for
2% of the bid is required.
equipment bonds
MANSFIELD SCHOOL DISTRICT, Ohio—bonds voted—John H.
Bristor, Clerk of the Board of Education, reports that an issue of $550,000
improvement bonds was approved by a vote of 6,816 to 3,138 at the Sept. 20
McALESTER, Okla.—bond sale—An issue of coupon water and
bonds offered for sale on Sept. 12, was awarded to R. J. Edwards,
Inc., of Oklahoma City, as 3s at par, according to the City Clerk.
The
only other bid was submitted by C. Edgar Honnold of Oklahoma City. A
election.
sewer
MAUMEE.
Ohio—bond election—On Sept. 27 the voters will be
asked to authorize an issue of $65,000 water system bonds.
^
bearing 2.72% interest.
MUSKOGEE
MEAD TOWNSHIP SCHOOL DISTRICT (P. O. Shadyside), Ohio—
SCHOOL
DISTRICT
(P.
O.
Okla.—
Muskogee),
bond election—An issue of $40,000 construction bonds will be sub¬
mitted to the voters on Sept. 30.
mA
bond offering—Sealed bids will be received until 8 p. m. on Oct. 3
by the Clerk of the Board of Education for the purchase of a $275,000
issue of building bonds.
Due in 25 years.
These bonds were approved
MILLERSBURG-HARDY EXEMPTED SCHOOL DISTRICT (P. O.
Millergburg), Ohio—bono sale—The issue of $21,000 building bonds
by the voters at
plus
a
1950 incl.
Int. Bate
BancOhio Securities Co
State Teachers' Retirement System.__
Saunders, Stiver & Co
Prudden & Co
3%
3%
3M%
3M%
3M %
Ryan, Sutherland & Co
Premium
:
'
'
J
'
•
1
NEW LEXINGTON,
Ohio—bonds voted—An issue of $36,000
swimming pool construction bonds was authorized by the voters on Aug. 30.
REPUBLIC, Ohio—bond election—On Sept. 27 the voters will be
asked to authorize
an
issue of $15,000 4% water works system bonds.
RICHFIELD SCHOOL DISTRICT (P. O. West Richfield), Ohio—
State Teachers' Retirement System was awarded on
Sept. 16 an issue of $40,000 school addition bonds as 3 Ms, at a price of
100.12.
Second high bid of 100.96 for 3Ms was made by Nelson, Browning
bond sale—The
Due $700 from 1941 to 1950
incl.
$231.00
128.00
79.33
55.00
29.40
65,500 electric light and
bonds.
Due
as
power
system extension, improvement and repair
$6,500 from 1941 to 1949, and $7,000
follows:
in 1950.
2,000 fire equipment bonds.
Due $200 from 1941 to 1950 incl.
Interest rate to be stated by the bidder, at not less than par and accrued
A certified check for 2 % of the amount of the bid for each issue is
interest.
required. These bonds
were
approved by the voters on Sept. 13.
STILLWATER, Okla.—bonds offered—It is reported that sealed
bids were received until 2 p. m. on Sept. 20, by H. J. Nester, Commissioner
of Revenue and Accounts, for the purchase of various issues of civic im¬
provement bonds aggregating $192,500.
the project.
'
Due $1,500 from
1941 to 1950 incl.
1940 to 1954 incl. and $5,000 from 1955 to 1964 incl.
Public Works Ad¬
ministration will furnish a grant of approximately $115,000 toward cost of
•
Sept. 15.
7,000 park improvement and repair bonds.
MONTPELIER EXEMPTED SCHOOL DISTRICT, Ohio—to ex¬
change notes fob bonds—We are advised that tne $140,000 2 h %
notes sold to the BancOhio Securities Co. of Columbus, at 102.239—
V. 147, p. 1669—will be exchanged for a similar amount of school building
bonds to bear interest at the same rate and mature $6,000 yearly from
:
on
$15,000 water system improvement and repair bonds.
Other bids:
Bidder—
election held
until 8 p. m. on Sept. 26, by Leo Cobb, Financial Secretary, for the pur¬
chase of the following bonds aggregating $89,500:
i
premium of $300, equal to 101.42, a basis of about 2.77%.
Dated
Due $500 April 1 and Oct. 1, 1940"$1,000 April 1 and Oct.l
Oct. 1, 1938.
from 1941 to
an
PURCELL, Okla.—bond offering—Sealed bids will be received
offered Sept. 17—V. 147, p. 1531—was awarded jointly to the Commercial
& Savings Bank, and the Adams Bank, both of Millersburg, as 3s, at par
•
4
TULSA, Okla.—bond election—It is stated by the City Clerk thac
at the election to be held on Sept. 30, the following not to exceed 3 % bonds
aggregating $2,150,000 will be up for approval by the voters: water system,
$600,000; sewer system, $120,000; park system, $150,000; fire department
equipment, $89,500; fire station, $49,000; Police Department equipment.
$41,500; traffic signals, $50,000; sewage disposal plant, $550,000; incinera¬
tor plant, $25,000; Street Dept. equipment, $97,000; public library re¬
pairs, $7,000, and street improvement, $371,000.
Due in 10 years, commencing not less than 3 years nor more than 5 years
from date.
■■■«»'
& Co. of Cincinnati.
OREGON
SHAKER HEIGHTS, Ohio—bond sale—The $826,263.50 refunding
bonds offered Sept. 19—V. 147, p. 1531—were awarded as 4s, at 100.677,
a basis of about 3.89%, to a syndicate composed of
McDonald-Coolidge &
Co., Cleveland; BancOhio Securities Co., Columbus; Merrill, Turben & Co.,
Mitchell, Herrick & Co., Otis & Co., all of Cleveland; Stranahan, Harris &
Co., Toledo; First Cleveland Corp., Cleveland; VanLahr, Doll & Isphording,
Inc. and Weil, Roth & Irving Co., both of Cincinnati; Ryan, Sutherland &
Co., Toledo, and Field, Richards & Shepard, Inc. of Cleveland. The issue
is composed of the following series.
$511,263.50 series I bonds. Due as follows: $31,263.50 April 1 and $32,000
Oct. 1, 1940; $32,000 April 1 and Oct. 1 from 1941 to 1947 incl.
A certified check for $5,112.64 is required.
264,750.00 series G bonds.
Due as follows:
$13,000 April 1 and Oct. 1
from 1943 to 1947 incl.; $13,250 April 1 and $13,500 Oct. 1.
1948; and $13,500 April 1 and Oct. 1 from 1949 to 1952 incl.
A certified check for $2,647.50 is required.
50,250.00 series H bonds.
Due as follows: $2,500 April 1 and Oct. 1,
from 1943 to 1947 incl.. $2,750 April 1 and $2,500 Oct. 1, 1948,
and $2,500 April 1 and Oct. 1 from 1949 to 1952 incl.
A
certified check for $502.50 is required.
All of the bonds will be dated Oct. 1, 1938
The only other bid received, an offer of 100.302 for the $315,000 series G
and H bonds as 4Ms, was submitted by Middendorf & Co. of Cincinnati.
TIFFIN, Ohio—■maturity—The $102,517 city hall construction bonds
sold to Stranahan, Harris & Co., Inc., Toledo, as 2Ms, at 101.611—V. 147,
1669—mature Oct. 1 as follows: $4,000, 1940 to 1962 incl.; $5,000 in
1963, and $5,517 in 1964.
Basis of about 2.11%.
p.
TOLEDO, Ohio—bond sale—The $47,000 coupon or registered
Anthony Wayne Boulevard bonds offered Sept. 20—V. 147, p. 1531—were
awarded to Seufferle & Kountz of Cincinnati, as 3 Ms, at par plus a premium
of $380, equal to 100.80, a basis of about 3.36%.
Dated Sept. 1, 1938 and
due Sept. 1 as follows: $5,000 from 1940 to 1946 incl. and $4,000 from 1947
to 1949 incl. Second high bid of 100.68 for 3 Ms was made jointly by Strana¬
han, Harris & Co., Inc. and Ryan, Sutherland & Co.
TUSCARAWAS, Ohio—bonds not sold—No bids were received
offering on Sept. 12 of $27,000 4% water works mortgage revenue
bonds—V. 137, p. 1531.
Dated Sept. 1, 1938 and due Sept. 1 as follows:
$500 from 1940 to 1953 incl., and $1,000 from 1954 to 1973 incl.
at the
WILLARD, Ohio—bond election—An issue of $72,000 not to ex¬
ceed 4 M % interest sanitary and storm sewer bonds will be considered by
the voters on Sept. 27.
LINN COUNTYN5CHOOL DISTRICT NO. 55 (P. O. Sweet Home),
Ore.—BONDS OFFERED—Sealed bids were received until 7:30 p. m.
on
Sept. 23, by Alice P. Storey, District Clerk, for the purchase of a $12,700
Bidders were to specify interest desired.
Dated
Due on Oct. 1 as follows: $500, 1940 to 1951; $1,000, 1952
1955; $1,200 in 1956, and $1,500 in 1957.
issue of school bonds.
Oct. 1, 1938.
to
MALHEUR COUNTY SCHOOL DISTRICT NO. 26 (P. O. Nyssa),
Ore.—BONDS OFFERED—Sealed bids were received until 2 p. m.
Sept.
24, by B. B. Lienkaemper, District Clerk, for the purchase of a $13,500
issue of not to exceed 6% coupon semi-ann. building and equipment bonds.
Denom. $500.
Dated Oct. 1, 1938.
Due on Oct. 1 as follows: $1,500 in
1943, and $2,000 from 1944 to 1949; callable after Sept. 30, 1947.
PENNSYLVANIA
BRISTOL SCHOOL
Paul V.
DISTRICT, Pa
Forster, District Secretary, will receive sealed bids until
Standard Time) on Oct. 4 for the purchase of $25,000
2M, 2M, 2M. 3, 3M, or 3M% coupon improvement bonds.
Dated Oct. 1,
1938.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1939 to 1963 incl.
Bidder to name a single rate of interest, payable A. & O.
Bonds will be
registered as to principal and issued subject to approving legal opinion or
Townsend, Elliott & Munson of Philadelphia, and Howard I. James of
Bristol.
A certified check for 2% of the bonds bid for, payable to the
order of the District Treasurer, must accompany each proposal.
CHESTER,
Pa .—FINANCIAL STATEMENT—The $300,000 not to
bonds being offered for sale on
exceed 3M% interest sewer improvement
Sept. 27—V. 147, p. 1670—are payable as to principal and
Treasurer's office.
A detailed report on condition of the
compiled by G. O. Collings & Co. of Philadelphia, contains
Financial Statement (as of Aug. 1, 1938)
Assessed valuation, 1938 (90% of actual)
interest at City
city's finances,
the following:
_
-$54,719,615.00
Gross bonded debt—
_n
(a) General city debt, including this proposed
(b) Assessment debt, excluding bonds sued to
issue-,
$3,196,000.00
Judgment—
332,500.00
$3,528,500.00
Floating debt (including judgments),
—-—
$573,894.70
-
39,061.00
„„„
Funded and floating debt
Deductions—(a)
75%
—
—
—
$268,675.88
226,571.72
495,247.60
.
Municipal Bonds Since 1892
$2,562,161.65
4.68%
Net debt
Net debt ratio
Tax anticipation notes,
—
bank loans or other evidences of
current indebtedness
Long Distance 787
AT&T Ok Cy 19
612,955.70
$3,057,409.25
of certain outstanding
liened and unliened taxes
(b) Outstanding assessments liens (75% used)
Oklahoma City, Oklahoma
141,864.95
—$3,670,364.95
Gross debt
Sinking fund—(a) General city
(b) Asswsment
R. J. EDWARDS, Inc.
8 p. m. (Eastern
1M, 1M. 1M. 2,
Bonds authorized but unissued,
None
——
—
Net debt after proposed issue..
—.
300,000.00
2,562,161.65
4.68%
Net debt ratio after proposed issue.
OKLAHOMA
ADA, Okla.—BOND OFFERING—It is now reported by Albert Chamber ¬
lain, City Clerk, that hetwill receive sealed bids until 10 a. m. on Sept. 30,
for the purchase of the following two issues of bonds, aggregating $109,450:
$39,050 sewage disposal plant bonds. Due $3,000,1941 to 1952, anu $3,050
in
1953.
Tax rate, 1938 (mills)
Amount of tax duplicate
—
—,—
(levy), 1938.
-—
Debt service charge (1938)—
(a) Interest and State tax
———...
$133,558.50
(b) Principal.,
—
172,000.00
Per
capita assessed value
Debt burden:
629
,888%
305,558.50
897.04
Financial
1964
Total-.—.
Per Capita
4.68%
2.45%
$42.00
21.95
7.13%
$63.95
—
Overlapping Debt
Chester—Gross debt, $2,030,000: sinking fund,
$959,139.55; delinquent and liened taxes, $468,482.55 (75% of actual).
Delaware County—Gross debt. $5,777,000; sinking fund, $220,896.63;
delinquent and liened taxes, $692,978.07 (75% of actual).
Population; 1930 census, 59,164; 1938 estimate, 61,000.
of
District
School
'
1937
1938
Levy-—-..-$622,167.34 $621,464.18 $628,162.06 *$029,888.00
Collected in levy year.. 450,751.23
469,651.34
507,467.29
*471,529.61
Percent-.
—
-
—
49,624.61
*
63,873.08
110.23%
7.97%
Percent
In process
&).79%
75.57%
72.45%
-
Uncollected Aug. 1, *38
82.910.56
13.19%
*74.86%
*158,358.39
*25.14%
of collection,
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. O. Transfer,
R. D. l), Pa.—BOND SALE—The issue of $34,000 coupon school bonds
offered Sept. 19—V. 147. p. 1070—was awarded to the McDowell National
Bank of Sharon.
Dated Oct. 1, 1938, and due Oct. 1 as follows: $1,000
from 1941 to 1946, incl., and $2,000 from 1947 to 1960, Incl.
Successful bid was for 3% bonds, at par plus a premium of $60, equal to
100.176,
a
basis of about 2.98%,
Oct. 1 from 1941 to 1951, incl.
TOWNSHIP SCHOOL DISTRICT (P. O. Warren), Pa.—
BOND OFFERING—D. L. McGuire, District Secretaire, will receive sealed
bids until 7:30 p. m. on Oct. 6 for the purchase of $20,000 3M%, 4 or
414% coupon land purchase bonds. Dated Oct. 15, 1938. Denom. $1,000.
Due $1,C00 on Oct. 15 from 1941 to 1960 incl. Interest A-O. Sale of bonds
is subject to approval of issue by the Pennsylvania Department of Internal
GLADE
'Affaire.,
;:"vW
SCHOOL DISTRICT (P. O. Harrison
Valley), Pa .—BONDS VOTED—An issue of $20,000 building bonds was
approved by a vote of 129 to 38 on Sept. 8.
HARRISON
TOWNSHIP
HIGHLAND tOWNSHIP SCHOOL DISTRICT (P. O. Coattesville,
R. D. No. 6), Pa.—BOND OFFERING—P. L. Warren, Clerk of the Board
of School Directors, will receive sealed bids until 7 p. m. on Sept. 26, for
the purchase of $20,000 2, 2M, 2M, 2%, 3, or 3M% coupon, registerable
principal, school buiding and equipment bonds. Dated Nov, 1,1938.
Due $1,000 on Nov. 1 from 1940 to 1959, incl.
Bidder
single rate of Interest, payable M. & N.
A certified check for
2% of the bonds bid for, payable to the order of the District Treasurer, must
accompany each proposal.
The bonds will be issued subject to approving
legal opinion of Townsend, Elliott & Munson of Philadelphia.
as to
Denom. $1,000.
to name a
HOMESTEAD SCHOOL DISTRICT, Pa .—BOND OFFERING—Mary
J, Kinney, District Secretary, will receive sealed bids until 8 p. m. (Eastern
Standard Time) on Get. 6, for the purchase of $250,000 school bonds.
Dated Oct. 15, 1938.
Denom. $1,000.
Due Oct. 15, as follows:
$10,000
from 1941 to 1943, incl. and $11,000 from 1944 to 1963, incl
Bidder to
name a single rate of interest, expressed In a multiple of M of 1% .
Issue
was authorized at the May 17 primary election.
A certified check for $5,000
payable to the order of the district, must accompany each proposal. Sale
of bonds is subject to approval of the Pennsylvania Department of Internal
Affairs, and the successful bidder will be furnished with approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh,
w
r
HONESDALE SCHOOL
Sept. 27 the voters will be
struction bonds.
*
^
DISTRICT,
Pa .—BOND
ELECTION—On
to authorize an issue of $60,000 con¬
a
HfitTuM-ra
v
MANOR SCHOOL DISTRICT, Pa .—BOND SALE—The $20,000 school
bonds offered Sept. 20—V. 147, p. 1532—were awarded to Johnson &
McLean of Pittsburgh, as 3Ms, at 100.41, a basis of about 3.20%.
Dated
Oct. 10, 1938 and due $1,000 on Oct. 10 from 1939 to 1958 incl.
Last 10
maturing bonds are callable on any interest date.
Second high bid of
100.315 for 3Ms was made by S. K. Cunningham & Co, of Pittsburgh.
MEADVILLE, Pa .—PLANS BOND ISSUE—City proposes to~iss3e
$50,000 2M% sewage treatment plant bonds.
Dated July 1, 1938.
Due
$5,000 on July 1 in 1940, 1942, 1944, 1946, 1948, 1950, 1952, 1954, 1956.
and 1958.
0
r
f
MEADVILLE SCHOOL DISTRICT, Pa.—BOND OFFERING—R. X.
Brown, District Secretary, will receive sealed bids until 4 p. m. on Oct. 11
for the purchase of $137,000 coupon, registerable as to principal, school
building bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as
follows:
$5,000 from 1939 to 1951 inci., and $6,000 from 1952 to 1963 incl.
Bidder to name a single rate of interest, expressed in a multiple of M of 1 %.
Principal and interest (A. & O.) payable at office of the Treasurer of the
School District.
Bonds will be free of all taxes, except, gift, Succession or
inheritance taxes levied pursuant to any present or future law of the
Commonwealth of Pennsylvania.
Sale or bonds is subject to approval of
Issue by the Pennsylvania Department of Internal Affairs.
District will
furnish the
approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh, and print the bonds.
A certified check for $3,000, payable to
the order of the District Treasurer, must accompany each proposal.
Official Financial Statemen.
Actual value, estimated—
$25,000,000.00
Assessed valuation, 1937 38--—
10,624,431.00
Total bonded debt (Including this issue), electoral, $263,000;
-
—
-
—
Councilmanic, $224,500———Amount in sinking fund———
487,500.00
—————46,280.42
-
Information as to Tax Collections
year—
as
of July 1,1938
1935
1930
1937
Total levy—————-—$202,618.84 $226,177.81 $237,799.88
Amount collected172,695.26
194,632.58
196,949.20
Amt. uncollected (property tax)
3,164.95
25,916.85
31,480.54
—
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
The Pennsylvania Department of Internal Affairs has approved the
following issues of local municipal bonds.
Information includes name of
the municipality, amount and purpose of issue, and date approved:
Dale
Name and Purpose of Issue—
Approved Amount
Newry Borough, Blair County—Improving and con¬
stricting streets and sewers
Sept. 12
$4,000
Darlington Borough School District, Beaver County—*
Purchase site; erect, equip and furnish school bldg—
Sept. 13
7,500
Darlington Township School District, Beaver County
—Purchase or acquire site or grounds; erect, equip
and, furnish school building thereon
Sept. 13
40,000
Norristown Borough School District,
Montgomery
County—Constructing and equipping new high
—
school
Blawnox
balding
Sept. 13
—
Borough, Allegheny County—Erecting a
municipal building, improving, grading, paving and
curbing streets and additions to puolic works
Bradford Township,
Clearfield County—Refunding
bonded indebtedness
Cambria County—Refunding bonded indebtedness--Chambersburg
Borough,
Franklin
County—Con¬
structing sewage pumping station and sewage treat¬
ment plant
Patton Township School District, Allegehny County—
Erecting, equipping and furnishing a school building
Topton Borough School District, Berks County—Re¬
funding bonded indebtedness
-
SHAMOKIN SCHOOL DISTRICT, Pa .—APPROVES REFUNDING—
The Board of Education determined on Sept. 12 to refund, at 2M % interest,
the issue of $205,000 4% school bonds of
1934, according to report.
SHARPSBURG, Pa.—BOND OFFERING—Henry J. Hohman, Borough
Secretary, will receive sealed bids until 8 p. m. (Eastern Standard Time)
on Oct.
10 for the purchase of $85,000 coupon borough bonds.
Dated
Oct. 1, 1938.
Denom. $1,000.
Due $5,000 on Oct. 1 from 1939 to 1955
inch; optional on Oct. 1, 1943, or any subsequent interest date.
Sale
of bonds is subject to approval of issue bV the Pennsylvania Department of
Internal Affairs.
A certified check for $2,000, payable to the order of the
Borough Treasurer, must accompany each proposal.
The approving legal
opinion of Burgwin, Scully & ChurchiL of Pittsburgh will be furnished the
TITUSVILLE, Pa.—BOND SALE—The $65,000 2M% bonds offered
Sept. 19—V. 147, p. 1378—-were awarded to Singer, Deane & Scribner of
Pittsburgh, at 101.695, a basis of about 2.34%.
Sale consisted of:
$20,000 general street No. 6 bonds.
Due $1,000 on Sept. 1 from 1939 to
1958, incl
45,000 general street No. 7 bonds.
Due Sept. 1 as follows: $1,000 from
1939 to 1943, incl., and $2,000 from 1944 to 1963, incl.
All of the bonds will be dated Sept. 1, 1938.
1936-
Other bids:
Bidder—
;
Glover & MacGregor
Sept. 14
35,000
Sept. 14
Sept. 14
20,000
207,000
Sept. 14
145,000
Rate Bid
101.30
—101.04
100.535
100.309
.
—
Phillips, Schmertz & Co
—- —
E. H. Rollins & Sons, Inc
Burr & Co., Inc--
-
—
— — —
—
—
—
WEST
ELIZABETH, Pa .—BOND OFFERING—David C. Gilliland,
Borough Secretary, will receive sealed bids until 7 p. m. on Oct. 10 for
>ue Oct. 1
follows: $2,000 in
Jurchase of $9,000 coupon bonds.1941 and 1942, 1and $1,000 from 1943 to
Dated Oct. 1938. Denom. $1,000.
as
Bidder to name single rate of interest, expressed in multiple of
M of 1 %.
Sale of bonds is subject to approval of issue by Pennsylvania
Department of Internal Affairs.
A certified check for $500, payable to
order of Borough Treasurer, required.
Legal opinion of Burgwin, Scully &
Churchill of Pittsburgh will be furnished successful bidder.
1947 incl.
WHITE TOWNSHIP (P. O. R. D. No. 1, Beaver Falls), Pa .—BOND
OFFERING—George L.
Township
Haley,
Secretary,
will receive sealed
bids until 8 p. m. on Oct. 15 for purchase of $20,500 coupon bonds. Dated
Oct. 1, 1938.
Denom. $500.
Due Oct. 1 as follows: $1,500 in 1943 and
$1,000 from 1944 to 1962 incl.
Bidder to name single rate of interest,
expressed in multiple of M of 1 %. Sale of bonds is subject to approval of
by Pennsylvania Department of Internal Affairs. A certified check for
$500, payable to order of Township Treasurer, required. Legality approved
by Burgwin, Scully & Churchill of Pittsburgh.
issue
RHODE
ISLAND
PROVIDENCE, R. I.—TAX RATE UNCHANGED—The Board of Tax
on real and tangible personal property
at $24 per $1,000 of assessed valuation, the same as for 1937.
The tax
levy, at $13,310,895.44, represents an increase of $213,507.04, and is the
second largest on record.
The peak figure of $13,483,960.72 was established
in 1931. r That no advance was made in the tax rate, despite the higher
tax levy, was due principally to a sharp increase in the valuations for 1938.
Bulk of this is accounted for in the tangible and intangible personal classi¬
fications, due largely to the vigorous efforts of assessors in uncovering
taxable wealth of that nature.
The program in that direction got under
way several years ago and the results are clearly reflected in the following
table, particularly in the intangible listing:
Assessors has fixed the 1938 tax rate
Valuations Since 1935
Real Estate
1935—-1937
1938-
Personal Tangible
$408,417,940
408,235,920
406,484,200
407,192,760
Personal Intangible
$128,974,500
$80,623,000
82.545,200
86,012,200
98,802,200
•
146,331,000
294,618,700
291,754,100
CAROLINA
SOUTH
BEAUFORT COUNTY (P. O. Beaufort), S. C.—BONDS NOT SOLD
$300,000 issue of Beaufort, Sheldon and St. Helena Townships not
to exceed 4% sen i-ann. general obligation bonds offered for sale on
Sept.
15—V. 147, p. 1671—was not sold as there were no bids received, accord¬
ing to the County Board of Directors.
Dated Aug. 15, 1938.
Due from
Aug. 15, 1942 to 1961 incl.
—-The
COLUMBIA, S. C.—PRICE PAID—It is stated by the City Clerk that
the $29,000 4% semi-ann. public market revenue bonds purchased by the
Firemen's Insurance and Inspection Fund of the city, as noted here on
Sept. 17—V. 147, p. 1817—were sold for a premium of $25.00, equal to
100.086, a basis of about 3.99%.
Due from Jan. 1, 1940 to 1958 incl.
JASPER
COUNTY
(P.
O.
Ridgeland)
S.
C.—PAYING
APPOINTED—It is staged that the Manufacturers Trust Co.
York is the paying agent for $50,000 School Board Authority
bonds.
•
AGENT
of New
Building
WILLI AMSTON SCHOOL DISTRICT NO. 20 (P. O. Anderson)
S. C.—BONDS SOLD—It is reported that $32,000 school bonds were
purchased on Sept. 19 by W. F. Coley & Co. of Greenville, and Hamilton
& Co. of Chester, jointly, as 3Ms, paying a premium of $31.75, equal to
100.099. a basis of about 3.74%. Due on Oct. 1 as follows: $2,000,1945 to
1954. and $3,000 in 1955 to 1958.
SOUTH
DAKOTA
CORONA INDEPENDENT SCHOOL DISTRICT NO.
rona), S. Dak.—BONDS SOLD—'The $5,000 issue of
1 (P. O. Co¬
school bonds offered
Allison-Williams
Due in from two
for sale on Aug. 20—V. 147, p. 1080—was awarded to the
Co. of Minneapolis, as 4Ms at par, according to report.
to 17 years.
FLANDREAU, S. Dak.—BOND OFFERING— Sealed bids were received
City Auditor, for the purchase of a $24.500
until Sept. 23, by Carl Hanson,
issue of 3M% semi-ann. sewage treatment plant bonds.
Denom. $500.
Due on Sept. 1 as follows: $2,500 in 1941; $3,000, 1942 to 1947, and $4,000
in 1948.
55,000
•
FREDERICK, S. Dak.—BONDS NOT SOLD—The $2,300 issue of 5%
auditorium bonds offered for sale on Aug. 29-—V. 147.
sold as no bids were received. Dated May 1, 1938. Due
coupon semi-ann.
Sept. 14
57.000
Sept. 15
29,000
MONESSEN, Pa.—BOND ELECTION—At the November election the
voters will be asked to approve issues of
$125,000 street improvement and
$60,000 swimming pool construction bonds.
ROSCOE, Pa .—BONDS DEFEATED—At the Sept. 9 election voters
$23,000 street improvement and $4,000 fund¬
ing bonds,
-
Population, estimated, 20,000.
m
TOWNSHIP SCHOOL DISTRICT (P. O., R. D. No. 2,
Kensington), Pa.—BONDS VOTED—An issue of $150,000 building
207 at the election on Sept. 13.
PLUM
New
bonds was authorized by a vote of 715 to
successful bidder.
FREDONIA SCHOOL DISTRICT, Pa .—BOND SALE POSTPONED—
Sale of the $11.000 coupon school bonds offered Sept. 19—V. 147, p. 1671—
was deferred for two weeks.
Two highest bidders were the McDowell
National Bank, Sharon, and Singer, Deane & Scribner, Pittsburgh. ^Dated
Oct. 1, 1938, and due $1,000
Gap), Pat.—BOND SALE—The $205,000 Bradley High School addition
bonds offered Sept. 19—V. 147, p. 1816—were awarded as 4Mb, at par, as
$130,000 to the Pennsylvania Teachers* Retirement Fund and
$75,000 to Leavens & Leader, Inc. of Shamokin.
No other bids were
received.
Dated Sept. 1, 1938 and due March 1 as follows:
$11,000 from
1940 to 1944. incl. and $10,000 from 1945 to 1959, inclusive.
follows:
defeated the proposed issues of
Tax Collections
1935
1930
I
Year—
Sept. 24, 1938
MOUNT CARMEL TOWNSHIP SCHOOL DISTRICT (P. O. Locust
Ratio to
Assessed Value
Net direct debt burden
Net overlapping debt burden
Chronicle
p. 1235—was not
from May 1,1947 to
1956.
SLOCUMS COMMON SCHOOL DISTRICT NO. 14 (P. O. Howard),
S. Dak.
-BONDS OFFERED—Sealed bids were received until 2 p. m.
on Sept. 19, by J. A. Abrahamson, District Clerk, for the purchase of a
$2,000 issue of 5M% coupon semi-ann. school bonds.
Denom. $250.
Dated Sept. 1,1938,
Due $250 from Sept, 1,1939 to 1946 incl.
TYNDALL INDEPENDENT SCHOOL DISTRICT (P. O. Tyndall),
S. Dak.—BOND SALE—The $70,000. issue of refunding bonds offered for
sale
on
Sept. 20—V. 147, p. 1817—was awarded to Wachob, Bender & Co.
101.32, a basis o
1941 to 1953; op
of Omaha, as 3Ms. Paying a premium of $925, equal to
about 3.28%.
Dated Oct. 1, 1938,
Due from Jan. 1,
tional after Jan. 1, 1946.
Volume
147
Financial
Chronicle
1965
TENNESSEE
UTAH
ALCOA, Term.—BOND
SALE—The $59,000 issue of high school bonds
Sept. 20—V. 147. p. 1671—was awarded to Jack M. Bass
& Co. of Nashville, as 3Ms, at a discount of
$583.00, equal to 99.01, a
basis of about
3.35%.
Dated Sept. 15, 1938. Due from Sept. 15, 1944
offered for sale
on
•
MOAB,
Utah—BOND
Sept. 24 to vote
reported.
on
ELECTION—An election was scheduled for
the issuance of $33,000 in water system bonds, it is
to 1955.
Other bids were as follows
Names of Other Bidders--
Maryville-—
Booker
&
Int. Rate
_$59,147.50
NashviUe Securities Co
Davidson
VERMONT
the $59,000 bonds:
Price Bid
on
S-an£
3.50%
58,583.30
and
3.50%
58,174.00
59,177.50
Inc.,
3.25%
3.50%
Fidelity Bankers
BENNINGTON, Vt.—BOND ELECTION—An issue of $96,000 sewerage
disposal plant bonds will be considered by the voters on Sept. 27.
A
Public Works Administration grant will be sought in connection with the
project,
Trust. Co.
Equitable Securities Co
HOLLOW
ROCK-BRUCETON
SPECIAL
SCHOOL
DISTRICT
(P• O. Hollow Rock), Term.—BOND OFFERING—It is reported that
sealed bids will be received until Sept. 30, by the Clerk of the Board of
Education, for the purchase of a $7,500 issue of school bonds.
MONTPELIER, Vt .—BONDS VOTED—On Sept. 9 the voters auth¬
orized issues of $198,000 school, $110,000 water and $35,000 Works Progress
Administration projects bonds.
RUTLAND, Vt .—BONDS DEFEATED—The proposed issue of $395,000
sewage disposal plant bonds was defeated at the election on Sept.
13.
MEMPHIS,
Tenn.—BOND SALE CONTEMPLATED—A special dis¬
patch from Memphis to the "Wail Street Journal" of Sept. 21 reported
follows:
as
"Despite resumption yesterday of negotiations for the sale of Memphis
$10,000
Power & Light Co. to the City of Memphis this municipality is moving
ahead with the construction of its own system and on Oct. 27 will open
bids on $1,000,000 electric plant bonds.
Memphis already has spent
$4,000,000
on
PORTSMOUTH, VA. Ref. 4yzs
this project and this expenditure constitutes one of chief
Due
obstacles in the path of the sale of the utility."
MOUNT PLEASANT, Tenn .—BOND OFFERING—It is announced
by L. H. Hammond, City Recorder, that he will receive sealed bids until
noon on Oct. 7, for the purchase of a $30,000 issue of not to exceed 4%
semi-annual water main, general obligation bonds.
No bids for less than
par will be considered.
w OBION
A. T. T. Tel. Rich.Va. 83
at public auction
issue of $110,000 not to exceed 4% semi-ann.
Due serially from 1939 through 1958.
PARIS, Tenn.—BOND SALE—The $25,000 issue of refunding bonds
(P.
O.
Beeville)
Texas—ADDITIONAL
INFORr
MATION—The following information is furnished in connection with the
the $275,000 road bonds to a syndicate headed by the BrownCrummer Co. of Wichita, at a price of 100.10, as noted in our issue of
sale of
Sept. 17—V. 147,
Dated Sept. 1, 1938.
The bonds were voted
and issued for road purposes, constitute direct and general obligations of the
entire county, and are payable from unlimited ad valorem taxes levied on
all taxable property located herein.
The bonds were issued subject to
approval as to legality by the Attorney General and a recognized bond
attorney, and were sold as follows:
$205,000 maturing $10,000 March 1,
1942 to 1946 $15,000 March 1,1947 to 1951, and SzO.OOO March 1,1952 to
1955 as 3Ms, and $70,000 maturing $20,000 Mar ;h 1, 1956, and $25,000
March 1,1957 and 1958, as 3s, making the net interest cost, 3.1508%.
CORPUS
p.
1818.
CHRISTI,
CHARLOTTESVILLE,
Texas—CITY ACCEPTS
BOND REFUNDING
PLAN—A special dispatch from this city to the "Wall Street Journal" of
Sept. 22 reported as follows:
"The City Council has accepted a proposal of the Ranson-Davidson Co.
bond dealers, for refunding $400,000 outstanding water plant revenue repair
bonds dated Feb. 1, 1933, bearing 5M% interest.
"Under the refunding arrangement, the new bonds will bear 4% interest,
and may bear only 3 M % •
The bonds were first issued in the amount of $500,000, and of which
$100,000 has been retired, and were for the purpose of repairing the Mathis
dam, which washed out shortly after it was turned over to the city.
"If possible, the bonds will be called for redemption on Feb. 1; 1939,
and at the latest on Aug. 1, 1939.
The agreement provides that if the bonds shall not have been called for
redemption on Feb. 1 and if on June 15 litigation is pending involving the
right of the city to issue such refunding bonds, then in that event the con¬
tract shall remain effective so long as litigation is pending and so long
after the termination of the litigation as shall be necessary to public notice
of intention to redeem the bonds.
EL PASO COUNTY (P. O. El Paso),
Reconstruction Finance
Texas—ADDITIONAL INFORr
MATION—The $630,000 2M % road refunding, series 1938-A, bonds that
purchased by the State Investment Co. of Fort Worth, and associates,
as noted in our issue of Sept. 17—V. 147, p. 1818—were reoffered
forjublic
subscription at prices to yield from 0.75% to 2.70%, according to maturity.
Dated Nov. 7, 1938.
Due from Nov. 7,1939 to 1953, incl.
Prin. and int.
(M-N 7) payable at the office of the State Treasurer in Austin.
Legality
to be approved Dy Chapman & Cutler of Chicago.
were
GALVESTON COUNTY COMMON SCHOOL DISTRICT NO. 7 (P.
Dickinson), Texas—ADDITIONAL INFORMATION—In connection
with the
public reoffering by R. A. W. Barrett & Co. of Houston, of the
$160,000 3M% semi-ann. school bonds, noted in our issue of Sept. 10—
147, p. 1671—we are now informed that Mahan, Dittmar & Co. of San
Antonio, and Duquette & Co. of Houston, were in joint account with the
above named firm.
Legal approval by Chapman & Cutler of Chicago.
Dated Sept. 1, 1938.
Due from Sept. 1, 1939 to 1953.
purchased by the Fredericksburg National Bank, at a price of 100.60.
Due serially in 20 years.
GOLIAD
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Goliad),
Texas—-BOND SALE—The $37,500 issue of school bonds offered for sale
on Sept. 16—V. 147, p. 1818—were awarded to the First National Bank
of Goliad, divided as follows: $17,500 as 3s, maturing on Sept. 1; $1,500
in 1939 to 1943, and $2,000, 1944 to 1948; the remaining $20,000 as 3Ms,
maturing on Sept. 1: $2,000, 1949 and 1950; $2,500, 1951 to 1954, and $3,000 in 1955 and 1956.
The successful bidder paid a premium of $11.00, equal to 100.029.
The
other bids were
as
follows:
Rates Bid
3M and 3M%
lit' Bidder—
Brown-Crummer Co., Dallas
-
—
George V. Rotan Co., Houston——
Ranson-Davidson Co., Wichita
3lA and 3%%
3M and 3M%
——
GRAPELAND CONSOLIDATED INDEPENDENT SCHOOL DIS¬
TRICT (P. O. Grapeland), Texas—BOND SALE DEFERRED—It is
stated by Geo. E. Darsey, President of the Board of Education, that the
sale of the $15,000 school bonds, which was scheduled for Aug. 22—V. 147,
are
informed
by
GEORGE
COUNTY
days.
O. King George), Va .—BONDS
SOLD—It is reported that $27,500 3% semi-annual school bonds have
been purchased by Frederick E. Nolting, Inc., of Richmond at a price
(P.
of 100.76.
PRINCE EDWARD COUNTY (P. O. Farmville), Va .—BOND ELEC¬
TION—An election is said to have been scheduled for Sept. 28 to vote on
the issuance of $75,000 in court house bonds, to be used in connection with
a Public Works Administration grant.
WYTHEVILLE, Va .—BOND OFFERING—Sealed bids will be received
Clerk, for the purchase of
$30,000 issue of coupon or registered town bonds.
Interest rate is not
to exceed 4%, payable J. & J.
Denom. $500.
Dated July 1, 1938.
Due
in 30 years after date; subject to call at par and accrued interest at any
interest due date from and after five years from date of issue, not exceed¬
ing $5,000 in any one year.
Interest rate to be in multiples of M of 1%,
and all the bonds must be at the same rate of interest, at not less than
par.
The Council reserves the right to reject all bids for said bonds, and
that in case of two or more equal bids for said bonds, the bonds to be pro¬
rated to the several bidders in proportion to their respective bids; and that
a forfeit equal to 5% of the amount of bonds allotted to any bidder be de¬
posited with the Town Treasurer within 5 days after receipt of notice of
the allotment of bonds, the balance of amount bid to be paid to the Treas¬
urer not less than 5 days prior to the issue date of the bonds, and the bal¬
ance of the amount bid, with interest discounted from July 1,
1938, be
paid to the Treasurer within 5 days after notice of demand therefor.
until 2 p. m. on Oct. 7, by R. W. Arthur, Acting
a
WASHINGTON
CUSTER CONSOLIDATED
SCHOOL DISTRICT NO. 332 (P. O.
Bellingham). Wash.—BOND OFFERING POSTPONED—It is stated by
R. C. Atwood, County Treasurer, that the sale of the $10,000 school bonds,
originally scheduled for Sept. 16, as noted here—V. 147, p. 1534—has been
Interest rate is not to exceed
4M%» payable semi¬
annually.
Dated Oct. 1, 1938.
Due in 2 to 21 years, callable in whole or
in part at any time after 5 years from date of issue.
Bidders are required
to submit a bid specifying: (a) The lowest rate of interest and premium, if
any, above par at which the bidder will purchase the bonds, or (b) the low¬
est rate of interest at which the bidder will purchase the bonds at par.
Principal and interest payable at the County Treasurer's office, the State
Treasurer's office or the fiscal agency of the State in New York.
Enclose
a certified check for 5%.
EPHRATA, Wash.—BONDS NOT SOLD—The three issues of not to
6% semi-annual bonds aggregating $54,858, offered on Aug. 29
147, p. 1081—were not sold as no bids were received, according to
report.
The issues are as follows:
exceed
—V.
$6,000 general obligation bonds.
Due on Jan. 1 as follows:
$200, 1940
to 1948; $400, 1949 to 1957, and $600 in 1958.
33,151 water revenue bonds.
Due on Jan. 1 as follows:
$651 in 1940;
$1,500, 1941 to 1947, and $2,000, 1948 to 1958.
15,707 sewage revenue bonds.
Due on Jan. 1 as follows:
$207 in 1948;
$500, 1941 to 1945, and $1,000, 1946 to 1958.
GILLESPIE COUNTY (P. O. Fredericksburg) Texas—BOND SALE
DETAILS—It is stated by the County Judge that the $80,000 2M % semiann. court house bonds sold recently, as noted here—V. 147, p. 1818—were
VOTED—We
He states that these bonds will be offered for sale in about 30
deferred until Oct. 11.
"The bonds until recently were held by the
Corp., according to word received here."
Va .—BONDS
the City Clerk that at the election held on Sept. 20—V. 147, p. 1534—
the voters approved the issuance of the $339,735 school bonds.
Interest
rate to be named by the bidder.
Due serially in fropa two to 30 years.
The count on the balloting showed 609 "for" to 261 "against."
KING
TEXAS
COUNTY
VIRGINIA
p. m., an
offered for sa.e on Sept. 17—V. 147, p. 1533—was awarded to the Nashville
Securities Corp., as 3Ms, at a price of 99.55, a basis of about 3.56%.
Dated Oct. 1, 1938. Due from Oct. 1, 1944 to 1951 incl.
O.
Richmond, Va.
Phone 3-8137
Hefley, County Judge, that he will sell
Sept. 28, at 1:30
court house bonds.
W BEE
F. W. CRAIGIE & COMPANY
COUNTY (P. O. Union City), Tenn.—BOND OFFERING—
It is stated by J. A.
on
February 1, 1953 at 3.30% basis
LONGVIEW SCHOOL DISTRICT NO. 122 (P. O. Kelso), Wash.—
BOND OFFERING—It Is stated by H. D. Renner, County Treasurer, that
he will receive sealed bids until 10 a. m. on Oct. 1, for the purchase of an
issue of $100,000 school bonds.
Dated Nov. 1, 1938.
Denoms. of $100
each, or some multiple thereof not exceeding $1,000 as may be determined
hereafter, to mature and become payable in their numerical order, lowest
number first, on semi-annual interest dates beginning the third year after
the date of issue thereof; interest not to exceed 6% per annum, payable
semi-annually, provided that the interest thereon for the first year shall be
due and
payable one year after the date of Issuance.
maturities of
will, together
bonds, be met by an equal annual tax
levy*for the payment of said bonds and Interest.
Bidders are required to
submit a bid specifying:
(a) the lowest rate of interest and premium, if
any, above par, at which such bidder will purchase said bonds, or (b) the
lowest rate of interest at which the bidder will purchase said bonds at par.
Principal and interest payable at the County Treasurer's office or at the
State Treasurer's office.
Enclose a certified check for 5%.
Bonds to run for a period of 20 years.
The various annual
said bonds will (as nearly as practicable) be in such amounts as
with Interest on the outstanding
SKAGIT COUNTY SCHOOL DISTRICT NO. 26 (P. O. Mt. Vernon)
Wash.—BOND SALE—The $6,000 issue of school bonds offered for sale
on
Sept. 17—V. 147, p.
1672—was purchased by the State of Washington,
&1081—was held up pending after five years. Administration grant.
serially in 20 years; optional a Public Works
as
HEBBRONVILLE INDEPENDENT SCHOOL DISTRICT (P. O.
Hebbronville) Texas—MATURITY—It is now reported by the Superin¬
tendent of Schools that the $33,000 4% semi-ann. school bonds sold to
the State Board of Education, at par, as noted here recently—V. 147,
p. 1672—are due as follows:
$500, 1939 to 1946; $1,000, 1947 to 1958;
$1,500, 1959 to 1964, and $2,000, 1965 to 1968; optional after 10 years.
Wash.—BONDS AUTHORIZED—An emergency ordin¬
ance authorizing a $300,000, 4% revenue water bond issue, to apply as part
payment on the proposed $784,000 city-Works Progress Administration
program of water betterments, was passed by the City Council recently.
The bonds mature in 12 years in amounts of from $20,000 to $39,000
annually, the final payment to be made in 1950,
$150,000 4%
SPOKANE, Wash.—BOND OFFERING—Sealed bids will be received
13, by H. D. Dearling, City Auditor, for the purchase
a $300,000 Issue of water revenue of 1938 bonds.
Dated Nov. 1, 1938,
Denom. $1,000.
Due Nov. 1, as follows: $21,000 in 1939, $23,000 in 1940,
$25,000 In 1941, $27,000 In 1942, $29,000 in 1&43, $31,000 in 1944, $33,000
in 1945, $35,000 In 1946, $37,000 in 1947 and $39,000 in 1948.
Bidders are
requested to name the price and rate of interest at which they will purchase
the whole of said bonds or any of said series separately, the rate, however,
in whatever form the same may be offered, shall not exceed a cost to the
city of more than 4%.
Accrued interest on the bonds purchased must be
paid by the purchaser to the date of delivery of the bonds.
Said bonds are
issued pursuant to the terms of Ordinance No. C6410; passed the City
Council of the City Sept. 12, 1938, and pursuant to the provisions of
ue
LUFKIN,
semi-annual
Texas—BONDS SOLD—It is reported that
water
works
and
sewer
revenue
Aug. 19 by Moroney & Co. of Houston and
San Antonio, jointly, paying a price of 101.843.
LULING,
bonds were purchased
on
Mahan, Dittmar & Co. of
Due from 1939 to 1959.
Texas—BONDS SOLD—It is stated by Mae Slater,
Secretary, that $41,500 3M% semi-ann. sewer, paving,
recreation center bonds approved by the voters on
count of 235 to 58, have been sold.
and
City
swimming pool
Sept. 13, by
a
INDEPENDENT SCHOOL DISTRICT (P. O. Sonora)
SALE CONTRACT—It, is stated by T. T. Jones, Super¬
contracted to purchase the
$32,500 gymnasium bonds approved by the voters on Aug. 27.
SONORA
Texas—BOND
intendent of Schools, that a local investor has
4s at par.
No other bid was received, according to
the County Treasurer.
SPOKANE,
until 10 a. m. on Oct.
of
1966
Financial
Chapter 33 of Title 60 of Remington's Revised Statutes of Washington, as
amended by Chapter 163 of the 1933 Laws of Washington. These bonds are
to be paid out of the special water revenue fund created by said Ordinance
No. C6410, and shall constitute a first lien upon the water revenues of the
city after the cost of operation and maintenance, subject only to certain
outstanding water revenue bonds chargeable to the water revenues, as
specified in said ordinance, which outstanding bonds
are to
the close of the year 1945 and total in amount of $520,000.
be retired by
The city will
furnish printed bonds and the approving opinion of Burcham & Blair,
of Spokane.
Enclose a certified check for 5% of the par value of the bonds
bid for, payable to the city.
TACOMA, Wash.—ADDITIONAL INFORMATION—In connection
with the $760,000 not to exceed 4% semi-ann. water revenue bonds passed
by the City Council
Aug. 23, to be issued in connection with a Public
Works Administration grant, the following
description of the bonds is
furnished by T. A. Swayze, City Comptroller:
Dated July 1,
1938.
Denom. $1,000.
Due $7,000 Jan. and $63,000 July 1, 1951, $64,000 Jan.
and $93,000 July 1, 1952; $93,000 Jan. and $100,000 July 1, 1953; $100,000
Jan. and $107,000 July 1, 1954; $108,000 Jan. and $25,000 July 1, 1955.
The city may at its option redeem all or any of the bonds herein authorized
on Jan. 1, 1949, or on any interest paying date thereafter,
providing that
at time of negotiating sale of said bonds it shall be determined for the best
Interests of said city that such right of redemption be reserved, in which
event all or any number of said bonds may be redeemed at one time, said
bonds to be redeemed in reverse numerical order commencing with the
highest number outstanding bond: Providing 60 days' previous notice of
on
such intended redemption shall have been mailed to the holder or holders
of said bonds, if registered, or if not registered, shall have been filed at the
places of payment provided in said bonds; and interest on any bonds so
noticed for redemption shall cease on the date named, and the coupons
representing interest subsequently to accrue shall be void. City water bonds
are free from State and local taxation and are payable from the revenues
of the department.
Legality to be approved by Thompson, Wood & Hoff¬
man, of New York.
Prin.
and
int.
payable at the City Treasurer's office
agency of the State in New York City.
at
or
the fiscal
Chronicle
Sept. 24, 1938
Financial Statement (Officially Reported by County Clerk as of Aug. 1,1938)
Full value of taxable property
Assessed valuation, 1937
Total bonded debt, including
Population, 1930 U. S.
—$250,000,000
166,303,071
3,191,000
—90,217
this issue
—.
census
The above financial statement does not include the debt of other political
subdivisions having power to levy taxes On property within the county, nor
does it include a $22,500 State loan.
These bonds, in the opinion of counsel, are full and direct obligations of
Racine County,
property therein.
payable from unlimited ad valorem taxes on all taxable
....' • j; ■
RIVER HILLS (P. O. Station F, Route 9, Milwaukee), Wis .—BOND
SALE—The $30,000 issue of village hall bonds offered for sale on Sept. 19
—V. 147, p. 1672—was awarded to the Securities Co. of Milwaukee, as
l^s, paying a premium of $161.00, equal to 100.536, a basis of about
1.71%.
Dated Oct. 1, 1938.
Due $3,000 from Oct. 1, 1939 to 1948 incl.
Unsuccessful offers
Names of Other
reported to us as follows:
were
Bidders—
Price Bid
30,356
..30,168
30,660
Marine National Bank, Milwaukee
Morris Fox & Co., Milwaukee
City Bank & Trust Co., Milwaukee—_.—
Rate
2
2
2%
SPRING GREEN, Wis.—BOND OFFERING—Sealed bids will be re¬
ceived until 7.30 p. m. on Sept. 27, by C. L. Carpenter, Village Clerk, for
the purchase of a $20,000 issue of not to exceed ZY%
19354 19376
% semi-annual sewerage
A $500 certified check payable to
and sewerage treatment plant bonds.
above clerk, must accompany the bid.
WAUWATOSA,
Wis.—BOND SALE—'The
$187,000
issue
of school
bonds, 21st series, offered for sale on Sept. 20—V. 147, p. 1534—was
purchased by the Channer Securities Co. of Chicago, as 2Hs, paying a
premium of $2,377.50, equal to 101.27, a basis of about 2.35%.
Dated
Sept. 15, 1938;
Due from March 15, 1939 to 1958 incl.
WYOMING
YAKIMA COUNTY SCHOOL DISTRICT NO. 113 (P. O. Yakima)
Wash.—BONDS NOT SOLD—It is stated by the County Treasurer that
the $34,000 not to exceed 6% semi-ann. school bonds offered on Sept. 17—~
V. 147, p. 1672—were not sold as no bids were received.
Dated Oct. 1,
1938. Due in from tyo to 20 years after date.
:
ALBANY
COUNTY SCHOOL DISTRICT
Wyo.—BOND OFFERING—We
are
NO.
1
(P. O. Laramie),
informed by Jack Costin, Clerk of the
Board of School Trustees, that the said Board will sell at public auction on
Oct. 17, at 7:30 p. m., a $250,000 issue of school building bonds.
Interest
rate is not to exceed 3M%> payable J. & J. Denom. $1,000.
Dated July 1,
1938.
Due $10,000 on July 1 from 1939 to 1963, incl.
Bonds maturing in
1959 to 1963. incl. being redeemable on and after July 1, 1958.
will be considered for less than par and accrued interest.
The
the years
WEST
No
VIRGINIA
district will furnish the successful bidder with the executed bonds and the
ALBRIGHT, W. Va.—BOND OFFERING CANCELED—It is stated
by Clyde Foley, Town Recorder, that the $1,000 3% semi-ann. sewer and
street bonds which were to have been offered
Sept. 15,
on
Aug. 27—V. 147, p. 1380—will not be sold for
difficulties.
some
bid
as noted here on
time because of legal
approving opinion of Myles P. Tallmadge of Denver.
be about
KENOVA, W. Va.—BOND ELECTION—It is said that
be held
Sept. 27 to vote
pal building bonds,
on
on
an election wil
the proposed issuance of $100,000 in munici¬
$20,000,000.
There is a great deal of building going on at the
The assessed valuation next year should exceed $12,000,000.
at present $332,000 of bonds outstanding.
Our outstanding
present time.
There
is
bonds have all been refunded
..
A $5,000 certified
check, payable to the District Treasurer, must accompany the bid.
The following information is furnished with the offering notice:
The assessed valuation of this school district for 1938 is $11,935,571.
This is 60% of the actual valuation.
The actual valuation, then, should
issued for
building
serial basis.
on a
All
are
bonds which
were
The last of the outstanding bonds will mature
purposes.
in 1959.
There is
WISCONSIN
EAU CLAIRE COUNTY
IZED—The County Board is said to have approved the issuance of a total
of $394,000 in highway improvement bonds.
GLENDALE
(P. O. Kendall) Wis .—BONDS SOLD— The $12,000 3%
were originally scheduled for sale on June 18,
the offering of which was postponed until September—V. 146,
p. 4156—
have been awarded to Harley, Haydon & Co. of Madison, at a
price of
102.58, according to the Town Clerk.
semi-ann. highway bonds that
LA CROSSE COUNTY (P. O. La Crosse), Wis .—NOTE OFFERING—
Sealed bias will be received until 2 p. m. on Sept. 26, by Esther M.
Domke,
a $200,000 issue of not to exceed 3%
corporate purpose notes.
Denom, $1,000.
Dated Oct. 1, 1938.
Due
County Clerk, for the purchase of
on
Aug. 1, 1939; optional
on
May 1, 1939.
Payable at the County Treas¬
urer's office.
MARSHFIELD, Wis .—BOND OFFERING—Sealed bids
until
will be received
Oct. 4, by Emil E. Forseth, City Clerk, for the purchase of an
$180,000 2 lA % coupon semi-ann. senior high school building bonds.
Dated Sept. 1, 1938.
Denom. $5,000.
Due $15,000 Sept. 1, 1943 to
1954.
The bonds may be serially called in for payment by the
City Treas¬
urer on any interest
paying date on or subsequent to Sept. 1, 1940, at par,
plus accrued interest and a premium of 1 %, upon 30 days' notice.
Principal
and interest payable in lawful
money at the City Treasurer's office.
These
bonds are issued under
authority or Chapter 67 of the Wisconsin Statutes
of 1937 for the purpose of securing funds
ygjfapnstruct a senior high school
building and are being issued in connectifwfwith a 45% PWA grant for
which application has been made.
The bonds are to be sold ar par to the
highest bidder.
The bidder offering the highest premium will be awarded
the issue.
Both principal and interest are to be paid from a
sinking fund
created in accordance with a resolution of the Common Council.
Legality
will be approved by Fred A. Rhymer
Jr., City Attorney, of Marshfield.
Enclose a certified check for 2% of the principal.
noon on
issue of
MOUNT
HOREB, Wis.—BOND OFFERING—Sealed bids will be
received until 5 p. m. on Sept. 26, by
Stanley Ilolun, Village Clerk, for the
purchase of an $18,000 issue of 2% sewage, series C bonds.
Denom.
$590.
Dated Sept.
now
1, 1938. .Due $1,000 from March 1, 1939 to 1956 incl. Bids
will be received for not less than par and accrued interest.
Prin. and int.
(M.& S.) payable at the office of the Village Treasurer.
These bonds will
be secured by a direct, general tax on all
property. They will be certified
by the Attorney General of the State.
A $1,000 certified check, payable
to the Village Treasurer, must
accompany the bid.
(This notice supplements the offering report given here on Sept. 17—V.
147, p. 1818.)
RACINE, Wig.—BOND OFFERING—It is staed by Frank J. Becker,
,7, Clerk, that an issue of $125,000 school building construction bonds
(C. S. T.),
will be offered for sale at public auction on Oct.
4, at 2 p. m.,
at the City Hall.
Interest rate is not to exceed 3
%, payable A-O.
Denom.
$1,000.
Dated Oct. 1, 1938.
Due on April 1 as follows: $15,000, 1939
1943, and $10,000, 1944 to 1948.
The successful bidder will be required
to
to furnish a certified check for not less than
2% of the par value of said
bonds, made payable to the City Treasurer.
The successful bidder shall
furnish printed bonds.
No bid shall be received for less than par and ac¬
crued interest plus
furnishing of bonds.
Bonds will be sold on the basis
think bonds have always been paid promptly when due.
I think, have a better financial rating.
.
Assessed
Year
Valuation
,
Bonded indebtendess
-
_
Total indebtedness
_
_
„
$ 105,493,481
_
_
_
$3,595,000
112,184
$3,707,184
146,000
.
.$3,561,184
.
City and School Tax Levies and Delinquents
Tax Roll Year—
1933.-,-.......
1934..--..
_
118,380,640
Total
„
$9.64
9.65
9.00
200
issue
of
school
bonds.
Interest rate is not to exceed 5%,
Dated July 1, 1938.
Due $1,000 from 1941 to
No bid is to be for less than par and accrued int.
Prin. and int. payable at the office of the County Treasurer or at that of the
State Treasurer.
A certified check for 5% of the bid is required.
coupon
payable semi-annually.
1949, and $1,200, 1950.
CARBON
COUNTY
(P. O. Rawlins) Wyo.—BOND SALE—The
$160,000 issue of court house and jail bonds offered for sale on Sept. 21—V.
147, p. 1818—was purchased as 2%s, paying a premium of $885.00, equal
to 100.55, a basis of about
2.28%. Dated Oct. 1, 1938. Due $16,000 from
June 1, 1940 to 1949 incl.
SHERIDAN, Wyo .—BOND OFFERING—Sealed bids will be received
until Oct. 5, by D. A. Ruff, City Clerk, for the purchase of an issue of
$160,000 not to exceed 4% semi-annual sewage disposal plant bonds.
Due
serially in from
one to 30 years.
voters at the election held on Sept.
These bonds were approved
6, by a count of 561 to 219.
by
the
CANADA
CANADA (Dominion of)—TREASURY BILL SALE—The government
recently sold another issue of $25,000,000 Treasury bills at an average cost
of
0.608%.
obtained
at
Due Dec. 15,
the
last
1938.
This compares with a rate of 0.532%
previous sale of such securities.—V. 147, p. 1672.
GERALDTON, Ont.—BOND SALE—Laurence Smith & Co. of Van¬
couver
purchased $10,000 5% pubic school addition bonds at
Due serially in 10 years.
97.50.
a
price of
LA TUQUE, Que.—BOND OFFERING—Sealed bids addressed to the
City Clerk wixl be received until Oct. 4, for the purchase of $18,000 4^%
public works bonds.
Dated Aug. 1, 1938 and due in 1948.
MONCTON, N. B.—BOND OFFERING—H. H. Trimble, Secretary of
Board of School Trustees, will receive sealed bids until 3 p. m. on
Sept. 27 for the purchase of $11,000 3H% coupon school bonds.
Dated
Oct. 1,1938. Denom. $1,000. Due in 20 years. Registerable as to principal
and payable, together with semi-annual interest, at the Bank of Montreal
at Moncton, Montreal, Toronto or St. John.
the
PRESTON,
ST.
the
of $34,000 3H%
Ont .—BOND SALE—An issue
was
sold to J.
town
for
M.
CATHARINES,
offered
loan
a
10-year
Scott of Preston at 1O0.75, in order to
made
to
the
re~
Butler
Ont .—BOND SALE— The $55,000 3^% bonds
of Toronto at a
Sept. 19 were awarded to Wood, Gundy & Co.
price of 100.83, a basis of about 3.39%
Sale consisted of:
$15,000 public library bonds due in from 1 to 15 years.
40,000 bonds. Due in from 1 to 20 years.
.
_
Less sinking fund
^
1938-------
Stamping & Machine
Screw Co. with approval of ratepayers and the Ontario Municipal Board.
Floating indebtedness
™
9.00
9.45
Tax Rate
Valuation
$ll,lo0,005
11,666,617
11,935,571
BIG HORN COUNTY SCHOOL DISTRICT NO. 10 (P. O. Hyattville), Wyo.—BOND OFFERING—Sealed bids will be received until 2 p.m.
on Oct. 15,
by Jennie B. Mercer, District Clerk, for the purchase of a $10,-
imburse
the successful bidder.
Official Financial Statement
Assessed valuation—1937
Equalized valuation—1937
Assessed
Year
$7.00
Tax collections in this school district have always been very good,
We
have always operated on a cash basis.
The population of this school district is about 12,000.
It is a first class
district organized in 1878.
School census last April, 3,213.
serial bonds
City.
Said bonds are
opinion of Chapman and Cutler of
Tax Rate
$11,311,530
10,806,430
10,822,199
-.
Chicago, which will be furnished
to
Few districts,
Tax Information
of interest rate and
premium most favorable to the
be issued subject to the favorable
to
$14,649.38 in the bond sinking fund and $6,924.14 in the
bond interest fund.
(P. O. Eau Claira), Wi..—BONDS AUTHOR-
.
1935--.
1936
1937.
Total Levy
—--.$1,899,246.45
1,898,994.30
1,819,518.75
1,816,833.56
1,831,919.94
225.088.40
139,251.77
124,113.72
42,299.84
RACINE COUNTY (P. O.
Racine) Wis.—BONDS OFFERED TO
PUBLIC—The $1,000,000 issue of relief, second series of 1938 bonds that
offered for sale without success on Sept. 15, as
reported here—V. 147,
p. 1818—is being offered by John Nuveen & Co. of Chicago, for public
investment at prices to yield from 1.00% to
2.50%, according to maturity.
Due $200,000 on Sept. 1 from 1939 to 1943 incl.
Legality to oe approved
—
Gairdner & Co.-
Delinquents
$187,624.19
was
by Chapman & Cutler of Chicago.
The following other bids were received:
Bidder—
Harris, Ramsay & Co., Limited--Bank of Toronto, Toronto-Canadian Bank of Commerce, St. Catharines
— —
J. L. Graham & Co-----
ST.
100.19
—..
——
—
—...
Fairclough & Co
Laurence Smith & Co
Rate
—-100.52
-r——
— —
—-.
—
—
99.90
99.60
99.58
•*"<»;
—
—
99.53
99.50
COLOMB, Que.—BOND SALE—The issue of $96,000 improvement
Dube, Leblond
4.10%. Dated
bonds offered Aug. 24—V. 147, p. 1236—was awarded to
& Co. of Quebec as 4s, at a price of 99.18, a basis of about
June 1,1938 and due serially in 20 vears.
ST.
HYACINTHE,
sealed bids until
Que.—BOND OFFERING—The city will receive
Oct. 3 for the purchase of $248,000 33^% public works
bonds, due serially in 30 years.
The issue is composed of two by-laws,
one for
$148,000 dated Nov. 1, 1937 and the other for $100,000 dated
Feb. 1,1938.
Volume 147
Financial
The
in
"Monthly Earnings Record"
J
*
Chronicle
1
Shows in addition to the latest
returns of
monthly, quarterly and semi-annual
earnings, all of the items in detail that the Interstate
Commerce Commission
in
a
supplementary
now
requires the railroads to file monthly
statement.
This statement shows, along
items, fixed charges, other income, dividends, as well
as
many selected Balance Sheet items.
All of the
monthly, quar¬
terly and semi-annual returns of Public Utility, Industrial and
with other
Miscellaneous companies
still continued.
are
STEAM RAILROADS
PUBLIC UTILITIES
INDUSTRIAL and MISCELLANEOUS COMPANIES
Nothing Like It Ever Published
The
September number, containing the statements for
July, 1938,
seven months of
1938, was published September 22.
and the
SUBSCRIBE FOR
SUBSCRIPTION PRICE
.
MONTHLY EARNINGS
SINGLE
COPIES $1.00
$6.00 PER YEAR
RECORD
Foreign Postage Extra
WILLIAM
2o
SPRUCE STREET
-
Notices
NOTICE
September 16th, 1938.
OF
ON
REDEMPTION
the holders of
Allegheny County, Penn¬
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
AND
To
November 1,
period
1938,
thereafter.
or
any
interest-paying
tioned
Bonds, the Commissioners of the County
of Allegheny nave elected to
pay off and redeem,
and hereby call for payment and
redemption on
November 1, 1938, all of said Bonds numbered
2001 to 5000, both inclusive,1 at
100% of the par
amount thereof and accrued interest
to
Novem¬
ber 1, 1938.
NOTICE IS HEREBY GIVEN that all holders
Bonds are required to present and sur¬
of said
the
the
same
at
the
Court
County
of
NEW
-
Allegheny,
Pennsylvania.
bonds
must
be" accompanied
by all
maturing on or after November 1, 1938.
A
will
5%
be
PRINCIPAL
REAL
From and after November
1,
PAYMENT
on
the
on
or
1938, to all those
holders of the notes
principal of the notes
after Saturday, October 1,
persons who are registered
shown
as
on
the books of the
Registrar at the close of business on Friday,
September 23,1938 and to those who, by exchange
of bonds or Certificates of
Deposit thereafter, be¬
come
the initial registered owners of the notes.
COLNON,
Chicago, September 16, 1938
NOTICE
ON
AND
OF
INTEREST
NOTES
REAL
President
OF
MORTGAGE
ESTATE
Interest at 2% on
PAYMENT
CORPORATION
the unpaid balance (80%) of
the notes of Mortgage and Real Estate
Corpora¬
tion, dated January l, 1936 will be paid on Satur¬
day, October 1, 1938 to registered owners at the
close of business on
Friday, September 23, 1938.
AARON
COLNON,
Chicago, September 16, 1938
President
S.
SECURITY
Herron
County Commissioners
for the
County of Allegheny, Pa.
Countersigned:
counsel,
broker
newspapers,
tion
"EXPANDIT"
will
keep
your
Binder
Periodicals and Publications
ready for
immediate
reference.
"
Prices for larger sizes
application
"EXPANDIT"
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or
with
corpora¬
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house
financial institution. Well
groundedjn security, market
and
ec&ilomic
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Box
Plus Postage
THE
preceded by six
accounting, desires posi¬
investment
Price $2.00 each
25 Spruce St..
tion
invest¬
financial
research
and
analysis, capable of handling
In sizes up to 13x8 H inches
on
and
years' experience in
The
City
7 1922
Jan.
5 1924
Jan.
9 1926
Jan.
8 1927
Jan.
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Jan.
5 1929
Jan.
26 1929
May
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Oct.
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4 1936
cian, chartist and writer with
ment
County of Allegheny.
STATISTICIAN
—Willing to locate anywhere.
Nine years' experience as fi¬
nancial
statistician, techni¬
investment
Robert G. Woodside
Controller for the
17 1920
Jan.
on
Kane
Jan.
Jan.
July
coupons
George Rankin, Jr.
CHRONICLES
Jan.
Coupon
1938. interest
J.
John
CITY
MORTGAGE
ESTATE CORPORATION
payment
made
OF
said Bonds will cease to accrue.
John
YORK
WANTED
OF
NOTES
for
redemption and payment at
on or after said
redemption
Office of the County Controller in
House in the City
of Pittsburgh,
price aforesaid
date
-
AARON
NOTICE IS HEREBY GIVEN that
pursuant
to the provisions of the issue of the
above men¬
render the
-
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Pittsburgh, Pa.
NOTICE
B. DANA CO.
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accounts in
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Sept. 24. 1938
Financial
IT
CO.
F. H. PRINCE &
Established 1856
BANKERS
James Talcott, Inc.
H. Hentz & Co.
PROVIDENCE, RHODE ISLAND
Members
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& Boston Stock Exchangee
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Exchange
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factors
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Correspondent Companies:
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Members New York
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Bldg.
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„
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Members New York Stock
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Carefully
Executed for Institutions
Export—Imports—Futures
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Commission Orders
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Foreign
Foreign
BANK OF MONTREAL
Australia and New Zealand
Established l8i7
Royal Bank of Scotland
Incorporated by Royal Charter 1727
BANK OF
*
4
Montreal
Head Office
NEW SOUTH WALES
Over
-
$36,000,000
and Undivided Profits
$40,164,863
Capital
Rest
-
-
•
•-
-
of $800,000,000
Total Assets in Excess
£8,780,000
Paid-Up Capital
Reserve Fund
—
8,780,000
-
£23,710,000
Drummond,
SIR ALFRED DAVIDSON,
General Manager
Head Office:
■
''•
—
bank
largest
branches
.'"-V
H
8
Bishopsgate, London, England
George Street, SYDNEY
The Bank of New South Wales Is the
G. W. Spinney
Branches and
CHIEF FOREIGN DEPARTMENT
K.B.E.,
£3,780,192
Capital (fully paid).......
General Managers
Jackson Dodds
OFFICE—Edinburgh
William Whyte
Aggregate Assets 30th Sept., 1937. £123,145,000
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W. A. Bog, Esq,
Commercial Banking
Total number of offices. 254
•
Esq.
of
General Manager
-
G.B.E.
Vice-Presidents
R.
HEAD
6,150,000
Proprietors...
-
Reserve Liability of
President
Sir Charles Gordon,
H.
Years
200
(ESTABLISHED 1817)
in
all
In
Australasia.
States
of
oldest and
With
850
over
Australia,
in
In Canada and Newfoundland—
£4,088,616
.....
£69,674,161
Deposits
New
Associated Bank,
Zealand, FIJI, Papua and New Guinea, and
London, It offers the most complete and efficient
banking service to Investors, traders and travellers
Interested In these ountries.
Agencies
und
Reserve
Williams Deacon's Bank, Ltd.
More than 500 Branches.
.
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In London:
>
47 Berkeley
Wall St.;
Chicago: 27 South La Salle St.:
(San
Bank of Montreal
Francisco),
333
LONDON OFFICES:
29 Threadneedle
In die United States—New York, 64
San Francisco:
,
Street, E.C. 2
Square, W. 1
Agency Arrangements with Banks
! i
the U. S. A.
;•
throughout
NATIONAL BANK
California t
Street.
of EGYPT
THE CANADIAN BANK
OF COMMERCE
NATIONAL BANK OF INDIA, LIMITED
Bankera to the Government in
and Uganda
Head Office:
i
,
a
Cairo
•
FULLY PAID CAPITAL
.'
\
£3,000,000
.
£3,000,000
.
'
Reserve Fund
....
LONDON AGENCY
6 and 7,
King William Street, E. C. 4
£2,000,000
£2,200,000
Branches in all the
principal Towns in
•
'
t
Paid-Up Capital
20,000,000
•
26, Bishopsgate, London, E. C.
Subscribed Capital........ £4,000,000
$30,000,000
Paid-Up Capital
.
RESERVE FUND.
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Established 1867
f Reserve...
Kenya Colony
Branches In
TORONTO
HEAD OFFICE:
Head Office
*
•
•
This Bank is in close touch with
the
commercial and
The Bank conducts every description of banking
and exchange business
EGYPT and the SUDAN
Trusteeships and Executorships also
financial life
undertaken
of Canada and is well
i
•
equipped to
serve corporations, firms and in¬
dividuals interested
in ? Canadian
f business.
Branches
in
every
city and town in Canada and Newfoundland, also in Portland, Oregon;
:
San Francisco; Seattle; Los An*
gles; London, England; Havana;
:
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
i Barbados, - and
Port of Spain,
Trinidad.
"
Exchange PI. & Hanover St.,
BANKING
CORPORATION
Incorporated In the Colony of Hongkong. The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
.
„
■_
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New
P. R. M. Hanna,
(Hongkong Currency) H$50,000 000
Paid-up Capital (Hongkong Currency)...H$20,000,000
Reserve Fund in Sterling
£6,600.000
Reserve Fund in Silver (Hongkong Cur- "
,
rency)*.
HflO.OOO.OOO
Reserve Liability of Proprietors (Hong¬
kong Currency) ...
_H$2O,0OO,OOO
—
72 WALL
STREET, NEW YORK
General Manager
London, E. C. 2, Eng.
£6,000,000
Subscribed Capital
Authorized Capital
>
Zealand: Wellington
Head Office: 8 Moorgate,
,
A. G.KELLOGG, Agent
NEW YORK AGENCY
Hong Kong & Shanghai
important
Paid up
Capital—..
Reserve Fund...—
Currency Reserve
The
Bant
conducts every
business connected
'
..£2,000,000
£1,000,000
£500,000
description 'of banking
—
wish New Zealand.
Correspondents throughout
London Manager, A.
the World
O. Norwood
'. -
Financial
F. H. PRINCE & CO.
!
Sept.. 24, 1938
Chronicle:
Established 18S6
BANKERS
James Talcott, Inc.
H. Hentz & Co.
PROVIDENCE, RHODE ISLAND
Members
Vfactors
;
New
York
Stock
Exchange
New
;
Founded 1854
York
Curb
Exchange
Cotton
Exchange
'
^
HIGH-GRADE INVESTMENTS
York
New
Stock Exchangee
New York, Chicago &, Boston
General Offices:
NEW YORK CITY
Trade
of
Board
Chicago
Exchange
Grain
Winnipeg
Members
1
225 FOURTH AVE.,
New Orleans Cotton Exchange
Correspondent Companies:
And other Exchanges
Ltd.
James Talcott of Canada,
1470 Peel St.. Montreal
Ltd.
James Talcott,
6-8, Sackville St., London, W. I.
NEW YORK
Exchange
Members New York Stock
Bldg.
N. Y. Cotton Exchange
Wellington & Co,
BOSTON
DALLAS
DETROIT
AMSTERDAM
.
PITTSBURGH
PARIS
LONDON
GENEVA
120 Broadway
FINCH, WILSON & CO.
NEW YORK
Exchange
Members New York Stock
Stocks
LAMBORN & CO., INC.
Bonds
and
99 Wall Street. N. Y. C
OTTO FUERST & CO.
SUGAR
Export—Imports—Futures
New York
12,0 Broadway
Commission Orders
DIgby 4-2727
and Individuals
:
Cables: "Llndroa"
120
7-1580
Tel. Barclay
Carefully
Executed for Institutions
Exchange
Members New York Stock
Broadway, New York
Foreign
Foreign
RANK OF MONTREAL
Australia and New Zealand
Established l8l7
Royal Bank of Scotland
*4
Montreal
Head Office
NEW SOUTH
WALES
Ooer
200
(ESTABLISHED 1817)
$36,000,000
Capital
Rest
and Undivided Profits
$40,164,863
,
Total
in
Assets
Excess
G.B.E.
Sir Charles Gordon,
;
Vice-Presidents
'»
f.
H. R. Drummond, Esq.
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W, A. Bog, Esq.
General Managers
Jackson Dodds — G. W. Spinney
'
s
Branches and
»
Agencies
In Canada and Newfoundland—
William Whyte
CHIEF FOREIGN
DAVIDSON, K.B.E.,
General Manager
Head Office: George
OFFICE—Edinburgh
Total number of offices,
Aggregate Assets 30th Sept., 1937. £123,145,000
SIR ALFRED
Commercial Banking
General Manager
£23,710,000
President
;
8,780,000
Liability of Proprietors...
of
Years
HEAD
6,150,000
Reserve Fund--.
$800,000,000
of
£8,780,000
Paid-Up Capital
-
Reserve
-
1727
Incorporated by Royal Charter
BANK OF
3
254
DEPARTMENT
England
Bishopsgate, London,
Street, SYDNEY
Capita] (fully paid)
The Bank of New South Wales is the
oldest and
Australasia.
With over 850
States of Australia, In New
Zealand, Fiji, Papua and New Guinea, and
London, It offers the most complete and efficient
banking service to investors, traders and travellers
interested in these
ountries.
largest bank In
branches in
all
Reserva
£3,780,192
—
und............—.—£4,038,616
£69,674,161
Deposits-....
Associated Bank,
Williams Deacon's Bank,
Ltd.
More than 500 Branches.
v
.
LONDON OFFICES:
47 Threadneedle St.,
In London:
i
9 Waterloo Place,
E.C. 2:
S.W. 1.
29 Threadneedle
47
\ In the United States—New York, 64 Wall St.;
Chicago: 27 South La Salle St.:;
San Francisco: Bank of Montreal
(San Francisco),
Street.
'
Agency Arrangements with Banks
t
the U. S. A.
/
TORONTO
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya
and Uganda
Head Office: 26,
$30,000,000
20,000,000
...
This Bank is in close touch with
the commercial and financial life
of Canada and is well equipped to
serve
Colony
Head Office
.
Cairo
...
FULLY PAID CAPITAL
RESERVE FUND.
.
•
.
.
£3,000,000
£3,000,000
Bishopsgate, London, E. C.
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches In
Established 1867
Reserve
NATIONAL BANK
of EGYPT
of commerce
Paid-Up Capital.
throughout
333 California
the canadian bank
HEAD OFFICE:
Street, E.C. 2
Berkeley Square, W. 1
Subscribed Capital...
Paid-Up Capital
Reserve Fund.....—
LONDON AGENCY
6 and
£4,000,000
£2,000,000
£2,200,000
7, King William Street,
E. C* 4
Branches in all the
principal Towns in
The Bank conducts every description of banking
and exchange business
EGYPT and the SUDAN
Trusteeships and Executorships also
undertaken
-
corporations, .firms and in¬
dividuals
interested
in
Canadian
business.
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
gles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados, and
Port of Spain,
Trinidad.
NEW YORK AGENCY
Exchange PI. & Hanover St.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated In the Colony of Hongkong.
The
Authorized Capital (Hongkong Currency) H$50,000 000
Reserve Fund in Silver
£0,500,000
-
Liability
of Proprietors
kong Currency)........
A. G.KELLOGG,
72 WALL
H$20,000,000
(Hongkong Cur- *
rency)*.
Reserve
Currency)
—Hfl0.000.000
(Hong¬
.H$20,000,000
Agent
STREET, NEW YORK
I
ZEALAND, Ltd.
Established 1872
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Paid-up Capital (Hongkong
Reserve Fund in Sterling
NATIONAL BANK OF NEW
Chief Office in New
P. R. M. Hanna,
Zealand: Wellington
General Manager
Head Office: 8 Moorgate,
London, E. C. 2. Eng.
----£6,000,008
..£2,000,000
£1,000,000
Currency Reserve.£500,000
The Bank conducts every description 'of banking
business connected with New Zealand.
Correspondents throughout the World
Subscribed Capital..—
Paid up Capital......
Reserve Fund-..
...
London Manager, A. O.
Norwood
@FedFRASER